MIRA
INFORM REPORT
|
Report Date : |
16.12.2013 |
IDENTIFICATION DETAILS
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Name : |
GABRIEL INDIA LIMITED |
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Registered
Office : |
29th Milestone, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
24.02.1961 |
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Com. Reg. No.: |
11-015735 |
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Capital
Investment / Paid-up Capital : |
Rs. 143.670 Millions |
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CIN No.: [Company Identification
No.] |
L34101PN1961PLC015735 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEG04598G |
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Legal Form : |
Public Limited Liability Company. Company’s shares are listed on the
Stock Exchanges. |
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Line of Business
: |
Manufacturer of Shock Absorbers, Struts, Front Forks and Engine
Bearings. It is also the principal supplier to both the OE and Aftermarket
segments with a sizeable presence in the overseas markets. |
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No. of Employees
: |
1243 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
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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 10200000 |
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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 well-established company having satisfactory track record. Financial position of the company appears to be sound. Over all fundamentals
of the company appears to be strong and healthy. Directors are reported to be experienced and respectable businessmen. 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 normal 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.
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross domestic
product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces
a 119 year old registration. The Securities and Exchange Board of India has
approved the trading of currency futures on the Bombay Stock Exchange. The
exchange plans to launch the currency futures platform with advanced trading
technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
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Rating |
Long Term rating=A+ |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
04.12.2013 |
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Rating Agency Name |
CRISIL |
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Rating |
Short Term Rating=A1 |
|
Rating Explanation |
Very Strong degree of safety and lowest
credit risk. |
|
Date |
04.12.2013 |
=
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. Manoj Vyas |
|
Designation : |
Finance Department |
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Contact No.: |
91-2135-610772 |
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Date : |
12.12.2013 |
LOCATIONS
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Registered Office/ Factory 1 : |
29th Milestone, |
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Tel. No.: |
91-20-24101931–34/ 261091/ 098/ 012 91-2135-610700/ 610757 |
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Fax No.: |
91-20-24101935 / 8018 / 561935 91-2135-261200 |
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E-Mail : |
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Website : |
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Corporate Office 1 : |
1, Sri Aurobindo Marg, |
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Corporate Office 2 : |
Magnet House, N. M. Marg, Ballard Estate, Mumbai – 400
038, |
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Sales Office : |
10, Prasad Chambers, Opera House, Mumbai - 400 004, |
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Factory 2 : |
B-2 MIDC, Ambad Industrail Area, Nashik - 422 010, |
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Factory 3 : |
5, Industrial
Area No. 3, |
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Factory 4 : |
Plot No. 5, Sector II, Parwanoo - 173 220, |
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Factory 5 : |
52-55, S.No.
102/3 -106 (PT), Sipcot, Phase – II, |
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Factory 6 : |
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Factory 7 : |
Sanand, Ahmedabad, Gujarat, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Deepak
Chopra |
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Designation : |
Chairman |
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Name : |
Mr. Manoj
Kolhatkar |
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Designation : |
Managing
Director |
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Date of Birth/
Age : |
29.07.1968 |
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Qualification : |
B.E., DBM |
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Expertise in
functional areas : |
General
Management |
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|
Name : |
Mr. H.R. Prasad |
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Designation : |
Director |
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Date of Birth/
Age : |
01.11.1934 |
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Qualification : |
BE, MS ( MIT) |
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Expertise in
specific functional areas : |
General
Management |
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|
Name : |
Mr. Rajeev
Vasudeva |
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Designation : |
Director |
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Date of Birth/
Age : |
19.07.1959 |
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Qualification : |
CA, MBA and LLB |
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Expertise in
specific functional areas : |
Specializing in
recruitment and assessment of CEO’s, COO’s, and critical leadership talent in
the technology and private equity sectors |
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Date of Appointment
: |
12.11.2008 |
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|
Name : |
Mr. Gurdeep
Singh |
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Designation : |
Director |
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Date of Birth/
Age : |
23.07.1944 |
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Qualification : |
B. Tech in
Chemical Engineering |
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Expertise in
specific functional areas : |
Process implementation,
Human resources and Industrial relation, Business Development and Technical
Support |
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Date of
Appointment : |
28.07.2009 |
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|
Name : |
Mr. Mahendra
Goyal |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Kawal Jaggi |
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Designation : |
Senior Vice President Finance |
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Name : |
Mr. Anshul Bhargava |
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Designation : |
Company Secretary |
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Core Management Team : |
·
Mr. Amitabh Srivastava ·
Mr. Amol Lahoti ·
Mr. Atul Jaggi ·
CR Vijaykumar ·
Jagannath Shenoy ·
MK Singh ·
PLR Reddy ·
Prashant Shah ·
Rajendra Abhange ·
Rajiv Khoche ·
Sengupta S ·
Shridhar Nanal ·
Subramanian CS ·
Sumit Bhatnagar ·
Umesh Shah ·
Vasudevan R |
SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Category of Shareholders |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
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|
Individuals / Hindu Undivided Family |
6570000 |
4.57 |
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|
71905468 |
50.06 |
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|
78475468 |
54.63 |
|
|
|
|
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Total shareholding of Promoter and Promoter Group (A) |
78475468 |
54.63 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
18121 |
0.01 |
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|
142300 |
0.10 |
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|
500 |
0.00 |
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|
360000 |
0.25 |
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|
8034676 |
5.59 |
|
|
8555597 |
5.96 |
|
|
|
|
|
|
9172431 |
6.39 |
|
|
|
|
|
|
27974946 |
19.48 |
|
|
18279123 |
12.73 |
|
|
1186375 |
0.83 |
|
|
17392 |
0.01 |
|
|
798593 |
0.56 |
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|
25968 |
0.02 |
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|
344422 |
0.24 |
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|
56612875 |
39.41 |
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Total Public shareholding (B) |
65168472 |
45.37 |
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Total (A)+(B) |
143643940 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
143643940 |
0.00 |
(1) Indian
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Category of Shareholders |
No. of Shares |
Percentage
of Holding |
|
Asia Investments Private Limited |
7,19,05,468 |
50.06 |
|
Deep C Anand |
18,83,680 |
1.31 |
|
Kuldip Chand Anand |
16,93,296 |
1.18 |
|
Kiran J Anand |
6,47,520 |
0.45 |
|
Anjali Anand |
6,41,942 |
0.45 |
|
Kiran D Anand |
5,99,360 |
0.42 |
|
Devika Anand |
5,50,236 |
0.38 |
|
Deep C Anand |
2,62,106 |
0.18 |
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Jagdish C Ananad |
1,71,240 |
0.12 |
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Prem Anand |
1,20,620 |
0.08 |
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Total |
7,84,75,468 |
54.63 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Public and holding more than
1% of the total number of shares
|
Category of Shareholders |
No. of Shares |
Percentage
of Holding |
|
Kayaba Industry Co Limited |
7937360 |
5.53 |
|
Gagandeep Credit Capital Private Limited |
5500000 |
3.83 |
|
Total |
13437360 |
9.35 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons (together with PAC) belonging to the category
“Public” and holding more than 5% of the total number of shares of the company
|
Category of Shareholders |
No. of Shares |
Percentage
of Holding |
|
Kayaba Industry Co Limited |
7937360 |
5.53 |
|
Total |
7937360 |
5.53 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Shock Absorbers, Struts, Front Forks and Engine
Bearings. It is also the principal supplier to both the OE and Aftermarket
segments with a sizeable presence in the overseas markets. |
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Products : |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
·
Iron ·
Canada ·
Sri Lanka |
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Imports : |
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Products : |
Raw Material |
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Countries : |
·
China ·
Japan ·
Germany |
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Terms : |
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Selling : |
L/C and Credit |
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Purchasing : |
L/C and Credit |
PRODUCTION STATUS (As on 31.03.2011)
Licensed
Capacity*, Installed Capacity and Actual Production
|
Particulars |
|
Unit |
Installed
Capacity |
Actual
Production |
|
Shock Absorbers and Struts |
|
Nos. |
21,346,600 |
16,097,489 |
|
Front Forks |
|
Nos. |
2,685,000 |
1,755,256 |
|
Castings |
|
Nos. |
600,000 |
546,203** |
Installed capacity
is as per a certificate issued by the Management and is not verified by the
Auditors being a Technical matter.
* Licensing requirement
for Automotive parts, including the Company's products, have been dispensed
with effective July 25, 1991.
** Actual production includes Castings for two wheelers captively
consumed 532,424 Nos.
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
1243 (Approximately) |
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Bankers : |
·
Axis Bank ·
Bank of India ·
HC Bank ·
HSBC ·
IndusInd Bank ·
ING Vysya Bank ·
Kotak Mahindra Bank ·
Slandered Chartered Bank ·
State Bank of India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
BK Khare and Company Chartered Accountants |
|
Address : |
706/708, Sharda Chambers, New Marine Lines, Mumbai – 400 020,
Maharashtra, India |
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Tel. No.: |
91-22-22000607/ 7318/ 6360 91-22-66315835/ 36 |
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Fax No.: |
91-22-22003476 |
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E-mail : |
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Holding Company : |
Asia Investments Private Limited |
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Fellow Subsidiaries |
·
Anand Automotive Limited ·
Anchemco Limited ·
Perfect Circle India Limited ·
Victor Gaskets India Limited ·
Chang Yun India Limited |
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|
Associate |
Federal-Mogul Bearings India Limited (till 15-03-2012) |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
150000000 |
Equity Shares |
Rs.1/- each |
Rs.150.000 Millions |
|
100000 |
Redeemable Preference Shares |
Rs.100/- each |
Rs.10.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.160.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
143643940 |
Equity Shares |
Rs.1/- each |
Rs.143.644 Millions |
|
|
Add:- Share Forfeiture |
|
Rs.0.030 Million |
|
|
|
|
|
|
|
Total |
|
Rs.143.674 Millions |
Rights, preferences and restrictions attached to Equity shares
·
The Company has only one class of share referred to
as Equity shares having a par value of Re.1 per share. Each holder of Equity shares
is entitled to one vote per share. The Company declares and pays dividends in
Indian rupees. The Final dividend proposed by the Board of Directors is subject
to the approval of the shareholders in the ensuing Annual General Meeting.
·
In the unlikely 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.
·
During the year the Company issued Bonus Share in
the ratio of 1:1 as approved by Equity Shareholders in the Extraordinary
General Meeting held on 2nd July, 2012. During the year ended 31st March, 2013,
the amount of per share dividend recognized as distributions to Equity
shareholders was Re.0.75 (previous year 31st March, 2012: Re. 1)
Reconciliation of
opening and closing Equity Share capital:
|
Particulars |
Number
of Shares |
Amount
Originally Paid up |
|
Balance at the beginning of the year |
71821970 |
71.820 |
|
Add: Bonus shares issued during the year* |
71821970 |
71.820 |
|
Balance at the
end of the year |
143643940 |
143.640 |
Details of shares held by the Holding company, the ultimate holding company,
their subsidiaries and associates:
|
Particulars |
Number
of Shares |
% of
Shareholding |
|
Equity shares of Re. 1 Each fully paid up held by Asia Investments
Private Limited (Holding company) |
71905468 |
50.06 |
Details of shares held by each shareholder holding more than 5% of the
aggregate shares in the Company:
|
Particulars |
Number
of Shares |
% of
Shareholding |
|
Equity shares of Re. 1 Each fully paid up held by Asia Investments
Private Limited (Holding company) |
71905468 |
50.06 |
|
Equity shares of Re.1 Each fully paid up held by Kayaba Industry
Company Limited |
7937360 |
5.53 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
143.670 |
71.850 |
71.850 |
|
(b) Reserves & Surplus |
2424.910 |
2240.600 |
1793.530 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
2568.580 |
2312.450 |
1865.380 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
163.850 |
246.870 |
561.750 |
|
(b) Deferred tax liabilities (Net) |
110.510 |
133.410 |
156.810 |
|
(c) Other long term liabilities |
36.530 |
0.000 |
0.000 |
|
(d) long-term provisions |
56.730 |
31.230 |
52.740 |
|
Total Non-current Liabilities (3) |
367.620 |
411.510 |
771.300 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
493.140 |
662.620 |
678.140 |
|
(b) Trade payables |
1373.450 |
1370.490 |
1467.700 |
|
(c) Other current
liabilities |
517.970 |
523.990 |
401.360 |
|
(d) Short-term provisions |
197.890 |
120.740 |
115.020 |
|
Total Current Liabilities (4) |
2582.450 |
2677.840 |
2662.220 |
|
|
|
|
|
|
TOTAL |
5518.650 |
5401.800 |
5298.900 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2498.610 |
2058.590 |
2024.110 |
|
(ii) Intangible Assets |
55.670 |
79.610 |
76.290 |
|
(iii) Capital
work-in-progress |
63.880 |
37.260 |
108.150 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.230 |
0.230 |
133.320 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
306.050 |
372.510 |
414.120 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
2924.440 |
2548.200 |
2755.990 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1111.780 |
1230.720 |
1017.710 |
|
(c) Trade receivables |
1170.210 |
1265.580 |
943.640 |
|
(d) Cash and cash equivalents |
69.560 |
55.880 |
39.260 |
|
(e) Short-term loans and
advances |
237.480 |
297.230 |
381.700 |
|
(f) Other current assets |
5.180 |
4.190 |
160.600 |
|
Total Current Assets |
2594.210 |
2853.600 |
2542.910 |
|
|
|
|
|
|
TOTAL |
5518.650 |
5401.800 |
5298.900 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
12053.230 |
11282.290 |
9699.740 |
|
|
|
Other Income |
42.250 |
73.100 |
93.230 |
|
|
|
TOTAL (A) |
12095.480 |
11355.390 |
9792.970 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
8800.320 |
8031.990 |
6949.190 |
|
|
|
Purchases of stock-in-trade |
40.860 |
28.290 |
18.790 |
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade
(increase)/decrease |
(86.560) |
(24.020) |
(61.100) |
|
|
|
Employee benefit
expenses |
907.150 |
794.330 |
700.530 |
|
|
|
Other expenses |
1567.870 |
1510.980 |
1204.490 |
|
|
|
Exceptional
Items |
59.380 |
(57.160) |
17.200 |
|
|
|
TOTAL (B) |
11289.020 |
10284.410 |
8829.100 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
806.460 |
1070.980 |
963.870 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
121.870 |
170.100 |
171.260 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
684.590 |
900.880 |
792.610 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
272.780 |
276.400 |
219.020 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
411.810 |
624.480 |
573.590 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
30.460 |
93.840 |
120.170 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
381.350 |
530.640 |
453.420 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
43.100 |
71.800 |
21.600 |
|
|
|
Final Proposed |
64.600 |
0.000 |
50.300 |
|
|
|
Dividend Tax |
17.500 |
11.800 |
11.900 |
|
|
|
Transfer to General Reserve |
38.100 |
53.100 |
45.300 |
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Export |
399.760 |
519.960 |
263.780 |
|
|
TOTAL EARNINGS |
399.760 |
519.960 |
263.780 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Components |
1876.030 |
1625.600 |
1362.330 |
|
|
|
Stores & Spares |
23.560 |
74.530 |
48.390 |
|
|
|
Capital Goods |
66.060 |
10.510 |
26.270 |
|
|
TOTAL IMPORTS |
1965.650 |
1710.640 |
1436.990 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.65 |
3.69 |
6.31 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.24
|
4.67 |
4.63 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.42
|
5.54 |
5.91 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.09
|
12.51 |
12.35 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.27 |
0.31 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.26
|
0.39 |
0.66 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.00
|
1.07 |
0.96 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITY
OF LONG TERM DEBT:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
Secured |
|
|
|
|
From banks |
0.000 |
0.000 |
0.000 |
|
Buyer's credit for capital goods from IndusInd Bank |
55.400 |
7.960 |
0.000 |
|
Term loans |
|
|
|
|
Bank of India Limited |
66.610 |
67.990 |
66.750 |
|
ING Vysya Bank |
0.000 |
15.000 |
30.000 |
|
Kotak Mahindra Bank Limited |
16.830 |
66.670 |
66.670 |
|
Other loans and advances |
|
|
|
|
Vehicle loans |
0.930 |
2.390 |
1.640 |
|
Unsecured |
|
|
|
|
Deferred sales tax |
0.000 |
6.440 |
45.870 |
|
Fixed deposits |
4.690 |
154.570 |
60.870 |
|
|
|
|
|
|
Total |
144.460 |
321.020 |
271.800 |
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
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 LOAN:
|
Particulars |
31.03.2013 Rs.
In Millions |
31.03.2012 Rs.
In Millions |
|
Long Term
Borrowings |
|
|
|
Deferred sales tax (interest free) Repayable in 2014-15 and 2015-16 |
3.470 |
3.470 |
|
Fixed deposits Deposits from public carry interest between 9% to 12.5% p.a. and having
maturity period ranging from 1 year to 3 years from the date of deposit. |
157.350 |
100.880 |
|
Short Term
Borrowings |
|
|
|
- Fixed Deposits |
2.070 |
0.000 |
|
|
|
|
|
Total |
162.890 |
104.350 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10286277 |
19/04/2011 |
300,000,000.00 |
INDUSIND BANK LIMITED |
DR.GOPAL DAS BHAWAN,28,BARAKHAMBA ROAD, NEW DELHI, NEW DELHI, DELHI - 110001, INDIA |
B12717047 |
|
2 |
10269845 |
17/02/2011 |
535,000,000.00 |
AXIS BANK LIMITED |
SG 21 & 22, DLF GALLERIA SHOPPING COMPLEX, DLF CITY, PHASE-IV, GURGAON - 122002, HARYANA, INDIA |
B07235963 |
|
3 |
10243562 |
12/10/2010 |
60,600,000.00 |
INDUSIND BANK LIMITED |
DR.GOPAL DAS BHAWAN,28,BARAKHAMA ROAD, NEW DELHI, DELHI - 110001, INDIA |
A96238910 |
|
4 |
10216408 |
30/03/2010 |
100,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
15-16, UGF, AMBADEEP BUILDING, KG MARG, NEW DELHI, DELHI - 110001, INDIA |
A84883586 |
|
5 |
10186858 |
25/11/2009 |
3,000,000.00 |
DIRECTOR OF INDUSTRIES THROUGH MEMBER SECRETARY SINGLE WINDOW CLEARING AGENCY PARWANOO |
SINGLE WINDOW CLEARANCE AGENCY, PARWANOO, PARWANOO, HIMACHAL PRADESH - 173220, INDIA |
A73612533 |
|
6 |
10148261 |
28/08/2010 * |
200,000,000.00 |
BANK OF INDIA |
ELECTRIC HOUSE BRANCH, ELECTRIC HOUSE, BEST MARG, COLABA, MUMBAI - 400001, MAHARASHTRA, INDIA |
A93898567 |
|
7 |
10115171 |
23/03/2009 * |
185,000,000.00 |
ING VYSYA BANK LIMITED |
NARIAN MANZIL GROUND FLOOR SHOP NO. G1 TO G5, I FLOOR,SHOP NO.1001 TO 1007 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
A60253788 |
|
8 |
10003333 |
15/05/2006 |
60,000,000.00 |
CITIBANK N.A |
5TH FLOOR DLF CENTRE, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA |
A01025287 |
|
9 |
90086948 |
04/09/2004 |
200,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP BRANCH, I; TOLSTORY MARG, NEW DELHI, DELHI - 110001, INDIA |
- |
|
10 |
90092218 |
04/11/2008 * |
91,500,000.00 |
INDUSIND BANK LIMITED |
DR.GOPAL DAS BHAWAN,28,BARAKHAMA ROAD, NEW DELHI, NEW DELHI, DELHI - 110001, INDIA |
A51733194 |
* Date of charge
modification
INDIAN ECONOMY:
In FY 2012-13, once
considered as rising star in Asia, the Indian Economy is showing signs of
decline mainly due to internal uncertainties compounded by global circumstances
like Euro-zone crisis, high inflation and market sentiments. Country registered
a GDP Growth rate of 5.3% in FY 2012-13 which was a nine year low. The private
consumption is also showing declining trend from 7.6% in 2011-12 to 5.3% in
2012-13. The manufacturing sector has also shown contraction in the FY 2012-13.
In the long run,
due to its robust consumption pattern and continued advantage of low cost
manufacturing, India is slated to emerge as one of the key auto component hubs
in Asia. The overall Sales Growth in auto sector during the FY 2012-13 was
close to 4.5%. This affected the Auto Industry negatively as expected growth
was more than 8% at the beginning of the fiscal year.
Many OEM's and
Auto Component Companies ended up having excess capacities due to slowdown in
demand. The Commercial Vehicle followed by passenger car segment was the most affected
with negative growth in FY 12-13. The Increase in fuel prices dampened the auto
industry growth virtually in every segment.
OPERATIONS:
1. Parwanoo
(Himachal Pradesh): The Plant at Parwanoo has matured in most of the
segments - GRC shox, SOQI shox, McPherson struts and Front forks. This plant
has continued to grow year on year since its inception. FY-2012 -13 has been no
exception to its growth trend, with a strong growth of 20% in production units
of Shock Absorbers. It has added several new products for the Aftermarket and
also made substantial improvements in using level production system (Heijunka).
2. Khandsa
(Haryana): It has been largely dependent on a single customer. However, in order to
improve product diversity the Company has taken several steps last year to add
new customers successfully. The plant continues to implement Lean Manufacturing
concepts to ensure its competitive edge.
3. Chakan
(Maharashtra): This plant has shown good improvement in 5S, work place management and
energy management. The steps have helped the plant to substantially enhance the
quality levels during the year under review. The State-of-the- Art- Technology
such as Chrome plating and Auto -Phoretic paint system have already been
implemented and are helping the plant to reduce its carbon foot print.
4. Aluminum
Casting Facility : Chakan (Maharashtra) : This facility has continued to improve year
on year, the efficiencies and energy Management system. The plant has taken
some innovative actions to improve its competitiveness and quality produces
specialty Aluminum castings for front forks. The facility is focusing on
increasing plant efficiency, quality and reduction of carbon foot print by
using innovation as the main theme.
5. Ambad
(Maharashtra): The plant has already set bench marks for quality by winning Customer
and Industry Awards, for example Platinum Award from FICCI for the second year
running. It has recently concluded a wage settlement for a period of four
years, before the expiry of previous long term agreement which itself is a
bench mark for the local industry for Industrial relations.
6. Dewas (Madhya
Pradesh): This plant continued to excel in all its performance Ratios and
maintaining the robust top and bottom line despite decrease in demand for Commercial
Vehicles. There was an amicable long term wage settlement with the Workmen in
the 1st Quarter and new productivity standards have been agreed upon.
7. Hosur (Tamil
Nadu): Hosur continues to be the largest of all Gabriel Plants. FY 12 -13 has
been a year of several challenges because of external factors, namely power
crisis in the state of Tamil Nadu.
The plant made
substantial improvements towards lean manufacturing and decongesting the
operations. It has also commissioned the first fully Robotic line for Shock
Absorbers probably one of its kind in India.
8. Sanand (Gujarat): The Plant continues to service TATA Nano from its
Sanand facility.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
1. Global Issues
Affecting Industry Development
FY 2012-13 was a year
of continued uncertainties in the automotive industry. The Government policy on
fuel prices combined with political uncertainties all around has led to reduced
demand for almost all the segments of auto industry. In the backdrop of this
scenario of a lower GDP growth of 5.3% as against the projected growth of more
than 8% the auto industry did not pick up to the expected levels during the
year. The lower than projected growth was further affected with the labor
unrest at Maruti, the market leader in Passenger Car segment, high inflation,
rising fuel prices and overall market sentiment.
2. Outlook
It is expected
that the trend of FY 2012-13 will continue in FY 2013-14. However, Subject will
focus on untapped markets in the domestic and export segment to boost its sales
during the FY 2013-14. After 50 years of its existence subject continues to
lead the ride control market as a leading manufacturer leveraging its
technology, delivery efficiency and wide range of its products.
Subject has
initiated aggressive cost control activities in the areas of raw material,
power, fuel and processing to counter the lower growth projections. Senior
Level cross functional teams have been instituted to enable the above.
With a large
customer portfolio across all the segments, subject is expected to continue its
robust journey in future. To keep pace with the increasing need and sped of new
product launches, Subject continues to invest aggressively in product
technology, R & D and upgrading its manufacturing facilities. A
State-of-Art Tech-Centre at Hosur will be a unique offering to the Indian Auto
Industry and expected to be operational in Quarter 3 of FY 2013 -14. It has
also reinforced the Program Management function.
3. Performance of
the Company
With net sales of
Rs.11960.000 Million subject has registered a growth of 7.2%.
(i) Two and Three
Wheelers:
Subject’s three
facilities, at Hosur, Nasik and Parwanoo are producers for this segment.
Subject supplies products to most of the OEM's in the two wheeler segment. However,
subject succeeded in increasing its share for existing models as well as in
acquisition of future business with all our customers. This ensured that
subject maintained its growth path and market share. Subject also won several
accolades from customers on quality, delivery and overall performance. Subject
has made some strategic inroads by acquiring new business for Global OEM's.
(ii) Passenger
Vehicles:
The Khandsa,
Gurgaon facility caters to the requirements of Maruti Suzuki, the largest car
manufacturer in India and other OE customers. At the other facility at Chakan,
Subject showed good improvement in Quality and customer satisfaction with some
of Global OEM’s. Chakan plant also won appreciation award from FICCI on quality
systems.
(iii) Commercial
Vehicles:
Subject continues
to lead the commercial vehicles segment with supplies from the Dewas, Parwanoo
and Chakan plant. With the business in hand and those under development subject
is likely to maintain its lead and dominance in this segment in the foreseeable
future.
(iv) Aftermarket
and Exports:
During FY 2012-13
Subject has registered Aftermarket sale of Rs.1187 Million as against Rs.1040
Million of previous year. To ensure its leading position in Aftermarket,
subject has added several products to its product bouquet. Subject is facing
challenges in exports as the sales have reduced from Rs.553 Million to Rs.415
Million due to uncertainties in one of the key markets. However, focused
efforts are being made to ensure good growth in this segment in near future.
The launch of Shock absorbers under Valeo brand has already began from
its Parwanoo plant.
FIXED ASSETS:
Tangible Assets
·
Freehold Land
·
Leasehold Land
·
Buildings
·
Plant and Machinery
·
Vehicles
·
Furniture and Fixtures
Intangible Assets
·
Computer Software
·
Technical Knowhow
STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED
30.06.2013
(Rs. In Millions)
|
Particulars |
30.06.2013 ( Unaudited) |
|
|
|
|
1.
Income form operations |
|
|
a) Net sales/ Income from operation (net of excise duty) |
2944.200 |
|
b) Other operating income |
22.300 |
|
Total
income from Operations(net) |
2966.500 |
|
2.Expenditure |
|
|
a) Cost of material consumed |
2109.500 |
|
b) Purchases of stock in trade |
10.400 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
10.300 |
|
d) Employees benefit expenses |
248.300 |
|
e) Depreciation and amortization expenses |
66.600 |
|
f) Other expenditure |
395.900 |
|
Total expenses |
2841.000 |
|
3. Profit from operations before other income and
financial costs |
125.500 |
|
4. Other income |
7.700 |
|
5. Profit from ordinary activities before finance costs |
133.200 |
|
6. Finance costs |
23.600 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
109.600 |
|
8. Exceptional item |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
109.600 |
|
10.Tax expenses |
22.900 |
|
11.Net Profit
/ (Loss) from ordinary activities after tax (9-10) |
86.700 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
86.700 |
|
14.Paid-up
equity share capital (Nominal value Re. 1/- per share) |
143.600 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
16.i) Earnings per share (before extraordinary
items) of Re. 1/- each) (not annualised): |
|
|
(a) Basic and diluted |
|
|
ii) Earnings per share (after extraordinary items) |
|
|
(a) Basic and diluted |
0.60 |
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
65168472 |
|
- Percentage of shareholding |
45.4 |
|
2. Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
b) Non Encumbered |
|
|
Number of shares |
78475468 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100 |
|
|
|
|
Percentage of shares (as a % of total share capital of the
company) |
54.6 |
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
-- |
|
Receiving during the quarter |
38 |
|
Disposed of during the quarter |
38 |
|
Remaining unreserved at the end of the quarter |
-- |
Notes:
·
The above results have been reviewed by the Audit
Committee and approved by the Board of Directors in their meeting held on 12.08.2013.
The statutory auditors have carried out limited review of these results.
·
The company is engaged primarily in in the business
of Auto components and parts. Accordingly, there are no separate reportable
segments as per Accounting Standard-17 dealing with segment reporting.
·
Exceptional items include
Ř Provision of
Rs.11.500 million made on account of re-assessment of disputed liabilities
towards rates and taxes for the quarter ended 31st March 2013 and
23.000 million for the year ended 31st March 2013
Ř Rs.36.400 million
towards payment made on account of voluntary retirement scheme for the quarter ended 30th June
2012 and for the year ended 31st March 2013
·
The EPS has been calculated after considering the bonus
issue (1:1) as approved by Extra Ordinary General meeting held on 02.07.2012
·
The figures for the quarter ended 31st
March 2013 are the balancing figures between audited figures in respect of the
financial year ended 31st March 2013 and year to date figures up to
third quarter of the relevant financial year.
·
The figures for the previous periods have been
regrouped, wherever necessary to conform to the current period’s presentation.
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.62.13 |
|
|
1 |
Rs.101.53 |
|
Euro |
1 |
Rs.85.41 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
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 |
|
62 |
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.