MIRA INFORM REPORT
|
Report Date : |
22.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
MOTHERSON SUMI SYSTEMS LIMITED MOTHERSON AUTOMOTIVE TECHNOLOGIES AND ENGINEERING (A DIVISION OF MOTHERSON
SUMI SYSTEMS LIMITED) |
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Registered
Office : |
2nd
Floor, F-7, Block B-1, Mohan Co-Operative Industrial Estate, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of Incorporation
: |
19.12.1986 |
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Com. Reg. No.: |
55-26431 |
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Capital
Investment / Paid-up Capital : |
Rs.387.544
Millions |
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CIN No.: [Company Identification
No.] |
L34300DL1986PLC026431 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
DELM11353G /
DELM08600E |
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PAN No.: [Permanent Account No.] |
AAACM0405A |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturers of
Auto Ancillaries, Wiring Harnesses, Components and High Tension Cords. |
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No. of Employees
: |
5200
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 51420000 |
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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 and a reputed company having fine track. Financial position of the company appears to be sound. Trade relations are reported as decent. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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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 |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
A1+ [Short Term] |
|
Rating Explanation |
Very strong degree of safety and low credit risk. |
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Date |
05.07.2012 |
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Rating Agency Name |
ICRA |
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Rating |
A+ [Long Term Bank Facilities] |
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Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
05.07.2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
2nd Floor, F-7, Block B-1, Mohan Co-Operative Industrial
Estate, |
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Tel. No.: |
91-11-40555940 |
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Fax No.: |
91-11-40555940 |
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Email : |
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Website : |
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Corporate Office 1 : |
3rd Floor, Bhageria House, 43, Community Centre, New
Friends Colony, New Delhi - 110 065, India |
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Tel. No.: |
91-11-26822778 / 26838069 / 26842174 |
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Fax No.: |
91-11-26842174 |
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E-Mail : |
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Corporate Office 2 : |
C-14 A and B, Sector-1, Noida-201 301, |
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Tel. No.: |
91-120-6752100 |
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Fax No.: |
91-120-2521866 / 2521966 |
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Business Unit : |
Survey No. 71-85 (FISP), Chithamanur Village, Chennai-603204,
Tamilnadu, India |
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Units: |
·
Plot No. 31B, JIADB Industrial Area, Phase –1,
Kumbalgodu, ·
195-196, Sector-4, IMT Manesar, Gurgaon-122050,
Haryana, India ·
Motherson Automotive Technologies and Engineering
(A division of Motherson Sumi Systems
Limited) No. 9, GST Road, Oorapakum Kanchipuram,
District Chennai, Tamilnadu, India ·
B-22, SIDCO Industrial Estate, Hosur, ·
C-6 and 7, 1st and 2nd Floor, Sector – 1, Noida, ·
C-14, A and B, Sector -1, Noida – 201 301, Tel No.: 91-120-2476100 / 2551851 Fax No.: 91-120-2521966 / 2521866 ·
A-15, Sector 6, Noida, ·
Mohan Co-operative, ·
A-60-61, Sector 6, Noida, ·
129/2, Sanghvi Compound, Chinchwad, Pune, ·
Plot No. 21, Industrial Estate, Gurgaon, ·
C-6 and 7, Ground Floor, Sector 1, Noida, ·
D-3, Sector 11, Noida, ·
8, Ayyenchery, Village Oorapakkam Panchyet,
Kancheepuram 603 202, ·
Survey No. 241-1/2, Hinjewadi, Tal Mulshi,
District Pune–411027, Maharashtra, India ·
96/3-P, 96/4, 96/7-P, A Block Indraprastha
Industrial Park, Kumbalgodu Industrial Area, 2nd Phase, Kumbalgodu,
Bangalore, Karnataka, India ·
9, GST Road, Oorapakkam, Kancheepuram District,
Tamilnadu – 603202, Tel No.: 91-44-27467955 / 27467956 Fax No.: 91-44-27465337 ·
B – 135 and 206, Phase – II, Noida – 201301, Tel No.: 91-120-2568790 / 2562728 Fax No.: 91-120-2562726 |
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Overseas Offices: |
Located At : ·
·
·
Sharjah ·
·
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DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. Vivek Chaand Sehgal |
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Designation : |
Vice Chairman |
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Name : |
Mr. Toshimi Shirakawa |
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Designation : |
Director |
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Name : |
Mr. Yoshiki Kishimoto |
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Designation : |
Director |
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Name : |
Mr. Arjun Puri |
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Designation : |
Director |
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Name : |
Mr. Pankaj K. Mital |
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Designation : |
Alternate Director |
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Name : |
Mr. Laksh Vaaman Sehgal |
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Designation : |
Director |
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Name : |
Mr. Hideaki Ueshima |
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Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2012
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
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|
22420744 |
3.81 |
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|
212354376 |
36.12 |
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|
234775120 |
39.93 |
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|
150869084 |
25.66 |
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|
150869084 |
25.66 |
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Total shareholding of Promoter and Promoter Group (A) |
385644204 |
65.59 |
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(B) Public Shareholding |
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|
55097970 |
9.37 |
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|
799429 |
0.14 |
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|
81877958 |
13.93 |
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|
137775357 |
23.43 |
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|
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|
26430541 |
4.50 |
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|
21593030 |
3.67 |
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|
15522305 |
2.64 |
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|
980803 |
0.17 |
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|
711417 |
0.12 |
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|
268404 |
0.05 |
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|
982 |
0.00 |
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|
64526679 |
10.97 |
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Total Public shareholding (B) |
202302036 |
34.41 |
|
Total (A)+(B) |
587946240 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
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) |
587946240 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of
Auto Ancillaries, Wiring Harnesses, Components and High Tension Cords. |
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Products : |
Blow Molded Components ·
Heating, Ventilation and Air Conditioning
Ducts ·
Engine and Air Intake Ducts ·
Wind Shield Washer Bottles ·
Radiator Reservoir Tanks ·
Plastic Fuel Tanks (2-Wheelers) ·
Resonator/Pipe Air Intake ·
Arm Rests ·
Bellows ·
Body styling Kit- Spoilers Injection Molded Components · Interior/Exterior Trims and parts · Scuff Plates · Auto A.C. Components · Mirror housings · Under bonnet parts · Structured Plastic components · Inside handles · Body colored painted parts
Modules · IP Module · Door Trims · Floor console Module · Bumper Modules Components for White Goods Industry · Washing machine components · A.C. Components · Refrigerator components
Electronics Industry · T.V. Cabinets and Back Cover ·
Monitor Cabinets and Back Covers |
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Actual
Production |
|
Wiring Harness |
Nos. |
30232 |
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High Tension Cords |
Nos. |
182 |
|
Plastic Comp. |
Nos. |
191011 |
|
Wires |
Kms. |
1183 |
GENERAL INFORMATION
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No. of Employees : |
5200
(Approximately) |
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Bankers : |
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Facilities : |
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Banking Relations
: |
-- |
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Auditors : |
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Name : |
Price Waterhouse
and Company Chartered
Accountants |
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Address : |
Building 8 , 7th
and 8th Floor, DLF Cyber City, Gurgaon-122002, Haryana, India |
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Subsidiaries : |
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Associates : |
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Joint Ventures: |
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CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2873000000 |
Equity Shares |
Re.1/- each |
Rs.2873.000 Millions |
|
25000000 |
8% Convertible Cumulative Preferences Shares |
Rs.10/- each |
Rs.250.000 Millions |
|
|
Total
|
|
Rs.3123.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
387547000 |
Equity Shares |
Re.1/- each |
Rs.388.000
Millions |
NOTES: Increase on account of amalgamation
of Sumi Motherson Innovative Engineering Limited (SMIEL), India Nails Manufacturing
Limited (INML) and MSSL Global Wiring Systems Limited (MGWL)
a. Reconciliation of number of shares
|
Equity
Shares |
As on 31.03.2012 |
|
|
|
Nos. |
Rs. in Millions |
|
Balance as at the beginning of the year |
387543800 |
388.000 |
|
Add: Shares issued on allotment
of 12,950,000 equity shares of Rs. 1/- each pursuant
to conversion of Zero Coupon Foreign Currency Convertible Bonds. |
-- |
-- |
|
Balance at the
end of the year |
387543800 |
388.000 |
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|
|
|
|
Preference
Shares |
|
|
|
Balance as at the beginning of the year |
-- |
-- |
|
Add :Preference shares of
erstwhile SMIEL pursuant to the scheme of amalgamation |
1000000 |
100.000 |
|
Less : Redeemed during the year |
1000000 |
100.000 |
|
Balance at the end of the year |
-- |
-- |
b. Rights, preferences and restrictions attached to
shares Equity
The Company currently has only one class of equity
shares having a par value of Rs. 1/- per share. Each shareholder is eligible to
one vote per share held. The Company declares and pays dividends in Indian
rupees. The dividend, if proposed by the Board of Directors, is subject to the
approval of the shareholders in the Annual General Meeting, except in case of
interim dividend.
In the event of liquidation of the Company, the
equity shareholders are eligible to receive the 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.
c. Shares allotted as fully paid up by way of bonus
shares
|
|
As on 31.03.2012 |
|
Equity shares allotted as fully paid bonus shares by capitalization of securities premium |
117,444,600 |
d. Details of shares
held by shareholders more than 5% of the aggregate shares in the company.
|
Equity
Shares |
As on 31.03.2012 |
|
|
|
Nos. |
% |
|
Samvardhana Motherson Finance Limited |
140858015 |
36.35% |
|
Sumitomo Wiring Systems Limited |
96891795 |
25.00% |
As per of the Company, including its register of
shareholders/ members and other declarations received from shareholders
regarding beneficial interest, the above shareholding represents both legal and
beneficial ownerships of shares.
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 |
388.000 |
388.000 |
374.594 |
|
|
2] Share Application Money |
4.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
12463.000 |
9714.000 |
6790.898 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
12855.000 |
10102.000 |
7165.492 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
6776.000 |
5988.000 |
2727.770 |
|
|
2] Unsecured Loans |
1896.000 |
1438.000 |
1401.870 |
|
|
TOTAL BORROWING |
8672.000 |
7426.000 |
4129.640 |
|
|
DEFERRED TAX LIABILITIES |
214.000 |
225.000 |
135.468 |
|
|
|
|
|
|
|
|
TOTAL |
21741.000 |
17753.000 |
11430.600 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
12177.000 |
8975.000 |
6691.146 |
|
|
Capital work-in-progress |
1242.000 |
1179.000 |
837.265 |
|
|
INTANGIBLE ASSETS UNDER DEVELOPMENT |
13.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
3704.000 |
3439.000 |
2354.739 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4652.000
|
4277.000 |
2352.981 |
|
|
Sundry Debtors |
5428.000
|
3506.000 |
2309.542 |
|
|
Cash & Bank Balances |
202.000
|
359.000 |
365.324 |
|
|
Other Current Assets |
19.000
|
22.000 |
0.000 |
|
|
Loans & Advances |
2833.000
|
3183.000 |
1775.829 |
|
Total
Current Assets |
13134.000
|
11347.000 |
6803.676 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
4355.000
|
3633.000 |
3252.670 |
|
|
Other Current Liabilities |
2456.000
|
1996.000 |
795.282 |
|
|
Provisions |
1718.000
|
1558.000 |
1226.126 |
|
Total
Current Liabilities |
8529.000
|
7187.000 |
5274.078 |
|
|
Net Current Assets |
4605.000
|
4160.000 |
1529.598 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
17.852 |
|
|
|
|
|
|
|
|
TOTAL |
21741.000 |
17753.000 |
11430.600 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
35718.000 |
28236.000 |
17048.739 |
|
|
|
Other Income |
931.000 |
792.000 |
1234.556 |
|
|
|
TOTAL (A) |
36649.000 |
29028.000 |
18283.295 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
20728.000 |
17012.000 |
|
|
|
|
Purchase of stock-in-trade |
891.000 |
895.000 |
14714.681 |
|
|
|
Employee benefits expense |
3454.000 |
2572.000 |
|
|
|
|
Other expenses |
5564.000 |
4093.000 |
|
|
|
|
Changes in Inventories of
finished goods and work-in-progress |
(103.000) |
(639.000) |
|
|
|
|
TOTAL (B) |
30534.000 |
23933.000 |
14714.681 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6115.000 |
5095.000 |
3568.614 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
598.000 |
320.000 |
252.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5517.000 |
4775.000 |
3316.214 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1172.000 |
830.000 |
645.747 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
4345.000 |
3945.000 |
2670.467 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1173.000 |
1070.000 |
885.809 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
3172.000 |
2875.000 |
1784.658 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3097.000 |
1766.000 |
1630.915 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
NA |
1070.033 |
673.914 |
|
|
|
Tax on Dividend |
NA |
173.595 |
111.937 |
|
|
|
Transfer to General Reserve |
NA |
300.000 |
200.000 |
|
|
BALANCE CARRIED
TO THE B/S |
6269.000 |
3097.372 |
2429.722 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports * *Includes Deemed Exports of Rs.79
million (Previous Year Rs.460 million) |
4857.000 |
3065.000 |
2147.760 |
|
|
|
Dividend Received from Subsidiary |
517.000 |
0.000 |
NA |
|
|
|
Service Income |
0.000 |
108.000 |
NA |
|
|
|
Miscellaneous Income |
2.000 |
19.000 |
NA |
|
|
TOTAL EXPORTS |
5376.000 |
3192.000 |
2147.760 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
11333.000 |
10470.000 |
6253.575 |
|
|
|
Stores & Spares |
952.000 |
1009.000 |
48.201 |
|
|
|
Capital Goods |
97.000 |
114.000 |
363.779 |
|
|
TOTAL IMPORTS |
12382.000 |
11593.000 |
6665.555 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
8.10 |
7.50 |
4.47 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
1,0616.600 |
9634.400 |
10645.300 |
|
Total Expenditure |
9464.000 |
7884.800 |
8802.900 |
|
PBIDT (Excl OI) |
1152.600 |
1749.600 |
1842.400 |
|
Other Income |
212.300 |
209.600 |
240.600 |
|
Operating Profit |
1364.900 |
1959.200 |
2083.000 |
|
Interest |
126.700 |
138.200 |
142.100 |
|
PBDT |
1238.200 |
1821.000 |
1940.900 |
|
Depreciation |
325.700 |
340.400 |
357.900 |
|
Profit Before Tax |
912.500 |
1480.600 |
1583.000 |
|
Tax |
250.000 |
407.500 |
414.200 |
|
Profit After Tax |
662.500 |
1073.100 |
1168.800 |
|
Net Profit |
662.500 |
1073.100 |
1168.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
8.65
|
9.90 |
9.75
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.16
|
13.97 |
15.66
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.17
|
19.41 |
19.77
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34
|
0.39 |
0.37
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.67
|
0.74 |
0.57
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.54
|
1.57 |
1.29
|
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 |
Yes |
|
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 |
Yes |
|
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) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
AMALGAMATION OF SUMI MOTHERSON INNOVATIVE
ENGINEERING LIMITED (SMIEL), INDIA NAILS MANUFACTURING LIMITED (INDIA NAILS)
AND MSSL GLOBAL WIRING LIMITED (MGWL), WITH THE COMPANY:
a) The Company (Motherson Sumi Systems Limited-
MSSL) filed for approval of the Hon’ble High Court of Judicature at Delhi
arrangements as embodied in the Scheme of Amalgamation (“the Scheme”) of the
erstwhile Sumi Motherson Innovative Engineering Limited (SMIEL) and wholly
owned subsidiaries of MSSL namely, India Nails Manufacturing Limited (India
Nails) and MSSL Global Wiring Limited (MGWL), the transferor Companies, with
the Company (Motherson Sumi Systems Limited), the transferee Company. The
Hon’ble High Court of Judicature of Delhi has vide order dated January 30, 2012
inter alia ordered that with effect from April 1, 2011 (the Appointed Date) all
properties, rights and powers and liabilities and duties of the transferor
companies are transferred and vested in MSSL.
b) SMIEL is engaged in the business of manufacture
and sale of moulds, dies and components including plastic injection moulded dip
moulded and press stamping components mainly for automobile sector. MGWL is
engaged in the business of manufacture and sale of wiring harnesses and related
components primarily for use in automotives. India Nails was earlier
undertaking the business of manufacture of shoe nails and ancillary objects and
has been proposing to engage in the business of manufacture of wiring harnesses
and related components.
c) Pursuant to the said order its effect has been
accounted for under the “pooling of interests” method as prescribed under
Accounting Standard (AS-14) notified under Companies (Accounting Standards)
Rules, and the specific provisions of the order of the Hon’ble High Court. The
certified copy of the order of the Hon’ble High court has been filed with the
Registrar of the Companies on March 31, 2012 and a further addendum was filed
on April 12, 2012. Accordingly, all the assets and liabilities of the
transferor companies as on April 1, 2011 have been recorded by MSSL at their
respective amounts.
d) Pursuant to the order of the Hon’ble High Court
in consideration for the above transfer, on amalgamation of SMIEL with the
Company under the scheme, the equity shareholders of SMIEL shall, for every 57
equity shares of Rs. 10 each fully paid up held as on the record date, be
issued 10 equity shares of Rs. 1/- each of the Company. Accordingly the Company
has issued 4,420,360 equity shares on April 23, 2012, thereby increasing its
equity capital to Rs. 392 million. Pending issue and allotment of shares as at
March 31, 2012, Rs. 4 million has been disclosed under Share Capital Suspense
Account. Further, the preference shares of SMIEL for Rs. 100 million have been
redeemed on March 28, 2012.
e) In view of the amalgamation of SMIEL and wholly
owned subsidiaries namely, India Nails and MGWL with the Company effective from
April 1, 2011, the figures for the current year are not directly comparable to
those of the previous year.
The amount as at April 1, 2011 of the amalgamating
companies included in the financial statements of the Company is as below:
RS. IN MILLIONS
|
PARTICULAR
|
SMIEL |
INDIA NAILS |
MGWL |
|
Net Fixed Assets |
698.000 |
148.000 |
231.000 |
|
Net Current Assets |
161.000 |
(10.000) |
247.000 |
|
(Debit)/Credit Balance of Profit/Loss Account |
389.000 |
(348.000) |
(40.000) |
|
General Reserve |
64.000 |
0.000 |
0.000 |
|
Capital Redemption Reserve |
50.000 |
0.000 |
0.000 |
|
Revaluation Reserve |
0.000 |
76.000 |
0.000 |
|
Excess of Assets over Liabilities |
248.000 |
173.000 |
0.000 |
CONSEQUENTLY:
a. In respect of the amalgamation of Sumi Motherson
Innovative Engineering Limited (SMIEL) with the Company, the excess of amount
of share capital over the par value of the share issued as mentioned in (d)
above amounting to Rs.248.000 millions has been credited to the amalgamation
reserve of the Company.
b. In respect of the amalgamation of wholly owned
subsidiaries namely, India Nails and MGWL with the Company, the excess of the
value of assets over the value of the liabilities after adjusting for the
aggregate value of the investments held in the transferee company amounting to
Rs.173.000 millions has been credited to the amalgamation reserve of the
Company. The said investments by the Company stand cancelled.
|
Unsecured Loan |
As
on 31.03.2012 [Rs.
in Millions] |
As
on 31.03.2011 [Rs.
in Millions] |
||||
|
Term loans |
|
|
||||
|
– Foreign currency Loan from
banks |
1017.000 |
903.000 |
||||
|
Loans from banks |
|
|
||||
|
Indian rupee loan |
834.000 |
350.000 |
||||
|
Other Loans- repayable on demand |
|
|
||||
|
Indian rupee Loan |
0.000 |
150.000 |
||||
|
Indian rupee Loan from a related
party |
45.000 |
35.000 |
||||
|
TOTAL
|
1896.000 |
1438.000 |
||||
|
Working capital loans are secured by first charge
by way of hypothecation of all present and future stocks, book debts and
other specified movable assets of the Company and second charge by way of
hypothecation of all present and future immovable property.
|
||||||
OPERATIONS AND
PERFORMANCE:
On standalone basis for the year 2011-12, the company
achieved total revenue of Rs. 35718.000 millions resulting in a growth of about
26% over its total revenue of Rs. 28,236 millions of the previous financial
year ended March, 2011.The profit after tax for the year ended March, 2012 at
Rs. 3172.000 millions was higher than 10.33% from the previous financial year
ended March, 2011 at Rs. 2875.000 millions.
MERGER /
AMALGAMATIONS AND CHANGES IN THE CAPITAL:
During the year, MSSL Global Wiring Limited, India
Nails Manufacturing Limited, both wholly owned subsidiaries of the Company and
Sumi Motherson Innovative Engineering Limited have been merged with the Company
pursuant to the Order dated January 30, 2012 of the Hon’ble High Court of
Delhi.
During the current Financial Year 2012-13, the
Company has allotted 4,420,360 equity shares of Re. 1/- each to the
shareholders of erstwhile Sumi Motherson Innovative Engineering Limited
consequent upon merger with the Company. As on March 31, 2012 this is shown as
Share Capital Suspense in financial statements. After this allotment, the
paid-up capital of the Company has been increased to Rs. 391,964,160/- divided
into 391,964,160 equity shares of Rs. 1/-.
MANAGEMENT
DISCUSSIONS AND ANALYSIS:
OVERVIEW:
MSSL is scaling new heights with the acquisition of
Peguform Group, a strategic move for redefining its presence globally as one of
leading full system solutions provider to the global automotive industry. With
this acquisition, MSSL has acquired advanced engineering capabilities,
significant manufacturing facilities and broadened its global customer base.
This acquisition has unfolded a whole range of new
opportunities by widening the Company’s reach with Global Automotive OEM’s,
access to new geographies and leveraging different customer relationships and
offering wider portfolio of products to customers and within the group.
Now the Company has presence in over 25 countries
with over 124 manufacturing facilities. It has established strong presence
globally across various product lines of the automotive component industry such
as wiring harnesses, polymer processing, rear view vision systems and
integrated modules. The Company has performed exceptionally well in terms of
revenue growth and is completely focused towards achieving its vision of 2015.
HIGHLIGHTS:
Some of the main highlights and key strategic
accomplishments during 2011-12 are as follows:
1. This year marked the acquisition of 80% stake in
Peguform Group, a leading full service supplier of differentiated high quality
interior and exterior products for the automotive and related industries.
2. MSSL’s consolidated sales rose to the new record
level of US$ 2.9 bn.
3. Exponential Growth in sales of 80% on
consolidated basis and 27% on standalone basis. Even, without considering acquisition
of Peguform and merger of SMIEL total sales grew by 24% on consolidated basis
and 20% on standalone basis respectively.
4. SMR has shown consistent improvement in
performance and has recorded the highest ever annual sales of Euro 860 million
registering a growth in sales of 14%.
5. MSSL Standalone has delivered sterling
performance, recorded highest ever annual sales of Rs. 35289.000 millions and
PAT of Rs. 3172.000 millions even after accounting for unrealized foreign
exchange loss of Rs.552.000 millions on restatement of long term loans.
6. SMP reports positive EBITDA for the period since
acquisition.
7. MSSL continues to deliver consistent and
progressive returns to the shareholders, dividend payout ratio increased to
39.5% (Previous Year 32%) of the Consolidated Profits after tax, dividend of
Rs. 2.25 / share recommended on the equity shares.
8. MSSL is achieving synergies through horizontal
and vertical integration, supplies Wiring Harness of Rs. 1,465 millions
(excluded in the reported consolidated sales of the company) to SMR during
2011-12.
9. The company incurred capital expenditure (on
consolidated basis) of Rs. 11659.000 millions mainly for expansion of
capacities.
– MSSL Wiring Harness division has set-up new units
in Orapakkam and RNSP (Chennai), Pathredi (Rajasthan), Bidadi (Banglore),
Lucknow, Haldwani and Jamshedpur where production has already started during
the year. New plants being established are at Noida (India), Mexico and
Thailand.
– SMR has started commercial production and
supplies from its second plant in Hungary to support German OEMs. The Plant has
installed capacity of six millions mirrors per annum and sale potential of Euro
150 million per annum. SMR is setting up new facilities in Brazil, Thailand,
China and Pune (India) for mirror manufacturing and vertical integration, where
production will commence in the coming year.
– MSSL Polymer division’s new plant set up in South
Africa started commercial production during 2011-12 for Injection molded
Bumpers, Interior trims and painting of parts for supplies to major OEMs in the
region. In India the new plant at Tapukara commenced production and additional
plant expansion was undertaken at Ford Supplier Park at Chennai. A new plant
for injection molded components is being established at Sanand, Gujarat.
SEGMENT
PERFORMANCE - AUTOMOTIVE / NON AUTOMOTIVE:
The company’s revenues are categorized into two
segments i.e. automotive and non – automotive, business growth for the year
2011-12 in both segments
In automotive segment the company supplies to all
leading automobile manufacturers globally. The main products offered by the
company in this segment are wiring harness, automotive mirrors, molded plastic
components, rubber components, machined metal components, complete modules
including bumpers, dashboards, door trims and HVAC systems. The Company has
expanded its product portfolio in automotive segment through the acquisition of
Peguform Group, an internationally operating supplier involved in development,
manufacture and distribution of bumper systems, plastic components for vehicle
exteriors, vehicle cockpits, dashboards and vehicle interior trims.
The contribution of automotive segment in the
company’s revenue has increased to 96% on consolidated basis and 91% on standalone
basis. The growth in the automotive segment coupled with acquisition and
variety of products offered by the company has contributed to significant
increase in sales by 84% on consolidated basis and 28% on standalone basis.
In non automotive segment, MSSL is one of the
largest suppliers of wiring harness to manufacturers of material handling
equipments and industrial forklifts. MSSL also manufactures and assembles water
purifiers for HUL in India. The company offers variety of products to its
customers from individual parts to full system solutions. MSSL sales in this
segment recorded a healthy increase in revenues by 17% on consolidated basis
and 20% on standalone basis.
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2012 (Rs. in millions) |
31.03.2011 (Rs. in millions) |
|
Claims against
the Company not acknowledge as debts: |
|
|
|
Excise Matters |
53.000 |
36.000 |
|
Custom Demand Matters |
0.000 |
32.000 |
|
Sales Tax Matters |
48.000 |
21.000 |
|
Service Tax Matters |
21.000 |
6.000 |
|
Stamp Duty |
5.000 |
5.000 |
|
Claims made by workmen |
13.000 |
11.000 |
|
Entry Tax Matters |
1.000 |
0.000 |
|
Income Tax Matters |
42.000 |
0.000 |
|
Total |
183.000 |
111.000 |
FIXED ASSETS:
- Leasehold Land
- Building
- Plant and Machinery
- Furniture and Fixtures
- Computers
- Vehicles
UNAUDITED STANDALONE
FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST
DECEMBER 2012
Rs. in Millions
|
Sr. No. |
Particular |
THREE
MONTHS ENDED |
NINE
MONTHS ENDED |
|
|
|
|
Unaudited
|
Unaudited
|
Unaudited
|
|
|
|
31.12.2012 |
30.09.2012 |
31.12.2012 |
|
|
|
|
|
|
|
1. |
Income from Operations |
|
|
|
|
|
Net Sales/Income from Operations(net of excise duty) |
10408.600 |
9474.000 |
30331.300 |
|
|
Within India |
8959.100 |
8023.200 |
26095.000 |
|
|
Outside India |
1449.500 |
1450.800 |
4236.300 |
|
|
Other Operating Income |
236.700 |
160.400 |
565.000 |
|
|
Total Income From Operations (Net) |
10645.300 |
9634.00 |
30896.300 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Changes in inventory of Finished Goods, Work in Progress
and Stock in Trade |
(126.500) |
(12.000) |
(501.100) |
|
|
Cost of Material Consumed |
6115.700 |
5484.600 |
18089.900 |
|
|
Purchases of stock-in-trade |
111.500 |
393.900 |
677.400 |
|
|
Employees Benefits Expense |
1137.800 |
1044.600 |
3275.900 |
|
|
Depreciation & Amortization Expenses |
357.900 |
340.400 |
1024.000 |
|
|
Exchange Differences on |
|
|
|
|
|
- Long Term Loans |
172.500 |
(243.300) |
386.600 |
|
|
- Others |
(89.500) |
(49.000) |
18.700 |
|
|
Other Expenses |
1391.900 |
1255.200 |
4116.800 |
|
|
Total Expenses |
9071.300 |
8225.200 |
27086.200 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
1574.000 |
1409.200 |
3810.100 |
|
|
|
|
|
|
|
4. |
Other
Income |
151.100 |
209.600 |
573.000 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
1725.100 |
1618.800 |
4383.100 |
|
|
|
|
|
|
|
6. |
Interest |
142.100 |
138.200 |
407.000 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
1583.000 |
1480.600 |
3976.100 |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
1583.000 |
1480.600 |
3976.100 |
|
|
|
|
|
|
|
10. |
Tax Expense |
|
|
|
|
|
a)
Current tax |
458.700 |
293.100 |
1159.500 |
|
|
b)
Deferred tax |
(44.500) |
114.400 |
(87.800) |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
1168.800 |
1073.100 |
2904.400 |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net Profit
for the period (11-12) |
1168.800 |
1073.100 |
2904.400 |
|
|
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Re.1/- Each) |
588.000 |
392.000 |
588.000 |
|
|
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
16. |
Basic and Diluted Earning Per
Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a)
Basic and diluted EPS before extraordinary items |
1.99 |
1.82 |
4.94 |
|
|
b)
Basic and diluted EPS after extraordinary items |
1.99 |
1.82 |
4.94 |
|
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
202302036 |
134848689 |
202302036 |
|
|
-
Percentage of Shareholding |
34.41 |
34.40 |
34.41 |
|
|
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
95235000 |
67950000 |
95235000 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
24.70 |
26.43 |
24.70 |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
16.20 |
17.34 |
16.20 |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
290409204 |
189165471 |
290409204 |
|
|
- Percentage
of Shares (as a % of the Total Shareholding of Promoter and Promoter Group) |
75.31 |
73.57 |
75.31 |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
49.39 |
48.26 |
49.39 |
|
Particulars |
Quarter Ended 31.12.2012 |
|
Complaints pending at the beginning of the quarter |
0 |
|
Complaints received during the quarter |
14 |
|
Disposal of complaints |
14 |
|
Complaints lying unresolved at the end of the quarter |
0 |
Includes 41,400,000 shares for which, as per information submitted by Samvardhana Motherson International Limited (SMIL) (formerly known as Samvardhana Motherson Finance Limited), SMIL has executed Non-disposal Undertakings (NDU).
UNAUDITED STANDALONE FINANCIAL
RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2012
Rs. in Millions
|
Sl. No. |
|
Particulars |
THREE
MONTHS ENDED |
NINE
MONTHS ENDED |
|
|
|
31.12.2012 |
30.09.2012 |
31.12.2012 |
||
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
||
|
1 |
|
Segment Revenue |
|
|
|
|
|
|
Automotive |
9833.700 |
8836.500 |
28574.300 |
|
|
|
Non Automotive |
922.400 |
884.000 |
2609.400 |
|
|
|
Unallocated |
158.300 |
217.800 |
591.500 |
|
|
|
Total |
10914.400 |
9938.300 |
31775.200 |
|
|
|
|
|
|
|
|
|
|
Less : Inter Segment Revenue (Net of Excise) |
126.900 |
100.900 |
327.700 |
|
|
|
Net Sales / Income
from Operation |
10787.500 |
9837.400 |
31447.500 |
|
|
|
|
|
|
|
|
2 |
|
Segment Results |
|
|
|
|
|
|
Automotive |
1539.100 |
1003.200 |
3911.500 |
|
|
|
Non Automotive |
101.800 |
98.800 |
261.600 |
|
|
|
Unallocated |
0.000 |
0.000 |
0.000 |
|
|
|
Total |
1640.900 |
1102.000 |
4173.100 |
|
|
|
Less :Interest |
133.100 |
131.400 |
385.100 |
|
|
|
Less : Other Unallocable Expenses and Extra Ordinary Items |
(75.200) |
(510.000) |
(188.100) |
|
|
|
Net of Unallocable
Income |
0.000 |
0.000 |
0.000 |
|
|
|
Net Profit (+) /
Loss(-) before Tax |
1583.000 |
1480.600 |
3976.100 |
|
|
|
|
|
|
|
|
3 |
|
Capital Employed |
|
|
|
|
|
|
Automotive |
20150.900 |
19696.700 |
20150.900 |
|
|
|
Non Automotive |
1553.200 |
1369.600 |
1553.200 |
|
|
|
Others (Including Investments |
4035.800 |
3337.700 |
4035.800 |
|
|
|
Total |
25739.900 |
24404.000 |
25739.900 |
NOTES:
- The above financial results were reviewed by the Audit Committee and approved by the Board of Directors of the Company at their meetings held on February 1, 2013 and February12, 2013 respectively.
- The Company operates in two primary business segments, viz Automotive and Non Automotive, determined on the basis of nature of products and services.
- He Company has issued 4,420,360 new equity shares on April23, 2012 to the shareholders of erstwhile Sumi Motherson Innovative Engineering Limited (SMIEL) (which was merged with the Company w.e.f. April 1, 2011, as part of a scheme on amalgamation) that became effective on March 31, 2012, thereby increasing its equity capital to Rs. 391.964 Millions.
- Consequent to the approval accorded by the shareholders the Company has allotted 195,982,080 shares on October 5, 2012 as Bonus Shares in the proportion of 1 share for every 2 shares. The aforesaid Bonus Shares were admitted to trading by the stock exchanges with effect from October 9, 2012. Accordingly, the basic and diluted earnings per share has been adjusted for all the periods presented.
- The figures of previous periods have been re-grouped, wherever necessary, to conform to the current periods classification.
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 records 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 records 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.54.28 |
|
|
1 |
Rs.82.06 |
|
Euro |
1 |
Rs.70.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--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.