MIRA INFORM REPORT
|
Report Date : |
26.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
SUZUKI POWERTRAIN INDIA LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 1,
Nelson Mandela Road, Vasant Kunj, New Delhi – 110070 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
14.11.2002 |
|
|
|
|
Com. Reg. No.: |
55-117679 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.13170.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U27109DL2002PLC117679 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELS20077B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAGCS7346J |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturer of
Automobile Diesel Engines, Transmissions and other components. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 68000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of “Suzuki Motor Corporation, Japan”. It is a well established and reputed company. It has created it brand
in the Indian market. Financial position of the company appears to be strong.
Liquidity position is high. The management and promoters are well experience. The creditworthiness
is good. The company also gets support from its group companies. Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitment. The company can be considered for normal business dealings at usual
trade terms and 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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
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 : |
Plot No. 1, Nelson
Mandela Road, Vasant Kunj, New Delhi – 110070, India |
|
Tel. No.: |
91-11-46781000 |
|
Fax No.: |
91-11-46150275 |
|
E-Mail : |
vineet.agarwal@spil.co.in |
|
Website : |
|
|
|
|
|
Plant : |
Gurgaon Plant, Old Palam Gurgaon Road, Gurgaon – 122015, Haryana India |
|
Tel No.: |
91-124-2346721 |
|
|
|
|
Branch Office 1 : |
Plot No. 1, Phase 3A, IMT Manesar, Gurgaon – 122051, |
|
Tel No.: |
91-124-2291731 / 32/ 33, 4509700 |
|
Fax No.: |
91-124-2291734 |
|
|
|
|
Branch Office : |
Also Located at · Kolkata · Guwahati · Indore · New Delhi · Chandigarh · Lucknow · Jaipur · Chennai · Bangalore · Cochin · Hyderabad · Mumbai · Pune · Ahmedabad |
DIRECTORS
As on 17.07.2012
|
Name : |
Mr. Shinzo Nakanishi |
|
Designation : |
Director |
|
Address : |
Room No. 572, Hotel The Leela, Gurgoan – 122012, Haryana, India |
|
Date of Birth/Age : |
14.09.1947 |
|
Date of Appointment : |
27.07.2005 |
|
DIN No.: |
00108491 |
|
|
|
|
Name : |
Mr. Deepak Kumar Sethi |
|
Designation : |
Whole-time director |
|
Address : |
D-31, Ashok Vihar, Phase-I, Delhi – 110052, India |
|
Date of Birth/Age : |
10.08.1959 |
|
Date of Appointment : |
02.08.2011 |
|
DIN No.: |
03605973 |
|
|
|
|
Name : |
Mr. Osamu Suzuki |
|
Designation : |
Director |
|
Address : |
3-19-18,
Shijimizu Ka-Cho, |
|
Date of Birth/Age : |
30.01.1930 |
|
Date of Appointment : |
27.07.2005 |
|
DIN No.: |
00680073 |
|
|
|
|
Name : |
Mr. Tsuneo Ohashi |
|
Designation : |
Director |
|
Address : |
Room No. 210, Japanese Hostel Complex, Opposite MDI Gate 3, Near NH-8,
Sector-16, Gurgaon – 122001, Haryana, India |
|
Date of Birth/Age : |
20.06.1951 |
|
Date of Appointment : |
11.07.2008 |
|
DIN No.: |
00009612 |
|
|
|
|
Name : |
Kunihiko Murata |
|
Designation : |
Whole-time director |
|
Address : |
Room No. 311, Japanese Hostel
Complex, Opposite MDI Gate 3, Near NH-8, Sector-16, Gurgaon – 122001,
Haryana, India |
|
Date of Birth/Age : |
03.01.1961 |
|
Date of Appointment : |
22.04.2011 |
|
DIN No.: |
03519312 |
KEY EXECUTIVES
|
Name : |
Mr. Vineet Agarwal |
|
Designation : |
Secretary |
|
Address : |
H. No. 10346,
Street No.1, West Gorakh Park, Shahdara, Delhi – 110032, India |
|
Date of Birth/Age : |
15.02.1977 |
|
Date of Appointment : |
05.02.2008 |
|
PAN No.: |
ADYPA9515D |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 17.07.2012
|
Names of Shareholders |
|
No. of Shares |
|
Suzuki Motor Corporation, Japan |
|
921899995 |
|
Maruti Suzuki India Limited, India |
|
395100000 |
|
Shinzo Nakanishi (Nominee of Suzuki Motor Corporation, Japan) |
|
1 |
|
Kunihiko Murata (Nominee of Suzuki Motor Corporation, Japan) |
|
1 |
|
Takahiro Inoue (Nominee of Suzuki Motor Corporation, Japan) |
|
1 |
|
Miki Nakahara (Nominee of Suzuki Motor Corporation, Japan) |
|
1 |
|
Tsuneo Ohashi (Nominee of Suzuki Motor Corporation, Japan) |
|
1 |
|
Total |
|
1317000000 |
Equity Share Break up (Percentage of Total Equity)
As on 17.07.2012
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
70.00 |
|
Bodies corporate |
30.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
Automobile Diesel Engines, Transmissions and other components. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
Unit |
Installed
Capacity |
|
Engines |
Nos. |
200000 |
|
Transmission Assembly |
Nos. |
800000 |
|
Transmission Components |
Sets |
300000 |
|
Castings |
Mt |
8600 |
|
Particulars |
Unit |
Actual
Production |
|
Transmission Case |
Nos. |
271286 |
|
Crankcase Comp, L |
Nos. |
41176 |
|
Engines |
Nos. |
224766 |
|
Transmission Assembly |
Nos. |
789322 |
|
Transmission Components |
Nos. |
301373 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
Citi Bank N.A. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
V Sankar Aiyar
and Company Chartered
Accountants |
|
Address : |
Satyam Cinema Complex,
Ranjit Nagar, Community Centre, New Delhi – 110008, India |
|
PAN.: |
AAAFV0781D |
|
|
|
|
Holding Company
: |
· Suzuki Motor Corporation (SMC), Japan |
|
|
|
|
Fellow Subsidiaries : |
CIN No.: L34103DL1981PLC011375
CIN No.: U74899DL1997FTC086871 |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000000 |
Equity shares |
Rs.10/- each |
Rs.15000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1317000000 |
Equity shares |
Rs.10/- each
|
Rs.13170.000
Millions |
|
|
|
|
|
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 |
13170.000 |
7760.000 |
7760.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3840.061 |
2689.689 |
1494.682 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
17010.061 |
10449.689 |
9254.682 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
5053.066 |
7659.773 |
13479.036 |
|
|
TOTAL BORROWING |
5053.066 |
7659.773 |
13479.036 |
|
|
DEFERRED TAX LIABILITIES |
1066.000 |
1426.800 |
946.800 |
|
|
Deferred Credit For Capital Goods |
0.000 |
0.000 |
60.655 |
|
|
|
|
|
|
|
|
TOTAL |
23129.127 |
19536.262 |
23741.173 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
18385.718 |
19602.230 |
21670.454 |
|
|
Capital work-in-progress |
2948.508 |
255.853 |
667.915 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4028.554
|
2765.989
|
2406.271
|
|
|
Sundry Debtors |
3366.736
|
1225.054
|
568.343
|
|
|
Cash & Bank Balances |
1051.037
|
1636.164
|
1163.625
|
|
|
Other Current Assets |
138.429
|
145.377
|
288.115
|
|
|
Loans & Advances |
1648.204
|
820.635
|
1318.049
|
|
Total
Current Assets |
10232.960
|
6593.219
|
5744.403
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
4158.849
|
2615.135
|
4033.201
|
|
|
Other Current Liabilities |
4224.692
|
4200.352
|
267.437
|
|
|
Provisions |
54.518
|
99.553
|
65.048
|
|
Total
Current Liabilities |
8438.059
|
6915.040
|
4365.686
|
|
|
Net Current Assets |
1794.901
|
(321.821)
|
1378.717
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
Pre-operative Expenses Pending Allocation |
0.000 |
0.000 |
24.087 |
|
|
|
|
|
|
|
|
TOTAL |
23129.127 |
19536.262 |
23741.173 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
45910.977 |
40583.767 |
32614.427 |
|
|
|
Other Income |
474.715 |
473.605 |
492.763 |
|
|
|
TOTAL (A) |
46385.692 |
41057.372 |
33107.190 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
32631.011 |
28341.999 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
252.698 |
(236.055) |
|
|
|
|
Employee benefit expense |
1002.125 |
619.259 |
|
|
|
|
Other expenses |
6521.547 |
5462.579 |
|
|
|
|
TOTAL (B) |
40407.381 |
34187.782 |
27682.034 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5978.311 |
6869.590 |
5425.156 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
766.573 |
772.056 |
882.475 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
5211.738 |
6097.534 |
4542.681 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4224.565 |
4002.528 |
2695.435 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
987.173 |
2095.006 |
1847.246 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(163.200) |
900.000 |
929.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1150.373 |
1195.006 |
918.046 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2689.688 |
1494.682 |
576.636 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
3840.061 |
2689.688 |
1494.682 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
8711.740 |
7589.740 |
5961.484 |
|
|
|
Capital Goods |
4555.900 |
850.320 |
1315.492 |
|
|
TOTAL IMPORTS |
13267.64 |
8440.06 |
7276.976 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
1.05 |
1.54 |
1.18 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
2.48
|
2.91
|
2.77
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.15
|
5.16
|
5.66
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.45
|
8.00
|
6.73
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.20
|
0.19
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.30
|
0.73
|
1.46
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.21
|
0.95
|
1.31
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
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 |
No |
DETAILS OF
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
|
Other external
commercial borrowings Japan Bank for International Cooperation – Rs.3503.772
Millions The Bank of Tokyo- Mitsubishi UFJ Limited Rs.1037.090 Millions Less
Current maturity of long term debt- Japan Bank for International Cooperation
Rs.1569.616 Millions The Bank of Tokyo Mitshubishi UFJ Limited Rs.1037.090
Millions - 3. In respect of external commercial borrowing of USD Rs.76.206
Millions (USD 34,500,000 and USD 41,706,000 ) from Japan Bank for
International Co-operation (JBIC), USD 23,000,000 from a consortium of banks
lead by the Bank of Tokyo Mitsubishi UFJ Ltd. and USD 27,804,000 from Suzuki
Motor Corporation, Japan outstanding as on 31st March, 2012, the Company has
entered into derivative contracts to hedge the loans including interest. This
has the effect of freezing the rupee equivalent of the liability as reflected
above. Thus there is no impact in the Statement of Profit & Loss, arising
out of exchange fluctuations for the duration of the loan agreement.
Consequently, there is no restatement of the original loans taken in foreign
currency. The interest payable on the derivative contracts |
1934.156 |
4540.862 |
|
|
|
|
|
Loans and advances
from others |
3118.911 |
3118.911 |
|
Total |
5053.067 |
7659.773 |
NOTE:
The registered office address of the company has been shifted from 11th
Floor, Jeevan Prakash, 25, Kasturbha Gandhi Marg, New Delhi – 110001, India to
present w.e.f. 15.12.2008
FINANCIAL HIGHLIGHTS
The sales (net of excise) and other income for the financial year were Rs.45910.970 Millions as against Rs.40583.760 Millions for the previous financial year registering an increase of 13.13%.
The Profit before tax (after interest and depreciation charges) of Rs.987.170 Million (Previous year Rs.2095.000 Millions) and the Profit after tax is Rs.1150.370 Millions (Previous year Rs.1195.000 Million). Due to difficult business environment, increase in input cost and competitive market conditions, the profits margins of the Company were under pressure. The directors are confident that organization will move forward on a path of accelerated overall growth.
HIGHLIGHT OF
OPERATIONS / COMPANY’S AFFAIRS
a) Engine Business
Four Wheeler Engines
The Engine Plant of the Company comprising of Engine Component Machining, Engine Assembly and Engine Testing have performed well. During last quarter of the year 2011-12, the Company produced 74838 units of small diesel engines be highest ever so far. The Company introduced new variant of 1.3L Small Diesel Engine 90HP and Small Diesel Engine 75HP which have inbuilt state of art technology for better fuel efficiency and reliability. Efforts were made for localistion and additional source development of various parts and components to achieve cost optimization and improve efficiency.
The Government positive fuel pricivang policy framework has lead high demand of Diesel Vehicles as compare to Petrol Vehicles in domestic market. Considering present market conditions and expectations of customer the Company is focusing on Diesel Engines to meet with Customer Expectations.
The Company has produced aggregate units of 244,955 engines in 2011-12 as compared to 224,766 aggregate units of engines in 2010-11.
Two Wheeler Engines
The Company successfully established state of art production facility for production of two wheeler engines and efforts were made for increasing efficiency and productivity of two wheeler engines. The Company is ready to meet with expectations of Customers high demand of two wheeler engines.
The Company has produced 181,919 two wheeler engines in the year 2011-12 (previous year nil).
b) Transmission
Business
The Company has introduced new models of transmission assemblies in alignment to customer requirement. The new transmission production lines were installed. The efforts were made to stabilize the production lines for increasing efficiency and productivity. Considering present market conditions and expectations of customer the Company is focusing on Diesel Transmissions to meet with Customer Expectations.
During the financial year 2011-12, the Company produced 717,998 units of Transmission Assembly and 206,319 Transmission Components (sets) as compared to 789,322 units and 301,373 respectively in the financial year 2010-11.
c) Casting Business
The Casting Business has shown overall increase in volume due to better demand of Diesel Engines and Transmissions. Keeping in view of the expanding market requirement the Company has initiated the expansion to increase the capacity.
In order to optimize the cost optimization the Company installed eco-friendly state of art Sand Regeneration System in the casting plant. Efforts were made to improve the quality of casting products.
CONTINGENT
LIABILITIES (AS ON 31.03.2012) :
Claims against the
Company not acknowledged as debts:
a) In respect of disputed Local Area Development Tax (LADT) (upto April 15, 2008) / Entry Tax, Sales tax department has filed an appeal in Supreme Court of India against the order of Punjab & Haryana High Court. Amount under dispute - Rs.21.446 Millions (Previous Year - Rs.21.446 Millions) for LADT and Rs.13.445 Millions (Previous Year - Rs.12.366 Millions) for Entry tax. The State Government of Haryana has repealed the LADT effective from April 16, 2008 and introduced the Haryana Tax on Entry of Goods into Local Area Act, 2008 w.e.f. the same date. Future cash outflows in respect of these contingent liabilities are determinable only on receipt of judgments / decision.
b) Disputed income tax liability (relating to tax deduction at source) of financial year 2007-08 (asst year 2008-09) under appeal - Rs. 3.719 Millions. (Previous year – Rs.3.719 Millions)
c) Disputed demands in respect of Excise duty – under appeal - Rs.0.741 Million (Previous year – Rs.0.741 Million) Disputed demands in respect of Service tax – under appeal - Rs.23.250 Millions (Previous year – Rs.18.540 Millions)
d) Additional compensation payable in respect of freehold land of Casting plant as per directions of Supreme Court of India – amount unascertained
FIXED ASSETS
· Freehold Land
· Building
· Plant And Machinery
· Dies
· EOP Equipment and Software
· Furniture Fixture
· Office Equipments
· Vehicles
· Plant and Machinery
PRESS RELEASE
SECURITY TIGHTENED AT SUZUKI MANESAR PLANT
MARCH 19 2013.
Police tightened security at Suzuki Motor
Corp.’s two-wheeler plant in Manesar near Delhi on concerns of labour unrest
following the suspension of some union representatives, said two persons
familiar with the situation.
Haryana police have deployed around 250
personnel at and around the factory, said Anil Kumar, a member of the union.
Deputy commissioner of police Rahul Sharma, who oversees the area, said some
precautionary steps had been taken by the police.
“There is some issue between the management and
the union. There is no specific threat, but we have taken some precautionary
and pre-emptive measures as some workers might go on strike tomorrow
(Wednesday),” Sharma said. Suzuki’s car unit Maruti Suzuki India Limited has in
recent years been affected by a series of strikes, one of which turned violent
resulting in the death of a manager, at its plant in Manesar last year.
“Our general secretary, Avinesh Kumar, was
suspended a month ago because of a tiff between a plant supervisor and workers.
We have been demanding his reinstatement,” said Kumar. “However, today, they
have suspended me as well as two other union members after a meeting with
Haryana labour department. While the company says they will take us back after
42 days, there is no word on Avinesh’s reinstatement. If they do not take him
back, we will have to look at other measures that includes a tool-down strike.”
Emails sent to the company spokesperson and
Atul Gupta, vice-president (sales and marketing), Suzuki Motorcycle India
Private Limited, did not elicit any response till press time. Gupta did not
respond to phone calls.
Suzuki’s Manesar plant has the capacity to
produce 540,000 units a year and it rolls out as many as 1,500 two-wheelers per
day. The plant is situated next to Maruti Suzuki’s plant in Manesar. Workers of
the Suzuki Motorcycle union, along with other Suzuki units such as Suzuki
Powertrain India Private Limited, had backed the strike by Maruti Suzuki
workers in 2011. Later, Suzuki Powertrain was merged into Maruti Suzuki.
Kumar of the Suzuki union said the management
had threatened to dissolve the union, but added that production continued to be
“normal” at the plant on Tuesday. “We do not want anything from the
management,” he said. “We just want them to reinstate the suspended members.
But they do not want a healthy relationship with us and often threaten to
dissolve the union itself.”
MARUTI SUZUKI BUYS LAND FOR FOURTH PLANT
JANUARY 27 2013
Tokyo: Maruti Suzuki India Limited, India’s biggest
carmaker by sales volume, has purchased the land for its fourth plant in India,
with a view to roughly doubling annual production capacity to about 3 million
units, the Nikkei business daily said on Sunday.
The company purchased the land in Gujarat for
a new factory with capacity of about 750,000 units a year, the company’s
chairman, R.C. Bhargava, told the Nikkei.
The fourth plant is slated to begin production
in 2017 at the earliest and help expand exports to Europe and the Middle East,
the report said.
Maruti Suzuki is set to begin work by March on
its third plant in Mehsana district, also in Gujarat, with production to begin
in 2015, it added.
MARUTI SUZUKI INDIA LTD DECIDED TO MERGE WITH SUZUKI POWERTRAIN INDIA
LTD
14-JUN-2012
Maruti Suzuki India Limited decided to get
into a merger with Suzuki Powertrain India Limited .This initiative will help
them prepare and meet the increasing demand for diesel vehicles.
Suzuki Powertrain is a 30:70 ratio joint
venture between Maruti and its Japanese parent Suzuki Motor Corp. The merger is
expected to increase Suzuki’s stake in its Indian subsidiary by 2 percentage
points to 56.2%.
Maruti proposes to make a fresh issue of 13.17
million shares to Suzuki in lieu of its 70% holding in Suzuki Powertrain.
The auto industry is slowly shifting towards
dieselization and has reached a diesel to petrol ratio of 1:1. The proposed
merger aims to bring in constructive growth and synergies in areas such as
finance, capital structuring and administration.
In March 2012, the board of Maruti set up a
committee of directors to advise on restructuring options to strengthen the
firm’s business. Once the merger is approved, the books of accounts of Suzuki
Powertrain will be merged with Maruti with effect from 1 April 2012.
Maruti Suzuki India Limited is a subsidiary of
Suzuki Motor Corporation, Japan.Maruti Suzika India Limited, is known to be the
first company in India to produce and sell more than a million cars. Maruti
Suzuki has been the leader of the Indian car market for over two and a half
decades
SUZUKI POWERTRAIN TO MERGE WITH MARUTI
JUNE 12, 2012
To
prepare itself to meet increasing demand for diesel vehicles, Maruti Suzuki
India, on Tuesday, said it would merge engine and transmission maker Suzuki
Powertrain with itself.
Subsequent to this merger, Japanese parent
Suzuki Motor Corporation's (SMC) stake in Maruti Suzuki India (MSI) will go up
to 56.2 per cent from 54.2 per cent due to a share swap agreement with the
domestic car market leader to acquire Suzuki Powertrain India Ltd (SPIL).
SMC holds a 70 per cent stake in its
subsidiary SPIL, while the balance is held by MSI.
“The merger promises multiple benefits,
specially when we consider the increasing dieselisation of the Indian car market.
With this, Maruti Suzuki will be able to bring all its diesel engine operations
under a single management,” MSI Managing Director and CEO S. Nakanishi told
reporters here.
This would help in bringing down costs and
also providing more flexibility while meeting fluctuations in market demand, he
added.
“With the SPIL facility, now being added to
MSI, we can have a cohesive diesel strategy as it will provide synergies in
finance and capital,” Mr. Nakanishi said.
Reacting to the announcement, shares of MSI
closed 3.34 per cent up at Rs.1,146.30 apiece on the BSE.
Earlier, during the day, the board of
directors of MSI approved the merger proposal of SPIL, which supplies 3 lakh
diesel engines and transmissions every year to MSI.
As per the understanding, the swap ratio has
been fixed at 1:70, which means SMC will receive one share of MSI of Rs.5 each
for every 70 shares of Rs.10 each it holds in SPIL.
“It is expected that the necessary regulatory
approvals and legal requirements for the merger may be completed by
end-December. Once the merger is approved, the books of accounts of SPIL will
be merged with MSI with effect from April 1, 2012,” the company said.
Mr. Nakanishi said SPIL's turnover stood at
Rs.4,550 crore in the last fiscal with a net profit of Rs.150 crore.
MSI Chief Financial Officer Ajay Seth said:
“SPIL has a debt of Rs.550 crore, which will now go into MSI's books.”
Commenting on the job scenario post this
merger, MSI Managing Executive Officer (Administration) S. Y. Siddiqui said SPIL
at present had 2,592 employees and “there are no plans to reduce jobs”.
About the government's proposal to levy an
additional tax on diesel vehicles, Mr. Nakanishi said: “If it is imposed, the
volumes will be down.” He, however, said there would be no impact on future
investment by the company due to any such adverse taxation.
The company is investing Rs.1,700 crore to set
up a diesel engine plant, with a total annual production capacity of 3 lakh
units, at its Gurgaon facility by 2014.
On MSI's recent decision to cut production of
petrol cars, he said: “Out of the total petrol engine capacity, we are
utilising only 70 per cent.” The company had the capacity to roll out 11 lakh
petrol cars every year, he added.
MSI's earlier estimate of selling 50,000 petrol
cars less in 2012-13 might go up if the current price gap between petrol and
diesel continued, he added.
Last week, MSI had said that it cut production
of some petrol models, including the best selling Alto, by 8,000-8,500 units as
sales of such cars had declined due to high fuel costs.
MARUTI SHAREHOLDERS CLEAR MERGER OF SUZUKI POWERTRAIN INDIA
OCTOBER 01, 2012
Maruti Suzuki India Limited has informed that
at the court convened meeting of the equity shareholders of the Company, held
on September 29, the equity shareholders of the Company have approved the
Scheme of Amalgamation between Maruti Suzuki India Limited and Suzuki
Powertrain India Limited and their respective shareholders and creditors.
The said Scheme of Amalgamation is now subject
to the final approval of the Hon'ble High Court of Delhi at New Delhi.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government official
or a family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.10 |
|
|
1 |
Rs.82.47 |
|
Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.