MIRA INFORM REPORT
|
Report Date : |
30.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
AUTOMOTIVE
STAMPINGS AND ASSEMBLIES LIMITED |
|
|
|
|
Registered
Office : |
G 71/2, MIDC
Industrial Area, Pune -411026, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
13.03.1990 |
|
|
|
|
Com. Reg. No.: |
25-016314 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.158.644 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L28932PN1990PLC016314 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEA04989F |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of
Components, Assemblies and Sub Assemblies. |
|
|
|
|
No. of Employees
: |
2929 (Approximately) |
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 3100000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject belongs to the ‘TATA group’. It is a well-established company
having a good track record. Financial position of the company appears to be sound and healthy.
Directors are reported as well-experienced and knowledgeable businessmen. Trade relations are reported as trustworthy. Business is active.
Payment terms are reported as regular and as per commitment. 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 |
|
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = A |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
27.07.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A1 |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
27.07.2012 |
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/Factory 1 : |
G 71/2, MIDC Industrial
Area, Pune -411026, |
|
Tel. No.: |
91-20-27121500/ 27121677/ 66314000/ 66314321/ 66314322 |
|
Fax No.: |
91-20-27123147/ 66314343 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office/ Factory 2 : |
Gate No.427, Juna
Chakan, Medankarwadi, Pune- 410 501, |
|
Tel. No.: |
91-2135-261181/ 261150/ 261100/ 261179/ 261180 / 679801 |
|
Fax No.: |
91-2135-261151 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 3 : |
Survey No. 173, Village- Khakharia, Taluka Savali, Near GIDC,
Halol-389 350, |
|
Tel. No.: |
91-2667-288042 |
|
|
|
|
Factory 4 : |
Plot No. 71, Sector 11, IIE Pantnagar Industrial Estate, Udham Singh
Nagar 263 153, |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Pradeep Mallick |
|
Designation : |
Chairman Cum Managing Director |
|
|
|
|
Name : |
Mr. R.A. Savoor |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. L Lakshman |
|
Designation : |
Director |
|
Date of Birth and
Age : |
17.07.1946 |
|
Qualifications : |
Mr. Lakshman holds a Bachelor’s degree in Engineering. He has also completed Executive MBA from London Business School. |
|
Date of Appointment
: |
28.04.2010 |
|
Other
Directorship : |
1. Rane Holdings Limited 2. Rane TRW Steering Systems Limited 3. Rane NSK Steering Systems Limited 4. JMA Rane Marketing Limited 5. Kar Mobiles Limited 6. Force Motors Limited 7. DCM Engineering Limited 8. Tata AutoComp Systems Limited 9. Rane Brake Lining Limited 10. Rane (Madras) Limited 11. Rane Engine Valve Limited 12. SRF Limited |
|
|
|
|
Name : |
Mr. R. S. Thakur |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Amitabha Mukhopadhyayl |
|
Designation : |
Director |
|
Date of Birth and
Age : |
17.10.1964 |
|
Qualifications : |
Mr. Mukhopadhyay holds a Bachelor’s degree in Science. He is also an Associate Member of the Institute of Chartered Accountants of India. |
|
Date of Appointment
: |
28.04.2010 |
|
Other
Directorship : |
1. Tata Yazaki AutoComp Limited 2. Tata AutoComp GY Batteries Limited 3. Tata Toyo Radiator Limited |
|
|
|
|
Name : |
Mr. Ajay Tandon |
|
Designation : |
Director |
|
Date of Birth and
Age : |
07.01.1959 |
|
Qualification : |
Mr. Tandon holds a Bachelor of Technology degree from the Indian Institute of Technology, Madras and a Post Graduate Diploma in Management from the Indian Institute of Management, Ahmedabad. |
|
Other Directorship : |
|
KEY EXECUTIVES
|
Name : |
Mr. Shailendra Dindore |
|
Designation : |
Secretary |
|
|
|
|
Name : |
Mr. Neeraj Kumar |
|
Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2012
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
11898296 |
75.00 |
|
|
11898296 |
75.00 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
11898296 |
75.00 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
240 |
0.00 |
|
|
481653 |
3.04 |
|
|
481893 |
3.04 |
|
|
|
|
|
|
495858 |
3.13 |
|
|
|
|
|
|
1839025 |
11.59 |
|
|
997778 |
6.29 |
|
|
151547 |
0.96 |
|
|
42307 |
0.27 |
|
|
107796 |
0.68 |
|
|
1444 |
0.01 |
|
|
3484208 |
21.96 |
|
Total Public shareholding (B) |
3966101 |
25.00 |
|
Total (A)+(B) |
15864397 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
15864397 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
Components, Assemblies and Sub Assemblies. |
||||||
|
|
|
||||||
|
Products : |
|
||||||
|
|
|
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Installed
Capacity @ |
Actual
Production (Nos.)
|
|
Product |
|
|
|
Components,
Assemblies and Sub-assemblies |
89720 MT |
18143718 |
|
Tools,
Dies and Moulds |
N.A. |
75 |
GENERAL INFORMATION
|
Customers : |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
2929 (Approximately) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Internal
Auditors : |
|
|
Name : |
B.K. Khare and Company Chartered Accountants |
|
|
|
|
Cost Auditors : |
|
|
Name : |
Dhananjay V. Joshi and Associates Chartered Accountants |
|
|
|
|
Secretarial
Auditors : |
|
|
Name : |
S.V. Deulkar and Company Chartered Accountants |
|
|
|
|
Holding Company
: |
Tata AutoComp Systems Limited (from December 10,2010) |
|
|
|
|
Common Control : |
· Tata Ficosa Automotive Systems Limited
|
|
|
|
|
Fellow
Subsidiaries : |
|
|
|
|
|
Ultimate Holding
Company: |
Tata Sons Limited (from December 10,2010) |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
|
16000000 |
Preference Shares |
Rs.10/- each |
Rs160.000 Millions |
|
|
Total |
|
Rs.360.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15864397 |
Equity Shares |
Rs.10/- each |
Rs.158.644 Millions |
|
|
|
|
|
Notes:
1. Rights,
preferences and restrictions attached to the shares
Equity Shares: The Company has one class of equity shares having a par value of Rs. 10 per share. Each share holder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
12% Cumulative Redeemable preference shares: 9,000,000, 12% Cumulative Redeemable preference shares of Rs. 10 each held by the Holding Company Tata AutoComp Systems Limited, have been redeemed at face value on August 17, 2011
Reconciliation of the
no. of shares outstanding at the beginning and at the end of the year
|
Particular |
No. of shares |
Rs. In Millions |
|
No. of shares outstanding at the beginning of the year |
|
|
|
- Equity shares |
10,198,541 |
101.985 |
|
- Preference shares |
9,000,000 |
90.000 |
|
|
|
|
|
Add: Additional shares issued during the year |
|
|
|
- Equity shares |
5,665,856 |
56.659 |
|
- Preference shares |
-- |
-- |
|
|
|
|
|
Less: Shares Redeemed during the year |
|
|
|
- Equity shares |
-- |
-- |
|
- Preference shares |
9,000,000 |
90.000 |
|
|
|
|
|
No. of shares outstanding at the end of the year |
|
|
|
- Equity shares |
15,864,397 |
158.644 |
|
- Preference shares |
-- |
-- |
Of the above, 11,898,296 (Previous year: 7,648,906) Equity shares and Nil (Previous year: 9,000,000) 12% Cumulative Redeemable Preference shares are held by Tata AutoComp Systems Limited, the Holding Company.
Number of shares held
by each shareholder holding more than 5% shares in the Company are as follows:
|
Particular |
Number of shares |
|
Equity Shares: Tata AutoComp Systems Limited |
11,898,296 |
|
Preference Shares: Tata AutoComp Systems Limited |
-- |
Dividend proposed to be distributed to Equity Shareholders Rs. 1.50 per share (Previous year: Rs. 2 per share) and in the previous year to Preference Shareholders Rs. 1.20 per share. Further, Dividend of Rs. 1.20 per share has been paid to Preference Shareholders for the period from April 01, 2011 to August 16, 2011 at the time of redemption of Preference shares on August 17, 2011.
The Company has issued 5,665,856 number of Equity shares of Rs.10 each at premium of Rs. 42 per share. The shares were alloted on July 21, 2011. The proceeds of Right issue have been utilised as per the objects of the Right issue.
The details of
utilisation of the proceeds from the Rights Issue of Rs. 294.625 Millions are
given below:
Rs. In Millions
|
Particulars |
Proposed Utilization |
Actual Utilization |
|
Capital Expenditure at Pantnagar Plant |
194.410 |
194.085 |
|
Redemption of Preference Shares |
90.000 |
90.000 |
|
General corporate purpose |
1.325 |
1.440 |
|
Rights Issue Expenses |
8.890 |
9.100 |
|
|
294.625 |
294.625 |
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 |
158.644 |
101.985 |
101.985 |
|
|
2] Share Application Money |
0.000 |
90.000 |
90.000 |
|
|
3] Reserves & Surplus |
626.864 |
370.665 |
305.200 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
785.508 |
562.650 |
497.185 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
88.127 |
395.174 |
513.580 |
|
|
2] Unsecured Loans |
53.267 |
209.637 |
11.386 |
|
|
TOTAL BORROWING |
141.394 |
604.811 |
524.966 |
|
|
DEFERRED TAX LIABILITIES |
78.498 |
66.798 |
51.283 |
|
|
|
|
|
|
|
|
TOTAL |
1005.400 |
1234.259 |
1073.434 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1179.542 |
992.483 |
1005.239 |
|
|
Capital work-in-progress |
62.910 |
184.037 |
19.156 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
358.209
|
360.204
|
235.265
|
|
|
Sundry Debtors |
151.642
|
237.530
|
213.627
|
|
|
Cash & Bank Balances |
2.567
|
1.719
|
122.369
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Other Non-Current Liabilities |
0.230 |
0.000 |
0.000 |
|
|
Loans & Advances |
119.599
|
54.073
|
89.496
|
|
Total
Current Assets |
632.247
|
653.526
|
660.757 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
431.491
|
364.277
|
327.501
|
|
|
Other Current Liabilities |
383.485
|
173.229
|
229.435
|
|
|
Provisions |
54.323
|
58.281
|
54.782
|
|
Total
Current Liabilities |
869.299
|
595.787
|
611.718 |
|
|
Net Current Assets |
(237.052)
|
57.739
|
49.039
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1005.400 |
1234.259 |
1073.434 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5704.374 |
5295.110 |
4139.866 |
|
|
|
Other Operating Revenue |
11.825 |
|
|
|
|
|
Other Income |
1.147 |
23.894 |
32.839 |
|
|
|
TOTAL (A) |
5717.346 |
5319.004 |
4172.705 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
4506.815 |
-- |
-- |
|
|
|
Changes in inventories of finished goods, work - in - progress and stock - in - trade |
18.558 |
-- |
-- |
|
|
|
Employee benefit expense |
428.753 |
-- |
-- |
|
|
|
Other expenses |
470.122 |
-- |
-- |
|
|
|
Manufacturing Expenses |
0.000 |
4978.988 |
3890.652 |
|
|
|
TOTAL (B) |
5424.248 |
4978.988 |
3890.652 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
293.098 |
340.016 |
282.053 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
54.587 |
59.798 |
69.357 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
238.511 |
280.218 |
212.696 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
149.677 |
129.680 |
135.021 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
88.834 |
150.538 |
77.675 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
29.100 |
48.815 |
26.225 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
59.734 |
101.723 |
51.450 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
NA |
50.926 |
34.909 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
10.000 |
5.000 |
|
|
|
Proposed Preference Dividend |
NA |
10.800 |
10.800 |
|
|
|
Proposed Equity Dividend |
NA |
20.397 |
15.298 |
|
|
|
Tax on Dividend |
NA |
5.061 |
4.335 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
106.391 |
50.926 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
13.390 |
21.451 |
|
|
TOTAL EARNINGS |
NA |
13.390 |
21.451 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
0.806 |
21.957 |
36.718 |
|
|
|
Stores & Spares |
0.395 |
0.000 |
0.000 |
|
|
|
Capital Goods |
2.087 |
0.000 |
0.808 |
|
|
TOTAL IMPORTS |
3.288 |
21.957 |
37.526 |
|
|
|
|
|
|
|
|
|
|
Earnings/(loss)
Per Share (Rs.) |
3.89 |
8.74 |
3.81 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
1290.300 |
1282.900 |
1069.800 |
|
Total Expenditure |
1226.500 |
1231.400 |
1055.200 |
|
PBIDT (Excl OI) |
63.800 |
51.400 |
14.600 |
|
Other Income |
0.000 |
0.000 |
1.200 |
|
Operating Profit |
63.800 |
51.500 |
15.800 |
|
Interest |
10.500 |
12.000 |
11.200 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
53.300 |
39.500 |
4.600 |
|
Depreciation |
39.200 |
40.000 |
37.500 |
|
Profit Before Tax |
14.100 |
(0.500) |
(32.900) |
|
Tax |
04.800 |
1.200 |
(10.700) |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
9.300 |
(1.700) |
(22.200) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
9.300 |
(1.700) |
(22.200) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.04
|
1.23
|
1.23
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.56
|
1.87
|
1.87
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.90
|
7.29
|
7.29
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.16
|
0.16
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.29
|
2.39
|
2.39
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.73
|
1.08
|
1.08
|
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 |
Yes |
|
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 |
Yes |
|
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 |
Yes |
COMPANY OVERVIEW
Subject is engaged in the business of manufacturing sheet metal stampings, welded assemblies and modules for the automotive industry. The Company has four plants in India and sells primarily in India. The Company is a public limited company and listed on the Bombay Stock Exchange (BSE) and National Stock Exchange (NSE).
MANAGEMENT DISCUSSION
AND ANALYSIS
INCOME STATEMENT
Revenue from Sale of Products increased by 7.62% during the year on the back of an increase in volumes of customer programmes being handled by the Company.
Other Operating Revenue mainly consists of income from job work, cash discount received and write back of provisions no longer required, which largely accounted for a 16.53% reduction in other operating revenue.
Other Income, which mainly consists of income from investment in mutual fund schemes, gain on exchange fluctuations and profit on sale of assets, decreased by 74.80%. The prime reason for this was a loss caused by exchange fluctuations in the year against a gain in the previous year.
Cost of materials consumed (including change in stock) as a percentage to sales increased by 0.97% mainly because of change in the product mix.
Employee benefit expense increased by 15.20% over previous year due to effect of pay revisions and addition of employees.
Other Expenses comprising Manufacturing Expenses, Administration and Selling Expenses increased by 3.38% due to increase in volume.
Earnings before Depreciation, Finance Costs and Tax decreased from Rs. 338.800 Millions to Rs. 293.100 Millions.
Finance costs decreased by 6.89% mainly on account of repayment of Term Loans and Inter Corporate Deposits.
Depreciation and amortization expense have increased in view of completion of expansion activities at Pantnagar Plant.
Profit after tax was consequently lower at Rs. 59.700 Millions (Rs. 101.700 Millions in previous year), a drop of 41.27% is on account of the above factors.
INDUSTRY STRUCTURE
AND DEVELOPMENTS
The Automotive Industry comprising the automobile and the auto component sectors has made rapid strides since the de-licensing and de-regulation of the sector to Foreign Direct Investment in 1991. The fortunes of the Auto Components Industry are closely linked to that of the automobile industry.
The Indian Automotive Industry is one of the largest in the world and is one of the fastest growing industries globally. The Indian Auto Components Industry has kept pace with technological developments and is today catering not only to Original Equipment Manufacturers (OEMs) and Tier One (those who supply directly to OEMs) in India but abroad as well. Many Indian auto component makers have also succeeded in emerging as the supplier of choice to global auto majors.
The Company operates in Sheet Metal Components, Assemblies and Sub-assemblies segment of the Auto Components Industry. It manufactures a range of sheet metal components and assemblies for the Automotive Industry and is a Tier One auto components supplier.
OEMs and Tier One auto component suppliers are under pressure to improve on their competitiveness in order to survive in domestic as well as international markets with improved and compatible products in a market where demands are constantly changing.
SEGMENT-WISE
PERFORMANCE
The Company operates only in the Automobile Component Segment. During the year, the Company’s sales were solely in the Domestic Market.
FUTURE OUTLOOK
Strong demand from the OEM segment remains a key driver for the Auto Components Industry. While the global turmoil and tight liquidity conditions caused a major challenge to the Auto Components Industry, there are signs of a positive recovery. Although prospects of recovery of exports to developed markets remain uncertain as of now, the robust underlying domestic demand prevailing across automotive segments is expected to remain over the medium term.
Analysts expect the Sheet Metal Stamping Industry to grow with a double-digit CAGR in the medium term. Automotive OEMs in the country will continue to constitute majority of the demand. Increasing collaboration with auto component manufacturers to improve the design process in stampings is expected to support the growth of the industry. In addition, ability to provide efficiency benefits and innovation for reducing vehicle weight will be the key to sustenance for the Indian sheet metal component supplier. In terms of raw material cost, the price of steel, a key raw material, has a direct bearing on the selling prices, since raw material cost constitutes upto 78 per cent of Sales. However, most of the customers have an agreement to compensate the Stampings Industry for increase in the price of steel. They believe that the Sheet Metal industry will show a growth rate higher than that in the automotive industry as the former will have to contribute to vehicle weight reduction through innovative technologies.
EXPANSION
The expansion project at Pantnagar Plant for the small 0.5 ton commercial goods and passenger carrier programme of the customer was completed except for the automation involved in the Project.
The activities of expansion planned at Halol Plant to cater to the new Customer Programme are expected to be completed during the current financial year. The second phase of expansion planned for completion during the year is being finalized.
CONTINGENT
LIABILITIES:
Rs. In Millions
|
Particulars |
31.03.2012 |
31.03.2011 |
|
Bills discounted not matured |
716.113 |
723.118 |
|
Claims against the Company not acknowledged as debts |
28.530 |
2.257 |
|
|
744.643 |
725.375 |
STATEMENT OF
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30,
2012
Rs. In Millions
|
Sl. No. |
Particulars |
Quarter Ended |
Half-Year Ended |
|
|
|
|
Sep 30,2012 |
Jun 30,2012 |
Sep 30,2012 |
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
1 |
Income from operations a) Net Sales/Income from Operations (Net of excise duty) |
1278.851 |
1284.190 |
2563.041 |
|
|
b) Other Operating Income |
4.014 |
6.060 |
10.074 |
|
|
Total Income from operations (net) |
1282.865 |
1290.250 |
2573.115 |
|
2 |
Expenses |
|
|
|
|
|
a) Cost of materials consumed |
1025.423 |
1017.218 |
2042.641 |
|
|
b) Changes in inventories of finished goods, work-in-progress and Stock-in-Trade |
(17.666) |
(0.267) |
(17.933) |
|
|
c) Employee benefits expense |
122.109 |
113.854 |
235.963 |
|
|
d) Depreciation and amortization expense |
39.975 |
39.191 |
79.166 |
|
|
e) Other expenses |
101.548 |
95.657 |
197.205 |
|
|
Total Expenses |
1271.389 |
1265.653 |
2537.042 |
|
3 |
Profit from Operations before Other Income, Finance Costs and Exceptional Items (1-2) |
11.476 |
24.597 |
36.073 |
|
4 |
Other Income |
- |
0.006 |
0.006 |
|
5 |
Profit before Finance Costs & Exceptional Items (3+4) |
11.476 |
24.603 |
36.079 |
|
6 |
Finance Costs |
11.952 |
10.460 |
22.412 |
|
7 |
Profit / (Loss) after Finance Costs but before Exceptional Items (5-6) |
(0.476) |
14.143 |
13.667 |
|
8 |
Exceptional Items |
- |
- |
- |
|
9 |
Profit / (Loss) from Ordinary Activities before tax (7+/-8) |
(0.476) |
14.143 |
13.667 |
|
10 |
Tax Expense / (Credit) |
1.200 |
4.800 |
6.000 |
|
11 |
Net Profit / (Loss) from Ordinary Activities after tax (9 - 10) |
(1.676) |
9.343 |
7.667 |
|
12 |
Extraordinary Items (net of tax expense) |
- |
- |
- |
|
13 |
Net Profit / (Loss) for the period (11 - 12) |
(1.676) |
9.343 |
7.667 |
|
14 |
Paid-up Equity share capital : (Face value Rs.10) |
158.644 |
158.644 |
158.644 |
|
15 |
Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
16 |
Earnings / (Loss) per share (of Rs. 10/- each) (not annualised) |
|
|
|
|
|
Basic: Rs. |
(0.11) |
0.59 |
0.48 |
|
|
Diluted: Rs. |
(0.11) |
0.59 |
0.48 |
|
|
|
|
|
|
|
1 |
Public shareholding |
|
|
|
|
|
- Number of shares |
3,966,101 |
3,966,101 |
3,966,101 |
|
|
- Percentage of Shareholding |
25.00 |
25.00 |
25.00 |
|
2 |
Promoters and promoter group Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
- Number of shares |
- |
- |
- |
|
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
- |
- |
- |
|
|
- Percentage of shares (as a % of the total share capital of the Company) |
- |
- |
- |
|
|
b) Non-encumbered |
|
|
|
|
|
- Number of shares |
11,898,296 |
11,898,296 |
11,898,296 |
|
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
|
|
|
|
|
|
|
- Percentage of shares (as a % of the total share capital of the Company) |
75.00 |
75.00 |
75.00 |
|
|
|
|
|
|
|
B |
INVESTOR COMPLAINTS |
|
|
|
|
|
Pending at the begining of the quarter |
- |
|
|
|
|
Received during the quarter |
1 |
|
|
|
|
Disposed of during the quarter |
1 |
|
|
|
|
Remaining unresolved at the end of the quarter |
- |
|
|
Notes:
- The above results have been reviewed by the Audit Committee and have been approved by the Board of Directors of the Company at the meetings held on October 16, 2012.
- The Company operates only in the Automobile Component Segment.
- The permanent workers of Chakan plant have gone on strike and of Bhosari plant have declared work stoppage with effect from October 12, 2012 due to pending wages and other negotiations, thereby impacting the manufacturing activities at these plants. The Management is making all efforts to keep the manufacturing operations at these plants running. All other facilities of the Company continue to function normally. The impact of this event on the operations of the Company for the current financial year is not ascertainable at this stage.
- Statements of Assets and Liabilities as per clause 41(V) of the Listing Agreement is as follows:
Rs. In Millions
|
Particulars |
As Sep 30,2012 (Unaudited) |
|
A. EQUITY AND
LIABILITIES |
|
|
1. Shareholders'
Funds |
|
|
(a) Share Capital |
158.644 |
|
(b) Reserves and Surplus |
634.531 |
|
(C) Money received against share warrants |
|
|
Sub-total -
Shareholders' Funds |
793.175 |
|
|
|
|
2. Non-Current
Liabilities |
|
|
(a) Long-term borrowings |
63.817 |
|
(b) Deferred tax liability (Net) |
73.298 |
|
(c) Long term provisions |
24.334 |
|
Sub-total -
Non-Current Liabilities |
161.449 |
|
|
|
|
3. Current
Liabilities |
|
|
(a) Short-term borrowings |
169.039 |
|
(b) Trade payables |
510.037 |
|
(c) Other current liabilities |
298.097 |
|
(d) Short-term provisions |
6.967 |
|
Sub-total - Current
Liabilities |
984.140 |
|
TOTAL - EQUITY AND
LIABILITIES |
1938.764 |
|
|
|
|
B. ASSETS |
|
|
1. Non-Current
Assets |
|
|
(a) Fixed Assets |
1183.173 |
|
(b) Long term loans and advances |
42.173 |
|
(c) Other non-current assets |
0.236 |
|
Sub-total -
Non-Current Assets |
1225.582 |
|
|
|
|
2. Current Assets |
|
|
(a) Inventories |
339.838 |
|
(b) Trade receivables |
230.929 |
|
(c) Cash and Bank balances |
1.001 |
|
(d) Short-term loans and advances |
141.414 |
|
Sub-total - Current
Assets |
713.182 |
|
TOTAL - ASSETS |
1938.764 |
5 Previous periods' figures are regrouped / rearranged wherever necessary.
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
LONG TERM
BORROWINGS |
|
|
|
Interest Free Sales Tax Loan |
3.267 |
4.636 |
|
SHORT TERM
BORROWINGS |
|
|
|
Inter Corporate Deposits from Holding Company |
50.000 |
200.000 |
|
Total |
53.267 |
209.637 |
FIXED ASSETS
- Land –
Freehold
- Land –
Leasehold
- Plant and
Machinery
- Tools, Jigs
and Fixtures
- Furniture and
Fixtures
- Office
Equipments
- Vehicles
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.54.39 |
|
|
1 |
Rs.82.32 |
|
Euro |
1 |
Rs.69.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
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.