MIRA INFORM REPORT
|
Report Date : |
02.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
LUCAS TVS LIMITED |
|
|
|
|
Registered
Office : |
6, (New No. 11, 13) Patullo Road, Chennai – 600002, Tamilnadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
20.12.1961 |
|
|
|
|
Com. Reg. No.: |
18-004678 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 118.800 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U35999TN1961PLC004678 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEL00043B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACL3763E |
|
|
|
|
Legal Form : |
A Closely held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturers, Exporters and Importers of the most
comprehensive range of Auto Electricals. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (69) |
|
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 |
|
Maximum Credit Limit : |
USD 23000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed company and a part of TVS
Group. The company is progressing well. Directors are reported as experienced
and respectable businessmen. Trade relations are fair. Business is active.
Payments are usually correct and as per commitments. Fundamentals are strong and healthy. The company can be considered normal for business dealings at usual
trade terms and conditions. The company can be regarded as a promising business partners in a
medium to long run. |
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
AAA (Long Term Rating) |
|
Rating Explanation |
Highest degree of safety it carry lowest credit risk. |
|
Date |
13.09.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A1+ (Short Term Rating) |
|
Rating Explanation |
Highest degree of safety it carry lowest credit risk. |
|
Date |
13.09.2012 |
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 : |
6, (New No. 11, 13) |
|
Tel. No.: |
91-44-28110063/28115624/28111200 /26258211 |
|
Fax No.: |
91-44-26257215/26257863/26258227 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Aalim Centre, 82, Dr. Radhakrishnan Salai Mylapore, Chennai -600 004, Tamil Nadu. |
|
Tel. No.: |
91-44-28110063/28110074 |
|
Fax No.: |
91-44-28115624 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
Lucas-TVS REWARI PLANT |
|
Tel. No.: |
91-1274-240754 |
|
Fax No.: |
91-1274-240753 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
Lucas-TVS CHAKAN PLANT B-1/1, MIDC
Industrial Area, Village Nicoghe, Khed Taluk, Chakan, Pune - 410 501, |
|
Tel. No.: |
91-2135 327707 |
|
Fax No.: |
91-2135 259149 |
|
E-Mail : |
|
|
|
|
|
Factory 3 : |
Lucas-TVS PUDUCHERRY PLANT |
|
Tel. No.: |
91-413-2699131 |
|
Fax No.: |
91-413-2699002 |
|
E-Mail : |
|
|
|
|
|
Factory 4 : |
Lucas-TVS UTTARKHAND PLANT Sector 11, Plot
No. 55, |
|
Tel. No.: |
91-5944 250244 |
|
Fax No.: |
91-5944 250243 |
|
E-Mail : |
|
|
|
|
|
Factory 5 : |
Lucas-TVS PUDUCHERRY PLANT 10, |
|
Tel. No.: |
91-413-2641095 |
|
Fax No.: |
91-413-2641096 |
|
E-Mail : |
|
|
|
|
|
Factory 6 : |
INDRAD AUTO COMPONENTS, MARAIMALAI NAGAR
PLANT A1 - F5,
Industrial Estate, Maraimalai Nagar, Dist. Kancheepuram, |
|
Tel. No.: |
914427451853/27453365 |
|
E-Mail : |
|
|
|
|
|
Sales Enquiry : |
Padi, Chennai - 600 050, |
|
Tel. No.: |
91-44-2625 8211, 2625 4376 (Marketing) |
|
Fax No.: |
91-44-2624 7441, 2625 7322 (Marketing) |
|
E-Mail : |
DIRECTORS
As on: 28.09.2012
|
Name : |
Mr. Tirumala Kumara
Balaji |
|
Designation : |
Managing Director |
|
Address : |
New No.75 (Old No.34), |
|
Date of Birth/Age : |
12.07.1948 |
|
Qualification : |
BE(MECH)MBA |
|
Experience : |
38 Years |
|
Date of Appointment : |
24.08.1979 |
|
DIN No.: |
00002010 |
|
PAN No.: |
AAFPB7797J |
|
|
|
|
Name : |
Mr. Arvind Balaji |
|
Designation : |
Managing Director |
|
Address : |
“Sreshta Manya” Flat No. 4, Second Floor, New No.4, Old No.23, Arch
Annamalalpuram, Chenai – 600028, Tamilnadu, India |
|
Date of Birth/Age : |
08.12.1974 |
|
Qualification : |
BE(MECH)/MS/MBA |
|
Experience : |
14 Years |
|
Date of Appointment : |
18.04.2008 |
|
DIN No.: |
00557711 |
|
PAN No.: |
AALPA3558Q |
|
|
|
|
Name : |
Mr. Venu Srinivasan |
|
Designation : |
Director |
|
Address : |
Westside House, New No.3 (Old No.2), |
|
Date of Birth/Age : |
11.12.1952 |
|
Date of Appointment : |
16.04.1991 |
|
DIN No.: |
00051523 |
|
|
|
|
Name : |
Mr. Gopal
Srinivasan |
|
Designation : |
Director |
|
Address : |
Westside House, New No.3 (Old No.2), Adyar Club Gate Road, Chennai –
600 028, Tamilnadu, India. |
|
Date of Birth/Age : |
04.08.1958 |
|
Date of Appointment : |
28.03.1996 |
|
DIN No.: |
00177699 |
|
|
|
|
Name : |
Mr. Kalathur Seshadri |
|
Designation : |
Director |
|
Address : |
03.10.1933 |
|
Date of Birth/Age : |
38, |
|
Date of Appointment : |
20.07.2009 |
|
DIN No.: |
00301839 |
|
|
|
|
Name : |
Mr. Ranganathan Vijayaraghavan |
|
Designation : |
Director |
|
Address : |
New No.40, Old No.33, Warren Road, Mylapore Chennai – 600004,
Tamilnadu, India |
|
Date of Birth/Age : |
02.01.1950 |
|
Date of Appointment : |
30.03.2012 |
|
DIN No.: |
00026763 |
KEY EXECUTIVES
|
Name : |
C N Ananthakrishnan |
|
Designation : |
Company Secretary |
|
Address : |
62, |
|
Date of Birth/Age : |
20.03.1962 |
|
Experience : |
29.06.2010 |
|
Pan No.: |
AAAPA4133G |
MAJOR SHAREHOLDERS
As on: 28.09.2012
|
Names of Shareholders |
No. of Shares |
|
T. V. Sundaram Iyengar and Sons Limited, India |
267984 |
|
Sundaram Industries Limited, India |
270425 |
|
Southern Roadways Limited, India |
91367 |
|
Sundaram Finance Limited, India |
63224 |
|
Life Insurance Corporation of India, India |
82501 |
|
General Insurance Corporation of India, India |
41249 |
|
United India Insurance Company Limited, India |
41249 |
|
Hastham Swasthi Private Limited, India |
116325 |
|
Punarvasu Swasthi Private Limited, India |
116325 |
|
India Nippon Electrical Limited, India |
97351 |
|
Total |
1188000 |
Equity Share Break up (Percentage of Total Equity)
As on: 28.09.2012
|
Category |
Percentage |
|
Nationalised or other banks |
13.89 |
|
Bodies corporate |
86.11 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers, Exporters and Importers of the most
comprehensive range of Auto Electricals. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity @ |
Installed
Capacity # |
Actual
Production |
|
Starters |
|
|
|
|
|
Generators |
|
|
|
|
|
Regulators |
Nos. |
4590000 |
17107000 |
10301757 |
|
Ignition
Products |
|
|
|
|
|
Small Motors * |
|
|
|
|
|
SPECIAL Purpose
Machines |
Nos. |
200 |
- |
124 |
* (Broad banded)
@ Excluding items covered
under Industrial Entrepreneurs Memorandum
# As certified by
Management
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Brahmayya and Company Chartered Accountants |
|
Address : |
48, Masilamani Road, Balaji Nagar, Royapettah, Chennai – 600014, India |
|
PAN No.: |
AAAFB2481J |
|
|
|
|
Associate : |
CIN No.: U24117TN1952PLC005704
CIN No.: L31901TN1984PLC011021
CIN No.: U40108TN1994PLC029132
CIN No.: U65993TN1995PLC030884 |
|
|
|
|
Fellow Subsidiary
company : |
CIN No.: U63011TN2004PLC054655
CIN No.: U65991TN1943PLC002656 |
|
|
|
|
Holding company : |
T.V. Sundram Iyengar and Sons Limited CIN No.: U34101TN1929PLC002973 |
|
|
|
|
Joint venture : |
India Japan Lighting Private Limited CIN No.: U40109TN1996PTC037208 |
|
|
|
|
Subsidiary company
: |
CIN No.: U35999TN1930PLC005705
CIN No.:U50101TN2005PLC057476 |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.100/- each |
Rs.500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1188000 |
Equity Shares |
Rs.100/-
each |
Rs.118.800
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 |
118.800 |
118.800 |
118.800 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
5786.755 |
5207.696 |
4684.379 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
5905.555 |
5326.496 |
4803.179 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
605.648 |
776.516 |
472.154 |
|
|
2] Unsecured Loans |
1886.035 |
1310.107 |
769.214 |
|
|
TOTAL BORROWING |
2491.683 |
2086.623 |
1241.368 |
|
|
DEFERRED TAX LIABILITIES |
306.945 |
275.142 |
265.882 |
|
|
|
|
|
|
|
|
TOTAL |
8704.183 |
7688.261 |
6310.429 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
3249.970 |
2935.932 |
2795.920 |
|
|
Capital work-in-progress |
217.715 |
255.540 |
207.827 |
|
|
|
|
|
|
|
|
INVESTMENT |
1037.282 |
1077.905 |
829.087 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2305.942
|
1850.482
|
1260.587
|
|
|
Sundry Debtors |
2566.045
|
2259.549
|
1832.158
|
|
|
Cash & Bank Balances |
35.564
|
73.355
|
44.642
|
|
|
Other Current Assets |
232.179
|
0.000
|
0.000
|
|
|
Loans & Advances |
1267.611
|
1102.788
|
912.980
|
|
Total
Current Assets |
6407.341
|
5286.174
|
4050.367 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1283.777
|
1500.427
|
1273.643
|
|
|
Other Current Liabilities |
651.828
|
223.244
|
210.145
|
|
|
Provisions |
272.520
|
143.619
|
88.984
|
|
Total
Current Liabilities |
2208.125
|
1867.290
|
1572.772 |
|
|
Net Current Assets |
4199.216
|
3418.884
|
2477.595
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.0000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8704.183 |
7688.261 |
6310.429 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
|
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
17171.582 |
|
|
|
Other Income |
|
|
334.536 |
|
|
|
TOTAL (A) |
|
|
17506.118 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
|
|
12562.741 |
|
|
|
Purchases of stock-in-trade |
|
|
229.712 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
|
|
-249.423 |
|
|
|
Employee benefit expense |
|
|
1724.254 |
|
|
|
Other expenses |
|
|
1636.940 |
|
|
|
TOTAL (B) |
|
|
15904.224 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
|
1601.894 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
|
222.588 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
|
1379.306 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
|
376.369 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
|
1002.937 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
|
178.178 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
|
824.759 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
|
249.800 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividends |
|
|
219.800 |
|
|
|
Dividend distribution tax |
|
|
25.900 |
|
|
|
Transfer to General Reserve |
|
|
430.000 |
|
|
BALANCE CARRIED
TO THE B/S |
|
|
398.800 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
694.24 |
|
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
14440.807 |
10689.051 |
|
|
|
Other Income |
|
211.044 |
161.593 |
|
|
|
TOTAL (A) |
|
14651.851 |
10850.644 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
|
10342.927 |
7472.514 |
|
|
|
Manufacturing Expenses |
|
667.938 |
548.259 |
|
|
|
Personnel Expenses |
|
1571.544 |
1228.797 |
|
|
|
Selling, Engineering and Administration
Expenses |
|
578.339 |
399.194 |
|
|
|
Research and Development Expenses |
|
99.395 |
80.125 |
|
|
|
TOTAL (B) |
|
13260.143 |
9728.889 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
1391.708 |
1121.755 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
115.103 |
71.844 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
1276.605 |
1049.911 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
|
367.159 |
339.995 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
|
909.446 |
709.916 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
152.393 |
167.576 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
|
757.053 |
542.340 |
|
|
|
|
|
|
|
|
|
|
Income tax
relating to earlier years – Refund/(paid) |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
156.491 |
160.759 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
|
430.000 |
370.000 |
|
|
|
Dividend |
|
207.900 |
154.440 |
|
|
|
Tax on Dividend |
|
25.836 |
22.168 |
|
|
BALANCE CARRIED
TO THE B/S |
|
249.808 |
156.491 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
1164.142 |
820.343 |
|
|
|
Net foreign Exchange earned by Export
Product Unit |
|
730.021 |
436.049 |
|
|
TOTAL EARNINGS |
|
1894.163 |
1256.392 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
266.078 |
135.187 |
|
|
|
Components |
|
1480.555 |
1304.895 |
|
|
|
Machinery spares and tools |
|
76.019 |
41.246 |
|
|
|
Capital Goods |
|
58.782 |
254.992 |
|
|
TOTAL IMPORTS |
|
1881.434 |
1736.320 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
637.25 |
456.52 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
4.71
|
5.17
|
4.99
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.84
|
6.30
|
6.64
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.39
|
11.06
|
10.37
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.17
|
0.15
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.42
|
0.39
|
0.26
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.90
|
2.83
|
2.58
|
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
COMPANY REVIEW:
The Company’s turnover, despite the slow down in the automobile sector, had registered an increase of 16.9% during the year 2011-12. The sales to OEMs registered an increase of 16%. The efforts taken by the company to increase its after market sales had resulted in garnering an after market sales of Rs.1980.000 Millions. Export sales increased by 30% over previous year, primarily due to increased business from existing customers, despite the crisis in Europe.
Commodity prices had been showing an increasing trend in the last quarter, though during most part of the year prices were more or less stagnant. There is shortage of power in Tamil Nadu and in order to meet its production exigencies, the company resorted to purchase of power from outside which had resulted in increasing the input costs and had a bearing on the margins of the company. However the long term agreement with one of the third party suppliers of power helped the company to partially mitigate the financial impact. The cost reduction efforts by the company had partially offset the increased cost the company had to absorb. The profit before tax for the year stood at Rs.1000.000 Millions from the previous year’s level of Rs.910.000 Millions, an increase of 10%.
OPERATIONS:
During the year, the company commenced supply of wiper motors for Hyundai Eon application. Significant capacity additions were made to the two wheeler starter manufacturing lines in view of the growing demand for two wheeler starters and increasing usage of starter motors in two wheelers. The company also commenced supply of starters and alternators to Ashok Leyland Nissan Dost vehicles. New Products that are more materially efficient are under various stages of development and introduction, which are expected to improve the competitiveness of the company’s product offering.
Based on the success of current DC motors being supplied to WABCO, the customer has awarded two more product orders to the company. The company’s Research and Development team has developed these two products to the satisfaction of the customer and the products would be supplied in the current year. The company has also made investments to augment further capacities in existing products.
In view of the increase in the volume of operations, the working capital requirements of the company had gone up and the company had to resort to selective borrowing to fund the increased working capital requirements. Apart from this, the interest rates have also hardened during the year and consequently the company had to bear higher finance charges. However, the company was able to partially mitigate the effect by resorting to buyer’s credit and packing credit for exports to the optimum extent possible.
UNSECURED LOAN:
(Rs. in Millions)
|
Particulars |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
LONG TERM
BORROWINGS |
|
|
|
Public deposits |
73.955 |
|
|
SHORT TERM
BORROWINGS |
|
|
|
Loans repayable on demand |
1812.080 |
|
|
Total |
1886.035 |
1310.107 |
FUTURE PLAN:
- Introduction of 33KV substation to reduce transmission losses.
- Provision of solar power supply to Training Centre / Works Engineering department
- Introduction of energy efficient air conditioners in Research and Development department
- Introduction of independent neutral earthing in transformers to eliminate neutral current loss
- Replacement of obsolete motor and ventilation fans with energy efficient ones and corrections in substations to save on energy.
CONTINGENT
LIABILITIES AS ON 31.03.2012
(Rs. in Millions)
|
Particulars |
31.03.2012 |
|
Letters of credit outstanding |
102.101 |
|
Bank guarantees outstanding |
14.663 |
|
Bond Executed with Customs |
247.000 |
|
Customs obligations |
0.000 |
|
Sales Tax under dispute |
2.629 |
|
Income Tax demand disputed pending before Appellate authorities |
21.228 |
|
Central Excise Duty under Dispute |
0.011 |
|
Service Tax under Dispute |
40.562 |
|
ESI claim under dispute |
1.503 |
FIXED ASSETS:
- Land
- Land – Leasehold
- Building
- Plant and Machinery
- Electrical Equipment
- Furniture and Office Equipment
- Vehicles
- Technical Knowhow owned
- Technical Knowhow acquired
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.54.22 |
|
|
1 |
Rs.84.00 |
|
Euro |
1 |
Rs.70.98 |
INFORMATION DETAILS
|
Report Prepared by
: |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
69 |
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.