1. Summary Information
|
Country |
India |
||
|
Company Name |
IGARASHI MOTORS INDIA LIMITED |
Principal Name 1 |
Mr. K.K. Nohria |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. P. Mukund |
|
Registration # |
18-021997 |
||
|
Street Address |
Plot No. B-12 to B-15, Phase 2, MEPZ-SEZ, Tambaram, Chennai – 600 045,
Tamilnadu, India |
||
|
Established Date |
10.01.1992 |
SIC Code |
-- |
|
Telephone# |
91-44-42298199/ 22628199 |
Business Style 1 |
Auto Components |
|
Fax # |
91-44-22628143 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Automobiles |
|
|
# of employees |
Not Available |
Product Name 2 |
-- |
|
Paid up capital |
Rs.204,194,000/- |
Product Name 3 |
-- |
|
Shareholders |
Promoter and Promoter Group - 60.45% Public shareholding - 39.55% |
Banking |
Indian Bank |
|
Public Limited Corp. |
Yes |
Business Period |
21 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
Ba (52) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Holding
Company |
-- |
Agile
Electric Sub Assembly Private Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
946,377,000 |
Current Liabilities |
643,241,000 |
|
Inventories |
221,757,000 |
Long-term Liabilities |
664,277,000 |
|
Fixed Assets |
1,250,581,000 |
Other Liabilities |
169,985,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
1,477,503,000 |
|
Invest& other Assets |
286,165,000 |
Retained Earnings |
1,023,183,000 |
|
|
|
Net Worth |
1,227,377,000 |
|
Total Assets |
2,704,880,000 |
Total Liab. & Equity |
2,704,880,000 |
|
Total Assets (Previous Year) |
2,481,494,000 |
|
|
|
P/L Statement as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Sales |
2,907,797,000 |
Net Profit |
213,556,000 |
|
Sales(Previous yr) |
2,685,291,000 |
Net Profit(Prev.yr) |
165,414,000 |
MIRA INFORM REPORT
|
Report Date : |
14.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
IGARASHI MOTORS INDIA LIMITED |
|
|
|
|
Registered
Office : |
Plot No. B-12 to B-15, Phase 2, MEPZ-SEZ, Tambaram, Chennai – 600 045,
Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
10.01.1992 |
|
|
|
|
Com. Reg. No.: |
18-021997 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.204.194
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29142TN1992PLC021997 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of auto
components for automobiles. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4900000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of IGARASHI ELECTRIC WORKS LIMITED, Japan. It is
an established company having satisfactory track record. Sales and profit margin of the company appears to be decent. Overall
fundamental of the company seems to be sound and healthy. Trade relations are fair. Business is active. Payment terms are usually
correct. The company can be considered 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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
We are living in a
world where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the outbreak
of the global financial crisis, the world economy continues to remain fragile.
The Indian economy demonstrated remarkable resilience in the initial years of
the contagion but finally lost ground last year. GDP growth slowed down.
Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood opportunities
for the millions living in poverty as also the large contingent of young people
joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
A3+ (Short Term Bank Facilities) |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
30.07.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (EMPLOYEE PROVIDENT FUND) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED
Management Non Cooperative. (91-44-42298199)
LOCATIONS
|
Registered Office/ Factory : |
Plot No. B-12 to B-15, Phase 2, MEPZ-SEZ, Tambaram, Chennai, |
|
Tel. No.: |
91-44-42298199/ 22628199 |
|
Fax No.: |
91-44-22628143 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Plant : |
Plots B-12 to B –15, Phase II, MEPZ-SEZ, Tambaram, Chennai 600 045, Tamilnadu, India |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. K.K. Nohria |
|
Designation : |
Chairman |
|
Address : |
11, Aryavrat, 351, Narayan, Mumbai, |
|
Qualification : |
B.E., PHD |
|
|
|
|
Name : |
Mr. P. Mukund |
|
Designation : |
Managing Director |
|
Qualification : |
PGDBM, BE |
|
|
|
|
Name : |
Mr. K. Igarashi |
|
Designation : |
Director |
|
Address : |
3, Kamjamahi, |
|
Qualification : |
Graduate |
|
|
|
|
Name : |
Mr. G. N. Mani |
|
Designation : |
Director |
|
Address : |
9, 21st Cross Street, Indira Nagar, Chennai, Tamilnadu, India |
|
Qualification : |
M. Tech |
|
|
|
|
Name : |
Mr. Keiichi Igarashi |
|
Designation : |
Director |
|
Address : |
3, Kanya Machi, |
|
Qualification : |
Technical Graduate |
|
|
|
|
Name : |
Mr. M.S.S. Srinath |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Jacob Mathew |
|
Designation : |
Director (Until 26.06.2013) |
|
|
|
|
Name : |
Mr. Srinivasan Ravindran |
|
Designation : |
Director (w.e.f 17.07.2013) |
KEY EXECUTIVES
|
Name : |
Mr. R. Chandrasekaran |
|
Designation : |
Finance Head |
|
|
|
|
Name : |
Mr. P. Dinakara Babu |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 21.08.2013
|
Category of
Shareholder |
Number
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
12824225 |
60.45 |
|
|
12824225 |
60.45 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
12824225 |
60.45 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
3897841 |
18.37 |
|
|
|
|
|
|
2616677 |
12.34 |
|
|
1874339 |
8.84 |
|
|
8388857 |
39.55 |
|
Total Public shareholding (B) |
8388857 |
39.55 |
|
Total (A)+(B) |
21213082 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
21213082 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of auto
components for automobiles. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
NOTES: Terms of repayment (i) Rupee term loans from banks are repayable in thirteen equal quarterly installments of Rs. 16.562 Millions from March 31, 2013. (ii) External commercial borrowings are repayable in fourteen unequal quarterly installments ranging from Rs. 3.600 Millions to 19.000 Millions commencing from May 2014. (iii) Working capital term loans from bank are repayable in thirteen unequal quarterly installments ranging from Rs. 7.500 Millions to 17.500 from March 31, 2013. Nature of security (i) Rupee term loans and Working capital term loan from banks are secured by pari-passu first charge on all fixed assets of the Company, both present and future, excluding leasehold land and pari-passu second charge on all current assets of the Company, both present and future. (ii) External Commercial Borrowings (ECB) from banks are secured by first exclusive charge on the fixed assets of the Company created out of the ECB facility funded by the bank, both present and future and pari-passu second charge on the current assets of the Company, both present and future. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sharp and Tannan Chartered Accountants |
|
Address : |
Parsn Manere, A-Wing, 3rd Floor, 602, Anna
Salai, Chennai – 600006, |
|
|
|
|
Ultimate Holding
Company: |
HBL Power Systems Limited |
|
|
|
|
Holding Company: |
Agile Electric Sub Assembly Private Limited |
|
|
|
|
Associate Company
till 29.03.2012: |
Bosch Electrical Drives India Private Limited |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22,000,000 |
Equity Shares |
Rs.10/- each |
Rs.220.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20,419,382 |
Equity Shares |
Rs.10/- each |
Rs.204.194
Millions |
|
|
|
|
|
Reconciliation of
shares outstanding at the beginning and at the end of the year
|
Particulars |
As at 31.03.2013 |
|
|
Subscribed and fully
paid up |
Numbers |
Rupees in Millions |
|
At the beginning of the year |
20,394,382 |
203,943,820 |
|
Issued during the year - Employees stock option plan [Refer Note (f) below] |
25,000 |
250,000 |
|
At the end of the
year |
20,419,382 |
204,193,820 |
Terms / rights /
restrictions attached to equity shares
(i) The Company has only one class of equity shares having a par value of Rs. 10/- each. Each holder of equity share is entitled to one vote per share.
(ii) All shares issued carry equal rights for dividend declared by the Company. There are no restrictions attached for any specific shareholder.
(iii) The Company has not issued any securities with the right/option to convert the same into equity shares at a later date.
Shares held by the
Holding Company
|
Particulars |
As at 31.03.2013 |
|
|
Numbers |
Rupees in Millions |
|
|
Agile Electric Sub Assembly Private Limited, the holding company [Refer Note below] |
|
|
|
Equity shares of Rs 10/- each fully paid up |
12,824,225 |
128.242 |
Note: Pursuant to the scheme of amalgamation approved by the Honourable High Court of Judicature at Madras on July 20, 2012, the erstwhile Holding Company Agile Electric Drives Technologies and Holdings Private
Limited, merged with Agile Electric Sub Assembly Private Limited with retrospective effect from April 1, 2011.
Details of share
holders holding more than 5% of equity shares in the Company
|
Name of shareholder |
As at 31.03.2013 |
|
|
Numbers |
% holding |
|
|
Agile Electric Sub Assembly Private Limited |
12,824,225 |
62.80 |
|
Igarashi Electric Works (H.K) Limited, Hong Kong |
2,499,993 |
12.24 |
The Company has not bought back any shares or issued shares for consideration other than cash or issued bonus shares during the five years immediately preceding the date of Balance Sheet.
Shares reserved for
issue under options outstanding as at the end of the year
(Rs. in Millions)
|
Particulars |
As at 31.03.2013 |
|
|
Number of equity shares to be issued as fully paid |
Rupees (at face value) |
|
|
Employees stock options granted and outstanding |
940,700 |
9.407 |
Employee Stock Option
Scheme:
A. Terms
(i) The Company has obtained approval of share holders through postal ballot on January 08, 2011 for grant of 1,250,000 options under the Employees Stock Option Plan, 2006 to its employees and Directors. The options have a vesting period of one year from the date of grant of the option. The exercise period is five years from the date of grant of option.
(ii) The grant of options to the employees under the employee stock option schemes is on the basis of their performance and other eligibility criteria. The options are vested equally over a period of one year, subject to the discretion of the management and fulfillment of certain conditions.
(b) The details of
grants under the aforesaid schemes are summarized below
|
S. No |
Particulars |
ESOP, |
2006 |
|
|
|
2012 - 13 |
2011 - 12 |
|
1 |
Grant Price - Rupees |
40.15 |
40.15 |
|
2 |
Grant dates |
27-Aug-10 onwards |
|
|
3 |
Vesting commences on |
27-Aug-11 onwards |
|
|
4 |
Option granted and outstanding at the beginning of the year |
965,700 |
750,000 |
|
5 |
Options lapsed / withdrawn during the year |
- |
- |
|
6 |
Options granted during the year |
- |
235,700 |
|
7 |
Options exercised during the year |
25,000 |
20,000 |
|
8 |
Options granted and outstanding at the end of the year of which - |
940,700 |
965,700 |
|
|
Options vested |
940,700 |
730,000 |
|
|
Options yet to vest |
- |
235,700 |
(c) During the year, the Company has amortised proportionate employee stock based compensation expense amounting to Rs. 0.655 Millions (previous year Rs. 12.154 Millions).
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
204.194 |
|
(b) Reserves & Surplus |
|
|
1023.183 |
|
(c) Money
received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
1227.377 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
451.673 |
|
(b) Deferred tax liabilities (Net) |
|
|
102.452 |
|
(c) Other long term
liabilities |
|
|
0.000 |
|
(d) long-term
provisions |
|
|
0.000 |
|
Total Non-current
Liabilities (3) |
|
|
554.125 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
|
212.604 |
|
(b) Trade
payables |
|
|
446.139 |
|
(c) Other
current liabilities |
|
|
197.102 |
|
(d) Short-term
provisions |
|
|
67.533 |
|
Total Current
Liabilities (4) |
|
|
923.378 |
|
|
|
|
|
|
TOTAL |
|
|
2704.880 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
|
1215.072 |
|
(ii)
Intangible Assets |
|
|
4.926 |
|
(iii)
Capital work-in-progress |
|
|
30.583 |
|
(iv)
Intangible assets under development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
286.165 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
19.690 |
|
(e) Other
Non-current assets |
|
|
0.000 |
|
Total Non-Current
Assets |
|
|
1556.436 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
|
0.000 |
|
(b)
Inventories |
|
|
221.757 |
|
(c) Trade
receivables |
|
|
618.598 |
|
(d) Cash
and cash equivalents |
|
|
57.005 |
|
(e)
Short-term loans and advances |
|
|
251.084 |
|
(f) Other
current assets |
|
|
0.000 |
|
Total
Current Assets |
|
|
1148.444 |
|
|
|
|
|
|
TOTAL |
|
|
2704.880 |
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
203.944 |
203.744 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
808.218 |
630.047 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
1012.162 |
833.791 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
783.240 |
574.467 |
|
|
2] Unsecured Loans |
|
56.986 |
31.319 |
|
|
TOTAL BORROWING |
|
840.226 |
605.786 |
|
|
DEFERRED TAX LIABILITIES |
|
82.506 |
87.502 |
|
|
|
|
|
|
|
|
TOTAL |
|
1934.894 |
1527.079 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
1064.807 |
855.886 |
|
|
Capital work-in-progress |
|
57.294 |
0.888 |
|
|
Intangible assets under development |
|
7.056 |
10.113 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
286.165 |
286.165 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
163.699
|
182.250 |
|
|
Sundry Debtors |
|
567.841
|
300.562 |
|
|
Cash & Bank Balances |
|
61.374
|
55.241 |
|
|
Other Current Assets |
|
0.000
|
0.000 |
|
|
Loans & Advances |
|
273.258
|
357.460 |
|
Total
Current Assets |
|
1066.172
|
895.513 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
453.715
|
354.620 |
|
|
Other Current Liabilities |
|
63.699
|
156.104 |
|
|
Provisions |
|
29.186
|
10.762 |
|
Total
Current Liabilities |
|
546.600
|
521.486 |
|
|
Net Current Assets |
|
519.572
|
374.027 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
1934.894 |
1527.079 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2907.797 |
2685.291 |
1967.627 |
|
|
|
Other Income |
23.925 |
10.379 |
4.084 |
|
|
|
TOTAL (A) |
2931.722 |
2695.670 |
1971.711 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials and Manufacturing Expenses |
0.000 |
1746.975 |
1277.231 |
|
|
|
Cost of materials consumed |
1880.589 |
-- |
-- |
|
|
|
Staff Expenses |
-- |
131.991 |
87.502 |
|
|
|
Changes in inventories of finished goods and work-in-progress |
20.007 |
-- |
-- |
|
|
|
Selling and Administrative Expenses |
-- |
104.833 |
74.063 |
|
|
|
Other Expenses |
-- |
215.093 |
143.895 |
|
|
|
Other manufacturing and operating Expenses |
112.166 |
-- |
-- |
|
|
|
Purchase of Trading Goods |
22.503 |
85.222 |
108.371 |
|
|
|
Employee benefits expense |
195.021 |
-- |
-- |
|
|
|
Increase/(Decrease) in Finished Goods |
-- |
(14.832) |
(0.373) |
|
|
|
Selling, administration and other expenses |
153.821 |
-- |
-- |
|
|
|
TOTAL (B) |
2384.107 |
2269.282 |
1690.689 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
547.615 |
426.388 |
281.022 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
120.378 |
136.786 |
105.029 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
427.237 |
289.602 |
175.993 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
133.657 |
111.939 |
105.326 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
293.580 |
177.663 |
70.667 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
80.024 |
12.249 |
(5.168) |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
213.556 |
165.414 |
75.835 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on F.O.B. basis |
2783.197 |
2628.170 |
1850.435 |
|
|
TOTAL EARNINGS |
2783.197 |
2628.170 |
1850.435 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
326.771 |
341.703 |
195.526 |
|
|
|
Stores & Spares |
1369.509 |
1278.303 |
984.088 |
|
|
|
Capital Goods |
251.739 |
219.530 |
117.034 |
|
|
TOTAL IMPORTS |
1948.019 |
1839.536 |
1296.648 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
Basic |
10.46 |
8.11 |
5.04 |
|
|
|
Diluted |
10.25 |
8.10 |
4.92 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2013 |
|
Net Sales |
|
|
876.500 |
|
Total Expenditure |
|
|
725.800 |
|
PBIDT (Excl OI) |
|
|
150.700 |
|
Other Income |
|
|
13.600 |
|
Operating Profit |
|
|
164.300 |
|
Interest |
|
|
17.600 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
146.800 |
|
Depreciation |
|
|
37.000 |
|
Profit Before Tax |
|
|
109.800 |
|
Tax |
|
|
21.900 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
87.900 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
87.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
7.28
|
6.14
|
3.85 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.10
|
6.62
|
3.59 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.29
|
8.34
|
4.03 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.17
|
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.54
|
0.83
|
0.73 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.24
|
1.95
|
1.72 |
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 |
UNSECURED LOAN:
(Rs.
In Millions)
|
Particulars |
As
on 31.03.2013 |
|
LONG TERM
BORROWINGS |
|
|
Finance lease obligations |
36.716 |
|
Vehicle loan |
0.637 |
|
Total |
37.353 |
|
Particulars |
As
on 31.03.2012 |
|
Finance Lease Obligation |
55.739 |
|
Vehicle Loan |
1.247 |
|
Total |
56.986 |
NOTES:
(i) Finance lease obligations are repayable in sixty equated monthly installments from the date of respective lease finance.
(ii) Vehicle loans are repayable in sixty equated monthly
installments from the date of respective vehicle loan and are secured by charge
of the related vehicles.
OPERATIONS
The Company achieved top line growth during the year under review with total income at Rs.2931.722 Millions. The Operating profit before depreciation and amortization amounted to Rs. 427.237 Millions. Profit before Tax amounts to Rs.293.580 Millions. The Company managed the Operations to post a Sales growth of 8.3% and an EBIDTA Growth of 25.9%.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
GLOBAL AUTOMOTIVE
INDUSTRY AND ELECTRIC MOTORS
The confidence of Growth in this industry 2011 dampened during the latter half of 2012 and 2013 principally due to the negative overall Growth in the European Auto industry and slowing growth in China. China has already become the largest vehicle producer in the world and all major Global Vehicle manufacturers increased their investment and attention to China.
Cost pressures and increase in competition from low cost local car makers continue to manifest. Trends show a clear shift in capacities and technologies being created in Low Cost countries and newer markets, with many Governments asking Automakers to upgrade Fuel Economy and tightening Emission norms.
Programs related to Electric motors that would improve Fuel Efficiency and reduce Emission levels continue to receive priority. This was not visible in the actual growth in the Volumes but the new program launches clearly indicate this direction.
ICE ('Internal Combustion Engine') segment with moderate to significant improvements across all areas of vehicle performance will continue to remain a significant part of the growth and opportunities for Electric Motors will continue to increase.
EXPORT SALES AND
GEOGRAPHICAL DISTRIBUTION
The Company has populated over 432.800 Lakh pieces since inception in Global Automotive Component Industry valued at over Rs 23434.600 Millions
CONTINGENT
LIABILITIES:
(Rs.
in Millions)
|
Sr. No. |
Particulars |
As at 31.03.2013 |
As at 31.03.2012 |
|
Rupees |
Rupees |
||
|
1 |
Bills discounted |
60.126 |
94.787 |
|
2 |
Income tax liability that may arise in respect of matters on appeal |
49.325 |
10.164 |
|
3 |
Employees State Insurance demand on dues for trainees |
2.434 |
2.434 |
|
4 |
Guarantees given on behalf of holding company |
- |
1.100 |
Other details
regarding contingent liabilities
The Company does not expect any reimbursement in respect of the above contingent liabilities except bills discounted. It is not practicable to estimate the timing of outflows.
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10403199 |
20/06/2013 * |
273,900,000.00 |
AXIS BANK LIMITED (SECURITY AGENT) |
CBB, Karumuttu Nilayam, No.192, Anna Salai, CHENNAI, Tamilnadu - 600002, INDIA |
B77944734 |
|
2 |
10278364 |
10/12/2011 * |
200,000,000.00 |
ICICI Bank Limited |
CBG, ICICI Bank Towers, 6th Floor, Tower 2, North, Wing, Plot.No:12, Nanakramguda, Serilingampally, Hyderabad, Andhra Pradesh - 500032, INDIA |
B28295244 |
|
3 |
10278365 |
13/01/2012 * |
560,000,000.00 |
ICICI BANK LIMITED |
CBG HYDERABAD BRANCH, 6TH FLOOR, TOWER-2, NORTH, |
B30340731 |
|
4 |
90283284 |
29/11/2007 * |
475,600,000.00 |
STATE BANK OF INDIA |
LEATHER AND INTERNATIONAL BRANCH, "MV TOWERS",
17 |
A27556893 |
* Date of charge modification
FIXED ASSETS:
TANGIBLE ASSETS
·
Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Vehicles
INTANGIBLE ASSETS
·
Product Development
Expenses
AS PER WEBSITE DETAILS
PRESS RELEASES:
BLACKSTONE TO
ACQUIRE MAJORITY STAKE IN IGARASHI MOTORS
New Delhi, Wed Jul 17 2013
Global private equity major Blackstone will buy majority stake in domestic auto component maker Igarashi Motors India in a multi-layered deal.
Making the announcement today, Chennai-based Igarashi Motors said its board has approved the transaction.
Under the deal, Blackstone along with another entity plans to acquire over 97 per cent stake in the company.
The deal includes open offer worth over Rs 517.000 Millions. Other details were not immediately available.
At the end of June, Agile Electric held 62.80 per cent stake in Igarashi Motors.
The entities involved in the deal are Blackstone Capital Partners (Singapore) VI FDI Three Pte Limited and BFIP (Cayman) VI-ESC FDI Three Limited.
"... the investors will indirectly acquire control over the company through its control of Agile Electric Sub Assembly Private Limited (AESPL)," upon completion of arrangements under the share purchase pacts, Igarashi Motors said in a regulatory filing.
As per the share purchase agreements, Blackstone and BFIP would acquire over 4.57 crore shares from Agile Electric and related entities including Padmanabhan Mukund, managing director of the target company.
Besides, the two investors would subscribe to 61.77 lakh shares of Agile Electric.
"Pursuant to these transactions and upon completion
Occurring the SSPA (Share Purchase Agreements), the investors shall be the legal and beneficial owners of 97.90 per cent of the share capital of AESPL," the filing said. Through the open offer, the entities would purchase up to 79.54 lakh shares -- at a price of Rs 65 apiece -- from Igarashi Motors' public shareholders.
The offer would be made by Agile Electric along with Blackstone Capital Partners and BFIP (Cayman) VI-ESC FDI Three and Padmanaban Mukund.
The deal would be subject to various regulatory approvals including from the German Competition Authority.
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.61.16 |
|
|
1 |
Rs.97.77 |
|
Euro |
1 |
Rs.82.78 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
RAJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
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 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
52 |
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.