MIRA
INFORM REPORT
|
Report Date : |
17.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
HINDUSTAN MOTORS LIMITED |
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
11.02.1942 |
|
|
|
|
Com. Reg. No.: |
21-018967 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 865.708 Millions |
|
|
|
|
CIN No.: [Company Identification No.] |
L34103WB1942PLC018967 |
|
|
|
|
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 manufacture and sale of Vehicles, Spare Parts of Vehicles,
Steel Products and Components. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1100000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of the Birla Technical Services Industrial Group. It
is having moderate track record. There appears continuous accumulated loss recorded by the company, which
act as threatening to the liquidity position of company. Performance of the company reported to be below average. However, trade relations are fair. Business is active. Payment terms
are slow and delayed. The company can be considered for business dealing on with caution. |
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.
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 DECLINED BY
Management non co-operative
LOCATIONS
|
Registered Office : |
Birla Building, 14th Floor, 9/1, R N Mukherjee Road,
Kolkata-700001, West Bengal, India |
|
Tel. No.: |
91-33-30533700 / 30410900 / 26647353 |
|
Fax No.: |
91-33-22480055 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
1st Floor, RR Towers IV, A 16/17-TVK Industrial Estate, Guindy,
Chennai-600032, Tamilnadu, India |
|
Tel. No.: |
91-44-45606600 |
|
|
|
|
Factory : |
Located At ·
Uttarpara ·
Tiruvallur ·
Pithampur |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. C K Birla |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Naresh Chandra |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Pradip Kumar Khaitan |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Anand C Burman |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Kranti Sinha |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Yogesh Kr. Rastogi |
|
Designation : |
Director (Up To 29.02.2012) ICICI Nominee |
|
|
|
|
Name : |
Mr. A Sankaranarayanan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Subroto Gupta |
|
Designation : |
Director (IDBI Nominee) |
|
|
|
|
Name : |
Mr. Vijay Kumar Sharma |
|
Designation : |
Director (LIC Nominee) |
|
|
|
|
Name : |
Mr. Manoj Jha |
|
Designation : |
Managing Director (Up to 31.01.2012) |
|
|
|
|
Name : |
Mr. Uttam Bose |
|
Designation : |
Managing Director (w.e.f. 02.04.2012) |
KEY EXECUTIVES
|
Name : |
Mr. Yogesh Goenka |
|
Designation : |
Chief Financial Officer and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2013
|
Category of Shareholder |
No. of Shares |
% of No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
527592 |
0.29 |
|
|
66945662 |
36.23 |
|
|
67473254 |
36.52 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
67473254 |
36.52 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
66450 |
0.04 |
|
|
3918290 |
2.12 |
|
|
6019525 |
3.26 |
|
|
71517 |
0.04 |
|
|
10075782 |
5.45 |
|
|
|
|
|
|
19301063 |
10.45 |
|
|
|
|
|
|
63987009 |
34.63 |
|
|
19291365 |
10.44 |
|
|
4643520 |
2.51 |
|
|
3501417 |
1.89 |
|
|
137424 |
0.07 |
|
|
27134 |
0.01 |
|
|
977545 |
0.53 |
|
|
107222957 |
58.03 |
|
Total Public shareholding (B) |
117298739 |
63.48 |
|
Total (A)+(B) |
184771993 |
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) |
184771993 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Subject is
engaged in the manufacture and sale of Vehicles, Spare Parts of Vehicles,
Steel Products and Components. |
||||||
|
|
|
||||||
|
Products : |
|
PRODUCTION STATUS (AS ON : 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
On Road Automobiles having four or more wheels (Including Engines,
Transmissions, Axles and Spare-Parts thereof) |
Nos. |
63000 |
10035 |
|
Steel Products |
Tones |
18000 |
4456 |
|
Manufactured components and service parts for sale |
Rs. In Lacs |
-- |
800.00 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
UCO Bank ·
Bank of India ·
United Bank of India ·
Bank of Baroda ·
State Bank of India |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
S R Batliboi and Company Chartered Accountant |
|
|
|
|
Cost Auditors : |
|
|
Name : |
Shome and Banerjee Cost Accountants |
|
Address : |
5A, Nurulla Doctor Lance (West Range), 2nd Floor,
Kolkata-700017, West Bengal, India |
|
|
|
|
Associates : |
AVTEC Limited |
|
|
|
|
Subsidiaries : |
·
Hindustan Motor Finance Corporation
Limited (HMFC) ·
Hindustan Motors Limited., USA
(HML,USA) · HM Export Limited (HME) |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
330000000 |
Equity Shares |
Rs.5/- each |
Rs. 1650.000 Millions |
|
5500000 |
Unclassified Shares |
Rs.100/- each |
Rs. 550.000 Millions |
|
|
TOTAL |
|
Rs. 2200.000
Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
173389297 |
Equity Shares |
Rs.5/- each |
Rs. 866.946
Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
172971993 |
Equity Shares |
Rs.5/- each |
Rs. 864.860
Millions |
|
Add |
Forfeited Shares |
|
Rs. 0.848 Million |
|
|
TOTAL |
|
Rs. 865.708
Millions |
AS ON 13.08.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
330000000 |
Equity Shares |
Rs.5/- each |
Rs. 1650.000 Millions |
|
5500000 |
Unclassified Shares |
Rs.100/- each |
Rs. 550.000 Millions |
|
|
TOTAL |
|
Rs. 2200.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
184771993 |
Equity Shares |
Rs.5/- each |
Rs. 923.860
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
865.708 |
806.708 |
|
(b) Reserves & Surplus |
|
(614.176) |
(398.676) |
|
(c) Money
received against share warrants |
|
36.138 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
287.670 |
408.032 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
295.403 |
382.837 |
|
(b) Deferred tax liabilities (Net) |
|
87.790 |
122.200 |
|
(c) Other long term liabilities |
|
34.029 |
45.151 |
|
(d) long-term provisions |
|
64.831 |
58.428 |
|
Total Non-current Liabilities (3) |
|
482.053 |
608.616 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
977.149 |
792.508 |
|
(b) Trade payables |
|
1143.649 |
1662.634 |
|
(c) Other current
liabilities |
|
607.705 |
707.706 |
|
(d) Short-term provisions |
|
26.591 |
23.473 |
|
Total Current Liabilities (4) |
|
2755.094 |
3186.321 |
|
|
|
|
|
|
TOTAL |
|
3524.817 |
4202.969 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
1043.936 |
1225.260 |
|
(ii) Intangible Assets |
|
43.661 |
53.199 |
|
(iii) Capital
work-in-progress |
|
151.502 |
14.254 |
|
(iv)
Intangible assets under development |
|
34.431 |
8.617 |
|
(b) Non-current Investments |
|
853.105 |
1026.108 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
69.872 |
70.574 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
2196.507 |
2398.012 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
618.457 |
957.382 |
|
(c) Trade receivables |
|
196.682 |
216.485 |
|
(d) Cash and cash
equivalents |
|
357.367 |
289.057 |
|
(e) Short-term loans and
advances |
|
152.006 |
341.865 |
|
(f) Other current assets |
|
3.798 |
0.168 |
|
Total Current Assets |
|
1328.310 |
1804.957 |
|
|
|
|
|
|
TOTAL |
|
3524.817 |
4202.969 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
1612.568 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
111.870 |
|
|
4] (Accumulated Losses) |
|
|
(1322.752) |
|
|
NETWORTH |
|
|
401.686 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
306.927 |
|
|
2] Unsecured Loans |
|
|
593.325 |
|
|
TOTAL BORROWING |
|
|
900.252 |
|
|
DEFERRED TAX LIABILITIES |
|
|
177.937 |
|
|
DEFERRED PAYMENT LIABILITIES |
|
|
83.761 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1563.636 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1388.714 |
|
|
Capital work-in-progress |
|
|
42.676 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
694.352 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
719.560 |
|
|
Sundry Debtors |
|
|
129.363 |
|
|
Cash & Bank Balances |
|
|
404.178 |
|
|
Other Current Assets |
|
|
3.656 |
|
|
Loans & Advances |
|
|
421.443 |
|
Total
Current Assets |
|
|
1678.200 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
738.633 |
|
|
Other Current Liabilities |
|
|
1437.573 |
|
|
Provisions |
|
|
64.100 |
|
Total
Current Liabilities |
|
|
2240.306 |
|
|
Net Current Assets |
|
|
(562.106) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1563.636 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4954.757 |
6547.916 |
5740.400 |
|
|
|
Other Income |
71.916 |
102.440 |
656.956 |
|
|
|
TOTAL (A) |
5026.673 |
6650.356 |
6397.356 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
3153.053 |
4750.956 |
|
|
|
|
Purchase of Stock In Trade |
1025.298 |
601.620 |
|
|
|
|
Employee benefits expenses |
857.319 |
836.383 |
|
|
|
|
Other Expenses |
861.936 |
1036.478 |
|
|
|
|
Changes in inventories of Finished goods, work in progress and stock
in trade |
47.914 |
(35.655) |
|
|
|
|
Exceptional Items |
(1005.606) |
(968.053) |
|
|
|
|
TOTAL (B) |
4939.914 |
6221.729 |
6443.258 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
86.759 |
428.627 |
(45.902) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
202.895 |
299.368 |
110.376 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(116.136) |
129.259 |
(156.278) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
217.903 |
167.396 |
176.359 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(334.039) |
(38.137) |
(332.637) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(34.473) |
(45.660) |
178.365 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(299.566) |
7.523 |
(511.002) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(477.641) |
(1322.752) |
(811.750) |
|
|
|
|
|
|
|
|
|
Less |
Set off against share capital and securities premium account |
0.000 |
(837.588) |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(777.207) |
(477.641) |
(1322.752) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on F.O.B. basis (including inland sales
which qualify for export incentives) |
9.314 |
1.303 |
0.443 |
|
|
|
Incentive and subsidy for advertisement |
0.744 |
0.321 |
0.000 |
|
|
|
Warranty claims |
3.408 |
3.296 |
3.297 |
|
|
TOTAL EARNINGS |
13.466 |
4.920 |
3.740 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components and Spare Parts |
1773.408 |
2756.107 |
1754.205 |
|
|
|
Capital Goods |
103.763 |
4.851 |
11.551 |
|
|
|
Traded Goods – Vehicles |
117.464 |
124.393 |
37.164 |
|
|
TOTAL IMPORTS |
1994.635 |
2885.351 |
1802.920 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(1.85) |
0.05 |
(3.17) |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.09.2012 |
31.12.2012 |
31.03.2013 |
30.06.2013 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
1327.600 |
1441.900 |
1736.400 |
939.700 |
|
Total Expenditure |
1594.600 |
1300.700 |
1794.000 |
1112.700 |
|
PBIDT (Excl OI) |
(267.000) |
(158.800) |
(57.600) |
(173.000) |
|
Other Income |
25.500 |
15.100 |
40.700 |
7.100 |
|
Operating Profit |
(241.800) |
(143.700) |
(16.900) |
(165.900) |
|
Interest |
48.400 |
53.900 |
44.100 |
52.700 |
|
Exceptional Items |
0.000 |
423.700 |
59.700 |
0.000 |
|
PBDT |
(290.200) |
226.100 |
(1.300) |
(218.600) |
|
Depreciation |
33.800 |
28.100 |
38.200 |
44.000 |
|
Profit Before Tax |
(324.000) |
198.000 |
(39.500) |
(262.600) |
|
Tax |
(23.000) |
(5.600) |
(27.900) |
(11.600) |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(301.000) |
203.600 |
(11.600) |
(251.000) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(301.000) |
203.600 |
(11.600) |
(251.000) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(5.96)
|
0.11 |
(7.99) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(6.74)
|
(0.58) |
(5.79) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(13.44)
|
(1.21) |
(10.85) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.16)
|
(0.09) |
(0.83) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
4.42
|
2.88 |
2.24 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.48
|
0.57 |
0.75 |
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 |
No |
|
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) |
Yes |
|
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 |
No |
|
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 31.03.2012 |
Rs.
In Millions 31.03.2011 |
|
Long Term
Borrowings |
|
|
|
Sales Tax Deferral Credit |
119.537 |
206.971 |
|
Short Term
Borrowings |
|
|
|
Deposits From |
|
|
|
Subsidiary Companies |
51.000 |
31.000 |
|
Other Bodies Corporate |
750.000 |
532.500 |
|
|
|
|
|
TOTAL |
920.537 |
770.471 |
VIEW INDEX OF
CHARGES
|
S. No |
Charge ID |
Date of Charge Creation /Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN |
|
1 |
10408283 |
14/02/2013 |
47,200,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, N. S. ROAD, 8, N. S. ROAD, KOLKATA, WEST BENGAL -
700001, INDIA |
B69717106 |
|
2 |
10394106 |
13/12/2012 |
34,000,000.00 |
BANK OF BARODA |
INDIA EXCHANGE BRANCH, 4, INDIA EXCHANGE PLACE, KOLKATA, WEST BENGAL -
700001, INDIA |
B64896335 |
|
3 |
10396307 |
13/12/2012 |
36,500,000.00 |
UNITED BANK OF INDIA |
N. S. ROAD BRANCH, 10, CLIVE ROW, KOLKATA, WEST BENGAL - 700001, INDIA
|
B65649659 |
|
4 |
80021739 |
30/03/2007 * |
775,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
- |
|
5 |
80021756 |
03/04/2007 * |
200,000,000.00 |
LIFE INSURANCE CORPORATION OF INDIA |
YOGAKSHEMA, JEEVAN BIMA MARG, MUMBAI, MAHARASHTRA |
- |
|
6 |
80021757 |
04/04/2007 * |
500,000,000.00 |
IFCI LIMITED |
IFCI TOWER61 NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
- |
|
7 |
80021742 |
09/04/2007 * |
800,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA
LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005,
INDIA |
- |
|
8 |
80021752 |
30/03/2007 * |
1,450,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
- |
|
9 |
80025938 |
19/03/2009 * |
918,182,000.00 |
UCO Bank |
KOLKATA MAIN MIDCORPORATE BRANCH (1967), 10 B T M |
A58959115 |
|
* Date of charge modification |
||||||
NATURE OF OPERATION: Subject having its manufacturing facilities at Uttarpara, Tiruvallur and Pithampur, is primarily engaged in the manufacture and sale of Vehicles, Spare Parts of Vehicles, Steel Products and Components. The Company is also engaged in Trading of Vehicles and Spare Parts of Vehicles.
FINANCIAL RESULTS
During the year, the Company's
revenue was Rs. 5920.000 Millions compared to Rs. 8030.000 Millions in the previous financial year.
The revenue account shows a loss of
Rs. 299.600 Millions after providing Rs. 217.900 Millions for depreciation and amortisation expense and taking credit
of Rs. 34.400 Millions for deferred tax net of other taxes. There was a deficit of
Rs. 477.600 Millions in the Statement of Profit and Loss in the last year. After
considering the results of the year, there is a deficit of Rs. 777.200 Millions in the
Statement of Profit and Loss as at the end of the year.
During the year, the Company sold
30,67,000 equity shares of Rs. 10/- each of AVTEC Limited and its immovable
properties at Kolkata and Halol, Gujarat and aggregate profit of Rs. 100.56
Crores thereon has been included in the Statement of Profit and Loss.
Consequent to the sale of shares held by the Company in AVTEC Limited, its
holding in AVTEC Limited (including the shareholding in AVTEC Limited through
its subsidiary) reduced from 43.33 % to 31.06 %.
As informed in the previous year,
due to sale of property at Halol, Gujarat and consequent profit, the Lenders
had made a claim of recompense of interest under Corporate Debt Restructuring
Scheme. The Company requested the Lenders to waive a significant portion of the
demand based on the facts and circumstances of the case as well as justifiable
reasons and to be reasonable in their claim. Pending final decision on the
same, provision has been made for Rs. 150.000 Millions on account of this in the year 2010-11 and the amount has
been paid to Lenders in April, 2011.
REVIEW OF OPERATIONS
The Company has been focusing on
automobile business and auto component business consisting of forgings,
castings and stampings with plants at Uttarpara, Tiruvallur and Pithampur. In
the automobile business, the main focus is on Ambassador, Cedia, Sports Utility
Vehicles namely, Pajero, Montero and Outlander and the goods carrying Mini
Truck called 'Winner'.
Sale of automobiles during the year
is 5139 numbers compared to 10097 numbers during the previous financial year.
The continuing higher interest rates
and increased petrol prices slowed down the overall growth of automobile industry
during the year under review. The year under review has been a challenging one
for the Company. The operations at Uttarpara plant was adversely affected due
to lower volumes of Ambassador and Winner and shortage of working capital. The
operations at Chennai Car Plant was also adversely affected due to lower
volumes caused mainly by higher petrol prices and increased interest rates.
Further adverse exchange rates severely affected the margins on the products of
Chennai Car Plant. The Company persuaded its collaborator Mitsubishi Motors
Corporation, Japan to reduce kit prices in view of the higher foreign exchange
rates as well as increased competition in the operating segment, the benefit of
which started in the second half of the year.
In March, 2012, the Company launched
a state-of-the-art sports utility vehicle (SUV), called Pajero Sport and a
seven-seater upgraded version of the Mitsubishi Outlander both from its Chennai
Car Plant under license from Mitsubishi Motors Corporation, Japan. A diesel-driven
newer version of SUV, Pajero Sport will not only serve as an excellent
successor to the existing Pajero but will also become a major product in the
Company's portfolio to take on the stiff competition in the fast growing SUV
segment. The Company started production of CNG driven Winner from its Pithampur
Plant and a passenger carrier version is also being developed. These new
products are expected to generate favourable response in the market place and
increase the sales of the Company in the current financial year.
The Company is taking steps, subject
to necessary compliances and approvals, to close the Company's subsidiary in
USA, also engaged in engineering design related software.
OUTLOOK FOR 2012-13
With the growth rate of the Indian
Economy expected to be higher during 2012-13 compared to 2011-12 and the
indication of reduction in interest rate, the growth in automobile industry is
expected to be higher during the current financial year. However, continuing
higher fuel prices are cause for concern. The Company is preparing to launch
new variants of Ambassador and Winner in the fast growing commercial vehicles
segment during the current financial year. The Company is also upgrading its
diesel engine to meet BS-IV emission norms. The launch of Pajero Sport and a
seven-seater Outlander in March, 2012 is expected to increase sales volumes in
the current financial year. The Company continues to strengthen its
distribution network by expanding its dealerships as well as opening new
warehouses to ensure timely deliveries. The Company also continues to focus on
cost reduction efforts and improvements in operational efficiencies as well as
value engineering activities to improve the margins. With these initiatives, the
Company expects improved performance in the current financial year.
As regards component business, those
customers and products that were acquired during the year will come in the
regular production stream in the current financial year and will add to the
business of the Company.
SUBSIDIARIES
As per general exemption granted
vide Government of India, Ministry of Corporate Affairs' general circular no.
2/2011 dated 8th February, 2011, the Company has not attached the annual
accounts of its all the three subsidiaries namely Hindustan Motor Finance
Corporation Limited, HM Export Limited and Hindustan Motors Limited, USA to
this Annual Report. As required by the said circular, the relevant information
for each subsidiary has been disclosed in the consolidated financial statements
attached to this Annual Report.
The Company will make available the
annual accounts of subsidiaries and the related information to any member of
the Company who may be interested in obtaining the same. The annual accounts of
subsidiaries will also be kept for inspection by any member of the Company at
the registered office of the Company and that of respective subsidiaries. The
Consolidated financial statements presented by the Company include the
financial information of its subsidiaries.
The Company is in the process of
creating pledge of 45,50,000 equity shares of Rs. 10/- each held in its
subsidiary, HM Export Limited in favour of its Lenders, as additional security
under the Corporate Debt Restructuring package.
MANAGEMENT DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE AND DEVELOPMENT:
During the year the overall economy registered a GDP growth rate of 6.9% as per the Economic Survey tabled by the Government. The index of industrial production was lower at 3.5% in this year compared to 7.8% in the previous year. Sale of Passenger Vehicles in the country grew by 4.66% as compared to 29.16% in the immediate preceding year and the sale of Light Commercial Vehicles in the country grew by 27.36% as compared to 22.88% in the immediate preceding year.
The table below summarizes the growth in sale of passenger vehicles and light commercial vehicles:
|
Domestic Sales Nos. |
2010-11 |
2011-12 |
% Age Increase |
|
Passenger Vehicles |
|
|
|
|
Passenger Cars |
1972845 |
2016115 |
2.19 |
|
Utility Vehicles |
315123 |
367012 |
16.47 |
|
Vans |
213574 |
234945 |
10.01 |
|
Total |
2501542 |
2618072 |
4.66 |
|
Light Commercial Vehicles |
|
|
|
|
Passenger Carriers |
44816 |
49371 |
10.16 |
|
Goods Carriers |
317030 |
411460 |
29.79 |
|
Total |
361846 |
460831 |
27.36 |
Sale of Company`s vehicles during the year was 5139 numbers compared to 10097 numbers in the previous financial year. The Company operates in niche segments only. The decline in number of vehicles sold was mainly due to the Company not having any BS-IV compatible diesel engine thus losing sale in major markets, decline in order from government customers, higher petrol prices, increased interest rates, delay in launch of Pajero Sport due to disruption in operation of Mitsubishi plant in Thailand caused by flood and shortage of working capital. The adverse fluctuation in foreign exchange severely affected the profitability of Chennai Car Plant despite reduction in kit prices by the collaborator Mitsubishi Motors Corporation, Japan in the second half of the year. The Company took measures like value engineering and cost reduction initiatives etc. In March, 2012, the Company launched a state-of-the-art sports utility vehicle (SUV), called Pajero Sport and a seven-seater upgraded version of the Mitsubishi Outlander both from its Chennai Car Plant under license from Mitsubishi Motors Corporation, Japan. Pajero Sport has been well received in the market. The Company also started production of CNG driven Winner from its Pithampur Plant during the year. These new products are expected to receive favourable response in the market. FINANCIAL PERFORMANCE
Total revenue from operations of the Company during the year was Rs. 5920.000 Millions against Rs. 8030.000 Millions in the previous year. The loss before tax for the year was Rs. 334.000 Millions after including income from exceptional items which includes profit from sale of shares of AVTEC Limited and its immovable properties at Kolkata and Halol, Gujarat. The profitability of the Company was adversely affected due to lower sales of its products and adverse foreign exchange rates.
The Company`s business activity falls within a single primary business segment viz. `Automobiles` in India and hence the disclosure requirement of Accounting Standard-17 "Segment Reporting" as notified by Companies (Accounting Standards) Rules, 2006 (as amended) are not applicable.
The Outlook for the year 2012-13 and status on Human Resources/Industrial relations are given in the Directors` Report.
FIXED ASSETS
·
Freehold Land
·
Leasehold Land
·
Building
·
Plant and Equipment
·
Furniture and Fixtures
·
Office Equipments
·
Vehicles
·
Software
UNAUDITED FINANCIAL RESULTS FOR THE
QUARTER ENDED 30TH JUNE, 2013
(Rs. In Millions)
|
|
|
Quarter ended |
Year to date figures for
Fifteen months ended |
||
|
|
|
30.06.2013 |
31.03.2013 |
30.06.2012 |
30.06.2013 |
|
|
|
Unaudited |
|||
|
Part I |
|
|
|
|
|
|
Particulars |
|
|
|
|
|
|
1 |
Income from Operations |
|
|
|
|
|
|
a) Net
Sales / Income from Operations |
924.100 |
1720.300 |
1027.000 |
6114.100 |
|
|
b) Other
Operating Income |
15.600 |
16.100 |
18.600 |
77.100 |
|
|
Total income from Operations
(Net) |
939.700 |
1736.400 |
1045.600 |
6191.200 |
|
2 |
Expenses |
|
|
|
|
|
|
a) Cost
of materials consumed |
702.400 |
1271.800 |
464.400 |
3528.400 |
|
|
b)
Purchase of Traded Goods |
66.100 |
78.600 |
690.700 |
1704.200 |
|
|
c) (Increase)/ Decrease in Finished Goods,
Stock-in-Trade and Work-in-Progress |
(120.700) |
(20.700) |
(270.800) |
(164.800) |
|
|
d)
Employee Benefits Expense |
227.300 |
248.300 |
220.700 |
1121.700 |
|
|
e)
Depreciation and Amortisation Expense |
44.000 |
38.200 |
34.500 |
178.600 |
|
|
f) Other
Expenses |
237.600 |
216.300 |
250.300 |
950.800 |
|
|
Total Expenses |
1156.700 |
1832.500 |
1389.800 |
7318.900 |
|
3 |
Profit /(Loss) from Operations before Other Income,
Finance costs & Exceptional items (1-2) |
(217.000) |
(96.100) |
(344.200) |
(1127.700) |
|
4 |
Other
Income |
7.100 |
41.000 |
29.200 |
100.300 |
|
5 |
Profit / (Loss) before Finance costs &
Exceptional items (3+4) |
(209.900) |
(55.100) |
(315.000) |
(1027.400) |
|
6 |
Finance
Costs |
52.700 |
44.100 |
46.500 |
245.600 |
|
7 |
Profit/ (Loss) after Finance Costs but before
Exceptional items (5-6) |
(262.600) |
(99.200) |
(361.500) |
(1273.000) |
|
8 |
Exceptional
items |
- |
59.700 |
- |
483.400 |
|
9 |
Profit/ (Loss) before Tax (7+8) |
(262.600) |
(39.500) |
(361.500) |
(789.600) |
|
10 |
Tax
Expenses a)
Current Tax |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
b)
Deferred Tax |
(11.600) |
(27.900) |
(6.600) |
(74.700) |
|
|
c) Tax provision
for earlier years (Net) |
- |
- |
- |
- |
|
11 |
Net Profit / (Loss) for the period (9-10) |
(251.000) |
(11.600) |
(354.900) |
(714.900) |
|
12 |
Paid-up
Equity Share Capital* (Face value = Rs.5) |
923.900 |
923.900 |
923.900 |
923.900 |
|
13 |
Reserves
(excl. Revaluation Reserves) |
|
|
|
|
|
14 |
Earnings
per share (not annualised) |
|
|
|
|
|
|
a) Basic
(Rs.) |
(1.37) |
(0.06) |
(2.03) |
(3.91) |
|
|
b)
Diluted (Rs.) |
(1.37) |
(0.06) |
(2.03) |
(3.91) |
|
Part II |
|||||
|
A |
Particulars of Shareholding |
||||
|
1 |
Public
Shareholding |
|
|
|
|
|
|
- Number of Shares |
117298739 |
117298739 |
117298739 |
117298739 |
|
|
- Percentage of Shareholding |
63.48% |
63.48% |
63.48% |
63.48% |
|
2 |
Promoters and Promoter Group
Shareholding a) Pledged/Encumbered |
|
|
|
|
|
|
- Number of Shares |
26271854 |
26271854 |
26271854 |
26271854 |
|
|
Percentage
of Shares (as a % of the total shareholding of promoter and promoter group) |
38.94% |
38.94% |
38.94% |
38.94% |
|
|
Percentage of Shares (as a % of the total share
capital of the - company) |
14.22% |
14.22% |
14.22% |
14.22% |
|
|
b)
Non-encumbered |
|
|
|
|
|
|
- Number of Shares |
41201400 |
41201400 |
41201400 |
41201400 |
|
|
- Percentage of Shares (as a % of the total shareholding of
promoter - and promoter group) |
61.06% |
61.06% |
61.06% |
61.06% |
|
|
- Percentage of Shares (as a % of the total share capital of the -
company) |
22.30% |
22.30% |
22.30% |
22.30% |
NOTES
1.
The above results have been reviewed by the Audit Committee
and approved by the Board of Directors at their respective meetings held on 12th
August, 2013. Limited review of the above results has been carried out by the
statutory auditors of the Company
2.
At the Board of Directors meetings held on 10th January, 2013
and 9th February, 2013 a scheme of arrangement for demerger of the “Chennai Car
Plant” of the Company to its wholly owned subsidiary namely Hindustan Motor
Finance Corporation Limited w.e.f 1st April 2012 has been approved. The scheme
is subject to requisite approvals, including sanction of the High Court.
Pending the same, no accounting adjustment thereof has been made in the above
results.
3.
In view of above, the Board of Directors at their meeting
held on 7th May, 2013 has decided to extend the accounting year till 30th
September, 2013, which has also been approved by Registrar of Companies, West
Bengal. Accordingly, the Company is publishing unaudited financial results for
the fifteen months period ended 30th June, 2013 and hence the previous year
figures are not comparable.
4.
The above results include profit/(loss) from discontinuing
operation i.e. “Chennai Car Plant” of the Company which is to be demerged w.e.f
1st April, 2012 as stated in Note No.2 above, the details whereof are as under
(Rs. In Millions)
|
|
|
Quarter ended |
Year to date figures for
Fifteen months ended |
|||
|
|
|
30.06.2013 |
31.03.2013 |
30.06.2012 |
30.06.2013 |
|
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
| Particulars |
|
|
(Refer note 2) |
|
||
|
1 |
Income from Operations |
|
|
|
|
|
|
|
a) Net
Sales / Income from Operations |
605.300 |
1116.100 |
784.000 |
4333.300 |
|
|
|
b) Other
Operating Income |
9.600 |
5.000 |
5.400 |
30.200 |
|
|
|
Total income from Operations
(Net) |
614.900 |
1121.100 |
789.400 |
4363.500 |
|
|
2 |
Expenses |
|
|
|
|
|
|
|
a) Cost
of materials consumed |
467.800 |
813.800 |
230.400 |
2236.800 |
|
|
|
b)
Purchase of Traded Goods |
25.600 |
33.000 |
646.700 |
1492.700 |
|
|
|
c) (Increase)
/ Decrease in Finished Goods, Stock-in-Trade and Work-in-Progress |
(96.400) |
(10.400) |
(151.900) |
(112.600) |
|
|
|
d)
Employee Benefits Expense |
52.300 |
63.500 |
54.600 |
276.400 |
|
|
|
e)
Depreciation and Amortisation Expense |
34.600 |
28.700 |
23.900 |
129.800 |
|
|
|
f) Other
Expenses |
151.100 |
85.000 |
146.400 |
474.000 |
|
|
|
Total Expenses |
635.000 |
1013.600 |
950.100 |
4497.100 |
|
|
—3 |
Profit /(Loss) from Operations before Other Income,
Finance costs & Exceptional items (1-2) |
(20.100) |
107.500 |
(160.700) |
(133.600) |
|
|
4 |
Other
Income |
1.900 |
9.800 |
15.500 |
40.100 |
|
|
5 |
Profit/
(Loss) before Finance costs & Exceptional items (3+4) |
(18.200) |
117.300 |
(145.200) |
(93.500) |
|
|
6 |
Finance
Costs |
15.300 |
13.500 |
15.300 |
78.600 |
|
|
7 |
Profit/
(Loss) after Finance Costs but before Exceptional items (5-6) |
(33.500) |
103.800 |
(160.500) |
(172.100) |
|
|
8 |
Exceptional
items |
- |
- |
- |
- |
|
|
9 |
Profit/
(Loss) before Tax (7+8) |
(33.500) |
103.800 |
(160.500) |
(172.100) |
|
|
10 |
Tax
Expenses (including deferred tax) |
(10.400) |
(9.200) |
(9.300) |
(43.300) |
|
|
11 |
Net
Profit / (Loss) for the period (9-10) |
(23.100) |
113.000 |
(151.200) |
(128.800) |
|
5. a) Exceptional
items represent profit on sale/ transfer of immovable properties and
non-current investments.
b) There were no extraordinary items
during the respective periods reported above.
5.
The Company has entered into an agreement with Isuzu Motors
India Private Limited on 28th June, 2013 for contract manufacturing of Isuzu
SUVs and pickup trucks in India, at its Chennai Car Plant. The manufacturing is
expected to start from December 2013.
6.
During the year ended 31st March 2011, the Company had made
provision for recompense of interest amount of Rs.150.000 Millions to Lenders
under Corporate Debt Restructuring scheme. The Company has not made provision
for the balance amount of recompense, if any, pending finalisation of the same,
pursuant to ongoing discussions with the Lenders for reduction in the amount
thereof.
7.
The operating results have been adversely affected due to
adverse market conditions as well as adverse exchange rate of US $ / Japanese
Yen. The Management is in the process of taking necessary measures to augment
the net worth and to improve the operating results including but not limited to
sale of non-core assets and introduction of new variants of vehicles. The
Management is confident that these measures are expected to result in sustainable
cash flows and accordingly, the Company continues to prepare its accounts on a
“Going Concern” basis.
8.
As the Company’s business activity falls within a single
primary business segment, viz., “Automobiles” and there is no reportable
secondary segment i.e. geographical segment, the disclosure requirement of
Accounting Standard-17 “Segment Reporting” as notified by Companies (Accounting
Standards) Rules, 2006 (as amended) is not applicable
9.
Prior period figures have been re-grouped / rearranged, wherever
necessary
WEB SITE DETAILS
MILESTONES
|
|
|
1948 - Hindustan Motors Limited shifted its activities
to Uttarpara in West Bengal and set up facilities for manufacture of cars and
trucks. |
|
|
|
1985 - Hindustan Motors Limited commenced a
Power Products Division at Hosur, Karnataka for manufacture of heavy duty
transmission required for Earth moving Equipments. |
|
1986 - The Commercial Vehicle Division for the
manufacture of Heavy Commercial Vehicles at Vadodara, Gujarat was commenced.
Due to increase in project cost and material cost arising out of adverse
exchange fluctuation, the project was abandoned. The company sold a part of
the assets of this division to General Motors India Limited, for manufacture
of "Opel Astra" range of passenger cars in the premium segment. |
|
1987 - Hindustan Motors Limited commenced
production of petrol engines and transmissions at Pithampur, Madhya Pradesh,
in collaboration with Isuzu Motor Company, Japan. |
|
1996 - Hindustan Motors Limited modernized, upgraded
and expanded its three existing divisions Earthmoving Equipment Division,
Power Plant Division and the Uttarpara Plant. |
|
1997 - Hindustan Motors Limited began the
production of the Road Trusted Vehicle. |
|
1998 - Commenced the Mitsubishi Lancer Car
project. |
|
2001 - The Earthmoving Equipment Division plant
was sold off to Caterpillar, USA. |
|
2002 - Launch of the Mitsubishi Pajero (in
collaboration with Mitsubishi Motors, Japan), in India. |
|
2004 - Components Business (PUP-Pithampur and
PPD – Hosur) transferred to AVTEC – a company jointly held by HM, Actis and
CK Birla Group. |
PRESS RELESE
MITSUBISHI OFFERS 120-MINUTE XPRESS
SERVICE NOVEL EXPERIENCE FOR CUSTOMERS
DURING SERVICE TIME
KOLKATA, October
09, 2013: City-based Shah Automobiles, dealer of Mitsubishi passenger vehicles in
Kolkata, have decided to greet their existing and potential buyers in a truly
customer-centric manner on the eve of Durga Pujo.
The dealership
today launched a 120-minute Xpress Service for its customers at its specially
face-lifted 12,000-square feet service facility at 173, Laskarhat, Picnic
Garden Road, here. The new setup was inaugurated by Mr. Uttam Bose, Managing
Director and CEO of Hindustan Motors Ltd. which also manufactures and markets
Mitsubishi passenger vehicles in India. Also, present on the occasion was Mr.
P. Vijayan, COO of Hindustan Motors’ Chennai car plant where Mitsubishi
vehicles are built.
Speaking on the
occasion, Mr. Uttam Bose stated, “We have always tried innovative and effective
ways to delight our customers. The revitalized facility will welcome the
customers to a furnished lounge where they may relax and enjoy while their
vehicle gets overhauled within 120 minutes. The reception area promises to the
customer novel experience of inspecting his vehicle even as it is being worked
upon. The relaxed customer can then drive back home in a freshly serviced
vehicle.”
The refurbished
in-house body shop with upgraded paint booth will provide best of repair and
painting facilities in the city. The spacious spare parts area will, as ever,
be offering genuine Mitsubishi parts. The increased and well-trained manpower
will now be able to service 10 cars a day instead of six.
About Hindustan
Motors Limited
Hindustan Motors
Limited, the flagship venture of the multi-billion dollar CK Birla Group, was
established during the pre-Independence era at Port Okha in Gujarat. Operations
were moved in 1948 to Uttarpara in district Hooghly, West Bengal, where the
company began the production of the iconic Ambassador.
Equipped with
integrated facilities such as press shop, forge shop, foundry, machine shop and
aggregate assembly units for engines, axles etc, the company currently
manufactures Ambassador (1500 and 2000 cc diesel, 1800 cc petrol, CNG and LPG
variants) in the passenger car segment, light commercial vehicle 1-tonne
payload mini-truck Winner 1.5 XD PLUS (diesel) and Winner 1.8 XD PLUS (CNG),
and auto components at its Uttarpara plant. The company also runs operations at
Pithampur near Indore in Madhya Pradesh where it produces both variants of
Winner.
The company has
recently launched BS IV-compliant 1.5-litre diesel-powered vehicle named
Ambassador Encore.
Hindustan Motors
entered into technical collaboration with Mitsubishi Motors Corporation of
Japan in 1998. Under this license, HM manufactures/markets premium Mitsubishi
passenger vehicles from its third plant situated at Thiruvallur and office in
Chennai in Tamil Nadu. Lancer was the first Mitsubishi vehicle to be introduced
in India by HM in 1998 and it was followed by Montero (2001), Pajero (2002),
Cedia (2006), Outlander (2008) and Lancer Evolution X in 2010. Special edition
variants of some of these vehicles were also launched in between. Pajero Sport,
was launched on March 12, 2012, and has been heartily welcomed by customers.
Its Anniversary Edition was launched in August 2013.
Hindustan Motors
signed a memorandum of agreement with Isuzu Motors India Private Limtied in
June 2013 for contract manufacturing the latter’s SUV and pickup truck at its
Thiruvallur plant.
Hindustan Motors
is committed to core values of quality, safety, environmental care and holistic
customer orientation.
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. 61.69 |
|
UK Pound |
1 |
Rs. 98.59 |
|
Euro |
1 |
Rs. 83.67 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
27 |
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.