MIRA
INFORM REPORT
|
Report Date : |
19.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
BAJAJ AUTO LIMITED (w.e.f. 05.03.2008) |
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|
|
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Formerly Known
As : |
BAJAJ HOLDINGS AND INVESTMENTS LIMITED |
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|
Registered
Office : |
Bajaj Auto Limited
Complex, Mumbai – |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
30.04.2007 |
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Com. Reg. No.: |
25-130076 |
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Capital Investment
/ Paid-up Capital : |
Rs. 2893.700 Millions |
|
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|
|
CIN No.: [Company Identification
No.] |
L65993PN2007PLC130076
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|
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEB05807E |
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PAN No.: [Permanent Account No.] |
AADCB2923M |
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Legal Form : |
Public Limited
Liability Company. The company’s shares are listed on the stock exchanges. |
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Line of Business
: |
Manufacturers and
Exporter of Two and Three Wheelers. |
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|
No. of Employees
: |
2802 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (72) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 316078000 |
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|
Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well established company having excellent track record. The company is the second largest player in motorcycle industry in Rating also takes into consideration leadership position in premium
segments and diversified product portfolio. Financial performance of the company appears to be strong and healthy.
Performance capability of the company is good. Trade relations are trustworthy. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating=AAA |
|
Rating Explanation |
Highest credit quality and lowest credit
risk. |
|
Date |
23.07.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating=A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
23.07.2013 |
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 Co-Operative (91-22-27472851)
LOCATIONS
|
Registered/ Head Office/ Factory 1 : |
Bajaj Auto Limited
Complex, Mumbai-Pune Road, Akurdi, Pune – 411 035, Maharashtra, India |
|
Tel. No.: |
91-20-27472851/
27406603 / 27406063 / 27406281/ 27406137 |
|
Fax No.: |
91-20-27407380 /
27407392 |
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E-Mail : |
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Website : |
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Factory 2 : |
Bajaj Nagar, Waluj, |
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Factory 3 : |
MIDC, Plot No.
A1, Mahalunge Village, Chakan Industrial Area, Chakan, Pune – 410 501,
Maharashtra, India |
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Factory 4 : |
Plot No. 2, Sector
-10, IIE Pant Nagar, Udham Singh Nagar – 263 531, Uttarkhand, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Rahul Bajaj |
|
Designation : |
Chairman |
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|
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|
Name : |
Mr. Madhur Bajaj |
|
Designation : |
Vice Chairman |
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|
Name : |
Mr. Rajiv Bajaj |
|
Designation : |
Managing Director |
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|
Name : |
Mr. Sanjiv Bajaj |
|
Designation : |
Executive
Director |
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|
Name : |
Mr. Kantikumar R.
Podar |
|
Designation : |
Director |
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|
Name : |
Mr. Shekhar Bajaj |
|
Designation : |
Director |
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|
Name : |
Mr. D.J. Balaji
Rao |
|
Designation : |
Director |
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Name : |
Mr. D.S. Mehta |
|
Designation : |
Director |
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|
Name : |
Mr. J.N. Godrej |
|
Designation : |
Director |
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|
Name : |
Mr. S.H. Khan |
|
Designation : |
Director |
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|
Name : |
Ms. Suman
Kriloskar |
|
Designation : |
Director |
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|
Name : |
Mr. Naresh Chandra |
|
Designation : |
Director |
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|
Name : |
Mr. Nanoo Pamnani |
|
Designation : |
Director |
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|
Name : |
Mr. Manish Kejriwal |
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Designation : |
Director |
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Name : |
Mr. P. Murari |
|
Designation : |
Director |
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|
Name : |
Mr. Niraj Bajaj |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Pradeep Shrivastava |
|
Designation : |
Chief Operating Officer |
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|
|
|
Name : |
Mr. Abraham Joseph |
|
Designation : |
Chief Technology Officer |
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|
Name : |
Mr. S Sridhar |
|
Designation : |
President
(Motorcycle Business) |
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|
Name : |
Mr. R C Maheshwari |
|
Designation : |
President
(Commercial Vehicle Business) |
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|
Name : |
Mr. Rakesh Sharma |
|
Designation : |
President
(International Business) |
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|
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|
Name : |
Eric Vas |
|
Designation : |
President (New
Projects) |
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|
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|
Name : |
Mr. K Srinivas |
|
Designation : |
President
(Retail Finance) |
|
|
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|
Name : |
Mr. Kevin P D’sa |
|
Designation : |
President
(Finance) |
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|
Name : |
Mr. S Ravikumar |
|
Designation : |
Senior Vice President (Business Development and Assurance) |
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|
Name : |
Mr. Amrut Rath |
|
Designation : |
Vice President
(Human Resources) |
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|
Name : |
Mr. C P Tripathi |
|
Designation : |
Vice President (CSR) |
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|
|
|
Name : |
Mr. J Sridhar |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
AS ON 30.06.2013
|
Names of Shareholders |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
Individuals / Hindu Undivided Family |
12,783,210 |
4.42 |
|
Bodies Corporate |
131,949,922 |
45.61 |
|
Sub Total |
144,733,132 |
50.03 |
|
(2) Foreign |
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
144,733,132 |
50.03 |
|
(1) Institutions |
|
|
|
Mutual Funds / UTI |
3,934,423 |
1.36 |
|
Financial Institutions / Banks |
226,264 |
0.08 |
|
Insurance Companies |
18,335,716 |
6.34 |
|
Foreign Institutional Investors |
50,449,469 |
17.44 |
|
Sub Total |
72,945,872 |
25.21 |
|
|
|
|
|
Bodies Corporate |
24,122,599 |
8.34 |
|
Individuals |
- |
- |
|
Individual shareholders holding nominal share capital up
to Rs.0.100 Million |
14,313,822 |
4.95 |
|
Individual shareholders holding nominal share capital in
excess of Rs.0.100 Million |
30,583,845 |
10.57 |
|
Any Others (Specify) |
2,605,906 |
0.90 |
|
Non Resident Indians |
1,008,233 |
0.35 |
|
Overseas Corporate Bodies |
1,425 |
- |
|
Foreign Bodies - D R |
95,416 |
0.03 |
|
Trusts |
703,837 |
0.24 |
|
Clearing Members |
795,327 |
0.27 |
|
Foreign Nationals |
1,668 |
- |
|
Sub Total |
71,626,172 |
24.76 |
|
Total Public shareholding (B) |
144,572,044 |
49.97 |
|
Total (A)+(B) |
289,305,176 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued-m |
- |
- |
|
(1) Promoter and Promoter Group |
- |
- |
|
(2) Public |
61,844 |
- |
|
Sub Total |
61,844 |
- |
|
Total (A)+(B)+(C) |
289,367,020 |
- |
(1) Indian
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and
Exporter of Two and Three Wheelers. |
||||
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||||
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Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Two Wheelers and Three Wheelers up to 350 CC Engine Capacity [Including two wheelers c. k. d. packs 200000 nos.] |
Nos. |
1639350 |
5040000 |
3844438 |
Note:
(a) Licensed
Capacity is stated as per the Original License held by the erstwhile Bajaj Auto
Limited (pre-demerger). However, the Company’s products are exempt from
licensing requirements under New Industrial Policy in terms of notification
no.S.O.477 (E) dated 25 July1991.
(b) As certified by the COO and being a technical matter, accepted by
the Auditors as correct.
GENERAL INFORMATION
|
No. of Employees : |
2802
[Approximately] |
|
|
|
|
Bankers : |
·
Central Bank of ·
State Bank of ·
Citibank N.A. ·
Standard Chartered Bank ·
Bank of ·
ICICI Ban ·
HDFC Bank |
|
|
|
|
Banking Relations
: |
-- |
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|
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|
Auditors : |
|
|
Name : |
Dalal and Shah Chartered Accountants |
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|
|
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Cost Auditors : |
A.P. Raman Cost Accountants |
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|
|
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Holding company, subsidiaries and fellow subsidiary : |
·
PT. Bajaj Auto ·
Bajaj Auto International Holdings B V (Fully
owned subsidiary) ·
|
|
|
|
|
Associates, joint ventures and investing parties : |
·
Bajaj Holdings and Investment Limited (Investing
party - holds 31.49% shares of Bajaj Auto Limited) |
|
|
|
|
Enterprises over which anyone exercises significant influence : |
·
Bajaj Finserv Limited ·
Bajaj Finance Limited ·
Bajaj Allianz Life Insurance Company Limited ·
Bajaj Finance Solutions Limited ·
Bajaj Electricals Limited ·
Hind Musafir Agency Limited ·
Hindustan Housing Company Limited ·
KTM Sportsmotorcycle AG ·
KTM Sportsmotorcycle India Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300000000 |
Equity Shares |
Rs. 10/- each |
Rs.3000.000 Millions |
|
|
|
|
|
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
289367020 |
Equity Shares |
Rs. 10/- each |
Rs.2893.670 Millions |
|
|
|
|
|
|
|
|
|
|
a)
Further, of the above:-
144,683,510 equity shares were allotted as fully
paid bonus shares by capitalisation of General reserve by the Company on 13
September 2010. 101,183,510 equity shares were allotted as fully paid up
pursuant to the scheme of arrangement for demerger of erstwhile Bajaj Auto
Limited (now Bajaj Holdings and Investment Limited) by the Company on 3 April
2008.
1,805,071 equity shares thereof (excluding
1,805,071 equity shares allotted as bonus shares thereon) are deemed to be
issued by way of Euro Equity Issue represented by Global Depository Receipts (GDR)
evidencing Global Depository Shares outstanding on the record date. Outstanding
GDRs at the close of the year were 66,196 (169,088)
b)
Terms/rights attached to equity shares
The Company has only one class of equity
shares having a par value of ` 10 per share. Each holder of equity shares is
entitled to one vote per share. The dividend proposed by the Board of Directors
and approved by the shareholders in the annual general meeting is paid in
Indian rupees. In the event of liquidation of the Company, the holders of
equity shares will be entitled to receive remaining assets of the Company,
after distribution of all preferential amounts. The distribution will be in
proportion to the number of equity shares held by the shareholders.
c)
Details of shareholders holding more than 5% shares
in the Company
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Bajaj Holdings and Investment Limited |
91119000 |
31.49% |
|
Jamnalal Sons Private Limited |
25949400 |
8.97% |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
2893.700 |
2893.700 |
|
(b) Reserves & Surplus |
|
76125.800 |
57517.000 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
79019.500 |
60410.700 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
712.700 |
974.800 |
|
(b) Deferred tax liabilities (Net) |
|
1151.000 |
484.400 |
|
(c) Other long term liabilities |
|
1220.600 |
1570.700 |
|
(d) long-term provisions |
|
1346.100 |
1118.500 |
|
Total Non-current Liabilities (3) |
|
4430.400 |
4148.400 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
0.000 |
0.000 |
|
(b) Trade payables |
|
19796.100 |
19577.900 |
|
(c) Other current
liabilities |
|
5461.600 |
6043.300 |
|
(d) Short-term provisions |
|
16078.600 |
20660.500 |
|
Total Current Liabilities (4) |
|
41336.300 |
46281.700 |
|
|
|
|
|
|
TOTAL |
|
124786.200 |
110840.800 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
18044.300 |
14795.900 |
|
(ii) Intangible Assets |
|
0.000 |
21.400 |
|
(iii) Capital
work-in-progress |
|
2232.900 |
117.700 |
|
(iv)
Intangible assets under development |
|
702.600 |
298.800 |
|
(b) Non-current Investments |
|
37191.500 |
37862.100 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
4623.900 |
6008.700 |
|
(e) Other Non-current assets |
|
10.200 |
14.300 |
|
Total Non-Current Assets |
|
62805.400 |
59118.900 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
27113.300 |
10966.000 |
|
(b) Inventories |
|
6362.800 |
6785.300 |
|
(c) Trade receivables |
|
7675.800 |
4227.900 |
|
(d) Cash and cash
equivalents |
|
5588.500 |
16538.300 |
|
(e) Short-term loans and
advances |
|
13117.200 |
10248.500 |
|
(f) Other current assets |
|
2123.200 |
2955.900 |
|
Total Current Assets |
|
61980.800 |
51721.900 |
|
|
|
|
|
|
TOTAL |
|
124786.200 |
110840.800 |
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
2893.700 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
46208.500 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
49102.200 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
235.300 |
|
|
2] Unsecured Loans |
|
|
2681.900 |
|
|
TOTAL BORROWING |
|
|
2917.200 |
|
|
DEFERRED TAX LIABILITIES |
|
|
297.100 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
52316.500 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
14827.100 |
|
|
Capital work-in-progress |
|
|
698.600 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
47219.100 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
5472.800 |
|
|
Sundry Debtors |
|
|
3598.900 |
|
|
Cash & Bank Balances |
|
|
2287.800 |
|
|
Other Current Assets |
|
|
6180.500 |
|
|
Loans & Advances |
|
|
12190.500 |
|
Total
Current Assets |
|
|
29730.500 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
17892.600 |
|
|
Other Current Liabilities |
|
|
6708.200 |
|
|
Provisions |
|
|
15558.000 |
|
Total
Current Liabilities |
|
|
40158.800 |
|
|
Net Current Assets |
|
|
(10428.300) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
52316.500 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
199972.500 |
195289.800 |
158968.200 |
|
|
|
Other Income |
7954.900 |
6080.400 |
10779.200 |
|
|
|
TOTAL (A) |
207927.400 |
201370.200 |
169747.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw material and components consumed |
135237.400 |
134455.400 |
113118.900 |
|
|
|
Purchases of traded goods |
8588.300 |
7511.500 |
5684.100 |
|
|
|
(Increase)/decrease in inventories
of finished goods, work-in-progress and traded goods |
240.000 |
(941.500) |
(827.900) |
|
|
|
Employee benefits expense |
6394.800 |
5401.100 |
4935.800 |
|
|
|
Other expenses |
13788.000 |
12157.700 |
9525.800 |
|
|
|
Expenses, included in above items,
capitalized |
(628.500) |
(494.300) |
(166.600) |
|
|
|
Exceptional items |
0.000 |
1340.000 |
(7245.500) |
|
|
|
TOTAL (B) |
163620.000 |
159429.900 |
125024.600 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
44307.400 |
41940.300 |
44722.800 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5.400 |
222.400 |
16.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
44302.000 |
41717.900 |
44705.900 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
1639.700 |
1456.200 |
1228.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
42662.300 |
40261.700 |
43477.500 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
12226.600 |
10221.200 |
10080.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
30435.700 |
30040.500 |
33397.300 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
37051.400 |
25154.800 |
8549.900 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
3050.000 |
3010.000 |
3340.000 |
|
|
|
Proposed Dividend |
15234.500 |
15133.900 |
13452.400 |
|
|
BALANCE CARRIED
TO THE B/S |
49202.600 |
307051.400 |
25154..800 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of exports |
65082.700 |
64491.800 |
44504.500 |
|
|
|
Exchange gain/(Loss) on Derivative hedging instruments, debtors |
399.100 |
1547.900 |
0.000 |
|
|
|
Forwarding charges exports recovered |
86.700 |
129.800 |
1013.000 |
|
|
|
Interest |
26.600 |
19.500 |
14.000 |
|
|
|
Royalty |
26.600 |
8.000 |
5.900 |
|
|
|
Technical Know how |
8.300 |
3.000 |
0.000 |
|
|
|
Asset Disposal |
0.000 |
0.700 |
1.200 |
|
|
|
Other Earnings |
23.400 |
58.900 |
21.500 |
|
|
TOTAL EARNINGS |
65653.400 |
66259.600 |
45560.100 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
381.700 |
1157.000 |
1092.700 |
|
|
|
Components |
5478.500 |
5216.800 |
4054.000 |
|
|
|
Vehicles and spare parts |
117.800 |
96.000 |
0.000 |
|
|
|
Machinery spares |
68.900 |
92.000 |
68.300 |
|
|
|
Capital goods |
3783.700 |
217.000 |
377.800 |
|
|
|
Tools, stores, etc. |
64.600 |
68.300 |
52.500 |
|
|
TOTAL IMPORTS |
9895.200 |
6847.100 |
5645.300 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
105.20 |
103.80 |
115.40 |
|
QUARTERLY RESULTS
(Rs.
In Millions)
|
Particulars |
|
|
30.06.2013 (Unaudited) |
|
|
|
|
1st Quarter |
|
Net sales |
|
|
49110.900 |
|
Total Expenditure |
|
|
40043.800 |
|
PBIDT (Excluding Other Income) |
|
|
9067.100 |
|
Other income |
|
|
1756.000 |
|
Operating Profit |
|
|
10823.100 |
|
Interest |
|
|
0.900 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
10822.200 |
|
Depreciation |
|
|
443.900 |
|
Profit Before Tax |
|
|
10378.300 |
|
Tax |
|
|
3001.500 |
|
Profit after tax |
|
|
7376.800 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
7376.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
14.64
|
14.92 |
19.67 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
21.33
|
20.62 |
27.35 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
53.31
|
60.51 |
97.58 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.54
|
0.67 |
8.87 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.01
|
0.02 |
0.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.50
|
1.12 |
0.74 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
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 |
Yes |
LITIGATION DETAILS:
|
CASE DETAILS Bench: - Bombay
Main Matter
District: - BOMBAY Bench: - DIVISION Status: - Pre-Admission
Category:- Review (Appeal) |
UNSECURED LOAN:
|
Particulars |
As on 31.03.2013 Rs. in Millions |
As on 31.03.2012 Rs. in Millions |
|
Unsecured Loans |
|
|
|
Sales tax deferral liability/loan, an incentive under Package Scheme of Incentives 1983, 1988 and 1993 - interest free, partially prepaid |
712.700 |
974.800 |
|
|
|
|
|
Total |
712.700 |
974.800 |
MANAGEMENT
DISCUSSION AND ANALYSIS:
Research and Development
and technology absorption
PRODUCTS:
Pulsar 200 NS
Pulsar 200 NS was launched in May 2012. It has gone on to redefine the
sports motorcycle segment in India. It has set a new benchmark in terms of
performance, style, technology and affordability. It has brought additional set
of customers to the Pulsar portfolio. It has won an astounding number of 12
awards for product and technology including the award for the best product
design in all automobiles.
Discover 125 ST
This product complements Discover 125 ST and extends the all new design
of Discover 125 ST to smaller engine capacity. It sharply focuses on the
customers who prefer greater fuel efficiency, but desire all the enhancements.
The vehicle is powered by a high performance 4 valve air cooled 100 cc DTSi
engine, delivering 10.2 Ps, with a 5 speed gear box suitably mated to the power
characteristics of the engine. This is the world’s first 100 cc single cylinder
4valve DTSi engine and delivers class leading power and fuel efficiency.
KTM Duke 125 -
Duke 200
Model Year 2013 saw Duke 125 and Duke 200 substantially upgraded.
Vehicle safety is taken to the next level with the introduction of “Anti-lock
braking system (ABS)”. The vehicle is equipped with twin channel ABS offering
independent control for both the wheels and increases driver safety by not
allowing the vehicle to skid even in case of panic braking on low friction
surfaces.
The Duke 200 won 8 awards this year. Between Pulsar and KTM, the Company
swept practically all the major awards announced during the year.
PROCESS:
R&D has been working on improving its operations in a number of
areas as listed below.
·
Manpower: R&D has been
expanding its team size in areas of design, analysis and validation in order to
keep up with the rapidly expanding aspirations of the Company.
·
Facilities: R&D continued
to enhance its design, computing, proto-typing and validation facilities. Such
enhancement efforts have enabled R&D to develop durable and refined
products. A number of new test facilities were put in to validate the
durability and performance of the forthcoming 4 wheelers. The prototyping
facilities were also upgraded to enable building of the prototypes of these
vehicles.
·
Technology: This year,
R&D launched the Triple Spark technology for the Pulsar family. This
technology takes the DTS-I performance to the next higher level. It gives best
in class fuel efficiency and performance on a sports bike. This technology went
on to win the “Automotive technology of the year” award competing in the
category of not just 2 wheelers, but in all categories of automobiles.
·
Total Productive
Maintenance (TPM): R&D continues to vigorously pursue the TPM way of thinking and
working. This has yielded excellent results in quality management of design and
validation process. The TPM approach has also been effective in the lead time
reduction on the various critical processes in R&D by elimination of waste.
INTERNATIONAL
BUSINESS:
Subject continues to outperform competition in terms of two and three
wheeler exports, in spite of the grim world economic scenario. We have
maintained our leadership position in exports and have dominated the Indian two
and three wheeler export scenario. Bajaj has exported a total of 1,547,157 two
and three wheelers, highlighting the stellar lead the Company has established
against competition.
More details of International Business are set out in the annexed
Management Discussion and Analysis Report.
INDUSTRIAL
RELATIONS:
Industrial relations with staff and workmen across the plants at Akurdi,
Waluj, Chakan and Pantnagar continued to be cordial.
At Pantnagar, wage settlement dated 7 December 2012 was amicably signed
in conciliation between the management and representatives of workmen. The
workmen have formed a trade union on 21 August 2012 under the name and style
“Bajaj Auto Limited. Employees Sangh”, which has a majority following.
At Chakan, Vishwa Kalyan Kamgar Sanghatana, the recognised union has
given notice of termination of the existing settlement dated 21 May 2010 as per
provisions of The Industrial Disputes Act, 1947.
Five workmen of BAL-Waluj and two workmen of BAL-Chakan have received
Best Worker (Gunwant Kamgar) Welfare Awards for the year 2012 declared by the
Maharashtra Labour Welfare Board, Mumbai, Government of Maharashtra.
SUBSIDIARIES:
PT. Bajaj Auto
Indonesia (PT BAI)
In line with the general slow-down in the global economy, Indonesia has
posted a GDP growth rate of 6.3% as against 6.5% recorded in 2011-12.
Two wheeler sales, a true barometer of national economy, had declined to
7.1 million units from the levels of 8 million units in the previous year, a
decline of 11.5%. Restrictions in
financing norms imposed by the central bank relating to two wheeler
financing has contributed significantly to the decline in sale of two wheelers
in Indonesia.
PT BAI has also witnessed a declining sales volume trend with billing of
11,198 units in 2012-13 as against 23,337 units done in 2011-12.
The distribution arrangement announced by Subject in September 2012
with
Kawasaki Motors to market and distribute Pulsar NS motor cycles in
Indonesia is expected to give a new fillip to the growth of exports to
Indonesia, from the second half of financial year 2013-14.
Bajaj Auto
International Holdings BV, Netherlands (BAIH BV)
During the year, BAIH BV invested further € 33.90 million (approx.
Rs.2360 Millions) to increase its stake in KTM AG (KTM) to 47.96%.
In the calendar year 2012, KTM posted robust growth to 107,142 units (up
by 32%); € 612 million turnover and € 25.3 million net profit (up by 22.2%).
Proportionate net profit of € 11.96 million has been accounted in the
consolidated results of Bajaj Auto Limited.
KTM returned to dividend list with a dividend declaration of € 0.70 per
share for 2012.
BAIH BV is entitled to receive € 3.64 million, being its share of
dividends.
During the year, Subject produced 26,805 units of KTM Duke Motorcycles.
7,388 Dukes were sold in India through the 70 strong pro-biking networks in
India and 18,546 units were exported to various countries, including Europe,
Japan, etc.
Various joint development projects are proceeding well. The next jointly
developed product Duke 390, sporting a high performance engine is scheduled to
be launched in first half of 2013-14. Subject will produce this model in its
Chakan plant.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10122149 |
26/07/2008 |
4,300,000,000.00 |
CENTRAL
BANK OF INDIA |
CORPORATE
FINANCE BRANCH, 1ST FLOOR, MMO BUILDING, |
A45544905 |
CONTINGENT LIABILITY:
(Rs. In Millions)
|
Particulars |
31.03.2013 |
31.03.2012 |
|
Claims against the Company not acknowledged as debts |
4188.800 |
4187.400 |
|
Guarantees given
by the Company to banks, on behalf of its subsidiary, PT Bajaj Auto Indonesia |
271.400 |
254.400 |
|
Guarantees given
by the Company to Housing Development Finance Corporation Limited - for loans
to Employees |
0.400 |
1.200 |
|
Excise and Customs
demand - matters under dispute and Claims for refund of Excise Duty, if any,
against Excise Duty Refund received in the earlier year |
2933.100 |
1817.800 |
|
Income tax matters - Appeal by company |
541.300 |
95.800 |
|
Value Added Tax (VAT)/Sales Tax matters under dispute |
3774.800 |
3578.500 |
|
|
|
|
|
Claims made by temporary workmen
Pending before various judicial/appellate authorities in respect of similar
matters adjudicated by the Supreme Court. The matter is contingent on the
facts and evidence presented before the courts/adjudicating authorities and
not necessarily likely to be influenced by the Supreme Court’s order |
Liability unascertained |
Liability unascertained |
|
|
|
|
|
Total |
11741.0313 |
9966.3312 |
FIXED ASSETS:
·
Land Leasehold
·
Land Freehold
·
Buildings
·
Water pump
·
Reservoirs and Mains
·
Plant and Machinery
·
Dies and Jigs
·
Electric Installations
·
Factory Equipments
·
Furniture Fixtures
·
Electric Fittings
·
Vehicles and Aircraft
·
Office Equipments
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE
QUARTER ENDED 30JUNE 2013
(Rs. In Millions)
|
|
Particulars |
30.06.2013 |
|
|
|
(Unaudited) |
|
|
|
|
|
|
Sales in numbers |
979275 |
|
1 |
Income from operations |
|
|
a. |
Gross sales |
50581.400 |
|
|
Less: Excise duty |
2494.100 |
|
|
Net sales |
48087.300 |
|
b. |
Other operating income |
1023.600 |
|
|
Total income from operations
(net) |
49110.900 |
|
2 |
Expenses |
|
|
|
(a) Cost of materials consumed |
31414.300 |
|
|
(b) Purchases of stock-in-trade |
2030.700 |
|
|
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade |
621.600 |
|
|
(d) Employee benefits expense |
1836.500 |
|
|
(e) Depreciation |
443.900 |
|
|
(f) Other expenses |
4322.200 |
|
|
(g) Expenses capitalised |
(181.500) |
|
|
Total expenses |
40487.700 |
|
3 |
Profit from operations before other
income, finance costs and exceptional items (1-2) |
8623.200 |
|
4 |
Other
income (See note 1) |
1756.000 |
|
5 |
Profit from ordinary activities
before finance costs and exceptional items (3+4) |
10379.200 |
|
6 |
Finance costs |
0.900 |
|
7 |
Profit from ordinary activities
after finance costs but before exceptional items (5-6) |
10378.300 |
|
8 |
Exceptional items |
- |
|
9 |
Profit from ordinary activities
before tax (7+8) |
10378.300 |
|
10 |
Tax expense |
3001.500 |
|
11 |
Net Profit for the period (9-10) |
7376.800 |
|
12 |
Paid-up equity share capital (Face value of Rs.10) |
2893.700 |
|
13 |
Reserves excluding Revaluation Reserves |
|
|
14 |
Basic and Diluted Earnings per
share (Rs.) (not annualised) |
|
|
|
before and after extraordinary items |
25.5 |
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
144633888 |
|
- Percentage of shareholding |
49.98% |
|
2. Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
86855 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
0.06% |
|
Percentage of shares (as a % of total share capital of the
company) |
0.03% |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
144646277 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
99.94% |
|
Percentage of shares (as a % of total share capital of the
company) |
4.99% |
|
|
|
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
Nil |
|
Receiving during the quarter |
4 |
|
Disposed of during the quarter |
4 |
|
Remaining unreserved at the end of the quarter |
Nil |
SEGMENT WIE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In Millions)
|
Particulars |
30.06.2013 (Unaudited) |
|
|
|
|
1. Segment revenue |
|
|
Automotive |
49637.200 |
|
Investments |
1229.700 |
|
Total |
50866.900 |
|
2. Segment profit /
(loss) before tax and finance cost |
|
|
Automotive |
9152.000 |
|
Investments |
1227.200 |
|
Total |
10379.200 |
|
Less:
Finance cost |
0.900 |
|
Total profit before
tax |
10378.300 |
|
3. Capital employed |
|
|
Automotive |
27064.900 |
|
Investments |
75253.800 |
|
Unallocable |
(14355.800) |
|
Total |
87962.900 |
1. The marked-to-marked gain/ loss representing time value of foreign exchange
contracts to hedge future exports, which reserves out over the period of
contract, net of such reversals are recognized either as ‘Other Income’ or ‘
Other Expenses’ as the case may be. The above results include these impacts as
follows :
(Rs. In Millions)
|
Particulars |
30.06.2013 |
|
Net Gain as
Other Income |
- |
|
Net Loss as
Other Expenses |
960.000 |
2. Other income includes following -
(Rs. In Millions)
|
Particulars |
30.06.2013 |
|
Investment income |
1229.700 |
|
Others |
526.300 |
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.61.28 |
|
|
1 |
Rs.99.03 |
|
Euro |
1 |
Rs.83.80 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--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 |
YES |
|
--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 |
|
72 |
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.