MIRA INFORM REPORT
|
Report Date : |
22.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
HYUNDAI MOTOR INDIA LIMITED |
|
|
|
|
Registered
Office : |
Plot No. H-1, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
06.05.1996 |
|
|
|
|
Com. Reg. No.: |
18-035377 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.8125.411 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29309TN1996PLC035377 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEH02069E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACH2364M |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
Manufacturing of Motor Cars, Parts and Accessories. |
|
|
|
|
No. of Employees
: |
3600 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 170000000 |
|
|
|
|
Status : |
Good |
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|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject is a flagship company of the VIJAYPAT SINGHANIA GROUP which is
a diversified conglomerate, and is engaged in manufacturing of Fabrics. It is a well-established and reputed company having fine track record.
Financial position of the company appears to be sound. Directors are
reported to be experience and respectable businessmen. Over all fundamentals of the company appears to be strong and healthy.
Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. Company can be considered good for normal 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 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The finance ministry
has started preparations for Budget 2014/15. With general elections scheduled
to be held by May next year, there will only be an interim budget. The new
government will present the fiscal Budget.
The Supreme Court
has barred clinical trials for new drugs till a monitoring mechanism is put in
place to protect the lives of people on which the drugs are tested.
Mumbai has been named
the world’s second most honest city according to a survey on 15 cities
worldwide by Readers’ Digest magazine. Finnish capital Helsinki bagged the top
spot for the world’s most honest city while Lisbon, the capital of Portugal,
proved to be the least honest. The survey put hundreds of people to test
in four continents to find out just how honest they were by dropping wallets
and seeing how many would be returned.
3.7 % Growth of the
core sector in August, a seven month high. This takes the overall growth in
April-August this year to 2.3 % compared with 6.3 % in the corresponding period
next financial year.
$19 million
Estimated average spending by companies across the globe including India, on
social media this year, according to a global study by information technology
major Tata Consultancy Services. This will rise to $ 24 million in 2015.
Rising inflation,
fewer employment avenues and dwindling earnings are taking a toll on the
spending capacity in India. Over 72 % respondents from middle and lower middle
income families would be forced to slash their Diwali expenditure by 40 % and
on average spend nearly 25 % of their monthly salary on Diwali, according to a
survey by Assochem.
Analysts believe the
shutdown of the US government would have limited impact in sectors such as IT
or tourism that are dependent on Visa clearances.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating:A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
23.09.2013 |
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 DECLINED
MANAGEMENT NON CO-OPERATIVE.
Contact No. 91-44-47100000
LOCATIONS
|
Registered Office/ Factory : |
Plot No. H-1, SIPCOT Industrial Park, Irrungattukottai, Sriperumpudur
Taluk, Kanchipuram District – 602105, Tamilnadu, India |
|
Tel. No.: |
91-4111-256111/ 256275 91-44-47100000 |
|
Fax No.: |
91-4111-256280/ 256365 91-44-47100100/ 47105135 |
|
E-Mail : |
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|
Website : |
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|
Location : |
Rented |
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|
|
|
Regional Office 1 : |
NP 54, Developed Plots, Thiru Vika Industrial Estate, Ekkaduthangal,
Guindy, Chennai – 600 032, |
|
Tel. No.: |
91-44-22329560 / 22340174/ 2233471/ 22343763/ 22343765 / 22343856 |
|
Fax No.: |
91-44-22334924 |
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|
|
|
Regional Office 2 : |
Hyundai Motor India Engineering Private Limited, Survey No- 5/2 and 5/3,
Opposite Hi-Tech City Railway Station, Ijjatnagar, RR District – 500 084, |
|
Tel. No.: |
91-40-66574020 |
|
Fax No.: |
91-40-66574099 |
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|
|
|
Regional Office 3 : |
A-30, Mohan Cooperative Industrial Estate, Mathura-Road, New-Delhi-110
044, |
|
Tel. No.: |
91-11-41678800 |
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Fax No.: |
91-11-41678811 |
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|
|
|
Regional Office 4 : |
605, 20-A, Rattan Square Complex, Vidhan Sabha Marg, Lucknow- 226001, Uttar
Pradesh, India |
|
Tel. No.: |
91- 522- 6714600 |
|
Fax No.: |
91-522- 6714611 |
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|
|
|
Regional Office 5 : |
Business Square,A/102, First Floor, Chakala,Andheri-Kurla Road,
Andheri East Mumbai-400069, Maharashtra, India |
|
Tel. No.: |
91-22- 40969000 |
|
Fax No.: |
91-22- 40969030 |
|
|
|
|
Regional Office 6 : |
1st Floor, City Mall, Near Rajpath Club, S.G.Road, Dodekdev, Ahmedabad
– 380051, Gujarat, India |
|
Tel. No.: |
91-79-66133000 |
|
Fax No.: |
91-179-6633017 |
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|
|
|
Regional Office 7 : |
Gayathri 6-3-1239/2/B/1, Renuka Wnclave, Somajiguda, |
|
Tel. No.: |
91- 40- 64631130 / 31 / 32 / 43 |
|
Fax No.: |
91-40- 23303566 |
|
|
|
|
Regional Office 8 : |
DLF Tower-3, 3RD Floor, |
|
Tel. No.: |
91-172- 6605000 |
|
Fax No.: |
91-172- 6605000 |
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|
|
|
Regional Office 9 : |
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|
Tel. No.: |
91-33-40060045 / 9 |
|
Fax No.: |
91-33-40060050 |
|
E-Mail : |
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|
|
|
|
Regional Office 10 : |
Ganpati Enclave, 3rd Floor, Urubari, |
|
Tel. No.: |
91-361- 2466173 / 74 |
|
Fax No.: |
91-361- 2466175 |
|
E-Mail : |
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|
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|
Marketing and
Sales Headquarters : |
5th and 6th Floor,
Corporate One (Baani Building), Plot No.5, Commercial Centre,
Jasola , New Delhi - 110076, India |
|
Tel No.: |
Board Line 91-11-66022000 |
|
Fax No.: |
(5th Floor) 91-11-66022201 (6th Floor) 91-11-66022202 |
DIRECTORS
(AS ON 30.07.2012)
|
Name : |
Bo Shin Seo |
|
Designation : |
Managing Director |
|
Address : |
New No. 73, Old No. 42, |
|
Date of Birth/Age : |
10.01.1957 |
|
Date of Appointment : |
05.03.1912 |
|
DIN No.: |
02879712 |
|
|
|
|
Name : |
Unsu Kim |
|
Designation : |
Whole Time Director |
|
Address : |
Old No. 42, New No. 73, Chamiers, Chennai-600018, |
|
Date of Birth/Age : |
15.08.1963 |
|
Date of Appointment : |
01.01.2012 |
|
DIN No.: |
02968803 |
|
|
|
|
Name : |
Won Hee Lee |
|
Designation : |
Director |
|
Address : |
101-807, Dawonkantabila Apartments, 2/5, 659, Sinsadong Gangnam- Ku, |
|
Date of Birth/Age : |
05.02.1960 |
|
Date of Appointment : |
26.07.2010 |
|
DIN No.: |
02985723 |
|
|
|
|
Name : |
Mr. Radhakrihnan Sethuraman |
|
Designation : |
Additional Director |
|
Address : |
P. No.30, D. No.31, VGP Avenue, Dr. Seethapathy Nqgar, Velachery, Chennai
– 600042, Tamilnadu, India |
|
Date of Birth/Age : |
18.09.1950 |
|
Date of Appointment : |
27.07.2012 |
|
DIN No.: |
05350961 |
|
|
|
|
Name : |
Kyu Oh Lee |
|
Designation : |
Additional Director |
|
Address : |
Vill A No. 24 and 25, Aprna Shangrila Goulidoddi Village,
Srilingampally, Hyderabad – 500008, Andhra Pradesh, India |
|
Date of Birth/Age : |
13.08.1960 |
|
Date of Appointment : |
25.06.2012 |
|
DIN No.: |
05332443 |
|
|
|
|
Name : |
Suk Goo Kwak |
|
Designation : |
Whole Time Director |
|
Address : |
5-B, Le Imperial, 122 Greenway’s Road, Chennai – 600028, Tamilnadu,
India |
|
Date of Birth/Age : |
04.04.1957 |
|
Date of Appointment : |
05.03.1912 |
|
DIN No.: |
05241197 |
|
|
|
|
Name : |
Mr. Chang Hwan Han |
|
Designation : |
Whole-time Director |
|
Address : |
C5/13F, Safdarjung Development Area, Delhi – 110016, India |
|
Date of Birth/Age : |
04.11.1960 |
|
Date of Appointment : |
27.01.2012 |
|
DIN No.: |
03633684 |
KEY EXECUTIVES
|
Name : |
Ms. Divya M |
|
Designation : |
Secretary |
|
Address : |
Guru Sairam, 14 Ramnagar, 1st Main Road, Naganallur,
Chennai – 600061, Tamilnadu, India |
|
Date of Birth/Age : |
04.01.1987 |
|
Date of Appointment : |
19.01.2012 |
|
PAN No.: |
ATXPD4074H |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.07.2012)
|
Names of Shareholders |
|
No. of Shares |
|
|
|
|
|
Hyundai Motor Company, |
|
8125405 |
|
Mong Koo Chung |
|
1 |
|
Bo Shin Seo |
|
1 |
|
Seong Hyun Hur |
|
1 |
|
Chang Hwan Han |
|
1 |
|
Suk Goo Kwak |
|
1 |
|
Kyu Oh Lee |
|
1 |
|
|
|
|
|
Total |
|
8125411 |
(AS ON 30.09.2012)
Equity Shares Break – up
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
100.00 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Motor Cars, Parts and Accessories. |
||||
|
|
|
||||
|
Products : |
·
Passenger Cars ·
Vehicles Spares Parts ·
Traded Goods |
PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
Unit |
Licensed Capacity |
Installed
Capacity* |
Actual Production |
|
|
|
|
|
|
|
Motor Vehicles |
Nos. |
Not Applicable |
630000 |
594630 |
* As certified by
the Management and relied upon by the Auditors. The installed capacity is on a triple
shift basis and is subject to product mix, utilization of plant and machinery,
which is common for different models, and availing of sub-contracting
facilities.
GENERAL INFORMATION
|
No. of Employees : |
3600 (Approximately) |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
·
ABN Amro Bank N V, Chennai – 600034 Tamilnadu, India ·
American Express Bank Limited, Mount Road, Chennai-600002, Tamilnadu, India ·
Citi Bank Mount Road, Chennai - 600002, Tamilnadu, India ·
ICICI Bank Chennai - 600018, Tamilnadu, India ·
IndusInd Bank Limited Chennai - 600018, Tamilnadu, India ·
Bank of America, Chennai - 600018, Tamilnadu, India ·
HDFC Bank Limited Chennai - 600018, Tamilnadu, India ·
State Bank of India, Chennai - 600018, Tamilnadu, India ·
Punjab National Bank, Chennai - 600018, Tamilnadu, India ·
Cho Hung Bank, South Korea, Chennai - 600018, Tamilnadu, India ·
The Sumitomo Bank Limited, Chennai, Tamilnadu, India ·
Standard Chartered Bank, 6-3-1090, TSR Tower, Raj Bhavan Road, Somajiguda, Hyderabad – 500082,
India. |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
· State Industries Promotion Corporation of Tamilnadu Limited 19-A, Marshalls Road, Egmore, Madras – 600008, Tamilnadu, India |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
ASV N Ramana Tower 52, |
|
Tel. No.: |
91-44-66885000/ 42131124-28 |
|
Fax No.: |
91-44-66885050/ 42131129 |
|
PAN.: |
AACFD3771D |
|
|
|
|
Other Related
Parties : |
·
Autoever Systems Corporation ·
Eukor Car Carriers Inc. ·
Glovis China Company Limited ·
Glovis India Private Limited ·
Haevichi Resorts Company Limited ·
Hysco Steel India Private Limited ·
Hyundai AES India Private Limited ·
Hyundai Amco India Private Limited ·
Hyundai Glovis Company Limited ·
Hyundai HYSCO, South Korea ·
Hyundai Mobis Company Limited ·
Hyundai WIA India Private Limited ·
Innocean Worldwide Communication Private Limited ·
Innoccean Worldwide Europe GMBH ·
Innocean Worldwide, Canada ·
Kia Motors Corporation, South Korea ·
Mobis India Limited |
|
|
|
|
Holding Company : |
·
Hyundai Motor Company, 140-2, Key Dong, Chongro-Ku, Seoul, South Korea |
|
|
|
|
Subsidiaries : |
·
Hyundai Motor India Engineering Private Limited CIN No.: U50103TN2006PTC061464 |
|
|
|
|
Fellow Subsidiary Company : |
·
Dymos Inc., South Korea · Dymos Lear Automotive India Private Limited, India ·
Hyundai Assan Otomotiv Sanayi ve Tic A.S · Hyundai Espana Distribution Automobiles ·
Hyundai Motor Australia ·
Hyundai Motor CIS LLC, ·
Hyundai Motor Company CZ S.R.O. ·
Hyundai Motor Company Italy S.R.L ·
Hyundai Motor Deutschland Gmbh ·
Hyundai Motor Europe ·
Hyundai Motor France ·
Hyundai Motor Group (China) Limited · Hyundai Motor India Foundation ·
Hyundai Motor Norway AS ·
Hyundai Motor ·
Hyundai Motor UK Limited ·
Rotem Automotive India Private Limited ·
Rotem Company ·
WIA Automotive Engine ( ·
WIA Corporation |
CAPITAL STRUCTURE
(AS ON 30.07.2012)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14000000 |
Equity Shares |
Rs.1000/- each |
Rs.14000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8125411 |
Equity Shares |
Rs.1000/- each |
Rs.8125.411
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 |
|
8125.411 |
8125.411 |
|
(b) Reserves & Surplus |
|
33951.210 |
31251.720 |
|
(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) |
|
42076.621 |
39377.131 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
18666.600 |
19815.560 |
|
(b) Deferred tax liabilities (Net) |
|
1754.850 |
1974.140 |
|
(c)
Other long term liabilities |
|
649.430 |
595.330 |
|
(d)
long-term provisions |
|
2534.340 |
1833.430 |
|
Total
Non-current Liabilities (3) |
|
23605.220 |
24218.460 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
3170.290 |
2931.510 |
|
(b)
Trade payables |
|
25778.400 |
21108.650 |
|
(c)
Other current liabilities |
|
7832.460 |
6464.510 |
|
(d)
Short-term provisions |
|
7378.420 |
2733.710 |
|
Total
Current Liabilities (4) |
|
44159.570 |
33238.380 |
|
|
|
|
|
|
TOTAL |
|
109841.411 |
96833.971 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
37340.740 |
35875.950 |
|
(ii)
Intangible Assets |
|
1222.830 |
366.960 |
|
(iii)
Capital work-in-progress |
|
4576.841 |
4802.711 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
1370.000 |
1370.000 |
|
(c) Deferred tax assets
(net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
|
1631.850 |
597.340 |
|
(e)
Other Non-current assets |
|
0.000 |
0.000 |
|
Total
Non-Current Assets |
|
46142.261 |
43012.961 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
10.100 |
10.050 |
|
(b)
Inventories |
|
15865.400 |
12037.270 |
|
(c)
Trade receivables |
|
9283.850 |
8152.980 |
|
(d)
Cash and cash equivalents |
|
19059.990 |
18112.690 |
|
(e)
Short-term loans and advances |
|
18322.940 |
14566.450 |
|
(f)
Other current assets |
|
1156.870 |
941.570 |
|
Total
Current Assets |
|
63699.150 |
53821.010 |
|
|
|
|
|
|
TOTAL |
|
109841.411 |
96833.971 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
8125.411 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
24725.410 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
32850.821 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
22201.736 |
|
|
TOTAL BORROWING |
|
|
22201.736 |
|
|
DEFERRED TAX LIABILITIES |
|
|
2188.782 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
57241.339 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
40632.365 |
|
|
Capital work-in-progress |
|
|
794.235 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
1370.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
12646.556
|
|
|
Sundry Debtors |
|
|
20618.115
|
|
|
Cash & Bank Balances |
|
|
4514.237
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
11793.923
|
|
Total
Current Assets |
|
|
49572.831
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
|
28360.310
|
|
|
Other Current Liabilities |
|
|
2312.305
|
|
|
Provisions |
|
|
4455.477
|
|
Total
Current Liabilities |
|
|
35128.092
|
|
|
Net Current Assets |
|
|
14444.739
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
57241.339 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
221034.810 |
194654.120 |
196225.440 |
|
|
|
Other Income |
3965.060 |
3973.270 |
6468.230 |
|
|
|
TOTAL (A) |
224999.870 |
198627.390 |
202693.670 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
181484.140 |
157854.900 |
|
|
|
|
Purchases of stock-in-trade |
701.910 |
910.290 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(2339.190) |
(540.990) |
188566.050 |
|
|
|
Employee benefit expense |
4762.040 |
4010.220 |
|
|
|
|
Other expenses |
19032.770 |
16743.340 |
|
|
|
|
TOTAL (B) |
203641.670 |
178977.760 |
188566.050 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
21358.200 |
19649.630 |
14127.620 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
981.310 |
443.960 |
967.870 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
20376.890 |
19205.670 |
13159.750 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
7831.990 |
7077.290 |
7529.020 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
12544.900 |
12128.380 |
5630.730 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
4182.870 |
4185.540 |
1875.440 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
8362.030 |
7942.840 |
3755.290 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
30283.000 |
24153.330 |
22007.040 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
836.000 |
|
187.760 |
|
|
|
Proposed Dividend |
4875.000 |
|
1218.810 |
|
|
|
Tax on Proposed Dividend |
791.000 |
|
202.430 |
|
|
BALANCE CARRIED
TO THE B/S |
32143.030 |
30282.500 |
24153.330 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
NA |
73002.800 |
95042.120 |
|
|
|
Interest Income |
NA |
219.3400 |
447.800 |
|
|
|
Recovery of Freight and Insurance on Exports |
NA |
5810.330 |
6044.790 |
|
|
|
Income from Services |
NA |
0.000 |
137.630 |
|
|
|
Others |
NA |
26.060 |
29.420 |
|
|
TOTAL EARNINGS |
NA |
79058.530 |
101701.760 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
NA |
5675.100 |
908.470 |
|
|
|
Raw Materials |
NA |
31503.800 |
29772.150 |
|
|
|
Traded Finished Goods |
NA |
357.820 |
0.000 |
|
|
TOTAL IMPORTS |
NA |
37536.720 |
30680.620 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1029.12 |
977.53 |
462.17 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
3.72
|
3.92 |
1.85 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.68
|
6.25 |
2.87 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.07
|
13.38 |
6.24 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30
|
0.31 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.52
|
0.58 |
0.68 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.44
|
1.62 |
1.41 |
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 |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if
available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOANS
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
Long Term
Borrowings |
|
|
|
Foreign currency
loans from banks |
5127.500 |
7340.120 |
|
Deferred sales tax loan unsecured |
13056.400 |
11992.740 |
|
|
|
|
|
Short Term
Borrowings |
|
|
|
Working Capital
Loans from Banks |
3170.290 |
2931.510 |
|
|
|
|
|
Total |
21354.190 |
22264.370 |
GLOBAL SCENARIO
Financial year
2011-12 was a challenging year. The global economy, barely a year after
recession, witnessed lower economic growth. Natural calamities in Japan, uprisings
in Middle East and the sovereign debt crisis in European economies marked the
progress of the year. Affirmative action by European Central bank has ensured a
safe resolution of the debt crisis helping economic revival in the region. The
improvements in the US economy also contributed to the global growth.
INDIAN SCENARIO
Despite all this,
Indian economy showed a GDP growth of 6.9%, a growth rate that places it among
the high growth economies of the world. The industrial sector showed a growth of
3.9%. Continued global uncertainty, persistent inflation and fiscal deficit led
to a sharp depreciation of the rupee. The Indian Rupee has depreciated nearly
20% against US dollar marking new risk for Indian Economy. In spite of RBIs
best efforts, inflation remained high at 8.6% in 2011-12. Liquidity was
tightened to tame inflation which resulted in high interest rates.
INDUSTRY SCENARIO
Rising interest
rates, steep rise in input costs, frequent price increase of raw materials,
sudden depreciation of rupee against major currencies together with labor pangs
are certain key reasons behind the alarming drop in car sales. Costlier fuel
and high interest rates on auto loans was a double blow on auto industry. Total
passenger car sales in India in 2011-12 stood at 20,16,115 units as against
19,72,845 units in the previous year representing a growth of 2.19%. The year
also witnessed some exciting new model launches.
Despite these
constraints and challenging environment, the Company performed reasonably well.
The Company achieved a total production of 630,756 units as against 594,630
units last year, representing a growth of 6%. The increase was mainly due to
introduction of new Fluidic Verna, Eon and increased efficiency.
Due to growth in diesel
car segment and new product offerings, domestic sale recorded a growth of 8%
with 388,615 units as against 358,583 units in the previous year.
In exports, the
company’s volume has gone up by 2% from 233,058 units to 237,471 units due to
penetration of markets in Africa, Latin America and Middle East. However
European markets continue to be sluggish. The company maintained a market share
of 19.2% in the domestic passenger car segment.
FINANCIAL HIGHLIGHTS AS COMPARED TO PREVIOUS YEAR
ARE AS UNDER:
Total revenue from
operations increased by 13.28 % to Rs.225,000 millions (Rs.198, 627 millions).
Profit Before Tax increased by 3.4%, to Rs.12,544 millions (Rs.12,128 millions)
Profit After Tax increased by 5.3%, to Rs.8,362 millions (Rs.7,943 millions)
The Company
continues to adopt the Government guidelines regarding capitalization of long
term exchange gain or loss to fixed assets.
Accordingly the
company capitalized Rs.522 millions of exchange fluctuation arising out of long
term loans to fixed assets. The company will apply the same principle till end
March, 2020.
FINANCE
The company has
successfully managed its cash flow efficiently and preserved credit lines to
maintain a comfortable liquidity position by following a prudent financial
policy with optimum financial gearing at all times. The Company continued to
maintain highest credit rating of A1+ from CRISIL for its short term
borrowings. During the financial year, the company repaid four installments of
External Commercial borrowing of USD 63 millions. The borrowing of the Company
stood at Rs.11,502 millions. The Companies total debt to equity ratio was 0.52
as at March 31, 2012.
The Company has a
comprehensive Currency Risk Management policy to minimize the currency risk
using appropriate hedging strategies. Even though the rupee value was stable in
the first part of the year, it depreciated drastically in the second part. As a
part of the hedging strategy, the Company has booked forward contract against
US Dollar to minimize the effect of the exchange fluctuation. The Company has
adopted AS 30 for accounting Forward Contract.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10226132 |
29/06/2010 |
1,000,000,000.00 |
STATE INDUSTRIES
PROMOTION CORPORATION OF TAMILNADU LIMITED |
19-A ,MARSHALLS
ROAD, EGMORE, MADRAS, TAMILNADU - 600008, INDIA |
A88401740 |
FIXED ASSETS:
·
·
Building
·
Plant and Machinery
·
Furniture and Fittings
· Computer Equipments
· Office Equipments
· Furniture and Fixtures
·
Data Processing Equipment
· Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records 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 t 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.99.02 |
|
Euro |
1 |
Rs.83.80 |
INFORMATION DETAILS
|
Information Gathered
by : |
PDT |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
65 |
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.