MIRA
INFORM REPORT
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Report Date : |
04.08.2014 |
IDENTIFICATION DETAILS
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Name : |
MOTHERSON SUMI SYSTEMS LIMITED MOTEHRSON SUMI ELECTRIC WIRES DIVISION OF MOTHERSON SUMI SYSTEMS LIMITED |
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Registered
Office : |
2nd
Floor, F-7, Block B-1, Mohan Co-Operative Industrial Estate, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
19.12.1986 |
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Com. Reg. No.: |
55-026431 |
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Capital
Investment / Paid-up Capital : |
Rs. 881.919 Millions |
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CIN No.: [Company Identification
No.] |
L34300DL1986PLC026431 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELM11353G DELM08600E |
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PAN No.: [Permanent Account No.] |
AAACM0405A |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer and Seller of components to Automotive
Original Equipment. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
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MIRA’s Rating : |
A (64) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s healthy financial risk supported by adequate liquidity position and decent profitability of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The 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 – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization policies.
A firm called Ciane Analytics studied returns from assets including
equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate
outperformed every other asset classes during the 23-year period with an
annualized return of 20 % ! Equities came in second with annualized return of
15.5 % ! However, while these returns may seem mouthwatering, the fact is that
the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
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Rating Agency Name |
ICRA |
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Rating |
Term Loans : “AA-” |
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Rating Explanation |
High degree of safety and very low credit
risk. |
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Date |
June, 2014 |
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Rating Agency Name |
ICRA |
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Rating |
CP/STD Programme “A1+” |
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Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
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Date |
June, 2014 |
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
31-03-2014.
INFORMATION DECLINED
MANAGEMENT NON CO-OPERATIVE (Tel. No.: 91-11-40555940)
LOCATIONS
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Registered Office : |
2nd Floor, F-7, Block B-1, Mohan Co-Operative Industrial
Estate, |
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Tel. No.: |
91-11-40555940 |
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Fax No.: |
91-11-40555940 |
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Email : |
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Website : |
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Corporate Office 1 : |
3rd Floor, Bhageria House, 43, Community Centre, New
Friends Colony, New Delhi - 110065, India |
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Tel. No.: |
91-11-26822778 / 26838069 / 26842174 |
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Fax No.: |
91-11-26842174 |
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E-Mail : |
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Corporate Office/ Unit : |
C-14 A and B, Sector-1, Noida - 201301, Uttar Pradesh, India |
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Tel. No.: |
91-120-6752100 |
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Fax No.: |
91-120-2521866 / 2521966 |
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Other Units : |
· Plot No. 73 / 2 & 76 / 2 / 1, Village Marunji, Taluka Mulshi, Dist. Pune 411057, Maharashtra, India Plot No
471-D1, 3rd Main, IVth Phase, Peenya Industrial Area, Bangalore - 560058, Karnataka, India Survey
No 241/1-2, Hinjewadi, Taluka Mulshi, Dist. Pune – 411027, Maharashtra, India A 31
& 32, Sector 60, Noida, Uttar Pradesh, India Plot
No.195 & 196, Sector-4, IMT, Manesar, Gurgaon, Haryana, India D-14,
Sector-59, Noida , Uttar Pradesh, India No 9,
GST Road, Oorapakam, Kanchipuram, Tamilnadu, India 8,
Ayyenchery Village, Oorapakam Panchayat, Kanchipuram - 603202, Tamilnadu,
India Chengalpattu-Sriperumbudur
Road, Pondur Village, Near Sriperumbudur, Sriperumbudur Taluk, Kanchipuram,
Tamilnadu, India B-135
& 206, Phase II, Noida, Dt Gautambudh Nagar - 201305, Uttar Pradesh,
India A-33,
Sector-60, Noida - 201307, Uttar Pradesh, India Tel No.: 91-120-4096700 Fax No.: 91-120-4096709 31-B,
Industrial Area, Phase-I, Kumbalgodu, Bangalore - 560074,
Karnataka, India Tel. No.: 91-80-66651165 R.S.
No. 76/4 & 72/2, Kothapurinatham Road, Thiruvandarkoil,
Mannadipet Commune Panchayat, Puducherry – 605102, India Tel. No.: 91-413-2641084/ 85 Pathredi,
Rajasthan, India Tapukara,
Rajasthan, India · Haldwani, Uttrakhand, India · Faridabad, Haryana, India · Kandla, Gujarat, India · Lucknow, Uttar Pradesh, India |
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Representative
Offices : |
Located at : · Sharjah Germany
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DIRECTORS
As on 31.03.2014
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Name : |
(Late) Mrs. S.L. Sehgal |
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Designation : |
Founder Chairperson |
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Name : |
(Late) Mr. K.L. Sehgal |
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Designation : |
Chairman Emeritus |
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Name : |
Mr. Vivek Chaand Sehgal |
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Designation : |
Vice Chairman |
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Name : |
Maj. Gen. Amarjit Singh (Retd.) |
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Designation : |
Director |
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Name : |
Mr. Sushil Chandra Tripathi, IAS (Retd.) |
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Designation : |
Director |
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Name : |
Mr. Toshimi Shirakawa |
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Designation : |
Director |
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Name : |
Mr. Arjun Puri |
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Designation : |
Director |
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Name : |
Mr. Gautam Mukherjee |
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Designation : |
Director |
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Name : |
Ms. Geeta Mathur |
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Designation : |
Director |
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Name : |
Mr. Laksh Vaaman Sehgal |
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Designation : |
Director |
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Name : |
Ms. Noriyo Nakamura |
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Designation : |
Director |
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Name : |
Mr. Pankaj Mital |
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Designation : |
Whole-time Director/ Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
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Category of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter
and Promoter Group |
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4927476 |
0.56 |
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325556564 |
36.91 |
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330484040 |
37.47 |
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21678638 |
2.46 |
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226303625 |
25.66 |
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247982263 |
28.12 |
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Total shareholding of Promoter
and Promoter Group (A) |
578466303 |
65.59 |
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(B) Public Shareholding |
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62619310 |
7.10 |
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996553 |
0.11 |
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136360278 |
15.46 |
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199976141 |
22.68 |
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39377351 |
4.46 |
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35423114 |
4.02 |
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26205606 |
2.97 |
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2470845 |
0.28 |
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1408828 |
0.16 |
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1053647 |
0.12 |
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8370 |
0.00 |
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103476916 |
11.73 |
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Total Public shareholding (B) |
303453057 |
34.41 |
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Total (A)+(B) |
881919360 |
100.00 |
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(C) Shares held by Custodians and
against which Depository Receipts have been issued |
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0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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Total (A)+(B)+(C) |
881919360 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Seller of components to Automotive
Original Equipment. |
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Products : |
Blow Molded Components ·
Heating, Ventilation and Air Conditioning
Ducts ·
Engine and Air Intake Ducts ·
Wind Shield Washer Bottles ·
Radiator Reservoir Tanks ·
Plastic Fuel Tanks (2-Wheelers) ·
Resonator/Pipe Air Intake ·
Arm Rests ·
Bellows ·
Body styling Kit- Spoilers Injection Molded Components · Interior/Exterior Trims and parts · Scuff Plates · Auto A.C. Components · Mirror housings · Under bonnet parts · Structured Plastic components · Inside handles · Body colored painted parts
Modules · IP Module · Door Trims · Floor console Module · Bumper Modules Components for White Goods Industry · Washing machine components · A.C. Components · Refrigerator components
Electronics Industry · T.V. Cabinets and Back Cover Monitor Cabinets and Back Covers |
GENERAL INFORMATION
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No. of Employees : |
Not Divulged |
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Bankers : |
· Axis Bank Limited Citibank
N. A. DBS
Bank Limited HDFC
Bank Limited ICICI
Bank Limited Japan
Bank for International Corporation State
Bank of India The
Bank of Tokyo Mitsubishi UFJ Limited The
Hong Kong and Shanghai Banking Corporation Limited |
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Facilities : |
NOTE: * Working capital loans are secured by first pari passu
charge on entire current assets of the Company including receivables, both present
and future and second pari passu charge over the fixed assets of the Company
including equitable mortgage of specified properties. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse
and Company Chartered Accountants |
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Address : |
Building 8 , 7th
and 8th Floor, DLF Cyber City, Gurgaon-122002, Haryana, India |
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Subsidiaries of the
Company: |
· MSSL Mauritius Holdings Limited MSSL
Mideast (FZE) MSSL
Ireland Private Limited MSSL
Handels GmbH “in Liqu.” Motherson
Electrical Wires Lanka Private Limited MSSL
Tooling (FZE) MSSL
(S) Pte Limited MSSL
(GB) Limited Motherson
Wiring System (FZE) MSSL
GmbH MSSL
Polymers GmbH (till 26.08.2013 - merged with MSSL GmbH) MSSL
Advanced Polymers s.r.o Motherson
Orca Precision Technology GmbH MSSL
s.r.l Unipersonale Samvardhana
Motherson Invest Deutschland GmbH Motherson
Techno Precision México, S.A. de C.V (incorporated on April 9, 2013) MSSL
Australia Pty Limited Motherson
Elastomers Pty Limited Motherson
Investments Pty Limited Global
Environment Management (FZC) Global
Environment Management Australia Pty Limited. MSSL
Global RSA Module Engineering Limited MSSL
Japan Limited Vacuform
2000 (Proprietary) Limited. MSSL
México, S.A. De C.V. MSSL WH
System (Thailand) Co., Limited MSSL
Korea WH Limited MSSL
Automobile Component Limited Samvardhana
Motherson Polymers Limited Samvardhana
Motherson Global Holdings Limited Samvardhana
Motherson Refl ectec Group Holdings Limited SMR
Automotive Holding Hong Kong Limited SMR
Automotive Technology Holding Cyprus Limited SMR
Automotive Mirror Systems Holding Deutschland GmbH SMR
Poong Jeong Automotive Mirrors Korea Limited SMR
Hyosang Automotive Limited SMR
Automotive (Langfang) Co. Limited SMR
Holding Australia Pty Limited SMR
Automotive Australia Pty Limited SMR
Automotive Mirror Technology Hungary Bt SMR
Grundbesitz GmbH and Co. KG SMR
Automotive Mirror Parts and Holdings UK Limited SMR
Automotive Mirrors UK Limited SMR
Automotive Services Portchester Limited (till 09.07.2013) SMR
Automotive Technology Valencia S.A.U. SMR
Automotive Mirrors Services UK Limited SMR
Automotive Technology Holdings USA Partners (till- 31.03.2014 - dissolved) SMR
Automotive Mirror International USA Inc. SMR
Automotive Systems USA Inc. SMR
Automotive Systems France S. A. SMR
Automotive Systems India Limited SMR
Automotive Yancheng Co. Limited SMR
Automotive Beijing Company Limited SMR
Automotive Mirror Technology Holding Hungary Kft SMR
Automotive Systems Spain S.A.U. SMR
Automotive Vision Systems Mexico S.A. de C.V. SMR
Automotive Servicios Mexico S.A. de C.V. SMR
Automotive Mirrors Stuttgart GmbH SMR
Patents S.aR.L. SMR
Automotive Beteiligungen Deutschland GmbH SMR
Automotive Brasil Ltda. SMR
Automotive System (Thailand) Limited SMR
Automotives Systems Macedonia Dooel Skopje SMR
Automotive Operations Japan K.K. SMR
Automotive Vision System Operations USA INC (Incorporated on 17.03.2014) SMR
Mirror UK Limited (Incorporated on 19.03.2014) Samvardhana
Motherson B.V. Samvardhana
Motherson Peguform GmbH SMP
Deutschland GmbH SMP
Logistik Service GmbH (earlier known as SMP Automotive Solutions Personalleasings
GmbH) SMP
Automotive Solutions Slovakia s.r.o Changchun
Peguform Automotive Plastics Technology Co. Limited SMP
Automotive Technology Management Services (Changchun) Co. Limited SMP
Automotive Technology Iberica S.L Samvardhana
Motherson Peguform Barcelona S.L.U (Earlier known as Peguform Module Division
Iberica Cockpits S.L.) SMP
Automotive Technologies Teruel Sociedad Limitada Samvardhana
Motherson Peguform Automotive Technology Portugal S.A PAINTYES
– Sociedade Portuguesa de Pintura, S.A. (till- 30.12.2013- merged with SMP
Automotive Technology Portugal S.A.) SMP
Automotive Systems Mexico S.A. de C.V SMP
Tecnologia Parachoques S.A. de C.V. SMP
Shock Absorber Fabrication Mexico S.A. de C.V SMP
Automotive Produtos Automotivos do Brasil Ltda. Foshan
Peguform Automotive Plastics Technology Co. Limited SMP
Exterior Automotive GmbH (incorporated on 31.05.2013) SMP
Automotive Interiors (Beijing) Co. Limited (incorporated on 31.03.2014) |
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Other Related
Parties : |
Joint
Ventures: · Kyungshin Industrial Motherson Limited Woco
Motherson Elastomer Limited Woco
Motherson Advanced Rubber Technologies Limited Woco
Motherson Limited (FZC) (Indirectly through Subsidiary) Calsonic
Kansei Motherson Auto Products Limited Ningbo
SMR Huaxiang Automotive Mirrors Co. Limited(Indirectly through Subsidiary) Chongqing
SMR Huaxiang Automotive Products Limited (w.e.f. 08.08.2013) (Indirectly
through Subsidiary) Celulosa
Fabril (Cefa) S.A. (Zaragoza, ES) (Indirectly through Subsidiary) Modulos
Rivera Alta S.L.U. (Indirectly through Subsidiary) Samvardhana
Motherson Nippisun Technology Limited (w.e.f. 11.09.2013) Eissmann
SMP Automotive Interieur Slovensko s.r.o. (w.e.f. 31.03.2014) Associate
Companies: · Saks Ancillaries Limited Re-time
Pty. Limited |
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Companies in which
Key Managerial Personnel or their relatives have control/ signifi cant infl
uence: |
· Motherson Auto Limited Motherson
Air Travel Agencies Limited Ganpati
Auto Industries (Partnership Firm) Southcity
Motors Limited Motherson
Techno Tools Limited Motherson
Techno Tools Mideast (FZE) SWS
India Management and Support Service (P) Limited Vaaman
Auto Industry (Partnership Firm) Motherson
Sumi INfotech and Designs Limited Motherson
Engineering Research and Integrated Technologies Limited Moon
Meadows Private Limited Sisbro
Motor and Workshop Private Limited NACHI
Motherson Tool Technology Limited Motherson
(Partnership Firm) Samvardhana
Motherson International Limited (also a joint venturer) A Basic
Concepts Design Pty. Limited ATAR
Mauritius Private Limited Motherson
Auto Solutions Limited Motherson
Machinery and Automations Limited Spheros
Motherson Thermal System Limited Matsui
Technologies India Limited Motherson
Moulds and Diecasting Limited Anest
Iwata Motherson Limited Field
Motor Limited AES
(India) Engineering Limited Motherson
Auto Engineering Service Limited Anest
Iwata Motherson Coating Equipment Limited Nissin
Advanced Coating Indo Co. Limited. Magnetti
Marelli Motherson Holding India BV Magnetti
Marelli Motherson Auto System Limited Samvardhana
Motherson Finance Services Cyprus Limited Motherson
Zanotti Refrigeration System Limited Samvardhana
Motherson Virtual Analysis Limited Tigers
Connect Travel Systems and Solutions Limited Samvardhana
Motherson Holding (M) Private Limited. Motherson
Advanced Tooling Solutions Limited SCCL
Infra Projects Limited Fritzmeier
Motherson Cabin Engineering Limited. Air
Factory Energy Limited CTM
India Limited. MSID
U.S. Inc. Motherson
Consultancies Service Limited (earlier known as Motherson Climate System
Limited) Spirited
Auto Cars (I) Limited Motherson
Lease Solution Limited (formerly Style Motors Limited) Systematic
Conscom Limited MAS
Middle East Limited (FZE) Nachi
Motherson Precision Limited Motherson
Bergstrom HVAC Solutions Private Limited Motherson
Sintermetal Technology Limited Advanced
Technologies and Auto Resources Pte. Limited Edcol
Global Pte. Limited Motherson
Innovative Technologies and Research Radha
Rani Holdings Pte Limited Sehgals
Trustee Company Private Limited (incorporated on 20.03.2014) Nirvana
Agro Products Private Limited (incorporated on 22.01.2014) |
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Joint Venturer: |
· Sumitomo Wiring Systems Limited, Japan Kyungshin
Corporation, Korea Woco
Franz Josef Wolf Holding GmbH, Germany Calsonic
Kansei Corporation, Japan E-Compost
Pty. Limited, Australia Dremotech
GmbH and Co. KG., Germany Cross
Motorsport Systems AG Blanos
Partners S.L. Changshu
Automobile Interior Decoration Co. Limited Ningbo
Huaxiang Electronic Co., Limited Eissmann
Automotive Slovensko s.r.o. |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,873,000,000 |
Equity Shares |
Re.1/- each |
Rs. 2873.000 Millions |
|
25,000,000 |
8% Convertible Cumulative Preference Shares |
Re.1/- each |
Rs. 250.000 Millions |
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|
|
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Total |
|
Rs. 3123.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
881,919,360* |
Equity Shares |
Rs.10/- each |
Rs. 882.000 Millions |
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*During the year the Company has made allotment of 293,973,120 equity shares of Re. 1/- each (Previous year 195,982,080 equity shares of Re. 1/- each) as bonus shares in proportion of one equity share for every two equity shares.
a. Reconciliation of
number of shares
|
Equity Shares: |
As at March 31, 2014 |
|
|
Number |
Rs. in Millions |
|
|
Balance as at the beginning of the year |
587,946,240 |
588.000 |
|
Add: Shares issued to the shareholders of erstwhile Sumi Motherson Innovative Engineering Limited (SMIEL) merged with the Company w.e.f. April 1, 2011, pursuant to the Scheme of Amalgamation. |
-- |
-- |
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Add: Bonus Shares issued during the year by capitalisation of Securities Premium Account/ Capital Redemption Reserve. |
293,973,120 |
294.000 |
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Balance as at the
end of the year |
881,919,360 |
882.000 |
b. Rights,
preferences and restrictions attached to Shares.
Equity Shares: The Company currently has only one class of equity shares having a par value of Re. 1/- per share. Each shareholder is eligible to one vote per share held. The Company declares and pays dividends in Indian rupees. The dividend, if proposed by the Board of Directors, is subject to the approval of the shareholders in the Annual General Meeting, except in case of interim dividend.
In the event of liquidation of the Company, the equity shareholders are eligible to receive the 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. Aggregate number
of Shares allotted as fully paid up by way of bonus shares during 5 years
immediately preceding March 31, 2014.
|
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Aggregate
No. of shares
issued in last 5 years |
Bonus Shares Alloted in the year ended |
||||
|
March 31, 2014 |
March 31, 2013 |
March 31,2012 |
March 31,2011 |
March 31,2010 |
||
|
Equity shares allotted as fully paid bonus shares. |
489,955,200 |
293,973,120 |
195,982,080 |
-- |
-- |
-- |
d. Details of shares
held by shareholders holding more than 5% of the aggregate shares in the
Company.
|
Equity Shares: |
March 31, 2014 |
|
|
Number |
% |
|
|
Samvardhana Motherson International Limited |
318,531,564 |
36.12% |
|
Sumitomo Wiring Systems Limited |
223,013,854 |
25.29% |
As per of the Company, including its register of shareholders/ members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
882.000 |
588.000 |
388.000 |
|
(b) Reserves & Surplus |
18174.000 |
15652.000 |
12463.000 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
(3) Share capital Suspense
Account |
0.000 |
0.000 |
4.000 |
|
Total Shareholders’
Funds (1) + (2) |
19056.000 |
16240.000 |
12855.000 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
4221.000 |
5095.000 |
4399.000 |
|
(b) Deferred tax liabilities (Net) |
115.000 |
177.000 |
214.000 |
|
(c) Other long term liabilities |
143.000 |
152.000 |
156.000 |
|
(d) long-term provisions |
146.000 |
147.000 |
94.000 |
|
Total Non-current Liabilities (3) |
4625.000 |
5571.000 |
4863.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1957.000 |
3263.000 |
4273.000 |
|
(b) Trade payables |
4364.000 |
4778.000 |
4553.000 |
|
(c) Other current
liabilities |
3155.000 |
2341.000 |
2102.000 |
|
(d) Short-term provisions |
3487.000 |
2211.000 |
1624.000 |
|
Total Current Liabilities (4) |
12963.000 |
12593.000 |
12552.000 |
|
|
|
|
|
|
TOTAL |
36644.000 |
34404.000 |
30270.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
14330.000 |
14166.000 |
12164.000 |
|
(ii) Intangible Assets |
14.000 |
30.000 |
13.000 |
|
(iii) Capital
work-in-progress |
519.000 |
861.000 |
1242.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
13.000 |
|
(b) Non-current Investments |
5821.000 |
5132.000 |
3704.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2454.000 |
802.000 |
803.000 |
|
(e) Other Non-current assets |
29.000 |
9.000 |
19.000 |
|
Total Non-Current Assets |
23167.000 |
21000.000 |
17958.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
5628.000 |
5420.000 |
4652.000 |
|
(c) Trade receivables |
5754.000 |
5464.000 |
5428.000 |
|
(d) Cash and cash
equivalents |
191.000 |
658.000 |
202.000 |
|
(e) Short-term loans and
advances |
1785.000 |
1765.000 |
2030.000 |
|
(f) Other current assets |
119.000 |
97.000 |
0.000 |
|
Total Current Assets |
13477.000 |
13404.000 |
12312.000 |
|
|
|
|
|
|
TOTAL |
36644.000 |
34404.000 |
30270.000 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
45245.000 |
43041.000 |
35718.000 |
|
|
|
Other Income |
1083.000 |
915.000 |
931.000 |
|
|
|
TOTAL (A) |
46328.000 |
43956.000 |
36649.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
24225.000 |
24839.000 |
20728.000 |
|
|
|
Purchases of Stock-in-Trade |
1069.000 |
1007.000 |
891.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(152.000) |
(549.000) |
(103.000) |
|
|
|
Employees benefits expense |
4975.000 |
4392.000 |
3454.000 |
|
|
|
Other expenses |
6680.000 |
5782.000 |
5564.000 |
|
|
|
TOTAL (B) |
36797.000 |
35471.000 |
30534.000 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
9531.000 |
8485.000 |
6115.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
417.000 |
535.000 |
598.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
9114.000 |
7950.000 |
5517.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1530.000 |
1453.000 |
1172.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
7584.000 |
6497.000 |
4345.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2233.000 |
1801.000 |
1173.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
5351.000 |
4696.000 |
3172.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
7605.000 |
4785.000 |
3097.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
600.000 |
500.000 |
450.000 |
|
|
|
Additions on amalgamation |
0.000 |
0.000 |
1.000 |
|
|
|
Dividend |
2205.000 |
1176.000 |
890.000 |
|
|
|
Tax on Dividend |
375.000 |
200.000 |
145.000 |
|
|
BALANCE CARRIED
TO THE B/S |
9776.000 |
7605.000 |
4785.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
7274.000 |
5985.000 |
4857.000 |
|
|
|
Dividend Received from Subsidiary |
536.000 |
330.000 |
517.000 |
|
|
|
Service Income |
29.000 |
16.000 |
0.000 |
|
|
|
Miscellaneous Income |
4.000 |
1.000 |
2.000 |
|
|
TOTAL EARNINGS |
7843.000 |
6332.000 |
5376.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
15407.000 |
13100.000 |
11333.000 |
|
|
|
Capital Goods |
429.000 |
1158.000 |
952.000 |
|
|
|
Spares |
184.000 |
134.000 |
97.000 |
|
|
TOTAL IMPORTS |
16020.000 |
14392.000 |
12382.000 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
6.07 |
5.33 |
8.10 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
11.55 |
10.68 |
8.66 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.76 |
15.09 |
12.16 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
25.03 |
22.87 |
17.17 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.40 |
0.40 |
0.34 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.32 |
0.51 |
0.67 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.04 |
1.06 |
0.98 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
388.000 |
588.000 |
882.000 |
|
Reserves & Surplus |
12463.000 |
15652.000 |
18174.000 |
|
Share capital Suspense Account
|
4.000 |
0.000 |
0.000 |
|
Net
worth |
12855.000 |
16240.000 |
19056.000 |
|
|
|
|
|
|
long-term borrowings |
4399.000 |
5095.000 |
4221.000 |
|
Short term borrowings |
4273.000 |
3263.000 |
1957.000 |
|
Total
borrowings |
8672.000 |
8358.000 |
6178.000 |
|
Debt/Equity
ratio |
0.675 |
0.515 |
0.324 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
35718.000 |
43041.000 |
45245.000 |
|
|
|
20.502 |
5.121 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
35718.000 |
43041.000 |
45245.000 |
|
Profit |
3172.000 |
4696.000 |
5351.000 |
|
|
8.88% |
10.91% |
11.83% |
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 |
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 |
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10389750 |
07/11/2012 |
324,000,000.00 |
CITI BANK N.A. |
124, JEEVAN BHARATI BUILDING, CONNAUGHT CIRCUS,, |
B63247159 |
|
2 |
10389753 |
07/11/2012 |
972,000,000.00 |
CITI BANK N.A. |
124, JEEVAN BHARATI BUILDING, CONNAUGHT CIRCUS,, |
B63247654 |
|
3 |
10323128 |
29/10/2012 * |
1,250,000,000.00 |
DBS BANK LTD. |
UPPER GROUND FLOOR, BIRLA TOWER, 25, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B62924378 |
|
4 |
10298858 |
29/09/2011 * |
920,000,000.00 |
DBS BANK LIMITED |
UPPER GROUND FLOOR, BIRLA TOWER, 25, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B25758889 |
|
5 |
10299388 |
29/09/2011 * |
675,000,000.00 |
HSBC BANK (MAURITIUS) LIMITED |
6TH FLOOR, HSBC CENTRE, 18 CYBER CITY, EBENE, MAURITIUS, - 000000, MAURITIUS |
B23617384 |
|
6 |
10134323 |
22/12/2008 |
860,000,000.00 |
CITIBANK N. A. |
DLF SQUARE BUILDING, 9TH FLOOR, JACARANDA MARG, |
A53003604 |
|
7 |
10100514 |
13/10/2008 * |
800,000,000.00 |
CITIBANK N. A. |
JEEVAN VIHAR, 3, SANSAD MARG, NEW DELHI, DELHI |
A51297133 |
|
8 |
10057598 |
12/12/2009 * |
225,000,000.00 |
AXIS BANK LIMITED |
CMC CENTRE, FIRST FLOOR, KARUMUTTU NILAYAM, NO.192, ANNA SALAI, CHENNAI, TAMILNADU - 600002, INDIA |
A78046331 |
|
9 |
90055628 |
20/05/2005 * |
230,000,000.00 |
STATE BANK OF INDIA |
PM 801-5 WHEELOCK HOUSE, PEDDER STREET, CENTRAL HONGKONG, HONG KONG |
- |
|
10 |
90044263 |
09/07/2004 |
5,000,000.00 |
ICICI BANK LIMITED |
9 RAFFLES ROAD, #50.01 REPUBLIC PLAZA, SINGAPORE, |
- |
|
11 |
90043780 |
02/05/2003 |
47,183,000.00 |
FORD INDIA LIMITED |
S.P. KOIL CHENGELPUT, KANCHEEPURAM, KANCHEEPURAM, |
- |
|
12 |
90054841 |
17/03/2003 |
175,000.00 |
FORD INDIA LTD |
SP KOIL CHENGELPUR, KANCHEEPURAM, DELHI, INDIA |
- |
|
13 |
90043504 |
14/08/2002 |
44,000,000.00 |
HDFC BANK LIMITED |
HINDUSTAN HOUSE 5TH FLOOR, 18-20 KASTURBA GANDHI |
- |
|
14 |
90054546 |
01/01/2003 * |
43,600,850.00 |
FORD INDIA LTD |
KOCHIPURAM, KOCHIPURAM, TAMILNADU, INDIA |
- |
|
15 |
90062445 |
07/02/2002 |
39,000,000.00 |
CITYBANK N.A. |
BANDRA KURLA COMPLEX, G-BLOCK BANDRA(E), MUMBAI, |
- |
|
16 |
90330826 |
08/06/2001 * |
30,000,000.00 |
LORD KRISHNA BANK LTD. |
K-2 CHAUDHARYB BUILDING, CONNAUGHT PLACE, NEW DELHI, DELHI, INDIA |
- |
|
17 |
90369307 |
01/08/2001 * |
40,000,000.00 |
ICICI LIMITED |
9- A CONNAUGHT PLACE, NEW DELHI, DELHI, INDIA |
- |
|
18 |
90369306 |
10/11/2000 |
43,800,000.00 |
ICICI BANK LTD. |
9- A CONNAUGHT PLACE, NEW DELHI, DELHI, INDIA |
- |
|
19 |
90369302 |
20/09/2000 |
11,288,000.00 |
FORD INDIA LTD. |
WORLI ROAD NO. 13, WORLI, MUMBAI, MAHARASHTRA, INDIA |
- |
|
20 |
90053875 |
30/03/2000 |
50,000,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH, 17;BARAHKHAMBA ROAD, NEW DELHI, |
- |
|
21 |
90053846 |
13/03/2000 |
50,000,000.00 |
ICICI BANK LTD |
ICICI TOWER ; NBCC MARG ;BISHAM PITAMAH MARH, PAR |
- |
|
22 |
90330800 |
14/09/2000 * |
5,000,000.00 |
UTI BANK LTD. |
KANCHENJUNGA BUILDING, 18 BARAKHAMBA ROAD, NEW DELHI, DELHI, INDIA |
- |
|
23 |
90330786 |
04/11/1999 * |
4,300,000.00 |
STATE BANK OF INDIA |
VIJAYA BUILDING, 17 BARAKHAMBA ROAD, NEW DELHI, DELHI, INDIA |
- |
|
24 |
90330785 |
15/10/1999 |
4,300,000.00 |
STATE BANK OF INDIA |
VIJAYA BUILDING, 17 BARAKHAMBA ROAD, NEW DELHI, DELHI, INDIA |
- |
|
25 |
90330782 |
14/09/2000 * |
27,000,000.00 |
STATE BANK OF INDIA |
VIJAYA BUILDING, 17 BARAKHAMBA ROAD, NEW DELHI, DELHI, INDIA |
- |
|
26 |
90053582 |
23/04/1999 |
665,500,000.00 |
STATE BANK OF INDIA |
NEPZ, NOIDA, UTTAR PRADESH, INDIA |
- |
|
27 |
90368424 |
22/09/1999 * |
210,000,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH VIJAYA BUILDING- 17, BARAKHAMBA ROAD, NEW DELHI, DELHI, INDIA |
- |
|
28 |
90053482 |
17/07/2001 * |
12,500,000.00 |
SBI FACTORS & COMMERCIAL SERVICES LIMITED |
B-1/6; 1ST FLOOR, COMMUNITY CENTRE; JANAKPURI, NEW DELHI, DELHI, INDIA |
- |
|
29 |
90053456 |
17/03/1999 * |
62,000,000.00 |
UTI BANK LTD |
NEW DELHI, NEW DELHI, DELHI - 110001, INDIA |
- |
|
30 |
90330762 |
25/02/2000 * |
20,000,000.00 |
UTI BANK LTD. |
KANCHENJUNGA BUILDING, GROUND FLOOR; 18 BARAKHAMBA ROAD, NEW DELHI, DELHI, INDIA |
- |
|
31 |
90053352 |
07/03/2001 * |
240,000,000.00 |
ICICI LIMITED |
NBCC PLACE, BHISHAM PITAMAH MARG; PRAGATI VIHAR, |
- |
|
32 |
90369223 |
30/09/1999 * |
26,500,000.00 |
ANZ GRINDLAYS BANK LTD. |
H- BLOCK CONNAUGHT PLACE, NEW DELHI, DELHI, INDIA |
- |
|
33 |
90042077 |
19/11/1997 |
52,000,000.00 |
UTI BANK LTD |
NEW DELHI, NEW DELHI, DELHI, INDIA |
- |
|
34 |
90053181 |
22/10/1997 |
100,000,000.00 |
ICICI LTD |
JEEVAN BHARATI; TOWER-II.LEVEL - 6, 124; CONNAUGHT CIRCUS, NEW DELHI, DELHI, INDIA |
- |
|
35 |
90061260 |
01/10/1997 |
100,000,000.00 |
DRESDNER BANK A.G. |
NARIMAN POINT BRANCH, BOMBAY, MAHARASHTRA - 400021, INDIA |
- |
|
36 |
90053160 |
11/03/1998 * |
20,000,000.00 |
STATE BANK OF INDIA |
NEPZ BRANCH, NOIDA PHASE-II, NOIDA, UTTAR PRADESH, INDIA |
- |
|
37 |
90053007 |
26/11/1996 * |
120,000,000.00 |
THE BANK OF TOKYO -MITSUBISHI |
3;PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA |
- |
|
38 |
90368372 |
30/05/1996 |
85,000,000.00 |
THE BANK OF TOKYA LTD. |
JEEVAN VIHAR BUILDING, NEW DELHI, DELHI, INDIA |
- |
|
39 |
90052865 |
22/02/1996 |
120,000,000.00 |
BANK OF TOKYO -MITSUBISHI LTD |
PARLIAMENT STREET, PARAGATI VIHAR, NEW DELHI, TAMILNADU - 110001, INDIA |
- |
|
40 |
90033564 |
26/12/1996 * |
47,170,000.00 |
THE BANK OF TOKYA |
MITSUBISHI BRANCH, 3 ; PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA |
- |
|
41 |
90052399 |
01/02/1994 * |
42,700,000.00 |
STATE BANK OF INDIA |
FRIENDS COLONY, NEW DELHI, DELHI - 110052, INDIA |
- |
|
42 |
90052362 |
14/02/1999 * |
2,500,000.00 |
BANK OF INDIA |
26;COMMUNITY CENTER, ASHOK VIHAR, NEW DELHI, DELHI - 110052, INDIA |
- |
|
43 |
90040649 |
21/03/2013 * |
7,000,000,000.00 |
STATE BANK OF INDIA & OTHERS |
OVERSEAS BRANCH, JAWAHAR VYAPAR BHAWAN, 1, TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA |
B73229064 |
|
44 |
90052178 |
20/11/1997 * |
76,500,000.00 |
STATE BANK OF INDIA |
FRIENDS COLONY, NEW DELHI, DELHI, INDIA |
- |
* Date of charge
modification
UNSECURED LOANS
GENERAL
INFORMATION
Subject is incorporated in India on 19th December, 1986 and is engaged primarily in the manufacture and sale of components to automotive original equipment manufacturers. The Company has manufacturing plants in India and sells primarily in India, Europe and Japan. The Company is a public limited company and is listed on the Bombay Stock Exchange, National Stock Exchange, Ahmedabad Stock Exchange and Delhi Stock Exchange. The Company is a joint venture entity between Samvardhana Motherson International Limited and Sumitomo Wiring Systems Limited, Japan.
MANAGEMENT
DISCUSSIONS AND ANALYSIS
OVERVIEW
MSSL is a leading global Tier 1 supplier of rear view vision systems, interior and exterior modules and wiring harness. The Company has established “strategic supplier partner” relationships with all major global OEMs with its commitment to provide quality products and services in time.
The Company is always focused on doing strategic investments aimed to achieve its long term vision. Key elements of this strategy include continuous profi table growth in order to maintain a healthy balance sheet with investment grade credit metrics and increasing return to shareholders.
MSSL achieved its 2014-15 revenue target of US$ 5 billion, one year in advance of its Vision 2015 with operating margin significantly better than previous year(s) in volatile and difficult market conditions.
The Company continues to report sharp improvement in operating performance driven by its strategy of increasing content per car, global footprint with strong in-house RandD center and improvement in utilization levels. The consistent growth across all divisions and product line even in current sluggish market is due to strong global presence, diversifi ed product portfolio and trust built by the Company among its customers which will further create opportunity on revival of market conditions.
INDIAN VEHICLE and
COMPONENT MARKET
Changing economic and business conditions, evolving consumer preferences, rapid technological innovation and adoption and globalization are creating an increasingly competitive market environment that is driving corporations to transform the manner in which they operate.
The domestic market continued to be challenging for the automotive industry and for the year witnessed a distinct
slowdown/negative growth. The demand was restrained by higher interest rates, infl ation, fuel prices, volatile commodity market, industrial unrest and adverse forex fluctuations.
With the new Government at the center having clear majority, focusing on policy decisions, infl ation control and commitment towards industrial and infrastructure development, customer sentiments are expected to improve in the country in medium to long term and stimulate the demand for the Auto industry.
GLOBAL CAR PRODUCTION
The global production of passenger cars and commercial vehicles has increased by 5.1% in 2013-14. There is moderate growth in automotive production in Europe, North America and Asia excluding India.
Segment performance - Automotive / Non Automotive The Company predominantly operates in manufacturing of automotive products and also manufactures non-automotive products. Hence the operations of the company have been classifi ed as Automotive and Non-Automotive.
The CompanyRs.s automotive segment is a supplier of Wiring Harness, High Tension Cords, Wire, Plastic Components, Rubber Components, Cockpit Assembly, Mould for wiring harness components and mould parts, Plastic Molded Components, Brass Terminals, Thermo-Formed Products, Polyurethane Molded Products, Blow Molded Products, HVAC Module, Compressors, Body Control Modules, Meters Clusters, Interior Mirrors, Exterior Mirrors, Bumper Systems, Plastic Components for vehicle exteriors, dashboards and vehicle interior trims. In automotive segment the company supplies to all the leading automobile manufacturers globally.
The participation of automotive segment in the Company’s revenue has improved to 93% from 92% on standalone basis and on consolidated basis it remains identical at 98% in 2013-14. The growth in the automotive segment has contributed to considerable increase in sales by 20% on consolidated basis and 5% on standalone basis, compared to previous year.
In non automotive segment, MSSL is one of the largest suppliers of wiring harnesses to manufacturers of material handling equipments and industrial forklifts. The company offers variety of products like Plastic Components for white goods, Household Wires, Plates, Aerobin, Re-Timer light device, Premium embossed travel case, USB recharging cable to its customers from individual parts to full system solutions.
The Non automotive business witnessed marginal decline in revenues on account of variation in demand for Company’s products, this segment will get benefi ted with the recent acquisition of wiring harness business which also has presence into agricultural equipment, material handling equipment and offroad vehicles.
MODULES AND POLYMER
PRODUCTS
Module and Polymer Division of the company specializes in developing and manufacturing wide range of products for both exteriors as well as interiors of the vehicles. Extensive portfolio of products offered consists of comprehensive variety of integrated modules, injection moulded components, slush moulded components, blow moulded components and assemblies. The Company is well positioned to leverage the global trend of using more plastic content in cars, adding more features for comfort and also to upgrade the quality standards with time.
With 49 molding facilities across globe in India, Brazil, China, Mexico, Sharjah, Germany, Portugal, Slovakia, South Africa, Spain and Czech Republic, Polymer division contributed 56% to the Company’s consolidated revenues in 2013-14. Now it is amongst the largest plastic component and module suppliers to the automotive industry in Europe and India.
The division is focusing on adding new value added modules that require specialized engineering abilities. SMP’s advanced production technologies and product range of interior and exterior products for automotive industry give opportunities to the division to expand the operations with the existing customer base.
OUTLOOK
The status of capacity expansions initiated during previous year is as follows:
_ SMP has completed setup of new Greenfi eld facility located in Pearl River delta region at Foshan, China. Ramp up of commercial production will start during fi rst half of 2014-15.
_ SMP has incurred signifi cant amount for construction of new Greenfi eld facility at Schierling, Germany for manufacturing of exterior modules to meet new orders received, commercial production at this plant will commence during 2014-15.
_ SMP has setup new paint line and other improvements at Oldenburg to bring further operational effi ciency to the plant.
_ MSSL Global RSA Module Engineering Ltd. has completed set up a new facility at Durban, South Africa for manufacturing of molded parts like bumpers, instrument panels and door trims for serving increasing customer base.
_ Construction of new facility of MATE at Sanand (Gujarat) is under progress, to meet increasing demand from customers; new facility will start operations during end of 2014-15.
_ MATE has started a new engineering facility in Noida to provide support services to the existing units.
_ SMP made expansion in its plants in Latin America, Spain and China during the year.
Modules and Polymer Business started expanding the capacities at the following locations:
_ SMP is setting up brownfi eld production facility in Bötzingen (Germany) for manufacturing of plastic components to meet new orders, commercial production will start during 2015-16.
_ SMP is setting up new paint line and other improvements at Polinya plant to add capacities and bring further operational effi ciency to the plant.
_ MATE is setting up a new Design and Engineering centre in Chennai to provide designing and engineering services to business units.
_ SMP will be setting up new greenfi eld plant at San José (Mexico) to add the capacities.
_ SMP will be setting up new paint shop at Beijing (China) to add capacities for meeting the requirements of new orders for door trims.
AUTOMOTIVE MIRRORS
Samvardhana Motherson Reflectec (SMR), the mirror division of the company constitutes 30% share of the total business portfolio of MSSL. SMR, a subsidiary of Motherson Sumi Systems Ltd, is a global Tier I supplier of rear view vision systems to all the leading automobile OEMs, including Hyundai Kia, Ford, General Motors, PSA, Renault/Nissan, Suzuki, Fiat, Toyota, Tata JLR, Volvo, BMW, Daimler and Volkswagen. SMR’s mirrors are engineered to optimize aerodynamic properties and integrate technologically advanced features that enhance safety, comfort and aesthetics. SMR focuses on the premium segment, with a product portfolio which covers a wide spectrum of vehicle and price segments, from low-cost mirrors to highly complex premium mirrors incorporating a variety of electronic features.
SMR enjoys approximately 22% market share of the total global exterior mirror sales as assessed by the Company. Principal business activities of SMR include designing, manufacturing, producing and supplying exterior and interior mirrors for the international automotive industry. SMR develops and produces a wide range of exterior mirrors from basic, manually adjusted mirrors to high-value mirrors with integrated systems such as camera-based detection systems, side turn indicator lamps and assist system signal lights. SMR’s interior mirrors product line consists mainly of prismatic mirrors and it also develops highvalue interior mirrors with features such as integrated displays and microphones and garage door openers.
SMR has a sustained focus on research and development. SMR held 609 granted patents, 149 pending patents and 19 registered utility models. Its innovations include several industry firsts, such as the first turn signal in exterior mirrors for Mercedes Benz in 1998; the first interior mirror with multiple functions for Mercedes Benz in 1999; the first LIN-bus system in exterior mirrors for Jaguar in 2001; the first camera-based blind spot detection system for Volvo in 2004; the first LED light guide style turn signal for Audi Q7 in 2005; the fi rst side-looker LED turn signal for Hyundai in 2005; a combined unique power telescopic and power folding mirror for Ford in 2007; the first lamps in exterior mirrors to project logos on the ground for European SUVs in 2011; and the first one-piece exterior mirror glass reflector with an integrated blind spot detector section for North-American SUVs in 2011.
SMR has presence in 14 countries with 22 production facilities, 12 Development, project management and sales commercial centre’s, 3 RandD centre’s, 1 sequence centre and more than 8,000 employees as on March 31, 2014. Focus on technology and innovation has enabled SMR to maintain a leadership position in exterior mirrors and to expand its product portfolio to interior mirrors of various types and blind spot detection cameras, as well as enabling further expansion into new product segments.
OUTLOOK
SMR strategy to focus on vertical integration of selective high potential items, like glass, actuators and wiring harnesses has started giving cost advantage and competitive edge to the business.
The status of capacity expansions initiated during the previous year is as follows:
_ SMR has completed construction of new facility in Langfang (China), commercial production and supplies have started during the year.
_ SMR has expanded capacities at Yancheng (China), to support new orders received from existing customers.
_ SMR has incurred signifi cant amount for setting up new facility at Michigan (USA) to cater to growth coming up in North America market, commercial production will start from 2015-16. SMR started expanding the capacities at the following locations:
_ SMR has started setting up new plant at Chongqing (China) to support sales growth of global customers in China.
_ SMR is setting up new glass line and side turn indicator in India and Thailand for captive consumption.
_ SMR is also expanding its actuator manufacturing in France for mainly supporting in house requirement.
WIRING HARNESSES
The Company is focused on expanding its global footprint and customer base in wiring harness business. The Company’s wiring harness business maintained its leadership position and dominant market share with leading automobile companies in India.The Company is a leading supplier of wiring harnesses to OEMs in India and together with its Joint Ventures has market share in excess of 65% of the passenger car segment in India as assessed by the Company. The comprehensive design capabilities from the vehicle designing stage and extensive product portfolio facilitate continuous gain of market share and rapid growth in revenue than the overall industry.
The high degree of backward integration for key inputs of the product like wires, connectors, terminals and fuse boxes, tube clamps and binders, grommets and seals, caps and sleeves etc enables the Company to further enhance the growth. The Company has in house facilities to manufacture high precision plastic parts specially connectors, fuse boxes and junction boxes for wiring harnesses. It also has well-established tool rooms which develops molds for a wide range of applications from high precision componentsto complicated automobile parts with specialization in wiring harness components. It has further strengthened capabilities for indigenization, in-house development and manufacturing of components for wiring harness.
Superior quality end product, consistent just-in-time product supply and customer service continues to be areas of competitive advantage for the wiring harness business. The customer base of Wiring Harness spans the entire spectrum of the automotive industry and includes passenger cars and MUVs, two wheelers, commercial vehicles, tractors and farm equipment, earth moving and material -handling equipment, electrical and electronics and medical systems.
The Company is expanding its presence globally by setting up new production facilities in key markets in order to support new business and growth. The division currently operates with 40 manufacturing facilities and 7 design centers serving a large number of major automotive, heavy duty and industrial customers worldwide.
The Company with its subsidiaries and joint ventures has its wiring harness manufacturing and support spread across India, Sharjah, Ireland, Sri Lanka, Italy, Japan United Kingdom, Mexico, Thailand and Korea. These locations have been strategically selected to give logistical support to serve major customer destinations. The combination of design, range, quality, infrastructure, technology and proximity helps MSSL emerge as a complete service provider in the field of wiring harness.
OUTLOOK
In addition to expanding business with existing customers in more established markets, MSSL’s expansion plans are focused primarily on emerging markets.
The Company has recently signed an asset purchase agreement to acquire the wiring harness business having turnover of approx. USD 300 million from six manufacturing facilities in Americas. It supplies principally to the commercial vehicles, agricultural equipment, material handling equipment and off-road vehicles. This is by far the largest acquisition for the core business of wiring harnesses. It has strong synergies with the proposed business being acquired in terms of customer segments and products. This acquisition will further strengthen presence in North America where it has in recent past, established wiring harness operations. The status of capacity expansions initiated during previous year is as follows:
_ Wiring Harness Division expanded its capacity at existing facilities in Noida, Chennai, and Bangalore.
_ The ramp up of commercial production and supplies at Mexico and Thailand facility has started during the year.
_ Commercial production started at wire plant set up at Noida for further increase in production capacity of wires by 50,000 Kms per year.
MACHINED METAL
COMPONENTS, RUBBER COMPONENTS AND OTHERS
Metal Machining business is done by Motherson Innovative Engineering Solutions (MINES), a division of MSSL, which has its facility at Bengaluru. Main products manufactured by the division are Gear rim, Gear Wheel, Gear Blanks, Hydraulic cylinder parts, parts for Injection Moulding, Heat Sinks, Gear box Pins. In this fi nancial year the division added two new customers in its list.
In addition to this, the Company has a subsidiary Motherson ORCA Precision Technologies GmbH (MOPT) at Donaueschngen, Germany.
The Rubber Components business is conducted through subsidiary of the Company Motherson Elastomers Pty Ltd in Australia, MAE division of MSSL in Chennai and three joint ventures with WOCO in India and Sharjah
OUTLOOK
_ The Division started its new facility at Mexico for manufacturing machined parts to meet demand from the existing customers and to cater new opportunities in South America automotive market. This facility has started commercial operation during 2013-14.
New facility has been set up at Noida for rubber compounding and moulding, commercial production started during the year.
OPERATIONS AND
PERFORMANCE
On standalone basis for the year 2013-14, the company achieved total revenue of Rs. 45245.000 millions resulting in a growth of about 5% over its total revenue of Rs. 43041.000 millions of the previous financial year ended March 31, 2013. The profit after tax for the year ended March, 2014 at Rs. 5351.000 millions was higher than 14% from the previous financial year ended March 31, 2013 at Rs. 4696.000 millions. The Company has reported the best ever revenues and earnings for the year both on consolidated as well on standalone basis.
EXPORTS
The Company’s exports during the year were Rs. 6975.000 millions as against Rs. 5632.000 millions in the previous fi nancial year. The Company continues to make its efforts towards achieving higher growth by providing cost competitive quality solutions to its customers. In addition, the Company has facilities mainly in Europe, to constantly service the customers as well as scan the market for growth.
AWARDS and
RECOGNITIONS
During the year, the Company received various awards and recognitions, some of which are given below:
Wiring Harness Division (WHD):
The division has been awarded with following appreciations by Customers during the year:
- MARUTI-SUZUKI has conferred the following awards:
• Focused Cost Down
• “Overall Gold Award” for outstanding performance.
• Shield awarded for “Consistent High Quality”
• Shield awarded for “System Audit”
• Shield awarded for “Inner Part Localization”
• Shield awarded for “E- Nagare Schedule Adherence”
- WHD has received the ‘Spare Parts Gold Award’ in the category of Quality and also got the award for being “Winner”in the “Quality Circle Competition 2013- 2014” from Honda Cars India Ltd.
- WHD has received Overall Best Vendor” for being the “Best supplier Quality” and “Best Supplier Award” for the year 2013- 14 from Tata Motors Limited.
- WHD has also received “Best Supplier Award – 2013” for the year 2013-14 from Eicher Motors Limited and New Holland. Polymer Division (MATE): Polymer division of the Company has been awarded with following appreciations by Customers during the year:
- MATE received “Supplier of the Year Gold Award” from Toyota for outstanding performance in the category of “Quality, Cost and Delivery”
- MATE received “Overall Best Supplier Award” from Tata Motors for overall outstanding performance.
- MATE received “Certifi cate of Appreciation in Safety and Timely Capacity Enhancement” Award from Maruti Suzuki.
- MATE received “Value Engineering Award” from Hyundai.
- MATE received “Best Support in New Model Development” award from Honda Cars.
The Company has also been the winner of “Quality Co-Creation Competition (Best Practices)” hosted by Mahindra and Mahindra and Q.C.I.D.M. Supplies performance Award hosted by JCB.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
Claims against the
Company not acknowledge as debts* |
|
|
|
a) Excise Matters |
46.000 |
50.000 |
|
b) Sales Tax Matters |
98.000 |
60.000 |
|
c) Service Tax Matters |
37.000 |
29.000 |
|
d) Stamp Duty |
5.000 |
5.000 |
|
e) Claims made by Workmen |
18.000 |
9.000 |
|
f) Income Tax Matters |
55.000 |
32.000 |
|
NOTE * Against which Company has given bank guarantee amounting to Rs. 33.000 millions (Previous Year Rs. 32.000 millions) |
||
FIXED ASSETS
Tangible Assets
· Lease hold Land
Free hold
Land
Leasehold
improvements
Buildings
Plant and
Machinery
Furniture
and Fixtures
Offi ce
Equipment
Computers
Vehicles
Intangible Assets
· Software
Technical
Knowhow fees
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
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.60.85 |
|
|
1 |
Rs.102.69 |
|
Euro |
1 |
Rs.81.46 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--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 |
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 |
|
64 |
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.