MIRA INFORM REPORT
|
Report Date : |
08.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
GOODYEAR INDIA LIMITED |
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.12.2013 |
|
|
|
|
Date of
Incorporation : |
28.03.1961 |
|
|
|
|
Com. Reg. No.: |
05-008578 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.230.700 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L25111HR1961PLC008578 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELG00070A / RTKG03767B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACG3511H |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing and selling of Automotive Tyres, Truck, Bus,
Car, Tractor, Jeep and LCV Tyres. |
|
|
|
|
No. of Employees
: |
909 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
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 16000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having good track record. Rating reflects sound financial risk profile marked by strong
liquidity position and improvement in performance of the company. Trade relation reported to be fair. Business is active. Payment terms
are reported to be regular and as per commitment. The company can be considered normal for business dealing 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
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
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.
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 DENIED
Management Non Co-operative (91-129-6611000)
LOCATIONS
|
Registered Office / Factory : |
Mathura Road, Ballabgarh, Faridabad – 121004, Haryana, India |
|
Tel. No.: |
91-129-6611000 / 6611111 |
|
Fax No.: |
91-129-2305309 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
Godrej Bhavan, Mathura Road, New Delhi – 110065, India |
|
Tel. No.: |
91-11-26836567 (8 Lines) |
|
Fax No.: |
91-11-26836170 |
|
|
|
|
Corporate Office : |
1st Floor, ABW Elegance Tower, Plot No.8, Commercial Centre, Jasola, New Delhi – 110025, India |
DIRECTORS
AS ON 31.12.2013
|
Name : |
Mr. Daniel Lawrence Smytka |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Rajeev Anand |
|
Designation : |
Vice Chairman and Managing Director |
|
Date of Birth/Age : |
52 Years |
|
Qualification : |
Diploma Mech. Engg. |
|
Experience : |
31 Years |
|
Date of Appointment : |
01.01.1982 |
|
|
|
|
Name : |
Mr. R V Gupta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rajiv Lochan Jain |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. C. Dasgupta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Yashwant Singh Yadav |
|
Designation : |
Director – HR and Corporate Affairs |
|
Date of Birth/Age : |
54 Years |
|
Qualification : |
LL.B, MBA |
|
Experience : |
31 Years |
|
Date of Appointment : |
12.11.2009 |
KEY EXECUTIVES
|
Name : |
Mr. Mark Chandran Ravunni |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Pankaj Gupta |
|
Designation : |
Head – Legal and Company Secretary |
SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
17069215 |
74.00 |
|
|
17069215 |
74.00 |
|
Total shareholding of Promoter and Promoter Group (A) |
17069215 |
74.00 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2204898 |
9.56 |
|
|
9942 |
0.04 |
|
|
3936 |
0.02 |
|
|
240638 |
1.04 |
|
|
2459414 |
10.66 |
|
|
|
|
|
|
531661 |
2.30 |
|
|
|
|
|
|
2477091 |
10.74 |
|
|
297874 |
1.29 |
|
|
231252 |
1.00 |
|
|
5116 |
0.02 |
|
|
141566 |
0.61 |
|
|
11365 |
0.05 |
|
|
73205 |
0.32 |
|
|
3537878 |
15.34 |
|
Total Public shareholding (B) |
5997292 |
26.00 |
|
Total (A)+(B) |
23066507 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
23066507 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and selling of Automotive Tyres, Truck, Bus,
Car, Tractor, Jeep and LCV Tyres. |
GENERAL INFORMATION
|
No. of Employees : |
909 (Approximately) |
|
|
|
|
Bankers : |
· Citibank, Faridabad, Haryana, India · Bank of America, Faridabad, Haryana, India ·
Punjab National Bank, Faridabad, Haryana,
India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
Gurgaon, Haryana, India |
|
|
|
|
Cost Auditors : |
|
|
Name : |
Vijender Sharma and Company Cost Auditors |
|
Address : |
11, (3rd Floor), Hargovind Enclave, Vikas Marg, Delhi- 110092, India |
|
|
|
|
|
|
|
Ultimate Holding
Company : |
The Goodyear Tire and Rubber Company, Akron, Ohio, USA. (since November 29, 2011) |
|
|
|
|
Holding Company : |
Goodyear Orient Company (Private) Limited, Singapore (since November 29, 2011) |
|
|
|
|
Fellow Subsidiaries
: |
·
Goodyear SA (Luxembourg) ·
Goodyear Middle East, FZE ·
Goodyear Dalian Tire Company Limited ·
Goodyear Dunlop Tires France ·
Goodyear (Thailand) Public Company
Limited ·
Goodyear do Brasil Produtos de
Borracha Ltda ·
Goodyear De Colombia S.A ·
PT. Goodyear Indonesia Tbk ·
Goodyear South Africa (Pty.) Limited ·
Goodyear Singapore Tyres ·
Goodyear & Dunlop Tyres (NZ)
Limited ·
Goodyear Marketing & Sales SDN
Bhd ·
TC Debica SA ·
Goodyear & Dunlop Tyres
(Australia) Pty Limited ·
Goodyear South Asia Tyres Private
Limited ·
Goodyear Earthmover Pty Limited ·
Goodyear International Corporation ·
Goodyear Dunlop Tires Operations SA ·
Compania Goodyear Del Peru SA ·
Goodyear SA R&D (Luxembourg) ·
Goodyear Dunlop Tires Germany ·
GRBS Inc., Philippines |
CAPITAL STRUCTURE
As on 31.12.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23066507 |
Equity Shares |
Rs.10/- each |
Rs.230.700 Millions |
|
|
|
|
|
Reconciliation of the number of shares outstanding:
|
Particulars |
No. of Shares |
Rs. In Millions |
|
Balance at the beginning of the year |
23066507 |
230.700 |
|
Balance at the end of the year |
23066507 |
230.700 |
Details of equity shares held by shareholders holding more than 5%
shares:
|
Particulars |
No. of Shares |
% of holding |
|
Goodyear Orient Company (Private) Limited, Singapore |
17069215 |
74 |
|
SBI Magnum Sector Funds Umbrella - Emerging Businesses Fund |
1805590 |
7.8 |
Notes:
1.
The Company has only one class of shares i.e.
equity shares having a par value of Rs. 10/- per share which rank pari passu in
all respects including voting rights and entitlement to dividend. In terms of
applicable laws, in the event of liquidation of the Company, the holders of
equity shares will be entitled 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.
2.
17,069,215 (17,069,215) equity shares are held by
Goodyear Orient Company (Private) Limited, Singapore, the Holding Company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
230.700 |
230.700 |
230.700 |
|
(b) Reserves & Surplus |
4004.300 |
3308.900 |
2934.600 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
4235.000 |
3539.600 |
3165.300 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
129.400 |
111.300 |
110.300 |
|
(c) Other long term liabilities |
27.900 |
0.000 |
0.000 |
|
(d) long-term provisions |
197.300 |
188.100 |
178.200 |
|
Total Non-current Liabilities (3) |
354.600 |
299.400 |
288.500 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
2916.700 |
2572.500 |
2534.300 |
|
(c) Other current
liabilities |
796.800 |
771.900 |
749.600 |
|
(d) Short-term provisions |
290.400 |
237.200 |
250.400 |
|
Total Current Liabilities (4) |
4003.900 |
3581.600 |
3534.300 |
|
|
|
|
|
|
TOTAL |
8593.500 |
7420.600 |
6988.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2102.300 |
1975.700 |
1898.100 |
|
(ii) Intangible Assets |
0.100 |
0.100 |
0.000 |
|
(iii) Capital
work-in-progress |
318.200 |
174.900 |
196.700 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
172.400 |
185.100 |
152.900 |
|
(e) Other Non-current assets |
0.300 |
0.100 |
0.100 |
|
Total Non-Current Assets |
2593.300 |
2335.900 |
2247.800 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
990.000 |
1042.600 |
854.500 |
|
(c) Trade receivables |
1653.000 |
1543.700 |
1307.900 |
|
(d) Cash and cash
equivalents |
3165.600 |
2383.400 |
2490.900 |
|
(e) Short-term loans and
advances |
97.100 |
74.700 |
47.100 |
|
(f) Other current assets |
94.500 |
40.300 |
39.900 |
|
Total Current Assets |
6000.200 |
5084.700 |
4740.300 |
|
|
|
|
|
|
TOTAL |
8593.500 |
7420.600 |
6988.100 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
15687.200 |
14812.900 |
15134.300 |
|
|
|
Other Income |
302.200 |
217.900 |
140.500 |
|
|
|
TOTAL (A) |
15989.400 |
15030.800 |
15274.800 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
7373.700 |
8161.500 |
8232.200 |
|
|
|
Purchases of Stock-in-trade |
3843.900 |
2860.400 |
3227.700 |
|
|
|
Changes in inventories of finished goods, work-in-process and stock-in-trade |
(58.400) |
6.900 |
(133.600) |
|
|
|
Employee benefits expense |
878.400 |
808.500 |
728.700 |
|
|
|
Other expenses |
2259.200 |
2068.100 |
2008.400 |
|
|
|
TOTAL (B) |
14296.800 |
13905.400 |
14063.400 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1692.600 |
1125.400 |
1211.400 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
21.600 |
38.200 |
52.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1671.000 |
1087.200 |
1159.300 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
251.800 |
240.900 |
196.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1419.200 |
846.300 |
962.400 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
478.500 |
283.100 |
316.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
940.700 |
563.200 |
645.900 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2207.900 |
1892.400 |
1513.500 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
100.000 |
60.000 |
80.000 |
|
|
|
Proposed Dividend |
207.600 |
161.500 |
161.500 |
|
|
|
Tax on Dividend |
36.500 |
26.200 |
25.600 |
|
|
BALANCE CARRIED
TO THE B/S |
3804.500 |
2207.900 |
1892.400 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of goods exported |
231.800 |
387.700 |
468.200 |
|
|
|
Commission received |
0.000 |
0.000 |
1.600 |
|
|
|
Recovery for deputation of employees |
74.200 |
48.500 |
24.900 |
|
|
|
Reimbursement of expenses by related parties |
11.800 |
5.800 |
4.600 |
|
|
TOTAL EARNINGS |
317.800 |
442.000 |
499.300 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2261.500 |
2028.200 |
1351.800 |
|
|
|
Components and Spare parts |
3.400 |
2.100 |
2.100 |
|
|
|
Capital Goods |
55.500 |
35.600 |
53.500 |
|
|
TOTAL IMPORTS |
2320.400 |
2065.900 |
1407.400 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
40.78 |
24.41 |
28.00 |
|
QUARTERLY RESULTS
|
Particulars |
31.03.2014 (Unaudited) |
30.06.2014 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
|
Net sales |
3870.700 |
4330.300 |
|
Total Expenditure |
3475.200 |
3883.100 |
|
PBIDT (Excluding Other Income) |
395.500 |
447.200 |
|
Other income |
105.900 |
69.600 |
|
Operating Profit |
501.400 |
516.800 |
|
Interest |
10.000 |
9.400 |
|
Exceptional Items |
0.000 |
0.000 |
|
PBDT |
491.400 |
507.400 |
|
Depreciation |
65.700 |
68.800 |
|
Profit Before Tax |
425.700 |
438.600 |
|
Tax |
144.800 |
149.500 |
|
Profit after tax |
280.900 |
289.100 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
PAT / Total Income |
(%) |
5.88 |
3.75 |
4.23 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.05 |
5.71 |
6.36 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.15 |
11.68 |
14.17 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34 |
0.24 |
0.30 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.50 |
1.42 |
1.34 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
230.700 |
230.700 |
230.700 |
|
Reserves & Surplus |
2934.600 |
3308.900 |
4004.300 |
|
Net
worth |
3165.300 |
3539.600 |
4235.000 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
15,134.300 |
14,812.900 |
15,687.200 |
|
|
|
(2.124) |
5.902 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
15,134.300 |
14,812.900 |
15,687.200 |
|
Profit |
645.900 |
563.200 |
940.700 |
|
|
4.27% |
3.80% |
6.00% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
LITIGATION
DETAILS:
|
High Court of Punjab and Haryana
Chandigarh
|
||||||||||||||||||||||||||||||||||||||||
OPERATIONS
The
Company manufactures automotive bias tyres viz. farm tyres and medium commercial
truck tyres at its Ballabgarh plant and also trades in “Goodyear” branded tyres
[including radial passenger and Off The Road (OTR) bias tyres] manufactured by
Goodyear South Asia Tyres Private Limited (GSATPL), Aurangabad. The other
products in which the Company markets and sells include tubes and flaps.
The sales performance during the year is as follows:
(Rs. In Millions)
|
Tyres
|
16083.600 |
|
Flaps
|
4.300 |
|
Tubes |
971.00 |
The Company
feels proud to have been acclaimed by some of the key tractor Original
Equipment Manufacturers (“OEMs”) like Best Supplier Award by Eicher Tractors,
and Best Supplier in Overall Performance by TAFE (Tractors & Farm Equipment
Limited) in the year 2013.
The
Company has also earned global recognition as a Partner-level supplier for the
year 2013 in the John Deere Achieving Excellence Program. The Partner-level
status is Deere and Company’s highest supplier rating. The honor is in
recognition of The Company’s dedication to providing products and service of
outstanding quality as well as commitment to continuous improvement.
In the
OTR category, The Company has been awarded with a Platinum Certificate, the
highest level certification to a vendor by India’s leading earthmover brand,
Caterpillar. The process involves stringent requirements on Parts per Million,
100% PPAP (Production Part Approval Process) completed on time, Rejections and
supplier shipping performance.
The
Company’s farm business has been re-certified as being a Class A S&OP
entity by Goodyear’s internal global audit team. This certification reinforces
the commitment of the business towards process orientation and a drive towards
continuous improvement.
The
Company feels proud to have been recognized once again by Hyundai Motors
Company for being the best supplier for the year in the tyre commodity. In
addition to this, Goodyear has also been re-certified with the Ford Q1 supplier
award.
This
year also saw the introduction of Run-on-Flat tyres into the consumer
replacement market.
FUTURE
OUTLOOK
The
Consumer replacement tyre industry is likely to post a modest growth in the
year 2014 on the back of a suppressed year 2013. The Company will continue to
introduce new products to its existing consumer tyre portfolio with the
objective of enhancing brand share.
Tractor
sales in India is expected to grow at 7-9 per cent over next 5 years driven by
improving irrigation facilities, resulting into greater certainty on farm income
and increasing cropping intensity and higher yields resulting into higher
incomes. (Source: 2013 CRISIL Research estimate).
The
Prime Minister’s Economic Advisory Council (PMEAC) has estimated farm sector
growth for current fiscal at 4.8 per cent, more than double from last year’s
1.9 per cent.
In
light of the above optimistic scenario, The Company’s farm business is
projected to grow at mid-single digit.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
INDUSTRY
STRUCTURE AND DEVELOPMENTS
There
has been a robust growth registered in the tractor industry. The Company has
taken the opportunity to capitalize on the growth momentum and continues to be
the market leader in the farm category with a growth of 9% in the year 2013 as
compared to last year.
In the
year 2013, passenger vehicles sales declined by 8% (Society of Indian Automobile Manufacturers), which translated to
a depressed passenger tyre demand from the Original Equipment Manufacturer
(OEM) customers.
However,
with The Company, the OEM business has registered a growth in these market
conditions thereby continuing to add valuable market share. Despite the
continuing pressure on consumers purchasing ability as a result of higher
interest rates, fuel prices and food inflation, the Consumer replacement tyre
business has done well and The Company has increased replacement market share
in the year 2013.
OUTLOOK
The
Reserve Bank has estimated growth to fall below 5 per cent in 2013-14 in
absence of pick-up in manufacturing sector, but likely to recover to 5.5
per cent in the next financial year. Inflation rate is likely to drop
marginally from the estimated 9.5% levels in 2014 to 8.5% by the end of 2014.
In
this context, The Company will intensify efforts in all key areas of its
operations to increase profitability through initiatives that are targeted at
improving revenues and margin in order to address market realities and
increasing competitiveness.
Tractor
sales in India is expected to grow at 7-9 per cent over next 5 years driven by
improving irrigation facilities, resulting into greater certainty on farm
income and increasing cropping intensity and higher yields resulting into
higher incomes.
The
Prime Minister’s Economic Advisory Council (PMEAC) has estimated farm sector
growth for current fiscal at 4.8 per cent, more than double from last year’s
1.9 per cent.
In
light of the above optimistic scenario, The Company’s farm business is
projected to grow at mid-single digit.
The passenger
tyre industry is expected to stage a moderate recovery in the year 2014. This
will be on the back of a drop in both OE car sales and production in the year
2013. The Company will continue to seek new OEM fitments, strengthen
relationships with existing OEMs and introduce award winning new products to
its existing consumer tyre portfolio with the objective of enhancing brand
share.
Statement of Unaudited Financial Results for the Quarter and Six
Months Ended June 30, 2014
(Rs. In Millions)
|
Particulars
|
3 months ended 30.06.2014 |
Preceding 3 months ended 31.03.2014 |
Year to date figures for the current period ended 30.06.2014 |
|
|
(Unaudited) |
||
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
4326.100 |
3864.100 |
8190.200 |
|
b) Other operating income |
4.200 |
6.600 |
10.800 |
|
Total
income from Operations(net) |
4330.300 |
3870.700 |
8201.000 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
1794.400 |
1771.000 |
3565.400 |
|
b) Purchases of stock in trade |
1124.900 |
1013.600 |
2138.500 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
142.600 |
(44.300) |
98.300 |
|
d) Employees benefit expenses |
234.200 |
214.300 |
448.500 |
|
e) Depreciation and amortization expenses |
68.800 |
65.700 |
134.500 |
|
f) Other expenditure |
587.000 |
520.600 |
1100.800 |
|
Total expenses |
3951.900 |
3540.900 |
7486.000 |
|
3. Profit from operations before other income and
financial costs |
378.400 |
329.800 |
715.000 |
|
4. Other income |
69.600 |
105.900 |
168.700 |
|
5. Profit from ordinary activities before finance costs |
448.000 |
435.700 |
883.700 |
|
6. Finance costs |
9.400 |
10.000 |
19.400 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
438.600 |
425.700 |
864.300 |
|
8. Exceptional item |
-- |
-- |
-- |
|
9. Profit from ordinary activities before tax
Expense: |
438.600 |
425.700 |
864.300 |
|
10.Tax expenses |
149.500 |
144.800 |
294.300 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
289.100 |
280.900 |
570.000 |
|
12.Extraordinary Items (net of tax expense) |
-- |
-- |
-- |
|
13.Net Profit / (Loss) for the period (11 -12) |
289.100 |
280.900 |
570.000 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
230.700 |
2307.00 |
230.700 |
|
15. Reserve excluding Revaluation
Reserves as per balance sheet of previous accounting year |
|
|
|
|
16.i) Earnings per share (before extraordinary
items) of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic and diluted |
12.53 |
12.18 |
24.71 |
|
|
|||
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
5997292 |
5997292 |
2997292 |
|
- Percentage of shareholding |
26 |
26 |
26 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
-- |
-- |
-- |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
-- |
-- |
-- |
|
Percentage of shares (as a % of total share capital of the
company) |
-- |
-- |
-- |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
17069215 |
17069215 |
17069215 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100 |
100 |
100 |
|
Percentage of shares (as a % of total share capital of the
company) |
74 |
74 |
74 |
|
|
|
|
|
|
B.
Investor Complaints |
3
months ended 30.06.2014 |
||
|
Pending at the beginning of the quarter |
Nil |
||
|
Receiving during the quarter |
1 |
||
|
Disposed of during the quarter |
1 |
||
|
Remaining unreserved at the end of the quarter |
Nil |
||
|
|
|
||
|
Notes for the quarter ended on 30.06.2014 |
|||
|
Tax expenses including
following: |
|
|
|
|
Current tax |
151.300 |
137.600 |
288.900 |
|
Deferred tax |
(1.800) |
7.200 |
5.400 |
STANDALONE
STATEMENT OF ASSTES AND LIABILITIES AS ON 30.06.2014
Rs. In Millions
|
SOURCES OF FUNDS |
30.06.2014 (Unaudited) |
|
I.
EQUITY
AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
230.700 |
|
(b) Reserves & Surplus |
4573.700 |
|
Sub-total Shareholders’ |
4804.400 |
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
|
|
|
|
(3)
Non-current liabilities |
|
|
(a) Long
term borrowings |
0.000 |
|
(b)
Deferred tax liabilities(Net) |
134.900 |
|
(c) Long-term borrowings |
23.900 |
|
(d) Other long-term liabilities |
197.600 |
|
Sub-total of
Non-Current liabilities |
356.400 |
|
|
|
|
(4) Current liabilities |
|
|
(a) Short term borrowings |
0.000 |
|
(b) Trade payables |
2897.200 |
|
(c) Other current
liabilities |
644.900 |
|
(d) Short-term provisions |
74.000 |
|
Sub-total of Current liabilities |
3616.100 |
|
|
|
|
TOTAL |
8776.900 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
2526.400 |
|
(b)
Non-Current investments |
0.000 |
|
(c) Deferred
tax assets (net) |
0.000 |
|
(d) Long
term loans and advances |
142.500 |
|
(e) Other
non-current assets |
0.500 |
|
Sub-total of Non-Current
Assets |
2669.400 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
0.000 |
|
(b) Inventories |
973.700 |
|
(c) Trade receivables |
1541.900 |
|
(d) Cash and cash
equivalents |
3426.100 |
|
(e) Short-term loans and
advances |
74.600 |
|
(f) Other current assets |
91.200 |
|
Sub-total of
Current Assets |
6107.500 |
|
|
|
|
TOTAL |
8776.900 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10022536 |
27/09/2006 |
350,000,000.00 |
BNP
PARIBAS |
1ST
FLOOR, EAST TOWER (SOODTOWERS), 25, BARAKHAMBA ROAD,, NEW DELHI, DELHI -
110001, INDIA |
A05202296 |
|
2 |
90045013 |
12/08/1981 |
25,000,000.00 |
BANK
OF AMERICA NT & SA |
HANSALAYA,
15; BARAKHAMBA, NEW DELHI, DELHI - 110001, INDIA |
- |
FIXED ASSETS:
· Freehold Land
· Buildings
· Plant and Machinery
· Furniture and Fittings
· Vehicles
· Office Equipments
· Computer software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.41 |
|
UK Pound |
1 |
Rs.103.42 |
|
Euro |
1 |
Rs.82.17 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
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 |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
66 |
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.