|
Report Date : |
11.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
HONDA CARS INDIA LIMITED (w.e.f 06.09.2012) |
|
|
|
|
Formerly Known
As : |
HONDA SIEL CARS INDIA LIMITED HONDA SIEL CARS INDIA PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
409, Tower B, DLF Commercial Complex, Jasola, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
05.12.1995 |
|
|
|
|
Com. Reg. No.: |
55-203983 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 7743.800
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U15114DL1995PLC203983 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELH08002B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACH1765Q |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing and Selling of Motor Cars, Parts and Related Services. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 59600000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of “Honda Motor Company Limited, Japan”. It is a well-established and reputed company having satisfactory track
record. The company is continuously incurring losses from its operations. However, general financial position of the company is good. Networth
of the company is decent. Directors are well-experienced and knowledgeable
businessmen. Trade relations are reported as trustworthy. Business is active.
Payments are reported to be usually correct. In view of strong holding, the company can be considered normal for
business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 DECLINED
MANAGEMENT NON-COOPERATIVE
[CONTACT NO.: 91-22-67895001]
LOCATIONS
|
Registered Office : |
409, Tower B, DLF Commercial Complex, Jasola, New Delhi – 110025,
India |
|
Tel. No.: |
91-11-41680694 |
|
Fax No.: |
91-11-41680696 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 / Zonal
Office North & East Zone : |
Plot No. A-1, Sector 40/ 41, Surajpur-Kasna Road, Greater
Noida Industrial Development Area, District Gautam Budh Nagar - 201306, Uttar
Pradesh, India |
|
Tel. No.: |
91-120-2341313/ 1321/ 1327/ 1801/ 1806 |
|
Fax No.: |
91-120-2341261 |
|
|
|
|
Factory 2 : |
SPL-1, Tapukara Industrial Area, Khushkera, District Alwar, Rajasthan, India |
|
|
|
|
Zonal Office – Mumbai : |
Zonal Office – West, D-126, TTC Industrial Area, MIDC
Shiravane, Nerul,Thane-Belapur Road, Navi Mumbai - 400706, Maharashtra, India |
|
Tel. No.: |
91-22-67895000/ 5001/ 5002/ 5003 |
|
|
|
|
Zonal Office – Chennai : |
Technical Support Centre, Old No 26/ New No46, Opposite
ICICI Bank, Ambattur Industrial Estate, Ambattur, Chennai – 600058,
Tamilnadu, India |
|
Tel. No.: |
91-44-42083774/ 75/ 76/ 78 |
DIRECTORS
AS ON 05.08.2013
|
Name : |
Hironori Kanayama |
|
Designation : |
Nominee director |
|
Address : |
House No. C-495, First Floor, Defence Colony, New Delhi - 110024,
India |
|
Date of Birth/Age : |
07.12.1953 |
|
Qualification : |
Bachelor of Arts
(Literature) |
|
Date of Appointment : |
31.08.2012 |
|
DIN No.: |
05235686 |
|
|
|
|
Name : |
Hiroyuki Kachi |
|
Designation : |
Whole-time director |
|
Address : |
House No. E-123, The Icon DLF City, Phase-V, Gurgaon – 122009,
Haryana, India |
|
Date of Birth/Age : |
08.07.1963 |
|
Date of Appointment : |
05.08.2013 |
|
DIN No.: |
06542784 |
|
|
|
|
Name : |
Mr. Raman Kumar Sharma |
|
Designation : |
Nominee director |
|
Address : |
House No. 70, Sector- 9, Faridabad- 121006, Haryana, India |
|
Date of Birth/Age : |
12.01.1956 |
|
Qualification : |
B-Tech from IIT
Kharagpur, PGDBM from I IM - Ahmedabad |
|
Date of Appointment : |
08.09.2007 |
|
Voter ID No.: |
HR0652630082 |
|
DIN No.: |
01381382 |
|
|
|
|
Name : |
Shigeru Yamazaki |
|
Designation : |
Nominee director |
|
Address : |
House No. D-30, First Floor, Pamposh Enclave, Greater Kailash - I, New
Delhi- 110048, India |
|
Date of Birth/Age : |
07.01.1958 |
|
Qualification : |
Bachelor of
Economics |
|
Date of Appointment : |
31.08.2012 |
|
DIN No.: |
05237170 |
|
|
|
|
Name : |
Jiro Morisawa |
|
Designation : |
Nominee director |
|
Address : |
House No. R-143, Ground Floor, Greater Kailash - I, New Delhi - 110048,
India |
|
Date of Birth/Age : |
24.02.1967 |
|
Qualification : |
Bachelor of
Economics |
|
Date of Appointment : |
10.08.2011 |
|
DIN No.: |
03493736 |
|
|
|
|
Name : |
Yoshiyuki Matsumoto |
|
Designation : |
Director |
|
Address : |
Hotel Le Meridien Windsor Place, Janpath, New Delhi – 110001,
India |
|
Date of Birth/Age : |
14.01.1958 |
|
Date of Appointment : |
05.08.2013 |
|
DIN No.: |
06542714 |
|
|
|
|
Name : |
Toshio Sugiyama |
|
Designation : |
Nominee director |
|
Address : |
House No. S-358, First Floor, Greater Kailash - II, New Delhi- 110048,
India |
|
Date of Birth/Age : |
12.03.1955 |
|
Qualification : |
Management
Engineering |
|
Date of Appointment : |
10.08.2011 |
|
DIN No.: |
03504548 |
|
|
|
|
Name : |
Koichiro Kageta |
|
Designation : |
Nominee director |
|
Address : |
House No. S-545, First Floor, Greater Kailash-II, New Delhi - 110048,
India |
|
Date of Birth/Age : |
05.08.1963 |
|
Qualification : |
Bachelor of
Society Studies, Social Science |
|
Date of Appointment : |
10.08.2011 |
|
DIN No.: |
03493628 |
KEY EXECUTIVES
|
Name : |
Mr. Arun Pratap Singh |
|
Designation : |
Secretary |
|
Address : |
614, Mahagun Maple, Sector- 50, Noida - 201301, Uttar Pradesh, India |
|
Date of Birth/Age : |
01.02.1972 |
|
Date of Appointment : |
20.08.2007 |
|
PAN No.: |
ANNPS4540D |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 05.08.2013
|
Names of Shareholders |
|
No. of Shares |
|
Honda Motors Company Limited, |
|
569973747 |
|
Asian Honda Motor Company Limited, Thailand |
|
204402515 |
|
Honda Motor Company Limited, Japan Jointly with Shigeru Yamazaki |
|
1 |
|
Honda Motor Company Limited, Japan Jointly with Hiroyuki Kachi |
|
1 |
|
Honda Motor Company Limited, Japan Jointly with Jiro Morisawa |
|
1 |
|
Honda Motor Company Limited, Japan Jointly with Hironori Kanayama |
|
1 |
|
Honda Motor Company Limited, Japan Jointly with Koichiro Kageta |
|
1 |
|
Honda Motor Company Limited, Japan Jointly with Toshio Sugiyama |
|
1 |
|
|
|
|
|
Total |
|
774376268 |
AS ON 05.08.2013
|
Equity Share Breakup |
Percentage of Holding |
|
Category |
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
100.00 |
|
|
|
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Selling of Motor Cars, Parts and Related Services. |
||||
|
|
|
||||
|
Products/ Services : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
· JP Morgan Chase Bank, N.A. J.P. Morgan Tower, Off C.S.T. Road, Kalina, Santacruz (East), Mumbai - 400098, Maharashtra, India · Citi Bank N.A. 3rd Floor, Jeevan Bharti Building, 124, Connaught Circus, New Delhi - 110001, Delhi, India · Mizuho Corporate Bank Limited 4th Floor, East Tower, Sood Tower, 25, Barakhamba Road, New Delhi - 110001, India · HSBC Bank (Mauritius) Limited HSBC Centre, 18, Cybercity, Ebene, - NA, Mauritius · Standard Chartered Bank (Acting as an Security Agent) C D U, Narain Manzil, 23 Barakhamba Road, New Delhi - 110001, India · Kotak Mahindra Bank Punjab National Bank ICICI Bank Limited HDFC Bank Limited Bank of Tokyo-Mitsubishi UFJ Limited State Bank of India Deutsche Bank AG Punjab National Bank, Custom |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
A. F. Ferguson
and Company Chartered Accountants |
|
Address : |
9, SC India
House, Kasturba Gandhi Marg, New Delhi, India |
|
Income-tax
PAN of auditor or auditor's firm : |
AABFA5846M |
|
|
|
|
Holding company : |
Honda Motor
Company Limited, Japan |
|
|
|
|
Joint venture : |
· Rajasthan Prime Steel Processing Center Private Limited Bestex MM India Private Limited Global Auto Parts Alliance India Private Limited |
|
|
|
|
Fellow Subsidiary
company : |
· American Honda Motor Company, Inc. Asian Honda Motor Company, Limited Honda Access Asia & Oceania Company Limited Honda Auto parts Manufacturing (M) Sdn. Bhd. Honda Automobile (Thailand) Company Limited Honda Cars Philippines, Inc. Yutaka Autoparts India Private Limited Honda Express Logistics India Private Limited Honda Kaihatsu Company Limited Honda Malaysia Sdn. Bhd. Honda Motor China Company Limited Honda Motor India Private Limited Honda Motorcycle & Scooter India Private Limited Honda Parts Manufacturing Corporation Honda R & D Asia Pacific Company Limited Honda Trading Philippines Ecozone Corp Honda R&D Company Limited Honda R&D (India) Private Limited
[U51202HR2003PTC035129] Honda Siel Power Products Limited Honda Trading (Asia) Company Limited [formerly known as
Honda Trading (Thailand) Company Limited] Honda Trading China Company Limited Honda Trading Corporation India Private Limited Honda Trading Corporation Honda Trading Europe Limited Honda Access Corporation Limited Honda Trading South China Company Limited PT. Honda Prospect Motor PT. Honda Precision Parts Manufacturing Yachiyo India Manufacturing Private Limited
[U34300RJ2008FTC026306] Wuhan Honda Trading Company Limited Honda Engineering Asian Company Limited Honda of the U.K. Mfg Limited Honda Motor Europe Limited Honda Automoveis Do Brasil Limited Honda Motor Southern Africa (Pty) Limited Honda Kaihatsu India Hospitality Private Limited Honda Trading Philippines Ecozone Corporation Shanghai Honda Trading Company Limited Taiwan Honda Trading Company Limited Honda Engineering Company Limited Honda Taiwan Motor Company Limited Honda Vietnam Company Limited |
CAPITAL STRUCTURE
AS ON 05.08.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,000,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 10000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
774,376,268 |
Equity Shares |
Rs. 10/- each |
Rs. 7743.800
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
7743.800 |
5699.700 |
3600.000 |
|
(b) Reserves & Surplus |
7167.000 |
7308.300 |
3452.800 |
|
(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) |
14910.800 |
13008.000 |
7052.800 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3111.700 |
2533.800 |
2626.600 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
141.700 |
84.500 |
96.200 |
|
Total Non-current
Liabilities (3) |
3253.400 |
2618.300 |
2722.800 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
6560.500 |
3852.400 |
9279.000 |
|
(b) Trade
payables |
9416.900 |
8514.100 |
8009.800 |
|
(c)
Other current liabilities |
4656.600 |
1991.100 |
1376.100 |
|
(d) Short-term
provisions |
31.100 |
31.800 |
63.100 |
|
Total Current
Liabilities (4) |
20665.100 |
14389.400 |
18728.000 |
|
|
|
|
|
|
TOTAL |
38829.300 |
30015.700 |
28503.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
22080.200 |
16574.900 |
9611.600 |
|
(ii) Intangible
Assets |
265.400 |
64.700 |
53.500 |
|
(iii)
Capital work-in-progress |
4665.000 |
602.300 |
4538.800 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
52.100 |
117.900 |
230.600 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2982.600 |
1553.200 |
2420.300 |
|
(e) Other
Non-current assets |
75.600 |
84.400 |
99.300 |
|
Total Non-Current
Assets |
30120.900 |
18997.400 |
16954.100 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
3648.500 |
5249.300 |
6948.400 |
|
(c)
Trade receivables |
763.600 |
657.800 |
2935.100 |
|
(d) Cash
and cash equivalents |
2724.800 |
3279.900 |
141.900 |
|
(e)
Short-term loans and advances |
1486.600 |
1590.300 |
1519.400 |
|
(f)
Other current assets |
84.900 |
241.000 |
4.700 |
|
Total
Current Assets |
8708.400 |
11018.300 |
11549.500 |
|
|
|
|
|
|
TOTAL |
38829.300 |
30015.700 |
28503.600 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
39599.100 |
32484.600 |
40010.300 |
|
|
|
Other Income |
764.700 |
617.300 |
230.900 |
|
|
|
TOTAL (A) |
40363.800 |
33101.900 |
40241.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
36291.600 |
26255.000 |
31022.300 |
|
|
|
Purchases of stock-in-trade |
0.000 |
579.800 |
1518.900 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
968.500 |
3119.100 |
(1821.100) |
|
|
|
Employee benefit expense |
2611.900 |
1911.800 |
1610.900 |
|
|
|
Other expenses |
8964.300 |
6633.300 |
5538.000 |
|
|
|
Exceptional items |
0.000 |
(2422.000) |
0.000 |
|
|
|
TOTAL (B) |
48836.300 |
36077.000 |
37869.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
(8472.500) |
(2975.100) |
2372.200 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
758.800 |
843.100 |
439.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
(9231.300) |
(3818.200) |
1933.100 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1865.900 |
2226.600 |
2728.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(11097.200) |
(6044.800) |
(795.500) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
0.000 |
1332.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
(11097.200) |
(6044.800) |
(2128.400) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
(2592.000) |
3452.800 |
5581.100 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(13689.200) |
(2592.000) |
3452.800 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
FOB value of exports |
4582.500 |
1556.200 |
169.000 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw material and components |
10066.800 |
10650.100 |
11471.300 |
|
|
|
Cars, parts and others |
161.400 |
469.900 |
806.900 |
|
|
|
Capital Goods |
4342.900 |
631.500 |
19240.600 |
|
|
TOTAL IMPORTS |
14571.100 |
11751.500 |
31518.800 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
(19.20) |
(16.40) |
(5.90) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(27.49)
|
(18.26)
|
(5.29)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(28.02)
|
(18.61)
|
(1.99)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(32.53)
|
(20.63)
|
(3.35)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.74)
|
(0.46)
|
(0.11)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.65
|
0.49 |
1.69 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.42
|
0.77 |
0.62 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
3600.000 |
5699.700 |
7743.800 |
|
Reserves & Surplus |
3452.800 |
7308.300 |
7167.000 |
|
Net
worth |
7052.800 |
13008.000 |
14910.800 |
|
|
|
|
|
|
Long-term borrowings |
2626.600 |
2533.800 |
3111.700 |
|
Short term borrowings |
9279.000 |
3852.400 |
6560.500 |
|
Total
borrowings |
11905.600 |
6386.200 |
9672.200 |
|
Debt/Equity ratio |
1.688 |
0.491 |
0.649 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
40010.300 |
32484.600 |
39599.100 |
|
|
|
(18.809) |
21.901 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
40010.300 |
32484.600 |
39599.100 |
|
Profit/ (Loss) |
(2128.400) |
(6044.800) |
(11097.200) |
|
|
(5.32%) |
(18.61%) |
(28.02%) |
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
Yes |
|
34] |
External Agency Rating,
if available |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10496683 |
05/05/2014 |
609,150,000.00 |
JP MORGAN CHASE
BANK, N.A. |
17TH FLOOR,
CAPITAL TOWER, 168 ROBINSON ROAD, SINGAPORE, - 068912, SINGAPORE |
C05172440 |
|
2 |
10480973 |
11/02/2014 |
1,866,600,000.00 |
CITI BANK N.A. |
3RD FLOOR,
JEEVAN BHARTI BUILDING, 124 CONNAUGHT |
B97776553 |
|
3 |
10475851 |
17/01/2014 |
1,689,275,000.00 |
HSBC BANK
(MAURITIUS) LIMITED |
HSBC CENTRE, 18,
CYBERCITY, EBENE, - NA, MAURITIUS |
B95591939 |
|
4 |
10477194 |
17/01/2014 |
2,461,600,000.00 |
CITI BANK N.A. |
3RD FLOOR,
JEEVAN BHARTI BUILDING, 124 CONNAUGHT |
B96182092 |
|
5 |
10476103 |
10/01/2014 |
1,238,800,000.00 |
JP MORGAN CHASE BANK
N.A. SINGAPORE BRANCH |
17TH FLOOR,
CAPITAL TOWER, 168 ROBINSON ROAD, SINGAPORE, - 068912, SINGAPORE |
B95689196 |
|
6 |
10470174 |
24/01/2014 * |
3,100,000,000.00 |
STANDARD
CHARTERED BANK |
(ACTING AS AN SECURITY
AGENT) C D U, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, DELHI -
110001, |
B94591104 |
|
7 |
10465515 |
18/11/2013 |
1,100,000,000.00 |
JP MORGAN CHASE
BANK, N.A. |
J.P. MORGAN TOWER,
OFF C.S.T. ROAD, KALINA, SANTACRUZ (EAST), MUMBAI, MAHARASHTRA - 400098,
INDIA |
B91687871 |
|
8 |
10453799 |
23/09/2013 |
2,481,600,000.00 |
CITI BANK N.A. |
3RD FLOOR,
JEEVAN BHARTI BUILDING, 124 CONNAUGHT |
B87021671 |
|
9 |
10167250 |
22/06/2009 |
505,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
A66043043 |
|
10 |
10164581 |
10/01/2011 * |
750,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE SENAPATI
BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B03931565 |
|
11 |
10101870 |
24/03/2009 * |
750,000,000.00 |
KOTAK MAHINDRA
BANK LIMITED |
7TH FLOOR,
AMBADEEP BUILDING, KASTURBA GANDHI MARG, NEW DELHI, DELHI - 110001, INDIA |
A59947283 |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Rupee term loans from banks |
1764.100 |
1045.200 |
|
Foreign currency term loans from banks |
1347.600 |
471.200 |
|
Foreign currency term loans from others |
0.000 |
1017.400 |
|
SHORT TERM BORROWINGS |
|
|
|
Foreign currency term loans from banks |
6220.900 |
3498.300 |
|
Loans repayable on demand from banks |
339.600 |
354.100 |
|
|
|
|
|
Total |
9672.200 |
6386.200 |
|
SHORT TERM
BORROWINGS Short term loans are repayable within one year from the year end and carry
interest at LIBOR plus interest rate spread of 0.50% per annum to 0.60% per
annum. Cash credits and other demand loans are repayable on demand and carry
interest rate ranging from 9.25% to 14% per annum. |
||
CHANGE OF ADDRESS:
The registered office of the company has been shifted from Crowne Plaza
Today New Delhi Okhla, Plot No. 1, Community Centre, Okhla Phase – I, New Delhi
- 110020, India to the present w.e.f.15.10.2013.
CORPORATE
INFORMATION
Subject is a public company incorporated under the provisions of the
Companies Act, 1956 on December 5, 1995. The name of the Company has been
changed from Honda Siel Cars India Limited to Honda Cars India Limited w.e.f.
September 6, 2012. The Company is engaged in the business of manufacturing and
selling of motor cars, parts and related services.
THE YEAR IN RETROSPECT
During the year
2012-13, Indian economy remained sluggish. Slowdown persisted, as mining and
manufacturing activity stalled, agriculture output was affected by temporal and
spatial deficiency in rains and services sector witnessed moderation. Growth
has been hobbled by a combination of factors, most notably the investment cycle
downturn, structural bottlenecks, shortage of power, coal and natural gas,
governance concerns, domestic policy uncertainties and slackening of external
demand. The Rupee falling to an all-time low added to the Country’s woes.
Unsurprisingly then, the GDP growth rate slowed markedly during the year
2012-13 and is estimated to be 5 %and the growth of manufacturing sector is
estimated at 1%.
The average
headline wholesale price inflation during 2012-13 at 7.4% was significantly
lower than the 9% recorded in the preceding year. The year-end inflation turned
out to be even lower at 6%. However, consumer price inflation stays in the
double digits, reflecting substantially food inflation pressures.
The year 2012-13
was a challenging year for the Indian automobile industry, with the passenger
car volumes posting de-growth of 6.7%, as against a growth of 2.19% during the
year 2011-12. However, with soaring sales of the UVs and SUVs, the passenger
vehicle industry could manage a growth of 2% - the lowest in almost a decade.
The multiple factors which contributed to this included an overall slowing
economy, high finance rates and a persistently depreciating Rupee, leading to
an increase in the import and production costs. The sharp rise in price of
Petrol during the year affected the sentiments in the market and led to a
significant fall in demand for petrol cars. The overall consumer sentiment was
low, with even high discount levels failing to bring any cheer to the Industry.
Only the SUV and UV segment was an exception with growth of about 52%, which
brought some excitement to an otherwise dull market.
COMPANY’S
OPERATIONS
While the Indian
auto industry was struggling in 2012-13, the Company posted an overall growth
of about 40%, with sales touching 76,105 units during the year 2012-13. The
excellent growth is attributed to the good performance of ‘Honda Brio’ and
‘Honda City’. The Company was successful in establishing the ‘Honda Brio’ in
the market and also at the same time continued its focus on the ‘Honda City’
with minimal spends on advertising and discounts. However, the bottom line
continued to be under stress and worsened further on account of adverse
exchange rates vis-ŕ-vis major currencies including Japanese Yen, US Dollar,
etc.
The Company is now
further gearing up for the Indian market as they move to the next level. With a
proposed robust product line up with relevant fuel options and advanced engine
technologies, they are confident that their new offerings will not just meet,
but exceed the expectations of their customers.
They have started
their journey in the diesel segment with the launch of Honda Amaze in April
2013, and further plan to introduce diesel variants in all the new models.
With their entry
in the diesel segment, they have a great opportunity to increase their
business, because the universe they operate in will increase from 10% currently
to nearly 50% of the total passenger vehicle market in the next few years.
The Company has
also announced fresh investments of INR 2,500 crore to expand its total
installed production capacity in India from the current 120,000 to 240,000 units
per annum by the next financial year.
EXPORTS
During the year
2012-13, the Company took a significant step to expand exports and began export
of ‘Honda Brio’ to South Africa. This is a big milestone for the Company and is
also a testimony to the quality of the ‘Honda Brio’ made in its Plant.
The Company exported 2,622 Nos. of Brio, City, Jazz and Accord cars and
also the Spare Parts and Components.
ACHIEVEMENTS / AWARDS
1. The Honda City
and Honda Brio scored high on quality and won top ranks in JD Power Initial
Quality Study. While, Honda City achieved the distinction of being ranked No.1
for the 10th year in a row and overall for the 12th time, Honda Brio has been
ranked No.1 in the premium hatchback category in the very first year of its
evaluation.
2. The Company also attained the No.1 rank in Sales Satisfaction Index
for the first time in over a decade.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
(a) Claims against the Company not acknowledged as debts:- |
|
|
|
In respect of - excise duty |
1691.300 |
48.100 |
|
- customs duty |
281.500 |
281.500 |
|
- service tax |
50.000 |
222.900 |
|
- income tax |
12357.200 |
4030.000 |
|
- sales/trade tax |
220.300 |
450.100 |
|
- entry tax |
24.100 |
21.000 |
|
- others |
195.800 |
202.200 |
|
(b) During the
financial year 2010-11, the Company had received orders under section 201 of the
Income tax Act, 1961 demanding tax of Rs. 34259.300 millions and interest
thereon of Rs. 13131.300 millions in aggregate from the Income-tax
authorities for the financial years 2004-05 to 2009-10 alleging non-deduction
of withholding tax on imports/ reimbursements of expenses from / to its
associated enterprises. The Company had
also received show cause notices, aggregating to Rs. 34259.300 millions, as
to why penalty for non-deduction of withholding tax be not levied under
section 271C of the Income- tax Act,1961 on the above matter. The Hon'ble
Allahabad High Court, while disposing the Company's writ petitions, vide its
order dated May 30, 2011, had set aside the above orders and the penalty
notices on ground of natural justice. However, the tax authorities were given
the liberty to examine the issue afresh and pass orders in accordance with
law. During the year,
the Company has received fresh show cause notices for the financial years
2004-05 to 2011-12 from Income-tax authorities to re-examine the issue
afresh. Upto 31 March
2013, no order has been passed under section 201 of the Income Tax Act. Liability arising in the above matters in future, if any, is not
ascertainable. (c) The Company has
received various show cause notices for sales / trade tax matters asking for
explanations as to why certain amounts (which in view of the management
cannot be reliably estimated) should not be paid. As these notices are in the
nature of explanations required, the Company does not consider these to
constitute a liability of any kind. (d) The Customs
and Central Excise Settlement Commission (CCESC) had accepted the Company's
contention and settled the customs duty liabilities on import of drawings
under its Technical Collaboration Agreement with Honda Motor Company Limited,
Japan at Rs. 11.700 millions, (previous year Rs. 11.700 millions), (and
provided for in the accounts in previous years) and granted immunity from
penalty as against the demands by customs authorities of Rs. 281.500 millions
(including penalty of Rs. 140.700 millions) [ Previous year Rs. 281.500
millions ( including penalty of Rs. 140.700 millions)]. The customs
authorities had preferred writ petitions in the High Court, challenging the order
of CCESC. During the previous year, the Hon'ble High Court of Delhi vide its
order dated December 23, 2011, has remanded the matter back to the CCESC to
re-examine the issue of valuation of drawings and certain other aspects. The
Company has filed a Special Leave Petition (SLP) before the Hon'ble Supreme
Court of India against the said order which is pending disposal. |
||
FIXED ASSETS:
· Land
Buildings
Plant
and equipment
Factory
equipments
Furniture
and fixtures
Vehicles
Office
equipment
Computer
equipments
Other
equipments
Leasehold
improvements
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,
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. 61.56 |
|
|
1 |
Rs. 103.50 |
|
Euro |
1 |
Rs. 82.41 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
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.