MIRA INFORM REPORT
|
Report Date : |
28.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
MOTHERSON SUMI SYSTEMS LIMITED |
|
|
|
|
Registered
Office : |
2nd
Floor, F-7, Block B-1, Mohan Co-Operative Industrial Estate, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
19.12.1986 |
|
|
|
|
Com. Reg. No.: |
55-026431 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.588.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L34300DL1986PLC026431 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELM11353G DELM08600E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACM0405A |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturers of
Auto Ancillaries, Wiring Harnesses, Components and High Tension Cords. |
|
|
|
|
No. of Employees
: |
52000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
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 64960000 |
|
|
|
|
Status : |
Good |
|
|
|
|
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 strong financial risk profile 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital firms
in India during 2013, registering a drop of about 18 % over the previous year.
The Information Technology and IT-Enabled Services Industry retained its
status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs 35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term loan A+ |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
September 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non fund based bank facilities A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
August 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED
MANAGEMENT NON CO-OPERATIVE (91-11-40555940)
LOCATIONS
|
Registered Office : |
2nd Floor, F-7, Block B-1, Mohan Co-Operative Industrial
Estate, |
|
Tel. No.: |
91-11-40555940 |
|
Fax No.: |
91-11-40555940 |
|
Email : |
|
|
Website : |
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|
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Corporate Office 1 : |
3rd Floor, Bhageria House, 43, Community Centre, New
Friends Colony, New Delhi - 110 065, India |
|
Tel. No.: |
91-11-26822778 / 26838069 / 26842174 |
|
Fax No.: |
91-11-26842174 |
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E-Mail : |
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Corporate Office 2 : |
C-14 A and B, Sector-1, Noida-201 301, |
|
Tel. No.: |
91-120-6752100 |
|
Fax No.: |
91-120-2521866 / 2521966 |
|
|
|
|
Business Unit : |
Survey No. 71-85 (FISP), Chithamanur Village, Chennai-603204,
Tamilnadu, India |
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|
|
|
Units: |
·
Plot No. 31B, JIADB Industrial Area, Phase –1,
Kumbalgodu, ·
195-196, Sector-4, IMT Manesar, Gurgaon-122050,
Haryana, India ·
Motherson Automotive Technologies and Engineering
(A division of Motherson Sumi Systems
Limited) No. 9, GST Road, Oorapakum Kanchipuram,
District Chennai, Tamilnadu, India ·
B-22, SIDCO Industrial Estate, Hosur, ·
C-6 and 7, 1st and 2nd Floor, Sector – 1, Noida, ·
C-14, A and B, Sector -1, Noida – 201 301, Tel No.: 91-120-2476100 / 2551851 Fax No.: 91-120-2521966 / 2521866 ·
A-15, Sector 6, Noida, ·
Mohan Co-operative, ·
A-60-61, Sector 6, Noida, ·
129/2, Sanghvi Compound, Chinchwad, Pune, ·
Plot No. 21, Industrial Estate, Gurgaon, ·
C-6 and 7, Ground Floor, Sector 1, Noida, ·
D-3, Sector 11, Noida, ·
8, Ayyenchery, Village Oorapakkam Panchyet,
Kancheepuram 603 202, ·
Survey No. 241-1/2, Hinjewadi, Tal Mulshi,
District Pune–411027, Maharashtra, India ·
96/3-P, 96/4, 96/7-P, A Block Indraprastha
Industrial Park, Kumbalgodu Industrial Area, 2nd Phase, Kumbalgodu,
Bangalore, Karnataka, India ·
9, GST Road, Oorapakkam, Kancheepuram District,
Tamilnadu – 603202, Tel No.: 91-44-27467955 / 27467956 Fax No.: 91-44-27465337 ·
B – 135 and 206, Phase – II, Noida – 201301, Tel No.: 91-120-2568790 / 2562728 Fax No.: 91-120-2562726 |
|
|
|
|
Overseas Offices: |
Located At : ·
·
·
Sharjah ·
·
|
DIRECTORS
As on: 31.03.2013
|
Name : |
(Late) Smt. S.L. Sehgal |
|
Designation : |
Founder Chairperson |
|
|
|
|
Name : |
(Late) Sh. K.L. Sehgal |
|
Designation : |
Chairman Emeritus |
|
|
|
|
Name : |
Mr. Vivek Chaand Sehgal |
|
Designation : |
Vice Chairman |
|
|
|
|
Name : |
Maj. Gen. Amarjit Singh (Retd.) |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Sushil Chandra Tripathi, IAS (Retd.) |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Arjun Puri |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Gautam Mukherjee |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Toshimi Shirakawa |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Hideaki Ueshima |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Laksh Vaaman Sehgal |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Pankaj Mital |
|
Designation : |
Whole-time Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.12.2013
|
category of Shareholder |
Total No. of
Shares |
% of Total No.
of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
33631114 |
3.81 |
|
|
318531564 |
36.12 |
|
|
352162678 |
39.93 |
|
|
|
|
|
|
226303625 |
25.66 |
|
|
226303625 |
25.66 |
|
Total shareholding of Promoter and Promoter Group (A) |
578466303 |
65.59 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
68324416 |
7.75 |
|
|
457749 |
0.05 |
|
|
151544969 |
17.18 |
|
|
220327134 |
24.98 |
|
|
|
|
|
|
30704951 |
3.48 |
|
|
|
|
|
|
29464240 |
3.34 |
|
|
21847145 |
2.48 |
|
|
1109587 |
0.13 |
|
|
825212 |
0.09 |
|
|
277062 |
0.03 |
|
|
7313 |
0.00 |
|
|
83125923 |
9.43 |
|
Total Public shareholding (B) |
303453057 |
34.41 |
|
Total (A)+(B) |
881919360 |
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) |
881919360 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of
Auto Ancillaries, Wiring Harnesses, Components and High Tension Cords. |
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|
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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
|
No. of Employees : |
52000
(Approximately) |
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Bankers : |
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Facilities : |
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NOTE: Long Term
Borrowing (Secured Loans)
Short Term
Borrowing 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 : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse
and Company Chartered
Accountants |
|
Address : |
Building 8 , 7th
and 8th Floor, DLF Cyber City, Gurgaon-122002, Haryana, India |
|
|
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Subsidiaries : |
|
|
|
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Joint Ventures: |
|
|
|
|
|
Associate
Companies: |
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|
|
|
|
Companies in
which Key Managerial Personnel or their relatives have control/ signicant
influence: |
|
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2873000000 |
Equity Shares |
Rs.1/- each |
Rs.2873.000 Millions |
|
25000000 |
8% Convertible Cumulative
Preference Shares |
Rs.10/- each |
Rs.250.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 3123.000
Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
587949440 |
Equity Shares |
Rs.1/- each |
Rs.588.000 Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
587946240 |
Equity Shares |
Rs.1/- each |
Rs.588.000 Millions |
|
|
|
|
|
During the year the Company has made allotment of
195982080 equity shares of Rs. 1/- each as bonus shares in proportion of one
equity share for every two equity shares.
After 31.08.2013
Authorised Capital : Rs. 3123.000 Millions
Issued, Subscribed and Paid-up Capital : Rs. 881.919
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 |
588.000 |
388.000 |
388.000 |
|
(b) Reserves & Surplus |
15652.000 |
12463.000 |
9714.000 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Share
capital Suspense Account |
0.000 |
4.000 |
|
|
Total
Shareholders’ Funds (1) + (2) |
16240.000 |
12855.000 |
10102.000 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
5095.000 |
4399.000 |
3458.000 |
|
(b) Deferred tax liabilities (Net) |
177.000 |
214.000 |
225.000 |
|
(c) Other long term
liabilities |
152.000 |
156.000 |
111.000 |
|
(d) long-term
provisions |
147.000 |
94.000 |
55.000 |
|
Total Non-current
Liabilities (3) |
5571.000 |
4863.000 |
3849.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
3263.000 |
4273.000 |
3968.000 |
|
(b) Trade
payables |
4778.000 |
4553.000 |
3633.000 |
|
(c) Other
current liabilities |
2341.000 |
2102.000 |
1885.000 |
|
(d) Short-term
provisions |
2211.000 |
1624.000 |
1503.000 |
|
Total Current Liabilities
(4) |
12593.000 |
12552.000 |
10989.000 |
|
|
|
|
|
|
TOTAL |
34404.000 |
30270.000 |
24940.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
14166.000 |
12164.000 |
8973.000 |
|
(ii)
Intangible Assets |
30.000 |
13.000 |
2.000 |
|
(iii)
Capital work-in-progress |
861.000 |
1242.000 |
1179.00 |
|
(iv)
Intangible assets under development |
0.000 |
13.000 |
0.000 |
|
(b) Non-current Investments |
5132.000 |
3704.000 |
3439.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
802.000 |
803.000 |
1132.000 |
|
(e) Other
Non-current assets |
9.000 |
19.000 |
22.000 |
|
Total Non-Current
Assets |
21000.000 |
17958.000 |
14747.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
5420.000 |
4652.000 |
4277.000 |
|
(c) Trade
receivables |
5464.000 |
5428.000 |
3506.000 |
|
(d) Cash
and cash equivalents |
658.000 |
202.000 |
359.000 |
|
(e)
Short-term loans and advances |
1862.000 |
2030.000 |
2051.000 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total Current
Assets |
13404.000 |
12312.000 |
10193.000 |
|
|
|
|
|
|
TOTAL |
34404.000 |
30270.000 |
24940.000 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
43041.000 |
35718.000 |
28236.000 |
|
|
|
Other Income |
915.000 |
931.000 |
792.000 |
|
|
|
TOTAL |
43956.000 |
36649.000 |
29028.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
24839.000 |
20728.000 |
17012.000 |
|
|
|
Purchase of stock-in-trade |
1007.000 |
891.000 |
895.000 |
|
|
|
Changes in Inventories of
finished goods and work-in-progress |
(549.000) |
(103.000) |
(639.000) |
|
|
|
Employee benefits expense |
4392.000 |
3454.000 |
2572.000 |
|
|
|
Other expenses |
5782.000 |
5564.000 |
4093.000 |
|
|
|
TOTAL |
35471.000 |
30534.000 |
23933.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
8485.000 |
6115.000 |
5095.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
535.000 |
598.000 |
320.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
7950.000 |
5517.000 |
4775.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1453.000 |
1172.000 |
830.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
6497.000 |
4345.000 |
3945.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1801.000 |
1173.000 |
1070.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
4696.000 |
3172.000 |
2875.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4785.000 |
3097.000 |
2430.000 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
500.000 |
450.000 |
300.000 |
|
|
|
Additions on amalgamation |
0.000 |
1.000 |
664.000 |
|
|
|
Dividend |
1176.000 |
890.000 |
1070.000 |
|
|
|
Tax on Dividend |
200.000 |
145.000 |
174.000 |
|
|
BALANCE CARRIED TO
THE B/S |
7605.000 |
4785.000 |
3097.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports includes Deemed Exports of Rs.
353 Mn (Previous Year Rs.364 Mn) |
5985.000 |
4857.000 |
3065.000 |
|
|
|
Dividend Received from Subsidiary |
330.000 |
517.000 |
0.000 |
|
|
|
Interest Received from subsidiary
|
0.000 |
* |
-- |
|
|
|
Service Income |
160.000 |
0.000 |
108.000 |
|
|
|
Miscellaneous Income |
1.000 |
2.000 |
19.000 |
|
|
TOTAL EARNINGS |
6476.000 |
5376.000 |
3192.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
13100.000 |
11333.000 |
10470.000 |
|
|
|
Capital Goods |
1158.000 |
952.000 |
1009.000 |
|
|
|
Spares |
134.000 |
97.000 |
114.000 |
|
|
TOTAL IMPORTS |
14392.000 |
12382.000 |
11593.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
8.10 |
7.50 |
|
QUARTERLY / SUMMARISED
RESULTS
|
Particulars |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
Audited /
UnAudited |
1st Quarter |
2nd Quarter |
3rd Quarter |
|
Net Sales |
10782.200 |
11164.700 |
11059.100 |
|
Total
Expenditure |
9340.000 |
9164.000 |
8882.100 |
|
PBIDT (Excl OI) |
1442.200 |
2000.700 |
2177.000 |
|
Other Income |
165.000 |
106.200 |
112.400 |
|
Operating Profit |
1607.200 |
2106.900 |
2289.400 |
|
Interest |
98.200 |
88.100 |
117.400 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
1509.000 |
2018.800 |
2172.000 |
|
Depreciation |
376.900 |
388.400 |
395.900 |
|
Profit Before
Tax |
1132.100 |
1630.400 |
1776.100 |
|
Tax |
324.100 |
448.700 |
539.400 |
|
Provisions and
contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
808.000 |
1181.700 |
1236.700 |
|
Extraordinary
Items |
0.000 |
0.000 |
0.000 |
|
Prior Period
Expenses |
0.000 |
0.000 |
0.000 |
|
Other
Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
808.000 |
1181.700 |
1236.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
10.68
|
8.65 |
9.900 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
15.09
|
12.16 |
13.97 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.87
|
17.16 |
19.41 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.40
|
0.34 |
0.39 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.51
|
0.67 |
0.73 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.06
|
0.98 |
0.93 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
388.000 |
388.000 |
588.000 |
|
Reserves & Surplus |
9714.000 |
12463.000 |
15652.000 |
|
Net
worth |
10,102.000 |
12,851.000 |
16,240.000 |
|
|
|
|
|
|
long-term borrowings |
3458.000 |
4399.000 |
5095.000 |
|
Short term borrowings |
3968.000 |
4273.000 |
3263.000 |
|
Total
borrowings |
7,426.000 |
8,672.000 |
8,358.000 |
|
Debt/Equity
ratio |
0.735 |
0.675 |
0.515 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
28236.000 |
35718.000 |
43041.000 |
|
|
|
26.498 |
20.502 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
28236.000 |
35718.000 |
43041.000 |
|
Profit |
2875.000 |
3172.000 |
4696.000 |
|
|
10.18% |
8.88% |
10.91% |
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 |
UNSECURED LOAN:
|
Particulars |
31.03.2013 [Rs.
in Millions] |
31.03.2012 [Rs.
in Millions] |
|
LONG TERM
BORROWING |
|
|
|
Term loans |
|
|
|
Foreign currency Loan from banks |
1086.000 |
1017.000 |
|
|
|
|
|
SHORT TERM
BORROWING |
|
|
|
Loans -from Bank |
|
|
|
Indian rupee loan |
418.000 |
834.000 |
|
Other Loans-repayable on demand |
|
|
|
Indian rupee Loan from a related
party |
10.000 |
45.000 |
|
|
|
|
|
Total |
1514.000 |
1896.000 |
NOTE:
Long Term
Borrowing (Unsecured Loan)
|
Particulars |
Terms of Repayment |
|
The Company has given a negative lien on the
assets purchased out of the said facility |
Rs.1086 Mn repayable in 3 yearly installments
starting January 2015 till January 2017 (Previous year Rs. 1017 Mn) |
|
In respect of long term borrowings aggregating Rs.1520 Mn (Previous Year Rs. 4312 Mn), in respect of which certain financial
ratio covenants were not met , the Company has obtained the requisite waivers
from the bank. |
|
INDEX CHARGES:
|
.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.19 |
A78046331 |
|
9 |
90055628 |
20/05/2005 * |
230,000,000.00 |
STATE BANK OF
INDIA |
PM 801-5 WHEELOCK HOUSE, PEDDER STREET, CENTRAL HONGKONG |
- |
|
10 |
90044263 |
09/07/2004 |
5,000,000.00 |
ICICI BANK
LIMITED |
9 RAFFLES ROAD, #50.01 REPUBLIC PLAZA, SINGAPORE - 048619, SINGAPORE |
- |
|
11 |
90043780 |
02/05/2003 |
47,183,000.00 |
FORD INDIA
LIMITED |
S.P. KOIL CHENGELPUT, KANCHEEPURAM, Tamil Nadu, INDIA |
- |
|
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 MARG, NEW DELHI,
Delhi, INDIA |
- |
|
14 |
90054546 |
01/01/2003 * |
43,600,850.00 |
FORD INDIA LTD |
KOCHIPURAM, Tamil Nadu, 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, Delhi - 110001, INDIA |
- |
|
21 |
90053846 |
13/03/2000 |
50,000,000.00 |
ICICI BANK LTD |
ICICI TOWER ; NBCC MARG ;BISHAM PITAMAH MARH, PARAGATI VIHAR, NEW
DELHI, Tamil Nadu - 110003, INDIA |
- |
|
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 BARAKHAMB |
- |
|
31 |
90053352 |
07/03/2001 * |
240,000,000.00 |
ICICI LIMITED |
NBCC PLACE, BHISHAM PITAMAH MARG; PRAGATI VIHAR, NEW DELHI, Delhi -
110003, INDIA |
- |
|
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, Tamil Nadu - 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
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 Australia. The Company is a public limited
company and is listed on the Bombay Stock Exchange, National Stock Exchange,
Ahmadabad 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
Subject has emerged as an industry leader in providing
full system solutions to the global automotive industry. The Company has
expanded globally through a mix of organic and inorganic growth with focus to
be a globally preferred supplier. The company has outperformed the industry
year on year by increasing content per car. MSSL has been considered as the
preferred supplier among OEMs with its ability to provide end to end solutions,
from global manufacturing capability and competitive footprint to core
expertise in all aspects of design, research, engineering and development. This
strength has laid the foundation for ability to capitalize on the upcoming
opportunities and to master the challenges that lie ahead. The year started
with clear direction of improving operations of Samvardhana Motherson Peguform
(SMP) (acquired on 23 November, 2011) and further enhancing the performance of
existing business. The Company has performed exceptionally well and delivered
strong results with focus on achieving its Vision 2015.
HIGHLIGHTS
Some of the major accomplishments during 2012-13
are as follows:
- The
Company achieved record turnover of Rs.252
Bn (equivalent to US$ 4.6 Bn).
- Exponential
Growth in sales of 72% on consolidated basis and 20% on standalone basis.
Even without considering Revenue of SMP total sales grew by 22% on
consolidated basis.
- Profit
before Interest Depreciation and Tax (PBIDT) has substantially increased
by 79% on consolidated basis and 36% on standalone basis.
- Profit
before Tax (PBT) registered tremendous growth of 103% on consolidated basis
and 50% on standalone basis.
- Profit
after Tax (PAT) has significantly improved by 71% on consolidated basis
and 48% on standalone basis.
- Samvardhana
Motherson Reflectec (SMR) has delivered strong results, recorded
substantial improvement in profitability along with highest ever annual
sales of Rs.69,538 Mn (Euro 993 Mn). SMR
has delivered strong growth in EBITDA by 61% at Rs.4,511 Mn (Euro 64 Mn), PBT by 109% at Rs.2,036 Mn (Euro 29 Mn) and PAT by 179% at Rs.1,074 Mn (Euro 15 Mn).
- SMP
has achieved turnover of Euro 1.8 Bn and various measures initiated post
acquisition has resulted in signify cant improvement in profitability
EBITDA at 3.8% of sales and Adjusted PBT of Rs.180.000
millions (before exchange fluctuation on long term loans) in its first full
year of acquisition under the Samvardhana banner.
- Subject
continues to deliver consistent and progressive returns to the
shareholders, bonus share in the proportion of 1:2 allotted during the
year and dividend of Rs.2 per share recommended on expanded capital,
dividend payout ratio of 31% (Previous year 39.5%) of the consolidated
profits after tax.
- Subject
is achieving synergies through horizontal and vertical integration,
supplied Wiring Harnesses of Rs. 2248.000 millions (Previous year
Rs.1465.000 Millions) (excluded in the reported consolidated sales of the
company) to SMR during 2012-13.
- The
company incurred capital expenditure (on consolidated basis) of
Rs.10895.000 millions mainly for expansion of capacities:
-
Wiring
Harness division has set-up two new units in Noida (India) and overseas at
Mexico and Thailand where production already started during the year.
-
SMR has
started commercial production and supplies from new facilities in Brazil,
Thailand and Pune (India) for mirror manufacturing and vertical integration.
-
Polymer
division has set up new Interior plant in Castellbisbal (Spain), the ramp-up of
commercial production and supplies have started during 2012-13. SMP has set up
new facility at Puebla (Mexico) and incurred major capital expenditure at
Atibaia (Brazil) for enhancing paint shop capabilities. The impact of these
initiatives has started yielding results towards the end of financial year. In
India the new facility with robotic paint shop at Ford Supplier Park, Chennai
for serving new business from FORD started commercial production.
INDIAN VEHICLE AND COMPONENT MARKET
The Indian auto component industry faced challenges
during 2012-13 with the growth rate squeezing on account of economic slowdown.
The demand was restrained by higher interest rates, inflation, fuel prices,
volatile commodity market, industrial unrest and adverse forex fluctuations.
The Indian vehicle market, after a few years of consistent good performance,
witnessed a distinct slowdown in growth. While passenger vehicle segment saw
witnessed an overall volume growth rate of single digit for consecutive two
years i.e. 4% in 2012- 13 and 5% in 2011-12, the sale of Commercial Vehicles
declined by 4% after registering impressive growth in the last two years.
Industrial unrest, high interest rates and slowdown in infrastructure projects
contributed to lower demand for commercial vehicles. Two wheelers volume growth
was subdued at 2% in comparison with 16% during 2011 12.
MARKETS OUTSIDE INDIA
On consolidated basis sales to the customers
outside India has grown considerably and contributed a turnover of Rs.132 Bn. In addition to the revenues being
contributed by SMP and MATE, this business is operated through the Company’s
subsidiaries namely MSSL Polymers GmbH (MSP-G), MSSL Tooling FZE (MTL), Global
Environment Management FZC (GEM), MSSL Advanced Polymers s.r.o. (MSP-CZ), MSSL
Global RSA Module Engineering Limited and Vacuform 2000 Pty Limited
DOMESTIC
During the year, Polymer Division achieved an
increase of 10% in its domestic revenues on consolidated basis. The division is
focusing on adding new value added modules that require specialized engineering
abilities. SMP’s business of interior and exterior products for automotive
industry is complementary to existing polymer processing business. It gives the
division access to advanced production technologies and product range to expand
the operations with the existing customer base.
OUTLOOK
The status of capacity expansions initiated during
previous year is as follows:
-
MATE has
completed the new facility and robotic paint shop at Ford Supplier Park,
Chennai mainly for serving new business from FORD. The new facility started
commercial production during 2012-13.
-
MATE has
set up new robotic paint shop and ramped up the commercial production and
supplies from new facility at Tapukara, Rajasthan for catering new businesses
from Maruti, Honda and other customers.
-
SMP has
completed setting up of new Interior plant in Castellbisbal, Spain, the ramp-up
of commercial production and supplies started during 2012-13.
-
SMP has
incurred expenditure for enhancing molding capabilities at Atibaia, Brazil, and
the same has started yielding results from fourth quarter.
-
SMP has set
up of new plant at Puebla, Mexico to enhance molding capabilities and
consolidate its existing business, commercial production and supplies started
during 2012-13. During 2012-13, the Polymer Business started expanding capacity
at the following locations:
-
SMP is
setting up a second facility at Schierling, Germany (close to existing
facilities at Neustadt) for manufacturing of plastic components to meet new
orders received from the existing customers.
-
SMP is
setting up a new facility at Foshan, China for serving new orders received from
the existing customers.
-
SMP is
setting up Engineering Centre at Noida to provide technological support to
expand the business in domestic market.
-
SMP is
setting new paint shops and/or other facilities at Oldenburg and Polinya to
bring about improvements in operations, more particularly in the paint shop.
-
MATE is
setting up a new facility at Sanand, Gujarat to meet increasing demand from
customers.
-
MSSL Global
RSA Module Engineering Ltd. is setting 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.
AUTOMOTIVE MIRRORS
Samvardhana Motherson Reflectec (SMR), the mirror
division of the company constitutes 28% share of the total business portfolio
of Subject. SMR, a subsidiary of Subject, is a global Tier I supplier of rear
view vision systems to all the leading automobile OEMs, including Ford, General
Motors, Hyundai Kia, PSA, Renault/Nissan, Suzuki, Fiat, Toyota, Tata JLR,
Volvo, BMW, Daimler and Volkswagen. 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 & 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 high-value interior mirrors with features such as
integrated displays and microphones and garage door openers.
SMR has a sustained focus on research and development.
SMR has over 600 patents and 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 first 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 20
production facilities and 7,000 full-time employees as on March 31, 2013. 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:
-
The
Company’s 2nd plant at Hungary which was inaugurated during previous year has
contributed significantly towards growth in supplies to European OEMs. During
the year there is a ramp up in commercial production and supplies for new
orders awarded from European customers post acquisition started from this new
facility.
-
SMR
Greenfield plant at Brazil inaugurated during December 2011 started commercial
production and supplies to customers, further ramp up in production will be
during 2013-14. This would give the footprint in South America which is a large
automotive market.
-
SMR has
completed a new mirror assembly facility along with a dedicated Glass plant at
Thailand for in-house glass requirement. Both mirror assembly and glass plant
facility was commissioned during 2012-13 and supplies to customers have been
started.
-
SMR has
completed a new plant at Pune (India) to cater to the requirement of western
India based customers. Commercial production and supplies from this facility
started during the year and now have been stabilized.
During 2012-13, SMR started expanding the
capacities at the following locations:
-
SMR is
expanding its footprint in China; a new facility plant is under construction at
Lang fang. Commercial production from this facility will commence from 2013-14.
-
SMR new
facility at Yancheng, China is under Construction for capacity expansion to
support new orders. Existing plant at Yancheng will also move to a bigger and
new facility in 2013-14 with enhanced capacities.
-
New paint
shop was installed at Spain to improve the quality & efficiency and to
create more capacities as well.
-
SMR has
also enhanced the capacities at the Mexico facility along with a dedicated
Glass plant for in-house glass requirement to cater to the growing markets in
Americas.
-
SMR is setting
up a new facility at Michigan, USA to cater to growth coming up in North
American market. Commercial production will start from 2014-15.
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:
- “Overall
Gold Award” for outstanding performance.
- Shield
for incoming quality improvement
- Shield
for VA-VE (Value Addition – Value Engineering)
- Shield
for Inner plant location
-
WHD has
received the ‘Gold Award’ in the category of Quality and also got the award for
being “Winner” in the “Quality Circle Competition 2012- 2013” from Honda Cars
India Limited.
-
WHD has
received “Award” and “Certificate of Excellence” for being the “Best Supplier
Quality” for the year 2012 13 from General Electric.
Polymer
Division (MATE):
Units of MATE have been awarded with following appreciations
by Customers during the year:
-
MATE Noida
received “Gold Award” for outstanding performance in the category of “Quality,
Cost and Delivery “sand first prize in “Kaizen Competition” from Honda Cars
India Limited
-
MATE received
“Certificate of Appreciation” from Mahindra and Mahindra for best “Kaizens” and
“Poka-yoke” in the category of quality.
-
MATE
Bangalore received Silver award for “Supplier of the year” and “Certifi cation”
for achieving targets in Quality, Cost and Delivery from Toyota Kirloskar Motor
Limited.
-
MATE
Chennai Unit III received “Merit Award” for “Best Cooperation” from Hyundai
Motor India Limited.
-
MATE
Manesar received award for “Timely Capacity Enhancement” and “Certifi cation”
in the category of “Safety” from Maruti Suzuki India Limited. The Company has
also been the winner of “Best activity in Quality month” host by the Toyota
motors.
FIXED
ASSETS:
œ Lease hold Land
œ Free hold Land
œ Buildings
œ Plant and Machinery
œ Furniture and Fixtures
œ Office Equipment
œ Computers
œ Vehicles
UNAUDITED STANDALONE FINANCIAL RESULTS FOR
THE QUARTER AND HALF YEAR ENDED 31ST DECEMBER 2013
|
|
|
Three months ended |
Half Year ended |
|
|
|
Particulars |
31.12.2013 |
30.09.2013 |
30.12.2013 |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
1 |
Income from Operations |
|
|
|
|
(a) |
Net Sales/Income from Operations |
|
|
|
|
|
(net of excise duty) |
10861.900 |
11015.600 |
32505.100 |
|
|
- Within India |
9181.200 |
9290.600 |
27474.300 |
|
|
- Outside India |
1680.700 |
1725.000 |
5030.800 |
|
(b) |
Other Operating Income |
197.200 |
149.100 |
500.900 |
|
|
Total Income From
Operations (Net) |
11059.100 |
11164.700 |
33006.000 |
|
2 |
Expenses |
|
|
|
|
(a) |
Changes in inventory of Finished Goods, Work in Progress
and Stock in Trade |
(220.000) |
85.000 |
(136.200) |
|
(b) |
Cost of Material Consumed |
6176.000 |
5925.400 |
17777.300 |
|
(c) |
Purchases of stock-in-trade |
229.600 |
69.500 |
762.800 |
|
(d) |
Employees Benefits Expense |
1221.800 |
1241.700 |
3698.800 |
|
(e) |
Depreciation & Amortisation Expenses |
395.900 |
388.400 |
1161.200 |
|
(f) |
Exchange Differences on |
|
|
|
|
|
- Long Term Loans |
(76.800) |
304.600 |
738.600 |
|
|
- Others |
(97.200) |
8.600 |
(126.300) |
|
(g) |
Other Expenses |
1551.500 |
1529.200 |
4536.200 |
|
|
Total Expenses |
9180.800 |
9552.400 |
28412.400 |
|
3 |
Profit from
Operations before Other Income, Finance Cost & |
|
|
|
|
|
Exceptional Items (1-2) |
1878.300 |
1612.300 |
4593.600 |
|
4 |
Other Income |
15.200 |
106.200 |
248.700 |
|
5 |
Profit / (Loss) from ordinary activities before finance
costs and exceptional items (3+4) |
1893.500 |
1718.500 |
4842.300 |
|
6 |
Finance Costs |
117.400 |
88.100 |
303.700 |
|
7 |
Profit after Finance Costs but before Exceptional Items
(5-6) |
1776.100 |
1630.400 |
4538.600 |
|
8 |
Exceptional Income / (Expenses) (Net) |
-- |
-- |
-- |
|
9 |
Profit
(+)/ Loss (-)from Ordinary Activities before tax (7+8) |
1776.100 |
1630.400 |
4538.600 |
|
10 |
Tax
expense / (Credit) |
|
|
|
|
|
- Current |
480.500 |
532.000 |
1504.800 |
|
|
- Deferred |
58.900 |
(83.300) |
(192.600) |
|
|
- Fringe Benefit |
-- |
-- |
-- |
|
11 |
Net Profit (+)/Loss (-)
from Ordinary Activities after tax (9-10) |
1236.700 |
1181.700 |
3226.400 |
|
12 |
Extraordinary Item {net of tax) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13 |
Net Profit (+)/Loss(-) for the period before share
of profit/(loss) of associates and minority interests (11-12) |
1236.700 |
1181.700 |
3226.400 |
|
14 |
Share of profit/floss) of Associates |
-- |
-- |
-- |
|
15 |
Minority Interests |
-- |
-- |
-- |
|
16 |
Net Profit
(+)/Loss(-) for the period (13+14-15) |
1236.700 |
1181.700 |
3226.400 |
|
17 |
Equity Share Capital (Face Value :- Rs. 1/- per
share) |
881.900 |
587.900 |
881.900 |
|
18 |
Reserve excluding Revaluation Reserves as per
balance sheet of previous accounting year |
-- |
-- |
-- |
|
19 |
Earnings Per Share before Extraordinary items(EPS)
(in Rs.) |
-- |
-- |
-- |
|
(a) |
Basic and diluted EPS before Extraordinary items |
|
|
|
|
|
- Basic |
1.40 |
2.01 |
3.66 |
|
|
- Diluted |
1.40 |
2.01 |
3.66 |
|
(b) |
Basic and diluted EPS before Extraordinary items |
|
|
|
|
|
- Basic |
1.40 |
2.01 |
3.66 |
|
|
- Diluted |
1.40 |
2.01 |
3.66 |
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
- Number of Shares |
303453057 |
202,302,036 |
303453057 |
|
|
- Percentage of Shareholding |
34.41% |
34.41% |
34.41% |
|
2 |
Promoters and promoter group shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
12057499 |
64853000 |
120587499 |
|
|
- Percentage of shares (as a % of the total
shareholding of promoter and promoter group) |
20.85% |
16.82% |
20.85% |
|
|
- Percentage of shares ( as a % of the total share
capital of the company) |
13.67% |
11.03% |
13.67% |
|
|
b) Non-encumbered |
|
|
|
|
|
- Number of shares |
457878804 |
320791204 |
457878804 |
|
|
- Percentage of shares (as a % of the total
shareholding of promoter and promoter group) |
79.15% |
83.18% |
79.15 |
|
|
- Percentage of shares ( as a % of the total share
capital of the company) |
51.92% |
54.56% |
51.92% |
|
B Investors complaints received and
disposed |
31.12.2013 |
|
Complaints pending at the beginning of the quarter |
0 |
|
Complaints received during the quarter |
18 |
|
Disposal of complaints |
18 |
|
Complaints lying unresoived at the end of the
quarter |
0 |
STANDALONE FINANCIAL RESULTS
FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER, 2013
|
|
Particulars |
Three months ended |
Half Year ended |
|
|
|
|
31.12.2013 |
30.09.2013 |
30.12.2013 |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
1 |
Segment Revenue |
|
|
|
|
(a) |
Automotive |
10293.400 |
10346.900 |
30673.200 |
|
(b) |
Non Automotive |
730.900 |
799.300 |
2262.600 |
|
(c) |
Unallocated |
20.500 |
113.400 |
264.700 |
|
|
Total |
11044.800 |
11259.600 |
33200.500 |
|
|
Less: Intersegment Revenue |
-- |
-- |
-- |
|
|
Net Sales/Income from Operations |
11044.800 |
11259.600 |
33200.500 |
|
2 |
Segment Results |
|
|
|
|
(a) |
Automotive |
1622.100 |
1853.800 |
4986.700 |
|
(b) |
Non Automotive |
74.100 |
53.100 |
101.800 |
|
(c) |
Unallocated |
-- |
-- |
-- |
|
|
Total |
1696.200 |
1906.900 |
5162.300 |
|
|
Less i) Interest (Net) |
88.000 |
76.800 |
249.500 |
|
|
ii) Other unallocable expenditure |
|
|
|
|
|
(Net of Unallocable Income) |
(167.900) |
199.700 |
(75.200) |
|
|
Profit of Associate |
|
- |
|
|
|
Total Profit Before Tax |
1776.100 |
1630.400 |
4538.600 |
|
3 |
Capital Employed |
|
|
|
|
(a) |
Automotive |
19589.800 |
20898.100 |
19589.800 |
|
(b) |
Non Automotive |
1938.900 |
1664.600 |
1938.900 |
|
(c) |
Others (Including Investments) |
6721.600 |
4739.300 |
6721.600 |
|
|
Total Segment Capital Employed |
28250.300 |
27302.000 |
28250.300 |
NOTES:
- The above financial results were reviewed by the Audit Committee and approved by the Board of Directors f the Company at their meetings held on January 31.2014
- The Company operates in two primary business
segments, viz automotive and Non-Automotive determined on the bass of
nature of products and services
- Consequent to the approval accorded by the
shareholders the Company has allotted 293,973,120 shares on December 24
2013 as Bonus Shares in the proportion of 1 share for every 2 shares The
aforesaid bonus Shares were admitted o trading by the stock exchanges with
effect from December 31, 2013 Accordingly, the basic and diluted earnings
per share has been adjusted for all the periods presented
- The figures of previous ends have been
regrouped wherever necessary, to conform to the current periods
classification
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.61.94 |
|
|
1 |
Rs.103.31 |
|
Euro |
1 |
Rs.85.11 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
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 |
|
62 |
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.