MIRA
INFORM REPORT
|
Report Date : |
07.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
FORCE MOTORS LIMITED (w.e.f.
12.05.2005) |
|
|
|
|
Formerly Known
As : |
BAJAJ TEMPO LIMITED |
|
|
|
|
Registered
Office : |
Mumbai-Pune Road,
Akurdi, Pune-411035, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
08.09.1958 |
|
|
|
|
Com. Reg. No.: |
11-011172 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.131.762 Millions
|
|
|
|
|
CIN No.: [Company Identification
No.] |
L34102PN1958PLC011172 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEB00002C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACB7066L |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Design, development and manufacture of automotive
components, aggregates and vehicles. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 46100000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a well established company having a satisfactory track
record. There appears drastic dip in profit of the company in 2013. However
networth of the company appears to be strong. Trade relation reported as fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealing at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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
India’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million estimated
losses suffered by India due to phishing attacks during the third quarter,
according to a study by RSA. India ranks fourth in the list of nations hit by
phishing attacks. The US remained at the top of the charts. Phishing is the
process of acquiring information such as user names, passwords and credit card
details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260 million
in September, 2012, according to Deloitte report. The number of transactions
has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
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.
LOCATIONS
|
Registered Office/ Factory 1 : |
Mumbai-Pune Road,
Akurdi, Pune-411035, Maharashtra, India |
|
Tel. No.: |
91-20-27476381 |
|
Fax No.: |
91-20-27404678 |
|
E-Mail : |
|
|
Area : |
Owned |
|
|
|
|
Factory 2 : |
Pithampur Industrial Area, Pithampur, District Dhar-454775, Madhya
Pradesh, India |
|
Tel. No.: |
91-7292-253004 |
|
Fax No.: |
91-7292-308180 |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. Arun Prabhudas Sheth |
|
Designation : |
Director |
|
Address : |
604, Residency 'A', Lokhandwala Complex, Versova, Andheri (West), Mumbai – 400053, Maharashtra, India |
|
Date of Birth/Age : |
24.12.1947 |
|
Date of Appointment : |
24.09.2011 |
|
DIN No.: |
00086891 |
|
|
|
|
Name : |
Mr. Prasan Firodia |
|
Designation : |
Managing Director |
|
Qualification: |
B.B.A. |
|
|
|
|
Name : |
Mr. Sudhir Mehta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Abhay N. Firodia |
|
Designation : |
Chairman |
|
Qualification: |
B. A. (Hons.) |
|
Date of Appointment : |
01.07.1987 |
|
|
|
|
Name : |
Mr. Arun Seth |
|
Designation : |
Director |
|
Qualification: |
B.Com |
|
|
|
|
Name : |
Mr. Atul Chordia |
|
Designation : |
Director |
|
Qualification: |
B.Com |
|
|
|
|
Name : |
Mrs. Anita Ramachandran |
|
Designation : |
Director |
|
Qualification: |
B.Com, M.M.S. |
|
|
|
|
Name : |
Mr. L. Lakshman |
|
Designation : |
Director |
|
Qualification: |
B.E.(Mechanical), Executive MBA |
|
|
|
|
Name : |
Mr. Pratap Pawar |
|
Designation : |
Director |
|
Qualification: |
B.E. - BITS PILANI |
|
|
|
|
Name : |
Mr. R.B. Bhandari |
|
Designation : |
Director |
|
Qualification: |
B.Com |
|
|
|
|
Name : |
Mr. |
|
Designation : |
Director |
|
Qualification: |
B.Com , LLB, ACS |
|
|
|
|
Name : |
Mr. S. Padmanabhan |
|
Designation : |
Director |
|
Qualification: |
B.G.L., Diploma-Management, M.Sc.(Physics), Diploma-Development Economics, I.A.S. |
|
|
|
|
Name : |
Mr. Sudhir Mehta |
|
Designation : |
Director |
|
Qualification: |
M.B.A |
|
|
|
|
Name : |
Mr. Vinay Kothari |
|
Designation : |
Director |
|
Qualification: |
B.Com , M.B.A. |
KEY EXECUTIVES
|
Name : |
Mrs. Aparna G. Lambore |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2013
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding
as a % of Total No. of Shares |
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
533230 |
4.05 |
|
|
6285042 |
47.70 |
|
|
6818272 |
51.75 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
6818272 |
51.75 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
200 |
0.00 |
|
|
4172 |
0.03 |
|
|
30155 |
0.23 |
|
|
755401 |
5.73 |
|
|
1301 |
0.01 |
|
|
791229 |
6.00 |
|
|
|
|
|
|
3280242 |
24.90 |
|
|
|
|
|
|
1680717 |
12.76 |
|
|
605802 |
4.60 |
|
|
5566761 |
42.25 |
|
Total Public
shareholding (B) |
6357990 |
48.25 |
|
Total (A)+(B) |
13176262 |
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) |
13176262 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Design, development and manufacture of automotive
components, aggregates and vehicles. |
||||||||||||
|
|
|
||||||||||||
|
Products : |
|
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Licensed
Capacity Per
Annum |
Installed
Capacity Per
Annum |
Actual
Production |
|
On-road automobiles having 4 or more wheels such as Light, Medium and
Heavy Commercial Vehicles, Jeep type vehicles and passenger cars |
Nos. |
60000* |
55000 |
26717 |
|
Agricultural Tractors |
Nos. |
12000 |
12000 |
1097 |
|
Diesel Engines for other purposes |
Nos. |
7500 |
6000 |
20 |
|
Moulds, Dies, Press Tools, Jigs and Fixtures |
Nos. |
1000 |
500 |
1599** |
* Inclusive of a
capacity not exceeding 10,000 numbers per annum for the manufacture of three
wheelers.
** Includes 1461
capitalized for self-use.
NOTE: Installed Capacity is as estimated by the Managing
Director and accepted by the Auditors without verification.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
·
ICICI Bank Limited, Landmarkrace Cource Circle,
Alkapuri, Baroda – 390015, Gujarat, India ·
State Bank of India, Commercial Branch, Justice
G. N. Vaidya Marg, Bombay – 400023, Maharashtra, India ·
Canara Bank, Pimpri Branch, Near Nashik Phata,
Pune – 411034, Maharashtra, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
P.G. Bhagwat Chartered Accountant |
|
Address : |
Dr. Pai Marg,
Baner, Pune – 411 045, Maharashtra, India |
|
PAN No.: |
AAAFB0762E |
|
|
|
|
Subsidiary Company: |
· Tempo Finance (West) Private Limited ( w.e.f. 14th August, 2012) |
|
|
|
|
Joint Venture Company : |
·
Man Force Trucks Private Limited |
|
|
|
|
Other Related Parties : |
· Jaya Hind Investments Private Limited · Jaya Hind Industries Limited |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
13213802 |
Equity Shares |
Rs.10/- each
|
Rs.132.138
Millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
13176262 |
Equity Shares [of the above
2,00,918 (2,00,918) Equity Shares are allotted as fully paid Shares pursuant to
a contract without payment being received in cash and 57,29,934 (57,29,934)
Equity Shares are allotted as fully paid Bonus Shares by capitalization of
reserves] [These
allotments were made before earlier financial year and not in the period of
five years preceding 31st March, 2012 or 31st March, 2011] |
Rs.10/- each
|
Rs.131.762
Millions |
|
|
Total
|
|
Rs.131.762 Millions |
Terms/rights attached
to equity shares
The Company has issued equity shares. All equity shares issued rank pari passu in respect of distribution of dividend and repayment of capital. 13,032,914 equity shares are quoted equity shares with no restriction on transfer of shares. 27,600 equity shares are 'A' equity shares which are transferrable only to permanent employees of the Company. 115,748 equity shares are Second 'A' equity shares which are transferrable to permanent employees, who have put in five years of service with the Company.
The Board of Directors has recommended a dividend of Rs.3 (Rs.10) per share on 13,176,262 (13,176,262) equity shares of Rs.10 each fully paid up.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
Shares held by
holding/ultimate holding company and/or their subsidiaries/associates
The Company is not a subsidiary of any other company.
Details of
shareholders holding more than 5% of paid up equity share capital.
|
|
AS ON 31.03.2013 |
|
|
PARTICULAR |
NO. OF SHARES |
% OF HOLDING |
|
Jaya Hind Investments Private Limited |
6217358 |
47.19 |
|
Bajaj Holdings and Investment Limited |
2566661 |
19.48 |
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 |
131.762 |
131.762 |
131.762 |
|
(b) Reserves & Surplus |
11397.732 |
11301.191 |
3211.011 |
|
(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) |
11529.494 |
11432.953 |
3342.773 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
419.870 |
596.905 |
1192.380 |
|
(b) Deferred tax liabilities (Net) |
219.270 |
191.480 |
157.297 |
|
(c) Other long term liabilities |
39.600 |
39.600 |
39.600 |
|
(d) long-term provisions |
276.341 |
335.555 |
313.436 |
|
Total Non-current Liabilities (3) |
955.081 |
1163.540 |
1702.713 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
1050.899 |
|
(b) Trade payables |
2525.611 |
2436.885 |
3280.096 |
|
(c) Other current liabilities |
1845.834 |
1307.454 |
887.731 |
|
(d) Short-term provisions |
222.316 |
302.836 |
212.464 |
|
Total Current Liabilities (4) |
4593.761 |
4047.175 |
5431.190 |
|
|
|
|
|
|
TOTAL |
17078.336 |
16643.668 |
10476.676 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
6164.295 |
4456.145 |
3844.967 |
|
(ii) Intangible Assets |
51.584 |
51.007 |
80.345 |
|
(iii) Capital work-in-progress |
1889.870 |
933.743 |
143.116 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
11.803 |
9.476 |
567.447 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
755.484 |
690.169 |
562.116 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
8873.036 |
6140.540 |
5197.991 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
3816.264 |
3623.956 |
3113.075 |
|
(c) Trade receivables |
1088.046 |
1564.327 |
1613.656 |
|
(d) Cash and cash equivalents |
2251.456 |
4620.898 |
147.573 |
|
(e) Short-term loans and advances |
1017.868 |
689.857 |
404.324 |
|
(f) Other current assets |
31.666 |
4.090 |
0.057 |
|
Total Current Assets |
8205.300 |
10503.128 |
5278.685 |
|
|
|
|
|
|
TOTAL |
17078.336 |
16643.668 |
10476.676 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
19727.221 |
20850.058 |
15647.979 |
|
|
|
Other Income |
436.516 |
245.973 |
54.977 |
|
|
|
TOTAL (A) |
20163.737 |
21096.031 |
15702.956 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
14392.014 |
14929.841 |
10600.969 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(304.441) |
(369.273) |
(283.755) |
|
|
|
Employee benefit expense |
2619.973 |
2585.526 |
1761.349 |
|
|
|
Other expenses |
2480.860 |
2488.947 |
2125.371 |
|
|
|
Exceptional items |
0.000 |
(9607.094) |
0.000 |
|
|
|
TOTAL (B) |
19188.406 |
10027.947 |
14203.934 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
975.331 |
11068.084 |
1499.022 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
82.447 |
351.530 |
231.218 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
892.884 |
10716.554 |
1267.804 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
701.567 |
603.564 |
448.172 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
191.317 |
10112.990 |
819.632 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
48.529 |
1869.672 |
233.453 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
142.788 |
8243.318 |
586.179 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
7335.780 |
70.000 |
1385.023 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
14.279 |
824.400 |
1824.633 |
|
|
|
Dividend |
39.529 |
131.762 |
65.881 |
|
|
|
Tax on Dividend |
6.718 |
21.376 |
10.688 |
|
|
BALANCE CARRIED
TO THE B/S |
7418.042 |
7335.780 |
70.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports on FOB basis |
356.786 |
239.630 |
NA |
|
|
TOTAL EARNINGS |
356.786 |
239.630 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
148.589 |
119.286 |
NA |
|
|
|
Stores & Spares |
48.728 |
47.804 |
NA |
|
|
|
Capital Goods |
1764.550 |
339.587 |
NA |
|
|
|
Components |
2271.522 |
3423.352 |
NA |
|
|
TOTAL IMPORTS |
4233.389 |
3930.029 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
10.84 |
625.62 |
44.49 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.71 |
39.08 |
3.73 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.97 |
48.50 |
5.24 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.27 |
64.41 |
8.39 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01 |
0.89 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.03 |
0.05 |
0.67 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.79 |
2.60 |
0.97 |
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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2013 |
As on 31.03.2012 |
|
Long term
borrowings |
|
|
|
Deposits from others |
419.870 |
596.905 |
|
|
|
|
|
Total |
419.870 |
596.905 |
CASE DETAILS
Bench:-Bombay
|
Stamp
No.:- FAST/7775/2013 Filling Date: 11/03/2013 |
|
PETITIONER:- THE
EMPLOYEES STATE - INSURANCE
CORPORATION
RESPONDENT:- FORCE MOTORS LIMITED PETN. ADV.:- SHAILESH S.
PATHAK Resp.
Adv.:- M/S. SANJAY UDESHI AND COMPANY DISTRICT:- PUNE |
|
Bench:- SINGLE Status:- Pre-Admission Last Date:- 18/03/2013 Satge:- Last Coram:- REGISTER (JUDICIAL) |
|
Act :- Employees
State Insurance Act, 1948 Under Section:- 82 |
PRESS RELEASE
"Force Motors's net profit jumps to Rs. 269.310 million against Rs. 191.480 million in the corresponding quarter ending of previous year, an increase of 40.65 percent. Revenue for the quarter declines by 6.41 percent to Rs. 4717.600 million from Rs. 5040.580 million, when compared with the prior year period. Reported earnings per share of the company stood at Rs. 20.43 a share during the quarter, registering 40.65 percent increase over previous year period. Profit before interest, depreciation and tax is Rs. 263.46 millions as against Rs. 436.140 millions in the corresponding period of the previous year."
"At the current market price of Rs.307.00, the stock P/E ratio is at 7.08 x FY14E and 6.54 x FY15E respectively. Earnings per share (EPS) of the company for the earnings for FY14E and FY15E is seen at Rs.43.38 and Rs.46.94 respectively. On the basis of EV/EBITDA, the stock trades at 1.26 x for FY14E and 1.02 x for FY15E. Price to Book Value of the stock is expected to be at 0.33 x and 0.32 x respectively for FY14E and FY15E. We recommend 'HOLD' in this particular scrip with a target price of Rs 338 for Medium to long term investment," says First call Research report.
UNAUDITED FINANCIAL RESULTS
(PROVISIONAL) FOR THE QUARTER ENDED 30TH SEPTEMBER, 2013
(Rs. in Millions)
|
Sr. No. |
Particular |
30.09.2013 (Unaudited) |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
|
|
|
|
|
|
|
1. |
Net Sales/Income
from Operations (Net of Excise Duty) |
4657.061 |
4971.314 |
9628.375 |
|
|
Other Operating
Income |
60.534 |
71.869 |
132.403 |
|
|
Total Income From Operations (Net) |
4717.595 |
5043.183 |
9760.778 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost
of materials consumed |
3429.488 |
3433.432 |
6862.920 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
(1.66.292) |
(21.979) |
(188.271) |
|
|
Employee
benefits expenses |
605.765 |
618.775 |
1224.540 |
|
|
Depreciation
and amortization expenses |
207.765 |
198.844 |
406.610 |
|
|
Other
expenses |
651.451 |
687.467 |
1338.918 |
|
|
Total Expenses |
4728.178 |
4916.539 |
9644.717 |
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
(10.583) |
126.644 |
116.061 |
|
4. |
Other
Income |
66.285 |
60.960 |
127.245 |
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
55.702 |
187.604 |
243.306 |
|
6. |
Interest |
20.582 |
19.850 |
40.432 |
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
35.120 |
167.754 |
202.874 |
|
8. |
Exceptional
Items |
-- |
-- |
-- |
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
35.120 |
167.754 |
202.874 |
|
10. |
Tax Expense |
|
|
|
|
|
a)
Current tax |
7.138 |
35.162 |
42.300 |
|
|
b)
Deferred tax |
(234.194) |
25.039 |
(209.155) |
|
|
c)
MAT Credit Entitlement |
(7.138) |
(35.162) |
(42.300) |
|
|
Tax
adjustment for earlier year (net) |
-- |
-- |
-- |
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
269.314 |
142.715 |
412.029 |
|
12. |
Extraordinary
Item (net of expense) |
-- |
-- |
-- |
|
13. |
Net
Profit for the period (11-12) |
269.314 |
142.715 |
412.029 |
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.10/- Each) |
131.790 |
131.790 |
131.790 |
|
15. |
Reserves
Excluding Revaluation Reserve |
-- |
-- |
-- |
|
16. |
Basic
and diluted EPS after extraordinary items |
20.44 |
10.83 |
31.27 |
|
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
6357990 |
6357990 |
6357990 |
|
|
-
Percentage of Shareholding |
48.25 |
48.25 |
48.25 |
|
|
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
-- |
-- |
-- |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
-- |
-- |
-- |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
6818272 |
6818272 |
6818272 |
|
|
- Percentage
of Shares (as a % of the Total Shareholding of Promoter and Promoter Group) |
100.00 |
100.00 |
100.00 |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
51.75 |
51.75 |
51.75 |
|
Particulars |
3 Months Ended on 31.09.2013 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
1 |
|
Disposed of during the quarter |
1 |
|
Remaining unresolved at the end of the
quarter |
Nil |
Note:
1.
The Unaudited Financial results (Provisional) for
the quarter ended 30th Sept. 2013 have been subjected to limited
review by the auditors.
2.
The company is operating in a single segment.
3.
The above results are review and recommended by the
audit committee and taken on record and approved by the board of directors in
its meeting held on 7th October, 2013.
4.
Previous year/ period’s figures are re-arranged
wherever necessary.
STATEMENT
OF ASSETS AND LIABILITY
(Rs.
In Millions)
|
SOURCES OF FUNDS |
30.09.2013 |
|
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
131.790 |
|
(b) Reserves & Surplus |
11809.733 |
|
Total
Shareholders’ |
11941.523 |
|
|
|
|
(3) Non-Current
Liabilities |
|
|
(a) long-term borrowings |
380.865 |
|
(b) Deferred tax liabilities (Net) |
10.115 |
|
(c) Other long term liabilities |
39.600 |
|
(d) long-term provisions |
281.959 |
|
Total Non-current Liabilities |
712.539 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Trade payables |
3058.246 |
|
(b) Other current liabilities |
1631.083 |
|
(c) Short-term provisions |
178.547 |
|
Total Current Liabilities |
4867.876 |
|
EQUITY AND
LIABILITIES |
17519.938 |
|
|
|
|
ASSETS |
|
|
(1) Non-current
assets |
|
|
(a) Fixed Assets |
8011.327 |
|
(b) Non-current Investments |
12.303 |
|
(c) Long-term Loan and Advances |
1077.424 |
|
Total Non-Current Assets |
9101.054 |
|
|
|
|
(2) Current assets |
|
|
(a) Inventories |
3927.508 |
|
(b) Trade receivables |
1248.456 |
|
(c) Cash and cash equivalents |
2235.363 |
|
(d) Short-term loans and advances |
962.526 |
|
(e) Other current assets |
45.031 |
|
Total Current Assets |
8418.884 |
|
TOTAL ASSETS |
17519.938 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
80063315 |
16/11/2011 * |
1,900,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP, NEVILLE HOUSE, J N HERADIA MARG, BALLARD ESTATE, MUMBAI, MAHARASHTRA - 400001, INDIA |
B27285436 |
|
2 |
90084482 |
08/07/1996 |
50,000,000.00 |
BANQUE NATIONALE DE PARIS |
OG-3; KONARK ESTATES, 9; CONNAUGHT ROAD, PUNE, MAHARASHTRA - 411001, INDIA |
- |
|
3 |
90084408 |
09/03/1996 |
6,800,000.00 |
ANZ GRINDLAYS BANK PLC |
90, M.G. ROAD, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
4 |
90087953 |
09/03/1996 |
100,000,000.00 |
BANK OF AMERICA NISA |
EXPRESS TOWER, NARIMAN POINT, BOMBAY, MAHARASHTRA |
- |
|
5 |
90087940 |
07/01/1996 |
6,500,000.00 |
CITIBANK N.A. |
SAKHAR BHAWAN, NARIMAN POINT, BOMBAY, MAHARASHTRA |
- |
|
6 |
90084368 |
17/12/1995 |
50,000,000.00 |
BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION |
EXPRESS TOWER, NARIMAN POINT, BOMBAY, MAHARASHTRA |
- |
|
7 |
90084363 |
07/12/1995 |
50,000,000.00 |
STANDARD CHARTERED BANK |
23-25, M.G. ROAD, BOMBAY, MAHARASHTRA - 400021, INDIA |
- |
|
8 |
90089841 |
16/05/1993 |
41,500,000.00 |
STANDARD CHARTERED BANK |
23-25, MAHATMA GANDHI ROAD; FORD, BOMBAY, MAHARASHTRA - 400001, INDIA |
- |
|
9 |
90083871 |
01/06/1992 |
75,000,000.00 |
CITY BANK NA |
D.M. ROAD BRANCH, BOMBAY, MAHARASHTRA, INDIA |
- |
|
10 |
90089720 |
20/02/1992 |
7,500,000.00 |
BANK OF AMERICA NATIONAL TRUST AND SAVINGS ASSOCIATION |
EXPRESS TOWER, NARIMAN POINT, BOMBAY, MAHARASHTRA |
- |
|
11 |
90089714 |
13/02/1992 |
4,000,000.00 |
ANZ GRINDLAYS BANK PLC |
90, MAHATMA GANDHI ROAD, BOMBAY, MAHARASHTRA - 400001, INDIA |
- |
|
12 |
90083664 |
22/03/1990 |
7,500,000.00 |
BANK OF AMERICA NATIONAL TRUST SAVING ASSOCIATION |
EXPRESS TOWER, NARIMAN POINT, BOMBAY, MAHARASHTRA |
- |
|
13 |
90083593 |
18/12/1995 * |
25,000,000.00 |
ANZ GRINDLAYS BANK PLC |
90, M.G. ROAD, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
* Date of charge modification
FIXED ASSETS
v
Free
v Lease hold Land
v Buildings
v Plant, Machinery and Equipment
v Dies and Jigs
v Electric Installation
v Furniture and Fixtures
v Electric Fittings
v Vehicles
v Aircraft
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. 62.32 |
|
|
1 |
Rs. 101.99 |
|
Euro |
1 |
Rs. 84.61 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.