MIRA INFORM REPORT
|
Report Date : |
03.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
OMAX AUTOS LIMITED |
|
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Registered
Office : |
69 KM Stone, Delhi Jaipur Highway, Dharuhera, District Rewari – 123 110,
Haryana |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
28.04.1983 |
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Com. Reg. No.: |
05-026142 |
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Capital
Investment / Paid-up Capital : |
Rs.213.882
millions |
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|
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CIN No.: [Company Identification
No.] |
L30103HR1983PLC026142 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
RTK000520C |
|
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PAN No.: [Permanent Account No.] |
AAAC02190C |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is
engaged in manufacturing and selling of auto components for two and three
wheelers, and four wheelers. |
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|
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|
No. of Employees
: |
More
than 5000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 8598000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an
established company having a satisfactory track record. Financial
position of the company seems to be decent. Trade relations
are reported as fair. Business is active. Payment terms are reported to be
usually correct. 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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
NEWS
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a
quarter of a century. The data was below an official estimate of 4.9 % annual
growth and compared with 4.5 % in the last fiscal year. However, the current
account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic
product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year
before. A sharp fall in gold imports due to restrictions on overseas purchases
and muted import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward Brown.
Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top 10 of
the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two. While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs.2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers with hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term Loan: BBB+ (Suspended) |
|
Rating Explanation |
Have moderate degree of safety and carry moderate credit risk. |
|
Date |
December, 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Working Capital Facilities: A2+ (Suspended) |
|
Rating Explanation |
Have strong degree of safety and carry low credit risk. |
|
Date |
December, 2013 |
Reason for suspension:
The suspension follows ICRA’s inability to
carry out a rating surveillance in the absence of the requisite information
from the company.
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 DECLINED
Management non-cooperative
(Tel. No.: 91-124-4343000)
LOCATIONS
|
Registered Office/ Factory 1/ Sprocket Division : |
69 KM Stone, Delhi Jaipur Highway, Dharuhera, District Rewari – 123
110, Haryana, India |
|
Tel. No.: |
91-1274-267217/ 18/ 19/ 20/ 21/ 22 |
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Fax No.: |
91-1274-267216 |
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E-Mail : |
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Website : |
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Corporate Office : |
Plot No.26, 4-Bays, Institutional Area, Sector - 32, Gurgaon – 122
001, Haryana, India |
|
Tel. No.: |
91-124-4343000/ 4341000 |
|
Fax No.: |
91-124-2580016 |
|
|
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Factory 2 : |
Sidhrawali Plant Speedomax (A unit of Omax Autos Limited) 64th KM
Stone, Delhi-Jaipur Highway, Village Sidhrawali, Gurgaon – 123 413, Haryana,
India |
|
Tel. No.: |
91-124-3294229
/ 3266800 / 3294058 / 3265200 |
|
Fax No.: |
91-124-2679016 |
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Factory 3 : |
Bangalore Plant Plot No.6, Bommasandra
Jigani Link Road, Bommasandra, Bangalore – 560 099, Karnataka, India |
|
Tel. No.: |
91-80-27839145/
46/ 47/ 48/ 49 |
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Fax No.: |
91-80-27831772 |
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|
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|
Factory 4 : |
Lucknow Plant Tata Motors Vendor
Park, Chinhat Industrial Area, Deva Road, Lucknow – 226 019, Uttar Pradesh,
India |
|
Tel. No.: |
91-522-6591221/
6591344 |
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Factory 5 : |
Binola Plant and
Railway Division Automax (A unit of Omax Autos Limited) Delhi-Jaipur Highway,
Village and P.O Binola, Gurgaon – 122 001, Haryana, India |
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Factory 6 : |
Bawal Plant (Home Furnishing Division) Plot No.2,
Sector-5, HSIIDC, Bawal, District Rewari – 123
106, Haryana, India |
|
Tel. No.: |
91-1284-264533/
264534 |
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|
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Factory 8 : |
Gurgaon Plant 38 KM Stone,
Delhi-Jaipur Highway Beharampur Road, Post-Office Khandsa Gurgaon – 122 001,
Haryana, India |
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|
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Factory 9 : |
Manesar Plant Plot No.6,
Sector-3, IMT Manesar, Gurgaon – 122 050, Haryana, India |
|
Tel. No.: |
91-124-4356200 |
|
Fax No.: |
91-124-2290588
/ 2290655 |
|
|
|
|
Factory 10 : |
Pant Nagar Plant Village
and P.O. Lalpur, Rudrpur-Kichha Road, Khasra No.180A, 181, 183, 175, District
U.S. Nagar – 263 153, Uttrakand, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Dr. Brijmohan
Lall Munjal |
|
Designation : |
Chairman Emeritus |
|
|
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|
Name : |
Mr. Suresh Chand Mathur |
|
Designation : |
Chairman |
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Name : |
Dr. Ramesh Chandra Vaish |
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Designation : |
Director |
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|
Name : |
Dr. Triloki
Nath Kapoor |
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Designation : |
Director |
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Name : |
Mr. Salil Bhandari |
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Designation : |
Director |
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Name : |
Mr. Verinder Kumar Chhabra |
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Designation : |
Director |
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Name : |
Mr. Atul Raheja |
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Designation : |
Director |
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|
Name : |
Dr. Lalit Bhasin |
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Designation : |
Director |
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|
Name : |
Mr. Jagdish Chandra
Jhuraney |
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Designation : |
Whole Time Director |
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Name : |
Mrs. Sakshi Kaura |
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Designation : |
Whole Time Director |
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Name : |
Mr. Jatender Kumar
Mehta |
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Designation : |
Managing Director |
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|
Name : |
Mr. Ravinder
Mehta |
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Designation : |
Managing Director |
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|
Audit
Committee |
Dr.
Ramesh Chandra - Vaish Chairman Dr.
Triloki Nath Kapoor - Member Mr.
Atul Raheja - Member Mr.
Verinder Kumar Chhabra - Member Mr.
Salil Bhandari - Member Mr.
Jatender Kumar Mehta - Member |
KEY EXECUTIVES
|
Name : |
Mr.
Sanjeev Kumar |
|
Designation : |
Company Secretary and Compliance Officer |
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Senior
Management Executives : |
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|
Name : |
Mr.
Naresh Chand Kaushik |
|
Designation : |
President
and Chief Executive Officer (Two/Three Wheeler) |
|
|
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|
Name : |
Mr.
Manoj Mishra |
|
Designation : |
President
and Chief Executive Officer (Corporate Planning and Strategy) |
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|
Name : |
Mr.
Kishor Karnataki |
|
Designation : |
President
and Chief Executive Officer (PC and CV) |
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|
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|
Name : |
Mr.
Pushpendra Kumar Bansal |
|
Designation : |
President
and Chief Finance Officer |
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|
Name : |
Mr.
Pawan Tyagi |
|
Designation : |
Chief
Operating Officer (Binola) |
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|
Name : |
Mr.
Devashish Mehta |
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Designation : |
Head-Marketing |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category of Shareholders |
No. of Shares |
% of Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
7757009 |
36.27 |
|
|
4272161 |
19.97 |
|
|
12029170 |
56.24 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
12029170 |
56.24 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
3098587 |
14.49 |
|
|
|
|
|
|
4444345 |
20.78 |
|
|
842698 |
3.94 |
|
|
973413 |
4.55 |
|
|
3002 |
0.01 |
|
|
30000 |
0.14 |
|
|
592350 |
2.77 |
|
|
5621 |
0.03 |
|
|
342440 |
1.60 |
|
|
9359043 |
43.76 |
|
Total
Public shareholding (B) |
9359043 |
43.76 |
|
Total
(A)+(B) |
21388213 |
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) |
21388213 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is
engaged in manufacturing and selling of auto components for two and three
wheelers, and four wheelers. |
||||
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Products : |
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PRODUCTION STATUS [AS ON 31.03.2011]:
|
Particulars |
Unit of Quantity |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Sheet
Metal, Tubular and Machined Components |
Tonnes |
N.A. |
N.A. |
116937.94 |
|
Dies |
Pcs |
N.A. |
N.A. |
8.00 |
GENERAL INFORMATION
|
Customers : |
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No. of Employees : |
More
than 5000 (Approximately) |
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Bankers : |
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Facilities : |
Notes: *Long-Term Borrowings -
No amount of default as on the balance sheet date in repayment of loans and
interest. a) Term Loan from Royal
Bank of Scotland is secured by way of first charge/mortgage by deposit of
title deeds of Land and Building of Corporate Office at Sec.-32, Gurgaon and
deposit of title deeds of institutional plot no. 2 situated at Faridabad.
Term Loan is bearing 10.35% P.A. interest and finally repayable by August
2013 in two remaining quarterly instalments of avg. Rs.6.000 millions each. b) Fully hedged ECB Term
Loan from ICICI Bank Limited is secured by way of first pari passu
charge/mortgage by deposit of title deeds of Land and Building of Dharuhera
Plant and hypothecation of other movable fixed assets both present and
future. Term Loan is bearing 9.85% P.A. interest and finally repayable by
June 2014 in three remaining half yearly instalments of avg. Rs.36.500
millions each. c) Fully hedged ECB Term
Loans from Standard Chartered Bank is secured by deposit of title deed of
Land and Building of Manesar plant and hypothecation of other moveable fixed assets.
Term Loan is bearing 10.25% P.A interest and finally repayable by March 2016
in sixteen quarterly instalments of avg. Rs.25.300 millions each beginning
from June 2012. d) Term Loan from
IndusInd Bank Limited (this stands after taken over of whole outstanding of
DBS Bank Limited which earlier taken over outstanding of United Bank of
India) is secured by deposit of title deed of Land and Building of Speedomax
plant and hypothecation of other moveable fixed assets. Term Loan is bearing
11.00% P.A. interest and finally repayable by March 2016 in twelve remaining
quarterly instalments of average Rs.28.525 millions each. e) Term Loan from
Hongkong Shanghai and Banking Corporation Ltd is secured by deposit of title
deed of Land and Building of Sprocket Plant and hypothecation of other
moveable fixed assets. Term Loan is bearing fixed 10.00% P.A. interest and
finally repayable by March 2017 in sixteen quarterly instalments of avg.
Rs.15.625 millions each beginning from March 2014. f) Term Loan from Kotak Mahindra
Limited is based on Escrow of receivables of Hero Moto Corp Limited from
Speedomax Unit of Omax Autos Limited. Term Loan is bearing 10.40% P.A.
interest and finally repayable by November 2013 in eight remaining monthly
instalments of avg. Rs.2.300 millions each. g) Term Loan from TATA
Capital Financial Services Limited is secured by way of exclusive charge on
all the present and future fixed assets (excluding land and building) of
Lucknow plant, negative lien on the building/ super structure created on the
land covered under term loan and hypothecation of receivables of Lucknow
plant in respect of supply to TATA Motor Limited. Further Term loan is
secured by way of first pari passu charge with ICICI Bank Limited on Land and
Building of Dharuhera Plant and hypothecation of Plant and Machinery both
present and future. Term Loan is bearing 11.50% P.A interest and finally
repayable by July 2015 in ten remaining instalments of avg. Rs.28.300
millions each. h) Sales Tax Deferment is
fully secured by way of bank guarantees issued by bank. This is interest free
and finally repayable by Jan. 2017 in remaining forty three instalments of
avg. Rs.1.159 millions each. i) Vehicle Loans are
secured by way of hypothecation charge. IndusInd Bank loan is bearing 6.50%
p.a. interest and finally repayable by February 2014 in remaining 11 monthly
instalments of avg. Rs.0.080 million each. TATA Capital Financial Services
Limited loan is bearing 10.50% p.a. interest and finally repayable by
February 2016 in remaining 35 monthly instalments of average Rs.0.075 million
each. Axis Bank Limited loan is bearing 9.50% p.a. interest and finally
repayable by Feb. 2016 in remaining 35 monthly instalments of avg. Rs.0.050
million each ICICI Bank Ltd loan is bearing 9.93% p.a. interest and finally
repayable by August 2015 in remaining 29 monthly instalments of average
Rs.0.238 million each. BMW Financial Services Limited loan is bearing 10.44%
p.a. interest and finally repayable by September 2015 in remaining 30 monthly
instalments of avg. Rs.0.034 million each *Short Term Borrowings -
No amount of default as on the balance sheet date in repayment of loans and
interest. Working Capital Loans
from Banks are secured by way of hypothecation of Stock and Receivables and
further secured by second pari passu charges on fixed assets of Dhaurhera,
Speedomax and Manesar unit. Overdraft Against FDR’s
are secured by way of pledge of Company FDR”s worth Rs.260.000 millions at
year end. |
|
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|
Banking
Relations : |
-- |
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|
Financial Institution : |
|
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|
Statutory
Auditors : |
|
|
Name : |
A.
Kumar Gupta and Company Chartered Accountants |
|
|
|
|
Internal
Auditors : |
|
|
Name : |
KRA
and Associates Singhi
Chugh and Kumar Doogar
and Associates Chartered
Accountants |
|
|
|
|
Cost
Auditors : |
|
|
Name : |
Ravi
Sahni and Company Cost
Accountants |
|
|
|
|
Secretarial
Auditors : |
|
|
Name : |
Chandrasekaran
Associates Company
Secretaries |
|
|
|
|
Entities
over which key management personnel and their relatives are able to exercise
significant influence : |
|
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
26500000 |
Equity Shares |
Rs.10/- each |
Rs.265.000 millions |
|
2000000 |
Equity Shares (With
Differential Voting Rights) |
Rs.10/- each |
Rs.20.000 millions |
|
150000 |
12%
Optionally Convertible Cumulative Preference Shares |
Rs.100/- each |
Rs.15.000 millions |
|
|
Total |
|
Rs.300.000
millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
21388213 |
Equity Shares |
Rs.10/- each
|
Rs.213.882
millions |
|
|
|
|
|
(Out of the above 16125000
Equity Shares have been allotted as fully paid-up by way of Bonus Shares by
Capitalisation of Share Premium and General Reserve and 78213 Equity Shares
have been allotted as fully paid up in terms of the scheme of amalgamation)
|
|
31.03.2013 |
|
Reconciliation
of the Opening and Closing Outstanding no. of shares shown |
NIL |
|
Opening
No. of Equity Shares |
21388213 |
|
Closing
No. of Equity Shares |
21388213 |
Rights, Preferences and
restrictions attaching to each class of shares shown including restrictions on
Dividends distribution and Repayment of Capital
The Company has only one
class of share equity shares having par value of Rs.10/- per share. Each holder
of equity shares is entitled to one vote per share held and is entitled to
dividend, if declared at the Annual general meeting. In the event of
liquidation, the equity shareholders are entitled to receive remaining assets
of the company (after distribution of all preferential amounts, if any) in the
proportion of equity held by the shareholders.
Shareholders having more
than 5% of the shares shown, specifying the number of Shares
|
Particulars |
31.03.2013 |
|
Forerunner
Capital Investments Limited (No. of Shares) |
4121152 |
|
Jatender
Kumar Mehta (No. of Shares) |
1764673 |
|
Ravinder
Kumar Mehta (No. of Shares) |
1371600 |
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 |
213.882 |
213.882 |
213.882 |
|
(b) Reserves & Surplus |
1935.636 |
1805.407 |
1573.871 |
|
(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) |
2149.518 |
2019.289 |
1787.753 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
886.768 |
974.193 |
1309.487 |
|
(b) Deferred tax liabilities (Net) |
240.850 |
210.943 |
166.456 |
|
(c)
Other long term liabilities |
19.920 |
15.192 |
18.928 |
|
(d)
Long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
1147.538 |
1200.328 |
1494.871 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
570.075 |
548.194 |
908.723 |
|
(b)
Trade payables |
1155.774 |
1636.577 |
1453.214 |
|
(c)
Other current liabilities |
624.575 |
575.625 |
550.894 |
|
(d)
Short-term provisions |
218.492 |
299.850 |
263.061 |
|
Total
Current Liabilities (4) |
2568.916 |
3060.246 |
3175.892 |
|
|
|
|
|
|
TOTAL |
5865.972 |
6279.863 |
6458.516 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
3069.412 |
3167.136 |
2999.786 |
|
(ii)
Intangible Assets |
29.492 |
16.693 |
7.933 |
|
(iii)
Capital work-in-progress |
28.756 |
18.954 |
9.555 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.500 |
0.500 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
236.417 |
271.662 |
361.139 |
|
(e)
Other Non-current assets |
35.295 |
34.802 |
28.503 |
|
Total
Non-Current Assets |
3399.872 |
3509.747 |
3406.916 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
396.981 |
443.785 |
514.110 |
|
(c)
Trade receivables |
832.003 |
1215.803 |
1316.561 |
|
(d)
Cash and cash equivalents |
570.000 |
461.613 |
505.850 |
|
(e)
Short-term loans and advances |
667.116 |
648.915 |
715.079 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
2466.100 |
2770.116 |
3051.600 |
|
|
|
|
|
|
TOTAL |
5865.972 |
6279.863 |
6458.516 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue
from operations |
10983.045 |
12870.227 |
11568.214 |
|
|
|
Other Income |
85.432 |
107.295 |
153.961 |
|
|
|
TOTAL (A) |
11068.477 |
12977.522 |
11722.175 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost
of materials consumed |
7600.627 |
9244.042 |
8355.801 |
|
|
|
Changes in inventories of
finished goods work-in-progress and Stock-in-Trade |
62.596 |
(11.205) |
(84.649) |
|
|
|
Employee
benefits expense |
1288.937 |
1320.780 |
1146.097 |
|
|
|
Other
expenses |
1321.772 |
1442.559 |
1410.607 |
|
|
|
Exceptional items |
0.000 |
(72.800) |
(53.168) |
|
|
|
Extraordinary Items/ Prior period adjustments |
(9.085) |
0.539 |
1.403 |
|
|
|
TOTAL (B) |
10264.847 |
11923.915 |
10776.091 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
803.630 |
1053.607 |
946.084 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
263.497 |
315.290 |
340.541 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
540.133 |
738.317 |
605.543 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
310.618 |
296.816 |
291.650 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
229.515 |
441.501 |
313.893 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
74.429 |
160.249 |
101.002 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
155.086 |
281.252 |
212.891 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
494.602 |
308.066 |
165.056 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend
proposed to be distributed to equity shareholders @ 1/- per share |
21.388 |
42.777 |
42.776 |
|
|
|
Tax
on Dividend |
3.470 |
6.939 |
7.105 |
|
|
|
Transfer
to General Reserve |
22.500 |
45.000 |
20.000 |
|
|
BALANCE CARRIED
TO THE B/S |
602.330 |
494.602 |
308.066 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB
Value of Exports |
114.562 |
73.112 |
124.346 |
|
|
TOTAL EARNINGS |
114.562 |
73.112 |
124.346 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
18.412 |
76.468 |
75.426 |
|
|
|
Capital Goods |
35.859 |
22.862 |
19.936 |
|
|
|
Consumables |
6.827 |
5.620 |
3.719 |
|
|
TOTAL IMPORTS |
61.098 |
104.950 |
99.081 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
7.25 |
13.15 |
9.95 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.40 |
2.17 |
1.82 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.09 |
3.43 |
2.71 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.93 |
7.05 |
4.87 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11 |
0.22 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.68 |
0.75 |
1.24 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.96 |
0.91 |
0.96 |
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 |
213.882 |
213.882 |
213.882 |
|
Reserves & Surplus |
1573.871 |
1805.407 |
1935.636 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
1787.753 |
2019.289 |
2149.518 |
|
|
|
|
|
|
Long-term borrowings |
1309.487 |
974.193 |
886.768 |
|
Short term borrowings |
908.723 |
548.194 |
570.075 |
|
Total borrowings |
2218.210 |
1522.387 |
1456.843 |
|
Debt/Equity ratio |
1.241 |
0.754 |
0.678 |
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) |
|
Revenue from operations |
11568.214 |
12870.227 |
10983.045 |
|
|
|
11.255 |
(14.663) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations |
11568.214 |
12870.227 |
10983.045 |
|
Profit |
212.891 |
281.252 |
155.086 |
|
|
1.84% |
2.19% |
1.41% |
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
Yes |
|
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10481460 |
19/02/2014 |
200,000,000.00 |
ICICI BANK LIMITED |
LANDMARK RACE COURCE
CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B98006737 |
|
2 |
10445616 |
26/07/2013 |
250,000,000.00 |
THE HONGKONG AND SHANGHAI
BANKING CORPORATION LIMITED |
BIRLA TOWER, 25,
BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B83346197 |
|
3 |
10427798 |
22/05/2013 |
168,460,097.00 |
THE PRADESHIYA INDUSTRIAL
AND INVESTMENT CORPORATI |
PICUP BHAWANGOMTI NAGAR,
LUCKNOW, U P, UTTAR PRADESH - 226010, INDIA |
B75809954 |
|
4 |
10419531 |
30/05/2013 * |
200,000,000.00 |
TATA CAPITAL FINANCIAL
SERVICES LIMITED |
ONE FORBES, DR. V. B.
GANDHI MARG, FORT, MUMBAI, |
B79946430 |
|
5 |
10401464 |
24/09/2013 * |
371,900,000.00 |
INDUSIND BANK LIMITED |
DR. GOPAL DASS BHAWAN, 28
BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B86916335 |
|
6 |
10399623 |
15/01/2013 |
250,000,000.00 |
THE HONGKONG AND SHANGHAI
BANKING CORPORATION LIMITED |
BIRLA HOUSE, 25
BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B66371790 |
|
7 |
10296727 |
19/09/2013 * |
112,500,000.00 |
STANDARD CHARTERED BANK |
CREDIT DOCUMENTATION
UNIT, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B86504974 |
|
8 |
10274484 |
19/09/2013 * |
414,000,000.00 |
STANDARD CHARTERED BANK |
(ACTING AS SECURITY AGENT)
CREDIT RISK CONTROL, NARAIN MANZIL, 23 BARKHAMBA ROAD, NEW DELHI, DELHI |
B86758240 |
|
9 |
10186993 |
24/05/2012 * |
400,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE, VATIKA ATRIUM,
SECTOR-53, GOLF COURSE ROAD, GURGAON, GURGAON, HARYANA - 122001, INDIA |
B40669129 |
|
10 |
10135354 |
22/09/2012 * |
491,000,000.00 |
TATA CAPITAL FINANCIAL
SERVICES LIMITED |
ONE FORBES, DR. V. B. GANDHI
MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B61368395 |
|
11 |
10056045 |
19/06/2008 * |
440,750,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE
CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
A42832568 |
|
12 |
10056044 |
25/06/2007 |
440,750,000.00 |
ICICI BANK LIMITED |
NBCC PLACE, BHISHMA
PITAMAH MARG, PRAGATI VIHAR, NEW DELHI, DELHI - 110003, INDIA |
A17062092 |
|
13 |
10035462 |
15/01/2013 * |
50,000,000.00 |
THE HONGKONG AND SHANGHAI
BANKING CORPORATION LIMITED |
BIRLA TOWERS, 25 BARAKHAMBA
ROAD, NEW DELHI, DELHI - 110001, INDIA |
B70261797 |
|
14 |
10037815 |
10/09/2013 * |
210,000,000.00 |
CITIBANK N.A |
JEEVAN VIHAR, 3 SANSAD
MARG, NEW DELHI, DELHI - 110001, INDIA |
B85423028 |
|
15 |
80052247 |
19/08/2013 * |
145,000,000.00 |
CANARA BANK |
LAJPAT NAGAR BRANCH, NEW
DELHI, DELHI - 110024, INDIA |
B85669422 |
|
16 |
80052245 |
18/03/2013 * |
150,000,000.00 |
CANARA BANK |
LAJPAT NAGAR BRANCH, NEW
DELHI, DELHI - 110024, INDIA |
B71829766 |
* Date of charge modification
|
Unsecured Loans |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG
TERM BORROWINGS |
|
|
|
— From Banks |
|
|
|
-
Kotak Mahindra Bank Limited |
0.000 |
18.680 |
|
SHORT-TERM
BORROWINGS |
|
|
|
Working
Capital Loans |
|
|
|
Loans repayable on demand |
|
|
|
— From Banks |
|
|
|
HDFC
Bank Limited |
150.000 |
0.000 |
|
Total
|
150.000 |
18.680 |
CORPORATE PROFILE:
Subject
was incorporated in 1983 with a vision to emerge as a niche player in Auto
Industry and has set-up its first plant in Dharuhera, Haryana. Today, Omax is
proud to run and manage 9 fully-functional manufacturing plants pan India. With
a net turnover and other income of Rs.11070.000 millions in year 2012-13, more
than 5000+ work force and several international accreditations, the company
features in the list of the top 10 automotive component manufacturers in India.
Subject has a robust
infrastructure and engineering process capabilities boasting a comprehensive
range of modern machines and a production facility designed to give optimum
output as per a customer’s specifications. We are one of the top most OEM
(Parts and Assembly) suppliers and a leading auto component manufacturer having
stronghold in various industry segments including Automotive (2W, 3W, PC and
CV), Homeware, Technology Cell (Commercial Tool Room and SPM), Railways and
Heavy Fabrication and off Road vehicles.
OPERATIONS AND FUTURE
PROSPECTS OF THE COMPANY:
Financial Year (FY) 2012-13
was a challenging year for the Company. The global economy, barely a year after
recession, witnessed lower economic growth, resulting primarily from the Euro
Zone debt crisis and high Oil prices, which were fuelled by uncertainties of
supply. The Indian auto and auto component industry is currently facing its
most formidable challenge that of slowing demand and that too across the board.
Overall Indian Automobile Industry has shown marginal growth in FY 2012-13 compare
to last FY 2011-12.
The Net sales and other
Income of the Company for the year has decreased to Rs.11068.500 millions as
compared to Rs.12977.500 millions in the previous financial year, negative
growth of 14.71% on an annualized basis. The Profit before interest,
depreciation and tax (PBIDT) of the Company decreased to Rs.794.500 millions
during the year as compared to Rs.981.300 millions in the previous financial
decrease of 19.03% on an annualized basis. During the year, Profit before tax
and exceptional income decreased to Rs.220.400 millions from Rs.369.200
millions in the previous financial year a decrease of 40.30% on an annualized
basis. Net profit after tax (PAT) during the year decreased to Rs.146.000
millions as compared to Rs.281.800 millions during the previous financial year
a decrease of 48.18% on an annualized basis.
MANAGEMENT DISCUSSION AND
ANALYSIS
ECONOMIC OUTLOOK:
Global Economy:
The global economy has yet
to shake off the fallout from the crisis of 2008–2009. Global growth dropped to
almost 3 percent in 2012-13, which indicates the world economy weakened
considerably in 2012. This slowing trend will likely continue, a growing number
of developed economies, especially in Europe, have already fallen into a
double-dip recession, while those facing sovereign debt distress moved even
deeper into recession. Many developed economies are caught in downward
spiralling dynamics from high unemployment, weak aggregate demand compounded by
fiscal austerity, high public debt burdens, and financial fragility.
Most low-income countries
have held up relatively well so far, but now face intensified adverse spill
over effects from the slowdown in both developed and major middle-income
countries.
The economic woes of the
developed countries are spilling over to developing countries and economies in
transition through weaker demand for their exports and heightened volatility in
capital flows and commodity prices. The larger developing economies also face
home-grown problems, however, with some (including China) facing much weakened
investment demand because of financing constraints in some sectors of the
economy and excess production capacity elsewhere. Most low-income countries
have held up relatively well so far, but they are now also facing intensified
adverse spill over effects from the slowdown in both developed and major
middle-income countries. The prospects for the next two years continue to be
challenging, fraught with major uncertainties and risks slanted towards the
downside.
Growth of world gross
product (WGP) was expected to reach 2.2 percent in 2012 and forecasted to
remain well below potential at 2.4 percent in 2013 and 3.2 percent in 2014.
Global unemployment remains very high, particularly among developed economies,
with the situation in Europe being the most challenging. The unemployment rate
continued to climb, reaching a record high of nearly 12 percent in the Euro
area during 2012.
Inflation rates remain subdued
in most developed economies. Continuing large output gaps and downward pressure
on wages in many countries are keeping inflationary expectations low.
Economies in developing
Asia have weakened considerably during 2012 as the region’s growth engines,
China and India, both shifted into lower gear. While a significant deceleration
in exports has been a key factor for the slowdown, the effects of policy
tightening in the previous two years also linger. Domestic investment has
softened markedly.
IMF has predicted global
growth about 3.3 Percent this year and 4 percent in 2014.
Indian Economy:
The Indian economy
responded strongly to fiscal and monetary stimulus and achieved a growth rate
of 8.6 percent and 9.3 per cent respectively in 2009-10 and 2010-11, but due to
a combination of both external and domestic factors, the economy decelerated
growing at 6.2% and an estimated 5% in 2011-12 and 2012-13 respectively. The
Economic Survey 2012-13, presented by the Finance Minister Shri P. Chidambaram
in the Lok Sabha predicts that the global economy is also likely to recover in
2013 and various government measures will help in improving the Indian
economy’s outlook for 2013-14.
India’s recent slowdown is
partly rooted in external causes, domestic causes are also important. The
strong post-financial-crisis stimulus led to stronger growth in 2009-10 and
2010-11. However, the boost to consumption, coupled with supply-side
constraints, led to higher inflation. Monetary policy was tightened, even as
external headwinds to growth increased. The consequent slowdown, especially in
2012-13, has been across the board, with no sector of the economy unaffected.
Falling savings without a commensurate fall in aggregate investment have led to
widening current account deficit, Food inflation after a brief slowdown,
continues to be higher than overall inflation.
After growing at average
8-9 percent, Indian economy slumped to 5.3 percent in 2012-13, lowest in a
decade on policy paralysis and overall slowdown across industries. In order to
rejuvenate growth the government has set up a Cabinet Committee on Investment
(CCI) to remove infrastructure bottlenecks and allow faster clearances of large
projects. Various other structural reforms include deregulation of diesel
prices, partial decontrol of petrol and liberalising the FDI norms for various
sectors.
Standard and Poor’s expects
India to grow around 6 per cent in the current fiscal year ending March 2014.
INDUSTRY STRUCTURE:
Demand: Review and Outlook
Industrial growth slowed to
a 20-year-low of 1% in 2012-13, raising fresh worries about the health of the
crucial sector despite rising 2.5% in March on the back of some signs of feeble
revival in manufacturing and electricity.
The looming political
uncertainty in the run-up to the general elections in 2014 could affect even
the strength of the tentative recovery and hurt growth which is estimated to
have slowed to a 10-year-low of 5% in 2012-13. The government expects growth in
the current fiscal year (2013-14) to revive following reform steps announced
since September and expects it to be close to 6% but experts say continued
policy logjam may upset plans.
One of the major sectors in
India is the automobile sector.
Subsequent to the
liberalization, the automobile sector has been described as the sunrise sector
of the Indian economy as this sector has witnessed tremendous growth.
The Automobile Industry
in India is one of the largest and is the fastest growing industry,
world-wide. There has been a dramatic development and change in Automobile
industry, particularly for the last couple of years the automobile sector
is groping in the dark as they see no positive trigger to boost the sales. At a
time when the sector in the country has registered a drop in sales, the
situation is no different here.
The annual sales of car in
India dropped down for first time in 10 years, depicting the impact of slowdown
in the economy in crucial sectors. According to the data released by the industry
body, passenger car sales in the last fiscal stood at 18,95,471 units, compared
to 20,31,306 units in the previous fiscal. This is the first annual decline
since 2002-03, when car sales had dropped 2.09 percent.
DOMESTIC SALES:
The Indian automobiles
industry was adversely impacted by the general economic conditions in the
country and across the globe in 2012.
The country’s annual car
sales have thus declined for the first time in over a decade as rising petrol
prices, high interest rates and the slowing economy eroded demand. Now, global
automakers are reviewing their India strategies.
The Indian car industry,
which was until recently zooming at a 30 per cent growth rate, next only to
China, has seen a dramatic change in fortunes. Factories have been forced to
cut back production, leaving huge capacities underutilised. SIAM has forecast
the entire automobile industry to grow 6-8 percent in 2013-14, faster than the
2.61 percent growth it reported in the last fiscal.
The total of vehicle sales
in 2012-13 stood at 1,78,15,618 units, up from 1,73,61,769 units in 2011-12.
The two-wheeler segment
witnessed a rise of 2.90 percent to 1,37,97,748 units in Financial Year 2013
from 1,34,09,150 units in Financial year 2012.
“The Scooter segment is
contributing robust to the two wheeler sale, but the motorcycle Sales stagnated
in last fiscal Year”
In motorcycle segment,
total sales rose marginally to 1,00,85,586 units from 1,00,73,303 Units in
previous fiscal.
Total vehicles sales of the
country increased because of mainly LCV segment. Also the utility vehicle sales
contributed to this positive growth.
EXPORT SALES
On the export front,
India’s overall shipment went down by 1.34 per cent to 28,98,659 units in
2012-13 from 29,37,905 units in FY’12, SIAM said.
However, exports of
passenger cars increased 8.60 per cent at 5,44,656 units, the two-wheeler
segment saw a marginal dip at 19,60,941 units in overseas sales.
The CV segment’s exports
declined by 13.35 per cent to 79,944 units in last financial year, SIAM said.
As per SIAM during April to
March 2013, overall automobile exports registered de growth of 1.34%. Year on
Year basis. Passenger-Vehicles Grew by 9.02% Year on Year basis.
Commercial Vehicles -
Declined by 13.35% Year on Year basis. Three Wheelers - Declined by 16.22% Year
on Year basis. Two Wheelers - Declined by 0.72% Year on Year basis.
INDIAN AUTO COMPONENT
INDUSTRY:
The Indian Auto and Auto
components industry is currently facing its most formidable challenge – that of
slowing demand, and that too across the board. After a frenzied period of
2009-10 and 2010-11 when all automotive spots - domestic OEMs, exports and
replacement market – shone bright, the year 2011-12 marked the commencement of
a slowdown phase as volumes in the domestic Passenger Vehicle (PV) and Medium
and Heavy Commercial Vehicle (M&HCV) segments began to stutter. If, the
year 2011-12 was bad, the year 2012-13 has turned out to be worse as other
segments too including the domestic Two-Wheeler (2W) segment as also exports to
overseas OEMs and tier-1 players have come into the grips of the slowdown. The
Indian Auto component Industries’ revenue growth in 2012-13 was the slowest in
last five years as suppliers battled wekest demand from domestic OEM. On the
exports front, auto component supplies to Europe had already been witnessing
sluggish growth over the last few years, but steady expansion in demand for
Light Vehicles and Commercial Vehicles (CVs) in North America was adequately offsetting
the overall exports weakness.
Till 2011-12, the auto
component manufacturers were grappling with a rising cost structure arising
from volatile currency movements, firm interest rates and inflation in other
overheads including employee costs and power costs, however there has been no
significant change in character of any of the above forces during 2012-13, the
biggest trepidation for auto parts makers currently springs from tepid
automobile demand, dreaded to remain weak even in the near term. Decline in
revenues (on YoY basis) had significantly hurt both profits as well as margins
of auto component manufacturers in 2012-13.
While auto OEMs face
similar challenges, the profitability of auto component manufacturers may be
hit harder due to their smaller scale of operations and limited operational and
financial flexibility.
INDIAN TWO-WHEELER INDUSTRY
India is the second largest
producer of two-wheelers in the world. In the last few years, the Indian
Two-wheeler industry has seen spectacular growth. The country stands next to
China and Japan in terms of production and sales respectively.
The two-wheeler segment
witnessed a rise of 2.90 percent to 1,37,97,748 units in FY’13 from 1,34,09,150
units in FY’12. For Omax Autos, this segment contributed net sales of Rs.774
Crore during 2012-13 as compared to Rs.892 Crore during the previous year. Over
70% of OMAX’s revenue comes from Two-wheeler segment followed by Commercial
Vehicle, which is contributing around 11 %. Despite of overall growth in Two
Wheeler Segment, Company’s revenue from this segment has been declined and main
reason of this decline is over all Slowdown in auto sector which has also
affected the performance of the Company.
As Hero MotoCorp is major
customer of subject and at present Hero MotoCorp has three manufacturing
facilities based at Dharuhera, Gurgaon in Haryana and Haridwar in Uttarakhand.
Further subject is not having any plant at Haridwar and unable to get order for
supply to this Plant which have affected the performance of the subject.
To counter the concern of
single client dependency, the Company has started to diversify the customer
base. In the coming financial year 2012-13, the Company is expecting to reduce
its dependency from Two-wheeler segment.
Given slowdown and competition,
domestic volumes for the company are expected to stay under pressure.
Nevertheless, the company
has planned to diversify in new business, new campaigns, adding new customers
and network expansion to customer satisfaction.
PASSENGER CAR:
According to the data
released by the Society of Indian Automobile Manufacturers (SIAM), passenger
car sales in
2012-13 stood at 18,95,471
units, compared to 20,31,306 units in the previous financial year.
The general condition in the
sector is not in the interest of the manufacturers and dealers. However, the
segment which is not impacted by the slowdown here is the luxury car segment.
According to ICRA the
domestic passenger vehicle (PV) industry volumes declined by 13.0% YoY in Mar
2013 and by 11.6% YoY in Q4 2012-13, notwithstanding the fact that the month of
March 2013 marked the highest level of industry volumes in the last 12 months.
This apparently sharp volume decline was largely the result of the high base of
Q4 2011-12, a quarter which was characterized by pre-buying by customers due to
expected hike in excise duty in the Union Budget for 2012-13.
Mahindra and Mahindra
turned out to be the fastest growing OEM in Mar 2013 (12.2% YoY growth) and
recorded higher volumes than its closest competitor Tata Motors to become the
third largest player after Maruti Suzuki and Hyundai. While demand for
passenger cars as well as vans continued to languish, Utility Vehicle (UV)
segment, which accounts for 21% of industry volumes, continued to witness a
healthy volume growth of 34.0% YoY in March 2013 aided by strong demand for
some of the relatively newer models. Overall, domestic PV demand continues to
remain dull and discounts-driven sales push is likely to remain the salient
theme in the near term.
The Net Sales of the
Company in this segment during the year 2012-13 was Rs.105 Crore as compared to
Rs.100 Crore during the previous year. At OMAX, passenger vehicle segment is
contributing around 10 % of its total revenue and the company has a plan to
increase its contribution from Passenger vehicle segment and it will help to
reduce its dependence on Two Wheeler and expand its business.
COMMERCIAL VEHICLES:
According to Report
released by ICRA in 2012-13, the domestic CV industry volumes contracted by
2.0% on a YoY basis as slowing industrial activity, weakening investment
sentiment and subdued freight rates continue to pose headwinds for fleet
operators. Segment-wise performance was characterized by a wide dispersion in
growth rates. While LCVs continued to sustain its growth momentum with an
increase of 14.0% YoY in 2012-13, the Medium and Heavy Commercial Vehicles
(M&HCV) bore the brunt of low cargo availability, weak investment sentiment
and the impact of significant fleet capacity addition over the past three
years, especially in the heavy-duty categories of the trucking market. Within
the Medium and Heavy Commercial Vehicles (M&HCV) segment, while demand for
buses has not been affected significantly compared to the previous year on back
of healthy off take from private segment and improving order inflows from State
Units, the contraction in demand for the higher tonnage category of trucks such
as tippers, tractor trailers and Multi Axle Vehicles (MAVs) has been the
sharpest. These factors caused Medium and Heavy Commercial Vehicles (M&HCV)
volumes to shrink by a sharp 23.2% YoY in 2012-13.
Omax main customers under
this category are Tata motors and Ashok Leyland and both are market leaders of
Commercial Vehicles segment
having jointly more than 70 % market shares.
The sharp decline of the
Medium and Heavy Commercial Vehicles segment is accounted for sustained
slowdown in the industrial sector and Tata motors and Ashok Leyland were most
affected Company.
Further as subject has
set-up its Plant in Lucknow which is fully dedicated to Tata Motors and Pant
Nagar Plant to Ashok Leyland and this sharp decline in the sales of Tata
Commercial vehicle have adversely affected the sales of subject.
During the financial year
2012-13, the company’s sales under this segment decreased to Rs.1170.000
millions in comparison of last year Rs.1607.700 millions.
DIVERSIFICATION:
Auto Component segment is
low operating margin business and has less bargaining power due to tough
competition in the market. Omax is facing the same margin pressure in this
segment. Omax, being an auto ancillary company has high dependency on auto
business. To de-risk its business and to reduce its dependency on auto industry
the Company had entered into non-auto segment such as Railways and Home
Furnishing.
Now the Company has
considered to enter into Solar Power and Clean energy sector and is considering
to enter into the business of manufacturing of Heavy Machinery Equipment e.g.
mining and construction equipments.
HOMEWARE:
Under this segment, the
Company is exporting various items to large international customers like IKEA,
Target, Gimmy, Milestone etc. The Company has started the production in home
furnishing segment in 2008-09. This business is continued to grow for Omax.
Under this segment, company is exporting its 100% production and not doing any
domestic business.
But due to low margin
provided by IKEA, this Business is not profitable as expected and the Company
has reduced the business significantly with IKEA.
However Company is looking
for another major customers and hope in coming time the Company will get some
profit making business in this segment.
This segment reported total
sales of Rs.540.000 millions in 2012-13 as compared to Rs.890.000 millions in
2011-12.
RAILWAY:
In tune of diversification
and reduce the dependency on auto components business the Company entered into
railway business, but due to lack of some internal and external assessment this
business has also not done well in the Financial year and to make more
effective, management has shifted this business from Faridabad to Binola
(Gurgaon) and company expects more business will be added under this segment
and Profitability will increase.
This segment reported total
sales of Rs.60.000 millions in 2012-13 as compared to Rs.40.000 millions in
2011-12.
The management is
considering enhancing the capacity for tapping the higher sales in this field.
CONTINGENT
LIABILITIES (TO THE EXTENT NOT PROVIDED FOR)
|
Particulars |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Contingent
Liabilities |
|
|
|
(A)
Claims against the company not acknowledged as debt |
|
|
|
(i)
Excise and Service Tax matters |
41.039 |
42.370 |
|
(ii)
Sale Tax |
18.534 |
3.096 |
|
(iii)
Income Tax |
6.230 |
6.230 |
|
(B)
Outstanding Guarantees issued by banks |
7.572 |
2.030 |
|
(C)
Other money for which the company is contingently liable |
|
|
|
(i)
Letter of credits |
5.564 |
-- |
|
(ii)
Bills discounted |
-- |
-- |
STANDALONE AUDITED FINANCIAL RESULTS FOR
THE QUARTER AND THE YEAR ENDED 31ST MARCH, 2014
(Rs in millions)
|
Particulars |
Quarter ended |
Current year ended |
||
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
||
|
|
(Audited) |
(Unaudited) |
(Audited) |
|
|
1. Income from Operations |
|
|
|
|
|
a) Net Sales / Income
from Operations (Net of excise duty) |
2592.452 |
2394.198 |
9754.152 |
|
|
b) Other Operating Income |
30.023 |
16.842 |
92.443 |
|
|
Total Sales/ Income
from Operations (Net) |
2622.475 |
2411.040 |
9846.595 |
|
|
2. Expenses |
|
|
|
|
|
a)
Cost of materials consumed |
1785.295 |
1661.280 |
6792.690 |
|
|
b)
Changes in inventories of finished goods work-in-progress and
Stock-in-Trade |
0.821 |
(0.827) |
-27.292 |
|
|
c)
Employee benefits expense |
335.787 |
321.954 |
1304.031 |
|
|
d)
Depreciation and amortization expense |
79.707 |
79.823 |
300.687 |
|
|
e)
Other expenses |
341.967 |
330.678 |
1279.987 |
|
|
Total Expenses |
2543.577 |
2392.908 |
9650.103 |
|
|
3. Profit from Operations
before other income, finance costs, prior period adjustments and exceptional
items (1-2) |
78.898 |
18.133 |
176.492 |
|
|
4. Other Income |
2.734 |
0.076 |
3.386 |
|
|
5. Profit from ordinary
activities before finance costs, prior period adjustments and exceptional
items (3-4) |
81.633 |
18.209 |
179.878 |
|
|
6. Finance costs |
60.893 |
62.870 |
240.935 |
|
|
7. Profit from ordinary activities after finance costs but before
exceptional items (5-6) |
20.740 |
(44.660) |
(61.057) |
|
|
8. Exceptional Items (Income) |
-- |
-- |
-- |
|
|
9. Profit from ordinary
activities before tax (7+8) |
20.740 |
(44.660) |
(61.057) |
|
|
10. Tax Expenses |
|
|
|
|
|
- Current Tax |
0.400 |
-- |
0.400 |
|
|
- Deferred Tax |
(9.760) |
(7.081) |
(20.468) |
|
|
11. Net Profit from ordinary activities after tax (9-10) |
30.100 |
(37.580) |
(40.989) |
|
|
12. Extraordinary Items Prior period Income/ (Expenses) – excess provision
written back |
(22.456) |
0.016 |
(21.651) |
|
|
13. Net Profit for the Period (11+/-12) |
7.644 |
(37.564) |
(62.640) |
|
|
14. Paid up Equity Share Capital (Face Value Rs.10/- each) |
213.882 |
213.882 |
213.882 |
|
|
15. Reserves excluding Revaluation Reserve as per balance sheet of
previous accounting year |
-- |
-- |
1914.309 |
|
|
16. Earnings per
share a. Basic and
Diluted (Before extraordinary items) (Not to be annualized) |
1.41 |
(1.76) |
(1.92) |
|
|
b. Basic and
Diluted (After extraordinary items) (Not to be annualized) |
0.36 |
(1.76) |
(2.93) |
|
|
|
|
|
|
|
|
PART II |
|
|
|
|
|
A. PARTICULARS
OF SHAREHOLDING |
|
|
|
|
|
1. Public
Shareholding |
|
|
|
|
|
- Number of shares |
9359043 |
9387647 |
9359043 |
|
|
- Percentage of shareholding |
43.76% |
43.89% |
43.76% |
|
|
2. Promoters and
Promoter Group Shareholding |
|
|
|
|
|
(a) Pledged/
Encumbered |
|
|
|
|
|
- Number of Shares |
Nil |
Nil |
Nil |
|
|
- Percentage of shares (as % of the total shareholding of promoter and
promoter group) |
Nil |
Nil |
Nil |
|
|
- Percentage of shares (as % of the total share capital of the
company) |
Nil |
Nil |
Nil |
|
|
(b)
Non-encumbered |
|
|
|
|
|
- Number of Shares |
12029170 |
12000566 |
12029170 |
|
|
- Percentage of shares (as% of the total shareholding of promoter and
promoter group) |
100.00% |
100.00% |
100.00% |
|
|
- Percentage of shares (as % of the total share capital of the company) |
56.24% |
56.11% |
56.24% |
|
|
Particulars |
Quarter ended 31.03.2014 |
|
|
B |
INVESTOR COMPLAINTS |
|
|
|
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 |
STANDALONE STATEMENT OF
ASSETS AND LIABILITIES
(Rs in millions)
|
SOURCES OF FUNDS |
31.03.2014 |
|
I.
EQUITY AND LIABILITIES |
|
|
(1) Shareholders' Funds |
|
|
(a) Share Capital |
213.882 |
|
(b) Reserves & Surplus |
1872.995 |
|
(c) Money received against share warrants |
0.000 |
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
2086.877 |
|
|
|
|
(3)
Non-Current Liabilities |
|
|
(a) Long-term borrowings |
545.880 |
|
(b) Deferred tax liabilities (Net) |
220.382 |
|
(c)
Other long term liabilities |
12.785 |
|
(d)
Long-term provisions |
0.000 |
|
Total
Non-current Liabilities (3) |
779.047 |
|
|
|
|
(4) Current Liabilities |
|
|
(a)
Short term borrowings |
606.804 |
|
(b)
Trade payables |
1416.692 |
|
(c)
Other current liabilities |
567.825 |
|
(d)
Short-term provisions |
147.171 |
|
Total
Current Liabilities (4) |
2738.492 |
|
|
|
|
TOTAL |
5604.416 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
|
|
(i)
Tangible assets |
3092.660 |
|
(ii)
Intangible Assets |
25.997 |
|
(iii)
Capital work-in-progress |
13.051 |
|
(iv) Intangible assets under development |
0.000 |
|
(b) Non-current
Investments |
0.500 |
|
(c) Deferred tax assets
(net) |
0.000 |
|
(d) Long-term Loan
and Advances |
204.796 |
|
(e)
Other Non-current assets |
35.018 |
|
Total
Non-Current Assets |
3372.022 |
|
|
|
|
(2) Current assets |
|
|
(a)
Current investments |
0.000 |
|
(b)
Inventories |
443.225 |
|
(c)
Trade receivables |
965.355 |
|
(d)
Cash and cash equivalents |
247.281 |
|
(e)
Short-term loans and advances |
576.533 |
|
(f)
Other current assets |
0.000 |
|
Total
Current Assets |
2232.394 |
|
|
|
|
TOTAL |
5604.416 |
Notes:
1. The above financial results have been audited by the
Company statutory auditors, reviewed and recommended by the Audit committee in its
meeting held on May 23, 2014 and thereafter approved and taken on record by the
Board of Directors in its meeting held on May 23, 2014.
2. Current tax includes provision for Income Tax and
Wealth Tax, Extra Ordinary Items includes Rs.26.495 millions for the precious
year tax. Accounting for deferred taxation has been made in accordance with
Accounting Standard 22 of ICAI.
3. The Company primarily operates in one business
segment viz. Auto Components and Parts.
4. Corresponding previous period figures have been
regrouped and rearranged wherever necessary.
FIXED ASSETS:
Tangible Assets
·
Land
·
Building
·
Plant and Machinery
·
Dies and Tools
·
Furniture and Fixture
·
Office Equipment
·
Computer and Other
Equipment
·
Vehicles
Intangible Assets
·
Computer Software
·
Licences
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.59.97 |
|
|
1 |
Rs.102.90 |
|
Euro |
1 |
Rs.82.02 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
50 |
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.