MIRA
INFORM REPORT
|
Report Date : |
10.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
MOTHERSON SUMI SYSTEMS LIMITED |
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Registered
Office : |
2nd
Floor, F-7, Block B-1, Mohan Co-Operative Industrial Estate, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
19.12.1986 |
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Com. Reg. No.: |
55-026431 |
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Capital
Investment / Paid-up Capital : |
Rs.588.000 Millions |
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CIN No.: [Company Identification
No.] |
L34300DL1986PLC026431 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELM11353G DELM08600E |
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PAN No.: [Permanent Account No.] |
AAACM0405A |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturers of
Auto Ancillaries, Wiring Harnesses, Components and High Tension Cords. |
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No. of Employees
: |
52000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 64960000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s healthy financial risk supported by adequate liquidity position and decent profitability of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
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 wih 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 |
CRISIL |
|
Rating |
Corporate credit rating AA- |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
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Date |
May 30, 2014 |
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Rating Agency Name |
CRISIL |
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Rating |
Commercial paper A1+ |
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Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
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Date |
May 30, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED
MANAGEMENT NON CO-OPERATIVE (91-11-40555940)
LOCATIONS
|
Registered Office : |
2nd Floor, F-7, Block B-1, Mohan Co-Operative Industrial
Estate, |
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Tel. No.: |
91-11-40555940 |
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Fax No.: |
91-11-40555940 |
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Email : |
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Website : |
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Corporate Office 1 : |
3rd Floor, Bhageria House, 43, Community Centre, New Friends
Colony, New Delhi - 110 065, India |
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Tel. No.: |
91-11-26822778 / 26838069 / 26842174 |
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Fax No.: |
91-11-26842174 |
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E-Mail : |
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Corporate Office 2 : |
C-14 A and B, Sector-1, Noida-201 301, |
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Tel. No.: |
91-120-6752100 |
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Fax No.: |
91-120-2521866 / 2521966 |
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Business Unit : |
Survey No. 71-85 (FISP), Chithamanur Village, Chennai-603204,
Tamilnadu, India |
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Units: |
·
Plot No. 31B, JIADB Industrial Area, Phase –1, Kumbalgodu,
·
195-196, Sector-4, IMT Manesar, Gurgaon-122050,
Haryana, India ·
Motherson Automotive Technologies and Engineering
(A division of Motherson Sumi Systems
Limited) No. 9, GST Road, Oorapakum Kanchipuram,
District Chennai, Tamilnadu, India ·
B-22, SIDCO Industrial Estate, Hosur, ·
C-6 and 7, 1st and 2nd Floor, Sector – 1, Noida, ·
C-14, A and B, Sector -1, Noida – 201 301, Tel No.: 91-120-2476100 / 2551851 Fax No.: 91-120-2521966 / 2521866 ·
A-15, Sector 6, Noida, ·
Mohan Co-operative, ·
A-60-61, Sector 6, Noida, ·
129/2, Sanghvi Compound, Chinchwad, Pune, ·
Plot No. 21, Industrial Estate, Gurgaon, ·
C-6 and 7, Ground Floor, Sector 1, Noida, ·
D-3, Sector 11, Noida, ·
8, Ayyenchery, Village Oorapakkam Panchyet,
Kancheepuram 603 202, ·
Survey No. 241-1/2, Hinjewadi, Tal Mulshi,
District Pune–411027, Maharashtra, India ·
96/3-P, 96/4, 96/7-P, A Block Indraprastha
Industrial Park, Kumbalgodu Industrial Area, 2nd Phase, Kumbalgodu,
Bangalore, Karnataka, India ·
9, GST Road, Oorapakkam, Kancheepuram District, Tamilnadu
– 603202, Tel No.: 91-44-27467955 / 27467956 Fax No.: 91-44-27465337 ·
B – 135 and 206, Phase – II, Noida – 201301, Tel No.: 91-120-2568790 / 2562728 Fax No.: 91-120-2562726 |
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Overseas Offices: |
Located At : ·
·
·
Sharjah ·
·
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DIRECTORS
As on: 31.03.2013
|
Name : |
(Late) Smt. S.L. Sehgal |
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Designation : |
Founder Chairperson |
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Name : |
(Late) Sh. K.L. Sehgal |
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Designation : |
Chairman Emeritus |
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Name : |
Mr. Vivek Chaand Sehgal |
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Designation : |
Vice Chairman |
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Name : |
Maj. Gen. Amarjit Singh (Retd.) |
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Designation : |
Director |
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Name : |
Mr. Sushil Chandra Tripathi, IAS (Retd.) |
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Designation : |
Director |
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Name : |
Mr. Arjun Puri |
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Designation : |
Director |
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Name : |
Mr. Gautam Mukherjee |
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Designation : |
Director |
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Name : |
Mr. Toshimi Shirakawa |
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Designation : |
Director |
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Name : |
Mr. Hideaki Ueshima |
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Designation : |
Director |
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Name : |
Mr. Laksh Vaaman Sehgal |
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Designation : |
Director |
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Name : |
Mr. Pankaj Mital |
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Designation : |
Whole-time Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.03.2014
|
Category of Shareholder |
Total No. of
Shares |
% of Total No.
of Shares |
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(A) Shareholding of Promoter and Promoter Group |
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|
4927476 |
0.56 |
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|
318531564 |
36.12 |
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|
323459040 |
36.68 |
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|
28703638 |
3.25 |
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226303625 |
25.66 |
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255007263 |
28.92 |
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Total shareholding of Promoter and Promoter Group (A) |
578466303 |
65.59 |
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(B) Public Shareholding |
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64781865 |
7.35 |
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|
709359 |
0.08 |
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|
149130526 |
16.91 |
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|
214621750 |
24.34 |
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|
32817544 |
3.72 |
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|
31275560 |
3.55 |
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|
22125560 |
2.51 |
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|
2612643 |
0.30 |
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|
965080 |
0.11 |
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|
1574082 |
0.18 |
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|
73481 |
0.01 |
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88831307 |
10.07 |
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Total Public shareholding (B) |
303453057 |
34.41 |
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Total (A)+(B) |
881919360 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
881919360 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Auto
Ancillaries, Wiring Harnesses, Components and High Tension Cords. |
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Products : |
Blow Molded Components ·
Heating, Ventilation and Air Conditioning
Ducts ·
Engine and Air Intake Ducts ·
Wind Shield Washer Bottles ·
Radiator Reservoir Tanks ·
Plastic Fuel Tanks (2-Wheelers) ·
Resonator/Pipe Air Intake ·
Arm Rests ·
Bellows ·
Body styling Kit- Spoilers Injection Molded Components · Interior/Exterior Trims and parts · Scuff Plates · Auto A.C. Components · Mirror housings · Under bonnet parts · Structured Plastic components · Inside handles · Body colored painted parts
Modules · IP Module · Door Trims · Floor console Module · Bumper Modules Components for White Goods Industry · Washing machine components · A.C. Components · Refrigerator components
Electronics Industry · T.V. Cabinets and Back Cover ·
Monitor Cabinets and Back Covers |
GENERAL INFORMATION
|
No. of Employees : |
52000
(Approximately) |
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Bankers : |
·
State
Bank of India ·
ICICI
Bank Limited ·
Axis
Bank Limited ·
Bank
of Tokyo Mitsubishi Limited ·
HDFC
Bank Limited ·
Citibank
N. A. ·
The
Hong Kong and Shanghai Banking Corporation Limited ·
DBS
Bank Limited ·
Japan
Bank for International Corporation |
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Facilities : |
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NOTE: LONG TERM
BORROWING (SECURED LOANS)
SHORT TERM
BORROWING Working capital loans are secured by first pari
passu charge on entire current assets of the Company including receivables,
both present and future and second pari passu charge over the fixed assets of
the Company including equitable mortgage of specified properties. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse
and Company Chartered
Accountants |
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Address : |
Building 8 , 7th
and 8th Floor, DLF Cyber City, Gurgaon-122002, Haryana, India |
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Subsidiaries : |
·
MSSL
Mauritius Holdings Limited ·
MSSL
Mideast (FZE) ·
MSSL
Ireland Private Limited ·
MSSL
Handels GmbH ·
Motherson
Electrical Wires Lanka Private Limited ·
MSSL
Tooling (FZE) ·
MSSL (S)
Pte Ltd. ·
MSSL GmbH ·
MSSL
Polymers GmbH ·
Samvardhana
Motherson Invest Deutschland GmbH ·
MSSL
Advanced Polymers s.r.o. ·
MSSL (GB)
Limited ·
Global
Environment Management (FZC) ·
Global
Environment Management Australia Pty Limited ·
Motherson
Wiring System (FZE) ·
MSSL
Australia Pty Limited ·
Motherson
Elastomers Pty Limited ·
Motherson
Investments Pty Limited ·
Motherson
Orca Precision Technology GmbH ·
MSSL
s.r.l Unipersonale ·
MSSL
Global RSA Module Engineering Limited ·
MSSL
Japan Limited ·
Samvardhana
Motherson Global Holdings Limited. ·
Samvardhana
Motherson Refl ectec Group Holdings Limited ·
SMR
Automotive Holding Hong Kong Limited ·
SMR
Automotive Technology Holding Cyprus Limited ·
SMR
Automotive Mirror Systems Holding Deutschland GmbH ·
SMR Poong
Jeong Automotive Mirrors Korea Limited ·
SMR
Hyosang Automotive Limited ·
SMR
Holding Australia Pty Limited ·
SMR
Automotive Australia Pty Limited ·
SMR
Automotive Taree Pty Limited (deleted on 22.05.2012 due to deregistred) ·
SMR
Automotive Mirror Technology Hungary Bt ·
SMR
Grundbesitz GmbH & Co. KG ·
SMR
Automotive Mirror Parts and Holdings UK Limited ·
SMR
Automotive Services Portchester Limited (formerly Portchester Limited) ·
SMR
Automotive Mirrors UK Limited ·
SMR
Automotive Technology Valencia S.A.U. (formerly Visiocorp Automotive Valencia
S.A.U.) ·
SMR
Automotive Mirror Services UK Limited ·
SMR
Automotive Technology Holdings USA Partners ·
SMR
Automotive Mirror International USA Inc. ·
SMR
Automotive Systems USA Inc. ·
SMR
Automotive Systems France S. A. ·
SMR
Automotive Systems India Limited ·
SMR
Automotive Yancheng Co. Limited ·
SMR Automotive
Beijing Company Limited ·
SMR
Automotive Mirror Technology Holding Hungary Kft ·
SMR
Automotive Systems Spain S.A.U. ·
SMR
Automotive Vision Systems Mexico S.A. de C.V. ·
SMR
Automotive Servicios Mexico S.A. de C.V. ·
SMR
Automotive Mirrors Stuttgart GmbH ·
SMR
Patents S.a R.L. ·
SMR
Automotive Beteiligungen Deutschland GmbH ·
SMR
Automotive Brasil Ltda. ·
SMR
Automotive System (Thailand) Limited ·
SMR
Automotives Systems Macedonio Dooel Skopje ·
SMR
Automotive Operations Japan K.K. ·
MSSL
Automobile Component Limited ·
Samvardhana
Motherson Polymers Limited. ·
Vacuform
2000 (Pty) Limited. ·
MSSL
México, S.A. De C.V. ·
Samvardhana
Motherson B.V.Netherland ·
Samvardhana
Motherson Peguform GmbH (earlier known as Forgu GmbH, Germany) ·
SMP
Deutschland GmbH (formerly known as Peguform GmbH) ·
PurpurinGrundstuecksverwaltungsgesellschaft
mbH and Company Vermietungs KG ·
SMP
Automotive Solutions Personalleasings GmbH (Formerly known as Peguform
Personaleasing GmbH) ·
SMP
Automotive Solutions Slovakia sro (earlier known as Peguform Slovakia sro). ·
SMP
Automotive Technology Management Services (Chanchun) CompanysLimited
(formerly known as Peguform Corporate Management ·
Services
(Chanchun) Company Limited.). ·
SMP
Automotive Technology Iberica S L (earlier known as Pegurform Iberica S L) ·
Peguform Module
Division Iberica Cockpits S.L. ·
SMP
Automotive Technologies Teruel S. L. (formerly Peguform de Teruel S.L.) ·
Celulosa
Fabril (Cefa) S.A. (Zaragoza, ES) Chanchun P eguform Automotive Plastics
Technology Company Limited ·
( Held by
SMP Deutschland GmbH) ·
Samvardhana
Motherson Peguform Automotive Technology Portugal S.A. (formerly Peguform
Portugal S.A.) ·
SMP
Automotive Systems Mexico S A De CV ·
SMP
Tecnologia Parachoques S.A. de C.V. (formerly known as Fabrica de Parachoques
de M exico S.A. de C.V.) ·
SMP Shock
Absor ber Fabrication Mexico S.A. de C.V. (formerly known as Shock Absor b de
M exico S.A de C.V ) ·
SMP
Produtos Automotivos do Brasil Ltda. (formerly Peguform do Brasil Ltda.) ·
MSSL WH
System (Thailand) Co, Ltd (incorporated on April 12, 2012) ·
MSSL
Korea WH Limited (incorporated on December 5, 2012) ·
PAINTYES
– Sociedade Portuguesa de Pintura, S A ·
Foshan
Peguform Automotive Plastics Technology Company Limited |
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·
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Joint Ventures: |
·
Kyungshin
Industrial Motherson Limited ·
Woco
Motherson Elastomer Limited ·
Woco
Motherson Advanced Rubber Technologies Limited ·
Woco
Motherson Limited (FZC) (Indirectly through subsidiary) ·
Calsonic
Kansei Motherson Auto Products Limited ·
Ningbo
SMR Huaxiang Automotive Mirrors Company Limited (Indirectly through
subsidiary) ·
Celulosa
Fabril S.A. (I ndirectly through subsidiary) ·
Modulos
Rivera Alta S.L.U. (Indirectly through subsidiary) |
|
|
·
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|
Associate
Companies: |
·
Saks
Ancillaries Limited ·
Die
Wethje GmbH Kunststoff technik (Indirectly through subsidiary) Upto October
29, 2012 ·
Wethje
Carbon Composite GmbH (Indirectly through subsidiary) Upto October 29, 2012 ·
Wethje
Entwicklungs GmbH (Indirectly through subsidiary) Upto October 29, 2012 ·
Re time
Pty Limited (Indirectly through subsidiary) |
|
|
|
|
Companies in
which Key Managerial Personnel or their relatives have control/ signicant
influence: |
·
Motherson
Auto Limited ·
Motherson
Air Travel Agencies Limited ·
Ganpati
Auto Industries South City Motors Limited ·
Motherson
Techno Tools Limited ·
Motherson
Techno Tools Mideast (FZE) ·
SWS India
Management Support and Service (Private) Limited ·
Vaaman
Auto Industries ·
A Basic
Concepts Design India Private Limited ·
Motherson
Sumi Infotech and Designs Limited ·
Motherson
Engineering Research and Integrated Technologies Limited ·
Moon
Meadows Private Limited Sis Bro Motor and Workshop Private Limited NACHI
Motherson Tool Technology Limited ·
Motherson
Samvardhana ·
Motherson
International Limited (formerly Samvardhana Motherson Finance Limited) (also
a joint venturer) ·
A Basic
Concepts Design Pty Limited ·
ATAR
Mauritius Private Limited ·
Motherson
Auto Solutions Limited ·
Motherson
Machinery and Automations Limited ·
Spheros
Motherson Thermal Systems Limited ·
Matsui
Technologies India Limited ·
Motherson
Moulds and Diecasting Limited ·
Anest
Iwata Motherson Limited ·
Field
Motor Limited ·
AES
(India) Engineering Limited ·
Motherson
Auto Eng. Service Limited (formerly Miyazu Motherson Eng. Design Limited ) ·
Anest
Iwata Motherson Coating Equipment Limited ·
Nissin
Advance Coating Indo Company Limited ·
Magnetti Marelli
Motherson Holding India B.V. ·
Magnetti
Marelli Motherson Auto System Limited ·
Samvardhana
Motherson Finance Services Cyprus Limited ·
Motherson
Zanotti Refrigeration System Limited ·
Samvardhana
Motherson Virtual Analysis Limited ·
Samvardhana
Motherson Finance services Inc. ·
Tigers
Connect Travel Systems and Solutions Limited ·
Samvardhana
Motherson Holding (M) Private Limited. ·
Motherson
Advanced Tooling Solutions Limited ·
SCCL
Infra Projects Limited ·
Fritzmeier
Motherson Cabin Engineering Limited. ·
Air
Factory Energy Limited ·
CTM India
Limited. ·
MSID U.S.
Inc ·
Motherson
Climate System Limited ·
Spirited
Auto Cars (I) Limited ·
Motherson
Lease Solution Limited (formerly Style Motors Limited) ·
Systematic
Conscom Limited ·
MAS
Middle East Limited (FZE) ·
Motherson
Bergstrom HVAC Solutions Private Limited. ·
NACHI
Motherson Precision Limited ·
Motherson
Sintermetal Technology Limited ·
Samvardhana
Motherson Nippisun Technology Limited ·
Advanced
Technologies and Auto Resources Pte. Limited ·
Edcol
Global Pte. Limited ·
Motherson
Innovative Technologies and Research ·
Radha
Rani Holdings Pte Limited |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2873000000 |
Equity Shares |
Rs.1/- each |
Rs.2873.000 Millions |
|
25000000 |
8% Convertible Cumulative
Preference Shares |
Rs.10/- each |
Rs.250.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 3123.000
Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
587949440 |
Equity Shares |
Rs.1/- each |
Rs.588.000 Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
587946240 |
Equity Shares |
Rs.1/- each |
Rs.588.000 Millions |
|
|
|
|
|
During the year the Company has made allotment of
195982080 equity shares of Rs. 1/- each as bonus shares in proportion of one
equity share for every two equity shares.
After 31.08.2013
Authorised Capital : Rs. 3123.000 Millions
Issued, Subscribed and Paid-up Capital : Rs. 881.919
Millions
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
588.000 |
388.000 |
388.000 |
|
(b) Reserves & Surplus |
15652.000 |
12463.000 |
9714.000 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Share capital Suspense Account |
0.000 |
4.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
16240.000 |
12855.000 |
10102.000 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
5095.000 |
4399.000 |
3458.000 |
|
(b) Deferred tax liabilities (Net) |
177.000 |
214.000 |
225.000 |
|
(c) Other long term liabilities |
152.000 |
156.000 |
111.000 |
|
(d) long-term provisions |
147.000 |
94.000 |
55.000 |
|
Total Non-current Liabilities (3) |
5571.000 |
4863.000 |
3849.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
3263.000 |
4273.000 |
3968.000 |
|
(b) Trade payables |
4778.000 |
4553.000 |
3633.000 |
|
(c) Other current
liabilities |
2341.000 |
2102.000 |
1885.000 |
|
(d) Short-term provisions |
2211.000 |
1624.000 |
1503.000 |
|
Total Current Liabilities (4) |
12593.000 |
12552.000 |
10989.000 |
|
|
|
|
|
|
TOTAL |
34404.000 |
30270.000 |
24940.000 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
14166.000 |
12164.000 |
8973.000 |
|
(ii) Intangible Assets |
30.000 |
13.000 |
2.000 |
|
(iii) Capital
work-in-progress |
861.000 |
1242.000 |
1179.00 |
|
(iv)
Intangible assets under development |
0.000 |
13.000 |
0.000 |
|
(b) Non-current Investments |
5132.000 |
3704.000 |
3439.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
802.000 |
803.000 |
1132.000 |
|
(e) Other Non-current assets |
9.000 |
19.000 |
22.000 |
|
Total Non-Current Assets |
21000.000 |
17958.000 |
14747.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
5420.000 |
4652.000 |
4277.000 |
|
(c) Trade receivables |
5464.000 |
5428.000 |
3506.000 |
|
(d) Cash and cash
equivalents |
658.000 |
202.000 |
359.000 |
|
(e) Short-term loans
and advances |
1862.000 |
2030.000 |
2051.000 |
|
(f) Other current
assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
13404.000 |
12312.000 |
10193.000 |
|
|
|
|
|
|
TOTAL |
34404.000 |
30270.000 |
24940.000 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
43041.000 |
35718.000 |
28236.000 |
|
|
|
Other Income |
915.000 |
931.000 |
792.000 |
|
|
|
TOTAL |
43956.000 |
36649.000 |
29028.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
24839.000 |
20728.000 |
17012.000 |
|
|
|
Purchase of stock-in-trade |
1007.000 |
891.000 |
895.000 |
|
|
|
Changes in Inventories of
finished goods and work-in-progress |
(549.000) |
(103.000) |
(639.000) |
|
|
|
Employee benefits expense |
4392.000 |
3454.000 |
2572.000 |
|
|
|
Other expenses |
5782.000 |
5564.000 |
4093.000 |
|
|
|
TOTAL |
35471.000 |
30534.000 |
23933.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
8485.000 |
6115.000 |
5095.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
535.000 |
598.000 |
320.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
7950.000 |
5517.000 |
4775.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1453.000 |
1172.000 |
830.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
6497.000 |
4345.000 |
3945.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1801.000 |
1173.000 |
1070.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
4696.000 |
3172.000 |
2875.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4785.000 |
3097.000 |
2430.000 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
500.000 |
450.000 |
300.000 |
|
|
|
Additions on amalgamation |
0.000 |
1.000 |
664.000 |
|
|
|
Dividend |
1176.000 |
890.000 |
1070.000 |
|
|
|
Tax on Dividend |
200.000 |
145.000 |
174.000 |
|
|
BALANCE CARRIED TO
THE B/S |
7605.000 |
4785.000 |
3097.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports includes Deemed Exports of Rs.
353 Mn (Previous Year Rs.364 Mn) |
5985.000 |
4857.000 |
3065.000 |
|
|
|
Dividend Received from Subsidiary |
330.000 |
517.000 |
0.000 |
|
|
|
Interest Received from subsidiary
|
0.000 |
* |
-- |
|
|
|
Service Income |
160.000 |
0.000 |
108.000 |
|
|
|
Miscellaneous Income |
1.000 |
2.000 |
19.000 |
|
|
TOTAL EARNINGS |
6476.000 |
5376.000 |
3192.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
13100.000 |
11333.000 |
10470.000 |
|
|
|
Capital Goods |
1158.000 |
952.000 |
1009.000 |
|
|
|
Spares |
134.000 |
97.000 |
114.000 |
|
|
TOTAL IMPORTS |
14392.000 |
12382.000 |
11593.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
8.10 |
7.50 |
|
QUARTERLY /
SUMMARISED RESULTS
|
Particulars |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
Audited /
UnAudited |
1st Quarter |
2nd Quarter |
3rd Quarter |
|
Net Sales |
10782.200 |
11164.700 |
11059.100 |
|
Total
Expenditure |
9340.000 |
9164.000 |
8882.100 |
|
PBIDT (Excl OI) |
1442.200 |
2000.700 |
2177.000 |
|
Other Income |
165.000 |
106.200 |
112.400 |
|
Operating Profit |
1607.200 |
2106.900 |
2289.400 |
|
Interest |
98.200 |
88.100 |
117.400 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
1509.000 |
2018.800 |
2172.000 |
|
Depreciation |
376.900 |
388.400 |
395.900 |
|
Profit Before
Tax |
1132.100 |
1630.400 |
1776.100 |
|
Tax |
324.100 |
448.700 |
539.400 |
|
Provisions and
contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
808.000 |
1181.700 |
1236.700 |
|
Extraordinary
Items |
0.000 |
0.000 |
0.000 |
|
Prior Period
Expenses |
0.000 |
0.000 |
0.000 |
|
Other
Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
808.000 |
1181.700 |
1236.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
10.68
|
8.65 |
9.900 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
15.09
|
12.16 |
13.97 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.87
|
17.16 |
19.41 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.40
|
0.34 |
0.39 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.51
|
0.67 |
0.73 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.06
|
0.98 |
0.93 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
388.000 |
388.000 |
588.000 |
|
Reserves & Surplus |
9714.000 |
12463.000 |
15652.000 |
|
Net
worth |
10,102.000 |
12,851.000 |
16,240.000 |
|
|
|
|
|
|
long-term borrowings |
3458.000 |
4399.000 |
5095.000 |
|
Short term borrowings |
3968.000 |
4273.000 |
3263.000 |
|
Total
borrowings |
7,426.000 |
8,672.000 |
8,358.000 |
|
Debt/Equity
ratio |
0.735 |
0.675 |
0.515 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
28236.000 |
35718.000 |
43041.000 |
|
|
|
26.498 |
20.502 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
28236.000 |
35718.000 |
43041.000 |
|
Profit |
2875.000 |
3172.000 |
4696.000 |
|
|
10.18% |
8.88% |
10.91% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-------------------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOAN:
|
Particulars |
31.03.2013 [Rs.
in Millions] |
31.03.2012 [Rs.
in Millions] |
|
LONG TERM
BORROWING |
|
|
|
Term Loans |
|
|
|
Foreign currency Loan from banks |
1086.000 |
1017.000 |
|
|
|
|
|
SHORT TERM
BORROWING |
|
|
|
Loans - From Bank |
|
|
|
Indian rupee loan |
418.000 |
834.000 |
|
Other Loans-repayable on demand |
|
|
|
Indian rupee Loan from a related
party |
10.000 |
45.000 |
|
|
|
|
|
Total |
1514.000 |
1896.000 |
NOTE:
LONG TERM
BORROWING (UNSECURED LOAN)
|
Particulars |
Terms of Repayment |
|
The Company has given a negative lien on the
assets purchased out of the said facility |
Rs.1086 Mn repayable in 3 yearly installments
starting January 2015 till January 2017 (Previous year Rs. 1017 Mn) |
|
In respect of long term borrowings aggregating Rs.1520 Mn (Previous Year Rs. 4312 Mn), in respect of which certain financial ratio
covenants were not met , the Company has obtained the requisite waivers from
the bank. |
|
INDEX CHARGES:
|
.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10389750 |
07/11/2012 |
324,000,000.00 |
Citi Bank N.A. |
124, Jeevan Bharati Building, Connaught Circus, |
B63247159 |
|
2 |
10389753 |
07/11/2012 |
972,000,000.00 |
Citi Bank N.A. |
124, Jeevan Bharati Building, Connaught Circus, |
B63247654 |
|
3 |
10323128 |
29/10/2012 * |
1,250,000,000.00 |
DBS Bank Ltd. |
Upper Ground Floor, Birla Tower, 25, Barakhamba Road, New Delhi, Delhi
- 110001, INDIA |
B62924378 |
|
4 |
10298858 |
29/09/2011 * |
920,000,000.00 |
DBS BANK LIMITED |
Upper Ground Floor, Birla Tower, 25, Barakhamba Road, New Delhi, Delhi
- 110001, INDIA |
B25758889 |
|
5 |
10299388 |
29/09/2011 * |
675,000,000.00 |
HSBC BANK (MAURITIUS)
LIMITED |
6th Floor, HSBC Centre, 18 Cyber City, Ebene, Mauritius, - 000000,
MAURITIUS |
B23617384 |
|
6 |
10134323 |
22/12/2008 |
860,000,000.00 |
CITIBANK N. A. |
DLF Square Building, 9th Floor, Jacaranda Marg, |
A53003604 |
|
7 |
10100514 |
13/10/2008 * |
800,000,000.00 |
CITIBANK N. A. |
Jeevan Vihar,, 3, Sansad Marg, New Delhi, Delhi |
A51297133 |
|
8 |
10057598 |
12/12/2009 * |
225,000,000.00 |
Axis Bank
Limited |
CMC Centre, First Floor, Karumuttu Nilayam, No.19 |
A78046331 |
|
9 |
90055628 |
20/05/2005 * |
230,000,000.00 |
STATE BANK OF
INDIA |
PM 801-5 WHEELOCK HOUSE, PEDDER STREET, CENTRAL HONGKONG |
- |
|
10 |
90044263 |
09/07/2004 |
5,000,000.00 |
ICICI BANK
LIMITED |
9 RAFFLES ROAD, #50.01 REPUBLIC PLAZA, SINGAPORE - 048619, SINGAPORE |
- |
|
11 |
90043780 |
02/05/2003 |
47,183,000.00 |
FORD INDIA
LIMITED |
S.P. KOIL CHENGELPUT, KANCHEEPURAM, Tamil Nadu, INDIA |
- |
|
12 |
90054841 |
17/03/2003 |
175,000.00 |
FORD INDIA LTD |
SP KOIL CHENGELPUR, KANCHEEPURAM, Delhi, INDIA |
- |
|
13 |
90043504 |
14/08/2002 |
44,000,000.00 |
HDFC BANK
LIMITED |
HINDUSTAN HOUSE 5TH FLOOR, 18-20 KASTURBA GANDHI MARG, NEW DELHI,
Delhi, INDIA |
- |
|
14 |
90054546 |
01/01/2003 * |
43,600,850.00 |
FORD INDIA LTD |
KOCHIPURAM, Tamil Nadu, INDIA |
- |
|
15 |
90062445 |
07/02/2002 |
39,000,000.00 |
CITYBANK N.A. |
BANDRA KURLA COMPLEX, G-BLOCK BANDRA(E), MUMBAI, |
- |
|
16 |
90330826 |
08/06/2001 * |
30,000,000.00 |
LORD KRISHNA
BANK LTD. |
K-2 CHAUDHARYB BUILDING, CONNAUGHT PLACE, NEW DELHI, Delhi, INDIA |
- |
|
17 |
90369307 |
01/08/2001 * |
40,000,000.00 |
ICICI LIMITED |
9- A CONNAUGHT PLACE, NEW DELHI, Delhi, INDIA |
- |
|
18 |
90369306 |
10/11/2000 |
43,800,000.00 |
ICICI BANK LTD. |
9- A CONNAUGHT PLACE, NEW DELHI, Delhi, INDIA |
- |
|
19 |
90369302 |
20/09/2000 |
11,288,000.00 |
FORD INDIA LTD. |
WORLI ROAD NO. 13, WORLI, MUMBAI, Maharashtra, INDIA |
- |
|
20 |
90053875 |
30/03/2000 |
50,000,000.00 |
STATE BANK OF
INDIA |
OVERSEAS BRANCH, 17;BARAHKHAMBA ROAD, NEW DELHI, Delhi - 110001, INDIA |
- |
|
21 |
90053846 |
13/03/2000 |
50,000,000.00 |
ICICI BANK LTD |
ICICI TOWER ; NBCC MARG ;BISHAM PITAMAH MARH, PARAGATI VIHAR, NEW DELHI,
Tamil Nadu - 110003, INDIA |
- |
|
22 |
90330800 |
14/09/2000 * |
5,000,000.00 |
UTI BANK LTD. |
KANCHENJUNGA BUILDING, 18 BARAKHAMBA ROAD, NEW DELHI, Delhi, INDIA |
- |
|
23 |
90330786 |
04/11/1999 * |
4,300,000.00 |
STATE BANK OF
INDIA |
VIJAYA BUILDING, 17 BARAKHAMBA ROAD, NEW DELHI, Delhi, INDIA |
- |
|
24 |
90330785 |
15/10/1999 |
4,300,000.00 |
STATE BANK OF
INDIA |
VIJAYA BUILDING, 17 BARAKHAMBA ROAD, NEW DELHI, Delhi, INDIA |
- |
|
25 |
90330782 |
14/09/2000 * |
27,000,000.00 |
STATE BANK OF
INDIA |
VIJAYA BUILDING, 17 BARAKHAMBA ROAD, NEW DELHI, Delhi, INDIA |
- |
|
26 |
90053582 |
23/04/1999 |
665,500,000.00 |
STATE BANK OF
INDIA |
NEPZ, NOIDA, Uttar Pradesh, INDIA |
- |
|
27 |
90368424 |
22/09/1999 * |
210,000,000.00 |
STATE BANK OF
INDIA |
OVERSEAS BRANCH VIJAYA BUILDING- 17, BARAKHAMBA ROAD, NEW DELHI,
Delhi, INDIA |
- |
|
28 |
90053482 |
17/07/2001 * |
12,500,000.00 |
SBI FACTORS
& COMMERCIAL SERVICES LIMITED |
B-1/6; 1ST FLOOR, COMMUNITY CENTRE; JANAKPURI, NEW DELHI, Delhi, INDIA |
- |
|
29 |
90053456 |
17/03/1999 * |
62,000,000.00 |
UTI BANK LTD |
NEW DELHI, NEW DELHI, Delhi - 110001, INDIA |
- |
|
30 |
90330762 |
25/02/2000 * |
20,000,000.00 |
UTI BANK LTD. |
KANCHENJUNGA BUILDING, GROUND FLOOR; 18 BARAKHAMB |
- |
|
31 |
90053352 |
07/03/2001 * |
240,000,000.00 |
ICICI LIMITED |
NBCC PLACE, BHISHAM PITAMAH MARG; PRAGATI VIHAR, NEW DELHI, Delhi -
110003, INDIA |
- |
|
32 |
90369223 |
30/09/1999 * |
26,500,000.00 |
ANZ GRINDLAYS
BANK LTD. |
H- BLOCK CONNAUGHT PLACE, NEW DELHI, Delhi, INDIA |
- |
|
33 |
90042077 |
19/11/1997 |
52,000,000.00 |
UTI BANK LTD |
NEW DELHI, NEW DELHI, Delhi, INDIA |
- |
|
34 |
90053181 |
22/10/1997 |
100,000,000.00 |
ICICI LTD |
JEEVAN BHARATI;TOWER-II.LEVEL - 6, 124; CONNAUGHT CIRCUS, NEW DELHI,
Delhi, INDIA |
- |
|
35 |
90061260 |
01/10/1997 |
100,000,000.00 |
DRESDNER BANK
A.G. |
NARIMAN POINT BRANCH, BOMBAY, Maharashtra - 400021, INDIA |
- |
|
36 |
90053160 |
11/03/1998 * |
20,000,000.00 |
STATE BANK OF
INDIA |
NEPZ BRANCH, NOIDA PHASE-II, NOIDA, Uttar Pradesh, INDIA |
- |
|
37 |
90053007 |
26/11/1996 * |
120,000,000.00 |
THE BANK OF
TOKYO -MITSUBISHI |
3;PARLIAMENT STREET, NEW DELHI, Delhi - 110001, INDIA |
- |
|
38 |
90368372 |
30/05/1996 |
85,000,000.00 |
THE BANK OF
TOKYA LTD. |
JEEVAN VIHAR BUILDING, NEW DELHI, Delhi, INDIA |
- |
|
39 |
90052865 |
22/02/1996 |
120,000,000.00 |
BANK OF TOKYO
-MITSUBISHI LTD |
PARLIAMENT STREET, PARAGATI VIHAR, NEW DELHI, Tamil Nadu - 110001,
INDIA |
- |
|
40 |
90033564 |
26/12/1996 * |
47,170,000.00 |
THE BANK OF
TOKYA |
MITSUBISHI BRANCH, 3; PARLIAMENT STREET, NEW DELHI, Delhi - 110001,
INDIA |
- |
|
41 |
90052399 |
01/02/1994 * |
42,700,000.00 |
STATE BANK OF
INDIA |
FRIENDS COLONY, NEW DELHI, Delhi - 110052, INDIA |
- |
|
42 |
90052362 |
14/02/1999 * |
2,500,000.00 |
BANK OF INDIA |
26;COMMUNITY CENTER, ASHOK VIHAR, NEW DELHI, Delhi - 110052, INDIA |
- |
|
43 |
90040649 |
21/03/2013 * |
7,000,000,000.00 |
STATE BANK OF
INDIA & OTHERS |
Overseas Branch, Jawahar Vyapar Bhawan, 1, Tolstoy Marg, New Delhi,
Delhi - 110001, INDIA |
B73229064 |
|
44 |
90052178 |
20/11/1997 * |
76,500,000.00 |
STATE BANK OF
INDIA |
FRIENDS COLONY, NEW DELHI, Delhi, INDIA |
- |
* Date of charge modification
GENERAL
INFORMATION
Subject is incorporated in India on 19th December, 1986 and is engaged
primarily in the manufacture and sale of components to automotive original equipment
manufacturers. The Company has manufacturing plants in India and sells
primarily in India, Europe and Australia. The Company is a public limited
company and is listed on the Bombay Stock Exchange, National Stock Exchange,
Ahmadabad Stock Exchange and Delhi Stock Exchange. The Company is a joint
venture entity between Samvardhana Motherson International Limited and Sumitomo
Wiring Systems Limited, Japan.
MANAGEMENT
DISCUSSIONS AND ANALYSIS
OVERVIEW
Subject has emerged as an industry leader in providing
full system solutions to the global automotive industry. The Company has
expanded globally through a mix of organic and inorganic growth with focus to
be a globally preferred supplier. The company has outperformed the industry
year on year by increasing content per car. MSSL has been considered as the
preferred supplier among OEMs with its ability to provide end to end solutions,
from global manufacturing capability and competitive footprint to core
expertise in all aspects of design, research, engineering and development. This
strength has laid the foundation for ability to capitalize on the upcoming
opportunities and to master the challenges that lie ahead. The year started
with clear direction of improving operations of Samvardhana Motherson Peguform
(SMP) (acquired on 23 November, 2011) and further enhancing the performance of
existing business. The Company has performed exceptionally well and delivered
strong results with focus on achieving its Vision 2015.
HIGHLIGHTS
Some of the major accomplishments during 2012-13
are as follows:
1.
The Company
achieved record turnover of Rs.252 Bn
(equivalent to US$ 4.6 Bn).
2.
Exponential
Growth in sales of 72% on consolidated basis and 20% on standalone basis. Even
without considering Revenue of SMP total sales grew by 22% on consolidated
basis.
3.
Profit
before Interest Depreciation and Tax (PBIDT) has substantially increased by 79%
on consolidated basis and 36% on standalone basis.
4.
Profit
before Tax (PBT) registered tremendous growth of 103% on consolidated basis and
50% on standalone basis.
5.
Profit
after Tax (PAT) has significantly improved by 71% on consolidated basis and 48%
on standalone basis.
6.
Samvardhana
Motherson Reflectec (SMR) has delivered strong results, recorded substantial
improvement in profitability along with highest ever annual sales of Rs.69,538 Mn (Euro 993 Mn). SMR has delivered strong
growth in EBITDA by 61% at Rs.4,511 Mn
(Euro 64 Mn), PBT by 109% at Rs.2,036 Mn
(Euro 29 Mn) and PAT by 179% at Rs.1,074 Mn
(Euro 15 Mn).
7.
SMP has
achieved turnover of Euro 1.8 Bn and various measures initiated post
acquisition has resulted in signify cant improvement in profitability EBITDA at
3.8% of sales and Adjusted PBT of Rs.180.000
millions (before exchange fluctuation on long term loans) in its first full
year of acquisition under the Samvardhana banner.
8.
Subject
continues to deliver consistent and progressive returns to the shareholders,
bonus share in the proportion of 1:2 allotted during the year and dividend of
Rs.2 per share recommended on expanded capital, dividend payout ratio of 31%
(Previous year 39.5%) of the consolidated profits after tax.
9.
Subject is
achieving synergies through horizontal and vertical integration, supplied Wiring
Harnesses of Rs. 2248.000 millions (Previous year Rs.1465.000 Millions)
(excluded in the reported consolidated sales of the company) to SMR during
2012-13.
10.
The company
incurred capital expenditure (on consolidated basis) of Rs.10895.000 millions
mainly for expansion of capacities:
-
Wiring
Harness division has set-up two new units in Noida (India) and overseas at
Mexico and Thailand where production already started during the year.
-
SMR has
started commercial production and supplies from new facilities in Brazil,
Thailand and Pune (India) for mirror manufacturing and vertical integration.
-
Polymer
division has set up new Interior plant in Castellbisbal (Spain), the ramp-up of
commercial production and supplies have started during 2012-13. SMP has set up
new facility at Puebla (Mexico) and incurred major capital expenditure at
Atibaia (Brazil) for enhancing paint shop capabilities. The impact of these
initiatives has started yielding results towards the end of financial year. In
India the new facility with robotic paint shop at Ford Supplier Park, Chennai
for serving new business from FORD started commercial production.
INDIAN VEHICLE AND COMPONENT MARKET
The Indian auto component industry faced challenges
during 2012-13 with the growth rate squeezing on account of economic slowdown.
The demand was restrained by higher interest rates, inflation, fuel prices,
volatile commodity market, industrial unrest and adverse forex fluctuations.
The Indian vehicle market, after a few years of consistent good performance,
witnessed a distinct slowdown in growth. While passenger vehicle segment saw
witnessed an overall volume growth rate of single digit for consecutive two
years i.e. 4% in 2012- 13 and 5% in 2011-12, the sale of Commercial Vehicles
declined by 4% after registering impressive growth in the last two years.
Industrial unrest, high interest rates and slowdown in infrastructure projects
contributed to lower demand for commercial vehicles. Two wheelers volume growth
was subdued at 2% in comparison with 16% during 2011 12.
MARKETS OUTSIDE INDIA
On consolidated basis sales to the customers
outside India has grown considerably and contributed a turnover of Rs.132 Bn. In addition to the revenues being
contributed by SMP and MATE, this business is operated through the Company’s
subsidiaries namely MSSL Polymers GmbH (MSP-G), MSSL Tooling FZE (MTL), Global
Environment Management FZC (GEM), MSSL Advanced Polymers s.r.o. (MSP-CZ), MSSL
Global RSA Module Engineering Limited and Vacuform 2000 Pty Limited
DOMESTIC
During the year, Polymer Division achieved an
increase of 10% in its domestic revenues on consolidated basis. The division is
focusing on adding new value added modules that require specialized engineering
abilities. SMP’s business of interior and exterior products for automotive
industry is complementary to existing polymer processing business. It gives the
division access to advanced production technologies and product range to expand
the operations with the existing customer base.
OUTLOOK
The status of capacity expansions initiated during
previous year is as follows:
-
MATE has
completed the new facility and robotic paint shop at Ford Supplier Park,
Chennai mainly for serving new business from FORD. The new facility started commercial
production during 2012-13.
-
MATE has
set up new robotic paint shop and ramped up the commercial production and
supplies from new facility at Tapukara, Rajasthan for catering new businesses
from Maruti, Honda and other customers.
-
SMP has
completed setting up of new Interior plant in Castellbisbal, Spain, the ramp-up
of commercial production and supplies started during 2012-13.
-
SMP has
incurred expenditure for enhancing molding capabilities at Atibaia, Brazil, and
the same has started yielding results from fourth quarter.
-
SMP has set
up of new plant at Puebla, Mexico to enhance molding capabilities and
consolidate its existing business, commercial production and supplies started
during 2012-13. During 2012-13, the Polymer Business started expanding capacity
at the following locations:
-
SMP is
setting up a second facility at Schierling, Germany (close to existing
facilities at Neustadt) for manufacturing of plastic components to meet new
orders received from the existing customers.
-
SMP is
setting up a new facility at Foshan, China for serving new orders received from
the existing customers.
-
SMP is
setting up Engineering Centre at Noida to provide technological support to
expand the business in domestic market.
-
SMP is
setting new paint shops and/or other facilities at Oldenburg and Polinya to
bring about improvements in operations, more particularly in the paint shop.
-
MATE is
setting up a new facility at Sanand, Gujarat to meet increasing demand from
customers.
-
MSSL Global
RSA Module Engineering Ltd. is setting up a new facility at Durban, South
Africa for manufacturing of molded parts like bumpers, instrument panels and
door trims for serving increasing customer base.
AUTOMOTIVE MIRRORS
Samvardhana Motherson Reflectec (SMR), the mirror
division of the company constitutes 28% share of the total business portfolio
of Subject. SMR, a subsidiary of Subject, is a global Tier I supplier of rear
view vision systems to all the leading automobile OEMs, including Ford, General
Motors, Hyundai Kia, PSA, Renault/Nissan, Suzuki, Fiat, Toyota, Tata JLR,
Volvo, BMW, Daimler and Volkswagen. SMR enjoys approximately 22% market share
of the total global exterior mirror sales as assessed by the Company. Principal
business activities of SMR include designing, manufacturing, producing and
supplying exterior & interior mirrors for the international automotive
industry. SMR develops and produces a wide range of exterior mirrors from
basic, manually adjusted mirrors to high-value mirrors with integrated systems
such as camera-based detection systems, side turn indicator lamps and assist
system signal lights. SMR’s interior mirrors product line consists mainly of
prismatic mirrors and it also develops high-value interior mirrors with
features such as integrated displays and microphones and garage door openers.
SMR has a sustained focus on research and
development. SMR has over 600 patents and its innovations include several
industry firsts, such as the first turn signal in exterior mirrors for Mercedes
Benz in 1998; the first interior mirror with multiple functions for Mercedes
Benz in 1999; the first LIN-bus system in exterior mirrors for Jaguar in 2001;
the first camera-based blind spot detection system for Volvo in 2004; the first
LED light guide style turn signal for Audi Q7 in 2005; the first side-looker
LED turn signal for Hyundai in 2005; a combined unique power telescopic and
power folding mirror for Ford in 2007; the first lamps in exterior mirrors to
project logos on the ground for European SUVs in 2011; and the first one-piece
exterior mirror glass reflector with an integrated blind spot detector section
for North- American SUVs in 2011. SMR has presence in 14 countries with 20
production facilities and 7,000 full-time employees as on March 31, 2013. Focus
on technology and innovation has enabled SMR to maintain a leadership position
in exterior mirrors and to expand its product portfolio to interior mirrors of
various types and blind spot detection cameras, as well as enabling further
expansion into new product segments.
OUTLOOK
SMR strategy to focus on vertical integration of
selective high potential items, like glass, actuators and wiring harnesses has
started giving cost advantage and competitive edge to the business.
The status of capacity expansions initiated during
the previous year is as follows:
-
The
Company’s 2nd plant at Hungary which was inaugurated during previous year has
contributed significantly towards growth in supplies to European OEMs. During
the year there is a ramp up in commercial production and supplies for new
orders awarded from European customers post acquisition started from this new
facility.
-
SMR
Greenfield plant at Brazil inaugurated during December 2011 started commercial
production and supplies to customers, further ramp up in production will be
during 2013-14. This would give the footprint in South America which is a large
automotive market.
-
SMR has
completed a new mirror assembly facility along with a dedicated Glass plant at
Thailand for in-house glass requirement. Both mirror assembly and glass plant
facility was commissioned during 2012-13 and supplies to customers have been
started.
-
SMR has
completed a new plant at Pune (India) to cater to the requirement of western
India based customers. Commercial production and supplies from this facility
started during the year and now have been stabilized.
During 2012-13, SMR started expanding the
capacities at the following locations:
-
SMR is
expanding its footprint in China; a new facility plant is under construction at
Lang fang. Commercial production from this facility will commence from 2013-14.
-
SMR new
facility at Yancheng, China is under Construction for capacity expansion to
support new orders. Existing plant at Yancheng will also move to a bigger and
new facility in 2013-14 with enhanced capacities.
-
New paint
shop was installed at Spain to improve the quality & efficiency and to
create more capacities as well.
-
SMR has
also enhanced the capacities at the Mexico facility along with a dedicated
Glass plant for in-house glass requirement to cater to the growing markets in
Americas.
-
SMR is
setting up a new facility at Michigan, USA to cater to growth coming up in
North American market. Commercial production will start from 2014-15.
AWARDS
AND RECOGNITIONS
During the year, the Company received various
awards and recognitions, some of which are given below:
Wiring Harness Division (WHD):
The division has been awarded with following
appreciations by Customers during the year:
MARUTI-SUZUKI
has conferred the following awards:
·
“Overall
Gold Award” for outstanding performance.
·
Shield for
incoming quality improvement
·
Shield for
VA-VE (Value Addition – Value Engineering)
·
Shield for
Inner plant location
-
WHD has received
the ‘Gold Award’ in the category of Quality and also got the award for being
“Winner” in the “Quality Circle Competition 2012- 2013” from Honda Cars India
Limited.
-
WHD has
received “Award” and “Certificate of Excellence” for being the “Best Supplier
Quality” for the year 2012 13 from General Electric.
Polymer
Division (MATE):
Units of MATE have been awarded with following
appreciations by Customers during the year:
-
MATE Noida received
“Gold Award” for outstanding performance in the category of “Quality, Cost and
Delivery “sand first prize in “Kaizen Competition” from Honda Cars India
Limited
-
MATE
received “Certificate of Appreciation” from Mahindra and Mahindra for best
“Kaizens” and “Poka-yoke” in the category of quality.
-
MATE
Bangalore received Silver award for “Supplier of the year” and “Certifi cation”
for achieving targets in Quality, Cost and Delivery from Toyota Kirloskar Motor
Limited.
-
MATE
Chennai Unit III received “Merit Award” for “Best Cooperation” from Hyundai
Motor India Limited.
-
MATE
Manesar received award for “Timely Capacity Enhancement” and “Certifi cation”
in the category of “Safety” from Maruti Suzuki India Limited. The Company has
also been the winner of “Best activity in Quality month” host by the Toyota
motors.
FIXED
ASSETS:
œ Lease hold Land
œ Free hold Land
œ Buildings
œ Plant and Machinery
œ Furniture and Fixtures
œ Office Equipment
œ Computers
œ Vehicles
UNAUDITED STANDALONE
FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED
31ST MARCH, 2014
|
|
|
Three months ended |
Year ended |
|
|
|
Particulars |
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
|
|
Unaudited |
Unaudited |
Audited |
|
1 |
Income from Operations |
|
|
|
|
(a) |
Net Sales/Income from Operations |
12232.600 |
10861.900 |
44737.700 |
|
|
(net of excise duty) |
|
|
|
|
|
- Within India |
10226.100 |
9181.200 |
37700.400 |
|
|
- Outside India |
2006.500 |
1660.700 |
7037.300 |
|
(b) |
Other Operating Income |
269.200 |
197.200 |
770.100 |
|
|
Total Income From Operations (Net) |
12501.800 |
11059.100 |
45507.800 |
|
2 |
Expenses |
|
|
|
|
(a) |
Changes in inventory of Finished Goods, Work in
Progress and Stock in Trade |
(16.200) |
(220.000) |
(152.400) |
|
(b) |
Cost of Material Consumed |
6447.900 |
6176.000 |
24225.200 |
|
(c) |
Purchases of stock-in-trade |
306.400 |
229.600 |
1069.200 |
|
(d) |
Employees Benefits Expense |
1276.700 |
1221.800 |
4975.500 |
|
(e) |
Depreciation & Amortisation Expenses |
368.200 |
395.900 |
1539.400 |
|
(f) |
Exchange Differences on |
|
|
|
|
|
- Long Term Loans |
(162.600) |
(76.800) |
576.000 |
|
|
- Others |
(62.400) |
(97.200) |
(188.700) |
|
(g) |
Other Expenses |
1757.700 |
1551.500 |
6293.900 |
|
|
Total Expenses |
9915.700 |
9180.800 |
38328.100 |
|
3 |
Profit from Operations before
Other Income, Finance Cost & Exceptional
Items (1-2) |
2586.100 |
1878.300 |
7179.700 |
|
4 |
Other Income |
571.800 |
15.200 |
820.500 |
|
5 |
Profit / (Loss) from ordinary activities before finance costs and
exceptional items (3+4) |
3157.900 |
1893.500 |
8000.200 |
|
6 |
Finance Costs |
112.900 |
117.400 |
416.600 |
|
7 |
Profit after Finance Costs but before Exceptional Items (5-6) |
3045.000 |
1776.100 |
416.600 |
|
8 |
Exceptional Income / (Expenses) (Net) |
-- |
-- |
-- |
|
9 |
Profit
(+)/ Loss (-)from Ordinary Activities before tax (7+8) |
3045.000 |
1776.100 |
416.600 |
|
10 |
Tax
expense / (Credit) |
|
|
|
|
|
- Current |
789.800 |
480.500 |
2294.600 |
|
|
- Deferred |
130.300 |
58.900 |
(62.300) |
|
|
- Fringe Benefit |
-- |
-- |
-- |
|
11 |
Net Profit (+)/Loss (-) from Ordinary
Activities after tax (9-10) |
2124.900 |
1236.700 |
5351.300 |
|
12 |
Extraordinary Item {net of tax) |
-- |
-- |
-- |
|
13 |
Net Profit (+)/Loss(-) for the period before share
of profit/(loss) of associates and minority interests (11-12) |
2124.900 |
1236.700 |
5351.300 |
|
14 |
Share of profit/floss) of Associates |
-- |
-- |
-- |
|
15 |
Minority Interests |
-- |
-- |
-- |
|
16 |
Net Profit (+)/Loss(-) for the
period (13+14-15) |
2124.900 |
1236.700 |
5351.300 |
|
17 |
Equity Share Capital (Face Value :- Rs. 1/- per
share) |
881.900 |
881.900 |
881.900 |
|
18 |
Reserve excluding Revaluation Reserves as per balance
sheet of previous accounting year |
-- |
-- |
-- |
|
19 |
Earnings Per Share before Extraordinary items (EPS)
(in Rs.) |
|
|
|
|
(a) |
Basic and diluted EPS before Extraordinary items |
|
|
|
|
|
- Basic |
2.41 |
1.40 |
6.07 |
|
|
- Diluted |
2.41 |
1.40 |
6.07 |
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
- Number of Shares |
303453057 |
303453057 |
303453057 |
|
|
- Percentage of Shareholding |
34.41% |
34.41% |
34.41% |
|
2 |
Promoters and promoter group shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
147274999 |
120587499 |
147274999 |
|
|
- Percentage of shares (as a % of the total
shareholding of promoter and promoter group) |
25.46% |
20.85% |
25.46% |
|
|
- Percentage of shares ( as a % of the total share
capital of the company) |
16.70% |
13.67% |
16.70% |
|
|
b) Non-encumbered |
|
|
|
|
|
- Number of shares |
431191304 |
457878804 |
431191304 |
|
|
- Percentage of shares (as a % of the total
shareholding of promoter and promoter group) |
74.54% |
79.15% |
74.54% |
|
|
- Percentage of shares ( as a % of the total share
capital of the company) |
48.89% |
51.92% |
48.89% |
|
B Investors complaints received and disposed |
31.03.2014 |
|
Complaints pending at the beginning of the quarter |
0 |
|
Complaints received during the quarter |
15 |
|
Disposal of complaints |
15 |
|
Complaints lying unresoived at the end of the
quarter |
0 |
STANDALONE FINANCIAL
RESULTS FOR THE QUARTER AND HALF YEAR ENDED 31ST MARCH, 2014
|
|
Particulars |
Three months ended |
Year ended |
|
|
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
|
|
Unaudited |
Unaudited |
Audited |
|
1 |
Segment Revenue |
|
|
|
|
(a) |
Automotive |
11648.800 |
10293.400 |
42322.000 |
|
(b) |
Non-Automotive |
791.600 |
730.900 |
3054.200 |
|
(c) |
Unallocated |
594.000 |
20.500 |
858.600 |
|
|
Total |
13034.400 |
11044.800 |
46234.800 |
|
|
Less:
Intersegment Revenue |
-- |
-- |
-- |
|
|
Net Sales/Income from Operations |
13034.400 |
11044.800 |
46234.800 |
|
2 |
Segment Results |
|
|
|
|
(a) |
Automotive |
2165.300 |
1622.100 |
7152.200 |
|
(b) |
Non-Automotive |
147.300 |
74.100 |
322.900 |
|
(c) |
Unallocated |
-- |
-- |
-- |
|
|
Total |
2312.600 |
1696.200 |
7475.100 |
|
|
Less i)
Interest (Net) |
73.600 |
88.000 |
323.100 |
|
|
ii)
Other unallocable expenditure (Net of Unallocable Income) |
(806.000) |
(167.900) |
(431.600) |
|
|
Profit of Associate |
-- |
-- |
-- |
|
|
Total Profit Before Tax |
3045.000 |
1776.100 |
7583.600 |
|
3 |
Capital Employed |
|
|
|
|
(a) |
Automotive |
20632.900 |
19589.80 |
20632.900 |
|
(b) |
Non-Automotive |
1654.000 |
1938.900 |
1654.000 |
|
(c) |
Others
(Including Investments) |
4368.200 |
6721.600 |
3557.100 |
|
|
Total Segment Capital Employed |
26665.100 |
28250.300 |
26655.100 |
NOTES:
1. The above financial results were reviewed by the Audit Committee and approved by the Board of Directors f the Company at their meetings held on May 22, 2014.
2.
The Company operates in two primary business
segments, viz automotive and Non-Automotive determined on the bass of nature of
products and services
3.
The board of directors have recommended a dividend
of Rs. 2.50 per share for the year ended March 31, 2014 subject to approval of
shareholders.
4.
Information pursuant to clause 41(I) (ea) of the
listing agreement.
STANDALONE
STATEMENT OF ASSETS AND LIABILITIES
(Rs.
In Millions)
|
Particular |
31.03.2014 |
|
EQUITY AND
LIABILITIES |
|
|
Shareholders’
funds |
|
|
(a) Share capital |
881.900 |
|
(b) Reserves and surplus |
18173.600 |
|
Sub-total
- Shareholders' funds |
19066.600 |
|
|
|
|
Non-current liabilities |
|
|
(a) Long-term borrowings |
4221.200 |
|
(b) Deferred Tax Liabilities (Net) |
114.800 |
|
(c) Other long-term liabilities |
142.600 |
|
(d) Long-term provision |
146.300 |
|
Sub-total
- Non-current liabilities |
4624.900 |
|
|
|
|
Current
liabilities |
|
|
(a) Short-term borrowings |
1957.100 |
|
(b) Trade payables |
4364.200 |
|
(c) Other current liabilities |
3145.600 |
|
(d) Short-term provision |
3487.200 |
|
Sub-total
- Current liabilities |
12954.100 |
|
TOTAL
- EQUITY AND LIABILITIES |
36643.500 |
|
|
|
|
ASSETS |
|
|
Non-current
assets |
|
|
(a) Fixed assets |
14862.600 |
|
(b) Non-current investments |
5821.300 |
|
(c) Long-term loans and advances |
2454.100 |
|
(d) Other non-current assets |
29.100 |
|
Sub-total
- Non-current assets Current assets |
23167.100 |
|
Current assets |
|
|
(a) Current Investment |
0.400 |
|
(b) Inventories |
5627.600 |
|
(c) Trade receivables |
5754.200 |
|
(d) Cash and cash equivalents |
191.100 |
|
(e) Short-term loans and advances |
1784.500 |
|
(f) Other current assets |
118.600 |
|
Sub-total
- Current assets |
13476.400 |
|
TOTAL
- ASSETS |
36643.500 |
5.
Consequent to the approval accorded by the shareholders
the Company has allotted 293,973,120 shares on December 24, 2013 as Bonus
Shares m the proportion of 1 share for every 2 shares. The aforesaid Bonus
Shares were admitted to trading by the stock exchanges with effect from
December 31, 2013 accordingly. The basic and diluted earnings per share has
been adjusted for all the periods presented.
6.
The figures of the last quarter are the balancing
figures between the audited figures in respect of the full financial year and
the published year to date figure up to the third quarter of the current
financial year.
7.
The figures of previous period have been
re-grouped, wherever necessary to conform to the current period’s
classification.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No 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.59.73 |
|
|
1 |
Rs.102.36 |
|
Euro |
1 |
Rs.81.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
64 |
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.