MIRA INFORM REPORT
|
Report Date : |
10.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
SHIVAM AUTOTECH
LIMITED |
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Registered
Office : |
303, 3rd Floor,
Square 1, District Centre, Saket, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
29.07.2005 |
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Com. Reg. No.: |
55-139163 |
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Capital
Investment / Paid-up Capital : |
Rs.100.000 Millions |
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CIN No.: [Company
Identification No.] |
L34300DL2005PLC139163 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
RTKS10057F |
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PAN No.: [Permanent
Account No.] |
AAJCS7372M |
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Legal Form : |
A Public Limited Liability Company.
The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
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No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 5520000 |
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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 satisfactory track record. Overall financial position of the company is decent. Trae relations are reported to be fair. Business is active. Payment terms
are reported to be usually correct. The company can be considered 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 |
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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 |
Long Term Rating = BBB |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk |
|
Date |
21.06.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A3+ |
|
Rating Explanation |
Moderate degree of safety and low credit
risk |
|
Date |
21.06.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED BY
|
Name : |
Mr. Vinod |
|
Designation : |
Finance Head |
|
Contact No.: |
91-11-49242100 |
|
Date : |
08.07.2014 |
LOCATIONS
|
Registered/ Head Office : |
303, 3rd Floor,
Square 1, District Centre, Saket, New Delhi – 110017, India |
|
Tel. No.: |
91-11-49242100 / 29564205 / 29564202 |
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Fax No.: |
91-11-49242116 / 29564205 / 29564202 |
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E-Mail : |
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Website : |
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Gurgaon Plant : |
58th Km. Stone, Delhi-Jaipur
Highway, Village Binola, District Gurgaon -122413, Haryana, India |
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Tel. No.: |
91-124-2379442 /
446 |
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Fax No.: |
91-124-2379442 /
447 |
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|
|
|
Haridwar Plant : |
Plot No. 3, Industrial
Park-II, Phase-1, Village Salempur Mehdood, District Haridwar – 249402,
Uttarakhand, India |
|
Tel. No.: |
91-1334-235511 / 12 |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Sunil Kant Munjal |
|
Designation : |
Chairman |
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Date of Birth/ Age : |
14.12.1957 |
|
Qualification : |
B. Com Training in Mechanical Engineering |
|
Date of Appointment : |
14.02.2006 |
|
Other Directorship : |
·
Hero Management Service Limited ·
Hero Corporate Services Limited ·
Hero MotoCorp Limited ·
DCM Shriram Consolidated Limited ·
Hero InvestCorp Limited ·
Hero Realty Limited ·
Hero Realty and Infra Limited ·
Hero Mindmine Institute Limited ·
Rockman Industries Limited ·
Satyam Auto Components Limited ·
Easy Bills Limited ·
Hero Life Insurance Company Limited |
|
|
|
|
Name : |
Mr. Neeraj Munjal |
|
Designation : |
Managing Director |
|
Date of Birth/ Age : |
46 Years |
|
Qualification : |
B.Com, DIBM |
|
Experience : |
25 Years |
|
|
|
|
Name : |
Mr. Satyanand Munjal |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Brijmohan Lall Munjal |
|
Designation : |
Director |
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Date of Birth/ Age : |
01.07.1923 |
|
Qualification : |
Privately educated and trained in management |
|
Date of Appointment : |
29.07.2005 |
|
Other Directorship : |
·
Easy Bill Limited ·
Hero FinCorp Limited ·
Hero InvestCorp Limited ·
Hero MotoCorp Limited ·
Munjal Showa Limited ·
Rockman Industries Limited ·
Survam Infrastructure Limited |
|
|
|
|
Name : |
Mr. Om Prakash Munjal |
|
Designation : |
Director |
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|
|
|
Name : |
Charu Munjal |
|
Designation : |
Executive Director |
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|
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|
Name : |
Mr. Bhagwan Dass Narang |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Surrinder Lal Kapur |
|
Designation : |
Director |
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Date of Birth/ Age : |
07.03.1937 |
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Qualification : |
Advocate |
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Experience : |
Expert in Company Laws, Industrial Laws and Industrial Finance. |
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|
|
|
Name : |
Mr. Vinayshil Gautam |
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Designation : |
Director |
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Date of Birth/ Age : |
03.06.1946 |
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Qualification : |
Doctrate in Management |
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Experience : |
Practioner and Consultant of Management in India and Aborad and is
attached with IIT Delhi |
|
|
|
|
Name : |
Mr. Anil Kumar Gupta |
|
Designation : |
Whole Time Director |
|
Name : |
Mr. Bhagwan Dass Narang |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Davendra Ujlayan |
|
Designation : |
AVP-Finance and Company Secretary |
SHAREHOLDING PATTERN
As on 31.03.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
7479595 |
74.80 |
|
|
7479595 |
74.80 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
7479595 |
74.80 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
2100 |
0.02 |
|
|
4891 |
0.05 |
|
|
6991 |
0.07 |
|
|
|
|
|
|
201337 |
2.01 |
|
|
|
|
|
|
1436668 |
14.37 |
|
|
810069 |
8.10 |
|
|
65340 |
0.65 |
|
|
65340 |
0.65 |
|
|
2513414 |
25.13 |
|
Total
Public shareholding (B) |
2520405 |
25.20 |
|
Total
(A)+(B) |
10000000 |
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) |
10000000 |
100.00 |
Individual shareholders holding nominal
share capital up to Rs.0.100 million
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Near-Net- Shaped, auto transmission components mainly
for Original Equipments Manufacturers (OEMs). |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2012)
|
Class of Goods |
Unit |
Installed Capacity |
Actual
Production (Qty.) |
|
|
Gear Components: |
|
Gurgaon |
|
55,160,453 |
|
Forging Components |
in nos. |
18,000,000 |
123,600,000 |
|
|
Gear Blank Machining |
in nos. |
19,500,000 |
33,000,000 |
|
|
Gear Finishing |
in nos. |
8,400,000 |
33,000,000 |
|
Note:
(i) The installed
capacity is on annualised basis and is as certified by the management and
relied upon by the auditors being a technical matter. The installed capacity is
calculated on triple shift basis.
(ii) Actual production
of Forging Components and Gear blanks Machining depends on exact specification
of the product. The quantities are indicative of production with
specifications, which are considered representative of estimated average
product mix.
GENERAL INFORMATION
|
Customers : |
·
BOSCH ·
Hero Honda ·
HILTI ·
Denso India |
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No. of Employees : |
Information denied by management |
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Bankers : |
·
IDBI Limited ·
Punjab National Bank ·
AXIS Bank Limited ·
ING Vysya Bank |
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Facilities : |
Details of
Securities: A)
I.
Term Loan from IDBI Bank Limited are secured by
exclusive charge on the fixed assets created under expansion project. II.
Term Loan from Axis Bank are secured by exclusive
charge on specific movable machineries of Binola Plant. B) (i),
(ii), (iii.) Terms loans availed for Haridwar Plant is having Pari Passu
charge over the entire fixed assets of Haridwar Plant both, present and
future. (iv)
Term Loan availed for Haridwar Plant is having Exclusive charge over specific
moveable fixed assets purchased out of the term loan, both present and
future, of the Company Repayment
and interest rates for the above Term Loan are as follows:
The
Interest rate for the above term loans varies from 11% to 14.50% per annum. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S.S. Kothari Mehta and Company Chartered Accountants |
|
Address : |
146-149, Tribhvan
Complex, Ishwar Nagar, Mathura Road, New Delhi-110065, India |
|
|
|
|
Holding company : |
·
Dayanand Munjal Investments Private Limited |
|
|
|
|
Enterprises over which key management personnel and their relatives are
able to exercise significant influence : |
·
Munjal Showa Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12600000 |
Equity Shares |
Rs.10/- each |
Rs.126.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000
Millions |
Reconciliation of
the number of shares
|
Equity Shares |
Number
of Shares |
|
Equity
Shares outstanding as at the beginning of the year |
10000000 |
|
Add:
Equity Shares issued under Employees Stock option Scheme |
-- |
|
Equity Shares
outstanding as at the close of the year |
10000000 |
Terms/ rights attached to
equity shares
The company has only
one class of equity shares having par value of Rs.10 per share. Each holder of
equity shares is entitled to one vote per share. The Company declares dividends
in Indian rupees. The dividend proposed by the board of Directors is subject to
the approval of the Shareholders in the ensuing Annual General Meeting.
During the year ended
31 March 2013, the amount of per share dividend recognized as distributions to
equity shareholders was Rs.4 (previous year Rs.3.20)
In the event of liquidation
of the company, the holders of equity shares will be entitled to receive
remaining assets of the company after distribution of the preferential amount,
if any. The distribution will be in proportion to the number of equity shares
held by the shareholders.
Shares held by holding company
|
Equity Shares |
Number
of Shares |
|
Out
of equity issued by the company , shares held by its holding company are as
below |
74.796 |
|
Dayanand Munjal
Investment Private Limited |
-- |
|
7479595 equity shares
of Rs.10 each fully paid up |
74.796 |
Aggregate number of bonus
shares issued, shares issued for consideration other than cash and shares
bought back during the period of five years immediately preceding the reporting
date:
|
Equity Shares |
As
on 31.03.2013 |
|
Equity shares alloted as fully paid bonus shares by capitalization
of securities premium |
- |
|
Equity shares alloted as fully paid-up pursuant to contracts for
consideration other than cash |
- |
|
Equity shares bought
back by the company |
- |
|
Equity Shares
allotted to employees under the employee stock option plan |
- |
Details of shareholders holding more than
5% shares in the Company
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
|
|
|
|
Dayanand Munjal
Investment Private Limited |
7479595 |
74.80% |
As per of the company,
including its register of shareholders/ members and other declarations received
from shareholders regarding beneficial interest, the above shareholding
represents both legal and beneficial ownerships of shares
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 |
100.000 |
100.000 |
100.000 |
|
(b) Reserves & Surplus |
1,279.376 |
1,041.259 |
888.240 |
|
(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) |
1,379.376 |
1,141.259 |
988.240 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
436.619 |
618.011 |
896.914 |
|
(b) Deferred tax liabilities (Net) |
110.614 |
126.362 |
73.170 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
10.079 |
9.600 |
7.328 |
|
Total Non-current Liabilities (3) |
557.312 |
753.973 |
977.412 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
498.523 |
636.953 |
611.092 |
|
(b) Trade payables |
406.606 |
360.624 |
344.644 |
|
(c) Other current
liabilities |
51.541 |
38.035 |
29.349 |
|
(d) Short-term provisions |
462.639 |
690.439 |
533.195 |
|
Total Current Liabilities (4) |
1,419.309 |
1,726.051 |
1,518.280 |
|
|
|
|
|
|
TOTAL |
3,355.997 |
3,621.283 |
3,483.932 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2,414.276 |
2,596.899 |
2,477.202 |
|
(ii) Intangible Assets |
2.333 |
2.069 |
1.919 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
12.759 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
4.518 |
15.057 |
15.008 |
|
(e) Other Non-current assets |
82.284 |
70.336 |
0.000 |
|
Total Non-Current Assets |
2,503.411 |
2,684.361 |
2,506.888 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
|
|
(b) Inventories |
537.725 |
523.208 |
351.935 |
|
(c) Trade receivables |
241.214 |
283.846 |
413.790 |
|
(d) Cash and cash equivalents |
6.380 |
13.769 |
81.420 |
|
(e) Short-term loans and
advances |
52.621 |
97.777 |
113.250 |
|
(f) Other current assets |
14.646 |
18.322 |
16.649 |
|
Total Current Assets |
852.586 |
936.922 |
977.044 |
|
|
|
|
|
|
TOTAL |
3,355.997 |
3,621.283 |
3,483.932 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3,628.816 |
3,525.424 |
2,634.431 |
|
|
|
Other Operating Income Scrap Sale |
88.097 |
75.918 |
0.000 |
|
|
|
Other Income |
0.799 |
0.706 |
2.767 |
|
|
|
TOTAL (A) |
3,717.712 |
3,602.048 |
2,637.198 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Raw material consumed |
1,176.684 |
1,206.271 |
804.016 |
|
|
|
Job Work on Components |
308.881 |
335.368 |
0.000 |
|
|
|
Store Consumable |
472.806 |
545.130 |
0.000 |
|
|
|
(Increase) / Decrease in finished goods and work in progress |
(9.212) |
(102.952) |
0.665 |
|
|
|
Employee benefit expenses |
288.566 |
242.423 |
207.881 |
|
|
|
Other expenses |
606.563 |
526.081 |
1,012.346 |
|
|
|
TOTAL (B) |
2,844.288 |
2,752.321 |
2,024.908 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
873.424 |
849.727 |
612.290 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
248.230 |
270.501 |
208.305 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
625.194 |
579.226 |
403.985 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
307.700 |
294.188 |
236.544 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
317.494 |
285.038 |
167.441 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
35.346 |
98.775 |
20.996 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
282.148 |
186.263 |
146.445 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
589.411 |
470.339 |
381.620 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
30.000 |
30.000 |
30.000 |
|
|
|
Dividend |
40.000 |
32.000 |
25.000 |
|
|
|
Tax on Dividend |
6.798 |
5.191 |
4.056 |
|
|
BALANCE CARRIED
TO THE B/S |
794.761 |
589.411 |
470.339 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of Exports |
9.466 |
9.979 |
7.228 |
|
|
TOTAL EARNINGS |
9.466 |
9.979 |
7.228 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
70.358 |
100.304 |
75.386 |
|
|
|
Capital Goods |
29.101 |
182.686 |
108.681 |
|
|
TOTAL IMPORTS |
99.459 |
282.990 |
184.067 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
28.21777 |
18.63 |
14.86 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
7.59 |
5.17 |
5.55 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.75 |
8.09 |
6.36 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.46 |
7.87 |
4.82 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23 |
0.25 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.68 |
1.10 |
1.53 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.60 |
0.54 |
0.64 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
100.000 |
100.000 |
100.000 |
|
Reserves & Surplus |
888.240 |
1041.259 |
1279.376 |
|
Net
worth |
988.240 |
1141.259 |
1379.376 |
|
|
|
|
|
|
long-term borrowings |
896.914 |
618.011 |
436.619 |
|
Short term borrowings |
611.092 |
636.953 |
498.523 |
|
Total
borrowings |
1508.006 |
1254.964 |
935.142 |
|
Debt/Equity
ratio |
1.526 |
1.100 |
0.678 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
2,634.431 |
3,525.424 |
3,628.816 |
|
|
|
33.821 |
2.933 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
2,634.431 |
3,525.424 |
3,628.816 |
|
Profit |
146.445 |
186.263 |
282.148 |
|
|
5.56% |
5.28% |
7.78% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
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 |
Yes |
|
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] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOAN:
|
Particulars |
31.03.2013 Rs.
In Millions |
31.03.2012 Rs.
In Millions |
|
Long Term
Borrowings |
|
|
|
Hero
FinCorp Limited |
135.000 |
0.000 |
|
Total |
135.000 |
0.000 |
OVERVIEW:-
Subject was
established in the year 1999, and was initially known as Munjal Auto Components
till July, 2005. The Company got converted to a separate Public Limited Company
w.e.f. 29 July, 2005. In pursuant to the scheme of Demerger arrangement, the
Gurgaon Unit was transferred to Shivam Autotech Limited on 1 August, 2005. The
Company has been engaged in the manufacturing of Near-Net- Shaped, auto
transmission components mainly for Original Equipments Manufacturers (OEMs).
The product range includes various types of transmission gears, transmission
shafts, spline shafts, plunger, power train components and employing
cold/warm/hot forging techniques. The Company has two state-of-the-art
manufacturing facilities, located at Gurgaon & Haridwar. The company’s new
plant in Haridwar was commissioned in April, 2009 and is equipped with modern
and state of art facilities. The main advantage of cold/ warm forging
technology, which is being used to manufacture near net shaped components, are
high production rates, better dimensional accuracies, excellent surface finish,
substantial savings in material with minimized machining and having superior
mechanical and metallurgical properties. It is listed on the National Stock
Exchange of India and Bombay Stock Exchange in India.
FINANCIAL RESULTS
PERFORMANCE
During the year,
the Company focused on enhancing operational efficiencies - improving yields,
lowering rejections and enhancing capacity utilization the total income of the
Company increased by 3.43% from Rs.3790.870 Millions in 2011-12 to Rs.3920.879
Millions in 2012-13. Operating profit (PBDIT) of the company increased by 2.79%
from Rs.849.727 Millions in 2011-12 to Rs.873.423 Millions in 2012-13. The
overall performance of the company can be termed as satisfactory.
OUTLOOK
While the long
term fundamentals of the Indian economy remain robust, the sluggish global
environment has impacted sentiments in the domestic market in the short term.
But we expect this to be only a temporary phenomenon, and prospects look better
than this year. Growth in sales would be driven by the expected improvement in
macro conditions on the domestic front, moderation in interest rates and
revival in consumer confidence.
Forging is basic
industry and such industry tends to grow in a country in relation to the rate
of growth of its GDP. As far as India is concerned we expect their GDP to
continue to grow and therefore the basic industry will grow. Automobile companies
across segments continue to face tremendous pressure on profit margins due to
elevated inflation levels. Added to this are the heightened marketing costs
incurred and heavy discounts offered by vehicle manufacturers to attract
consumers to the showrooms.
This partially
explains the price hikes initiated by the vehicle OEMs to protect margins,
despite the weak demand environment. Going ahead, amidst rising market
competition, new product launches, as also product refreshes planned, OEMs are
expected to increase spend on marketing & promotional activities. Although
commodity prices are not expected to witness steep hikes, overall cost and
competitive pressures would keep the profit margins under pressure.
The company’s main
customer Hero MotoCorp Limited continues to be the market leader and has
achieved a growth of 13.82% in its operating performance in the year 2012-13 by
selling 60,75,583 two wheelers. This augurs well for their company also going
forward. The company is now also concentrating on adding new products and new
businesses and is confident of growing further in the coming years.
UNAUDITED
FINANCIAL RESULTS FOR THE THREE QUARTER
AND HALF YEAR ENDED 31ST MARCH 2014
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
Year Ended ( Unaudited) |
|
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
994.309 |
1067.701 |
3887.975 |
|
b) Other operating income |
10.501 |
29.548 |
97.949 |
|
Total
income from Operations(net) |
1004.810 |
1097.249 |
3985.924 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
350.565 |
346.848 |
1305.797 |
|
B) Store consumable |
92.254 |
141.857 |
453.828 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(38.561) |
4.957 |
(19.715) |
|
d) Employees benefit expenses |
82.214 |
89.760 |
331.340 |
|
e) Depreciation and amortization expenses |
75.306 |
79.799 |
309.092 |
|
f) Job work charges |
97.321 |
105.701 |
359.356 |
|
g) Other expenditure |
226.705 |
206.494 |
754.099 |
|
Total expenses |
885.805 |
975.416 |
3493.797 |
|
3. Profit from operations before other income and
financial costs |
119.005 |
121.833 |
492.127 |
|
4. Other income |
0.316 |
0.789 |
1.964 |
|
5. Profit from ordinary activities before finance costs |
119.321 |
122.622 |
494.091 |
|
6. Finance costs |
48.845 |
55.402 |
204.590 |
|
7. Net profit/(loss) from ordinary activities after
finance costs but before exceptional items |
70.496 |
67.220 |
289.501 |
|
8. Exceptional item |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
70.496 |
67.220 |
289.501 |
|
10.Tax expenses |
13.658 |
(2.353) |
5.178 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
36.838 |
69.573 |
284.323 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
36.838 |
69.573 |
284.323 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
100.000 |
100.000 |
100.000 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
16.i) Earnings per share per share of Rs.10/-
each) |
|
|
|
|
(a) before
extraordinary items |
5.68 |
6.96 |
28.43 |
|
(a) after
extraordinary items |
5.68 |
6.96 |
28.43 |
|
Particulars |
Quarter Ended ( Unaudited) |
Year Ended ( Unaudited) |
|
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
2520405 |
2520405 |
2520405 |
|
- Percentage of shareholding |
25.20% |
25.20% |
25.20% |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
|
|
|
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
- |
- |
- |
|
Percentage of shares (as a % of total share capital of the
company) |
- |
- |
- |
|
|
- |
- |
- |
|
b) Non Encumbered |
|
|
|
|
Number of shares |
7479595 |
7479595 |
7479595 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100% |
100% |
100% |
|
Percentage of shares (as a % of total share capital of the
company) |
74.80% |
74.80% |
74.80% |
|
|
|
|
|
|
B.
Investor Complaints |
|
||
|
Pending at the beginning of the quarter |
0 |
||
|
Receiving during the quarter |
2 |
||
|
Disposed of during the quarter |
2 |
||
|
Remaining unreserved at the end of the quarter |
0 |
||
STANDALONE
STATEMENT OF ASSTES AND LIABILITIES AS ON 31.03.2014
Rs. In Millions
|
SOURCES OF FUNDS |
|
|
31.03.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
100.000 |
|
(b) Reserves & Surplus |
|
|
1,511.052 |
|
(c) Money received against
share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
1,611.052 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
296.952 |
|
(b) Deferred tax liabilities
(Net) |
|
|
115.789 |
|
(c) Other long term
liabilities |
|
|
0.000 |
|
(d) long-term provisions |
|
|
17.900 |
|
Total
Non-current Liabilities (3) |
|
|
430.641 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
590.899 |
|
(b) Trade payables |
|
|
439.573 |
|
(c) Other current liabilities |
|
|
409.586 |
|
(d) Short-term provisions |
|
|
52.718 |
|
Total
Current Liabilities (4) |
|
|
1,492.776 |
|
|
|
|
|
|
TOTAL |
|
|
3,534.469 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
2,298.382 |
|
(ii) Intangible Assets |
|
|
0.000 |
|
(iii) Capital work-in-progress |
|
|
0.000 |
|
(iv) Intangible assets under
development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
0.000 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
0.000 |
|
(e) Other Non-current assets |
|
|
160.219 |
|
Total
Non-Current Assets |
|
|
2,458.601 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
0.000 |
|
(b) Inventories |
|
|
628.081 |
|
(c) Trade receivables |
|
|
294.682 |
|
(d) Cash and cash equivalents |
|
|
5.063 |
|
(e) Short-term loans and
advances |
|
|
112.898 |
|
(f) Other current assets |
|
|
35.144 |
|
Total
Current Assets |
|
|
1,075.868 |
|
|
|
|
|
|
TOTAL |
|
|
3,534.469 |
Notes:-
1.
The above results for the quarter and Year ended March
31, 2014 were reviewed by the Audit Committee and thereafter were approved by
the Board of Directors in its meeting held on 30th May, 2014.
2.
The Board at its meeting held on May 30, 2014
considered and recommended a dividend @ 45% i.e. Rs.4.50 Per equity share of
Rs.10 each for the financial year 2013-14. The dates of book closure for the
entitlement of such dividend and Annual General Meeting shall be decided and
informed in due course of time.
3.
As the Company's business activity falls within a
single primary business segment viz 'Two-wheelers, its parts and ancillary
services' and is a single geographical segment, the disclosure requirements of
accounting Standard (AS-I7) " Segment Reporting", specified in the
Companies (Accounting Standard) Rules, 2006 are not applicable.
4.
Provision for tax includes current tax, deferred
tax net off MAT credit entitlement. The Company has provided for Income Tax
Libility after taking into account, The Deductions available under Section SOle
of Income Tax Act'1961 in respect of undertaking established.
5.
Figures of last quarter are the balancing figures
between audited figures of the full financial year and published figures up to
the 9 months ended 31.12.2013 of the respective financial year.
6.
Previous quarter/year figures have been regrouped /
reclassified whereever necessary, to make them comparable.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10476138 |
12/12/2013 |
150,000,000.00 |
Karnataka Bank Limited |
Corporate Finance Branch, K-13, Choudhary Building, Onnaught Place, New Delhi, Delhi - 110001, India |
B95706008 |
|
2 |
10476016 |
12/12/2013 |
200,000,000.00 |
Karnataka Bank Limited |
Corporate Finance Branch, K-13, Choudhary Building, Onnaught Place, New Delhi, Delhi - 110001, India |
B95656625 |
|
3 |
10375703 |
13/03/2014 * |
430,000,000.00 |
ING Vysya Bank Limited |
Narian Manzil,Ground Floor,Shop No. G1 To G5, I Floor, Shop No. 1001 To 1007, Barakhamba Road, Delhi - 110001, India |
C08803157 |
|
4 |
10375710 |
18/08/2012 |
100,000,000.00 |
ING Vysya Bank Limited |
Narian Manzil,Ground Floor,Shop No. G1 To G5, I Floor, Shop No. 1001 To 1007, Barakhamba Road, Delhi - 110001, India |
B57781312 |
|
5 |
10310481 |
13/09/2011 |
90,000,000.00 |
Axis Bank Limited |
4/10, OPG House, Asaf Ali Road, New Delhi, Delhi - 110002, India |
B22669881 |
|
6 |
10266905 |
12/01/2011 |
26,300,000.00 |
Punjab National Bank |
Roshanabad Branch, New Collectrate, Roshanabad, Haridwar, Uttarakhand - 249401, India |
B05390323 |
|
7 |
10266906 |
12/01/2011 |
323,700,000.00 |
Punjab National Bank |
Roshanabad Branch, New Collectrate, Roshanabad, Haridwar, Uttarakhand - 249401, India |
B05391362 |
|
8 |
10256397 |
13/09/2011 * |
250,000,000.00 |
Axis Bank Limited |
4/10, OPG House, Asaf Ali Road, New Delhi, Delhi - 110002, India |
B21165709 |
|
9 |
10256398 |
13/12/2010 |
200,000,000.00 |
Axis Bank Limited |
4/10, OPG House, Asaf Ali Road, New Delhi, Delhi - 110002, India |
B01455237 |
|
10 |
10207857 |
24/02/2010 |
215,000,000.00 |
Punjab National Bank |
Roshanabad Branch, New Collectrate, Roshanabad, Haridwar, Uttarakhand - 249401, India |
A81294837 |
|
11 |
10201747 |
05/02/2010 |
102,500,000.00 |
IDBI Bank Limited |
IDBI TOWERWTC COMPLEX,
CUFFE PARADE, MUMBAI, Maha |
A78961851 |
|
12 |
10160414 |
01/06/2009 |
1,055,000,000.00 |
ICICI Bank Limited |
Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India |
A63430425 |
|
13 |
10141874 |
12/01/2011 * |
350,000,000.00 |
Punjab National Bank |
Roshanabad Branch, New Collectrate, Roshanabad, Haridwar, Uttarakhand - 249401, India |
B05389721 |
|
14 |
10141685 |
21/01/2009 |
240,000,000.00 |
Punjab National Bank |
Roshanabad Branch, New Collectrate, Roshanabad, Haridwar, Uttarakhand - 249401, India |
A56544117 |
|
15 |
10083663 |
10/08/2009 * |
405,000,000.00 |
ICICI Bank Limited |
Landmarkrace Cource Circle, Alkapuri, Baroda, Gujarat - 390015, India |
A67687277 |
|
16 |
10019665 |
07/03/2014 * |
470,000,000.00 |
Industrial Development Bank Of India Limited |
IDBI Towerwtc Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
C01155803 |
|
17 |
10019500 |
30/08/2006 |
150,000,000.00 |
Industrial Development Bank Of India Limited |
IDBI Towerwtc Complex, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
A04441226 |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computers
·
Office Equipments
·
Furniture and Fixtures
·
Vehicles
·
Leasehold Improvements
·
Software
·
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.73 |
|
UK Pound |
1 |
Rs.102.36 |
|
Euro |
1 |
Rs.81.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
47 |
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.