MIRA
INFORM REPORT
|
Report Date : |
11.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
BAJAJ AUTO LIMITED (w.e.f. 05.03.2008) |
|
|
|
|
Formerly Known
As : |
BAJAJ HOLDINGS AND INVESTMENTS LIMITED |
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Registered
Office : |
Bajaj Auto Limited
Complex, Mumbai – |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
30.04.2007 |
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Com. Reg. No.: |
25-130076 |
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Capital Investment
/ Paid-up Capital : |
Rs. 2893.700 Millions |
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|
|
CIN No.: [Company Identification
No.] |
L65993PN2007PLC130076
|
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|
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEB05807E |
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PAN No.: [Permanent Account No.] |
AADCB2923M |
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|
Legal Form : |
Public Limited
Liability Company. The company’s shares are listed on the stock exchanges. |
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Line of Business
: |
Manufacturers and
Exporter of Two and Three Wheelers. |
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|
|
No. of Employees
: |
9119 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (82) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 384320000 |
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|
Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is second-largest player in the motorcycle industry in India.
It is a well – established and reputed company having excellent track record. The rating reflects bajaj auto’s leading market position in India’s motorcycle
and three-wheeler passenger-carrier segments, and its robust financial risk
profile, marked by a adequate capital structure and strong liquidity
position. Trade relations are reported as fair. Business is active. Payment are
reported to be regular and as per commitment. 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 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
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=AAA |
|
Rating Explanation |
Highest credit quality and lowest credit
risk. |
|
Date |
27.12.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating=A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
27.12.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED
Management Non Co-Operative (91-22-27472851)
LOCATIONS
|
Registered/ Head Office/ Factory 1 : |
Bajaj Auto
Limited Complex, Mumbai-Pune Road, Akurdi, Pune – 411 035, Maharashtra, India
|
|
Tel. No.: |
91-20-27472851/
27406603 / 27406063 / 27406281/ 27406137 |
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Fax No.: |
91-20-27407380 /
27407392 |
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E-Mail : |
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Website : |
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Factory 2 : |
Bajaj Nagar, Waluj, Aurangabad – 431 136, Maharashtra, India |
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Factory 3 : |
MIDC, Plot No.
A1, Mahalunge Village, Chakan Industrial Area, Chakan, Pune – 410 501,
Maharashtra, India |
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Factory 4 : |
Plot No. 2, Sector
-10, IIE Pant Nagar, Udham Singh Nagar – 263 531, Uttarkhand, India |
DIRECTORS
As on: 31.03.2014
|
Name : |
Mr. Rahul Bajaj |
|
Designation : |
Chairman |
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|
Name : |
Mr. Madhur Bajaj |
|
Designation : |
Vice Chairman |
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|
Name : |
Mr. Rajiv Bajaj |
|
Designation : |
Managing Director |
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|
Name : |
Mr. Sanjiv Bajaj |
|
Designation : |
Executive
Director |
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|
Name : |
Mr. Kantikumar R.
Podar |
|
Designation : |
Director |
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|
Name : |
Mr. Shekhar Bajaj |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. D.J. Balaji
Rao |
|
Designation : |
Director |
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|
Name : |
Mr. D.S. Mehta |
|
Designation : |
Director |
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|
Name : |
Mr. J.N. Godrej |
|
Designation : |
Director |
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|
Name : |
Mr. S.H. Khan |
|
Designation : |
Director |
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|
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|
Name : |
Ms. Suman
Kriloskar |
|
Designation : |
Director |
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|
Name : |
Mr. Naresh Chandra |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Nanoo Pamnani |
|
Designation : |
Director |
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|
Name : |
Mr. Manish Kejriwal |
|
Designation : |
Director |
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|
Name : |
Mr. P. Murari |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Niraj Bajaj |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. J Sridhar |
|
Designation : |
Company Secretary |
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|
|
|
Management |
|
|
Name : |
Mr. Rahul Bajaj |
|
Designation : |
Chairman |
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|
Name : |
Mr. Madhur Bajaj |
|
Designation : |
Vice Chairman |
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|
Name : |
Mr. Rajiv Bajaj |
|
Designation : |
Managing Director |
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|
Name : |
Mr. Pradeep Shrivastava |
|
Designation : |
Chief Operating Officer |
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|
Name : |
Mr. Abraham Joseph |
|
Designation : |
Chief Technology Officer |
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|
Name : |
Mr. S Sridhar |
|
Designation : |
President (Motorcycle
Business) |
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|
Name : |
Mr. R C Maheshwari |
|
Designation : |
President
(Commercial Vehicle Business) |
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|
Name : |
Mr. Rakesh Sharma |
|
Designation : |
President
(International Business) |
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|
Name : |
Eric Vas |
|
Designation : |
President (New
Projects) |
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|
Name : |
Mr. Kevin P D’sa |
|
Designation : |
President
(Finance) |
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|
Name : |
Mr. S Ravikumar |
|
Designation : |
Senior Vice President (Business Development and Assurance) |
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|
Name : |
Mr. Amrut Rath |
|
Designation : |
Vice President
(Human Resources) |
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|
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|
Name : |
Mr. C P Tripathi |
|
Designation : |
Vice President (CSR) |
SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category of Shareholders |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
Individuals / Hindu Undivided Family |
12613090 |
4.36 |
|
|
132120042 |
45.67 |
|
|
144733132 |
50.03 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
144733132 |
50.03 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1732339 |
0.60 |
|
|
1079789 |
0.37 |
|
|
17481009 |
6.04 |
|
|
54010575 |
18.67 |
|
|
74303712 |
25.68 |
|
|
|
|
|
|
23752715 |
8.21 |
|
|
|
|
|
|
13999399 |
4.84 |
|
|
30353094 |
10.49 |
|
|
2164924 |
0.75 |
|
|
978867 |
0.34 |
|
|
1425 |
0.00 |
|
|
49178 |
0.02 |
|
|
754413 |
0.26 |
|
|
379408 |
0.13 |
|
|
1633 |
0.00 |
|
|
70270132 |
24.29 |
|
Total Public shareholding (B) |
144573844 |
49.97 |
|
Total (A)+(B) |
289306976 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
60044 |
0.00 |
|
|
60044 |
0.00 |
|
Total (A)+(B)+(C) |
289367020 |
0.00 |
(1) Indian
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and
Exporter of Two and Three Wheelers. |
||||
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||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
9119 [Approximately] |
|
|
|
|
Bankers : |
·
Central Bank of ·
State Bank of ·
Citibank N.A. ·
Standard Chartered Bank ·
Bank of ·
ICICI Ban ·
HDFC Bank |
|
|
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Dalal and Shah Chartered Accountants |
|
|
|
|
Cost Auditors : |
A.P. Raman Cost Accountants |
|
|
|
|
Holding company, subsidiaries and fellow subsidiary : |
·
PT. Bajaj Auto ·
Bajaj Auto International Holdings B V (Fully
owned subsidiary) |
|
|
|
|
Associates, joint ventures and investing parties : |
·
Bajaj Holdings and Investment Limited (Investing
party - holds 31.49% shares of Bajaj Auto Limited) |
|
|
|
|
Enterprises over which anyone exercises significant influence : |
·
Bajaj Finserv Limited ·
Bajaj Finance Limited ·
Bajaj Allianz General Insurance Company Limited. ·
Bajaj Allianz Life Insurance Company Limited ·
Bajaj Finance Solutions Limited ·
Bajaj Electricals Limited ·
Hind Musafir Agency Limited ·
Hindustan Housing Company Limited ·
KTM Sportsmotorcycle AG ·
KTM Sportsmotorcycle India Private Limited |
CAPITAL STRUCTURE
As on: 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300000000 |
Equity Shares |
Rs. 10/- each |
Rs.3000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
289367020 |
Equity Shares |
Rs. 10/- each |
Rs.2893.670 Millions |
|
|
|
|
|
a)
Further, of the above:-
I. 144,683,510 equity shares were allotted as fully paid bonus shares by capitalisation of General reserve by the Company on 13 September 2010.
II. 101,183,510 equity shares were allotted as fully paid up pursuant to the scheme of arrangement for demerger of erstwhile Bajaj Auto Limited (now Bajaj Holdings and Investment Limited.) by the Company on 3 April 2008.
III. 1,805,071 equity shares thereof (excluding 1,805,071 equity shares allotted as bonus shares thereon) are deemed to be issued by way of Euro Equity Issue represented by Global Depository Receipts (GDR) evidencing Global Depository Shares outstanding on the record date. Outstanding GDRs at the close of the year were 60,044 (66,196)
b)
Terms/rights attached to equity shares
The Company has only one class of equity shares having a par value of H 10 per share. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors and approved by the shareholders in the annual general meeting is paid in Indian rupees. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders
c)
Details of shareholders holding more than 5% shares
in the Company
|
|
31.03.2014 |
|
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Bajaj Holdings and Investment Limited |
91119000 |
31.49% |
|
Jamnalal Sons Private Limited |
25844400 |
8.93% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
2893.700 |
2893.700 |
2893.700 |
|
(b) Reserves & Surplus |
93186.500 |
76125.800 |
57517.000 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
96080.200 |
79019.500 |
60410.700 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
577.400 |
712.700 |
974.800 |
|
(b) Deferred tax liabilities (Net) |
1431.800 |
1151.000 |
484.400 |
|
(c) Other long term liabilities |
874.300 |
1220.600 |
1570.700 |
|
(d) long-term provisions |
1209.900 |
1346.100 |
1118.500 |
|
Total Non-current Liabilities (3) |
4093.400 |
4430.400 |
4148.400 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
21114.000 |
19796.100 |
19577.900 |
|
(c) Other current
liabilities |
7661.400 |
5461.600 |
6043.300 |
|
(d) Short-term provisions |
18527.000 |
16078.600 |
20660.500 |
|
Total Current Liabilities (4) |
47302.400 |
41336.300 |
46281.700 |
|
|
|
|
|
|
TOTAL |
147476.000 |
124786.200 |
110840.800 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
20060.400 |
18044.300 |
14795.900 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
21.400 |
|
(iii) Capital
work-in-progress |
325.500 |
2232.900 |
117.700 |
|
(iv)
Intangible assets under development |
1115.100 |
702.600 |
298.800 |
|
(b) Non-current Investments |
62599.300 |
37191.500 |
37862.100 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
7199.200 |
4623.900 |
6008.700 |
|
(e) Other Non-current assets |
10.200 |
10.200 |
14.300 |
|
Total Non-Current Assets |
91309.700 |
62805.400 |
59118.900 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
22897.000 |
27113.300 |
10966.000 |
|
(b) Inventories |
6397.200 |
6362.800 |
6785.300 |
|
(c) Trade receivables |
7962.100 |
7675.800 |
4227.900 |
|
(d) Cash and cash
equivalents |
4954.800 |
5588.500 |
16538.300 |
|
(e) Short-term loans and
advances |
9784.500 |
13117.200 |
10248.500 |
|
(f) Other current assets |
4170.700 |
2123.200 |
2955.900 |
|
Total Current Assets |
56166.300 |
61980.800 |
51721.900 |
|
|
|
|
|
|
TOTAL |
147476.000 |
124786.200 |
110840.800 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
201495.100 |
199972.500 |
195289.800 |
|
|
|
Other Income |
7064.100 |
7954.900 |
6080.400 |
|
|
|
TOTAL (A) |
208559.200 |
207927.400 |
201370.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw material and components consumed |
129364.700 |
135237.400 |
134455.400 |
|
|
|
Purchases of traded goods |
9591.000 |
8588.300 |
7511.500 |
|
|
|
(Increase)/decrease in inventories
of finished goods, work-in-progress and traded goods |
(189.000) |
240.000 |
(941.500) |
|
|
|
Employee benefits expense |
7265.800 |
6394.800 |
5401.100 |
|
|
|
Other expenses |
15054.200 |
13788.000 |
12157.700 |
|
|
|
Expenses, included in above items,
capitalized |
(649.000) |
(628.500) |
(494.300) |
|
|
|
Exceptional items |
0.000 |
0.000 |
1340.000 |
|
|
|
TOTAL (B) |
160437.700 |
163620.000 |
159429.900 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
48121.500 |
44307.400 |
41940.300 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4.900 |
5.400 |
222.400 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
48116.600 |
44302.000 |
41717.900 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
1796.100 |
1639.700 |
1456.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
46320.500 |
42662.300 |
40261.700 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
13887.300 |
12226.600 |
10221.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
32433.200 |
30435.700 |
30040.500 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
49202.600 |
37051.400 |
25154.800 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
3250.000 |
3050.000 |
3010.000 |
|
|
|
Proposed Dividend |
14468.400 |
15234.500 |
15133.900 |
|
|
BALANCE CARRIED
TO THE B/S |
93186.500 |
49202.600 |
307051.400 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of exports |
79314.600 |
65082.700 |
64491.800 |
|
|
|
Exchange gain/(Loss) on Derivative hedging instruments, debtors |
115.300 |
399.100 |
1547.900 |
|
|
|
Forwarding charges exports recovered |
95.700 |
86.700 |
129.800 |
|
|
|
Interest |
5.100 |
26.600 |
19.500 |
|
|
|
Royalty |
26.100 |
26.600 |
8.000 |
|
|
|
Technical Know how |
5.200 |
8.300 |
3.000 |
|
|
|
Asset Disposal |
0.000 |
0.000 |
0.700 |
|
|
|
Other Earnings |
76.600 |
23.400 |
58.900 |
|
|
TOTAL EARNINGS |
79638.600 |
65653.400 |
66259.600 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
372.400 |
381.700 |
1157.000 |
|
|
|
Components |
5021.600 |
5478.500 |
5216.800 |
|
|
|
Vehicles and spare parts |
154.900 |
117.800 |
96.000 |
|
|
|
Machinery spares |
94.000 |
68.900 |
92.000 |
|
|
|
Capital goods |
519.300 |
3783.700 |
217.000 |
|
|
|
Tools, stores, etc. |
89.000 |
64.600 |
68.300 |
|
|
TOTAL IMPORTS |
6251.200 |
9895.200 |
6847.100 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
112.1 |
105.20 |
103.80 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
15.55 |
14.64 |
14.92 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
22.99 |
21.33 |
20.62 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
54.42 |
50.39 |
55.49 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.48 |
0.54 |
0.67 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.01 |
0.01 |
0.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.19 |
1.50 |
1.12 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
2893.700 |
2893.700 |
2893.700 |
|
Reserves & Surplus |
57517.000 |
76125.800 |
93186.500 |
|
Net
worth |
60410.700 |
79019.500 |
96080.200 |
|
|
|
|
|
|
long-term borrowings |
974.800 |
712.700 |
577.400 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
974.800 |
712.700 |
577.400 |
|
Debt/Equity
ratio |
0.016 |
0.009 |
0.006 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
195289.800 |
199972.500 |
201495.100 |
|
|
|
2.398 |
0.761 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
195289.800 |
199972.500 |
201495.100 |
|
Profit |
30040.500 |
30435.700 |
32433.200 |
|
|
15.38% |
15.22% |
16.10% |
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 |
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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
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 |
LITIGATION DETAILS:
|
Case Type |
Civil appeal |
|
Filling no: |
105263/2012 Filling
date: 31.12.2012 |
|
Registration no: |
100081/2012 Registration date: 16.01.2013 |
|
Case code: |
200301052632012 |
|
|
|
|
Case status |
|
|
First hearing
date |
16.01.2013 |
|
Next hearing
date |
16.08.2014 |
|
Purpose of
hearing |
Notice unready |
|
Court no and
judge |
60 – District
Judge-16 And Addl. Sessions Judge Pune |
|
|
|
|
Petitioner (S) And Advocate (S) |
|
|
Petitioner –
Municipal Corporation of City of Pimipri Chinchwad Etc 3 |
|
|
Address – Bombay
Pune Road Akurdi Pune |
|
|
Advocate – A.P.
Karnik |
|
|
|
|
|
ACTS |
|
|
Under acts |
--- |
|
Under section
(s) |
--- |
|
subject |
|
|
|
|
|
Lower Court Information |
|
|
Court no and
name |
2nd
Jt. Civil Judge S.D. J.F.C. Pune |
|
Case no and year |
Spl.Civ.Suit-0001416
– 1994 |
|
Case decision
date |
10.03.2011 |
UNSECURED LOAN:
|
Particulars |
As on 31.03.2014 Rs. in Millions |
As on 31.03.2013 Rs. in Millions |
|
Unsecured Loans |
|
|
|
Sales tax deferral liability/loan, an incentive under Package Scheme of Incentives 1983, 1988 and 1993 - interest free, partially prepaid |
577.400 |
712.700 |
|
|
|
|
|
Total |
577.400 |
712.700 |
MANAGEMENT
DISCUSSION AND ANALYSIS:
Research and
Development and technology absorption
PRODUCTS:
Pulsar 200 NS
After the successful launch of Pulsar 200 NS in May 2012, this model has been well received in markets like Colombia. During the year under review, it was launched in Indonesia under the joint brand of Kawasaki Bajaj. The bike has been well received. New colour and graphics have been introduced on the 200 NS to make it even more exciting.
Discover 125 M
The Discover 125 M is the quintessential 125. Built on the compact M platform, it is a great blend of performance and affordability. This engine develops class leading performance of 11.5 Ps power and 1.12 Kg-m of torque, for a powerful drive, while maintaining the high fuel efficiency for which Discover brand is known for. The vehicle has a four-speed gear box suitably mated to the power characteristics of the engine. The agile handling chassis and
suspension make this an ideal city bike.
Discover 100 M
The Discover 100 M is the new entry level Discover. It exemplifies the core values of high performance blended with great fuel economy. This product has been designed to complement the styling aspects of the ST and T series, which have created good appeal for the customers. The vehicle is powered by a high performance four-valve air cooled 100 cc DTSi engine, delivering 9.5 Ps and Torque of 0.92 Kg-m, with a four-speed gear box suitably mated to the power characteristics of the engine. It has the best in class fuel efficiency. The careful engineering of the product has resulted in very attractive price to the customer.
KTM Duke 390 with ABS
This joint venture between KTM and Bajaj saw yet another successful launch in the form of Duke 390. With the trademark Orange frame and alloy wheels typical to KTM, the bike lives upto the 'Ready to Race' tag of KTM brand exceptionally well.
RE
All variants of the RE range of three-wheeler products comprising small, medium and large platforms and covering gasoline, gaseous and diesel engines have been put through a complete upgrade. These products have been updated with much better driver comfort through revised ergonomics, smart looks, improved engine performance and revised gear ratios leading to excellent drivability and upto 15% improvement in fuel economy. DTSi technology has also been employed in the spark ignited engine versions, while five-speed gear box has been deployed in the diesel engine versions.
PROCESS:
R&D has been working on improving its operations in a number of
areas as listed below.
· Manpower: R&D has been expanding its team size in areas of design, analysis and validation in order to keep up with the rapidly expanding aspirations of the Company. In the year under review, we have expanded our manpower by about 6%.
· Facilities: R&D continued to enhance its design, computing, prototype manufacturing and validation facilities. Such enhancement efforts have enabled R&D to develop durable and
· refined products. A number of new test facilities were put in to validate the durability and performance of the forthcoming two and four wheelers. The prototyping facilities were also augmented to enable building of the prototypes of these vehicles.
Technology:
1. Anti Lock Braking system was introduced on KTM Duke 390. Through this model, the domestic and export markets got the chance to experience the confidence and safety of ABS, while applying the brakes on this high performance bike. Customers and media alike were impressed by this feature and its performance.
2. Technologies like Fuel Injection, five speed gear box, Multi valves, DTSi and light weighting have been employed on the RE60 to achieve excellent fuel economy, while at the same time provide great drivability and comfort to the driver and passengers. The product meets among other things the 400 kg weight limit prescribed in the European regulations for such category.
Outgo:
The expenditure on research and development during 2013-14 and in the previous year was
:
|
Particulars |
FY2014 |
FY2013 |
|
Capital (including technical know-how) |
871.100 |
1091.900 |
|
Recurring |
1896.800 |
1294.000 |
|
Total |
2767.900 |
2385.900 |
|
Total research and development expenditure as a percentage of sales, net of excise duty |
1.40% |
1.22% |
INDUSTRIAL
RELATIONS:
Industrial relations with staff and workmen at the plants at Akurdi, Waluj and Pantnagar continued to be cordial. This includes the relations with staff at the plant at Chakan.
At Chakan, the workmen represented by the recognized union Vishwa Kalyan Kamgar Sanghatana, went on strike from 25 June 2013 to 13 August 2013 for the reason that Management refused to accede to their demand of allotment of 500 shares to each workman at a discounted rate of H 1 per share. The union withdrew the strike unconditionally on realising Management’s firm decision and workers resumed work with effect from 14 August 2013.
At Chakan, wage review was due effective from 1 April 2013. Management offered H 10,000 per month in a phased manner, depending upon the year of service etc., for three years. However, this issue is under litigation.
At Akurdi, as per the provisions of the wage settlement dated 20 August 2010, wage review was due and accordingly Memorandum of Understanding (MOU) was signed on 10 February 2014 giving wage rise of H 10,000 per month per workman in a phased manner.
At Waluj, Bajaj Auto Ltd. Employees’ Union, representing majority of the workmen, has submitted a Charter of Demands for the forthcoming wage settlement, which is due from 1 August 2014.
CONTINGENT LIABILITY:
(Rs. In Millions)
|
Particulars |
31.03.2014 |
31.03.2013 |
|
Claims against the Company not acknowledged as debts |
4464.100 |
4188.800 |
|
Guarantees given
by the Company to banks, on behalf of its subsidiary, PT Bajaj Auto Indonesia |
0.000 |
271.400 |
|
Guarantees given
by the Company to Housing Development Finance Corporation Limited - for loans
to Employees |
0.200 |
0.400 |
|
Excise and
Customs demand - matters under dispute and Claims for refund of Excise Duty, if
any, against Excise Duty Refund received in the earlier year |
3920.800 |
2933.100 |
|
Income tax matters - Appeal by company |
985.600 |
541.300 |
|
Value Added Tax (VAT)/Sales Tax matters under dispute |
1161.100 |
3774.800 |
|
|
|
|
|
Claims made by temporary workmen
Pending before various judicial/appellate authorities in respect of
similar matters adjudicated by the Supreme Court. The matter is contingent on
the facts and evidence presented before the courts/adjudicating authorities
and not necessarily likely to be influenced by the Supreme Court’s order |
Liability unascertained |
Liability unascertained |
|
|
|
|
|
Total |
10563.0314 |
11741.0313 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10122149 |
26/07/2008 |
4,300,000,000.00 |
CENTRAL BANK OF INDIA |
CORPORATE FINANCE BRANCH, 1ST FLOOR, MMO BUILDING, |
A45544905 |
* Date of charge modification
FIXED ASSETS
·
Land Leasehold
·
Land Freehold
·
Buildings
·
Water pump
·
Reservoirs and Mains
·
Plant and Machinery
·
Dies and Jigs
·
Electric Installations
·
Factory Equipments
·
Furniture Fixtures
·
Electric Fittings
·
Vehicles and Aircraft
·
Office Equipments
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.59.88 |
|
|
1 |
Rs.102.59 |
|
Euro |
1 |
Rs.81.69 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
YOG |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
10 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
82 |
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.