MIRA INFORM REPORT
|
Report Date : |
19.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
SONA KOYO STEERING SYSTEMS LIMITED |
|
|
|
|
Registered
Office : |
UGF-6, Indraprakash, 21, Barakhamba Road, New Delhi –
110001 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
14.06.1984 |
|
|
|
|
Com. Reg. No.: |
55-018415 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 198.742 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29113DL1984PLC018415 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELS45576G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCS7787C |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Steering Systems and Other Auto Components for the
passenger car and utility vehicle manufacturers. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 9700000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
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|
|
|
Comments : |
Subject is a well-established company having fine track record. The rating reflects healthy financial risk profile marked by sound liquidity
and fair profitability levels of the company. Trade relations are reported as fair. Business is active. Payments 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 |
|
Restricted |
C2 |
|
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 |
ICRA |
|
Rating |
Term Loans : A |
|
Rating Explanation |
Adequate degree of safety and low credit
risk |
|
Date |
February 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term fund based limits : A1 |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
February 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 DECLINED
MANAGEMENT NON-COOPERATIVE
(CONTACT NO.: 91-124-4685000)
LOCATIONS
|
Registered Office : |
UGF-6, Indraprakash, 21, Barakhamba Road, New Delhi –
110001, India |
|
Tel. No.: |
91-11-23311924/ 1925 |
|
Fax No.: |
91-11-23327205 |
|
E-Mail : |
|
|
Website : |
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|
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|
Liaison Office : |
2nd Floor, |
|
|
|
|
Corporate Office / Factory 1 : |
38/6, NH-8, |
|
Tel. No.: |
91-124-4685000 |
|
Fax No.: |
91-124-4104611/ 4104621 |
|
E-Mail : |
|
|
Total Site Area: |
56970 sq. m |
|
Total Floor
Area: |
14125 sq. m |
|
|
|
|
Factory 2 : |
P.O. Box 14, Chennai – Bangalore Highway (NH – 4), Sriperumpudur, District Chinglepet-602105, Tamilnadu, India |
|
Tel. No.: |
91-44-37170000 |
|
Fax No.: |
91-44-27162349 |
|
Total Site Area: |
56970 sq. m |
|
Total Floor
Area: |
10890 sq. m |
|
|
|
|
Factory 3 : |
Plot No.32, Industrial Area, Phase II, Dharuhera, District Rewari, Haryana, India |
|
Tel. No.: |
91-1274-242978/ 82 |
|
Total Site Area: |
20117 sq. m |
|
Total Floor
Area: |
9255 sq. m |
|
|
|
|
Factory 4 : |
Plot No.D9, TML Vendor Park, Survey No.1, Village Northcotepura, Sanand, Ahmedabad, Gujarat, India |
|
Total Site Area: |
16200 sq. m |
|
Total Floor
Area: |
2639 sq. m |
|
|
|
|
Factory 5 : |
Plot No. 19, Industrial Area, Dharuhera, District Rewari, Haryana, India |
|
|
|
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Factory 6 : |
Village Malpura, Tehsil
Dharuhera, Distract Rewari, Haryana, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Surinder
Kapur |
|
Designation : |
Chairman |
|
Date of Birth/Age : |
69 Years |
|
Qualification : |
Ph. D.(Mechanical Engineering), Michigan State University, U.S.A. |
|
Experience : |
39 Years |
|
Date of Appointment : |
01.10.1990 |
|
|
|
|
Name : |
Mr. Sunjay Kapur |
|
Designation : |
Vice Chairman and Managing Director |
|
Date of Birth/Age : |
39 Years |
|
Qualification : |
Graduate in Business Admn. From Buckingham University, U.K. |
|
Experience : |
17 Years |
|
Date of Appointment : |
22.10.2008 |
|
|
|
|
Name : |
Mr. Kiyozumi
Kamiki |
|
Designation : |
Dy. Managing Director (Nominee of JTEKT
Corporation, Japan) |
|
Date of Birth/Age : |
57 Years |
|
Qualification : |
Graduation in engineering from Ehime
University and also attained a Master’s Degree. |
|
|
|
|
Name : |
Mr. Hiroyuki Miyazaki |
|
Designation : |
Nominee of JTEKT
Corporation, Japan |
|
|
|
|
Name : |
Mr. Kazuhiko Ayabe |
|
Designation : |
Nominee of Maruti Suzuki India Limited |
|
Date of Birth/Age : |
55 Years |
|
Qualification : |
Graduate from Department of Mechanical
Engineering, College of Sophia University. |
|
|
|
|
Name : |
Mr. Jug Mohan
Kapur |
|
Designation : |
Director |
|
Date of Birth/Age : |
71 Years |
|
|
|
|
Name : |
Mr. B. L. Passi |
|
Designation : |
Director |
|
Date of Birth/Age : |
78 Years |
|
Experience : |
Over four
decades of experience in the field of finance, automobile trade,
transportation and agriculture. |
|
|
|
|
Name : |
Mr. Ramesh Suri |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ravi
Bhoothalingam |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. P. K. Chadha |
|
Designation : |
Director |
|
|
|
|
Name : |
Lt. Gen. (Retired) Shamsher Singh Mehta |
|
Designation : |
Director |
|
|
|
|
Name : |
Ms. Ramni Nirula |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Keiichi
Sakamoto |
|
Designation : |
Alternate to Mr.
Hiroyuki Miyazaki |
KEY EXECUTIVES
|
Name : |
Mr. Sudhir Chopra |
|
Designation : |
President And Company Secretary |
|
Date of Birth/Age : |
55 Years |
|
Qualification : |
B.Com, FCS, LL.B. |
|
Experience : |
35 Years |
|
Date of Appointment : |
15.05.1993 |
|
|
|
|
Name : |
Mr. Rajan Govindrajan Sunder |
|
Designation : |
Chief Executive Officer |
|
Date of Birth/Age : |
50 Years |
|
Qualification : |
B.Sc., MBA & Master of Information Management |
|
Experience : |
28 Years |
|
Date of Appointment : |
01.12.2008 |
|
|
|
|
Name : |
Mr. Singh Bahadur Ramesh |
|
Designation : |
Chief (VSME Programme) |
|
Date of Birth/Age : |
57 Years |
|
Qualification : |
B.E. (Production) |
|
Experience : |
34 Years |
|
Date of Appointment : |
01.09.2011 |
|
|
|
|
Executive
Management : |
v Dr. Surinder Kapur v Mr. Sunjay Kapur v Mr. Kiyozumi Kamiki v Mr. Sudhir Chopra v Mr. Sunder Rajan |
|
|
|
|
Operating
Management : |
v Mr. Sunjay Kapur v Mr. Kiyozumi Kamiki v Mr. Sudhir Chopra v Mr. Sunder Rajan v Mr. R. B. Singh v Mr. A. D. Rao v Mr. Rajiv Chanana v Mr. P. P. Gajpal v Mr. Vikas Marwah v Mr. S. Natarajan v Mr. H. Deiva Subramanian v Mr. Deepak Arora v Mr. Shyamal Saha |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category of
Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding
of Promoter and Promoter Group |
||
|
|
|
|
|
|
948760 |
0.48 |
|
|
63748304 |
32.08 |
|
|
64697064 |
32.55 |
|
|
|
|
|
|
39947108 |
20.10 |
|
|
39947108 |
20.10 |
|
Total
shareholding of Promoter and Promoter Group (A) |
104644172 |
52.65 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
1008000 |
0.51 |
|
|
1300 |
0.00 |
|
|
1200000 |
0.60 |
|
|
529296 |
0.27 |
|
|
2738596 |
1.38 |
|
|
|
|
|
|
11326178 |
5.70 |
|
|
|
|
|
|
44599019 |
22.44 |
|
|
27257147 |
13.71 |
|
|
8176720 |
4.11 |
|
|
2500 |
0.00 |
|
|
2610541 |
1.31 |
|
|
372120 |
0.19 |
|
|
5191559 |
2.61 |
|
|
91359064 |
45.97 |
|
Total Public
shareholding (B) |
94097660 |
47.35 |
|
Total (A)+(B) |
198741832 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
198741832 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Steering Systems and Other Auto Components for the
passenger car and utility vehicle manufacturers. |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
v State Bank of India v Standard Chartered Bank v Corporation Bank v State Bank of Hyderabad v EXIM Bank v Allahabad Bank v Indian Bank v Yes Bank Limited v Kotak Mahindra Bank Limited v
IndusInd Bank Limited |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S P Puri and Company Chartered Accountants |
|
Address : |
4/18, Asaf Ali Road, New Delhi – 110002, India |
|
|
|
|
Internal Auditors : |
|
|
Name : |
Ernst and Young LLP |
|
Address : |
Golf View Corporate Tower-B, Sector 42, Sector Road, Gurgaon – 122002, Haryana, India |
|
|
|
|
Cost Auditors : |
|
|
Name : |
Gurdeep Singh and Associates Cost Accountants |
|
Address : |
3238, Ranjit Nagar, Near Metro Station Patel Nagar, New Delhi – 110008, India |
|
|
|
|
The entity having
substantial interest in the Company : |
JTEKT Corporation, Japan |
|
|
|
|
Others (Significant
Influence) : |
v Somic ZF Components Limited (Formerly known as Sona Somic Lemforder Components Limited) transactions upto 25th April, 2012 v Sona Okegawa Precision Forgings Limited v Mahindra Sona Limited v Maruti Suzuki India Limited v Sona e-design and Technologies Limited v Pune Heat Treat Private Limited v Wheels Mobility Solutions Limited (Formerly known as Sona Mobility Services Limited) transactions upto 11th January, 2013 v Kapur Properties & Investment v Sona Autocomp Holdings Private Limited v Mandira Marketing Limited v Koyo
Bearings India Private Limited |
|
|
|
|
Subsidiaries : |
v Sona Fuji Kiko Automotive Limited v Sona Stampings Limited v JTEKT
Sona Automotive India Limited |
CAPITAL STRUCTURE
AFTER 10.08.2013
Authorised Capital : Rs. 271.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 198.742
Millions
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000000 |
Equity Shares |
Re. 1/- each |
Rs. 250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
198741832 |
Equity Shares |
Re. 1/- each |
Rs. 198.742
Millions |
|
|
|
|
|
(a) Reconciliation of the equity shares outstanding at the beginning and
at the end of reporting year
|
Reconciliation |
31.03.2013 |
|
|
|
No. of shares |
Rs. in Millions |
|
Shares outstanding at the beginning of the year |
198741832 |
198.742 |
|
Shares issued during the year |
-- |
-- |
|
Shares bought back during the year |
-- |
-- |
|
Shares outstanding at the end of the year |
198741832 |
198.742 |
(b) Terms/rights attached to equity shares
The Company has only
one class of equity shares having a par value of Re. 1/- per share. Each holder
of equity shares is entitled to one vote per share. The dividend proposed by
the board of directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting, except in case of interim dividend. In the
event of liquidation, the equity share holders are eligible to receive the
remaining assets of the Company after distribution of all preferential amounts,
in proportion to their shareholding.
(c) Detail of shareholders holding more than 5% shares in the company.
|
Name of Shareholders |
31.03.2013 |
|
|
|
No. of shares |
% of Holding |
|
Equity share of Re.1/- each fully paid |
|
|
|
Sona Autocomp Holding Private Limited
|
49914664 |
25.12% |
|
JTEKT Corporation, Japan |
39947108 |
20.10% |
|
Maruti Suzuki India Limited |
13800000 |
6.94% |
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 |
198.742 |
198.742 |
198.742 |
|
(b) Reserves & Surplus |
2232.148 |
2077.177 |
1838.946 |
|
(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) |
2430.890 |
2275.919 |
2037.688 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1973.317 |
1800.823 |
1633.886 |
|
(b) Deferred tax liabilities (Net) |
391.281 |
322.033 |
298.925 |
|
(c)
Other long term liabilities |
4.446 |
1.650 |
4.137 |
|
(d)
long-term provisions |
43.552 |
36.231 |
35.128 |
|
Total
Non-current Liabilities (3) |
2412.596 |
2160.737 |
1972.076 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
498.976 |
150.227 |
43.032 |
|
(b)
Trade payables |
1467.057 |
1672.182 |
1456.056 |
|
(c)
Other current liabilities |
886.772 |
703.604 |
649.701 |
|
(d)
Short-term provisions |
176.734 |
175.517 |
163.326 |
|
Total
Current Liabilities (4) |
3029.539 |
2701.530 |
2312.115 |
|
|
|
|
|
|
TOTAL |
7873.025 |
7138.186 |
6321.879 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
4014.074 |
3522.190 |
2979.027 |
|
(ii)
Intangible Assets |
195.760 |
210.848 |
109.470 |
|
(iii)
Capital work-in-progress |
249.901 |
370.377 |
148.058 |
|
(iv) Intangible assets under development |
64.794 |
38.358 |
92.367 |
|
(b) Non-current
Investments |
687.707 |
678.820 |
678.820 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
83.672 |
208.977 |
202.043 |
|
(e)
Other Non-current assets |
1.922 |
1.786 |
0.000 |
|
Total
Non-Current Assets |
5297.830 |
5031.356 |
4209.785 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
544.595 |
387.617 |
472.493 |
|
(c)
Trade receivables |
1558.006 |
1256.494 |
1119.644 |
|
(d)
Cash and cash equivalents |
14.725 |
12.473 |
14.529 |
|
(e)
Short-term loans and advances |
235.847 |
233.554 |
344.945 |
|
(f)
Other current assets |
222.022 |
216.692 |
160.483 |
|
Total
Current Assets |
2575.195 |
2106.830 |
2112.094 |
|
|
|
|
|
|
TOTAL |
7873.025 |
7138.186 |
6321.879 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations (net) |
11185.626 |
11405.302 |
10347.667 |
|
|
|
Other Income |
55.661 |
39.629 |
35.711 |
|
|
|
TOTAL (A) |
11241.287 |
11444.931 |
10383.378 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
7699.370 |
8140.791 |
7597.805 |
|
|
|
Purchases of stock-in-trade |
178.431 |
109.466 |
94.607 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(42.849) |
14.489 |
(39.263) |
|
|
|
Employee benefits expense |
1067.377 |
953.844 |
756.489 |
|
|
|
Research & development expenses |
27.762 |
26.346 |
23.509 |
|
|
|
Other expenses |
1075.231 |
966.896 |
866.749 |
|
|
|
Exceptional items - (gain)/loss on sale of long term investments (net) |
0.000 |
0.000 |
(33.218) |
|
|
|
TOTAL (B) |
10005.322 |
10211.832 |
9266.678 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1235.965 |
1233.099 |
1116.700 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
335.227 |
336.947 |
317.257 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
900.738 |
896.152 |
799.443 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
431.781 |
333.406 |
284.478 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
468.957 |
562.746 |
514.965 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
162.849 |
174.376 |
140.852 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
306.108 |
388.370 |
374.113 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of export of goods |
624.431 |
420.092 |
437.016 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
288.166 |
126.434 |
42.246 |
|
|
|
Raw Materials |
97.616 |
31.949 |
20.567 |
|
|
|
Components, spares & tools |
1311.305 |
1405.441 |
1558.346 |
|
|
TOTAL IMPORTS |
1697.087 |
1563.824 |
1621.159 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.54 |
1.95 |
1.88 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
31.03.2014 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
2312.600 |
2620.300 |
2644.200 |
2852.900 |
|
Total Expenditure |
2177.200 |
2323.400 |
2393.600 |
2546.000 |
|
PBIDT (Excl OI) |
135.400 |
296.900 |
250.600 |
306.900 |
|
Other Income |
13.400 |
15.600 |
15.100 |
4.700 |
|
Operating Profit |
148.800 |
312.500 |
265.700 |
311.600 |
|
Interest |
87.200 |
90.100 |
76.400 |
65.300 |
|
Exceptional Items |
0.000 |
0.000 |
354.300 |
0.000 |
|
PBDT |
61.600 |
222.400 |
543.700 |
246.300 |
|
Depreciation |
116.900 |
116.700 |
118.400 |
139.000 |
|
Profit Before Tax |
(55.300) |
105.700 |
425.300 |
107.300 |
|
Tax |
(20.400) |
29.100 |
56.200 |
1.500 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(34.900) |
76.600 |
369.100 |
105.800 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(34.900) |
76.600 |
369.100 |
105.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.72
|
3.39 |
3.60 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.19
|
4.93 |
4.98 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.83
|
9.30 |
9.53 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.25 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.02
|
0.86 |
0.82 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.85
|
0.78 |
0.91 |
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 |
198.742 |
198.742 |
198.742 |
|
Reserves & Surplus |
1838.946 |
2077.177 |
2232.148 |
|
Net
worth |
2037.688 |
2275.919 |
2430.890 |
|
|
|
|
|
|
long-term borrowings |
1633.886 |
1800.823 |
1973.317 |
|
Short term borrowings |
43.032 |
150.227 |
498.976 |
|
Total
borrowings |
1676.918 |
1951.050 |
2472.293 |
|
Debt/Equity
ratio |
0.823 |
0.857 |
1.017 |
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 |
10347.667 |
11405.302 |
11185.626 |
|
|
|
10.221 |
-1.926 |
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 |
10347.667 |
11405.302 |
11185.626 |
|
Profit |
374.113 |
388.370 |
306.108 |
|
|
3.62% |
3.41% |
2.74% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
IN THE HIGH COURT OF DELHI AT NEW DELHI
11.03.2011
Present: Mr. R. Sanathanm, Advocate for the
respondent.
ITA 1225/2009
The Hon’ble Division Bench has not assembled today.
List on 3rd August, 2011.
BY ORDER
COURT MASTER
MARCH 11,2011
Skb
12#
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10459662 |
21/10/2013 |
17,500,000.00 |
SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA |
VIDEOCON TOWER, GROUND FLOOR, E-1, RANI JHANSI ROAD, JHANDEWALAN EXTENSION, NEW DELHI, DELHI - 110005, INDIA |
B89328264 |
|
2 |
10435312 |
06/03/2014 * |
372,000,000.00 |
STANDARD CHARTERED BANK |
(ACTING AS A
SECURITY AGENT), NARAIN MANZIL, 23 B |
C00947176 |
|
3 |
10393321 |
29/05/2013 * |
300,000,000.00 |
INDUSIND BANK LIMITED |
DR. GOPAL DAS BUILDING,, 28, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B76875160 |
|
4 |
10389062 |
29/05/2013 * |
300,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, 14TH FLOOR, JAWAHAR VYAPAR BHAWAN, 1, TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA |
B76756279 |
|
5 |
10341233 |
14/08/2012 * |
250,000,000.00 |
STANDARD CHARTERED BANK |
(ACTING AS AN
SECURITY AGENT) C D U, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, DELHI -
110001, |
B45660354 |
|
6 |
10309839 |
06/03/2014 * |
100,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
7TH FLOOR, AMBADEEP BUILDING,, K G MARG, NEW DELHI, DELHI - 110001, INDIA |
C03755550 |
|
7 |
10292330 |
13/12/2011 * |
180,000,000.00 |
STANDARD CHARTERED BANK (ACTING AS AN SECURITY AGENT) |
CREDIT DOCUMENTATION UNIT, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B27835149 |
|
8 |
10268153 |
15/02/2011 * |
300,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE BRANCH, 17, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA |
B07235559 |
|
9 |
10257544 |
02/12/2010 |
30,000,000.00 |
ALLAHABAD BANK |
26-27-28, NINEX CITY MART, SOHNA ROAD, SECTOR -49, GURGAON, HARYANA - 122018, INDIA |
B02058683 |
|
10 |
10246741 |
15/02/2011 * |
300,000,000.00 |
INDIAN BANK |
NEW DELHI MAIN BRANCH, G-41, CONNAUGHT CIRCUS, NEW DELHI, DELHI - 110001, INDIA |
B07530835 |
|
11 |
10222192 |
15/02/2011 * |
100,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU
CENTRE, DISCOVERY OF INDIA, DR. |
B07530355 |
|
12 |
10202522 |
03/02/2010 |
100,000,000.00 |
TATA CAPITAL LIMITED |
ONE FORBES, DR V B GANDHI MARG,FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
A79187886 |
|
13 |
10135427 |
09/06/2009 * |
300,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A64944515 |
|
14 |
10089117 |
15/02/2011 * |
1,730,000,000.00 |
CORPORATION BANK |
INDUSTRIAL FINANCE
BRANCH, 1ST FLOOR, NO. 16/10, |
B07070691 |
|
15 |
80038926 |
13/12/2011 * |
475,000,000.00 |
STANDARD CHARTERED BANK |
CREDIT DOCUMENTATION UNIT, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B28032894 |
|
16 |
80004197 |
06/03/2014 * |
183,500,000.00 |
STATE BANK OF HYDERABAD |
NARSINGPUR, DISTT GURGAON, GURGAON, HARYANA - 122002, INDIA |
C00532267 |
|
17 |
80031248 |
06/03/2014 * |
300,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, 14TH FLOOR, JAWAHAR VYAPAR BHAWAN, 1, TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA |
C00877985 |
* Date of charge modification
GENERAL
INFORMATION
The Company is primarily engaged in the manufacture of steering systems
and other auto components for the passenger car and utility vehicle
manufacturers. Automobile manufacturers are its primary customers. The Company
is a Public Company listed in the Bombay Stock Exchange (BSE) and National
Stock Exchange (NSE).
SUBSIDIARY COMPANIES
The Company has the following Subsidiaries:
A) JTEKT SONA
AUTOMOTIVE INDIA LIMITED (JSAI)
In JSAI, the Company is holding 49% of the Equity Capital but it has the
right to nominate majority of Directors on the Board of JSAI. This Joint
Venture Company has been established with JTEKT Corporation, Japan with a
business objective of manufacturing Column Type Electric Power Steering (C-EPS)
Systems. The Plants of JSAI are located in Bawal, Chennai and Bangalore. During
the year ended 31st March, 2013, JSAI has achieved total income of Rs.4662.900
Millions and earned net profit of Rs.152.600 Millions.
B) SONA FUJI KIKO
AUTOMOTIVE LIMITED (SFAL)
In SFAL, the Company is holding 51% of the Equity Capital. This Joint
Venture Company has been established with FUJI KIKO Company Limited, Japan with
a business objective of manufacturing Columns to be used in the manufacturing
of C-EPS by JSAI. The Plant of SFAL is located in Bawal, Haryana. During the
year ended 31st March, 2013, SFAL has achieved total income of Rs. 367.100
Millions and earned net profit of Rs. 17.800 Millions.
C) SONA STAMPINGS
LIMITED (SSL)
SSL was established as a Joint Venture Company with Arjan Auto Private
Limited, India, with a business objective of Sheet Metal Processing, comprising
of press work and welding within Automotive Component sector. During the year,
the Company has acquired 30.08% of the Equity Capital from Arjan Auto Private
Limited held by it in SSL and now SSL has become a wholly owned subsidiary of
the Company. The Plant of SSL is located in Gurgaon. During the year ended 31st
March, 2013, the Company has achieved total income of Rs. 112.000 Millions and
incurred loss of Rs. 25.200 Millions.
Keeping in view the benefits arising out of better business synergies, reduced
cost and tax advantage etc., the Board of Directors of the Company has, in
their meeting held on 15th May, 2013, approved the merger of SSL with the
Company. The said scheme shall become effective when the Orders of Hon’ble High
Courts of Delhi and Punjab and Haryana are filed with the Registrar of
Companies.
MANAGEMENT
DISCUSSION AND ANALYSIS
Financial Year (FY) 2013 saw continuation of a difficult period for the
economy and the automotive sector. In India, car sales fell an annual 6.7% in
FY'13, according to data from the Society of Indian Automobile Manufacturers
(SIAM). The drop is the worst seen in the last decade and, although the
deceleration seems to be over, it will take time to regain growth momentum.
Despite the headwinds, Sona Koyo has focussed on taking bold and
effective measures to push its growth agenda forward and increase efficiencies.
They have successfully taken their first steps in aftermarket which presents
high opportunity for the Company as a distribution channel for products in
future. Their patented home-grown technology, Electronic Power Assisted Module
(EPAM) for off highway applications has received an excellent response and has
paved the way for their entry into the off-highway market segment. Localisation
and backward integration initiatives are moving ahead. Relocation /realignment
of certain manufacturing facilities with an aim to adopt latest technology and
set up Plant layout of global standards to enhance production efficiency and
achieve reduced cycle time, is progressing on track.
With their strong customer relationships, diverse product profile,
technology partnership, and manufacturing capability they are well set to move
forward as soon as the industry regains its growth momentum.
ECONOMIC SCENARIO
FY'2013 saw continued slow global growth as macroeconomic concerns
persisted. GDP in South Asia also lost pace during 2012, translating into a
slowing trend post the rapid recovery from the financial crisis in 2008.
According to World Bank data, regional growth slowed from 10% in Calendar Year
(CY) 2010 to 7.3% in CY2011, and further to 4.8% in CY2012. India, which
represents about four-fifths of the region’s GDP, played a major role in the
deceleration. The country’s GDP growth fell to 5% in FY2013 from 6.2% in FY2012
and 9.3% in FY'11. Although the global economy is transitioning into what is
likely to be a smoother and less volatile period, growth is expected to remain
slow. According to the World Bank, whole-year growth for CY2013 is projected at
2.2%, a touch slower than in CY2012.
Going forward, the economy in India is expected to show a slow revival
in FY2014. Index of Industrial Production (IIP) has bottomed out, and is
showing signs of uptick. Brent crude oil has lost more than 6% since the
beginning of April'12, which will ease India’s high current account deficit and
inflation, due to its dependency on oil imports. Inflation eased to 4.89% in
April‘13 owing to moderation in inflation of sub-indices, particularly primary
food products and manufactured products.
Most analysts expect FY2014 GDP growth to pan out between 5.5-6%,
certainly an improvement over the previous year. A possible upside can come
from the upcoming elections, which could lead to increased government spending
in the latter half of the year.
MARKET SEGMENT
India's annual car sales fell for the first time in a decade during
FY'13. According to SIAM, the total domestic automotive market grew by 2.6% YoY
in FY'13 against 12.2% in FY’12, taking volumes to 17,831,193 units. There was
slump in production by original equipment manufacturers (OEMs) despite new
launches, discounts and freebies in a depressed economy with increasing fuel
prices. Muted growth in exports owing to continued sluggishness in the EU
market and a slowdown in the US in the second half of the fiscal also added to
the worries. While commercial vehicle segment degrew by 2%, passenger vehicle
segment (including utility vehicles and vans) held its ground and grew by 2.2%
YoY, buoyed by the demand for diesel-driven utility vehicles.
Margins of the automotive industry were stretched in FY’13 due to
increase in cost of imported raw materials owing to a weaker rupee and
persistent inflation. Also, sluggish growth in demand from domestic OEMs, along
with increasing overhead costs and lower capacity utilization, led to
decreasing profitability margins.
The performance of the automotive industry deeply affects several key
sectors of the economy, and has a strong multiplier effect which is capable of
driving economic growth. It is one of the largest recipients of FDI and
currently contributes roughly 6% of the country’s GDP. The Automobile Mission
Plan envisions the output of the Indian automobile industry to reach a level of
US$ 145 billion, accounting for more than 10% of the GDP and employing 25
million people by 2016.
OUTLOOK
The automotive industry is one of the largest contributors to India’s
GDP, besides providing employment to millions of people, directly and indirectly.
Over the last two decades, the industry has witnessed an impressive growth in
terms of volumes, technological advancement and capital employment. The
cumulative foreign direct investment (FDI) inflow into the automobile industry
from April 2000 to January 2013 was worth US$ 8,061 million, amounting to 4% of
the total FDI inflows (in terms of US$) of the country.
India is emerging as one of the most attractive destinations as a global
outsourcing hub and manufacturing base for original equipment manufacturers.
There is a gradual shift of production facilities from high cost regions in
North America and European Union to lower-cost regions such as China, India and
South America. According to Automotive Component Manufactures Association
(ACMA) estimates, the Indian auto component industry is expected to reach a
turnover worth US$ 113 billion by 2020-21. Rising disposable income and
sizeable working young population are the key drivers for the Indian automotive
industry. The long term outlook remains positive with major global players
developing bases in India for manufacturing, global sourcing as well as
engineering. Further, the infrastructure improvement in India will also play a
role in the growth of the automobile market.
As per SIAM, growth rate in the auto sector is expected to be around
6-8% in FY2014 mostly due to new product launches and expected reversal in
interest rate cycle. However, growth is likely to be slow in the first half of
the year due to slow economic activity and negative consumer sentiments, but is
expected to pick up in the later part due to expected easing of interest rates,
festive demand and favourable base effect. Leading OEMs are expected to
introduce a slew of models at competitive prices to spur consumer demand.
SIAM has mentioned that the probability of holding the current
automobile forecast for the year FY2014 is two in three (2/3rd) as this is
based on certain economic parameters to be executed on time. Any policy
inaction or political uncertainty may lead to significant deterioration to
economic recovery and consumer sentiment.
OPERATIONS
With a view to build a strong foundation for future profitability, Sona
Koyo incurred a total CAPEX of ` 815 million during the year mainly towards
backward integration, relocation, efficiency improvement and new product
development.
The growth momentum in their in-house developed EPAM (Electronic Power
Assist Module) continued during FY'13. The EPAM plant witnessed full commercial
production in the year, garnering an overwhelming response from the market.
During the year, capacity for EPAM increased to around 21,000 units per annum.
This current capacity is entirely booked for the requirements of John Deere, a
Fortune 500 company and the leading manufacturer of agricultural machinery in
the world for the off-highway vehicle market.
The Company has also received product approval to deploy EPAM technology
on an upcoming tractor model from a major Indian manufacturer. Several other
major OHV companies in North America, besides Tractor manufacturers in India
are currently evaluating this product application. Sona Koyo plans to double
EPAM turnover each year till FY’15. The patented home grown technology
continues to create a strong competitive advantage for the Company, along with healthy
margins.
During the year, Company’s two new projects towards backward integration
into aluminium diecasting and in-sourcing went into commercial production.
Aluminium die casting facility would provide a strong avenue for adding new
customer segments by offering light weight products. The in-sourcing program is
a strategic move to bring back processes that had been outsourced earlier and
thus helps to improve quality, reduce cost and increase in house value
addition.
Work on Phase-4 of Column type Electric Power Steering (CEPS)
localization involving localization of input shaft, torsion bar, retainer part,
etc., at the Dharuhera facility is progressing and is expected to be completed
by the first half of FY2014. Strong emphasis on localization has helped the
Company to restrict import content as a percentage of total raw material costs
to 19% in FY2013; which shall further reduce after completion of Phase-4 of
CEPS localization.
Company has taken a new initiative to achieve manufacturing excellence
through realignment and efficiency improvement. This shall involve relocation
of certain manufacturing operations from Gurgaon to three Plants in Dharuhera,
also in Haryana, one each in Sanand, Gujarat, and Chennai. This strategy shall
help to adopt new technology and set up Plant layout of global standards aimed
at reducing production cycle time. The entire project shall take around two
years’ time to implement. In this direction, the Company successfully shifted
and commissioned two lines from Gurgaon Plant to Dharuhera. Sona Koyo started
production at Bay-3, Dharuhera Plant-1 and Bay-1, Dharuhera Plant 2.
Construction of Bay-2, Dharuhera Plant 2 is now in progress.
In order to exercise control on price changes and their impact on value
addition, the Company has set up PPMS (Product Profitability Management System)
with the help of C3IT Software Solutions. The system helps in tracking cost at
each and every stage starting from raw material of a child part to the final
output of a product and aligning the same to the settled price with the
customers and to show the product profitability. The system also helps to
simulate and understand the financial impact of price changes on product
profitability before actual price amendment.
AWARDS AND
RECOGNITION
Recognition from customers is the strongest testimony to a company’s
excellence, and Sona Koyo once again achieved recognition of its excellence.
General Motors awarded the Company with the ‘Best Practices Recognition Award’
during the year.
Sona Koyo was awarded Tier-2 Upgradation Award from Maruti Suzuki. The
Company is participating in MACE (Maruti Centre for Excellence) program for
Tier-2 (supplier) upgradation.
The Institute of Economic Studies (IES), one of India’s premiere
research institutes, conferred ‘Excellence Award’ to Sona Koyo for its
prominent position in Auto Component Industry. Mr. Sunder Rajan, CEO, Sona
Koyo, also received the Udyog Ratna Award for his outstanding contributions to
industry from IES.
Their Dharuhera Plant-2 is the NCR’s first certified green building as
acknowledged by Indian Green Building Council.
STATEMENT
OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED 31ST
MARCH, 2014
(RS.
IN MILLIONS)
|
Sr. No. |
Particular |
Quarter ended |
Preceding Quarter Ended |
Year Ended |
|
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
|
|
Audited |
Unaudited |
Audited |
|
1. |
Income from
operations |
|
|
|
|
|
(a) Net sales from operations (net of excise duty) |
2819.855 |
2629.703 |
10348.886 |
|
|
(b) Other operating income |
33.070 |
14.479 |
81.066 |
|
|
Total income
from operations (net) |
2852.925 |
2644.182 |
10429.952 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
a) Cost of raw material and components consumed |
1921.687 |
1833.276 |
7141.883 |
|
|
b) Purchase of Stock –in-Trade |
49.781 |
45.835 |
194.851 |
|
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(21.228) |
(10.589) |
(124.313) |
|
|
d) Employee Cost benefits expenses |
288.160 |
262.354 |
1104.892 |
|
|
(e) Depreciation and amortization expense |
139.001 |
118.377 |
490.985 |
|
|
f) Other expenses |
307.586 |
262.706 |
1122.839 |
|
|
g)
Total Expenditure (a to f) |
2684.987 |
2511.959 |
9931.137 |
|
|
|
|
|
|
|
3. |
Profit/ (Loss)
from operations before other income, finance costs and exceptional items (
1-2) |
167.938 |
132.223 |
498.815 |
|
|
|
|
|
|
|
4. |
Other Income |
4.679 |
15.115 |
48.825 |
|
|
|
|
|
|
|
5. |
Profit/ (Loss)
from ordinary activities before finance costs and exceptional items ( 3+4) |
172.617 |
147.338 |
547.640 |
|
|
|
|
|
|
|
6. |
Finance Costs |
65.342 |
76.358 |
318.943 |
|
|
|
|
|
|
|
7. |
Profit/ (Loss) from
ordinary activities after finance costs but before exceptional items (5-6) |
107.275 |
70.980 |
228.697 |
|
|
|
|
|
|
|
8. |
Exceptional Items |
-- |
(354.303) |
(354.303) |
|
|
|
|
|
|
|
9. |
Profit/ (Loss) from
ordinary activities before tax ( 7-8 ) |
107.275 |
425.283 |
583.000 |
|
|
|
|
|
|
|
10. |
Tax Expense |
|
|
|
|
|
a)
Current Year |
26.794 |
85.041 |
127.500 |
|
|
b)
Earlier years |
1.117 |
-- |
1.117 |
|
|
c)
Minimum alternate tax (MAT) credit entitlement |
(28.597) |
(32.412) |
(61.009) |
|
|
d)
Deferred Tax |
2.205 |
3.572 |
(1.223) |
|
|
Total tax
expenses |
1.519 |
56.201 |
66.385 |
|
|
|
|
|
|
|
11. |
Net profit/ (loss)
from ordinary activities after tax ( 9-10 ) |
105.756 |
369.082 |
516.615 |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
105.756 |
369.082 |
516.615 |
|
|
|
|
|
|
|
14. |
Minority
interest |
-- |
-- |
-- |
|
|
|
|
|
|
|
15. |
Net profit/
(loss) after taxes, minority interest (13-14) |
105.756 |
369.082 |
516.615 |
|
|
|
|
|
|
|
16. |
Paid up equity sham capital ( Face value of Rs 1/- per share) |
198.742 |
198.742 |
198.742 |
|
|
|
|
|
|
|
17. |
Reserve excluding Revaluation Reserves as per balance sheet of
previous accounting year |
-- |
-- |
2465.642 |
|
|
|
|
|
|
|
18. |
Earnings Per Share (EPS) (Face value of Re 1/- per share) |
|
|
|
|
|
a) Basic EPS before extraordinary items |
0.53 |
1.86 |
2.60 |
|
|
b) Diluted EPS after extraordinary items |
0.53 |
1.86 |
2.60 |
|
|
|
|
|
|
|
|
PARTICULARS
OF SHAREHOLDING |
|
|
|
|
19. |
Public
Shareholding |
|
|
|
|
(a) |
-Number of Shares |
94097660 |
94097660 |
94097660 |
|
|
- Percentage of Shareholding |
47.35% |
47.35% |
47.35% |
|
|
|
|
|
|
|
20. |
Promoters
and Promoter Group Shareholding |
|
|
|
|
(A) |
Equity
Shares |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
-- |
-- |
-- |
|
|
- Face Value of Rs 1/- per share |
-- |
-- |
-- |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
-- |
-- |
-- |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
|
|
- Number of Shares |
104,644,172 |
104,644,172 |
104,644,172 |
|
|
- Face Value of Rs 1/- per share |
|
|
|
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
100.00% |
100.00% |
100.00% |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
52.65% |
52.65% |
52.65% |
|
|
Particulars |
Three
Months ended 31.03.2014 |
|
B |
Investor
complaints (Nos.) |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
4 |
|
|
Disposed of during the quarter |
4 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
NOTES
1) The above Audited Financial Results for the year ended 31st March, 2014, as reviewed by the Audit Committee have been taken on record and approved by the Board of Directors of the Company in their meeting held on 30th May, 2014.
2) The Board of Directors has recommended, subject to approval of shareholders, final divided of Re. 0.80 per Equity Share of Re. 1/- each.
3) Consolidated Financial Statement has been prepared in accordance with Accounting Standard-21 "Consolidated Financial Statements".
4) The Consolidated results includes subsidiaries Sona Fuji Kiko Automotive Limited and JTEKT Sona Automotive India Limited and an associate Sona Skill Development Centre Limited.
5) Segment Reporting: The Company(ies) are primarily engaged in the business of auto components of four wheelers, which are governed by the same set of risk and returns and hence there is only one Primary segment. The said treatment is in accordance with the guiding principle enunciated in the Accounting Standard on Segment Reporting (AS-17).
6) EPS has been computed in accordance with Accounting Standard AS-20.
7) Exceptional items pertain to the profit on sale of long term investment held by the company.
8) Pursuant to scheme of amalgamation (the Scheme) of erstwhile Sona Stampings Limited with the company under Section 391 to 394 of the Companies Act, 1956 sanctioned by Hon’ble High Courts of Delhi and Punjab and Haryana on 16th April 2014 and 28th April 2014 respectively entire business and all assets and liabilities of Sona Stampings Limited were transferred and vested in the Company effective from April 01, 2013. Accordingly the Scheme have been given effect to these financial statements during the current quarter ended 31st March 2014.
9) The figures for the quarter ended 31st March 2014 are balancing figures between audited figures in respect of full financial year ended 31st March 2014 and the unaudited published year to date figures upto the third quarter ended 31st December 2013, which was subjected to a limited review.
10)
Previous Period(s) figures have been regrouped /
recasted wherever necessary.
STANDALONE STATEMENT OF ASSETS AND LIABILITIES
|
Sr. |
PARTICULARS |
31.03.2014 (Audited) |
|
|
|
|
|
A |
EQUITY AND
LIABILITIES |
|
|
|
|
|
|
1 |
Shareholders'
funds |
|
|
|
a)
Share capital |
198.742 |
|
|
b)
Reserves and surplus |
2465.642 |
|
|
Sub total |
2664.384 |
|
|
|
|
|
2 |
Minority
interest |
-- |
|
|
|
|
|
3 |
Non-current Liabilities |
|
|
|
a)
Long-term borrowings |
1610.573 |
|
|
b)
Deferred tax liabilities (Net) |
390.058 |
|
|
c)
Other Long term liabilities |
5.080 |
|
|
d)
Long-term provisions |
45.290 |
|
|
Sub total |
2051.001 |
|
|
|
|
|
4 |
Current Liabilities |
|
|
|
a)
Short-term borrowings |
482.301 |
|
|
b)
Trade payables |
1528.832 |
|
|
c)
Other current liabilities |
864.291 |
|
|
d)
Short-term provisions |
209.109 |
|
|
Sub total |
3084.533 |
|
|
|
|
|
|
Total EQUITY AND
LIABILITIES |
7799.918 |
|
|
|
|
|
B |
ASSETS |
|
|
|
|
|
|
1 |
Non-current
assets |
|
|
|
a) Fixed assets |
|
|
|
|
4025.072 |
|
|
|
189.641 |
|
|
|
553.200 |
|
|
|
121.116 |
|
|
b) Goodwill on consolidation |
-- |
|
|
c) Non-current investments |
346.281 |
|
|
d) Long-term loans and advances |
84.635 |
|
|
e) Other non-current assets |
2.069 |
|
|
Sub total |
5322.014 |
|
|
|
|
|
2 |
Current assets |
|
|
|
a)
Inventories |
710.844 |
|
|
b)
Trade receivables |
1390.908 |
|
|
c)
Cash and bank balances |
20.611 |
|
|
d)
Short-term loans and advances |
263.349 |
|
|
e)
Other current assets |
92.192 |
|
|
Sub total |
2477.904 |
|
|
|
|
|
|
TOTAL ASSETS |
7799.918 |
CONTINGENT
LIABILITIES:
|
Particulars |
Period Covered |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
I) Claims
against the Company not acknowledged as debt on account of : |
|
|
|
|
a) Excise duty i) Show cause notice received and pending with Adjudication Authority |
2004-05 to 2012-13 |
152.944 |
128.196 |
|
ii) Cases pending before Appellate authorities in respect of which the
company has filed appeals |
2009-10 |
0.371 |
69.982 |
|
|
Total |
153.315 |
198.178 |
|
b) Service Tax i) Show cause notice received and pending with Adjudication Authority |
2008-09 to 2012-13 |
3.065 |
3.678 |
|
ii) Cases pending before Appellate authorities in respect of which the
company has filed appeals/ show cause notices |
2009-10 to 2012-13 |
26.173 |
23.028 |
|
|
Total |
29.238 |
26.706 |
|
c) VAT Haryana i) Local area development tax (LADT) levied by Assessing Authority
Gurgaon, writ petition civil pending with Supreme Court |
2007-08 to 2012-13 |
63.615 |
43.572 |
|
d) Customs Duty
(DGFT) i) Show cause notice received from adjudication authority (DGFT) for
advance license |
2006-07 |
0.576 |
0.000 |
|
e) Income Tax i) Cases pending before Courts / Appeallate Authorities in respect of
which the Company has filed appeal. |
|
3.053 |
3.053 |
|
f) Customer’s claims against Company |
|
69.641 |
0.000 |
|
II) Customer bills discounted |
|
187.900 |
140.600 |
|
III) Letter of credit opened by banks for purchase of inventory /
capital goods |
|
39.547 |
124.331 |
|
IV) The Government
of West Bengal is in appeal in Hon’ble Supreme Court for validity of the
Singur Land Rehabilitation And Development Act, 2011. Pending finalization of
the case, the Company has not made any provision for the impairment of its
value of land at Singur. V) Notice for
revising income tax returns for the last six years had been received and the
compliance returns have been filed for all six years in pursuance to search
and seizure operations which were carried out by Revenue Authorities in
previous year. During the search and seizure operation, neither any
unexplained money, bullion or valuables were found nor there was any seizure.
The assessment for all such six assessment years are in process. Additional
tax liability, if any, shall be accounted for on creation of demand against
the company. |
|||
FIXED ASSETS:
Tangible assets
v Freehold
land
v Leasehold
land
v Buildings
v Lease
hold improvements
v Plant
& equipments
v Jigs
& fixtures
v Electric
installations
v Furniture
& fixtures
v Office
equipments
v Vehicles
v R&D-plant
& equipments
v R&D-office
equipments
Intangible Assets
v R&D-computer
softwares
v Computer
softwares
v Product
development cost
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. 60.12 |
|
|
1 |
Rs. 102.00 |
|
Euro |
1 |
Rs. 81.43 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.