MIRA INFORM REPORT
|
Report Date : |
27.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
BOSCH LIMITED |
|
|
|
|
Formerly Known
As : |
MOTOR INDUSTRIES COMPANY LIMITED |
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2013 |
|
|
|
|
Date of
Incorporation : |
12.11.1951 |
|
|
|
|
Com. Reg. No.: |
08-000761 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 314.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L85110KA1951PLC000761 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRM01746D |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Automobile Equipment and Machinery. |
|
|
|
|
No. of Employees
: |
11352 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (72) |
|
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 250000000 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a well-established and reputed company having excellent
track record. Fundamentals of the company is decent. Financial position of the company
is strong and healthy. Trade relation reported to be trustworthy. Business is active. Payment
terms are reported to be regular and as per commitment. The company can be considered good for business dealing 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 |
“SP 1A” |
|
Rating Explanation |
Highest performance capability and high financial strength to
undertake off grid solar projects |
|
Date |
March 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.
LOCATIONS
|
Registered Office : |
|
|
Tel. No.: |
91-80-22992111/ 22220088/ 22992195/ 22222393 |
|
Fax No.: |
91-80-22272728 |
|
E-Mail : |
a.vijayashankar@in.bosch.com |
|
Website : |
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|
|
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|
Factory: |
Located
at:
|
DIRECTORS
As on: 31.12.2013
|
Name : |
Dr. A. Hieronimus |
|
Designation : |
Chairman |
|
Address : |
Praffenacker 6A, 97816 Lohr Am Main Germany |
|
Date of Birth/Age : |
06.04.1947 |
|
Date of Appointment : |
01.05.20089 |
|
|
|
|
Name : |
Dr. Steffen Berns |
|
Designation : |
Managing Director (from 01.01.2013) |
|
Other Directorship: |
|
|
|
|
|
Name : |
Mr. Vegulaparanan Kasi Viswanathan |
|
Designation : |
Managing Director |
|
Address : |
15/A1, Palance Road, Bangalore – 560032, Karnataka, India |
|
Date of Birth/Age : |
20.11.1950 |
|
Date of Appointment : |
01.01.2013 |
|
DIN No.: |
01782934 |
|
|
|
|
Name : |
Mr. Prasad Chandran |
|
Designation : |
Director |
|
Address : |
16-B, Darbhanga Mansion, Carmichael Road, Mumbai – 400026,
Maharahstra, India |
|
Date of Birth/Age : |
20.04.1952 |
|
Date of Appointment : |
28.05.2009 |
|
DIN No.: |
00200379 |
|
|
|
|
Name : |
Mr. Soumitra Bhattacharya |
|
Designation : |
Director |
|
Address : |
No.622, 7th Main, Vijaya Bank Layout, Sundaram Shetty
Nagar, Bannerghatta Road, Bilekallhalli, Bangalore – 560076, Karnataka, India |
|
Date of Birth/Age : |
15.06.1953 |
|
Date of Appointment : |
05.06.2013 |
|
DIN No.: |
02783243 |
|
|
|
|
Name : |
Mr. Bernhard Alfons Steinrucke |
|
Designation : |
Director |
|
Address : |
Breach Candy House, Flat No. 3, 1st Floor, 68 Bhulabhai
Desai Road, Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
29.06.1955 |
|
Date of Appointment : |
15.06.2005 |
|
DIN No.: |
01122939 |
|
|
|
|
|
|
|
Name : |
Mrs. Renu. S. Karnad |
|
Designation : |
Director |
|
Address : |
BB-14, Greater Kailash Enclave, New Delhi - 110067 , India |
|
Date of Birth/Age : |
03.09.1952 |
|
Date of Appointment : |
01.04.2007 |
|
DIN No.: |
00008064 |
|
|
|
|
Name : |
Mr. Bhaskar Bhat |
|
Designation : |
Director (from 01.01.2013) |
|
|
|
|
Name : |
Dr. Bernd Bohr |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Peter Tyroller |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. B. Muthuraman |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Franz Hauber |
|
Designation : |
Alternate Director |
KEY EXECUTIVES
|
Name : |
Mr. A Vijay Shankar |
|
Designation : |
Company Secretary ( From 02.04.2009) |
|
Address : |
No. 1291, 33rd Cross, Kumaraswamy Layout, 1st
Stage, Bangalore – 560078, Karnataka, India |
|
Date of Birth/Age : |
15.06.1953 |
|
Date of Appointment : |
02.04.2009 |
|
PAN No.: |
AACPV2599R |
|
|
|
|
Committees : |
|
|
Audit
Committee : |
|
|
|
|
|
Shareholders’/Investors’
Grievance Committee : |
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|
|
|
|
Remuneration
Committee : |
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|
|
|
|
Investment
Committee : |
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|
|
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|
Property
Committee : |
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Share Transfer
Committee : |
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|
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|
|
Corporate Social
Responsibility Committee: |
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.03.2014
|
Category of
Shareholder |
Total No. of
Shares |
% of Total No.
of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
|
|
|
|
22349420 |
71.18 |
|
|
22349420 |
71.18 |
|
Total shareholding of Promoter and Promoter Group (A) |
22349420 |
71.18 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
852127 |
2.71 |
|
|
18988 |
0.06 |
|
|
2794706 |
8.90 |
|
|
2272626 |
7.24 |
|
|
5938447 |
18.91 |
|
|
|
|
|
|
815790 |
2.60 |
|
|
|
|
|
|
1780281 |
5.67 |
|
|
397867 |
1.27 |
|
|
117095 |
0.37 |
|
|
89335 |
0.28 |
|
|
1000 |
0.00 |
|
|
100 |
0.00 |
|
|
25108 |
0.08 |
|
|
1552 |
0.00 |
|
|
3111033 |
9.91 |
|
Total Public shareholding (B) |
9049480 |
28.82 |
|
Total (A)+(B) |
31398900 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
31398900 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Automobile Equipment and Machinery. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (As on 31.12.2012)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Fuel Injection Equipment |
Pcs. |
6114 |
4325 |
|
Injectors, Nozzles and Nozzle Holders |
Pcs. |
25750 |
23770 |
|
Auto Electricals |
Pcs. |
3436 |
2078 |
|
Portable Electric Power Tools |
Pcs. |
594 |
427 |
|
Spark Plugs |
Pcs. |
32900 |
32836 |
|
Special Purpose Engines |
Nos. |
146 |
118 |
|
Packaging Machines |
Nos. |
260 |
206 |
|
Spares & Components |
Pcs. |
31903 |
26109 |
NOTES:
- Installed capacity is as certified by
the management and relied upon by the
auditors without verification as this is a technical matter
- A part of installed capacity of spares
and components is used as OE fitment in Fuel Injection Equipments.
GENERAL INFORMATION
|
No. of Employees : |
11352 (Approximately) |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
|
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
5th Floor, Tower
"D", The Millenia, 1 and 2 Murphy
Road, Ulsoor, Bangalore 560008, Karnataka, India |
|
|
|
|
Holding Company : |
|
|
|
|
|
Fellow Subsidiary Companies: |
|
|
|
|
|
Subsidiary Company : |
|
|
|
|
|
Joint Venture: |
|
|
|
|
|
Other entity under the control of the company : |
|
CAPITAL STRUCTURE
As on: 31.12.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
38051460 |
Equity Shares |
Rs. 10/- each |
Rs. 381.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
31398900 |
Equity Shares |
Rs. 10/- each |
Rs. 314.000 Millions |
|
|
|
|
|
- Reconciliation of the number of shares
|
|
31.12.2013 |
|
Equity Shares |
Number
of Shares |
|
Balance at the beginning of the year |
31389900 |
|
Balance at the end of the year |
31389900 |
- Rights,
preferences and restrictions attached to shares:
The Equity shares of the Company, having face value of Rs. 10/- per share, rank pari passu in all
respects including voting rights and entitlement to dividend.
- Equity shares held by the holding company:
|
|
31.12.2013 |
|
|
Name of
Shareholder |
Number
of Shares |
Rs. In Millions |
|
Robert Bosch GmbH, Federal Republic of Germany, the holding company |
22349420 |
223.000 |
|
|
|
|
- Details of equity
shares held by shareholders holding more than 5% shares:
|
|
31.12.2013 |
|
|
Name of
Shareholder |
Number
of Shares |
% of Shareholdings |
|
Robert Bosch GmbH, Federal Republic of Germany, the holding company |
22349420 |
71.18% |
|
|
|
|
- Shares bought
back during the period of five years immediately preceding the reporting
date:
|
|
31.12.2013 |
|
Particulars |
Number
of Shares |
|
Number of equity shares bought back by the Company |
652,971 |
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
314.000 |
314.000 |
314.000 |
|
(b) Reserves & Surplus |
62629.000 |
55419.000 |
46970.000 |
|
(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) |
62943.000 |
55733.000 |
47284.000 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a)
long-term borrowings |
1289.000 |
1813.000 |
2273.000 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
391.000 |
334.000 |
373.000 |
|
(d)
long-term provisions |
2517.000 |
2184.000 |
1715.000 |
|
Total
Non-current Liabilities (3) |
4197.000 |
4331.000 |
4361.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
27.000 |
37.000 |
181.000 |
|
(b)
Trade payables |
10646.000 |
9287.000 |
10305.000 |
|
(c)
Other current liabilities |
6667.000 |
4569.000 |
5211.000 |
|
(d)
Short-term provisions |
4732.000 |
5065.000 |
3968.000 |
|
Total
Current Liabilities (4) |
22072.000 |
18958.000 |
19665.000 |
|
|
|
|
|
|
TOTAL |
89212.000 |
79022.000 |
71310.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
9364.000 |
8566.000 |
5917.000 |
|
(ii)
Intangible Assets |
17.000 |
67.000 |
0.000 |
|
(iii)
Capital work-in-progress |
4568.000 |
4083.000 |
3207.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b)
Non-current Investments |
9850.000 |
5588.000 |
4477.000 |
|
(c)
Deferred tax assets (net) |
2989.000 |
2552.000 |
2276.000 |
|
(d) Long-term Loan and Advances |
2626.000 |
2256.000 |
3328.000 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
29414.000 |
23112.000 |
19205.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
12001.000 |
9698.000 |
11870.000 |
|
(b)
Inventories |
12072.000 |
10957.000 |
11831.000 |
|
(c)
Trade receivables |
10735.000 |
10270.000 |
8959.000 |
|
(d)
Cash and cash equivalents |
14415.000 |
14872.000 |
9515.000 |
|
(e)
Short-term loans and advances |
9132.000 |
8787.000 |
8894.000 |
|
(f)
Other current assets |
1443.000 |
1326.000 |
1036.000 |
|
Total
Current Assets |
59798.000 |
55910.000 |
52105.000 |
|
|
|
|
|
|
TOTAL |
89212.000 |
79022.000 |
71310.000 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
SALES |
|
|
|
|
|
Net sale of product |
85405.000 |
84172.000 |
79295.000 |
|
|
Sale of services |
1006.000 |
1052.000 |
677.000 |
|
|
Other operating revenue |
1790.000 |
1367.000 |
1686.000 |
|
|
Other Income |
3526.000 |
3692.000 |
3203.000 |
|
|
TOTAL (A) |
91727.000 |
90283.000 |
84861.000 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
29932.000 |
27947.000 |
26944.000 |
|
|
Purchases of
Stock-in-Trade |
19220.000 |
19077.000 |
19106.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(1329.000) |
560.000 |
(2098.000) |
|
|
Employees benefits
expense |
11912.000 |
10371.000 |
8961.000 |
|
|
Other expenses |
15555.000 |
15141.000 |
13626.000 |
|
|
TOTAL (B) |
75290.000 |
73096.000 |
66539.000 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
16437.000 |
17187.000 |
18322.000 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
29.000 |
55.000 |
4.000 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION (C-D) (E) |
16408.000 |
17132.000 |
18318.000 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3842.000 |
3670.000 |
2578.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
12566.000 |
13462.000 |
15740.000 |
|
|
|
|
|
|
|
Less |
TAX (H) |
3719.000 |
3879.000 |
4513.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
8847.000 |
9583.000 |
11227.000 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
14406.829 |
7971.829 |
6668.829 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Dividend recommended |
1727.000 |
1884.000 |
1570.000 |
|
|
Special dividend |
0.000 |
0.000 |
2669.000 |
|
|
Tax on Dividend |
308.000 |
306.000 |
255.000 |
|
|
Tax on Special Dividend |
0.000 |
0.000 |
434.000 |
|
|
General Reserve |
885.000 |
958.000 |
5000.000 |
|
|
Reversal of Dividend
Distribution Tax |
0.000 |
0.000 |
(4.000) |
|
|
BALANCE CARRIED TO THE
B/S |
20333.829 |
14406.829 |
7971.829 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
8753.000 |
8683.000 |
10344.000 |
|
|
Sale of service and
others |
1017.000 |
749.000 |
457.000 |
|
|
TOTAL EARNINGS |
9770.000 |
9432.000 |
10801.000 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
11734.000 |
11495.000 |
12326.000 |
|
|
Components and Stores
parts |
930.000 |
942.000 |
1022.000 |
|
|
Capital Goods |
2946.000 |
2548.000 |
2433.000 |
|
|
Trade Goods |
9967.000 |
11301.000 |
12172.000 |
|
|
TOTAL IMPORTS |
25577.000 |
26286.000 |
27953.000 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
282.00 |
305.00 |
358.00 |
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
31.12.2013 (Unaudited) |
31.03.2014 (Unaudited) |
|
|
1st Quarter |
2nd Quarter |
3rd Quarter |
4th Quarter |
|
Sales Turnover |
23069.900 |
21498.900 |
21620.000 |
24503.800 |
|
Total Expenditure |
19439.700 |
18233.100 |
19485.800 |
20517.000 |
|
PBIDT (Excl OI) |
3630.200 |
3265.800 |
2134.200 |
3986.800 |
|
Other Income |
897.600 |
864.900 |
931.300 |
1423.700 |
|
Operating Profit |
4527.800 |
4130.700 |
3065.500 |
5410.500 |
|
Interest |
0.800 |
0.300 |
24.800 |
7.600 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
4527.000 |
4130.400 |
3040.700 |
5402.900 |
|
Depreciation |
864.200 |
893.900 |
1241.600 |
881.000 |
|
Profit Before Tax |
3662.800 |
3236.500 |
1799.100 |
4521.900 |
|
Tax |
1146.000 |
894.000 |
409.300 |
1259.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
2516.800 |
2342.500 |
1389.800 |
3262.900 |
|
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 |
2516.800 |
2342.500 |
1389.800 |
3262.900 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
PAT / Total Income |
(%) |
9.64 |
10.61 |
13.23 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
14.71 |
15.99 |
19.85 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.50 |
20.15 |
25.66 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20 |
0.24 |
0.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.02 |
0.03 |
0.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.71 |
2.95 |
2.65 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
314.000 |
314.000 |
314.000 |
|
Reserves & Surplus |
46970.000 |
55419.000 |
62629.000 |
|
Net worth |
47284.000 |
55733.000 |
62943.000 |
|
|
|
|
|
|
long-term borrowings |
2273.000 |
1813.000 |
1289.000 |
|
Short term borrowings |
181.000 |
37.000 |
27.000 |
|
Total borrowings |
2454.000 |
1850.000 |
1316.000 |
|
Debt/Equity ratio |
0.052 |
0.033 |
0.021 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
79295.000 |
84172.000 |
85405.000 |
|
|
|
6.150 |
1.465 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
79295.000 |
84172.000 |
85405.000 |
|
Profit |
11227.000 |
9583.000 |
8847.000 |
|
|
14.16% |
11.39% |
10.36% |
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 |
Yes |
|
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 |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
|
Unsecured Loan |
As on 31.12.2013 |
As on 31.12.2012 |
||||||||
|
Long Term Borrowings
|
|
|
||||||||
|
Sales tax deferral loan |
1289.000 |
1813.000 |
||||||||
|
|
|
|
||||||||
|
Total |
1289.000 |
1813.000 |
||||||||
|
Note:
Terms of
repayment for unsecured borrowings:
|
||||||||||
LITIGATION DETAILS
|
CASE PENDING
Lower Court Details [Appeal from below case.]
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FINANCIAL RESULTS
Net sales for the year 2013 grew by 1.5%. The Profit before Tax (PBT) in 2013 as a percentage of net sales was at 14.7% as compared to 16.0% in 2012. The Profit after Tax (PAT) as a percentage of net sales was 10.4% in 2013 as against 11.4% in 2012.
Material costs as a percentage to sales decreased from 56.5% in 2012 to 55.9% in 2013.
Overall, the Profit before Interest, Depreciation and Taxes for the year shows a decrease of 6.6% over the previous year.
MANAGEMENT
DISCUSSION AND ANALYSIS
ECONOMIC OVERVIEW
GLOBAL ECONOMY
INDUSTRY STRUCTURE
AND DEVELOPMENT
Global economic activity showed signs of stabilization in 2013. Global Gross Domestic Product (GDP) growth was 3% in 2013 compared to 3.1% in 2012 as per the International Monetary Fund (IMF). Advanced economies saw an uneven recovery with overall growth coming in at 1.3% in 2013.
In emerging market economies, domestic demand remained subdued while demand from advanced economies helped their exports. As per the IMF, emerging markets and developing economies grew at 4.7% in 2013 compared to 4.9% in 2012.
The improvement in growth and employment prospects in the United States of America lead to announcement by the US Federal Reserve that it would begin tapering its Quantitative Easing (QE) measures. The volatility associated with these measures resulted in capital outflows from emerging market economies in 2013.
INDIAN ECONOMY
In 2013, like most emerging market economies, India faced capital outflows and intense exchange rate pressures. Stabilization of the economy by restoring exchange rate stability became an overriding task. In response to steps like disincentivising gold imports, as also improvement in global trade, India’s Current Account Deficit is expected to decline from 4.9% of GDP in Q1 to below 2.5% of GDP by end of the financial year 2013-14. The external sector risk was also mitigated by taking measures to attract foreign inflows which helped in recouping the foreign exchange reserves.
The Reserve Bank of India (RBI) increased interest rates in order to target persisting high inflation. The shift in focus from Wholesale Price Index (WPI) inflation to Consumer Price Index (CPI) inflation also kept interest rate outlook on the higher side.
In India, growth prospects depend on a rebound in agricultural output and improved export performance. However, industrial growth remained stagnant while the service sector showed a mixed picture.
OPERATIONAL
HIGHLIGHTS
The Company saw a sales growth of 1.5% over the previous year 2012. The overall economic slowdown in the domestic market impacted the Company especially in the automotive business. However, export growth was assisted by the weakening of the rupee apart from volumes remaining stable throughout the year. Domestic sales grew by 0.2% and export sales grew by 12.5%.
In the challenging environment, the Company was still able to achieve 14.7% profit before tax (PBT) on sales. However, this is 1.3% lower than 2012.
Diesel Systems business declined by 5% due to drop in third party domestic sales, primarily driven by the Commercial Vehicle(CV) and passenger car segment. VE pumps and new generation products did not perform as per expectations. The tractor market boosted the conventional product sales and aided overall performance. Diesel systems business will continue to ride heavily on new generation common rail systems (CRS) for future growth in all segments.
Gasoline business grew by 5%. This is mainly on account of growth in exports which compensated volume reduction by major customers in domestic market.
Starter Motors and Generators business witnessed a growth of 16.3% in 2013. Export business of the division grew by 45.5%. Growth was driven by the significant increase of the export of New Baseline Generators (NBL) which compensated drop in CV segment.
The Automotive Aftermarket business grew by 2.5% due to overall consumer trends. The focus was to improve the supply chain through expansion of distribution network and up gradation of warehouse management system.
Packaging Technology business grew by 19.2%. Growth was primarily due to domestic sales which increased by 29% from previous year due to launch of new products in the market. There was an increase in service income due to the expansion of Software Pool and Assembly Pool services in 2013.
Security Technology business, excluding onetime project business, grew by 3.4%. Good performance of the Public Address and Conference Systems (PACo), Critical Communication Systems and Fire Alarm business contributed to this growth.
Despite weak consumer trends, the Power Tools business grew at 10% in 2013. Growth was achieved through newer avenues of sales like online retailing, Do-It-Yourself (DIY) square and “Under One Roof” brand shop.
Newer businesses like Solar Energy and Thermo Technology started gaining market share and showed impressive growth.
Industrial Equipment division recorded a healthy growth of 62.4% driven by internal as well as external orders for the assembly lines.
OUTLOOK
Leading indicators like business confidence indicate a moderate improvement in the economic conditions in India on account of agricultural demand and growth in exports. However, weak domestic demand, political uncertainty and high inflation appear to be among the several factors restraining growing optimism. The outlook for GDP growth in India is around 5 - 6% for the financial year 2014-15.
For 2014, they expect a gradual recovery to set in as the projects cleared by the Cabinet Committee for Investment (CCI) translate into investments along with improvement in global growth outlook and softening of inflation. The pick-up in demand, however, depends critically on the successful resolution of bottlenecks in infrastructure and energy-intensive industrial projects.
The automotive industry will continue with the trends set in the previous year. Moderate growth is expected towards the later half of 2014. Consumer trend will see a slight improvement in second half of 2014 although the construction index will continue to have a challenging phase.
Note: No Charges Exist
For Company
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
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. 60.16 |
|
|
1 |
Rs. 102.23 |
|
Euro |
1 |
Rs. 82.05 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
72 |
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.