MIRA INFORM REPORT
|
Report Date : |
08.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
HARITA SEATING SYSTEMS LIMITED |
|
|
|
|
Registered
Office : |
Jayalakshmi Estates, No. 29 (8), Haddows Road, Chennai - 600006,
Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
24.04.1996 |
|
|
|
|
Com. Reg. No.: |
18-035293 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 77.690 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27209TN1996PLC035293 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEH04021D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACH2492N |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Seating System, and Other Parts and
Accessories for Automotive and Non-Automotive Applications. |
|
|
|
|
No. of Employees
: |
373 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1600000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. Overall financial position of the company is decent. However, trade relations are reported to be fair. Business is active.
Payments are reported to be usually correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under
control, said the agency. Ratings firm Crisil has forecast 6 % growth for
2014/15 up from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a one-fourth
share in total jobs created, according to a study by industry lobby group
Assochem, Banks, real estate, automobile and telecommunications sectors are
showing a rise of job creation. $ 805 mn investments by venture capital firms
in India during 2013, registering a drop of about 18 % over the previous year.
The Information Technology and IT-Enabled Services Industry retained its
status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs 35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term Bank facilities : BBB |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
December 11, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term Bank facilities : A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
December 11, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE
(CONTACT NO.: 91-44-28272233)
LOCATIONS
|
Registered Office : |
Jayalakshmi Estates, No. 29 (8), Haddows Road, Chennai - 600006,
Tamilnadu, India |
|
Tel. No.: |
91-44-28272233/
28284959 |
|
Fax No.: |
91-44-28257121 |
|
E-Mail : |
investorscomplaintssta@scl.co.in |
|
Website : |
|
|
|
|
|
Factory 1 : |
Belagondapalli,
Thally Road, Hosur - 635114, Tamilnadu, India |
|
Tel. No.: |
91-4347-233445 |
|
Fax No.: |
91-4347-233460 |
|
|
|
|
Factory 2 : |
Plot A2, MIDC
Industrial Area, Ranjangaon, Koregaon Village, Shirur Taluk, District Pune -
412210,
Maharashtra, India |
|
Tel. No.: |
91-2138-660742 |
|
|
|
|
Factory 3 : |
Chaurasia
Road, Pargana Plassi, Village Bhatian, Thesil Nalagarh, District Solan -
174101, Himachal Pradesh, India |
|
Tel. No.: |
91-1795-220562 |
|
|
|
|
Factory 4 : |
Plot No.553-D, 2nd Stage, Belur Industrial Area, Dharwad - 580011, Karnataka, India |
|
|
|
|
Factory 5 : |
Plot No.35, Sector 4, Integrated Estate, Pant Nagar, Rudrapur, District Udham Singh Nagar - 263153, Uttarkhand, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. H. Lakshmanan |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. S. I. Jaffar Ali |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Martin Grammer |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. C. N. Prasad |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. N Iswarya Lakshmi |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. A G Giridharan |
|
Designation : |
President and Manager |
|
|
|
|
Audit Committee: |
·
Mr. H Lakshmanan, Chairman ·
Mr. S I Jaffar Ali ·
Mr. C |
|
|
|
|
Investor’s Grievance Committee: |
·
Mr. H Lakshmanan, Chairman ·
Mr. S I Jaffar Ali ·
Mr. C N Prasad |
|
|
|
|
Remuneration Committee: |
·
Mr. H Lakshmanan, Chairman ·
Mr. S I Jaffar Ali ·
Mr. C N Prasad |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
4067300 |
52.35 |
|
|
4067300 |
52.35 |
|
|
|
|
|
|
1087600 |
14.00 |
|
|
1087600 |
14.00 |
|
|
1087600 |
14.00 |
|
Total
shareholding of Promoter and Promoter Group (A) |
5154900 |
66.35 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
200 |
0.00 |
|
|
200 |
0.00 |
|
|
|
|
|
|
1124761 |
14.48 |
|
|
|
|
|
|
1301931 |
16.76 |
|
|
149635 |
1.93 |
|
|
37613 |
0.48 |
|
|
35593 |
0.46 |
|
|
2020 |
0.03 |
|
|
2613940 |
33.65 |
|
Total Public
shareholding (B) |
2614140 |
33.65 |
|
Total (A)+(B) |
7769040 |
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) |
7769040 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Seating System, and Other Parts and
Accessories for Automotive and Non-Automotive Applications. |
GENERAL INFORMATION
|
Customers : |
· Tata · AMW · Tafe · Tata Hitachi · Volvo · Mahindra · JCB · Hyundai · Escorts · Eicher Tractors · BMTC · Scania · Bharat Benz · Ashok Leyland |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
No. of Employees : |
373 (Approximately) |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
· State Bank of India · State Bank of Mysore |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sundaram And Srinivasan Chartered Accountants |
|
Address : |
No. 4 (Old No. 23), Sir C.P. Ramaswamy Road, Alwarpet, Chennai – 600018, Tamilnadu, India |
|
|
|
|
Reporting Entity : |
Harita Seating Systems Limited, Chennai |
|
|
|
|
Subsidiary Company
: |
Harita Fehrer Limited, Chennai (01.04.2012 to 31.03.2013) |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7769040 |
Equity Shares |
Rs. 10/- each |
Rs. 77.690
Millions |
|
|
|
|
|
a) Reconciliation of
the number of shares outstanding and the amount of share capital as at
31.03.2013
|
Particulars |
31.03.2013 Equity Shares |
|
|
|
Number |
Rs. in Millions |
|
Shares
outstanding at the beginning of the year on 01.04.2012 |
7769040 |
77.690 |
|
Shares Issued during the year |
-- |
-- |
|
Shares bought back during the year |
-- |
-- |
|
Shares
outstanding at the end of the year on 31.03.2013 |
7769040 |
77.690 |
b) List of shareholders holding more than 5% of the share capital as on the
Balance Sheet date
|
Name of
Shareholders |
31.03.2013 |
|
|
No. of Shares
held |
|
Harita Limited, Chennai |
1800500 |
|
Harita Gopal Private Limited, Chennai |
479900 |
|
Harita Sheela Private Limited, Chennai |
485000 |
|
Harita Malini Private Limited, Chennai |
467800 |
|
Harita Venu Private Limited, Chennai |
467800 |
|
Mr. Martin Grammer, Germany |
1087600 |
|
Horticultural
and Constructions Engineers (India) Private Limited, Chennai |
436816 |
|
Strategic Management
and Marketing Consultancy Services Limited, Chennai |
603936 |
c) Rights
Attached to Equity Shares: Shareholders are entitled to such rights as to
attend meetings of the shareholders, to receive dividend distributable and also
have a right in residual interest in the assets of the Company. Further,
shareholders are entitled to right of inspection of the documents as provided
in Companies Act, 1956.
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 |
77.690 |
77.690 |
77.690 |
|
(b) Reserves & Surplus |
325.084 |
240.725 |
156.179 |
|
(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) |
402.774 |
318.415 |
233.869 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
64.488 |
127.827 |
11.165 |
|
(b) Deferred tax liabilities (Net) |
21.439 |
24.488 |
24.797 |
|
(c)
Other long term liabilities |
14.942 |
34.793 |
0.000 |
|
(d)
long-term provisions |
18.070 |
10.754 |
17.818 |
|
Total
Non-current Liabilities (3) |
118.939 |
197.862 |
53.780 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
209.208 |
199.359 |
152.013 |
|
(b)
Trade payables |
427.813 |
431.307 |
529.110 |
|
(c)
Other current liabilities |
257.282 |
256.593 |
533.363 |
|
(d)
Short-term provisions |
52.931 |
47.526 |
11.030 |
|
Total
Current Liabilities (4) |
947.234 |
934.785 |
1,225.516 |
|
|
|
|
|
|
TOTAL |
1,468.947 |
1,451.062 |
1,513.165 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
361.019 |
356.138 |
441.131 |
|
(ii)
Intangible Assets |
3.295 |
1.441 |
1.747 |
|
(iii)
Capital work-in-progress |
45.816 |
0.213 |
22.385 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
275.900 |
275.900 |
275.900 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
3.768 |
0.000 |
7.216 |
|
(e)
Other Non-current assets |
3.134 |
3.500 |
4.299 |
|
Total
Non-Current Assets |
692.932 |
637.192 |
752.678 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
18.612 |
18.557 |
19.310 |
|
(b)
Inventories |
75.189 |
76.029 |
83.983 |
|
(c)
Trade receivables |
469.145 |
477.527 |
510.544 |
|
(d)
Cash and cash equivalents |
19.913 |
50.131 |
35.052 |
|
(e)
Short-term loans and advances |
3.781 |
3.210 |
2.936 |
|
(f)
Other current assets |
189.375 |
188.416 |
108.662 |
|
Total
Current Assets |
776.015 |
813.870 |
760.487 |
|
|
|
|
|
|
TOTAL |
1,468.947 |
1,451.062 |
1,513.165 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
2,761.668 |
3,066.418 |
2,407.827 |
|
|
|
Other Income |
22.618 |
22.585 |
15.353 |
|
|
|
TOTAL (A) |
2,784.286 |
3,089.003 |
2,423.180 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2,026.492 |
2,315.831 |
1,917.545 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
0.299 |
12.316 |
(7.766) |
|
|
|
Employees benefits expense |
256.476 |
226.606 |
192.491 |
|
|
|
Other expenses |
271.467 |
297.828 |
261.425 |
|
|
|
Exceptional Items |
0.000 |
(15.182) |
0.000 |
|
|
|
TOTAL (B) |
2,554.734 |
2,837.399 |
2,363.695 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
229.552 |
251.604 |
59.485 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
55.936 |
66.370 |
74.729 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
173.616 |
185.234 |
(15.244) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
42.214 |
43.438 |
43.166 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
131.402 |
141.796 |
(58.410) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
24.687 |
29.595 |
(7.411) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
106.715 |
112.201 |
(50.999) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
21.317 |
(49.399) |
1.720 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Tax relating to earlier years |
1.374 |
0.325 |
0.120 |
|
|
|
Proposed Interim Dividend |
19.423 |
27.192 |
0.000 |
|
|
|
Dividend tax payable |
1.559 |
2.748 |
0.000 |
|
|
|
Transfer to general reserve |
10.672 |
11.220 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
95.004 |
21.317 |
(49.399) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports - F.O.B |
284.506 |
275.774 |
214.717 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
71.155 |
78.136 |
75.159 |
|
|
|
Stores & Spares |
0.000 |
0.365 |
6.800 |
|
|
|
Capital Goods |
2.233 |
1.468 |
6.853 |
|
|
TOTAL IMPORTS |
73.388 |
79.969 |
88.812 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
13.74 |
14.44 |
(6.56) |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
680.600 |
600.300 |
579.900 |
|
Total Expenditure |
654.700 |
578.400 |
553.800 |
|
PBIDT (Excl OI) |
25.800 |
21.900 |
26.100 |
|
Other Income |
24.000 |
1.900 |
2.200 |
|
Operating Profit |
49.900 |
23.800 |
28.300 |
|
Interest |
11.600 |
12.000 |
13.300 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
38.200 |
11.900 |
15.000 |
|
Depreciation |
11.300 |
11.600 |
11.500 |
|
Profit Before Tax |
27.000 |
0.200 |
3.600 |
|
Tax |
6.900 |
(1.400) |
0.500 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
20.000 |
1.600 |
3.100 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
20.000 |
1.600 |
3.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.83
|
3.63 |
(2.10) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.76
|
4.62 |
(2.43) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.45
|
12.07 |
(4.81) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
0.45 |
(0.25) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.68
|
1.03 |
0.70 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.82
|
0.87 |
3.25 |
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 |
77.690 |
77.690 |
77.690 |
|
Reserves & Surplus |
156.179 |
240.725 |
325.084 |
|
Net
worth |
233.869 |
318.415 |
402.774 |
|
|
|
|
|
|
long-term borrowings |
11.165 |
127.827 |
64.488 |
|
Short term borrowings |
152.013 |
199.359 |
209.208 |
|
Total
borrowings |
163.178 |
327.186 |
273.696 |
|
Debt/Equity
ratio |
0.698 |
1.028 |
0.680 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
in Millions) |
(Rs.
in Millions) |
(Rs.
in Millions) |
|
Sales |
2,407.827 |
3,066.418 |
2,761.668 |
|
|
|
27.352 |
(9.938) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
in Millions) |
(Rs.
in Millions) |
(Rs.
in Millions) |
|
Sales |
2,407.827 |
3,066.418 |
2,761.668 |
|
Profit/ (Loss) |
(50.999) |
112.201 |
106.715 |
|
|
(2.12%) |
3.66% |
3.86% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10435418 |
10/06/2013 |
50,000,000.00 |
STATE BANK OF MYSORE |
INDUSTRIAL FINANCE BRANCH, M.O.H BUILDING, NO.576, ANNA SALAI, CHENNAI - 600006, TAMILNADU, INDIA |
B79006037 |
|
2 |
10148251 |
27/03/2012 * |
650,000,000.00 |
STATE BANK OF MYSORE |
INDUSTRIAL FINANCE BRANCH, M.O.H BUILDING, NO.576, ANNA SALAI, CHENNAI - 600006, TAMILNADU, INDIA |
B37611068 |
|
3 |
90295094 |
15/03/2012 * |
325,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, NO.155, ANNASALAI, CHENNAI - 600002, TAMILNADU, INDIA |
B36728483 |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Term loans From Others Interest Free Sales Tax Loan Terms of
Repayment: (Repayable in 5
yearly equal instalments of Rs. 3.338 Millions with effect from April 2010) |
4.488 |
7.827 |
|
|
|
|
|
Total |
4.488 |
7.827 |
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
INDUSTRY STRUCTURE
AND DEVELOPMENTS
In 2012-13, the economy grew only at 5.5%, a steep fall not only from
the past years, but also from the outlook at the beginning of the year. In
tandem, the industrial sector grew moderately by 3.6% as against 5.1% in the
previous year. This slowdown can be attributed to all-round contraction in
demand as well as drop in consumer confidence due to the global economic
conditions.
During the fiscal year 2012-13, Rupee depreciated steeply to Rs. 53 /
USD from the Rs. 48-49 / USD levels in the previous year. All the customer
segments of the Company in the Indian domestic market registered a decline
during 2012-13. The following table highlights the segment wise industry sales
figures in vehicle units.
Despite the decline across key customer segments ranging from 7% to 23%
across segments, the Company was able to limit the sales decline by securing
additional share of business from key customers. The overall sales of the
Company declined by 10% in 2012-13.
The Company registered sales at Rs.2761.668 Millions in 2012-13
(Rs.3066.418 Millions in 2011-12). During the year, the Company stabilized in
profitability. Efficiency in supply chain was improved through inter-plant
coordination horizontal deployment of lean and other improvement initiatives
was done across plants. These initiatives, along with the implementation of
various other cost reduction projects across functions have enabled the Company
to post a profit before tax of Rs.131.402 Millions in 2012-13 (Rs. 141.796
Millions in 2011-12).
PRODUCT-WISE
PERFORMANCE
The Company posted a decline of 10% in the overall sales. The Company's
sales declined by 14% in the Commercial Vehicle segment, 11% in tractor segment
and 2% in bus passenger segment.
BUSINESS OUTLOOK
AND OVERVIEW
Continuing the depressed growth scenario in the previous year, the
projected GDP growth for 2013-14 is 5.0-5.5%. The M&HCV and LCV segments
are estimated to further decline. Tractor and bus segments are also estimated
to decline over last year levels. As a result, the Company estimates a flat to
very moderate growth for 2013-14.
OPERATIONS REVIEW
A. MANUFACTURING:
The Company has continued its focus on imparting training to key employees
in an effort to reskill people and upgrade the manufacturing processes, apart
from improvements in the facility by means of automation. Further improvements
of Lean Manufacturing initiatives will help the Company in containing
manufacturing costs.
B. QUALITY:
The Company has earned recognition as a Partner-level supplier for 2012
in the John Deere Achieving Excellence Program. The Partner-level status is
John Deere's highest supplier rating. The Company was selected for the honour
in recognition of its dedication to providing products and service of
outstanding quality as well as its commitment to continuous improvement. The
quality system at the factories aims at achieving total customer satisfaction
through its focus on improving product quality. Consistently, the Company has
been achieving improved Quality levels at the customer-end, both in their line
and warranty quality.
All plants of the Company are certified for TS 16949. In addition, the
Quality laboratory at the Company is certified by National Accreditation Board
for Testing and Calibration Laboratories (NABL) for conformance to ISO/ IEC
17025.
100% employee participation in the Company's improvement programmes like
suggestion schemes, Quality Control Circle projects, Supervisory Improvement
Team projects, Cross Functional Team projects and Task Force Team projects
continued successfully for the 12th year in succession.
C. FOCUS ON VENDOR
DEVELOPMENT:
The Company has launched a programme to improve capability and
competitiveness of its vendors, in association with CII and Prof. Shoji Shiba,
through the auspices of the Visionary Small and Medium Enterprises Programme.
The pilot programme, run in one plant, has yielded positive results. This
initiative will be continued in 2013-14 also wherein the Company will roll out
this programme to cover other product segments internally, associated vendors
and satellite plants in a phased manner.
STATEMENT OF STANDALONE UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER 2013
(RS.
IN MILLIONS)
|
Particular |
3 months ended 31.12.2013 |
Preceding 3 months ended 30.09.2013 |
Year to date figures for the current period ended 31.12.2013 |
|
|
(Unaudited) |
||
|
Income from Operations |
|
|
|
|
Net Sales/Income from Operations |
561.115 |
580.119 |
1794.532 |
|
Other Operating Income |
18.773 |
20.198 |
66.253 |
|
Total Income from
operations (net) |
579.888 |
600.317 |
1860.785 |
|
|
|
|
|
|
Expenses |
|
|
|
|
(a) Cost of materials consumed |
431.988 |
437.518 |
1381.671 |
|
(b) Purchase of stock in trade |
-- |
-- |
-- |
|
(c) Changes in inventories of finished goods, work in
progress and stock in trade |
0.330 |
5.050 |
0.521 |
|
(d) Employee benefit expenses |
70.180 |
68.375 |
212.020 |
|
(e) Depreciation and amortization expenses |
11.463 |
11.635 |
34.363 |
|
(f) Other Expenses |
51.262 |
67.481 |
192.713 |
|
Total Expenses |
565.223 |
590.059 |
1821.288 |
|
Profit from Operations
before Other Income, Finance costs and Exceptional item |
14.665 |
10.258 |
39.497 |
|
Other Income |
2.188 |
1.940 |
28.167 |
|
Profit/ Loss from
Ordinary Activities before Finance costs and Exceptional item |
16.853 |
12.198 |
67.664 |
|
Finance costs |
13.299 |
11.989 |
36.926 |
|
Profit/ Loss from
Ordinary Activities after Finance costs but Exceptional item |
3.554 |
0.209 |
30.738 |
|
Exceptional
item |
-- |
-- |
-- |
|
Profit/ Loss from Ordinary Activities
before tax |
3.554 |
0.209 |
30.738 |
|
Tax Expenses |
0.497 |
(1.408) |
6.030 |
|
Net Profit/ Loss from Ordinary Activities
after tax |
3.057 |
1.617 |
24.708 |
|
Extraordinary
Items |
-- |
-- |
-- |
|
Net Profit for the period |
3.057 |
1.617 |
24.708 |
|
Paid- up
Equity Share Capital (Face value of
the share – Rs. 10) |
77.690 |
77.690 |
77.690 |
|
Reserves
excluding revaluation reserves as per balance sheet of Previous Accounting
Year |
-- |
-- |
-- |
|
Basic and diluted EPS before Extraordinary items for the period,
for the year to date and for the previous year (not to be annualised) (in
Rs.) |
0.39 |
0.21 |
3.18 |
|
Basic and diluted EPS after Extraordinary items for the
period, for the year to date and for the previous year (not to be annualised)
(in Rs.) |
0.39 |
0.21 |
3.18 |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. Public
shareholding |
|
|
|
|
Number of
Shares |
2614140 |
2614140 |
2614140 |
|
Percentage of Shareholding |
33.65 |
33.65 |
33.65 |
|
2. Promoters and
promoter group shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- Number of Shares |
-- |
-- |
-- |
|
- 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) |
-- |
-- |
-- |
|
|
|
|
|
|
Non - encumbered |
|
|
|
|
- Number of
Shares |
5154900 |
5154900 |
5154900 |
|
- 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) |
66.35 |
66.35 |
66.35 |
|
|
Particulars |
3 months ended 31.12.2013 |
|
B |
Investor
complaints (Nos.) |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
-- |
|
|
Disposed of during the quarter |
-- |
|
|
Remaining unresolved at the end of the quarter |
Nil |
NOTES:
1) The operations of the Company relate to only one segment namely manufacture of Seating Systems for automotive and non-automotive applications.
2) The above unaudited financial results were reviewed and recommended by the audit committee and approved by the board of directors at their respective meetings held on 6th February 2014 and a limited review of the same has been carried out by the statutory auditors of the Company.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Contingent liabilities
not provided for |
|
|
|
a. On counter guarantee furnished to bank |
34.120 |
40.374 |
|
b. On account of bill discounting |
2.031 |
9.180 |
|
c. Customs duty under Export Promotion
Capital Goods Scheme |
18.913 |
18.913 |
|
d. Contracts remaining to be executed on
Capital Account and not provided for |
3.440 |
10.047 |
|
|
|
|
|
Total |
58.504 |
78.514 |
FIXED ASSETS:
·
Free hold Land
·
Lease hold Land
· Buildings
· Plant & Equipments
· Furniture & Fixtures
· Vehicles
· Office Equipment
· Software
· Technical Know how
· Product Licence fee
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. 60.99 |
|
|
1 |
Rs. 102.07 |
|
Euro |
1 |
Rs. 84.53 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
46 |
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.