MIRA INFORM REPORT
|
Report Date : |
08.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
MINDA INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
B-64/1,
Wazirpur Industrial Area, |
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|
Country : |
India |
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|
|
Financials (as on)
: |
31.03.2013 |
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|
Date of
Incorporation : |
16.09.1992 |
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Com. Reg. No.: |
11-050333 |
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Capital
Investment / Paid-up Capital : |
Rs.193.654 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74899DL1992PLC050333 |
|
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELM12237B DELM08257E |
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PAN No.: [Permanent Account No.] |
AAACM1152C |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
The Company is engaged in the business of manufacturing of auto
components including auto electrical parts and its accessories. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 12490000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects sound financial risk profile supported by
diversified product portfolio, decent liquidity position and fair profitability
achieved by the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term Loan facilities A- |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
November 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term non fund based facilities A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk.
|
|
Date |
November 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED
MANAGEMENT NON CO-OPERATIVE (91-124-2290427)
LOCATIONS
|
Registered Office : |
B-64/1,
Wazirpur Industrial Area, |
|
Tel. No.: |
91-11-27374882/
27372887 |
|
Fax No.: |
91-11-27372620 |
|
E-Mail : |
General Queries: info@mindagroup.com |
|
Website : |
www.mindagroup.com |
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Corporate
Office/ Factory 1 : |
Village Nawada Fatehpur, P.O. Sikanderpur Badda, IMT
Manesar, District – Gurgaon – 122 004, |
|
Tel. No.: |
91-124-2290427/ 2290428/ 2290674/ 2290675/
2290693/ 2290698 |
|
Fax No.: |
91-124-2290676 |
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E-Mail : |
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Administrative Office : |
37, Rajasthan Udyog Nagar, New Delhi - 110 033, India |
|
Tel. No.: |
91-11-27244324/ 27142820/
27432450/ 27437964 |
|
Fax No.: |
91-11-27212182/
27241524 |
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Factory 2 : |
34-35 Km, |
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Factory 3 : |
Village Naharpur Kasan, P.O. Nakhrola, District
Gurgaon, |
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Factory 4 : |
B-6, Chakan Industrial Area, Village-Mahalunge,
Taluka-khed, Districtt Pune, |
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Factory 5 : |
B-1/5, Chakan Industrial Area,
Village-Mahalunge, Taluka-khed, Districtt Pune, |
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Factory 6 : |
Plot No. 5, Sector-10, IIE, Pant Nagar, Udham
Singh Nagar, |
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Factory 7 : |
Plot No.28-F, Bidadi Industrial Area, Bidadi, |
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Factory 8 : |
327-328, Sector-3, Phase-II, Industrial Growth
Centre, Bawal, Rewari, |
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Factory 9 : |
A-13,
MIDC Waluj, Aurangabad, Maharashtra, India |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Nirmal K. Minda |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/ Age : |
55 Years |
|
Qualification : |
B.Sc. |
|
Past Experience
: |
Rich experience in auto components industry of more than 32 years. |
|
|
|
|
Name : |
Mr. Anand Kumar Minda |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Subhash
Lakhotia |
|
Designation : |
Director |
|
Date of Birth/
Age : |
23.11.1949 |
|
Qualifications : |
B.Com (Hons) |
|
Experience in
special functional area : |
Tax Consultant |
|
Date of
Appointment : |
23.03.1998 |
|
|
|
|
Name : |
Mr. S.K. Arya |
|
Designation : |
Director |
|
Date of Birth/
Age : |
10.11.1957 |
|
Qualifications : |
B.Sc. |
|
Experience in
special functional area : |
Industrialist |
|
Date of
Appointment : |
29.01.2003 |
|
|
|
|
Name : |
Mr. Alok Dutta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rakesh Sony |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Satish Sekhri |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
H.C. Dhamija |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2014
BUSINESS DETAILS
|
Line of Business : |
The Company is engaged in the business of manufacturing of auto
components including auto electrical parts and its accessories. |
|
|
|
|
Brand Names : |
'MINDA' |
GENERAL INFORMATION
|
Customers : |
v
Suzuki v
Honda v
Bajaj v
Hero Honda v
TVS v
Yamaha v
Mahindra v
Royal v
TATA v
Ashok Leland v
Nissan v
Maruti v
v
Ford v
Hyundai v
v
Aprilia v
Mitsubishi v
Caterpillar |
|||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||
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No. of Employees : |
Not Divulged |
|||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||
|
Bankers : |
œ
Canara Bank œ
State Bank of India œ
Citibank œ
Axis Bank œ
HDFC Bank œ
Standard Chartered Bank œ Kotak Mahindra
Bank |
|||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
B S R and Company Chartered Accountants |
|
|
|
|
Branch Auditors : |
Jain Ajay and Associates Chartered Accountants |
|
|
|
|
Internal Auditors : |
Protiviti Consulting |
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|
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Subsidiaries : |
œ
Minda Auto Components Limited œ
Minda Kyoraku Limited œ
Minda Distribution and Services Limited œ Global Mazinkert
SL, Spain |
|
|
|
|
Associates : |
œ
Auto Component (Firm) œ
Yogendra Engineering (Firm) œ
Mindarika Private Limited œ Minda NexGenTech
Limited |
|
|
|
|
Joint ventures
(jointly controlled entities) : |
œ
M J Casting Limited œ Minda Emer
Technologies Limited |
|
|
|
|
Other entities over which key management personnel
is able to exercise significant influence : |
œ
Minda Finance Limited œ
Minda Investments Limited œ
Minda International Limited œ
Minda Corporation Limited œ
Nirmal K. Minda (HUF) œ
Minda Industries (Firm) œ
Minda Automotive Limited œ
Minda Spectrum Advisory Limited œ
Samaira Engineering (Firm) œ S.M. Auto
Industries (Firm) |
CAPITAL STRUCTURE
As on 31.03.2013
(A)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
63,500,000 |
Equity Shares* |
Rs.10/- each |
Rs.635.000 Millions |
|
3,000,000 |
9% Cumulative redeemable preference shares of (Class 'A') |
Rs.10/- each |
Rs.30.000 Millions |
|
183,500 |
3% Cumulative compulsorily convertible preference shares of (Class
'B') |
Rs. 2187/- each |
Rs.401.314 Millions |
|
3,500,000 |
3% Cumulative redeemable preference shares (Class 'C') |
Rs.10/- each |
Rs.35.000 Millions |
|
10,000,000 |
1% Non-cumulative fully convertible preference shares (Class 'D')** |
Rs.10/- each |
Rs.100.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.1201.314 Millions |
* Increase on
account of transfer of authorised capital of 41,000,000 equity share of Rs.10
each from Minda Acoustic Limited on its amalgamation with the parent company
during the previous year.
** Increase on
account of transfer of authorised capital of 10,000,000 1% Non-cumulative fully
convertible preference shares of Rs.10/- each (Class ‘D’) from Minda Acoustic
Limited on its amalgamation with the parent company during the previous year.
(B)
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15,865,356 |
Equity Shares * |
Rs.10/- each |
Rs.158.654 Millions |
|
3,500,000 |
3% Cumulative redeemable preference shares of `10 each (Class 'C') |
Rs.10/- each |
Rs.35.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.193.654
Millions |
* Equity shares
include
i.
Re-issue of forfeited 31,800 Equity Shares of `10
each on 27 October 1998.
ii.
(a) 2,405,128 equity shares of `10 each fully paid
up issued during the year ended 31 March 2011 for consideration other than cash
to the shareholders of Minda Autogas Limited, pursuant to the scheme of
amalgamation.
ii.
(b) 1,120,164 equity shares of `10 each fully paid
up issued during the year ended 31 March 2012 for consideration other than cash to the
shareholders of Minda Acoustic Limited, pursuant to the scheme of amalgamation.
(C)
Reconciliation of
the number of shares and amount outstanding at the beginning and at the end of
the reporting period:
|
Particulars |
31.03.2013 |
|
|
Equity shares of Rs. 10 each with voting rights |
Number |
Rs. In Millions |
|
Opening balance |
15,865,356 |
158.654 |
|
|
|
|
|
Closing balance |
15,865,356 |
158.654 |
|
|
|
|
|
3% cumulative redeemable preference shares of
Rs.10 each (Class 'C') |
|
|
|
Opening balance |
3,500,000 |
35.000 |
|
|
|
|
|
Closing balance |
3,500,000 |
35.000 |
(D)
(i) Rights,
preferences and restrictions attached to equity shares
The parent company
has only one class of equity shares having par value of `10 per share. Each shareholder
is entitled to one vote per share held. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting. In the event of liquidation, the equity shareholders of parent
company are eligible to receive the remaining assets of the parent company
after distribution of all preferential assets, in proportion to their
shareholding.
(ii) Rights, preferences and restrictions attached
to preference shares
The parent company
has issued 3% cumulative redeemable preference shares of class ‘C’ having par
value of `10 per share. Each shareholders have rights to receive fixed
preferential dividend at a rate of 3% on the paid up capital of the paren
company. Preference shareholders also have right to receive all notices of
general meetings of the parent company but no right to vote at any meetings of
the parent company save to the extent and in the manner provided in the
Companies Act, 1956. Preference shareholders neither have right to participate
in any offer or invitation by way of right or otherwise to subscribe additional
shares nor they have the right to participate in any issue of bonus shares or
shares issued by way of capitalization of reserves.
(E)
Details of shares
held by each shareholder holding more than 5% shares:
|
Particulars |
31.03.2013 |
|
|
|
Number of shares held |
% holding in that class of shares |
|
Equity shares with voting rights |
|
|
|
Mr. Nirmal K.
Minda |
2,401,869 |
15.1 |
|
Nirmal K. Minda
(HUF) |
1,502,142 |
9.5 |
|
Mrs. Suman Minda |
2,476,140 |
15.6 |
|
Minda
Investments Limited |
3,399,385 |
21.4 |
|
Pioneer Finest
Limited |
1,086,807 |
6.9 |
|
India Business
Excellence Fund -I |
1,376,250 |
8.7 |
|
|
|
|
|
3% Cumulative Redeemable Preference Shares of `10
each (Class 'C') |
|
|
|
Mr. Nirmal K.
Minda |
1,500,000 |
42.9 |
|
Mrs. Suman Minda |
2,000,000 |
57.1 |
(F)
Aggregate number and class of shares allotted as fully
paid up pursuant to contract(s) without payment being received in cash for the
period of five years immediately preceeding the Balance Sheet date:
(i) Equity shares
with voting right includes 2,405,128 equity shares of Rs.10 each fully paid up
issued during the year 2010-11 for consideration other than cash to the
shareholders of Minda Autogas Limited, pursuant to the scheme of amalgamation.
(ii) 1,120,164
equity shares of Rs.10 each fully paid up issued during the year 2011-12 for
consideration other than cash to the shareholders of Minda Acoustic Limited,
pursuant to the scheme of amalgamation.
(G) The parent company
has not allotted any bonus shares or bought back any shares during the current year
or for a period of five years immediately preceding the Balance Sheet date
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 |
193.654 |
193.654 |
565.416 |
|
(b) Reserves & Surplus |
2929.248 |
2683.099 |
1412.478 |
|
(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) |
3122.902 |
2876.753 |
1977.894 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
489.837 |
484.196 |
551.930 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
11.796 |
103.415 |
|
(c) Other long term liabilities |
32.997 |
1.838 |
1.557 |
|
(d) long-term provisions |
159.603 |
154.098 |
74.509 |
|
Total
Non-current Liabilities (3) |
682.437 |
651.928 |
731.411 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term borrowings |
772.978 |
927.649 |
950.098 |
|
(b) Trade payables |
1498.681 |
1617.995 |
1328.564 |
|
(c) Other current liabilities |
531.378 |
499.415 |
436.842 |
|
(d) Short-term provisions |
108.169 |
98.053 |
77.813 |
|
Total
Current Liabilities (4) |
2911.206 |
3143.112 |
2793.317 |
|
|
|
|
|
|
TOTAL |
6716.545 |
6671.793 |
5502.622 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2428.952 |
2195.905 |
2393.536 |
|
(ii) Intangible Assets |
50.533 |
73.558 |
98.693 |
|
(iii) Capital work-in-progress |
137.496 |
45.676 |
62.067 |
|
(iv) Intangible assets under development |
0.036 |
2.936 |
6.943 |
|
(b) Non-current Investments |
755.263 |
663.710 |
191.098 |
|
(c) Deferred tax assets (net) |
21.366 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
202.474 |
188.450 |
130.301 |
|
(e) Other Non-current assets |
40.895 |
14.685 |
16.919 |
|
Total
Non-Current Assets |
3637.015 |
3184.920 |
2899.557 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current investments |
0.000 |
7.317 |
0.000 |
|
(b) Inventories |
583.551 |
708.362 |
787.537 |
|
(c) Trade receivables |
1742.131 |
1855.492 |
1286.953 |
|
(d) Cash and cash equivalents |
320.940 |
479.424 |
227.144 |
|
(e) Short-term loans and advances |
403.992 |
410.047 |
291.871 |
|
(f) Other current assets |
28.916 |
26.231 |
9.560 |
|
Total
Current Assets |
3079.530 |
3486.873 |
2603.065 |
|
|
|
|
|
|
TOTAL |
6716.545 |
6671.793 |
5502.622 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
Income |
10562.922 |
11054.041 |
9123.231 |
|
|
|
Other Income |
109.388 |
159.999 |
145.808 |
|
|
|
TOTAL (A) |
10672.310 |
11214.040 |
9269.039 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
Cost of Materials Consumed |
7156.135 |
7392.061 |
6085.654 |
|
|
|
Purchases of Stock-in-Trade |
25.348 |
76.809 |
0.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress and
Stock-in-Trade |
37.398 |
87.449 |
(96.387) |
|
|
|
Employees benefits expense |
1249.724 |
1303.298 |
995.238 |
|
|
|
Exceptional Item |
29.217 |
(19.042) |
0.000 |
|
|
|
Other expenses |
1221.872 |
1470.512 |
1319.332 |
|
|
|
TOTAL (B) |
9719.694 |
10311.087 |
8303.837 |
|
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
952.616 |
902.953 |
965.202 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
158.266 |
184.004 |
161.541 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
794.350 |
718.949 |
803.661 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
409.254 |
384.790 |
336.325 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
385.096 |
334.159 |
467.336 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
82.035 |
0.034 |
118.881 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
303.061 |
334.125 |
348.455 |
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1641.483 |
1011.446 |
555.482 |
||
|
|
|
|
|
|
|
|
|
Transferred from erstwhile Minda Autogas Limited pursuant to scheme of
amalgamation. |
0.000 |
428.762 |
210.324 |
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
||
|
|
|
Transfer to General Reserve |
32.500 |
45.000 |
40.000 |
|
|
|
Dividend |
47.597 |
47.596 |
38.731 |
|
|
|
Proposed dividend on 3% cumulative redeemable preference shares |
1.050 |
1.050 |
15.309 |
|
|
|
Tax on proposed equity and preference dividend |
8.266 |
7.892 |
8.775 |
|
|
|
Tax on Dividend |
0.000 |
0.893 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1834.455 |
1641.483 |
1011.446 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
899.437 |
861.340 |
372.550 |
|
|
|
Royalty/design fee/management fee |
24.137 |
79.728 |
49.428 |
|
|
|
Dividend |
0.000 |
4.194 |
3.703 |
|
|
TOTAL EARNINGS |
923.574 |
945.262 |
425.681 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
658.287 |
640.978 |
694.094 |
|
|
|
Stores & Spares |
30.628 |
16.916 |
19.785 |
|
|
|
Capital Goods |
93.146 |
138.747 |
111.766 |
|
|
|
Others |
12.145 |
0.847 |
0.485 |
|
|
TOTAL IMPORTS |
794.206 |
797.488 |
826.130 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
19.02 |
20.98 |
25.61 |
|
QUARTERLY RESULTS
|
Particulars |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
Audited / UnAudited |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
2490.500 |
2727.500 |
2832.200 |
|
Total Expenditure |
2359.300 |
2568.400 |
2655.800 |
|
PBIDT (Excl OI) |
131.200 |
159.200 |
176.500 |
|
Other Income |
51.300 |
56.600 |
10.000 |
|
Operating Profit |
182.500 |
215.800 |
186.400 |
|
Interest |
42.300 |
39.800 |
37.300 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
140.100 |
175.900 |
149.100 |
|
Depreciation |
94.000 |
105.500 |
103.300 |
|
Profit Before Tax |
46.100 |
70.400 |
45.800 |
|
Tax |
8.500 |
19.200 |
05.300 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
37.6 |
51.200 |
40.500 |
|
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 |
37.600 |
51.200 |
40.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.84
|
2.98 |
3.76 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.64
|
3.02 |
5.04 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.64
|
5.61 |
8.91 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.12 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.40
|
0.49 |
0.76 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.06
|
1.11 |
0.93 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
565.416 |
193.654 |
193.654 |
|
Reserves & Surplus |
1412.478 |
2683.099 |
2929.248 |
|
Net
worth |
1,977.894 |
2,876.753 |
3,122.902 |
|
|
|
|
|
|
long-term borrowings |
551.93 |
484.196 |
489.837 |
|
Short term borrowings |
950.098 |
927.649 |
772.978 |
|
Total
borrowings |
1,502.028 |
1,411.845 |
1,262.815 |
|
Debt/Equity
ratio |
0.759 |
0.491 |
0.404 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
9123.231 |
11054.041 |
10562.922 |
|
|
|
21.164 |
(4.443) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
9123.231 |
11054.041 |
10562.922 |
|
Profit |
348.455 |
334.125 |
303.061 |
|
|
3.82% |
3.02% |
2.87% |
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 |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
From other parties |
0.762 |
0.601 |
|
Deferred payment liabilities |
123.890 |
138.580 |
|
Deposits |
0.000 |
2.589 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Loans repayable on
demand |
|
|
|
From bank |
0.000 |
13.068 |
|
Other loans and advances from others |
184.383 |
169.056 |
|
Total |
309.035 |
323.894 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10462097 |
04/10/2013 |
282,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL Ws, MUMBAI,
Maharashtra - 400013, INDIA |
B90293309 |
|
2 |
10450637 |
31/07/2013 |
100,000,000.00 |
Standard Chartered Bank |
CREDIT DOCUMENTATION UNIT, NARAIN MANZIL, 23 BARA KHAMBA ROAD, NEW
DELHI, Delhi - 110001, INDIA |
B85580579 |
|
3 |
10427744 |
29/03/2013 |
460,000,000.00 |
Citibank N.A |
Jeevan Bharti Building, 4th Floor, 124 Connaught |
B75788604 |
|
4 |
10338613 |
15/10/2013 * |
250,000,000.00 |
Standard Chartered Bank |
(Acting as an Security Agent) C D U, NARAIN MANZI |
B89616627 |
|
5 |
10303960 |
07/07/2011 |
200,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra
- 400013, INDIA |
B19519107 |
|
6 |
10239537 |
15/10/2013 * |
250,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra
- 400013, INDIA |
B90559527 |
|
7 |
10165952 |
15/10/2013 * |
120,000,000.00 |
Axis Bank Limited |
2ND FLOOR, STATESMAN HOUSE, 148, BARAKHAMBA ROAD, NEW DELHI, Delhi -
110001, INDIA |
B89946081 |
|
8 |
10144276 |
04/02/2009 |
50,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
7TH FLOOR, AMBADEEP BUILDING, KASTURBA GANDHI MARG, NEW DELHI, Delhi -
110001, INDIA |
A57487266 |
|
9 |
10092691 |
15/10/2013 * |
250,000,000.00 |
Axis Bank Limited |
2ND FLOOR, STATESMAN HOUSE, 148, BARAKHAMBA ROAD, NEW DELHI, Delhi -
110001, INDIA |
B89943336 |
|
10 |
10062516 |
25/07/2007 |
2,500,000.00 |
Canara Bank |
3-F, Kamla Nagar, Delhi, Delhi - 110007, INDIA |
A20413506 |
|
11 |
10062517 |
12/03/2009 * |
50,000,000.00 |
CANARA BANK |
3F-KAMLA NAGAR, DELHI, Delhi - 110007, INDIA |
A61297305 |
|
12 |
10062519 |
12/03/2009 * |
50,000,000.00 |
CANARA BANK |
3F-KAMLA NAGAR, DELHI, Delhi - 110007, INDIA |
A61297727 |
|
13 |
10061123 |
06/10/2007 * |
400,000,000.00 |
Axis Bank Ltd. |
Statesman House, Barakhamba Road, New Delhi, Delhi |
A25250150 |
|
14 |
10022226 |
30/03/2007 * |
15,000,000.00 |
UTI BANK LTD |
13TH FLOOR, STATESMEN HOUSE, 148, BARAKHAMBA ROAD, NEW DELHI, Delhi -
110001, INDIA |
A05555206 |
|
15 |
10019110 |
07/08/2006 |
65,000,000.00 |
Canara Bank |
3-F, Kamla Nagar, New Delhi, Delhi - 110007, INDIA |
A03783115 |
|
16 |
80018998 |
23/05/2007 * |
15,000,000.00 |
Canara Bank |
3-F, Kamla Nagar, Delhi, Delhi - 110007, INDIA |
A16795858 |
|
17 |
90059233 |
06/12/2010 * |
25,000,000.00 |
Canara Bank |
3-F, Kamla Nagar, Delhi, Delhi - 110007, INDIA |
B03748209 |
|
18 |
90040155 |
15/10/2013 * |
150,000,000.00 |
Axis Bank Limited |
2ND FLOOR, STATESMAN HOUSE, 148, BARAKHAMBA ROAD, NEW DELHI, Delhi -
110001, INDIA |
B89942825 |
|
19 |
90044204 |
28/11/2013 * |
2,367,300,000.00 |
State Bank of India |
COMMERCIAL BRANCH, 6TH FLOOR, PALM COURT, GURGAON, Haryana - 122001,
INDIA |
B92447200 |
|
20 |
90064375 |
18/11/2002 |
230,000.00 |
FORD INDIA LTD |
SP KOIL, CHENGALPATTU, Maharashtra - 603204, INDIA |
- |
|
21 |
80019037 |
24/06/2002 |
25,000,000.00 |
CITIBANK N A |
JEEVAN VIHAR , 3 , SANSAD MARG , NEW DELHI, DELHI, |
- |
|
22 |
80019031 |
02/08/2007 * |
170,000,000.00 |
Citibank NA |
Jeevan Vihar, 3 Sansad Marg, New Delhi, Delhi - 110001, INDIA |
A20748919 |
|
23 |
90042997 |
24/02/2011 * |
65,000,000.00 |
Small Industries Development Bank of India |
Ground Floor, Videocon Tower, E-1, Rani Jhansi Road, Jhandewalan
Extension, New Delhi, Delhi - 110055, INDIA |
B07786734 |
|
24 |
90042880 |
13/09/2000 |
180,000.00 |
FORD INDIA LTD. |
S.P. KOIL ; CHENGALPATTU, CHENGALPATTU, Tamil Nadu |
- |
|
25 |
90042805 |
07/06/2000 |
267,000.00 |
ORIENTAL BANK OF COMMERCE |
918; SYNAGOGUE STREET, NEAR GITA SOCIETY/LAL DEVAL; CAMP., PUNE,
Maharashtra - 411001, INDIA |
- |
|
26 |
90042781 |
19/03/2009 * |
50,000,000.00 |
CANARA BANK |
3F-KAMLA NAGAR, DELHI, Delhi - 110019, INDIA |
A61315263 |
|
27 |
90042630 |
06/09/2013 * |
2,705,700,000.00 |
Canara Bank |
3-F, Kamla Nagar, Delhi, Delhi - 110007, INDIA |
B84799717 |
|
28 |
90042558 |
15/03/2004 * |
4,000,000.00 |
CANARA BANK |
3-F; KAMLA NAGAR, DELHI, Delhi - 110007, INDIA |
- |
|
29 |
80019024 |
15/07/1999 |
5,000,000.00 |
CANARA BANK |
3F , KAMLA NAGAR , NEW DELHI, DELHI, Delhi - 11000 |
- |
|
30 |
90042371 |
23/08/2001 * |
71,000,000.00 |
CANARA BANK |
KAMLA NAGAR, DELHI, Delhi - 110007, INDIA |
- |
|
31 |
90041452 |
06/01/2012 * |
378,500,000.00 |
Canara Bank |
3-F,, Kamla Nagar, Delhi, Delhi - 110007, INDIA |
B31126170 |
|
32 |
80010204 |
19/03/2009 * |
76,000,000.00 |
CANARA BANK |
3F-KAMLA NAGAR, DELHI, Delhi - 110019, INDIA |
A61315735 |
|
33 |
90041450 |
15/03/2004 * |
2,500,000.00 |
CANARA BANK |
3-F; KAMLA NAGAR, DELHI, Delhi - 110007, INDIA |
- |
|
34 |
90063753 |
29/03/1994 * |
3,000,000.00 |
CANARA BANK |
KAMLA NAGAR, NEW DELHI, Delhi - 110007, INDIA |
- |
* Date of charge modification
COMPANY OVERVIEW
Subject is a
public company domiciled and headquartered in India. It was incorporated on 16
September 1992 under the Companies Act, 1956 and its shares are listed on the
National Stock Exchange (NSE), Bombay Stock Exchange (BSE) and Delhi Stock
Exchange (DSE). The Company is engaged in the business of manufacturing of auto
components including auto electrical parts and its accessories. The Company
caters to both domestic and international markets.
MANAGEMENT
DISCUSSION AND ANALYSIS
ECONOMIC REVIEW
GLOBAL ECONOMY
The global
economic growth remained muted for a major part of the year, as it closed with 3.2%
growth in 2012, as against 4% in 2011 (Source IMF). The Euro zone countries
remained on a drive to make fiscal adjustments, after suffering from sovereign
debt crisis. The GDP growth in Euro zone areas in 2012 contracted to an
alarming rate of -0.6% from a low of 1.4% level in 2011 (Source: IMF). However,
the silver lining amongst advanced economies in 2012 was the US economy, which
recovered to 2.2% following some stimulus released to pump more liquidity. Even
the GDP growth of emerging economies slipped to 5.1% in 2012 compared to 6.2%
growth in GDP in 2011. Yet, some of the better placed parts emerging economies
continued to invite high capital inflows, to lend support to the global growth.
INDIAN ECONOMY
The GDP growth of
the domestic economic remained subdued in FY 13, as it shrunk to 5% from 6.2%
in FY 12, according to CSO advanced estimates. The CPI for the FY 13 also shot
up to 4.8%, as against 4.2% in previous financial year.
The major punch,
however, came from a healthy check in fiscal deficit in FY 13 to 5.2% of GDP,
against 5.9% in FY 12, according to Budget 2013-14. The same was enabled by mop
up of around Rs.24000 crore by divestment plans in PSUs. In addition to this,
the finance ministry also rolled out some relaxations in FDI, in some of the
sectors. With the RBI softening the interest rates, economy is likely to show
an improved growth momentum in FY 14.
INDUSTRY REVIEW
AUTOMOBILE SECTOR
The automotive
sector in India has been amongst the high growth sectors, lending a helping
hand to the manufacturing sector’s overall contribution to GDP growth over the
past five to six years. Yet, the past two financial years have slowed down the
sector with overall automotive sales starting to show exhaustion. The growth of
auto sales slipped down to 12.24% in FY 12 and to 2.61% in FY 13. The issues
which hampered the growth included the sovereign debt crisis in European
countries, together with the slowing trends in the GDP growth in India, a
rising inflation scenario and higher interest rate among other factors. The
automotive sector is still facing a tepid demand in view of the spillover of
such issues in the domestic as well as the overseas markets.
FY13 has been the
worst performing year for the automobile industry over the past five years. Almost
all the segments of the industry witnessed a negative growth barring passenger
vehicles, Light Commercial Vehicles and two wheelers which registered a decent
growth. In terms of volumes, two wheelers constituted 77% of aggregate
automotive vehicles sales, followed by passenger vehicles at 15%, LCVs at 3%
and 3 wheelers at 4%.
GROWTH DRIVERS OF AUTOMOBILE INDUSTRY
Even as the growth
momentum has taken a brief pause in automobiles sector over the last year and a
half or two, yet the future hopes still lie on some of the government
initiatives, together with the changing demographics in domestic economy. These
factors include:
- Rising disposable income: The per capita income (at current price)
of Indians have increased at a CAGR of 15.92% from Rs.38084 in 2008-09 to
Rs.68757 in 2012-13 (Source: Central Statistics Office). With increase in
rising disposable income the young population is driving up the demand for
cars.
- Easy availability of credit: The auto finance industry has grown at
an average annual rate of 13 per cent during FY08-12. The private sector
banks like ICICI, HDFC and Axis among others are also showing increasing
interest in the segment which was previously dominated by public players.
The easy and greater access to cheap credit makes it easier for consumers
to purchase passenger and commercial vehicles.
AUTO COMPONENTS SECTOR
The Indian
automotive industry has witnessed a robust growth over the last couple of
years. The auto component industry’s revenues have growth from Rs.1064000.00
millions in 2006-07 to Rs.2062670.000 millions in 2011-12, growing at a CAGR of
14.6%, despite a brief global economic slowdown. The auto component industry
witnessed a decline during 2009 but it bounced back strongly in 2010 and 2011
with a turnover growth of 28% and 35% respectively. The growth was pushed by
strong vehicle demand across the categories of the automotive industry.
However, growth rate softened to 13% in 2012 as auto sales were strangulated
with high interest rates, towering fuel prices and rising commodity prices.
GROWTH DRIVERS OF AUTO COMPONENT INDUSTRY
The inherent
strengths of the sector, which have helped it show a strong growth till FY 12
includes:
- Strong FDI inflow: The Government of India allows 100% FDI in the
automotive industry through automatic route. This has prompted many global
majors to consider India as a production hub for pushing up their sales of
automobiles, particularly the passenger cars and commercial vehicles. The
amount of cumulative foreign direct investment (FDI) inflow into the
automobile industry during April 2000 to January 2013 was worth US$ 7,653
million, amounting to 4 per cent of the total FDI inflows (in terms of
US$), as per data published by Department of Industrial Policy and
Promotion (DIPP), Ministry of Commerce.
- Global best practices: The Indian auto component manufacturers are
embracing the best global practices such as 5S, 7W, Kaizen, TQM, TPM, 6
Sigma and Lean Manufacturing among others. Further most players in the
organized sector are accredited with quality certifications like ISO 9000,
ISO 14001 and TS 16949. This has caught the attention of global automobile
manufacturers who are planning to make India a sourcing hub for their
global operations.
- Rising Indigenisation: The domestic producers of auto components
are fast trying to replace the input materials in automobiles, which are
still imported by companies, and having their manufacturing base in the
country for production.
EXPORTS AND IMPORTS
The country’s
overall exports of auto components has soared to Rs.337450.000 millions in FY
12, from Rs.184000.000 millions in FY 09, growing at a CAGR of 21-22%. However,
with the slowdown of the automobile sector, the automobile component industry
has taken a brief pause.
BUSINESS OPERATIONS
Subject is a Tier
I producer of auto components, which relies primarily on OEM supplies to
domestic producers of two wheelers, three wheelers and Off- Road. MIL is the
flagship company of UNO Minda, N K Minda group and is listed on NSE, BSE and
DSE with a 65.98 promoters holding. MIL caters to the auto components sector
through Switch, Lighting, Acoustic, Fuel Caps and Batteries.
SWITCH DIVISION
Subject Switch Division
is the largest manufacturer of switches amongst the switch producers in
country. Developing top notch products for two wheelers, three wheelers and
off-road vehicles, the Switch Division gets a major share of its business out
of OEM supplies. It aims to be a global technology leader in two and three
wheeler Switches and Handle bar systems by 2015. The vision of the division is
to be the leading and preferred supplier of off-road vehicle Switches in the
world by 2015 through manufacturing reliable, cost-effective and innovative
products.
Subject Switch
Division presently operates five plants in India catering to many OEM customers
like Yamaha, Suzuki, Hero Motocorp, Bajaj, HMSI, TVS, New Holland, Eicher,
Mahindra, Tafe, Royal Enfield etc. The company’s switch division already has
got access to 61 patents and 83 design registrations. The switch division holds
a lion’s share of the company’s turnover, contributing to 61% of the aggregate
sales of subject. It is currently focusing on moving up the value chain by
increasing its product options, particularly those offering value added
realizations.
LIGHTING DIVISION
The lighting
division of Minda Industries caters to the two wheelers, three wheelers and
four wheelers with focus on OEM supplies. A major part of the sales is derived
from offering lighting products to distinguished OEM clients which includes
Maruti Suzuki, Tata Motors, M and M, GMIL and Volkswagen among others. The
company’s lighting division contributes to 23% of the company’s sales. Of this,
OEM sales constitute 77%, while exports offer 13% and replacement market gives
a modest 10%.
ACOUSTICS DIVISION
The Acoustic
Division of the company supplies horns to two wheelers, three wheelers and four
wheelers. As the divisions contribution to the total sales stands at 13%. Of
this, 30% of revenues is derived from replacement and 24% from exports. Given
the fact that the company has acquired the Clarton Horn, Spain the division has
a promising outlook for the future.
BATTERY DIVISION
The battery
division of subject has a capability to manufacture Batteries for two wheeler,
three wheeler and four wheeler. During the year the Battery Division has
improved its quality and is putting trust on increasing its after sales
network.
AUTOGAS DIVISION
Autogas Division
of the Company is manufacturing LPG/CNG kits and Components for OEMs as well as
for aftermarket. The OEMs includes MSIL, TAFE, TVS and M and M. It also
supplies kits and components to Honda Power for industrial Genset.
OUTLOOK
Minda Industries
has been continuously working on improving the scale of operations in the major
areas of presence in automotive components, including various kinds of switches
for automobiles, horns and head/ tail lamps. It has also been successful in
making a foray into some new area of auto components operations in India in OEM
market and overseas through its overseas joint ventures.
The flagship
company continues to focus on existing OEM clients for their new launches in
two wheelers, three wheelers and off-market products. Its JVs and associates
are also looking for OEM clients in four wheelers, in their respective
products. This strategy augurs well to mop up higher growth in sales and
profitability, even in times when the auto sector may show a slow growth. Further,
the company’s strategy to keep the interest costs in check is likely to play a
decisive role, in improving the company’s profitability in the times to come.
FIXED ASSETS
œ Land
œ Buildings
œ Plant and
Machinery
œ Furniture and
Fixtures
œ Vehicles
œ Office Equipment
œ Goodwill
œ Technical Knowhow
œ
Computer Software
UNAUDITED STANDALONE FINANCIAL RESULTS FOR
THE QUARTER AND HALF YEAR ENDED 31ST DECEMBER 2013
|
|
|
Three months ended |
Half Year ended |
|
|
|
Particulars |
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
1 |
Income from Operations |
|
|
|
|
(a) |
Net Sales/Income from Operations |
2801.460 |
2696.339 |
7956.683 |
|
(b) |
Other Operating Income |
30.781 |
31.160 |
93.514 |
|
|
Total Income From Operations
(Net) |
2832.241 |
2727.499 |
8050.197 |
|
2 |
Expenses |
|
|
|
|
(a) |
Changes in inventory of Finished Goods, Work in
Progress and Stock in Trade |
(36.286) |
(26.764) |
(65.388) |
|
(b) |
Cost of Material Consumed |
1912.494 |
1847.621 |
5428.304 |
|
(c) |
Purchases of stock-in-trade |
56.422 |
30.833 |
114.177 |
|
(d) |
Employees Benefits Expense |
370.376 |
367.417 |
1062.884 |
|
(e) |
Depreciation & Amortisation Expenses |
103.285 |
105.515 |
302.834 |
|
(f) |
Other Expenses |
352.786 |
349.242 |
1043.439 |
|
|
Total Expenses |
2759.077 |
2673.864 |
7886.250 |
|
3 |
Profit from
Operations before Other Income, Finance Cost & Exceptional Items (1-2) |
73.164 |
53.635 |
163.947 |
|
4 |
Other Income |
9.954 |
56.598 |
117.837 |
|
5 |
Profit / (Loss) from ordinary activities before finance
costs and exceptional items (3+4) |
83.118 |
110.233 |
281.784 |
|
6 |
Finance Costs |
37.312 |
39.829 |
119.464 |
|
7 |
Profit after Finance Costs but before Exceptional Items
(5-6) |
45.806 |
70.404 |
162.320 |
|
8 |
Exceptional Income / (Expenses) (Net) |
-- |
-- |
-- |
|
9 |
Profit
(+)/ Loss (-)from Ordinary Activities before tax (7+8) |
45.806 |
70.404 |
162.320 |
|
10 |
Tax expense / (Credit) |
|
|
|
|
|
- minimum alternate tax utilized |
9.420 |
16.100 |
42.500 |
|
|
- Deferred |
(4.141) |
3.089 |
(9.500) |
|
11 |
Net Profit (+)/Loss(-)
from Ordinary Activities after tax (9-10) |
40.527 |
51.215 |
129.320 |
|
12 |
Extraordinary Item {net of tax) |
-- |
-- |
-- |
|
13 |
Net Profit (+)/Loss(-) for the period before share
of profit/(loss) of associates and minority interests (11-12) |
40.527 |
51.215 |
129.320 |
|
14 |
Equity Share Capital (Face Value :- Rs. 10/- per
share) |
158.654 |
158.654 |
158.654 |
|
15 |
Reserve excluding Revaluation Reserves as per
balance sheet of previous accounting year |
-- |
-- |
|
|
16 |
Earnings Per Share before Extraordinary items(EPS)
(in Rs.) |
-- |
-- |
-- |
|
(a) |
Basic and diluted EPS before Extraordinary items |
|
|
|
|
|
- Basic |
2.54 |
3.21 |
8.09 |
|
|
- Diluted |
2.54 |
3.21 |
8.09 |
|
(b) |
Basic and diluted EPS before Extraordinary items |
|
|
|
|
|
- Basic |
2.54 |
3.21 |
8.09 |
|
|
- Diluted |
2.54 |
3.21 |
8.09 |
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
- Number of Shares |
5397556 |
5397556 |
5397556 |
|
|
- Percentage of Shareholding |
34.02 |
34.02 |
34.02 |
|
2 |
Promoters and promoter group shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
Nil |
Nil |
Nil |
|
|
- Percentage of shares (as a % of the total
shareholding of promoter and promoter group) |
Nil |
Nil |
Nil |
|
|
- Percentage of shares ( as a % of the total share
capital of the company) |
Nil |
Nil |
Nil |
|
|
b) Non-encumbered |
|
|
|
|
|
- Number of shares |
10467800 |
10467800 |
10467800 |
|
|
- Percentage of shares (as a % of the total
shareholding of promoter and promoter group) |
100 |
100 |
10 |
|
|
- Percentage of shares ( as a % of the total share capital
of the company) |
65.98 |
68.98 |
65.98 |
|
B Investors complaints received and
disposed |
31.12.2013 |
|
Complaints pending at the beginning of the quarter |
Nil |
|
Complaints received during the quarter |
6 |
|
Disposal of complaints |
6 |
|
Complaints lying unresoived at the end of the
quarter |
Nil |
NOTE:
- The above un-audited standalone financial
results for the quarter and nine months ended on 31 December 2013 (the
results) have been reviewed by the Audit Committee and approved by the Board
of Directors in their meeting held on 13 February 2014. These results have
been subjected to 'Limited Review ‘by the statutory auditors of the
company. These results along with the Review Report of the Statutory
Auditors on the result will be communicated to the Stock Exchange.
- The Company is engaged in the business of
manufacturing of auto components including auto electrical parts and its
accessories and there is no separate reportable business segment as per
Accounting Standard (AS-17) on
segment Reporting.
- The figures of the previous period have been
regrouped1 reclassified wherever necessary to conform to current period's
classification.
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.61.94 |
|
|
1 |
Rs.103.31 |
|
Euro |
1 |
Rs.85.11 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
52 |
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.