1. Summary Information
|
|
|
Country |
|
|
Company Name |
SHRIRAM PISTONS
AND RINGS LIMITED |
Principal Name 1 |
Shri Pradeep Dinodia |
|
Status |
Good |
Principal Name 2 |
Shri Hari S. Bhartia |
|
|
|
Registration # |
55-004084 |
|
Street Address |
3rd
Floor, Himalaya House, 23, Kasturba Gandhi Marg, |
||
|
Established Date |
09.12.1963 |
SIC Code |
-- |
|
Telephone# |
91-11-23315941 |
Business Style 1 |
Manufacturing |
|
Fax # |
91-11-23311203 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Pistons |
|
|
# of employees |
Not Available |
Product Name 2 |
Piston Rings |
|
Paid up capital |
Rs.223,750,000/- |
Product Name 3 |
Engine Valves |
|
Shareholders |
-- |
Banking |
Citi Bank N.A. |
|
Public Limited Corp. |
Yes |
Business Period |
51 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
Ba (54) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiary company |
-- |
SPR International Auto Exports Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
2565,410,000 |
Current Liabilities |
2367,580,000 |
|
Inventories |
1705,780,000 |
Long-term Liabilities |
3601,130,000 |
|
Fixed Assets |
7249,330,000 |
Other Liabilities |
792,060,000 |
|
Deferred Assets |
000 |
Total Liabilities |
6760,770,000 |
|
Invest& other Assets |
243,910,000 |
Retained Earnings |
4,779,910,000 |
|
|
|
Net Worth |
5,003,660,000 |
|
Total Assets |
11,764,430,000 |
Total Liab. & Equity |
11,764,430,000 |
|
Total Assets (Previous Year) |
10,448,110,000 |
|
|
|
P/L Statement as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Sales |
10,524,660,000 |
Net Profit |
489,850,000 |
|
Sales(Previous yr) |
9910,170,000 |
Net Profit(Prev.yr) |
839,120,000 |
MIRA INFORM REPORT
|
Report Date : |
12.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
SHRIRAM PISTONS AND RINGS LIMITED |
|
|
|
|
Registered Office
: |
3rd
Floor, Himalaya House, 23, Kasturba Gandhi Marg, New Delhi - 110001 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
09.12.1963 |
|
|
|
|
Com. Reg. No.: |
55-004084 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.223.750 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29112DL1963PLC004084 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELS22096E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACS0229G |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturing of Pistons, Pins, Piston Rings and Engine
Valves. |
|
|
|
|
No. of Employees
: |
Management declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 20020000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established company having good track record. There is a dip in profit of the company in the year 2013, however,
overall financial position of the company is strong and healthy. Trade relation reported to be fair. Business is active. Payment terms
are reported to be regular and as per commitment. 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 – 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
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 |
FITCH |
|
Rating |
Long term rating = AA- |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
26.09.2012 |
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
Contact No.: 91-11-23315941 / 23315942
LOCATIONS
|
Registered Office : |
3rd
Floor, Himalaya House, 23, Kasturba Gandhi Marg, New Delhi – 110001, India |
|
Tel. No.: |
91-11-23315941/ 45 |
|
Fax No.: |
91-11-23311203, 23725356 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Works: |
·
Meerut Road, Ghaziabad (U.P.) ·
Industrial Area, Pathredi, District Alwar,
Rajasthan, India |
|
|
|
DIRECTORS
As on: 31.03.2013
|
Name : |
Shri Pradeep Dinodia |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Shri Hari S. Bhartia |
|
Designation : |
Director |
|
|
|
|
Name : |
Shri Horst Binnig |
|
Designation : |
Director |
|
|
|
|
Name : |
Shri O.P. Khaitan |
|
Designation : |
Director |
|
|
|
|
Name : |
Shri Ravinder Narain |
|
Designation : |
Director |
|
|
|
|
Name : |
Shri C.Y. Pal |
|
Designation : |
Director |
|
|
|
|
Name : |
Shri M. Sekimoto |
|
Designation : |
Director |
|
|
|
|
Name : |
Shri Luv D. Shriram |
|
Designation : |
Director |
|
|
|
|
Name : |
Shri Inderdeep Singh |
|
Designation : |
Director |
|
|
|
|
Name : |
Shri A.K. Taneja |
|
Designation : |
Managing Director and CEO |
|
|
|
|
Name : |
Shri R. Srinivasan |
|
Designation : |
Joint Managing Director |
|
|
|
|
Name : |
Smt. Meenakshi Dass |
|
Designation : |
Wholetime Director |
|
|
|
|
Name : |
Dr. Peter Neu |
|
Designation : |
Alternate Director to Shri Horst Binnig |
|
|
|
|
Name : |
Shri N. Okano |
|
Designation : |
Alternate Director to Shri M. Sekimoto |
|
Name : |
Shri Tokuo Washio |
|
Designation : |
Managing Director and CEO |
KEY EXECUTIVES
|
Name : |
Shri A.K. Taneja |
|
Designation : |
Managing Director and CEO |
|
|
|
|
Name : |
Shri R. Srinivasan |
|
Designation : |
Joint Managing Director and Company Secretary |
|
|
|
|
Name : |
Shri Rajiv Sethi |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Shri Anil Gadi |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Shri V.K. Jayaswal |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Shri P.S. Ladiwala |
|
Designation : |
Dy. Executive Director and CFO |
|
|
|
|
Name : |
Shri Devendra Mishra |
|
Designation : |
Dy. Executive Director |
|
|
|
|
Name : |
Shri Naveen Agarwal |
|
Designation : |
Dy. Executive Director |
|
|
|
|
Name : |
Shri Subrata Neogy |
|
Designation : |
Sr. General Manager (R and D) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.03.2013
|
Name
of Shareholders |
No.
of Shares |
%age |
|
Promoters |
|
|
|
Individuals |
12,41,119 |
5.55 |
|
Bodies
Corporate |
27,78,157 |
12.41 |
|
Deepak
Shriram Family Benefit Trust (through
Trustees) |
66,69,336 |
29.81 |
|
TOTAL
(Promoters) |
1,06,88,612 |
47.77 |
|
Banks,
Financial Institutions, Insurance Cos |
23,18,758 |
10.36 |
|
Resident
Individuals |
2,00,463 |
0.90 |
|
Resident
Body Corporate |
48 |
0.0002 |
|
Non
Resident Companies |
91,67,031 |
40.97 |
|
TOTAL |
2,23,74,912 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Pistons, Pins, Piston Rings and Engine
Valves. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
Bankers : |
·
Reserve Bank of India ·
Citi Bank N.A., Jeevan Bharti Building, 4th
Floor, 124 Connaught |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Facilities : |
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|
NOTE: Long Term
Borrowing:
i.
Term loans from banks of
Rs.2417.000 million (previous year: Rs. 1268.600 million) are secured by way
of first pari passu charge and mortgage on all present and future immovable
assets and hypothecation of all movable assets of the company, present and
future subject to prior charge created and/or to be created in favour of the
company’s working capital bankers on the company’s stocks and book debts.
ii.
Term loans from banks of Rs.
1081.080million (previous year: Rs. 968.640 million) is secured by way of
first pari passu charge and mortgage on all present and future immovable
assets and hypothecation of all movable fixed assets of the company, present
and future.
iii.
Interest free trade tax loan of
Rs. Nil (previous year: 9.040 million) is secured by way of pari passu second
charge on all assets of the Company, subject to prior charge of banks for
working capital loans.
iv.
The long term deposits have been
raised under section 58A of the Companies Act, 1956 for maturity period of 2
and 3 years.
v.
The Interest rate on term loans at point
(i) and (ii) above ranges from 7.05% p.a. to 10.90% p.a. and on ''deposits
from public'' from 8.00% p.a. to 11.00% p.a. Short Term
Borrowing: Working
capital loans are secured by way of first pari passu charge on stocks and book
debts of the Company and second pari passu charge on all fixed assets of the
Company, present and future. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Banking
Relations : |
-- |
|
|
|
|
Financial
Institutions : |
The Hongkong and Shanghai Banking Corporation
limited, 25, Barakhamba Road, Delhi, Delhi - 110001, India |
|
|
|
|
Auditors : |
|
|
Name : |
M/s Walker, Chandiok and Company Chartered Accountants |
|
Address : |
New Delhi, India |
|
|
|
|
Advisor : |
Shri Rakesh Anand |
|
|
|
|
Technical Collaborators: |
KS Kolbenschmidt
GmbH, Germany Riken
Corporation, Japan Honda Foundry
Company Limited Japan Fuji Oozx Inc., Japan |
|
|
|
|
Subsidiary
company : |
SPR International Auto Exports Limited |
|
|
|
|
Enterprises over which there is significant
influence of Smt. Meenakshi Dass and her relatives above : |
Shriram
Automotive Products Limited Shriram Alpine
Sales Private Limited Shriram Veritech
Solutions Private Limited Sera Com Private
Limited Manisha Commercial
Private Limited Sarva Commercial
Private Limited. Charat Ram
Shriram Private Limited Pearey Lall and Sons (E.P) Limited |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
|
3000000 |
Preference Shares |
Rs.100/- each |
Rs.300.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 800.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22374912 |
Equity Shares |
Rs.10/- each |
Rs.223.750 Millions |
|
|
|
|
|
Reconciliation of the shares outstanding at the beginning and at the end
of the reporting year
|
Particulars |
No. of Shares [No. in million]
|
Rs. million |
|
At the beginning of the year |
22.370 |
223.750 |
|
Balance at the end of the year |
22.370 |
223.750 |
Terms/rights attached to equity shares
The company has only one class of equity shares
having a par value of Rs. 10 per share. Each holder of equity share is entitled
to one vote per share.
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 |
223.750 |
223.750 |
223.750 |
|
(b) Reserves & Surplus |
4779.910 |
4409.830 |
3676.770 |
|
(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) |
5003.660 |
4633.580 |
3900.520 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3137.750 |
1936.940 |
1416.890 |
|
(b) Deferred tax liabilities (Net) |
390.420 |
289.920 |
249.260 |
|
(c) Other long term liabilities |
18.100 |
41.020 |
37.560 |
|
(d) long-term provisions |
268.980 |
277.310 |
219.680 |
|
Total Non-current Liabilities (3) |
3815.250 |
2545.190 |
1923.390 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
463.380 |
717.100 |
261.590 |
|
(b) Trade payables |
570.550 |
718.440 |
400.08 |
|
(c) Other current
liabilities |
1778.930 |
1711.520 |
1581.640 |
|
(d) Short-term provisions |
132.660 |
122.280 |
102.760 |
|
Total Current Liabilities (4) |
2945.520 |
3269.340 |
2346.070 |
|
|
|
|
|
|
TOTAL |
11764.430 |
10448.110 |
8169.980 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
7220.800 |
5516.120 |
4541.420 |
|
(ii) Intangible Assets |
28.530 |
28.980 |
24.360 |
|
(iii) Capital
work-in-progress |
243.410 |
735.810 |
348.800 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.500 |
0.500 |
0.500 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
221.060 |
344.680 |
110.800 |
|
(e) Other Non-current assets |
0.370 |
40.320 |
51.820 |
|
Total Non-Current Assets |
7714.670 |
6666.410 |
5077.700 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1705.780 |
1842.180 |
1307.000 |
|
(c) Trade receivables |
1563.930 |
1443.050 |
1152.270 |
|
(d) Cash and cash
equivalents |
396.450 |
79.950 |
363.420 |
|
(e) Short-term loans and
advances |
226.170 |
317.400 |
182.030 |
|
(f) Other current assets |
157.430 |
99.120 |
87.560 |
|
Total Current Assets |
4049.760 |
3781.700 |
3092.280 |
|
|
|
|
|
|
TOTAL |
11764.430 |
10448.110 |
8169.980 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
10524.660 |
9910.170 |
8330.240 |
|
|
|
Other Income |
90.560 |
98.380 |
69.400 |
|
|
|
TOTAL |
10615.220 |
10008.550 |
8399.640 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
3435.260 |
3373.010 |
2689.040 |
|
|
|
(Increase) in inventories of finished goods and work-in-progress |
131.580 |
(319.790) |
(244.430) |
|
|
|
Employee benefit expenses |
1882.410 |
1682.800 |
1312.150 |
|
|
|
Other expenses |
3271.520 |
3208.920 |
2704.910 |
|
|
|
TOTAL |
8720.770 |
7944.940 |
6461.670 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
1894.450 |
2063.610 |
1937.970 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
316.890 |
204.590 |
179.970 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
1577.560 |
1859.020 |
1758.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
878.710 |
707.590 |
587.420 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
698.850 |
1151.430 |
1170.580 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
209.350 |
312.310 |
343.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
489.500 |
839.120 |
826.880 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
300.000 |
300.000 |
250.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
397.880 |
748.110 |
685.730 |
|
|
|
Interim Dividend |
0.000 |
33.560 |
33.560 |
|
|
|
Final Dividend |
78.310 |
44.750 |
44.750 |
|
|
|
Tax on Dividend |
13.310 |
12.700 |
12.840 |
|
|
BALANCE CARRIED
TO THE B/S |
300.000 |
300.000 |
300.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1817.640 |
1846.170 |
1491.990 |
|
|
|
Development cost recovery |
0.700 |
0.000 |
2.710 |
|
|
|
Claim received from customer |
0.000 |
15.760 |
0.000 |
|
|
|
Other |
0.080 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
1818.420 |
1861.930 |
1494.700 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
710.880 |
875.020 |
665.220 |
|
|
|
Components |
145.000 |
110.690 |
70.190 |
|
|
|
Stores & Spares |
177.400 |
151.130 |
178.330 |
|
|
|
Capital Goods |
682.280 |
594.080 |
385.720 |
|
|
TOTAL IMPORTS |
1715.560 |
1730.920 |
1299.460 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
21.88 |
37.50 |
36.96 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.61
|
8.38
|
9.84 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.64
|
11.62
|
14.05 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.07
|
11.85
|
14.97 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14
|
0.25
|
0.30 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.72
|
0.57
|
0.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.37
|
1.16
|
1.32 |
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 |
223.750 |
223.750 |
223.750 |
|
Reserves & Surplus |
3,676.770 |
4,409.830 |
4,779.910 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
3,900.520 |
4,633.580 |
5,003.660 |
|
|
|
|
|
|
long-term borrowings |
1,416.890 |
1,936.940 |
3,137.750 |
|
Short term borrowings |
261.590 |
717.100 |
463.380 |
|
Total
borrowings |
1,678.480 |
2,654.040 |
3,601.130 |
|
Debt/Equity
ratio |
0.430 |
0.573 |
0.720 |
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 |
8,330.240 |
9,910.170 |
10,524.660 |
|
|
|
18.966 |
6.201 |
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 |
8,330.240 |
9,910.170 |
10,524.660 |
|
Profit After Tax |
826.880 |
839.120 |
489.500 |
|
|
9.93% |
8.47% |
4.65% |
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 |
No |
|
9] |
Name of
person contacted |
No |
|
10] |
Designation
of contact person |
No |
|
11] |
Turnover of
firm for last three years |
Yes |
|
12] |
Profitability
for last three years |
Yes |
|
13] |
Reasons for
variation <> 20% |
---------------------- |
|
14] |
Estimation
for coming financial year |
No |
|
15] |
Capital in
the business |
Yes |
|
16] |
Details of
sister concerns |
Yes |
|
17] |
Major
suppliers |
No |
|
18] |
Major
customers |
No |
|
19] |
Payments
terms |
No |
|
20] |
Export /
Import details (if applicable) |
No |
|
21] |
Market
information |
---------------------- |
|
22] |
Litigations
that the firm / promoter involved in |
---------------------- |
|
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 |
UNSECURED LOAN:
|
Particulars |
31.03.2013 [Rs.
in Millions] |
31.03.2012 [Rs.
in Millions] |
|
Long Term
Borrowing |
|
|
|
Other loan and advances |
|
|
|
Deposits from public |
260.500 |
110.700 |
|
Deposits from related parties |
34.600 |
43.960 |
|
|
|
|
|
Short Term
Borrowing |
|
|
|
Loans |
|
|
|
- from banks |
0.000 |
300.000 |
|
Public deposits |
27.220 |
37.200 |
|
|
|
|
|
Total |
322.320 |
491.860 |
INDUSTRY STRUCTURE
AND DEVELOPMENT:
Production in most of the vehicle segments either declined
or registered marginal growth during 2012-13 over the previous year.
Production
of Heavy Commercial Vehicles and Light Commercial Vehicles declined by 29% and
14% respectively, though production of Small Commercial Vehicles grew by 11%
during the year. Production of passenger vehicles and two wheelers registered
nominal growth of 2% during the year, while Production of Tractors was
substantially lower than last year. Increasing fuel cost, decelerating economy
and continuance of high interest rate kept buyers’ sentiments subdued.
OUTLOOK:
Slow
pace of economic reforms leading to inadequate growth in infrastructure
continue to adversely impact the outlook of the industry.
Government
intervention is required to improve infrastructure, which would also help in
our operations becoming more cost competitive for sustainable growth of
exports. Price increase of raw materials more particularly, Aluminum and Alloy
Steel may cause an adverse impact on operating margins.
CORPORATE
INFORMATION:
The
Company is a public company domiciled in India and incorporated on December 9,
1963 under the provisions of the Companies Act, 1956. The Company's shares are listed
on Delhi Stock Exchange (DSE). The primary products manufactured by the Company
are pistons, pins, piston rings and engine valves. The company caters to both
domestic and international markets.
VIEW INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10399177 |
12/03/2013 * |
508,140,000.00 |
Citi Bank N.A. |
Jeevan Bharti
Building, 4th Floor, 124 Connaught |
B71486575 |
|
2 |
10388127 |
09/09/2013 * |
865,600,000.00 |
The Hongkong and
Shanghai Banking Corporation limi |
25, Barakhamba
Road, Delhi, Delhi - 110001, India |
B87700456 |
|
3 |
10350384 |
13/03/2013 * |
400,000,000.00 |
The Hongkong and
Shanghai Banking Corporation Limi |
25, Barakhamba
Road, Delhi, Delhi - 110001, India |
B71982300 |
|
4 |
10332410 |
28/02/2012 * |
245,000,000.00 |
DBS Bank Limited |
Upper Ground Floor,
Birla Tower,, 25 Barakhamba R |
B35248889 |
|
5 |
10308384 |
28/02/2012 * |
667,500,000.00 |
DBS BANK LTD. |
Upper Ground
Floor, Birla Towers, 25, Barakhamba |
B35249317 |
|
6 |
10306989 |
28/02/2012 * |
615,680,000.00 |
IDBI TRUSTEESHIP
SERVICES LIMITED |
Asian Bldg.,
Ground Floor, 17, R.Kamani Marg,, Ballard Estate,, MUMBAI, Maharashtra -
400001, INDIA |
B35431212 |
|
7 |
10232785 |
23/12/2010 * |
327,810,000.00 |
DBS BANK LTD. (
Acting as Security Trustee ) |
Uppar Ground
Floor, Birla Tower, 25 Barakhamba Ro |
B03060670 |
|
8 |
10225727 |
23/12/2010 * |
370,880,000.00 |
STANDARD
CHARTERED BANK (Acting as Security Agent) |
Credit Risk
Control, Narain Manzil, 23 Barakhamba |
B03571205 |
|
9 |
10116923 |
28/07/2010 * |
200,000,000.00 |
HDFC BANK
LIMITED |
Hdfc Bank
Housesenapati Bapat Marg, Lower Parel W |
A92353051 |
|
10 |
10080418 |
28/07/2010 * |
250,000,000.00 |
Citi Bank N.A |
Jeevan Vihar, 3
Sansad Marg, New Delhi, Delhi - 1 |
A92275601 |
* Date of charge modification
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS
ENDED 31.12.2013
(Rs. In Millions)
|
Particulars |
3 Months Ended 31.12.2013 |
3 Months Ended
30.09.2013 |
3 Months Ended 31.12.2013 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
Income from operations |
|
|
|
|
a) Net Sales (net of excise duty) |
2837.200 |
2867.200 |
8392.500 |
|
b) Other Operating Income |
42.500 |
20.400 |
77.100 |
|
Total income from operations (net) |
2879.700 |
2887.600 |
8469.600 |
|
Expenses |
|
|
|
|
a) Cost of materials consumed |
868.700 |
888.600 |
2594.200 |
|
b) Changes in inventories of finished goods and work- in-progress |
(51.900) |
(76.800) |
(137.600) |
|
c) Employees benefit expenses |
507.800 |
566.200 |
1598.200 |
|
d) Depreciation and amortization expenses |
255.900 |
252.100 |
747.600 |
|
e) Stores and spares consumed |
289.600 |
272.000 |
795.000 |
|
f) Other expenses |
631.600 |
725.800 |
1997.200 |
|
Total expenses |
2501.700 |
2627.900 |
7594.600 |
|
Profit from operations before other income, finance costs and
exceptional items (1-2) |
378.000 |
259.700 |
875.000 |
|
Other income |
27.300 |
25.900 |
70.700 |
|
Profit from ordinary activities before finance costs and exceptional
items (3+4) |
405.300 |
285.600 |
945.700 |
|
Finance Costs |
93.900 |
99.000 |
287.900 |
|
Profit from ordinary activities after finance costs but before
exceptional items (5-6) |
311.400 |
186.600 |
657.800 |
|
Exceptional items |
-- |
-- |
-- |
|
Profit from ordinary activities before tax (7- 8) |
311.400 |
186.600 |
657.800 |
|
Tax Expenses(Current & Deferred) - for current period |
95.100 |
49.700 |
186.100 |
|
- for previous period |
-- |
-- |
18.600 |
|
Total Tax expense |
95.100 |
49.700 |
204.700 |
|
Net profit from ordinary activities after tax (9-10) |
216.300 |
136.900 |
453.100 |
|
Extraordinary item |
-- |
-- |
-- |
|
Net profit for the period (11-12) |
216.300 |
136.900 |
453.100 |
|
Paid up equity share capital (Face value of share - Rs 10 each) |
223.700 |
223.700 |
223.700 |
|
Reserves excluding revaluation reserves |
-- |
-- |
-- |
|
Basic/Diluted - Earning per share (Face value of - Rs 10 each) (not
annualised) |
9.67 |
6.12 |
20.25 |
|
Part II |
|
|
|
|
A PARTICULARS OF SHAREHOLDING |
|
|
|
|
Public shareholding |
|
|
|
|
- Number of
shares (Nos.) |
11684300 |
11686300 |
11684300 |
|
- Percentage of
shareholding |
52.22% |
52.23% |
52.22% |
|
Promoters and Promoter Group Shareholdings a) Pledged / Encumbered |
|
|
|
|
- Number of
equity shares (Nos.) |
- |
- |
- |
|
b) Non-encumbered |
|
|
|
|
- Number of
shares (Nos.) |
10690612 |
10688612 |
10690612 |
|
- Percentage of shares
(as a % of the total shareholding of promoter & promoter group) |
100% |
100% |
100% |
|
- Percentage of
shares (as a % of the total share capital of the Company) |
47.78% |
47.77% |
47.78% |
|
INVESTOR COMPLAINTS |
3 months Ended 31.12.2013 |
|
|
|
|
Received during the quarter |
Nil |
|
Disposed of during the quarter |
Nil |
|
Pending at the beginning of the quarter |
Nil |
|
Remaining unresolved at the end of the quarter |
Nil |
NOTE:
1. As the company's business activity falls within a single primary business segment viz "automotive components" and a single geographical segment, disclosure requirements of Accounting Standard (AS 17), specified in the Companies (Accounting Standards) Rules, 2006 are not applicable.
2. The above results were reviewed and recommended by Audit committee at its meeting held on 4 February, 2014 and taken on record by Board of Directors at its meeting held on 4 February, 2014.
3. Other expenses for the quarter and nine months ended December 31, 2013 includes Rs. 25.100 Millions pertaining to prior year.
4. The Board of directors have approved the payment of an interim dividend @ 15% i.e. Rs. 1.50/- on each equity share of the nominal value of Rs. 10/-
5. Figures of previous periods have been regrouped, wherever necessary, to correspond with the figures of the current period.
Limited Review
The Limited Review, as required under Clause 41 of the Listing Agreement has
been completed by the Statutory Auditors.
The Limited Review Report for the quarter and
nine months ended December 31, 2013 does not have any impact on the above
Results and Notes in aggregate.
FIXED ASSETS:
Tangible assets
Ø
Land - Leasehold
Ø
Buildings
Ø
Plant and equipment
Ø
Furniture & Fixtures
Ø
Vehicles
Ø
Office Equipment
Ø
Dies
Ø
Intangible assets
Ø
Computer Software
Ø
Product design and development
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.60.06 |
|
|
1 |
Rs.101.65 |
|
Euro |
1 |
Rs.83.07 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
NO |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
NB |
New Business |
|
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.