MIRA
INFORM REPORT
|
Report Date : |
17.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
FIEM INDUSTRIES LIMITED [w.e.f. 30.11.1993] |
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Formerly Known
As : |
FIEM INDUSTRIES PRIVATE LIMITED [w.e.f. 07.05.1992] RAHUL AUTO PRIVATE LIMITED |
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Registered
Office : |
D-34, DSIDC, Packaging Complex, Kirti Nagar, New Delhi –
110 015 |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
06.02.1989 |
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Com. Reg. No.: |
55-034928 |
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Capital
Investment/ Paid-up Capital: |
Rs.119.622 Millions |
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CIN No.: [Company Identification
No.] |
L36999DL1989PLC034928 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELF02380A |
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PAN No.: [Permanent Account No.] |
AAACF1034E |
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Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturing of auto components and main product line are
Automotive Lighting and Signaling Equipments, Rear View Mirrors, Sheet Metal
Parts, Plastic Moulded Parts and some other components. |
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No. of
Employees: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 6700000 |
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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 healthy financial risk profile marked by adequate position
and fair profitability of 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 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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 (91-11-25927919)
LOCATIONS
|
Registered Office : |
D-34, DSIDC, Packaging Complex, Kirti Nagar, New Delhi –
110 015, India |
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Tel. No.: |
91-11-25927820/ 25927919 |
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Fax No.: |
91-11-25927740 |
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E-Mail : |
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Website : |
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Factory : |
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Unit I: |
32 Mile Stone, G. T. Road, Kundli, Sonepat, Haryana, India |
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Unit II |
219/2B, Thally Road, Kallukondapalli, Hosur, Tamilnadu,
India |
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Unit III |
Kelamangalam, Achittapalli Post, Hosur, Tamilnadu, India |
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Unit IV: |
S. No. 29, Madargali, Village, Varuna Hobli, Mysore Taluka, Karnataka, India |
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Unit V (EOU) |
Kelamangalam, Achittapalli Post, Hosur, Tamilnadu, India |
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Unit VI: |
Village Bhatian, Tehsil -Nalagarh, Himachal Pradesh, India |
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Corporate Office/Unit VII : |
Plot No.1915, HSIIDC, Rai Industrial Estate, Phase-V, District
Sonepat, Haryana, India |
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Tel. No.: |
91-230-23697902/905/906/907/910/911 |
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Fax No.: |
91-130-2367903 |
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E-Mail : |
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Website : |
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Unit VIII: |
Plot No. SP 1-C, Industrial Area Tapukara, District Alwar, Rajasthan, India |
DIRECTORS
As on 31.03.2013
|
Name : |
Dr. J.K. Jain |
|
Designation : |
Chairman and Managing Director |
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Qualification : |
B.Com |
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Date of Appointment : |
05.08.1996 |
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Name : |
Mrs. Seema Jain |
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Designation : |
Whole Time Director |
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Qualification : |
B.Sc. |
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Date of Appointment : |
01.04.2005 |
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Name : |
Mr. J.S.S. Rao |
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Designation : |
Whole Time Director |
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Qualification : |
M.Com |
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Date of Appointment : |
02.05.2003 |
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Name : |
Mr. Kashi Ram Yadav |
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Designation : |
Whole Time Director |
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Qualification : |
Matriculation |
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Date of Appointment : |
01.05.1995 |
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Name : |
Ms. Aanchal Jain |
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Designation : |
Whole Time Director |
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Name : |
Mr. Rahul Jain |
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Designation : |
Whole Time Director (w.e.f. 101.10.2012) |
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Name : |
Mr. C.D. Shah |
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Designation : |
Independent Director (w.e.f. 13.09.2012) |
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Name : |
Mr. Iqbal Singh |
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Designation : |
Independent Director |
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Name : |
Mr. Charoen Sachamuneewongse |
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Designation : |
Independent Director (w.e.f. 30.04.2009) |
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Name : |
Mr. C.S. Kothari |
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Designation : |
Independent Director |
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Name : |
Mr. Amitabh Prakash Agrawal |
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Designation : |
Independent Director (w.e.f. 01.08.2010) |
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Name : |
Mr. V. K. Malhotra |
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Designation : |
Independent Director (w.e.f. 04.08.2011) |
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Name : |
Mr. S K Jain |
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Designation : |
Independent Director (w.e.f. 09.11.2012) |
KEY EXECUTIVES
|
Name : |
Mr. O.P. Gupta |
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Designation : |
Chief Finance Officer |
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Name : |
Mr. Arvind K. Chauhan |
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Designation : |
Company Secretary and Compliance Officer |
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AUDIT COMMITTEE: |
Mr. C.S. Kothari - Member Mr. Iqbal Singh - Member (w.e.f. 09.11.2012) Mr. S K Jain - Member/Chairman (up to 03.08.2011) Mr. V. K. Malhotra - Member (w.e.f. 04.08.2011 |
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REMUNERATION
COMMITTEE |
Mr. C.S. Kothari - Chairman Mr. Iqbal Singh – Member Mr. V.K. Malhotra - Member |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2014
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
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|
8283878 |
69.25 |
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|
84400 |
0.71 |
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|
8368278 |
69.96 |
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Total shareholding of Promoter and Promoter Group (A) |
8368278 |
69.96 |
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(B) Public Shareholding |
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|
|
|
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|
200000 |
1.67 |
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|
180 |
0.00 |
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|
200180 |
1.67 |
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|
1036877 |
8.67 |
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|
464343 |
3.88 |
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|
891442 |
7.45 |
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|
1001106 |
8.37 |
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|
763724 |
6.38 |
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|
104051 |
0.87 |
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|
112967 |
0.94 |
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|
20364 |
0.17 |
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|
3393768 |
28.37 |
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Total Public shareholding (B) |
3593948 |
30.04 |
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Total (A)+(B) |
11962226 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts have
been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
11962226 |
0.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of auto components and main product line are
Automotive Lighting and Signaling Equipments, Rear View Mirrors, Sheet Metal
Parts, Plastic Moulded Parts and some other components. |
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Products : |
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PRODUCTION STATUS [AS ON 31.03.2011]
|
Particular |
Units |
Production |
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Automotive Lights, Signaling Parts |
Nos |
31990036 |
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Rear View Mirror & Parts |
Nos |
9529077 |
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Sheet Metal Parts |
Nos |
3278116 |
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Prismatic Mirror and Mirror Plates |
Nos |
498555 |
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Manufactured Mould |
Nos |
16 |
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Others (Multifunctional Led Torch) |
Nos |
826 |
GENERAL INFORMATION
|
Customers : |
·
Tata ·
Force ·
Hyundai ·
Daimler ·
GM ·
Mahindra Reva ·
Daewoo ·
Swaraj ·
VST ·
Mahindra Navistar ·
Maruti Suzuki ·
Chrysler ·
Ichikoh ·
Sparex ·
TVS ·
Honda ·
Yamaha ·
Hero ·
Piaggo ·
LML ·
Lohia ·
Zadi |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
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Banking Relations
: |
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Statutory Auditors : |
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Name : |
Anil S. Gupta and Associates Chartered Accountants |
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Address: |
201, |
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Cost Auditors : |
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Name : |
Krishan Singh Berk Chartered Accountant |
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Address: |
365, Sector 15, Faridabad-121007, Haryana, India |
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Entity Controlled
by Key Management Personnel: |
· Fiem Auto Private Limited · Fiem Auto and Electrical Industries |
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100% Subsidiary Company
Incorporated in Japan: |
· Fiem Industries Japan Company Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11962226 |
Equity Shares |
Rs.10/- each
|
119.622
Millions |
Note:
Terms/rights attached to equity shares
The company has only one class of shares referred to as equity shares having a par value of Rs 10 each. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual general Meeting except in case of interim dividend. In the event of liquidation of the company, the holders of equity shares will be entitled to receive any of the remaining assets of the company, after distribution of all preferential amounts. However, no such preferential amount exist currently. The distribution will be in proportion to the number of the equity shares held by the shareholders.
Aggregate number of
bonus shares issued, share issued for consideration other than cash during the
period of five years immediately preceding the reporting date
1,04,065 fully paid up equity shares of Rs10/- each allotted during 2007-08 to the shareholders of M/s Fiem Sung san (India) Limited Pursuant to its Amalgamation without payment being received in cash.
The Details of
shareholder holding more than 5% shares in the company (Equity share of Rs 10
each fully paid up)
|
NAME OF SHAREHOLDERS |
AS ON 31.03.2013 |
|
|
|
NO. OF SHARES |
% HELD |
|
Rahul Jain |
4314116 |
36.06 % |
|
JK Jain |
1891111 |
15.81 % |
|
Seema Jain |
1754420 |
14.67 % |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
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|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
119.622 |
119.622 |
119.622 |
|
(b) Reserves & Surplus |
1562.328 |
1323.715 |
1140.249 |
|
(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) |
1681.950 |
1443.337 |
1259.871 |
|
|
|
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(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
761.845 |
949.899 |
807.033 |
|
(b) Deferred tax liabilities
(Net) |
242.138 |
193.045 |
146.616 |
|
(c) Other long term
liabilities |
17.370 |
25.918 |
10.052 |
|
(d) long-term provisions |
7.938 |
6.242 |
4.889 |
|
Total
Non-current Liabilities (3) |
1029.291 |
1175.104 |
968.590 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
303.543 |
441.651 |
381.119 |
|
(b) Trade payables |
745.613 |
644.093 |
552.413 |
|
(c) Other current liabilities |
494.052 |
429.264 |
347.099 |
|
(d) Short-term provisions |
73.708 |
53.011 |
42.043 |
|
Total
Current Liabilities (4) |
1616.916 |
1568.019 |
1322.674 |
|
|
|
|
|
|
TOTAL |
4328.157 |
4186.460 |
3551.135 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2915.538 |
2805.424 |
2301.146 |
|
(ii) Intangible Assets |
10.869 |
9.642 |
5.168 |
|
(iii) Capital work-in-progress |
14.790 |
13.730 |
131.839 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.462 |
0.462 |
0.462 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
80.871 |
72.153 |
94.816 |
|
(e) Other Non-current assets |
1.077 |
0.992 |
0.647 |
|
Total
Non-Current Assets |
3023.607 |
2902.403 |
2534.078 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
486.655 |
457.368 |
420.900 |
|
(c) Trade receivables |
688.180 |
670.702 |
460.687 |
|
(d) Cash and cash equivalents |
15.318 |
52.657 |
14.706 |
|
(e) Short-term loans and
advances |
108.935 |
101.569 |
116.920 |
|
(f) Other current assets |
5.462 |
1.761 |
3.844 |
|
Total
Current Assets |
1304.550 |
1284.057 |
1017.057 |
|
|
|
|
|
|
TOTAL |
4328.157 |
4186.460 |
3551.135 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income |
6022.147 |
5335.423 |
4208.397 |
|
|
Other Income |
3.527 |
3.008 |
4.605 |
|
|
TOTAL
(A) |
6025.674 |
5338.431 |
4213.002 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Raw Materials and
Components Consumed |
3576.470 |
3127.490 |
2546.493 |
|
|
Purchases of Stock-in-Trade |
81.035 |
91.654 |
70.365 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
1.047 |
(40.268) |
(64.434) |
|
|
Employees benefits expense |
707.704 |
611.869 |
461.404 |
|
|
Other expenses |
957.209 |
868.118 |
817.119 |
|
|
TOTAL
(B) |
5323.465 |
4658.863 |
3830.947 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
702.209 |
679.568 |
382.055 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
129.299 |
207.557 |
95.037 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
572.910 |
472.011 |
287.018 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
183.475 |
168.836 |
129.793 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
389.435 |
303.175 |
157.225 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
116.294 |
91.727 |
42.955 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
273.141 |
211.448 |
114.270 |
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
619.953 |
472.712 |
405.699 |
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
27.500 |
22.500 |
12.500 |
|
|
Dividend |
47.849 |
35.887 |
29.906 |
|
|
Tax on Dividend |
8.131 |
5.822 |
4.851 |
|
|
Balance
Carried to the B/S (J+K+L-M) |
809.614 |
619.953 |
472.712 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
151.089 |
112.592 |
124.849 |
|
|
Packing & Forwarding
Charges Received |
0.230 |
0.163 |
0.146 |
|
|
Testing Charges Received |
0.208 |
0.473 |
0.000 |
|
|
Design, Development &
Modification Charges |
0.000 |
1.157 |
27.275 |
|
|
Others |
0.019 |
0.085 |
0.213 |
|
|
TOTAL
EARNINGS |
151.546 |
114.470 |
124.995 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
67.602 |
77.172 |
99.211 |
|
|
Capital Goods |
52.614 |
106.575 |
36.205 |
|
|
Trading Goods |
52.939 |
64.581 |
45.562 |
|
|
Components and Stores parts |
5.138 |
2.261 |
2.617 |
|
|
Consumable Store |
1.211 |
0.780 |
2.943 |
|
|
TOTAL
IMPORTS |
179.504 |
251.369 |
186.538 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
22.83 |
17.68 |
9.55 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.53 |
3.96 |
2.71 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.47 |
5.68 |
3.74 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.03 |
7.27 |
4.60 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23 |
0.21 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.63 |
0.96 |
0.94 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.81 |
0.82 |
0.77 |
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 |
119.622 |
119.622 |
119.622 |
|
Reserves & Surplus |
1140.249 |
1323.715 |
1562.328 |
|
Net
worth |
1259.871 |
1443.337 |
1681.950 |
|
|
|
|
|
|
long-term borrowings |
807.033 |
949.899 |
761.845 |
|
Short term borrowings |
381.119 |
441.651 |
303.543 |
|
Total
borrowings |
1188.152 |
1391.550 |
1065.388 |
|
Debt/Equity
ratio |
0.943 |
0.964 |
0.633 |
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 |
4208.397 |
5335.423 |
6022.147 |
|
|
|
26.780 |
12.871 |
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 |
4208.397 |
5335.423 |
6022.147 |
|
Profit |
114.270 |
211.448 |
273.141 |
|
|
2.72% |
3.96% |
4.54% |
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 |
No |
BRIEF REVIEW
The economic scenario in F.Y. 2012-13 continued to be fraught with challenges amid slower growth and uncertainties. Operating in such difficult and testing environment is not less than a challenge.
For Automobile and Auto Component Industry, this year has remained extremely difficult as all the segments gripped in slowdown coped with drying demand. In Passenger Vehicle segments, passenger cars are testing worse times with a negative growth of 4.26% on production and negative growth of 6.69% in domestic sales. However, overall Passenger Vehicle segment has shown positive growth of 2.78% in production and 2.15% in domestic sales, registering an overall growth of 3.27% in total sales including exports, mainly because of robust demand of Utility Vehicles (UVs).
In two-wheeler segment the growth in production has remained slightly less then 2% and in domestic sales, slightly less then 3%. However, the production and sales growth in motorcycles has remained flat with less then 1% variation. In all these slow growth time even for two wheeler segment, the clear winner is scooter class, which has registered a production growth of 13.75% with 14.24% growth in domestic sales. As two-wheeler segment constitute a major part in overall business of the Company and in that too, the company is leader in scooters, hence this has remained a contributory factor in growth of Automotive Lighting and Mirrors business of the company. Despite all economic challenges, difficult situation and uncertainties of the Industry in which they operate, the Company has achieved a growth of 12.95%, as Net Sales for F.Y. 2012-13 has been Rs. 5988.757 Millions in comparison to Rs. 5302.267 Millions in F.Y. 2011-12. Profit Before Tax is Rs. 389.435 Millions in comparison to Rs. 303.177 Millions in F.Y. 2011-12. Profit After Tax has also increased with the increase in turnover and during F.Y. 2012-13 it was Rs. 273.142 Millions in comparison to Rs. 211.449 Millions, registering an increase of 29.18% over last year figure.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
ECONOMIC OVERVIEW:
GLOBAL ECONOMY
Global economic scenario in FY 2012-13 has broadly remained challenging amid slow improvement over previous year. Economies throughout the world witnessed slower growth and Eurozone was full of uncertainties due to high unemployment, banking issues and general recession. Some recovery in US Economy is considered as a positive sign but that is a small positive among so many negatives. In Asian economies, China experienced a considerable slow growth in a political transition phase.
INDIAN ECONOMY
During FY 2012-13, India's macroeconomic position could be categorized as difficult and policy landscape was not on comfort level. Throughout the year Retail FDI Policy was remained in news but nothing concrete could be achieved. Opposition political parties and number of business leaders openly aired their views about the prevailing policy uncertainties in the country for last couple of years. Indian currency is depreciating against USD and other foreign currencies, which is resulting in high import cost. As India's fuel requirement is substantially dependent on imports, therefore prices of petrol, diesel and related products are on rising trends, which are fuelling more inflation. Rupee depreciation, alarming import bill, increasingly current account deficit (CAD) and drying-up FDI have reduced India's foreign exchange reserve to alarming situation. Recently there was general appeal from the government for not purchasing the gold, because oil and gold are among largest import commodities for India. Among all these challenging time, country's economic growth hit a decade low of 5 per cent in the FY 2012-13 on account of poor performance in the farm, manufacturing and mining sectors. The shadow of slowdown was across the economy, sparing no single industry or sector.
OUTLOOK
Witnessing the decade low growth of 5% in FY 2012-13, across the board it was the view that the economy has bottomed out, and from here they should see only Over a period of time, Indian automobile industry has grown significantly and it ranks sixth in world after US, China, Japan, Brazil and Germany. OEMs from all across the world, particularly from Japan, Korea, Europe and America have established their base in India. With the passing of time, Indian players like Tata Motors, Mahindra and Mahindra etc. have grown into multinationals by expanding their footprints in other parts of the world. Many other players have substantially contributed to the growth of the industry. Two-wheeler players like HMSI, TVS, Hero MotoCorp, Bajaj have expanded their capacity and reach. Automobile Industry is now among the biggest Industry in their economy.
Structurally, Auto Component Industry is very vast and fragmented. The components manufactured by the auto component players run in to thousands and a number of auto component suppliers supply components to make a single vehicle. In this way auto component industry acts as ancillary to Automobile Industry it acts like a vendor-partner in production of any automobile whether upward trend, however largely the economists were also of the view that the support available to the economy is not very strong for a quick recovery.
In the beginning of FY 2013-14, some optimism and hope was there and economists were of the view that India's economy is poised for a gradual recovery in 2013-14, driven by large investment projects and foreign direct investment. The other reasons for optimistic views were lower rates, favorable monsoon, gradual pickup in investments, and a modest consumption recovery, due to lower rates and pre-election year spending.
However, as the year progressed, the growth projections were revised downward and in July, 2013 the central bank, in its First Quarter Review of Monetary Policy, cut the growth projection for 2013-14 to 5.5 per cent from an earlier estimate of 5.7 per cent.RBI kept the key rates unchanged and advised the government to take steps to contain the current account deficit. The government in February had estimated 6.5 per cent growth for 2013-14.
Lowering of the economic growth projection by the RBI to 5.5 per cent in the current fiscal is industry's biggest worry as it would have serious implications on critical aspects, including job creation.
With above developments, outlook for growth of Indian economy looks around 5. A large number of business leaders and economists are of the view that Indian economy needs a more enabling environment from government that encourages investment in manufacturing to produce goods for the huge domestic market of a continent size economy of billion plus people. This will help in reducing imports, increase in exports, resulting in saving of precious foreign exchange, reducing the trade deficit / CAD and will strengthen the falling rupee in addition to creating the employment.
CORPORATE INFORMATION
The Company is in the business of manufacturing and supply of auto components comprising of automotive lighting and signalling equipments, rear-view mirror, prismatic mirror, plastic moulded parts and sheet metal components for motorised vehicles. During the year, the company has made diversification into LED Luminaries.
It has started the production of LED luminaries comprising of indoor and outdoor lighting, display panels etc. The company's registered office is in New Delhi and it has several manufacturing plants and depots across the country. The research and development unit is situated at Rai, Sonepat, Haryana. It has one wholly owned foreign subsidiary in Japan. Its shares are listed on National Stock Exchange and Bombay Stock Exchange in India.
UNSECURED LOAN
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Short-term
borrowings |
|
|
|
Cash Credit/Working Capital Loans repayable on demand from Banks |
|
|
|
Indian Rupee Loan |
303.543 |
341.651 |
|
Foreign Currency Loan |
0.000 |
100.000 |
|
Total |
303.543 |
441.651 |
|
NOTE: Indian Rupee Loan
includes a) From Citibank NA :- Loan outstanding as at 31st March 2013 Rs 303.624 Millions (Previous Year Rs 237.814 Millions) Interest is payable with monthly rest on the last date of each month in each year or at such other rest as determined by the bank. The rate of interest is based on relevant circumstances, including market conditions which currently is 12.25%. The loan is secured against First Pari Passu Charge with Standard Chartered Bank on all present and future receivables, stocks/Inventories and on all fixed assets of the company (excluding assets specifically purchased out of term loans from Citibank and other term loan lenders) including equitable mortgage charge on first pari passu basis on Land and Building situated at Kundli, Haryana and Thally Road Hosur, Tamilnadu with Standard Chartered Bank. b) From Standard Chartered Bank :- Loan outstanding as at 31st March 2013 is NIL (Receivable Rs 0.081 Million) (Previous Year Loan of Rs 103.837 Millions) Interest is monthly payable. Interest is payable at base rate plus margin basis which may be agreed with bank from time to time which currently is 12.90%. The loan is secured against First Pari Passu charge with Citibank on Stocks and Book Debts, and Equitable mortgage charge on First Pari Passu basis on land and building situated at Kundli unit Haryana and Thally Road Hosur,Tamilnadu and first pari passu charge over all present and future movable fixed assets of the company with Citibank (excluding assets specifically financed by other term lenders) Foreign currency
Loan includes a) From Citibank NA :- Loan outstanding as at 31st March
2013 -NIL (Previous Year Rs 100.000 Millions) |
||
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10444288 |
12/08/2013 |
100,000,000.00 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
25,, BARAKHAMBHA
ROAD, NEW DELHI, DELHI - 110001, |
B82700212 |
|
2 |
10403623 |
29/01/2013 |
100,000,000.00 |
CITIBANK N.A |
JEEVAN BHARTI
BUILDING, 4TH FLOOR, 124 CONNAUGHT |
B68393826 |
|
3 |
10344552 |
29/03/2012 |
31,000,000.00 |
AXIS BANK LIMITED |
4/10, OPG HOUSE,
ASAF ALI ROAD, NEW DELHI, DELHI |
B35889765 |
|
4 |
10310485 |
21/12/2011 * |
150,000,000.00 |
STANDARD CHARTERED BANK (ACTING AS AN SECURITY AGE |
CREDIT RISK CONTROL,
NARAIN MANZIL, 23 BARAKHAMBA |
B31364847 |
|
5 |
10298614 |
12/07/2011 |
63,000,000.00 |
CITIBANK N.A |
JEEVAN BHARTI
BUILDING, 4TH FLOOR, 124 CONNAUGHT |
B17382102 |
|
6 |
10283675 |
04/05/2011 |
292,500,000.00 |
STANDARD CHARTERED BANK (ACTING AS AN SECURITY AGE |
CREDIT RISK CONTROL, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B11929429 |
|
7 |
10275312 |
02/06/2011 * |
300,000,000.00 |
AXIS BANK LIMITED |
4/10, OPG HOUSE, ASAF ALI ROAD, NEW DELHI, DELHI - 110002, INDIA |
B13978135 |
|
8 |
10275337 |
26/03/2011 |
100,000,000.00 |
AXIS BANK LIMITED |
148, BARAKHAMBA
ROAD, CANNAUGHT PLACE, NEW DELHI, |
B09070277 |
|
9 |
10228377 |
21/06/2010 |
160,000,000.00 |
STATE BANK OF PATIALA |
JANTI ROAD, LAKHMI PIOU,
KUNDLI, SONEPAT, HARYANA |
A89337380 |
|
10 |
10156640 |
20/04/2009 |
100,000,000.00 |
STATE BANK OF PATIALA |
JANTI ROAD, LAKHMI
PIOU, KUNDLI, SONEPAT, HARYANA |
A62038732 |
* Date of charge modification
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER
ENDED 31.12.2013
(Rs. In Millions)
|
Sr. No. |
Particular |
Quarter Ended (Unaudited) |
Nine Months Ended (Unaudited) |
|
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
1 |
Income from
Operations |
|
|
|
|
|
a) Net Sales / Income from Operations (Net of Excise Duty) |
1869.735 |
1784.799 |
5160.628 |
|
|
b) Other Operating Income |
11.347 |
6.441 |
31.786 |
|
|
Total Income from
Operations (Net) |
1881.082 |
1791.240 |
5192.414 |
|
2 |
Expenses |
|
|
|
|
a) Cost of materials consumed (including direct project cost) |
1105.913 |
1035.048 |
3048.701 |
|
|
|
b) Purchase of Stock in trade |
32.567 |
55.005 |
121.961 |
|
|
c) Changes in Inventories of Finished Goods, Work-in-progress and Stock-in-Trade |
(2.724) |
12.469 |
(30.202) |
|
|
d) Employee Benefits Expense |
211.973 |
213.171 |
622.603 |
|
|
e) Depreciation and Amortisation Expense |
55.134 |
52.745 |
159.907 |
|
|
f) Other Expenses |
295.677 |
264.074 |
802.523 |
|
|
Total Expenses |
1698.540 |
1632.512 |
4725.493 |
|
3 |
Profit / (Loss)
from Operations before Other Income, Finance Cost and Exceptional Items (1-2) |
182.542 |
158.728 |
466.921 |
|
4 |
Other Income |
0.383 |
6.986 |
7.864 |
|
5 |
Profit / (Loss)
before Finance Cost and Exceptional Items (3+4) |
182.925 |
165.714 |
474.785 |
|
6 |
Finance Costs |
36.627 |
36.876 |
110.490 |
|
7 |
Profit / (Loss)
after Finance cost but before Exceptional Items (5-6) |
146.298 |
128.838 |
364.295 |
|
8 |
Exceptional Items |
-- |
-- |
-- |
|
9 |
Profit / (Loss)
before Tax (7+8) |
146.298 |
128.838 |
364.295 |
|
10 |
Tax Expense |
43.475 |
38.088 |
110.183 |
|
11 |
Net Profit / (Loss)
after Tax (9-10) |
102.823 |
90.750 |
254.112 |
|
12 |
Extraordinary Items (net of tax expense) |
-- |
-- |
-- |
|
13 |
Net Profit / (Loss)
for the Period (11-12) |
102.823 |
90.750 |
254.112 |
|
14 |
Paid Up Equity Share Capital (Face Value of the share – Rs. 2/- each) |
119.623 |
119.623 |
119.623 |
|
15 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting year |
-- |
-- |
-- |
|
16 |
Earnings Per Share (EPS) (in Rs.) |
|
|
|
|
|
a) Basic |
8.60 |
7.59 |
21.24 |
|
|
b) Diluted |
8.60 |
7.59 |
21.24 |
SELECT INFORMATION FOR THE QUARTER ENDED 31.12.2013
|
Sr. No. |
Particular |
Quarter Ended (Unaudited) |
Nine Months Ended (Unaudited) |
|
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
- Number of Shares |
3593948 |
3593948 |
3593948 |
|
|
- Percentage of Shareholding |
30.04% |
30.04% |
30.04% |
|
2 |
Promoters and
Promoter Group Shareholding |
|
|
|
|
|
a) Pledged /
Encumbered |
|
|
|
|
|
- Number of Shares |
NIL |
NIL |
NIL |
|
|
- Percentage of Shares (as a % of total shareholding of promoter and promoter group) |
NIL |
NIL |
NIL |
|
|
- Percentage of Shares (as a % of total share Capital of the Company) |
NIL |
NIL |
NIL |
|
|
b) Non-Encumbered |
|
|
|
|
|
- Number of Shares |
8368278 |
8368278 |
8368278 |
|
|
- Percentage of Shares (as a % of total shareholding of promoter and promoter group) |
100% |
100% |
100% |
|
|
- Percentage of Shares (as a % of total share Capital of the Company) |
69.96% |
69.96% |
69.96% |
INVESTOR COMPLAINTS
|
PARTICULARS |
QUARTER ENDED 31.12.2013 |
|
Pending at
the beginning of the quarter |
Nil |
|
Received
during the quarter |
1 |
|
disposed off
during the quarter |
1 |
|
Remaining
unresolved at the end of the quarter |
Nil |
NOTE:
The above results have been reviewed by the Audit Committee and approved by the Board of Directors in their respective meetings held on February 12, 2014. The statutory auditors of the company have carried out limited review on the above results.
Previous years figures have been regrouped/ rearranged wherever necessary, to
make them comparable.
The company has one foreign subsidiary i.e. 'Fiem Industries Japan Company
Limited.' incorporated in Japan. Under Clause 41(I)(e) of the Listing
Agreement, the company has adopted the option of submitting un-audited
quarterly financial results only on standalone basis.
The Company is primarily engaged in Automotive Components business. As such
there is no other separate reportable segment as defined by Accounting
Standard-17 "Segment Reporting".
During the Quarter, the company has set up a Joint venture Company (JVC) in
Italy with Horustech Lighting S.r.l. Italy on December 12, 2013 and has
initially invested Rs 0.841 Million as part of capital contribution in the JVC.
Provision for Taxation Includes current tax, deferred tax and is net of MAT
Entitlement credit available to the company, if any.
FIXED ASSETS
Tangible Assets
· Land Free hold
· Buildings
· Plant & Equipment
· Furniture & Fixtures
· Vehicles
· Office Equipment
· Mould, Block & Dies
· Tools & Equipments
· Electrical Installations
· Computers
Intangible Assets
· Computer Software
· Development Expenditure
· Technical know-How
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 records 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.58.86 |
|
|
1 |
Rs.98.82 |
|
Euro |
1 |
Rs.80.71 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
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.