MIRA INFORM REPORT
|
Report Date : |
10.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
BOSCH LIMITED |
|
|
|
|
Formerly Known
As : |
MOTOR INDUSTRIES COMPANY LIMITED |
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2013 |
|
|
|
|
Date of
Incorporation : |
12.11.1951 |
|
|
|
|
Com. Reg. No.: |
08-000761 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 314.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L85110KA1951PLC000761 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRM01746D |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
Manufacturer of Automobile Equipment and Machinery. |
|
|
|
|
No. of Employees
: |
11352 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (72) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
Maximum Credit Limit : |
USD 250000000 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Exist |
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|
|
|
Comments : |
Subject is a well-established and reputed company having excellent
track record. Fundamentals of the company is decent. Financial position of the
company is strong and healthy. Trade relation reported to be trustworthy. Business is active. Payment
terms are reported to be regular and as per commitment. The company can be considered good for business dealing at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its e-commerce
business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
“SP 1A” |
|
Rating Explanation |
Highest performance capability and high
financial strength to undertake off grid solar projects |
|
Date |
March 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
LOCATIONS
|
Registered Office : |
|
|
Tel. No.: |
91-80-22992111/ 22220088/ 22992195/ 22222393 |
|
Fax No.: |
91-80-22272728 |
|
E-Mail : |
a.vijayashankar@in.bosch.com |
|
Website : |
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|
Factory: |
Located
at:
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DIRECTORS
As on: 31.12.2013
|
Name : |
Dr. A. Hieronimus |
|
Designation : |
Chairman |
|
Address : |
Praffenacker 6A, 97816 Lohr Am Main Germany |
|
Date of Birth/Age : |
06.04.1947 |
|
Date of Appointment : |
01.05.20089 |
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|
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|
Name : |
Dr. Steffen Berns |
|
Designation : |
Managing Director (from 01.01.2013) |
|
Other Directorship: |
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|
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|
Name : |
Mr. Vegulaparanan Kasi Viswanathan |
|
Designation : |
Managing Director |
|
Address : |
15/A1, Palance Road, Bangalore – 560032, Karnataka, India |
|
Date of Birth/Age : |
20.11.1950 |
|
Date of Appointment : |
01.01.2013 |
|
DIN No.: |
01782934 |
|
|
|
|
Name : |
Mr. Prasad Chandran |
|
Designation : |
Director |
|
Address : |
16-B, Darbhanga Mansion, Carmichael Road, Mumbai – 400026,
Maharahstra, India |
|
Date of Birth/Age : |
20.04.1952 |
|
Date of Appointment : |
28.05.2009 |
|
DIN No.: |
00200379 |
|
|
|
|
Name : |
Mr. Soumitra Bhattacharya |
|
Designation : |
Director |
|
Address : |
No.622, 7th Main, Vijaya Bank Layout, Sundaram Shetty Nagar,
Bannerghatta Road, Bilekallhalli, Bangalore – 560076, Karnataka, India |
|
Date of Birth/Age : |
15.06.1953 |
|
Date of Appointment : |
05.06.2013 |
|
DIN No.: |
02783243 |
|
|
|
|
Name : |
Mr. Bernhard Alfons Steinrucke |
|
Designation : |
Director |
|
Address : |
Breach Candy House, Flat No. 3, 1st Floor, 68 Bhulabhai
Desai Road, Mumbai – 400026, Maharashtra, India |
|
Date of Birth/Age : |
29.06.1955 |
|
Date of Appointment : |
15.06.2005 |
|
DIN No.: |
01122939 |
|
|
|
|
|
|
|
Name : |
Mrs. Renu. S. Karnad |
|
Designation : |
Director |
|
Address : |
BB-14, Greater Kailash Enclave, New Delhi - 110067 , India |
|
Date of Birth/Age : |
03.09.1952 |
|
Date of Appointment : |
01.04.2007 |
|
DIN No.: |
00008064 |
|
|
|
|
Name : |
Mr. Bhaskar Bhat |
|
Designation : |
Director (from 01.01.2013) |
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|
|
|
Name : |
Dr. Bernd Bohr |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Peter Tyroller |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. B. Muthuraman |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Franz Hauber |
|
Designation : |
Alternate Director |
KEY EXECUTIVES
|
Name : |
Mr. A Vijay Shankar |
|
Designation : |
Company Secretary ( From 02.04.2009) |
|
Address : |
No. 1291, 33rd Cross, Kumaraswamy Layout, 1st Stage,
Bangalore – 560078, Karnataka, India |
|
Date of Birth/Age : |
15.06.1953 |
|
Date of Appointment : |
02.04.2009 |
|
PAN No.: |
AACPV2599R |
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|
|
|
Committees : |
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|
Audit
Committee : |
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|
|
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|
Shareholders’/Investors’
Grievance Committee : |
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|
Remuneration
Committee : |
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|
Investment
Committee : |
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|
Property Committee : |
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Share Transfer
Committee : |
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|
Corporate Social
Responsibility Committee: |
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2014
|
Category of
Shareholder |
Total No. of
Shares |
% of Total No.
of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
|
|
|
|
22349420 |
71.18 |
|
|
22349420 |
71.18 |
|
Total shareholding of Promoter
and Promoter Group (A) |
22349420 |
71.18 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
986184 |
3.14 |
|
|
30202 |
0.10 |
|
|
2711397 |
8.64 |
|
|
2214604 |
7.05 |
|
|
5942387 |
18.93 |
|
|
|
|
|
|
775357 |
2.47 |
|
|
|
|
|
|
1803024 |
5.74 |
|
|
396367 |
1.26 |
|
|
132345 |
0.42 |
|
|
94541 |
0.30 |
|
|
1000 |
0.00 |
|
|
100 |
0.00 |
|
|
33316 |
0.11 |
|
|
3388 |
0.01 |
|
|
3107093 |
9.90 |
|
Total Public shareholding (B) |
9049480 |
28.82 |
|
Total (A)+(B) |
31398900 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
31398900 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Automobile Equipment and Machinery. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
-- |
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Imports : |
-- |
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Terms : |
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Selling : |
-- |
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Purchasing : |
-- |
PRODUCTION STATUS (As on 31.12.2012)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Fuel Injection Equipment |
Pcs. |
6114 |
4325 |
|
Injectors, Nozzles and Nozzle Holders |
Pcs. |
25750 |
23770 |
|
Auto Electricals |
Pcs. |
3436 |
2078 |
|
Portable Electric Power Tools |
Pcs. |
594 |
427 |
|
Spark Plugs |
Pcs. |
32900 |
32836 |
|
Special Purpose Engines |
Nos. |
146 |
118 |
|
Packaging Machines |
Nos. |
260 |
206 |
|
Spares & Components |
Pcs. |
31903 |
26109 |
NOTES:
- Installed capacity is as certified by
the management and relied upon by the
auditors without verification as this is a technical matter
- A part of installed capacity of spares
and components is used as OE fitment in Fuel Injection Equipments.
GENERAL INFORMATION
|
Suppliers : |
-- |
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Customers : |
-- |
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No. of Employees : |
11352 (Approximately) |
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Bankers : |
|
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|
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|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
5th Floor, Tower
"D", The Millenia, 1 and 2 Murphy
Road, Ulsoor, Bangalore 560008, Karnataka, India |
|
|
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|
Holding Company : |
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|
|
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|
Fellow Subsidiary Companies: |
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|
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|
Subsidiary Company : |
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|
|
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|
Joint Venture: |
|
|
|
|
|
Other entity under the control of the company : |
|
CAPITAL STRUCTURE
As on: 31.12.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
38051460 |
Equity Shares |
Rs. 10/- each |
Rs. 381.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
31398900 |
Equity Shares |
Rs. 10/- each |
Rs. 314.000 Millions |
|
|
|
|
|
a.
Reconciliation of the number of shares
|
|
31.12.2013 |
|
Equity Shares |
Number
of Shares |
|
Balance at the beginning of the year |
31389900 |
|
Balance at the end of the year |
31389900 |
b.
Rights, preferences
and restrictions attached to shares:
The Equity shares of the Company, having face value of Rs. 10/- per share, rank pari passu in all
respects including voting rights and entitlement to dividend.
c.
Equity shares held
by the holding company:
|
|
31.12.2013 |
|
|
Name of
Shareholder |
Number
of Shares |
Rs. In Millions |
|
Robert Bosch GmbH, Federal Republic of Germany, the holding company |
22349420 |
223.000 |
|
|
|
|
d.
Details of equity shares held by shareholders holding
more than 5% shares:
|
|
31.12.2013 |
|
|
Name of
Shareholder |
Number
of Shares |
% of Shareholdings |
|
Robert Bosch GmbH, Federal Republic of Germany, the holding company |
22349420 |
71.18% |
|
|
|
|
e.
Shares bought back
during the period of five years immediately preceding the reporting date:
|
|
31.12.2013 |
|
Particulars |
Number
of Shares |
|
Number of equity shares bought back by the Company |
652,971 |
|
|
|
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
314.000 |
314.000 |
314.000 |
|
(b) Reserves & Surplus |
62629.000 |
55419.000 |
46970.000 |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
62943.000 |
55733.000 |
47284.000 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
1289.000 |
1813.000 |
2273.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
391.000 |
334.000 |
373.000 |
|
(d) long-term
provisions |
2517.000 |
2184.000 |
1715.000 |
|
Total Non-current
Liabilities (3) |
4197.000 |
4331.000 |
4361.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
27.000 |
37.000 |
181.000 |
|
(b) Trade
payables |
10646.000 |
9287.000 |
10305.000 |
|
(c) Other
current liabilities |
6667.000 |
4569.000 |
5211.000 |
|
(d) Short-term
provisions |
4732.000 |
5065.000 |
3968.000 |
|
Total Current
Liabilities (4) |
22072.000 |
18958.000 |
19665.000 |
|
|
|
|
|
|
TOTAL |
89212.000 |
79022.000 |
71310.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
9364.000 |
8566.000 |
5917.000 |
|
(ii)
Intangible Assets |
17.000 |
67.000 |
0.000 |
|
(iii)
Capital work-in-progress |
4568.000 |
4083.000 |
3207.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
9850.000 |
5588.000 |
4477.000 |
|
(c) Deferred tax
assets (net) |
2989.000 |
2552.000 |
2276.000 |
|
(d) Long-term Loan and Advances |
2626.000 |
2256.000 |
3328.000 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
29414.000 |
23112.000 |
19205.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
12001.000 |
9698.000 |
11870.000 |
|
(b)
Inventories |
12072.000 |
10957.000 |
11831.000 |
|
(c) Trade
receivables |
10735.000 |
10270.000 |
8959.000 |
|
(d) Cash
and cash equivalents |
14415.000 |
14872.000 |
9515.000 |
|
(e)
Short-term loans and advances |
9132.000 |
8787.000 |
8894.000 |
|
(f) Other
current assets |
1443.000 |
1326.000 |
1036.000 |
|
Total
Current Assets |
59798.000 |
55910.000 |
52105.000 |
|
|
|
|
|
|
TOTAL |
89212.000 |
79022.000 |
71310.000 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
SALES |
|
|
|
|
|
Net sale of product |
85405.000 |
84172.000 |
79295.000 |
|
|
Sale of services |
1006.000 |
1052.000 |
677.000 |
|
|
Other operating revenue |
1790.000 |
1367.000 |
1686.000 |
|
|
Other Income |
3526.000 |
3692.000 |
3203.000 |
|
|
TOTAL (A) |
91727.000 |
90283.000 |
84861.000 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
29932.000 |
27947.000 |
26944.000 |
|
|
Purchases of
Stock-in-Trade |
19220.000 |
19077.000 |
19106.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(1329.000) |
560.000 |
(2098.000) |
|
|
Employees benefits expense |
11912.000 |
10371.000 |
8961.000 |
|
|
Other expenses |
15555.000 |
15141.000 |
13626.000 |
|
|
TOTAL (B) |
75290.000 |
73096.000 |
66539.000 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
16437.000 |
17187.000 |
18322.000 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
29.000 |
55.000 |
4.000 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
16408.000 |
17132.000 |
18318.000 |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
3842.000 |
3670.000 |
2578.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
12566.000 |
13462.000 |
15740.000 |
|
|
|
|
|
|
|
Less |
TAX (H) |
3719.000 |
3879.000 |
4513.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
8847.000 |
9583.000 |
11227.000 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
14406.829 |
7971.829 |
6668.829 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Dividend recommended |
1727.000 |
1884.000 |
1570.000 |
|
|
Special dividend |
0.000 |
0.000 |
2669.000 |
|
|
Tax on Dividend |
308.000 |
306.000 |
255.000 |
|
|
Tax on Special Dividend |
0.000 |
0.000 |
434.000 |
|
|
General Reserve |
885.000 |
958.000 |
5000.000 |
|
|
Reversal of Dividend
Distribution Tax |
0.000 |
0.000 |
(4.000) |
|
|
BALANCE CARRIED TO THE
B/S |
20333.829 |
14406.829 |
7971.829 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
8753.000 |
8683.000 |
10344.000 |
|
|
Sale of service and
others |
1017.000 |
749.000 |
457.000 |
|
|
TOTAL EARNINGS |
9770.000 |
9432.000 |
10801.000 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
11734.000 |
11495.000 |
12326.000 |
|
|
Components and Stores
parts |
930.000 |
942.000 |
1022.000 |
|
|
Capital Goods |
2946.000 |
2548.000 |
2433.000 |
|
|
Trade Goods |
9967.000 |
11301.000 |
12172.000 |
|
|
TOTAL IMPORTS |
25577.000 |
26286.000 |
27953.000 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
282.00 |
305.00 |
358.00 |
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
31.12.2013 (Unaudited) |
31.03.2014 (Unaudited) |
|
|
1st Quarter |
2nd Quarter |
3rd Quarter |
4th Quarter |
|
Sales Turnover |
23069.900 |
21498.900 |
21620.000 |
24503.800 |
|
Total Expenditure |
19439.700 |
18233.100 |
19485.800 |
20517.000 |
|
PBIDT (Excl OI) |
3630.200 |
3265.800 |
2134.200 |
3986.800 |
|
Other Income |
897.600 |
864.900 |
931.300 |
1423.700 |
|
Operating Profit |
4527.800 |
4130.700 |
3065.500 |
5410.500 |
|
Interest |
0.800 |
0.300 |
24.800 |
7.600 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
4527.000 |
4130.400 |
3040.700 |
5402.900 |
|
Depreciation |
864.200 |
893.900 |
1241.600 |
881.000 |
|
Profit Before Tax |
3662.800 |
3236.500 |
1799.100 |
4521.900 |
|
Tax |
1146.000 |
894.000 |
409.300 |
1259.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
2516.800 |
2342.500 |
1389.800 |
3262.900 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
2516.800 |
2342.500 |
1389.800 |
3262.900 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
PAT / Total Income |
(%) |
9.64 |
10.61 |
13.23 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
14.71 |
15.99 |
19.85 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.50 |
20.15 |
25.66 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20 |
0.24 |
0.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.02 |
0.03 |
0.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.71 |
2.95 |
2.65 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
314.000 |
314.000 |
314.000 |
|
Reserves & Surplus |
46970.000 |
55419.000 |
62629.000 |
|
Net worth |
47284.000 |
55733.000 |
62943.000 |
|
|
|
|
|
|
long-term borrowings |
2273.000 |
1813.000 |
1289.000 |
|
Short term borrowings |
181.000 |
37.000 |
27.000 |
|
Total borrowings |
2454.000 |
1850.000 |
1316.000 |
|
Debt/Equity ratio |
0.052 |
0.033 |
0.021 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
79295.000 |
84172.000 |
85405.000 |
|
|
|
6.150 |
1.465 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
79295.000 |
84172.000 |
85405.000 |
|
Profit |
11227.000 |
9583.000 |
8847.000 |
|
|
14.16% |
11.39% |
10.36% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
|
Unsecured Loan |
As on 31.12.2013 |
As on 31.12.2012 |
||||||||
|
Long Term Borrowings
|
|
|
||||||||
|
Sales tax deferral loan |
1289.000 |
1813.000 |
||||||||
|
|
|
|
||||||||
|
Total |
1289.000 |
1813.000 |
||||||||
|
Note:
Terms of
repayment for unsecured borrowings:
|
||||||||||
LITIGATION DETAILS
|
CASE PENDING
Lower Court Details [Appeal from below case.]
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FINANCIAL RESULTS
Net sales for the year 2013 grew by 1.5%. The Profit before Tax (PBT) in 2013 as a percentage of net sales was at 14.7% as compared to 16.0% in 2012. The Profit after Tax (PAT) as a percentage of net sales was 10.4% in 2013 as against 11.4% in 2012.
Material costs as a percentage to sales decreased from 56.5% in 2012 to 55.9% in 2013.
Overall, the Profit before Interest, Depreciation and Taxes for the year shows a decrease of 6.6% over the previous year.
MANAGEMENT
DISCUSSION AND ANALYSIS
ECONOMIC OVERVIEW
GLOBAL ECONOMY
INDUSTRY STRUCTURE
AND DEVELOPMENT
Global economic activity showed signs of stabilization in 2013. Global Gross Domestic Product (GDP) growth was 3% in 2013 compared to 3.1% in 2012 as per the International Monetary Fund (IMF). Advanced economies saw an uneven recovery with overall growth coming in at 1.3% in 2013.
In emerging market economies, domestic demand remained subdued while demand from advanced economies helped their exports. As per the IMF, emerging markets and developing economies grew at 4.7% in 2013 compared to 4.9% in 2012.
The improvement in growth and employment prospects in the United States of America lead to announcement by the US Federal Reserve that it would begin tapering its Quantitative Easing (QE) measures. The volatility associated with these measures resulted in capital outflows from emerging market economies in 2013.
INDIAN ECONOMY
In 2013, like most emerging market economies, India faced capital outflows and intense exchange rate pressures. Stabilization of the economy by restoring exchange rate stability became an overriding task. In response to steps like disincentivising gold imports, as also improvement in global trade, India’s Current Account Deficit is expected to decline from 4.9% of GDP in Q1 to below 2.5% of GDP by end of the financial year 2013-14. The external sector risk was also mitigated by taking measures to attract foreign inflows which helped in recouping the foreign exchange reserves.
The Reserve Bank of India (RBI) increased interest rates in order to target persisting high inflation. The shift in focus from Wholesale Price Index (WPI) inflation to Consumer Price Index (CPI) inflation also kept interest rate outlook on the higher side.
In India, growth prospects depend on a rebound in agricultural output and improved export performance. However, industrial growth remained stagnant while the service sector showed a mixed picture.
OPERATIONAL
HIGHLIGHTS
The Company saw a sales growth of 1.5% over the previous year 2012. The overall economic slowdown in the domestic market impacted the Company especially in the automotive business. However, export growth was assisted by the weakening of the rupee apart from volumes remaining stable throughout the year. Domestic sales grew by 0.2% and export sales grew by 12.5%.
In the challenging environment, the Company was still able to achieve 14.7% profit before tax (PBT) on sales. However, this is 1.3% lower than 2012.
Diesel Systems business declined by 5% due to drop in third party domestic sales, primarily driven by the Commercial Vehicle(CV) and passenger car segment. VE pumps and new generation products did not perform as per expectations. The tractor market boosted the conventional product sales and aided overall performance. Diesel systems business will continue to ride heavily on new generation common rail systems (CRS) for future growth in all segments.
Gasoline business grew by 5%. This is mainly on account of growth in exports which compensated volume reduction by major customers in domestic market.
Starter Motors and Generators business witnessed a growth of 16.3% in 2013. Export business of the division grew by 45.5%. Growth was driven by the significant increase of the export of New Baseline Generators (NBL) which compensated drop in CV segment.
The Automotive Aftermarket business grew by 2.5% due to overall consumer trends. The focus was to improve the supply chain through expansion of distribution network and up gradation of warehouse management system.
Packaging Technology business grew by 19.2%. Growth was primarily due to domestic sales which increased by 29% from previous year due to launch of new products in the market. There was an increase in service income due to the expansion of Software Pool and Assembly Pool services in 2013.
Security Technology business, excluding onetime project business, grew by 3.4%. Good performance of the Public Address and Conference Systems (PACo), Critical Communication Systems and Fire Alarm business contributed to this growth.
Despite weak consumer trends, the Power Tools business grew at 10% in 2013. Growth was achieved through newer avenues of sales like online retailing, Do-It-Yourself (DIY) square and “Under One Roof” brand shop.
Newer businesses like Solar Energy and Thermo Technology started gaining market share and showed impressive growth.
Industrial Equipment division recorded a healthy growth of 62.4% driven by internal as well as external orders for the assembly lines.
OUTLOOK
Leading indicators like business confidence indicate a moderate improvement in the economic conditions in India on account of agricultural demand and growth in exports. However, weak domestic demand, political uncertainty and high inflation appear to be among the several factors restraining growing optimism. The outlook for GDP growth in India is around 5 - 6% for the financial year 2014-15.
For 2014, they expect a gradual recovery to set in as the projects cleared by the Cabinet Committee for Investment (CCI) translate into investments along with improvement in global growth outlook and softening of inflation. The pick-up in demand, however, depends critically on the successful resolution of bottlenecks in infrastructure and energy-intensive industrial projects.
The automotive industry will continue with the trends set in the previous year. Moderate growth is expected towards the later half of 2014. Consumer trend will see a slight improvement in second half of 2014 although the construction index will continue to have a challenging phase.
Note: No Charges Exist
For Company
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
STANDALONE UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER / HALF YEAR ENDED 30TH JUNE 2014
(Rs. In Millions)
|
Particulars |
3 Months Ended |
Preceding 3 Months Ended |
Half Year Ended |
|
|
30.06.2014 |
31.03.2014 |
30.06.2014 |
|
|
UNAUDITED |
||
|
1. Income
from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
23546.100 |
24314.100 |
57860.200 |
|
b) Other operating income |
398.000 |
189.700 |
587.700 |
|
Total
income from Operations(net) |
23944.100 |
24503.800 |
48447.900 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
8145.200 |
7572.500 |
15717.700 |
|
b) Purchases of stock in trade |
5234.700 |
5062.300 |
10297.000 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(697.600) |
846.900 |
149.300 |
|
d) Employees benefit expenses |
3332.400 |
3275.500 |
6607.900 |
|
e) Depreciation and amortization expenses |
901.700 |
881.000 |
1782.700 |
|
f) Other expenditure |
3606.000 |
3759.800 |
7215.500 |
|
Total expenses |
20522.400 |
21398.000 |
41770.100 |
|
3. Profit from operations before other income and
financial costs |
3421.700 |
3105.800 |
6677.800 |
|
4. Other income |
977.800 |
1423.700 |
2251.200 |
|
5. Profit from ordinary activities before finance costs |
4399.500 |
4529.500 |
8929.000 |
|
6. Finance costs |
12.200 |
7.600 |
19.800 |
|
7. Profit from ordinary activities before tax
Expense: |
4387.300 |
4521.900 |
8909.200 |
|
8.Tax expenses |
1320.500 |
1259.000 |
2579.500 |
|
9.Net Profit / (Loss) for the period |
3066.800 |
3262.900 |
6329.700 |
|
10.Paid-up equity share capital (Nominal value Rs.10/- per share) |
314.000 |
314.000 |
314.000 |
|
11. Reserve excluding Revaluation Reserves as per
balance sheet of previous accounting year |
|
|
|
|
12.i) Earnings per share (before extraordinary
items) of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic and diluted |
97.70 |
103.90 |
201.60 |
|
|
|
|
|
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
9049480 |
9049480 |
9049480 |
|
- Percentage of shareholding |
28.82 |
28.82 |
28.82 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
-- |
-- |
-- |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
-- |
-- |
-- |
|
Percentage of shares (as a % of total share capital of the
company) |
-- |
-- |
-- |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
22349420 |
22349420 |
22349420 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
71.18 |
71.18 |
71.18 |
|
|
|
|
|
|
|
|||
|
B.
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
1 |
|
|
|
Receiving during the quarter |
1 |
|
|
|
Disposed of during the quarter |
2 |
|
|
|
Remaining unreserved at the end of the quarter |
-- |
|
|
SEGMENT WISE REVENUE, RESULTS AND
CAPITAL EMPLOYED UNDER CLAUSE 41 OF THE LISTING AGREEMENT
(Rs. In Millions)
|
Particulars |
3
Months Ended |
Preceding
3 Months Ended |
Half
Year Ended |
|
|
30.06.2014 |
31.03.2014 |
30.06.2014 |
|
|
UNAUDITED |
||
|
1. Segment
Revenue |
|
|
|
|
a)
Automotive Products |
21191.800 |
21330.000 |
42521.800 |
|
b)
Others |
2785.900 |
3212.200 |
5998.100 |
|
Total segment
revenue |
23977.700 |
24542.200 |
48519.900 |
|
Less: Inter –
segment revenue |
33.600 |
38.400 |
72.000 |
|
Total income
from operations (net sales) |
23944.100 |
24503.800 |
48447.900 |
|
|
|
|
|
|
2. Segment
Results |
|
|
|
|
a)
Automotive Products |
3578.200 |
3411.400 |
6989.600 |
|
b)
Others |
181.100 |
347.100 |
528.200 |
|
Total segment results |
3759.300 |
3758.500 |
7517.800 |
|
Less: Finance
Costs |
12.200 |
7.600 |
19.800 |
|
Less: Other
un-allocable Corporate expenditure |
337.600 |
652.700 |
840.000 |
|
Add: Unallocable
Income |
977.800 |
1423.700 |
2251.200 |
|
Total Profit
Before Tax |
4387.300 |
4521.900 |
8909.200 |
|
|
|
|
|
|
3. Capital
Employed |
|
|
|
|
a)
Automotive Products |
14600.600 |
16036.200 |
14600.600 |
|
b)
Others |
2689.600 |
2854.700 |
2689.600 |
|
Total
Capital Employed |
17290.200 |
18890.900 |
17290.200 |
|
Add
: Unallocable Corporate Assets Less Corporate Liabilities |
52297.700 |
47315.100 |
52297.700 |
|
Total
Capital Employed In the Company |
69587.900 |
66206.000 |
69587.900 |
STANDALONE
STATEMENT OF ASSTES AND LIABILITIES AS ON 30.06.2014
Rs. In Millions
|
SOURCES OF FUNDS |
30.06.2014 (Unaudited) |
|
I.
EQUITY
AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
314.000 |
|
(b) Reserves & Surplus |
69273.900 |
|
(c) Pending Call Money |
0.000 |
|
Sub-total Shareholders’ |
69587.900 |
|
|
|
|
(2) Non-Current Liabilities |
|
|
(a) long-term borrowings |
916.700 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
|
(c) Other long term liabilities |
370.000 |
|
(d) long-term provisions |
2733.500 |
|
Sub-total of
Non-Current liabilities |
4020.200 |
|
|
|
|
(3)
Current liabilities |
|
|
(a) Short
term borrowings |
8.700 |
|
(b) Trade
payables |
11167.800 |
|
(c) Other
current liabilities |
6388.500 |
|
(d) Short-term
provisions |
3952.600 |
|
Sub-total of Current liabilities |
21517.600 |
|
|
|
|
TOTAL |
95125.700 |
|
|
|
|
II.
ASSETS |
|
|
(1)
Non-current assets |
|
|
(a) Fixed
Assets |
12874.400 |
|
(b)
Non-Current investments |
14092.800 |
|
(c) Deferred
tax assets (net) |
3211.000 |
|
(d) Long
term loans and advances |
2688.700 |
|
(e) Other non-current
assets |
0.000 |
|
Sub-total of
Non-Current Assets |
32866.900 |
|
|
|
|
(2)
Current assets |
|
|
(a)
Current investments |
11500.000 |
|
(b)
Inventories |
11907.400 |
|
(c) Trade
receivables |
12874.100 |
|
(d) Cash
and cash equivalents |
14615.000 |
|
(e)
Short-term loans and advances |
10313.600 |
|
(f) Other
current assets |
1048.700 |
|
Sub-total of
Current Assets |
62258.800 |
|
|
|
|
TOTAL |
95125.700 |
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.61.52 |
|
|
1 |
Rs.97.39 |
|
Euro |
1 |
Rs.76.16 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
72 |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely
sound financial base with the strongest capability for timely payment of
interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate
working capital. No caution needed for credit transaction. It has above average
(strong) capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial &
operational base are regarded healthy. General unfavourable factors will not
cause fatal effect. Satisfactory capability for payment of interest and principal
sums |
Fairly
Large |
|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome
financial difficulties seems comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are
apparent. Repayment of interest and principal sums in default or expected to
be in default upon maturity |
Limited
with full security |
|
<10 |
C |
Absolute credit risk
exists. Caution needed to be exercised |
Credit
not recommended |
|
-- |
NB |
New
Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.