MIRA
INFORM REPORT
|
Report Date : |
09.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
SETCO AUTOMOTIVE LIMITED (w.e.f. 14.02.2006) |
|
|
|
|
Formerly Known
As : |
ERSTWHILE GUJARAT SETCO CLUTCH LIMITED |
|
|
|
|
Registered
Office : |
Vadodara – |
|
|
|
|
Country : |
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|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
05.05.1982 |
|
|
|
|
Com. Reg. No.: |
04-005203 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 266.780 Millions |
|
|
|
|
CIN No.: [Company Identification No.] |
L35999GJ1982PLC005203 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDG00832G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACG7777K |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
Manufacturer and Exporter of Clutch Products for the
Automotive and Hydraulic Products for Construction Equipment Industry. |
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|
|
|
No. of Employees
: |
650 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 7460000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Usually Correct |
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|
|
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Litigation : |
Clear |
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|
|
|
Comments : |
Subject was jointly promoted by the Sheth Family and the Government of
Gujarat. It is an established company having a satisfactory track record. There appears dip in profit of the company during the year 2013. However, overall fundaments of the company seems to be strong and
healthy. Trade relations are reported to be fair. Business is active. Payment
terms are usually correct. In view of long and established track, the company can be considered
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 |
CRISIL |
|
Rating |
Long term rating “BBB - ” |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
25.07.2014 |
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.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Pundalik |
|
Designation : |
Assistant Manager Account |
|
Contact No.: |
91-22-23520092 |
|
Date : |
04.10.2014 |
LOCATIONS
|
Registered Office / Factory 1 : : |
Vadodara – Godhra Highway, Kalol, District Panchmahals – 389330,
Gujarat, India |
|
Tel. No.: |
91-2676-305600 |
|
Fax No.: |
Not Available |
|
E-Mail : |
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|
Website : |
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|
Corporate Office : |
2/A, Film Centre Building, Ground Floor, Tardeo Road, Mumbai - 400034, Maharashtra, India |
|
Tel. No.: |
91-22-40755555 |
|
Fax No.: |
91-22-23520754 |
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|
|
|
Factory 2 : |
Sitarganj, Udham Singh Nagar - 262405, Uttaranchal, India |
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|
|
|
Plants : |
Plot No. 196/A, Phase 1, Eldeco Sidcul Industrial Park, Village Lalarpatti, P. O. Sia Camp, Udham Singh Nagar – 262403, Uttarakhand, India |
DIRECTORS
As on 31.03.2014
|
Name : |
Ms. Suhasini Sathe |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Arun Arora |
|
Designation : |
Director |
|
Date of Birth/Age : |
08.08.1945 |
|
Qualification : |
B.Com, AMP, Business Management, Harvard Business School |
|
|
|
|
Name : |
Mr. Ashok Kumar Jha |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Bhalchandra Naik |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Harshal Shah |
|
Designation : |
Director |
|
Date of Birth/Age : |
16.12.1970 |
|
Qualification : |
MBA from The Wharton School of Business, two Bachelors' degrees: in Management, and Electrical Engineering and Computer Science, with a Minor in Economics (Truman Gray Scholar from MIT and MIT Sloan School of Management) |
|
|
|
|
Name : |
Pratap Merchant |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Shvetal Vakil |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Udit Sheth |
|
Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Naveen Manghani |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Pundalik |
|
Designation : |
Assistant Manager Account |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of Shareholders |
No. of Shares |
% of No. of
Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
3338076 |
12.51 |
|
|
13472769 |
50.50 |
|
|
16810845 |
63.01 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
16810845 |
63.01 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
9150 |
0.03 |
|
|
1060500 |
3.98 |
|
|
1069650 |
4.01 |
|
|
|
|
|
|
733350 |
2.75 |
|
|
|
|
|
|
1995474 |
7.48 |
|
|
1479559 |
5.55 |
|
|
4589146 |
17.20 |
|
|
20967 |
0.08 |
|
|
1275679 |
4.78 |
|
|
3292500 |
12.34 |
|
|
8797529 |
32.98 |
|
Total Public shareholding (B) |
9867179 |
36.99 |
|
Total (A)+(B) |
26678024 |
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) |
26678024 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Clutch Products for the
Automotive and Hydraulic Products for Construction Equipment Industry. |
|
|
|
|
Exports : |
|
|
Products : |
Clutch Products |
|
Countries : |
·
UK ·
USA ·
Dubai |
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
·
Australia ·
China |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers |
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No. of Employees : |
650 (Approximately) |
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Bankers : |
· HDFC Bank Limited ·
Bank of Baroda ·
ICICI Bank Limited |
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Facilities : |
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Banking
Relations : |
--- |
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|
Auditors : |
|
|
Name : |
Manesh Mehta and Associates Chartered Accountants |
|
Address : |
R C Dutt Road, Alkapuri, Vadodara, Gujarat, India |
|
Tel No.: |
91-265-3052544 |
|
Email : |
|
|
|
|
|
|
|
|
Solicitors : |
|
|
Name : |
Wadia Ghandy and Company |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Associates : |
·
Western Engineering Works ·
Se Transstadia Private Limited ·
Transstadia (Ahmedabad) Private Limited ·
Transstadia Technologies Private Limited ·
Setco Engineering Private Limited ·
Transstadia Capital Private Limited ·
Setco Foundation ·
Transstadia Playsport Private Limited ·
Transstadia Sport Sciences Private Limited ·
Transstadia Technologies Private Limited ·
Transstadia Boxing India Private Limited ·
Transstadia Holdings Private Limited ·
Setco Holding Private Limited ·
Transstadia Hospitality Private Limited ·
Urdit Exports ·
Lava Cast Limited |
|
|
·
|
|
Subsidiaries : |
·
Setco Automotive UK Limited, UK ·
Setco Automotive N.A Inc, USA ·
WEW Holdings Limited, Mauritius |
CAPITAL STRUCTURE
As on: 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
26678024 |
Equity Shares |
Rs.10/- each |
Rs.266.780 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
266.780 |
266.721 |
176.438 |
|
(b) Reserves & Surplus |
1598.906 |
1451.962 |
1051.637 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.225 |
4.892 |
|
Total
Shareholders’ Funds (1) + (2) |
1865.686 |
1718.908 |
1232.967 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
208.024 |
89.081 |
56.525 |
|
(b) Deferred tax liabilities (Net) |
80.964 |
59.709 |
55.566 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
5.630 |
7.800 |
5.001 |
|
Total Non-current Liabilities (3) |
294.618 |
156.590 |
117.092 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1233.919 |
1291.940 |
1041.195 |
|
(b) Trade payables |
513.343 |
344.493 |
457.772 |
|
(c) Other current
liabilities |
132.475 |
122.764 |
170.046 |
|
(d) Short-term provisions |
103.113 |
91.856 |
93.524 |
|
Total Current Liabilities (4) |
1982.850 |
1851.053 |
1762.537 |
|
|
|
|
|
|
TOTAL |
4143.154 |
3726.551 |
3112.596 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1119.418 |
1044.729 |
727.927 |
|
(ii) Intangible Assets |
83.722 |
57.203 |
35.100 |
|
(iii) Capital
work-in-progress |
0.742 |
64.490 |
44.042 |
|
(iv)
Intangible assets under development |
75.026 |
74.712 |
75.342 |
|
(b) Non-current Investments |
629.050 |
483.100 |
333.100 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
414.752 |
235.713 |
120.496 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
2322.710 |
1959.947 |
1336.007 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
72.052 |
|
(b) Inventories |
654.926 |
608.558 |
476.192 |
|
(c) Trade receivables |
756.740 |
845.848 |
901.604 |
|
(d) Cash and cash
equivalents |
40.620 |
17.112 |
71.909 |
|
(e) Short-term loans and
advances |
368.158 |
295.086 |
254.662 |
|
(f) Other current assets |
0.000 |
0.000 |
0.170 |
|
Total Current Assets |
1820.444 |
1766.604 |
1776.589 |
|
|
|
|
|
|
TOTAL |
4143.154 |
3726.551 |
3112.596 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
3287.858 |
3407.835 |
3653.784 |
|
|
|
|
Other Income |
132.041 |
85.197 |
35.313 |
|
|
|
|
TOTAL |
3419.899 |
3493.032 |
3689.097 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials consumed |
2011.573 |
2148.898 |
2241.854 |
|
|
|
|
Purchase of Traded Goods |
0.000 |
0.000 |
0.000 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(23.181) |
(98.996) |
(54.070) |
|
|
|
|
Employee Benefits Expense |
304.559 |
269.388 |
242.874 |
|
|
|
|
Miscellaneous Expenditure Amortized |
0.000 |
0.170 |
0.170 |
|
|
|
|
Other expenses |
653.002 |
610.691 |
560.487 |
|
|
|
|
Exceptional Items |
|
|
|
|
|
|
|
TOTAL |
2945.953 |
2930.151 |
2991.315 |
|
|
|
|
|
|
|
||
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
550.668 |
562.881 |
669.342 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES |
202.215 |
173.579 |
165.537 |
||
|
|
|
|
|
|
||
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
348.453 |
389.302 |
503.805 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION |
105.165 |
91.812 |
80.645 |
||
|
|
|
|
|
|
||
|
|
PROFIT BEFORE
TAX |
243.288 |
297.490 |
423.16 |
||
|
|
|
|
|
|
||
|
Less |
TAX |
11.279 |
24.119 |
(1.043) |
||
|
|
|
|
|
|
||
|
|
PROFIT AFTER TAX
|
232.009 |
273.371 |
424.203 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1248.454 |
975.083 |
550.880 |
||
|
|
|
|
|
|
||
|
|
BALANCE CARRIED
TO THE B/S |
1480.463 |
1248.454 |
975.083 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
Export Earnings |
275.685 |
290.010 |
222.118 |
|
|
|
|
Commission Earnings |
32.936 |
22.763 |
2.796 |
|
|
|
TOTAL EARNINGS |
308.621 |
312.773 |
224.914 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
510.704 |
556.583 |
479.825 |
|
|
|
|
Capital Goods |
71.075 |
1.079 |
22.514 |
|
|
|
TOTAL IMPORTS |
581.779 |
557.662 |
502.339 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
|
|
|
||
|
|
Basic |
8.70 |
10.28 |
16.03 |
||
|
|
Diluted |
8.70 |
10.27 |
16.01 |
||
QUARTERLY /
SUMMARISED RESULTS
|
Particulars (Rs.
Millions) |
|
|
|
Jun 2014 |
|
Audited / UnAudited |
|
|
|
UnAudited |
|
Net Sales |
|
|
|
954.200 |
|
Total Expenditure |
|
|
|
842.000 |
|
PBIDT (Excl OI) |
|
|
|
112.200 |
|
Other Income |
|
|
|
20.600 |
|
Operating Profit |
|
|
|
132.800 |
|
Interest |
|
|
|
49.500 |
|
Exceptional Items |
|
|
|
0.000 |
|
PBDT |
|
|
|
83.300 |
|
Depreciation |
|
|
|
29.800 |
|
Profit Before Tax |
|
|
|
53.500 |
|
Tax |
|
|
|
8.500 |
|
Provisions and contingencies |
|
|
|
0.000 |
|
Profit After Tax |
|
|
|
45.000 |
|
Extraordinary Items |
|
|
|
0.000 |
|
Prior Period Expenses |
|
|
|
0.000 |
|
Other Adjustments |
|
|
|
0.000 |
|
Net Profit |
|
|
|
45.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
6.78 |
7.83
|
11.50 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.40 |
8.73
|
11.58 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.08 |
9.58
|
18.09 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13 |
0.17
|
0.34 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.77 |
0.80
|
0.89 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.92 |
0.95
|
1.01 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
176.438 |
266.721 |
266.780 |
|
Reserves & Surplus |
1051.637 |
1451.962 |
1598.906 |
|
Share Application money
pending allotment |
4.892 |
0.225 |
0.000 |
|
Net worth |
1232.967 |
1718.908 |
1865.686 |
|
|
|
|
|
|
long-term borrowings |
56.525 |
89.081 |
208.024 |
|
Short term borrowings |
1041.195 |
1291.940 |
1233.919 |
|
Total borrowings |
1097.720 |
1381.021 |
1441.943 |
|
Debt/Equity ratio |
0.890 |
0.803 |
0.773 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
3653.784 |
3407.835 |
3287.858 |
|
|
|
(6.731) |
(3.521) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
3653.784 |
3407.835 |
3287.858 |
|
Profit |
424.203 |
273.371 |
232.009 |
|
|
11.61% |
8.02% |
7.06% |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
|
Particulars |
As on 31.03.2014 |
As on 31.03.2013 |
|
|
(Rs. In Millions) |
|
|
SHORT TERM
BORROWINGS: |
|
|
|
LOANS REPAYABLE ON DEMAND |
|
|
|
Working Capital Loans From Banks |
160.000 |
260.000 |
|
Total |
160.000 |
260.000 |
OVERVIEW:
The management discussion and analysis
presented in this annual report focuses on reviewing the performance of the
company in the past year. The financial statements have been prepared in
compliance with the requirements of the provisions of the companies act, 2013
(to the extent notified) and the companies act, 1956 (to the extent
applicable). Guidelines issued by the securities exchange board of India (SEBI)
and the generally accepted accounting principles (GAAP) in India. Their
management accepts the responsibility for the integrity and objectivity of
these financial statements. As well as for the various estimates and judgments
used therein. The estimates and judgments relating to the financial statements
have been made on a prudent and reasonable basis, so that the financial
statements reflect in a true and fair manner the form and substance of
transactions and reasonably present out state of affairs, profits and cash
flows for the year.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10426210 |
15/10/2013 * |
2,524,800,000.00 |
BANK OF BARODA |
KALOL, DIST. PANCHMAHAL, PANCHMAHAL, GUJARAT - 389330, INDIA |
B88471545 |
|
2 |
10426892 |
15/10/2013 * |
2,524,800,000.00 |
BANK OF BARODA |
KALOL,, DIST. PANCHMAHAL,, PANCHMAHAL, GUJARAT - 389330, INDIA |
B88472030 |
|
3 |
10426213 |
25/04/2013 |
2,524,800,000.00 |
BANK OF BARODA |
KALOL,, DIST. PANCHMAHAL,, PANCHMAHAL, GUJARAT - 389330, INDIA |
B75296574 |
|
4 |
10060665 |
06/02/2009 * |
375,169,000.00 |
BANK OF BARODA |
KALOL (PANCHMAHAL), KALOL (PANCHMAHAL), BARODA, GUJARAT - 389330, INDIA |
A57268955 |
|
5 |
10060667 |
29/02/2012 * |
474,600,000.00 |
BANK OF BARODA |
KALOL,, DIST. PANCHMAHAL,, PANCHMAHAL, GUJARAT - 389330, INDIA |
B35471119 |
|
6 |
10060663 |
29/02/2012 * |
950,000,000.00 |
BANK OF BARODA |
KALOL, DIST. PANCHMAHAL, PANCHMAHAL, GUJARAT - 389330, INDIA |
B35469063 |
|
7 |
10071316 |
29/02/2012 * |
1,424,600,000.00 |
BANK OF BARODA |
KALOL,, DIST. PANCHMAHAL,, PANCHMAHAL, GUJARAT - 389330, INDIA |
B35378090 |
|
8 |
10009835 |
27/06/2006 |
3,600,000.00 |
THE BANK OF BARODA |
KALOL-389330, KALOL, GUJARAT - 389330, INDIA |
A02394930 |
|
9 |
10007546 |
27/06/2006 |
436,444,000.00 |
BANK OF BARODA |
KALOL 389330, KALOL, GUJARAT - 389330, INDIA |
A01764679 |
|
10 |
90111917 |
28/05/1988 * |
11,196,000.00 |
BANK OF BARODA |
KALOL;PANCHMAHALS, SURAT, GUJARAT, INDIA |
- |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2014
|
Sr. No. |
Particulars |
Rs in Millions |
||
|
Quarter ended |
||||
|
as on 30.06.2014 |
||||
|
(Unaudited) |
||||
|
1 |
(a) Net Sales/Income from Operations |
954.200 |
||
|
|
(b)Other Operating Income |
0.000 |
||
|
|
Total Income
From Operations (Net) |
954.200 |
||
|
2 |
Expenditure |
|
||
|
|
(a) |
Cost of Materials Consumed |
568.100 |
|
|
|
(b) |
Purchases of Stock-in-Trade |
0.000 |
|
|
|
(c) |
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
11.800 |
|
|
|
(d) |
Employees benefits expense |
82.300 |
|
|
|
(e) |
Depreciation and amortization expense |
29.800 |
|
|
|
(f ) |
Other expenses |
179.800 |
|
|
|
|
TOTAL (B) |
871.800 |
|
|
|
|
|
||
|
3 |
Profit from operation before other income, interest and other
exceptional items(1-2) |
82.400 |
||
|
4 |
Other Income |
20.600 |
||
|
5 |
profit before interest and exceptional items(3+4) |
103.000 |
||
|
6 |
Interest |
49.500 |
||
|
7 |
Profit after interest but before exceptional items(5-6) |
53.500 |
||
|
8 |
Exceptional Items |
-- |
||
|
9 |
Profit(+)/Loss(-) from Ordinary Activities before tax (7-8) |
53.500 |
||
|
10 |
Tax Expenses |
12.400 |
||
|
11 |
Mat Credit availed |
(3.900) |
||
|
12 |
Net Profit(+)/Loss(-) from Ordinary Activities after tax( 9-10) |
45.000 |
||
|
13 |
Extra Ordinary Items |
-- |
||
|
14 |
Net Profit(+)/Loss(-) for the period (1112) |
45.000 |
||
|
15 |
Paid-up Equity Share Capital Rs.2/ per share |
266.800 |
||
|
16 |
Reserves excluding revaluation reserves |
-- |
||
|
17 |
Earning Per
Share |
|
||
|
(a) |
Basic and diluted EPS before Extraordinary items for the period, for the
year to date and for the previous year(not to be annualised) |
1.69 |
||
|
(b) |
Basic and diluted EPS after
Extraordinary items for the period, for the year to date and for the previous
year(not to be annualised) |
1.69 |
||
|
18 |
Public
Shareholding |
|
||
|
|
Number of Shares |
9867179 |
||
|
|
Percentage of Shareholding |
36.99 |
||
|
19 |
Promoters and Promoter group |
|
||
|
|
a) Pledged/Encumbered |
|
||
|
|
Number of shares |
6018020 |
||
|
|
Percentage of Shares (as a % of the total shareholding of promoter and
promoter group) |
35.80 |
||
|
|
Percentage of Shares (as a % of the total share capital of the
Company) |
22.56 |
||
|
|
b) Non-encumbered |
|
||
|
|
Number of shares |
10792825 |
||
|
|
Percentage of Shares (as a % of the total shareholding of promoter and
promoter group) |
64.20 |
||
|
|
Percentage of Shares (as a % of the total share capital of the
Company) |
40.45 |
||
|
|
Particulars |
3 months ended 30.06.2014 |
||
|
|
INVESTOR
COMPLAINTS |
|
||
|
|
Pending at the beginning of the quarter |
-- |
||
|
|
Received during the quarter |
6 |
||
|
|
Disposed off during the quarter |
6 |
||
|
|
Remaining unresolved at the end of the quarter |
-- |
||
|
Notes: |
|
1. Other income for the quarter/period ended June 30, 2014
includes (a) Interest/commission charged to wholly owned/ultimate foreign subsidiaries
Rs. 12.600 Millions and (b) Foreign Exchange Fluctuation Gain Rs.7.600
Millions.
6. The figures for the quarter ended March 31, 2014 are the balancing figures between audited figures in respect of the full Financial year ended March 31, 2014 and the published year; to date figures up to nine months ended December 31, 2013.
|
FIXED ASSETS
Tangible Assets
· Land
· Buildings
· Plant and Machinery
· Furniture and Fixtures
· Office Equipments
· Pollution Equipments
· Computers
· Electric Fittings
· Vehicles
Intangible Assets
· Goodwill
· Product Development
· Technical Know how
· Computer Software
· Web Site Development
PRESS RELEASE:
CLUTCH MAKER SETCO
AUTOMOTIVE'S BET ON AFTERMARKET BUSINESS PAYS OFF
Setco Automotive's foray into the aftermarket business has helped the clutch supplier offset the loss of revenue from medium and heavy commercial vehicle, or MHCV, makers in one of the longest spells of slowdown in the industry over the past decade. The component maker is the largest clutch supplier to MHCV makers, accounting for 100% requirement of automakers such as Tata Motors, Eicher Volvo and AMW, and nearly 65% of Ashok Leyland's requirement. The company took a strategic decision to enter the aftermarket business when MHCV sales started slowing in the past two years while it derived nearly 90% of its revenues from MHCV makers through clutches supplied for new vehicles as well as those meant as spare parts. The move has started paying off, with the company clocking a turnover of Rs 300.000 Millions from its aftermarket business in the quarter to June. "In the long-term, we aim to have 2:1 revenue ratio for our sales to OEMs (original equipment manufacturers) and aftermarket," said Udit Sheth, executive director of Setco Automotive. He added, "If we annualise the aftermarket revenues of first quarter of 2014-15, it would mean incremental revenue of Rs 1200.000 Millions, which is nearly equivalent to the revenue loss incurred from our OEM segment." Setco has increased its number of distributors to about 42, which has helped it expand its aftermarket operations and revenues. This network has contributed nearly 10% to its total sales volumes compared to nil two years ago. Besides focusing on maintaining its sales volumes, the company is taking several steps to improve its margins. First, it aims to increase the contribution of exports to total revenues to 15% over the next few years, from 8% at present. The exports segment yields the highest margins among all four of the company's business verticals. Second, the company is planning to Invest in backward integration to reduce costs. It has decided to invest Rs 1560.000 Millions in a new casting foundry and Rs 250.000 Millions to manufacture diaphragm locally that it currently imports from Germany. "By setting up a casting foundry to manufacture diaphragm locally, we will be able to bring down our costs by 15-20%. The biggest advantage of owning a casting foundry is that it will bring down our volumes lost due to short supply of raw materials. We lose about 10-15% of our total turnover just due to the unavailability of cast iron. So, setting up new foundry unit will help us recoup our lost volumes," said Sheth. Even as the company will have to pass on some of its cost saving measures to OEMs it will still improve its margins, he added. Setco has incurred capital expenditure of Rs 2000.000 Millions over the past 30 months and it plans to spend a similar amount in the next two years. It aims to achieve consolidated revenue of Rs 10000.000 Millions by 2016-17, spelling a compound annual growth rate, or CAGR of 20% over the next five years, compared with 11% in the past five years. "We are confident that our revenue growth will be higher than our historical growth on account of our new Markets and products," said Sheth. With the company entering the light commercial vehicle and farm equipment business, a CAGR of 20% will be achievable in the coming years."
SETCO AUTOMOTIVE
CO-SPONSORS T1 PRIMA TRUCK RACING
Buddh International Circuit (New Delhi), 21 March 2014: Setco Automotive comes on board as associate sponsor to the T1 Prima Truck Racing Championship, where they will co-own one of the six participating teams – the Allied Partners. India’s first-ever truck racing competition will be divided into six teams featuring 12 experienced international drivers at the wheel of every truck. All 12 trucks racing are standard fit with Setco’s precision engineered heavy duty clutches.
Setco Automotive has been a strategic partner supplier to Tata Motors for over 2 decades and has supplied more than 90% of their clutch technology requirements. This association is Setco’s commitment towards using the racing platform as an opportunity to further enhance clutch technology & performance.
“We are very excited to be the clutch technology partner at India’s first-ever truck racing championship hosted by Tata Motors. Our R & D team is constantly pushing performance criteria by subjecting our DVP to maximize Rs./km value for our customer; which is in line with our “Lipe for Life” philosophy saidMr. Udit Sheth Executive Director, Setco Automotive.
The Prima trucks that will be used during the race are the 4038.S model with massive power of 370 BHP @ 2100 RPM and a top speed of 110 Km/h. The trucks have been built exclusively for the event from the Tata Motors’ Jamshedpur plant, the hub of its medium and heavy commercial vehicles.
The upcoming Indian truck racing event is modelled on the British Truck Racing championship and European Truck Racing championship. Steve Horne, the two-time British truck racing champion, and one of the most celebrated, longest serving truck racing drivers will also participate in the race. Through this initiative, Tata Motors aims to trigger greater aspiration for trucking, as the industry is facing a serious dearth of truck drivers.
SETCO AUTOMOTIVE TO
INVEST RS 100 CR FOR BACKWARD INTEGRATION
Heavy vehicle clutches maker, Setco Automotive Limited plans to set up spring manufacturing facility at its existing unit at Kalol near Vadodara.
The company will invest around Rs
1000.000 Millions for the spring manufacturing facility, which will help
company reduce dependence on imported springs for its clutches.
"We will invest around Rs 1000.000 Millions for this backward integration.
This will help us save about 30 per cent on costs and reduce our dependence on
imported springs," said Shvetal Vakil, executive director, Setco
Automotive.
Setco supplies clutches to Tata Motors, Ashok Leyland and multinational auto
giant, Daimler for heavy vehicles. The company intends to manufacture diaphragm
springs at the new facility. According to company official, these springs are
made from the European technology and are used in large clutches having 430 mm
diameter.
"We will set up an assembly line operation to manufacture diaphragm
springs at our Kalol facility," said Vakil adding that the company imports
all of its spring requirements from overseas. The move is believed to make
company's clutches competitive in Indian Market.
According to Vakil the automotive Market has been
depressed for past some time. "Overall the scenario is pretty bad. There
is a fall in the auto production, thereby leading to reduced demand for auto
components."
Considering the uncertainty of fresh orders from auto makers, Setco has
increased its focus on after market operations. "A large portion of our
revenue comes from after-market operations, where we supply parts for
maintenance of the already sold vehicles," he said.
For the Financial year ended March 2012, company's total income stood at Rs 4230.000 Millions on consolidated basis. The company posted net profit of Rs 454.000 Millions for the year. For the December quarter of the current fiscal company's net profits grew by 15 per cent at Rs 97.000 Millions on the sales of Rs 869.000 Millions.
Setco has 4 manufacturing facilities globally, with 2 in India and 1 each in the UK and USA. Company's key market segments include commercial and military trucks, heavy-medium-light-duty trucks, marine, off-highway and agricultural equipment.
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.61.46 |
|
|
1 |
Rs.98.77 |
|
Euro |
1 |
Rs.77.65 |
INFORMATION DETAILS
|
Information
Gathered by : |
DPA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
JAY |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
49 |
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.