MIRA INFORM REPORT
|
Report Date : |
11.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
HARITA SEATING SYSTEMS LIMITED |
|
|
|
|
Registered
Office : |
Jayalakshmi Estates, No. 29 (8), Haddows Road, Chennai - 600006,
Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
24.04.1996 |
|
|
|
|
Com. Reg. No.: |
18-035293 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.77.690 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27209TN1996PLC035293 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEH04021D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACH2492N |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Seating System, and Other Parts and
Accessories for Automotive and Non-Automotive Applications. |
|
|
|
|
No. of Employees
: |
366 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1700000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. There is a dip in sales and profit of the company in the year 2014. However,
Liquidity position of the company is decent. Rating also takes into
consideration long established presence in automotive business. Trade relations are reported to be fair. Business is active. Payments
are reported to be usually correct. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
CARE |
|
Rating |
Long term Bank facilities : BBB |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
December 11, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term Bank facilities : A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk. |
|
Date |
December 11, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED BY
Management Non Co-Operative (Tel
No. 91-4347-233445)
LOCATIONS
|
Registered Office : |
Jayalakshmi Estates, No. 29 (8), Haddows Road, Chennai - 600006,
Tamilnadu, India |
|
Tel. No.: |
91-44-28272233/ 28284959 |
|
Fax No.: |
91-44-28257121 |
|
E-Mail : |
investorscomplaintssta@scl.co.in
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Belagondapalli, Thally Road, Hosur - 635114, Tamilnadu, India |
|
Tel. No.: |
91-4347-233445 |
|
Fax No.: |
91-4347-233460 |
|
|
|
|
Factory 2 : |
Plot A2, MIDC Industrial Area, Ranjangaon, Koregaon Village, Shirur
Taluk, District Pune - 412210, Maharashtra, India |
|
Tel. No.: |
91-2138-660742 |
|
|
|
|
Factory 3 : |
Chaurasia Road, Pargana Plassi, Village Bhatian, Thesil Nalagarh,
District Solan - 174101, Himachal Pradesh, India |
|
Tel. No.: |
91-1795-220562 |
|
|
|
|
Factory 4 : |
Plot No.553-D, 2nd Stage, Belur Industrial Area, Dharwad - 580011,
Karnataka, India |
|
|
|
|
Factory 5 : |
Plot No.35, Sector 4, Integrated Estate, Pant Nagar, Rudrapur,
District Udham Singh Nagar - 263153, Uttarkhand, India |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. H. Lakshmanan |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. S. I. Jaffar Ali |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Martin Grammer |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. C. N. Prasad |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. N Iswarya Lakshmi |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. A G Giridharan |
|
Designation : |
President and Manager |
|
|
|
|
Audit Committee: |
·
Mr. H Lakshmanan, Chairman ·
Mr. S I Jaffar Ali ·
Mr. C |
|
|
|
|
Remuneration Committee: |
·
Mr. H Lakshmanan, Chairman ·
Mr. S I Jaffar Ali ·
Mr. C N Prasad |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
4067300 |
52.35 |
|
|
4067300 |
52.35 |
|
|
|
|
|
|
1087600 |
14.00 |
|
|
1087600 |
14.00 |
|
|
1087600 |
14.00 |
|
Total
shareholding of Promoter and Promoter Group (A) |
5154900 |
66.35 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
674969 |
8.69 |
|
|
674969 |
8.69 |
|
|
|
|
|
|
448540 |
5.84 |
|
|
|
|
|
|
861559 |
16.72 |
|
|
146299 |
16.72 |
|
|
39761 |
0.51 |
|
|
37741 |
0.49 |
|
|
2020 |
0.03 |
|
|
1496159 |
24.96 |
|
Total Public
shareholding (B) |
2171128 |
33.65 |
|
Total (A)+(B) |
7326028 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
7326028 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Seating System, and Other Parts and
Accessories for Automotive and Non-Automotive Applications. |
GENERAL INFORMATION
|
Customers : |
· Tata · AMW · Tafe · Tata Hitachi · Volvo · Mahindra · JCB · Hyundai · Escorts · Eicher Tractors · BMTC · Scania · Bharat Benz · Ashok Leyland |
|||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||
|
No. of Employees : |
373 (Approximately) |
|||||||||||||||||||||||||||||||||
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Bankers : |
· State Bank of India ·
State Bank of Mysore |
|||||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Chartered Accountants
Cost Accountants |
|
Address : |
No. 4 (Old No. 23), Sir C.P. Ramaswamy Road, Alwarpet, Chennai – 600018, Tamilnadu, India |
|
|
|
|
Reporting Entity : |
Harita
Seating Systems Limited, Chennai |
|
|
|
|
Subsidiary Company
: |
Harita
Fehrer Limited, Chennai (01.04.2013
to 31.03.2014) |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs. 10/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7769040 |
Equity Shares |
Rs. 10/- each |
Rs.77.690
Millions |
|
|
|
|
|
a) Reconciliation
of the number of shares outstanding and the amount of share capital as at
31.03.2014
|
Particulars |
31.03.2014 Equity Shares |
|
|
|
Number |
Rs. in Millions |
|
Shares
outstanding at the beginning of the year on 01.04.2013 |
7769040 |
77.690 |
|
Shares Issued during the year |
-- |
-- |
|
Shares bought back during the year |
-- |
-- |
|
Shares outstanding
at the end of the year on 31.03.2014 |
7769040 |
77.690 |
b) List of shareholders holding more than 5% of the share capital as on
the Balance Sheet date
|
Name of
Shareholders |
31.03.2014 |
|
|
No. of Shares
held |
|
Harita Limited, Chennai |
1800500 |
|
Harita Gopal Private Limited, Chennai |
479900 |
|
Harita Sheela Private Limited, Chennai |
485000 |
|
Harita Malini Private Limited, Chennai |
467800 |
|
Harita Venu Private Limited, Chennai |
467800 |
|
Mr. Martin Grammer, Germany |
1087600 |
|
Horticultural
and Constructions Engineers (India) Private Limited, Chennai |
-- |
|
Strategic
Management and Marketing Consultancy Services Limited, Chennai |
-- |
c) Rights
Attached to Equity Shares: Shareholders are entitled to such rights as to
attend meetings of the shareholders, to receive dividend distributable and also
have a right in residual interest in the assets of the Company. Further,
shareholders are entitled to right of inspection of the documents as provided
in Companies Act, 1956.
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 |
77.690 |
77.690 |
77.690 |
|
(b) Reserves & Surplus |
360.002 |
325.084 |
240.725 |
|
(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) |
437.692 |
402.774 |
318.415 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
8.450 |
64.488 |
127.827 |
|
(b) Deferred tax liabilities (Net) |
22.190 |
21.439 |
24.488 |
|
(c) Other long term
liabilities |
4.667 |
14.942 |
34.793 |
|
(d) long-term
provisions |
23.010 |
18.070 |
10.754 |
|
Total Non-current
Liabilities (3) |
58.317 |
118.939 |
197.862 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
218.134 |
209.208 |
199.359 |
|
(b) Trade payables |
401.273 |
427.813 |
431.307 |
|
(c) Other
current liabilities |
351.198 |
257.282 |
256.593 |
|
(d) Short-term
provisions |
51.069 |
52.931 |
47.526 |
|
Total Current
Liabilities (4) |
1021.674 |
947.234 |
934.785 |
|
|
|
|
|
|
TOTAL |
1517.683 |
1468.947 |
1451.062 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
402.037 |
361.019 |
356.138 |
|
(ii)
Intangible Assets |
2.338 |
3.295 |
1.441 |
|
(iii)
Capital work-in-progress |
2.843 |
45.816 |
0.213 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
285.703 |
275.900 |
275.900 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
76.995 |
3.768 |
0.000 |
|
(e) Other
Non-current assets |
3.583 |
3.134 |
3.500 |
|
Total Non-Current
Assets |
773.499 |
692.932 |
637.192 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
18.612 |
18.557 |
|
(b)
Inventories |
70.081 |
75.189 |
76.029 |
|
(c) Trade
receivables |
502.296 |
469.145 |
477.527 |
|
(d) Cash
and cash equivalents |
9.956 |
19.913 |
50.131 |
|
(e)
Short-term loans and advances |
134.140 |
3.781 |
3.210 |
|
(f) Other
current assets |
27.711 |
189.375 |
188.416 |
|
Total
Current Assets |
744.184 |
776.015 |
813.870 |
|
|
|
|
|
|
TOTAL |
1517.683 |
1468.947 |
1451.062 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2501.253 |
2761.668 |
3066.418 |
|
|
|
Other Income |
34.186 |
22.618 |
22.585 |
|
|
|
TOTAL (A) |
2535.439 |
2784.286 |
3089.003 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1847.110 |
2026.492 |
2315.831 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
3.042 |
0.299 |
12.316 |
|
|
|
Employees benefits expense |
279.323 |
256.476 |
226.606 |
|
|
|
Other expenses |
250.125 |
271.467 |
297.828 |
|
|
|
Exceptional items |
0.000 |
0.000 |
-15.182 |
|
|
|
TOTAL (B) |
2379.600 |
2554.734 |
2837.399 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
155.839 |
229.552 |
251.604 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
50.592 |
55.936 |
66.370 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
105.247 |
173.616 |
185.234 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
46.324 |
42.214 |
43.438 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
58.923 |
131.402 |
141.796 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
12.351 |
24.687 |
29.595 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
46.572 |
106.715 |
112.201 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
95.004 |
21.317 |
(49.399) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Tax relating to earlier years |
0.000 |
1.374 |
0.325 |
|
|
|
Proposed Interim Dividend |
11.654 |
19.423 |
27.192 |
|
|
|
Dividend tax payable |
0.000 |
1.559 |
2.748 |
|
|
|
Transfer to general reserve |
2.330 |
10.672 |
11.220 |
|
|
BALANCE CARRIED
TO THE B/S |
1,27.592 |
95.004 |
21.317 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports - F.O.B |
2,05.428 |
284.506 |
275.774 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
57.994 |
71.155 |
78.136 |
|
|
|
Stores & Spares |
0.038 |
0.000 |
0.365 |
|
|
|
Capital Goods |
0.090 |
2.233 |
1.468 |
|
|
TOTAL IMPORTS |
58.122 |
73.888 |
79.969 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.99 |
13.74 |
14.44 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
|
|
30.06.2014 |
|
Type |
|
|
2nd
Quarter |
|
Net Sales |
|
|
628.700 |
|
Total Expenditure |
|
|
620.200 |
|
PBIDT (Excl OI) |
|
|
08.500 |
|
Other Income |
|
|
33.500 |
|
Operating Profit |
|
|
42.000 |
|
Interest |
|
|
12.800 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
29.200 |
|
Depreciation |
|
|
11.100 |
|
Profit Before Tax |
|
|
18.100 |
|
Tax |
|
|
02.100 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
16.000 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
16.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
1.84 |
3.83 |
3.63 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.36 |
4.76 |
4.62 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.79 |
11.45 |
12.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13 |
0.33 |
0.45 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.52 |
0.68 |
1.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.73 |
0.82 |
0.87 |
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 |
77.690 |
77.690 |
77.690 |
|
Reserves & Surplus |
240.725 |
325.084 |
360.002 |
|
Net
worth |
318.415 |
402.774 |
437.692 |
|
|
|
|
|
|
long-term borrowings |
127.827 |
64.488 |
8.450 |
|
Short term borrowings |
199.359 |
209.208 |
218.134 |
|
Total
borrowings |
327.186 |
273.696 |
226.584 |
|
Debt/Equity
ratio |
1.028 |
0.680 |
0.518 |
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 |
3066.418 |
2761.668 |
2501.253 |
|
|
|
-9.938 |
-9.430 |
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 |
3066.418 |
2761.668 |
2501.253 |
|
Profit |
112.201 |
106.715 |
46.572 |
|
|
3.66% |
3.86% |
1.86% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
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 |
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 |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
|
Particular |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
LONG TERM
BORROWING |
|
|
|
Term Loans |
|
|
|
From Others |
1.150 |
4.488 |
|
Interest Free Sales Tax Loan (Repayable in 5 yearly equal instalments of Rs. 3.338 Million with effect
from April 2010) |
|
|
|
Total |
1.150 |
4.488 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10435418 |
10/06/2013 |
50,000,000.00 |
STATE BANK OF MYSORE |
INDUSTRIAL FINANCE BRANCH, M.O.H BUILDING, NO.576 |
B79006037 |
|
2 |
10148251 |
27/03/2012 * |
650,000,000.00 |
STATE BANK OF MYSORE |
INDUSTRIAL FINANCE BRANCH, M.O.H BUILDING, NO.576 |
B37611068 |
|
3 |
90295094 |
24/06/2014 * |
415,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, NO.155, ANNA SALAI, CH |
C08251613 |
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
INDUSTRY STRUCTURE
AND DEVELOPMENTS
In 2013-14, the economy grew only at 4.9% as against 5.5% previous year.
In tandem, the industrial sector growth was low at 0.7% which was 1.0% last
year. This slowdown can be attributed to all-round contraction in demand as
well as drop in consumer confidence due to the global economic conditions.
During the fiscal year 2013-14, Rupee depreciated steeply to Rs. 6.010 /
USD from Rs. 53 / USD levels in the previous year. All the customer segments of
the Company in the Indian domestic market except tractors registered a decline
during 2013-14. The following table highlights the segment wise industry sales
figures in vehicle units.
The Company registered sales at Rs.25,01.253 Million in 2013-14. During
the year, efficiency in supply chain was improved through inter-plant
coordination; horizontal deployment of lean and other improvement initiatives
was done across all plants. These initiatives, along with the implementation of
various other cost reduction projects
across functions have enabled the Company to post a profit before tax of Rs. 58.923
Million in 2013-14.
PRODUCT-WISE PERFORMANCE
The Company posted a decline of 9.5% in the overall sales. The Company's
sales declined in the Commercial Vehicle segment and exports by 8% and 25%
respectively.
BUSINESS OUTLOOK
AND OVERVIEW
Continuing the depressed growth scenario in the previous year, the
projected GDP growth for 2014-15 is 5.0-5.5%. The M&HCV and LCV segments
are estimated to further decline. Bus segment is also expected to decline over
last year levels. Tractor growth is expected to be marginal in year 2014-15.
OPERATIONS REVIEW
A. MANUFACTURING:
The Company has continued its focus on imparting training to key
employees in an effort to reskill people and upgrade the manufacturing
processes, apart from improvements in the facility by means of automation.
Further improvements of Lean Manufacturing initiatives will help the Company in
containing manufacturing costs.
B. QUALITY:
The Company has earned recognition from customer in the form of best Supplier award Task from Tata Motors Limited and TAFE Motors &Tractors Limited. The Company was selected for the honour in recognition of its dedication for providing products and service of outstanding quality as well as its commitment to continuous improvement. The quality system at the factories aims at achieving total customer satisfaction through its focus on improving product quality. Consistently, the Company has been achieving improved Quality levels at the
customer-end, both in their line and warranty quality.
The Company plants are certified for TS 16949. In addition, the Quality laboratory at the Company is certified by National Accreditation Board for Testing and Calibration Laboratories (NABL) for conformance to ISO/IEC 17025.
100% employee participation in the Company's improvement programmes like suggestion schemes, Quality Control Circle projects, Supervisory Improvement Team projects, Cross Functional Team projects and Task Force Team projects continued successfully for the 13th year in succession.
C. FOCUS ON VENDOR
DEVELOPMENT:
In the previous year, the Company has launched a programme to improve
capability and competitiveness of its vendors, in association with CII and
Prof. Shoji Shiba, through the auspices of the Visionary Small and Medium
Enterprises Programme. The pilot programme, run in one plant, had yielded
positive results. This initiative was continued in 2013-14 also to cover other
product segments and associated vendors. The Company will pursue this program
in 2014-15 as well and will cover other vendors under this program.
D. FINANCIAL
PERFORMANCE:
The financial and operational performance of the Company for the year
2013-14, as compared to the previous year 2012-13, is as follows:
(Rs.In Million)
|
Sr. No |
Particulars |
Quarter Ended |
|
|
30.06.2014 |
|||
|
Unaudited |
|||
|
1 |
Income From Operations |
|
|
|
|
a. Net Sales/ Income from Operations (Net of Excise Duty) |
603.618 |
|
|
|
b. Other Operating Income |
25.039 |
|
|
|
Total Income from Operations (Net) |
628.657 |
|
|
2 |
Expenditure |
|
|
|
|
a. Cost of material Consumed |
481.934 |
|
|
|
b. Purchase of Stock-in trade |
0.000 |
|
|
|
c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
3.171 |
|
|
|
d. Employees Benefit Expenses |
72.753 |
|
|
|
e. Depreciation and Amortisation Expenses |
11.117 |
|
|
|
f. Other expenses |
62.296 |
|
|
|
Total Expenses |
631.271 |
|
|
3 |
Profit from Operations before Other Income, Interest and Exceptional
Items |
(2.614) |
|
|
4 |
Other Income |
33.479 |
|
|
5 |
Profit from ordinary activities before finance cost & exceptional
items |
30.865 |
|
|
6 |
Finance Costs |
12.775 |
|
|
7 |
Profit from ordinary activities after finance costs & exceptional
items |
18.090 |
|
|
8 |
Exceptional items |
0.000 |
|
|
9 |
Profit from ordinary activities before tax |
18.090 |
|
|
10 |
Tax Expense |
2.112 |
|
|
11 |
Net Profit from ordinary activity after tax |
15.978 |
|
|
12 |
Extraordinary Items |
0.000 |
|
|
13 |
Net Profit After Tax |
15.978 |
|
|
14 |
Paid-up equity share capital (face value of Rs.10 per share) |
77.690 |
|
|
15 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
0.000 |
|
|
16 |
Earning Per Share (of Rs.10 each) (not annualized) |
|
|
|
|
Basic EPS |
0.206 |
|
|
|
Diluted EPS |
0.206 |
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
17 |
Public Shareholding |
|
|
|
|
- No. of shares |
2614140 |
|
|
|
- Percentage of shareholding |
33.65 |
|
|
18 |
Promoter & Promoter Group Shareholding |
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
- No. of shares |
- |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
- |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
- |
|
|
|
b) Non-encumbered |
|
|
|
|
- No. of shares |
5154900 |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
100.00 |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
66.35 |
|
|
|
Particulars |
3 months ended 30.06.2014 |
|
B |
Investor
complaints |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
-- |
|
|
Disposed of during the quarter |
-- |
|
|
Remaining unresolved at the end of the quarter |
Nil |
1) The operations of the Company relate to only one segment namely manufacture of Seating Systems for automotive and non-automotive applications.
2) The above financial results were reviewed and recommended by the audit committee and approved by the board of directors at the meeting held on 6th August 2014.
3) Other income for the quarter ended 30th June 2014 includes the dividend received from subsidiary amounting to Rs. 25.625 Million.
4) Depreciation for the quarter is higher by Rs. 0.75 Million as the depreciation is calculated as per the schedule II to the Companies Act, 2013, The opening written down value of the assets which has no remaining useful life as per schedule II to the Companies Act, 2013 will be deducted from retained earnings.
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
Contingent
liabilities not provided for |
|
|
|
a. On
counter guarantee furnished to bank |
32.859 |
34.120 |
|
b. On
account of bill discounting |
11.094 |
2.031 |
|
c.
Customs duty under Export Promotion Capital Goods Scheme |
18.913 |
18.913 |
|
d.
Contracts remaining to be executed on Capital Account and not provided for |
15.258 |
3.440 |
|
|
|
|
|
Total |
78.124 |
78.514 |
FIXED ASSETS
·
Free hold Land
·
Lease hold Land
· Buildings
· Plant & Equipments
· Furniture & Fixtures
· Vehicles
· Office Equipment
· Software
· Technical Know how
· Product Licence fee
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.61.04 |
|
|
1 |
Rs.98.64 |
|
Euro |
1 |
Rs.77.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
SMT |
|
|
|
|
Report Prepared
by : |
SPR |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
44 |
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.