MIRA INFORM REPORT
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Report Date : |
15.09.2014 |
IDENTIFICATION DETAILS
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Name : |
MOTHERSON SUMI SYSTEMS LIMITED MOTHERSON AUTOMOTIVE TECHNOLOGIES AND ENGINEERING DIVISION OF MOTHERSON SUMI SYSTEMS LIMITED |
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Registered
Office : |
2nd Floor,
F-7, Block B-1, Mohan Co-Operative Industrial Estate, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
19.12.1986 |
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Com. Reg. No.: |
55-026431 |
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Capital
Investment / Paid-up Capital : |
Rs.881.919 Millions |
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CIN No.: [Company Identification
No.] |
L34300DL1986PLC026431 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELM11353G DELM08600E |
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PAN No.: [Permanent Account No.] |
AAACM0405A |
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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 Seller of components to Automotive
Original Equipment. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
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MIRA’s Rating : |
A (64) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 760000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s healthy financial risk supported by adequate liquidity position and decent profitability of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict
Implications: Apex court order may alter coal import dynamics. Traders go
slowly 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
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Rating Agency Name |
ICRA |
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Rating |
Term Loans : “AA-” |
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Rating Explanation |
High degree of safety and very low credit
risk. |
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Date |
June, 2014 |
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Rating Agency Name |
ICRA |
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Rating |
CP/STD Programme “A1+” |
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Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
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Date |
June, 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 DENIED
Management Non Co-Operative (Tel. No.: 91-11-40555940)
LOCATIONS
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Registered Office : |
2nd Floor, F-7, Block B-1, Mohan Co-Operative Industrial
Estate, |
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Tel. No.: |
91-11-40555940 |
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Fax No.: |
91-11-40555940 |
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Email : |
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Website : |
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Corporate Office 1 : |
3rd Floor, Bhageria House, 43, Community Centre, New
Friends Colony, New Delhi - 110065, India |
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Tel. No.: |
91-11-26822778 / 26838069 / 26842174 |
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Fax No.: |
91-11-26842174 |
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E-Mail : |
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Corporate Office/ Unit : |
C-14 A and B, Sector-1, Noida - 201301, Uttar Pradesh, India |
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Tel. No.: |
91-120-6752100 |
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Fax No.: |
91-120-2521866 / 2521966 |
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Other Units : |
· Plot No. 73 / 2 & 76 / 2 / 1, Village Marunji, Taluka Mulshi, Dist. Pune 411057, Maharashtra, India · Plot No 471-D1, 3rd Main, IVth Phase, Peenya Industrial Area, Bangalore - 560058, Karnataka, India · Survey No 241/1-2, Hinjewadi, Taluka Mulshi, Dist. Pune – 411027, Maharashtra, India · A 31 & 32, Sector 60, Noida, Uttar Pradesh, India · Plot No.195 & 196, Sector-4, IMT, Manesar, Gurgaon, Haryana, India · D-14, Sector-59, Noida , Uttar Pradesh, India · No 9, GST Road, Oorapakam, Kanchipuram, Tamilnadu, India · 8, Ayyenchery Village, Oorapakam Panchayat, Kanchipuram - 603202, Tamilnadu, India · Chengalpattu-Sriperumbudur Road, Pondur Village, Near Sriperumbudur, Sriperumbudur Taluk, Kanchipuram, Tamilnadu, India · B-135 & 206, Phase II, Noida, Dt Gautambudh Nagar - 201305, Uttar Pradesh, India · A-33, Sector-60, Noida - 201307, Uttar Pradesh, India · Tel No.: 91-120-4096700 · Fax No.: 91-120-4096709 · 31-B, Industrial Area, Phase-I, Kumbalgodu, Bangalore - 560074, Karnataka, India · Tel. No.: 91-80-66651165 · R.S. No. 76/4 & 72/2, Kothapurinatham Road, Thiruvandarkoil, Mannadipet Commune Panchayat, Puducherry – 605102, India · Tel. No.: 91-413-2641084/ 85 · Pathredi, Rajasthan, India · Tapukara, Rajasthan, India · Haldwani, Uttrakhand, India · Faridabad, Haryana, India · Kandla, Gujarat, India · Lucknow, Uttar Pradesh, India |
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Representative
Offices : |
Located at : · Sharjah ·
Germany |
DIRECTORS
As on 31.03.2014
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Name : |
(Late) Mrs. S.L. Sehgal |
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Designation : |
Founder Chairperson |
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Name : |
(Late) Mr. K.L. Sehgal |
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Designation : |
Chairman Emeritus |
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Name : |
Mr. Vivek Chaand Sehgal |
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Designation : |
Vice Chairman |
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Name : |
Maj. Gen. Amarjit Singh (Retd.) |
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Designation : |
Director |
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Name : |
Mr. Sushil Chandra Tripathi, IAS (Retd.) |
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Designation : |
Director |
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Name : |
Mr. Toshimi Shirakawa |
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Designation : |
Director |
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Name : |
Mr. Arjun Puri |
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Designation : |
Director |
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Name : |
Mr. Gautam Mukherjee |
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Designation : |
Director |
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Name : |
Ms. Geeta Mathur |
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Designation : |
Director |
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Name : |
Mr. Laksh Vaaman Sehgal |
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Designation : |
Director |
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Name : |
Ms. Noriyo Nakamura |
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Designation : |
Director |
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Name : |
Mr. Pankaj Mital |
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Designation : |
Whole-time Director/ Chief Executive Officer |
SHAREHOLDING PATTERN
As on 30.06.2014
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Category of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter
and Promoter Group |
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4927476 |
0.56 |
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325556564 |
36.91 |
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330484040 |
37.47 |
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21678638 |
2.46 |
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226303625 |
25.66 |
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247982263 |
28.12 |
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Total shareholding of Promoter
and Promoter Group (A) |
578466303 |
65.59 |
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(B) Public Shareholding |
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62619310 |
7.10 |
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996553 |
0.11 |
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136360278 |
15.46 |
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199976141 |
22.68 |
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39377351 |
4.46 |
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35423114 |
4.02 |
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26205606 |
2.97 |
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2470845 |
0.28 |
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1408828 |
0.16 |
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1053647 |
0.12 |
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8370 |
0.00 |
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103476916 |
11.73 |
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Total Public shareholding (B) |
303453057 |
34.41 |
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Total (A)+(B) |
881919360 |
100.00 |
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(C) Shares held by Custodians
and against which Depository Receipts have been issued |
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0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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Total (A)+(B)+(C) |
881919360 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Seller of components to Automotive
Original Equipment. |
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Products : |
Blow Molded Components ·
Heating, Ventilation and Air Conditioning
Ducts ·
Engine and Air Intake Ducts ·
Wind Shield Washer Bottles ·
Radiator Reservoir Tanks ·
Plastic Fuel Tanks (2-Wheelers) ·
Resonator/Pipe Air Intake ·
Arm Rests ·
Bellows ·
Body styling Kit- Spoilers Injection Molded Components · Interior/Exterior Trims and parts · Scuff Plates · Auto A.C. Components · Mirror housings · Under bonnet parts · Structured Plastic components · Inside handles · Body colored painted parts
Modules · IP Module · Door Trims · Floor console Module · Bumper Modules Components for White Goods Industry · Washing machine components · A.C. Components · Refrigerator components
Electronics Industry · T.V. Cabinets and Back Cover Monitor Cabinets and Back Covers |
GENERAL INFORMATION
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No. of Employees : |
Not Divulged |
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Bankers : |
· Axis Bank Limited Citibank
N. A. DBS
Bank Limited HDFC
Bank Limited ICICI
Bank Limited Japan
Bank for International Corporation State
Bank of India The
Bank of Tokyo Mitsubishi UFJ Limited The Hong
Kong and Shanghai Banking Corporation Limited |
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Facilities : |
Note: * Working capital loans are secured by first pari passu
charge on entire current assets of the Company including receivables, both
present and future and second pari passu charge over the fixed assets of the
Company including equitable mortgage of specified properties. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse
and Company Chartered
Accountants |
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Address : |
Building 8 , 7th
and 8th Floor, DLF Cyber City, Gurgaon-122002, Haryana, India |
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Subsidiaries of the
Company: |
· MSSL Mauritius Holdings Limited · MSSL Mideast (FZE) · MSSL Ireland Private Limited · MSSL Handels GmbH “in Liqu.” · Motherson Electrical Wires Lanka Private Limited · MSSL Tooling (FZE) · MSSL (S) Pte Limited · MSSL (GB) Limited · Motherson Wiring System (FZE) · MSSL GmbH · MSSL Polymers GmbH (till 26.08.2013 - merged with MSSL GmbH) · MSSL Advanced Polymers s.r.o · Motherson Orca Precision Technology GmbH · MSSL s.r.l Unipersonale · Samvardhana Motherson Invest Deutschland GmbH · Motherson Techno Precision México, S.A. de C.V (incorporated on April 9, 2013) · MSSL Australia Pty Limited · Motherson Elastomers Pty Limited · Motherson Investments Pty Limited · Global Environment Management (FZC) · Global Environment Management Australia Pty Limited. · MSSL Global RSA Module Engineering Limited · MSSL Japan Limited · Vacuform 2000 (Proprietary) Limited. · MSSL México, S.A. De C.V. · MSSL WH System (Thailand) Co., Limited · MSSL Korea WH Limited · MSSL Automobile Component Limited · Samvardhana Motherson Polymers Limited · Samvardhana Motherson Global Holdings Limited · Samvardhana Motherson Refl ectec Group Holdings Limited · SMR Automotive Holding Hong Kong Limited · SMR Automotive Technology Holding Cyprus Limited · SMR Automotive Mirror Systems Holding Deutschland GmbH · SMR Poong Jeong Automotive Mirrors Korea Limited · SMR Hyosang Automotive Limited · SMR Automotive (Langfang) Co. Limited · SMR Holding Australia Pty Limited · SMR Automotive Australia Pty Limited · SMR Automotive Mirror Technology Hungary Bt · SMR Grundbesitz GmbH and Co. KG · SMR Automotive Mirror Parts and Holdings UK Limited · SMR Automotive Mirrors UK Limited · SMR Automotive Services Portchester Limited (till 09.07.2013) · SMR Automotive Technology Valencia S.A.U. · SMR Automotive Mirrors Services UK Limited · SMR Automotive Technology Holdings USA Partners (till- 31.03.2014 - dissolved) · SMR Automotive Mirror International USA Inc. · SMR Automotive Systems USA Inc. · SMR Automotive Systems France S. A. · SMR Automotive Systems India Limited · SMR Automotive Yancheng Co. Limited · SMR Automotive Beijing Company Limited · SMR Automotive Mirror Technology Holding Hungary Kft · SMR Automotive Systems Spain S.A.U. · SMR Automotive Vision Systems Mexico S.A. de C.V. · SMR Automotive Servicios Mexico S.A. de C.V. · SMR Automotive Mirrors Stuttgart GmbH · SMR Patents S.aR.L. · SMR Automotive Beteiligungen Deutschland GmbH · SMR Automotive Brasil Ltda. · SMR Automotive System (Thailand) Limited · SMR Automotives Systems Macedonia Dooel Skopje · SMR Automotive Operations Japan K.K. · SMR Automotive Vision System Operations USA INC (Incorporated on 17.03.2014) · SMR Mirror UK Limited (Incorporated on 19.03.2014) · Samvardhana Motherson B.V. · Samvardhana Motherson Peguform GmbH · SMP Deutschland GmbH · SMP Logistik Service GmbH (earlier known as SMP Automotive Solutions · Personalleasings GmbH) · SMP Automotive Solutions Slovakia s.r.o · Changchun Peguform Automotive Plastics Technology Co. Limited · SMP Automotive Technology Management Services (Changchun) Co. Limited · SMP Automotive Technology Iberica S.L · Samvardhana Motherson Peguform Barcelona S.L.U (Earlier known as Peguform Module · Division Iberica Cockpits S.L.) · SMP Automotive Technologies Teruel Sociedad Limitada · Samvardhana Motherson Peguform Automotive Technology Portugal S.A · PAINTYES – Sociedade Portuguesa de Pintura, S.A. (till- 30.12.2013- merged with SMP Automotive Technology Portugal S.A.) · SMP Automotive Systems Mexico S.A. de C.V · SMP Tecnologia Parachoques S.A. de C.V. · SMP Shock Absorber Fabrication Mexico S.A. de C.V · SMP Automotive Produtos Automotivos do Brasil Ltda. · Foshan Peguform Automotive Plastics Technology Co. Limited · SMP Exterior Automotive GmbH (incorporated on 31.05.2013) · SMP Automotive Interiors (Beijing) Co. Limited (incorporated on 31.03.2014) |
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Other Related
Parties : |
Joint
Ventures: · Kyungshin Industrial Motherson Limited Woco
Motherson Elastomer Limited Woco
Motherson Advanced Rubber Technologies Limited Woco
Motherson Limited (FZC) (Indirectly through Subsidiary) Calsonic
Kansei Motherson Auto Products Limited Ningbo
SMR Huaxiang Automotive Mirrors Co. Limited(Indirectly through Subsidiary) Chongqing
SMR Huaxiang Automotive Products Limited (w.e.f. 08.08.2013) (Indirectly
through Subsidiary) Celulosa
Fabril (Cefa) S.A. (Zaragoza, ES) (Indirectly through Subsidiary) Modulos
Rivera Alta S.L.U. (Indirectly through Subsidiary) Samvardhana
Motherson Nippisun Technology Limited (w.e.f. 11.09.2013) Eissmann
SMP Automotive Interieur Slovensko s.r.o. (w.e.f. 31.03.2014) Associate
Companies: · Saks Ancillaries Limited Re-time
Pty. Limited |
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Companies in which
Key Managerial Personnel or their relatives have control/ significant
influence: |
· Motherson Auto Limited Motherson
Air Travel Agencies Limited Ganpati
Auto Industries (Partnership Firm) Southcity
Motors Limited Motherson
Techno Tools Limited Motherson
Techno Tools Mideast (FZE) SWS
India Management and Support Service (P) Limited Vaaman
Auto Industry (Partnership Firm) Motherson
Sumi INfotech and Designs Limited Motherson
Engineering Research and Integrated Technologies Limited Moon
Meadows Private Limited Sisbro
Motor and Workshop Private Limited NACHI
Motherson Tool Technology Limited Motherson
(Partnership Firm) Samvardhana
Motherson International Limited (also a joint venturer) A Basic
Concepts Design Pty. Limited ATAR
Mauritius Private Limited Motherson
Auto Solutions Limited Motherson
Machinery and Automations Limited Spheros
Motherson Thermal System Limited Matsui
Technologies India Limited Motherson
Moulds and Diecasting Limited Anest
Iwata Motherson Limited Field
Motor Limited AES
(India) Engineering Limited Motherson
Auto Engineering Service Limited Anest
Iwata Motherson Coating Equipment Limited Nissin
Advanced Coating Indo Co. Limited. Magnetti
Marelli Motherson Holding India BV Magnetti
Marelli Motherson Auto System Limited Samvardhana
Motherson Finance Services Cyprus Limited Motherson
Zanotti Refrigeration System Limited Samvardhana
Motherson Virtual Analysis Limited Tigers
Connect Travel Systems and Solutions Limited Samvardhana
Motherson Holding (M) Private Limited. Motherson
Advanced Tooling Solutions Limited SCCL
Infra Projects Limited Fritzmeier
Motherson Cabin Engineering Limited. Air
Factory Energy Limited CTM
India Limited. MSID
U.S. Inc. Motherson
Consultancies Service Limited (earlier known as Motherson Climate System
Limited) Spirited
Auto Cars (I) Limited Motherson
Lease Solution Limited (formerly Style Motors Limited) Systematic
Conscom Limited MAS
Middle East Limited (FZE) Nachi
Motherson Precision Limited Motherson
Bergstrom HVAC Solutions Private Limited Motherson
Sintermetal Technology Limited Advanced
Technologies and Auto Resources Pte. Limited Edcol
Global Pte. Limited Motherson
Innovative Technologies and Research Radha
Rani Holdings Pte Limited Sehgals
Trustee Company Private Limited (incorporated on 20.03.2014) Nirvana
Agro Products Private Limited (incorporated on 22.01.2014) |
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Joint Venturer: |
· Sumitomo Wiring Systems Limited, Japan Kyungshin
Corporation, Korea Woco
Franz Josef Wolf Holding GmbH, Germany Calsonic
Kansei Corporation, Japan E-Compost
Pty. Limited, Australia Dremotech
GmbH and Co. KG., Germany Cross
Motorsport Systems AG Blanos
Partners S.L. Changshu
Automobile Interior Decoration Co. Limited Ningbo
Huaxiang Electronic Co., Limited Eissmann
Automotive Slovensko s.r.o. |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2873000000 |
Equity Shares |
Re.1/- each |
Rs.2873.000 Millions |
|
25000000 |
8% Convertible Cumulative Preference Shares |
Re.1/- each |
Rs.250.000 Millions |
|
|
Total |
|
Rs.3123.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
881,919,360* |
Equity Shares |
Rs.10/- each |
Rs.882.000 Millions |
*During the year the Company has made allotment of 293,973,120 equity shares of Re. 1/- each (Previous year 195,982,080 equity shares of Re. 1/- each) as bonus shares in proportion of one equity share for every two equity shares.
a. Reconciliation of number of shares
|
Equity Shares: |
Number |
Rs. in Millions |
|
Balance as at the beginning of the year |
587946240 |
588.000 |
|
Add: Shares issued to the shareholders of erstwhile Sumi Motherson Innovative Engineering Limited (SMIEL) merged with the Company w.e.f. April 1, 2011, pursuant to the Scheme of Amalgamation. |
-- |
-- |
|
Add: Bonus Shares issued during the year by capitalisation of Securities Premium Account/ Capital Redemption Reserve. |
293973120 |
294.000 |
|
Balance as at the
end of the year |
881919360 |
882.000 |
b.
Rights,
preferences and restrictions attached to Shares.
Equity Shares: The Company currently has only one class of equity shares having a par value of Re. 1/- per share. Each shareholder is eligible to one vote per share held. The Company declares and pays dividends in Indian rupees. The dividend, if proposed by the Board of Directors, is subject to the approval of the shareholders in the Annual General Meeting, except in case of interim dividend.
In the event of liquidation of the Company, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
c. Aggregate number of Shares allotted as
fully paid up by way of bonus shares during 5 years immediately preceding March
31, 2014.
|
|
Aggregate
No. of shares issued
in last 5 years |
Bonus Shares Alloted in the year ended |
||||
|
March 31, 2014 |
March 31, 2013 |
March 31,2012 |
March 31,2011 |
March 31,2010 |
||
|
Equity shares allotted as fully paid bonus shares. |
489,955,200 |
293,973,120 |
195,982,080 |
-- |
-- |
-- |
d. Details of shares held by shareholders
holding more than 5% of the aggregate shares in the Company.
|
Particulars |
Number |
% |
|
Equity Shares: |
|
|
|
Samvardhana Motherson International Limited |
318,531,564 |
36.12% |
|
Sumitomo Wiring Systems Limited |
223,013,854 |
25.29% |
As per of the Company, including its register of shareholders/ members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.
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 |
882.000 |
588.000 |
388.000 |
|
(b) Reserves & Surplus |
18174.000 |
15652.000 |
12463.000 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
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|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
(3) Share capital Suspense
Account |
0.000 |
0.000 |
4.000 |
|
Total
Shareholders’ Funds (1) + (2) |
19056.000 |
16240.000 |
12855.000 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
4221.000 |
5095.000 |
4399.000 |
|
(b) Deferred tax liabilities (Net) |
115.000 |
177.000 |
214.000 |
|
(c) Other long term liabilities |
143.000 |
152.000 |
156.000 |
|
(d) long-term provisions |
146.000 |
147.000 |
94.000 |
|
Total Non-current Liabilities (3) |
4625.000 |
5571.000 |
4863.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1957.000 |
3263.000 |
4273.000 |
|
(b) Trade payables |
4364.000 |
4778.000 |
4553.000 |
|
(c) Other current
liabilities |
3155.000 |
2341.000 |
2102.000 |
|
(d) Short-term provisions |
3487.000 |
2211.000 |
1624.000 |
|
Total Current Liabilities (4) |
12963.000 |
12593.000 |
12552.000 |
|
|
|
|
|
|
TOTAL |
36644.000 |
34404.000 |
30270.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
14330.000 |
14166.000 |
12164.000 |
|
(ii) Intangible Assets |
14.000 |
30.000 |
13.000 |
|
(iii) Capital
work-in-progress |
519.000 |
861.000 |
1242.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
13.000 |
|
(b) Non-current Investments |
5821.000 |
5132.000 |
3704.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2454.000 |
802.000 |
803.000 |
|
(e) Other Non-current assets |
29.000 |
9.000 |
19.000 |
|
Total Non-Current Assets |
23167.000 |
21000.000 |
17958.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
5628.000 |
5420.000 |
4652.000 |
|
(c) Trade receivables |
5754.000 |
5464.000 |
5428.000 |
|
(d) Cash and cash
equivalents |
191.000 |
658.000 |
202.000 |
|
(e) Short-term loans and advances |
1785.000 |
1765.000 |
2030.000 |
|
(f) Other current assets |
119.000 |
97.000 |
0.000 |
|
Total Current Assets |
13477.000 |
13404.000 |
12312.000 |
|
|
|
|
|
|
TOTAL |
36644.000 |
34404.000 |
30270.000 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
45245.000 |
43041.000 |
35718.000 |
|
|
|
Other Income |
1083.000 |
915.000 |
931.000 |
|
|
|
TOTAL (A) |
46328.000 |
43956.000 |
36649.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
24225.000 |
24839.000 |
20728.000 |
|
|
|
Purchases of Stock-in-Trade |
1069.000 |
1007.000 |
891.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(152.000) |
(549.000) |
(103.000) |
|
|
|
Employees benefits expense |
4975.000 |
4392.000 |
3454.000 |
|
|
|
Other expenses |
6680.000 |
5782.000 |
5564.000 |
|
|
|
TOTAL (B) |
36797.000 |
35471.000 |
30534.000 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
9531.000 |
8485.000 |
6115.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
417.000 |
535.000 |
598.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
9114.000 |
7950.000 |
5517.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1530.000 |
1453.000 |
1172.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
7584.000 |
6497.000 |
4345.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2233.000 |
1801.000 |
1173.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
5351.000 |
4696.000 |
3172.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
7605.000 |
4785.000 |
3097.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
600.000 |
500.000 |
450.000 |
|
|
|
Additions on amalgamation |
0.000 |
0.000 |
1.000 |
|
|
|
Dividend |
2205.000 |
1176.000 |
890.000 |
|
|
|
Tax on Dividend |
375.000 |
200.000 |
145.000 |
|
|
BALANCE CARRIED
TO THE B/S |
9776.000 |
7605.000 |
4785.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
7274.000 |
5985.000 |
4857.000 |
|
|
|
Dividend Received from Subsidiary |
536.000 |
330.000 |
517.000 |
|
|
|
Service Income |
29.000 |
16.000 |
0.000 |
|
|
|
Miscellaneous Income |
4.000 |
1.000 |
2.000 |
|
|
TOTAL EARNINGS |
7843.000 |
6332.000 |
5376.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
15407.000 |
13100.000 |
11333.000 |
|
|
|
Capital Goods |
429.000 |
1158.000 |
952.000 |
|
|
|
Spares |
184.000 |
134.000 |
97.000 |
|
|
TOTAL IMPORTS |
16020.000 |
14392.000 |
12382.000 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
6.07 |
5.33 |
8.10 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
11.55 |
10.68 |
8.66 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
16.76 |
15.09 |
12.16 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
25.03 |
22.87 |
17.17 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.40 |
0.40 |
0.34 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.32 |
0.51 |
0.67 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.04 |
1.06 |
0.98 |
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 |
388.000 |
588.000 |
882.000 |
|
Reserves & Surplus |
12463.000 |
15652.000 |
18174.000 |
|
Share capital Suspense Account
|
4.000 |
0.000 |
0.000 |
|
Net
worth |
12855.000 |
16240.000 |
19056.000 |
|
|
|
|
|
|
long-term borrowings |
4399.000 |
5095.000 |
4221.000 |
|
Short term borrowings |
4273.000 |
3263.000 |
1957.000 |
|
Total
borrowings |
8672.000 |
8358.000 |
6178.000 |
|
Debt/Equity
ratio |
0.675 |
0.515 |
0.324 |
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 |
35718.000 |
43041.000 |
45245.000 |
|
|
|
20.502 |
5.121 |
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 |
35718.000 |
43041.000 |
45245.000 |
|
Profit |
3172.000 |
4696.000 |
5351.000 |
|
|
8.88% |
10.91% |
11.83% |
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 |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
Long Term
Borrowings |
|
|
|
Term loans |
|
|
|
Foreign currency Loan from banks |
799.000 |
1086.000 |
|
Short Term
Borrowings |
|
|
|
Loans from banks |
|
|
|
Indian rupee loan |
0.000 |
418.000 |
|
Other Loans-
repayable on demand |
|
|
|
Indian rupee loan from a related party |
0.000 |
10.000 |
|
Total |
799.000 |
1514.000 |
GENERAL
INFORMATION
Subject is incorporated in India on 19th December, 1986 and is engaged primarily in the manufacture and sale of components to automotive original equipment manufacturers. The Company has manufacturing plants in India and sells primarily in India, Europe and Japan. The Company is a public limited company and is listed on the Bombay Stock Exchange, National Stock Exchange, Ahmedabad Stock Exchange and Delhi Stock Exchange. The Company is a joint venture entity between Samvardhana Motherson International Limited and Sumitomo Wiring Systems Limited, Japan.
MANAGEMENT
DISCUSSIONS AND ANALYSIS
OVERVIEW
MSSL is a leading global Tier 1 supplier of rear view vision systems, interior and exterior modules and wiring harness. The Company has established “strategic supplier partner” relationships with all major global OEMs with its commitment to provide quality products and services in time.
The Company is always focused on doing strategic investments aimed to achieve its long term vision. Key elements of this strategy include continuous profi table growth in order to maintain a healthy balance sheet with investment grade credit metrics and increasing return to shareholders.
MSSL achieved its 2014-15 revenue target of US$ 5 billion, one year in advance of its Vision 2015 with operating margin significantly better than previous year(s) in volatile and difficult market conditions.
The Company continues to report sharp improvement in operating performance driven by its strategy of increasing content per car, global footprint with strong in-house RandD center and improvement in utilization levels. The consistent growth across all divisions and product line even in current sluggish market is due to strong global presence, diversifi ed product portfolio and trust built by the Company among its customers which will further create opportunity on revival of market conditions.
AUTOMOTIVE MIRRORS
Samvardhana Motherson Reflectec (SMR), the mirror division of the company constitutes 30% share of the total business portfolio of MSSL. SMR, a subsidiary of Motherson Sumi Systems Ltd, is a global Tier I supplier of rear view vision systems to all the leading automobile OEMs, including Hyundai Kia, Ford, General Motors, PSA, Renault/Nissan, Suzuki, Fiat, Toyota, Tata JLR, Volvo, BMW, Daimler and Volkswagen. SMR’s mirrors are engineered to optimize aerodynamic properties and integrate technologically advanced features that enhance safety, comfort and aesthetics. SMR focuses on the premium segment, with a product portfolio which covers a wide spectrum of vehicle and price segments, from low-cost mirrors to highly complex premium mirrors incorporating a variety of electronic features.
SMR enjoys approximately 22% market share of the total global exterior mirror sales as assessed by the Company. Principal business activities of SMR include designing, manufacturing, producing and supplying exterior and interior mirrors for the international automotive industry. SMR develops and produces a wide range of exterior mirrors from basic, manually adjusted mirrors to high-value mirrors with integrated systems such as camera-based detection systems, side turn indicator lamps and assist system signal lights. SMR’s interior mirrors product line consists mainly of prismatic mirrors and it also develops highvalue interior mirrors with features such as integrated displays and microphones and garage door openers.
SMR has a sustained focus on research and development. SMR held 609 granted patents, 149 pending patents and 19 registered utility models. Its innovations include several industry firsts, such as the first turn signal in exterior mirrors for Mercedes Benz in 1998; the first interior mirror with multiple functions for Mercedes Benz in 1999; the first LIN-bus system in exterior mirrors for Jaguar in 2001; the first camera-based blind spot detection system for Volvo in 2004; the first LED light guide style turn signal for Audi Q7 in 2005; the fi rst side-looker LED turn signal for Hyundai in 2005; a combined unique power telescopic and power folding mirror for Ford in 2007; the first lamps in exterior mirrors to project logos on the ground for European SUVs in 2011; and the first one-piece exterior mirror glass reflector with an integrated blind spot detector section for North-American SUVs in 2011.
SMR has presence in 14 countries with 22 production facilities, 12 Development, project management and sales commercial centre’s, 3 RandD centre’s, 1 sequence centre and more than 8,000 employees as on March 31, 2014. Focus on technology and innovation has enabled SMR to maintain a leadership position in exterior mirrors and to expand its product portfolio to interior mirrors of various types and blind spot detection cameras, as well as enabling further expansion into new product segments.
OUTLOOK
SMR strategy to focus on vertical integration of selective high potential items, like glass, actuators and wiring harnesses has started giving cost advantage and competitive edge to the business.
The status of capacity expansions initiated during the previous year is as follows:
_ SMR has completed construction of new facility in Langfang (China), commercial production and supplies have started during the year.
_ SMR has expanded capacities at Yancheng (China), to support new orders received from existing customers.
_ SMR has incurred signifi cant amount for setting up new facility at Michigan (USA) to cater to growth coming up in North America market, commercial production will start from 2015-16. SMR started expanding the capacities at the following locations:
_ SMR has started setting up new plant at Chongqing (China) to support sales growth of global customers in China.
_ SMR is setting up new glass line and side turn indicator in India and Thailand for captive consumption.
_ SMR is also expanding its actuator manufacturing in France for mainly supporting in house requirement.
WIRING HARNESSES
The Company is focused on expanding its global footprint and customer base in wiring harness business. The Company’s wiring harness business maintained its leadership position and dominant market share with leading automobile companies in India.The Company is a leading supplier of wiring harnesses to OEMs in India and together with its Joint Ventures has market share in excess of 65% of the passenger car segment in India as assessed by the Company. The comprehensive design capabilities from the vehicle designing stage and extensive product portfolio facilitate continuous gain of market share and rapid growth in revenue than the overall industry.
The high degree of backward integration for key inputs of the product like wires, connectors, terminals and fuse boxes, tube clamps and binders, grommets and seals, caps and sleeves etc enables the Company to further enhance the growth. The Company has in house facilities to manufacture high precision plastic parts specially connectors, fuse boxes and junction boxes for wiring harnesses. It also has well-established tool rooms which develops molds for a wide range of applications from high precision componentsto complicated automobile parts with specialization in wiring harness components. It has further strengthened capabilities for indigenization, in-house development and manufacturing of components for wiring harness.
Superior quality end product, consistent just-in-time product supply and customer service continues to be areas of competitive advantage for the wiring harness business. The customer base of Wiring Harness spans the entire spectrum of the automotive industry and includes passenger cars and MUVs, two wheelers, commercial vehicles, tractors and farm equipment, earth moving and material -handling equipment, electrical and electronics and medical systems.
The Company is expanding its presence globally by setting up new production facilities in key markets in order to support new business and growth. The division currently operates with 40 manufacturing facilities and 7 design centers serving a large number of major automotive, heavy duty and industrial customers worldwide.
The Company with its subsidiaries and joint ventures has its wiring harness manufacturing and support spread across India, Sharjah, Ireland, Sri Lanka, Italy, Japan United Kingdom, Mexico, Thailand and Korea. These locations have been strategically selected to give logistical support to serve major customer destinations. The combination of design, range, quality, infrastructure, technology and proximity helps MSSL emerge as a complete service provider in the field of wiring harness.
OUTLOOK
In addition to expanding business with existing customers in more established markets, MSSL’s expansion plans are focused primarily on emerging markets.
The Company has recently signed an asset purchase agreement to acquire the wiring harness business having turnover of approx. USD 300 million from six manufacturing facilities in Americas. It supplies principally to the commercial vehicles, agricultural equipment, material handling equipment and off-road vehicles. This is by far the largest acquisition for the core business of wiring harnesses. It has strong synergies with the proposed business being acquired in terms of customer segments and products. This acquisition will further strengthen presence in North America where it has in recent past, established wiring harness operations. The status of capacity expansions initiated during previous year is as follows:
_ Wiring Harness Division expanded its capacity at existing facilities in Noida, Chennai, and Bangalore.
_ The ramp up of commercial production and supplies at Mexico and Thailand facility has started during the year.
_ Commercial production started at wire plant set up at Noida for further increase in production capacity of wires by 50,000 Kms per year.
MACHINED METAL
COMPONENTS, RUBBER COMPONENTS AND OTHERS
Metal Machining business is done by Motherson Innovative Engineering Solutions (MINES), a division of MSSL, which has its facility at Bengaluru. Main products manufactured by the division are Gear rim, Gear Wheel, Gear Blanks, Hydraulic cylinder parts, parts for Injection Moulding, Heat Sinks, Gear box Pins. In this fi nancial year the division added two new customers in its list.
In addition to this, the Company has a subsidiary Motherson ORCA Precision Technologies GmbH (MOPT) at Donaueschngen, Germany.
The Rubber Components business is conducted through subsidiary of the Company Motherson Elastomers Pty Ltd in Australia, MAE division of MSSL in Chennai and three joint ventures with WOCO in India and Sharjah
OUTLOOK
_ The Division started its new facility at Mexico for manufacturing machined parts to meet demand from the existing customers and to cater new opportunities in South America automotive market. This facility has started commercial operation during 2013-14.
New facility has been set up at Noida for rubber compounding and moulding, commercial production started during the year.
OPERATIONS AND
PERFORMANCE
On standalone basis for the year 2013-14, the company achieved total revenue of Rs. 45245.000 millions resulting in a growth of about 5% over its total revenue of Rs. 43041.000 millions of the previous financial year ended March 31, 2013. The profit after tax for the year ended March, 2014 at Rs. 5351.000 millions was higher than 14% from the previous financial year ended March 31, 2013 at Rs. 4696.000 millions. The Company has reported the best ever revenues and earnings for the year both on consolidated as well on standalone basis.
AWARDS and
RECOGNITIONS
During the year, the Company received various awards and recognitions, some of which are given below:
Wiring Harness Division (WHD):
The division has been awarded with following appreciations by Customers during the year:
- MARUTI-SUZUKI has conferred the following awards:
• Focused Cost Down
• “Overall Gold Award” for outstanding performance.
• Shield awarded for “Consistent High Quality”
• Shield awarded for “System Audit”
• Shield awarded for “Inner Part Localization”
• Shield awarded for “E- Nagare Schedule Adherence”
- WHD has received the ‘Spare Parts Gold Award’ in the category of Quality and also got the award for being “Winner”in the “Quality Circle Competition 2013- 2014” from Honda Cars India Ltd.
- WHD has received Overall Best Vendor” for being the “Best supplier Quality” and “Best Supplier Award” for the year 2013- 14 from Tata Motors Limited.
- WHD has also received “Best Supplier Award – 2013” for the year 2013-14 from Eicher Motors Limited and New Holland. Polymer Division (MATE): Polymer division of the Company has been awarded with following appreciations by Customers during the year:
- MATE received “Supplier of the Year Gold Award” from Toyota for outstanding performance in the category of “Quality, Cost and Delivery”
- MATE received “Overall Best Supplier Award” from Tata Motors for overall outstanding performance.
- MATE received “Certifi cate of Appreciation in Safety and Timely Capacity Enhancement” Award from Maruti Suzuki.
- MATE received “Value Engineering Award” from Hyundai.
- MATE received “Best Support in New Model Development” award from Honda Cars.
The Company has also been the winner of “Quality Co-Creation Competition (Best Practices)” hosted by Mahindra and Mahindra and Q.C.I.D.M. Supplies performance Award hosted by JCB.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
Claims against the
Company not acknowledge as debts* |
|
|
|
a) Excise Matters |
46.000 |
50.000 |
|
b) Sales Tax Matters |
98.000 |
60.000 |
|
c) Service Tax Matters |
37.000 |
29.000 |
|
d) Stamp Duty |
5.000 |
5.000 |
|
e) Claims made by Workmen |
18.000 |
9.000 |
|
f) Income Tax Matters |
55.000 |
32.000 |
Note: *
Against which Company has given bank guarantee amounting to Rs. 33.000 millions
(Previous Year Rs. 32.000 millions)
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE 2014
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
30.06.2014 |
|
1.
Income from operations |
|
|
a) Net sales/ Income from operation (net of excise duty) |
120,13.600 |
|
- Within India |
10031.600 |
|
- Outside India |
1982.000 |
|
b) Other operating income |
237.500 |
|
Total
income from Operations(net) |
12251.100 |
|
2.Expenditure |
|
|
a.
Changes in inventory of Finished
Goods, Work in Progress and Stock in
Trade |
(74.000) |
|
b.
Cost of Material Consumed |
6610.300 |
|
c.
Purchases of stock-in-trade |
380.600 |
|
d.
Employees Benefits Expense |
1509.500 |
|
e.
Depreciation & Amortisation
Expenses |
482.400 |
|
f.
Exchange Differences on |
|
|
- Long Term Loans |
24.600 |
|
- Others |
(97.900) |
|
g.
Other Expenses |
1749.500 |
|
Total expenses |
10585.000 |
|
3. Profit from operations before other income and
financial costs |
1666.100 |
|
4. Other income |
24400 |
|
5. Profit from ordinary activities before finance costs |
1690.500 |
|
6. Finance costs |
69.300 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
1621.200 |
|
8. Exceptional item |
- |
|
9. Profit from ordinary activities before tax
Expense: |
1621.200 |
|
10. Tax expense / (Credit)
- Current |
582.700 |
|
- Deferred |
(65.100) |
|
- Fringe Benefit |
- |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
1103.600 |
|
12.Extraordinary Items (net of tax expense) |
- |
|
13.Net Profit / (Loss) for the period (11 -12) |
1103.600 |
|
14. Share of profit/(loss) of Associates |
- |
|
15. Minority Interests |
- |
|
16. Net Profit (+)/Loss(-) after
taxes, share of profit/(loss) of associates and minority interest |
1103.600 |
|
17. Paid up equity share capital (Face Value :- Rs.1/- per
share) |
881.900 |
|
18. Reserve excluding Revaluation Reserves as per balance
sheet of previous accounting year |
|
|
19. Earnings Per Share before Extraordinary items (EPS)
(in Rs.) |
- |
|
Basic and diluted
EPS before Extraordinary items (Refer Note 6 below) |
|
|
- Basic |
1.25 |
|
- Diluted |
1.25 |
|
Basic and diluted
EPS after Extraordinary items (Refer
Note 6 below) - Basic |
|
|
- Basic |
1.25 |
|
- Diluted |
1.25 |
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
30.06.2014 |
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
303453057 |
|
- Percentage of shareholding |
0.00% |
|
2. Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
117812999 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
20.37% |
|
Percentage of shares (as a % of total share capital of the
company) |
13.36% |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
|
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
460653304 |
|
Percentage of shares (as a % of total share capital of the
company) |
79.63% |
|
|
52.23% |
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
|
|
Receiving during the quarter |
|
|
Disposed of during the quarter |
|
|
Remaining unreserved at the end of the quarter |
|
UNAUDITED SEGMENT
WIE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In
Millions)
|
Particulars |
Quarter
Ended (
Unaudited) |
|
|
30.06.2014 |
|
Segment Revenue |
|
|
Automotive |
11428.400 |
|
Non-Automotive |
757.700 |
|
Unallocated Total |
39.000 |
|
|
12225.100 |
|
Less: Inter Segment Revenue |
- |
|
Net Sales/Income from Operations |
12225.100 |
|
Segment Results |
|
|
Automotive |
1430.400 |
|
Non-Automotive |
118.200 |
|
Unallocated Total |
- |
|
|
1548.600 |
|
Less i) Interest (Net) |
18.800 |
|
ii) Other
unallocable expenditure Net of Unallocable Income) |
(91.400) |
|
Profit of Associate |
- |
|
Total Profit Before Tax |
16,21.200 |
|
Capital Employed |
|
|
Automotive |
19714.300 |
|
Non-Automotive |
1628.900 |
|
Others (Including Investments) |
4364.500 |
|
Total Segment Capital Employed |
25707.700 |
Notes:
i
The above financial results were reviewed by the Audit
Committee and approved by the Board of Directors of the Company at their
meetings held on August 12, 2014.
ii
The Company operates in two primary business
segments, viz Automotive and Non-Automotive, determined on the basis of nature
of products and services.
iii
Samvardhana Motherson Automotive Systems Group
B.V., Netherlands (SMRPBV), the Company's subsidiary and joint venture with
Samvardhana Motherson International Limited (SMIL) has issued 4⅛% Senior
Secured Notes for € 500 million on July 10, 2014. The net proceeds has been
used to prepay existing third party indebtedness (including USD loans raised
for acquisition of Peguform Group that were guaranteed by the Company and SMIL)
and refund of shareholders loans.
iv
The estimated useful lives of certain fixed assets
have been revised in accordance with Schedule II of the Companies Act, 2013
with effect from April 1, 2014. Pursuant to the above mentioned changes in
useful life of assets, the depreciation expense for the quarter is higher by
Rs. 980 lakhs and in respect of the assets whose revised useful life expired
prior to March 31, 2014, the net book value of Rs.36.200 Millions (net of
Deferred Tax) has been adjusted with the opening retained earnings.
v
On August 1, 2014, the Company has completed the acquisition
of wiring harness business of Stoneridge Inc. for total cash outlay of USD
71.38 million. The deal is structured by way of asset purchase and includes six
manufacturing facilities and an engineering centre located in Mexico and USA.
vi
The basic and diluted earnings per share has been
adjusted for all the periods presented consequent to bonus shares allotted on
December 24, 2013 in the proportion of 1 share for every 2 shares held.
vii
The figures of previous periods have been
re-grouped, wherever necessary, to conform to the current periods
classification.
FIXED ASSETS
Lease
hold Land
Free hold
Land
Leasehold
improvements
Buildings
Plant and
Machinery
Furniture
and Fixtures
Offi ce
Equipment
Computers
Vehicles
Software
Technical
Knowhow fees
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.84 |
|
UK Pound |
1 |
Rs.98.73 |
|
Euro |
1 |
Rs.78.64 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
64 |
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.