MIRA INFORM REPORT

Report No. :	315466
Report Date :	08.04.2015

IDENTIFICATION DETAILS

Name :	HONDA SIEL POWER PRODUCTS LIMITED
Registered Office :	409, DLF Tower B, Jasola Commercial Complex, New Delhi – 110025
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	19.09.1985
Com. Reg. No.:	55-203950
Capital Investment / Paid-up Capital :	Rs. 101.431 Million
CIN No.: [Company Identification No.]	L40103DL2004PLC203950
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.
Line of Business :	Manufacturer, Importer and Exporter of power products and related Parts.
No. of Employees :	1100 (Approximately)

RATING & COMMENTS

MIRA’s Rating :

A (64)

RATING		STATUS	PROPOSED CREDIT LINE
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

Maximum Credit Limit :	USD 8400000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear
Comments :	Subject is an established company having good track record. Financial position of the company is sound. Fundamentals of the company are strong and healthy. The rating also takes into consideration company strong brand image and established market position. Trade relations are reported as fair. Business is active. Payments terms are reported to be regular and as per commitment. The company can be considered normal 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 – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

EXTERNAL AGENCY RATING

Rating Agency Name	Not Available
Rating	Not Available
Rating Explanation	Not Available
Date	Not Available

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

INFORMATION PARTED BY

Name :	Mr. Chandan Singh
Designation :	Sales Executive
Contact No.:	91-8588801020
Date :	31.03.2015

LOCATIONS

Registered Office :	409, DLF Tower B, Jasola Commercial Complex, New Delhi – 110025
Tel. No.:	91-120-2341050 / 2590216 / 2590219
Mobile No.:	91-8588801020 (Mr. Chandan Singh)
Fax No.:	91-120-2341077 / 2341078 / 2341079
E-Mail :	honda.export@hspp ho.legal@hspp.com
Head Office / Factory :	Plot No.5, Sector No.41 (Kasna), Greater Noida Industrial Development Area, District, Gautam Budh Nagar – 201310, Uttar Pradesh, India
Technical and Financial Collaborators:	Honda Motor Company Limited. 1-1, 2 Chome, Minami-aoyama, Minato-ku Tokyo, Japan

DIRECTORS

As on : 31.03.2014

Name :	Mr. Siddharth Shriram
Designation :	Chairman
Address :	No.3A, Chitrakoot The Green, Opposite Air Force stat, Rajokri, NCT of Delhi – 110038, India
Date of Birth/Age :	18.01.1940
Name :	Mr. Dharam Veer Kapur
Designation :	Director
Address :	405, Aradhana Apartments, R K Puram, NCT of Delhi – 110066, India
Date of Birth/Age :	09.09.1928
Name :	Mr. Om Prakash Khaitan
Designation :	Director
Address :	N-12, Panchsheel Park, New Delhi – 110017, India
Date of Birth/Age :	21.01.1943
Name :	Mr. Ravi Vira Gupta
Designation :	Director
Address :	9-B, Anand Lok, New Delhi – 110049, India
Date of Birth/Age :	19.11.1937
Name :	Mr. Y. Matsumoto
Designation :	Director
Name :	Mr. H. Sugimizu
Designation :	Whole Time Director
Name :	Mr. Vinay Mittal
Designation :	Whole Time Director
Name :	Mr. Manoj Arora
Designation :	Director
Name :	Mr. Ravi Prakash Mehrotra
Designation :	Director

KEY EXECUTIVES

Name :	Mr. Rahul Kumar
Designation :	Company Secretary
Name :	Mr. T. Hamasaki
Designation :	President and Chief Executive Officer
Name :	Mr. Chandan Singh
Designation :	Sales Executive

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

As on : 31.012.2014

Category of Shareholder	Total No. of Shares	Total Shareholding as a % of Total No. of Shares
		As a % of (A+B)
(A) Shareholding of Promoter and Promoter Group
(1) Indian
Bodies Corporate	101433	1.00
Sub Total	101433	1.00
(2) Foreign
Bodies Corporate	6762000	66.67
Sub Total	6762000	66.67
Total shareholding of Promoter and Promoter Group (A)	6863433	67.67
(B) Public Shareholding
(1) Institutions
Mutual Funds / UTI	72119	0.71
Financial Institutions / Banks	900	0.01
Foreign Institutional Investors	175000	1.73
Sub Total	248019	2.45
(2) Non-Institutions
Bodies Corporate	532090	5.25
Individuals
Individual shareholders holding nominal share capital up to Rs. 1 lakh	1727170	17.03
Individual shareholders holding nominal share capital in excess of Rs. 1 lakh	579881	5.72
Any Others (Specify)	192478	1.90
NRIs/OCBs	144543	1.43
Clearing Members	47880	0.47
Trusts	55	0.00
Sub Total	3031619	29.89
Total Public shareholding (B)	3279638	32.33
Total (A)+(B)	10143071	100.00
(C) Shares held by Custodians and against which Depository Receipts have been issued	0	0.00
(1)	0	0.00
(2)	0	0.00
Sub Total	0	0.00
Total (A)+(B)	10143071	100.00

BUSINESS DETAILS

Line of Business :	Manufacturer, Importer and Exporter of power products and related Parts.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Cash and Cheque
Purchasing :	Cash and Cheque

GENERAL INFORMATION

Suppliers :

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

Customers :

Wholesalers and Retailers

Reference :	Not Divulged
Name of the Person :	Not Divulged
Contact No.:	Not Divulged
Since How Long Known :	Not Divulged
Experience :	Not Divulged
Maximum Limit Dealt :	Not Divulged

No. of Employees :

1100 (Approximately)

Bankers :

• The Bank of Tokyo-Mitsubishi UFJ Limited
• HDFC Bank Limited
• ICICI Bank Limited
• Yes Bank Limited

Auditors :
Name :	B S R and Company LLP Chartered Accountants
Address :	Building No. 10, 8^th Floor, Tower-B, DLF Cyber City, Phase –II, Gurgaon – 122002, India
Tel. No.:	91-124-2549191
Fax No.:	91-124-2549101
Ultimate holding Company and Holding Company :	Honda Motor Company Limited – Japan
Memberships :	Not Available
Collaborators :	Not Available
Subsidiaries :	Honda Motor Southern Africa (Pty.) Limited South Africa Honda Philippines Inc. Philippines Honda Del Peru S.A. Peru Honda de Mexico, S.A. de C.V. Mexico Honda Australia M and P.E. Pty. Limited Australia Asian Honda Motor Company Limited, Thailand Honda Trading Corporation, Japan Honda Manufacturing (Nigeria) Limited, Thailand PT. Honda Power Products Indonesia, Indonesia Honda Trading Asia Company Limited. Thailand Honda Motorcycle and Scooter India Private Limited, India Honda Motor India Private Limited, India Honda Express Logistics India Private Limited, India Moto Honda da Amazonia Limited, Brazil Honda Trading (South China) Co. Limited, Hong Kong Honda R & D Co. Limited, Japan Honda R & D (India) Private Limited, India Honda Motor de Argentina S.A., Argentina Shanghai Honda Trading Co. Limited, China Honda Atlas Power Products Private Limited, Pakistan PT. Honda Trading Indonesia, Indonesia Honda Trading Brasil Ltda., Brasil Honda Canada Inc., Canada American Honda Motor Co. Inc., USA Honda Europe NV, Belgium Honda Trading De Argentina S.A., Argentina Honda Trading Corporation India Private Limited, India Honda Mindong Generator Co. Limited, China Honda Kaihatsu Co. Limited, China Honda Trading Europe Limited, Belgium Honda Motor Europe Limited, U.K. Jialing-Honda Motors Co. Limited, China Honda Cars India Limited, India Honda Kaihatsu India Hospitality Private Limited, India Honda Selva Del Peru S.A. Honda Power Products Limited, Japan

CAPITAL STRUCTURE

As on : 31.03.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
15000000	Equity Shares	Rs.10/- each	Rs.150.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
10144000	Equity Shares	Rs.10/- each	Rs.101.440 Million
10143071	Equity Shares	Rs.10/- each	Rs.101.430 Million
	Total		Rs.202.870 Million

a. Reconciliation of shares outstanding at the beginning and at the end of the year

Outstanding at the commencement and end of the year	10.143	1.014
Total	10.143	1.014

b. Rights, preferences and restrictions attached to equity shares

The Company has a single class of equity shares. Accordingly, all equity shares rank equally with regard to dividends and share in the company’s residual assets. The voting rights of an equity shareholder on a poll (not on show of hands) are in proportion to its share of the paid-up equity capital of the company. Voting rights cannot be exercised in respect of shares on which any call or other sums presently payable have not been paid.

During the year ended 31 March 2014, the Company has recognised per share dividend for distribution to equity shareholders amounting to Rs. 4.00 (31 March 2013: Rs. 4.00).

On winding up of the company, the holders of equity shares will be entitled to receive the residual assets of the company, remaining after distribution of all preferential amounts in proportion to the number of equity shares held.

c. Equity shares held by holding/ultimate holding company and/or their subsidiaries/ associates

	31 March 2014
	Number of shares	Amount in Million
Honda Motor Co. Ltd., Japan, the holding company and also being the ultimate holding company	6.762	0.676

d. Details of shareholders holding more than 5% shares of a class of shares

	31 March 2014
	No. of Equity Shares	% of total share in the class
Honda Motor Co. Ltd., Japan, the holding company and also being the ultimate holding company	6.762	66.6%

FINANCIAL DATA

[all figures are in Rupees Million]

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	101.431	101.431	101.431
(b) Reserves & Surplus	2839.677	2699.316	2540.739
(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)	2941.108	2800.747	2642.170
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	0.000
(b) Deferred tax liabilities (Net)	28.734	47.837	14.851
(c) Other long term liabilities	18.272	17.037	18.005
(d) long-term provisions	27.208	19.954	19.314
Total Non-current Liabilities (3)	74.214	84.828	52.170
(4) Current Liabilities
(a) Short term borrowings	0.000	0.000	0.000
(b) Trade payables	553.997	549.103	588.977
(c) Other current liabilities	161.896	149.976	202.674
(d) Short-term provisions	129.290	57.655	119.777
Total Current Liabilities (4)	845.183	756.734	911.428
TOTAL	3860.505	3642.309	3605.768
II.          ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	1092.784	1124.995	747.440
(ii) Intangible Assets	45.023	47.763	21.741
(iii) Capital work-in-progress	13.794	9.229	102.895
(iv) Intangible assets under development	0.670	0.721	0.000
(b) Non-current Investments	0.000	0.000	0.000
(c) Deferred tax assets (net)	0.000	0.000	0.000
(d) Long-term Loan and Advances	405.280	281.510	93.832
(e) Other Non-current assets	0.000	0.000	122.886
Total Non-Current Assets	1557.551	1464.218	1088.794
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	1071.466	1054.615	711.514
(c) Trade receivables	397.553	281.622	253.865
(d) Cash and cash equivalents	517.708	583.542	1303.555
(e) Short-term loans and advances	307.204	256.474	202.921
(f) Other current assets	9.023	1.838	45.119
Total Current Assets	2302.954	2178.091	2516.974
TOTAL	3860.505	3642.309	3605.768

PROFIT & LOSS ACCOUNT

	PARTICULARS	31.03.2014	31.03.2013	31.03.2012
	SALES
	Income	5413.473	5155.472	5048.266
	Other Income	45.659	69.749	96.244
	TOTAL	5459.132	5225.221	5144.510
Less	EXPENSES
	Cost of Materials Consumed	2953.580	3102.147	2808.400
	Purchases of Stock-in-Trade	323.131	471.694	330.333
	Changes in inventories of finished goods, work-in-progress and Stock-in-Trade	11.271	(260.317)	82.960
	Exceptional Items	92.237	0.000	(203.382)
	Employees benefits expense	511.471	427.200	361.782
	Other expenses	1102.807	1034.427	933.989
	TOTAL	4994.497	4775.151	4314.082
	PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)	464.635	450.070	830.428
Less/ Add	DEPRECIATION/ AMORTISATION (F)	175.355	137.459	103.045
	PROFIT/ (LOSS) BEFORE TAX (E-F) (G)	289.280	312.611	727.383
Less	TAX (I)	101.452	106.567	210.568
	PROFIT/ (LOSS) AFTER TAX (G-I) (J)	187.828	206.044	516.815
	EARNINGS IN FOREIGN CURRENCY
	F.O.B. Value of Exports	1485.775	714.443	673.902
	TOTAL EARNINGS	1485.775	714.443	673.902
	IMPORTS
	Raw Materials	45.610	101.859	87.882
	Components	1016.010	1006.283	737.159
	Consumable	1.630	1.983	1.249
	Stores and Spares	0.737	0.000	0.429
	Capital Goods	8.229	68.664	67.368
	TOTAL IMPORTS	1072.216	1178.789	894.087
	Earnings / (Loss) Per Share (Rs.)	9.26	10.16	25.48

QUARTERLY RESULTS

Particulars (Rs. cr.)	June 2014 1^st Quater	September 2014 2^nd Quater	December.2014 3^rd Quater
Audited / UnAudited	Unaudited	Unaudited	Unaudited
Net Sales	1621.200	1290.200	155.120
Total Expenditure	1470.400	1190.500	1319.300
PBIDT (Excl OI)	150.800	99.700	231.900
Other Income	11.800	23.900	13.000
Operating Profit	162.600	123.600	244.900
Interest	0.000	0.000	0.000
Exceptional Items	0.000	0.000	0.000
PBDT	162.600	123.600	244.900
Depreciation	50.300	53.900	55.300
Profit Before Tax	112.300	69.700	189.600
Tax	38.100	23.800	68.000
Provisions and contingencies	0.000	0.000	0.000
Profit After Tax	74.200	45.900	121.600

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin (PAT/Sales)	(%)	3.47	4.00	10.24
Operating Profit Margin (PBITD/Sales)	(%)	8.58	8.73	16.45
Return on Total Assets (PBT/Total Assets}	(%)	7.52	8.61	24.79
Return on Investment (ROI) (PBT/Networth)		0.10	0.11	0.33
Debt Equity Ratio (Total Debt /Networth)		0.00	0.00	0.00
Current Ratio (Current Asset/Current Liability)		2.72	2.88	3.06

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Share Capital	101.431	101.431	101.431
Reserves & Surplus	2540.739	2699.316	2839.677
Net worth	2642.170	2800.747	2941.108
long-term borrowings	0.000	0.000	0.000
Short term borrowings	0.000	0.000	0.000
Total borrowings	0.000	0.000	0.000
Debt/Equity ratio	0.000	0.000	0.000

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	5048.266	5155.472	5413.473
		2.124	5.004

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Million)	(Rs. In Million)	(Rs. In Million)
Sales	5048.266	5155.472	5413.473
Profit	516.815	206.044	187.828
	10.24%	4.00%	3.47%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	Yes
9]	Name of person contacted	Yes
10]	Designation of contact person	Yes
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	----------------------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	Yes
20]	Export / Import details (if applicable)	No
21]	Market information	----------------------
22]	Litigations that the firm / promoter involved in	----------------------
23]	Banking Details	Yes
24]	Banking facility details	No
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	No

COMPANY OVERVIEW

Honda Siel Power Products Ltd. is a public company domiciled and headquartered in India. It is incorporated under the Companies Act, 1956 and its shares are listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). The Company is primarily engaged in manufacturing and marketing the portable gensets, water pumps, general purpose engines, lawn mowers, brush cutters and tillers. The Company caters to both domestic and international markets.

FINANCIAL PERFORMANCE

During the year 2013-14 the net sale was Rs. 5384.800 Million as against Rs. 5123.700 Million. in the previous year. This represents an increase of 5% in terms of value over previous year. Profit before Tax and Exceptional Items for the year was Rs. 381.500 Million as against Rs. 312.600 Million in 2012-13.

DOMESTIC MARKETS AND EXPORTS

The company achieved sales of Rs. 5757.000 Million in 2013-14 (as against Rs.5555.900 lMillion in 2012-13) in domestic and export markets, thereby registering agrowth of 4% over the previous year. The year saw the introduction of the New 7 kVA generators for the North American markets as well as overhead valve engine based petrol water pumps for the domestic market. These new models are expected to contribute significantly to your company’s future business. During the year, the Company introduced a New Tiller model in the 5.5 HP category for the domestic market. A detailed report on operations titled ‘Management Discussion and Analysis Report’ is annexed to the Directors’ Report as Annexure- A and forms part thereof.

INDIGENISATION PROGRAMME

The Company is continuously working on cost reduction by localization of critical parts with the help of Honda Motor Co. Ltd., Japan. To achieve cost competitiveness, the Company is focusing on reduction in import content in GX series of engines through localization and cost reduction on SA FLOW. The Company is further working on indigenization of many critical parts in SA FLOW for improving the local content ratio and for realizing further cost reduction benefits.

ENVIRONMENT PROTECTION & SAFETY

The Company is committed towards the protection and safety of environment. This is depicted in overall HONDA Philosophy “BLUE SKIES FOR OUR CHILDREN” and is adopted by the Company also. All employees make efforts in daily operations towards controlling emissions, effluents and waste disposal arising out of manufacturing processes, product and services as per the predefined norms. Environmental improvements were achieved by completing the following actions:

- Reduced electrical energy consumption of Paint Shop Pumps and Assembly Line Exhaust Blowers by reducing their speed, using variable frequency drive, without affecting their performance. Thus CO release 2 was reduced by 18.5 ton/year.

- Reduced air consumption in air cleaning of components in Machine Shop up to 37% by use of energy efficient guns & auto shut off solenoid valves in air supply line of individual machines to prevent internal air leakages during machine idle time. Thus CO release was reduced by 1.67 ton/year. 2

The Company is further planning to reduce energy consumption by :

- Replacing Street Lights by LED Lights.

- Replacing Normal Tube Lights by LED Tube Lights.

- Replacing 150W MVL/MH lamps by 96W Dome Light.

- Installation of Movement Sensor for auto switching off of lights in toilets and office building.

- Installation of Solar Pipe for Natural Lighting in Shop Floor.

The products manufactured by the Company comply with the air emission and noise regulation norms notified by the Ministry of Environment and Forests (MOEF), Government of India. The ‘Confirmation of Production’ (COP) to the air emission and noise regulation is done as laid down by the

MOEF.

MANAGEMENT DISCUSSION & ANALYSIS REPORT

DOMESTIC BUSINESS

GENSETS

• This year the overall generator business was impacted due to the improved power scenario in Southern parts of the country. However, the advance technology based EU series generators continued to gain acceptance and contributed to over 19% of the genset sales. The ‘Eco Throttle’ feature in Honda EU series generators helped consumers in reducing operating costs. The company made sustained efforts to communicate such advantages to prospective customers.

• The 1 kVA petrol fuelled Generator EP1000, launched late last year has also received an encouraging response amongst urban & semi-urban customers. Its easy start feature due to the unique Honda decompression technology has been well appreciated.

Outlook

• The power deficit due to increased consumption is expected to continue and the need for uninterrupted power will be a key driver to stimulate and boost generators business.

GENERAL PURPOSE ENGINES AND WATER PUMPING SETS

• The demand for Engines and Pumps fell marginally due to excess rainfall in many parts of the country.

• The Company continued with its efforts, to increase its network. This proximity to the users helped in reaching out to prospective customers.

• Business in the Eastern states supported the water pump business, highlighting again the advantages of light weight and portable Honda pumps.

Outlook

• Farmers continue to get support from the retail market through better prices of farm products as well as from the Government in the form of subsidies on inputs. The demand based on the above parameters is expected to grow.

• The OEM (Original Equipment Manufacturer) market for agricultural and construction segments is also developing considering the competitive cost structure in India. The Company is looking at increasing its presence in these segments by working with small companies and manufacturers. Applications such as high tree and back pack sprayers are gaining popularity and the company is working very closely with select good quality assemblers to grow volumes and counter the low cost Chinese made imported products.

BRUSH CUTTERS

• Honda Brush cutters have been able to provide an affordable and efficient mechanized solution to replace manual operations for farm activity like de-weeding and harvesting.

• Increased support from the Government in areas such as plantations and horticulture are providing the impetus to grow this business.

• The Southern markets continue to be the major areas contributing to sales.

• The Company strengthened its after sales support activity which is expected to consolidate and reinforce its leadership position.

TILLERS

• The category is showing promising growth as new areas are developing to help sales expansion.

• A New Tiller model with features better suited to the customers’ requirement was launched. The demand for this model for initial land preparation and de-weeding is steadily growing amongst progressive farmers.

MARINE SEGMENT

• To leverage the growth in tourism and development of inland water

• To leverage the growth in tourism and development of inland water ways, the Company is promoting LTOBs (Long Tail Out Board Engines) to cater to The Marine Segment. The prospects, currently limited to Southern India, are encouraging.

EXPORTS

• During the year the Company launched two new models in the 7 kVA category for US and Canadian markets. In the future business from the North American markets is expected to contribute significantly to the Company's overseas business.

• Total sales during the year were nearly equivalent to the previous year’s performance. The decline was from the price competitive water pump category while generator and engines were equal or registered a growth.

• The Middle East region continued to generate maximum business for the Company Concerns

• Fluctuation of Indian Rupee against the US dollar may impact the margins of the Export business.

• The competitive market scenario limits the scope for price increments.

Outlook

• Supported by the launch of the new generator models, the Company will persist with its strategy to explore new markets.

HMSI SELLS 20 MN SCOOTERS & MOTORCYCLES NEWS IN INDIA

Honda's growth in India has been driven predominantly by Activa and CB Shine while both these models are leading sales volumes in their respective segments, the statement added.

Achieving a new milestone, Honda Motorcycle and Scooter India (HMSI) on Tuesday said it has sold 20 million two wheelers in India. The milestone was achieved when Honda rolled out its 20 millionth vehicle last week, further consolidating Honda's equity as India's fastest-growing auto-manufacturer, the company said in a statement. Honda President and CEO Keita Muramatsu said: "They are deeply humbled by the faith and trust reposed in the brand by their 20 million happy customers and they will strive to achieve even higher benchmarks in customer satisfaction, They will continue their endeavour to bring many more million smiles by introducing more advanced products & services across all segments." Honda's growth in India has been driven predominantly by Activa and CB Shine while both these models are leading sales volumes in their respective segments, the statement added. 

Honda Siel stock price

On April 01, 2015, Honda Siel Power Products closed at Rs 1148.25, up Rs 26.00, or 2.32 percent. The 52-week high of the share was Rs 1269.00 and the 52-week low was Rs 559.00.

The company's trailing 12-month (TTM) EPS was at Rs 29.41 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 39.04. The latest book value of the company is Rs 289.96 per share. At current value, the price-to-book value of the company is 3.96.

CONTINGENT LIABILITIES

	31 March 2014 (Rs. in Million)	31 March 2013 (Rs. in Million)
Claims against the Company not acknowledged as debt:
Income tax matters	565.208	450.054
Excise matters	433.020	485.963
Service tax matters	70.076	68.092
Sales tax matters	25.191	15.526
Other matters	7.416	5.548

Commitments

Estimated amount of contracts remaining to be executed on capital account and not provided for [net of advances Rs.77.755 Million (31 March 2013: Rs. 33.183 Million)] amount to Rs. 104.247 Million (31 March 2013: Rs. 61.435 Million)

INDEX OF CHARGES

S.No.	Charge ID	Date of Charge Creation/Modification	Charge amount secured	Charge Holder	Address	Service Request Number (SRN)
1	90274066	24/12/2013 *	650,000,000.00	The Bank of Tokyo-Mitsubishi UFJ Ltd.	JEEVAN VIHAR BUILDING, 3, PARLIAMENT STREET,, New  Delhi, Delhi - 110001, INDIA	B94376092

* Date of charge modification

STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31^ST DECEMBER, 2014

(Rs. In Million)

Sr. No	Particulars	Standalone
		Quarter Ended		Nine Month Ended
		33.12.2014	30.09.2014	31.12.2014
		Unaudited	Unaudited	Unaudited
1	Income From Operations
	a. Net Sales/ Income from Operations (Net of Excise Duty)	1518.800	1265.500	4388.800
	b. Other Operating Income	32.400	24.700	73.800
	Total Income from Operations (Net)	1551.200	1290.200	4462.600
2	Expenditure
	a. Cost of material Consumed	982.800	739.400	2527.100
	b. Purchase of Stock-in trade
	c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade	(246.800)	(113.000)	(194.300)
	d. Employees Benefit Expenses	145.600	137.500	422.000
	f. Depreciation and Amortisation Expenses	55.300	53.900	159.500
	g. Other expenses	285.700	296.800	885.400
	Total Expenses	1374.600	1244.400	4139.700
3	Profit from Operations before Other Income, Interest and Exceptional Items	176.600	45.800	322.900
4	Other Income	13.000	23.900	48.700
5	Profit from ordinary activities before finance cost & exceptional items	189.600	69.700	371.600
9	Exceptional items	0.000	0.000	0.000
10	Profit from ordinary activities before tax	189.600	69.700	371.600
11	Tax Expense	68.000	23.800	129.900
14	Net Profit After Tax	121.600	45.900	241.700
15	Paid-up equity share capital (face value of Rs.10 per share)	101.400	101.400	101.400
16	Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year	0.000	0.000	0.000
17	Earning Per Share (of Rs.10 each) (not annualized)
	Basic EPS	11.99	4.53	23.84
	Diluted EPS	11.99	4.53	23.84
A	PARTICULARS OF SHAREHOLDING
17	Public Shareholding
	- No. of shares	3279638	3279638	3279638
	- Percentage of shareholding	32.33%	32.33%	32.33%
18	Promoter & Promoter Group Shareholding
	a) Pledged/Encumbered
	- No. of shares	Nil	Nil	Nil
	b) Non-encumbered
	- No. of shares	6863433	6863433	6863433
	- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group)	100%	100%	100%
	- Percentage of shareholding (as a % of the total share capital of the company)	67.67%	67.67%	67.67%

	Particulars	Quarter Ended
B	Investor Complaints	(31^st December 2014)
	Pending at the beginning of the quarter	1
	Received during the quarter	9
	Disposed off during the quarter	10
	Remaining unresolved at the end of the quarter	0

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31 DECEMBER 2014

SEGMENT WISE REVENUE RESULTS AND CAPITAL EMPLOYED

(Rs. In Million)

Particulars	Quarter Ended ( Unaudited)		Nine Month Ended ( Unaudited)
	31.12.2014	30.09.2014	31.12.2014
a. Information about Primary Business Segments
1. Segment Revenue
Domestic	900.400	732.000	2548.100
exports	650.800	558.200	1914.500
Total	1551.200	1290.200	4462.600
Less : Inter Segment Revenue	0.000	0.000	0.000
Net Sales/ Income from Operation	1551.200	1290.200	4462.600
2. Segment Result
Profit / (Loss) before tax and Interest from each segment
Domestic	110.200	50.900	276.800
exports	136.900	58.600	238.300
Total	247.100	109.500	515.100
Less : Other un-allocable expenditure net off un-allocable income	57.500	39.800	143.500
Total	189.600	69.700	371.600
3. Capital Employed (Segment Assets-Segment Liabilities)
Domestic	875.300	719.600	875.300
exports	128.400	(37.400)	128.400
Unallocated	2175.700	2378.200	2175.700
Total	3179.400	3060.400	3179.400

1)The segment have been identified in line with Accounting Standard (AS) 17 ‘Segment Reporting’ taking into account the risks and return, organization structure and internal reporting systems.

2)Segment revenue comprises income from sales and service which are directly identifiable to the individual segments. Segment result and capital employed includes amount directly identifiable to of the segment and which can be allocated on a reasonable basis. Unallocable income includes interest income on fixed deposit, net profit on sale of fixed assets, liabilities no longer required written back and exceptional items. Unallocable expenditure includes corporate expenditure which is not identifiable to any of the segment. Unallocated capital employed include assets and liabilities which are not specifically allocable to individual segment.

3)The figure for the previous period(s) / year have been re-grouped / recast, wherever necessary to make them comparable

4)The above segment results have been reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on 12 february, 2015

NOTE:

1.The statement of unaudited financial results for the quarter and nine months ended 31 December 2014 has been prepared following the same accounting policies as were followed in the annual financial statements for the year ended 31 March 2014.

2.During the previous year, Ministry of Environment has revised rules vide notification dated 7 August 2013 for Emission Standards in respect of production and sale of generator sets (both petrol and kerosene based models) effective 31 May 2014 and 7 August 2014 respectively. Pursuant to the new rules, the Company had made necessary provision for non-usable raw material and for an onerous commitment aggregating to Rs. 647.35 lakhs and shown in exceptional item for the year ended 31 March 2014. Out of this provision, the Company has utilised provision amounting to Rs. 31 lakhs in the nine months period ended 31 December 2014. The Company has re-visited the management estimates and concluded that no further provision is required.

3.Pursuant to change in Emission Standards, the Company has reassessed the useful life of dies used for production of discontinuing models and charged additional depreciation of Rs 4.274 Million in the nine months period ended 31 December 2014 (Nil in the quarter ended 31 December 2014, Rs. 2.137 Million in the quarter ended 30 September 2014 and Rs. 8.435 Million in year ended 31 March 2014).

4.The Company has re-evaluated useful life of assets to comply with the requirement of Schedule II of the Companies Act, 2013. As a result of management re-assessment of useful life of assets, aligning with Schedule II of the Companies Act, 2013, the Company has recorded an additional depreciation of Rs 4.965 Million for the quarter ended 31 December 2014 (Rs. 3.628 Million for the quarter ended 30 September 2014 and Rs. 11.549 Million for the nine months period ended 31 December 2014) in the Statement of Profit and Loss. Further, based on a transitional provision provided in Note 7(b) of Schedule II of the Companies Act, 2013, an amount of Rs. 3.409 Million (net of deferred tax) has been adjusted to retained earnings.

5.The Company has recognised an expense of Rs. 2.296 Million on account of replacement of certain parts of goods sold. The same has been charged as an expense in the statement of profit and loss in the quarter ended 30 September 2014.

6.The figures for the previous period(s) / year have been re-grouped / recast, wherever necessary to make them comparable.

7.The unaudited financial results for the quarter ended and nine months ended 31 December 2014 have been reviewed by the Audit Committee and approved by the Board of Directors in their meeting held on 12 February 2015. The statutory auditors of the Company have audited the financial results for the year ended 31 March 2014. The statutory auditors of the Company have carried out a limited review of the financial results for the quarter and nine months ended 31 December 2014. An unmodified opinion has been issued and the same is being filed with the stock exchange along with the above results.

FIXED ASSETS

• Freehold Land
• Building
• Plant and Equipments
• Furniture and Fixture
• Vehicles
• Office Equipments
• Computers
• Lease hold land

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.62.33
UK Pound	1	Rs.92.83
Euro	1	Rs.68.07

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	SUJ

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	7
PAID-UP CAPITAL	1~10	7
OPERATING SCALE	1~10	7
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	7
--PROFITABILITY	1~10	7
--LIQUIDITY	1~10	7
--LEVERAGE	1~10	7
--RESERVES	1~10	8
--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	YES
--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	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.