MIRA INFORM REPORT
|
Report No. : |
355702 |
|
Report Date : |
22.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
UCAL FUEL SYSTEMS LIMITED |
|
|
|
|
Registered
Office : |
“Raheja Towers”, Delta Wing - Unit 705, 177, Anna Salai, Chennai – 600002,
Tamilnadu |
|
Tel. No.: |
91-44-42208111 |
|
|
|
|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
04.11.1985 |
|
|
|
|
Com. Reg. No.: |
18-012343 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 221.136 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L31900TN1985PLC012343 |
|
|
|
|
IEC No.: |
0489003338 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACU0541K |
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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 of Carburettors, pumps, Air Suction Value, etc.
(Registered Activity) |
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|
|
|
No. of Employees
: |
1088 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 9046600 |
|
|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Usually Correct |
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|
Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1985 having satisfactory track. For the year 2015, the company has achieved decent sales turnover
marked by satisfactory profitability margin. Operational performance has
improved as compared to previous year. The company possesses healthy financial profile marked by strong net
worth base and good liquidity position. Trade relations reported as fair. Business is active. Payments terms
are usually correct. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 |
CARE |
|
Rating |
Long Term Bank Facilities=BBB- |
|
Rating Explanation |
Moderate
degree of safety and moderate credit risk |
|
Date |
12.02.2015 |
|
|
|
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities=A3 |
|
Rating Explanation |
Moderate
degree of safety and higher credit risk |
|
Date |
12.02.2015 |
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
31-03-2015.
LOCATIONS
|
Registered Office : |
“Raheja Towers”, Delta Wing - Unit 705, 177, Anna Salai, Chennai –
600002, Tamilnadu, India |
|
Tel. No.: |
91-44-42208111/ 42208100/ 28604795 |
|
Fax No.: |
91-44-28605020/ 28604788 |
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E-Mail : |
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|
Website : |
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|
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Plant 1 : |
E9-E12, Industrial Complex, Maraimalai Nagar, Kancheepuram
District – 603209, Tamil Nadu, India |
|
Tel. No.: |
91-44-47408000 |
|
Fax No.: |
91-44-27452549 |
|
E-Mail : |
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|
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|
Plant 2 : |
A98-A100, PIPDIC Industrial Estate, Mettupalayam,
Pondicherry-605009, India |
|
Tel No.: |
91-413-4211500/ 2272675 |
|
Fax No.: |
91-413-22722176 |
|
E-Mail : |
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Plant 3 : |
A3/A3, A4, A5, CMDA Industrial complex, Maraimalai Nagar,
Kancheepuram– 603209, Tamilnadu, India |
|
Tel No.: |
91-44-47406800 |
|
Fax No.: |
91-44-47406850 |
|
E-Mail : |
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|
|
|
Plant 4: |
A-3, 1, B-22, SIDCO Industrial Estate, Maraimalai Nagar,
Kancheepuram– 603209, Tamilnadu, India |
|
Tel No.: |
91-44-47400190/91/93 |
|
E-Mail : |
|
|
|
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Plant 5 : |
E16, Industrial Complex, Maraimalai Nagar, Kancheepuram–
603209, Tamil nadu, India |
|
Tel No.: |
91-44-47400573/75 |
|
E-Mail : |
|
|
|
|
|
Plant 6 : |
B 132 and 133, PIPDIC
Industrial Estate, Mettupalayam, Pondicherry – 605009, India |
|
Tel No.: |
91-413-4204161 |
|
E-Mail : |
|
|
|
|
|
Plant 7: |
Plot No. 9, Sector 5, Growth
Centre, Bawal, Rewari, Haryana, India |
|
Email : |
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|
|
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|
Plant 8: |
AA4, Auto Ancillary SEZ Unit,
6th Avenue, Mahindra World City, Anjur Village, Natham Sub Post
Office, Chengalpattu-603002, Tamilnadu, India |
|
Email : |
|
|
|
|
|
Research and
Development Centre : |
11 B/2 (S.P), First Cross Road, Ambattur Industrial Estate, Chennai-
600058, Tamilnadu, India |
|
Tel No.: |
91-44-66544700 |
|
Fax No.: |
91-44-66544758/ 27452549 |
|
E-Mail : |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Jayakar Krishnamurthy |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/Age : |
54 Years |
|
Qualification : |
MBA-Finance-Duke University |
|
Experience : |
29 Years |
|
Date of Appointment : |
01.09.2001 |
|
|
|
|
Name : |
Mr. Ram Ramamurthy |
|
Designation : |
Whole-time Director (Appointed as Director with effect from 30.08.2014
and as Whole-time Director with effect from 04.09.2014) |
|
|
|
|
Name : |
Mr. S. Natarajan |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Dr. M.S. Ananth |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Dr. V. Sumantran |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Ms. Rekha Raghunathan |
|
Designation : |
Director and Company Secretary (Appointed
as Director with effect from 25.03.2015) |
KEY EXECUTIVES
|
Name : |
Mr. N. Gnanasambandan |
|
Designation : |
Chief Financial Officer |
|
Date of Birth/Age : |
53 Years |
|
Qualification : |
B. Sc (Maths), B. Tech (Production Technology) and Master of Science
(Manufacturing Systems Engineering) |
|
Experience : |
30 Years |
|
Date of Appointment : |
23.08.2013 |
|
|
|
|
Audit Committee : |
Mr. S. Natarajan Chairman Dr. M.S. Ananth Member Dr. V. Sumantran Member (Appointed with
effect from 11.08.2014) Mr. Jayakar Krishnamurthy Member |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
As a
% of (A+B+C) |
||
|
(A) Shareholding of Promoter and Promoter
Group |
||
|
|
|
|
|
|
14637653 |
66.19 |
|
|
902187 |
4.08 |
|
|
902187 |
4.08 |
|
|
15539840 |
70.27 |
|
|
|
|
|
Total shareholding of Promoter and Promoter
Group (A) |
15539840 |
70.27 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
31680 |
0.14 |
|
|
25947 |
0.12 |
|
|
400 |
0.00 |
|
|
58027 |
0.26 |
|
|
|
|
|
|
874992 |
3.96 |
|
|
|
|
|
|
4623526 |
20.91 |
|
|
969928 |
4.39 |
|
|
47312 |
0.21 |
|
|
47312 |
0.21 |
|
|
6515758 |
29.46 |
|
Total Public shareholding (B) |
6573785 |
29.73 |
|
Total (A)+(B) |
22113625 |
100.00 |
|
(C) Shares held by Custodians and against which
Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
22113625 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Carburettors, pumps, Air Suction Value, etc.
(Registered Activity) |
|
|
|
|
Brand Names : |
-- |
|
|
|
|
Agencies Held : |
-- |
|
|
|
|
Exports : |
Not Available |
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|
|
|
Imports : |
Not Available |
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|
|
|
Terms : |
Not Available |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
Wholesalers, Retailers, End Users OEMs
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No. of Employees : |
1088 (Approximately) |
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|
Bankers : |
·
State Bank of India ·
Export Import Bank of India ·
Bank of India ·
IDBI Bank Limited ·
Indian Bank ·
Corporation Bank ·
Central Bank of India |
||||||||||||||||||||||||
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|
||||||||||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
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|
|
|
Statutory Auditors : |
|
|
Name : |
G. Balu Associates Chartered Accountants |
|
Address : |
No. 4A, Venkatesa Agraharam Road, Mylapore, Chennai – 600004,
Tamilnadu, India |
|
|
|
|
Internal Auditors : |
|
|
Name : |
P. Chandrasekar Chartered Accountants |
|
Address : |
New No. 6, Old No. 36, Krishnaswamy Avenue, Luz, Mylapore, Chennai -
600004, Tamilnadu, India |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Subsidiaries Companies : |
·
Ucal Polymer Industries Limited ·
Amtec Precision Products Inc. USA ·
North American Acquisition Corporation
(Wholly owned Subsidiary of Amtec) ·
Amtec Moulded Products Inc. USA (Wholly
owned Subsidiary of Amtec) ·
UPIL, USA (Wholly Owned Subsidiary of UPIL) |
|
|
|
|
Other Related Parties : |
·
Bharat Technologies Auto Components Limited ·
Minica Real Estates Private Limited ·
Minica Services Private Limited ·
Southern Ceramics Private Limited ·
Sujo Land and Properties Private Limited ·
Carburettors Limitted ·
Magnetic Meter Systems (India) Limited ·
Bangalore Union Services Private Limited ·
Culture and Heritage Trust of Karuveli ·
Academy of Higher Education, National
College, Trichy |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7,50,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 750.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,21,13,625 |
Equity Shares |
Rs. 10/- each |
Rs. 221.136
Million |
|
|
|
|
|
a) Reconciliation
of number of Equity Shares
|
|
31.03.2015 |
|
|
|
No. of Shares |
Amount |
|
Particulars |
|
|
|
Balance as at the Beginning of the Year |
22,113,625 |
221.136 |
|
Balance as at the End of the Year |
22,113,625 |
221.136 |
b) Rights and restrictions attached to shares
Equity Shares: The company has one class of equity shares
having a par value of Rs. 10 per share. Each shareholder is eligible for one vote per share held.
The dividend proposed by the Board of Directors is subject to the approval of
the shareholders in the ensuing Annual General Meeting, except in case of
interim dividend. In the event of liquidation, the equity shareholders are
eligible to receive the remaining assets of the Company after distribution of
all preferential amounts, in proportion to their shareholding.
c) Details of Shares Held by Shareholders holding More Than 5% of the Aggregate
Shares in the Company
|
|
31.03.2015 |
|
|
Name of shareholders |
No. of Shares |
% Holding |
|
Carburettors Limited |
10,820,089 |
48.93 |
|
Southern Ceramics Private Limtied |
1,558,515 |
7.05 |
|
Minica Real Estates Private Limited |
1,841,882 |
8.33 |
Details of Shares allotted as fully paid up
by way of bonus shares (during 5 years immediately preceding 31.03.2015) - Nil
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
221.136 |
221.136 |
221.136 |
|
(b) Reserves & Surplus |
2945.184 |
2836.299 |
2779.535 |
|
(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) |
3166.320 |
3057.435 |
3000.671 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
745.555 |
1091.331 |
1393.860 |
|
(b) Deferred tax liabilities (Net) |
83.579 |
124.116 |
123.750 |
|
(c)
Other long term liabilities |
114.572 |
129.002 |
71.366 |
|
(d)
long-term provisions |
9.188 |
8.791 |
12.419 |
|
Total
Non-current Liabilities (3) |
952.894 |
1353.240 |
1601.395 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
913.259 |
985.861 |
974.463 |
|
(b)
Trade payables |
890.895 |
911.998 |
948.303 |
|
(c)
Other current liabilities |
594.133 |
548.634 |
507.235 |
|
(d)
Short-term provisions |
110.590 |
40.272 |
43.235 |
|
Total
Current Liabilities (4) |
2508.877 |
2486.765 |
2473.236 |
|
|
|
|
|
|
TOTAL |
6628.091 |
6897.440 |
7075.302 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1795.828 |
1980.570 |
2121.171 |
|
(ii)
Intangible Assets |
6.338 |
10.081 |
15.537 |
|
(iii)
Capital work-in-progress |
38.144 |
97.513 |
94.730 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
1562.640 |
1562.640 |
1562.559 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
56.794 |
48.560 |
44.908 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
15.550 |
|
Total
Non-Current Assets |
3459.744 |
3699.364 |
3854.455 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
433.755 |
423.337 |
460.525 |
|
(c)
Trade receivables |
1098.185 |
1167.689 |
1095.924 |
|
(d)
Cash and cash equivalents |
22.853 |
26.734 |
62.488 |
|
(e)
Short-term loans and advances |
1613.554 |
1564.693 |
1560.210 |
|
(f)
Other current assets |
0.000 |
15.623 |
41.700 |
|
Total
Current Assets |
3168.347 |
3198.076 |
3220.847 |
|
|
|
|
|
|
TOTAL |
6628.091 |
6897.440 |
7075.302 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
5307.792 |
4656.318 |
5043.462 |
|
|
|
Other Income |
29.437 |
10.037 |
12.357 |
|
|
|
TOTAL (A) |
5337.229 |
4666.355 |
5055.819 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2876.542 |
2512.311 |
2751.911 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(67.482) |
32.238 |
(9.085) |
|
|
|
Employees benefits expense |
628.545 |
557.624 |
523.079 |
|
|
|
Other expenses |
1133.319 |
972.890 |
1151.378 |
|
|
|
TOTAL (B) |
4570.924 |
4075.063 |
4417.283 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
766.305 |
591.292 |
638.536 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
261.737 |
298.326 |
319.717 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
504.568 |
292.966 |
318.819 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
239.795 |
192.288 |
192.505 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
264.773 |
100.678 |
126.314 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
66.831 |
18.466 |
30.519 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
197.942 |
82.212 |
95.795 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
144.888 |
206.936 |
258.945 |
|
|
TOTAL EARNINGS |
144.888 |
206.936 |
258.945 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
46.192 |
24.497 |
23.330 |
|
|
|
Components and Spares |
231.753 |
257.775 |
342.892 |
|
|
|
Capital Goods |
20.370 |
0.026 |
6.844 |
|
|
TOTAL IMPORTS |
298.315 |
282.298 |
373.066 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.95 |
3.72 |
4.33 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
372.701 |
351.517 |
330.802 |
|
|
|
|
|
|
Cash Generated from Operations |
770.612 |
666.065 |
429.564 |
|
|
|
|
|
|
Net cash flow from / (used in) Operating
Activities |
724.278 |
650.965 |
383.320 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
3.73 |
1.77 |
1.90 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
14.44 |
12.70 |
12.66 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.27 |
1.92 |
2.33 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.03 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.64 |
0.79 |
0.90 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.26 |
1.29 |
1.30 |
STOCK
PRICES
|
Face Value |
Rs. 10.00/- |
|
Market Value |
Rs. 116.80/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
221.136 |
221.136 |
221.136 |
|
Reserves & Surplus |
2779.535 |
2836.299 |
2945.184 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
3000.671 |
3057.435 |
3166.320 |
|
|
|
|
|
|
Long-term borrowings |
1393.860 |
1091.331 |
745.555 |
|
Short term borrowings |
974.463 |
985.861 |
913.259 |
|
CURRENT MATURITIES OF
LONG-TERM DEBTS |
330.802 |
351.517 |
372.701 |
|
Total
borrowings |
2699.125 |
2428.709 |
2031.515 |
|
Debt/Equity
ratio |
0.900 |
0.794 |
0.642 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
5043.462 |
4656.318 |
5307.792 |
|
|
|
-7.676 |
13.991 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
5043.462 |
4656.318 |
5307.792 |
|
Profit |
95.795 |
82.212 |
197.942 |
|
|
1.90% |
1.77% |
3.73% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10361345 |
14/12/2012 * |
300,000,000.00 |
IDBI BANK LIMITED |
115 ANNA SALAI, P.B.NO.805,
SAIDAPET, CHENNAI- 600015, TA |
B67656579 |
|
2 |
10248150 |
18/11/2013 * |
275,800,000.00 |
CENTRAL BANK OF INDIA |
MID CORPORATE
BRANCH, 48/49 MONTIETH ROAD, EGMORE |
B92443159 |
|
3 |
10169649 |
14/12/2012 * |
350,000,000.00 |
EXPORT- IMPORT BANK OF INDIA |
FLOOR 21, CENTRE
ONE BUILDING, WORLD TRADE CENTRE |
B67659813 |
|
4 |
10169648 |
14/12/2012 * |
100,000,000.00 |
EXPORT- IMPORT BANK OF INDIA |
FLOOR 21, CENTRE
ONE BUILDING, WORLD TRADE CENTRE |
B67661330 |
|
5 |
10079583 |
17/10/2007 * |
150,000,000.00 |
EXPORT IMPORT BANK OF INDIA |
FLOOR 21, CENTRE ONE
BUILDING,, WORLD TRADE CENTE |
A31134372 |
|
6 |
10053387 |
04/03/2009 * |
135,000,000.00 |
BANK OF INDIA |
CHENNAI CORPORATE
BANKING BRANCH, IV FLOOR, TARAP |
A60194388 |
|
7 |
90288167 |
12/12/2006 * |
770,700,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTRE |
- |
|
8 |
90288982 |
12/12/2006 * |
33,500,000.00 |
INDIAN BANK |
1ST FLOOR, GEE GEE
COMPLEX , ANNA SALAI BRANCH, 4 |
A08345803 |
|
9 |
90287573 |
24/08/2006 * |
112,500,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA LIMITED |
P.M TOWERS, 37
GREAMS ROAD, CHENNAI- |
- |
|
10 |
90287572 |
20/11/2009 * |
1,027,600,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE
BRANCH, ANNA SALAI, CHENNAI- 600002, T |
A75880211 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
SHORT TERM BORROWINGS |
|
|
|
Inter
Corporate Deposits |
|
|
|
From related parties |
43.300 |
43.300 |
|
Short Term Loan From Others |
265.983 |
251.383 |
|
|
|
|
|
Total |
309.283 |
294.683 |
FINANCIAL PERFORMANCE :
The turnover of
the company increased by 14% from Rs. 46,56.300 Million in the financial year
2013-2014 to Rs. 53,07.800 Million in the financial year 2014-2015. This was
possible mainly because of a partial recovery of the two wheeler sector and
consequent improved off take by the customers. The earnings before Interest,
Tax and Depreciation (EBITDA) also increased from Rs. 6,33.000 Million
in the financial year 2013-2014 to Rs. 7,83.900 Million
in the financial year 2014-2015. The increase can be mainly attributed to the increase in the volume of
business and the control of expenditure.
Despite considerable
efforts the exports reduced to Rs. 1,44.900 Million
during the financial year 2014-2015 from Rs. 2,06.900 Million
in the financial year 2013-2014. This can be attributed to the volatility of
the global market and sluggish growth in the world market in the segments where
the company operates. However the spares sales of the company during the
financial year 2014-2015 was Rs. 4,08.900 Million
as against that of Rs. 3,16.400 Million in the
financial year 2013-2014.
The Profit After Tax (PAT)
for 2014-2015 was higher than that of the financial year 2013-2014 by 141%. The
Company’s earning per share was Rs. 8.95 during the financial year 2014-2015.
The company’s performance
showed an increase though the expected business did not materialize in the fi
nancial year 2014-2015 due to delay in product launches by OEMs and the
economic recovery not happening as fast as expected. The company’s efforts at
cost control continued throughout the financial year but employee costs and
input costs continued to pose a challenge. The market conditions did not also
facilitate the full recovery of the increased cost from the customer. Steps to
increase productivity continued unabated. The company could not penetrate into
the export market as expected. The company is however planning to aggressively
tap the spares market in this current financial year. The company continued to
update its facilities on a limited scale due to market volatility and spent Rs.
42.400 Million in capital investments in the
financial year 2014-2015 as compared to Rs. 53.400 Million
spent in the financial year 2013-2014. The company continued its R&D
initiatives by spending Rs. 89.400 Million in
the financial year 2014-2015 as against an amount of Rs. 90.700 Million spent in the previous financial year. The
domestic market is expected to see a revival in the second half of 2015-2016 in
view of the various policies adopted by the Government and the company is
geared to take advantage of this.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
GENERAL OVERVIEW
The financial
year 2014-2015 continued to be a challenging one for the auto and the auto
component industry in India. There was a slight improvement in the economic
outlook towards the second half of the year. A stable government, assurances on
industrial growth and the ambitious “Make in India” plan revived market
sentiments in the second half of the year. Control of inflation, fall in fuel
prices helped in increasing the positive market sentiments. The two-wheeler
segment recorded a double digit growth while passenger car segment recorded 5%
growth. Under this backdrop the performance of the auto component industry also
improved marginally. However in the segment in which the company operates the
growth was lower both domestically and globally. It is expected that the auto
component industry will increase its revenue at a faster pace due to
localization, make in India policy, efforts to expand geographically and
replacement demand. The company is geared to take advantages of the new
opportunities that are likely to present itself owing to an aggressive
manufacturing policy being pursued by the Government. The rising input costs
which has been very difficult to control as it is based on several external
factors continue to worry the management. The management’s commitment to offer
innovative solutions to the customer at competitive prices continues to take
precedence The diversification into adjacent markets like defence and aerospace
are still in the nascent stage and the company is treading cautiously. With a
stable government at the centre aiming to provide an environment conducive to
manufacturing and signs of economic revival with a high investor sentiment
already visible the company is confident of a better financial year and an
improved performance in 2015-2016.
FUTURE BUSINESS STRATEGY
The company
will continue its R&D efforts in the carburettor segment as it is confident
that the carburettor will continue to dominate in certain segments of the two
wheeler business due to its cost competitiveness. Incorporating innovative
features in the carburettor to meet emission targets and fuel economy targets
will continue to take priority. The company has developed an electronic
carburetor to meet the newer emission norms which will be introduced in the
market this financial year. Customer penetration will continue to take
precedence this financial year also. All R&D efforts continue to be
directed towards achieving the company’s long term vision of becoming an one
stop shop for all engine management requirements of the two wheeler industry.
The company will continue to expand its developmental work relating to pumps
especially the vacuum pump for the diesel market. The company plans to
aggressively tap the spares market by strengthening its existing dealer network
and by increasing the products offered, as it is a very strong revenue source.
The company’s plans to enter into the powertrain testing and engineering
services segment in collaboration with Orbital Australia PTY Limited has not
progressed further as it was not financially viable but the company continues
to offer testing services on its own. The company is cautiously treading into
the defence sector this year. The company will continue its value engineering
activities and address the market needs by faster turnaround of products and
its variants. Supporting the customer in their new launches and undertaking new
market initiatives will continue to be in focus this financial year.
PART I
STATEMENT OF UNAUDITED FINANCIAL RESULTS (STAND - ALONE)
FOR THE QUARTER AND 6 MONTHS ENDED 30TH SEPTEMBER 2015
(Rs.
In million)
|
Particulars |
3 months ended
on |
3 months ended
on |
6 months ended
on |
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Income from
operation |
|
|
|
|
(a) Net Sales- (Net of excise
duty) |
1283.589 |
1120.563 |
2404.152 |
|
(b) Other Operating Income |
-- |
-- |
-- |
|
Total Income from operations (net) |
1283.589 |
1120.563 |
2404.152 |
|
Expenses |
|
|
|
|
a. Cost of Material Consumed |
676.229 |
593.801 |
1270.030 |
|
b. Purchase of Stock-in-Trade |
-- |
-- |
-- |
|
b. Change in inventories of finished goods, work-in-progress and
stock-in-trade |
6.160 |
8.380 |
14.540 |
|
c. Employee benefits expense |
170.758 |
152.654 |
14.540 |
|
d. Depreciation and amortization expenses |
56.531 |
57.530 |
114.061 |
|
e. Other expenses |
238.686 |
230.492 |
469.178 |
|
Total expenses |
1148.364 |
1042.857 |
2191.221 |
|
Profit/ Loss from Operations before other Income, finance costs &
Exceptional Item(1-2) |
135.225 |
77.706 |
212.931 |
|
Other Income |
3.628 |
8.985 |
12.613 |
|
Profit/ Loss before finance costs and Exceptional Item (3+4) |
138.853 |
86.691 |
225.544 |
|
Finance Costs |
56.385 |
58.813 |
115.198 |
|
Profit/ Loss after finance costs but before Exceptional Item (5-6) |
82.468 |
27.878 |
110.346 |
|
Exceptional Items |
-- |
-- |
-- |
|
Profit/ Loss from ordinary
activities before Tax (7-8) |
82.468 |
27.878 |
110.346 |
|
Tax Expenses |
16.434 |
4.232 |
20.666 |
|
Net Profit/ Loss from Ordinary Activities after tax (9-10) |
66.034 |
23.646 |
89.680 |
|
Extraordinary Items [net of tax expense] |
-- |
-- |
-- |
|
Net Profit for
the period (11-12) |
66.034 |
23.646 |
89.680 |
|
Share of Profit/ (Loss) of Association |
-- |
-- |
-- |
|
Minority Interest |
-- |
-- |
-- |
|
Net Profit/ (Loss) after taxes, minority interest and share of profit/
(loss) of associates (13+14+15) |
66.034 |
23.646 |
89.680 |
|
Paid Up Equity Share Capital (Face Value of the share shall be
indicated) |
221.136 (10) |
221.136 (10) |
221.136 (10) |
|
Reserves excluding Revaluation Reserves as per balance sheet of
previous accounting year |
|
|
|
|
Earnings Per Share in Rs. (before extraordinary items) (of Rs. 10
each) (not annualized) |
|
|
|
|
Basic/Diluted |
2.99 |
1.07 |
4.06 |
|
Earnings Per Share in Rs. (after extraordinary items) (of Rs. 10 each)
(not annualized) |
|
|
|
|
Basic/Diluted |
2.99 |
1.07 |
4.06 |
|
PART II |
|||
|
SELECT INFORMATION FOR THE PERIOD ENDED 30TH
SEPT 2015 |
|||
|
Particulars |
3 months ended
on |
3 months ended
on |
6 months ended
on |
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
PARTICULARS
OF SHAREHOLDING |
|
|
|
|
Public
Shareholding |
|
|
|
|
-
Number of Shares |
6573785 |
6573785 |
6573785 |
|
-
Percentage of Shareholding |
29.73% |
29.73% |
29.73% |
|
Promoter
and Promoter Group Shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
No.
of shares |
324000 |
324000 |
324000 |
|
-Percentage of Shares (as
a % of the total shareholding of promoter and promoter group) |
2.08 |
2.08 |
2.08 |
|
-Percentage
of Shares (as a % of the total share capital of the Company) |
1.46 |
1.46 |
1.46 |
|
b)
Non-encumbered |
|
|
|
|
No.
of shares |
15215840 |
15215840 |
15215840 |
|
-Percentage of Shares (as
a % of the total shareholding of promoter and promoter group) |
97.92% |
97.92% |
97.92% |
|
-Percentage
of Shares (as a % of the total share capital of the Company) |
68.81% |
68.81% |
68.81% |
|
INVESTOR COMPLAINTS |
3 months ended 30.09.2015 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
181 |
|
Disposed of during the quarter |
181 |
|
Remaining unsolved at the end of the quarter |
Nil |
Statement of Assets and
Liabilities (Stand-alone)
|
Standalone
Statement of Assets and Liabilities Particulars |
As at |
|
|
|
30.09.2015 |
|
|
|
Unaudited |
|
|
A. EQUITY AND LIABILITIES |
|
|
|
1.
Shareholders Funds |
|
|
|
a] Share Capital |
221.136 |
|
|
b] Reserves and Surplus |
3034.864 |
|
|
Sub-total –
Shareholders’ funds |
3256.000 |
|
|
|
|
|
|
2. Non-current
Liabilities |
|
|
|
a] Long term Borrowings |
589.547 |
|
|
b] Deferred tax liabilities (net) |
74.245 |
|
|
c] Other Long Term Liabilities |
124.860 |
|
|
d] Long Term Provision |
13.994 |
|
|
Sub-total -
Non-current Liabilities |
802.646 |
|
|
|
|
|
|
3. Current Liabilities |
|
|
|
a] Short term Borrowings |
853.585 |
|
|
b] Trade Payables |
895.646 |
|
|
c] Other Current Liabilities |
599.235 |
|
|
d] Short Term Provision |
77.022 |
|
|
Sub-total - Current Liabilities |
2425.488 |
|
|
TOTAL - EQUITY
AND LIABILITIES |
6484.134 |
|
|
|
|
|
|
B ASSETS |
|
|
|
1. Non-current assets |
|
|
|
a] Fixed assets |
1791.921 |
|
|
b] Goodwill on consolidation |
0.000 |
|
|
c]
Non-current investments |
1562.640 |
|
|
d] Deferred tax assets (net) |
0.000 |
|
|
e] long Term loans and Advances |
52.161 |
|
|
f] Other non-current assets |
0.000 |
|
|
Sub-total – Non- current assets |
3406.722 |
|
|
|
|
|
|
2.
CURRENT ASSETS |
|
|
|
|
Inventories |
429.975
|
|
|
Trade Receivables |
1051.560
|
|
|
Cash & Bank Balances |
22.982
|
|
|
Short Term loans and advances |
1572.895
|
|
|
Other Current Assets |
0.000
|
|
Sub-total – Current Assets |
3077.412
|
|
|
|
|
|
|
TOTAL - ASSETS |
6484.134 |
|
NOTES:
1. The above results were reviewed by the audit Committee and approved by the Board of Directors at its meeting held on 12.11.2015.
2. The Statutory Auditors of the company has carried out a Limited Review of
the Results for the quarter ended 30.09.2015.
3. The Company operates in one segment namely automotive components.
4. The figures for the coresponding period have been regrouped or reclassified
wherever necessary.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
Claims against the company not acknowledged
as debts :- |
|
|
|
i) Sales Tax |
8.888 |
8.888 |
|
ii) Excise Duty |
22.364 |
22.169 |
|
iii) Service Tax |
0.123 |
0.866 |
|
iv) Income Tax |
87.140 |
29.971 |
|
v) Stamp Duty |
3.137 |
3.137 |
|
Other moneys for which the company is
contingently liable |
|
|
|
i) In respect of Letter of Credits
Outstanding |
54.320 |
45.880 |
|
ii) Guarantees given by the company to the banks, with regard to
credit facilities extended to M/s.Amtec Precision Products Inc., USA, a
wholly owned subsidiary |
995.423 |
1026.904 |
|
iii) Guarantees given by Banks on behalf of
the company |
16.910 |
12.327 |
|
Commitment |
|
|
|
Estimated amount of contracts remaining to be executed on capital
account, net of advances, not provided for : |
20.212 |
4.951 |
|
Total |
1208.517 |
1155.093 |
FIXED ASSETS:
Tangible Assets
·
Leasehold Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 66.32 |
|
|
1 |
Rs. 98.99 |
|
Euro |
1 |
Rs. 72.13 |
INFORMATION DETAILS
|
Analysis Done by
: |
AMR |
|
|
|
|
Report Prepared
by : |
IND |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.