MIRA INFORM REPORT
|
Report No. : |
304249 |
|
Report Date : |
21.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
MAHINDRA
CIE AUTOMOTIVE LIMITED (w.e.f. 27.11.2013) |
|
|
|
|
Formerly Known
As : |
MAHINDRA FORGINGS LIMITED (w.e.f. 2006) MAHINDRA AUTOMOTIVE STEELS LIMITED |
|
|
|
|
Registered
Office : |
Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai – 400
018, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
13.08.1999 |
|
|
|
|
Com. Reg. No.: |
11-121285 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.923.405 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27100MH1999PLC121285 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM26971A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCM6632J |
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|
|
|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are
Listed on the Stock Exchanges. |
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|
|
|
Line of Business
: |
Subject
manufactures and sells forged and machined products for automotive,
agriculture, railway, mining, construction and other industries. |
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|
|
|
No. of Employees
: |
851 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 26615000 |
|
|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Usually Correct |
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|
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Litigation : |
Clear |
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|
Comments : |
Subject is an established
company having satisfactory track record. The rating takes
into consideration company’s established relationship with the market leaders
in the automobile industry supported by sound financial base and fair
liquidity profile of the company. Trade relations
are fair. Business is active. Payment terms are reported to be usually
correct. The company can
be considered for business dealings at usual trade terms and condition. |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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 |
CARE |
|
Rating |
Long Term Bank Facilities: BBB |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
10.04.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities: A3 |
|
Rating Explanation |
Moderate degree of safety and high credit risk. |
|
Date |
10.04.2014 |
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.
LOCATIONS
|
Registered Office : |
Mahindra Towers, P.K. Kurne Chowk, Worli, Mumbai – 400 018,
Maharashtra, India |
|
Tel. No.: |
91-22-24901441 |
|
Fax No.: |
91-22-24915890 |
|
E-Mail : |
|
|
Website : |
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|
|
|
|
Factory : |
Gat No.856-860, Chakan Ambethan Road, Taluka: Khed, District Pune –
410 501, Maharashtra, India |
|
Tel. No.: |
91-2135-252677/252886 Ext. 307 |
|
Fax No.: |
91-2135-252277 |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Hemant Luthra |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. K. Ramaswami |
|
Designation : |
Managing Director |
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|
|
|
Name : |
Mr. Antonio María Pradera Jáuregui |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Jesus Maria Herrera Barandiaran |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Zhooben Bhiwandiwala |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Daljit Mirchandani |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Jose Sabino Velasco Ibanez |
|
Designation : |
Director |
|
|
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|
Name : |
Mr. Jose Ramon Berecibar Mutiozabal |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Manoj Maheshwari |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Dhananjay Mungale |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
K. Jayaprakash |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Krishnan Shankar |
|
Designation : |
Company Secretary and Head
Legal |
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|
|
|
Audit
Committee : |
Mr. Daljit Mirchandani - Chairman Mr. Jose Sabino Velasco Ibanez Mr. Jose Ramon Berecibar Mutiozabal Mr. Manoj Maheshwari Mr. Dhananjay Mungale |
|
|
|
|
Nomination and Remuneration Committee : |
Mr. Jesus Maria Herrera Barandiaran - Chairman Mr. Jose Ramon Berecibar Mutiozabal Mr. Hemant Luthra Mr. Daljit Mirchandani |
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|
|
|
Stakeholders’ Relationship Committee : |
Mr. Dhananjay Mungale - Chairman Mr. Jose Ramon Berecibar Mutiozabal Mr. Daljit Mirchandani |
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|
|
|
Corporate Social Responsibility Committee : |
Mr. Daljit Mirchandani – Chairman Mr. Hemant Luthra Mr. Dhananjay Mungale Mr. Jose Ramon Berecibar Mutiozabal |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Category of Shareholders |
No. of Shares |
Percentage of
holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
296109 |
0.32 |
|
|
296109 |
0.32 |
|
|
|
|
|
|
73031693 |
78.31 |
|
|
73031693 |
78.31 |
|
Total shareholding of Promoter and Promoter Group (A) |
73327802 |
78.63 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
5061497 |
5.43 |
|
|
13660 |
0.01 |
|
|
2669900 |
2.86 |
|
|
7745057 |
8.31 |
|
|
|
|
|
|
5178029 |
5.55 |
|
|
|
|
|
|
4043195 |
4.34 |
|
|
1951568 |
2.09 |
|
|
1008625 |
1.08 |
|
|
376820 |
0.40 |
|
|
47156 |
0.05 |
|
|
410120 |
0.44 |
|
|
174529 |
0.19 |
|
|
12181417 |
13.06 |
|
Total Public shareholding (B) |
19926474 |
21.37 |
|
Total (A)+(B) |
93254276 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
93254276 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject
manufactures and sells forged and machined products for automotive,
agriculture, railway, mining, construction and other industries. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
PRODUCTION STATUS –
NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
851 (Approximately) |
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Bankers : |
Axis Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
B.K. Khare and Company Chartered Accountants |
|
Address : |
706/ 708, Sharda Chambers, Mumbai – 400 020, Maharashtra, India |
|
Memberships : |
Not Available |
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|
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|
Collaborators : |
Not Available |
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|
Holding Company (till 3rd October, 2013) : |
Mahindra and
Mahindra Limited |
|
|
|
|
Holding Company (since
4th October, 2013 ) : |
PARTICIPACIONES INTERNACIONALES AUTOMETAL, DOS S.L |
|
|
|
|
Subsidiary Companies (With whom the company has
entered into transactions during the current/previous year) : |
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|
Fellow Subsidiaries (With whom the company has
entered into transactions during the current (till 3rd October, 2013)/
previous year) : |
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|
Fellow Subsidiaries (With whom the company has
entered into transactions during the current year after 4th October, 2013) : |
Mahindra
Hinoday Industries Limited |
CAPITAL STRUCTURE
AS ON 29.09.2014
Authorised Capital : Rs.4869.426 millions
Issued, Subscribed & Paid-up Capital : Rs.934.577
millions
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
122000000 |
Equity shares |
Rs.10/- each |
Rs.1220.000 millions |
|
14820206 |
4% Non-Cumulative Redeemable Non-Convertible Preference Shares |
Rs.31/- each |
Rs.459.426 millions |
|
|
Total
|
|
Rs.1679.426
millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
92340466 |
Equity Shares |
Rs.10/- each |
Rs.923.405 millions |
|
|
|
|
|
Reconciliation of
the number of shares
|
Equity Shares |
31.03.2014 |
|
|
Number
of Shares |
Amount (Rs In Millions) |
|
|
Balance as at
the beginning of the year |
92173306 |
921.733 |
|
Add: issued
under the employees stock option scheme |
167160 |
1.672 |
|
Balance at the end of the year |
92340466 |
923.405 |
Rights, preferences and restriction attached to
shares
Equity shares:
• The Company has one class of equity shares having
a par value of Rs.10 per equity share held.
• Each shareholder is eligible for one vote per
share
• If any dividend is proposed by the board of directors,
then the same is subject to approval of the shareholders in the ensuing annual
general meeting except in the case of interim dividend.
• In the unlikely event of the liquidation of the
Company the equity shareholders are eligible to receive the residual value of
assets of the Company if any after all secured and unsecured creditors of the
company are paid off, in the proportion of their shareholding in the Company.
Shares held by
holding company and their subsidiaries and associates
|
Name of Shareholder
|
31.03.2014 |
|
|
Number
of Shares |
% holding |
|
|
Mahindra and Mahindra Limited (Holding company till October 3, 2013) |
296109 |
0.32% |
|
PARTICIPACIONES INTERNACIONALES AUTOMETAL, DOS S.L (Holding Company since 4th October, 2013) |
73031693 |
79.09% |
Details of shares held by shareholders holding more than 5% of the
aggregate shares in the company
|
Name of
Shareholder |
31.03.2014 |
|
|
Number
of Shares |
% holding |
|
|
Mahindra and Mahindra Limited (Holding company till October 3, 2013) |
296109 |
0.32% |
|
PARTICIPACIONES INTERNACIONALES AUTOMETAL, DOS S.L (Holding Company since 4th October, 2013) |
73031693 |
79.09% |
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 |
923.405 |
921.733 |
921.691 |
|
(b) Reserves & Surplus |
8391.725 |
8096.784 |
7672.696 |
|
(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) |
9315.130 |
9018.517 |
8594.387 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
146.094 |
170.152 |
186.218 |
|
(b) Deferred tax liabilities (Net) |
54.589 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) Long-term
provisions |
8.998 |
7.461 |
6.002 |
|
Total Non-current
Liabilities (3) |
209.681 |
177.613 |
192.220 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
592.079 |
140.317 |
176.901 |
|
(b) Trade
payables |
816.897 |
901.233 |
760.847 |
|
(c) Other current
liabilities |
146.585 |
101.913 |
421.255 |
|
(d) Short-term
provisions |
16.512 |
7.099 |
1.637 |
|
Total Current
Liabilities (4) |
1572.073 |
1150.562 |
1360.640 |
|
|
|
|
|
|
TOTAL |
11096.884 |
10346.692 |
10147.247 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1731.454 |
1923.116 |
2014.775 |
|
(ii)
Intangible Assets |
3.905 |
7.012 |
9.464 |
|
(iii)
Capital work-in-progress |
117.965 |
110.447 |
159.792 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
7552.786 |
6844.442 |
6834.083 |
|
(c) Deferred tax assets (net) |
0.000 |
33.291 |
0.000 |
|
(d) Long-term Loan and Advances |
93.430 |
62.223 |
80.477 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
9499.540 |
8980.531 |
9098.591 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
556.511 |
390.834 |
0.000 |
|
(b)
Inventories |
443.527 |
467.271 |
483.620 |
|
(c) Trade
receivables |
493.185 |
420.398 |
438.065 |
|
(d) Cash
and cash equivalents |
60.522 |
23.731 |
66.233 |
|
(e)
Short-term loans and advances |
42.657 |
61.125 |
55.350 |
|
(f) Other
current assets |
0.942 |
2.802 |
5.388 |
|
Total Current
Assets |
1597.344 |
1366.161 |
1048.656 |
|
|
|
|
|
|
TOTAL |
11096.884 |
10346.692 |
10147.247 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Net revenue from operations |
3865.353 |
4403.581 |
4325.193 |
|
|
|
Other Income |
64.520 |
41.953 |
21.621 |
|
|
|
TOTAL |
3929.873 |
4445.534 |
4346.814 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2002.771 |
2426.225 |
2336.801 |
|
|
|
(Increase) / Decrease in inventories |
29.100 |
(94.700) |
103.298 |
|
|
|
Employee benefit expenses |
345.124 |
306.330 |
293.069 |
|
|
|
Other expenses |
965.047 |
1101.084 |
1177.690 |
|
|
|
Exceptional Items |
0.000 |
0.000 |
15.589 |
|
|
|
TOTAL |
3342.042 |
3738.939 |
3926.447 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
587.831 |
706.595 |
420.367 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
37.267 |
56.783 |
113.368 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION |
550.564 |
649.812 |
306.999 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
282.948 |
274.442 |
239.189 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
267.616 |
375.370 |
67.810 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
87.881 |
(33.291) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
179.735 |
408.661 |
67.810 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
245.376 |
181.624 |
136.730 |
|
|
TOTAL EARNINGS |
245.376 |
181.624 |
136.730 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
25.330 |
24.489 |
43.999 |
|
|
|
Capital Goods |
0.489 |
1.896 |
51.784 |
|
|
TOTAL IMPORTS |
25.819 |
26.385 |
95.783 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
1.95 |
4.43 |
0.75 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2014 |
30.09.2014 |
|
Unaudited |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
986.200 |
944.200 |
|
Total Expenditure |
|
826.700 |
813.000 |
|
PBIDT (Excl OI) |
|
159.600 |
131.300 |
|
Other Income |
|
13.900 |
12.400 |
|
Operating Profit |
|
173.500 |
143.600 |
|
Interest |
|
16.900 |
15.800 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
156.500 |
127.800 |
|
Depreciation |
|
61.300 |
66.700 |
|
Profit Before Tax |
|
95.200 |
61.200 |
|
Tax |
|
29.800 |
15.300 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
65.400 |
45.900 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
65.400 |
45.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
4.65 |
9.28 |
1.57 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/ Sales) |
(%) |
15.21 |
16.05 |
9.72 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.81 |
11.18 |
2.15 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03 |
0.04 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.08 |
0.03 |
0.04 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.02 |
1.19 |
0.77 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
921.691 |
921.733 |
923.405 |
|
Reserves & Surplus |
7672.696 |
8096.784 |
8391.725 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
8594.387 |
9018.517 |
9315.130 |
|
|
|
|
|
|
Long Term borrowings |
186.218 |
170.152 |
146.094 |
|
Short Term borrowings |
176.901 |
140.317 |
592.079 |
|
Total borrowings |
363.119 |
310.469 |
738.173 |
|
Debt/Equity ratio |
0.042 |
0.034 |
0.079 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Net revenue from operations |
4,325.193 |
4,403.581 |
3,865.353 |
|
|
|
1.812 |
(12.223) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Net revenue from operations |
4,325.193 |
4,403.581 |
3,865.353 |
|
Profit |
67.810 |
408.661 |
179.735 |
|
|
1.57% |
9.28% |
4.65% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
FINANCIALS
During the year
the Company registered a total operating income of Rs.3865.400 millions as
against Rs.4403.600 millions in the previous year and Profit before Interest,
Depreciation, Exceptional items and tax of Rs.523.300 millions as against
Rs.664.600 millions in the previous year. The net profit for the year stood at
Rs.179.700 millions as against a net profit of Rs.408.700 millions over the
previous year.
Operations
·
During the year, with the help of CIE the company is working towards
improving the operations in Europe. The plan for improvement is specified as
below:
·
Price negotiation to reduce “y-o-y reductions” with select customers.
·
Availing of electricity subsidy from the government to reduce power
cost.
·
Improve operational efficiency by reducing cycle times, increasing die
life and improving process flow and layout.
·
Outsourcing of some services which are low-value-added. All this will
eventually result in reducing fixed costs, including personnel cost.
The company’s
operations in India continued to be affected by a decline in sales. Thus the
approach has been to increase/maintain profitability by focussing on improving
plant operations and gaining an enhanced customer focus. The strategy to
achieving these goals is as explained below:
·
Enhance the number of products offered to customers by building upon
their excellence in crankshafts and steering knuckles.
·
Develop new products with new and existing customers using VA/VE.
·
Build upon the internal capabilities to provide value added products.
·
Focus on the tractor segments to enhance volumes.
The Company
will strive to maintain this performance in the coming year.
SCHEME OF
MERGER
The Board of
Directors of the Company had, at its meeting held on June 15, 2013, approved the
proposed merger of Mahindra Hinoday Industries Limited, Mahindra Ugine Steel
Company Limited, Mahindra Gears International Limited, Mahindra Investments
(India) Private Limited, Participaciones Internacionales Autometal Tres, S.L.
with the Company and also approved the related scheme of merger under Sections
391-394 of the Companies Act, 1956 (“Integrated Scheme”). In the same meeting,
the Board of Directors of the Company also approved the proposed merger of
Mahindra Composites Limited (“MCL”) with the Company and approved the related
scheme of merger under Sections 391-394 of the Companies Act, 1956 (“Composites
Scheme”) (The Integrated Scheme and the Composites Scheme are together referred
to as the “Schemes”).
Securities and
Exchange Board of India (“SEBI”) vide its observation letters dated 7th March,
2014 has conveyed its comments on the draft Integrated Scheme and the draft
Composites Scheme to the BSE Limited (“BSE”).
Pursuant to the
above SEBI letters, the BSE and the National Stock Exchange of India limited
(“NSE”) vide their observation letters both dated 7th March 2014 have conveyed
their respective no-objections to file the Integrated Scheme and the Composites
Scheme with the Hon’ble High Court, subject to certain conditions specified
therein.
MANAGEMENT
DISCUSSION AND ANALYSIS
Company
Overview
The Company is
a global forging company having wholly owned subsidiaries in Germany and United
Kingdom. Mahindra Forging Europe AG and Stokes Group will be collectively
referred to as Mahindra Forgings Europe, Europe (‘MFE’) for the purpose of this
report.
The German
operations provide a full range of forged parts for trucks and
are one of the top axle beam manufacturers in the world. In Europe, a
significant portion of the product portfolio consists of value added products
like complex and machined forgings. MFE is significantly dependent on four
large commercial vehicle manufacturers in Europe which together account for
~40% of revenues. It has mitigated this dependence by having a much diversified
spectrum of components.
The Indian
operations focus on design, development and machining of crankshafts and
steering knuckles for cars and Utility Vehicles. The product portfolios of
their Indian and European operations don’t overlap and are complementary in
nature.
Industry
Outlook and Structure: Caution Ahead
After a
sustained run; the slowdown is showing signs of receding in the Eurozone.
Uncertainty however continues with scepticism growing about the future of the
European economies and real concern about the slowing down of the Indian and
Chinese economies. Indeed, China’s GDP is now trending downwards for the first
time in a decade. This uncertainty is creating a negative perception about
global economic prospects; but as things stand currently, the business mood
seems darker than what the economic reality warrants. All indicators suggest
that the long term future of the global auto industry continues to be
attractive, with growth expected to be largely driven by the emerging markets.
Nevertheless, there is need for companies to exercise caution and to be ready
to deal with a slowing down of demand in the short run.
Europe
The European
recovery is cautious but is a positive sign. The German economy; long
considered the engine of the European economy, is forecast to grow at 1% - 2%
in 2014 (source: European Commission). France and Netherlands; which
along with Germany are considered the ‘north’ countries of Europe are also
expected to grow at approximately similar rates. Italy, Spain, Portugal and
Greece; the so called ‘south’ countries of countries are expected to experience
mild recovery with growth between 0-0.9%. There is increasing pressure on the
governments in Europe to curtail the austerity measures adopted in response to
the fiscal crisis of 2008 and focus on growth. The resilience of the German
economy is a consequence of its export competitiveness and a drive by the
government to boost domestic demand, which in turn will increase inflation. The
intensifying crisis around the future of Greece and Portugal in the Eurozone,
may still affect the European recovery. This crisis has the potential to
negatively impact consumer sentiment and lower demand in the process.
The European
forgings industry is primarily driven by the automotive industry and the
segment most relevant to MFE is heavy trucks (>6T). Registrations of heavy
trucks in Germany in the first half of FY13-14 (April – Sept’13) showed a minor
decline by approximately 4% over the corresponding half of the previous
financial year. The growth returned with a gusto in the second half (Oct’13 –
Mar’14) with heavy truck registrations experiencing a spurt of 23.4% against
the corresponding period of FY12-13. Domestic sales though might end up being
flat due to Eurozone pressures and even though exports out of Germany should
mitigate the lack of domestic growth, they believe the demand for heavy trucks
might show a slight pickup in F15.
In the medium
term, they expect the truck market to experience growth, though it is expected to
remain susceptible to fluctuations. Technologically, light-weighting of
components continues to remain an important requirement and suppliers are
expected to develop capabilities around it.
India
Economic growth
in India eased in the just-concluded financial year which is the lowest growth
rate in decade.
The Indian
economy had been exhibiting inflationary tendencies in the previous years and
as a response the Reserve Bank of India (RBI) started raising policy rates in
March 2010. High rates as well as policy constraints adversely impacted
investment, and in the subsequent two years viz. 2011-12 and 2012-13, the
growth rate slowed to 6.2 per cent and 5.0 per cent respectively.
The slowdown,
especially in 2012-13, has been across the board, with no sector of the economy
unaffected. With the global economy also showing signs of a sustained recovery
in 2014, and the post elections improved sentiments should help improve
economic conditions. A stable government post-elections is likely to help the
country grow at an average of 6.5 per cent for the next five years.
MCAL target
segments in India are passenger car and utility vehicle (UV). In the year
2013-14, the cumulative UV production has declined marginally by ~ 2% compared
to the previous year. Similarly, the production of passenger cars has declined
by 5% compared to the previous year. Thus; in their addressable market,
cumulative vehicle production has declined marginally by ~ 4%. The cumulative
Tractor industry production has however shown a healthy 20% growth compared to
the corresponding period in the previous year.
Leading auto
industry analyst Crisil, expects the auto industry to return on to the growth
trajectory in 2014-15. But this return to growth is expected to be gradual. In
line with this they expect a slight growth in the next quarter. The domestic
tractor market is expected to retain it’s growth momentum, even though Crisil
expects the growth to slow down.
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Sales Tax Deferral Loan |
146.094 |
170.152 |
|
Total |
146.094 |
170.152 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of
Charge Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service
Request Number (SRN) |
|
1 |
10464740 |
20/11/2013 |
20,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK
HOUSE, SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013,
INDIA |
B91361451 |
|
2 |
10366790 |
10/01/2013 * |
500,000,000.00 |
ICICI BANK
LIMITED |
ICICI TOWER,
NBCC PALACE, BISM PITAMAH MARG, PRAGATI VIHAR,, NEW DELHI, DELHI - 110003,
INDIA |
B66516774 |
|
3 |
10254503 |
27/11/2010 |
65,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSE,
SENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI, MAHARASHTRA - 400013, INDIA |
B01148154 |
|
4 |
10253654 |
30/04/2011 * |
700,000,000.00 |
IDBI BANK
LIMITED |
IDBI TOWERWTC
COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B13059456 |
|
5 |
10220915 |
12/05/2010 |
12,500,000.00 |
THE KARUR
VYSYA BANK LIMITED |
BUILDING NO.
5, BAKRE APARTMENTS, NEAR SHIVAJI CHOWK, KOTHRUD, PUNE, MAHARASHTRA - 411038,
INDIA |
A86659471 |
|
6 |
10033623 |
03/09/2013 * |
550,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH - PUNE, TARA CHAMBERS, |
B85218113 |
|
7 |
10019138 |
18/04/2013 * |
937,800,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL
BRANCH (ADVANCES), N.G.N. VAIDYA MARG, |
B75163998 |
|
8 |
90231216 |
16/08/2012 * |
969,300,000.00 |
BANK OF
BARODA |
CORPORATE
FINANCIAL SERVICES BRANCH, 3, WALCHAND |
B45651379 |
|
9 |
90088819 |
03/09/2010 * |
50,000,000.00 |
CITIBANK N.
A. |
2413 KUMAR
CAPITAL, EAST STREET, PUNE, MAHARASHTRA - 411001, INDIA |
A95293221 |
|
10 |
90085580 |
11/07/2002 * |
75,000,000.00 |
INDUSTRIAL
DEVELOPMENT BANK OF INDIA |
IDBI TOWER,
WTC COMPLEX; COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
11 |
90387081 |
07/08/2004 * |
209,400,000.00 |
BANK OF
BARODA |
CORPORATE BANKING
BRANCH, MANTRI COURT, PUNE, MAHARASHTRA, INDIA |
- |
|
12 |
90084191 |
17/09/2012 * |
780,000,000.00 |
BANK OF
BARODA (CORPORATE FINANCIAL SERVICES BRANCH) (LEAD BANK) |
CORPORATE FINANCIAL
SERVICES BRANCH, MANTRI COURT, 39, RAMABAI AMBEDKAR ROAD,, PUNE, MAHARASHTRA
- |
B58691874 |
* Date of charge modification
CONTINGENT
LIABILITIES:
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
Claims against the company not acknowledged as debts |
|
|
|
i) Income Tax claims against which company has preferred an appeal |
|
|
|
a) Non Deduction of TDS and interest thereon |
-- |
|
|
b) Disallowance of certain expenses |
123.759 |
2.298 |
|
ii) Excise Cases against the Company , appealed by the Company with
CESTAT |
|
41.814 |
|
a) Relating to Cenvat availed on rejected goods |
8.928 |
8.928 |
|
b) Interest on Supplementary Invoices |
0.959 |
0.959 |
|
iii) Show Cause
cum Demand Notice pending with the Commissioner of Central Excise Relating to
reversal of Cenvat on shortages in inventories |
8.115 |
-- |
|
iv) Bill Discounting facilities availed under Bill Marketing Scheme
from customers |
49.526 |
71.759 |
|
v) During the
previous year the Company has given guarantee to ICICI Bank plc, UK for EURO
5 Million for a loan taken by step down subsidiary Mahindra Forging Europe AG
Germany |
412.950 |
347.450 |
|
vi) The Company
had imported capital goods under the Export Promotion Capital Goods (EPCG)
scheme, of the Government of India, at concessional rates of duty on an
understanding to fulfill quantified exports against future obligation |
161.517 |
151.930 |
|
vii) Estimated
value of contracts remaining to be executed on capital account (net of
advances) and not provided for |
23.406 |
50.898 |
STANDALONE RESULTS
Amount (Rs. In million)
|
Type |
Un-Audited |
Un-Audited |
|
Period Ending |
30-Sep-14 |
30-Jun-14 |
|
No. of Months |
3 |
3 |
|
Net Sales / Interest
Earned / Operating Income |
944.270 |
986.230 |
|
Other Income |
12.370 |
13.870 |
|
Expenditure |
(813.000) |
(826.650) |
|
Interest |
(15.810) |
(16.920) |
|
Profit Before
Depreciation and Tax |
127.830 |
156.530 |
|
Depreciation |
(66.670) |
(61.300) |
|
Profit before Tax |
61.160 |
95.230 |
|
Tax |
(15.300) |
(29.820) |
|
Net Profit |
45.870 |
65.410 |
|
Equity Capital |
932.540 |
924.620 |
|
Basic And Diluted EPS
after Extraordinary item |
0.490 |
0.710 |
|
Basic EPS after
Extraordinary items |
- |
- |
|
Diluted EPS after
Extraordinary items |
- |
- |
|
Nos. of Shares - Public |
1,99,26,474.00 |
1,91,34,499.00 |
|
Percent of Shares-Public |
21.37 |
20.69 |
|
Operating Profit Margin |
15.21 |
17.59 |
|
Net Profit Margin |
4.86 |
6.63 |
|
Cash EPS |
1.21 |
1.37 |
Notes:
1. The above results are standalone results
of Mahindra CIE Automotive Limited (Formerly known as Mahindra Forgings
Limited) (MCIE).
2. The Company has invested in Mahindra Forgings
Europe AG (MFE AG), Germany through its wholly owned subsidiaries in Mauritius
namely Mahindra Forgings International Limited (MFIL) and Mahindra Forgings
Global Limited (MFGL). The management has initiated actions to improve
operating efficiencies and combined with the expertise of CIE's European
Technical Team expects improvement in performance. Since the management is of
the view that, the diminution if any, in the value of its investment in MFE, is
temporary, the investment need not be impaired. During their limited review the
Auditors while taking note of the actions initiated by the management, have
mentioned this as a "matter of emphasis"
3. The Company has revised depreciation rates on
fixed assets effective April 1, 2014 in accordance with requirements of
schedule II of Companies Act 2013 ("the Act").
The remaining useful life has been revised
by adopting standard useful life as per New Companies Act, 2013 except for
plant and machineries, where management estimate for remaining useful life has
been taken. The carrying amount as on April 1, 2014 is depreciated over the
revised remaining useful life. As a result of these changes:
(a) The company has reviewed the useful life of
the plant and machinery and the depreciation charge for the current quarter has
been higher by Rs.2.589 millions.
(b) There is a debit to retained earnings of
Rs.12.739 millions net (net of deferred tax) for the assets
whose remaining life on April 1, 2014 is reduced to NIL in accordance with
revised life as considered by management.
3a) The Board of Directors of the Company, at
their meeting held on 15th June, 2013, duly considering the recommendation of
the Audit committee, has approved the Integrated-Scheme of Amalgamation under Sections
391 to 394 of the Companies Act, 1956, involving the Company, Mahindra Hinoday
Industries Limited, Mahindra Ugine Steel Company Limited, Mahindra Gears
International Limited, Mahindra Investments (India) Private Limited and
Participaciones Internacionales Autometal Tres S.L. ("Transferor
Companies") for merger of Transferor Companies with the Company, and the
Composite Scheme of Amalgamation under Sec 391 to 394 of the Companies Act,
1956, involving the Company and Mahindra Composites Limited ("MCL")
for merger of MCL with the Company. Appointed date for the integrated Scheme
and Composites Scheme (the "Schemes") is 1st October, 2013.
3b) The Company on June 15, 2013 intimated the
Stock Exchanges on which it is listed detailing the SWAP ratios.
3c) The BSE Limited ("BSE") and the
National Stock Exchange of India Limited ("NSE"), vide their
Observation letters both dated March 7, 2014, have conveyed their respective
no-objections to file the Integrated Scheme and the Composite Scheme referred
to in point No 3 a) above with the Honourable High Court of Bombay.
3d) Subsequently, as per the directions of the
High Court, meetings of the equity shareholders of the Company were held on 5th
June 2014 to seek their approval to each of the Integrated Scheme and
Composites Scheme. The equity shareholders approved the Schemes with requisite
majority. The High Court had dispensed with the requirement of convening
meeting of the secured creditors and unsecured creditors of the Company to seek
their approval to the Schemes. The results of the meetings were informed to the
Stock Exchanges on 7th June 2014.
3e) Further, as required under the provisions of
the relevant circulars issued by the Securities Exchange Board of India
("SEBI"), approval of the public shareholders of the Company to each
of the Integrated Scheme and Composites Scheme was also sought through postal
ballot and e-voting. The public shareholders approved the Schemes with
requisite majority. The results of the Postal ballot and e-voting were informed
to the Stock Exchanges on 19th June 2014.
3f) Thereafter, the Company has filed
petitions under Sections 391-394 of the Companies Act, 1956 before the High
Court seeking its approval to the Schemes. The said petitions were admitted by
the High Court on 1st August, 2014 and next date of hearing is 31st October,
2014.
4. Previous year's figures have been regrouped /
reclassified wherever necessary to correspond with the current year's
classification / disclosure.
5. The results have been reviewed by the Audit
Committee and approved by the Board of Directors of the Company at its meeting
held on October 21, 2014.
FIXED ASSETS:
Tangible Assets
·
Land
·
Buildings
·
Plant and Machinery
·
Furniture and Fittings
·
Office Equipment
·
Car and Vehicles
·
Computers
Intangible Assets
·
Software
WEBSITE DETAILS:
PRESS RELEASES/ NEWS:
MAHINDRA COMPOSITES:
UPDATES ON SCHEME OF AMALGAMATION
August 19, 2014
Mahindra Composites has dispatched the notices of hearing of the petition to
its Secured Creditors and the Unsecured Creditors and also published the said
notices in the newspapers dated August 13, 2014.
Mahindra Composites Limited has informed BSE that a petition was filed before the Hon’ble High Court of Judicature at Bombay for sanctioning the Scheme of Amalgamation of Mahindra Composites Limited (the Company) with Mahindra CIE Automotive Limited (formerly known as Mahindra Forgings Limited) in terms of Sections 391 and 394 of the Companies Act, 1956. The petition was admitted by the Hon'ble High Court on August 01, 2014 and the aforesaid petition is fixed for hearing on September 19, 2014.In this regard, pursuant to order dated August 01, 2014 of Hon’ble High Court, the Company has dispatched the notices of hearing of the petition to its Secured Creditors and the Unsecured Creditors and also published the said notices in the newspapers dated August 13, 2014.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair and
reasonable and comparable to compensation paid to others for similar services.
10] Press Report : No
press reports / filings exists on the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.85 |
|
|
1 |
Rs.93.27 |
|
Euro |
1 |
Rs.71.57 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SMN |
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 |
|
-- PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
|
48 |
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.