MIRA INFORM REPORT
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Report No. : |
330385 |
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Report Date : |
04.07.2015 |
IDENTIFICATION DETAILS
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Name : |
MOTHERSON SUMI SYSTEMS LIMITED MOTHERSON AUTOMOTIVE TECHNOLOGIES AND ENGINEERING DIVISION OF MOTHERSON SUMI SYSTEMS LIMITED |
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Registered
Office : |
2nd
Floor, F-7, Block B-1, Mohan Co-Operative Industrial Estate, |
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Tel No.: |
91-11-40555940 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
19.12.1986 |
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Com. Reg. No.: |
55-026431 |
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Capital
Investment / Paid-up Capital : |
Rs.881.900 Million |
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CIN No.: [Company Identification
No.] |
L34300DL1986PLC026431 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELM11353G DELM08600E |
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PAN No.: [Permanent Account No.] |
AAACM0405A |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer and Seller of components to Automotive
Original Equipment. |
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No. of Employees
: |
Information declined by the management
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RATING & COMMENTS
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MIRA’s Rating : |
Aa (72) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is the flagship company of the Samvardhana Motherson group. It is a well-established company having fine track record. For the financial year ended 2015, company possesses strong operational risk profile with topline growth of 10.26% and it has maintained profitability margins at 10.26%. Rating takes into consideration company's established market position in the automotive components industry supported by its well-diversified revenue profile across customers, geographies, and product segments, and its healthy relationships with leading global original equipment manufacturers (OEMs). Rating also takes into consideration company's strong financial risk profile supported by adequate net worth base and decent liquidity position of the company. Trade relations are reported as fair. Payments are reported to be regular and as per commitment. In view of strong financial and business profile, the company can be considered good for normal business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
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Rating Agency Name |
CRISIL |
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Rating |
Long term rating: AA- |
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Rating Explanation |
High degree of safety and very low credit
risk. |
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Date |
30.06.2015 |
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Rating Agency Name |
CRISIL |
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Rating |
Short term rating: A1+ |
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Rating Explanation |
Very strong degree of safety and carry lowest
credit risk. |
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Date |
30.06.2015 |
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
31-03-2013.
INFORMATION DENIED
MANAGEMENT NON CO-OPERATIVE (TEL. NO.: 91-11-40555940)
LOCATIONS
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Registered Office : |
2nd Floor, F-7, Block B-1, Mohan Co-Operative Industrial
Estate, |
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Tel. No.: |
91-11-40555940 |
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Fax No.: |
91-11-40555940 |
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Email : |
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Website : |
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Corporate Office 1 : |
3rd Floor, Bhageria House, 43, Community Centre, New
Friends Colony, New Delhi - 110065, India |
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Tel. No.: |
91-11-26822778 / 26838069 / 26842174 |
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Fax No.: |
91-11-26842174 |
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E-Mail : |
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Corporate Office/ Unit : |
C-14 A and B, Sector-1, Noida - 201301, Uttar Pradesh, India |
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Tel. No.: |
91-120-6752100 |
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Fax No.: |
91-120-2521866 / 2521966 |
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Factory: |
SM 42, Sanand II, GIDC Sanand (Taluk), Ahmedabad – 382170, Gujarat,
India |
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Other Units : |
· Plot No. 73 / 2 and 76 / 2 / 1, Village Marunji, Taluka Mulshi, Dist. Pune 411057, Maharashtra, India · Plot No 471-D1, 3rd Main, IVth Phase, Peenya Industrial Area, Bangalore - 560058, Karnataka, India · Survey No 241/1-2, Hinjewadi, Taluka Mulshi, Dist. Pune – 411027, Maharashtra, India · A 31 and 32, Sector 60, Noida, Uttar Pradesh, India · Plot No.195 and 196, Sector-4, IMT, Manesar, Gurgaon, Haryana, India · D-14, Sector-59, Noida , Uttar Pradesh, India · No 9, GST Road, Oorapakam, Kanchipuram, Tamilnadu, India · 8, Ayyenchery Village, Oorapakam Panchayat, Kanchipuram - 603202, Tamilnadu, India · Chengalpattu-Sriperumbudur Road, Pondur Village, Near Sriperumbudur, Sriperumbudur Taluk, Kanchipuram, Tamilnadu, India · B-135 and 206, Phase II, Noida, Dt Gautambudh Nagar - 201305, Uttar Pradesh, India · A-33, Sector-60, Noida - 201307, Uttar Pradesh, India · Tel No.: 91-120-4096700 · Fax No.: 91-120-4096709 · 31-B, Industrial Area, Phase-I, Kumbalgodu, Bangalore - 560074, Karnataka, India · Tel. No.: 91-80-66651165 · R.S. No. 76/4 and 72/2, Kothapurinatham Road, Thiruvandarkoil, Mannadipet Commune Panchayat, Puducherry – 605102, India · Tel. No.: 91-413-2641084/ 85 · Pathredi, Rajasthan, India · Tapukara, Rajasthan, India · Haldwani, Uttrakhand, India · Faridabad, Haryana, India · Kandla, Gujarat, India · Lucknow, Uttar Pradesh, India |
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Representative Offices
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Located at : · Sharjah · Germany |
DIRECTORS
As on 31.03.2014
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Name : |
(Late) Mrs. S.L. Sehgal |
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Designation : |
Founder Chairperson |
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Name : |
(Late) Mr. K.L. Sehgal |
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Designation : |
Chairman Emeritus |
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Name : |
Mr. Vivek Chaand Sehgal |
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Designation : |
Vice Chairman |
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Name : |
Maj. Gen. Amarjit Singh (Retd.) |
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Designation : |
Director |
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Name : |
Mr. Sushil Chandra Tripathi, IAS (Retd.) |
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Designation : |
Director |
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Name : |
Mr. Toshimi Shirakawa |
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Designation : |
Director |
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Name : |
Mr. Arjun Puri |
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Designation : |
Director |
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Name : |
Mr. Gautam Mukherjee |
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Designation : |
Director |
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Name : |
Ms. Geeta Mathur |
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Designation : |
Director |
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Name : |
Mr. Laksh Vaaman Sehgal |
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Designation : |
Director |
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Name : |
Ms. Noriyo Nakamura |
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Designation : |
Director |
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Name : |
Mr. Pankaj Mital |
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Designation : |
Whole-time Director/ Chief Executive Officer |
SHAREHOLDING PATTERN
As on 31.03.2015
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Category of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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4927476 |
0.56 |
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325566564 |
36.92 |
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330494040 |
37.47 |
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21678638 |
2.46 |
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226303625 |
25.66 |
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247982263 |
28.12 |
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Total shareholding of Promoter and Promoter Group (A) |
578476303 |
65.59 |
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(B) Public Shareholding |
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44596206 |
5.06 |
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1284035 |
0.15 |
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161405265 |
18.30 |
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207285506 |
23.50 |
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33421710 |
3.79 |
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35202987 |
3.99 |
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24870082 |
2.82 |
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|
2662772 |
0.30 |
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|
1852477 |
0.21 |
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791938 |
0.09 |
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18357 |
0.00 |
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96157551 |
10.90 |
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Total Public shareholding (B) |
303443057 |
34.41 |
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Total (A)+(B) |
881919360 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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Total (A)+(B)+(C) |
881919360 |
0.00 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Sl.No. |
Name of the
Shareholder |
No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
No |
As a percentage |
As a % of |
Total shares
(including underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
1 |
Samvardhana Motherson International Limited |
32,55,66,564 |
36.92 |
53662084 |
16.48 |
6.08 |
36.92 |
|
2 |
Sumitomo Wiring Systems Limited |
22,30,13,854 |
25.29 |
0 |
0.00 |
0.00 |
25.29 |
|
3 |
Vivek Chaand Sehgal |
2,16,78,638 |
2.46 |
0 |
0.00 |
0.00 |
2.46 |
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4 |
Geeta Soni |
25,51,209 |
0.29 |
0 |
0.00 |
0.00 |
0.29 |
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5 |
Neelu Mehra |
23,31,760 |
0.26 |
0 |
0.00 |
0.00 |
0.26 |
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6 |
Renu Sehgal |
44,470 |
0.01 |
0 |
0.00 |
0.00 |
0.01 |
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7 |
Laksh Vaaman Sehgal |
37 |
0.00 |
0 |
0.00 |
0.00 |
0.00 |
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8 |
H K Wiring Systems Ltd |
22,69,734 |
0.26 |
0 |
0.00 |
0.00 |
0.26 |
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9 |
Radha Rani Holdings PTE Limited |
10,20,037 |
0.12 |
0 |
0.00 |
0.00 |
0.12 |
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Total |
57,84,76,303 |
65.59 |
53662084 |
9.28 |
6.08 |
65.59 |
(*) The term encumbrance has the same meaning as assigned to it in regulation 28(3) of the SAST Regulations, 2011.
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Public and holding more than
1% of the total number of shares
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Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
Total shares (including
underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
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|
1 |
ICICI Prudential Life Insurance Company Limited |
11959013 |
1.36 |
1.36 |
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2 |
Reetha Shetty |
9293701 |
1.05 |
1.05 |
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Total |
21252714 |
2.41 |
2.41 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer and Seller of components to Automotive
Original Equipment. |
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Products : |
Blow Molded Components ·
Heating, Ventilation and Air Conditioning
Ducts ·
Engine and Air Intake Ducts ·
Wind Shield Washer Bottles ·
Radiator Reservoir Tanks ·
Plastic Fuel Tanks (2-Wheelers) ·
Resonator/Pipe Air Intake ·
Arm Rests ·
Bellows ·
Body styling Kit- Spoilers Injection Molded Components · Interior/Exterior Trims and parts · Scuff Plates · Auto A.C. Components · Mirror housings · Under bonnet parts · Structured Plastic components · Inside handles · Body colored painted parts
Modules · IP Module · Door Trims · Floor console Module · Bumper Modules Components for White Goods Industry · Washing machine components · A.C. Components · Refrigerator components
Electronics Industry · T.V. Cabinets and Back Cover Monitor Cabinets and Back Covers |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management
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Bankers : |
· Axis Bank Limited · Citibank N. A. · DBS Bank Limited · HDFC Bank Limited · ICICI Bank Limited · Japan Bank for International Corporation · State Bank of India · The Bank of Tokyo Mitsubishi UFJ Limited · The Hong Kong and Shanghai Banking Corporation Limited |
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Facilities : |
Note: (AS ON
31.03.2014) * Working capital loans are secured by first pari passu
charge on entire current assets of the Company including receivables, both
present and future and second pari passu charge over the fixed assets of the
Company including equitable mortgage of specified properties. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse
and Company Chartered
Accountants |
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Address : |
Building 8 , 7th
and 8th Floor, DLF Cyber City, Gurgaon-122002, Haryana, India |
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Memberships : |
-- |
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Collaborators : |
-- |
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Subsidiaries of the
Company (AS ON 31.03.2014): |
· MSSL Mauritius Holdings Limited · MSSL Mideast (FZE) · MSSL Ireland Private Limited · MSSL Handels GmbH “in Liqu.” · Motherson Electrical Wires Lanka Private Limited · MSSL Tooling (FZE) · MSSL (S) Pte Limited · MSSL (GB) Limited · Motherson Wiring System (FZE) · MSSL GmbH · MSSL Polymers GmbH (till 26.08.2013 - merged with MSSL GmbH) · MSSL Advanced Polymers s.r.o · Motherson Orca Precision Technology GmbH · MSSL s.r.l Unipersonale · Samvardhana Motherson Invest Deutschland GmbH · Motherson Techno Precision México, S.A. de C.V (incorporated on April 9, 2013) · MSSL Australia Pty Limited · Motherson Elastomers Pty Limited · Motherson Investments Pty Limited · Global Environment Management (FZC) · Global Environment Management Australia Pty Limited. · MSSL Global RSA Module Engineering Limited · MSSL Japan Limited · Vacuform 2000 (Proprietary) Limited. · MSSL México, S.A. De C.V. · MSSL WH System (Thailand) Co., Limited · MSSL Korea WH Limited · MSSL Automobile Component Limited · Samvardhana Motherson Polymers Limited · Samvardhana Motherson Global Holdings Limited · Samvardhana Motherson Refl ectec Group Holdings Limited · SMR Automotive Holding Hong Kong Limited · SMR Automotive Technology Holding Cyprus Limited · SMR Automotive Mirror Systems Holding Deutschland GmbH · SMR Poong Jeong Automotive Mirrors Korea Limited · SMR Hyosang Automotive Limited · SMR Automotive (Langfang) Co. Limited · SMR Holding Australia Pty Limited · SMR Automotive Australia Pty Limited · SMR Automotive Mirror Technology Hungary Bt · SMR Grundbesitz GmbH and Co. KG · SMR Automotive Mirror Parts and Holdings UK Limited · SMR Automotive Mirrors UK Limited · SMR Automotive Services Portchester Limited (till 09.07.2013) · SMR Automotive Technology Valencia S.A.U. · SMR Automotive Mirrors Services UK Limited · SMR Automotive Technology Holdings USA Partners (till- 31.03.2014 - dissolved) · SMR Automotive Mirror International USA Inc. · SMR Automotive Systems USA Inc. · SMR Automotive Systems France S. A. · SMR Automotive Systems India Limited · SMR Automotive Yancheng Co. Limited · SMR Automotive Beijing Company Limited · SMR Automotive Mirror Technology Holding Hungary Kft · SMR Automotive Systems Spain S.A.U. · SMR Automotive Vision Systems Mexico S.A. de C.V. · SMR Automotive Servicios Mexico S.A. de C.V. · SMR Automotive Mirrors Stuttgart GmbH · SMR Patents S.aR.L. · SMR Automotive Beteiligungen Deutschland GmbH · SMR Automotive Brasil Ltda. · SMR Automotive System (Thailand) Limited · SMR Automotives Systems Macedonia Dooel Skopje · SMR Automotive Operations Japan K.K. · SMR Automotive Vision System Operations USA INC (Incorporated on 17.03.2014) · SMR Mirror UK Limited (Incorporated on 19.03.2014) · Samvardhana Motherson B.V. · Samvardhana Motherson Peguform GmbH · SMP Deutschland GmbH · SMP Logistik Service GmbH (earlier known as SMP Automotive Solutions · Personalleasings GmbH) · SMP Automotive Solutions Slovakia s.r.o · Changchun Peguform Automotive Plastics Technology Co. Limited · SMP Automotive Technology Management Services (Changchun) Co. Limited · SMP Automotive Technology Iberica S.L · Samvardhana Motherson Peguform Barcelona S.L.U (Earlier known as Peguform Module · Division Iberica Cockpits S.L.) · SMP Automotive Technologies Teruel Sociedad Limitada · Samvardhana Motherson Peguform Automotive Technology Portugal S.A · PAINTYES – Sociedade Portuguesa de Pintura, S.A. (till- 30.12.2013- merged with SMP Automotive Technology Portugal S.A.) · SMP Automotive Systems Mexico S.A. de C.V · SMP Tecnologia Parachoques S.A. de C.V. · SMP Shock Absorber Fabrication Mexico S.A. de C.V · SMP Automotive Produtos Automotivos do Brasil Ltda. · Foshan Peguform Automotive Plastics Technology Co. Limited · SMP Exterior Automotive GmbH (incorporated on 31.05.2013) · SMP Automotive Interiors (Beijing) Co. Limited (incorporated on 31.03.2014) |
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Other Related
Parties (AS ON 31.03.2014): |
Joint
Ventures: · Kyungshin Industrial Motherson Limited · Woco Motherson Elastomer Limited · Woco Motherson Advanced Rubber Technologies Limited · Woco Motherson Limited (FZC) (Indirectly through Subsidiary) · Calsonic Kansei Motherson Auto Products Limited · Ningbo SMR Huaxiang Automotive Mirrors Co. Limited(Indirectly through Subsidiary) · Chongqing SMR Huaxiang Automotive Products Limited (w.e.f. 08.08.2013) (Indirectly through Subsidiary) · Celulosa Fabril (Cefa) S.A. (Zaragoza, ES) (Indirectly through Subsidiary) · Modulos Rivera Alta S.L.U. (Indirectly through Subsidiary) · Samvardhana Motherson Nippisun Technology Limited (w.e.f. 11.09.2013) · Eissmann SMP Automotive Interieur Slovensko s.r.o. (w.e.f. 31.03.2014) Associate
Companies: · Saks Ancillaries Limited · Re-time Pty. Limited |
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Companies in which
Key Managerial Personnel or their relatives have control/ significant
influence (AS ON 31.03.2014): |
· Motherson Auto Limited · Motherson Air Travel Agencies Limited · Ganpati Auto Industries (Partnership Firm) · Southcity Motors Limited · Motherson Techno Tools Limited · Motherson Techno Tools Mideast (FZE) · SWS India Management and Support Service (P) Limited · Vaaman Auto Industry (Partnership Firm) · Motherson Sumi INfotech and Designs Limited · Motherson Engineering Research and Integrated Technologies Limited · Moon Meadows Private Limited · Sisbro Motor and Workshop Private Limited · NACHI Motherson Tool Technology Limited · Motherson (Partnership Firm) · Samvardhana Motherson International Limited (also a joint venturer) · A Basic Concepts Design Pty. Limited · ATAR Mauritius Private Limited · Motherson Auto Solutions Limited · Motherson Machinery and Automations Limited · Spheros Motherson Thermal System Limited · Matsui Technologies India Limited · Motherson Moulds and Diecasting Limited · Anest Iwata Motherson Limited · Field Motor Limited · AES (India) Engineering Limited · Motherson Auto Engineering Service Limited · Anest Iwata Motherson Coating Equipment Limited · Nissin Advanced Coating Indo Co. Limited. · Magnetti Marelli Motherson Holding India BV · Magnetti Marelli Motherson Auto System Limited · Samvardhana Motherson Finance Services Cyprus Limited · Motherson Zanotti Refrigeration System Limited · Samvardhana Motherson Virtual Analysis Limited · Tigers Connect Travel Systems and Solutions Limited · Samvardhana Motherson Holding (M) Private Limited. · Motherson Advanced Tooling Solutions Limited · SCCL Infra Projects Limited · Fritzmeier Motherson Cabin Engineering Limited. · Air Factory Energy Limited · CTM India Limited. · MSID U.S. Inc. · Motherson Consultancies Service Limited (earlier known as Motherson Climate System Limited) · Spirited Auto Cars (I) Limited · Motherson Lease Solution Limited (formerly Style Motors Limited) · Systematic Conscom Limited · MAS Middle East Limited (FZE) · Nachi Motherson Precision Limited · Motherson Bergstrom HVAC Solutions Private Limited · Motherson Sintermetal Technology Limited · Advanced Technologies and Auto Resources Pte. Limited · Edcol Global Pte. Limited · Motherson Innovative Technologies and Research · Radha Rani Holdings Pte Limited · Sehgals Trustee Company Private Limited (incorporated on 20.03.2014) · Nirvana Agro Products Private Limited (incorporated on 22.01.2014) |
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Joint Venture (AS
ON 31.03.2014): |
· Sumitomo Wiring Systems Limited, Japan · Kyungshin Corporation, Korea · Woco Franz Josef Wolf Holding GmbH, Germany · Calsonic Kansei Corporation, Japan · E-Compost Pty. Limited, Australia · Dremotech GmbH and Co. KG., Germany · Cross Motorsport Systems AG · Blanos Partners S.L. · Changshu Automobile Interior Decoration Co. Limited · Ningbo Huaxiang Electronic Co., Limited · Eissmann Automotive Slovensko s.r.o. |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital : Not Available
Issued, Subscribed &
Paid-up Capital : Rs. 881.900 Million
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2873000000 |
Equity Shares |
Re.1/- each |
Rs.2873.000 Million |
|
25000000 |
8% Convertible Cumulative Preference Shares |
Re.1/- each |
Rs.250.000 Million |
|
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Total |
|
Rs.3123.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
881,919,360* |
Equity Shares |
Rs.10/- each |
Rs.882.000 Million |
*During the year the Company has made allotment of 293,973,120 equity shares of Re. 1/- each (Previous year 195,982,080 equity shares of Re. 1/- each) as bonus shares in proportion of one equity share for every two equity shares.
- Reconciliation of number of shares
|
Equity Shares: |
Number |
Rs. in Million |
|
Balance as at the beginning of the year |
587946240 |
588.000 |
|
Add: Shares issued to the shareholders of erstwhile Sumi Motherson Innovative Engineering Limited (SMIEL) merged with the Company w.e.f. April 1, 2011, pursuant to the Scheme of Amalgamation. |
-- |
-- |
|
Add: Bonus Shares issued during the year by capitalisation of Securities Premium Account/ Capital Redemption Reserve. |
293973120 |
294.000 |
|
Balance as at the
end of the year |
881919360 |
882.000 |
- Rights,
preferences and restrictions attached to Shares.
Equity Shares: The Company currently has only one class of equity shares having a par value of Re. 1/- per share. Each shareholder is eligible to one vote per share held. The Company declares and pays dividends in Indian rupees. The dividend, if proposed by the Board of Directors, is subject to the approval of the shareholders in the Annual General Meeting, except in case of interim dividend.
In the event of liquidation of the Company, the equity shareholders are eligible to receive the remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
- Aggregate number of Shares allotted as fully paid up by way of
bonus shares during 5 years immediately preceding March 31, 2014.
|
|
Aggregate
No. of shares issued
in last 5 years |
Bonus Shares Alloted in the year ended |
||||
|
March 31, 2014 |
March 31, 2013 |
March 31,2012 |
March 31,2011 |
March 31,2010 |
||
|
Equity shares allotted as fully paid bonus shares. |
489,955,200 |
293,973,120 |
195,982,080 |
-- |
-- |
-- |
- Details of shares held by shareholders holding more than 5% of the
aggregate shares in the Company.
|
Particulars |
Number |
% |
|
Equity Shares: |
|
|
|
Samvardhana Motherson International Limited |
318,531,564 |
36.12% |
|
Sumitomo Wiring Systems Limited |
223,013,854 |
25.29% |
As per of the Company, including its register of shareholders/ members and other declarations received from shareholders regarding beneficial interest, the above shareholding represents both legal and beneficial ownership of shares.
FINANCIAL DATA
[all figures are
in Rupees 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 |
881.900 |
882.000 |
588.000 |
|
(b) Reserves & Surplus |
20139.100 |
18174.000 |
15652.000 |
|
(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) |
21021.000 |
19056.000 |
16240.000 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
3182.700 |
4221.000 |
5095.000 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
115.000 |
177.000 |
|
(c) Other long term
liabilities |
135.300 |
143.000 |
152.000 |
|
(d) long-term provisions |
274.000 |
146.000 |
147.000 |
|
Total
Non-current Liabilities (3) |
3592.000 |
4625.000 |
5571.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
947.500 |
1957.000 |
3263.000 |
|
(b) Trade payables |
4269.300 |
4364.000 |
4778.000 |
|
(c) Other current liabilities |
3455.500 |
3155.000 |
2341.000 |
|
(d) Short-term provisions |
4103.700 |
3487.000 |
2211.000 |
|
Total
Current Liabilities (4) |
12776.000 |
12963.000 |
12593.000 |
|
|
|
|
|
|
TOTAL |
37389.000 |
36644.000 |
34404.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
14330.000 |
14166.000 |
|
(ii) Intangible Assets |
|
14.000 |
30.000 |
|
(iii) Capital work-in-progress |
|
519.000 |
861.000 |
|
(iv) Intangible assets under
development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
7319.600 |
5821.000 |
5132.000 |
|
(c) Deferred tax assets (net) |
171.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
960.000 |
2454.000 |
802.000 |
|
(e) Other Non-current assets |
32.600 |
29.000 |
9.000 |
|
Total
Non-Current Assets |
23500.200 |
23167.000 |
21000.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.400 |
0.000 |
0.000 |
|
(b) Inventories |
6083.800 |
5628.000 |
5420.000 |
|
(c) Trade receivables |
4577.500 |
5754.000 |
5464.000 |
|
(d) Cash and cash equivalents |
1461.100 |
191.000 |
658.000 |
|
(e) Short-term loans and
advances |
1676.500 |
1785.000 |
1765.000 |
|
(f) Other current assets |
89.500 |
119.000 |
97.000 |
|
Total
Current Assets |
13888.800 |
13477.000 |
13404.000 |
|
|
|
|
|
|
TOTAL |
37389.000 |
36644.000 |
34404.000 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
50177.700 |
45245.000 |
43041.000 |
|
|
|
Other Income |
486.000 |
1083.000 |
915.000 |
|
|
|
TOTAL (A) |
50663.700 |
46328.000 |
43956.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
26399.300 |
24225.000 |
24839.000 |
|
|
|
Purchases of Stock-in-Trade |
-610.500 |
1069.000 |
1007.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
2192.100 |
(152.000) |
(549.000) |
|
|
|
Employees benefits expense |
6027.800 |
4975.000 |
4392.000 |
|
|
|
Exchange Differences on |
|
|
|
|
|
|
Long term loan |
214.000 |
-- |
-- |
|
|
|
Others |
(258.100) |
-- |
-- |
|
|
|
Other expenses |
7087.700 |
6680.000 |
5782.000 |
|
|
|
TOTAL (B) |
41052.300 |
36797.000 |
35471.000 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
9611.400 |
9531.000 |
8485.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
302.600 |
417.000 |
535.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
9308.800 |
9114.000 |
7950.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2070.900 |
1530.000 |
1453.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
7237.900 |
7584.000 |
6497.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2089.100 |
2233.000 |
1801.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
5148.800 |
5351.000 |
4696.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
|
7605.000 |
4785.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
|
600.000 |
500.000 |
|
|
|
Additions on amalgamation |
|
0.000 |
0.000 |
|
|
|
Dividend |
|
2205.000 |
1176.000 |
|
|
|
Tax on Dividend |
|
375.000 |
200.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
9776.000 |
7605.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
|
7274.000 |
5985.000 |
|
|
|
Dividend Received from Subsidiary |
|
536.000 |
330.000 |
|
|
|
Service Income |
|
29.000 |
16.000 |
|
|
|
Miscellaneous Income |
|
4.000 |
1.000 |
|
|
TOTAL EARNINGS |
NA |
7843.000 |
6332.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
15407.000 |
13100.000 |
|
|
|
Capital Goods |
|
429.000 |
1158.000 |
|
|
|
Spares |
|
184.000 |
134.000 |
|
|
TOTAL IMPORTS |
NA |
16020.000 |
14392.000 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
5.84 |
6.07 |
5.33 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
1400.000 |
915.000 |
|
Cash generated from operations |
NA |
8835.000 |
7620.000 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
10.26 |
11.83 |
10.91 |
|
|
|
|
|
|
|
Operating Profit Margin |
(%) |
19.15 |
21.07 |
19.71 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
24.21 |
25.03 |
22.87 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.34 |
0.40 |
0.40 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.20 |
0.40 |
0.57 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.09 |
1.04 |
1.06 |
STOCK
PRICES
|
Face Value |
Rs.1.00/- |
|
Market Value |
Rs.524.00/- |
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 |
588.000 |
882.000 |
881.900 |
|
Reserves & Surplus |
15652.000 |
18174.000 |
20139.100 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
16240.000 |
19056.000 |
21021.000 |
|
|
|
|
|
|
long-term borrowings |
5095.000 |
4221.000 |
3182.700 |
|
Short term borrowings |
3263.000 |
1957.000 |
947.500 |
|
Current maturities of
long-term debts |
915.000 |
1400.000 |
0.000 |
|
Total
borrowings |
9273.000 |
7578.000 |
4130.200 |
|
Debt/Equity
ratio |
0.571 |
0.398 |
0.196 |
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 |
43041.000 |
45245.000 |
50177.700 |
|
|
|
5.121 |
10.902 |
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 |
43041.000 |
45245.000 |
50177.700 |
|
Profit |
4696.000 |
5351.000 |
5148.800 |
|
|
10.91% |
11.83% |
10.26% |
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 |
No |
|
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 |
UNSECURED LOANS
|
PARTICULAR |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
Long Term
Borrowings |
|
|
|
Term loans |
|
|
|
Foreign currency Loan from banks |
NA |
799.000 |
|
Short Term
Borrowings |
|
|
|
Loans from banks |
|
|
|
Indian rupee loan |
|
0.000 |
|
Other Loans-
repayable on demand |
|
|
|
Indian rupee loan from a related party |
|
0.000 |
|
Total |
NA |
799.000 |
GENERAL
INFORMATION (AS ON 31.03.2014)
Subject is incorporated in India on 19th December, 1986 and is engaged primarily in the manufacture and sale of components to automotive original equipment manufacturers. The Company has manufacturing plants in India and sells primarily in India, Europe and Japan. The Company is a public limited company and is listed on the Bombay Stock Exchange, National Stock Exchange, Ahmedabad Stock Exchange and Delhi Stock Exchange. The Company is a joint venture entity between Samvardhana Motherson International Limited and Sumitomo Wiring Systems Limited, Japan.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
Claims against the
Company not acknowledge as debts* |
|
|
|
a) Excise Matters |
|
46.000 |
|
b) Sales Tax Matters |
|
98.000 |
|
c) Service Tax Matters |
|
37.000 |
|
d) Stamp Duty |
|
5.000 |
|
e) Claims made by Workmen |
|
18.000 |
|
f) Income Tax Matters |
NA |
55.000 |
Note: *
Against which Company has given bank guarantee amounting to Rs. 33.000 Million (Previous
Year Rs. 32.000 Million)
FIXED ASSETS
· Lease hold Land
· Free hold Land
· Leasehold improvements
· Buildings
· Plant and Machinery
· Furniture and Fixtures
· Offi ce Equipment
· Computers
· Vehicles
· Software
· Technical Knowhow fees
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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.63.40 |
|
UK Pound |
1 |
Rs.98.94 |
|
Euro |
1 |
Rs.70.33 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
72 |
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 |
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This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.