MIRA INFORM REPORT
|
Report No. : |
332648 |
|
Report Date : |
20.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
EICHER MOTORS LIMITED |
|
|
|
|
Registered
Office : |
3rd Floor, Select City Walk, A-3, District Centre, Saket,
New Delhi-110017 |
|
Tel. No.: |
91-11-29563722 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2014 |
|
|
|
|
Date of
Incorporation : |
14.10.1982 |
|
|
|
|
Com. Reg. No.: |
55-129877 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 271.000 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L34102DL1982PLC129877 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
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PAN No.: [Permanent Account No.] |
Not Available |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing and Marketing of Reliable, Fuel-Efficient Commercial Vehicles of high quality and Modern Technology, Engineering Components. |
|
|
|
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No. of Employees
: |
Information declined by the management
|
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (80) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 30000000 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Eicher Motors Limited is the flagship company of the Eicher Group in
India and a leading player of the Indian automobile industry. It was incorporated in 1982. It is a well-established company having excellent track record. Financial position of the company seems to be sound and healthy. The rating takes into consideration strong operational performance of
the company and strong market position in the niche segment of leisure bikes. Trade relations are fair. Business is active. Payment terms are
reported to be regular and as per commitments. The company can be considered good 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 |
ICRA |
|
Rating |
Fund Based Working Capital Facilities = AA+ |
|
Rating Explanation |
Have high degree of safety and carry very low credit risk. |
|
Date |
May, 2015 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non Fund Based Working Capital Facilities = A1+ |
|
Rating Explanation |
Have very strong degree of safety and carry lowest credit risk |
|
Date |
May, 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 PARTED BY
|
Name : |
Mr. Harish |
|
Designation : |
Finance Department |
|
Contact No.: |
91-124-4415600 |
|
Date : |
16.07.2015 |
LOCATIONS
|
Registered Office : |
3rd Floor, Select City Walk, A-3, District Centre, Saket,
New Delhi-110017, India |
|
Tel. No.: |
91-11-29563722 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
Eicher House, 12, Commercial Complex, Greater Kailash -
II, (Masjid Moth) |
|
Tel. No.: |
91-11-41437600 |
|
Fax No.: |
91-11-41437700 |
|
|
|
|
Corporate Office : |
#96, Sector 32, Gurgaon – 122001, Haryana, India |
|
Tel. No.: |
91-124-4415600 |
|
|
|
|
Factory 1 : |
Two Wheelers Royal Enfield,
Thiruvottiyur High Road, Post Box No.5284, Thiruvottiyur, Chennai - 600019,
Tamilnadu, India |
|
|
|
|
Factory 2 : |
The CV Unit 102, Industrial Area No.1, Pithampur, Dhar District – 454775,
Madhya Pradesh, India |
|
|
|
|
Factory 3 : |
Eicher Engineering Components, S.V. Road, Thane – 400607, Maharashtra
- India |
|
|
|
|
Factory 4 : |
Eicher Engineering Components, Indonippon Food Premises No.7, HSIDC,
Sector-18, Palam-Gurgoan Road, Gurgaon – 122015, Haryana, India |
|
|
|
|
Factory 5 : |
78-86, Industrial Area No. lll, AB Road, Dewas – 455001, Madhya
Pradesh, India |
|
|
|
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Factory 6 : |
A-19/1, SIPCOT Industrial Growth Centre, Oragadam, Kanchipuram
- 602105, Tamilnadu, India |
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|
|
|
Factory 7: |
Thiruvattiyur High Road, Thiruvattiyur, Chennai-600019, Tamil Nadu, India |
|
|
|
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Branch Office : |
Eicher Engeering Solutions, Tower-B, 16th Floor, Unitech Cyber
Park, Sector-39, Gurgaon – 122001, Haryana, India |
DIRECTORS
AS ON: 31.03.2014
|
Name : |
S. Sandilya, |
|
Designation : |
Chairman |
|
DIN No: |
00037542 |
|
|
|
|
Name : |
Siddhartha Lal |
|
Designation : |
Managing Director and Chief Executive Officer |
|
DIN No: |
00037645 |
|
|
|
|
Name : |
Priya Brat |
|
Designation : |
Non-Executive and Independent Director |
|
DIN No: |
00041859 |
|
|
|
|
Name : |
M.J. Subbaiah |
|
Designation : |
Non-Executive and Independent Director |
|
DIN No: |
00044799 |
|
|
|
|
Name : |
Prateek Jalan |
|
Designation : |
Non-Executive and Independent Director |
|
DIN No: |
02170139 |
|
|
|
|
Name : |
Manvi Sinha |
|
Designation : |
Non-Executive and Independent Director |
|
DIN No: |
07038675 |
KEY EXECUTIVES
|
Name : |
Manhar Kapoor |
|
Designation : |
Company Secretary and Compliance Officer |
|
PAN No: |
AKSPK7005K |
|
|
|
|
Name : |
Mr. Lalit Malik |
|
Designation : |
Chief Financial Officer |
|
PAN No: |
AKDPM0939K |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 30.06.2015
|
Category of
Shareholder |
No. of Shares |
%age of Holding |
|
|
||
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
4330629 |
15.96 |
|
|
15143 |
0.06 |
|
|
10557258 |
38.90 |
|
|
10557258 |
38.90 |
|
|
14903030 |
54.91 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
14903030 |
54.91 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
1020744 |
3.76 |
|
|
5827 |
0.02 |
|
|
223693 |
0.82 |
|
|
7463814 |
27.50 |
|
|
8714078 |
32.11 |
|
|
|
|
|
|
448160 |
1.65 |
|
|
|
|
|
|
2712737 |
9.99 |
|
|
347987 |
1.28 |
|
|
16391 |
0.06 |
|
|
16391 |
0.06 |
|
|
3525275 |
12.99 |
|
Total Public
shareholding (B) |
12239353 |
45.09 |
|
Total (A)+(B) |
27142383 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Marketing
of Reliable, Fuel-Efficient Commercial Vehicles of high quality and Modern
Technology, Engineering Components. |
|
|
|
|
Products : |
Not Divulged |
|
|
|
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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 : |
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Facilities : |
(Rs.
In Million)
|
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Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
India |
|
|
|
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Memberships : |
Not Available |
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|
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Collaborators : |
Not Available |
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Subsidiaries Company : |
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|
100% subsidiary company of VECVL : |
|
|
|
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100% subsidiary company of EES, Inc. : |
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Significant influence of key management personnel : |
|
CAPITAL STRUCTURE
AS ON: 31.12.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs. 300.000 Million |
|
101000 |
Redeemable Cumulative Preference Shares |
Rs.100/- each |
Rs. 10.100 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
27104783 |
Equity Shares |
Rs.10/- each |
Rs. 271.048
Million |
|
|
|
|
|
The Company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to 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. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amount, in proportion to their shareholding.
1) Reconciliation of
the number of shares and amount outstanding at the beginning and at the end of
the reporting year:
|
Particulars |
December 31,
2014 |
|
|
|
Nos. |
Rs. in Millions |
|
At the beginning of the year |
27038883 |
270.400 |
|
Issued during the year - ESOP |
65900 |
0.600 |
|
Outstanding at the end of the year |
27104783 |
271.000 |
2) Details of
shareholders holding more than 5% equity shares in the Company:
|
Particulars |
December 31,
2014 |
|
|
|
Nos. |
% holding in the class |
|
Eicher Goodearth Trust |
3271723 |
12.07% |
|
Anita Lal |
3023167 |
11.16% |
|
The Simran Siddhartha Tara Benefit Trust |
6799828 |
25.09% |
|
Aktiebolaget Volvo (PUBL), Volvo, Sweden |
2275610 |
8.40% |
3) The Company has not issued shares for consideration
other than cash and has not bought back shares during five years immediately
preceding the reporting date, December 31, 2014.
4) Employee stock option plan
a). 1,77,000 (1,77,000) options on September 30, 2006, exercisable over a period of seven years after vesting on October 1, 2009 at an exercise price of Rs. 297 (including premium of Rs. 287) per option, out of which Nil (Nil) options are outstanding at year end. During the year, Nil (6,400) equity shares were issued and allotted as fully paid up at an exercise price of Rs. 297 (including premium of Rs. 287 each) per equity share.
b.) 2,08,900 (2,08,900) options on October 22, 2007, exercisable over a period of seven years after vesting on October 23, 2010 at an exercise price of Rs. 462 (including premium of Rs. 452) per option, out of which 29,500 (32,000) options are outstanding at year end. During the year, 2,500 (31,500) equity shares were issued and allotted as fully paid up at an exercise price of Rs. 462 (including premium of Rs. 452 each) per equity share.
c.) 40,000 (40,000) options on April 29, 2010, exercisable over a period of seven years after vesting on April 29, 2011 at an exercise price of Rs. 695 (including premium of Rs. 685) per option are outstanding as at year end.
d.) 15,400 (15,400) options on November 8, 2010, exercisable over a period of seven years after vesting on November 8, 2013 at an exercise price of Rs. 1,411 (including premium of Rs. 1,401) per option out of which Nil (15,400) options are outstanding at year end. During the year,
15,400 (Nil) equity shares were issued and allotted as fully paid up at an exercise price of Rs. 1,411 (including premium of Rs. 1,401 each) per equity share.
e.) 1,08,200 (1,08,200) options on May 6, 2011, exercisable over a period of seven years after vesting on May 6, 2014 at an exercise price of Rs. 1,162 (including premium of Rs. 1,152) per option out of which 60,200 (1,08,200) options are outstanding at year end. During the year, 48,000 (Nil) equity shares were issued and allotted as fully paid up at an exercise price of Rs. 1,162 (including premium of Rs. 1,152 each) per equity share. During the year, Nil (24,000) options were forfeited.
f.) 5,400 (5,400) options on February 11, 2012, exercisable over a period of seven years after vesting on February 11, 2015 at an exercise price of Rs. 1,770 (including premium of Rs. 1,760) per option are outstanding as at year end. During the year, Nil (7,200) options were forfeited.
g.) 5,000 (5,000) options on December 16, 2013, exercisable over a period of seven years after vesting on December 15, 2016 at an exercise price of Rs. 4,915 (including premium of Rs. 4,905) per option are outstanding as at year end.
h.) 22,500 (Nil) options on August 11, 2014, exercisable over a period of seven years after vesting on August 11, 2017 at an exercise price of Rs.8,477.50 (including premium of Rs. 8,467.50) per option are outstanding as at year end.
i.) 5,400 (Nil) options on November 12, 2014, exercisable over a period of seven years after vesting on November 12, 2017 at an exercise price of Rs. 12,993.65 (including premium of Rs. 0.013) per option are outstanding as at year end.
j. Each option entitles the holders thereof to apply for and be allotted one equity share of the face value of Rs. 10 each.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
271.000 |
270.400 |
270.000 |
|
(b) Reserves &
Surplus |
12065.600 |
7943.000 |
6020.500 |
|
(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) |
12336.600 |
8213.400 |
6290.500 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
200.700 |
126.300 |
62.600 |
|
(c) Other long term
liabilities |
45.200 |
37.800 |
32.300 |
|
(d) long-term provisions |
138.200 |
104.800 |
92.600 |
|
Total Non-current
Liabilities (3) |
384.100 |
268.900 |
187.500 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
40.000 |
40.000 |
|
(b) Trade payables |
4902.400 |
3214.200 |
1775.000 |
|
(c) Other current
liabilities |
2965.600 |
2114.900 |
1328.200 |
|
(d) Short-term provisions |
1700.200 |
980.400 |
621.200 |
|
Total Current Liabilities
(4) |
9568.200 |
6349.500 |
3764.400 |
|
|
|
|
|
|
TOTAL |
22288.900 |
14831.800 |
10242.400 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
4886.500 |
2879.700 |
1338.300 |
|
(ii) Intangible Assets |
119.300 |
112.800 |
38.700 |
|
(iii) Capital
work-in-progress |
426.700 |
84.700 |
593.700 |
|
(iv) Intangible assets
under development |
166.700 |
54.500 |
9.600 |
|
(b) Non-current
Investments |
2714.900 |
309.400 |
109.400 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1390.000 |
827.200 |
613.000 |
|
(e) Other Non-current
assets |
76.700 |
70.900 |
61.800 |
|
Total Non-Current Assets |
9780.800 |
4339.200 |
2764.500 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
9170.900 |
8254.100 |
6384.500 |
|
(b) Inventories |
2051.300 |
1438.400 |
754.100 |
|
(c) Trade receivables |
107.000 |
121.300 |
62.000 |
|
(d) Cash and cash
equivalents |
430.500 |
187.100 |
35.000 |
|
(e) Short-term loans and
advances |
739.100 |
487.400 |
239.400 |
|
(f) Other current assets |
9.300 |
4.300 |
2.900 |
|
Total Current Assets |
12508.100 |
10492.600 |
7477.900 |
|
|
|
|
|
|
TOTAL |
22288.900 |
14831.800 |
10242.400 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
|
SALES |
|
|
|
|
|
Revenue from Operations |
30312.200 |
17024.700 |
10492.600 |
|
|
Other Income |
1163.000 |
801.000 |
457.800 |
|
|
TOTAL (A) |
31475.200 |
17825.700 |
10950.400 |
|
|
|
|
|
|
|
Less: |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
18190.800 |
10792.300 |
6973.800 |
|
|
Purchases of
Stock-in-Trade |
317.300 |
125.600 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(431.700) |
(319.600) |
(212.700) |
|
|
Employees benefits
expense |
1609.000 |
1109.000 |
788.600 |
|
|
Other expenses |
3291.200 |
2180.100 |
1488.600 |
|
|
TOTAL (B) |
22976.600 |
13887.400 |
9038.300 |
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (A-B) (C) |
8498.600 |
3938.300 |
1912.100 |
|
|
|
|
|
|
|
|
Less: |
FINANCIAL EXPENSES (D) |
16.700 |
2.700 |
2.600 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8481.900 |
3935.600 |
1909.500 |
|
|
|
|
|
|
|
Less: |
DEPRECIATION/
AMORTISATION (F) |
501.600 |
304.100 |
171.500 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX
(E-F) (G) |
7980.300 |
3631.500 |
1738.000 |
|
|
|
|
|
|
|
Less: |
TAX (H) |
2391.100 |
845.300 |
290.400 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX (G-H) (I) |
5589.200 |
2786.200 |
1447.600 |
|
|
|
|
|
|
|
Add: |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD (J) |
6185.400 |
4557.600 |
3816.200 |
|
|
|
|
|
|
|
Less: |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General
Reserve |
558.900 |
278.600 |
144.800 |
|
|
Proposed
Dividend |
1355.200 |
811.200 |
540.000 |
|
|
Corporate
Dividend Tax |
189.400 |
68.600 |
21.400 |
|
|
Total (K) |
2103.500 |
1158.400 |
706.200 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S (I+J-K) |
9671.100 |
6185.400 |
4557.600 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
Two wheelers |
877.900 |
666.300 |
531.800 |
|
|
Gears, components and spare
parts |
32.100 |
22.600 |
17.100 |
|
|
Other automobile products |
7.300 |
1.200 |
0.000 |
|
|
TOTAL EARNINGS |
917.300 |
690.100 |
548.900 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Components and spare parts |
492.200 |
516.600 |
104.800 |
|
|
Capital Goods |
233.500 |
30.600 |
51.900 |
|
|
Others |
29.400 |
11.300 |
0.000 |
|
|
TOTAL IMPORTS |
755.100 |
558.500 |
156.700 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share
(Rs.) |
|
|
|
|
|
Basic |
206.38 |
103.15 |
53.62 |
|
|
Diluted |
205.37 |
102.58 |
53.31 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
Current Maturities of Long term debt |
NA |
NA |
5.800 |
|
Cash generated from operating activities |
9114.400 |
4456.000 |
2371.300 |
|
Net Cash from Operating Activities |
6859.600 |
3676.100 |
2037.500 |
QUARTERLY RESULT
|
PARTICULARS |
31.03.2015 |
|
Type |
1st Quarter |
|
Net Sales |
9611.600 |
|
Total Expenditure |
7099.600 |
|
PBIDT (Excl OI) |
2512.000 |
|
Other Income |
649.100 |
|
Operating Profit |
3161.100 |
|
Interest |
5.500 |
|
Exceptional Items |
0.000 |
|
PBDT |
3155.600 |
|
Depreciation |
190.900 |
|
Profit Before Tax |
2964.700 |
|
Tax |
830.200 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
2134.500 |
KEY
RATIOS
|
PARTICULARS |
|
31.12.2014 |
31.12.2013 |
31.12.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
18.44 |
16.37 |
13.80 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
28.04 |
23.13 |
18.22 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
42.04 |
25.25 |
18.24 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.65 |
0.44 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.31 |
1.65 |
1.99 |
STOCK
PRICES
|
Face Value |
Rs.10/- |
|
Market Value |
Rs. 20950.05/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.12.2012 |
31.12.2013 |
31.12.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
270.000 |
270.400 |
271.000 |
|
Reserves & Surplus |
6020.500 |
7943.000 |
12065.600 |
|
Net worth |
6290.500 |
8213.400 |
12336.600 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
40.000 |
40.000 |
0.000 |
|
Total borrowings |
40.000 |
40.000 |
0.000 |
|
Debt/Equity ratio |
0.006 |
0.005 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.12.2012 |
31.12.2013 |
31.12.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Revenue from Operations |
10492.600 |
17024.700 |
30312.200 |
|
|
|
62.254 |
78.048 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.12.2012 |
31.12.2013 |
31.12.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Revenue from Operations |
10492.600 |
17024.700 |
30312.200 |
|
Profit |
1447.600 |
2786.200 |
5589.200 |
|
|
13.80% |
16.37% |
18.44% |
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 |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
No |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
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 |
INDEX
OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10565897 |
03/04/2015 |
260,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK LIMITED, SECTOR 53, VATIKA ATRIUM, A-BLOCK, GURGAON, HARYANA - 122002, INDIA |
C51880888 |
|
2 |
10221866 |
28/11/2014 * |
30,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
C35356948 |
|
3 |
80038080 |
30/11/2005 |
30,000,000.00 |
Central Bank of India |
INDUSTRIAL FINANCE BRANCH, 48/49, MONTIETH ROAD, CHENNAI, TAMIL NADU - 600008, INDIA |
- |
|
4 |
80048325 |
23/06/1997 * |
20,000,000.00 |
Madhya Pradesh Financial Corporation |
FINANCE HOUSE, BOMBAY AGRA ROAD, INDORE, MADHYA PRADESH - 462001, INDIA |
- |
|
5 |
90046161 |
28/06/2005 * |
100,000,000.00 |
SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA |
VIDEOCON TOWER, E1;
RANI JHANSI ROAD, NEW DELHI, |
- |
|
6 |
80048310 |
20/06/1991 |
40,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI TOWER, CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
7 |
80048304 |
16/07/1990 * |
13,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
NARIMAN BHAWAN, 227, VINAY K SHAH MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
8 |
80048305 |
16/07/1990 * |
5,900,000.00 |
INDUSTRIAL FINANCE CORPORATION OF INDIA |
BANK OF BARODA BUILDING, 16, SANSAD MARG, P. B. NO. 363, NEW DELHI, DELHI - 110001, INDIA |
- |
|
9 |
90045517 |
20/04/1989 |
60,400.00 |
INDIAN OVERSEAS BANK |
NEHRU PLACE, NEW DELHI, DELHI, INDIA |
- |
|
10 |
90045194 |
14/06/1985 * |
520,995.00 |
RAJASTHAN FINANCIAL CORPORATION. |
SURYA NIWAS, JAIPUR, RAJASTHAN, INDIA |
- |
FINANCIAL RESULTS:
The Company achieved an all-time high top-line growth during the financial year 2014 with total revenue from operations (net) at Rs. 30312.200 Million. The profit before depreciation and interest amounted to Rs. 7335.600 Million, which is 24.2% of the total revenue. After accounting for interest and dividend income of Rs. 1163.000
Million, interest expense of Rs. 16.700 Million and depreciation of Rs. 501.600 Million, profit before tax amounts to Rs. 7980.300 Million. Profit after tax amounts to Rs. 5589.200 Million after income tax provision of Rs. 2391.100 Million.
BUSINESS
PERFORMANCE:
The Company’s Royal Enfield unit continues to grow strongly. It sold 302592 motorcycles in the year 2014, 69.9% growth over 2013 sales volume of 178121 motorcycles. Of 302592 motorcycles sold in 2014, 6,221 were exported, a growth of 46.2% over 2013 volume of 4,256 motorcycles.
MARKET AND FUTURE
PROSPECTS:
The Company’s motorcycle business – Royal Enfield – enjoys high credibility and has seen phenomenal growth over the years. The Company’s focused marketing efforts, improved product quality and expanded distribution network have enabled the brand to expand its reach to a much larger customer base.
The Company has set its goal to be a leader in the global mid-size motorcycle market. In order to achieve this goal, the Company will invest in increasing manufacturing capacity, strengthening supply chain, developing product development infrastructure and expanding distribution network. The Company will invest in all these areas to seize the significant opportunities for growth that it believes lie in India and international markets.
UNLISTED
SUBSIDIARIES OF EICHER MOTORS LIMITED – VE COMERCIAL VEHICLES LIMITED (VECVL):
VE Commercial Vehicles Limited (VECVL), an unlisted subsidiary of the company, continued to perform exceedingly well despite adverse market conditions and posted good financial results in a difficult year. Total revenue from operations (net) at Rs. 57580.600 Million increased by 13.5% as against Rs. 50715.500 Million during the previous financial year ended December 31, 2013. The profit before depreciation and interest amounted to Rs. 3830.500 Million at 6.7% of net sales as against profit before depreciation and interest of Rs. 3389.500 Million during the previous year at 6.7% of net sales. After accounting for interest income of Rs. 355.900 Million (previous year Rs. 588.700 Million), interest expense of Rs. 80.900 Million (previous year Rs. 75.900 Million) and depreciation of Rs. 1696.600 Million (previous year Rs. 996.300 Million), profit before tax amounts to Rs. 2408.900 Million (previous year Rs. 2906.000 Million). After providing for tax of Rs. 514.600 Million, profit after tax amounts to Rs. 1894.300 Million (previous year Rs. 2301.500 Million). Please refer to the section on VECVL for details on financial and operational performance.
EICHER POLARIS PRIVATE LIMITED (EPPL) is 50:50 joint venture with Polaris Industries Inc., US. During 2014, EPPL made satisfactory progress on all fronts of the project including product development and construction of manufacturing facility.
Operations and
Financial Results of EPPL
EPPL was incorporated on October 10, 2012 and the commercial production/operations of the Company are yet to be commenced. During the year ended December 31, 2014, the company recorded loss before tax amount to Rs. 94.500 Million and pre-operative expenses amount to Rs. 332.400 Million.
Future outlook of
EPPL:
EPPL is expected to commence commercial production in 2015.
MANAGEMENT
DISCUSSION AND ANALYSIS
1. INDUSTRY STRUCTURE
AND DEVELOPMENT:
After 3 years of low growth, the two wheeler industry grew 13% in 2014 over 2013. Similarly, the motorcycle industry witnessed 3 years of low growth from 2011 to 2013. It grew 8% in 2014 over 2013.
Since 2010, the company has been leading the growth in the premium segment of motorcycle industry. It is the fastest growing segment within the motorcycle industry and the company has 90% + market share in this segment. This leadership position has been attained by the success of all families of motorcycles. The company has launched since 2010 - Bullet, Thunderbird, Classic and Continental GT.
The Company is extremely well positioned to capitalize on these trends. The Company’s Royal Enfield brand has an extremely rich global heritage of practical leisure motorcycling of over a hundred years. Royal Enfield is a cult brand globally and has pioneered the leisure motorcycling culture in India. The brand’s positioning and related marketing activities have both delighted the current customers and opened up avenues for attracting new customers.
Royal Enfield continuously engages its customers by providing a pure motorcycling experience through its marquee rides that are organized throughout the year. These rides see participation from a cross section of its customers and enthusiasts who take time off from their regular routines to ride out on their Royal Enfield’s to some of the most scenic locales within and outside the country. Riding is also promoted actively at the dealership levels.
OPPORTUNITIES,
THREATS AND OUTLOOK:
The trends of India’s economic growth will present tremendous opportunities for growth in motorcycle segment and in leisure biking. The Company’s healthy customer order book provides a clear indication of future growth. In spite of the slowdown across the automobile industry, Royal Enfield has achieved strong growth compared to 2013 and crossed sales of more than 300,000 motorcycles in 2014.
The company has set its goals to be a significant player in the mid-size motorcycle market. It calls for investments in manufacturing capacity, supply chain, product platforms and distribution. The company will invest in all these areas to seize the significant opportunity in that it believes lies in India and international markets in the space of mid-size motorcycles.
BUSINESS
PERFORMANCE:
The Company’s Royal Enfield unit continues to grow significantly. It sold 302592 motorcycles in the year 2014, 69.9% more when compared to 2013 sales of 178121. Of the 2014 sales, 6,221 were exported, a growth of 46.2% over previous year.
Total revenue from operations (net) for the year was Rs. 30312.200 Million, 78.0% growth over previous year (Rs. 17024.700 Million).
Net Sales of spare parts and services grew to Rs. 2293.100 Million in 2014 from Rs.1476.200 Million in the previous year, registering a growth of 55.3%.
Royal Enfield has also substantially expanded and upgraded its network across the country. In 2014 it added nearly 100 new dealerships taking the total dealership network close to 400. The Company plans to continue to expand its distribution network over the next few years, so that it is more convenient for Royal Enfield customers to purchase and service the motorcycle. The Company’s focus is on providing a very unique, engaging and technically adept experience at its dealerships so that the customer truly enjoys every contact with the brand.
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.12.2014 |
31.12.2013 |
|
a) In respect of
following: |
|
|
|
- Excise duty matters |
549.800 |
549.800 |
|
- Sales tax matters |
50.600 |
68.700 |
|
- Service tax matters |
3.900 |
4.000 |
|
- Income tax matters |
42.600 |
67.900 |
|
b) Claims against the Company not acknowledged as debts |
61.300 |
55.100 |
|
|
|
|
|
TOTAL |
708.200 |
745.500 |
All the above matters are subject to legal proceedings in the ordinary course of business. The legal proceeding when ultimately concluded will not, in the opinion of management, have a material effect on the result of operations or the financial position of the Company.
UNAUDITED FINANCIAL RESULTS
(STAND-ALONE) FOR THE QUARTER ENDED MARCH 31, 2015
(RS
IN MILLIONS)
|
|
Particulars |
|
|
Quarter Ended 31.03.2015 |
|
|
|
|
|
(Unaudited) |
|
1 |
Income from
operations |
|
|
|
|
|
(a) Gross sales |
|
|
10794.900 |
|
|
(b) Less : Excise duty |
|
|
1227.900 |
|
|
(c) Net sales |
|
|
9567.000 |
|
|
(d) Other operating income |
|
|
44.600 |
|
|
Total income from
operations (net) |
|
|
9611.600 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials consumed |
|
|
5616.700 |
|
|
(b) Purchase of stock-in-trade |
|
|
118.400 |
|
|
(c) Changes in inventories of finished goods and work-in-progress |
|
|
(251.500) |
|
|
(d) Employee benefits expenses |
|
|
506.000 |
|
|
(e) Depreciation and amortization expenses |
|
|
190.900 |
|
|
(f) Other expenses |
|
|
1110.000 |
|
|
Total expenses |
|
|
7290.500 |
|
3 |
Profit from
operations before other income and finance costs (1-2) |
|
|
2321.100 |
|
4. |
Other income |
|
|
649.100 |
|
5 |
Profit before
finance costs (3+4) |
|
|
2970.200 |
|
6 |
Finance costs |
|
|
5.500 |
|
7 |
Profit before tax
(5-6) |
|
|
2964.700 |
|
8 |
Tax expense (including deferred tax and MAT credit entitlement) |
|
|
830.200 |
|
9 |
Net Profit after
tax (7-8) |
|
|
2134.500 |
|
10 |
Paid-up equity share capital (Face value of each equity share – Rs.10 ) |
|
|
271.100 |
|
11. |
Earnings per share
(of Rs.10 each) (not annualized) in Rs. |
|
|
|
|
|
(a) Basic |
|
|
78.75 |
|
|
(b) Diluted |
|
|
78.35 |
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1. |
Public shareholding |
|
|
12204253 |
|
|
- Number of shares |
|
|
45.02% |
|
|
- Percentage of shareholding |
|
|
|
|
2. |
Promoters and Promoter Group Shareholding |
|
|
|
|
|
a) Pledged / encumbered |
|
|
|
|
|
- Number of shares |
|
|
Nil |
|
|
- As a percentage of the total shareholding of the promoter and promoter group |
|
|
Nil |
|
|
- As a percentage of the total share capital of the Company |
|
|
Nil |
|
|
b) Non - encumbered |
|
|
|
|
|
- Number of shares |
|
|
14903030 |
|
|
- As a percentage of the total shareholding of the promoter and promoter group |
|
|
100% |
|
|
- As a percentage of the total share capital of the Company |
|
|
54.98% |
|
Particulars |
Quarter ended |
|
|
31.03.2015 |
||
|
B |
INVESTOR COMPLAINTS |
|
|
|
Pending
at the beginning of the quarter |
Nil |
|
|
Received
during the quarter |
94 |
|
|
Disposed
of during the quarter |
94 |
|
|
Remaining
unresolved at the end of the quarter |
Nil |
NOTES:
1. As the Company's
business activities fall within a single primary business segment viz.
"Automobile products and related components", the disclosure
requirements of Accounting Standard -17 "Segment Reporting" notified
under the Companies (Accounting Standards) Rules. 2006 are not applicable.
2. During the current quarter, 2,500 equity shares were issued and allotted as
fully paid up at an exercise price of Rs. 462 (including premium of Rs. 452
each) per equity share under Eicher Employee Stock Option Scheme.
3. The figures of the
quarter ended December 31, 2014 are the balancing figures between audited
figures in respect of the full previous accounting year and the year to date
unaudited figures upto nine months of the previous accounting year.
4. W. e. f. January 1, 2015, the Company has reviewed the estimated economic
useful lives of its fixed assets generally in accordance with that provided in
the Schedule II of the Companies Act, 2013. As a result (after considering the
transitional provision specified in the schedule II), the Depreciation charge
for the current quarter ended March 31, 2015 is higher by Rs. 61.542 Million.
5. The previous periods'/year's figures have been regrouped/recast wherever
necessary to conform to current period presentation.
6. The above results have been reviewed and recommended by the Audit Committee
and approved by the Board of Directors in their meetings held on May 08, 2015.
Limited review:
The limited review, as required under Clause 41 of the listing agreement has
been completed by Statutory Auditors. The limited review report for the quarter
ended March 31, 2015 does not have any impact on the above results.
FIXED ASSETS:
Tangible assets
· Land
· Buildings
· Plant and equipment
· Furniture and fixtures
· Office Equipment
· Vehicles
Intangible assets
· Product designs, prototypes etc.
· Computer software’s
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 63.49 |
|
UK Pound |
1 |
Rs. 99.43 |
|
Euro |
1 |
Rs. 69.14 |
INFORMATION DETAILS
|
Information
Gathered by : |
DPA |
|
|
|
|
Analysis Done by
: |
RSM |
|
|
|
|
Report Prepared
by : |
THR |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILITY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
80 |
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.