MIRA INFORM REPORT
|
Report No. : |
333556 |
|
Report Date : |
28.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
SUBROS LIMITED |
|
|
|
|
Registered
Office : |
Lower Ground Floor, World Trade Centre, Barakhamba Lane, New Delhi -
110001 |
|
Tel. No.: |
91-11-23414946 / 49 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
14.02.1985 |
|
|
|
|
Com. Reg. No.: |
55-20134 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 119.977 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74899DL1985PLC020134 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELS01638A |
|
|
|
|
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. |
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|
|
|
Line of Business
: |
Manufacturers and Suppliers of Automotive Air Conditioning Systems
Parts and Accessories for Motor Vehicles. |
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|
|
|
No. of Employees
: |
Information declined to the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavorable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 9100000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behavior : |
Regular |
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|
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|
Litigation : |
Clear |
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|
Comments : |
Subros was promoted in 1985, by Suri Family. It is old-established
company having good track record. The rating continue to derive support from company leading market share
in the domestic automotive ac market. In FY – 2015, the company reported
healthy operating income growth, established track record of the company,
strong financials supported by decent capital structure and comfortable debt
protection metrics. The rating further gain strength on company vast experienced of the
promoter and its strong business positioning with diversified customers
group. Further the company benefits in form of technical support from Denso
Corporation (Denso), as well as equity participation from Suzuki Motor
Corporation (SMC) Trade relations are reported to be fair. Business is active. Payments
terms are reported to be regular as per commitment. The company can be considered good for business dealing at usual trade
terms and conditions. |
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 |
Long Term Bank Facilities : A+ |
|
Rating Explanation |
Adequate Degree of Safety and Low Credit Risk |
|
Date |
Dec-14 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Bank Facilities : A1+ |
|
Rating Explanation |
Very Strong Degree of Safety and Carry Lowest Credit Risk. |
|
Date |
Dec-14 |
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 BY
|
Name : |
Mr. Manoj Kumar Sethi |
|
Designation : |
Chief Financial Officer |
|
Contact No.: |
91-11-23414946 |
|
Date : |
24.07.2015 |
LOCATIONS
|
Registered Office : |
Lower Ground Floor, World Trade Centre, Barakhamba Lane, New Delhi - 110001 |
|
Tel. No.: |
91-11-23414946 / 49 |
|
Fax No.: |
91-11-23414945 |
|
E-Mail : |
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|
Website : |
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Central Works: |
B-188, Phase-II, Noida P.O. N.E.P.Z., District. Gautama
Budha Nagar, Noida – 201304, Uttar Pradesh, India |
|
|
|
|
R&D Centre |
C-51, Phase-II, Noida, P.O. N.E.P.Z., District. Gautama
Budh Nagar, Noida, Uttar Pradesh, India |
|
|
|
|
Tool Room |
A-16, Sector 68, Noida |
|
|
|
|
Die Casting Plant |
B-216, Phase-II, Noida - 201304 District. Gautama Budh
Nagar, Uttar Pradesh, India |
|
Tel No: |
91-120-2562226 / 2460135 |
|
Fax No: |
91-120-2562578 |
|
|
|
|
Manesar Works |
Plot No.395/396, Sec-8, IMT Manesar, District. Gurgaon -
122050, Haryana, India |
|
|
|
|
Pune Plant |
Plot No.B-8 & 9, MIDC Industries. Area, Chakan, Pune -
410501, Maharashtra, India |
|
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Chennai Plant |
A-20/1, SIPCOT Industrial Growth Centre Oragadam, Chennai
- 600053, Tamil Nadu, India |
|
|
|
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Sanand Plant |
E-1, TML Vendor Park, Sanand, Gujarat |
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|
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DIRECTORS
|
Name : |
Mr. Ramesh Suri |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Dr. Jyotsna Suri |
|
Designation : |
Director |
|
|
|
|
Name : |
Ms. Shraddha Suri |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. D.M. Reddy |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Katsuhisa Shimokawa |
|
Designation : |
Nominee director (Representative of Denso Corporation) |
|
|
|
|
Name : |
Mr. K. Ayukawa |
|
Designation : |
Nominee Director (Representative of Suzuki Motor
Corporation) |
|
|
|
|
Name : |
Mr. Y Kajita |
|
Designation : |
Alternate Director to Mr. Katsuhisa Shimokawa |
|
|
|
|
Name : |
Mr. G.N. Mehra |
|
Designation : |
I.A.S. (Retd.) |
|
|
|
|
Name : |
Mr. Shailendra Swarup |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K.R. Ramamoorthy |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Hanuwant Singh |
|
Designation : |
Director |
|
|
|
|
Name : |
Mrs. Meena Sethi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. M A Pathan |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Hemant Kumar Agarwal |
|
Designation : |
Dy. Company Secretary |
|
|
|
|
Name : |
Mr. Manoj Kumar Sethi |
|
Designation : |
Chief Financial Officer |
|
|
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.06.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
As a % of (A+B+C) |
||
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
7206240 |
12.01 |
|
|
16793760 |
27.99 |
|
|
24000000 |
40.01 |
|
|
|
|
|
Total shareholding of
Promoter and Promoter Group (A) |
24000000 |
40.01 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
786030 |
1.31 |
|
|
3300 |
0.01 |
|
|
334743 |
0.56 |
|
|
10529 |
0.02 |
|
|
1134602 |
1.89 |
|
|
|
|
|
|
4693626 |
7.82 |
|
|
|
|
|
|
9941255 |
16.57 |
|
|
4189560 |
6.98 |
|
|
16029557 |
26.72 |
|
|
422557 |
0.70 |
|
|
7000 |
0.01 |
|
|
15600000 |
26.00 |
|
|
34853998 |
58.10 |
|
Total Public shareholding
(B) |
35988600 |
59.99 |
|
Total (A)+(B) |
59988600 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
59988600 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Suppliers of Automotive Air Conditioning Systems
Parts and Accessories for Motor Vehicles. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined to the management |
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Bankers : |
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Facilities : |
Note: NATURE OF SECURITY
AND TERMS OF REPAYMENT FOR LONG TERM SECURED BORROWINGS
|
|
Auditors : |
|
|
Name : |
V.K. Dhingra and Company Chartered Accountants |
|
Address : |
World Trade Tower, Barakhamba Lane 1-E/15, Jhandewalan
Extension, New Delhi – 110001, India |
|
E-Mail : |
|
|
|
|
|
Cost Auditors |
|
|
Name : |
Chandra Wadhwa and Company Cost Accountants |
|
Address : |
204, Krishna House, 4805/24 Bharat Ram Road, Daryaganj New
Delhi-110002, India |
|
|
|
|
Secretarial Auditor |
|
|
Name : |
RSM and Company Company secretaries |
|
Address : |
D-63, JFF Complex Jhandewalan New Delhi-110055, India |
|
|
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Memberships : |
---- |
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|
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|
Collaborators : |
--- |
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Subsidiary : |
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Joint venture : |
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|
Entities over which
Key Management Personnel or their relatives are able to exercise significant
influence: |
|
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75,000,000 |
Equity Shares |
Rs.2/- each |
Rs. 150.000 Million |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,99,94,300 |
Equity Shares |
Rs.2/- each |
Rs. 119.988 Million |
Subscribed capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5,99,88,600 |
Equity Shares |
Rs.2/- each |
Rs. 119.977 Million |
RECONCILIATION OF
NUMBER OF SHARES OUTSTANDING
|
PARTICULARS |
As at 31st march 2015 |
|
|
|
No of Shares |
Amount In Million |
|
Shares outstanding at the beginning of the year |
59988600 |
119.977 |
|
Shares issued during the year |
--- |
-- |
|
Shares bought back during the year |
--- |
--- |
|
Shares outstanding
at the end of the year |
59988600 |
119.977 |
LIST OF SHAREHOLDERS HOLDING
MORE THAN 5% SHARES
|
PARTICULARS |
As at 31st march 2015 |
|
|
|
No of Shares Held |
% Of Holding |
|
Deeksha Holdings Limited |
10137760 |
16.90 |
|
Jyotsna Holding Private Limited |
3448000 |
5.74 |
|
R.R Holding Private Limited |
3208000 |
5.35 |
|
Ramesh Suri (HUF) |
3040000 |
5.07 |
|
Denso Corporation |
7800000 |
13.00 |
|
Suzuki Motors Corporation |
7800000 |
13.00 |
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 |
119.977 |
119.977 |
119.977 |
|
(b) Reserves &
Surplus |
3051.400 |
2898.757 |
2745.294 |
|
(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) |
3171.377 |
3018.734 |
2865.271 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
2143.068 |
2414.351 |
1895.747 |
|
(b) Deferred tax
liabilities (Net) |
270.011 |
269.611 |
279.411 |
|
(c) Other long term
liabilities |
3.658 |
2.963 |
2.638 |
|
(d) long-term provisions |
26.267 |
24.525 |
25.723 |
|
Total Non-current
Liabilities (3) |
2443.004 |
2711.450 |
2203.519 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1187.919 |
929.048 |
1033.961 |
|
(b) Trade payables |
1103.322 |
1095.144 |
1411.858 |
|
(c) Other current
liabilities |
1760.739 |
1468.863 |
1230.729 |
|
(d) Short-term provisions |
60.251 |
59.744 |
58.561 |
|
Total Current Liabilities
(4) |
4112.231 |
3552.799 |
3735.109 |
|
|
|
|
|
|
TOTAL |
9726.612 |
9282.983 |
8803.899 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
4135.824 |
3954.883 |
3709.973 |
|
(ii) Intangible Assets |
1227.395 |
877.633 |
735.891 |
|
(iii) Capital
work-in-progress |
514.520 |
685.393 |
731.884 |
|
(iv) Intangible assets
under development |
370.174 |
343.715 |
337.391 |
|
(b) Non-current
Investments |
25.000 |
25.000 |
25.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
459.308 |
514.741 |
416.024 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
6732.221 |
6401.365 |
5956.163 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1734.170 |
1772.418 |
1907.611 |
|
(c) Trade receivables |
776.067 |
603.798 |
448.145 |
|
(d) Cash and cash
equivalents |
69.213 |
105.465 |
107.937 |
|
(e) Short-term loans and
advances |
412.110 |
397.916 |
381.637 |
|
(f) Other current assets |
2.831 |
2.021 |
2.406 |
|
Total Current Assets |
2994.391 |
2881.618 |
2847.736 |
|
|
|
|
|
|
TOTAL |
9726.612 |
9282.983 |
8803.899 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
11971.533 |
11710.562 |
12717.956 |
|
|
Other Income |
10.367 |
22.255 |
108.182 |
|
|
TOTAL |
11981.900 |
11732.817 |
12826.138 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
8083.495 |
8067.595 |
9189.723 |
|
|
Purchases of
Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
57.510 |
4.066 |
(66.339) |
|
|
Employees benefits
expense |
1159.777 |
1052.727 |
1041.674 |
|
|
Other expenses |
1303.064 |
1272.117 |
1330.621 |
|
|
TOTAL |
10603.846 |
10396.505 |
11495.679 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
1378.054 |
1336.312 |
1330.459 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
387.249 |
371.561 |
359.163 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
990.805 |
964.751 |
971.296 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION
|
786.828 |
772.283 |
725.503 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
203.977 |
192.468 |
245.793 |
|
|
|
|
|
|
|
Less |
TAX |
0.793 |
(10.124) |
40.163 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
203.184 |
202.592 |
205.630 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
1776.400 |
1845.800 |
1712.600 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General
Reserve |
20.500 |
20.300 |
20.600 |
|
|
Dividend |
42.000 |
42.000 |
42.000 |
|
|
Tax on Dividend |
8.500 |
7.100 |
6.800 |
|
|
Total |
71.000 |
69.400 |
69.400 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
1908.584 |
1978.992 |
1848.830 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
68.200 |
10.295 |
40.623 |
|
|
TOTAL EARNINGS |
68.200 |
10.295 |
40.623 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials/Components |
4104.402 |
3899.059 |
4962.101 |
|
|
stores and consumables |
44.201 |
43.563 |
73.180 |
|
|
Plant & Machinery |
210.835 |
253.901 |
458.021 |
|
|
TOTAL IMPORTS |
4359.438 |
4196.523 |
5493.302 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
3.39 |
3.38 |
3.43 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
865.728 |
791.902 |
564.761 |
|
Cash generated from operations |
1464.399 |
987.793 |
1827.982 |
|
Net cash flow from operating activities |
1426.930 |
952.929 |
1774.295 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
1.70
|
1.73 |
1.62 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
11.51
|
11.41 |
10.46 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.31
|
2.34 |
3.19 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.06 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.32
|
1.37 |
1.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.73
|
0.81 |
0.76 |
STOCK
PRICES
|
Face Value |
Rs. 2.00/- |
|
Market value |
Rs. 79.85/- |
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 |
119.977 |
119.977 |
119.977 |
|
Reserves & Surplus |
2745.294 |
2898.757 |
3051.400 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
2865.271 |
3018.734 |
3171.377 |
|
|
|
|
|
|
long-term borrowings |
1895.747 |
2414.351 |
2143.068 |
|
Short term borrowings |
1033.961 |
929.048 |
1187.919 |
|
Current Maturities Of
Long-Term Debts |
564.761 |
791.902 |
865.728 |
|
Total borrowings |
3494.469 |
4135.301 |
4196.715 |
|
Debt/Equity ratio |
1.220 |
1.370 |
1.323 |
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 |
12717.956 |
11710.562 |
11971.533 |
|
|
|
(7.921) |
2.229 |
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 |
12717.956 |
11710.562 |
11971.533 |
|
Profit |
205.630 |
202.592 |
203.184 |
|
|
1.62% |
1.73% |
1.70% |
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 |
Yes |
|
5 |
Buyer visit details |
No |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
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 |
No |
|
26 |
Turnover of firm for last three years |
No |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
No |
|
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 |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
|
PARTICULARS |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Short Term
Borrowing |
|
|
|
Working capital loan from bank |
355.655 |
0.000 |
|
Buyers credit arrangements from banks (Against personal guarantee of the Chairman of the Company
Rs. 781.76 Lacs (Previous year : Rs. Nil) ) |
295.425 |
331.505 |
|
|
|
|
|
Total |
|
|
Contingent
Liabilities Not provided for in respect of:
(a) Net outstanding commitments against Letter of Credits established by the Company: Rs. 396.633 Million
(Previous Year Rs.491.686 Million)
(b) Guarantees given by banks on behalf of the Company:
Rs.46.374 Million (Previous Year: Rs. 73.629 Million)
(c) Claims against the company not acknowledged as debt:-
(Rs. in millions)
|
Nature of Claim |
As at 31.03.2015 |
As at 31.03.2014 |
|
Disputed Sales Tax Demands |
13.936 |
13.936 |
|
Disputed Income Tax Demands |
2.440 |
0.000 |
|
Other claims |
8.316 |
7.725 |
(d) As advised to the company, no effect has been given to MAT Recoverable on account of certain disallowances in Income Tax Assessment for earlier year as the company would get full relief in appeal filed
Against the assessment order.
ACHIEVEMENTS
Subros has consistently delivered quality products and achieved significant milestones in the thirty years of its existence. Last year was no different.
The year saw the inception and inauguration of STEC (Subros Tool Engineering Centre) in Noida. The plant is solely dedicated to address the demands of captive tools and molds requirements. It specializes in high technology, niche tooling to meet specialty tool requirements for import substitution and exports.
The company has always invested time and sustained efforts to enhance and further its research capabilities. Innovation being a watchword at Subros, the company has recently developed and unveiled a new category of compressor 10SL09.
Subros has always prided itself on working with the best in the industry. The company holds an excellent track record for customer satisfaction and recognition. The company is happy to announce that their valued customers have renewed their association with us for new for vehicles, MSILfor Ciaz and Celerio models, and TML for Zest and Bolt models.
AWARDS &
RECOGNITION
It is their continuous efforts to improve efficiencies and deliver excellence through quality products. Subros has won them numerous awards and accolades from customers and other external agencies.
Subros is six time winner of the ACMA- Manufacturing Excellence Award. In 2014, we won the ACMA Manufacturing Excellence Award (Manesar).
Customer recognition has come from MSIL for overall excellence & certificate for superior performance in the field of design & development, safety, spares schedule adherence.
The accolades of the year are listed below:
a) MSIL- Gold Trophy for Best Vendor Award for overall performance
b) MSIL- Shield for Quality c) MSIL- Shield for System Audit Rating
d) MSIL- Certificate for Inner part Localisation.
The Subros Pune plant is also the proud recipient of the Mahindra & Mahindra sustainability & green Supply chain Award Runners up Subros was recognized in the industry for excellence and won the following:
a) Economic Times Platinum Award- Manufacturing Excellence-Noida Plant
b) Economic Times Gold Award- Manufacturing Excellence-Manesar Plant
c) Excellence award in various Quality Circle initiatives
Management Discussion and Analysis 2015
INDUSTRY OUTLOOK
The Indian auto industry is showing signs of improvement in performance. The reason for the same is an amalgamation of multiple factors, namely, early signs of economic recovery, and improved consumer sentiment, clubbed with government initiatives to bring in more foreign direct investment into the country, leading to job creation. Also, the Government policy initiatives in terms of project implementation, infrastructure development, and revival in mining activity would impact growth pace to get back to a fast track growth path.
With a stable Government at Centre after long time, Indian economy has shown a moderate growth of approximately 7% in 2014-15. The projected GDP growth for 2015-16 is estimated at 7%- 8%. This will surely impact on Auto Sector positively.
As per the trend over the past few years, the Indian auto industry has shown slower growth as compared to economic growth. In 2014-15, the passenger car (PC) segment has grown by 4% and commercial vehicle (CV) segment has de grown by 1%.
The 2015-16 outlook for the Indian auto industry is positive, as we expect a growth of 6%- 8%. In 2015- 16, the CV segment is likely to register overall volume growth of 2%-3%. These will largely be driven by the sales of light commercial vehicles (LCVs). This high volume will come as CVs are dependent on consumer activities and not industrial activity.
While the industry struggles to realize its growth potential, auto ancillaries struggle to meet their profitability targets. The input cost pressures and underutilization of capacities continue to persist. This puts immense pressure to drive cost down projects, and improve internal efficiencies through manufacturing excellence.
FINANCIAL &
OPERATIONAL PERFORMANCE
In 2014- 15, the company's Gross Sales have increased to Rs.13330.000 Million, an increase of 1.44% in sale over the previous year's Rs.13140.000 Million The operational profit (EBIDTA) has improved due to operational efficiencies and material cost down realisation. In 2015-16, the management continues to focus on improvement of operation levels and material cost control to further increase operational profit.
In view of fluctuating foreign exchange scenario, the Company continued its efforts to improve the level of localization of various imported parts. Various VA/ VE activities were initiated along with active participation of suppliers. During the current year, the company localized Piston and Swash for compressor parts for long term cost competitiveness, further local RS Evaporator are now being sold to Denso Subsidiaries in India to improve capacity utilization. Few other localization projects are in implementation stage. Management Discussion and Analysis 2015-14 Annual Report 2014-15
The company values contribution and its relationship with its vendor partners to achieve operational excellence. Supply Chain is given due focus to work closely with vendor partners for long-term strategic direction of the business and up gradation thru cluster programs. Company conduct Annual Vendor Meet to recognize and reward vendor performance and also to share long term plans for coordinated planning efforts.
During the Year, the company has moved its Tool Engineering Centre to its New and Independent location at Noida. Subros Tool Engineering Centre (STEC) has a strong Tool Design office. STEC set up is to take care of Subros captive Tools and Moulds requirement. The company's focus is to meet their customer's specialty tools requirements for import substitution and exports. STEC will specialize in very niche and high technology tooling for Plastics Injection moulding, non-ferrous Vacuum and squeeze Die Casting dies and Precision Sheet Metal Dies.
INFORMATION
TECHNOLOGY.
Information Technology (IT) based business solutions are the key enablers for Business strategy realisation at Subros system. SAP is strongly supporting important business processes of production, logistics, upstream, and downstream supply chain operations, as well as finance and accounts system of the company. The company continues to improve these implementation practices for better effectiveness.
The company has strong IT deployment for information support such as Lotus Notes, Project Management System & Vendor Extranet etc. It has helped generate process efficiencies and lean operations. It also helps manage complexity and scale in-house, and with vendors.
The company has strong IT deployment in Engineering and design areas with tools like Team Centre (TLM), CAD, CAE and CAM this has helped in improved product development cycle.
The company's Vendor Management System using IT tools enhanced its coverage across the network of vendors throughout the country. The system enables the company and its vendors to have real time access to information on vendor operations, vendor information, and feedback.
FUTURE PLAN
Global economic indicators are expected to improve, led by positive prospects in advanced economies. Though the global economic climate continues to be volatile, uncertain and prone to geo-political risks. In view of the growth opportunities in domestic market and proactively observing the cost pressure of the market, the company has made extensive Localisation plans and VA/ VE plans for the key components. The objective is to develop capabilities to provide latest technology product to the customer with low cost. Further, this will help the company to sustain growth profitably and minimize the impact of fluctuation in economic indicators.
The company is adequately equipped with the capacity to meet the demand of customers and will increase the capacity to meet future demand of the industry if required. The company is also in the process of radiator manufacturing facility to meet their customer’s requirement. This will add to the revenue growth of the company.
The company has also expanded its facilities of Tool Engineering Centre and focusing on in house development of all Molds/ Dies that are required for new product development. This will help the company shorten the lead-time of product development and save cost.
BUSINESS OPERATIONS
The company recorded the gross turnover of Rs.13330.000 Million during the year as against Rs.13140.000 Million in the previous year resulting increase of 1.44%. During the year the company has sold 962,603 nos. of A.C. systems as against 917,349 nos. in the previous year.
The performance of the company is also discussed in Management Discussion and Analysis, as stipulated under clause 49 of the Listing Agreement with the Stock Exchanges, which forms part of the Directors' Report.
EXPANSION AND FUTURE
PROSPECTS
The company expects the growth in the automobile sector due to improvement in Global economic factors, stable Government in India and fuel prices. In view of expected cost pressure, the company planned extensive localization and cost down initiative. Further the company is also working to expand sales by catering the demand from existing and new automobiles manufacturers in India. In the current year, the company will start supplying to Renault Nissan from its Chennai plant and expand its business in Chennai to take care of other Southern India based OEM customers including Rail coach factory.
The company has also expanded its facilities of Tool Engineering Centre and focusing on in-house development of all Moulds/Dies, which are required for its new product development. This will help the company to shorten the lead-time of product development at reduced cost.
The company expects growth in coming years due to increased share of business from its existing customers and expansion of business in new business domains like bus air conditioning, truck refrigeration and radiators. In nutshell company will focus on cost management initiative to be more competitive with other suppliers to cater additional business from customers and expand in new domains.
Company is setting up facility for production of radiator
for their customers which will improve revenue of the company
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10557759 |
26/03/2015 |
200,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE,
ALKAPURI, BARODA, Gujarat - 390015, INDIA |
C48178289 |
|
2 |
10557756 |
26/03/2015 |
315,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE
CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA |
C48177448 |
|
3 |
10552889 |
07/02/2015 |
500,000,000.00 |
KOTAK MAHINDRA BANK
LIMITED |
7th Floor, Ambadeep
Building,, 14, K. G. Marg, Co |
C45517331 |
|
4 |
10484020 |
10/03/2014 |
750,000,000.00 |
KOTAK MAHINDRA BANK
LIMITED |
AMBADEEP BUILDING, 14,
KASTURBA GANDHI MARG, NEW DELHI, Delhi - 110001, INDIA |
C00128421 |
|
5 |
10495255 |
28/03/2014 * |
500,000,000.00 |
The Hong Kong and
Shanghai Banking Corporation Limited |
25, Barakhama Road, New
Delhi, Delhi - 110001, INDIA |
C05272745 |
|
6 |
10472154 |
12/08/2014 * |
400,000,000.00 |
BAJAJ FINANCE LIMITED |
AKURDI PUNE-, Pune,
Maharashtra - 411035, INDIA |
C21120845 |
|
7 |
10465251 |
12/12/2013 |
300,000,000.00 |
KOTAK MAHINDRA BANK
LIMITED |
7TH FLOOR, AMBADEP BUILDING,
14, K G MARG, NEW DE |
B91580670 |
|
8 |
10410104 |
11/02/2013 * |
550,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE
CIRCLE, ALKAPURI, VADODARA, Gujarat - 390007, INDIA |
B71570576 |
|
9 |
10372905 |
16/09/2013 * |
995,000,000.00 |
DBS Bank Ltd. |
Capitol Point, Baba
Kharak Singh Marg, Connaught |
B87579835 |
|
10 |
10343856 |
29/05/2012 * |
400,000,000.00 |
GE CAPITAL SERVICS INDIA |
401, 402, 4th Floor, Aggarwal
Millennium Tower,, |
B40902348 |
* Date of charge modification
FIXED ASSETS
Tangible Assets
·
Land
(Leasehold and Freehold)
·
Buildings
·
Plant
and Machinery
·
Furniture
and Fixtures
·
Vehicles
Intangible Assets
·
Specialized Software’s
·
Technical Know How
·
Development Cost
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.64.00 |
|
|
1 |
Rs.99.43 |
|
Euro |
1 |
Rs.70.16 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
SANS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
NO |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
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.