MIRA INFORM REPORT
|
Report No. : |
325823 |
|
Report Date : |
06.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
HONDA SIEL POWER PRODUCTS LIMITED |
|
|
|
|
Registered
Office : |
409, DLF Tower B, Jasola Commercial Complex, New Delhi – 110025 |
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|
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Country : |
India |
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|
|
Financials (as
on) : |
31.03.2015 |
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|
|
|
Date of
Incorporation : |
19.09.1985 |
|
|
|
|
Com. Reg. No.: |
55-203950 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 101.400 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L40103DL2004PLC203950 |
|
|
|
|
IEC No.: |
Not Available |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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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. |
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|
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|
Line of Business
: |
Manufacturer, Importer and Exporter of power products and related
Parts. |
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|
|
|
No. of Employees
: |
1500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 9300000 |
|
|
|
|
Status : |
Good |
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|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having good track record. Financial position of the company is sound. Fundamentals of the
company are strong and healthy. The rating also takes into consideration company strong brand image
and established market position. Trade relations are reported as fair. Business is active. Payments
terms are reported to be regular and as per commitment. The company can be considered normal 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 |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
Not Available |
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 (GENERAL DETAILS)
|
Name : |
Mr. Smiti |
|
Designation : |
Assistant Manager |
|
Contact No.: |
91-8588801020 |
|
Date : |
03.06.2015 |
LOCATIONS
|
Registered
Office : |
409, DLF Tower
B, Jasola Commercial Complex, New Delhi – 110025 |
|
Tel. No.: |
91-120-2341050 /
2590216 |
|
Mobile No.: |
91-8588801020
(Mr. Chandan Singh) |
|
Fax No.: |
91-120-2341077 /
2341078 |
|
E-Mail : |
|
|
Website : |
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|
|
|
|
Head Office / Factory / Corporate Office : |
Plot No.5,
Sector No.41 (Kasna), Greater Noida Industrial Development Area, District,
Gautam Budh Nagar – 201310, Uttar Pradesh, India |
|
|
|
|
Technical and Financial Collaborators: |
Honda Motor Company
Limited. 1-1, 2 Chome,
Minami-aoyama, Minato-ku Tokyo, Japan |
DIRECTORS
As on : 31.03.2014
|
Name : |
Mr. Siddharth Shriram |
|
Designation : |
Chairman |
|
Address : |
No.3A, Chitrakoot The Green, Opposite Air Force stat, Rajokri, NCT of Delhi
– 110038, India |
|
Date of Birth/Age : |
18.01.1940 |
|
|
|
|
Name : |
Mr. Dharam Veer Kapur |
|
Designation : |
Director |
|
Address : |
405, Aradhana Apartments, R K Puram, NCT of Delhi – 110066, India |
|
Date of Birth/Age : |
09.09.1928 |
|
|
|
|
Name : |
Mr. Om Prakash Khaitan |
|
Designation : |
Director |
|
Address : |
N-12, |
|
Date of Birth/Age : |
21.01.1943 |
|
|
|
|
Name : |
Mr. Ravi Vira Gupta |
|
Designation : |
Director |
|
Address : |
9-B, Anand Lok, |
|
Date of Birth/Age : |
19.11.1937 |
|
|
|
|
Name : |
Mr. Y. Matsumoto |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. H. Sugimizu |
|
Designation : |
Whole Time Director |
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|
|
|
Name : |
Mr. Vinay Mittal |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. Manoj Arora |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ravi Prakash Mehrotra |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Rahul Kumar |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. T. Hamasaki |
|
Designation : |
President and Chief Executive Officer |
|
|
|
|
Name : |
Mr. Smiti |
|
Designation : |
Assistant Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on : 31.03.2015
|
As a % of (A+B+C) |
||
|
(A) Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
101433 |
1.00 |
|
|
101433 |
1.00 |
|
|
|
|
|
|
6762000 |
66.67 |
|
|
6762000 |
66.67 |
|
Total shareholding of Promoter and Promoter Group (A) |
6863433 |
67.67 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
99547 |
0.98 |
|
|
4271 |
0.04 |
|
|
175000 |
1.73 |
|
|
278818 |
2.75 |
|
|
|
|
|
|
493123 |
4.86 |
|
|
|
|
|
|
1825190 |
17.99 |
|
|
479506 |
4.73 |
|
|
203001 |
2.00 |
|
|
152870 |
1.51 |
|
|
47476 |
0.47 |
|
|
2655 |
0.03 |
|
|
3000820 |
29.58 |
|
Total Public shareholding (B) |
3279638 |
32.33 |
|
Total (A)+(B) |
10143071 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
10143071 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Importer and Exporter of power products and related
Parts. |
|
|
|
|
Products : |
Not Available |
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|
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
|
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Products : |
Raw Material |
|
Countries : |
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Terms : |
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Selling : |
Cash and Cheque |
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Purchasing : |
Cash and Cheque |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
Wholesalers and Retailers
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No. of Employees : |
1500 (Approximately) |
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Bankers : |
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Auditors : |
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|
Name : |
B S R and Company LLP Chartered Accountants |
|
Address : |
Building No. 10, 8th Floor, Tower-B, DLF Cyber City, Phase
–II, Gurgaon – 122002, India |
|
Tel. No.: |
91-124-2549191 |
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Fax No.: |
91-124-2549101 |
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|
|
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Ultimate holding Company and Holding Company : (As on 31.03.2014) |
Honda Motor Company Limited – Japan |
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|
|
|
Memberships : |
Not Available |
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|
|
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Collaborators : |
Not Available |
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|
|
|
Subsidiaries : (As on 31.03.2014) |
|
CAPITAL STRUCTURE
As on : 31.03.2015
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs. 101.400
Million
As on : 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Million |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10144000 |
Equity Shares |
Rs.10/- each |
Rs.101.440
Million |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10143071 |
Equity Shares |
Rs.10/- each |
Rs.101.431
Million |
|
|
|
|
|
a. Reconciliation of shares outstanding at the
beginning and at the end of the year
|
Outstanding at the commencement and end of the year |
10.143 |
1.014 |
|
Total |
10.143 |
1.014 |
b. Rights,
preferences and restrictions attached to equity shares
The Company has a single class of equity shares. Accordingly,
all equity shares rank equally with regard to dividends and share in the
company’s residual assets. The
voting rights of an equity shareholder on a poll (not on show of hands) are in
proportion to its share of the paid-up equity capital of the company. Voting rights cannot be exercised in respect of
shares on which any call or other sums presently payable have not been paid.
During the year ended 31 March 2014, the Company has recognised per share dividend for distribution to equity shareholders amounting to Rs. 4.00 (31 March 2013: Rs. 4.00).
On winding up of the company, the holders of equity shares will be entitled to receive the residual assets of the company, remaining after distribution of all preferential amounts in proportion to the number of equity shares held.
c. Equity shares held
by holding/ultimate holding company and/or their subsidiaries/ associates
|
|
31 March 2014 |
|
|
|
Number of shares |
Amount in
Million |
|
Honda Motor Co. Ltd., Japan, the holding company and also being the ultimate holding company |
6.762 |
0.676 |
d. Details of
shareholders holding more than 5% shares of a class of shares
|
|
31 March 2014 |
|
|
|
No. of Equity
Shares |
% of total share
in the class |
|
Honda Motor Co. Ltd., Japan, the holding company and also being the ultimate holding company |
6.762 |
66.6% |
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 |
101.400 |
101.431 |
101.431 |
|
(b) Reserves & Surplus |
3149.300 |
2839.677 |
2699.316 |
|
(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) |
3250.700 |
2941.108 |
2800.747 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
26.600 |
28.734 |
47.837 |
|
(c) Other long term
liabilities |
19.300 |
18.272 |
17.037 |
|
(d) long-term provisions |
40.900 |
27.208 |
19.954 |
|
Total
Non-current Liabilities (3) |
86.800 |
74.214 |
84.828 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
696.300 |
553.997 |
549.103 |
|
(c) Other current liabilities |
155.100 |
161.896 |
149.976 |
|
(d) Short-term provisions |
120.300 |
129.290 |
57.655 |
|
Total
Current Liabilities (4) |
971.700 |
845.183 |
756.734 |
|
|
|
|
|
|
TOTAL |
4309.200 |
3860.505 |
3642.309 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1234.800 |
1092.784 |
1124.995 |
|
(ii) Intangible Assets |
0.000 |
45.023 |
47.763 |
|
(iii) Capital work-in-progress |
0.000 |
13.794 |
9.229 |
|
(iv) Intangible assets under
development |
0.000 |
0.670 |
0.721 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
429.900 |
405.280 |
281.510 |
|
(e) Other Non-current assets |
33.100 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
1697.800 |
1557.551 |
1464.218 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1182.800 |
1071.466 |
1054.615 |
|
(c) Trade receivables |
383.800 |
397.553 |
281.622 |
|
(d) Cash and cash equivalents |
638.700 |
517.708 |
583.542 |
|
(e) Short-term loans and
advances |
388.800 |
307.204 |
256.474 |
|
(f) Other current assets |
17.300 |
9.023 |
1.838 |
|
Total
Current Assets |
2611.400 |
2302.954 |
2178.091 |
|
|
|
|
|
|
TOTAL |
4309.200 |
3860.505 |
3642.309 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
6307.300 |
5413.473 |
5155.472 |
|
|
Other Income |
70.900 |
45.659 |
69.749 |
|
|
TOTAL
|
6378.200 |
5459.132 |
5225.221 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
3471.400 |
2953.58 |
3102.147 |
|
|
Purchases of Stock-in-Trade |
439.000 |
323.131 |
471.694 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(110.300) |
11.171 |
(260.317) |
|
|
Exceptional items |
(34.700) |
92.237 |
0.000 |
|
|
Employees benefits expense |
583.400 |
511.471 |
427.200 |
|
|
Other expenses |
1226.900 |
1102.807 |
1034.427 |
|
|
TOTAL
|
5575.700 |
4994.397 |
4775.151 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
802.500 |
464.735 |
450.070 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
213.100 |
175.355 |
137.459 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
589.400 |
289.380 |
312.611 |
|
|
|
|
|
|
|
Less |
TAX |
203.200 |
101.452 |
106.567 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
386.200 |
187.928 |
206.044 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
NA |
1485.775 |
714.443 |
|
|
TOTAL
EARNINGS |
NA |
1485.775 |
714.443 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
NA |
45.610 |
101.859 |
|
|
Consumable |
NA |
1.630 |
1.983 |
|
|
Components and Stores parts |
NA |
1016.010 |
1006.283 |
|
|
Capital Goods |
NA |
8.229 |
68.664 |
|
|
TOTAL
IMPORTS |
NA |
1071.479 |
1178.789 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
38.08 |
9.26 |
10.16 |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
294.624 |
(162.247) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
|
Net Profit Margin (PAT/Sales) |
(%) |
6.12 |
3.47 |
4.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.68 |
7.52 |
8.61 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.10 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.69 |
2.72 |
2.88 |
STOCK
PRICES
|
Face Value |
Rs.10.00 |
|
Market Value |
Rs.1075.25 |
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 |
101.431 |
101.431 |
101.400 |
|
Reserves & Surplus |
2699.316 |
2839.677 |
3149.300 |
|
Net
worth |
2800.747 |
2941.108 |
3250.700 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
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 |
5155.472 |
5413.473 |
6307.300 |
|
|
|
5.004 |
16.511 |
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 |
5155.472 |
5413.473 |
6307.300 |
|
Profit |
206.044 |
187.928 |
386.200 |
|
|
4.00% |
3.47% |
6.12% |
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 |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
Yes |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
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 |
No |
|
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 |
COMPANY OVERVIEW (As on
31.03.2014)
Honda Siel Power Products Ltd. is a public company domiciled and headquartered in India. It is incorporated under the Companies Act, 1956 and its shares are listed on the National Stock Exchange (NSE) and Bombay Stock Exchange (BSE). The Company is primarily engaged in manufacturing and marketing the portable gensets, water pumps, general purpose engines, lawn mowers, brush cutters and tillers. The Company caters to both domestic and international markets.
FINANCIAL PERFORMANCE
(As on 31.03.2014)
During the year 2013-14 the net sale was Rs. 5384.800 Million as against Rs. 5123.700 Million. in the previous year. This represents an increase of 5% in terms of value over previous year. Profit before Tax and Exceptional Items for the year was Rs. 381.500 Million as against Rs. 312.600 Million in 2012-13.
DOMESTIC MARKETS AND
EXPORTS (As on 31.03.2014)
The company achieved sales of Rs. 5757.000 Million in 2013-14 (as against Rs.5555.900 lMillion in 2012-13) in domestic and export markets, thereby registering agrowth of 4% over the previous year. The year saw the introduction of the New 7 kVA generators for the North American markets as well as overhead valve engine based petrol water pumps for the domestic market. These new models are expected to contribute significantly to your company’s future business. During the year, the Company introduced a New Tiller model in the 5.5 HP category for the domestic market. A detailed report on operations titled ‘Management Discussion and Analysis Report’ is annexed to the Directors’ Report as Annexure- A and forms part thereof.
INDIGENISATION
PROGRAMME (As on 31.03.2014)
The Company is continuously working on cost reduction by localization of critical parts with the help of Honda Motor Co. Ltd., Japan. To achieve cost competitiveness, the Company is focusing on reduction in import content in GX series of engines through localization and cost reduction on SA FLOW. The Company is further working on indigenization of many critical parts in SA FLOW for improving the local content ratio and for realizing further cost reduction benefits.
ENVIRONMENT
PROTECTION & SAFETY (As on 31.03.2014)
The Company is committed towards the protection and safety of environment. This is depicted in overall HONDA Philosophy “BLUE SKIES FOR OUR CHILDREN” and is adopted by the Company also. All employees make efforts in daily operations towards controlling emissions, effluents and waste disposal arising out of manufacturing processes, product and services as per the predefined norms. Environmental improvements were achieved by completing the following actions:
- Reduced electrical energy consumption of Paint Shop Pumps and Assembly Line Exhaust Blowers by reducing their speed, using variable frequency drive, without affecting their performance. Thus CO release 2 was reduced by 18.5 ton/year.
- Reduced air consumption in air cleaning of components in Machine Shop up to 37% by use of energy efficient guns & auto shut off solenoid valves in air supply line of individual machines to prevent internal air leakages during machine idle time. Thus CO release was reduced by 1.67 ton/year. 2
The Company is further planning to reduce energy consumption by :
- Replacing Street Lights by LED Lights.
- Replacing Normal Tube Lights by LED Tube Lights.
- Replacing 150W MVL/MH lamps by 96W Dome Light.
- Installation of Movement Sensor for auto switching off of lights in toilets and office building.
- Installation of Solar Pipe for Natural Lighting in Shop Floor.
The products manufactured by the Company comply with the air emission and noise regulation norms notified by the Ministry of Environment and Forests (MOEF), Government of India. The ‘Confirmation of Production’ (COP) to the air emission and noise regulation is done as laid down by the
MOEF.
MANAGEMENT DISCUSSION & ANALYSIS REPORT (As on 31.03.2014)
DOMESTIC BUSINESS
GENSETS
• This year the overall generator business was impacted due to the improved power scenario in Southern parts of the country. However, the advance technology based EU series generators continued to gain acceptance and contributed to over 19% of the genset sales. The ‘Eco Throttle’ feature in Honda EU series generators helped consumers in reducing operating costs. The company made sustained efforts to communicate such advantages to prospective customers.
• The 1 kVA petrol fuelled Generator EP1000, launched late last year has also received an encouraging response amongst urban & semi-urban customers. Its easy start feature due to the unique Honda decompression technology has been well appreciated.
Outlook
• The power deficit due to increased consumption is expected to continue and the need for uninterrupted power will be a key driver to stimulate and boost generators business.
GENERAL PURPOSE
ENGINES AND WATER PUMPING SETS (As on 31.03.2014)
• The demand for Engines and Pumps fell marginally due to excess rainfall in many parts of the country.
• The Company continued with its efforts, to increase its network. This proximity to the users helped in reaching out to prospective customers.
• Business in the Eastern states supported the water pump business, highlighting again the advantages of light weight and portable Honda pumps.
Outlook
• Farmers continue to get support from the retail market through better prices of farm products as well as from the Government in the form of subsidies on inputs. The demand based on the above parameters is expected to grow.
• The OEM (Original Equipment Manufacturer) market for agricultural and construction segments is also developing considering the competitive cost structure in India. The Company is looking at increasing its presence in these segments by working with small companies and manufacturers. Applications such as high tree and back pack sprayers are gaining popularity and the company is working very closely with select good quality assemblers to grow volumes and counter the low cost Chinese made imported products.
BRUSH CUTTERS
• Honda Brush cutters have been able to provide an affordable and efficient mechanized solution to replace manual operations for farm activity like de-weeding and harvesting.
• Increased support from the Government in areas such as plantations and horticulture are providing the impetus to grow this business.
• The Southern markets continue to be the major areas contributing to sales.
• The Company strengthened its after sales support activity which is expected to consolidate and reinforce its leadership position.
TILLERS
• The category is showing promising growth as new areas are developing to help sales expansion.
• A New Tiller model with features better suited to the customers’ requirement was launched. The demand for this model for initial land preparation and de-weeding is steadily growing amongst progressive farmers.
MARINE SEGMENT
• To leverage the growth in tourism and development of inland water
• To leverage the growth in tourism and development of inland water ways, the Company is promoting LTOBs (Long Tail Out Board Engines) to cater to The Marine Segment. The prospects, currently limited to Southern India, are encouraging.
EXPORTS
• During the year the Company launched two new models in the 7 kVA category for US and Canadian markets. In the future business from the North American markets is expected to contribute significantly to the Company's overseas business.
• Total sales during the year were nearly equivalent to the previous year’s performance. The decline was from the price competitive water pump category while generator and engines were equal or registered a growth.
• The Middle East region continued to generate maximum business for the Company Concerns
• Fluctuation of Indian Rupee against the US dollar may impact the margins of the Export business.
• The competitive market scenario limits the scope for price increments.
Outlook
• Supported by the launch of the new generator models, the Company will persist with its strategy to explore new markets.
HMSI SELLS 20 MN
SCOOTERS & MOTORCYCLES NEWS IN INDIA (As on 31.03.2014)
Honda's growth in India has been driven predominantly by Activa and CB Shine
while both these models are leading sales volumes in their respective segments,
the statement added.
Achieving a new milestone, Honda Motorcycle and Scooter India (HMSI) on Tuesday said it has sold 20 million two wheelers in India. The milestone was achieved when Honda rolled out its 20 millionth vehicle last week, further consolidating Honda's equity as India's fastest-growing auto-manufacturer, the company said in a statement. Honda President and CEO Keita Muramatsu said: "They are deeply humbled by the faith and trust reposed in the brand by their 20 million happy customers and they will strive to achieve even higher benchmarks in customer satisfaction, They will continue their endeavour to bring many more million smiles by introducing more advanced products & services across all segments." Honda's growth in India has been driven predominantly by Activa and CB Shine while both these models are leading sales volumes in their respective segments, the statement added.
Honda Siel stock
price
On April 01, 2015, Honda Siel Power Products closed at Rs 1148.25, up Rs 26.00, or 2.32 percent. The 52-week high of the share was Rs 1269.00 and the 52-week low was Rs 559.00.
The company's trailing 12-month (TTM) EPS was at Rs 29.41 per share as per the quarter ended December 2014. The stock's price-to-earnings (P/E) ratio was 39.04. The latest book value of the company is Rs 289.96 per share. At current value, the price-to-book value of the company is 3.96.
CONTINGENT
LIABILITIES
|
|
31 March 2015 (Rs. in Million) |
31 March 2014 (Rs. in Million) |
|
|
|
|
|
Claims against the Company
not acknowledged as debt: |
NA |
|
|
Income tax matters |
NA |
565.208 |
|
Excise matters |
NA |
433.020 |
|
Service tax matters |
NA |
70.076 |
|
Sales tax matters |
NA |
25.191 |
|
Other matters |
NA |
7.416 |
Commitments
Estimated amount of contracts remaining to be executed on capital account and not provided for [net of advances Rs.77.755 Million (31 March 2013: Rs. 33.183 Million)] amount to Rs. 104.247 Million (31 March 2013: Rs. 61.435 Million)
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
90274066 |
24/12/2013 * |
650,000,000.00 |
The Bank of Tokyo-Mitsubishi UFJ Ltd. |
JEEVAN VIHAR BUILDING, 3, PARLIAMENT STREET,, New |
B94376092 |
* Date of charge modification
FIXED ASSETS
- Freehold Land
- Building
- Plant and
Equipments
- Furniture and
Fixture
- Vehicles
- Office
Equipments
- Computers
- Lease hold
land
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.64.17 |
|
|
1 |
Rs.98.30 |
|
Euro |
1 |
Rs.72.25 |
INFORMATION DETAILS
|
Information
gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
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 |
8 |
|
--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 |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
64 |
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.