MIRA INFORM REPORT
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Report No. : |
323963 |
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Report Date : |
25.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
FIEM INDUSTRIES LIMITED |
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Registered
Office : |
D-34, DSIDC Packaging Complex, Kirti Nagar, Delhi - 110015 |
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Tel. No.: |
91-130-2367905 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
06.02.1989 |
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Com. Reg. No.: |
55-034928 |
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Capital
Investment / Paid-up Capital : |
Rs . 119.622 Million |
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CIN No.: [Company Identification
No.] |
L36999DL1989PLC034928 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELF02380A |
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PAN No.: [Permanent Account No.] |
AAACF1034E |
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Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturer of various types of Auto Components and LED
Luminaries. |
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No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (70) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 5630000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is one of the leading manufacturers of automotive lighting and
signaling equipment and rear view mirrors. It is a well-established company
having fine track record. For the financial year ended 2014, company has reported Rs. 788 cr
sales turnover with profit of Rs. 37 cr against the sales turnover of Rs. 660
cr with profit of Rs. 27 cr. Topline growth of the company is increased by 19.31% and it has
maintained profitability margins at 5.23% during a year under a review. Rating also takes into consideration rich experience of promotors in
automotive components industry backed by well-established business operations
of the company. The company possesses a decent financial profile marked by healthy
net-worth base and adequate liquidity profile of the company. Trade relations are reported as fair. Payments are reported to be
regular and as per commitment. In view of adequate financial base backed by healthy operational
profile, the company can be considered good for normal business dealing 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 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
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
31-03-2014.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Narendra |
|
Designation : |
Human Resources |
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Contact No.: |
91-130-2367905 |
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Date : |
21.05.2015 |
LOCATIONS
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Registered Office : |
D-34, DSIDC Packaging Complex, Kirti Nagar, Delhi – 110015, India |
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Tel. No.: |
91-11-25927820/ 25927919 |
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Fax No.: |
91-11-25927740 |
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E-Mail : |
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Website : |
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Corporate Office : |
Plot No.1915, HSIIDC, Rai Industrial Estate, Phase-V, District
Sonepat, Haryana, India |
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Tel. No.: |
91-130-2367905/907 |
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Fax No.: |
91-130-2367903 |
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E-Mail : |
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Unit I: |
32 Mile Stone, G. T. Road, Kundli, Sonepat, Haryana, India |
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Unit II: |
219/2B, Thally Road, Kallukondapalli, Hosur, Tamil Nadu, India |
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Unit III: |
Kelamangalam, Achittapalli Post, Hosur, Tamil Nadu, India |
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Unit IV: |
S. No. 29, Madargali Village, Varuna Hobli, Mysore Taluk, Karnataka, India |
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Unit V: |
Kelamangalam, Achittapalli Post, Hosur, Tamil Nadu, India |
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Unit VI: |
Village Bhatian, Tehsil -Nalagarh, Himachal Pradesh, India |
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Unit VII: |
Plot No. 1915, Rai Industrial Estate, Phase -V, Distt. Sonepat, Haryana, India |
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Unit VIII: |
Plot No. SP1-C, Industrial Area Tapukara, Distt. Alwar, Rajasthan, India. |
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Unit IX: |
Survay No. 151-153, Village Karsanpur, Taluka Mandal, Distt. Ahmedabad- 382123, Gujarat, India |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Dr. J.K. Jain |
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Designation : |
Chairman and Managing Director (w.e.f.
07.08.2012) |
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Qualification : |
B.Com |
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Date of Birth/Age : |
62 years |
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Date of Appointment : |
05.08.1996 |
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Name : |
Mrs. Seema Jain |
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Designation : |
Whole Time Director (w.e.f.
01.04.2014) |
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Address : |
16 Old No.170-A, Western Avenue , Sainik Farms, New Delhi, 110062, Delhi, India |
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Qualification : |
B.Sc. |
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Date of Birth/Age : |
57 years |
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Date of Appointment : |
01.04.2005 |
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DIN No.: |
00013523 |
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Profile: |
Mrs. Seema Jain, aged 59 years, is the Whole-time Director of the Company. She belongs to Business family and was involved in her family business activities right from her college days. Holding B.Sc. Degree from Delhi University with long relevant experience. Actively involved in decision making in the Company besides oversees Finance Functions. |
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Name : |
Mr. Joga Shyam Sunder Rao
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Designation : |
Whole Time Director (w.e.f.01.12.2011) |
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Address : |
Ground Floor-9, Block-I, South City-Ii, Gurgaon, 122001, Haryana, India |
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Qualification : |
M.Com |
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Date of Appointment : |
01.12.2014 |
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DIN No.: |
00014320 |
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Profile : |
Mr. J. S. S. Rao, aged 57 years, is the Whole-time Director of the Company. He is a Post Graduate from Banglore University with specialization in Cost Accounting and Factory Organization. He has an overall experience of over 30 years in automotive lighting and components industry involving manufacturing, operational and business strategic functions. Prior to joining the Company, he has worked with Lumax Industries Ltd., Evershine Moulders Limited and Toshi Auto Industries Ltd. He joined the Company in May 2003. He was subsequently appointed as a Whole-time Director of the Company in December 2005. He is presently responsible for the overseas and south India operations of the Company. |
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Name : |
Mr. Kashi Ram Yadav |
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Designation : |
Whole Time Director (w.e.f. 25.10.2011) |
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Qualification : |
Matriculation |
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Date of Birth/Age : |
58 years |
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Date of Appointment : |
25.10.2014 |
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DIN No.: |
02379958 |
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Profile : |
Mr. Kashi Ram Yadav aged 58 years, is the Whole-time Director of the Company. He has more than 30 years’ experience in production and manufacturing operations of automotive lightings, signaling equipments and rear view mirrors. He started his carrier with the promoters of the Company in1975 and since then working in different capacities. Keeping his long association with the Company and his long experience he was elevated to the Board of the Company w.e.f. 25.10.2008 and appointed as Whole-time Director on the same date. He is responsible for production and manufacturing operations in North India Units of the Company. |
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Name : |
Ms. Aanchal Jain |
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Designation : |
Whole Time Director |
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Address : |
16 Old No.170-A, Western Avenue, Sainik Farms, New Delhi, 110062, Delhi, India |
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Date of Birth/Age : |
32 years, |
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Date of Appointment : |
02.12.1999 |
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DIN No.: |
00013350 |
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Profile : |
Ms. Aanchal Jain, aged 32 years, is the Whole-time Director of the Company. She is daughter of Mr. J.K. Jain and Mrs. Seema Jain and sister of Mr. Rahul Jain. She has done her Master’s in Business Administration in Human Resource and Management from USA. She takes care of Human Resource Management functions of the Company and is also actively involved in Skill Development and Labour Welfare Programme in the Company. |
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Name : |
Mr. Rahul Jain |
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Designation : |
Whole Time Director (w.e.f. 01.10.2012) |
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Address : |
16 Old No. 170-A, Western Avenue , Sainik Farms, New Delhi, 110062, Delhi, India |
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Date of Birth/Age : |
27 years, |
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Date of Appointment : |
01.10.2012 |
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DIN No.: |
00013566 |
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Profile : |
Mr. Rahul Jain, aged 27 years, is a Whole-time Director of the Company. He is son of Mr. J.K. Jain and Mrs. Seema Jain and brother of Ms. Aanchal Jain. He is mainly involved in strategic affairs and Corporate Planning besides close interaction with customer for total customer satisfaction and initiative for new projects. He also oversee the manufacturing operations of various units periodically. |
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Name : |
Mr. Iqbal Singh |
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Designation : |
Independent Director |
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Address : |
59/7, New Rohtak Road, New Delhi, 110005, Delhi, India |
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Date of Birth/Age : |
61 years |
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Date of Appointment : |
29.09.2014 |
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DIN No.: |
00014256 |
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Profile : |
Mr. Iqbal Singh, aged 61 years, is an Independent Director on the Board of the Company. He is running his own business and has an overall experience of over 30 years in the field of exports of automotive parts and engineering goods. He has been appointed as a Non-executive Director of the Company on October 5, 2005. |
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Name : |
Mr. Charoen Sachamuneewongse |
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Designation : |
Independent Director |
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Address : |
687, Mahachak Road, Samphanthawong, Bangkok, 10100, , Thailand |
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Date of Birth/Age : |
67 years |
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DIN No.: |
02575804 |
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Profile : |
Mr. Charoen Sachamuneewongse, aged 67 years, is an Independent Director on the Board of the Company. He is an NRI, holding Thai citizenship and running his own business of Merchandising Trading and Broking in Bangkok. He has an overall experience of over 35 years in the field of Merchandising Trading and Broking. He has been appointed as an Independent Director of the Company on April 30, 2009. |
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Name : |
Mr. C.S. Kothari (up to 12.02.2014) |
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Designation : |
Independent Director |
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Name : |
Mr. Amitabh Prakash Agrawal |
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Address : |
7510 E, Santiago Canyon Rd Orange, California, 92869, , United States Of America |
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Designation : |
Independent Director |
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Date of Birth/Age : |
58 years |
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Date of Appointment : |
29.09.2014 |
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DIN No.: |
03103950 |
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Profile : |
Mr. Amitabh Prakash Agrawal, aged 58 years, is an Independent Director on the Board of the Company. He is a Doctor by profession and having a rich experience of more than 25 years in the field of Medical profession and presently working as Doctor in USA and settled there. He has been Appointed as an Independent Director of the Company w.e.f. 01/08/2010. |
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Name : |
Mr. Vinod Kumar Malhotra |
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Designation : |
Independent Director |
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Address : |
C-29, Kiram Garden, Uttam Nagar, New Delhi, 110059, Delhi, India |
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Qualification : |
Graduate |
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Date of Birth/Age : |
57 years, |
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Date of Appointment : |
29.09.2014 |
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DIN No.: |
03544095 |
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Profile : |
Mr. Vinod Kumar Malhotra, aged 57 years, is an Independent Director on the Board of the Company. He is a Commerce Graduate from Delhi University and running his own business. He is having a rich experience of around 20 years in business. He has been appointed as an Independent Director of the Company w.e.f. 04/08/2011. |
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Name : |
Mr. Subodh Kumar Jain |
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Designation : |
Independent Director |
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Address : |
170, Western Avenue, Sainik Farm, New Delhi, 110062, Delhi, India |
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Date of Birth/Age : |
68 years, |
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Date of Appointment : |
29.09.2014 |
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DIN No.: |
00165755 |
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Profile : |
Mr. Subodh Kumar Jain, aged 68 years, is an Independent Director on the Board of the Company. He is a Fellow Chartered Accountant and having around 40 years’ experience in Auditing, Taxation, Finance and Consulting. He has been appointed |
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Name : |
Mr. Padur Narayana Viswanathan |
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Designation : |
Independent Director (w.e.f. 09.08.2014) |
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Date of Birth/Age : |
76 years |
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Date of Appointment : |
29.09.2014 |
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DIN No.: |
03175602 |
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Profile : |
Mr. P.N. Viswanathan, aged 76 years, is an Independent Director on the Board of the Company. He is having experience of over four decades. He has been associated with TVS Group from the inception and served the organization in various capacities and retired as Vice President from Sundaram Clayton Limited, one of the TVS Group Companies. He is having vast experience of working on new projects, general administration, financial matters and other managerial activities. He has been appointed as Independent Director of the Company w.e.f. 9th August, 2014. |
KEY EXECUTIVES
|
Name : |
Mr. Narendra |
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Designation : |
Human Resources |
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Name : |
Mr. O.P. Gupta |
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Designation : |
Chief Finance Officer |
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Name : |
Mr. Arvind K. Chauhan |
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Designation : |
Company Secretary and Compliance Officer |
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AUDIT AND RISK
MANAGEMENT COMMITTEE: |
· Mr. C.S. Kothari - Member (w.e.f. 12.02.2014) · Mr. Iqbal Singh - Member (w.e.f.13.02.2014) · Mr. S K Jain - Member/Chairman (w.e.f. 13.02.2014) ·
Mr. V. K. Malhotra - Member (w.e.f.
04.08.2011) |
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NOMINATION AND
REMUNERATION COMMITTEE |
· Mr. S. K. Jain Chairman (w.e.f. 13.02.2014) · Mr. C.S. Kothari Chairman (up to 12.02.2014) · Mr. Iqbal Singh Member · Mr. V. K. Malhotra Member |
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STAKEHOLDERS
RELATIONSHIP COMMITTEE |
· Mr. C.S. Kothari Chairman (up to 12.02.2014) · Mr. V. K. Malhotra Chairman (w.e.f. 13.02.2014) · Mr. Rahul Jain` Member · Mr. Kashi Ram Yadav Member |
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CORPORATE SOCIAL
RESPONSIBILITY (CSR) COMMITTEE |
· Mr. Rahul Jain Chairman · Mr. Kashi Ram Yadav Member · Mr. V.K. Malhotra Member |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2015
|
Names of
Shareholders |
No. of Shares |
Total
Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter
Group |
|
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|
|
|
|
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|
8283878 |
69.25 |
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|
84400 |
0.71 |
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|
8368278 |
69.96 |
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|
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Total shareholding of Promoter and
Promoter Group (A) |
8368278 |
69.96 |
|
(B) Public Shareholding |
|
|
|
|
|
|
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|
374943 |
3.13 |
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|
3404 |
0.03 |
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|
595853 |
4.98 |
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|
974200 |
8.14 |
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|
|
|
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|
798000 |
6.67 |
|
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|
|
|
|
651312 |
5.44 |
|
|
268039 |
2.24 |
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|
902397 |
7.54 |
|
|
715549 |
5.98 |
|
|
104051 |
0.87 |
|
|
49144 |
0.41 |
|
|
20364 |
0.17 |
|
|
10199 |
0.09 |
|
|
3090 |
0.03 |
|
|
2619748 |
21.90 |
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Total Public shareholding (B) |
3593948 |
30.04 |
|
Total (A)+(B) |
11962226 |
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) |
11962226 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of various types of Auto Components and LED
Luminaries. |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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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 : |
· Tata · Force · Hyunori · Daimler · Indo farm · Mahindra Navistar · Hero · Yamaha · LML · Lohia · Zadi · TVS · VST, etc. |
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No. of Employees : |
200 (Approximately) |
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Bankers : |
· Standard Chartered Bank · State Bank of Patiala · Axis Bank Limited · ICICI Bank Limited · HDFC Bank Limited · Kotak Mahindra Prime Limited · The Hong Kong and Shanghai Banking Corporation Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Anil S. Gupta and Associates Chartered Accountants |
|
Address : |
201, |
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Cost Auditors : |
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Name : |
Krishan Singh Berk Cost Accountant |
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Address: |
365, Sector 15, Faridabad-121007, Haryana, India |
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Entity Controlled
by Key Management Personnel: |
· Fiem Auto Private Limited · Fiem Auto and Electrical Industries |
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·
|
|
100% Subsidiary
Company Incorporated in Japan: |
· Fiem Industries Japan Company Limited |
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Joint Venture: |
Centro Ricerche Fiem Horustech SRL |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,00,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 300.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,19,62,226 |
Equity Shares |
Rs. 10/- each |
Rs. 119.622 Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF
FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
119.622 |
119.622 |
119.622 |
|
(b) Reserves & Surplus |
1851.364 |
1562.327 |
1323.715 |
|
(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) |
1970.986 |
1681.949 |
1443.337 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
579.565 |
761.845 |
949.899 |
|
(b) Deferred tax liabilities (Net) |
275.112 |
242.139 |
193.045 |
|
(c)
Other long term liabilities |
0.095 |
17.370 |
25.918 |
|
(d)
long-term provisions |
11.365 |
7.938 |
6.242 |
|
Total
Non-current Liabilities (3) |
866.137 |
1029.292 |
1175.104 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
292.517 |
303.543 |
441.651 |
|
(b)
Trade payables |
774.860 |
745.613 |
644.093 |
|
(c)
Other current liabilities |
545.219 |
494.052 |
429.264 |
|
(d)
Short-term provisions |
97.914 |
73.708 |
53.011 |
|
Total
Current Liabilities (4) |
1710.510 |
1616.916 |
1568.019 |
|
|
|
|
|
|
TOTAL |
4547.633 |
4328.157 |
4186.460 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
3117.747 |
2915.538 |
2805.424 |
|
(ii)
Intangible Assets |
12.017 |
10.869 |
9.642 |
|
(iii)
Capital work-in-progress |
0.293 |
14.790 |
13.730 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
1.303 |
0.462 |
0.462 |
|
(c) Deferred tax assets
(net) |
57.059 |
80.871 |
72.153 |
|
(d) Long-term Loan
and Advances |
1.044 |
1.077 |
0.992 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
3189.463 |
3023.607 |
2902.403 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
423.488 |
486.655 |
457.368 |
|
(c)
Trade receivables |
763.700 |
688.180 |
670.702 |
|
(d)
Cash and cash equivalents |
18.140 |
15.318 |
52.657 |
|
(e)
Short-term loans and advances |
145.220 |
108.935 |
101.569 |
|
(f)
Other current assets |
7.622 |
5.462 |
1.761 |
|
Total
Current Assets |
1358.170 |
1304.550 |
1284.057 |
|
|
|
|
|
|
TOTAL |
4547.633 |
4328.157 |
4186.460 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7184.160 |
6022.147 |
5335.423 |
|
|
|
Other Income |
6.655 |
3.527 |
3.008 |
|
|
|
TOTAL (A) |
7190.815 |
6025.674 |
5338.431 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
4101.033 |
3576.470 |
3127.490 |
|
|
|
Purchases of Stock-in-Trade |
215.511 |
81.035 |
91.654 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
63.326 |
1.047 |
-40.269 |
|
|
|
Employees benefits expense |
838.126 |
707.704 |
611.869 |
|
|
|
Other expenses |
1081.404 |
957.209 |
868.118 |
|
|
|
TOTAL (B) |
6299.400 |
5323.465 |
4658.862 |
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
891.415 |
702.209 |
679.569 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
144.389 |
129.299 |
207.556 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
747.026 |
572.910 |
472.013 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
217.853 |
183.475 |
168.836 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
529.173 |
389.435 |
303.177 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
155.174 |
116.294 |
91.728 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
373.999 |
273.141 |
211.449 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
37.500 |
27.500 |
22.500 |
|
|
|
Dividend |
71.773 |
47.849 |
35.887 |
|
|
|
Tax on Dividend |
12.198 |
8.131 |
5.822 |
|
|
BALANCE CARRIED
TO THE B/S |
252.528 |
189.661 |
147.240 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
137.044 |
151.089 |
112.592 |
|
|
|
Packing & Forwarding
Charges Received |
0.112 |
0.230 |
0.163 |
|
|
|
Testing Charges Received |
0.000 |
0.208 |
0.473 |
|
|
|
Design, Development & Modification
Charges |
0.000 |
0.000 |
1.157 |
|
|
|
Others |
0. 244 |
0.019 |
0.085 |
|
|
TOTAL EARNINGS |
137.156 |
151.546 |
114.470 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
109.024 |
67.602 |
77.172 |
|
|
|
Capital Goods |
50.402 |
52.614 |
106.575 |
|
|
|
Trading Goods |
156.879 |
52.939 |
64.581 |
|
|
|
Components and Stores parts |
2.701 |
5.138 |
2.261 |
|
|
|
Consumable Store |
1.276 |
1.211 |
0.780 |
|
|
TOTAL IMPORTS |
320.282 |
179.504 |
251.369 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
31.27 |
22.83 |
17.68 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
318.575 |
276.637 |
235.324 |
|
|
|
|
|
|
Cash generated from operating activities |
883.697 |
814.054 |
627.071 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
5.21 |
4.54 |
3.96 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
12.41 |
11.66 |
12.74 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.79 |
9.20 |
7.39 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27 |
0.23 |
0.21 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.60 |
0.80 |
1.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.79 |
0.81 |
0.82 |
STOCK PRICES
|
Face Value |
Rs. 10.00 |
|
|
|
|
Market Value |
Rs. 577.20 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
119.622 |
119.622 |
119.622 |
|
Reserves & Surplus |
1323.715 |
1562.327 |
1851.364 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1443.337 |
1681.949 |
1970.986 |
|
|
|
|
|
|
long-term borrowings |
949.899 |
761.845 |
579.565 |
|
Short term borrowings |
441.651 |
303.543 |
292.517 |
|
CURRENT MATURITIES OF
LONG-TERM DEBTS |
235.324 |
276.637 |
318.575 |
|
Total
borrowings |
1626.874 |
1342.025 |
1190.657 |
|
Debt/Equity
ratio |
1.127 |
0.798 |
0.604 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
5335.423 |
6022.147 |
7184.160 |
|
|
|
12.871 |
19.296 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
5335.423 |
6022.147 |
7184.160 |
|
Profit |
211.449 |
273.141 |
373.999 |
|
|
3.96% |
4.54% |
5.21% |
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 |
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 |
No |
|
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 |
10569623 |
28/04/2015 |
1,643,950.00 |
ICICI
BANK LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
C53748612 |
|
2 |
10569598 |
28/04/2015 |
2,449,980.00 |
ICICI
BANK LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA - 390015,
GUJARAT, INDIA |
C53740718 |
|
3 |
10569605 |
28/04/2015 |
1,643,950.00 |
ICICI
BANK LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
C53743134 |
|
4 |
10567562 |
06/04/2015 |
850,000.00 |
ICICI
BANK LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
C52729100 |
|
5 |
10567598 |
06/04/2015 |
900,000.00 |
ICICI
BANK LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
C52746534 |
|
6 |
10563158 |
31/03/2015 |
900,000.00 |
HDFC
BANK LIMITED |
HDFC
BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL |
C50778794 |
|
7 |
10567585 |
28/03/2015 |
1,900,000.00 |
ICICI
BANK LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
C52743770 |
|
8 |
10555743 |
26/02/2015 |
200,000,000.00 |
CITI
BANK N.A. |
JEEVAN
BHARTI BUILDING, 4TH FLOOR,, 124 CONNAUGHT |
C47061700 |
|
9 |
10555409 |
14/02/2015 |
7,500,000.00 |
ICICI
BANK LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA - 390015, GUJARAT, INDIA |
C46866760 |
|
10 |
10553437 |
19/01/2015 |
2,050,000.00 |
HDFC
BANK LIMITED |
HDFC
BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL |
C45792710 |
|
11 |
10553441 |
19/01/2015 |
1,050,000.00 |
HDFC
BANK LIMITED |
HDFC
BANK HOUSE, SENAPATI BAPAT MARG, LOWER PAREL |
C45795077 |
|
12 |
10536578 |
30/10/2014 |
759,000.00 |
HDFC
BANK LIMITED |
SENAPATI
BAPAT MARG,, LOWER PAREL (WEST), MUMBAI - 400013,, |
C36945541 |
|
13 |
10536576 |
14/10/2014 |
2,000,000.00 |
HDFC
BANK LIMITED |
SENAPATI
BAPAT MARG,, LOWER PAREL (WEST), MUMBAI
- 400013,, |
C36944593 |
|
14 |
10512922 |
11/07/2014 |
1,765,000.00 |
HDFC
BANK LIMITED |
SENAPATI
BAPAT MARG,, LOWER PAREL (WEST), MUMBAI - 400013, |
C15023849 |
|
15 |
10510596 |
29/04/2014 |
36,000,000.00 |
KOTAK
MAHINDRA PRIME LIMITED |
27BKC, C
27, G BLOCK, BANDRA KURLA COMPLEX, BANDR |
C12558458 |
|
16 |
10444288 |
12/08/2013 |
100,000,000.00 |
THE
HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
25,,
BARAKHAMBHA ROAD, NEW DELHI, DELHI - 110001, |
B82700212 |
|
17 |
10403623 |
29/01/2013 |
100,000,000.00 |
CITIBANK
N.A |
JEEVAN
BHARTI BUILDING, 4TH FLOOR, 124 CONNAUGHT |
B68393826 |
|
18 |
10344552 |
29/03/2012 |
31,000,000.00 |
AXIS BANK
LTD. |
4/10,
OPG HOUSE, ASAF ALI ROAD, NEW DELHI, DELHI |
B35889765 |
|
19 |
10310485 |
21/12/2011
* |
150,000,000.00 |
STANDARD
CHARTERED BANK (ACTING AS AN SECURITY AGE |
CREDIT
RISK CONTROL, NARAIN MANZIL, 23 BARAKHAMBA |
B31364847 |
|
20 |
10298614 |
12/07/2011 |
63,000,000.00 |
CITIBANK
N.A |
JEEVAN
BHARTI BUILDING, 4TH FLOOR, 124 CONNAUGHT |
B17382102 |
|
21 |
10283675 |
04/05/2011 |
292,500,000.00 |
STANDARD
CHARTERED BANK (ACTING AS AN SECURITY AGE |
CREDIT
RISK CONTROL, NARAIN MANZIL, 23 BARAKHAMBA |
B11929429 |
|
22 |
10275312 |
02/06/2011
* |
300,000,000.00 |
AXIS
BANK LTD. |
4/10, OPG
HOUSE, ASAF ALI ROAD, NEW DELHI |
B13978135 |
|
23 |
10275337 |
26/03/2011 |
100,000,000.00 |
AXIS
BANK LTD. |
148,
BARAKHAMBA ROAD, CANNAUGHT PLACE, NEW DELHI - 110001, INDIA |
B09070277 |
|
24 |
10228377 |
21/06/2010 |
160,000,000.00 |
STATE
BANK OF PATIALA |
JANTI
ROAD, LAKHMI PIOU, KUNDLI, SONEPAT -131001, HARYANA |
A89337380 |
|
25 |
10156640 |
20/04/2009 |
100,000,000.00 |
STATE
BANK OF PATIALA |
JANTI
ROAD, LAKHMI PIOU, KUNDLI, SONEPAT - 131001, HARYANA , INDIA |
A62038732 |
|
26 |
10105807 |
26/02/2015
* |
490,000,000.00 |
CITI
BANK N.A. |
JEEVAN
BHARTI BUILDING, 4TH FLOOR,, 124 CONNAUGHT |
C47057963 |
|
27 |
80000158 |
28/02/2012
* |
200,000,000.00 |
STANDARD
CHARTERED BANK |
CREDIT
DOCUMENTATION UNIT, NARAIN MANZIL, 23 BARA |
B34951145 |
|
28 |
90062068 |
28/09/2000 |
1,700,000.00 |
CANARA
BANK |
INDUSTRIAL
FINANCE BRANCH, WORLD TRADE TOWER; BAR |
- |
|
29 |
90062015 |
20/06/2000 |
5,159,818.00 |
CANARA
BANK |
INDUSTRIAL
FINANCE BRANCH, WORLD TRADE TOWER; BAR |
- |
|
30 |
90061948 |
24/03/2000 |
400,000.00 |
CANARA
BANK |
INDUSTRIAL
FINANCE BRANCH, BARAKHAMBA ROAD, NEW D |
- |
|
31 |
90061328 |
16/01/2002
* |
2,500,000.00 |
CANARA
BANK |
INDUSTRIAL
FINANCE BRANCH, WORLD TRADE TOWER ; BA |
- |
|
32 |
90061159 |
26/05/1997
* |
44,400,000.00 |
THE
INDUSTRIAL FINANCE CORP OF INDIA LIMITED |
BANK OF
BARODA BUILDING, 16; SANSAD MARG, NEW DEL |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULRS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
from HSIIDC |
5.454 |
0.000 |
|
|
|
|
|
Total |
5.454 |
0.000 |
|
NOTE: Indian Rupee
Loan includes · From Citibank NA: – Loan outstanding as at 31st March 2014 Rs 299.024 Million (Previous Year Rs 303.623 Million) Interest is payable with monthly rest on the last date of each month in each year or at such other rest as determined by the bank. The rate of interest is based on relevant circumstances, including market conditions which currently is 11.75%. The loan is secured against First Pari Passu Charge with Standard Chartered Bank on all present and future receivables, stocks/Inventories and on all fixed assets of the company (excluding assets specifically purchased out of term loans from Citibank and other term loan lenders) including equitable mortgage charge on first pari passu basis on Land and Building situated at Kundli, Haryana and Thally Road Hosur,Tamilnadu with Standard Chartered Bank. · From Standard Chartered Bank:– Loan outstanding as at 31st March 2014 is receivable Rs 6.507 Million (Previous year Receivable Rs 0.081 Million) Interest is monthly payable. Interest is payable at base rate plus margin basis which may be agreed with bank from time to time which currently is 11.75%. The loan is secured against First Pari Passu charge with Citibank on Stocks & Book Debts, and Equitable mortgage charge on First Pari Passu basis on land and building situated at Kundli unit Haryana & Thally Road Hosur,Tamilnadu and first pari passu charge over all present and future movable fixed assets of the company with Citibank (excluding assets specifically financed by other term lenders) |
||
CORPORATE
INFORMATION:
'The Company is a public limited company domiciled in India and incorporated under the provisions of the Companies Act, 1956. The Company's registered office is in New Delhi and it has several manufacturing plants and depots across the country. Its shares are listed on National Stock Exchange and Bombay Stock Exchange in India. It has one wholly owned foreign subsidiary-Fiem Industries Japan Co., Limited located in Japan. The Company has also entered into a 50:50 Joint Venture with Horustech Lighting SRL Italy and incorporated a Joint Venture Company, namely 'Centro Ricerche Fiem Horustech SRL' for setting up a design centre during the year. The Company has research and development facilities located at Rai, Sonepat, Haryana which has been approved by Department of Science and Industrial Research, Ministry of Science and Technology. The Company is in the business of manufacturing and supply of auto components comprising of automotive lighting and signalling equipments, rear-view mirror, prismatic mirror, plastic moulded parts and sheet metal components for motorised vehicles, and LED luminaries comprising of indoor and outdoor lighting, display panels etc.
BUSINESS REVIEW:
Year 2013-14, has remained a tough year for Auto Industry and except twowheeler all other vehicle segments shown negative growth. Because of twowheeler's 4% growth, Automobile Industry has shown a growth of 4%. Even in two wheelers, scooters segment has registered a growth of more than 20%. Otherwise, all other segments have shown negative growth - passenger vehicle near minus 4% and commercial vehicle just below minus 20%.
The Operational Performance of the Company has remained among best in the Industry. The management has clear vision and mission as how to competitively differentiate by defining the right values proposition for the customer and maintain excellence in all parameters of operational excellence, whether Quality, Cost, Design, Development, Delivery and overall Management Systems. This excellence is acknowledged by the esteemed OEM customers of the Company by way of repetitive QCDDM Awards and Quality Certificates.
Regarding
financial performance, despite a tough year for the automobile industry, the
Company has recorded yet another year of strong performance with a growth of 19.24%
in FY 2013-14 and achieved a net turnover of Rs. 714.11 Crore in comparison to
Rs. 598.88 Crores in previous year. Company has also been able to increase the
Profit after tax from Rs. 27.31 Crores in FY 2012-13 to Rs. 37.40 Crore in
2013-14, with a growth of 36.95%. This shows inherent strength of the company.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
ECONOMIC
OVERVIEW:
WORLD ECONOMY AND
OUTLOOK
As per ‘World Economic Outlook’ released in April, 2014 by International Monetary Fund, global activity strengthened during the second half of 2013 and is expected to improve further in 2014–15. The impulse has come mainly from advanced economies, although their recoveries remain uneven. With supportive monetary conditions and a smaller drag from fiscal consolidation, annual growth is projected to rise above trend in the United States and to be close to trend in the core euro area economies. In the stressed euro area economies, however, growth is projected to remain weak and fragile as high debt and financial fragmentation hold back domestic demand. In Japan, fiscal consolidation in 2014–15 is projected to result in some growth moderation.
Growth in emerging market economies is projected to pick up only modestly. These economies are adjusting to a more difficult external financial environment in which international investors are more sensitive to policy weakness and vulnerabilities given prospects for better growth and monetary policy normalization in some advanced economies. As a result, financial conditions in emerging market economies have tightened further compared with the October 2013 World
Economic Outlook (WEO), while they have been broadly stable in advanced economies. Downside risks continue to dominate the global growth outlook, notwithstanding some upside risks in the United States, the United Kingdom, and Germany.
In
advanced economies, major concerns include downside risks from low inflation
and the possibility of protracted low growth, especially in the euro area and
Japan. While output gaps generally remain large, the monetary policy stance
should stay accommodative, given continued fiscal consolidation. In emerging
market economies, vulnerabilities appear mostly localized. Nevertheless, a
still-greater general slowdown in these economies remains a risk, because
capital inflows could slow or reverse. Emerging market and developing economies
must therefore be ready to weather market turmoil and reduce external
vulnerabilities.
INDIAN ECONOMY AND
OUTLOOK
After achieving unprecedented growth of over 9 per cent for three successive years between 2005-06 and 2007-08 and recovering swiftly from the global financial crisis of 2008-09, the Indian economy has been going through challenging times that culminated in lower than 5 per cent growth of GDP at factor cost at constant prices for two consecutive years, i.e. 2012-13 and 2013-14.
Persistent uncertainty in the global outlook, caused by the crisis in the Euro area and general slowdown in the global economy, compounded by domestic structural constraints and inflationary pressures, resulted in a protracted slowdown. The slowdown was broadly in sync with trends in other emerging economies, but relatively deeper. India’s growth declined from an average of 8.3 per cent per annum during 2004-05 to 2011-12 to an average of 4.6 per cent in 2012-13 and 2013-14. Average growth in the emerging markets and developing economies including China declined from 6.8 per cent to 4.9 per cent in this period (calendar year basis). What is particularly worrisome is the slowdown in manufacturing growth that averaged 0.2 per cent per annum in 2012-13 and 2013-14.
In addition to the growth slowdown, inflation continued to pose significant challenges. Although average wholesale price index (WPI) inflation declined in 2013-14 to 6.0 per cent vis-à-vis 8.9 per cent in 2011-12 and 7.4 per cent in 2012-13, it is still above comfort levels.
The external sector witnessed a remarkable turnaround after the first quarter of 2013-14, and the year ended with a CAD of 1.7 per cent of GDP as against 4.7 per cent in 2012-13. After plummeting to 68.36 to a US dollar on 28 August 2013, triggered by the expected taper of quantitative easing in the United States, the rupee gradually strengthened and the year ended with the exchange rate averaging 61 per US dollar in March 2014, owing to measures taken by the government and the Reserve Bank of India (RBI). Foreign exchange reserves increased by nearly US$ 40 billion from US$ 275 billion in early September 2013 to US$ 314.9 billion on 20 June 2014. These developments on external account have generated some optimism that the Indian economy is better prepared to confront the challenges of global policy reversals, including tapering of quantitative easing in the US. Improvement is also observed on the fiscal front, with the fiscal deficit declining from 5.7 per cent of GDP in 2011-12 to 4.9 per cent in 2012-13 and 4.5 per cent in 2013-14. Much of this improvement has been achieved by reduction in expenditure rather than from increased revenue. Nevertheless, the corrections in fiscal and current account deficits augur well for macro-economic stabilization.
It is strongly expected that in 2014-15, the Indian economy is poised to overcome the sub-5 per cent growth of gross domestic product (GDP) witnessed over the last two years. The growth slowdown in the last two years was broad based, affecting in particular the industry sector. Inflation too declined recently, but continued to be above the comfort zone, owing primarily to the elevated level of food inflation. Yet, the developments on the macro stabilization front, particularly the dramatic improvement in the external economic situation with the current account deficit (CAD) declining to manageable levels after two years of worryingly high levels was the redeeming feature of 2013-14. The fiscal deficit of the Centre as a proportion of GDP also declined for the second year in a row as per the announced medium term policy stance. Reflecting the above and the expectations of a change for the better, financial markets have surged. Moderation in inflation would help ease the monetary policy stance and revive the confidence of investors, and with the global economy expected to recover moderately, particularly on account of performance in some advanced economies, the economy can look forward to better growth prospects in 2014-15 and beyond.
A survey by global consultancy firm Ernst and Young (E and Y) sees India as the world’s most attractive investment destination. With the opening up of foreign direct investment (FDI) in several sectors, India is today an eye-catching destination for overseas investors. The relaxation of norms by the government has created a vast opportunity for foreign players, who are competing for a greater role in the Indian market. Sectors projected to do well in the coming years include automotive, technology, life sciences and consumer products.
INDUSTRY STRUCTURE AND DEVELOPMENTS:
• Automobile and Auto Components:
Economy. The industry accounts for near to 1/5th of the country’s manufacturing gross domestic product (GDP). It comprises passenger cars, two-wheelers, three-wheelers and commercial vehicles and is currently the seventh-largest in the world with an annual production in FY 2013-14 of 21.5 million vehicles, of which 3 million are exported. The next few years are projected to show solid but cautious growth due to improved affordability, rising incomes and untapped markets. All these open up an opportunity for automobile manufactures in India.
The Indian government encourages foreign investment in the automobile sector and allows 100 per cent FDI under the automatic route. It is a fully de licensed industry and free imports of automotive components are allowed. Moreover, the government has not laid down any minimum investment criteria for the automobile industry and has formulated the Automotive Mission Plan for the period 2006- 2016 which aims to accelerate and sustain growth in this sector. The plan also aims to double the contribution of the automotive sector to the country’s GDP by taking its turnover to US$ 145 billion and providing additional employment to 25 million people by 2016.
The Indian Auto Component Industry is one of the country’s rising industries with tremendous growth prospects. From a low-key supplier providing components exclusively to the domestic market, the industry has emerged as one of the key auto components centers in Asia and is today seen as a significant player in the global automotive supply chain. India is now a supplier of a range of high-value and critical automobile components to global auto makers such as General Motors, Toyota, Ford and Volkswagen, amongst others.
The industry currently accounts for almost seven per cent of India’s gross domestic product (GDP) and employs about 19 million people, both directly and indirectly. The ever-increasing development in infrastructure, big domestic market, increasing purchasing power and stable government framework have made India a favourable destination for investment, as per the vision of Automotive Mission Plan (AMP)2006-2016.
The Indian auto component industry is expected to register a turnover of US$ 66 billion by FY 15-16 with the likelihood to touch US$ 115 billion by FY 20-21 depending on favourable conditions, as per the estimates of Automotive Component Manufacturers Association of India (ACMA). In addition, industry exports are projected to reach US$ 12 billion by FY 15-16 and add up to US$ 30 billion by FY 20-21.
The Government of India has allowed 100 per cent FDI in the automotive industry through automatic route. With a special focus on exports of small cars, multiutility vehicles (MUVs), two and three-wheelers and auto components, the automotive sector’s contribution to the GDP is expected to double reaching a turnover worth US$ 145 billion in 2016, according to the AMP 2006-2016.
• LED Lighting and
• Integrated Passenger Information System
(IPIS)
Among all the lighting technologies, LED lighting has been considered to be most emerging segment. The price of LED lighting systems has declined by around 30% over the last two to three years due to improvement in technology. Also, there is a huge demand of LED lighting products like down lighters and streetlights by institutions and government departments. LED Lighting technology is globally recognized as energy efficient green technology as it consumes near to 80% less energy than traditional lighting and has an improved life span that is 25 times more than incandescent lights.
LED
Lighting provides solutions for all sort of lighting requirements like Indoor,
Outdoor, Automotive, Industrial etc. Unlike traditional bulb, tubes and CFL’s,
LED can provide an unlimited range of products. It leaves scope for continuous
innovation and improvement of the products and unique aesthetics.
Globally, LED lighting has been widely accepted in place of incandescent and CFL and emerging as the best environment friendly and most efficient lighting source. Many countries have banned incandescent bulbs and CFL owing to their low efficiency and polluting nature. They are encouraging LEDs as energy efficient lighting technology. LEDs are poised to replace conventional GLS, CFL and HID Lamps in many key applications such as street lighting, indoor and outdoor lighting and automotive lighting etc. LEDs have also found increasing adoption due to their small form factor and high lumen-to-watt ratio.
India is emerging as a very big market for LEDs, however, being a price sensitive market, will witness a significant increase in penetration, as LED luminaire prices go down. Indian LED lighting Industry is growing fast because of government support and energy efficiency qualities.
Integrated Passenger Information System with LED Display (IPIS) is an electronic information system which provides real-time passenger information by displaying the same on LED displays and controlled by a computer programmer. The system consist of LED display panels and computer unit having software / programme for announcement / display of the information. This system is being developed with latest technical specification to replace old system in railways and installing at new locations and stations.
It is installed in public transports as well as privately plying buses like school and institution buses. State transports and Indian Railways are the biggest user of these systems. Passenger information delivered in relevant locations along the bus route is an important feature of this system. Indian railways are using these systems in modernization of railways, which includes modernization of railway coaches, platforms and announcement systems.
STATEMENT OF
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31.12.2014
|
Sr. No. |
Particular |
Quarter Ended (Unaudited) |
Nine Months Ended (Unaudited) |
|
|
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
1 |
Income from
Operations |
|
|
|
|
|
a) Net Sales / Income from Operations (Net of Excise Duty) |
2013.306 |
2088.933 |
5880.532 |
|
|
b) Other Operating Income |
15.448 |
15.766 |
42.157 |
|
|
Total Income from
Operations (Net) |
2028.754 |
2104.699 |
5922.689 |
|
2 |
Expenses |
|
|
|
|
a) Cost of materials consumed |
1238.530 |
1235.183 |
3542.325 |
|
|
|
b) Purchase of Stock in trade |
75.123 |
51.050 |
154.370 |
|
|
c) Changes in Inventories of Finished Goods, Work-in-progress and Stock-in-Trade |
(98.107) |
(1.025) |
(134.510) |
|
|
d) Employee Benefits Expense |
243.362 |
251.005 |
723.298 |
|
|
e) Depreciation and Amortisation Expense |
76.619 |
76.347 |
228.975 |
|
|
f) Other Expenses |
325.137 |
309.947 |
915.011 |
|
|
Total Expenses |
1860.664 |
1922.507 |
5429.469 |
|
3 |
Profit / (Loss)
from Operations before Other Income, Finance Cost and Exceptional Items (1-2) |
168.090 |
182.192 |
493.220 |
|
4 |
Other Income |
6.426 |
0.478 |
8.851 |
|
5 |
Profit / (Loss)
ordinary activities before Finance Cost and Exceptional Items (3+4) |
174.416 |
182.670 |
502.071 |
|
6 |
Finance Costs |
28.794 |
28.130 |
88.721 |
|
7 |
Profit / (Loss)
ordinary activities after Finance cost but before Exceptional Items (5-6) |
145.722 |
154.540 |
413.350 |
|
8 |
Exceptional Items |
-- |
-- |
-- |
|
9 |
Profit / (Loss)
ordinary activities before Tax (7+8) |
145.722 |
154.540 |
413.350 |
|
10 |
Tax Expense |
44.805 |
47.834 |
124.925 |
|
11 |
Net Profit / (Loss)
ordinary activities after Tax (9-10) |
100.917 |
106.706 |
288.425 |
|
12 |
Extraordinary Items (net of tax expense) |
-- |
-- |
-- |
|
13 |
Net Profit / (Loss)
for the Period (11-12) |
100.917 |
106.706 |
288.425 |
|
14 |
Paid Up Equity
Share Capital (Face Value of Rs. 10/- each) |
119.623 |
119.623 |
119.623 |
|
15 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting year |
-- |
-- |
-- |
|
16 |
Earnings Per Share
(EPS) (in Rs.) |
|
|
|
|
|
a) Basic |
8.44 |
8.92 |
24.11 |
|
|
b) Diluted |
8.44 |
8.92 |
24.11 |
SELECT INFORMATION FOR THE QUARTER ENDED 31.12.2014
|
Sr. No. |
Particular |
Quarter Ended (Unaudited) |
Nine Months Ended (Unaudited) |
|
|
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
- Number of Shares |
3593948 |
3593948 |
3593948 |
|
|
- Percentage of Shareholding |
30.04% |
30.04% |
30.04% |
|
2 |
Promoters and Promoter
Group Shareholding |
|
|
|
|
|
a) Pledged /
Encumbered |
|
|
|
|
|
- Number of Shares |
NIL |
NIL |
NIL |
|
|
- Percentage of Shares (as a % of total shareholding of promoter and promoter group) |
NIL |
NIL |
NIL |
|
|
- Percentage of Shares (as a % of total share Capital of the Company) |
NIL |
NIL |
NIL |
|
|
b) Non-Encumbered |
|
|
|
|
|
- Number of Shares |
8368278 |
8368278 |
8368278 |
|
|
- Percentage of Shares (as a % of total shareholding of promoter and promoter group) |
100% |
100% |
100% |
|
|
- Percentage of Shares (as a % of total share Capital of the Company) |
69.96% |
69.96% |
69.96% |
INVESTOR COMPLAINTS
|
PARTICULARS |
QUARTER ENDED 31.12.2014 |
|
Pending at the beginning of the quarter |
NIL |
|
Received during the quarter |
2 |
|
disposed during the quarter |
2 |
|
Remaining unresolved at the end of the quarter |
NIL |
NOTES:
· The above results have been reviewed by the Audit and Risk Management Committee and approved by the Board of Directors in their respective meetings held on 12the February, 2015. The statutory auditors of the company have carried out limited review on the above results.
· Under Clause 41(I) (e) of the Listing Agreement, the company has adopted the option of submitting un-audited quarterly financial results only on standalone basis.
· The Company is engaged in the business of manufacturing and supply of auto components comprising of automotive lighting and signaling equipment’s, rear view mirrors, plastic moulded parts and sheet metal components for motorized vehicles, LED luminaries for indoor and outdoor applications and integrated passenger information systems with LED Display. The segment of LED division is not a reportable segment as it does not exceed the quantitative thresholds as laid down in AS-17 "Segment Reporting".
· Provision for Taxation includes current tax, deferred tax and is net of MAT Entitlement credit available to the company, if any.
· Previous period's figures have been regrouped / rearranged wherever necessary, to make them comparable.
·
Pursuant to the Companies Act 2013
("the Act"), the Company has revised depreciation rates on certain
fixed assets as per the revised useful life specified in Schedule II of the
Act. Due to this, based on transitional provision as per note 7(b) of the
Schedule II, an amount of Rs 19.357 l million (net of deferred tax of Rs 9.967
million) have been adjusted with the general reserves. Further, depreciation
charge for the quarter ended 31st December, 2015 is higher by 20.027 million and
for nine months ended on 31st December 2014 is higher by 63.487 million.
CONTINGENT LIABILITIES
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
|
Bill of Exchange Discounted from Bank |
218.799 |
216.843 |
|
Income Tax Demand in respect of Assessment Year 2011–12 for which company has filed an appeal with CIT (Appeal) |
62.867 |
-- |
|
Import Duty Demand towards imported capital goods which were sold to the customer in relation to nil import duty being paid at the time of import of said capital goods as a 100% EOU unit for which the company has filed an appeal with Commissioner of Central Excise, Chennai (Net of deposit) |
4.341 |
-- |
|
Excise Duty Demand on Modvat Credit taken on raw material for which the Company has filed an appeal with CESTAT, New Delhi (Net of deposit) |
2.457 |
2.457 |
|
Entry Tax for certain inter–state purchase in Rajasthan for which matter is sub–judice in superior Courts. |
0.689 |
0.640 |
|
Liability of Import Duty (For which Bonds executed in favour of Custom Authorities of Rs. 10,00,000) towards Import of Capital Goods without payment of duty for use in the manufacture of specific excisable goods. |
0.414 |
0.414 |
|
Liability of Import Duty towards Export obligation undertaken by the Company under EPCG Licenses |
0.645 |
10.163 |
NOTE: The appeal has been preferred against the order of the Assessing Officer in relation to disallowances of loss on account of foreign exchange derivative contracts entered for hedging of underlying exports.
FIXED ASSETS:
Tangible Assets
· Land Free hold
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
· Mould, Block and Dies
· Tools and Equipment’s
· Electrical Installations
· Computers
Intangible Assets
· Computer Software
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. 63.57 |
|
|
1 |
Rs. 99.67 |
|
Euro |
1 |
Rs. 70.93 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ARC |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
70 |
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 |
-- |
|
Shareholding
Pattern |
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This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.