MIRA INFORM REPORT
|
Report No. : |
350862 |
|
Report Date : |
24.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
MARUTI SUZUKI INDIA LIMITED (w.e.f.17.09.2007) |
|
|
|
|
Formerly Known
As : |
MARUTI UDYOG LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 1, Nelson Mandela Road, Vasant Kunj, New Delhi -
110070 |
|
Tel. No.: |
91-11-46781000 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
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|
|
|
Date of
Incorporation : |
24.02.1981 |
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|
|
|
Com. Reg. No.: |
55-011375 |
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|
Capital
Investment / Paid-up Capital : |
Rs. 1510.400 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
l34103dl1981plc011375 |
|
|
|
|
IEC No.: |
0588000591 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
DELM00046E |
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|
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PAN No.: [Permanent Account No.] |
AAACM0829Q |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturing, Purchasing and Selling of Motor Vehicles, Components
and Spare Parts ("Automobiles") and other activities like
facilitation of Pre-Owned Car sales, Fleet Management and Car Financing. |
|
|
|
|
No. of Employees
: |
12547 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aaa (86) |
|
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 |
|
Maximum Credit Limit : |
USD 600000000 |
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|
|
|
Status : |
Excellent |
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|
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Maruti Suzuki Limited is a subsidiary of Suzuki Motor Corporation. It
is an established company incorporated in 1981 having an excellent track
record. Available financial indicates robust financial risk profile marked by
healthy net worth base along with comfortable liquidity position and decent
profit margin of the company. The rating also takes into consideration company’s established brand
image and dominant position in the domestic passenger car segment. Directors are reported to be well experienced, knowledgeable and
resourceful businessman. Share price are quoted high on stock exchange (Share price Rs 4735
with Face Value Rs. 5). Trade relation are reported as trustworthy. Business is active.
Payments are reported as regular and as per commitments. In view of the aforesaid, the company can be considered good for
normal business dealings at usual trade terms and condition. It can be regarded as a promising business partner in medium to long
run. |
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 |
CRISIL |
|
Rating |
Long term rating : AAA |
|
Rating Explanation |
Highest degree of safety and carry lowest
credit risk. |
|
Date |
July 28, 2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating : A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
July 28, 2015 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
INFORMATION DENIED
Management non-cooperative (91-11-46781000)
LOCATIONS
|
Registered / Head Office : |
Plot No. 1, Nelson
Mandela Road, Vasant Kunj, New Delhi - 110070, India |
|
Tel No.: |
91-11-46781000 |
|
Fax No.: |
91-11-46150275/ 46150276 |
|
Email : |
|
|
Website : |
www.marutisuzuki.com |
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|
|
|
Corporate office : |
11th Floor, Jeevan Prakash Building, 25 Kasturba Gandhi
Marg, New Delhi – 110001, India |
|
Tel No.: |
91-11-23316831 |
|
|
|
|
Factory 1 : |
Gurgaon Plant Old Palam Gurgaon Road, Gurgaon – 122015, Haryana, India |
|
Tel No.: |
91-124-2346721-30 |
|
Fax No.: |
91-124-2341404 |
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|
Factory 2: |
Manesar Plant |
|
Tel No.: |
91-124-4884000 |
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Regional Offices : |
Located at: · Kolkata · Guwahati ·
·
· Chennai ·
· Mumbai · Ahmedabad ·
·
·
· Jaipur ·
·
· Pune |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. R C Bhargava |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. S. Torii |
|
Designation : |
Director (Production) |
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|
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|
Name : |
Mr. Kazuhiko
Ayabe |
|
Designation : |
Director and
Managing Executive Officer [Supply Chain] |
|
|
|
|
Name : |
Mrs. Pallavi
Shroff |
|
Designation : |
Director |
|
|
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|
Name : |
Mr. Davinder Singh Brar |
|
Designation : |
Director |
|
Date of Birth/Age : |
60 Years |
|
|
|
|
Name : |
Mr. O. Suzuki |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Kenichi Ayukawa |
|
Designation : |
Managing Director and Chief Executive Officer |
|
Date of Birth/Age : |
57 Years |
|
Qualification : |
Law Graduate from Osaka University, Japan |
|
|
|
|
Name : |
Mr. T. Hasuike |
|
Designation : |
Joint Managing Director |
|
|
|
|
Name : |
Mr. Amal Ganguli |
|
Designation : |
Director |
|
Date of Birth/Age : |
73 Years |
|
|
|
|
Name : |
Mr. R.P. Singh |
|
Designation : |
Independent Director |
|
Date of Birth/Age : |
61 Years |
|
|
|
|
Name : |
Mr. K. Saito |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. T. Suzuki |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. S. Ravi Aiyar |
|
Designation : |
Executive Officer (Legal) and Company Secretary |
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|
|
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Audit Committee : |
·
Mr. Amal Gaguli, Chairman ·
Mr. K. Ayukawa, Member ·
Mrs. Pallavi Shroff, Member ·
Mr. Davinder Singh Brar, Member |
|
|
|
|
Shareholder and Investors Grievance committee : |
·
Mr. R C Bhargava, Chairman ·
Mr. Kenichi Ayukawa, Member ·
Mr. Davinder Singh Brar, Member |
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CSR |
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Nomination and Remuneration |
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Risk Management |
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Executive
Management Team |
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2015
|
Category of
Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding of Promoter
and Promoter Group |
||
|
|
|
|
|
|
|
|
|
|
169788440 |
56.21 |
|
|
169788440 |
56.21 |
|
Total shareholding of Promoter and
Promoter Group (A) |
169788440 |
56.21 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
24149027 |
7.99 |
|
|
19457869 |
6.44 |
|
|
66706047 |
22.08 |
|
|
110312943 |
36.52 |
|
|
|
|
|
|
13558305 |
4.49 |
|
|
|
|
|
|
6321301 |
2.09 |
|
Individual shareholders holding nominal share capital in excess of Rs.
0.100 Million |
474423 |
0.16 |
|
|
1620201 |
0.54 |
|
|
550650 |
0.18 |
|
|
358748 |
0.12 |
|
|
710581 |
0.24 |
|
|
222 |
0.00 |
|
|
21974230 |
7.28 |
|
Total Public shareholding (B) |
132287173 |
43.79 |
|
Total (A)+(B) |
302075613 |
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) |
302075613 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing, Purchasing and Selling of Motor Vehicles,
Components and Spare Parts ("Automobiles") and other activities
like facilitation of Pre-Owned Car sales, Fleet Management and Car Financing. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
12547 (Approximately) |
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Bankers : |
· State Bank of Travancore, New Delhi, India · Punjab National Bank, Parliament Street, New Delhi, India · Bank of America, New Delhi, India · Bank of Tokyo – Mitsubishi Limited, New Delhi, India · State Bank of India, New Delhi, India · American Express Bank, New Delhi, India · Corporation Bank, New Delhi, India · BNP Paribas, Kasturba Gandhi Marg, New Delhi - 110001, India · Sanwa Bank, Kasturba Gandhi Marg, New Delhi – 110001, India · ABN Amro Bank, Barakhamba Road, New Delhi – 110001, India · Union Bank of India, New Delhi, India · Credit Lyonnais Bank, New Delhi, India · Citibank N.A., Barakhamba Road, New Delhi, India ·
State Bank of India, Gurgaon, Haryana, India
|
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Auditors : |
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|
Name : |
Price Waterhouse Chartered Accountants |
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Memberships : |
-- |
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Collaborators : |
--- |
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Holding Company: |
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Joint Ventures: |
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Subsidiaries : |
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Associates: |
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Fellow Subsidiaries (Only with whom the Company had transactions
during the current year): |
|
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3744000000 |
Equity Shares |
Rs. 5/- each |
Rs. 18720.000 MILLION |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
302080060 |
Equity Shares |
Rs. 5/- each |
Rs. 1510.000
MILLION |
|
|
|
|
|
NOTES:
RECONCILIATION OF THE NUMBER OF SHARES OUTSTANDING
|
|
31.03.2015 |
|
|
|
NUMBER OF SHARES |
RS. IN MILLION |
|
Balance as at the
beginning of the year and at the end of the year |
302,080,060 |
1510.000 |
|
Balance as at the end of the year |
302,080,060 |
1510.000 |
EQUITY SHARES HELD BY THE HOLDING COMPANY AND ITS NOMINEES
|
|
31.03.2015 |
|
|
|
NUMBER OF SHARES |
RS. IN MILLION |
|
Suzuki Motor Corporation, the holding company |
169788440 |
849.000 |
|
|
|
|
|
|
169788440 |
849.000 |
RIGHTS, PREFERENCES AND RESTRICTION ATTACHED TO SHARES
The Company has one
class of equity shares with a par value of Rs. 5 per share. Each shareholder is
eligible for one vote per share held. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting, except in case of interim dividend. In the event of
liquidation, the equity shareholders are eligible to receive the remaining
assets of the Company after distribution of all preferential amounts, in
proportion to their shareholding.
SHARES HELD BY EACH SHAREHOLDER HOLDING MORE THAN 5% OF THE AGGREGATE
SHARES IN THE COMPANY
|
Particular |
% |
NUMBER OF SHARES
|
|
Suzuki Motor
Corporation (the holding company) |
56.21 |
169788440 |
|
Life Insurance Corporation of India |
5.94 |
17932030 |
SHARES ALLOTTED AS FULLY PAID UP PURSUANT TO CONTRACT (S) WITHOUT
PAYMENT BEING RECEIVED ON CASH (DURING 5 YEARS IMMEDIATELY PRECEDING
31.03.2015)
13,170,000 Equity Shares of Rs. 5 each have been allotted as fully paid up during Financial Year 2012-13 to Suzuki Motor Corporation pursuant to the Company’s scheme of amalgamation with erstwhile Suzuki Powertrain India Limited.
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 |
1510.000 |
1510.000 |
1510.000 |
|
(b) Reserves & Surplus |
235532.000 |
208270.000 |
184279.000 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
237042.000 |
209780.000 |
185789.000 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1448.000 |
4604.000 |
5429.000 |
|
(b) Deferred tax liabilities (Net) |
4810.000 |
5866.000 |
4087.000 |
|
(c) Other long term
liabilities |
1054.000 |
2386.000 |
2503.000 |
|
(d) long-term
provisions |
2926.000 |
1980.000 |
2259.000 |
|
Total Non-current
Liabilities (3) |
10238.000 |
14836.000 |
14278.000 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
354.000 |
12247.000 |
8463.000 |
|
(b) Trade
payables |
55614.000 |
48975.000 |
41579.000 |
|
(c) Other
current liabilities |
18658.000 |
13382.000 |
10751.000 |
|
(d) Short-term
provisions |
13604.000 |
6777.000 |
6482.000 |
|
Total Current
Liabilities (4) |
88230.000 |
81381.000 |
67275.000 |
|
|
|
|
|
|
TOTAL |
335510.000 |
305997.000 |
267342.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
119670.000 |
106077.000 |
95765.000 |
|
(ii)
Intangible Assets |
2923.000 |
1827.000 |
2227.000 |
|
(iii) Capital
work-in-progress |
18828.000 |
26214.000 |
19409.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
98176.000 |
13048.000 |
18735.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
13493.000 |
16384.000 |
12800.000 |
|
(e) Other
Non-current assets |
441.000 |
533.000 |
8946.000 |
|
Total Non-Current
Assets |
253531.000 |
164083.000 |
157882.000 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a) Current
investments |
29964.000 |
88131.000 |
52048.000 |
|
(b)
Inventories |
26150.000 |
17059.000 |
18407.000 |
|
(c) Trade
receivables |
10698.000 |
14137.000 |
14699.000 |
|
(d) Cash
and cash equivalents |
183.000 |
6297.000 |
7750.000 |
|
(e) Short-term
loans and advances |
11728.000 |
12511.000 |
11153.000 |
|
(f) Other
current assets |
3256.000 |
3779.000 |
5403.000 |
|
Total
Current Assets |
81979.000 |
141914.000 |
109460.000 |
|
|
|
|
|
|
TOTAL |
335510.000 |
305997.000 |
267342.000 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
486055.000 |
426448.000 |
435879.000 |
|
|
|
Other Operating Revenue |
13651.000 |
11470.000 |
9,753.000 |
|
|
|
Other Income |
8316.000 |
7317.000 |
8124.000 |
|
|
|
TOTAL (A) |
508022.000 |
445235.000 |
444003.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
328678.000 |
288989.000 |
303492.000 |
|
|
|
Purchases of Stock-in-Trade |
26652.000 |
24314.000 |
21864.000 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(4559.000) |
185.000 |
234.000 |
|
|
|
Employees benefits expense |
16066.000 |
13681.000 |
10696.000 |
|
|
|
Other expenses |
66431.000 |
59221.000 |
57735.000 |
|
|
|
Vehicles / Dies for own use |
(691.000) |
(343.000) |
(438.000) |
|
|
|
TOTAL (B) |
432577.000 |
386047.000 |
393583.000 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
75445.000 |
59188.000 |
50420.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2060.000 |
1759.000 |
1898.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
73385.000 |
57429.000 |
48522.000 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
24703.000 |
20844.000 |
18612.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT /
(LOSS)BEFORE TAX (E-F) (G) |
48682.000 |
36585.000 |
29910.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
11570.000 |
8755.000 |
5989.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT /
(LOSS)AFTER TAX (G-H) (I) |
37112.000 |
27830.000 |
23921.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
173849.000 |
153043.000 |
134342.000 |
|
|
|
|
|
|
|
|
|
Add |
Impact of revision of useful lives of certain fixed assets |
(792.000) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
3711.000 |
2783.000 |
2392.000 |
|
|
|
Dividend |
7552.000 |
3625.000 |
2417.000 |
|
|
|
Tax on Dividend |
1538.000 |
616.000 |
411.000 |
|
|
BALANCE CARRIED
TO THE B/S |
197368.000 |
173849.000 |
153043.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
45857.000 |
41125.000 |
45514.000 |
|
|
|
Export of services |
472.000 |
292.000 |
87.000 |
|
|
TOTAL EARNINGS |
46329.000 |
41417.000 |
45601.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Components |
31818.000 |
30955.000 |
42344.000 |
|
|
|
Capital Goods |
10112.000 |
17312.000 |
14762.000 |
|
|
|
Maintenance Spares |
758.000 |
683.000 |
663.000 |
|
|
|
Dies and Moulds |
100.000 |
59.000 |
8.000 |
|
|
|
Other Items |
131.000 |
357.000 |
120.000 |
|
|
TOTAL IMPORTS |
42919.000 |
49366.000 |
57897.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
122.85 |
92.13 |
79.19 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
3354.000 |
1388.000 |
0.000 |
|
Cash generated from operations |
74513.000 |
57356.000 |
48344.000 |
|
Net Cash flows from operating activities |
64106.000 |
49036.000 |
43011.000 |
QUARTERLY
RESULTS
|
PARTICULARS |
|
1 Quarter |
2 Quarter |
|
Unaudited |
|
30.06.2015 |
30.09.2015 |
|
|
|
|
|
|
Net Sales |
|
134249.300 |
139337.100 |
|
Total Expenditure |
|
(112358.200) |
(116643.600) |
|
PBIDT (Excl OI) |
|
21891.100 |
22693.500 |
|
Other Income |
|
1720.300 |
1371.400 |
|
Operating Profit |
|
23611.400 |
24064.900 |
|
Interest |
|
(190.400) |
(177.800) |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
23421.000 |
23887.100 |
|
Depreciation |
|
(6715.800) |
(6694.400) |
|
Profit Before Tax |
|
16705.200 |
17192.700 |
|
Tax |
|
(4776.000) |
(4937.100) |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
11929.200 |
12255.600 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT/Sales) |
(%) |
7.64 |
6.53 |
5.49 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
15.52 |
13.88 |
11.57 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.28 |
13.72 |
13.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21 |
0.17 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.01 |
0.08 |
0.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.93 |
1.74 |
1.63 |
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 |
1510.000 |
1510.000 |
1510.000 |
|
Reserves & Surplus |
184279.000 |
208270.000 |
235532.000 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
185789.000 |
209780.000 |
237042.000 |
|
|
|
|
|
|
long-term borrowings |
5429.000 |
4604.000 |
1448.000 |
|
Short term borrowings |
8463.000 |
12247.000 |
354.000 |
|
Current Maturities of
Long Term Debt |
0.000 |
1388.000 |
3354.000 |
|
Total borrowings |
13892.000 |
18239.000 |
5156.000 |
|
Debt/Equity ratio |
0.075 |
0.087 |
0.022 |
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 |
435879.000 |
426448.000 |
486055.000 |
|
|
|
(2.164) |
13.978 |
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 |
435879.000 |
426448.000 |
486055.000 |
|
Profit |
23921.000 |
27830.000 |
37112.000 |
|
|
5.49% |
6.53% |
7.64% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
|
Particulars |
As
on 31.03.2015 |
As
on 31.03.2014 |
|
LONG TERM
BORROWING |
|
|
|
Foreign currency loans from banks |
869.000 |
3493.000 |
|
Loans from holding company |
579.000 |
1111.000 |
|
|
|
|
|
SHORT TERM
BORROWING |
|
|
|
From banks – Cash credit and overdraft |
354.000 |
4271.000 |
|
From banks – buyers credit and packing credit loans |
0.000 |
7976.000 |
|
|
|
|
|
Total |
1802.000 |
16851.000 |
|
Note:
Foreign currency
loans from banks include: loan amounting to Rs. 1,738.000 million (USD 27.80 million) (Previous year Rs. 2,499. 000 million; USD 41.71 million) taken from Japan Bank of International Cooperation (JBIC) at an interest rate of LIBOR + 0.125, repayable in 4 half yearly instalments (acquired pursuant to a scheme of amalgamation). Out of the above, Rs. 869.000 million (Previous year Rs. 833.000 million) repayable within one year has been transferred to current maturities of long term debts. The repayment of the loan is guaranteed by Suzuki Motor Corporation, Japan (the holding company). loan amounting to Rs. 1,906.000 million (Previous year Rs. 1,827.000 million) (USD 30 million) taken from banks at an average interest rate of Libor + 1.375 and repayable in July 2015 hence the entire amount outstanding has been transferred to current maturities of long term debts. A loan amounting to Rs. 1,158.000 million (USD 18.53
million) (Previous year Rs. 1,666.000 million; USD 27.80 million) taken from
the holding company at an interest rate of LIBOR + 0.48, repayable in 4 half
yearly instalments (acquired pursuant to a scheme of amalgamation). Out of
the above, Rs. 579.000 million (Previous year Rs. 555.000 Million) repayable
within one year has been transferred to current maturities of long term debts. |
||
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2015 |
|
Excise Duty |
|
|
Cases decided in the Company’s favour by Appellate authorities and for which the department has filed further appeal and show cause notices / orders on the same issues for other periods |
2965.000 |
|
Cases pending before Appellate authorities in respect of which the Company has filed appeals and show cause notices for other periods |
13741.000 |
|
Show cause notices on issues yet to be adjudicated |
15670.000 |
|
Amount deposited under protest |
383.000 |
|
Service Tax |
|
|
Cases decided in the Company’s favour by Appellate authorities and for which the department has filed further appeal and show cause notices / orders on the same issues for other periods |
385.000 |
|
Cases pending before Appellate authorities in respect of which the Company has filed appeals and show cause notices for other periods |
4912.00 |
|
Show cause notices on issues yet to be adjudicated |
183.000 |
|
Amount deposited under protest |
19.000 |
|
Income Tax |
|
|
Cases decided in the Company’s favour by Appellate authorities and for which the department has filed further appeals |
6033.000 |
|
Cases pending before Appellate authorities / Dispute Resolution Panel in respect of which the Company has filed appeals |
21825.000 |
|
Amount deposited under protest |
7140.000 |
|
Custom Duty |
|
|
Cases pending before Appellate authorities in respect of which the Company has filed appeals |
103.000 |
|
Others |
32.000 |
|
Amount deposited under protest |
22.000 |
|
Sales Tax |
|
|
Cases pending before Appellate authorities in respect of which the Company has filed appeals |
53.000 |
|
Amount deposited under protest |
2.000 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
80045189 |
22/09/2003 * |
200,000,000.00 |
State Bank of Travancore |
Karol Bagh, New Delhi - 110005, INDIA |
- |
|
2 |
80043903 |
08/01/2015 * |
250,000,000.00 |
State Bank of India |
11th & 12th Floor, Jawahar Vyapar Bhawan, 1, Tolstoy Marg, Delhi - 110001, INDIA |
C46023388 |
* Date of charge modification
FINANCIAL HIGHLIGHTS:
The total revenue (net of excise) was Rs. 508,022.000 million as against Rs. 445,235.000 million in the previous year showing an increase of 14 per cent. Sale of vehicles in the domestic market was 1,170,702 units as compared to 1,053,689 units in the previous year showing an increase of 11 per cent. Total number of vehicles exported was 121,713 units as compared to 101,352 units in the previous year showing an increase of 20 percent.
Profit before tax (PBT) was Rs. 48,682.000 million against Rs. 36,585.000 million showing an increase of 33 per cent and profit after tax (PAT) stood at Rs. 37,112.000 million against Rs. 27,830.000 million in the previous year showing an increase of 33 per cent. Price earning ratio (based on last quoted price on NSE) as on 31st March 2014 and 31st March 2015 was 21.40 and 30.10 respectively.
The Government of India came out with an ‘offer for sale’ at a price of Rs. 125/- per share in 2003. The market capitalization as on 31st March 2014 and 31st March 2015 was Rs. 595,400.000 million and Rs. 1,117,394.000 million respectively. This is based on market price of the Company’s shares (BSE closing) of Rs. 1,971.000 and Rs. 3,699.000 as at 31st March 2014 and 31st March 2015 respectively. The share price of the Company increased by 2859 percent as on 31st March 2015 vis-à-vis the price of allotted shares at the time of said offer for sale.
Management Discussion
and Analysis:
OVERVIEW:
The past year was successively the third year of slow GDP growth. Interest rates remained high for consumers. However, low fuel prices, following international conditions and a reduced excise duty on passenger vehicles for a large part of the year helped demand. Sentiment was also boosted by a stable government at the Centre, a sharp increase in stock market indices, a stable Rupee and lower benchmark interest rates announced by the Reserve Bank of India.
The domestic passenger vehicle industry grew 3.9% by volume during the year against a drop of 6.1% in 2013-14. This was supported by the launch of new models by the industry and high sales promotion expenses.
With the government deregulating diesel prices, the gap between petrol and diesel prices came down further. It is now expected to remain stable. The share of diesel vehicles in the total industry sales came down to 48% from 53% in 2013-14.
The Company was able to perform better than the industry and increase market share to 45%, from 42.1% in 2013-14. Introduction of new models, focus on first time buyers, shift in demand towards petrol cars, revival of growth in urban areas and continued strong performance in rural markets helped the Company In exports, the Company launched new models in key markets and stepped up sales efforts. It was able to achieve a growth of 20.1%, despite stopping exports to Europe.
Total sales, at 1,292,415 units, were the highest ever for the Company, surpassing the previous high reached in 2010-11.
The Company’s focus on cost reduction contributed to the growth in profits. Depreciation of the Yen and softening commodity prices also helped. Marketing and sales expenses remained high to support entry level models and diesel variants in a tough market.
In January, the foundation stone for a vehicle manufacturing facility in Hansalpur, Gujarat was laid by Smt. Anandiben Patel, Chief Minister of Gujarat. This factory is proposed to begin operations in 2017, and supply vehicles exclusively to the Company. The contract manufacturing arrangement to this effect will be put to vote by minority shareholders.
The Board approved guidelines for distribution of dividends, to provide greater transparency to shareholders. The Board also proposed a rise in the FII shareholding limit to 40%, broadly equalling the level of non-promoter shareholding.
BUSINESS PERFORMANCE
DOMESTIC MARKET
The market remained challenging during the year. of 18 manufacturers, only six posted positive growth. Sales of the industry, excluding those of the Company, were down 1.3% during the year.
Besides growing faster than the industry, the Company’s focus was on achieving growth across all models. With the correction in fuel prices, there was an increase in demand for petrol cars. Sentiment for the diesel segment suffered. The Company was able to make adjustments in its production plan and increase the supply of petrol vehicles in line with market demand. To arrest the decline in diesel sales, the Company stepped up efforts and also allocated a higher share of sales promotion expenses to diesel variants. Owing to these timely initiatives, the Company’s diesel sales grew by 2.8% while industry sales declined 6.2%. The growth in Company’s sales of petrol cars was 15%, broadly in line with industry sales.
Besides growing faster than the industry, the Company’s focus was on achieving growth across all models. With the correction in fuel prices, there was an increase in demand for petrol cars. Sentiment for the diesel segment suffered. The Company was able to make adjustments in its production plan and increase the supply of petrol vehicles in line with market demand. To arrest the decline in diesel sales, the Company stepped up efforts and also allocated a higher share of sales promotion expenses to diesel variants. Owing to these timely initiatives, the
Company’s diesel sales grew by 2.8% while industry sales declined 6.2%. The growth in Company’s sales of petrol cars was 15%, broadly in line with industry sales.
In rural markets, the Company grew its sales by 23%, by increasing its reach to nearly 125,000 villages, up from about 93,000 in 2013-14.
The Company continued to expand its network of new car sales outlets, TrueValue and service workshops. The Company commissioned 289 ‘R-outlets’, a dealer format meant for vehicle display and sale in semi-urban and rural markets. The Company provides after-sales service to customers in these locations with Maruti Mobile Support (MMS) vans. The number of such mobile service vans went up to 1,252 vehicles, from 1,000 in 2013-14, providing door-step service to nearly 60,000 customers every month.
To achieve its medium term goal of 2 million annual unit sales, the Company has a roadmap for expansion of its sales and service network.
The Company’s pre-owned car business (TrueValue) contributed significantly to new vehicle sales. Trade-ins accounted for 30% of The Company’s pre-owned car business (TrueValue) contributed significantly to new vehicle sales. Trade-ins accounted for 30% of New technology initiatives increased efficiency and enhanced customer convenience, at sales and service set-ups. A Maruti Mobile Application was introduced to provide, among other features and advantages, the facility of service constraints and reduce the waiting time for delivery to customers.
The Company also introduced refreshed versions of Swift and DZire. The new versions are about 10% more fuel efficient and offer numerous new features like a push button start, reverse parking assist and electrically foldable outside rear view mirrors. All the new models created excitement in their respective segments.
Ciaz Diesel was introduced as India’s most fuel efficient passenger vehicle at launch, with fuel efficiency of 26.2kmpl. A few months later, one more product from the Company’s portfolio, the new, refreshed DZire Diesel surpassed the Ciaz, with a fuel efficiency of 26.5kmpl.
FLOOD AFFECTED CARS
IN JAMMU AND KASHMIR
The Company undertook a massive effort to epair and restore thousands of customer cars damaged in the floods in Jammu & Kashmir, in the process mobilising nearly 200 service technicians from across the country to support the 300 local technicians. In record time, these technicians repaired close to 5,500 vehicles to help restore normalcy in the everyday lives of these customers.
VEHICLE LOGISTICS
The Company has partnered with Indian Railways to transport more finished vehicles by rail to its dealerships across the country. During the year, the Company increased the number of customised rakes designed to transport vehicles. It is working with the Railways to improve efficiency of operations and enhance utilisation of the rakes.
EXPORTS
The Company remains focused on enhancing exports to key markets in Africa, Latin America and Asia, and is expanding its sales network in these markets. The provision of service and the supply of parts are being strengthened. Best practices and processes from the Indian domestic operations are being adopted to these markets. Abrupt changes in regulations bookings and service reminders to customers through mobile phones.
The Company was also able to grow sales of CNG-run vehicles by 23%, to about 63,000 units.
OPERATIONS:
The Company ramped up production in the recently commissioned Manesar Plant-C while production from the Gurgaon facility remained at a level similar to that of the previous year. Total combined output capacity of all plants in Gurgaon and Manesar locations stands at about 1.5 million units.
The Company remains focused on achieving flexibility in operations to manage fluctuations in demand. In recent years, the Company has developed the ability to manufacture multiple models on the same production line. During the year, with sharp changes in relative prices of diesel and petrol reflecting in demand variations, the Company was able to switch production in favour of petrol cars in time. The Company is now building flexibility in the production capability for engines and transmissions as well.
The Company’s Suggestion Scheme encourages employees at all levels to generate and execute new ideas for improvement and efficiency. During the year, over 560,000 suggestions were generated, leading to a saving of over Rs. 3,900.000 million. The Company continued to build on and enhance its in-house expertise in the design and development of dies. Through automation in design, capability development in simulation, and innovations in design and process, the company is able to develop dies faster and also achieve a significant cost advantage over imported dies.
OUTLOOK:
With a new stable government in India focused on manufacturing, ease of doing business and infrastructure investments, there is optimism on an economic recovery. Inflation appears to be benign, and there is an expectation that the trend of higher interest rates in recent years may safely be reversed by the RBI. Fuel prices are lower than in recent years and deregulation will help to align capacities better with demand. Although consumption remains weak, some positive growth in capital goods could be an indicator of revival of economic growth. The external sector has challenges, and the effect of the US Dollar on overseas markets remains to be seen.
It is difficult to forecast when the Indian economy will regain the path of rapid GDP growth. The Company remains focused on growing faster than the industry, supported by a robust product portfolio, brand strength, efficient operations and a quality network of sales and service outlets across the country.
The Company aims to achieve annual sales of 2 million vehicles in the medium term. It is preparing the value chain, including suppliers and dealers, for this goal. It is focused on sustaining and improving Quality in all areas of business. Besides adding new products in its traditional areas of strength, the Company will enter new segments and continue to offer technology andinnovations that enhance the car ownership experience of customers in India and abroad.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND SIX MONTHS
ON 30.09.2015
[RS.
IN MILLION]
|
PARTICULARS |
3 Months Ended |
6 Months Ended |
|
|
30.09.2015 [Unaudited] |
30.06.2015 [Unaudited] |
30.09.2015 [Unaudited] |
|
|
1.
Income from operations |
|
|
|
|
(a) Net sates/income from operations (Net of excise duty) |
135748.100 |
130783.200 |
266531.300 |
|
(b) Other Operating Income |
3589.000 |
3466.100 |
7055.100 |
|
Total income from operations (net) |
139337.100 |
134249.300 |
273586.400 |
|
Expenses |
|
|
|
|
(a) Cost of materials consumed |
93510.600 |
81819.100 |
175329.700 |
|
(b) Purchases of stock-in trade |
7840.500 |
7142.600 |
14983.100 |
|
(c) Changes in inventories of finished goods.
work-in-progress and stock in trade |
(8226.800) |
1486.400 |
(6740.400) |
|
(d) Employee benefits expense |
4180.100 |
4630.800 |
8810.900 |
|
(e) Depreciation and Amortization Expenses |
6694.400 |
6715.800 |
13410.200 |
|
(f) Other Expenses |
19339.200 |
17279.300 |
36618.500 |
|
(g)Foreign Exchange |
|
|
|
|
Total expenses |
123338.000 |
119074.000 |
242412.000 |
|
Profit/ (Loss) from operations before other Income,
finance costs and exceptional Items (1-2) |
15999.100 |
15175.300 |
31174.400 |
|
Other Income |
1371.400 |
1720.300 |
3091.700 |
|
Profit/ (Loss) from operations before other income, finance
costs and exceptional items (3+4) |
17370.500 |
16895.600 |
34266.100 |
|
Finance Costs |
177.800 |
190.400 |
368.200 |
|
Profit/ (Loss) from ordinary activities after finance cost
but before exceptional items (5-6) |
17192.700 |
16705.200 |
33897.900 |
|
Exceptional items |
0.000 |
0.000 |
0.000 |
|
Profit/ (Loss) from ordinary activities before tax (7+8) |
17192.700 |
16705.200 |
33897.900 |
|
Tax expenses |
4937.100 |
4776.000 |
9713.100 |
|
Net Profit / (Loss) from ordinary activities after tax
(9-10) |
12255.600 |
11929.200 |
24184.800 |
|
Extraordinary item (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
Net Profit / (Loss) for the period (11-12) |
12255.600 |
11929.200 |
24184.800 |
|
Share of profit' (loss) of associates |
- |
- |
- |
|
Minority Interest |
- |
- |
- |
|
Net Profit/ (Loss) after taxes, minority interest and
share of profit/(loss) of associates (13+14+15) |
12255.600 |
11929.200 |
24184.800 |
|
Paid up equity share capital (Face Value of Rs 10/-each) |
1510.4 |
1510.4 |
1510.4 |
|
Reserve excluding Revaluation Reserve as per Balance Sheet
of previous accounting year |
- |
- |
- |
|
Earnings per share (before extraordinary items) of Rs.10/-
each (not annualized): |
|
|
|
|
(a) Basic |
40.57 |
39.49 |
80.06 |
|
(b) Diluted |
40.57 |
39.49 |
80.06 |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
A. Public Shareholding |
|
|
|
|
- Number of shares |
132291620 |
132291620 |
132291620 |
|
- Percentage of shareholding |
43.79 |
43.79 |
43.79 |
|
Promoters and Promoter group shareholding |
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
- Number of shares |
- |
- |
- |
|
- Percentage of shares (as a % of the total shareholding
of Promoter & Promoter group) |
- |
- |
- |
|
- Percentage of shares (as a % of the total Share Capital
of the Company) |
- |
- |
- |
|
b) Non Encumbered |
|
|
|
|
- Number of shares |
169788440 |
169788440 |
169788440 |
|
- Percentage of shares (as a % of the total shareholding
of Promoter & Promoter group) |
100 |
100 |
100 |
|
- Percentage of shares (as a % of the total Share Capital
of the Company) |
56.21 |
56.21 |
56.21 |
|
|
PARTICULARS |
3
Months Ended 30.09.2015 |
|
B |
Investor
complaints (Nos.) |
|
|
|
Pending at the beginning of the quarter |
0 |
|
|
Received during the Quarter |
1 |
|
|
Disposed of during the quarter |
1 |
|
|
Remaining unresolved at the end of the quarter |
0 |
(RS. IN MILLION)
|
SOURCES OF FUNDS |
30.09.2014 [Unaudited] |
|
I.
EQUITY
AND LIABILITIES |
|
|
(1)
Shareholders' Funds |
|
|
(a) Share Capital |
1510.400 |
|
(b) Reserves & Surplus |
235532.100 |
|
Total
Shareholders’ Funds |
237042.500 |
|
|
|
|
(2) Share
Application Money Pending Allotment |
0.000 |
|
|
|
|
(3) Non-Current
Liabilities |
|
|
(a) long-term borrowings |
1448.200 |
|
(b) Deferred tax liabilities (Net) |
4810.200 |
|
(c) Other long term
liabilities |
1053.400 |
|
(d) long-term
provisions |
2926.600 |
|
Total Non-current
Liabilities (3) |
10238.400 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short
term borrowings |
353.600 |
|
(b) Trade
payables |
55597.200 |
|
(c) Other
current liabilities |
18657.500 |
|
(d) Short-term
provisions |
13604.100 |
|
Total Current
Liabilities (4) |
88212.400 |
|
|
|
|
TOTAL |
335493.300 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed
Assets |
141420.800 |
|
(b) Non-current Investments |
98175.600 |
|
(c) Deferred tax assets (net) |
0.000 |
|
(d) Long-term Loan and Advances |
441.400 |
|
(e) Other
Non-current assets |
13492.900 |
|
Total Non-Current
Assets |
253530.700 |
|
|
|
|
(2) Current assets |
|
|
(a)
Current investments |
29964.400 |
|
(b)
Inventories |
26860.000 |
|
(c) Trade
receivables |
10697.900 |
|
(d) Cash
and cash equivalents |
183.100 |
|
(e)
Short-term loans and advances |
11727.700 |
|
(f) Other
current assets |
2529.500 |
|
Total
Current Assets |
81962.600 |
|
|
|
|
TOTAL |
335493.300 |
Note:
- The above unaudited results for the period ended 30th September, 2015 were reviewed by Audit Committee and approved by the Board of Directors in their meeting held on 27th October, 2015. These results have been subjected to a Limited Review by the Auditors.
- The Company has considered "business segment" as the primary segment. The Company is primarily in the business of manufacturing, purchase and sale of Motor Vehicles, Components and Spare Parts (“automobiles”). The other activities of the Company comprise facilitation of Pre-Owned Car Sales, Fleet Management and Car Financing. The income from these activities is not material in financial terms but such activities contribute significantly in generating demand for the products of the Company. Accordingly, segment information has not been disclosed
- Pursuant to the Supreme Court order setting aside the judgment of the Punjab & Haryana High Court (“High Court”) and directing the High Court for fresh determination of the compensation payable to the landowners, in an appeal filed by the Haryana State Industrial & Infrastructure Development Corporation Limited ("HSIIDC"), relating to the demand raised for enhanced compensation by landowners for land acquired from them at Manesar for industrial purposes, Court orders on the Company's implement applications / appeals pending with the High Court for adjudication are awaited.
- The various demands raised by HSIIDC amount to Rs 10316.500 Million, against which the Company has made a payment of Rs.3741.500 Million to HSIIDC under protest and based on its assessment, capitalized it as part of land cost in 2014-15.
- The Board of Directors, in its meeting held on 27th October, 2015 have approved a Scheme of Amalgamation (the “Scheme”) under Sections 391 to 394 of the Companies Act, 1956 („the 1956 Act‟) and other applicable provisions of the 1956 Act and the Companies Act, 2013, as per pooling of interest method, between the Company and its seven wholly owned subsidiaries engaged in business of acting as an insurance intermediary, by the name of Maruti Insurance Business Agency Limited, Maruti Insurance Distribution Services Limited, Maruti Insurance Agency Network Limited, Maruti Insurance Agency Solutions Limited, Maruti Insurance Agency Services Limited, Maruti Insurance Agency Logistics Limited and Maruti Insurance Broker Limited.
- The amalgamation will be effective from 1st April, 2016 being the appointed date and is subject to Shareholders‟ and other statutory approvals. The amalgamation is not expected to have a material impact
- The Board of Directors, in its meetings held on 1st October, 2015 and 27th October, 2015, has approved a Contract Manufacturing Agreement and a Lease Deed proposed to be executed between the Company and Suzuki Motor Gujarat Private Limited (the wholly owned subsidiary of Suzuki Motor Corporation, Japan) subject to the approval of the minority shareholders of the Company and regulatory approvals, if any
- The figures of previous periods have been re-grouped, wherever necessary, to conform to the current quarter's classification
- Rs.10 Lacs is equal to
Rs.1.000 Million.
FIXED ASSETS:
· Freehold Land
· Leasehold Land
· Building
· Plant and Machinery
· Electronic Data Processing Equipments
· Furniture, Fixtures and Office Appliances
·
Vehicles
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.66.09 |
|
|
1 |
Rs.101.84 |
|
Euro |
1 |
Rs.70.86 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
10 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
10 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
10 |
|
--PROFITABILITY |
1~10 |
10 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
10 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
86 |
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.