MIRA INFORM REPORT
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Report No. : |
344098 |
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Report Date : |
08.10.2015 |
IDENTIFICATION DETAILS
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Name : |
SHIVAM AUTOTECH
LIMITED |
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Registered
Office : |
303, 3rd Floor, Square
1, District Centre, Saket, New Delhi - 110017 |
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Tel. No.: |
91-11-49242100 / 29564205 / 29564202 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
29.07.2005 |
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Com. Reg. No.: |
55-139163 |
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Capital
Investment / Paid-up Capital : |
Rs.100.000 Million |
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CIN No.: [Company
Identification No.] |
L34300DL2005PLC139163 |
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IEC No.: |
Not Available |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTKS10057F |
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PAN No.: [Permanent
Account No.] |
AAJCS7372M |
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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
: |
Subject is engaged in manufacturing of Near-Net- Shaped, auto
transmission components mainly for Original Equipments Manufacturers (OEMs). |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (53) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 5190000 |
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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 an established company having a fine track. Financial position of the company seems to be sound. The rating also take into consideration, an acceptable share price of Rs.141.50
recorded by the company as against a Face Value of Rs.2.00 as on July 30,
2015. Trae relations are fair. Business is active. Payment terms are regular
and as per commitments. The company can be considered normal for business dealings at usual trade
terms and conditions. |
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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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
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Rating Agency Name |
CRISIL |
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Rating |
Long Term Rating = A |
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Rating Explanation |
Have adequate degree of safety and carry low
credit risk |
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Date |
06.04.2015 |
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Rating Agency Name |
CRISIL |
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Rating |
Short Term Rating = A2+ |
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Rating Explanation |
Have strong degree of safety and carry low
credit risk |
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Date |
06.04.2015 |
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.
LOCATIONS
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Registered/ Head Office : |
303, 3rd Floor,
Square 1, District Centre, Saket, New Delhi – 110017, India |
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Tel. No.: |
91-11-49242100 / 29564205 / 29564202 |
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Fax No.: |
91-11-49242116 / 29564205 / 29564202 |
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E-Mail : |
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Website : |
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Gurgaon Plant : |
58th Km. Stone, Delhi-Jaipur
Highway, Village Binola, District Gurgaon -122413, Haryana, India |
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Tel. No.: |
91-124-2379442 /
446 |
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Fax No.: |
91-124-2379442 /
447 |
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Haridwar Plant : |
Plot No. 3, Industrial
Park-II, Phase-1, Village Salempur Mehdood, District Haridwar – 249402,
Uttarakhand, India |
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Tel. No.: |
91-1334-235511 / 12 |
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Manesar Plant : |
Plot
No. 1, Sector 5, IMT Manesar Gurgaon – 122050, Haryana, India |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Sunil Kant Munjal |
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Designation : |
Chairman |
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Date of Birth/ Age : |
14.12.1957 |
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Qualification : |
B. Com Training in Mechanical Engineering |
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Date of Appointment : |
14.02.2006 |
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Other Directorship : |
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Name : |
Mr. Neeraj Munjal |
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Designation : |
Managing Director |
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Date of Birth/ Age : |
46 Years |
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Qualification : |
B.Com, DIBM |
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Experience : |
25 Years |
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Name : |
Charu Munjal |
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Designation : |
Executive Director |
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Name : |
Mr. Surrinder Lal Kapur |
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Designation : |
Director |
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Date of Birth/ Age : |
07.03.1937 |
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Qualification : |
Advocate |
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Experience : |
Expert in Company Laws, Industrial Laws and Industrial Finance. |
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Name : |
Mr. Vinayshil Gautam |
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Designation : |
Director |
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Date of Birth/ Age : |
03.06.1946 |
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Qualification : |
Doctrate in Management |
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Experience : |
Practioner and Consultant of Management in India and Aborad and is
attached with IIT Delhi |
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Name : |
Mr. Anil Kumar Gupta |
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Designation : |
Director – Technical |
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Name : |
Mr. Bhagwan Dass Narang |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Davendra Ujlayan |
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Designation : |
AVP-Finance And Chief Financial Officer |
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Address : |
219, Karishma Appartment, Plot No. 27, Patparganj, New Delhi, 110092, India |
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Date of Appointment : |
14.02.2015 |
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PAN No.: |
AAFPU2249C |
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Name : |
Shivani Kakkar |
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Designation : |
Secretary |
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Address : |
House No. 1, Sector-23, Faridabad -121005, Haryana, India |
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Date of Appointment : |
14.02.2015 |
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PAN No.: |
BEWPK5641C |
SHAREHOLDING PATTERN
AS ON 30.06.2015
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Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
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(A) Shareholding of
Promoter and Promoter Group |
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37397975 |
74.80 |
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|
37397975 |
74.80 |
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Total shareholding of
Promoter and Promoter Group (A) |
37397975 |
74.80 |
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(B) Public Shareholding |
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|
862861 |
1.73 |
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|
35455 |
0.07 |
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|
47000 |
0.09 |
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|
220000 |
0.44 |
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1165316 |
2.33 |
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|
951294 |
1.90 |
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Individual shareholders
holding nominal share capital up to Rs. 0.100 Million |
6884377 |
13.77 |
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Individual shareholders
holding nominal share capital in excess of Rs. 0.100 Million |
3373142 |
6.75 |
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|
227896 |
0.46 |
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|
214896 |
0.43 |
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|
13000 |
0.03 |
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|
11436709 |
22.87 |
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Total Public shareholding
(B) |
12602025 |
25.20 |
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Total (A)+(B) |
50000000 |
100.00 |
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(C) Shares held by
Custodians and against which Depository Receipts have been issued |
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|
0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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Total (A)+(B)+(C) |
50000000 |
0.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in manufacturing of Near-Net- Shaped, auto
transmission components mainly for Original Equipments Manufacturers (OEMs). |
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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 Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
NOTE : LONG TERM
BORROWINGS Nature of Security and Terms of Repayment Details of Securities (i) Term Loan from IDBI Bank Limited having outstanding balance of Rs.19.800 Million (previous year Rs. Nil) is secured by exclusive charge on the fixed assets created under expansion project of binola plant. (ii) Term loan from Axis Bank having outstanding balance of Rs.23.373 Million (previous year Rs.72.473 Million) are secured by exclusive charge on specific movable machineries of Binola Plant. (iii) Term loan availed from Karnataka Bank having outstanding balance of Rs. 200.000 Million (previous year Rs. 63.579 Million) is secured against Hypothecatin of Machineries located at Binola and Manesar Plant. (iv) Term loans availed for Haridwar Plant from Punjab National Bank having outstanding balance of Rs. 84.792 Million (previous year Rs. 198.667 Million) is having pari pasu charge over the entire Fixed assets of Haridwar plant both present and future. (v) Term Loan availed from ING Vyasa Bank having outstanding balance of Rs.17.259 Million (previous year Rs 25.888 Million) is secured by exclusive charge on the fixed assets created under expansion project of Haridwar plant. (vi) Term Loan availed from Yes Bank Limited having outstanding balance of Rs.500.000 Million (previous year Rs Nil) is having first pari passu on entire fixed assets of Rohtak and Banglore Plant, respectivly with other lenders. (vii) Term Loan availed from ING Vyasa Bank Limited having outstanding balance of Rs. 96.174 Million (previous year Rs Nil) is having first pari passu on entire fixed assets of Rohtak and Banglore Plant, respectivly with other lenders. (viii) The interest rate for the above Term Loan varies from 11.00% to 12.50 % (previous year 11.50% to 13.50 %) Terms of Repayment Binola Plant
Haridwar Plant
Manesar Plant
Rohtak and Banglore
Plant
SHORT TERM
BORROWINGS Details of Securities (i) Cash credit from IDBI Bank having outstanding balance of Rs. 140.000 Million (previous year Rs. 4.050 Million) and Axis Bank having outstanding balance Rs. Nil (PY Rs. 27.795 Million) at Binola is secured by first Pari Pasu charge on current assets of the Company. (ii) Cash credit from Karnataka Bank having outstanding balance of Rs. 62.587 Million (previous year Rs. 52.655 Million) at Binola is secured as first charge on entire current assets of the company (Both Present and future and second charge on the machineries proposed to be purchased out of Term Loan of Rs. 100.000 Million for Binola Plant. (iii) Cash credit from Punjab National Bank having outstanding balance of Rs. 149.164 Million (previous year Rs. 239.221 Million) and IDBI Bank Limited having an outstanding balance of Rs. 111.012 Million (previous year Rs.17.402 Million) is secured by first pari passu charge on the current assets of Haridwar Plant along with the other working capital bankers. (iv) Cash credit from Ing Vysya Bank Limited having outstanding balance or Rs 207.533 Million (previous year Rs. 249.776 Million) is secured by first pari passu charges on the current asset of binola plant along with the other working capital bankers. (v) The interest rate for the above cash credit varies from 11.50% to 12.75% (previous year 12% to 14%). |
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Auditors : |
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Name : |
S.S. Kothari Mehta and Company Chartered Accountants |
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Address : |
146-149, Tribhvan
Complex, Ishwar Nagar, Mathura Road, New Delhi-110065, India |
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Memberships : |
-- |
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Collaborators : |
--- |
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Holding company : |
Dayanand Munjal Investments Private Limited |
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Enterprises over which key management personnel and their relatives
are able to exercise significant influence: |
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CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
63,000,000 |
Equity Shares |
Rs.2/- each |
Rs.126.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50,000,000 |
Equity Shares |
Rs.2/- each |
Rs.100.000
Million |
Reconciliation of the
number of shares outstanding
|
Equity Shares |
Number
of Shares |
|
Equity
Shares outstanding as at the beginning of the year |
50,000,000 |
|
Add:
Equity Shares issued under Employees Stock option Scheme |
-- |
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Equity
Shares outstanding as at the close of the year |
50,000,000 |
Rights, restrictions
and preferences attached to each class of Shares
The Company has only one class of equity shares having par value of Rs.2/- per share. Each shareholder of equity shares is entitled to one vote per share. The Company declares dividends in Indian Rupees. The dividend proposed by the board of Directors is subject to the approval of the shareholders in the ensuing annual general meeting.
Amount of per share dividend recognized as distributions to equity shareholders is Rs. 1.20 (previous year Rs. 0.90).
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the company after distribution of the preferential amount, if any. The distribution will be in proportion to the number of equity shares held by the shareholders.
The Company has not issued any bonus shares during last five years.
Details of
shareholders holding more than 5% shares in the Company
|
Name of shareholder |
Number
of Shares |
% holding |
|
|
|
|
|
Dayanand Munjal
Investment Private Limited |
37,397,975 |
74.80% |
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 |
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|
(1)Shareholders' Funds |
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|
|
|
(a) Share Capital |
100.000 |
100.000 |
100.000 |
|
(b) Reserves & Surplus |
1715.000 |
1511.052 |
1,279.376 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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|
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(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
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Total Shareholders’
Funds (1) + (2) |
1815.000 |
1611.052 |
1,379.376 |
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(3)
Non-Current Liabilities |
|
|
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(a) long-term borrowings |
1032.790 |
296.952 |
436.619 |
|
(b) Deferred tax liabilities (Net) |
114.077 |
115.789 |
110.614 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
27.443 |
16.636 |
10.079 |
|
Total Non-current
Liabilities (3) |
1174.310 |
429.377 |
557.312 |
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(4) Current
Liabilities |
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|
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(a) Short
term borrowings |
670.296 |
590.899 |
498.523 |
|
(b) Trade
payables |
481.650 |
438.780 |
406.606 |
|
(c) Other
current liabilities |
378.530 |
410.380 |
462.639 |
|
(d) Short-term
provisions |
75.164 |
53.981 |
51.541 |
|
Total Current
Liabilities (4) |
1605.640 |
1494.040 |
1419.309 |
|
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|
|
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TOTAL |
4594.950 |
3534.469 |
3355.997 |
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II.
ASSETS |
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(1)
Non-current assets |
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|
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(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2501.129 |
2280.909 |
2414.276 |
|
(ii)
Intangible Assets |
9.438 |
10.164 |
2.333 |
|
(iii)
Capital work-in-progress |
59.255 |
7.305 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
0.000 |
160.219 |
86.802 |
|
(e) Other
Non-current assets |
483.795 |
0.000 |
0.000 |
|
Total Non-Current Assets |
3053.617 |
2458.597 |
2503.411 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
796.557 |
628.082 |
537.725 |
|
(c) Trade
receivables |
485.713 |
294.682 |
241.214 |
|
(d) Cash
and cash equivalents |
61.867 |
5.063 |
6.380 |
|
(e)
Short-term loans and advances |
178.675 |
142.711 |
67.267 |
|
(f) Other
current assets |
18.521 |
5.334 |
0.000 |
|
Total
Current Assets |
1541.333 |
1075.872 |
852.586 |
|
|
|
|
|
|
TOTAL |
4594.950 |
3534.469 |
3355.997 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4335.022 |
3887.974 |
3628.816 |
|
|
|
Other Operating Income Scrap Sale |
123.139 |
97.949 |
88.097 |
|
|
|
Other Income |
1.286 |
1.965 |
0.799 |
|
|
|
TOTAL |
4459.447 |
3987.888 |
3717.712 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Raw material consumed |
1472.807 |
1305.797 |
1176.684 |
|
|
|
Job Work on Components |
393.288 |
359.356 |
308.881 |
|
|
|
Store Consumable |
473.094 |
466.329 |
472.806 |
|
|
|
(Increase) / Decrease in finished goods and work in progress |
35.647 |
(19.717) |
(9.212) |
|
|
|
Employee benefit expenses |
396.380 |
331.340 |
288.566 |
|
|
|
Other expenses |
855.291 |
741.603 |
606.564 |
|
|
|
TOTAL |
3626.507 |
3184.708 |
2844.289 |
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
832.940 |
803.180 |
873.423 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
199.713 |
204.589 |
248.230 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
633.227 |
598.591 |
625.193 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
274.527 |
309.092 |
307.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX |
358.700 |
289.499 |
317.493 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
77.343 |
5.175 |
35.346 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX |
281.357 |
284.324 |
282.147 |
|
|
|
|
|
|
|
|
|
Add: |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
996.436 |
794.760 |
589.411 |
|
|
|
|
|
|
|
|
|
Add / Less: |
Depreciation on account
of change in useful lifes of assets as per company Act 2013 (Net of Deferred
tax) |
(519.500) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less : |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
30.000 |
30.000 |
30.000 |
|
|
|
Dividend |
60.000 |
45.000 |
40.000 |
|
|
|
Tax on Dividend |
12.214 |
7.648 |
6.798 |
|
|
BALANCE CARRIED
TO THE B/S |
1170.383 |
996.436 |
794.760 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of Exports |
28.087 |
17.387 |
9.466 |
|
|
TOTAL EARNINGS |
28.087 |
17.387 |
9.466 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
53.034 |
62.858 |
70.358 |
|
|
|
Capital Goods |
91.362 |
24.851 |
29.101 |
|
|
TOTAL IMPORTS |
144.396 |
87.709 |
99.459 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.63 |
5.69 |
28.21 |
|
CURRENT MATURITIES
OF LONG TERM BORROWINGS DETAILS
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term borrowings |
284.245 |
282.875 |
345.637 |
|
Cash from operations |
139.578 |
616.562 |
890.221 |
|
Net cash from operating activities |
67.859 |
551.557 |
827.013 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin |
(%) |
6.49 |
7.31 |
7.78 |
|
|
|
|
|
|
|
Operating Profit Margin |
(%) |
19.21 |
20.66 |
24.07 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.91 |
8.21 |
9.46 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20 |
0.18 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.09 |
0.73 |
0.93 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.96 |
0.72 |
0.60 |
STOCK
PRICES
|
Face Value |
Rs.2.00/- |
|
Market Value |
Rs.141.50/- |
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 |
100.000 |
100.000 |
100.000 |
|
Reserves & Surplus |
1279.376 |
1511.052 |
1715.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
1379.376 |
1611.052 |
1815.000 |
|
|
|
|
|
|
long-term borrowings |
436.619 |
296.952 |
1032.790 |
|
Short term borrowings |
498.523 |
590.899 |
670.296 |
|
Current maturities of
long-term borrowings |
345.637 |
282.875 |
284.245 |
|
Total borrowings |
1280.779 |
1170.726 |
1987.331 |
|
Debt/Equity ratio |
0.929 |
0.727 |
1.095 |
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 |
3628.816 |
3887.974 |
4335.022 |
|
|
|
7.142 |
11.498 |
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 |
3628.816 |
3887.974 |
4335.022 |
|
Profit |
282.147 |
284.324 |
281.357 |
|
|
7.78% |
7.31% |
6.49% |
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 |
No |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
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 |
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:
|
PARTICULAR |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Term loans from Hero Fincorp Limited |
269.164 |
133.333 |
|
|
|
|
|
Total |
269.164 |
133.333 |
BACKGROUND
Subject was established in the year 1999, and was initially known as Munjal Auto Components till July, 2005. The Company got converted to a separate Public Limited Company w.e.f. 29th July, 2005. In pursuant to the scheme of Demerger arrangement, the Gurgaon Unit was transferred to Shivam Autotech Limited on 1st August, 2005.The Company has been engaged in the manufacturing of Near-Net- Shaped, auto transmission components mainly for Original Equipment Manufacturers (OEMs). The product range includes various types of transmission gears, transmission shafts, spline shafts, plunger, power train components, and employing cold/warm/hot forging techniques. The Company has two state-of-the-art manufacturing facilities, located at Gurgaon and Haridwar. The Company’s new plant in Haridwar was commissioned in April, 2009 and is equipped with modern and state of art facilities. The main advantage of cold/ warm forging technology, which is being used to manufacture near net shaped components, are high production rates, better dimensional accuracies, excellent surface finish, substantial savings in material with minimized machining and having superior mechanical and metallurgical properties. The Company is listed on the National Stock Exchange and Bombay Stock Exchange of India. These financial statements are presented in Indian Rupees (Rs).
STATE OF COMPANY’S
AFFAIRS AND FUTURE OUTLOOK
During the year, the Company has taken measures to enhance operational efficiencies by focusing on improving yields, reducing rejections and enhancing capacity utilisation.
The total sales of the Company increased by 12.10% from Rs. 4193.779 Million in 2013-14 to Rs.4701.208 Million in 2014-15. Operating profit (PBDIT) of the company has increased by 4.67% from Rs. 803.180 Million in 2013-14 to Rs. 840.720 Million.
The overall performance of the company can be termed as satisfactory.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
Indian Two wheeler industry is the largest in the world as far as the volume of production and sales are concerned. The volume growth recorded in the 2014-15 fiscal year stood at a commendable 14.8 percent on a year-on-year basis. The ‘Make in India’ campaign of the Government of India is also going to attract more foreign investment into Indian Two-Wheeler Industry creating further growth opportunities in the coming years.
Hero MotoCorp Limited, our major customer, continues to remain the market leader in 2014-15, with a stronghold in the motorcycles segment where it enjoys a market share of over 50%.
INDUSTRY STRUCTURE
AND DEVELOPMENT
Two wheeler vehicles, due to their low cost and easy operatability, especially in congested traffic, have traditionally been a very popular mode of transport in China, India and many other regions in the world. The Indian two-wheelers industry is estimated to be worth around Rs. 755 billion in 2014-15, with total sales volumes of 18 million units. As of 2014-15, the motorcycles segment accounted for about 67 per cent of overall two-wheeler sales.
Domestic two-wheeler sales are expected to be driven by scooter sales while motorcycle sales growth is expected to moderate due to subdued rural growth. The under - penetrated rural market will be the key growth driver for the two wheeler industry due to low penetration as compared to urban market. Scooter sales are likely to grow at a higher rate than motorcycles over the next 5 years, due to changing consumer preferences and a low base effect.
Domestic motorcycle sales are expected to moderate on account of lower growth from rural areas as farm incomes are expected to grow at a slower pace. Scooter sales will drive the two wheeler domestic sales growth due to changing consumer preferences, new launches and expansion in dealership network.
OUTLOOK
Two wheeler industries is expected to report a volume of 7-8% in 2015-16 as we believe the various structural positives associated with the domestic industry including favourable demographic profile, moderate penetration levels, growing urbanization, strong replacement demand and moderate share of financed purchases remain intact; as also the large opportunity is available to grow presence in the overseas markets.
Though, further growth in Indian Two-Wheeler Industry will depend heavily on people’s personal disposable incomes that rely on India’s economic growth in days to come. Taking into account the challenges that the industry has been facing since the past few years and the way it has responded to most of the threats that it faced, the future of auto industry remains promising.
INDEX OF CHARGES:
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10554593 |
25/02/2015 |
150,000,000.00 |
IDBI BANK LIMITED |
GARG PLAZA, 46-A,
GAUTAM NAGAR, NR. MGVCL OFFICE, |
C46415824 |
|
2 |
10547163 |
16/12/2014 |
400,000,000.00 |
ING VYSYA BANK LIMITED |
NARIAN
MANZIL,GROUND FLOOR, SHOP NO. G1 TO G5, I FLOOR SHOP NO.1001 TO
1007,BARAKHAMBA ROAD, NEW D |
C42517342 |
|
3 |
10546638 |
25/11/2014 |
500,000,000.00 |
YES BANK LIMITED |
NEHRU CENTRE, 9TH
FLOOR, DISCOVERY OF INDIA, DR. |
C42246140 |
|
4 |
10476016 |
12/12/2013 |
200,000,000.00 |
KARNATAKA BANK LTD. |
CORPORATE FINANCE BRANCH, K-13, CHOUDHARY BUILDING, CONNAUGHT PLACE, NEW DELHI - 110001, INDIA |
B95656625 |
|
5 |
10476138 |
12/12/2013 |
150,000,000.00 |
KARNATAKA BANK LTD. |
CORPORATE FINANCE BRANCH, K-13, CHOUDHARY BUILDING, CONNAUGHT PLACE, NEW DELHI - 110001, INDIA |
B95706008 |
|
6 |
10375710 |
18/08/2012 |
100,000,000.00 |
ING VYSYA BANK LIMITED |
NARIAN
MANZIL,GROUND FLOOR,SHOP NO. G1 TO G5, I |
B57781312 |
|
7 |
10375703 |
13/03/2014 * |
430,000,000.00 |
ING VYSYA BANK LIMITED |
NARIAN
MANZIL,GROUND FLOOR,SHOP NO. G1 TO G5, I |
C08803157 |
|
8 |
10310481 |
13/09/2011 |
90,000,000.00 |
AXIS BANK LTD. |
4/10, OPG HOUSE, ASAF ALI ROAD, NEW DELHI - 110002, INDIA |
B22669881 |
|
9 |
10266905 |
12/01/2011 |
26,300,000.00 |
PUNJAB NATIONAL BANK |
ROSHANABAD BRANCH, NEW COLLECTRATE, ROSHANABAD, HARIDWAR - 249401, UTTARAKHAND, INDIA |
B05390323 |
|
10 |
10266906 |
12/01/2011 |
323,700,000.00 |
PUNJAB NATIONAL BANK |
ROSHANABAD BRANCH, NEW COLLECTRATE, ROSHANABAD, HARIDWAR - 249401, UTTARAKHAND, INDIA |
B05391362 |
* Date of charge modification
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 30.06.2015
(RS. IN MILLION)
|
|
|
Particulars |
|
Quarter Ended |
|
|
|
|
|
|
|
30.06.2015 |
|
|
|
|
|
|
(Unaudited) |
|
1 |
Income from Operations |
|
|
|
|
|
|
a) Net Sales/Income from Operations (net of excise duty) |
|
|
1131.172 |
|
|
|
b) Other Operating Income |
|
|
-- |
|
|
|
Total Income from Operations (Net) |
|
|
1131.172 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
Cost of Materials consumed |
|
|
370.628 |
|
|
b) |
Purchase of stock in-trade |
|
|
113.861 |
|
|
c) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
|
|
10.991 |
|
|
d) |
Employee benefit expenses |
|
|
99.900 |
|
|
e) |
Depreciation and amortization expense |
|
|
68.404 |
|
|
f) |
Job Work Charges |
|
|
94.441 |
|
|
g) |
Other
expenses |
|
|
220.708 |
|
|
Total Expenses |
|
|
978.933 |
|
|
3 |
|
Profit
/(Loss) from operations before other income, finance costs and exceptional
items (1-2) |
|
|
152.239 |
|
4 |
Other
Income |
|
|
0.047 |
|
|
5 |
|
Profit
/(Loss) from ordinary activities before finance costs and exceptional items
(3+4) |
|
|
152.286 |
|
6 |
Finance
Costs |
|
|
50.268 |
|
|
7 |
|
Profit
/(Loss) from ordinary activities after finance costs but before exceptional
items (5-6) |
|
|
102.018 |
|
8 |
Exceptional
Items |
|
|
0.000 |
|
|
9 |
Profit /(Loss) from ordinary activities before
tax |
|
|
102.018 |
|
|
10 |
Tax
Expense |
|
|
24.407 |
|
|
11 |
Net Profit /(Loss) from ordinary activities
after tax (9-10) |
|
|
77.611 |
|
|
12 |
Extraordinary
items (net of tax expense) |
|
|
-- |
|
|
13 |
Net Profit /(Loss) for the period (11-12) |
|
|
77.611 |
|
|
14 |
Paid up
equity share capital (Eq. shares of
Rs.2/- each) |
|
|
100.000 |
|
|
15 |
Reserve
excluding revaluation reserves |
|
|
|
|
|
16 |
|
Earnings per
share (before/after extraordinary items) of
Rs.10/- each |
|
|
|
|
|
|
Basic |
|
|
1.55 |
|
|
|
Diluted |
|
|
1.55 |
|
|
|||||
|
A |
|
PARTICULARS
OF SHAREHOLDING |
|
|
|
|
1 |
|
Public Shareholding |
|
|
|
|
|
|
- No. of
Shares |
|
|
12602025 |
|
|
|
-
Percentage of Shareholding |
|
|
25.20 |
|
2 |
|
Promoters and promoter group shareholding |
|
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
|
- Number
of shares |
|
|
-- |
|
|
|
- Percentage
of shares ( as a % of the total shareholding of the promoter and promoter
group) |
|
|
-- |
|
|
|
-
Percentage of shares (as a % of the total share capital of the Company) |
|
|
-- |
|
|
|
b) Non-
encumbered |
|
|
|
|
|
|
- Number of
shares |
|
|
37397975 |
|
|
|
-
Percentage of shares ( as a % of the total shareholding of the promoter and
promoter group) |
|
|
100.00 |
|
|
|
-
Percentage of shares (as a % of the total share capital of the Company) |
|
|
74.80 |
|
Particulars |
Quarter ended 30.06.2015 |
|
|
B |
Investor Complaints |
|
|
|
Pending at the beginning of the quarter |
0 |
|
|
Received during the quarter |
4 |
|
|
Disposed during the quarter |
4 |
|
|
Remaining unresolved at the end of the quarter |
0 |
Note:
1. The above unaudited results were reviewed by the Audit Committee and have been taken on record by the Board of Directors in their meeting held on 4th August 2015
2. As the Company's business activity falls within a single primary business segment viz "Two-wheelers, its parts and ancillary services and is a single geographical segment, the disclosure requirements of accounting Standard (AS-17)"Segmental Reporting", specified in the Companies (Accounting Standard) Rules, 2006 are not applicable.
3. Provision for tax includes current tax, deferred tax net off MAT credit entitlement. The Company has provided for Income tax liability after taking into account, the deductions available under Section 801C of Income Tax Act 1961 in respect of undertaking established.
4. The figures for the quarter ended 31-03-2015 are the balancing figures between the audited figures for the full financial year ended 31-03-2015 and the unaudited figures up to the period ended 31-12-2014
5. Previous quarter/year figures have been regrouped/reclassified wherever necessary, to make them comparable.
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
Computers
·
Office Equipments
·
Furniture and Fixtures
·
Vehicles
·
Leasehold Improvements
·
Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records 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.65.26 |
|
UK Pound |
1 |
Rs.99.53 |
|
Euro |
1 |
Rs.73.47 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
53 |
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.