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MIRA INFORM REPORT
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Report No. : |
486426 |
|
Report Date : |
13.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
SUBROS LIMITED |
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Registered
Office : |
Lower Ground Floor, World Trade Centre, Barakhamba Lane,
New Delhi-110 001 |
|
Tel. No.: |
91-11-23414946 - 49 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
14.02.1985 |
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Com. Reg. No.: |
55-020134 |
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Capital
Investment / Paid-up Capital : |
INR 119.977 Million |
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|
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CIN No.: [Company Identification
No.] |
L74899DL1985PLC020134 |
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IEC No.: |
Not Available |
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GSTIN : |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of thermal products
for automotive applications (Registered Activity) |
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No. of Employees
: |
2042 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A+ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Maximum Credit Limit : |
USD 99830000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subros Limited, incorporated in the year 1985 as a joint venture public limited company with 40% ownership by Suri family of India and 13% ownership by Denso Corporation & Suzuki Motor Corporation each. It is a manufacturer of thermal products for automotive applications in India, in technical collaboration with Denso. Tata, Mahindra, Maruti, Suzuki, Renault Nissan, Force Motors, Denso, Indian Railways, etc. are the customers of the subject company. For the financial year ended 2017, the company has achieved a satisfactory growth of 18.56% in its revenue as compared to the previous year’s revenue and has reported a low net profit margin of 0.91%. The company possesses strong financial profile marked by sound net worth base along with low debt balance sheet profile and comfortable liquidity parameters. The company has its share price trading at around INR 424.15 on BSE as on January 13, 2018 as against the Face Value (FV) of INR 2. Business is active. Payments are reported to be regular and as per commitment. In view of aforesaid, the company can be considered for business dealings at usual trade terms and condition. |
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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term loans : A+ |
|
Rating Explanation |
Adequate degree of safety and low credit risk |
|
Date |
19.05.2017 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term loans : A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
|
Date |
19.05.2017 |
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
31-03-2016.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial Reconstruction)
list as of 13.01.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
LOCATIONS
|
Registered Office/ Head Office : |
Lower Ground Floor, World Trade Centre, Barakhamba Lane, New Delhi-110 001, India |
|
Tel. No.: |
91-11-23414946 - 49 |
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Fax No.: |
91-11-23414945 |
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E-Mail : |
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Website : |
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Factory 1 (Central
Works) : |
B-188, Noida Phase – II, Gautam Budh Nagar, Noida - 201 304, Uttar Pradesh, India |
|
Tel. No.: |
91-120-2562226, 2460135 |
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Fax No.: |
91-120-2562783, 2562227 |
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Factory 2 / R
&D Centre : |
C-51, Phase-II, Gautam Budh Nagar, Noida – 201304, Uttar Pradesh, India |
|
Tel. No.: |
91-120-2562226, 2460135 |
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Fax No.: |
91-120-2562029 |
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Factory 3 (Tool
Room) : |
A-16, Sector-68, Gautam Budh Nagar, Noida-201304, Uttar Pradesh, India |
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Factory 4 : |
B-216, Phase-II, Gautam Budh Nagar, Noida-201304, Uttar Pradesh, India |
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Factory 5 : |
Plot No.395/396 & 403, Sector-8, IMT Manesar, District Gurugram, Haryana, India |
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Factory 6 : |
Plot No.B-8 & 9, MIDC Industrial Area, Chakan, Pune, Maharashtra, India |
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Factory 7 : |
A-20/1, SIPCOT Industrial Growth Centre Oragadam, Chennai, Tamilnadu, India |
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Factory 8 : |
E-1, TML Vendor Park, Sanand, Gujarat, India |
DIRECTORS
As on 31.03.2017
|
Name : |
Ms. Shradha Suri |
|
Designation : |
Managing Director |
|
Address : |
E-7, Panchsheel Park, New Delhi- 10017, India |
|
Date of Appointment : |
12.05.2000 |
|
DIN No.: |
00176902 |
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Name : |
Mr. Mohammed Asad Pathan |
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Designation : |
Managing Director |
|
Address : |
K-80, 1st Floor, Haus Khas Enclave, New Delhi 110016, India |
|
Date of Appointment : |
08.11.2013 |
|
DIN No.: |
00040352 |
|
|
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|
Name : |
Dr. Jyotsna Suri |
|
Designation : |
Director |
|
Address : |
N-119, Panchsheel Park, New Delhi-110017, India |
|
Date of Appointment : |
30.10.2006 |
|
DIN No.: |
00004603 |
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|
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|
Name : |
Mr. Ramamoorthy Rajagopalan Kuttalam |
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Designation : |
Director |
|
Address : |
# 519, 8th Cross Road, 3rd Phase, J P Nagar, Bangalore - 560078, Karnataka, India |
|
Date of Appointment : |
13.03.2003 |
|
DIN No.: |
00058467 |
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|
|
|
Name : |
Mr. Girish Narain Mehra |
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Designation : |
Director |
|
Address : |
House No. 217, Sector 15a, Noida Noida 201301, Utter Pradesh, India |
|
Date of Appointment : |
30.03.1996 |
|
DIN No.: |
00059311 |
|
|
|
|
Name : |
Mr. Shailendra Swarup |
|
Designation : |
Director |
|
Address : |
127, Sunder Nagar, New Delhi-110003, India |
|
Date of Appointment : |
31.10.2002 |
|
DIN No.: |
00167799 |
|
|
|
|
Name : |
Mr. Ramesh Suri |
|
Designation : |
Wholetime Director |
|
Address : |
N-119, Panchsheel Park, New Delhi- 110017, India |
|
Date of Appointment : |
14.02.1985 |
|
DIN No.: |
00176488 |
|
|
|
|
Name : |
Ms. Meena Sethi |
|
Designation : |
Director |
|
Address : |
9, South Drive, DLF Farm Houses, Chhatar Pur, Delhi- 110074, India |
|
Date of Appointment : |
30.07.2012 |
|
DIN No.: |
00221921 |
|
|
|
|
Name : |
Mr. Kenichi Ayukawa |
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Designation : |
Director |
|
Address : |
F-071, Park Place, DLF City, Phase V, Gurugram – 122002, Haryana, India |
|
Date of Appointment : |
29.07.2013 |
|
DIN No.: |
02262755 |
|
|
|
|
Name : |
Yasuhiro Iida |
|
Designation : |
Nominee Director |
|
Address : |
369 Moo 3, Teparak Road, Tambol Tepark, Amphur Muang Samutprakarn Samutprakarn Province |
|
Date of Appointment : |
08.08.2016 |
|
DIN No.: |
07144682 |
|
|
|
|
Name : |
Keiichi Yamauchi |
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Designation : |
Alternate Director |
|
Address : |
Apartment No. J-304, 30th Floor, Park Tower, Park Place, Sector-54, Gurugram- 122002, Haryana, India |
|
Date of Appointment : |
29.03.2017 |
|
DIN No.: |
07716000 |
KEY EXECUTIVES
|
Name : |
Mr. Rakesh Arora |
|
Designation : |
Company Secretary |
|
Address : |
LGF, World Trade Centre, Barakhamba Lane, Delhi-110001, India |
|
Date of Appointment : |
08.08.2016 |
|
PAN No.: |
ADRPA3186H |
|
|
|
|
Name : |
Mr. Manoj Kumar Sethi |
|
Designation : |
Chief Financial Officer / Senior VP (Finance) |
|
Address : |
Flat No. A-403, Amrrapali Exotica Apartments, Plot No. E-8, Sec-50, Noida -201301, Uttar Pradesh, India |
|
Date of Appointment : |
14.05.2015 |
|
PAN No.: |
ACMPS5964M |
MAJOR SHAREHOLDERS
As on September, 2017
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of
shares (calculated as per SCRR, 1957) As a %) |
|
|
(A) Promoter & Promoter
Group |
24000000 |
40.01 |
|
|
(B) Public |
35988600 |
59.99 |
|
|
Grand Total |
59988600 |
100.00 |
Statement showing shareholding pattern of the Promoter and
Promoter Group
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of
shares (calculated as per SCRR, 1957)As a % |
|
|
A1) Indian |
|||
|
Individuals/Hindu
undivided Family |
7206240 |
12.01 |
|
|
Ramesh Suri (HUF) |
3040000 |
5.07 |
|
|
Jyotsna Suri |
1619200 |
2.70 |
|
|
Ramesh Suri |
1419040 |
2.37 |
|
|
Ritu Suri |
1128000 |
1.88 |
|
|
Any
Other (specify) |
16793760 |
27.99 |
|
|
Deeksha Holding Limited |
10137760 |
16.90 |
|
|
Jyotsna Holding Private
Limited |
3448000 |
5.75 |
|
|
R.R Holdings Private Limited |
3208000 |
5.35 |
|
|
Sub
Total A1 |
24000000 |
40.01 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
24000000 |
40.01 |
Statement showing shareholding pattern of the Public
shareholder
|
Category & Name of the Shareholders |
No. of fully paid up equity shares held |
Shareholding % calculated as per SCRR,
1957 As a % |
|
|
B1)
Institutions |
|
|
|
|
Mutual
Funds/ |
3909414 |
6.52 |
|
|
DSP BLACKROCK MICRO CAP FUND |
1926469 |
3.21 |
|
|
UTI TRANSPORTATION AND
LOGISTICS FUND |
631823 |
1.05 |
|
|
Foreign
Portfolio Investors |
132792 |
0.22 |
|
|
Financial
Institutions/ Banks |
567 |
0.00 |
|
|
Insurance
Companies |
37018 |
0.06 |
|
|
Sub
Total B1 |
4079791 |
6.80 |
|
|
B2)
Central Government/ State Government(s)/ President of India |
0 |
0.00 |
|
|
B3)
Non-Institutions |
0 |
0.00 |
|
|
Individual
share capital upto INR 0.200 million |
7603144 |
12.67 |
|
|
Individual
share capital in excess of INR 0.200 million |
2097406 |
3.50 |
|
|
AJAY UPADHYAYA |
735000 |
1.23 |
|
|
Any
Other (specify) |
22208259 |
37.02 |
|
|
Bodies Corporate |
6200312 |
10.34 |
|
|
CANARA HSBC ORIENTAL BANK OF
COMMERCE LIFE INSURANCE COMPANY LTD |
908458 |
1.51 |
|
|
NRI – Repat |
332326 |
0.55 |
|
|
NRI – Non- Repat |
74821 |
0.12 |
|
|
Foreign companies |
15600000 |
26.00 |
|
|
DENSO CORPORATION |
7800000 |
13.00 |
|
|
SUZUKI MOTOR CORPORATION |
7800000 |
13.00 |
|
|
Trusts |
800 |
0.00 |
|
|
Sub
Total B3 |
31908809 |
53.19 |
|
|
B=B1+B2+B3 |
35988600 |
59.99 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of thermal products
for automotive applications (Registered Activity) |
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Products / Services
: |
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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 |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
· TATA · Mahindra · Maruti · Suzuki · Renault Nissan · Force Motors · Denso ·
Indian Railways |
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No. of Employees : |
2042 (Approximately) |
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Bankers : |
· Kotak Mahindra Bank Limited, 1st Floor, Asset Area 9, IBIS Commercial Block Hospitality, Delhi Aerocity, New Delhi-110037, India · DBS Bank Limited, Capital Point, Baba Kharak Singh Marg, Connaught Place, New Delhi-110001, India ·
Kotak Mahindra Bank Limited, 27BKC, C 27, G
Block Bandra Kurla Complex, Bandra (East), Mumbai-400051, Maharashtra, India |
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Facilities : |
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Statutory Auditors |
|
|
Name : |
V.K. Dhingra and Company Chartered Accountants |
|
Address : |
1-E/15, Jhandewalan Extension, New Delhi, India |
|
|
|
|
Cost Auditors |
|
|
Name : |
Chandra Wadhwa and Company Cost Accountants |
|
Address : |
204, Krishna House, 4805/24 Bharat Ram Road, Daryaganj New
Delhi-110002, India |
|
|
|
|
Secretarial Auditor
|
|
|
Name : |
RSM and Company Company Secretaries |
|
Address : |
D-63, JFF Complex, Jhandewalan New Delhi-110055, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiary Company : |
Thai Subros Ltd., Thailand |
|
|
|
|
Joint Venture : |
Denso Subros Thermal Engineering Centre India Limited (DSEC) |
|
|
|
|
Entities over which
Key Management Personnel or their relatives are able to exercise significant
influence: |
· SHS Transport Private Limited · Rohan Motors Limited · Hemkunt Service Station Private Limited · Tempo Automobiles Private Limited · Ramesh Suri (HUF) · Prima Telecom Limited · Prima Infratech Private Limited · Fibcom India Limited |
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000000 |
Equity Shares |
INR 2/- each |
INR 150.000 Million |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
59994300 |
Equity Shares |
INR 2/- each |
INR 119.989 Million |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
59988600 |
Equity Shares |
INR 2/- each |
INR 119.977 Million |
|
|
|
|
|
Reconciliation of
number of shares outstanding
|
PARTICULARS |
As at 31.03.2017 |
|
|
No. of shares |
Amount (INR In million) |
|
|
Shares outstanding at the beginning of the year |
59988600 |
119.977 |
|
Shares issued during the year |
-- |
-- |
|
Shares bought back during the year |
-- |
-- |
|
Shares outstanding at the end of the year |
59988600 |
119.977 |
List of shareholders
holding more than 5% shares
|
Name of Shareholders |
As at 31.03.2017 |
|
|
No. of shares |
% of Holding |
|
|
Deeksha Holding Limited |
10137760 |
16.90 |
|
Jyotsna Holding Private Limited |
3448000 |
5.74 |
|
R.R Holding Private Limited |
3208000 |
5.35 |
|
Ramesh Suri (HUF) |
3040000 |
5.07 |
|
Denso Corporation |
7800000 |
13.00 |
|
Suzuki Motors Corporation |
7800000 |
13.00 |
The Company has only one class of equity shares having a par value of INR 2 per share. Each shareholder is eligible for one vote per share. The dividend proposed by the Board of Directors is subject to the approval of shareholders, 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.
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES
OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
119.977 |
119.977 |
119.977 |
|
(b) Reserves & Surplus |
3374.034 |
3233.678 |
3051.400 |
|
(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) |
3494.011 |
3353.655 |
3171.377 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
1584.225 |
1889.694 |
2143.068 |
|
(b) Deferred tax liabilities
(Net) |
246.000 |
294.500 |
270.011 |
|
(c) Other long term
liabilities |
7.357 |
4.208 |
3.658 |
|
(d) long-term provisions |
36.314 |
29.341 |
26.267 |
|
Total
Non-current Liabilities (3) |
1873.896 |
2217.743 |
2443.004 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1706.615 |
1082.903 |
1187.919 |
|
(b) Trade payables |
1785.760 |
1293.115 |
1103.322 |
|
(c) Other current liabilities |
2623.621 |
1992.585 |
1760.739 |
|
(d) Short-term provisions |
12.748 |
68.490 |
60.251 |
|
Total
Current Liabilities (4) |
6128.744 |
4437.093 |
4112.231 |
|
|
|
|
|
|
TOTAL |
11496.651 |
10008.491 |
9726.612 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3337.456 |
4102.011 |
4135.824 |
|
(ii) Intangible Assets |
1634.253 |
1529.167 |
1227.395 |
|
(iii) Capital work-in-progress |
1241.259 |
432.820 |
514.520 |
|
(iv) Intangible assets under
development |
250.200 |
108.560 |
370.174 |
|
(b) Non-current Investments |
25.000 |
25.000 |
25.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
587.166 |
482.756 |
459.308 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
7075.334 |
6680.314 |
6732.221 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2052.290 |
1766.155 |
1734.170 |
|
(c) Trade receivables |
1302.059 |
985.559 |
776.067 |
|
(d) Cash and cash equivalents |
83.220 |
69.902 |
69.213 |
|
(e) Short-term loans and
advances |
650.380 |
504.309 |
412.110 |
|
(f) Other current assets |
333.368 |
2.252 |
2.831 |
|
Total
Current Assets |
4421.317 |
3328.177 |
2994.391 |
|
|
|
|
|
|
TOTAL |
11496.651 |
10008.491 |
9726.612 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
15494.585 |
13068.973 |
11971.533 |
|
|
Other Income |
33.044 |
24.301 |
10.367 |
|
|
TOTAL
|
15527.629 |
13093.274 |
11981.900 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
10709.023 |
8839.810 |
8083.495 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(40.214) |
(6.317) |
57.510 |
|
|
Employees benefits expense |
1538.602 |
1309.923 |
1159.777 |
|
|
Exceptional Items |
310.314 |
0.000 |
0.000 |
|
|
Other expenses |
1616.753 |
1404.609 |
1303.064 |
|
|
TOTAL |
14134.478 |
11548.025 |
10603.846 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
1393.151 |
1545.249 |
1378.054 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
422.157 |
417.256 |
387.249 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
970.994 |
1127.993 |
990.805 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
879.110 |
863.556 |
786.828 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
91.884 |
264.437 |
203.977 |
|
|
|
|
|
|
|
Less |
TAX |
(48.472) |
24.398 |
0.793 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
140.356 |
240.039 |
203.184 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2065.765 |
1908.487 |
1776.344 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
15.000 |
25.000 |
20.500 |
|
|
Provision for tax on proposed
dividend |
0.000 |
9.770 |
8.549 |
|
|
Proposed dividend on equity
share |
0.000 |
47.991 |
41.992 |
|
|
Total
|
15.000 |
82.761 |
71.041 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
2191.121 |
2065.765 |
1908.487 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
4.184 |
1.362 |
0.682 |
|
|
TOTAL
EARNINGS |
4.184 |
1.362 |
0.682 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials/Components |
4456.510 |
4121.090 |
4104.402 |
|
|
Stores & Consumables |
26.187 |
31.014 |
44.201 |
|
|
Plant & Machinery |
329.579 |
142.543 |
210.835 |
|
|
TOTAL
IMPORTS |
4812.276 |
4294.647 |
4359.438 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
2.34 |
4.00 |
3.39 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
772.627 |
928.135 |
865.728 |
|
Cash generated from operations |
1105.830 |
1544.018 |
1464.399 |
|
Net cash flow from operating activities |
1111.685 |
1491.730 |
1426.930 |
QUARTERLY
RESULTS
|
Particulars |
|
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
|
|
|
1st Quarter |
2nd
Quarter |
|
Net Sales |
|
4714.900 |
4971.500 |
|
Total Expenditure |
|
4272.200 |
4427.800 |
|
PBIDT (Excl OI) |
|
442.700 |
543.700 |
|
Other Income |
|
5.600 |
29.200 |
|
Operating Profit |
|
448.300 |
572.900 |
|
Interest |
|
94.000 |
102.000 |
|
Exceptional Items |
|
(9.000) |
(9.200) |
|
PBDT |
|
345.300 |
461.700 |
|
Depreciation |
|
210.400 |
228.100 |
|
Profit Before Tax |
|
134.900 |
233.600 |
|
Tax |
|
29.700 |
82.800 |
|
Provisions and
contingencies |
|
NA |
NA |
|
Profit After Tax |
|
105.200 |
150.800 |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net Profit |
|
105.200 |
150.800 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors / Income * 365 Days) |
30.67 |
27.53 |
23.66 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry
Debtors) |
11.90 |
13.26 |
15.43 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
60.86 |
53.39 |
49.82 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
0.68 |
0.87 |
0.79 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.22 |
0.25 |
0.22 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.74 |
0.72 |
0.73 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
1.16 |
1.16 |
1.32 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
1.75 |
1.32 |
1.30 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
1.85 |
1.84 |
1.97 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
3.30 |
3.70 |
3.56 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) *
100) |
% |
0.91 |
1.84 |
1.70 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total
Assets) * 100) |
% |
1.22 |
2.40 |
2.09 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth)
* 100) |
% |
4.02 |
7.16 |
6.41 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
0.72 |
0.75 |
0.73 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
0.39 |
0.35 |
0.31 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.30 |
0.34 |
0.33 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
33.87 |
32.51 |
34.98 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
0.72 |
0.75 |
0.73 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK PRICES
|
Face Value |
INR 2.00/- |
|
Market Value |
INR 424.15/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
119.977 |
119.977 |
119.977 |
|
Reserves & Surplus |
3051.400 |
3233.678 |
3374.034 |
|
Net
worth |
3171.377 |
3353.655 |
3494.011 |
|
|
|
|
|
|
long-term borrowings |
2143.068 |
1889.694 |
1584.225 |
|
Short term borrowings |
1187.919 |
1082.903 |
1706.615 |
|
Current maturities of
long-term debts |
865.728 |
928.135 |
772.627 |
|
Total
borrowings |
4196.715 |
3900.732 |
4063.467 |
|
Debt/Equity
ratio |
1.323 |
1.163 |
1.163 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
11971.533 |
13068.973 |
15494.585 |
|
|
|
9.167 |
18.560 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
11971.533 |
13068.973 |
15494.585 |
|
Profit |
203.184 |
240.039 |
140.356 |
|
|
1.70% |
1.84% |
0.91% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES
OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
119.977 |
119.977 |
|
(b) Reserves & Surplus |
|
3370.364 |
3230.790 |
|
(c) Money received against
share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
3490.341 |
3350.767 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
1584.225 |
1889.694 |
|
(b) Deferred tax liabilities
(Net) |
|
246.000 |
294.500 |
|
(c) Other long term
liabilities |
|
7.357 |
4.208 |
|
(d) long-term provisions |
|
36.314 |
29.341 |
|
Total
Non-current Liabilities (3) |
|
1873.896 |
2217.743 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
1706.615 |
1082.903 |
|
(b) Trade payables |
|
1782.835 |
1295.659 |
|
(c) Other current liabilities |
|
2631.513 |
1995.072 |
|
(d) Short-term provisions |
|
12.748 |
68.490 |
|
Total
Current Liabilities (4) |
|
6133.711 |
4442.124 |
|
|
|
|
|
|
TOTAL |
|
11497.948 |
10010.634 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
3338.520 |
4103.292 |
|
(ii) Intangible Assets |
|
1635.002 |
1529.872 |
|
(iii) Capital work-in-progress |
|
1241.259 |
432.820 |
|
(iv) Intangible assets under
development |
|
250.200 |
108.560 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
595.307 |
488.539 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total
Non-Current Assets |
|
7060.288 |
6663.083 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
2052.290 |
1766.155 |
|
(c) Trade receivables |
|
1310.537 |
993.779 |
|
(d) Cash and cash equivalents |
|
90.508 |
77.479 |
|
(e) Short-term loans and
advances |
|
650.019 |
507.510 |
|
(f) Other current assets |
|
334.306 |
2.628 |
|
Total
Current Assets |
|
4437.660 |
3347.551 |
|
|
|
|
|
|
TOTAL |
|
11497.948 |
10010.634 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
15535.244 |
13107.197 |
|
|
Other Income |
|
33.350 |
25.106 |
|
|
TOTAL
|
|
15568.594 |
13132.303 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
|
10709.023 |
8839.810 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
|
(40.214) |
(6.317) |
|
|
Employees benefits expense |
|
1566.552 |
1337.089 |
|
|
Other expenses |
|
1629.744 |
1415.538 |
|
|
Exceptional items |
|
310.314 |
0.000 |
|
|
TOTAL |
|
14175.419 |
11586.120 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
|
1393.175 |
1546.183 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
422.157 |
471.294 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
971.018 |
1074.889 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
|
879.943 |
865.073 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
|
91.075 |
209.816 |
|
|
|
|
|
|
|
Less |
TAX |
|
(48.472) |
(29.602) |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
|
139.547 |
239.418 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (INR) |
|
2.33 |
3.99 |
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 |
Yes |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
Yes |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
Yes |
|
22] |
Conduct of the banking account |
-- |
|
23] |
Financials, if provided |
Yes |
|
24] |
Capital in the business |
Yes |
|
25] |
Last accounts filed at ROC, if applicable |
Yes |
|
26] |
Turnover of firm for last three years |
Yes |
|
27] |
Reasons for variation <> 20% |
-- |
|
28] |
Estimation for coming financial year |
No |
|
29] |
Profitability for last three years |
Yes |
|
30] |
Major shareholders, if available |
Yes |
|
31] |
External Agency Rating, if available |
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 |
COMPANY UPDATE
The company, founded in 1985, is a joint venture public
limited company with 40% ownership by Suri family of India and 13% ownership each
by Denso Corporation & Suzuki Motor Corporation of Japan, is the leading
manufacturer of thermal products for automotive applications in India, in
technical collaboration with Denso.
BUSINESS OPERATIONS
The Company had an unfortunate fire incident in one of the plants of the Company situated at Manesar, Haryana on May 29, 2016. The fire was controlled, however it severely impacted the building, stocks and plant & machinery. With all-round support and concerted efforts, by the Company, Manesar Plant has now been formally re-opened on March 29, 2017 after the fire incident. The Assets were adequately insured with reinstatement clause and a claim has been made with the insurance company. An interim amount has been received from the insurance company against the claim lodged. Special/ actions to restart supplies to customers post fire accident has temporarily resulted into additional costs during the year which have been included in Exceptional Items.
During the financial year ended March 31, 2017, the Company recorded a gross turnover of INR 17510.000 Million during the year as against INR 14800.000 Million in the previous year, clocking an increase of around 18%. The Company is continuing with focussed approach in building capacities, introduction of efficient technologies in manufacturing process, new product development and localization in line with Company's growth plans. The sales of passenger vehicles has registered a growth of 9.23% in 2016-17 whilst their volume of air conditioning systems has grown by 18%. The growth has happened due to industry growth addition of new customers and localization.
MANAGEMENT DISCUSSION
AND ANALYSIS 2017
Industry Outlook
India has registered a robust and steady pace of economic growth in Fiscal 2017, as it did in FY2016. Additionally, macroeconomic parameters such as inflation, fiscal deficit and current account balance have exhibited distinct signs of improvement. Globally automobile sales have reached a record 88 million in 2016, an increase of 4.8 percent from the previous year. Consequently profit margins for suppliers and OEMs are at a 10-year high.
In the Indian context, the automotive industry occupies a prominent place, has a strong multiplier effect capable of driving economic growth. India has the distinct global advantage of producing high quality auto components at reasonably low costs. Consequently, India is seen as a major sourcing hub for auto components by developed economies; and has a tremendous growth potential. Almost every global auto major has set up facilities in the country, making India's automotive industry one of the most competitive in the world.
Further strengthening the signs of economic recovery, the government has undertaken initiatives to bring in more foreign direct investment into the country with fast clearance of infrastructure projects. These are some key reasons for the performance of the Indian auto industry picking up. The government aims to develop India as a global manufacturing, as well as a research and development (R&D) hub. It has set up National Automotive Testing and R&D Infrastructure Project (NATRiP) centers as well as a National Automotive Board to act as facilitator between the government and the industry.
A big change in fuel price differential between petrol and gasoline and de-regulation in diesel prices has created the demand shift amid petrol and diesel-based vehicles. This is favourable for their company. Consumer purchase decisions are majorly impacted by the fuel economy and demand for greater fuel efficiency.
The Indian economy has shown a moderate growth of over percent in 2016-17 and is projected to grow at 7-8 percent in 2017-18. This is sure to have a positive impact on the auto sector. From a medium term perspective, the implementation of GST should lead to gains through better allocation of factors of production. The improvement in India's economic fundamentals has accelerated in the year 2015 with the combined impact of strong government reforms, Reserve Bank of India's (RBI) inflation focus supported by benign global commodity prices.
The Indian auto industry accounts for 7.1 percent of the country's Gross Domestic Product (GDP). The Two Wheelers segment with an 81 percent market share is the leader of the Indian Automobile market owing to a promising middle class and a young population. Moreover, the focus of the auto companies in exploring the rural markets further aided the growth of the sector. The overall Passenger Vehicle (PV) segment has a 13 percent market share.
Though expectations are high going forward, inflation rates, interest rates, and foreign exchange fluctuation may have a sobering impact on the industry.
FINANCIAL &
OPERATIONAL PERFORMANCE
The Company's Gross Sales have increased INR 17510.000 Million in 2016-17 (last Year INR 1479.000 Million) an increase of 18.36 percent in sale over the previous year. The operational profit (EBIDTA) has sustained at only INR 1703.500 Million due to operational efficiencies. The management is focused on further improvement of operating levels and material cost control in 2017-18. The aim is to further increase the operational profit margins.
The Company has witnessed the unprecedented challenge of a fire incident on May 29, 2016 at their Manesar plant. The plant contributes 100 percent supplies to their key customer Maruti Suzuki. The fire had a major impact on their Stocks, Plant and Machinery, and Building. With the support of their collaborators (Denso and Suzuki) and reinstatement of supplies from their other plant they could resume supplies to their customer in the shortest possible time. The plant is fully covered through insurance and claims are under settlement, with partial disbursement granted.
In view of fluctuating foreign exchange scenario, the Company has continued its efforts to improve the level of localization of imported parts. Various VA/VE activities were initiated along with active participation with supplies to improve efficiency of operations. During the current year, the company has localized key parts of Compressor and HVAC. This contributed to material cost reduction, and also reduced import exposure. There are other such localization projects in implementation stage.
The Company values the relationship with vendor partners in achieving operational excellence. Supply Chain is given due focus to enable us to work closely with vendor partners for long-term strategic direction of the business and subsequently, their up-gradation through cluster programmes. Tier 2 up-gradation is the key for de-risking and meeting future technology and capacity requirement of the Company.
Subros Tool Engineering Center (STEC) is an important contributor to the company's growth strategies. The localization of tools has not only reduced investments, but also reduced led time substantially. The STEC has now become profitable source as they have started taking orders from customers.
FUTURE PLAN
Government of India aims to make automobile manufacturing the main driver of 'Make in India' initiative.As highlighted in theAuto Mission Plan (AMP) 2016-26, the passenger vehicles market is expected to triple to 9.4 million units by 2026.Additionally, by 2030, the Government also plans to promote eco-friendly cars in the country i.e., CNG based, hybrid, and electric vehicles.
Further, global economic indicators are also very positive, but global economic climate continues to be volatile, uncertain, and prone to geo-political risks. In view of the growth opportunities in the domestic market, while proactively observing the cost pressure of the market, the Company has made extensive localization plans and VA/VE plans for key components. The objective is to develop capabilities to provide the latest technologically supported product at low cost. Further, this will help the Company sustain growth profitably and minimise the impact of fluctuation in economic indicators.
In view of the Suzuki Motor Corporation plants in Gujarat, future expansion plan therein, and to realise the business potential, the Company has decided to use its existing facility at Sanand to realise this business. Further, the Company is working on feasibility of setting up additional facility in Gujarat to enhance its production capacity and as a de-risking strategy.
The Company has undertaken various new projects ranging from development of new models to new segments. These projects are at various stages of planning and execution. Though the Company employs sophisticated techniques and processes to forecast the demand of new products, the same is subject to margin of error. Timely introduction of new products, their acceptability in the market place, and managing complexity of operations across various manufacturing locations are key to sustain competitiveness.
The Company is enhancing its presence in Commercial Vehicle segment. After the notification on Truck Aircon in October 2016, the company is in discussions with all OEM for providing low-cost and less lead-time solutions. The discussions are in an advanced stage and they hope for positive results.
Over the past two years, their footprint in Indian Railways cabin AC has also been ably established. They have been winning new tenders despite stiff competition from very aggressive players in the field. Till date, the execution of all previous tenders has been satisfactory.
The Company has started business in Home AC segment by supplying condensers to OEMs. Business with Whirlpool has already been rolled out. They are now in discussion with other OEMs.
Entrustment production of Engine Cooling Module for Denso is
progressing well. Currently, they have setup 2 lines to meet the customer
demand. They are expecting revenue growth in this segment as per their plans
UNSECURED LOAN
|
PARTICULAR |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Short-term
borrowings |
|
|
|
Working Capital Loan From Banks (Rate of Interest: 8.45% to 8.50%) |
450.000 |
440.255 |
|
Buyers Credit Arrangements From Banks (Rate of Interest : LIBOR + 40 BPS to 68 BPS) |
59.766 |
308.999 |
|
Commercial Paper (Rate of Interest : 7.00 %) |
500.000 |
250.000 |
|
Total |
1009.766 |
999.254 |
INDEX
OF CHARGES
|
S No |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Amount |
Address |
|
1 |
G62806070 |
100137800 |
CATALYST TRUSTEESHIP LIMITED |
16/11/2017 |
- |
500000000.0 |
GDA HOUSE, FIRST FLOOR, PLOT NO. 85S. NO. 94 & 95, BHUSARI COLONY (RIGHT), KOTHRUD PUNE MAHARASHTRA 411038 INDIA |
|
2 |
G53931580 |
100123710 |
KOTAK MAHINDRA BANK LIMITED |
30/08/2017 |
- |
100000000.0 |
1ST FLOOR, ASSET AREA 9, IBIS COMMERCIAL BLOCK HOSPITALITY DIST, DELHI AEROCITY NEW DELHI 110037 INDIA |
|
3 |
G52715240 |
100049785 |
DBS BANK LTD. |
27/06/2016 |
17/08/2017 |
500000000.0 |
CAPITAL POINT, BABA KHARAK SINGH MARG CONNAUGHT PLACE, NEW DELHI 110001 INDIA |
|
4 |
G52859881 |
100034756 |
KOTAK MAHINDRA BANK LIMITED |
02/06/2016 |
30/08/2017 |
350000000.0 |
1ST FLOOR, ASSET AREA 9, IBIS COMMERCIAL BLOCK HOSPITALITY DIST, DELHI AEROCITY NEW DELHI 110037 INDIA |
|
5 |
C48178289 |
10557759 |
ICICI BANK LIMITED |
26/03/2015 |
- |
200000000.0 |
LANDMARKRACE COURCE CIRCLE ALKAPURI VADODARA GUJARAT 390015 INDIA |
|
6 |
G08077034 |
10557756 |
ICICI BANK LIMITED |
26/03/2015 |
23/07/2016 |
328800000.0 |
LANDMARKRACE COURCE CIRCLE ALKAPURI VADODARA GUJARAT 390015 INDIA |
|
7 |
G52855947 |
10552889 |
KOTAK MAHINDRA BANK LIMITED |
07/02/2015 |
30/08/2017 |
500000000.0 |
27BKC, C 27, G BLOCK BANDRA KURLA COMPLEX, BANDRA (E),MUMBAI MAHARASHTRA 400051 INDIA |
|
8 |
G52856838 |
10484020 |
KOTAK MAHINDRA BANK LIMITED |
10/03/2014 |
30/08/2017 |
750000000.0 |
27BKC, C 27, G BLOCK BANDRA KURLA COMPLEX, BANDRA (E),MUMBAI MAHARASHTRA 400051 INDIA |
|
9 |
C21120845 |
10472154 |
BAJAJ FINANCE LIMITED |
28/12/2013 |
12/08/2014 |
400000000.0 |
AKURDI PUNE-PUNE MAHARASHTRA 411035 INDIA |
|
10 |
G37805231 |
10465251 |
KOTAK MAHINDRA BANK LIMITED |
12/12/2013 |
23/02/2017 |
300000000.0 |
27BKC, C 27, G BLOCK BANDRA KURLA COMPLEX, BANDRA (E),MUMBAI MAHARASHTRA 400051 INDIA |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2017 (INR
in Million) |
31.03.2016 (INR
in Million) |
|
Net Outstanding commitments against Letter of Credits
established by the Company |
478.888 |
323.528 |
|
Guarantees given by banks on behalf of the Company |
68.234 |
146.314 |
|
Claims against the
company not acknowledged as debt :- |
|
|
|
Disputed Sales Tax Demands |
13.936 |
13.936 |
|
Disputed Income Tax Demands |
0.991 |
2.440 |
|
Other Claims |
13.365 |
11.910 |
|
Total |
575.414 |
498.128 |
STATEMENT
OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED
30.09.2017
(INR In Million)
|
PARTICULARS |
Standalone |
||
|
Quarter Ended |
Half Year Ended |
||
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
Income From
Operations |
|
|
|
|
a. Revenue from operations |
4971.500 |
4714.900 |
9686.400 |
|
b. Other Income |
29.200 |
5.600 |
34.800 |
|
Total Income from
Operations (Net) |
5000.700 |
4720.500 |
9721.200 |
|
Expenditure |
|
|
|
|
Cost of material Consumed |
3591.100 |
2926.400 |
6517.500 |
|
Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
(38.900) |
(49.100) |
(88.000) |
|
Excise Duty expenses |
0.000 |
566.700 |
566.700 |
|
Employees Benefit Expenses |
448.800 |
413.600 |
862.400 |
|
Finance Cost |
102.000 |
94.000 |
196.000 |
|
Depreciation and Amortization Expenses |
228.100 |
210.400 |
438.500 |
|
Other expenses |
426.800 |
414.600 |
841.400 |
|
Total Expenses |
4757.900 |
4576.600 |
9334.500 |
|
Profit / (Loss) from
ordinary activities after finance costs but before exceptional items |
242.800 |
143.900 |
386.700 |
|
Exceptional
items |
(9.200) |
(9.000) |
(18.200) |
|
Profit / (Loss) for
before tax |
233.600 |
134.900 |
368.500 |
|
Tax Expense |
|
|
|
|
Current Tax |
48.900 |
30.200 |
79.100 |
|
Deferred Tax |
33.900 |
-0.500 |
33.400 |
|
Profit / (Loss)
from ordinary activities After Tax |
150.800 |
405.200 |
256.000 |
|
Extra-ordinary items (net of tax expenses) |
-- |
-- |
-- |
|
Net Profit/ (Loss) for
the period |
150.800 |
405.200 |
256.000 |
|
|
|
|
|
|
Other comprehensive income/ (Loss) after tax |
|
|
|
|
Item that will not be reclassified to
profit or loss |
|
|
|
|
Gain/ (Loss)
of defined benefit obligations |
(0.700) |
(0.700) |
(1.400) |
|
Income tax
relating to above |
0.200 |
0.200 |
0.400 |
|
Other comprehensive income, net of income
tax |
(0.500) |
(0.500) |
(1.000) |
|
Total Other comprehensive income, net of income tax |
(105.300) |
(104.700) |
255.000 |
|
|
|
|
|
|
Paid- up
Equity Share Capital (share – INR 2) |
120.000 |
120.000 |
120.000 |
|
|
|
|
|
|
Reserves
excluding revaluation reserve as per balance sheet of previous accounting
year |
|
|
|
|
Earnings Per Share (of INR 2 each) (not annualized) |
|
|
|
|
Basic |
2.51 |
1.75 |
4.27 |
|
Diluted |
2.51 |
1.75 |
4.27 |
Notes :
1. The above financial results were reviewed and recommended by the Audit Committee at their meeting held on October 31, 2017 and approved by the Board of Directors at their meeting held on November 1, 2017.
2. The Unaudited financial results of the Company have been prepared in
accordance with Indian Accounting Standards ("IND AS') notified under the
Companies (Indian Accounting Standards) Rules, 2015 as amended by the Companies
(Indian Accounting Standards) (Amendment) Rules, 2016. The Company adopted IND
AS from April 1, 2017 for the first time with a transition date of April 1,
2016 and accordingly these financial results have been prepared in accordance
with the recognition and measurement principles in IND AS 34 Interim Financial
Reporting prescribed under Section 133 of the Companies Act, 2013 read with the
relevant rules issued thereunder and the other accounting principles generally
accepted in India.
3. The Unaudited financial results of the Company for the quarter and six
months ended September 30, 2017 have been subjected to a limited review by the
statutory auditors. The IND AS compliant corresponding figures for the quarter
and six months ended September 30, 2016 have been presented based on the
information compiled by the management which have not been audited nor reviewed
by the auditors. However the Company's management has exercised necessary due
diligence to ensure that such financial results provide true and fair view of
its affairs.
4. In terms of IND AS - 16 on "Property Plant & Equipments" and
IND AS - 38 on "Intangibles Assets", the Company has reviewed the
useful lives of various assets and also the method of charging depreciation. On
such reviews it was found that few assets need change in useful lives. It was
also found that pattern of consumption of future economic benefit of various
assets cannot be reasonably estimated, therefore method of charging
depreciation has been changed from WDV to SLM w.e.f. 1st April, 2017. The
cumulative impact of such changes in accounting estimates was reduction in
"Depreciation and amortization expense" and "Profit Before
Tax" by INR 14.700 Million and INR 29.300 Million during the quarter and
six months ended 30th September, 2017 respectively.
5. The format for unaudited quarterly results as prescribed in SEBI’s Circular
CIR/CFD/CMD/15/2015 dated November 30, 2015 has been modified to comply with
requirements of SEBI’s circular dated July 5, 2016 on IND AS and Schedule III
to the Companies Act, 2013 applicable to companies that are required to comply
with IND AS.
6. The Company's operations comprise of only one segment i.e. parts &
components for Automotive Airconditioning Systems.
7. There was a fire accident in one of the plants of the Company situated at
Manesar on May 29, 2016. The fire has severely impacted the building, stocks,
plant & machinery. These assets were adequately insured with reinstatement
clause and a claim has been made with the insurance company. An interim amount
has been received from the insurance company against the claim lodged.
Special/urgent actions to restart supplies to the customers post fire accident
has temporarily resulted into additional costs during the quarter under review
which have been included in Exceptional Items as per serial number VI of the
results.
8. The Company has issued Listed Redeemable 8.50% Non-Convertible Debentures
(NCDs) aggregating to INR 500.000 Million on 22nd August, 2017 and the
requisite Debenture Redemption Reserve will be created at the end of the
financial year 2017-18.
9. Revenue from operations for periods upto 30th June, 2017 include excise
duty, which is discontinued effective 1st July, 2017 upon implementation of Goods
and Services Tax (GST) in India. In view of the aforesaid restructuring of
indirect taxes, revenue from operations for the quarter and six months ended
September 30, 2017 are not comparable with the previous periods. The following
additional informations is being provided to facilitate such understanding.
|
Particulars |
Quarter Ended |
Half Year Ended |
|
|
30.09.2017 |
30.06.2017 |
30.09.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
Income From
Operations |
|
|
|
|
a. Revenue from operations |
4971.500 |
4714.900 |
9686.400 |
|
b. Excise Duty |
0.000 |
(566.700) |
(566.700) |
|
Total Income from
Operations (Net) |
4971.500 |
4148.200 |
9119.700 |
10. Additional disclosures as per regulation 52(4) of SEBI (Listing Obligations
and Disclosure Requirements) Regulations, 2015.
(a) Credit rating and change in credit rating (if any): The Non Convertible Debentures issued by the Company are rated ''[ICRA] A+''
(b) Asset cover available, in case of non convertible debt securities: 1.25
times of the total liability for outstanding NCDs as on 30th September, 2017
(c) Previous due date for the payment of interest/repayment of principal/non
convertible debt securities and whether the same has been paid or not: Previous
due date was 30th August, 2017 (INR 0.932 Million) for interest on NCDs due for
payment during half year ended 30th September, 2017 and the same has been paid
on the respective due date. No repayment of principal was due during this
period.
(d) Next due date for the payment of interest/principal of non-convertible debt
securities payable and the redemption amount: The interest on NCDs is due on
3rd October, 2017 (INR 3.610 Million) ; 30th October, 2017 (INR 3.493 Million);
30th November, 2017 (INR 3.610 Million); 1st January, 2018 (INR 3.493 Million);
30th January, 2018 (INR 3.610 Million); 28th February, 2018 (INR 3.377 Million)
and 30th March, 2018 (INR 3.493 Million) during the half year ending March,
2018. The next due date for payment of principal of NCDs is 30th April, 2018
(INR 1000 Million).
11. Deferred tax is after adjusting Minimum Alternate Tax credit entitlement.
12. The previous period's figures have been regrouped/rearranged/reclassified,
wherever necessary.
The Unaudited financial results of the Company have been prepared in accordance
with Indian Accounting Standards ("IND AS') notified under the Companies
(Indian Accounting Standards) Rules, 2015 as amended by the Companies (Indian
Accounting Standards) (Amendment) Rules, 2016. The Company adopted IND AS from
April 1, 2017 for the first time with a transition date of April 1, 2016 and
accordingly these financial results have been prepared in accordance with the
recognition and measurement principles in IND AS 34 Interim Financial Reporting
prescribed under Section 133 of the Companies Act, 2013 read with the relevant
rules issued thereunder and the other accounting principles generally accepted
in India.
The Unaudited financial results of the Company for the quarter and six months
ended September 30, 2017 have been subjected to a limited review by the
statutory auditors. The IND AS compliant corresponding figures for the quarter
and six months ended September 30, 2016 have been presented based on the
information compiled by the management which have not been audited nor reviewed
by the auditors. However the Company's management has exercised necessary due
diligence to ensure that such financial results provide true and fair view of
its affairs.
STATEMENT OF ASSETS AND LABILITIES AS ON 30.09.2017
(INR IN million)
|
SOURCES
OF FUNDS |
|
|
30.09.2017 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
120.000 |
|
(b) Reserves & Surplus |
|
|
3573.600 |
|
(c) Money received against
share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
3693.600 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
1673.800 |
|
(b) Deferred tax liabilities
(Net) |
|
|
0.000 |
|
(c) Other long term
liabilities |
|
|
0.000 |
|
(d) long-term provisions |
|
|
39.300 |
|
Total
Non-current Liabilities (3) |
|
|
1713.100 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
1380.500 |
|
(b) Trade payables |
|
|
3396.600 |
|
(c) Other current liabilities |
|
|
2363.300 |
|
(d) Short-term provisions |
|
|
21.900 |
|
Total
Current Liabilities (4) |
|
|
7162.300 |
|
|
|
|
|
|
TOTAL |
|
|
12569.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
3149.800 |
|
(ii) Intangible Assets |
|
|
1796.200 |
|
(iii) Capital work-in-progress |
|
|
2221.200 |
|
(iv) Intangible assets under
development |
|
|
358.700 |
|
(b) Non-current Investments |
|
|
25.000 |
|
(c) Deferred tax assets (net) |
|
|
119.500 |
|
(d) Long-term Loan and Advances |
|
|
89.900 |
|
(e) Other Non-current assets |
|
|
96.600 |
|
Total
Non-Current Assets |
|
|
7856.900 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
0.000 |
|
(b) Inventories |
|
|
2233.300 |
|
(c) Trade receivables |
|
|
1729.800 |
|
(d) Cash and cash equivalents |
|
|
43.700 |
|
(e) Short-term loans and
advances |
|
|
7.300 |
|
(f) Other current assets |
|
|
698.000 |
|
Total
Current Assets |
|
|
4712.100 |
|
|
|
|
|
|
TOTAL |
|
|
12569.000 |
FIXED ASSETS
Tangible Assets
- Land Leasehold
- Freehold
- Buildings
- Plant And Machinery
- Furniture And Fixture
- Vehicles
- Office Equipments
Intangible Assets
- Specialised Softwares
- Development Cost
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, 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
|
INR |
|
US Dollar |
1 |
INR 63.83 |
|
UK Pound |
1 |
INR 86.28 |
|
Euro |
1 |
INR 76.14 |
INFORMATION DETAILS
|
Analysis Done by
: |
NIY |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.
·