|
|
|
MIRA INFORM REPORT
|
Report No. : |
507388 |
|
Report Date : |
10.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
EICHER MOTORS LIMITED |
|
|
|
|
Registered
Office : |
3rd Floor, Select Citywalk, A-3, District Centre, Saket, New Delhi – 110 017 |
|
Tel. No.: |
91-11-29563722 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
14.10.1982 |
|
|
|
|
Com. Reg. No.: |
55-129877 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 271.600 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L34102DL1982PLC129877 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACE3882D |
|
|
|
|
TIN No.: |
07540186221 |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
07AAACE3882D1ZU |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in the Manufacturing and selling of Motorised Two-Wheelers, Spare Parts and Related Services [Registered Activity] |
|
|
|
|
No. of Employees
: |
2274 (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++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
Maximum Credit Limit : |
USD 112074000 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a flagship company of the Eicher Group in India and a leading player of the Indian automobile industry. It is engaged in the manufacturing and marketing of motorcycles under the “Royal Enfield” brand with its manufacturing facilities based at Chennai and Oragadam (Tamilnadu).
|
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 (30.09.2017) |
Current Rating (31.12.2017) |
|
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 |
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
31-03-2018.
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 10.05.2018
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 : |
3rd Floor, Select Citywalk, A-3, District Centre, Saket, New Delhi – 110 017, India |
|
Tel. No.: |
91-11-29563722 |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
#96, Sector 32, Gurugram – 122001, Haryana, India |
|
Tel. No.: |
91-124-7102900 |
DIRECTORS
AS ON: 31.03.2017
|
Name : |
Mr. Srinivasan Sandilya |
|
Designation : |
Director |
|
Address: |
B – 17, Kailash Colony, New Delhi-110048, India |
|
Date of Appointment: |
26.10.1999 |
|
DIN No: |
00037542 |
|
|
|
|
Name : |
Mr. Siddhartha Vikram Lal |
|
Designation : |
Chairman |
|
Address: |
12 Stevenage Road Fulham London SW 66ES GB |
|
Date of Appointment: |
01.05.2006 |
|
DIN No: |
00037645 |
|
|
|
|
Name : |
Mr. Prateek Jalan |
|
Designation : |
Director |
|
Address: |
4, Babar Road, New Delhi-110001, India |
|
Date of Appointment: |
28.04.2008 |
|
DIN No: |
02170139 |
|
|
|
|
Name : |
Ms. Manvi Sinha |
|
Designation : |
Director |
|
Address: |
C-548, First Floor, Defence Colony, New Delhi-110024, India |
|
Date of Appointment: |
13.02.2015 |
|
DIN No: |
07038675 |
KEY EXECUTIVES
|
Name : |
Mr. Manhar Kapoor |
|
Designation : |
Company Secretary |
|
Address: |
C-1/26, Mianwali Nagar, Delhi 110087, India |
|
Date of Appointment: |
09.05.2014 |
|
PAN No: |
AKSPK7005K |
|
|
|
|
Name : |
Mr. Lalit Malik |
|
Designation : |
Chief Financial Officer |
|
Address: |
MG 1506 A, 6th Floor, Tower 15, Unit A, Near DLF Golf Course Road, Magnolias, Gurgaon-122002, Haryana, India |
|
Date of Appointment: |
01.04.2014 |
|
PAN No: |
AKDPM0939K |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2018
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of |
|
|
(A) Promoter &
Promoter Group |
13762184 |
50.49 |
|
|
(B) Public |
13493365 |
49.51 |
|
|
Grand Total |
27255549 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu
undivided Family |
620998 |
2.28 |
|
|
SIMRAN LAL |
315241 |
1.16 |
|
|
ARJUN JOSHI |
101919 |
0.37 |
|
|
NIHAR JOSHI |
101919 |
0.37 |
|
|
SHONAR JOSHI |
101919 |
0.37 |
|
|
Any Other
(specify) |
12531498 |
45.98 |
|
|
THE SIMRAN
SIDDHARTHA TARA BENEFIT TRUST - TRUSTEE VIKRAM LAL |
12030648 |
44.14 |
|
|
THE BRINDA LAL
TRUST - TRUSTEE VIKRAM LAL |
485707 |
1.78 |
|
|
KARVANSARAI TRAVEL
AND LIFESTYLE PVT LTD |
15143 |
0.06 |
|
|
Sub Total A1 |
13152496 |
48.26 |
|
|
A2) Foreign |
0.00 |
||
|
Individuals
(NonResident Individuals/ Foreign Individuals) |
609688 |
2.24 |
|
|
SIDDHARTHA VIKRAM
LAL |
294694 |
1.08 |
|
|
TARA LAL |
314994 |
1.16 |
|
|
Sub Total A2 |
609688 |
2.24 |
|
|
A=A1+A2 |
13762184 |
50.49 |
Statement showing
shareholding pattern of the Public shareholder
|
Category & Name of the Shareholders |
Total no. shares held |
Shareholding % calculated as per SCRR, 1957
As a % of |
|
|
B1) Institutions |
0.00 |
||
|
Mutual Funds/ |
1537366 |
5.64 |
|
|
ICICI PRUDENTIAL
FOCUSED BLUECHIP EQUITY FUND |
439107 |
1.61 |
|
|
ADITYA BIRLA SUN
LIFE TRUSTEE PRIVATE LIMITED A/C ADITYA BIRLA SUN LIFE BALANCED 95 FUND |
276489 |
1.01 |
|
|
Alternate
Investment Funds |
6266 |
0.02 |
|
|
Foreign Portfolio
Investors |
8440163 |
30.97 |
|
|
EUROPACIFFIC
GROUTH FUND |
646049 |
2.37 |
|
|
CARTICA CAPITAL
LTD |
274272 |
1.01 |
|
|
NEW WORLD FUND INC |
288400 |
1.06 |
|
|
Financial
Institutions/ Banks |
64192 |
0.24 |
|
|
Sub Total B1 |
10047987 |
36.87 |
|
|
B2) Central
Government/ State Government(s)/ President of India |
0.00 |
||
|
Central
Government/ State Government(s)/ President of India |
7494 |
0.03 |
|
|
Sub Total B2 |
7494 |
0.03 |
|
|
B3)
Non-Institutions |
0.00 |
||
|
Individual share
capital up to INR 0.200 Million |
2159244 |
7.92 |
|
|
Individual share
capital in excess of INR 0.200 Million |
207621 |
0.76 |
|
|
Any Other
(specify) |
1071019 |
3.93 |
|
|
IEPF |
171518 |
0.63 |
|
|
Trusts |
57269 |
0.21 |
|
|
Foreign Nationals |
1318 |
0.00 |
|
|
HUF |
50027 |
0.18 |
|
|
Non-Resident
Indian (NRI) |
177889 |
0.65 |
|
|
Foreign Portfolio
Investor (Category - III) |
13 |
0.00 |
|
|
Overseas Corporate
Bodies |
840 |
0.00 |
|
|
Clearing Members |
31149 |
0.11 |
|
|
Bodies Corporate |
569421 |
2.09 |
|
|
Office Bearers |
11575 |
0.04 |
|
|
Sub Total B3 |
3437884 |
12.61 |
|
|
B=B1+B2+B3 |
13493365 |
49.51 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the Manufacturing and selling of Motorised Two-Wheelers, Spare Parts and Related Services [Registered Activity] |
|
|
|
|
Products/ Services : |
Motorised Two-Wheelers, Spare Parts and Related Services |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Available |
|
|
|
|
Imports : |
Not Available |
|
|
|
|
Terms : |
|
|
Selling : |
Not Available |
|
|
|
|
Purchasing : |
Not Available |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
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|
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|
Customers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
2277 (Approximately) |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
|
|
|
|
Auditors : |
|
|
Name : |
SR Batliboi and Company LLP Chartered Accountants |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
100% subsidiary
company of RENA |
Royal Enfield Canada Ltd.^ |
|
|
|
|
Subsidiary company: |
· Royal Enfield North America Ltd.* · Royal Enfield Brasil Comercio de Motocicletas Ltda |
|
|
|
|
Joint venture
company : |
· VE Commercial Vehicles Limited · Eicher Polaris Private Limited · Eicher Group Foundation # |
|
|
|
|
Entity under the
control of the key management personnel |
Eicher Goodearth Private Limited |
|
|
|
|
Post-employment
benefit plan |
· Eicher Executive Provident Fund · Eicher Tractors Executive Staff Superannuation Fund · EML Employees Company Gratuity Scheme |
* Incorporated on March 23, 2015
^Incorporated on April 19, 2016
#Incorporated on November 19, 2015
CAPITAL STRUCTURE
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
INR 10/- each |
INR 300.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
27210249 |
Equity Shares |
INR 10/- each |
INR 272.100
Million |
|
|
|
|
|
The Company has only one class of equity shares having a par
value of INR 10 per share. Each holder of equity shares is entitled to one vote
per share held. In the event of liquidation, the equity shareholders are
eligible to receive the remaining assets of the Company after distribution of
all preferential amount, in proportion to their shareholding
Reconciliation of the
number of shares and amount outstanding at the beginning and at the end of the
reporting year:
|
Particulars |
As at March 31, 2017 |
|
|
|
Nos. |
INR in Million |
|
At the beginning of the year |
27161183 |
271.600 |
|
Issued during the year - ESOP |
49066 |
0.500 |
|
Outstanding at the end of the year |
27210249 |
272.100 |
2) Details of
shareholders holding more than 5% equity shares in the Company:
|
Particulars |
As at March 31, 2017 |
|
|
|
Nos. |
% holding in the class |
|
Eicher Goodearth Trust |
-- |
-- |
|
Anita Lal |
-- |
-- |
|
The Simran Siddhartha Tara Benefit Trust |
12030648 |
44.21% |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
272.100 |
271.600 |
271.000 |
|
(b) Reserves & Surplus |
38953.800 |
23092.500 |
12065.600 |
|
(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) |
39225.900 |
23364.100 |
12336.600 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
792.200 |
408.200 |
200.700 |
|
(c)
Other long term liabilities |
303.600 |
154.200 |
45.200 |
|
(d)
long-term provisions |
360.100 |
296.700 |
138.200 |
|
Total
Non-current Liabilities (3) |
1455.900 |
859.100 |
384.100 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
225.700 |
0.000 |
|
(b)
Trade payables |
8319.300 |
7213.000 |
4902.400 |
|
(c)
Other current liabilities |
5891.000 |
4312.500 |
2965.600 |
|
(d)
Short-term provisions |
326.300 |
264.700 |
1700.200 |
|
Total
Current Liabilities (4) |
14536.600 |
12015.900 |
9568.200 |
|
|
|
|
|
|
TOTAL |
55218.400 |
36239.100 |
22288.900 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
8324.300 |
7594.600 |
4886.500 |
|
(ii)
Intangible Assets |
334.100 |
290.400 |
119.300 |
|
(iii)
Capital work-in-progress |
2650.100 |
333.100 |
426.700 |
|
(iv) Intangible assets under development |
1087.600 |
611.700 |
166.700 |
|
(b) Non-current
Investments |
26623.300 |
14907.100 |
2714.900 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and
Advances |
0.000 |
0.000 |
1390.000 |
|
(e)
Other Non-current assets |
2595.400 |
2007.800 |
298.300 |
|
Total
Non-Current Assets |
41614.800 |
25744.700 |
10002.400 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
8836.100 |
5829.000 |
9170.900 |
|
(b)
Inventories |
3224.500 |
3003.600 |
2051.300 |
|
(c)
Trade receivables |
489.400 |
461.300 |
107.000 |
|
(d)
Cash and cash equivalents |
206.100 |
445.200 |
208.900 |
|
(e)
Short-term loans and advances |
3.400 |
68.000 |
739.100 |
|
(f)
Other current assets |
844.100 |
687.300 |
9.300 |
|
Total
Current Assets |
13603.600 |
10494.400 |
12286.500 |
|
|
|
|
|
|
TOTAL |
55218.400 |
36239.100 |
22288.900 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
79440.600 |
69838.600 |
30312.200 |
|
|
|
Other Income |
2273.100 |
2834.900 |
1163.000 |
|
|
|
TOTAL |
81713.700 |
72673.500 |
31475.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
36154.500 |
34234.100 |
18190.800 |
|
|
|
Purchases of Stock-in-Trade |
1056.200 |
740.400 |
317.300 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(145.000) |
(532.200) |
(431.700) |
|
|
|
Employees benefits expense |
3850.500 |
3422.200 |
1609.000 |
|
|
|
Other expenses |
7405.400 |
6915.500 |
3291.200 |
|
|
|
Excise duty on sale of consumed |
9060.900 |
7976.700 |
0.000 |
|
|
|
TOTAL |
57382.500 |
52756.700 |
22976.600 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
24331.200 |
19916.800 |
8498.600 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
27.900 |
21.200 |
16.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
24303.300 |
19895.600 |
8481.900 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
1533.400 |
1365.500 |
501.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
22769.900 |
18530.100 |
7980.300 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
7169.700 |
5437.900 |
2391.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
15600.200 |
13092.200 |
5589.200 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components and spare parts |
NA |
NA |
492.200 |
|
|
|
Capital Goods |
NA |
NA |
233.500 |
|
|
|
Others |
NA |
NA |
29.400 |
|
|
TOTAL IMPORTS |
NA |
NA |
755.100 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
|
|
|
|
|
|
Basic |
573.75 |
482.45 |
206.38 |
|
|
|
Diluted
|
572.17 |
480.68 |
205.37 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
|
|
|
|
|
Cash generated from operating activities |
24135.000 |
19929.800 |
9114.400 |
|
|
|
|
|
|
Net cash flow from operating activities (A) |
17618.600 |
14743.300 |
6859.600 |
QUARTERLY RESULTS
|
PARTICULARS |
31.03.2018 |
31.12.2017 |
30.09.2017 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
25297.700 |
22642.400 |
21636.000 |
|
Total Expenditure |
17127.700 |
15458.400 |
14735.500 |
|
PBIDT (Excl OI) |
8170.000 |
7184.000 |
6900.500 |
|
Other Income |
848.400 |
482.400 |
699.200 |
|
Operating Profit |
9018.400 |
7666.400 |
7599.700 |
|
Interest |
7.200 |
9.400 |
7.200 |
|
Exceptional Items |
(3119.800) |
0.000 |
NA |
|
PBDT |
5891.400 |
7657.000 |
7592.500 |
|
Depreciation |
636.700 |
647.000 |
489.600 |
|
Profit Before Tax |
5254.700 |
7010.000 |
7102.900 |
|
Tax |
2653.400 |
2289.900 |
2238.500 |
|
Provisions and contingencies |
NA |
NA |
NA |
|
Profit After Tax |
2601.300 |
4720.100 |
4864.400 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
2601.300 |
4720.100 |
4864.400 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
2.25 |
2.41 |
1.29 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
162.32 |
151.40 |
283.29 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
81.60 |
75.28 |
96.68 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
7.55 |
6.63 |
4.14 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
1.96 |
2.26 |
1.52 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.26 |
0.33 |
0.43 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.00 |
0.01 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.37 |
0.51 |
0.78 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.32 |
0.38 |
0.45 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
872.09 |
939.47 |
508.90 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
19.64 |
18.75 |
18.44 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
28.25 |
36.13 |
25.08 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
39.77 |
56.04 |
45.31 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.94 |
0.87 |
1.28 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.71 |
0.62 |
1.07 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.71 |
0.64 |
0.55 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.00 |
0.83 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.94 |
0.87 |
1.28 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
|
|
|
Market Value |
INR 29850.80 |
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 |
271.000 |
271.600 |
272.100 |
|
Reserves & Surplus |
12065.600 |
23092.500 |
38953.800 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
12336.600 |
23364.100 |
39225.900 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
225.700 |
0.000 |
|
Current Maturities of
Long term debt |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
0.000 |
225.700 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.010 |
0.000 |
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 |
30312.200 |
69838.600 |
79440.600 |
|
|
|
130.398 |
13.749 |
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 |
30312.200 |
69838.600 |
79440.600 |
|
Profit/ (Loss) |
5589.200 |
13092.200 |
15600.200 |
|
|
18.44% |
18.75% |
19.64% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
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 |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
Litigations that the firm/promoter
involved in |
-- |
|
32 |
Market information |
-- |
|
33 |
Payments terms |
No |
|
34 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
CHARGES REGISTERED |
||||||||
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
Z00635922 |
80048310 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
20/06/1991 |
- |
- |
40000000.0 |
IDBI TOWER,CUFFE PARADE,COLABAMUMBAIMH400005IN |
|
2 |
Z00635840 |
80048305 |
INDUSTRIAL FINANCE CORPORATION OF INDIA |
16/07/1990 |
16/07/1990 |
- |
5900000.0 |
BANK OF BARODA BUILDING16, SANSAD MARG,P.B. NO. 363NEW DELHIDL110001IN |
|
3 |
Z00635807 |
80048304 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
16/07/1990 |
16/07/1990 |
- |
13000000.0 |
NARIMAN BHAWAN227, VINAY K SHAH MARG, NARIMAN POINT,MUMBAIMH400021IN |
|
4 |
G38610531 |
80048325 |
MADHYA PRADESH FINANCIAL CORPORATION |
23/06/1997 |
23/06/1997 |
10/03/2017 |
20000000.0 |
FINANCE HOUSEBOMBAY AGRA ROADINDOREMP462001IN |
|
5 |
G37639267 |
10221866 |
ICICI BANK LIMITED |
10/05/2010 |
28/11/2014 |
03/03/2017 |
30000000.0 |
LANDMARKRACE COURCE CIRCLEALKAPURIBARODAGJ390015IN |
|
6 |
G35984210 |
10565897 |
HDFC BANK LIMITED |
03/04/2015 |
- |
13/02/2017 |
260000000.0 |
HDFC BANK LTDSECTOR 53, VATIKA ATRIUM, A-BLOCKGURGAONHR122002IN |
|
7 |
G30517437 |
90045081 |
RAJASTHAN STATE INDUSTRIAL DEVELOPMENT CORPN. LTD. |
28/06/1983 |
20/03/1984 |
28/11/2016 |
550900.0 |
JAIPURJAIPURRJIN |
|
8 |
C68989185 |
80038080 |
CENTRAL BANK OF INDIA |
30/11/2005 |
- |
19/10/2015 |
30000000.0 |
INDUSTRIAL FINANCE BRANCH48/49, MONTIETH ROADCHENNAITN600008IN |
|
9 |
C67417352 |
90046161 |
SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA |
06/05/1994 |
28/06/2005 |
24/09/2015 |
100000000.0 |
VIDEOCON TOWERE1; RANI JHANSI ROADNEW DELHIDL110055IN |
|
10 |
C60642493 |
90045517 |
INDIAN OVERSEAS BANK |
20/04/1989 |
- |
27/07/2015 |
60400.0 |
NEHRU PLACENEW DELHIDLIN |
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER AND NINE MONTHS YEAR ENDED 31.12.2017
(INR IN MILLION)
|
Particulars |
For the Quarter Ended 31.12.2017 |
For the Quarter Ended 30.09.2017 |
Nine Months Ended 31.12.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
Income
from operations |
|
|
|
|
Sale of Products |
22458.800 |
21574.600 |
66486.800 |
|
Other operating income |
183.600 |
61.400 |
333.600 |
|
Total |
22642.400 |
21636.000 |
66820.400 |
|
Other Income |
482.400 |
699.200 |
2475.900 |
|
Total
Income |
23124.800 |
22335.200 |
6296.300 |
|
|
|
|
|
|
Expenses |
|
|
|
|
Cost of Materials Consumed |
11490.400 |
10906.600 |
32871.400 |
|
Purchases of
Stock-in-Trade |
412.200 |
379.000 |
1069.100 |
|
Changes in
inventories of finished goods, work-in-progress and Stock-in-Trade |
(361.100) |
(15.700) |
(538.200) |
|
Excise duty |
0.000 |
0.000 |
2543.000 |
|
Employee benefits expense |
1322.500 |
1302.000 |
3784.300 |
|
Finance Costs |
9.400 |
7.200 |
23.200 |
|
Depreciation and
amortisation expense |
647.000 |
489.600 |
1586.700 |
|
Other expenditure |
2594.300 |
2163.600 |
6728.800 |
|
Total
Expenses |
16114.800 |
15232.300 |
48068.300 |
|
Profit
before tax (7-8) |
7010.00 |
7102.900 |
21228.000 |
|
Tax expense |
2289.900 |
2238.500 |
6700.200 |
|
Profit/
loss for the period |
4720.100 |
4864.400 |
14527.800 |
|
Other
comprehensive income |
|
|
|
|
Item that may be reclassified to profit or loss |
|
|
|
|
Exchange differences in translating the financial statement of foreign operations |
(26.600) |
60.900 |
34.300 |
|
Item that will be reclassified to profit or loss |
|
|
|
|
Re-measurement gains/ losses on defined benefit plans |
(0.300) |
(4.400) |
(11.900) |
|
Total
comprehensive income/ [expenses], net of taxes |
(26.900) |
56.500 |
22.400 |
|
Total
comprehensive income |
4693.200 |
4920.900 |
14550.200 |
|
Paid
- up Equity Share Capital (Face
value of INR 10/- per share) |
272.400 |
272.200 |
272.400 |
|
Earnings Per Share (EPS) |
|
|
|
|
a)
Basic |
173.34 |
178.69 |
533.65 |
|
b)
Diluted |
172.90 |
178.18 |
532.30 |
NOTES:
- Consequent to the introduction of Goods and Services Tax (GST) with effect from 1st July, 2017, Excise Duty, Value Added Tax (VAT) etc., have been subsumed into GST. In accordance with Indian Accounting Standard - 18 on Revenue and Schedule III of the Companies Act, 2013, unlike Excise Duty, levies like GST is not considered as part of Revenue. Accordingly, the figures for the periods upto 30th June, 2017 are not strictly relatable to those thereafter.
|
Particulars |
For the Quarter Ended 31.12.2017 |
For the Quarter Ended 30.09.2017 |
Nine Months Ended 31.12.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Sale of Products |
22458.800 |
21574.600 |
20637.800 |
|
Excise Duty |
0.000 |
0.000 |
2366.600 |
|
Sale of Products excluding excise |
22458.800 |
21574.600 |
18271.200 |
2. As the Company's business activities fall within a single primary business
segment viz. "Automobile products and related components", the
disclosure requirements of Ind AS 108 "Operating segment" prescribed
under Section 133 of the Companies Act, 2013 read with relevant rules issued
thereunder, are not applicable.
3. During the current quarter, 10,000 equity shares were issued and allotted as
fully paid up at an exercise price of INR 695 (including premium of INR 685
each) per equity share and 3,830 equity shares were issued and allotted as
fully paid up at an exercise price of INR 8,477.50 (including premium of INR
8,467.50 each) per equity share and 329 equity shares were issued and allotted
as fully paid up at an exercise price of INR 12,993.65 (including premium of
INR 12,983.65 each) per equity share under Eicher Employee Stock Option
Scheme.
4. The above results have been reviewed and recommended by the Audit Committee
and approved by the Board of Directors in their meetings held on February 07, 2018
and subjected to a limited review by the statutory auditors.
.
UNSECURED LOANS
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
SHORT TERM BORROWINGS |
|
|
|
Loan repayable on
demand |
|
|
|
From bank |
|
|
|
Overdraft facility |
0.000 |
225.700 |
|
|
|
|
|
Total |
0.000 |
225.700 |
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
a) In respect of
following: |
|
|
|
- Excise duty matters |
17.400 |
21.200 |
|
- Sales tax matters |
67.500 |
62.500 |
|
- Service tax matters |
3.900 |
3.900 |
|
- Income tax matters |
0.000 |
1.700 |
|
b) Claims against the Company not acknowledged as debts |
73.400 |
58.700 |
|
c) Guarantees given |
754.100 |
240.800 |
|
to bank/others
for credit facility granted to 100% subsidiary Company |
|
|
|
Dues outstanding |
444.100 |
-- |
MANAGEMENT DISCUSSION AND
ANALYSIS
OPPORTUNITIES,
THREATS AND OUTLOOK
With such a commanding market share, the Company can grow further
by expanding this segment. The Company is executing many long-term initiatives
to further expand the segment. These initiatives include focussed marketing
programmes, distribution expansion, enhancing customer experience and product
launches. In the last few years, your Company has been focussing on growing in
international markets. Its global strategy combines its learning from the
success in India, and is calibrated for specific international geographies. The
Company has received an encouraging response for its unique brand proposition
and highly differentiated products.
DOMESTIC BUSINESS
Royal Enfield has substantially expanded and upgraded its pan-India distribution network. In 2016-17, it added nearly 150 new dealerships taking the total dealership network to 675. The Company dealers are equipped to serve customers in a variety of ways, ranging from sales of motorcycles and gear, supply of spare parts and service of motorcycles. A couple of years back, the Company embarked on a journey to upgrade all dealerships in a manner that reflect its new “Brand Retail Identity”. The objective is to create an ambience inside the stores that reinforces the brand’s innate strengths, and its promise of ‘Pure Motorcycling’. As at end of the year 2016-17, almost all stores have converted to this new brand identity.
There is tremendous potential in the domestic market for
Royal Enfield. They plan to expand our sales and service reach in the country
to over 800 dealers covering about 600 towns. The Company is working to enhance
customer experience in the dealerships - both during the sales process and
during motorcycle service. To achieve this, the Company is working towards
improving capability of dealer workforce, implementing best in class processes
and leveraging technologies. Till now several processes have been established
across sales, service, Gear for delivering customized experiences as per
customer profile.
FIXED ASSETS:
·
Building - factory
·
Plant and equipment
·
Furniture and fittings
·
Office equipment
·
Vehicles
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 67.38 |
|
UK Pound |
1 |
INR 91.09 |
|
Euro |
1 |
INR 79.75 |
INFORMATION DETAILS
|
Analysis Done by
: |
PRY |
|
|
|
|
Report Prepared
by : |
RUP |
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.