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MIRA
INFORM REPORT
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Report No. : |
510863 |
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Report Date : |
24.05.2018 |
IDENTIFICATION DETAILS
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Name : |
MOTHERSON SUMI SYSTEMS LIMITED |
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Registered
Office : |
Unit 705, C Wing, One BKC, G Block, Bandra Kurla Complex, Bandra [East],
Mumbai 400051, Maharashtra |
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Tel. No.: |
91-22-61354800 |
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Country : |
India |
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Financials (as
on) : |
31.03.2018 |
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Date of
Incorporation : |
19.12.1986 |
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Com. Reg. No.: |
11-284510 |
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Capital
Investment / Paid-up Capital : |
INR 2105.300 Million |
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CIN No.: [Company Identification
No.] |
L34300MH1986PLC284510 |
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IEC No.: |
0588045217 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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TIN No.: |
27450293368 |
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GST No.: |
27AAACM0405A1ZD |
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PAN No.: [Permanent Account No.] |
AAACM0405A |
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Legal Form : |
A Public Limited Liability Company. The Companys Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged primarily in
the Manufacture and Sale of Components to Automotive Original Equipment Manufacturers.
[Registered Activity] |
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No. of Employees
: [As On: 31.03.2017] |
29930 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRAs Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Maximum credit limit |
USD 176576000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is the flagship company of the Samvardhana Motherson Group. The company was incorporated in the year 1986. It is engaged in manufacturing of Automobile Original Equipments. For the financial year 2018, the company has achieved 8.55% growth in its revenue as compared to the previous year revenue and has maintained fair profitability margin of 11.47% during the year under review. The healthy financial profile of the company is marked by strong networth base along with strong debt coverage indicators due to low debt balance sheet profile. The rating takes into consideration equity infused by its promoters. Rating also takes into consideration strong financial and managerial support that the company revenues from Samvardhana Motherson Group entity backed by its well experienced management team. Rating continue to derive strength from the companys established market position in the automotive components industry supported by its well-diversified revenue profile across customers, geographies, and product segments, and its healthy relationships with leading global original equipment manufacturers (OEMs). The company has its share price trading at around INR. 301.65 Against the Face Value (FV) of INR 01 on BSE as on 24th May, 2018 Business is active. Payments are reported to be regular. In view of aforesaid, the company can be considered good for normal business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
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Rating |
Long Term = AA |
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Rating Explanation |
High degree of safety and very low credit risk |
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Date |
05.04.2018 |
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Rating Agency Name |
ICRA |
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Rating |
Short Term = A1+ |
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Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
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Date |
05.04.2018 |
RBI DEFAULTERS LIST STATUS
Subjects name is not enlisted as a defaulter
in the publicly available RBI Defaulters list.
EPF (Employee Provident Fund) DEFAULTERS LIST STATUS
Subjects 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
Subjects name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial Reconstruction)
list as of 24.05.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subjects name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED BY
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Name : |
Mrs. Sunita |
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Designation : |
Not Divulged |
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Contact No.: |
91-22-61354800 |
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Date : |
22.05.2018 |
LOCATIONS
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Registered Office : |
Unit 705, C Wing, One BKC, G Block, Bandra Kurla Complex, Bandra [East],
Mumbai 400051, Maharashtra, India |
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Tel. No.: |
91-22-61354800 |
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Fax No.: |
91-22-61354801 |
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E-Mail : |
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Website : |
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Head Office : |
C-14 A and B, Sector-1, Noida - 201301, Uttar Pradesh, India |
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Tel. No.: |
91-120-6752100/ 6679501 |
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Fax No.: |
91-120-2521866/ 2521966 |
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Factory : |
E-4 & 5, Sector 59, Noida-201301, Uttar Pradesh, India |
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Tel. No.: |
91-120-4760800 |
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Fax No.: |
91-120-4760966 |
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Plant Locations (in
India): |
Located at: Noida (Uttar Pradesh) Haldwani (Uttarakhand) Lucknow (Uttar Pradesh) Faridabad (Haryana) Gurgaon (Haryana) Manesar (Haryana) Pune (Maharashtra) Kandla (Gujarat) Sanand (Gujarat) Pathredi (Rajasthan) Tapukara (Rajasthan) Bengaluru (Karnataka) Chennai (Tamilnadu)
Puducherry |
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Branch Offices: |
Located at;
Pune
Bangalore
Noida
Manesar
Kanchipuram
Gautambudh
Nagar
Puducherry |
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Representative
Offices : |
Located at: Sharjah
Germany |
DIRECTORS
AS ON: 31.03.2018
|
Name : |
Mr. Laksh Vaaman Sehgal |
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Designation : |
Director |
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Address : |
B-300, New Friends Colony, New Delhi-110065, India |
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Date of Birth/Age : |
29.11.1982 |
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Qualification : |
MBA |
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Date of Appointment : |
30.04.2009 |
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DIN No.: |
00048584 |
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Name : |
Mr. Naveen Ganzu |
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Designation : |
Additional Director |
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Address : |
No. 17B, Binny Crescent, No. 16, Benson Cross Road, Benson Town, Bangalore-560046, Karnataka, India |
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Date of Appointment : |
14.10.2015 |
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DIN No.: |
00094595 |
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Name : |
Mr. Pankaj Kumar Mital |
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Designation : |
Whole-Time Director/ Chief Operating Officer |
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Address : |
C-9, Sector - 50, Noida-201301, Uttar Pradesh, India |
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Date of Appointment : |
02.09.2011 |
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DIN No.: |
00194931 |
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Name : |
Mr. Arjun Puri |
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Designation : |
Director |
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Address : |
Eco House, Certitude, Auroville, Villupuram-605101, Tamilnadu, India |
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Date of Appointment : |
11.01.2006 |
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DIN No.: |
00211590 |
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Name : |
Mr. Vivek Chaand Sehgal |
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Designation : |
Chairman |
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Address : |
22, Gwingana Crescent, Glen Waverly, Victoria-3150, Australia |
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Date of Appointment : |
19.12.1986 |
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DIN No.: |
00291126 |
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Name : |
Mr. Toshimi Shirakawa |
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Designation : |
Director |
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Address : |
709-15, Ohazanishikata Kuwanashi, Mie Prefecture-5110864, Japan |
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Date of Birth/Age : |
06.10.1954 |
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Qualification : |
Engineer |
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Date of Appointment : |
17.09.2003 |
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DIN No.: |
00310164 |
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|
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Name : |
Mr. Sushil Chandra Tripathi |
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Designation : |
Director |
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Address : |
27, Sector 15A, Noida, Noida-201301, Uttar Pradesh, India |
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Date of Appointment : |
10.09.2012 |
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DIN No.: |
00941922 |
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Name : |
Mrs. Geeta Mathur |
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Designation : |
Director |
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Address : |
B-1/8, Vasant Vihar, New Delhi-110057, India |
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Date of Appointment : |
31.01.2014 |
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DIN No.: |
02139552 |
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Name : |
Mr. Gautam Mukherjee |
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Designation : |
Director |
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Address : |
P - 62 Sector Xi Noida, Gautam Budh Nagar-201301, Uttar Pradesh, India |
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Date of Appointment : |
10.09.2012 |
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DIN No.: |
02590120 |
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Name : |
Noriyo Nakamura |
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Designation : |
Director |
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Address : |
86, Sukhdev Vihar Mathura Road, Delhi-110025, India |
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Date of Appointment : |
31.03.2014 |
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DIN No.: |
06809512 |
KEY EXECUTIVES
|
Name : |
Gaya Nand Gauba |
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Designation : |
Company Secretary |
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Address : |
C 84 Sector 26, Noida-201301, Uttar Pradesh, India |
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Date of Appointment : |
02.04.2018 |
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PAN No.: |
ACTPG0642B |
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Name : |
ALOK GOEL |
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Designation : |
Company Secretary |
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Address : |
A1a/14a, Janakpuri, New Delhi-110058, India |
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Date of Appointment : |
02.04.2018 |
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PAN No.: |
AFHPG4295D |
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+B+C2) |
|
|
(A) Promoter &
Promoter Group |
1299524366 |
61.73 |
|
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(B) Public |
805765125 |
38.27 |
|
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Grand Total |
2105289491 |
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 (A+B+C2) |
|
|
A1) Indian |
0.00 |
||
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Individuals/Hindu
undivided Family |
11086818 |
0.53 |
|
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GEETA SONI |
5740219 |
0.27 |
|
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RENU SEHGAL |
100057 |
0.00 |
|
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NILU MEHRA |
5246460 |
0.25 |
|
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LAKSH VAAMAN
SEHGAL |
82 |
0.00 |
|
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Any Other
(specify) |
703833769 |
33.43 |
|
|
SAMVARDHANA
MOTHERSON INTERNATIONAL LIMITED |
703833769 |
33.43 |
|
|
Sub Total A1 |
714920587 |
33.96 |
|
|
A2) Foreign |
0.00 |
||
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Individuals
(NonResident Individuals/ Foreign Individuals) |
48776935 |
2.32 |
|
|
VIVEK CHAAND
SEHGAL |
48776935 |
2.32 |
|
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Any Other
(specify) |
535826844 |
25.45 |
|
|
H.K. WIRING
SYSTEMS LIMITED |
5106901 |
0.24 |
|
|
RADHA RANI
HOLDINGS PTE LIMITED |
2295082 |
0.11 |
|
|
SUMITOMO WIRING
SYSTEMS LIMITED |
528424861 |
25.10 |
|
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Sub Total A2 |
584603779 |
27.77 |
|
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A=A1+A2 |
1299524366 |
61.73 |
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 (A+B+C2) |
|
|
B1) Institutions |
0.00 |
||
|
Mutual Funds/ |
177434310 |
8.43 |
|
|
ICICI PRUDENTIAL
CAPITAL PROTECTION ORIENTED FUND- SERIES VIII- 1101 DAYS PLAN G |
59447342 |
2.82 |
|
|
AXIS MUTUAL FUND
TRUSTEE LIMITED A/C AXIS MUTUAL FUND A/C AXIS FOCUSED 25 FUND |
31258376 |
1.48 |
|
|
SBI MAGNUM GLOBAL
FUND |
27794407 |
1.32 |
|
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Alternate
Investment Funds |
1820285 |
0.09 |
|
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Foreign Portfolio
Investors |
395269167 |
18.78 |
|
|
EUROPACIFIC GROWTH
FUND |
33395000 |
1.59 |
|
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Financial
Institutions/ Banks |
7733733 |
0.37 |
|
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Insurance
Companies |
11771194 |
0.56 |
|
|
Any Other
(specify) |
525 |
0.00 |
|
|
FOREIGN NATIONALS |
525 |
0.00 |
|
|
Sub Total B1 |
594029214 |
28.22 |
|
|
B2) Central
Government/ State Government(s)/ President of India |
0.00 |
||
|
B3)
Non-Institutions |
0.00 |
||
|
Individual share
capital up to INR 0.200 Million |
99438056 |
4.72 |
|
|
Individual share
capital in excess of INR 0.200 Million |
46034866 |
2.19 |
|
|
NBFCs registered
with RBI |
354458 |
0.02 |
|
|
Any Other
(specify) |
65908531 |
3.13 |
|
|
Trusts |
6692374 |
0.32 |
|
|
Non-Resident
Indian (NRI) |
3440984 |
0.16 |
|
|
Clearing Members |
1212019 |
0.06 |
|
|
Others |
3135009 |
0.15 |
|
|
Bodies Corporate |
51119976 |
2.43 |
|
|
IEPF |
308169 |
0.01 |
|
|
Sub Total B3 |
211735911 |
10.06 |
|
|
B=B1+B2+B3 |
805765125 |
38.27 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged primarily in
the Manufacture and Sale of Components to Automotive Original Equipment Manufacturers.
[Registered Activity] |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : [As On: 31.03.2017] |
29930 (Approximately) |
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Bankers : [As On: 31.03.2017] |
State Bank of India Axis Bank Limited Citibank N.A. DBS Bank Limited HDFC Bank Limited ICICI Bank Limited Japan Bank for International Cooperation Standard Chartered Bank The Bank of Tokyo Mitsubishi UFJ Limited The Hongkong and Shanghai Banking Corporation Limited |
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Facilities : |
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Financial Institutions: [As On: 31.03.2017] |
Wilmington Trust (London) Limited Housing Development Finance Corporation Limited Ramon House 169 Backbay Reclamation HT Parekh Marg, Mumbai-400020, Maharashtra, India |
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Auditors : [As On: 31.03.2017] |
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Name : |
Price
Waterhouse Accountants LLP Chartered Accountants |
|
Address : |
Building
8, 7th and 8th Floor, DLF Cyber City, Gurgaon-122002, Haryana, India |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Entities with joint control over the entity/(Promoters) [As On:
31.03.2017] |
Samvardhana Motherson International Limited, India Sumitomo Wiring Systems Limited, Japan |
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Subsidiaries of the Company : [As On: 31.03.2017] |
MSSL Mauritius Holdings Limited Electrical Wires Lanka Pvt. Ltd. MSSL Mideast (FZE) MSSL (S) Pte Ltd. MSSL Automobile Component Ltd. Samvardhana Motherson Polymers Ltd. MSSL GB Limited Motherson Wiring System (FZE) MSSL GmbH MSSL Tooling (FZE) Samvardhana Motherson Invest Deutschland GmbH MSSL Advanced Polymers s.r.o. Motherson Orca Precision Technology GmbH MSSL s.r.l. Unipersonale Samvardhana Motherson Polymers Management Germany GmbH Motherson Techno Precision Mexico S.A. De C.V. MSSL Manufacturing Hungary kft. MSSL Australia Pty Ltd. Motherson Elastomers Pty. Ltd. Motherson Investment Pty. Ltd. MSSL Ireland Private Ltd. MSSL Global RSA Module Engineering Ltd. MSSL Japan Limited Vacuform 2000 (Pty) Ltd. MSSL Mxico, S.A. De C.V. MSSLWH System (Thailand) Co., Ltd. MSSL Korea WH Limited MSSL Consolidated Inc. MSSL Overseas Wiring System Ltd. MSSL Wiring System Inc. Alphabet de Mexico, S.A. de C.V. Alphabet de Mexico de Monclova, S.A. de C.V. Alphabet de Saltillo, S.A. de C.V. MSSL Wirings Juarez, S.A. de C.V. Samvardhana Motherson Global Holdings Limited Samvardhana Motherson Automotive Systems Group B.V. Samvardhana Motherson Relectec Group Holdings Ltd. SMR Automotive Technology Holding Cyprus Ltd. SMR Automotive Mirror Parts and Holdings UK Ltd. SMR Automotive Holding Hong Kong Ltd SMR Automotive Systems India Ltd. SMR Automotive Systems France S.A. SMR Automotive Mirror Technology Holding Hungary Kft SMR Patents S.aR.L. SMR Automotive Technology Valencia S.A.U. SMR Automotive Mirrors UK Ltd. SMR Automotive Mirror Services UK Ltd. SMR Automotive Mirror International USA Inc. SMR Automotive Systems USA Inc. SMR Automotive Beijing Co. Ltd. SMR Automotive Yancheng Co. Ltd. SMR Automotive Mirror Systems Holding Deutschland GmbH SMR Holding Australia Pty Ltd. SMR Automotive Australia Pty. Ltd. SMR Automotive Mirror Technology Hungary Bt SMR Automotive Modules Korea Ltd. (formerly known as SMR Poong Jeong Automotive Mirrors Korea Ltd.) SMR Automotive Beteiligungen Deutschland GmbH SMR Hyosang Automotive Ltd. SMR Automotive Mirrors Stuttgart GmbH SMR Automotive Systems Spain S.A.U. SMR Automotive Vision Systems Mexico S.A. de C.V. SMR Automotive Servicios Mexico S.A. de C.V. SMR Grundbesitz GmbH & Co. KG SMR Automotive Brasil LTDA SMR Automotive System (Thailand) Ltd. SMR Automotives Systems Macedonia Dooel Skopje SMR Automotive Operations Japan K.K. SMR Automotive (Langfang) Co. LTD SMR Automotive Vision System Operations USA INC SMR Mirror UK Limited Samvardhana Motherson Peguform GmbH SMP Automotive Interiors (Beijing) Co. Ltd. SMP Deutschland GmbH SMP Logistik Service GmbH (previously known as SMP Automotive Solutions Personalleasings GmbH) SMP Automotive Solutions Slovakia s.r.o. Changchun Peguform Automotive Plastics Technology Co., Ltd. Foshan Peguform Automotive Plastics Technology Co., Ltd. SMP Automotive Technology Management Services (Changchun) Co. Ltd. SMP Automotive Technology Iberica S.L. Samvardhana Motherson Peguform Barcelona S.L.U SMP Automotive Technologies Teruel Sociedad Limitada Samvardhana Motherson Peguform Automotive Technology Portugal S.A. SMP Automotive Systems Mexico S.A. de C.V. SMP Automotive Produtos Automotivos do Brasil Ltda. SMP Automotive Exterior GmbH Samvardhana Motherson Innovative Autosystems BV & Co. KG Samvardhana Motherson Innovative Autosystems Holding Company BV SM Real Estate GmbH Samvardhana Motherson Innovative Autosystems de Mxico, S.A. de C.V. SMP Automotive Systems Alabama Inc. Motherson Innovations Company Limited Motherson Innovations Deutschland GmbH Samvardhana Motherson Global (FZE) SMR Automotive Industries RUS Limited Liability Company (incorporated on 03.10.2016) Celulosa Fabril S.A. (Zaragoza, ES) Modulos Rivera Alta S.L.U. Motherson Innovations Lights GmbH & Co KG (formerly Kobek Siebdruck GmbH & Co. KG acquired on 02.01.2017) Motherson Innovations Lights Verwaltungs GmbH (formerly Kobek Verwaltungs GmbH acquired on 02.01.2017) MSSL Estonia WH O (incorporated on 30.01.2017) PKC Group Plc (Acquired on 27.03.2017) PKC Wiring Systems Oy (Acquired on. 27.03.2017) PKC Netherlands Holding B.V. (Acquired on. 27.03.2017) PKC Group Poland Sp. z o.o. (Acquired on. 27.03.2017) PKC Wiring Systems Llc (Acquired on. 27.03.2017) PKC Group APAC Limited (Acquired on. 27.03.2017) PKC Group Canada Inc. (Acquired on. 27.03.2017) PKC Group USA Inc. (Acquired on. 27.03.2017) PKC Group Mexico S.A. de C.V. (Acquired on. 27.03.2017) Project del Holding S.a.r.l. (Acquired on. 27.03.2017) PK Cables do Brasil Ltda (Acquired on. 27.03.2017) PKC Eesti AS (Acquired on. 27.03.2017) TKV-sarjat Oy (Acquired on. 27.03.2017) PKC SEGU Systemelektrik GmbH (Acquired on. 27.03.2017) PK Cables Nederland B.V. (Acquired on. 27.03.2017) Groclin Luxembourg S. r.l. (Acquired on. 27.03.2017) PKC Vehicle Technology (Suzhou) Co., Ltd. (Acquired on. 27.03.2017) AEES Inc. (Acquired on. 27.03.2017) PKC Group Lithuania UAB (Acquired on. 27.03.2017) PKC Group Poland Holding Sp. z o.o. (Acquired on. 27.03.2017) OOO AEK (Acquired on. 27.03.2017) Kabel-Technik-Polska Sp. z o.o. (Acquired on. 27.03.2017) AEES Power Systems Limited partnership (Acquired on. 27.03.2017) T.I.C.S. Corporation (Acquired on. 27.03.2017) Fortitude Industries Inc. (Acquired on. 27.03.2017) AEES Manufactuera, S. De R.L de C.V. (Acquired on. 27.03.2017) Cableodos del Norte II, S. de R.L de C.V. (Acquired on. 27.03.2017) Manufacturas de Componentes Electricos de Mexico S. de R.L de C.V. (Acquired on. 27.03.2017) Arneses y Accesorios de Mxico, S. de R.L de C.V. (Acquired on. 27.03.2017) Asesoria Mexicana Empresarial, S. de R.L de C.V. (Acquired on. 27.03.2017) Arneses de Ciudad Juarez, S. de R.L de C.V. (Acquired on. 27.03.2017) PKC Group de Piedras Negras, S. de R.L. de C.V. (Acquired on. 27.03.2017) PKC Group AEES Commercial S. de R.L de C.V (Acquired on. 27.03.2017) Jiangsu Huakai-PKC Wire Harness Co., Ltd. (Acquired on. 27.03.2017) PKC Vechicle Technology (Hefei) Co, Ltd. (Acquired on. 27.03.2017) Samvardhana Motherson Plastic Solutions GMBH & Co KG (dissolved on 16th Feb 2017) ( held by MSSL GmbH) Samvardhana Motherson Nippisun Technology Ltd (SMNTL) |
CAPITAL STRUCTURE
AS ON: 31.03.2018
Authorised Capital : NOT AVAILABLE
Issued, Subscribed & Paid-up Capital : INR 2105.300
Million
AFTER: 21.08.2017
Authorised Capital : INR 3123.000 Million
Issued, Subscribed & Paid-up Capital : INR 2105.289
Million
AS ON: 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2873000000 |
Equity Shares |
INR 1/- each |
INR 2873.000 Million |
|
25000000 |
8%
Convertible Cumulative Preference Shares |
INR 10/- each |
INR 250.000 Million |
|
|
|
|
|
|
|
Total |
|
INR 3123.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1403526327 |
Equity Shares |
INR 1/- each |
INR 1404.000
Million |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
2105.300 |
1404.000 |
1323.000 |
|
(b) Reserves & Surplus |
59696.500 |
56623.000 |
23216.000 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders Funds (1) + (2) |
61801.800 |
58027.000 |
24539.000 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
11027.100 |
11543.000 |
1939.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
575.400 |
548.000 |
477.000 |
|
(d)
long-term provisions |
0.000 |
0.000 |
0.000 |
|
Government Grants |
101.500 |
111.000 |
110.000 |
|
Total
Non-current Liabilities (3) |
11704.000 |
12202.000 |
2526.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
16.000 |
37.000 |
1410.000 |
|
(b)
Trade payables |
8921.700 |
7807.000 |
5722.000 |
|
(c)
Other current liabilities |
5612.800 |
4672.000 |
4712.000 |
|
(d)
Short-term provisions |
25.500 |
20.000 |
17.000 |
|
Government Grants |
14.500 |
15.000 |
14.000 |
|
Total
Current Liabilities (4) |
14590.500 |
12551.000 |
11875.000 |
|
|
|
|
|
|
TOTAL |
88096.300 |
82780.000 |
38940.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
14643.500 |
13824.000 |
14086.000 |
|
(ii)
Intangible Assets |
4.100 |
9.000 |
3.000 |
|
(iii)
Capital work-in-progress |
922.200 |
530.000 |
652.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
47350.800 |
45563.000 |
7688.000 |
|
(c) Deferred tax assets
(net) |
48.200 |
528.000 |
389.000 |
|
(d) Long-term Loan
and Advances |
1246.400 |
38.000 |
45.000 |
|
(e)
Other Non-current assets |
480.800 |
667.000 |
404.000 |
|
Total
Non-Current Assets |
64696.000 |
61159.000 |
23267.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
9.500 |
8.000 |
6.000 |
|
(b)
Inventories |
9242.400 |
6917.000 |
6418.000 |
|
(c)
Trade receivables |
9250.000 |
8115.000 |
5921.000 |
|
(d)
Cash and cash equivalents |
1053.800 |
1890.000 |
185.000 |
|
(e)
Short-term loans and advances |
128.900 |
95.000 |
165.000 |
|
(f)
Other current assets |
3715.700 |
4596.000 |
2978.000 |
|
Total
Current Assets |
23400.300 |
21621.000 |
15673.000 |
|
|
|
|
|
|
TOTAL |
88096.300 |
82780.000 |
38940.000 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
76673.300 |
70632.000 |
58819.000 |
|
|
|
Other Income |
1403.600 |
1069.000 |
1708.000 |
|
|
|
TOTAL |
78076.900 |
71701.000 |
60527.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
38802.000 |
31178.000 |
26560.000 |
|
|
|
Purchases of Stock-in-Trade |
3080.400 |
2833.000 |
2187.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(894.600) |
(166.000) |
(212.000) |
|
|
|
Employees benefits expense |
10618.600 |
8560.000 |
7133.000 |
|
|
|
Other expenses |
9635.200 |
8313.000 |
6956.000 |
|
|
|
Excise Duty |
2112.400 |
7154.000 |
5889.000 |
|
|
|
TOTAL |
63354.000 |
57872.000 |
48513.000 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
14722.900 |
13829.000 |
12014.000 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
2183.000 |
124.000 |
474.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
12539.900 |
13705.000 |
11540.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
433.300 |
1977.000 |
2008.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
TAX |
12106.600 |
11728.000 |
9532.000 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
3315.300 |
3455.000 |
2346.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER
TAX |
8791.300 |
8273.000 |
7186.000 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
4.18 |
6.05 |
5.43 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Current Maturities of Long term debt |
NA |
1355.000 |
1503.000 |
|
|
|
|
|
|
Cash generated from operations |
NA |
10594.000 |
9533.000 |
|
|
|
|
|
|
Net Cash generated from operating activities |
NA |
7068.000 |
6783.000 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
44.03 |
41.94 |
36.74 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
8.29 |
8.70 |
9.93 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
77.75 |
83.78 |
72.65 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
1.59 |
2.00 |
1.87 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.95 |
0.96 |
0.82 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.29 |
0.29 |
0.35 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.18 |
0.20 |
0.14 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.24 |
0.22 |
0.48 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.25 |
0.25 |
0.60 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
6.74 |
111.52 |
25.35 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
11.47 |
11.71 |
12.22 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
9.98 |
9.99 |
18.45 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
14.22 |
14.26 |
29.28 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.60 |
1.72 |
1.32 |
|
|
|
|
|
|
Quick Ratio ((Current Assets Inventories) / Current Liabilities) |
0.97 |
1.17 |
0.78 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.70 |
0.70 |
0.63 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
5.25 |
8.25 |
2.53 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.60 |
1.72 |
1.32 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 1.00/ - |
|
|
|
|
Market Value |
INR 301.65/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2016 |
31.03.2017 |
31.03.2018 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
1323.000 |
1404.000 |
2105.300 |
|
Reserves & Surplus |
23216.000 |
56623.000 |
59696.500 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
24539.000 |
58027.000 |
61801.800 |
|
|
|
|
|
|
long-term borrowings |
1939.000 |
11543.000 |
11027.100 |
|
Short term borrowings |
1410.000 |
37.000 |
16.000 |
|
Total
borrowings |
3349.000 |
11580.000 |
11043.100 |
|
Debt/Equity
ratio |
0.136 |
0.200 |
0.179 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2016 |
31.03.2017 |
31.03.2018 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
58819.000 |
70632.000 |
76673.300 |
|
|
|
20.084 |
8.553 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2016 |
31.03.2017 |
31.03.2018 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
58819.000 |
70632.000 |
76673.300 |
|
Profit/ (Loss) |
7186.000 |
8273.000 |
8791.300 |
|
|
12.22% |
11.71% |
11.47% |
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 |
Promoters background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G82604984 |
100165783 |
WILMINGTON TRUST (LONDON) LIMITED |
08/03/2018 |
- |
- |
21271000000.0 |
THIRD FLOOR, 1 KING'S ARMS YARD,LONDONNAEC2R7AFGB |
|
2 |
C64928765 |
10592522 |
HOUSING DEVELOPMENT FINANCE CORPORATION LIMITED |
25/03/2015 |
- |
- |
70000000.0 |
RAMON HOUSE 169BACKBAY RECLAMATIONH T PAREKH MARGMUMBAIMH400020IN |
|
3 |
B63247654 |
10389753 |
CITI BANK N.A. |
07/11/2012 |
- |
- |
972000000.0 |
124, JEEVAN BHARATI BUILDING,CONNAUGHT CIRCUS,NEW DELHIDL110001IN |
|
4 |
B62924378 |
10323128 |
DBS BANK LTD. |
25/11/2011 |
29/10/2012 |
- |
1250000000.0 |
UPPER GROUND FLOOR, BIRLA TOWER25, BARAKHAMBA ROADNEW DELHIDL110001IN |
|
5 |
Y10135723 |
90055628 |
STATE BANK OF INDIA |
21/02/2005 |
20/05/2005 |
- |
230000000.0 |
PM 801-5 WHEELOCK HOUSEPEDDER STREETCENTRAL HONGKONGNAHK |
|
6 |
Y10124358 |
90044263 |
ICICI BANK LIMITED |
09/07/2004 |
- |
- |
5000000.0 |
9 RAFFLES ROAD#50.01 REPUBLIC PLAZASINGAPORENA048619SG |
|
7 |
Y10123599 |
90043504 |
HDFC BANK LIMITED |
14/08/2002 |
- |
- |
44000000.0 |
HINDUSTAN HOUSE 5TH FLOOR18-20 KASTURBA GANDHI MARGNEW DELHIDLIN |
|
8 |
Y10142540 |
90062445 |
CITYBANK N.A. |
07/02/2002 |
- |
- |
39000000.0 |
BANDRA KURLA COMPLEXG-BLOCK BANDRA(E)MUMBAIMHIN |
|
9 |
Y10497141 |
90369307 |
ICICI LIMITED |
14/11/2000 |
01/08/2001 |
- |
40000000.0 |
9- A CONNAUGHT PLACENEW DELHIDLIN |
|
10 |
Y10497140 |
90369306 |
ICICI BANK LTD. |
10/11/2000 |
- |
- |
43800000.0 |
9- A CONNAUGHT PLACENEW DELHIDLIN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2018 (INR
In Million) |
31.03.2017 (INR
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Term Loans |
|
|
|
Indian
rupee loan from other than banks |
NA |
51.000 |
|
|
|
|
|
SHORT TERM BORROWINGS |
|
|
|
Loans from banks |
|
|
|
Indian rupee loan |
NA |
0.000 |
|
|
|
|
|
Total |
NA |
51.000 |
CORPORATE INFORMATION [AS ON: 31.03.2018]
Motherson Sumi Systems Limited
(MSSL or the Company) was incorporated and domiciled in India on
December 19, 1986 and is engaged primarily in the manufacture and sale of
components to automotive original equipment manufacturers. The address of its
registered office is Unit 705, C Wing, ONE BKC, G Block, Bandra Kurla Complex, Bandra
East, Mumbai, Maharashtra. The Company is a public limited company and is
listed in the Bombay Stock Exchange and National Stock Exchange. The Company is
a joint venture entity between Samvardhana Motherson International Limited
(SMIL) and Sumitomo Wiring Systems Limited, Japan.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2018 (INR
In Million) |
31.03.2017 (INR
In Million) |
|
Claims against the
Company not acknowledged as debts |
|
|
|
Excise matters# |
NA |
42.000 |
|
Customs demand matters# |
NA |
0.000 |
|
Sales tax matters# |
NA |
38.000 |
|
Service tax matters |
NA |
39.000 |
|
Stamp duty |
NA |
0.000 |
|
Claims made by workmen |
NA |
34.000 |
|
Income tax matters |
NA |
155.000 |
Notes:
# Against which Company has given
bank guarantees amounting to INR 14.000 million (March 31, 2016 : INR 76.000
million. April 01, 2015: INR 62.000 million)
(a) The Company does not expect
any reimbursements in respect of the above contingent liabilities.
(b) It is not practicable for the
Company to estimate the timings and amount of cash outflows, if any, in respect of the above
pending resolution of the respective proceedings.
FIXED ASSETS: [AS
ON: 31.03.2017]
- Leasehold Land
- Freehold Land
- Leasehold improvements
- Building
- Plant and Machinery
- Furniture and fixtures
- Office equipment
- Computer
- Vehicles
PRESS RELEASES:
MOTHERSON SUMI COULD
GO IN FOR 3 ACQUISITIONS TO ACHIEVE ITS FY2020 VISION
23.04.2018
Global automobile component maker Motherson Sumi Systems Limited (MSSL) could go in for three acquisitions over the next 6 months in order to fast-track its FY2020 vision, as per media reports. The company has not yet officially reported anything in this regard.
According to the media reports, of the three acquisitions, one could be of a
European company in the range of $500mn, the second could be a Japanese company
in the $50-$80mn range and the third could be a US company in the $200-$250mn
range. These acquisitions are expected to be in addition to the recent
acquisition of Reydel, which manufactures Instrument Panels, Door Panels,
Console Modules, Decorative Parts and Cockpit Modules.
PKC acquisition would enhance its revenue by INR 60000.000 million in wiring
segment. EBITDA margin is likely to expand by 203bps over FY18-20E to 11.4%,
led by declining start-up costs and PKC turnaround. SMR continues to gain
volume market share in exterior mirrors; value growth would be aided by
premiumization. Vehicle upgradation and BS-VI norms are likely to increase the
companys wiring harness content per car supplied. The recent acquisition of
interior component maker Reydel will provide geographical and client
diversification. We project revenue, EBITDA and PAT CAGR of 16%, 28% and 37%
respectively over FY18-20E.
MSSL supplies to 14 out of top 15 global OEMs and derives consolidated revenues
from wiring harness business (12%), SMR (21%), SMP (47%), PKC (14%) and others
(6%), as per Q3FY18 numbers. It saw an erosion of 161bps yoy in consolidated
EBITDA margins in Q3FY18 due to lag in pass-through of copper prices, high
start-up costs at SMP and supplier issues in European business of PKC. However,
these are near-term issues and the long-term trajectory remains extremely
strong.
Motherson Sumi Systems Ltd ended at INR 351 up by INR 0.9 or 0.26% from its
previous closing of INR 350.10 on the BSE. The scrip opened at INR 351 and
touched a high and low of INR 351 and INR 351 respectively. A total of 3,533
(NSE+BSE) shares were traded on the counter. The current market cap of the
company is INR 737061.900 million
SELL JINDAL STEEL
& POWER; BUY HDFC BANK, MOTHERSON SUMI SYSTEMS: ASHWANI GUJRAL
23.03.2018
ASHWANI GUJRAL OF
ASHWANIGUJRAL.COM IS OF THE VIEW THAT ONE CAN SELL JINDAL STEEL & POWER AND
CAN BUY HDFC BANK AND MOTHERSON SUMI SYSTEMS.
Ashwani Gujral of ashwanigujral.com told CNBC-TV18, "Jindal Steel & Power is a sell with a stop loss of INR 219, target of INR 205. HDFC Bank is a buy with a stop loss of INR 1830, target of INR 1875. Motherson Sumi Systems is a buy with a stop loss of INR 304, target of INR 321."
"Buy CESC with a stop loss of INR 878, target of INR 910. Buy Zee Entertainment with a stop loss of INR 560, target of INR 585."
"Buy Asian Paints with a stop loss of INR 1100, target of INR 1150. Buy HCL Tech with a stop loss of INR 948, target of INR 980. Buy Mahanagar Gas with a stop loss of INR 958, target of INR 982."
"Buy ICICI
Prudential with a stop loss of INR 374, target of INR
392."
"LIC Housing is a buy with a stop loss of INR 515, target of INR 540. HCL Technologies is a buy with a stop loss of INR 935, target of INR 960. Delta Corp is a buy with a stop loss of INR 282, target of INR 296."
MOTHERSON SUMI
COMPLETES 21ST ACQUISITION, BUYS REYDEL FOR $201MN
03.04.2018
Motherson Sumi Systems Limited reacted positively to news of Reydel acquisition and the stock was up by more than 3% today after gaining over 4% yesterday.
Automotive component manufacturer Motherson Sumi Systems Limited (MSSL), the flagship company of the Samvardhana Motherson Group (SMG), is set to acquire two companies of the Reydel Automotive Group (Reydel) for $201mn.
The acquisition will be done by MSSL subsidiary Samvardhana Motherson
Automotive Systems Group BV (SMRPBV), which will acquire 100% stake in both
entities. The acquisition is expected to be completed in the next 4-6 months
and will be MSSL's 21st acquisition.
Headquartered in Baarn, Netherlands, Reydel is a privately held company of
Cerberus Capital Management, LP (Cerberus) that manufactures interior
components and modules for global automotive customers.
Its product portfolio comprises of instrument panels, door panels, console
modules, decorative parts, and cockpit modules.
Reydel has 20 manufacturing facilities with a presence in 16 countries and
5,650 employees (as of January 2018). Its top customers include PSA, Renault,
RSM, Ssangyong / Mahindra and Mahindra, Volkswagen, and General Motors.
As per data in MSSLs presentation dated April 2, 2018, Reydels financials for
CY2017 were as follows:
Revenues: $1,048mn
EBITDA: $68mn (EBITDA margin: 6.5%)
EBIT: $48mn (EBIT margin: 4.6%)
Gross Debt: $25mn
Cash: $88mn
MSSL has mentioned the purchase consideration as $201mn. Adjusting for gross
debt and cash, the Enterprise Value (EV) works out to $138mn.
EV/EBITDA (x): 2.03
EV/Sales (x): 0.13
Against this, MSSLs recent acquisition of wiring harness-maker PKC was priced
at 0.73x EV/Sales and 9.7x EV/EBITDA. Hence, the Reydel transaction is
conservatively priced compared to the PKC transaction. However, one also needs
to note that the PKC transaction was of a significantly larger scale compared
to Reydel (purchase price of 571mn / $704mn) and was of a different product
portfolio. Hence, there cannot be a one-on-one comparison between the two
transactions.
BENEFITS FROM THE TRANSACTION
The Reydel acquisition will help MSSL increase its reach, given that the former
has 20 manufacturing facilities across 16 countries. Also, Reydels product
portfolio is complementary to that of MSSLs subsidiary Samvardhana Motherson
Peguform (SMP) and SMIA. It will also help MSSL to achieve one of its goals for
the FY2020 5-year target; 3CX15 (no country, customer, or component should be
more than 15% of total turnover).
The acquisition cost of $201mn (INR 1,3290.000 million @ INR 66.11/USD) will
not strain MSSLs books since it has INR 2,6850.000 million cash on its
consolidated books as on December 31, 2017. There are common locations where
MSSL and Reydel have plants; however, they cater to different clients, hence
there is not an overlap.
The acquisition also gives MSSL exposure to locations where it does not have
too much presence currently, such as Philippines, Morocco, Croatia, and
Argentina, among others. Given the information at hand as on date, we feel that
the Reydel acquisition makes sound economic sense for MSSL and is a step in the
right direction for achieving its FY2020 targets, especially those of 3CX15.
MSSLs consolidated revenue mix comprises of standalone wiring harness business
(12%), SMR (21%), SMP (47%), PKC (14%), and others (6%). The company saw an
erosion of 161bps yoy in consolidated EBITDA margins in Q3FY18 due to lag in
pass-through of copper prices, high start-up costs at SMP, and supplier issues
in PKC's European business. However, these are near-term issues and the
long-term trajectory remains extremely strong.
SMR continues to gain volume market share in exterior mirrors; value growth
would be aided by premiumization. Vehicle upgradation and BS-VI norms are
likely to increase the companys wiring harness content per car supplied. The
PKC acquisition would enhance its revenue by INR 6,0000.000 million in the
wiring segment. EBITDA margin is likely to expand by 203bps over FY18E-20E to
11.4%, led by declining start-up costs and PKC turnaround.
Motherson Sumi Systems Ltd is currently trading at INR 334.40 up by INR 10.15
or 3.13% from its previous closing of INR 324.25 on the BSE.
The scrip opened at INR 337 and has touched a high and low of INR 343.80 and INR
332 respectively. So far 86,85,979 (NSE+BSE) shares were traded on the counter.
The current market cap of the company is INR 68,264.01 million.
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 records 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 Intl
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 companys 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 68.21 |
|
UK Pound |
1 |
INR 91.43 |
|
Euro |
1 |
INR 80.24 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHR |
|
|
|
|
Analysis Done by
: |
VAR |
|
|
|
|
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
SCs 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.