Mazda Limited BSE Scrip Code:
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1 Mazda Limited BSE Scrip Code: Industrial Machinery September 14, 2012 Equity Statistics Current Market Price Rs Week High / Low Rs /70.25 Market Capitalisation Rs. crores 38.8 Free Float Rs. crores 25.5 Dividend Yield % 4.4 One Year Regression Beta Times 0.4 BSE Volumes Trend - Average = 2.61 Thousand Returns (%) 1M 3M 6M 1Yr Absolute -9% -3% 0% 12% Relative to Sensex -13% -11% -5% 2% Shareholding Pattern 100% 50% 0% in '000s Relative Returns Sensex Mazda Sep '12 Dec '11 Mar '12 Jun '12 Business Summary Mazda Limited (Mazda) specializes in manufacturing and supplying vacuum systems and evaporators to various industries such as Power, Fertilizers, Chemicals, Bulk Drugs, Refineries, Sugar & Food industries and Pulp & Paper, amongst others. In 2008, Mazda ventured into producing food products such as energy drinks and soft drink concentrates under the brand name of BCool solely for exports and with a focus on food colours and food essence. Mazda entered into a technical agreement for purchase of designs and drawings with M/s Croll-Reynolds Inc. of USA. At the Company s manufacturing facility in Ahmedabad, Mazda and Croll-Reynolds work together to design, manufacture and test high-quality equipments. In 2011, Mazda divested the Valves division to Circor India, a valve design, development and Manufacturing Company and a subsidiary of CIRCOR International Inc. for a value of Rs.22 crore, payable in two tranches. In FY11 (Financial Year (FY) refers to period from April, 1 to March, 31), the company received a first tranche payment of Rs.18.7 crore and the second and final payment will be received after two years of the transaction date. Mazda inaugurated its new plant at Naroda, Ahmedabad, which is expected to further add 15%-20% to the total existing capacity. Mazda is currently trading at 3.9 times FY12 EPS. Board of Directors Person Role Qualification Nanalal C Mehta Chairman PhD Sorab B Mody MD B.com P.X.Avari WTD Mechanical Engineering Samuel W Croll Director BA, MA Dady.K. Contractor Director B.Com, Certified Associate and Fellow of IIB Mohib.N. Khericha Director CA Sheila.S.Mody Director BSc Houtoxi.F. Contractor Director B.Com, Systems analyst H.B.Khalsa Director B.Com Shanaya.Mody Khatua WTD B.A. (Arts), MSc (IERHRM) Source: Company Annual Report and CARE Research Note: MD: Managing Director, WTD: Whole time Director Indian Institute of Bankers IIB: Promoter DII FII Others 1 Initiative of the BSE Investors Protection Fund
2 Background Incorporated as Mazda Controls Private Limited in 1990, Mazda Limited is an Ahmedabad-based company, promoted by Mr Sorab R. Mody. Mazda operates through two business verticals namely engineering and food. The company manufactures vaccum systems, vaccum pumps, condensers, evaporators and heaters in its engineering division and produces energy drinks and soft-drink concentrates under brand BCool in its food division and exports to various clients in U.S.A and U.K. Also, the company has started retailing BCool brand in major super markets in UAE and USA. Through e-commerce, the division has garnered a large client base of customers in Russia, U.K., UAE, Saudi Arabia and U.S.A. The company has established track record in the manufacturing and delivering of vaccum systems with reputed clients such as Siemens Ltd, IPCA Laboratories Limited and Jubilant Life Sciences, amongst others. Mazda owns four manufacturing facilities in Ahmedabad. Mazda has a technical agreement for purchase of designs and drawings with M/s Croll-Reynolds Inc. of USA, which holds 6.80% stake in Mazda and continues to be one of the major customers. Business overview The Company derives its revenue primarily from two segments i.e. Engineering and Food, which accounted for 95% and 5% respectively of the total operating revenue in FY11. The company earns its revenues largely from domestic market, which accounted for 73% of the total operating revenues in FY11. Strengths and growth drivers Mazda owns four manufacturing facilities in Ahmedabad including a new unit established recently at Naroda (Ahmedabad). The new facility is expected to enhance the company s manufacturing capacity by 15%-20%. The company has an established track record in the manufacturing space and delivering of vacuum systems, supported by repeat orders from the existing diversified base of clients. Risk and concerns Capital expenditure of Rs.30 crore planned by the company over the next 5 years exposes it to potential execution risks. Volatility in price of key raw material (steel) can have a negative effect on profitability for Mazda Demand moderation in export markets coupled with competition in food business could lead to pricing pressure and decline in revenues Future strategy and expansion plans The Company is planning to integrate the existing manufacturing set-ups at a single location in order to improve operating efficiencies. The estimated capital expenditure towards the implementation of the project over the next 5 years is Rs.30 crore. Industry outlook Engineering and Manufacturing (E&M) industry is the largest segment of the overall industrial sectors in India. E&M is a diverse industry with a number of small segments. Broadly, the E&M industry can be categorised into two main segments, namely, heavy engineering and light engineering. The heavy engineering segment forms the majority of the E&M industry in India. The industry is relatively less fragmented at the top as the competencies required are high and more fragmented at the lower end, in terms of technology and capital investment and are dominated by comparatively smaller players. The light engineering segment, on the other hand, uses medium to low-end technology. Hence, the entry barrier in this segment is comparatively low on account of the lower requirement of capital and technology. This segment is characterized by the dominance of small and unorganised players. However, there are few medium and large scale firms which manufacture highvalue added products. Light engineering goods are essentially used as inputs by the heavy engineering industry. The health of the light engineering industry is therefore dictated by the demand for capital goods. India is one of the fastest growing exporters of engineering goods and exports grew at a CAGR of 26.7% during the period of FY06-FY11. The E&M industry was the largest contributor at about 27% to India s total manufactured goods exports in FY11. Increased thrust of the government on infrastructure development in the country is expected to drive the growth of the E&M industry. The E&M industry is expected to grow at a CAGR of 9%-10% over the next three years. Government has allowed 100% FDI in the E&M industry through the automatic route. Through tie-ups with international players, many domestic players have been able to increase their competitiveness in the global market as well. 2 Initiative of the BSE Investors Protection Fund
3 Quarterly Standalone Financials Quarter ended June 30, 2012 Income statement (Rs. crore) Q1FY13 Q4FY12 Q3FY12 Q2FY12 Q1FY12 Total income Net sales EBITDA Ordinary PAT Adjusted PAT Growth (Q-o-Q) (%) Growth in net sales (40.8) Profitability ratio (%) EBITDA margin Adjusted PAT margin Initiative of the BSE Investors Protection Fund
4 Financial analysis In FY12, Mazda reported net sales of Rs crore up 24.5% y-o-y as against a y-o-y growth of 4.1% in FY11. The company witnessed improvement in EBITDA margin in FY12, from 12.6% in FY11 to 15.5%. However the same has declined in the past due to increase in input material cost, labour cost and change in product mix Low leverage provides the company flexibility to fund projected capital expenditure The company has paid a dividend of Rs.4 per share for FY12, resulting in a dividend yield of 4.4% at the current market price of Rs.91.2 per share. Annual Standalone Financial Statistics FY08 FY09 FY10 FY11 FY12* Income statement (Rs. crore) Total income Net sales EBITDA Depreciation and Amortization EBIT Interest PBT Ordinary PAT Adjusted PAT Balance sheet (Rs. crore) Adjusted networth Total debt Cash and bank balance Investments Net fixed assets (incl. CWIP) Net current assets (excl. cash, cash equivalents) Per share data (Rs.) Adjusted BVPS Diluted EPS** DPS Growth (Y-o-Y) (%) Growth in total income Growth in net sales (0.2) Growth in EBITDA (20.4) (30.5) 53.1 Growth in adjusted PAT (12.9) 19.9 Growth in EPS (14.4) 21.9 Key financial ratio EBITDA margin (%) Adjusted PAT margin (%) RoCE (%) RoE (%) Gross debt - equity (times) Net debt - equity (times) NM NM NM Interest coverage (times) NM NM 13.4 Current ratio (times) Inventory days Receivable days Note: * Based on limited Review Report for the period ended March 31, 2012 **Diluted EPS is prior to extraordinary items 4 Initiative of the BSE Investors Protection Fund
5 DISCLOSURES Each member of the team involved in the preparation of this grading report, hereby affirms that there exists no conflict of interest that can bias the grading recommendation of the company. This report has been sponsored by the BSE Investors Protection Fund. DISCLAIMER CARE Research, a division of Credit Analysis & REsearch Limited [CARE] has taken utmost care to ensure accuracy and objectivity while developing this report based on information available in public domain or from sources considered reliable. However, neither the accuracy nor completeness of information contained in this report is guaranteed. Opinions expressed herein are our current opinions as on the date of this report. Nothing in this report can be construed as either investment or any other advice or any solicitation, whatsoever. The subscriber / user assumes the entire risk of any use made of this report or data herein. CARE specifically states that it or any of its divisions or employees do not have any financial liabilities whatsoever to the subscribers / users of this report. This report is for personal information only of the authorised recipient in India only. This report or part of it should not be reproduced or redistributed or communicated directly or indirectly in any form to any other person or published or copied for any purpose. PUBLISHED BY CARE Research is an independent research division of CARE Ratings, a full-service rating company. CARE Research is involved in preparing detailed industry research reports with 5-year demand and 2-year profitability outlook on the industry besides providing comprehensive trend analysis and the current state of the industry. CARE Research also offers research that is customized to client requirements. Credit Analysis & REsearch Ltd. (CARE) is a full service rating company that offers a wide range of rating and grading services across sectors. CARE has an unparallel depth of expertise. CARE Ratings methodologies are in line with the best international practices. Head Office: 4th Floor Godrej Coliseum, Off Eastern Express Highway, Somaiya Hospital Road, Sion East, Mumbai Tel: Fax: Regional Offices: New Delhi Kolkata Ahmedabad Bangalore Hyderabad Chennai Pune Published on behalf of The Stock Exchange Investors' Protection Fund First Floor, P J Towers, Dalal Street, Mumbai. Tel: /34
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