OEC 2.94% 35.0¢ orbital corporation limited

ucal research report

  1. 262 Posts.


    SEPTEMBER 05, 2003

    India Equity Research

    Ucal Fuel Systems

    Ucal Fuel Systems

    September 05, 2003 Page 2 of 6


    Incorporated in 1985, Ucal Fuel Systems Ltd. (UFSL) was

    jointly promoted by Carburettors India (holding 23.3% stake),

    a pioneer in the manufacture of Carburettors and Fuel Pumps

    in India and Mikuni Corporation, Japan, (holding 26% stake).

    IFC, Washington, also holds 11.5% stake in the company


    UFSL has technical and financial collaboration with Mikuni

    Corporation, Japan. It also has buy back agreement with the

    collaborator for exporting their products. Its relationship with

    Mikuni Corporation, Japan, has strengthened over the years

    and the flow of technology from the collaborator is smooth.

    Mikuni Corporation has assured the company that it will

    continue to transfer technology to the company in future.

    UFSL initially started with manufacturing of Carburettors for

    passenger cars manufactured by Maruti Udyog and it

    subsequently added to the manufacturing line, Carburettors

    for two wheelers manufactured by TVS Motor Company. In

    addition, the company is now supplying, fuel injection related

    products to Hyundai Motor India and MUL.

    The company supplies Multi Point Fuel injection Related parts

    such as Throttle Body, Delivery Pipe, Pressure Regulator and

    Fuel Filter to Maruti Udyog and Hyundai Motor India. In the

    two-wheeler segment the company supplies Carburettors to

    all the leading manufacturers like Bajaj Auto, TVS Motor

    Company, Yamaha Motor Co. The company supplies Air Suction

    Valves to Hero Honda. For manufacture of all these products

    the company has three plants at Maraimalai Nagar, near

    Chennai, Pondicherry and Gurgaon, Haryana. The growth of

    the company has been in keeping with the growth of the

    automobile industry.

    Over the last 10-years the company has managed to show a

    consistent positive growth in sales and EBITDA, except for

    FY1999. Both Sales & EBITDA grew at a CAGR of 26% and

    28% respectively during the period FY1993 to FY2003.

    Further the company has made aggressive investment for

    setting up of capacity in new products as well as existing

    products. Its gross fixed assets have more than doubled to

    Rs.127 crores in FY2001 from Rs.64 crores in FY1998. Major

    capacity addition, had in fact, and to a large part been

    completed by the end of FY2001. This addition to assets has

    resulted into negative cash flow and the same was made up

    through additional debt.

    However the addition to fixed assets have slowed since then

    and been funded out of depreciation provision. Moreover

    there has been substantial improvement in profitability

    resulting into better cash flow, which helped the company in

    reducing the debt burden.

    A few salient points & comments on the Ucal Fuel

    System's Year Ended March 2003 Annual Report.

    (Figures in parenthesis are those for the previous year ended

    March 2002).

    On the back of recovery in the automobile industry, its main

    user industry, the company during the year ended March 2003

    has posted 25.3% growth in gross sales to Rs.265.19 crores

    (Rs.211.72 crores). PAT rose by 73.2% to Rs.28.15 crores

    (Rs.16.25 crores). The overall improved performance was

    mainly on account of good growth in the two-wheeler segment.

    The domestic sales increased by 19.7% to Rs.240.36 crores

    (Rs.200.81 crores), while export sales jumped 127.6% to

    Rs.24.83 crores (Rs.10.91 crores). The growth in sales over

    the previous year is on account of the growth in the two-wheeler

    sector and the close linkages the company has been able to

    forge with the automobile industry. The number of two wheeler

    carburettors sold touched a record figure of 1,840,000 units.

    The company has been able to maintain its high level of service

    to its prestigious customers such as Maruti, Hyundai, TVS,

    Bajaj, Hero Honda and Yamaha during the year. Exports to

    Mikuni, was at all time high, showing the acceptability of the

    company's products in the international market. During the

    year the company commenced export of DCM-ETV and these

    exports are likely to increase in the coming year.

    Raw material cost was up by 14.2% to Rs.109.29 crores

    (Rs.95.73 crores), while as a % to gross sales it decreased to

    41.2% (45.2%). The company has successfully increased the

    indigenisation of components, which were imported and were

    a significant portion of the total raw material consumed. Total

    consumption of imported raw materials decreased to 36.5% or

    Rs.39.84 crores as against 49.6% or Rs.47.45 crores in the

    previous year, while that of indigenous raw materials and

    components increased to 63.5% or Rs.69.45 crores as against

    50.4% or Rs.48.28 crores in the previous year.

    However the staff cost and other expenses as a % to gross

    sales increased to 5.3% (4.7%) and 17.7% (14.4%) respectively.

    Other expenditure for the current year includes a sum of Rs.1.26

    crores as the additional charges due to change in accounting

    treatment of software expenditure. Moreover considering the

    usage in respect of dies having a life span of less than 12

    months, such expenditure during the year is treated as revenue

    expenditure leading to an additional charge of Rs.1.06 crores.

    EBITDA thus recorded a rise of 42.5% to Rs.54.66 crores

    (Rs.38.35 crores).

    Total expenditure for Research & Development was Rs.6.80

    crores, which is about 3% of the net sales.

    Depreciation increased by 4.5% to Rs.13.66 crores (Rs.13.07

    crores). Based on technical evaluation undertaken on the useful

    economic life of factory equipments, the depreciation rate has

    been enhanced from 4.75% to 10%, this has mainly led to an

    increase in depreciation charges. Depreciation as a % to sales

    works out to 6%. It may be significant to note that the

    depreciation per share works out to Rs.19.7 (Rs.18.8). EBIT

    (excluding other income) rose by 62.2% to Rs.41 crores

    (Rs.25.28 crores). EBIT Margin (excluding other income)

    increased to 15.5% (11.9%).

    Interest cost decreased by 62.6% to Rs.2.06 crores (Rs.5.51

    crores), due to reduction in debts. Other income dipped by

    7.1% to Rs.1.70 crores (Rs.1.83 crores).

    Provision for tax (including deferred tax) increased by a

    whopping 133.5% to Rs.12.49 crores (Rs.5.35 crores). Tax to

    PBT increased to 30.7% (24.8%).

    Total foreign exchange earnings were Rs.24.85 crores

    (Rs.10.93 crores). Total foreign exchange utilized during the

    year was Rs.47.86 crores (Rs.44.07 crores) out of which

    Rs.34.57 crores (Rs.34.13 crores) was spent on import of raw

    materials, components and spares, which accounts for 72.2%

    (77.4%) of the total foreign exchange outgo.

    The company paid dividend of Rs.6 (60%) per equity share as

    against dividend of Rs.5 (50%) in the previous year. The

    resultant cash outgo was Rs.4.70 crores including dividend

    tax of Rs.0.53 crores (Rs.3.47 crores).

    The company sought for lower dividend pay-out, since it was

    left with net negative cash flow of Rs.0.78 crores, mainly on

    account of higher working capital outgo of Rs.4.98 crores, net

    addition to gross block of Rs.18.75 crores and repayment of

    loans of Rs.11.22 crores. However in the current year we expect

    a higher dividend pay-out from the company.

    Cash profit rose by 42.6% to Rs.41.81 crores (Rs.29.32 crores)

    and the Cash EPS stands at Rs.60.2 (Rs.42.2).

    On an Equity Share Capital of Rs.6.95 crores (Rs.10 paid-up),

    the earnings per share is Rs.40.5. The current price of Rs.279

    discounts the YE March 2003 EPS by 6.9 times.

    Current Market Capitalisation of Rs.193.91 crores discounts

    Sales, PBT & Cash Profits by 0.9 times, 4.8 times & 4.6 times


    Enterprise Value (net of cash & liquid investments) works out

    to Rs.201.21 crores and EV/EBITDA is 3.6 times.

    Book Value per share works out to Rs.141.12 (Rs.106.35).

    The ROCE and RONW were 33.6% (23.4%) and 28.7% (22%)


    Balance Sheet Details:

    (Figures in parenthesis are those for the previous year ended

    March 2002).

    Year-End Total capital employed stood at Rs.127.23 crores

    (Rs.115.86 crores), up by 9.8%, mainly due to higher reserves

    and surplus. Net Worth rose 32.7% to Rs.98.08 crores

    (Rs.73.91 crores). This was mainly due to higher profits carried

    forward. Net Worth constituted 77.1% (63.8%) of the total

    capital employed.

    Year-End debt stood at Rs.20.83 crores (Rs.32.93 crores). This

    was mainly due to part repayment of secured term loans of

    banks and financial institutions, interest free sales tax loan

    and fixed deposit. Debt as a % to capital employed reduced to

    16.4% (28.4%). Based on year-end Debt figure, UCAL's interest

    cost for the current year can be expected to further decline by

    close to 50%.

    Net Block, including capital work-in-progress was Rs.81.17

    crores (Rs.76.25 crores) constituting 63.8% (65.8%) of the

    total capital employed. Gross block increased to Rs.142.50

    crores (Rs.127.94 crores). The net fixed assets (excluding capital

    work in progress) rose by Rs.2.14 crores to Rs.74.72 crores

    (Rs.72.58 crores). The capital work in progress was Rs.6.45

    crores (Rs.3.66 crores).

    Year-end investments were down to Rs.9.37 crores (Rs.7.24

    crores). This was mainly due to investment made in the

    subsidiary companies Ucal Machine Tools Limited and Ucal

    Polymer Industries Limited during the year. The liquid

    investment consisting of bonds and units stood at Rs.1.70

    crores (Rs.1.79 crores).

    The net core working capital has increased marginally by 1.2%

    to Rs.30.50 crores (Rs.30.14 crores) as given below:-

    Rs. Crores

    Particulars FY2003 FY2002

    S.Debtors 31.10 28.49

    Add:Inventory 18.20 12.39

    Less: Creditors 18.80 10.74

    Net Core Working Capital 30.50 30.14

    Receivables were up marginally to Rs.31.10 crores (Rs.28.49

    crores). In terms of days, the receivables have decreased from

    49 days to 43 days. There has been a 74.7% decrease in the

    debtors above 180 days to Rs.0.20 crores (Rs.0.79 crores). A

    conscious effort is being made by the company to bring the

    debtors down from the current levels.

    Inventory rose by 46.9% to Rs.18.20 crores (Rs.12.39 crores).

    In terms of days, the total inventories increased from 21 days

    to 25 days.

    Sundry creditors increased by 75% to Rs.18.80 crores

    (Rs.10.74 crores). In terms of days, the creditors have increased

    from 41 days to 63 days.

    Current liabilities were up by Rs.26.49 crores to Rs.57.39

    crores (Rs.30.90 crores) due to increase in creditors and


    The cash and cash equivalents including deposits and liquid

    investments stood at Rs.13.53 crores (Rs.9.74 crores).

    Segment-Wise Sales Break-Up

    (Figures in parenthesis are those for the previous year ended

    March 2002).

    The product portfolio of the company includes 4 & 2 wheeler

    carburettor, Genset carburettor, Fuel & Oil pump, Throttle body

    assembly, Delivery pipe assembly, Air suction valve, Fuel filter

    and other automotive components. For manufacture of all these

    products the company has three plants at Maraimalai Nagar,

    near Chennai, Pondicherry and Gurgaon, Haryana. The growth

    of the company has been in keeping with the growth of the

    automobile industry. Its major customers in 4 wheelers are

    Maruti & Hyundai and in two wheelers its TVS Motor, Bajaj

    Auto, Hero Honda, Yamaha.

    Recent emission norms have made the 4-wheeler carburettor

    obsolete. Till FY1998, this product, at 73% of total sales,

    contributed a bulk of its revenues. With prospects for 4-wheeler

    carburettors bleak, there was a question mark on UCAL's future

    prospects. However, as can be noted from the following table,

    the company has, through a shift in product focus &

    substantial investments, managed a complete & profitable

    makeover to a manufacturer of 2-wheeler Carburettors & parts

    for Multi Point Fuel Injection System.

    (Rs crores)

    FY2003 FY1998

    4-Wheeler Carburettor 20.53 65.98

    % to Total Sales 8% 73%

    2-Wheeler Carburettor 119.19 18.94

    % to Total Sales 45% 21%

    Throttle body assembly 37.43 -

    % to Total Sales 14%

    Delivery Pipe assembly 19.17 -

    % to Total Sales 7%

    Air Suction Valves 51.84 -

    % to Total Sales 20%

    Total Gross Sales 265 90

    Sales of 4-wheeler carburettors, have over the last 5-years

    slumped. Despite the sharp decline in its principal product,

    UCAL managed to more than double overall sales of the

    company during the period FY1998 to FY2003.

    For FY2003, about 45% of sales came from new products,

    which were not part of UCAL's product portfolio during FY1998.

    UCAL, now, has a more diversified product composition. Largest

    contributor to sales is 2-wheeler carburettor - 45% of total

    sales. There was a greater level of dependence, on a single

    product, in FY1998, with 4-wheeler carburettors accounting

    for 73% of total sales.

    Sales from 2 wheeler carburettor which accounted for 44.9%

    of the total sales increased by 51.6% to Rs.119.19 crores

    (Rs.78.63 crores), while the sales from 4 wheeler carburettor

    which accounted for 7.7% of the total sales improved marginally

    by 4.9% to Rs.20.53 crores (Rs.19.58 crores). Sales from Air

    suction valve, Fuel filter, Throttle body assembly and Delivery

    pipe assembly increased 22.8%, 13.4%, 5.1% and 2% to

    Rs.51.84 crores (Rs.42.21 crores), Rs.7.01 crores (Rs.6.18

    crores), Rs.37.44 crores (Rs.35.63 crores) and Rs.19.17 crores

    (Rs.18.79 crores) respectively, while sales from Fuel and Oil

    decreased by 20.1% and 78.2% to Rs.3.06 crores (Rs.3.83

    crores) and Rs.0.12 crores (Rs.0.55 crores) respectively.

    The details of products along with the capacity, production

    and capacity utilization are as follows:

    Product Capacity Production Utilization%

    Air suction valve 2400000 2210600 92.1

    2 wheeler carburettor 2160000 1853969 85.8

    Throttle body assembly 470000 442545 94.2

    Delivery pipe assembly 420000 392594 93.5

    Fuel filter 420000 330756 78.8

    4 wheeler carburettor 240000 105750 44.1

    Fuel pump 240000 64418 26.8

    Genset carburettor 36000 28198 78.3

    Oil pump 36000 2895 8.0

    Source: Annual Report 2003

    Addition to Block for FY2003, was funded out of depreciation

    provision. This was despite substantial increase in installed

    capacity, under a few of its major product categories. Also

    manufacturing facilities were added to produce in-house

    components hitherto imported like needle jet and float assembly.

    Total net investment in Block was Rs.14 crores.

    Installed Capacity

    Product FY2003 FY2002 Var(%)

    Air suction valve 2400000 1800000 33.3

    2 wheeler carburettor 2160000 1500000 44.0

    Throttle body assembly 470000 420000 11.9

    Source: Annual Report 2003

    Industry Structure & Development

    The onset of liberalization in the early 1990s paved the way for

    the growth of the automobile component industry. The industry

    was opened for foreign investment and production facilities

    were established to produce a number of latest model cars and

    motorbikes and scooters as the country took a quantum leap

    in technology with both foreign and Indian players vying with

    one another to give the latest models to the Indian consumer.

    Consequently the Indian automobile component suppliers have

    been forced to keep pace with the changing technology, the

    exacting demands of the manufacturers and function in a highly

    competitive market with the constant threat of foreign

    competition always looming large.

    The auto component industry can be classified into three

    groups. First there are the MNCs operating with wholly owned

    subsidiaries or through units where they hold the controlling

    stake. The second are those companies owned by Indian

    promoters/public where foreign collaborators hold a minority

    stake in return for technology already supplied or being

    supplied. The third and the most important are those

    companies that have no relationship whatsoever with foreign

    ones either for technology or for financial support and are

    wholly-owned by Indian promoters/public.

    The size and the character of the industry is undergoing a

    steady change. The unorganized sector is likely to be

    consolidated, and there could be a reduction in the number of

    companies operating in this sector. The organized sector could

    also witness a change with the control of some more joint

    ventures passing into the hands of their foreign partners.

    India's auto component industry has over the years grown on

    right lines producing the entire range of auto parts required by

    the domestic automobile industry. In today's changed scenario

    supply of integrated systems and sub systems instead of

    individual components has become the order of the day, with

    individual small components being supplied to the system

    integrators instead of the vehicle manufacturers. Keeping with

    changing times UFSL is also graduating to the manufacture of

    Engine Management Systems.

    Research & Development

    Mikuni Corporation, the Japanese collaborator and foreign

    promoters of UFSL, is planning to shift part of its Research &

    Development (R&D) activities to Chennai. A new facility with a

    building of about 40,000 sq ft has been acquired at Ambaffur

    to set up an exclusive R&D facility to cater to the growing

    technological needs of the customers and also to have some

    additional space to expand production activity that cannot be

    accommodated elsewhere.

    The project will be internally funded at an estimated cost of

    Rs.20 crores and may take about 18 months for completion.

    This centre would have three distinct lines of operations

    modification and development for components that are to be

    indigenised, R&D for products manufactured by both UFSL

    and Mikuni and R&D for products exclusively for Mikuni. This

    will greatly enchance the technological strength of the company.

    New Developments

    Recently UFSL entered into technical cooperation agreement

    with Orbital Engine Corporation of Australia to manufacture

    and supply direct injection fuel system to the 2-stroke

    motorcycle in India. The Indian market is increasingly emissions

    conscious, with stringent emissions standards commencing

    in 2005. Orbital OCP™ Direct Injection is a cost effective, viable

    solution enabling 2-stroke motorcycles to meet these new

    emissions requirements. It also provides significant

    improvements in fuel economy in an expensive gasoline market,

    greatly enhancing the acceptability of the product.

    Further this will enable the company to become a system

    integrator and service provider for Orbital combustion

    technology. The focus will be on two-stroke two wheeler

    manufacturers who are required to meet the emission standards

    that will come into existence in 2005 and beyond. The company

    is already working on this area with close collaboration with its

    valued customers. With the new R&D facilities being set up at

    Ambaffur and with the strong support of Mikuni the company

    is likely to continue as an important player in this area.

    Performance Highlights Of The Consolidated Entity

    (Figures in parenthesis are those for the previous year ended

    March 2002).

    The company has reported consolidated financial statements

    for the year ended March 2003, which represents the

    consolidated account of UFSL along with its subsidiaries like

    Ucal Machine Tools Limited (UMTL) & Ucal Polymer Industries

    Limited (UPIL).

    Consolidated gross sales increased 27.6% to Rs.270.67 crores

    (Rs.212.09 crores), while PAT rose 70% to Rs.31.13 crores

    (Rs.18.31 crores). Total Capital Employed stood at was up by

    Rs.13.49 crores to Rs.136.12 crores (Rs.122.63 crores). Net

    Block including capital work-in-progress increased by Rs.7.14

    crores to Rs.90.23 crores (Rs.83.09 crores) constituting 66.3%

    (67.8%) of the total capital employed.

    The ROCE and RONW were 34.3% (24.4%) and 29.7% (23.2%)


    Consolidated EPS is Rs.44.8 (Rs.26.4).

    Performance Highlights Of The Subsidiaries

    (Figures in parenthesis are those for the previous year ended

    March 2002).

    Ucal Machine Tools Ltd.:

    (Figures in parenthesis are those for the previous year ended

    March 2002).

    This company is a 100% subsidiary of UFSL.

    During the year under review, gross sales were Rs.10.90 crores

    (Rs.8.01 crores), up by 36.1%. However at net level the profit

    rose marginally by 5.3% to Rs.1.78 crores (Rs.1.69 crores).

    During the year under review, the new Die casting unit established

    at Maraimalainagar commenced commercial production from 27th

    July, 2002. UTI bank had sanctioned term loan of Rs.1.57 crores

    for the further expansion of die-casting and tool room divisions of

    the company. The company has purchased additional die casting

    machines as envisaged in the expansion plans.

    Ucal Polymer Industries Ltd.:

    (Figures in parenthesis are those for the previous year ended

    March 2002).

    The company has posted a good performance with gross sales

    growth of 67.2% to Rs.5.40 crores (Rs.3.23 crores). The net

    profit more than doubles to Rs.1.24 crores (Rs.0.60 crores).

    The capacity utilisation of the plant is 96% (82%). The company

    in the development of rubber components has undertaken a

    number of initiatives. New infrastructure has been created for

    handling specialized plastic molded parts for UFSL.

    During the year this subsidiary became 100% subsidiary of

    UFSL. After UFSL bought out the stake from Suja Rubber

    Industires Private Limited.

    June '03 Quarter Update

    (Figures in parenthesis are those for the previous quarter ended

    June 2002).

    For the first quarter ended June 2003, the company recorded a

    16% growth in gross sales to Rs.69.17 crores (Rs.59.62 crores),

    on the back of strong sales growth in car sales. All the element

    of the cost as a % to gross sales witnessed a rise. Raw material

    and components cost as a % to gross sales increased to 44.6%

    (43.6%). Staff cost and other expenses as a % to gross sales

    also increased to 5.9% (4.9%) and 14.7% (14.4%) respectively.

    Depreciation charges fell marginally by 7.6% to Rs.2.80 crores

    (Rs.3.03 crores). EBIT (excluding other income) at Rs.10.53

    crores (Rs.8.53 crores) is up 23.4% over the corresponding

    period of previous year. EBIT Margin (excluding other income)

    during the quarter improved marginally to 15.2% (14.3%).

    Interest cost was more than halved to Rs.0.36 crores (Rs.0.81

    crores), due to reduction in debts. Provision for taxation

    (including deferred tax) increased by 96.7% to Rs.3.58 crores

    (Rs.1.82 crores). Tax provision as a % to profit before tax (PBT)

    increased by 1000 basis point to 33.9% (22.9%). PAT registered

    a rise of 13.9% to Rs.6.98 crores (Rs.6.13 crores).

    Strong Promoters

    Incorporated in 1985, UFSL was jointly promoted by

    Carburettors India (holding 23.3% stake), a pioneer in the

    manufacture of Carburettors and Fuel Pumps in India and

    Mikuni Corporation, Japan, (holding 26% stake). IFC,

    Washington, also holds 12.6% stake in the company capital.

    The company has technical and financial collaboration with

    Mikuni Corporation, Japan. It also has buy back agreement

    with the collaborator for exporting their products. Its

    relationship with Mikuni Corporation, Japan, has strengthened

    over the years and the flow of technology from the collaborator

    is smooth. Mikuni Corporation has assured the company that

    it will continue to transfer technology to the company in future.

    The company exports both 2 and 4 wheeler carburettors to

    Mikuni Corporation, Japan.

    Comments & Outlook

    The company's fortunes are linked to the automobile industry,

    which is cyclical in nature. The growth of the company has

    been in keeping with the growth of the automobile industry. In

    the first four months (April-July 2003), passenger car industry

    and two-wheeler industry's total sales increased 39% to

    245360 units and 7% to 1733376 units respectively.

    In order to meet 2005 emission norms, two stroke engines will

    be switching over to direct injection system or to four stroke

    engines with opportunities for UFSL in the context of it having

    signed an agreement with Orbital Engine Corporation (Australia)

    to bring direct fuel injection system technology into India.

    Moreover the Direct Injecton System may replace the

    Carburettor used in two-stroke vehicles, whereas in the case of

    four stroke vehicles the use of Secondary Air Valve (SAV) and

    catalyst may become necessary. SAV is one product for which

    the demand is likely to increase in the current year, as vehicles

    will need to have SAV or SAV with catalyst to meet the emission

    norms. Also with the tightening of emission norms, there will

    be a continuing demand for use of Multi Point Fuel Injection

    (MPFI) systems in the car segment.

    The company is confident of supplying the above said parts.

    Though there will be severe competition in the market, the

    company does not foresee any difficulty in offering the qualitative

    products at a competitive price to the OEMs.

    For the full year ended March 2004, we maintain our Revenues

    and PAT estimates at Rs.308 crores and Rs.36 crores. The current

    price of Rs.279 discounts the estimated FY 2003-04 EPS of

    Rs.51.9 by 5.4x (and FY 2002-03 EPS of Rs.40.5 by 6.9x).

    We continue to recommend a buy on the stock at the current


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