SML ISUZU LTD. Incorporated in Jul.

'83 as
Swaraj Vehicles Swaraj Mazda (SML) got its Company Performance
present name in 1984. It has been jointly
promoted by Punjab Tractors (PTL) in India and Break up of sales (Nos.)
Mazda Motor Corporation & Sumitomo 2019-20 2018-19 2017-18
Corporation in Japan. The trial production was Passenger 6,790 8,021 6,097
commenced in April 1985 and Commercial vehicle
production by the third quarter of 1985. The (buses)
main object of the company is to manufacture Cargo 3,743 5,581 5,258
Vehicles
light commercial vehicles. The factory is located (trucks)
at village Asron, Dist. Hosiarpur, Punjab. Total 10,533 13,602 11,355
The Sumitomo Corporation Group, a corporate
group committed to business activities in a vivid
Total Income (Rs. in Crores)
range of industries on a global system.   Mr.
Surender Kumar Tuteja, currently the chairman 2019-20 2018-19 2017-18
of SML Isuzu. Experienced through several Sale of 1,053.3 1,299.5 1,080.3
sectors including, World Bank as a consultant Vehicles
there. Moreover, experience in finance, Sale of Spare 86.7 92.0 79.6
Parts
commerce, industry, and management for more
than 38 years has made him more Other operating 14.2 17.7 14.3
income
powerful. During the initial stages, the company
– Limited to manufacture Light Commercial Other Income 5.1 4.5 3.1
Vehicles (LCV) in the state of Punjab. The Total Income 1,159.3 1,413.7 1,177.3
product ranges of SML comprises –
Stock Price Performance
 Police Vans
 Ambulances (2 stretchers/4 stretchers) SML ISUZU Ltd. Share Price performance relative to
S&P BSE Sensex
 Dental Vans
 water tankers
 Fire Tenders
 Dumper Placers
 Bottle Carriers etc.

In the year 2005, SML achieved Bharat Stage III

compliance, eventually raising the power of the
engine from 80 to 100 bhp. Nevertheless, SML
ISUZU philosophy just like Punjab tractor is
focused on providing quality products with
distinctive features at reasonable prices.

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KEY FINANCIAL RATIOS

Particulars 31 March 2020 31 March 2019 31 March 2018

Debtors Turnover 12.33 10.63 10.15
Investors Turnover 2.61 2.70 2.67

PBDIT/Finance cost 1.16 4.90 1.90

Current Ratio 1.20 1.27 1.36
Debt Equity Ratio 0.45 0.60 0.53
Operating Profit Margin (%) 1.47% 5.58% 4.11%
Net (Loss)/Profit margin (%) -1.82% 1.38% 0.72%

Return on net worth (%) -5.88% 4.47% 2.04%

 Interest Coverage Ratio (PBDIT) for the year ended 31st March, 2020 has worsened on account of lower
Profit before depreciation, interest and tax of Rs. 17.0 crores against previous year’s Rs. 78.9 crores.
 Operating profit margin for FY 2019-20 is lower due to steep decline in sales volume from 13,602 in
2018-19 to 10,533 in 2019-20.
 Net Profit Margin and Return on Net Worth for FY 2019-20 are negative on account of drop in sales
volumes and revenue.

SHAREHOLDING PATTERN (More than 1%)

Category No. of Shareholders No. of Shares held

Promoters 1 6,36,2306
Foreign Body Corporate 1 2,170,747
Individuals 31613 3,970,275
Foreign Portfolio Investors 17 634,615
Other Bodies Corporate 368 536,842
NRI 834 372,610

 The Total No. of Shareholders as on 31st March 2020 are 32,845 and the No. of Shares held by them are
14,471,646.

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DIVIDEND DECLARED

Year Amount

2019-20 No Dividend announced

2018-19 Rs. 3 per equity share of Face value Rs. 10

2017-18 Rs. 1.5 per equity share of Face value Rs. 10

2016-17 Rs. 8 per equity share of Face value Rs. 10

Valuation (Stock Price for the last 3 years)

 The Highest Price recorded was Rs. 876 as on 27 August 2018.
 The Lowest Price recorded was Rs. 298.55 as on 30 March 2020.
 The Current Share Price is at Rs. 482.35 as on 14 June 2021.

KEY RISK AREAS FOR THE COMPANY

 Financial risks (including risk to assets)

 Commodity price risks.
 Foreign exchange fluctuation risks.
 Legislative and regulatory risks.
 Environmental risks (including natural disasters)

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  Operational risks (markets, production, technology, etc.)
 Risks relating to Employment and Manpower.

BALANCE SHEET (All amount in Lakhs)

As at 31 March 2020 As at 31 March 2019 As at 31 March 2018
Assets
Total non-current assets 47,583.93 43,827.14 43,039.27
Total current assets 38,278.68 65,676.33 55,626.84
TOTAL ASSETS 85,862.61 109,503.47 98,666.11
Equity and liabilities
Total equity 38,486.82 41,358.92 39,805.57
Total Non-current liabilities 15,363.55 16,235.01 18,090.85
Total current liabilities 32,012.24 51,909.54 40,769.69
TOTAL EQUITY AND
85,862.61 109,503.47 98,666.11
LIABILITIES

STATEMENT OF PROFIT AND LOSS (All amount in Lakhs)

Year Ended 31 March Year Ended 31 March Year Ended 31
2020 2019 March 2018
Income:
Total income 115,929.81 141,370.99 117,725.46
Expenses:
Total expenses 119,761.89 138,937.98 116,779.66
Profit / (Loss) before tax (3,832.08) 2,433.01 945.80
Income tax expense (1,725.87) 475.64 96.10
Profit / (Loss) for the (2,106.21) 1,957.37 849.70
year

FINANCIAL PERFORMANCE OF THE COMPANY (Rs. in Crores)

2020 2019
Sales Volume (No. of Vehicles) 10,533 13,602
Profit before Depreciation, Finance Costs and Tax 11.89 74.38
Profit before Depreciation, Finance Costs and Tax 17.03 78.87
Profit / (Loss) before Finance Costs and Tax (23.69) 40.43
Profit / (Loss) before Tax (38.32) 24.33
Profit / (Loss) after Tax (21.06) 19.57

4
 Total comprehensive income for the year (23.49) 18.15

FINANCIAL GRAPHS

Revenue (Net)- Rs. in crores

1600
1414
1400 1360

1200 1138 1159

1000

800

600

400

200

0
2017 2018 2019 2020

Operating Profit - Rs. in crores

120 114

100

79
80

60
49

40

20 17

0
2017 2018 2019 2020

5
 Profit Before Tax - Rs. in crores
100
84
80

60

40
24
20
10

0
2017 2018 2019 2020

-20

-40
-38
-60

Earning Per Share (EPS) - in rupees

50
44
40

30

20
14
10 6

0
2017 2018 2019 2020

-10

-15
-20

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PEER COMPARISON

SMLISUZU TATAMOTORS TWL VSTTILLERS

Operating Profit Margin % -3.41 13.24 9.30 21.77
Net Profit Margin % -7.79 8.21 6.37 15.20
EPS -92.24 -7.21 4.21 86.19
Cash Earning per share -60.34 3.87 5.53 106.59
PE -5.23 -48.91 13.60 24.63

CSR EXPENDITURE
Year Amount
2019-20 Rs. 96.0 lakhs
2018-19 Rs. 125.0 lakhs
2017-18 Rs. 150.5 lakhs

MANAGEMENT OF THE COMPANY

Mr. S.K. Tuteja (IAS) Chairman

Mr. Sudhir Nayar Director

Dr. (Mrs.) Vasantha S. Bharucha Director

Mr. Junya Yamanishi Managing Director & Chief Executive Officer

Mr. Tadanao Yamamoto Director-Quality Assurance