MIRA
INFORM REPORT
|
Report Date : |
3rd
November, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
ASTRA
MICROWAVE PRODUCTS LIMITED |
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Registered Office : |
639/640,
303 3RD Floor, Golden Edifice Building, Khairatabad, Hyderabad –
500004, Andhra Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
13.09.1991 |
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Com. Reg. No.: |
01-13203 |
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CIN No.: [Company
Identification No.] |
L29309AP1991PLC013203 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDA00940C |
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Legal Form : |
A
public limited liability company. The company’s shares are listed on the
Stock Exchanges. |
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Line of Business : |
Manufacturers
of Microwave Components and Sub-systems |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD
2750000 |
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Status : |
Good |
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Payment Behaviour : |
Regular
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Litigation : |
Clear |
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Comments : |
Subject
is a well established company having fine track. Financial position is good.
Payments are correct and as per commitments. Trade relations are fair. The
company is doing very well. It can
be considered good for any normal business dealings at usual trade terms . The
company can be regarded as a promising business partner in a medium to long
run. |
LOCATIONS
|
Registered Office : |
6-3-639/640, 303,
3rd Floor, Golden Edifice Building, Khairatabad, Hyderabad - 500 004, Andhra
Pradesh, India |
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Tel. No.: |
91-4 0-30618000 / 23312160 / 23312170 |
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Fax No.: |
91-40-23378944 |
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E-Mail : |
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Website : |
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Corporate
Office : |
3rd Floor, Golden
Edifice Building, Khairtabad, Hyderabad - 500 004, Andhra Pradesh, India. |
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Tel.
No.: |
91-40-30618000 |
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Fax
No.: |
91-40-23378944 |
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E-Mail
: |
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Factory
1 : |
Plot No. 12, ANRICH Industrial Estate,
Miyapur, IDA Bollarum, Medak (District) - 502 325, Andhra Pradesh, India |
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Tel
No.: |
91-40-30618100 / 01 |
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Factory
2 : |
Plot No.56A, 56B and 57A, ANRICH Industrial
Estate, Miyapur, IDA Bollarum, Medak (District) - 502 325 Andhra Pradesh,
India |
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Tel
No.: |
91-40-30618200 / 01 |
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Factory
3 : |
Survey No.1/1, Imarat Kancha, Raviryala Village,
Maheswaram Mandal, Rangareddy (District) - 500 010 Andhra
Pradesh, India |
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Tel
No.: |
91-40-30618300
/01 |
DIRECTORS
|
Name : |
Dr. R. P. Shenoy |
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Designation : |
Chairman |
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Name : |
Mr. B. Malla Reddy |
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Designation : |
Managing Director |
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Date of Birth/Age : |
59
Years |
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Qualification : |
M.E (Automation) |
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Experience : |
22
Years |
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Date of Appointment : |
13.09.1991 |
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Previous Employment : |
Head (R&D) OMC Computers Limited |
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Name : |
Mr. P. A. Chitrakar |
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Designation : |
Chief
Operating Officer |
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Date of Birth/Age : |
55 Years
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Qualification : |
M.Tec (Advanced Electronics) |
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Experience : |
20
Years |
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Date of Appointment : |
01.09.1994 |
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Previous Employment : |
Scientist 'E' Defense Electronics Research
Laboratory, Hyderabad |
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Name : |
Mrs. C. Prameelamma |
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Designation : |
Director (Technical) |
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Date of Birth/Age : |
57
Years |
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Qualification : |
M.E (Instrumentation &Control Systems) |
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Experience : |
16
Years |
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Date of Appointment : |
13.09.1991 |
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Previous Employment : |
Scientist "C" DRDO Labs, Hyderabad |
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Name : |
Mr. J. Venkatadas |
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Designation : |
Director
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Name : |
Dr. M. Srihari Rao |
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Designation : |
Director
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Name : |
Mr. Sandeep Daga |
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Designation : |
Director
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Name : |
Dr. Shiban K. Koul |
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Designation : |
Director
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Name : |
Mr. Atim Kabra |
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Designation : |
Alternative
Director |
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Name : |
Mr. S. Gurunatha Reddy |
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Designation : |
General Manager - F&A |
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Name : |
Mr. T. Anjaneyulu |
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Designation : |
Company Secretary |
KEY EXECUTIVE
|
Management Review Committee : |
Mr. Sandeep Daga – Chairman |
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|
Dr. R. P. Shenoy |
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|
Mr. J. Venkatadas |
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Mrs. C. Prameelamma |
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Audit Committee : |
Mr. J. Venkatadas - Chairman |
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Dr. R. P. Shenoy |
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Mr. Sandeep Daga |
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Compensation Committee : |
Dr. R. P. Shenoy - Chairman |
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Dr. M. Sri Hari Rao |
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Mr. J. Venkatadas |
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Mr. Sandeep Daga |
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Investors Grievance Committee : |
Dr .R. P. Shenoy – Chairman |
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Mr. Sandeep Daga |
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Mr. J. Venkatadas |
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Mr. B. Malfa Reddy |
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Senior Management : |
Mr. C. Siva Chander- General Managers |
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Mr. R. N. Sana |
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Mr. D. Lakshminarayana |
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Mr. M. V. Reddy |
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Mr. A. V. S. R. K. Sarma |
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Mr. V. S. Rao |
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Mr. M. A. Akbar Khan |
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Mr. G. V. N. Rao |
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Mr. P. Mohan |
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Mr. B. A. Ramam |
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Mr. A. R. S. Reddy |
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Mr. P. Janardhan |
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Mr. B. Jagannatha Rao |
MAJOR SHAREHOLDERS
|
Names
of Shareholders |
No. of Shares |
Percentage of Holding |
|
PROMOTER'S HOLDING |
|
|
|
Indian Promoters |
13731299 |
25.84 % |
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Foreign Promoters |
2580000 |
4.86 % |
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NON PROMOTERS HOLDING |
|
|
|
Banks, Financial Institutions, Insurance
Companies (Central/ State Government lnstitutions / Non- Govt. Institutions) |
254002 |
0.48 % |
|
Flls |
5076646 |
9.56 % |
|
Private Corporate Bodies |
6045279 |
11.39 % |
|
Indian Public |
15071675 |
28.39 % |
|
NRIs/Foreign Company |
186859 |
0.35 % |
|
Foreign Company |
9671760 |
18.21 % |
|
Other Directors |
444930 |
0.83 % |
|
Other Director's relatives |
50000 |
0.09 % |
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Total
|
53112450 |
100.00 % |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers
of Microwave Components and Sub-systems |
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PRODUCTION
STATUS
|
Particulars |
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Unit |
Actual Production |
|
Microwave
Components and Sub-systems |
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Qty in Nos. |
21461 |
GENERAL
INFORMATION
|
No. of Employees : |
2000 |
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Bankers : |
Ø
Canara Bank, I.F. Branch, Secunderabad Ø
HDFC Bank Limited Lakdikapool, Hyderabad. Ø
State Bank of India
Saifabad (SIB) Branch, Hyderabad |
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Facilities : |
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Banking Relations : |
Good |
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Auditors : |
Amar and Raju Chartered Accountants Road No: 3, Banjara Hills, Hyderabad |
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Subsidiary : |
Astra Microelectronic Technologies Limited |
CAPITAL STRUCTURE
Authorised
Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
10,00,00,000 |
Equity Shares |
Rs.2/- each |
Rs. 200.000 millions |
Issued,
Subscribed & Paid-up Capital :
|
No.
of Shares |
Type |
Value |
Amount |
|
5,31,12,450 |
Equity Shares |
Rs.2/- each |
Rs. 106.225 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
106.225 |
53.112 |
53.100 |
|
|
2]
Reserves & Surplus |
571.313 |
0.000 |
0.000 |
|
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3]
ESOP Share Application Money |
12.001 |
313.710 |
173.200 |
|
|
NETWORTH |
689.539 |
366.822 |
226.300 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
138.758 |
138.639 |
83.200 |
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|
2] Unsecured Loans |
22.216 |
22.228 |
11.900 |
|
|
TOTAL BORROWING |
160.974 |
160.867 |
95.100 |
|
|
DEFERRED TAX LIABILITIES |
59.277 |
41.618 |
0.000 |
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|
|
|
|
|
|
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TOTAL |
909.790 |
569.307 |
321.400 |
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|
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APPLICATION OF FUNDS |
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|
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FIXED ASSETS [Net Block] |
451.963 |
230.543 |
158.600 |
|
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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|
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|
|
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INVESTMENT |
22.000 |
0.500 |
0.000 |
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
215.367
|
143.796 |
81.300 |
|
|
Sundry Debtors |
208.032
|
228.527 |
162.600 |
|
|
Cash & Bank Balances |
351.709
|
70.891 |
23.400 |
|
|
Other Current Assets |
90.164
|
50.065 |
0.000 |
|
|
Loans & Advances |
232.383
|
92.295 |
44.900 |
|
Total Current Assets |
1097.655
|
585.574 |
312.200 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
413.123
|
145.324 |
109.200 |
|
|
Provisions |
248.705
|
101.986 |
40.200 |
|
Total Current Liabilities |
661.828
|
247.310 |
149.400 |
|
|
Net Current Assets |
435.827
|
338.264 |
162.800 |
|
|
|
|
|
|
|
|
TOTAL |
909.790 |
569.307 |
321.400 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
1120.827 |
714.459 |
404.500 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
514.315 |
239.047 |
82.200 |
|
Provision
for Taxation |
142.320 |
68.667 |
7.200 |
|
Profit/(Loss)
After Tax |
371.995 |
170.380 |
75.000 |
|
|
|
|
|
|
Export
Value |
0.086 |
2.938 |
NA |
|
|
|
|
|
|
Import
Value |
193.272 |
129.696 |
NA |
|
|
|
|
|
|
Total
Expenditure |
606.512 |
475.411 |
274.800 |
QUARTERLY RESULTS
|
PARTICULARS |
|
30.09.2006 [2nd Quarter] |
30.06.2006 [1st Quarter] |
|
Sales Turnover |
|
187.300 |
118.100 |
|
Other Income |
|
6.700 |
4.900 |
|
Total Income |
|
194.000 |
123.000 |
|
Total Expenditure |
|
112.100 |
89.100 |
|
Operating Profit |
|
81.900 |
33.900 |
|
Interest |
|
3.900 |
3.400 |
|
Gross Profit |
|
78.000 |
30.500 |
|
Depreciation |
|
13.900 |
13.300 |
|
Tax |
|
16.900 |
5.100 |
|
Reported PAT |
|
46.500 |
13.300 |
KEY
RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt-Equity Ratio |
0.31 |
0.43 |
0.32 |
|
Long Term Debt-Equity Ratio |
0.26 |
0.31 |
0.21 |
|
Current Ratio |
1.57 |
1.75 |
1.77 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
2.37 |
2.42 |
2.10 |
|
Inventory |
4.68 |
5.53 |
6.29 |
|
Debtors |
5.35 |
3.89 |
2.97 |
|
Interest Cover Ratio |
28.95 |
20.13 |
8.90 |
|
Operating Profit Margin(%) |
50.45 |
40.29 |
32.95 |
|
Profit Before Interest And Tax
Margin(%) |
45.62 |
33.09 |
23.53 |
|
Cash Profit Margin(%) |
36.69 |
29.61 |
28.48 |
|
Adjusted Net Profit Margin(%) |
31.86 |
22.41 |
19.05 |
|
Return On Capital Employed(%) |
77.99 |
59.27 |
32.92 |
|
Return On Net Worth(%) |
71.24 |
57.46 |
34.44 |
STOCK PRICES
|
Face
Value |
Rs.10.00 |
|
High |
Rs.153.90 |
|
Low |
Rs.151.50 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed
Assets
Ø Land
Ø Buildings
Ø Plant & Machinery
Ø Electrical Installations
Ø Air Conditioners
Ø Office Equipment
Ø Furniture & Fixtures
Ø Computers
Ø Vehicles
Ø
Capital Work-in-progress
History
Incorporated as a Private Limited Company in September 91,
Astra Microwave Products (AMPL) subsequently got converted into a Public
Limited Company on April 93. AMPL commenced commercial production in the month
of September 1991.
The company is engaged in designing and manufacturing of high value added RF
& microwave super components and sub-systems finding applications in
Defence, Space and Civil Communication Systems. The company also manufactures
2/15 shared VHF radio system components, sources, pindiode control components,
all types of filters, ferrite components, termination and loads, waveguide to
coaxial adaptors, waveguide isolaters, circulators, wave guide antennae,
antennae feeds, etc.
Astra Microelectronic Technologies Ltd is a subsidiary of the company. The
company has three plants in Andhra Pradesh.
Kaveri microwave components got merged with the company from December 94. In
1995-96 the new project for VSAT Anteena was completed. The Company is planning
to concentrate only on niche markets viz, Defense, VSAT and Cellular
communication.
In 2002-03 the company started a project with an outlay of Rs.100 millions for
building MMIC facilities at Hardware Technology Park, Hyderabad and the same
was commissioned in the same year. The new facility was developed to meet space
qualified testing, production and quality standards apart from improving its
ability to attract MMIC assembly and testing sub-contracting works from major
companies all over the world. Further in 2003-04 the company went under qualification
tests from the space agencies with regards to the facility assembly and
processes which was expected to be completed by December 2004. During 2004-05
the company is implementing an expansion programme for addition of Testing and
Enviromnmental equipment and construction of additional space at the factories
at an estimated cost of Rs.250 millions.
During October 2005 the company has sub-divided its equity share face value
from Rs.10/- per share to Rs.2/- per share. Further the company has issued bonus
equity shares to its equity share holders in the ratio of 1:1.
Change Of Registered Office
During the year, the Company has shifted its registered office from 1-2-64/A, 1st Floor, Vikram Chambers, Park Lane, Secunderabad - 500 003 to 6-3-639/640, 303,3rd Floor, Golden Edifice Building, hairatabad / Hyderabad- 500 004.
The Company achieved good growth this year as well. Total revenues grew
to Rs. 1162.1 millions during the year from Rs. 757.485 millions last year,
recording growth rate of 65.18%. Significant growths were achieved in operating
profit, Profit after tax and Earnings per share.
For detailed analysis of the performance, please refer to management's
discussion and analysis section of the annual report.
Dividend
The Directors are pleased to recommend a dividend of Rs.1 per equity
share of Rs. 2 for the financial year 2005-06. The dividend, if approved at the
ensuing Annual General Meeting, will be paid to those shareholders whose name
appear on the register of members of the Company as on 26th July, 2006.
The dividend would be tax free in the hands of the shareholders.
Stock Split and Bonus Issue of Share
Pursuant to the approval of the Members at the Extraordinary General
Meeting held on 31st August, 2005, the Equity shares of the Company having face
value of Rs.10/- each was sub-divided into five Equity shares of Rs. 2/- each.
The Board of Directors allotted during the year 2,65,56,225 Equity
shares of Rs.2/- each as Bonus Shares in the proportion of one bonus share for
each share held. The allotment of the Bonus shares was done on 15th October,
2005.
Founded
in 1991 by a team of senior professionals and eminent scientists, AMPL (Astra
Microwave Products Limited) has revolutionized the realm of microwave
technology with a range of innovative products. These include RF, Microwave,
Millimeter-wave, Cellular and Broadband products meeting international
standards of quality and efficiency.
Establishing
a trend of research and development to create new technological solutions in
keeping with the Company’s dedicated pursuit of excellence has placed AMPL at
the forefront of the business. Today AMPL’s solutions effectively power large,
complex communication systems used by Corporations, Public Institutions,
Telecommunication Companies, Commercial Enterprises and Defense Laboratories of
the Government of India.
AMPL’s
products are also widely used in VSAT operations, radars, navigational
equipment, public mobile trunk radio (PMTR), WLL, Cellular GSM/DCS or PCS
networks. AMPL’s products meet ITU, MIL and Space standards, and stand
testimony to the Company’s R&D breakthroughs using ISO quality processes,
world class manufacturing facilities and equipment, and trained manpower.
AMPL’s
phenomenal success can be directly linked to the fact that the Company operates
in a customer centric manner supplying innovative, cost-effective solutions of
superior quality with zero defects in the shortest possible time.
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 Int’l Anti-Money Laundering Laws/Standards :
Charges or investigation registered
against subject: None
7] Criminal
Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation
with Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation
Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA
INFORM as part of its Due Diligence do provide comments on Corporate Governance
to identify management and governance. These factors often have been predictive
and in some cases have created vulnerabilities to credit deterioration.
Our
Governance Assessment focuses principally on the interactions between a
company’s management, its Board of Directors, Shareholders and other financial
stakeholders.
CONTRAVENTION
Subject
is not known to have contravened any existing local laws, regulations or
policies that prohibit, restrict or otherwise affect the terms and conditions
that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.44.84 |
|
UK
Pound |
1 |
Rs.85.55 |
|
Euro |
1 |
Rs.57.28 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit
history (10%) Market
trend (10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No
caution needed for credit transaction. It has above average (strong)
capability for payment of interest and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are
regarded healthy. General unfavourable factors will not cause fatal effect.
Satisfactory capability for payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|