MIRA
INFORM REPORT
|
Report Date : |
17.09.2007 |
IDENTIFICATION DETAILS
|
Name : |
ADOR WELDING LIMITED |
|
|
|
|
Formerly Known As : |
ADVANI
OERLIKON LIMITED |
|
|
|
|
Registered Office : |
Ador House, 6, K. Dubash Marg, Fort, Mumbai – 400 023, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
22.10.1951 |
|
|
|
|
Com. Reg. No.: |
11-8647 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U70100MH1951PLC008647 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA20507E /
MUMA20506D |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACA9076B /
AAACA9076A |
|
|
|
|
Legal Form : |
A Public
Limited Liability company. The company’s shares are listed on the Stock
Exchanges. |
|
|
|
|
Line of Business : |
Manufacturing of welding consumable and equipments |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 4600000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well
established company having fine track. Trade relations are fair. Financial position
is good. Payments are correct and as per commitments. The company is doing
well. It can be
considered good for any normal business dealings at usual trade terms and
conditions. The company can
be regarded as a promising business partner in a medium to long run. |
LOCATIONS
|
Registered Office : |
Ador House, 6, K. Dubash Marg, Fort, Mumbai – 400 023, |
|
Tel. No.: |
91-22-22842525 / 22872548 |
|
Fax No.: |
91-22-22873083 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head Office : |
17/B,
Dena Bank Bldg., 2nd floor, |
|
Tel. No.: |
91-22- 22702485 / 22641376 |
|
Fax No.: |
91-22- 22641349 |
|
|
|
|
Factory : |
Lal
Bahadur Shashtri Marg, Bhandup, Mumbai – 400 078 Tel.
No. 91-22-25612566 / 2567 / 2568 Fax
No. 91-22-25644127 / 256466562 E-mail
: ncshetty@adorians.com Akurdi,
Chinchwad, Pune – 411 019, Tel.
No. 91-20-27472351/26276 / 77 Fax
No. 91-20-27473751 E-mail rabijlani@adorians.com Tel.
No. 91-771-2562201/2616288 Fax
No. 91-771-2562204 E-mail rpr.plant@adorians.com Melakottaiyur,
Via Vandalur, Chennai, Tamilnadu Tel.
No. 91-4114-2577115 / 116 Fax
No. 91-4114-2577117 E-mail aolchennai@vsnl.com Pimpri Plant Plot No. 54 & 55, F-ll Block, MIDC Pimpri, Pune 411 018. Silvassa Plant Survey No. 59/11/-I, U. I Of Dadra & |
|
|
|
|
Branches : |
Unit
No. 1, Luthra Industrial Premises, Andheri Kurla Road, Safed Pool, Andheri
(E), Mumbai - 400 072, India |
|
Tel. No.: |
91-22- 2851 5606/44 |
|
Fax No.: |
91-22- 2851 2885 |
|
|
|
|
Central
Marketing Limited : |
LBS Marg,
Bhandup, Mumbai – 400078 |
|
Tel No.: |
91-22-25962564
/ 77 |
|
Fax No.: |
91-22-25966562 |
|
Email: |
|
|
|
|
|
Territory
offices : |
Located at :- Y
Y
Y
Y
|
|
|
|
|
Area offices : |
Located at :- |
DIRECTORS
|
Name : |
Ms. A. B. Advani |
|
Designation : |
Executive Chairman |
|
|
|
|
Name : |
Mr. V. G. Kutty |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mrs. R. T. Malkani |
|
Designation : |
Director |
|
|
|
|
Name : |
Ms. R. Lalvani |
|
Designation : |
Director |
|
|
|
|
Name : |
Mrs. N. Malkani Nagpal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. G. L. Mirchandani |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. J. N. Hinduja |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R. R. Vora |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Anil Harish |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. M. K. Maheshwari |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R. A. Mirchandani |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. P. K. Gupta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. A. T. Malkani
|
|
Designation : |
Additional
Director |
|
|
|
|
Name : |
Mr. D. A. Lalvani
|
|
Designation : |
Additional
Director |
KEY EXECUTIVES
|
Name : |
Mr. V. M. Bhide |
|
Designation : |
Company Secretary
|
|
|
|
|
Corporate Management
Team : |
Mr. C. Venugopal Mr. Raman Kumar Mr. R. A. Bijlani Mr. K. N. Subramanian Mr. A. Anantharaman Mr. V. B. Tamboli Mr. D. J. Joshi |
SHAREHOLDING PATTERN
As on 30.06.2007
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Shareholding of Promoter and Promoter Group2 |
|
|
|
Indian |
|
|
|
Individuals/ Hindu Undivided Family |
571620 |
4.20 |
|
Bodies Corporate |
6777414 |
49.84 |
|
Foreign |
|
|
|
Individuals ( Non-Residents Individuals
/ Foreign Individuals ) |
253050 |
1.86 |
|
Public shareholding |
|
|
|
Institutions |
|
|
|
Mutual Funds/ UTI |
1196947 |
8.80 |
|
Financial Institutions / Banks |
1132 |
0.01 |
|
Venture Capital Funds |
5 |
0.00 |
|
Insurance Companies |
13510 |
0.10 |
|
Foreign Institutional Investors |
238294 |
1.75 |
|
Non-institutions |
|
|
|
Bodies Corporate |
500072 |
3.68 |
|
Individuals |
|
|
|
Individuals -i. Individual shareholders holding nominal
share capital up to Rs 1 lakh |
3296793 |
24.24 |
|
ii. Individual shareholders holding nominal share capital in excess of Rs. 1 lakh. |
677476 |
4.98 |
|
Any Other (specify) |
72154 |
0.53 |
|
Total
|
13598467 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of welding consumable and equipments |
||||||||||||
|
|
|
||||||||||||
|
Products : |
|
||||||||||||
|
|
|
||||||||||||
|
Exports : |
|
||||||||||||
|
Products : |
Manufacturing of welding consumable and equipment |
||||||||||||
|
Countries : |
Africa, Middle East, |
||||||||||||
|
|
|
||||||||||||
|
Imports : |
|
||||||||||||
|
Products : |
Raw Materials, Capital Goods and Spares etc |
||||||||||||
|
Countries : |
|
GENERAL INFORMATION
|
No. of Employees : |
761 |
|
|
|
|
Bankers : |
|
|
|
|
|
Banking
Relations : |
Good |
|
|
|
|
Auditors : |
|
|
Name : |
Dalal
& Shah Chartered
Accountants |
|
Address : |
Mumbai,
|
|
|
|
|
Associates/Subsidiaries : |
v
Ador Powertron Limited v
Ador Technologies Limited v
Ador Technopak Limited v
J. B. Advani & Company Limited |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30,000,000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
13,598,500 |
Equity Shares |
Rs.10/- each |
Rs.135.985 millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
136.000 |
135.985 |
135.985 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1021.700 |
893.513 |
725.681 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1157.700 |
1029.498 |
861.666 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
8.802 |
11.742 |
|
|
|
|
|
|
|
|
TOTAL |
1157.700 |
1038.300 |
873.408 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
667.800 |
449.811 |
377.320 |
|
|
Capital work-in-progress |
38.700 |
50.819 |
2.975 |
|
|
|
|
|
|
|
|
INVESTMENT |
223.000 |
223.002 |
205.584 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
318.300
|
230.872
|
175.769 |
|
|
Sundry Debtors |
129.100
|
164.622
|
37.229 |
|
|
Cash & Bank Balances |
44.700
|
154.380
|
298.951 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
233.500
|
155.677
|
87.036 |
|
Total Current Assets |
725.600
|
705.551
|
598.985 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
260.100
|
203.894
|
159.590 |
|
|
Provisions |
237.300
|
186.989
|
151.866 |
|
Total Current Liabilities |
497.400
|
390.883
|
311.456 |
|
|
Net Current Assets |
228.200
|
314.668
|
287.529 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1157.700 |
1038.300 |
873.408 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
3088.200
|
3007.500
|
2438.700
|
|
|
Other Income |
59.300
|
119.300
|
212.900
|
|
|
Stock Adjustments |
53.100
|
31.600
|
[29.800]
|
|
|
Total Income |
3200.600 |
3158.400 |
2621.800 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
393.900
|
483.100
|
288.800
|
|
|
Provision for Taxation |
67.700
|
81.100
|
09.500
|
|
|
Profit/(Loss) After Tax |
326.200
|
402.000
|
279.300
|
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
Total Earnings |
NA |
397.874 |
313.258 |
|
|
|
|
|
|
|
|
Imports : |
|
|
|
|
|
Total Imports |
NA |
208.841 |
118.683 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Materials |
1416.500
|
1215.400
|
957.800
|
|
|
Excise Duty |
349.000
|
348.200
|
264.700
|
|
|
Power & Fuel Cost |
53.100
|
54.700
|
50.700
|
|
|
Other Manufacturing Expenses |
219.800
|
190.400
|
178.600
|
|
|
Employee Cost |
180.100
|
205.300
|
167.800
|
|
|
Selling and Administration
Expenses |
424.700
|
517.000
|
430.600
|
|
|
Miscellaneous Expenses |
76.200
|
75.500
|
99.300
|
|
|
Interest & Financial Charges
|
12.700
|
7.300
|
08.800
|
|
|
Depreciation |
78.800
|
62.900
|
175.900
|
|
Total Expenditure |
2810.900 |
2676.700 |
2334.200 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2007 |
|
Type |
|
|
1st
Qtr |
|
Sales Turnover |
|
|
458.400 |
|
Other Income |
|
|
12.200 |
|
Total Income |
|
|
470.600 |
|
Total Expenditure |
|
|
396.600 |
|
Operating Profit |
|
|
74.000 |
|
Interest |
|
|
4.300 |
|
Gross Profit |
|
|
69.700 |
|
Depreciation |
|
|
23.500 |
|
Tax |
|
|
6.700 |
|
Reported PAT |
|
|
37.300 |
200706
Quarter 1 –
Expenditure Includes (Increase) / Decrease in Stock in Trade
Rs (64.60) million Consumption of Raw Materials & Packing Material Rs
301.60 million Purchase of Traded Goods Rs 4.20 million Staff Cost Rs 55.30
million Other Expenditure Rs 99.80 million Tax Includes Provision for Taxation
Rs 5.10 million Deferred Tax Rs 2.20 million Fringe Benefit Tax Rs 1.60 million
Prior Period Items Indicates Prior Period Adjustments (including Excess / Short
provision of Taxes) EPS is Basic & Diluted Status of Investor Complaints
for the quarter ended June 30, 2007 Complaints Pending at the beginning of the
quarter Nil Complaints Received during the quarter 07 Complaints disposed off
during the quarter 07 Complaints unresolved at the end of the quarter Nil 1.
The above results have been taken on record by the Board of Directors at their
meeting held on July 26, 2007. 2. The Statutory Auditors have carried out a
limited review of the financial results for the quarter ended June 30, 2007. 3.
Previous period figures have been regrouped wherever necessary.
KEY RATIOS
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
Debt
Equity Ratio |
0.00 |
0.00 |
0.00 |
|
Long
Term Debt Equity Ratio |
0.00 |
0.00 |
0.00 |
|
Current
Ratio |
1.59 |
1.78 |
1.53 |
|
TURNOVER
RATIOS |
|
|
|
|
Fixed
Assets |
2.16 |
2.40 |
1.93 |
|
Inventory
|
11.25 |
14.79 |
12.74 |
|
Debtors |
21.03 |
29.81 |
43.59 |
|
Interest
Cover Ratio |
32.02 |
59.42 |
14.92 |
|
Operating
Profit Margin (%) |
15.72 |
16.52 |
12.60 |
|
Profit
Before Interest and Tax Margin (%) |
13.17 |
14.42 |
5.38 |
|
Cash
Profit Margin (%) |
13.11 |
13.87 |
13.26 |
|
Adjusted
Net Profit Margin (%) |
10.56 |
11.78 |
6.05 |
|
Return
on Capital Employed (%) |
37.18 |
45.88 |
16.66 |
|
Return
on Net Worth (%) |
29.83 |
37.46 |
18.72 |
STOCK PRICES
|
Face Value |
Rs.10.00/- |
|
High |
Rs.274.95/- |
|
Low |
Rs.267.20/- |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Ador Welding Limited (AWL) , formerly known as Advani Oerlikon
Limited, was promoted on 22 Oct.'1951 by J B Advani & Co and the
Oerlikon-Buhrle group (now UNAXIS),
AWL has six manufacturing plants at Bhandup, Chinchwad,
The company came out with a rights issue in Jan.'1994 to part- finance the
modernisation of its plants for consumables and equipment manufacture. The
company has technical collaborations with two welding companies -
During 1998-99 'Semiconductor Limited' a 100% subsidiary company was
amalgamated with AOL. Now company has no subsidiary company. The company has
provided facilities for holding shares in demat mode by signining agreement
with NSDL & Central Depositary Services (I) Limited & the same is
expected to start its operation soon and expand its reach.
The company made buy back of 22,29,833 equity shares @ Rs.20/- per shares
totalling to Rs.44.600 Millions in 2002-03. M/s Oerlikon Welding Limited, the
overseas promoter has exited from their financial particpation from the company
by offering entire stake in the buy back scheme. Pursuant to the court order,
an associate company M/s Ador Technologies Limited was amalgamated with the
company with effect from appointed date 1st April,2002.
In 2006, the manufacturing operations at Ahmednagar plant have been shifted to
Chennai plant for attaining economies of scale in wire products.
OPERATIONS
In the financial year 2006-07, the company posted a growth of 6% (23%)* in the
operational & other income. The year ended with an operational & other
income of Rs. 2596 Millions.
The Company's Sales and income during the financial year 2006-07 comprised of
the following:
Welding Consumables at Rs. 1700.600 Millions.
Equipment & Project Engineering at Rs. 857.700 Millions.
Other Income at Rs. 37.800 Millions.
The Company has sold its idle property (residential flat) at Versova, Andheri West (Mumbai) resulting in a gain of Rs. 5.000 Millions.
In the financial year 2006-07 the sales turnover has grown in value terms (with
quantitative growth) and the improved economic scenario should give sufficient
fillip for a sustaining growth in value and quantitative terms also in the
coming years.
The Company has carved a niche for its products and services in the
International Markets. The International Business Division (IBD) has grown at a
very rapid pace in the financial year 2006-07 as compared to the previous
financial year. The export income during the financial year 2006-07 was at Rs.
580.900 Millions.
For reasons of scale and cost Management, the manufacturing operations of
Bhandup Plant, Mumbai, have been discontinued with effect from 01st
January, 2007 and the same have been consolidated with the operations of
Silvassa and Chennai Plants.
The Company has made a Capital Investment of about Rs. 348.100 Millions during
the financial year 2006-07. Out of the above amount, expenditure to the tune of
Rs. 38.600 Millions is in the stage of Capital Work in Progress as at 31st
March, 2007. Majority of the Capital Expenditure was incurred on plant and
machinery, during the financial year 2006-07, and for upgrading the production
facilities at the Consumable Plants (including the enhanced production
facilities for continuous welding consumables at Chennai and Silvassa). *
Figures in brackets indicate previous year.
POWER GENERATORS
The Company commenced the manufacture and sale of Power Generators of 15 to 125
KVA capacities on a moderate scale in the financial year 2006-07. In view of
the encouraging demands for these PG sets, the Company is in the process of
establishing a new manufacturing facility at its Chinchwad Complex in Pune with
a Capital outlay of about Rs.80 Millions in the current financial year 2007-08
for manufacture of about 2500 units of Alternators and PG sets (depending on
sizes), on an yearly basis, with an estimated revenue of Rs.600 to 750 Millions
within the next 3-4 years time frame.
PROJECT ENGINEERING BUSINESS
The Project Engineering Business of the Company is presently concentrated on
contract executions (which involve design, engineering, procurement /
manufacture and commissioning) of the Flare Systems and Incinerators. This
business is conducted from Chinchwad Complex at Pune. The facilities needed for
execution of these contracts are being upgraded progressively, depending upon
the engineering complexity of the contracts. Based on the projected business
inflow during the next 3 - 4 years, the Capital Expenditure for upgrading the
said facilities are likely to be in the region of about Rs. 20 Millions in the
coming financial years 2007-08 and 2008-09. The revenue stream from such
contracts is expected to be around Rs. 300 - 500 Millions within the next 3 - 4
years timeframe.
CAPEX FOR 2007-08
The Company intends to incur additional financial capital expenditure of Rs.250
Millions in the current year as detailed below:
- Rs.100 Millions for establishing new production facility for
Alternators and Power Generators (15 to 125 KVA capacities) at Pune
(Chinchwad), and machineries for Welding Equipment & Project
Engineering / manufacturing operations.
- Rs.150 Millions for establishing additional capacities for
Continuous Consumables (Stainless Steel/ Flux Cored Wires and Fluxes) at
Silvassa and Chennai Plants.
These are expected to be funded through a combination of bank borrowings and
internal generations.
MANAGEMENT
DISCUSSIONS AND ANALYSIS REPORT
INDUSTRY STRUCTURE AND DEVELOPMENT
Industry Structure
The Company is engaged in the business of development / engineering /
manufacture and sale of Welding and Cutting Products (Consumables / Equipment /
Automation) - broadly categorised as Welding Industry. As various metals are
the major constituents of welding products, this industry can be, in broader
terms, considered to be part and parcel of the Metal Industry at large.
The Indian Welding Industry is estimated to be in the region of Rs.20000 Millions
plus as of now. While there are no exact quantifiable data available, a general
study, conducted by various institutions, places this business around the above
figures with an estimated growth potential between 10 - 15% on a year-on-year
basis. Of this total business, about 50% is in the organized sector through
Regional / National / International players, and the remaining 50% is in the
hands of the unorganized sector mostly small scale units who operate in the
Mild Steel Segment at local levels spread across the Country. The significant
players in
The Users of these products are engaged in manufacturing and infrastructure
build-up activities (such as transportation, oil and gas, fabrication of
structures for power station / railways / mines / irrigation and such other
basic industries.)
Development
This Industry continues to develop new technologies in terms of new metals, new
welding processes and new applications. Both Consumables and Equipment
(including Automation Products & Systems) play significant role in Welding
business. The Companies who are able to keep pace with technology development
in terms of Design, Production and Product Mix shall continue to play vital
roles. Ador Welding Limited (AWL) is a Company, which always keeps pace with
these developments and changes, and therefore plays a very significant role in
the industry in Indian market. AWL is also the largest producer and seller of
welding products from
OPPORTUNITIES AND THREATS
Opportunities
Threats
Wherever there are growth opportunities, it is quite natural that lot of
international players will enter the market.
CURRENT
YEAR OUTLOOK
During the financial year 2006-07, this industry was put to great stress
because of the unprecedented volatility in the material inputs in terms of
availability and prices. As the Company has the largest product portfolios in
the industry, the volatility in terms of prices and availability continues to
be of great concern. However the Company continues to be on its toes all the
time with suitable strategies to overcome the unpredictable volatilities. The
supply chain costs, with various statutory levies, continue to have an impact
on the cost of operation.
In spite of these continuing impacts, the Company has enlarged its customer
base and product mix by offering basket of products to the major Consumption
Sectors in Manufacturing and Project businesses. The Company continuously works
on market and customer development activities in the existing and emerging
economic sectors / centres in the National and International Markets. These
efforts will continue to be accelerated as an ongoing exercise to reap the
benefits of the growth opportunities.
Business
Risk
As ADOR continues to be the leader in Welding business (both fabrication and
maintenance), the business risk associated with this industry will not be of
significant nature, apart from the fact of volatilities in primary input costs
and timely availability of vital materials. However, ADOR has a legacy of
competence built over the last 55 years to handle such business related risks
in the market place, and is well organized to overcome such ongoing business
risks.
Financial Risk
The Company has a very sound financial Management system in place and is a DEBT
Free Company with adequate resources for future growth and expansion. As and
when there is a necessity, the Company resorts to borrowing within the
framework of lending policies of the banks and financial
institutions.
BUSINESS
The
company is engaged in manufacturing and marketing of Arc Welding Electrodes,
Special Electrodes (Fontargen Range), Continuous Welding Electrodes, Arc
Welding/Braze Welding Fluzes, Welding and Cutting Equipments and Accessories,
DC Generators upto 150 KW and Customised Equipment/Systems for Welding
Applications.
Company’s products range includes:-
Consumables :-
Ř
Fluxofil - 18 (M) Spl.
Ř
Inox - 2553
Ř
Inox - 4462
Ř
Nicromolycord - 650 M
Ř
Cromotig Ni2
Ř
Diecord - 5500
Ř
Tenacito - 65 R (Spl.)
Ř
Citorail III Q
Ř
SPDF - 0072
Ř
O-2061
Ř
E - 108K
Ř
E-125 HMT
Ř
OP 121 TT
Ř
Automelt B 71
Ř
GTAW Solid Wires
Ř
Nicalloy-6
Ř
Automelt S79 Flux & Automelt Ni Cr Mo3
Ř
Nimoten-60
Ř
Automelt B-21
Ř
Automelt A-81
Equipments :-
Ř
Superchallenger 225 H
Ř
Heaterless Co2 Regulator - MAGFLO - HL
Ř
Single-Phasing Preventer SP-40
Ř
Co2 Welding Torch Model LMG 180
Ř
Champtig Series
Ř
Super Challenger 300
Ř
Champtig 220
Ř
Maximig-251 CD – Stitch Welding
Ř
E-Welmac E-191
Ř
Maestro Series – Welding Head WH-15
Ř
HF 2000
Ř
Hi-Pro Mig Torches
The
company has collaboration with Oerlikon of Switzerland, which is now part of
Air Liquide, France.
FIXED
ASSETS
v
Land - Freehold
v
Land - Leasehold
v
Buildings
v
Ownership Premises
v
Plant and Machinery
v
Electrical installations
v
Furniture, Fixtures and
v
Equipments
v
Vehicles
v
Temporary Shed
v
Air Conditioners
AS PER WEBSITE
ADOR WELDING LIMITED (AWL) is
Over fifty years ago,
Ador Welding Limited took roots as an electrode manufacturing company at a time
when welding was little known as an industry. It was indeed an uphill task to
identify various areas of welding applications and thereafter meet the
parameters of specific jobs with specific welding products. Ador Welding
Limited's pioneering spirit spurred the organization from one stage of
expertise to another. As more and more welding application areas were catered
to, the urge to enter specialized areas of welding as in the case of core
industries, elevated the company to the high end range of welding products. The
company foresaw the need to offer Total Solutions in welding well in advance,
to ensure total compatibility of consumables, power sources and accessories.
Today, in
MILESTONES
|
Year |
Description |
|
2005 |
Consolidated ISO 14001:2004 Certification for all Consumable plants |
|
|
Sixth electrode plant at Silvasa plant commenced production. |
|
2004 |
Centre For Welding Excellence established to serve the welding
fratenity in various ways |
|
2003 |
Change of Name From "Advani-Oerlikon Limited to ADOR Welding
Limited" |
|
2001 |
Golden Jubilee Year (1951 - 2001) |
|
1998 |
Consolidated ISO 9000 Certification for all the Consumable Plants. |
|
1995 |
Single ISO 9000 Certification for all 6 Consumable Plants |
|
1992 |
Fifth Electrode plant at |
|
1986 |
Company went Public. |
|
1982 |
Set up a |
|
1979 |
Fourth electrode plant at Ahmednagar commenced production. |
|
1968 |
Change of Name From "J.B. Advani-Oerlikon Electrode Private
Limited to "Advani-Oerlikon Private Limited" due to diversified
activities. |
|
1967 |
First export of there production to Middle East, |
|
1967 |
Third electrode plant commences production at Chennai ( |
|
1965 |
Electronic Division set up at Chinchwad Plant. |
|
1963 |
Welding Equipment Plant at Chinchwad. Pune commences operations. |
|
1962 |
Second electrode plant at |
|
1954 |
Setting up of Technical Service Department |
|
1952 |
First electrode plant at Bhandup, |
|
1951 |
Agreement signed between J.B. ADVANI & CO. PRIVATE LIMITED, a
holding Company and European Holding Company, Intercito Limited |
){kind=link}
Ador Welding Limited
is in the business of welding consumables, welding and cutting related products
and services. Their mission is to continually improve their products and
services to meet their customer's needs allowing us to prosper as a business
and to provide reasonable returns to their shareholders.
Shared Vision
The ADOR Group shall
be a globally respected industrial leader in all its lines of business. The
Group culture shall foster business excellence, high ethical and social
practices and create pride for all stake holders in the ADOR family
Shared Values
Their values govern
the guiding principles of their behavior, attitude and actions. These values
have ben set out hereunder to ensure that they would act in unison as a
cohesive entity. The Values comprise of the following:
1. Leadership through
Quality
Aiming to achieve
leadership in business growth, profitability and technology by offering Quality
Products and Services that shall be the best in their class.
2. Customer Focus
Ensuring that
customer needs are identified and the products and services meet these needs
most effectively.
3. Competitiveness in International Markets
Ensuring that their
products are of quality and are competitive in terms of value and service to
the customers.
4. Innovation, key to their Success
Striving to innovate
and excel in everything they do in products, Safety, Value, Services, Human
Relations, Competitiveness and profitability.
5. Employee Involvement
In the belief that
people are the source of strength to an organization, ADOR shall foster
teamwork and ensure that all employees treat each other with mutual trust and
respect.
6. Acceptance of Suppliers, Distributors and Vendors as Partners
Consciously promoting
suppliers' and vendors' involvement in order to improve products and services
and maintain mutually beneficial and dependable relationships.
7. Action Orientation
Setting a fast pace
and responding quickly to changes being the key competitive strength to keep us
ahead in today's fast changing world.
8. Continuous Improvement
Continuous
improvement in all their activities and processes sustaining us as a world
class organization.
9. Systems
Systems orientation
would lead us to quality in their products and services as well as optimizing
the utilization of their resources.
10. Social Responsibility
Recognizing the
obligation to society as an integral part of all business practices and
maintaining high ethical and social standards in all dealings.
Infrastructure
Ador Welding
Limited's leadership in the welding industry stems from prudent investments
that have been made over the years in setting-up and consolidating multiple
centres for varied activities - research & development, manufacturing,
quality assurance, technology up-gradation, marketing and distribution. Every
centre of activity is reviewed from time to time not only for expansion plans
to meet growing demands but more importantly, for investments in modernisation
programmes covering state-of-the-art-machinery and the latest processes.
Ador Welding Limited is equipped with Six manufacturing plants for the
production of welding consumables, power sources, welding automation systems
and cutting products. The production activities of these plants spread across
the country are coordinated by an effective & efficient team of
professionals whose experience in manufacturing processes is among the finest
in the industry. Five Welding Consumables plants are ISO 9001:2000 standard
certified for quality management systems and ISO 14001:2004 standard certified
for environment management systems while the Equipment Plant at Chinchwad is
certified to ISO 9001:2000 standard, indicative of the consistency of
manufacturing processes and parameters at all the plants.
Twenty
Six Sales Offices and Eight Field Offices supported with superior
technical & service expertise, along with well established Authorised
Distributors and Authorised E-Dealers, enables Ador Welding Limited to have a
wide reach besides ensuring good delivery schedules and customer services. Ador
Welding Limited makes its products and services readily available in major
markets across the globe through a chain of reputed overseas Authorised
Distributors & a strong market presence in areas like the
The company’s Centre for Welding Excellence (CWE) established at Mumbai, serves
the entire welding fraternity in terms of knowledge, technology up-gradation
& hands-on skill training. The CWE is the company’s commitment to deliver
customer friendly welding solutions, making Ador Welding Limited not just a
welding manufacturer but a company that provides complete welding solutions
ISO Certifications
Ador Welding Limited
is the only welding company in
ISO 9001:2000
Standard – Equipment
Design and
Development, Manufacture & Supply of Power Sources, Accessories & Spare
Parts For ARC Welding & Cutting Processes. Design, Development,
Manufacture, Supply, Commissioning & Servicing of Welding & Special
Purpose Automation Products & Systems
ISO 9001:2000
Standard – Consumables
Design and
Development, Manufacture and Supply of Welding Consumables From Plants Located
at AHMEDNAGAR, MUMBAI, CHENNAI, SILVASSA And
ISO 14001:2004 Standard
– Consumables
Design and
Development, Manufacture and Supply of Welding Consumables From Plants Located
at MUMBAI, CHENNAI, SILVASSA And
Group Profile
|
Company Name |
Activity |
Contact |
|
ADOR Welding Limited |
Welding, Cutting And Project Engineering Contracts and Supplies Group
(PECSG) |
Tel: 91-20-27472351 |
|
ADOR Fontech Limited |
Reclamation And Maintenance Welding |
Tel: 91-80-25596073 |
|
ADOR Powertron Limited |
Industrial Power Electronics |
Tel: 91-20-27472532 |
|
ADOR Multiproducts Limited |
Personal Care Products |
Tel: 91-80-28360271 |
|
JB Advani And Co Private Limited |
Industrial Investments And Manufacturing |
HRD
Objectives of the Human
Resource Department at AWL
To inspire, impart,
evaluate, encourage and commend the employee:
that he/she may feel
for his/her fellow-employees and develop a sense of oneness and belonging
towards his/her organization.
that he/she may work
in an atmosphere of justice that ensures him/her of even-handed treatment under
comparable conditions.
that he/she may
realize the importance of team work leading to co-operative leadership.
that he/she may
perceive and promote the company's progressive outlook ensuring equal
opportunity and social fairness at all times.
that he/she may seek
pride and satisfaction in the recognition he/she would receive for his/her
performance.
that he/she may find
solace in being assisted to resolve personal difficulties beyond his/her
control.
that he/she may feel
assured that the management strives to serve his/her own interests as much as
the company's development at all possible times.
Their Human Resource philosophy
stems from their guiding policy with respect to human resource. The guiding
policy states "employee involvement is their way of life. Their people are
the source of their strength, they shall foster team work and treat each other
with trust and respect. Every employee is responsible for carrying out these
policies".
The tenets of their human resource philisophy:
Employee involvement:
To encourage employee involvement, they believe that it is necessary to
encourage free flow of thoughts and a conducive working environment.
Clarity of goals: To
carry out these functions effectively, it is necessary that there should be a
synergy between the employee's individual goals and the overall goals. The
company places distinct goals before their employees to enhance these
effectively.
Delegation of
responsibility: to extract the best out of their personnel, responsibility for
execution of tasks is delegated. This enables the superiors to devote more time
to plan improvements and developments and enhances the skills of subordinates
for handling highest responsibilities. An environment of mutual trust and
respect is created.
Team work: To foster
team work, the company provides an environment where employees can draw upon
each other's knowledge, share one another's experience, exchange ideas and
opinions and arrive at optimum solutions. The process of decision making
through team work brings about a sense of belonging towards the decision or
solutions.
Recruitment: Their
company selects personnel to suit not only the current job requirement, but,
also takes into account the potential of these personnel to take higher
responsibility in future.
Personnel
development: To provide suitable growth opportunities within the organisation,
the company conducts programmes to train and develop employees to upgrade their
job knowledge and skills.
Personnel Development and Training (PDT)
Aims and Objectives
The aim is
development of personnel through an optimised system of training. The
objectives are:
- To help their employees achieve company
goals through training and self-improvement.
- To develop an in-built system that
continually taps human potential.
- To motivate their employees to exert
their best effort to achieve better.
- To create an environment that encourages
the highest human performance.
Approach The approach
to PDT is based on the premise of business imperatives in competitive
environments. They are identified as follows:
- Customer orientation
- Innovations
- Empowering human resources
- Building strong supports
- Leadership and teamwork
- PDT Target Groups For the sake of clarity
and imparting focus to the contents and methodology, the following target
groups have been identified:
- Field units
- Manufacturing units
- Service functions
The Methodology adopted is to :
- Carry out a
need analysis of the target group.
- Classify the
needs into strategic and day-to-day importance.
- Build a
curriculum that will take care of the needs and structure the PDT in a way
that will enable the person not only to 'learn' but also to 'want to learn
more' for his career growth. The course modules have been so proposed so
as to meet the stated objectives.
- Faculty The
faculty for the training modules will be a mixture of in-house,
experienced staff and line managers and external professionals in areas of
specialization
Ador Welding Limited is
v
Steel Industry
v
Petro Chemicals
v
Fertilizer Plants
v
Hydro Electric and Thermo Power
v
Nuclear Power Plants
v
v
Heavy Machinery
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.40.47 |
|
|
1 |
Rs.81.07 |
|
Euro |
1 |
Rs.56.17 |
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. |
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 |
|