MIRA
INFORM REPORT
|
Report Date : |
26.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
APAR INDUSTRIES LIMITED (w.e.f
08.10.1999) |
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Formerly Known As : |
GUJARAT APAR POLYMER LIMITED |
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Registered Office : |
301, Panorama Complex, |
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Country : |
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Financials (as on) : |
31.03.2011 |
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Date of Incorporation : |
28.09.1989 |
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Com. Reg. No.: |
04-012802 |
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Capital Investment
/ Paid-up Capital : |
Rs.323.360
millions |
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CIN No.: [Company
Identification No.] |
L91110GJ1989PLC012802 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDA01335F /
BRDA01312D / BRDA00836D |
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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 : |
Manufacturer of oil well parts, fuel tank liners, fuel
hoses, gaskets, packing oil seals and other oil-resistant applications. |
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No. of Employees : |
855 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
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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 |
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Maximum Credit Limit : |
USD 14900000 |
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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 and a reputed company having fine track.
Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and condition. |
NOTES : Any query related to this
report can be made on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered
Office : |
301, Panorama
Complex, |
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Tel. No.: |
91-265-2331935/ 2339906 |
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Fax No.: |
91-265-2330309 |
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E-Mail : |
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Website : |
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Corporate
Office : |
Apar House,
Corporate Park, |
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Tel. No.: |
91-22-25263400/67800400 |
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Fax No.: |
91-22-25246326 |
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E-Mail : |
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Administrative
Office: |
Village Dungi Taluka Valla Near Ankleshwar Baruch, |
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Factory 1: |
Special Oil Refinery 1. Dharmsinh
Desai Marg, Muhul Trombay, Mumbai – 400 074, 2. |
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Factory 2: |
A#18 TTC MIDC Industrial Area, Near Rabale Tel Exchange, |
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Factory 3: |
Polymers Division Village Dungri,
Taluka Valia, District Bharuch – 393 135, Gujarat Trombay, Mumbai, |
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Factory 4: |
Dharmsihn Desai Industrial Park, Dharmsinh Desai Marg, Opposite “D” Cabin, Chhani Road, Vadodara
– 390 002, Gujarat, India |
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Factory 5: |
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Speciality Oils
Manufacturing Facility |
Rabale – Navi Mumbai 18,TT.C.M.I.D.C.Indl.Area, Near Rabale Telephone.
Exchange, Tel. No.: 91-22 - 27694756 Fax No.: 22 - 27694757 Email: apar_thane@apar.com Silvassa – D. and NH
Tel. No.: 91-260 - 2630193 / 2630194 / 2630282 / 2630961 Email: aparsil@apar.com |
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Aluminium Conductors Manufacturing Facility |
Nalagarh – HP Khasra No. 467, Hadbast No. 101, Muuza Beer
Plassi, Tehsil. Nalagarh, Tel. No.: 91-1795 - 265389 / 200384 Email: apar_nalagarh@apar.com |
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Branch
Office : |
Located At: ·
· Chennai ·
New · Kolkata ·
· Pune ·
·
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DIRECTORS
As on 31.03.2011
|
Name : |
Dr. Narendra D.
Desai |
|
Designation : |
Chairman and
Managing Director |
|
Date of
Birth/Age : |
62 Years |
|
Qualification
: |
B.Sc. (Hons), |
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Date of
Appointment : |
28.09.1989 |
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Name : |
Mr. N. K.
Thingalaya |
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Designation : |
Director |
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Date of
Birth/Age : |
04.11.1937 |
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Qualification
: |
Ph. D.
(Economics) |
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Date of
Appointment : |
27.07.2001 |
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Other Directorships:- |
Canbank
Investment Management Services Limited |
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|
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Name : |
Mr. F. B. Virani |
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Designation : |
Director |
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Date of
Birth/Age : |
26.06.1945 |
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Qualification
: |
B. E. (Chemical Engineering),
M. S. (Chemical Engineering) ( |
|
Date of
Appointment : |
27.07.2001 |
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Other Directorships:- |
1. Dyna Cybertech Services Private Limited 2. Uniflex Cables Limited |
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Name : |
Mr. Kushal N.
Desai |
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Designation : |
Managing Director |
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Date of
Birth/Age : |
21.02.1967 |
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Qualification
: |
B.Sc. Hons.,
(Ele. Engg.) |
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Date of
Appointment : |
24.03.1999 |
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Name : |
Mr. C. N. Desai |
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Designation : |
Joint Managing
Director |
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Date of
Birth/Age : |
15.07.1971 |
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Qualification
: |
B.Sc (Hons.)
(Chem. Engg.) |
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Date of
Appointment : |
29.05.1993 |
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Name : |
Mr. H. N. Shah |
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Designation : |
Director |
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Name : |
Mr. Rajesh Sehgal |
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Designation : |
Additional Director (w.e.f.
27th June, 2011) |
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Date of
Birth/Age : |
16.02.1971 |
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Qualification
: |
PGDBM, CFA. |
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Other Directorships:- |
HPL Additives Limited |
KEY EXECUTIVES
|
Name : |
Mr. Sanjaya
Kunder |
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Designation : |
Company Secretary
|
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|
Name : |
Mr. Greg Florence |
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Designation : |
Chief Financial
Officer |
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Audit
Committee: |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2012
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
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|
20,636,640 |
57.37 |
|
|
110,978 |
0.31 |
|
|
20,747,618 |
57.68 |
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|
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Total
shareholding of Promoter and Promoter Group (A) |
20,747,618 |
57.68 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
2,714,336 |
7.55 |
|
|
349 |
- |
|
|
2,406,755 |
6.69 |
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|
5,121,440 |
14.24 |
|
|
|
|
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|
7,202,921 |
20.02 |
|
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|
1,853,471 |
5.15 |
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|
778,615 |
2.16 |
|
|
268,329 |
0.75 |
|
|
165,936 |
0.46 |
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|
100,377 |
0.28 |
|
|
2,016 |
0.01 |
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|
10,103,336 |
28.09 |
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Total Public shareholding
(B) |
15,224,776 |
42.32 |
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Total (A)+(B) |
35,972,394 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
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|
- |
- |
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|
- |
- |
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Total
(A)+(B)+(C) |
35,972,394 |
- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs. 0.100 Million BUSINESS DETAILS
|
Line of Business : |
Manufacturer of oil well parts, fuel tank liners, fuel
hoses, gaskets, packing oil seals and other oil-resistant applications. |
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Products : |
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PRODUCTION STATUS [As on 31.03.2011]
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Transformer Oils |
MT |
153495* |
372773 |
136997 |
|
|
KL |
182000 |
- |
|
|
Special Grade Pharmaceutical Oils |
MT |
86025* |
- |
58171 |
|
|
KL |
102000 |
- |
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|
Other Specialities Oils (including R.P.Oils) |
MT |
133253* |
- |
66431 |
|
|
KL |
158000 |
- |
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ii) AAC, AAAC and ACSR Conductors |
MT |
116000* |
103679 |
93270 |
|
iii) Aluminium rods suitable for further
manufacture of ACSR/AAC/AAAC |
MT |
110000* |
86600 |
78016 |
* Company's application for manufacture has been taken on record and registered by the concerned Government authorities.
Notes:
a) Installed capacities are certified by Management of the Company and not verified by the auditors as this is a technical matter.
b) In cases where installed capacities exceed the licensed capacities, the Company's applications to the Government for regularization of the same have been accepted in part only or are pending with the Government.
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
855 [Approximately] |
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Bankers : |
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Facilities : |
Note: The cash
Credit/working capital demand loans/pre-shipment export finance from banks
are secured by: (i)
Hypothecation of specified stock, specified book
debts and movable plant and machinery at Nalagarh Unit. (ii)
First charge by way of equitable mortgage by deposit
of title deeds of certain immovable properties both present and future. (iii)
First charge by way of equitable mortgage by
deposit of title deeds of certain immovable properties of Apar Corporation
Private Limited a related Party.
Repayable within one year Rs.362.264 millions (Previous year 77.527
millions.) |
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Banking Relations
: |
- |
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Auditors : |
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Name : |
Sharp and Tannan Chartered Accountants |
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Address : |
Mumbai. |
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Joint Venture : |
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Enterprises over which significant influence is exercised by key management
personnel/ individuals having significant influence: |
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Subsidiaries: |
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CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
91,998,750 |
Equity Shares |
Rs.10/- each |
Rs.919.987 millions |
|
|
|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
32,336,031 |
Equity Shares |
Rs.10/- each |
Rs.323.360
millions |
|
|
|
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|
As on 24.08.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
91,998,750 |
Equity Shares |
Rs.10/- each |
Rs.919.987 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35,972,394 |
Equity Shares |
Rs.10/- each |
Rs.359.724
millions |
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|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
323.360 |
323.360 |
323.360 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3423.928 |
2606.478 |
2489.185 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
3747.288 |
2929.838 |
2812.545 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
608.074 |
574.547 |
376.325 |
|
|
2] Unsecured Loans |
510.225 |
301.747 |
392.845 |
|
|
TOTAL BORROWING |
1118.299 |
876.294 |
769.170 |
|
|
DEFERRED TAX LIABILITIES |
93.477 |
80.320 |
85.782 |
|
|
|
|
|
|
|
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TOTAL |
4959.064 |
3886.452 |
3667.497 |
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1216.832 |
1198.779 |
1185.705 |
|
|
FIXED ASSETS HELD FOR SALE/DISPOSAL |
0.232 |
0.732 |
0.731 |
|
|
Capital work-in-progress |
39.215 |
9.244 |
46.033 |
|
|
|
|
|
|
|
|
INVESTMENT |
315.541 |
317.508 |
884.096 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4273.356
|
3782.880
|
2974.903
|
|
|
Sundry Debtors |
6338.926
|
3784.270
|
4751.894
|
|
|
Cash & Bank Balances |
3832.696
|
4697.069
|
5996.983
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
3126.956
|
2047.919
|
1667.559
|
|
Total
Current Assets |
17571.934
|
14312.138
|
15391.339
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
11208.211
|
9427.138
|
11950.489 |
|
|
Other Current Liabilities |
2607.178
|
2315.290
|
1884.527
|
|
|
Provisions |
369.301
|
209.521
|
16.953
|
|
Total
Current Liabilities |
14184.690
|
11951.949
|
13851.969
|
|
|
Net Current Assets |
3387.244
|
2360.189
|
1539.370
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
11.562 |
|
|
|
|
|
|
|
|
TOTAL |
4959.064 |
3886.452 |
3667.497 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
27184.693 |
19980.543 |
24634.127 |
|
|
|
Other Income |
70.506 |
166.386 |
63.230 |
|
|
|
TOTAL (A) |
27255.199 |
20146.929 |
24697.357 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating and other expenses |
25564.393 |
18974.104 |
24161.861 |
|
|
|
Other Expenditure – Exceptional Items |
1.967 |
22.612 |
17.402 |
|
|
|
Increase/(Decrease) in Finished Goods |
(10.847) |
(212.282) |
11.469 |
|
|
|
TOTAL (B) |
25555.513 |
18784.434 |
24190.732 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1699.686 |
1362.495 |
506.625 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
(32.060) |
195.599 |
312.489 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1731.746 |
1166.896 |
194.136 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
137.093 |
118.791 |
109.926 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1594.653 |
1048.105 |
84.210 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
536.119 |
742.277 |
31.135 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1058.534 |
305.828 |
53.075 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1027.959 |
998.166 |
945.091 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
110.000 |
87.500 |
- |
|
|
|
Interim Dividend |
80.841 |
- |
- |
|
|
|
Tax on Interim Dividend |
13.428 |
- |
- |
|
|
|
Proposed Dividend |
125.904 |
161.680 |
- |
|
|
|
Tax on Proposed Dividend |
20.911 |
26.855 |
- |
|
|
BALANCE CARRIED
TO THE B/S |
1735.409 |
1027.959 |
998.166 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on FOB basis |
5451.808 |
5022.529 |
6554.239 |
|
|
|
Commission Earnings |
0.000 |
0.000 |
1.671 |
|
|
|
Other Earnings |
298.847 |
271.688 |
264.485 |
|
|
|
Deemed Exports |
696.359 |
861.682 |
1488.632 |
|
|
TOTAL EARNINGS |
6447.014 |
6155.899 |
8309.027 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
12363.028 |
9694.131 |
14845.293 |
|
|
|
Stores & Spares |
2.117 |
3.562 |
2.765 |
|
|
|
Capital Goods |
11.071 |
20.109 |
23.234 |
|
|
TOTAL IMPORTS |
12376.216 |
9717.802 |
14871.292 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
32.74 |
9.46 |
1.64 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
6880.920 |
7393.460 |
8633.070 |
|
Total Expenditure |
6531.260 |
7362.160 |
8646.240 |
|
PBIDT (Excl OI) |
349.660 |
31.300 |
(13.170) |
|
Other Income |
29.640 |
54.470 |
14.400 |
|
Operating Profit |
379.300 |
85.770 |
1.230 |
|
Interest |
0.000 |
0.0000 |
0.000 |
|
Exceptional Items |
0.000 |
0.0000 |
0.000 |
|
PBDT |
379.300 |
85.770 |
1.230 |
|
Depreciation |
34.750 |
35.180 |
37.190 |
|
Profit Before Tax |
344.550 |
50.590 |
(35.960) |
|
Tax |
113.610 |
1.740 |
(38.040) |
|
Provisions and contingencies |
0.000 |
0.0000 |
0.000 |
|
Profit After Tax |
230.940 |
48.850 |
2.080 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
230.940 |
48.850 |
2.080 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.88
|
1.52
|
0.21
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.87
|
5.25
|
0.34
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.49
|
6.76
|
0.51
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.42
|
0.36
|
0.03
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.08
|
4.38
|
5.20
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.24
|
1.20
|
1.11
|
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business• |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
No |
HISTORY
Subject was formerly known as Gujarat Apar Polymers was
Promoted by subject, the flagship company of the Apar group, along with the
Gujarat Industrial Investment Corporation (GIIC), subject manufactures NBR (nitrile
rubber) and latex. It has a 6250-tpa facility for NBR, a special oil-resistant
synthetic rubber with good abrasion- and water-resistance.
NBR is used in the manufacture of oil well parts, fuel tank liners, fuel hoses,
gaskets, packing oil seals and other oil-resistant applications. The footwear
industry uses NBR for industrial and army boots. NBR latex is used in making
paper, non-woven fabrics, artificial leather and in finishing / water proofing
of real leather.
The company has signed a technical-collaboration agreement
with Goodyear Tire and Rubber Company, US, which will be valid for five years
from the commencement of production. Goodyear is one of the largest producers
of rubber and tyres besides being in the line of speciality rubber, chemicals
and plastic products. There are about 12 NBR plants worldwide, of which five
operate on Goodyear technology. Goodyear is being paid a technical know-how fee
of US $ 750,000 in three equal installments, two being paid in advance to get
the technology, and a royalty of 2% on all sales of licensed products.
In Nov 2000 the captive plant for co-generation of power and steam has became
operational. The Ankleshwar plant which was modernised with latest know-how of
M/s Goodyear Tire and Rubber Company,
MANAGEMENT DISCUSSION AND ANALYSIS/ OUTLOOK
The rapid economic growth in infrastructure in
The Company’s Transformer Oil and Conductors divisions are amongst the
leaders in their respective fields, and are expected to benefit significantly
from the investments that are being planned in the power sector.
Margins from the manufacturing activities during FY 2010-11 were
increased to Rs 1701.650 million from Rs 1385.110 million in the previous year.
TRANSFORMER OIL
AND SPECIALTY OILS SEGMENT
The Oil business had a good performance during 2010-11 primarily on
account of improved product mix. As the demand for products with higher quality
standards are gaining popularity in the markets in which the company is
operating, it has been able to avail of the opportunities on the strength of
its technical expertise. The profitability has increased by about 55%.
The Company continues to exercise prudence in its choice of business and
inventory control in order to mitigate the risks experienced in 2008-09. The
Company has been concentrating on higher value-added products and applications
rather than focus just on volume growth. As a result, growth in terms of volume
has been modest at approximately 5%.
The Company expects to sustain its leadership position in the market for
Transformer Oils, and increase its penetration in the other segments. While the
profitability in 2011-12 may be reasonably good, it may not be as strong as the
previous year because of the expected volatility in the commodity markets.
The Net sales turnover of the “Agip" brand Automotive Lubricants
produced by the Company with License and Technical Know-how of ENI-S.p.A of
Italy and marketed by Apar ChemateK Lubricants Limited, (50:50 Joint Venture
Company with ChemateK SpA) (ACL) stood at Rs. 1212.080 Million for FY 11. ACL
has earned a Profit of Rs. 44.610 Million during FY 2010-11 as against Profit
of Rs. 49.980 Million in the previous year. The sale of Agip brand products
grew by 34.7% in volume over the previous year.
CONDUCTOR DIVISION
Sales revenue in FY11 increased by 34.5% from Rs 9857.980 million to Rs.
13258.170 million on account of increase in volume by 29.3% from 79510 MT to
102793 MT.
Segment Level profit for the year down from Rs. 601.030 Million to Rs. 467.630
Million
During the year, Power Grid finalised much lower tenders for conductors
as compared to the past. The absence of this very significant part of the
market created intensified competition in the rest of the business. Hence,
margins were under pressure for the Company, and the profits were reduced. The
increase in volumes helped in mitigating the impact of the margins’ reduction.
During the end of the year, Power Grid has started to finalize a number
of tenders, and the company has received some orders for execution in the
second half of FY 12.
The order book as of April 1, for FY12 was Rs. 12598.100 million in
confirmed orders and Rs. 5607.500 million in the pipeline. The Company will
continue to experience reduced margins for the first half of FY 12.
They expect total volume to grow by over 15% in FY12 over FY11 with a
corresponding increase in profitability for this segment.
The Company followed a conservative hedging strategy both on foreign exchange
and metal front. All fixed price contracts were hedged on a back to back basis.
The mark to market losses (MTM) on such contracts as of March 31, 2011 in
accordance with announcement dated March 28, 2008, issued by the Institute of
Chartered Accountants of India, amounting to Rs 280.400 million have not been
provided in the accounts, as it is notional in nature and said loss would get
extinguished on execution of firm sale price orders corresponding to these
commodity contracts.
CONTINGENT LIABILITIES
Contingent liabilities not provided for:
|
Particulars |
31.03.2011 Rs. In Millions |
31.03.2010 Rs. In Millions |
|
a) Bills of exchange discounted |
2565.754 |
1311.440 |
|
b) Taxation: Disputed demands of income tax |
39.915 |
-- |
|
c) i) Guarantee given by the company for
credit facilities enjoyed by Petroleum Specialties Pte Limited, a wholly
owned subsidiary |
446.000 |
673.650 |
|
ii) Guarantee given by the company for
credit facilities enjoyed by Uniflex Cable Limited, A Subsidiary company |
1000.000 |
1250.000 |
|
d) Claims against the company not
acknowledged as debts- |
|
|
|
i) Demand/ show cause- cum- demand notices
received and contested by the company with the relevant appeliate
authorities: |
|
|
|
Excise Tax |
43.526 |
36.818 |
|
Service tax |
1.985 |
1.985 |
|
Custom Duty |
31.166 |
31.005 |
|
Sales Tax |
62.696 |
56.013 |
|
ii) Arbitration award regarding dispute of
alleged contractual non performance by the company, against which the company
is in appeal before Bombay High Court |
70.215 |
65.632 |
|
iii) Interest on delayed payment of Excise
duty, (which duty payment was revenue neutral) on certain Deemed exports as
per settlement commission ‘s order against which the Company is in appeal before
Bombay High Court |
44.508 |
44.508 |
|
iv) Labour matters |
16.431 |
16.431 |
FIXED ASSETS
- Land Freehold
- Plant and Machinery
- Furniture and Fixture
- Motor Vehicles
- Intangible Assets
UNAUDITED STANDALONE
FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30.09.2011
(Rs. in millions)
|
Sr No. |
Particulars |
UNAUDITED FOR THE 3 MONTHS ENDED |
UNAUDITED FOR THE 9 MONTHS ENDED |
|
|
|
|
31.12.2011 |
30.09.2011 |
31.12.2011 |
|
1 |
Net Sales/income from operations |
8,593.770 |
7,376.430 |
22,839.290 |
|
|
Other operating income |
39.300 |
17.030 |
68.170 |
|
|
Total Income |
8,633.070 |
7,393.460 |
22,907.460 |
|
2 |
Expenditure |
|
|
|
|
|
(a)(Increase)/decrease in stock in trade
and work in progress |
194.940 |
(410.510) |
(497.610) |
|
|
(b) Consumption of raw materials |
7,201.810 |
6,753.620 |
19,705.160 |
|
|
(c) Purchase of traded goods |
320.340 |
29.630 |
515.140 |
|
|
(d) Employees cost |
75.410 |
77.280 |
227.660 |
|
|
(e) Depreciation and amortisation |
37.190 |
35.180 |
107.120 |
|
|
(f) Other expenditure |
853.740 |
912.140 |
2,589.300 |
|
|
(g) Total |
8,683.430 |
7,397.340 |
22,646.770 |
|
3 |
Profit from operations before other income,
interest and |
|
|
|
|
|
exceptional items (1-2) |
(50.360) |
(3.880) |
260.690 |
|
4 |
Other income |
1.130 |
0.790 |
3.400 |
|
5 |
Profit before interest and exceptional
items (3+4) |
(49.230) |
(3.090) |
264.090 |
|
6 |
Interest (net) |
(13.270) |
(53.680) |
(95.110) |
|
7 |
Profit after interest but before
exceptional items (5-6) |
(35.960) |
50.590 |
359.200 |
|
8 |
Exceptional items |
- |
- |
- |
|
9 |
Profit (+) / Loss (-) from ordinary
activities before tax (7-8) |
(35.960) |
50.590 |
359.200 |
|
10 |
Tax expense |
(38.040) |
1.74 |
77.300 |
|
11 |
Net Profit from ordinary activities after
tax (9-10) |
2.080 |
48.850 |
281.900 |
|
12 |
Extraordinary items (net of tax expense) |
- |
- |
- |
|
13 |
Net Profit for the period/year (11-12) |
2.080 |
48.850 |
281.900 |
|
14 |
Paid-up equity share capital (Face value of
the |
|
|
|
|
|
share Rs. 10 each) |
359.720 |
359.720 |
359.720 |
|
15 |
Reserves excluding Revaluation Reserve as
per balance sheet of previous accounting year |
|
|
|
|
16 |
Earnings Per Share (EPS) (^) |
|
|
|
|
|
- Basic and Diluted (not annualised) |
0.06 |
1.38 |
7.93 |
|
17 |
Public Shareholding |
|
|
|
|
|
Number of shares |
1,54,29,875 |
1,55,55,498 |
1,54,29,875 |
|
|
Percentage of shareholding |
42.89% |
43.24% |
42.89% |
|
18 |
Promoters and Promoter Group Shareholding
a) Pledged / encumbered |
|
|
|
|
|
Number of shares |
Nil |
Nil |
Nil |
|
|
Percentage of shares (as a % of the total
shareholding |
|
|
|
|
|
of Promoter and Promoter Group) |
Nil |
Nil |
Nil |
|
|
Percentage of shares (as a % of the total
share capital |
|
|
|
|
|
of the Company) |
Nil |
Nil |
Nil |
|
|
b) Non-encumbered |
|
|
|
|
|
Number of shares |
2,05,42,519 |
2,04,16,896 |
2,05,42,519 |
|
|
Percentage of shares (as a % of the total shareholding |
|
|
|
|
|
of Promoter and Promoter Group) |
100.00% |
100.00% |
100.00% |
|
|
Percentage of shares (as a % of the total
share capital |
|
|
|
|
|
of the Company) |
57.11% |
56.76% |
57.11% |
STANDALONE SEGMENT-WISE REVENUE, RESULTS AND CAPITAL EMPLOYED UNDER
CLAUSE 41 OF THE LISTING AGREEMENT
FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2011
(Rs. in
millions)
|
Particulars |
UNAUDITED FOR THE 3 MONTHS ENDED |
UNAUDITED FOR THE 9 MONTHS ENDED |
|
|
|
31.12.2011 |
30.09.2011 |
31.12.2011 |
|
Segment Revenue |
|
|
|
|
Conductors |
3,784.470 |
2,813.900 |
9,405.510 |
|
Transformer and Speciality Oils |
4,831.200 |
4,562.870 |
13,454.490 |
|
Others/Unallocated |
20.520 |
19.290 |
57.350 |
|
Total |
8,636.190 |
7,396.060 |
22,917.350 |
|
Less: Inter - Segment Revenue |
3.120 |
2.600 |
9.890 |
|
Net Sales/Income from operations |
8,633.070 |
7,393.460 |
22,907.460 |
|
Segment Results before tax and interest |
|
|
|
|
Conductors |
148.480 |
11.050 |
113.810 |
|
Transformer and Speciality Oils |
(163.470) |
67.880 |
336.320 |
|
Others |
1.550 |
1.360 |
5.350 |
|
Total |
(13.440) |
80.290 |
455.480 |
|
Less : Interest (net) |
(13.270) |
(53.680) |
(95.110 |
|
: Un-allocable expenditure net of income |
35.790 |
83.380 |
191.390 |
|
Total Profit (+)/loss(-) before tax |
(35.960) |
50.590 |
359.200 |
|
Capital Employed |
|
|
|
|
(Segment Assets - Segment Liabilities) |
|
|
|
|
Conductors |
3,120.540 |
1,768.300 |
3,120.540 |
|
Transformer and Speciality Oils |
512.400 |
1,821.370 |
512.400 |
|
Others/Unallocated |
3,066.300 |
2,692.310 |
3,066.300 |
|
Total |
6,699.240 |
6,281.980 |
6,699.240 |
- The above unaudited financial results were
reviewed by the Audit Committee of Directors and approved by the Board of
Directors at their meeting held on 3rd February, 2012. The statutory auditors
of the Company have carried out a limited review of the above standalone
financial results for the quarter ended 31st December, 2011.
- Effective 1st April, 2011, the Company has
started accounting for derivative contracts, entered into to hedge commodity
/ forex unexecuted firm commitments and highly probable forecast
transactions. Gains or losses arising out of fair valuation of derivative
contracts are recognized in the profit and loss account or balance sheet,
as the case may be, after applying the test of hedge effectiveness. Gains
or losses are recognized as 'Hedge Reserve' in the balance sheet when the
hedge is effective and where the hedge is ineffective the same is
recognized in the profit and loss account. Gains and losses on roll over
or cancellation of derivative contract which qualify as effective hedge
are recognized in the profit and loss account in the same period in which
the hedge item is accounted. Accordingly, mark to market (MTM) losses of X
207.12 million as on 31st December, 2011 on commodity derivative contracts
have been debited to 'Cash Flow Hedging Reserve' in the books of account
for the period ended 31st December, 2011.This change in the accounting
policy has no effect on the profit for the quarter and period ended 31st December,
2011.
- All foreign exchange exposures have been
realigned at December, 2011 end rate of X 53.11 to U.S. dollar. Due to
unprecedented depreciation of Indian Rupee, the Company has incurred
exchange loss of X 627.42 million during the Quarter. The inclusion of
this loss/(gain) in various heads with break-up of Realized / Unrealized
is as follows:
(Rs in Millions)
|
Particulars |
Q3FY12 |
Q2FY12 |
Q3FY11 |
YTDFY12 |
YTDFY11 |
FY11 |
|
Net Sales |
(137.340) |
(195.300) |
(5.540) |
(349.240) |
(43.880) |
(60.970) |
|
Consumption of raw material |
769.630 |
589.940 |
(2.610) |
1,446.070 |
6.480 |
76.500 |
|
Others |
(4.860) |
30.170 |
20.610 |
29.890 |
26.440 |
42.080 |
|
Total exchange loss/(gain) |
627.420 |
424.810 |
12.460 |
1,126.720 |
(10.960) |
57.610 |
|
* Realised exchange loss/(gain) |
225.240 |
131.780 |
97.870 |
724.550 |
74.450 |
72.390 |
|
Unrealised exchange loss/(gain) |
402.170 |
293.020 |
(85.410) |
402.170 |
(85.410) |
(14.780) |
|
Total exchange loss/(gain) |
627.420 |
424.810 |
12.460 |
1,126.720 |
(10.960) |
57.610 |
|
PBT before unrealised exchange loss/(gain) |
366.210 |
343.610 |
267.490 |
761.370 |
1,092.860 |
1,579.880 |
|
PBT after unrealised exchange loss/(gain) |
(35.960) |
50.590 |
352.900 |
359.200 |
1,178.260 |
1,594.650 |
- In line with Notification No G.S.R. 914(E)
dated 29th December, 2011 issued by the Ministry of Corporate Affairs,
Government of India in respect of accounting periods commencing on or
after the 1st April, 2011 for an enterprise which had earlier exercised
the option under paragraph 46 and at the option of any other enterprise,
the exchange differences arising on reporting of long-term foreign
currency monetary items at rates different from those at which they were
initially recorded during the period, or reported in previous financial
statements, in so far as they relate to the acquisition of a depreciable
capital asset, can be added to or deducted from the cost of the asset and
shall be depreciated over the balance life of the asset. Accordingly,
Rs.40.650 million have been debited to CWIP in the books of accounts till
31st December, 2011
- The Company has not received any investor
complaints during the quarter ended 31st December, 2011. No complaints were
pending at the beginning and at the end of the quarter.
- Previous period / year figures have been
regrouped, wherever necessary.
WEBSITE DETAILS
BUSINESS
DESCRIPTION
Subject is engaged in the manufacturing of conductors and transformer/speciality
oils. The Company operates in two segments: Transformer oil and specialty oils
segment and Conductor division. AIL produces a range of speciality oils for
power, rubber, tyre, ink, cosmetics, food, pharmaceutical, health care, steel,
aluminium, petrochemical, plastic, paper, sugar, cement, automotive and various
other Industries. During the fiscal year ended March 31, 2011 (fiscal 2011),
Transformer Oil and Specialty Oils segment contributed 51.2% of its revenue.
Its subsidiaries include Petroleum Specialities Pte Limited, Quantum Apar
Speciality Oils Pty Limited, Quantum Apar Speciality Oils Pty Limited, Uniflex
Cables Limited and Marine Cables and Wires Private Limited. It has
hub-and-spoke model setting up storage distribution and processing facilities
in
Manufacture and distribution of polymers. ISO 9001
certified. Apar Industries Limited (
BOARD OF DIRECTORS
KUSHAL N. DESAI
Shri. Kushal N. Desai is Chief Executive Officer, Managing
Director, Executive Director of Subject. He holds B.Sc. (Hons.), (Elect.Engg.),
USA B.S. in (Econ.) (Hons.),
CHAITANYA N. DESAI
Shri. Chaitanya N. Desai serves as Joint Managing Director,
Executive Director of Subject. He has 17 years of experience. He is qualified in
B.Sc. (Hons.), (Chem. Engg.),
Rajesh Sehgal
Shri. Rajesh Sehgal is Additional Director of Subject. Mr.
Rajesh Sehgal is a Senior Executive Director in Templeton organisation since
1999. He has research responsibilities for companies in
N. K. THINGALAYA
Dr. N. K. Thingalaya serves as Independent Non-Executive Director of Subject. He has done his Ph. D. in (Economics). He holds sirectorships with Lamina Foundries Limited.
F. B. VIRANI
Shri. F. B. Virani serves as Independent Non-Executive
Director of Subject. He graduated in B.E.(Chem. Engg.), M.S.(Chem. Engg.), (
PRESS RELEASE
APAR INDUSTRIES BAGS
PGCIL'S CONDUCTORS SUPPLY ORDERS WORTH RS 2,500 MILLION
18 March 2011
Besides the PGCIL orders, the company has also announced to have received orders from other customers for supply of High Temperature Conductors (HTC) worth Rs 250 Millions. It should be noted that the conductor division of Apar is among the top five companies in the world that caters to world's leading power generation and transmission companies with decades of ongoing relationship and repeat business.
Today evening when the Bombay Stock Exchange closed, the shares of Apar were trading with a loss of Rs 3.00 (1.55%) at Rs 190.30 after opening at Rs 194.00. However, it traded session's high and low at Rs 196.00 and Rs 189.35, respectively.
REAPPOINTMENT
01 November 2011
India, Nov. 01 -- Apar Industries Limited has informed the Exchange that the Board of Directors of the Company at its meeting held on October 31, 2011 have approved the following : (1) Re-appointment of Shri Kushal N. Desai as Managing Director and Chief Executive Officer of the Company and Shri Chaitanya N. Desai as Joint Managing Director of the Company for a further term of three years with effect from January 01, 2012 with revision in remuneration, as recommended by the Compensation-cum-Remuneration Committee of Directors at its meeting held on October 31, 2011. The said re-appointments are subject to the approval of the Shareholders of the Company at the ensuing General Meeting.
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.52.49 |
|
|
1 |
Rs.84.65 |
|
Euro |
1 |
Rs.69.25 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
|
65 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.