1. Summary Information
|
|
|
Country |
|
|
Company Name |
AUTOMOTIVES
STAMPINGS AND ASSEMBLIES LIMITED |
Principal Name 1 |
Mr. R.A. Savoor |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. L Lakshman |
|
|
|
Registration # |
25-016314 |
|
Street Address |
G 71/2, MIDC
Industrial Area, Pune -411026, |
||
|
Established Date |
13.03.1990 |
SIC Code |
-- |
|
Telephone# |
91-20-27121500/27121677/66314000 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-20-27123147 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Components |
|
|
# of employees |
2525 (Approximately) |
Product Name 2 |
Assemblies |
|
Paid up capital |
Rs.191,985,410/- |
Product Name 3 |
Sub Assemblies |
|
Shareholders |
Promoter and Promoter Group – 75%, Public
Shareholding -25% |
Banking |
HDFC Bank Limited |
|
Public Limited Corp. |
Yes |
Business Period |
22 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
Satisfactory |
|
Related Company |
|||
|
Relation |
Country |
Company Name |
CEO |
|
Holding Company |
-- |
Tata AutoComp Systems Limited |
-- |
|
Note |
- |
||
2. Summary Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
293,322,000 |
Current Liabilities |
537,506,000 |
|
Inventories |
360,204,000 |
Long-term Liabilities |
604,811,000 |
|
Fixed Assets |
992,483,000 |
Other Liabilities |
125,079,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
1,267,396,000 |
|
Invest& other Assets |
184,037,000 |
Retained Earnings |
370,665,000 |
|
|
|
Net Worth |
562,650,000 |
|
Total Assets |
1,830,046,000 |
Total Liab. & Equity |
1,830,046,000 |
|
Total
Assets (Previous Year) |
1,685,152,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
5,295,110,000 |
Net Profit |
101,723,000 |
|
Sales(Previous yr) |
4,139,866,000 |
Net Profit(Prev.yr) |
51,450,000 |
MIRA
INFORM REPORT
|
Report Date : |
02.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
AUTOMOTIVE
STAMPINGS AND ASSEMBLIES LIMITED |
|
|
|
|
Registered
Office : |
G 71/2, MIDC
Industrial Area, Pune -411026, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on)
: |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
13.03.1990 |
|
|
|
|
Com. Reg. No.: |
25-016314 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.191.985 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L28932PN1990PLC016314 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEA04989F |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Components,
Assemblies and Sub Assemblies. |
|
|
|
|
No. of Employees
: |
2525 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2251000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct and as per commitments. The company can be considered for normal business dealing at usual
trade terms and conditions. |
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office/ Factory 1 : |
G 71/2, MIDC
Industrial Area, Pune -411026, |
|
Tel. No.: |
91-20-27121500/27121677/66314000/66314321/663.14322 |
|
Fax No.: |
91-20-27123147/66314343 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office/ Factory 2 : |
Gate No.427, Juna
Chakan, Medankarwadi, Pune- 410 501, |
|
Tel. No.: |
91-2135-261181/261150/261100/261179/261180 |
|
Fax No.: |
91-2135-261151 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 3 : |
Survey No. 173, Village- Khakharia, Taluka Savali, Near GIDC, Halol-389
350, |
|
Tel. No.: |
91-2667-288042 |
|
|
|
|
Factory 4 : |
Plot No. 71, Sector 11, IIE Pantnagar Industrial Estate, Udham Singh
Nagar 263 153, |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Pradeep Mallick |
|
Designation : |
Chairman Cum Managing Director |
|
|
|
|
Name : |
Mr. R.A. Savoor |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. L Lakshman |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R. S. Thakur |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Amitabha
Mukhopadhyayl |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Shailendra Dindore |
|
Designation : |
Secretary |
|
|
|
|
Name : |
Mr. Vijay Bijlani |
|
Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
(1) Indian |
|
|
|
Bodies Corporate |
11898296 |
75.00 |
|
Sub Total(A)(1) |
11898296 |
75.00 |
|
(2) Foreign |
|
|
|
Sub Total(A)(2) |
|
|
|
Total Shareholding of
Promoter and Promoter Group (A)=
(A)(1)+(A)(2) |
11898296 |
75.00 |
|
Public shareholding |
|
|
|
(1) Institutions |
|
|
|
(a) Mutual Funds / UTI |
300 |
-- |
|
(b) Financial Institutions / Banks |
300 |
-- |
|
(f) Foreign Institutional |
481653 |
3.04 |
|
© Any Other
(specify) |
|
|
|
Foreign Mutual Funds |
120 |
-- |
|
Sub-Total (B)(1) |
482373 |
3.04 |
|
(2)
Non-Institutions |
|
|
|
(a) Bodies Corporate |
457514 |
2.88 |
|
(b) individuals |
|
|
|
l. Individual shareholders holding nominal share capital up to
Rs.0.100 million |
1878361 |
11.84 |
|
ii. Individual shareholders holding nominal share capital in excess
of Rs. 0.100 million |
1086281 |
6.85 |
|
© Any other
Specify |
|
|
|
I. NRI Shareholders |
35697 |
0.23 |
|
ii. clearing Members |
24081 |
0.15 |
|
Iii Trusts |
1794 |
0.01 |
|
Sub-Total (B)(2) |
3483728 |
21.96 |
|
|
3966101 |
25.00 |
|
Total Public
Shareholding (B)= (B)(1)+(B)(2) |
15864397 |
100.00 |
|
|
|
|
|
TOTAL (A)+(B) |
15864397 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
Components, Assemblies and Sub Assemblies. |
||||||
|
|
|
||||||
|
Products : |
|
||||||
|
|
|
PRODUCTION STATUS
As on 31.03.2011
|
Particulars |
|
|
Installed
Capacity @ |
Actual
Production (Nos.)
|
|
Product |
|
|
|
|
|
Components,
Assemblies and Sub-assemblies |
|
|
89720 MT |
18143718 |
|
Tools,
Dies and Moulds |
|
|
N.A. |
75 |
GENERAL INFORMATION
|
Customers : |
Ř
Tata Motors Ř
Fiat India Private Limited Ř
Mahindra and Mahindra Tractor Division Ř
General Motors India Limited Ř
Piaggio India Limited Ř
John Deere Private Limited, Ř
FORD, Ř
Gujrat Setco Limited Ř
Trelleborg |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
No. of Employees : |
2525 (Approximately) |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
|
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||
|
Banking
Relations : |
-- |
|
|
|
|
Internal
Auditors : |
|
|
Name : |
B.K. Khare and Company Chartered Accountants |
|
|
|
|
Cost Auditors : |
|
|
Name : |
Dhananjay V. Joshi and Associates Chartered Accountants |
|
|
|
|
Secretarial
Auditors : |
|
|
Name : |
S.V. Deulkar and Company Chartered Accountants |
|
|
|
|
Holding Company
: |
|
|
|
|
|
Common Control : |
· Tata Ficosa Automotive Systems Limited
|
|
|
|
|
Fellow
Subsidiaries : |
|
|
|
|
|
Ultimate Holding
Company: |
|
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20,000,000 |
Equity Shares |
Rs.10/- each |
Rs.200.000
Millions |
|
16,000,000 |
Preference Shares |
Rs.10/- each |
Rs160.000
Millions |
|
|
|
|
|
|
|
Total |
|
Rs.360.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,198,541 |
Equity Shares |
Rs.10/- each |
Rs.101.985 Millions |
|
9,000,000 |
12%
Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs.90.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.191.985 Millions |
Notes:
1 Consequent to transfer of shareholding amongst the promoters, Tata Auto Comp Systems Limited, has become
Holding Company with effect from December 10, 2010 The Holding Company (previously holding 3,824,453 shares) holds 7,648,906 shares with effect from that date.
2 All the Preference shares are held by the Holding Company.
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 |
101.985 |
101.985 |
101.985 |
|
|
2] Share Application Money |
90.000 |
90.000 |
90.000 |
|
|
3] Reserves & Surplus |
370.665 |
305.200 |
284.183 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
562.650 |
497.185 |
476.168 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
395.174 |
513.580 |
692.500 |
|
|
2] Unsecured Loans |
209.637 |
11.386 |
14.985 |
|
|
TOTAL BORROWING |
604.811 |
524.966 |
707.485 |
|
|
DEFERRED TAX LIABILITIES |
66.798 |
51.283 |
25.283 |
|
|
|
|
|
|
|
|
TOTAL |
1234.259 |
1073.434 |
1208.936 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
992.483 |
1005.239 |
1096.193 |
|
|
Capital work-in-progress |
184.037 |
19.156 |
8.654 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
360.204
|
235.265
|
269.006
|
|
|
Sundry Debtors |
237.530
|
213.627
|
255.381
|
|
|
Cash & Bank Balances |
1.719
|
122.369
|
73.766
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
54.073
|
89.496
|
147.952
|
|
Total
Current Assets |
653.526
|
660.757 |
746.105 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
364.277
|
327.501
|
341.256 |
|
|
Other Current Liabilities |
173.229
|
229.435
|
258.909
|
|
|
Provisions |
58.281
|
54.782
|
41.851
|
|
Total
Current Liabilities |
595.787
|
611.718 |
642.016 |
|
|
Net Current Assets |
57.739
|
49.039
|
104.089
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1234.259 |
1073.434 |
1208.936 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5295.110 |
4139.866 |
3456.224 |
|
|
|
Other Income |
23.894 |
32.839 |
29.336 |
|
|
|
TOTAL (A) |
5319.004 |
4172.705 |
3485.560 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
4978.988 |
3890.652 |
3301.038 |
|
|
|
TOTAL (B) |
4978.988 |
3890.652 |
3301.038 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
340.016 |
282.053 |
184.522 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
59.798 |
69.357 |
82.532 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
280.218 |
212.696 |
101.990 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
129.680 |
135.021 |
135.326 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
150.538 |
77.675 |
(33.336) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
48.815 |
26.225 |
(9.100) |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
101.723 |
51.450 |
(24.236) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
50.926 |
34.909 |
77.746 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
10.000 |
5.000 |
0.000 |
|
|
|
Proposed Preference Dividend |
10.800 |
10.800 |
10.800 |
|
|
|
Proposed Equity Dividend |
20.397 |
15.298 |
5.099 |
|
|
|
Tax on Dividend |
5.061 |
4.335 |
2.702 |
|
|
BALANCE CARRIED
TO THE B/S |
106.391 |
50.926 |
34.909 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
13.390 |
21.451 |
25.998 |
|
|
TOTAL EARNINGS |
13.390 |
21.451 |
47.449 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
21.957 |
36.718 |
100.759 |
|
|
|
Stores & Spares |
0.000 |
0.000 |
0.128 |
|
|
|
Capital Goods |
0.000 |
0.808 |
12.609 |
|
|
TOTAL IMPORTS |
21.957 |
37.526 |
113.496 |
|
|
|
|
|
|
|
|
|
|
Earnings/(loss)
Per Share (Rs.) |
8.74 |
3.81 |
(3.62) |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 1st
Quarter |
30.09.2011 2nd Quarter |
31.12.2011 3rd Quarter |
|
Net Sales |
1135.780 |
1328.590 |
1566.970 |
|
Total Expenditure |
1057.880 |
1259.640 |
1501.510 |
|
PBIDT (Excl OI) |
77.900 |
68.950 |
65.460 |
|
Other Income |
0.000 |
0.850 |
0.090 |
|
Operating Profit |
77.900 |
69.790 |
65.550 |
|
Interest |
18.500 |
17.050 |
12.930 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
59.400 |
52.750 |
52.620 |
|
Depreciation |
33.810 |
38.170 |
39.050 |
|
Profit Before Tax |
25.590 |
14.580 |
13.570 |
|
Tax |
8.400 |
4.600 |
4.500 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
17.190 |
9.980 |
9.070 |
|
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 |
17.190 |
9.980 |
9.070 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.91
|
1.23
|
(0.70)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.84
|
1.87
|
(0.96)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.15
|
7.29
|
(1.81)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.16
|
(0.07)
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.13
|
2.39
|
2.83
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.10
|
1.08
|
1.16
|
LOCAL AGENCY FURTHER INFORMATION
MANAGEMENT DISCUSSION
AND ANALYSIS
INCOME STATEMENT
Net sales increased by 27.91% during the year under review on the back of an increase in volumes of customer programmes being handled by the Company and supplies to new customer programmes.
Other income mainly consists of income from investments in mutual fund schemes, cash discount received, miscellaneous receipts and write back of provisions no longer required. Other income decreased by 27.24% primarily due to reduced write back of provisions no longer required as compared to the previous year.
Raw material consumed (including change in stock) as a percentage to sales increased by 1.06% mainly because of change in product mix and increase in steel prices.
Employee cost increased by 39.32% over last year due to effect of pay revisions and owing to addition of employees consequent upon an increase in business volumes.
Manufacturing, Selling & Other Expenses have increased by 8.02% as a result of increase in volumes.
The Profit before Interest, Depreciation and Taxation increased from Rs.282.100 millions to Rs.340.000 millions
Interest on Term Loan has decreased by 20.86% on account of repayment of loans. Other Interest has increased by 83.68% on account of higher borrowing for working capital requirements on account of increased activity levels.
INDUSTRY STRUCTURE
AND DEVELOPMENTS
The automotive industry globally is one of the largest industries and is an important indicator of the economy. A sound transportation system plays a pivotal role in the country’s robust economic and industrial development. The automotive industry comprising the automobile and the auto component sectors has made rapid strides since the de-licensing and de-regulation of the sector to Foreign Direct Investment in 1991. The fortunes of the auto components industry are closely linked to that of the automobile industry.
The sheet metal component industry involves the manufacturing of key outer body parts, structural and reinforcement parts and under-body chassis components of an automobile. These comprise mainly steel components, which provide shape and structure to the vehicle. This industry is capital and labour intensive. Steel, the primary raw material, is used in both CR (Cold Rolled) and HR (Hot Rolled) forms for sheet metal components in the ratio of 65:35 for passenger cars and 40:60 for commercial vehicles and utility vehicles.
Given the reasonably high entry barriers, high capital intensity with restricted pricing flexibility, the key success factors of the sheet metal auto component industry are, sustained growth in automobile demand, ability to provide efficiency and active participation with the OEMs in the design process to reduce vehicle weight.
SEGMENT-WISE
PERFORMANCE
The Company’s sales are primarily to Domestic Automobile Component Segment, however also has a share in the export segment. During the year, the Company achieved domestic sales of Rs.5279.000 Millions as against Rs.4114.000 Millions in the previous year and export sales of Rs.16.100 Millions as against Rs.25.900 Millions in the previous year.
FUTURE OUTLOOK
The Indian auto industry showed a 26% increase with nearly 155 lakh vehicles sold in 2010-11 as compared to 123 lakh vehicles in 2009-10. All the four major segments – passenger, commercial, three wheelers and two wheelers showed a good growth. The commercial vehicle segment registered a 27% growth with around 7 lakh vehicles sold in 2010-11 as compared to around 5 lakh vehicles sold in 2009-10. The passenger vehicle segment registered a 29% growth with around 25 lakh vehicles sold in 2010-11 as compared to around 20 lakh vehicles sold in 2009-10.
EXPANSION
a) The capacity expansion planned at Pantnagar Plant for 1 ton goods and passenger carrier programme of the customer has been completed in December, 2010. The activities of the expansion project at Pantnagar Plant for small 0.5 ton commercial goods and passenger carrier programme of the customer are in progress and are expected to be completed during the current financial year. The activities of Rights Issue of securities planned to finance the aforesaid capital expenditure at Pantnagar Plant with the issue size not exceeding Rs. 30 Millions are in progress.
b) The second phase of the expansion project at Pantnagar Plant for small 0.5 ton commercial goods and passenger carrier programme including automation has commenced and is expected to be completed by end of 2011. The Company has planned expansion at Halol Plant with an estimated outlay of Rs. 7.4 Millions to cater to a new Customer programme. The same is expected to be completed before March, 2012.
c) The Company is also in discussions with various customers for their new programmes which could call for further expansion of capacities.
BUSINESS DESCRIPTION
Subject is engaged in manufacturing and supplying of sheet
metal components, welded assemblies and modules for automobiles. The product
range includes body-in-white (BIW) structural panels, skin panels, fuel tanks,
oil sumps and suspension parts, mainly for passenger and commercial vehicles.
The Company’s products mainly focus on passenger and commercial vehicles. It
also manufactures sheet metal components for tractors. The Company has four
plants located at Bhosari (Maharashtra), Chakan (Maharashtra), Halol (
FIXED ASSETS
- Land –
Freehold
- Land –
Leasehold
- Plant and
Machinery
- Tools, Jigs
and Fixtures
- Furniture and
Fixtures
- Office
Equipments
- Vehicles
Intangible Assets
- Computer
Software
UNAUDITED FINANCIAL RESULTS FOR PERIOD ENDED
DECEMBER 31, 2011
Rs in millions
|
Sr No. |
|
Particulars |
December 31,2011 |
September 30, 2011 |
December 31,2011 |
|
|
|
|
UNAUDITED |
||
|
|
|
|
Quarter Ended |
Nine Month Ended
|
|
|
1. |
(a) |
Sales / Income from Operations |
1734.122 |
1453.921 |
4437.758 |
|
|
|
|
|
|
|
|
|
(b) |
Less : Excise Duty & Other Taxes |
172.056 |
128.238 |
417.774 |
|
|
|
|
|
|
|
|
|
(c) |
Net Sales / Income from Operations {1(a)-1(b)} |
1562.066 |
1325.587 |
4019.984 |
|
|
|
|
|
|
|
|
|
(d) |
Other Operating Income |
4.903 |
2.904 |
11.350 |
|
|
|
|
|
|
|
|
|
|
Total Revenue {1(c)+1(d)} |
1566.969 |
1328.587 |
4031.334 |
|
|
|
|
|
|
|
|
2. |
|
Total Expenditure |
|
|
|
|
|
|
|
|
|
|
|
|
(a) |
(Increase) /Decrease in Stocks |
(28.544) |
12.420 |
(14.797) |
|
|
|
|
|
|
|
|
|
(b) |
Consumption of Raw Materials |
1298.926 |
1029.990 |
3196.530 |
|
|
|
|
|
|
|
|
|
(c) |
Purchases of Goods |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
(d) |
Employees Cost |
115.042 |
102.471 |
306.618 |
|
|
|
|
|
|
|
|
|
(e) |
Depreciation |
39.054 |
38.173 |
111.033 |
|
|
|
|
|
|
|
|
|
(f) |
Other Expenditure |
116.081 |
114.758 |
330.678 |
|
|
|
|
|
|
|
|
|
(g) |
Total {2(a) to 2(f)} |
1540.559 |
1297.812 |
3930.062 |
|
|
|
|
|
|
|
|
3. |
|
Net Profit (+) / Loss (-) before Other Income, Interest, |
26.410 |
30.775 |
101.272 |
|
|
|
Extra Ordinary Items and Taxes (1-2) |
|
|
|
|
|
|
|
|
|
|
|
4. |
|
Other Income |
0.088 |
0.847 |
0.935 |
|
|
|
|
|
|
|
|
5. |
|
Net Profit (+) / Loss (-) before Interest, Extra Ordinary Items and Taxes (3+4) |
26.498 |
31.622 |
102.207 |
|
|
|
|
|
|
|
|
6. |
|
Interest |
12.931 |
17.046 |
48.474 |
|
|
|
|
|
|
|
|
7. |
|
Net Profit(+) / Loss (-) after Interest but before Extra Ordinary Items and Taxes (5-6) |
13.567 |
14.576 |
53.733 |
|
|
|
|
|
|
|
|
8. |
|
Extra Ordinary Income (+)/ Expenses (-) (Net) |
0.000 |
0.000 |
0.000 |
|
|
|
Others |
|
|
|
|
|
|
|
|
|
|
|
9. |
|
Profit(+) / Loss (-) before Tax (7-8) |
13.567 |
14.576 |
53.733 |
|
|
|
|
|
|
|
|
10. |
|
Provision for Taxation |
4.500 |
4.600 |
17.500 |
|
|
|
|
|
|
|
|
11. |
|
Net Profit (+) / Loss (-) (9-10) |
9.067 |
9.976 |
36.233 |
|
|
|
|
|
|
|
|
12. |
|
Paid-up Equity Share Capital |
158.644 |
158.644 |
158.644 |
|
|
|
(Face Value per Share ` 10/-Each ) |
|
|
|
|
|
|
|
|
|
|
|
13. |
|
Reserves excluding Revaluation Reserves |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
14. |
|
EPS (` per share): |
|
|
|
|
|
|
Basic |
0.57 |
0.57 |
2.32 |
|
|
|
Diluted |
0.57 |
0.57 |
2.23 |
|
15 |
|
Public Shareholding |
|
|
|
|
|
|
- No. of Shares |
3966101 |
3966101 |
3966101 |
|
|
|
- Percentage of Shareholding |
25.00% |
25.00% |
25.00% |
|
|
|
|
|
|
|
|
16 |
|
Promoter's and Promoter Group Shareholding: |
|
|
|
|
|
(a) |
Non-encumbered |
|
|
|
|
|
|
- No. of Shares |
11898296 |
11898296 |
11898296 |
|
|
|
- Percentage of Shares(as % of the Total Shareholding of the Promoter's and Promoter Group) |
100.00 |
100.00 |
100.00 |
|
|
|
- Percentage of Shares(as % of the Total Share Capital of the Company) |
75.00% |
75.00% |
75.00% |
- The above results have been reviewed by the Audit Committee and have been approved by the Board of Directors of the Company at the meetings held on January 16, 2012. The results have been subjected to a 'Limited Review' by the Company’s Statutory Auditors.
- The Company operates only in the
Automobile Component Segment.
- There were no complaints from investors
pending at the beginning and at the end of the quarter. The Company
received one complaint during the quarter which was resolved.
- During the quarter ended September 30,
2011, the Company issued 5,665,856 equity shares of Rs. 10 each on rights
basis at a premium of Rs.42 per share with total proceeds of the Rights
Issue being Rs.294.625 millions. The shares were allotted on July 21,
2011. Consequently, the paid up capital of the Company was increased by
Rs.56.659 millions and the Share Premium Account was increased by
Rs.237.936 millions. Accordingly, Earnings per Share have been calculated
on the weighted average number of equity shares. Expenses incurred in
relation to the issue amounting to Rs.9.100 millions were adjusted against
the Share Premium Account. Further, the Company redeemed 90, 00,000 12%
Cumulative Redeemable Preference Shares of Rs 10 each aggregating to
Rs.90.000 millions as per one of the Objects of the Rights Issue on August
17, 2011. Pro- rata dividend amounting to Rs.4.083 millions (exclusive of
dividend tax) from April 1, 2011 to August 16, 2011 was paid on these
Shares.
- Details of utilization of the proceeds
from the Rights Issue of Rs.294.625 millions are given below
Rs in millions
|
Particulars |
Proposed Utilization |
Utilization upto December 31,2010 |
|
Capital Expenditure at Pantnagar Plant |
194.410 |
194.085 |
|
Redemption of Preference Shares |
90.000 |
90.000 |
|
General corporate purpose |
1.325 |
1.440 |
|
Rights Issue Expenses |
8.890 |
9.100 |
|
TOTAL |
294.625 |
294.625 |
6. Previous periods' figures are regrouped / rearranged wherever necessary
BOARD OF DIRECTORS
PRADEEP MALLICK
NON-EXECUTIVE INDEPENDENT CHAIRMAN OF THE BOARD
Mr. Pradeep Mallick serves as Non-Executive Independent
Chairman of the Board Subject He was appointed as Non-Executive Independent
Director of the Company since 28 December, 2007. He is member of Audit
Committee, Remuneration Committee. Mr. Mallick graduated in Electrical
Engineering from IIT,
L. LAKSHMAN -
NON-EXECUTIVE INDEPENDENT DIRECTOR
Mr. L. Lakshman is Non-Executive Independent Director of
Subject, since April 28, 2010. His earned B.E., Executive MBA from
AMITABHA
MUKHOPADHYAY - NON-EXECUTIVE
NON-INDEPENDENT DIRECTOR
Mr. Amitabha Mukhopadhyay is Non-Executive Non-Independent Director Subject. His Qualification is B.Sc.; A.C.A. Mr. Mukhopadhyay is the President and Chief Financial Officer of Tata Auto Company Systems Limited. He has over 20 years of experience and has worked in all facets of financial management, supply chain management and general management. His Chairman / Director of other Indian companies are Tata Yazaki Auto Company Limited, Knorr Bremse Systems for Commercial Vehicles India Private Limited.
R. A. SAVOOR
NON-EXECUTIVE INDEPENDENT DIRECTOR
Mr. R. A. Savoor serves as Non-Executive Independent Director Subject Mr. Savoor is the former Managing Director of Castrol India Limited. He has over 34 years of experience in the field of Sales, Marking, R and D, Production, Projects, Supply Chain and Human Resource. He is Chairman of Audit Committee, Shareholders Grievance and Compliance Committee and Member of Remuneration Committee. He is Director of Foseco India Limited, E.I.D. Parry Limited, Divgi Warner Private Limited, and Fidelity Fund Management Private Limited. He is Audit Committee Member of Foseco India Limited and Chairman E.I.D. Parry Limited. He is Member of Shareholders Grievance Committee of Foseco India Limited.
R. S. THAKUR -
NON-EXECUTIVE NON-INDEPENDENT DIRECTOR
Mr. R. S. Thakur serves as Non-Executive Non-Independent
Director of Automotive Stampings and Assemblies Limited, since 29 April, 2008.
Mr. Thakur holds a Bachelors degree in Mechanical Engineering and a Masters
degree in Business Management from XLRI. He is also a Chartered Management
Accountant from CIMA,
PRESS RELEASE
Automotive Stampings
and Assemblies' Board Recommends Dividend
Apr 23, 2011
Automotive Stampings and Assemblies announced that the Board of Directors
of the Company at its meeting held on April 22, 2011, inter alia, transacted
the following business: (i) recommended a dividend of 12% (INR1.20 per share)
on the Cumulative Redeemable Preference Shares of INR10 each for the year
2010-11; and (ii) recommended a dividend of 20% (INR2.00 per share) on the
Equity Shares of INR10 each for the year 2010-11.
Outcome
of Postal Ballot
Accord Fintech (
23 January 2012
Result
of Postal Ballot
Accord Fintech (
21 January 2012
India, Jan. 21 -- Automotive Stampings and Assemblies Ltd has informed BSE that the members of the Company, by way of Postal Ballot, have passed the Special Resolution for the appointment and remuneration of Mr. Neeraj Kumar as the Manager u/s 269 of the Companies Act, 1956., with requisite majority.
Automotive
Stampings and Assemblies appoints CFO
Accord Fintech (
29 November 2011
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.49.32 |
|
|
1 |
Rs.77.95 |
|
Euro |
1 |
Rs.64.66 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
45 |
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.