MIRA
INFORM REPORT
|
Report Date : |
08.06.2012 |
IDENTIFICATION DETAILS
|
Name : |
AMTEK AUTO LIMITED |
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|
|
|
Registered
Office : |
Plot No.16, Industrial Area, Rozka Meo, P.O. Sohna, Gurgaon – 122003,
Haryana |
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|
Country : |
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Financials (as
on) : |
30.06.2011 |
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|
Date of
Incorporation : |
04.08.1988 |
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|
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|
Com. Reg. No.: |
030333 |
|
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|
Capital
Investment / Paid-up Capital : |
Rs.466.347 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27230HR1988PLC030333 |
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|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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|
Line of Business
: |
Manufacturer of Auto Components. |
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|
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
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 170000000 |
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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 reputed company having fine track.
Financial position of the company appears to be good. Fundamentals are strong
and healthy. Trade relations are reported as fair. Business is active. Payments
are reported to be regular and as per commitments. The company can be considered good for normal business dealings 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 |
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Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office / Factory : |
Plot No.16, Industrial Area, Rozka Meo, P.O. Sohna, Gurgaon – 122003,
Haryana, India |
|
Tel. No.: |
91-124-2362140 |
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Fax No.: |
91-124-2662454 |
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E-Mail : |
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Website : |
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Corporate Office : |
3, Local Shopping Centre, Pam posh Enclave, G.K.-I, New Delhi-110 048,
India |
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Tel. No.: |
91-11-42344444 |
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Fax No.: |
91-11-42344000 |
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E-Mail : |
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Factory: |
Begumpur Khataula, P.O. Khandsa, Distt. Gurgaon, Haryana, India |
|
Tel. No.: |
91-124-2373412 |
|
Fax No.: |
91-124-2373408 |
|
E-Mail : |
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|
|
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|
Factory: |
Vill. Mohammadpur, Jharsa, Distt. Gurgaon, Haryana , India |
|
Tel. No.: |
91-124-2372152 |
|
Fax No.: |
91-124-2373410 |
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|
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|
Factory: |
Village Malpura, Dharuhera, Rewari, Haryana, India |
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|
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|
Factory: |
Plot No. 1,
Sector-II, New Industrial Area,Distt. Raisen Mandideep-462046, Madhya
Pradesh, India |
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|
Factory: |
Plot No. 1, Industrial Area, Dharuhera, Rewari, Haryana, India |
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Factory: |
Plot No. 53,Sector III, Industrial Area, IMT Manesar, Gurgaon,
Haryana, India |
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Factory: |
Gat No. 1074-1085 Sanaswadi Shikrapur Chakan Road, Taluka Shirpur,
Pune, Maharashtra, India |
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Factory: |
Nalagarh, Distt. Solan (H.P.) |
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Factory: |
Ranjangaon, Pune, Maharashtra, India |
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Factory: |
A-459, Industrial ARea, ChopankiDistt - Alwar, Rajasthan, India |
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Factory: |
Survey No. 1, C-2, VR-5, Tata Nano Vendor Park, Gujrat, India |
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|
Factory: |
Plot No. 73, Tata Vendor Park,Distt. - Udham Singh Nagar, India |
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Factory: |
1195, Rico Industrial Area, Phase – IV, Bhiwadi, Rajasthan, India |
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Factory: |
RNS 21, SPICOT Industrial Growth Centre, Spripurumbudur Taluk Orgagodam,
Kencheepuram, Tamilnadu, India |
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|
|
|
Factory: |
Gat No. 251, Talegoon, Cheten Road, Kharobwadi, Khed, Pune,
Maharashtra, India |
DIRECTORS
As on 31.12.2011
|
Name : |
Mr. Arvind Dham |
|
Designation : |
Chairman and Director |
|
|
|
|
Name : |
Mr. D.S Malik |
|
Designation : |
Managing Director |
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|
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|
Name : |
Mr. Rajeev Thakur |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Sajay Chhabra |
|
Designation : |
Director |
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|
Name : |
Mr. B Lugani |
|
Designation : |
Director |
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|
Name : |
Mr. B Venugopal |
|
Designation : |
Director |
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|
Name : |
Mr. John Ernest Flintham |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Manoj Raj Kumar |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2012
|
Category of
Shareholder |
No. of Shares |
% of No. of
Shares |
|
|
|
|
|
(1) Indian |
|
|
|
Individuals / Hindu Undivided Family |
2797240 |
1.24 |
|
Bodies Corporate |
84493400 |
37.44 |
|
|
87290640 |
38.68 |
|
(2) Foreign |
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
87290640 |
38.68 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
Mutual Funds / UTI |
4161770 |
1.84 |
|
Financial Institutions / Banks |
15145025 |
6.71 |
|
Foreign Institutional Investors |
71462141 |
31.67 |
|
|
90768936 |
40.22 |
|
(2)
Non-Institutions |
|
|
|
Bodies Corporate |
22038646 |
9.77 |
|
Individuals |
|
|
|
|
4168026 |
1.85 |
|
|
454859 |
0.20 |
|
Any Others
(Specify) |
20953278 |
9.28 |
|
Trusts |
6350 |
-- |
|
Clearing Members |
377006 |
0.17 |
|
Non Resident Indian |
214316 |
0.09 |
|
Hindu Undivided Families |
214609 |
0.10 |
|
Foreign Corporate Bodies |
20140997 |
8.92 |
|
|
47614809 |
21.10 |
|
Total Public
shareholding (B) |
138383745 |
61.32 |
|
Total (A)+(B) |
225674385 |
100 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
10000 |
- |
|
Sub Total |
10000 |
- |
|
Total
(A)+(B)+(C) |
225674385 |
- |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Auto Components. |
|
|
|
|
|
|
Products : |
Item Code No. |
Product
Decreiption |
|
|
8409 |
Connectin Rods
Assly / Piston Assly |
|
|
8483 |
Case Component
Assemblies |
|
|
7326 |
Forgings |
PRODUCTION STATUS (As on 30.06.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Machined Auto Components |
No. |
330.00 |
197.10 |
|
Forgings |
T.P.A |
165000.00 |
91059.28 |
|
Aluminum Casting |
T.P.A |
30000.00 |
8139.50 |
GENERAL INFORMATION
|
Customer: |
·
2/3 Wheelers ·
Passenger Cars ·
Light Commercial ·
Vehicle ·
Heavy Commercial Vehicle |
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No. of Employees : |
Not Available |
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Bankers : |
·
Corporation Bank ·
Andhra Bank ·
Indian Overseas Bank |
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Facilities : |
(Rs. in Millions)
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Manoj Mohan and Associates Chartered Accountants |
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|
|
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Joint Ventures: |
·
Amtek Tekfor Automotive Limited ·
MPT Amtek Automotive (India) Limited ·
SMI Amtek Crankshafts Private Limited |
|
|
|
|
Subsidiaries : |
·
Ahmednagar Forgings Limited ·
Amtek Crank Shafts India Limited ·
Amtek Ring Gear Limited ·
Smith Jones Inc. USA ·
Amtek Investment (U.K) Limited ·
Amtek Investment US Inc. ·
Amtek Deutschland GmbH ·
Amtek Transportation Systems Limited ·
Alliance Hydro Power Limited ·
Amtek India Limited |
CAPITAL STRUCTURE
As on 30.06.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000000 |
Equity Shares |
Rs.2/- each |
Rs.500.000 Millions |
|
3500000 |
Preference Share |
Rs.100/- each |
Rs.350.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.850.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
233173745 |
Equity Shares |
Rs.2/- each |
RS.466.347
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.06.2011 |
30.06.2010 |
30.06.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
466.347 |
403.400 |
281.986 |
|
|
2] Share Application Money |
0.000 |
2154.000 |
498.750 |
|
|
3] Reserves & Surplus |
42191.142 |
36044.672 |
25146.234 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
42657.489 |
38602.072 |
25926.970 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
11417.621 |
8880.784 |
8804.228 |
|
|
2] Unsecured Loans |
21261.272 |
18278.083 |
24720.923 |
|
|
TOTAL BORROWING |
32678.893 |
27158.867 |
33525.151 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
75336.382 |
65760.939 |
59452.121 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
34605.062 |
34628.174 |
32526.959 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
11063.434 |
7456.470 |
4934.960 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4961.624
|
3952.550 |
3343.171 |
|
|
Sundry Debtors |
4347.907
|
3374.109 |
3058.348 |
|
|
Cash & Bank Balances |
8385.530
|
6784.072 |
6611.315 |
|
|
Other Current Assets |
21.506
|
38.245 |
14.008 |
|
|
Loans & Advances |
16395.047
|
13639.042 |
12646.998 |
|
Total
Current Assets |
34111.614
|
27788.018 |
25673.840 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
712.279
|
646.989 |
520.496 |
|
|
Other Current Liabilities |
3474.743
|
3229.534 |
3080.695 |
|
|
Provisions |
256.706
|
235.200 |
82.478 |
|
Total
Current Liabilities |
4443.728
|
4111.723 |
3683.669 |
|
|
Net Current Assets |
29667.886
|
23676.295 |
21990.171 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.031 |
|
|
|
|
|
|
|
|
TOTAL |
75336.382 |
65760.939 |
59452.121 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.06.2011 |
30.06.2010 |
30.06.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
|
|
|
|
|
|
Other Income |
|
|
|
|
|
|
TOTAL (A) |
19602.046 |
14243.439 |
11952.783 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material and Manufacturing Expenses |
11877.367 |
8395.359 |
7010.746 |
|
|
|
Personnel Expenses |
726.922 |
604.530 |
612.418 |
|
|
|
Administrative, Selling and Other Expenses |
455.649 |
325.241 |
404.329 |
|
|
|
TOTAL (B) |
13059.938 |
9325.130 |
8027.493 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6542.108 |
4918.309 |
3925.290 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3351.719 |
1245.315 |
621.480 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3190.389 |
3672.994 |
3303.810 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1860.086 |
1665.943 |
1226.035 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1330.303 |
2007.051 |
2077.775 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
512.083 |
576.449 |
555.508 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
818.220 |
1430.602 |
1522.267 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
28.355 |
13.691 |
1.490 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transferred to General Reserve |
200.000 |
150.000 |
1180.088 |
|
|
|
Transferred to debenture Redemption Reserve
Account |
300.000 |
140.000 |
0.000 |
|
|
|
Transferred to Foreign Current Convertible
Bond Redemption Reserve |
0.000 |
881.800 |
247.500 |
|
|
|
Proposed Dividend on Equity Share |
233.174 |
201.700 |
70.497 |
|
|
|
Dividend and Tax for Previous year |
8.715 |
8.938 |
0.000 |
|
|
|
Corporate Dividend Tax |
23.532 |
33.500 |
11.981 |
|
|
BALANCE CARRIED
TO THE B/S |
81.157 |
28.355 |
13.691 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Income |
1478.500 |
1067.700 |
1642.300 |
|
|
|
Interest Income |
9.100 |
47.800 |
139.800 |
|
|
TOTAL EARNINGS |
1487.600 |
1115.500 |
1782.100 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
CIF Value imports |
576.648 |
452.269 |
439.081 |
|
|
TOTAL IMPORTS |
576.648 |
452.269 |
439.081 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
-
Basic |
12.69 |
9.28 |
10.80 |
|
|
|
-
Diluted |
12.56 |
7.23 |
9.00 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.09.2011 |
31.12.2011 |
31.03.2012 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
5298.000 |
5588.300 |
5862.600 |
|
Total Expenditure |
3959.500 |
4169.600 |
4358.200 |
|
PBIDT (Excl OI) |
1338.500 |
1418.700 |
1504.400 |
|
Other Income |
399.00 |
367.500 |
458.900 |
|
Operating Profit |
1737.500 |
1786.200 |
1963.300 |
|
Interest |
498.800 |
492.400 |
461.200 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
1238.700 |
1293.800 |
1502.100 |
|
Depreciation |
513.800 |
514.500 |
547.700 |
|
Profit Before Tax |
724.900 |
779.300 |
954.4000 |
|
Tax |
198.000 |
239.300 |
295.900 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
526.900 |
540.000 |
658.500 |
|
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 |
526.900 |
540.000 |
658.500 |
KEY RATIOS
|
PARTICULARS |
|
30.06.2011 |
30.06.2010 |
30.06.2009 |
|
PAT / Total Income |
(%) |
4.17
|
10.04 |
12.73 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.89
|
7.22 |
8.09 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03
|
0.05 |
0.08 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.10
|
0.11 |
0.14 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
7.68
|
6.76 |
6.97 |
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 |
Yes |
|
5) Type of Business |
No |
|
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 |
Yes |
|
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 |
BUSINESS
SNAPSHOT
Amtek
Auto is one of the largest integrated component manufacturers in India with a
strong global presence. II has world class technical and operational expertise in
the manufacturing ot both auto and non-auto components. Given this global
manufacturing base, broad product range and focus on quality, the Company is a
preferred supplier to many domestic and global blue chip OEM's.
In
the Auto segment, it has proven capabilities in forging, aluminum casting,
machining and sub-assemblies. This has enabled the development of a highly
engineered component product portfolio including the manufacturing of complex
components for engines, transmissions, suspensions and chassis for passenger
cars, 2/3 wheelers, light and heavy commercial vehicles.
The
Non-Auto segment currently manufactures components for tractors, earth moving,
construction and locomotive segments. The near term strategy is to also
manufacture railway wagons, specialty vehicles and components for the aerospace
and defense segments. Within The Non-Auto segment, their established joint
ventures in railcar, specialized vehicles and machine manufacturing are
progressing in line with their expectations.
Global
auto markets including India are experiencing macroeconomic pressures, which in
turn are leading to some degree of uncertainty in their industry. With this in
mind, they remain cautious looking forward. Developing their Non-Auto business
has been a strategic priority for us and now provides a diversified revenue
base. Non-Auto segment has outperformed their expectations and contributes
significantly to revenues. The management of the Company continues to remain
focused on implementing operating efficiencies, increasing productivity,
raising capacity utilization levels and enhancing cash flow generation. Their
continued customer focus has once again translated into a strong new business
order intake. The Company currently has a conservative leverage profile, with
significant financial flexibility available for organic and inorganic
expansion. Their shareholder register is now comprised of both long lerm
domestic and international investors.
BUSINESS
PERFORMANCE
During
the financial year, the revenue of the Company was Rs.19602.046 Millions
compared to the corresponding previous year revenue of Rs.14243.439 Millions.
The Profit after Tax of the Company for the year was Rs.818.220 Millions
compared to the previous year of Rs.1430.602 Millions. The Company has a strong
Reserve and Surplus position of Rs.42191.142 Millions.
SHARE
CAPITAL
During
the period, the Company allotted 2,40,00,000 equity shares upon conversion of
warrants into equivalent number of equity shares of Rs. 2/- each at a premium
of Rs. 178/- per shore aggregating to Rs.4320.000 Millions to the
Promoter/Promoter Group by way of a Preferential Allotment in accordance with
Companies Act, 1956 read with SEB1 Regulations. The
Company has also issued and allotted 67,40,694 equity shares of Rs. 11- each at a premium of Rs.
146.4/- per share upon conversion of FCCBs of US$ 20.57 million out of FCCBs of
U5$ 165 million and 7,33,254 equity shares of Rs. 21- each at a premium of Rs.
456.64/- per share upon conversion of FCCBs of USS 7.5 million out of FCCBs of
USS 250 million.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
INDUSTRY
OVERVIEW
Indian
Economy
India
continued to recover strongly from the global economic slowdown caused by the global
financial crisis. The Indian economy, one of the fastest growing economies in
the world, grew at an estimated 8.0% in the fiscal year ended 200910 and 8.5%
in 2010-11. This strong growth path was driven by continued momentum in the
manufacturing sector and a rebound in the agriculture sector. However,
inflationary pressures, particularly for food items, have resulted in a
lightening of monetary policy and an increasing interest rate environment. This
is likely to result in the deceleration of economic growth going forward. GDP
growth had slowed marginally in quarter ending June 2011 The continued slowdown
in the manufacturing sector together with a moderation in the agriculture
sector fevered GDP growth to 7.7%, despite a continued recovery in services
growth.
Automobile
Industry
India
is one of the most attractive destinations for automobile manufacturers and an
increasingly strategically important manufacturing base. This is a result of
India's relatively healthy economic growth, favorable demographics, increasing
disposable income, changing lifestyles and positive industrial eco-system. High
quality, world class production standards, along with superior cost advantages
have forced the top global auto OEMs to look at India as a sourcing hub. Global
majors such as Ford, General Motors and Renault-Nissan have all announced that
they will set up manufacturing facilities in India, Domestic OEM's also
continued to expand their manufacturing base within India, which will be used
to service both the domestic and export markets. The longer term industry
dynamics in India continue to build momentum with on-going investments by major
OEMs. Many joint ventures have been established in India with foreign
collaboration, both technical and financial, with leading global manufacturers.
The
USS 30 billion Indian automobile industry is expected to grow with long term
robust domestic demand. The Indian auto component industry recorded the highest
year-on-year growth of 34.2% in the fiscal year ending 2011.
Non-Auto
markets such as tractors, off-highway, construction equipment and railway
components provide continuing growth opportunities for auto component
manufacturers to leverage their core skill sets. Strong growth in the Indian
tractor market was attributed to normal monsoons, strong farm output with high
MSPs (minimum support price), increasing farm income and availability of
financing. Tractor sales volumes have increased by 24% compared to the prior
year.
Auto
component manufacturers have grown foster than other automobile industry
segments. These companies have been able to protect their margins Through Their
access to India's large replacement demand. After market sales revenue is
expected to double in the next 5 years. India has over 102 million vehicles of
which 23% ore over 15 years old and 38% are over 10 years old. Many of these
will require continuous replacement of ports during the years.
Exports
With
an increase in demand for auto components from both domestic as well as foreign
OEMs, the auto-component industry is expected to ramp up capacities. India is
also emerging as a major global outsourcing hub for auto components. This will
require constant investments in the auto component sector, especially at the
Tier 2 and Tier 3 levels where capacity is a’ constraint. Auto Component
industry will be upgrading technology, qualify levels and develop product
development capabilities to design and manufacture the next generation of
components.
Auto
Industry: Outlook
The
real GDP growth is currently at approximately 8.6% during 2010-11 and expected
to be moderate at 8% during 201112. The automotive industry is expected to
have a similar moderation particularly due to the impact of higher interest
rates, fuel prices on consumers and other general inflationary pressures.
Domestic
passenger car sales are expected to grow 2% fo 4% for the year ending March
2012, while a growth of 13% to 15% is projected in the commercial vehicles'
sales segment for The same period. The Indian auto component industry is
expected lo reach USS 100 billion by 2020, growing at a CAGR of 15%. For the
year 2011-12, the industry is expected to grow 12-15%. Tractor sales volumes
are expected lo grow by 11-14% in 2011-12. Production of construction
equipments are expected to reach 100,000 units by 2015, growing at a CAGR of
16.5%.
International
markets diverge significantly with the US expected to remain flat, whilst
Europe is exposed to further stress due to ongoing difficulties in the
financial markets. As they look forward they expect continued volatility in the
global economic environment.
Amtek
Strategy and Outlook
In
context of this industry outlook for FY2011, Amtek Aulo is determined lo build
on its competitive advantage of market reach and penetration. The Company is confident
of achieving an overall higher growth rate than the industry average through
its focus on new product introductions, addition of significant new contracts
during the past year and continued consolidation in the component industry. The
Non-Aulo segment continues to perform well and exceeded expectations and will
continued to grow different markets including railways, tractors, aerospace,
off-highway and the construction industry. The Non-Auto segment continues to be
a focus area and strategic priority for management
Amtek
Auto has been successful in capturing new orders from high profile OEM
customers during the year 2011. New order intakes have been encouraging and at
the some lime strengthening the customer relationships. The Company continues
to focus on operational performance through efficiency improvement, increasing
productivity and optimizing capacity utilization.
During
the fiscal year 2011, Amtek Auto has entered into a joint venture with American
Railcar Industries (USA), for the manufacturing of railway wagons. A technical
collaboration with Autech Corporation (South Korea) has also been entered
during the year. A planned specialty vehicle manufacturing facility at
Dharuhera, Haryana, is now at an advanced stage of completion and is in line
with expectations. A further technical collaboration with Aizen Corporation
(Japan), a leading manufacturer of special purpose machines for the auto
components industry, was announced during the year.
CONTINGENT LIABILITIES:
|
PARTICULAR |
31.03.2011 |
|
Estimated amount of contracts remaining to be execured on capital account and not provided for |
355.540 |
|
Guarantees issued by the bank on behalf of the Company |
28.020 |
|
Unexpired Letter of Credit |
165.081 |
|
Disputed Liabilities: |
|
|
- Sales Tax |
1.079 |
|
- Cenvat |
2.327 |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31st MARCH
2012
|
|
|
|
Rs
in Millions |
Rs
in Millions |
Rs
in Millions |
|
|
|
Particulars |
Quarter ended |
Quarter ended |
9 Month Ended |
||
|
|
31.03.2012 |
31.12.2011 |
31.03.2012 |
|||
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|||
|
1 |
(a) Net Sales/Income from Operations |
5862.600 |
5588.300 |
16748.900 |
||
|
|
(b)Other Operating Income |
458.900 |
367.500 |
1225.400 |
||
|
|
Total income |
6321.600 |
5955.800 |
17974.300 |
||
|
2 |
Expenditure |
|
|
|
||
|
|
(a) |
Increase/(Decrease) in Stock-in-trade and work in progress |
(57.600) |
(70.400) |
(164.600) |
|
|
|
(b) |
Consumption of raw materials |
3828.300 |
3611.100 |
10829.700 |
|
|
|
© |
Purchase of traded Goods |
0.000 |
38.8000 |
70.300 |
|
|
|
(d) |
Employees Cost |
213.700 |
218.900 |
643.4000 |
|
|
|
(e) |
Depreciation |
547.700 |
514.500 |
1576.000 |
|
|
|
(f ) |
Other Expenditure |
373.800 |
371.200 |
1108.500 |
|
|
|
(g) |
Total (Any item exceeding 10% of the total Expenditure to be shown
separately) |
4905.900 |
4684.100 |
14063.300 |
|
|
5 |
|
profit before interest and exceptional items(3+4) |
1415.600 |
1271.700 |
3911.000 |
|
|
6 |
Interest |
461.200 |
492.400 |
1452.400 |
||
|
7 |
Profit after interest but before exceptional items(5-6) |
954.400 |
779.300 |
2458.600 |
||
|
8 |
Exceptional Items |
0.000 |
0.000 |
0.000 |
||
|
9 |
Profit(+)/Loss(-) from Ordinary Activities before tax (7-8) |
954.400 |
779.300 |
2458.600 |
||
|
10 |
Tax Expenses |
295.900 |
239.300 |
733.200 |
||
|
11 |
Net Profit(+)/Loss(-) from Ordinary Activities after tax( 9-10) |
658.500 |
540.000 |
1725.400 |
||
|
12 |
Extra Ordinary Items |
0.000 |
0.000 |
0.000 |
||
|
13 |
Net Profit(+)/Loss(-) for the period (1112) |
658.500 |
650.100 |
1725.400 |
||
|
14 |
Paid-up Equity Share Capital Rs.2/ per share |
451.400 |
466.300 |
451.400 |
||
|
15 |
Reserves excluding revaluation reserves |
0.000 |
0.000 |
0.000 |
||
|
16 |
Earning Per Share |
|
|
|
||
|
(a) |
Basic and diluted EPS before Extraordinary items for the period, for
the year to date and for the previous year(not to be annualised) |
2.92 |
2.32 |
7.65 |
||
|
(b) |
Basic and diluted EPS after
Extraordinary items for the period, for the year to date and for the previous
year(not to be annualised) |
2.89 |
2.29 |
7.01 |
||
|
17 |
Public Shareholding |
|
|
|
||
|
|
Number of Shares |
138393745 |
-- |
-- |
||
|
|
Percentage of Shareholding |
61.32 |
-- |
-- |
||
|
18 |
Promoters and Promoter group |
|
|
|
||
|
|
a) Pledged/Encumbered |
|
|
|
||
|
|
Number of shares |
87290640 |
-- |
-- |
||
|
|
Percentage of Shares (as a % of the total shareholding of promoter and
promoter group) |
100 |
-- |
-- |
||
|
|
Percentage of Shares (as a % of the total share of the company) |
38.68 |
-- |
-- |
||
Note:
1. The above results were reviewed by the audit committee and were taken on
records by the boards of director at its meeting held on 12th may,
2012.
2. The limited review as required under clause 41 of the listing agreements
has been complete by the Auditors of the company and related reported is being
submitted to the conceded stock exchanges
3. Segment reporting as defined in accounting standard (AS) – 17 is not
applicable, since the entire operations of the company relate to only one
segment i.e automotive components.
4. During the quarter the company has bought back 10213759 Equity share
which represented 4.38% of the paid up equity share capital of the company
average price of Rs.133.42 per share. However, up to 31st march
2012, the company had existing 7489360 Equity Share of Rs.2/-each.
5. There were no investor complaints pending at the beginning of the current
quarter, during the quarter, the company and received five investor’s
complaints. All the complaints have been deal with appropriately. There were no
pending complaints at the end of the quarter
6. Previous year’s figures have been regrouped and reclassified, to the
extent necessary to conform to the current year’s figures
7. The inapplicable item in the format of the above result as per annexure 1
to clause 41 of the agreement have not been disclose
Fixed Assets
·
Land and Site Development (Including Leasehold)
·
Building
·
Plant and Machinery
·
Electrical Installation
·
Furniture and Fixture
·
Office Equipment
·
Data Processing Unit
·
Vehicle
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.55.14 |
|
|
1 |
Rs.85.22 |
|
Euro |
1 |
Rs.69.24 |
INFORMATION DETAILS
|
Report Prepared
by : |
KVT |
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 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
60 |
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.