1. Summary Information
|
|
|
Country |
|
|
Company Name |
ASHOK LEYLAND
LIMITED |
Principal Name 1 |
Mr.
Dheeraj G Hinduja |
|
Status |
Good |
Principal Name 2 |
Mr. R Seshasayee |
|
|
|
Registration # |
18-000105 |
|
Street Address |
No. 1, |
||
|
Established Date |
07.09.1948 |
SIC Code |
-- |
|
Telephone# |
91-44-22206000 |
Business Style 1 |
Manufacturing |
|
Fax # |
91-44-22206001 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Commercial
Vehicles |
|
|
# of employees |
15812
(Approximately) |
Product Name 2 |
Engines |
|
Paid up capital |
Rs.1330,338,000/- |
Product Name 3 |
Ferrous Castings |
|
Shareholders |
Promoter and
Promoter Group-44.60%, Public Shareholding -55.40% |
Banking |
Bank of |
|
Public Limited Corp. |
Yes |
Business Period |
64 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
A (62) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Holding
Company |
|
Hinduja Automotive Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
21,583,000 |
Current Liabilities |
30,379,000 |
|
Inventories |
22,089,000 |
Long-term Liabilities |
25,682,000 |
|
Fixed Assets |
46,338,000 |
Other Liabilities |
10,241,000 |
|
Deferred Assets |
0 |
Total Liabilities |
66,302,000 |
|
Invest& other Assets |
15,922,000 |
Retained Earnings |
38,299,000 |
|
|
|
Net Worth |
39,630,000 |
|
Total Assets |
105,932,000 |
Total Liab. &
Equity |
105,932,000 |
|
Total Assets (Previous Year) |
92,820,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
111,177,000 |
Net Profit |
6,313,000 |
|
Sales(Previous yr) |
72,447,000 |
Net Profit(Prev.yr) |
4,237,000 |
MIRA
INFORM REPORT
|
Report Date : |
21.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
ASHOK LEYLAND
LIMITED |
|
|
|
|
Registered
Office : |
No. 1, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
07.09.1948 |
|
|
|
|
Com. Reg. No.: |
18-000105 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.1330.338 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L34101TN1948PLC000105 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEA00171D /
CHEA07627E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACA4651L |
|
|
|
|
Legal Form : |
Public Limited
Liability Company. The company’s shares are listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing of
Commercial Vehicles, Engines and Ferrous Castings. |
|
|
|
|
No. of Employees
: |
15812
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
|
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 150000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a well established and reputed company having fine track.
Financial position of the company appears to be sound. Directors are reported
to be an experienced and respectable businessman. 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 conditions. |
NOTES :
A ny
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 : |
No. 1, |
|
Tel. No.: |
91-44-22206000 |
|
Mobile No.: |
|
|
Fax No.: |
91-44-22206001 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate
Office : |
19, Rajaji Salai, Chennai – 600
001, |
|
Tel. No.: |
91-44-25342141 |
|
Fax No.: |
91-44-25342493 |
|
E-Mail : |
chandrasekharan.ar@ashokleyland.com
|
|
|
|
|
Factory : |
Located at : Ennore Hosur – Unit I 175 Hosur Industrial Complex, Hosur
- 635 126, Hosur – Unit II 77 Electronic
Complex, Hosur – Unit IIA Cab Panel Press
Shop, SIPCOT Industrial Complex, Bhandara Plot No.1 Alwar Plot No. SPL 298,
Matsya Industrial Area, Alwar
- 301 030, Ambattur 3A/A and 2 North Phase,
SIDCO Industrial Estate, Ambattur, Chennai - 600
098 Technical Centre Vellivoyalchavadi, Via Manali New
Town, Chennai - 600 103, Pant Nagar Plot No.1, Sector
XII, IIE, Pant Nagar - 263 153, |
|
|
|
|
Sales and Marketing
Division : |
480 Anna Salai, Nandanam, Chennai – 600
035, |
|
Tel. No.: |
91-44-24341536 |
|
Fax No.: |
91-44-24346220 |
|
E-Mail : |
|
|
|
|
|
Area Offices : |
Located at ·
·
·
·
Guwahati ·
·
·
·
·
Hubli ·
·
·
Ahmedabad ·
Pune |
DIRECTORS
AS ON 31.03.2011
|
Name : |
Mr.
Dheeraj G Hinduja |
|
Designation : |
Chairman,
(Alternate
: Y M Kale) |
|
|
|
|
Name : |
Mr. R
Seshasayee |
|
Designation : |
Executive Vice Chairman |
|
|
|
|
Name : |
Mr. Anil
Harish |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. D J
Balaji Rao |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr.
A K Das |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr.
Jean Brunol |
|
Designation : |
Director (from
20.10.2010 ) |
|
|
|
|
Name : |
Mr.
Jorma Antero Halonen |
|
Designation : |
Director
(from 19.05.2011) |
|
|
|
|
Name : |
Mr. Sanjay
K Asher |
|
Designation : |
Director (from
21.12.2010) |
|
|
|
|
Name : |
Mr. F. Sahami |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Shardul S Shroff |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr V Sumantran |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr.
Vinod K Dasari |
|
Designation : |
Managing
Director |
KEY EXECUTIVES
|
Name : |
Mr. K Sridharan |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. A R Chandrasekharan |
|
Designation : |
Executive Director and Company Secretary |
|
|
|
|
Name : |
Mr.
Anup Bhat |
|
Designation : |
Executive
Director |
|
|
|
|
Name : |
Mr. A K Jain |
|
Designation : |
Executive
Director |
|
|
|
|
Name : |
Mr. Jayendra Parikh |
|
Designation : |
Executive
Director |
|
|
|
|
Name : |
Mr. R R
G Menon |
|
Designation : |
Executive
Director |
|
|
|
|
Name : |
Mr. P G Nilsson |
|
Designation : |
Executive
Director |
|
|
|
|
Name : |
Mr. Nitin Seth |
|
Designation : |
Executive
Director |
|
|
|
|
Name : |
Mr. Rajive Saharia |
|
Designation : |
Executive
Director |
|
|
|
|
Name : |
Mr. Shekhar Arora |
|
Designation : |
Executive
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2012
|
Category of Shareholders |
No. of Shares |
Percentage of
holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
1027237424 |
44.60 |
|
|
1027237424 |
44.60 |
|
Total shareholding
of Promoter and Promoter Group (A) |
1027237424 |
44.60 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
69459598 |
3.02 |
|
|
1486300 |
0.06 |
|
|
2218720 |
0.10 |
|
|
318714675 |
13.84 |
|
|
431544297 |
18.74 |
|
|
1000 |
-- |
|
|
1000 |
-- |
|
|
823424590 |
35.75 |
|
|
|
|
|
|
143852253 |
6.25 |
|
|
|
|
|
|
242545055 |
10.53 |
|
|
30775209 |
1.34 |
|
|
35424463 |
1.54 |
|
|
10147769 |
0.44 |
|
|
560069 |
0.02 |
|
|
721388 |
0.03 |
|
|
23932637 |
1.04 |
|
|
2000 |
-- |
|
|
60600 |
-- |
|
|
452596980 |
19.65 |
|
Total Public shareholding
(B) |
1276021570 |
55.40 |
|
Total (A)+(B) |
2303258994 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
-- |
-- |
|
|
329200140 |
-- |
|
|
28217500 |
-- |
|
|
357417640 |
-- |
|
Total
(A)+(B)+(C) |
2660676634 |
-- |
(1) Indian
Bodies Corporate
Foreign Bank
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of
Commercial Vehicles, Engines and Ferrous Castings. |
||||||||||||||||
|
|
|
||||||||||||||||
|
Products : |
|
PRODUCTION STATUS AS ON 31.03.2011
Installed capacity – Two shifts
Commercial vehicles - 1,50,500 Nos.
|
Particulars |
Unit |
|
|
Actual
Production |
|
Commercial Vehicles |
Nos. |
|
|
95,337 |
|
Engines@ and Gensets |
Nos. |
|
|
17,603 |
|
|
|
|
|
|
@ Engines manufactured against spare capacity of commercial vehicles
GENERAL INFORMATION
|
No. of Employees : |
15812
(Approximately) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
Note 1. a) Debentures and term
loans from banks aggregating Rs. 11600.000 Millions
(2010: Rs. 6666.667 Millions) are secured by a
first paripassu charge created / to be created on certain
immovable properties and movable assets of the company. External commercial
borrowing from bank aggregating to Rs. 222.975
Millions (2010: Rs. 449.001 Millions) is secured by
a first charge on the Aircraft of the company. b) Cash credit facility is
secured by a first charge on certain movable assets and goods-in-transit and
book debts (excluding deferred receivables). 2. Debentures are to be
redeemed at par in equal installments, as stated below:
3. Loans include Rs. 689.642 Millions (2010:
Rs. 391.167 Millions) due within 12 months.
Note
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name 1 : |
M Chartered Accountants |
|
|
|
|
Name 2 : |
Deloitte Haskins and Sells Chartered Accountants |
|
|
|
|
Cost Auditors
: |
Geeyes and Company |
|
|
|
|
Collaboration:
|
IVECO Fiat SPA, |
|
|
|
|
Membership : |
Confederation of
Indian Industry |
|
|
|
|
Holding
Company : |
|
|
|
|
|
Fellow subsidiary : |
|
|
|
|
|
Associates : |
|
|
|
|
|
Joint
Ventures : |
|
CAPITAL STRUCTURE
AS ON 19.07.2011
Authorised Capital : Rs. 3000.000 Millions
Issued, Subscribed
& Paid-up Capital : Rs. 2660.677 Millions
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000000 |
Equity Shares |
Re.1/- each |
Rs.2000.000
millions |
|
|
|
|
|
Issued Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
524598695 |
Equity shares |
Re.1/- each |
Rs.524.599 millions |
|
341742940 |
Equity shares of issued by way of
conversion of debentures |
Re.1/- each |
Rs.341.743
millions |
|
323157240 |
Equity shares of issued through Global
Depository Receipts |
Re.1/-
each |
Rs.323.157
millions |
|
141044117 |
Equity shares of issued by way of conversion
of Foreign Currency Convertible Notes (FCCN) |
Re.1/- each |
Rs.141.044
millions |
|
|
|
|
Rs.1330.543
millions |
Subscribed
& Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
524394020 |
Equity shares |
Re.1/- each |
Rs.524.394 millions |
|
341742940 |
Equity shares of issued by way of
conversion of debentures |
Re.1/- each |
Rs.341.743
millions |
|
323157240 |
Equity shares of issued through Global
Depository Receipts |
Re.1/-
each |
Rs.323.157
millions |
|
141044117 |
Equity shares of issued by way of
conversion of Foreign Currency Convertible Notes (FCCN) |
Re.1/- each |
Rs.141.044
millions |
|
|
Add: Forfeited shares |
|
Rs.0.004
million |
|
|
|
|
Rs.1330.342
millions |
Of the above,
1. 1,47,88,880 Equity shares were allotted under an agreement without payment being received in cash.
2. 6,23,08,110 Equity shares were allotted as fully paid up by way of bonus shares by capitalisation out of General reserve and from Securities premium account.
3. Hinduja Automotive Limited, the holding company, holds 51,36,18,712 equity shares of Re.1 each and 54,86,669 Global depository receipts equivalent to 16,46,00,070 Equity shares of Re. 1 each.
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 |
1330.342 |
1330.342 |
1330.342 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
38299.279 |
35357.239 |
33408.648 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
NETWORTH
|
39629.621 |
36687.581 |
34738.990 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
11822.975 |
7115.668 |
3044.133 |
|
|
2] Unsecured
Loans |
13859.673 |
14923.250 |
16537.306 |
|
TOTAL BORROWING
|
25682.648 |
22038.918 |
19581.439 |
|
|
DEFERRED TAX
LIABILITIES |
4438.869 |
3845.369 |
2634.369 |
|
|
Deferred
Liability |
899.267 |
765.485 |
0.000 |
|
|
Foreign Currency
Monetary Item Translation Difference - net |
0.000 |
(124.501) |
38.411 |
|
TOTAL
|
70650.405 |
63212.852 |
56993.209 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block]
|
46337.918 |
42495.592 |
33991.163 |
|
Capital work-in-progress
|
3579.661 |
5614.697 |
9982.894 |
|
|
|
|
|
|
|
INVESTMENT
|
12299.968 |
3261.549 |
2635.571 |
|
|
DEFERRED TAX
ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS &
ADVANCES
|
|
|
|
|
|
|
Inventories
|
22089.034
|
16382.400
|
13300.144
|
|
|
Sundry Debtors
|
11852.133
|
10220.615
|
9579.742
|
|
|
Cash & Bank Balances
|
1795.272
|
5189.205
|
880.836
|
|
|
Loans & Advances
|
7936.014
|
9604.623
|
7895.435
|
Total Current Assets
|
43672.453
|
41396.843
|
31656.157
|
|
Less :
CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
|
|
Sundry Creditors
|
21283.898
|
15625.520
|
11100.420
|
|
|
Other Current Liabilities
|
9095.579
|
10295.137
|
7588.221
|
|
|
Provisions
|
4903.263
|
3686.915
|
2680.817
|
Total Current Liabilities
|
35282.740
|
29607.572
|
21369.458
|
|
Net Current Assets
|
8389.713
|
11789.271
|
10286.699
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES
|
43.145 |
51.743 |
96.882 |
|
|
|
|
|
|
|
TOTAL
|
70650.405 |
63212.852 |
56993.209 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
111177.090 |
72447.105 |
59810.737 |
|
|
|
Other Income |
153.343 |
704.454 |
496.228 |
|
|
|
TOTAL (A) |
111330.433 |
73151.559 |
60306.965 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and Other Expenses
|
99001.516 |
64818.713 |
55116.386 |
|
|
|
Voluntary retirement scheme compensation amortised |
0.000 |
32.715 |
134.887 |
|
|
|
TOTAL (B) |
99001.516 |
64851.428 |
55251.273 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
12328.917 |
8300.131 |
5055.692 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1636.614 |
811.304 |
1187.087 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
10692.303 |
7488.827 |
3868.605 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION, AMORTISATION AND
IMPAIRMENT
(F) |
2674.310 |
2041.079 |
1784.142 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
8017.993 |
5447.748 |
2084.463 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1705.000 |
624.729 |
184.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
6312.993 |
4236.748 |
1899.963 |
|
|
|
|
|
|
|
|
|
|
Excess provision written back - Dividend |
0.000 |
0.000 |
2.205 |
|
|
|
- Corporate dividend tax thereon |
0.000 |
0.000 |
0.375 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5774.498 |
4823.019 |
5200.738 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer from / (to) - Debenture redemption reserve |
|
(41.667) |
295.833 |
|
|
|
|
525.000 |
0.000 |
0.000 |
|
|
|
- General reserve |
1000.000 |
1000.000 |
250.000 |
|
|
|
Proposed dividend |
2660.677 |
1995.507 |
1330.338 |
|
|
|
Corporate dividend tax thereon |
431.628 |
331.429 |
226.091 |
|
|
BALANCE CARRIED
TO THE B/S |
7511.852 |
5774.498 |
4823.019 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export – FOB Value |
11090.912 |
6041.093 |
8630.774 |
|
|
|
Interest |
81.809 |
101.328 |
288.130 |
|
|
|
Others (Includes freight, insurance, dividend and
commission earned) |
592.933 |
302.092 |
911.648 |
|
|
TOTAL EARNINGS |
11765.654 |
6444.513 |
9830.552 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
4445.936 |
2833.714 |
2476.209 |
|
|
|
Trading goods and others |
163.465 |
165.378 |
85.074 |
|
|
|
Spares & Tools |
100.679 |
39.923 |
55.618 |
|
|
|
Capital Goods |
924.135 |
2711.536 |
2938.178 |
|
|
TOTAL IMPORTS |
5634.215 |
5750.551 |
5555.079 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.75 |
3.18 |
1.43 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
31.03.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Sales Turnover |
24955.06 |
30945.71 |
28797.97 |
43110.20 |
|
Total Expenditure |
22508.86 |
27634.15 |
26694.26 |
38410.71 |
|
PBIDT (Excl
OI) |
2446.20 |
3311.56 |
2103.71 |
4699.49 |
|
Other Income |
41.18 |
103.27 |
32.33 |
108.76 |
|
Operating Profit
|
2487.38 |
3414.83 |
2136.04 |
4808.25 |
|
Interest |
533.45 |
626.98 |
550.12 |
724.01 |
|
Exceptional
Items |
0.00 |
0.00 |
0.00 |
15.98 |
|
PBDT |
1953.93 |
2787.85 |
1585.92 |
4100.22 |
|
Depreciation |
846.59 |
859.33 |
866.29 |
955.93 |
|
Profit
Before Tax |
1107.33 |
1928.52 |
719.63 |
3144.28 |
|
Tax |
244.80 |
387.70 |
50.60 |
556.90 |
|
Reported PAT |
862.53 |
1540.82 |
669.03 |
2587.38 |
|
Extraordinary Items |
0.00 |
0.00 |
0.00 |
0.00 |
|
Prior Period Expenses |
0.00 |
0.00 |
0.00 |
0.00 |
|
Other Adjustments |
0.00 |
0.00 |
0.00 |
0.00 |
|
Net Profit |
862.53 |
1540.82 |
669.03 |
2587.38 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.67
|
5.79
|
3.15
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.21
|
7.52
|
3.49
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.91
|
6.49
|
3.18
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
0.15
|
0.06
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.54
|
1.41
|
1.18
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.24
|
1.40
|
1.48
|
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. Constructions of the firm |
Yes |
|
4. Premises details |
No |
|
5. Type of Business |
Yes |
|
6. Line of Business |
Yes |
|
7. Promoter’s background |
No |
|
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 |
No |
|
21. Market information |
-- |
|
22. Litigations that the firm / promoter involved |
Yes |
|
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 |
Yes |
CASE STATUS
INFORMATION SYSTEM
|
Case Status : |
Pending |
|
Status Of : |
Writ Petition |
|
Case No.: |
4482 |
|
Petitioner : |
T. Rangarajan |
|
Respondent : |
Ashok Leyland Limited |
|
Pet’s Advocate : |
M/S.CPG. Yoganand and Asso |
|
Res’s Advocate : |
|
|
Category : |
Labour |
|
|
Last Listed on: No Date Mentioned |
|
Case Updated on : |
Feb 28 2012 |
|
|
|
COMPANY PERFORMANCE
The Indian economy
is estimated to have registered a broad-based growth of about 8.6% facilitated
by policy stimulus and encouraging agricultural output. The Commercial Vehicles
industry witnessed strong growth on the back of adequate freight availability
and higher capacity utilization.
With the above background, the Company
recorded highest ever sales for the year ended March 31, 2011 supported by a
record performance in exports.
Sales increased by
47% over the previous year by volume and by 53.62% in value terms.
LONG TERM BORROWINGS:
During the
financial year 2010-11, the Company issued Secured Non-convertible Debentures
Series AL 13 to AL 15 to the tune of Rs.2100.000 Millions repayable at the end
of 3rd, 4th and 5th year and fully redeemed Secured Non-convertible Debentures
Series AL 11 of Rs.500.000 Millions (final installment of Rs.166.667 Millions
paid during FY 2010-11).
AVAILMENT OF RUPEE TERM LOANS
The Company
availed Secured Rupee Term Loans to the tune of Rs.2500.000 Millions during FY 2010-11
from a Bank for a tenor of five years. Debentures / Term Loans were utilized to
fund capital expenditure programmes of the Company as
per the terms thereof.
STRATEGIC ALLIANCES
Optare plc,
In line with the
Company’s strategy, the Company acquired 26% in the equity share capital of Optare plc,
Ashok Leyland Defence Systems
Limited
In order to
continue to participate in the defence business of
the Company and to exploit opportunities available in the defence
industry, the Company has made a strategic investment of 26% of the equity
shares capital in Ashok Leyland Defence
Systems Limited.
Ashok Leyland (UAE) LLC,
The
state-of-the-art factory built as a venture between the Company and Ras Al Khaimah Investment
Authority (RAKIA), at Ras Al Khaimah
was inaugurated on December 16, 2010. This facility will cater to the needs of
the African/Middle East markets and also facilitate launching of AVIA range of
trucks manufactured by Avia Ashok
Leyland Motors s.r.o. to these markets.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
A. Economy and Market Trends
Global Economy
The global economy
continued to recover from the fall of 2008, albeit with a few minor setbacks.
IMF has estimated real GDP growth to be 5% in 2010.
Growth, though
uneven, was driven largely by developing economies across Asia, Africa and
The year was
marked by imbalances in the
Given these
factors, the Company remains cautiously optimistic about global economic
growth, particularly in emerging markets across Asia, Africa and
Indian Economy
The Economic
Survey of India revealed that
The Government has
targeted a GDP growth rate of 9% in 2011-12 and with conscious efforts to
support it through the Union Budget. An allocation of Rs.2140000.000 Millions
(US$ 46.5 billion) for infrastructure in 2011-12 reflects an increase of 23.3%
over 2010-11.
Some announcements
made in the Union Budget are expected to impact commercial vehicles positively
like financial assistance for metro projects in
High inflation
persisted throughout 2010-11, forcing the Reserve Bank of
In light of the
above, the Company remains cautiously positive about the continued growth of
the Indian economy, and consequently, the commercial vehicle industry, during
the year.
Commercial Vehicle
(CV) Industry
The domestic
Commercial Vehicle (CV) industry continued to grow robustly during 2010-11 as
it recovered from the lows of 2008. Medium and Heavy Commercial Vehicles (M and
HCV) grew by 32%, to touch 322,788 numbers, recording the highest ever sales
surpassing the previous high of 275,556 units in 2006-07. Light Commercial
Vehicles (LCV) posted 23% growth and reached volumes of 353,620 units. The
contribution of M and HCV grew to about 48% of the overall commercial vehicle
segment, compared to 46% in the previous year.
Multi-axle rigid
trucks and trailers, which act as good indicators of economic activity,
continued to grow at a scorching pace. Data published by
2010-11 was also a
watershed year for Indian exports; with the highest ever number of vehicles
being exported worldwide. Exports of M and HCV buses registered a substantial
growth of 75%, while M and HCV trucks registered 30% over the previous year.
Buses and trucks in the LCV range registered growth rates of 40% and 98%
respectively over the previous year.
Overall economic
growth indicators remain positive, auguring well for the CV Industry in
2011-12. The thrust on infrastructure and a normal monsoon should drive truck
sales, while the continued focus on urban renewal should give a fillip to bus
sales. However, the same dampeners of GDP growth could slow down the growth of
CVs too. Rising interest rates as well as any upward revisions in diesel prices
to contain the extent of subsidy could also dampen growth. Commodity price
inflation could apply pressure on margins. CRISIL, the rating agency, estimates
that M and HCV will grow by 13-14% and LCV by 17 -18% during 2011-12.
B. Ashok Leyland - The Year (2010-11) in brief
Against the
backdrop of rising demand for commercial vehicles, Ashok
Leyland registered several ‘firsts’ in 2010-11. The Company registered its
highest ever sales of 94,106 vehicles, a growth of 47% compared to the previous
year. In the domestic market, the Company sold 83,098 M and HCV, 45% more than
the previous year that included 20,425 buses and 62,673 trucks, 25% and 54%
respectively more than the previous year. The Company gained 2.4 percentage
point market share in the Indian M and HCV segment during the same period.
Exports
demonstrated phenomenal growth clocking 10,306 vehicles in 2010-11, a 72%
growth against the previous year largely attributable to a revival in the
Sri Lankan economy and buoyant growth in other SAARC markets. The
Company also undertook several initiatives to establish presence in fast
growing markets across Asia, Africa and
The Power Solutions Business Unit sold 17643 engines in the year
2010-11, a 9% drop compared to the previous year partly due to capacity
constraints caused by the overwhelming demand from the commercial vehicle
business, and partly due to the slowdown in the Telecom tower market. Spare
parts business grew at 11% with an all-time high turnover of Rs. 7125.100 Millions.
The Company produced 95,337 vehicles during the year, up 47% compared to
the previous year. Nearly 500 vehicle variants were launched during the year
partly driven by change in emission standards, the highlight of which was the
launch of the flagship U Truck range in October 2010. The U Truck range has
received excellent initial response from customers, with nearly 1100 vehicles
sold in the first 6 months from launch, with just a limited range of models on
offer. The U-truck range features several ‘firsts; an engine fitted with
mechanical fuel pump that meets Bharat Stage Ill
emission norms; India’s first 8X4 medium duty tipper and the country’s first 4
year comprehensive service care package.
Ashok Leyland has started production at its
all-new, state- of-the-art production facility at Pantnagar.
Uttarakhand. Over 1,500 executives and associates
have been recruited at Pantnagar and this plant will
cater to the growing vehicle demand in North / Eastern part of
A unique initiative, known as ‘BLESSING’ was launched by the Company at Pantnagar in partnership with the State Government to
develop shop floor skills. Under this scheme, youth who have passed 12th grade
are recruited and educated / trained by Ashok Leyland
at its expense, in partnership with NTTF, whilst enabling them to work and
learn on the shop floor
To complement the increased capacity from Pantnagar,
Ashok Leyland expanded its dealer network
substantially in areas where it had hitherto limited coverage. Dealer outlets
increased from 178 to 205 numbers, Authorised Service
Centres, grew from 138 to 155 numbers, To support the
driver community better and to facilitate customers to obtain trained drivers,
the Company opened a new driver training centre in Kaithal,
Haryana, to increase the number of such Ashok Leyland supported institutes to three.
The Company
continued to invest heavily in Product Development in 2010-11. The New Generation
Cab and the Neptune Engine programmes are on track
and will be progressively integrated into the U-Truck range. Substantial effort
is being made to revamp the range of Intermediate Commercial Vehicles and offer
a global product to the Indian market, drawing upon the strengths of AVIA, Ashok Leyland’s associate company in the
Given the pace of
growth, the Company has launched a large scale project to upgrade its systems
to address future needs more effectively – be it system aided centralized
constraint based planning, higher levels of integration with suppliers,
collaborative planning and build or demand planning. Mission GenNext has been launched as a business process
transformation initiative that will re-engineer the Company’s processes to be
future-and enable easy migration to the world class SAP platform.
Hinduja Leyland Finance
The Company had
promoted a non-banking finance company named Hinduja
Leyland Finance Limited (HLFL) as its financing arm to boost sales. With
approximately 690 employees, HLFL operates in over 400 centres
across over 20 States. In its first full year of operation, it financed
approximately 5,300 Ashok Leyland vehicles and made a
total disbursement of Rs. 12000.000 Millions.
JV with Nissan
Motors
The Joint Venture
with Nissan Motor Company has recently unveiled its first product branded DOST,
which is powered by a specially-developed, 55 hp high-torque, 3-cylinder,
turbo-charged common rail diesel engine and having a payload capacity of 1.25 Tonnes.
Mirroring the evolution
of the Indian light truck market, the small commercial vehicle segment
(vehicles less than 3.5 Tonnes) has been witnessing a
perceptible upward shift in terms of features, performance and payload and the
DOST has been positioned as a contemporary, powerful yet highly efficient
product. With the hub-and-spoke model fast gaining ground, it is well-placed to
ride the robust demand for vehicles making last-mile deliveries. The product
from the JV aims to blend the best in terms of Japanese engineering from
Nissan, with the insight into local relevance that Ashok
Leyland brings to the table. It represents a very attractive value proposition
to the small and medium businesses that it is targeted at.
JV with John Deere
The Company Ashok Leyland John Deere Construction Equipment Company
Private Limited, incorporated in July 2009, as a 50:50 Joint Venture between Ashok Leyland and John Deere Construction and Forestry
Company marks a fast growing market with state-of-the-art products. A 48-acre
manufacturing facility at Gummidipoondi, on the
outskirts of Chennai was inaugurated in October 2010.
The first product
– the backhoe loader -- is undergoing field trials and is expected to be
launched by third quarter of 2011-12.
JV with
Continental AG
Leveraging Ashok Leyland’s market knowledge and Continental’s
technology leadership, this JV aims to become an innovation centre for
delivering automotive infotronics solutions at value
price points. The JV displayed its products capability at Continental’s booth
at the International Motor Show, IAA, Hanover and is currently in the process
of developing a portfolio of products for mass application.
Albonair GmbH
Albonair GmbH, established
with a vision of being a complete solution provider for reducing automotive emissions,
has in the short period since inception, developed the complete solution for
Selective Catalytic Reduction (SCR) and Urea Dosing System (UDS) conforming to
Euro 4, 5 and 6 emission standards for commercial as well as passenger
vehicles. Albonair has succeeded in securing orders
from Global OEMs and is gearing to develop and deliver the same.
Ashok Leyland Defence Systems
Limited (ALDS)
Ashok Leyland has a
long standing relationship with Indian Army for supply of logistics vehicles.
ALDS, a newly formed associate company, will provide increased focus to address
the opportunities in the Indian and overseas Defence
markets. Further ALDS has signed a Memorandum of Understanding with Krauss-Maffei Wegmann (KMW)
Ashley Alteams India Limited (AAIL)
The 50:50 JV
partnership between Ashok Leyland and
AVIA Ashok Leyland Motors s.r.o.
(AALM)
AVIA Ashok Leyland Motors s.r.o.,
based in
Defiance
Technologies Limited
Defiance
Technologies Limited is a leading provider of Engineering, ERP and IT services to
global customers leveraging the global delivery model. Headquartered at
Chennai,
FINANCIAL RESULT
FOR THE QUARTER AND YEAR ENDED 31.03.2012
(Rs. in millions)
|
Sr. No. |
Particular |
Three Months Ended |
Year Ended |
|
|
|
|
31.03.2012 (Unaudited) |
31.12.2011 (Unaudited) |
31.03.2012 (Unaudited) |
|
1. |
Income from
Operations |
|
|
|
|
|
a) Net Sales/Income from Operations |
42358.201 |
28320.206 |
126420.466 |
|
|
b) Other Operating Income |
752.000 |
714.437 |
1999.466 |
|
|
Total
Income (1+2) |
43110.201 |
29034.643 |
128419.932 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
a) Cost of Material Consumed |
30147.390 |
20956.154 |
91214.833 |
|
|
b) Purchases of stock-in-trade – trading goods |
1832.844 |
1564.745 |
5073.737 |
|
|
c) Changes in inventories of finished goods, work in progress and
stock in trade |
111.043 |
(1033.842) |
(1670.130) |
|
|
d) Employees benefits expenses |
2468.196 |
2723.220 |
10203.942 |
|
|
e) Depreciation and amortization expenses |
955.933 |
866.286 |
3528.132 |
|
|
f) Other Expenditure |
3851.243 |
2720.648 |
11036.601 |
|
|
Total Expenses |
39366.649 |
27797.211 |
119387.115 |
|
|
|
|
|
|
|
3. |
Profit From Operations before Other Income, finance costs
and Exceptional Items (3-4) |
3743.552 |
1237.432 |
9032.817 |
|
|
|
|
|
|
|
4. |
Other Income |
108.762 |
85.676 |
403.503 |
|
|
|
|
|
|
|
5. |
Profit from ordinary activities before finance costs and
Exceptional Items (5+6) |
3852.314 |
1323.108 |
9436.320 |
|
|
|
|
|
|
|
6. |
Finance costs |
724.008 |
603.474 |
2552.532 |
|
|
|
|
|
|
|
7. |
Profit from ordinary activities after finance costs but
before Exceptional Items (7-8) |
3128.306 |
719.634 |
6883.788 |
|
|
|
|
|
|
|
8. |
Exceptional Items – Profit on disposal of non-current
investments-net |
15.978 |
0.000 |
15.978 |
|
|
|
|
|
|
|
9. |
Profit from Ordinary Activities before Tax (9-10) |
3144.284 |
719.634 |
6899.766 |
|
|
|
|
|
|
|
10. |
Tax Expense-Income
Tax |
|
|
|
|
|
-Current Tax |
327.400 |
11.200 |
775.200 |
|
|
-Deferred Tax |
229.500 |
39.400 |
464.800 |
|
|
|
|
|
|
|
11. |
Net Profit from Ordinary Activities after Tax (11-12) |
2587.384 |
669.034 |
5659.766 |
|
|
|
|
|
|
|
12. |
Extraordinary Item (net of expense) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
13. |
Net Profit/ Loss for the period (13-14) |
2587.384 |
669.034 |
5659.766 |
|
|
|
|
|
|
|
14. |
Paid-up Equity Share Capital (Face Value of Rs.2/- Each) |
2660.680 |
2660.680 |
2660.680 |
|
|
|
|
|
|
|
15. |
Reserves Excluding Revaluation Reserve as per balance
sheet of previous accounting year |
0.000 |
0.000 |
29426.213 |
|
|
|
|
|
|
|
16. |
Debenture Redemption Reserves |
0.000 |
0.000 |
900.000 |
|
|
|
|
|
|
|
17. |
Earning
Per Share (EPS) (Rs.) |
|
|
|
|
|
Basic and diluted EPS before extraordinary items |
0.97 |
0.25 |
2.13 |
|
|
|
|
|
|
|
18. |
Dividend Per Share (Rs.) |
0.00 |
0.00 |
1.00 |
|
|
|
|
|
|
|
19. |
Debt Equity Ratio |
0.7362 |
0.00 |
0.7362 |
|
|
|
|
|
|
|
20. |
Debt Service Coverage Ratio |
0.00 |
0.00 |
1.8677 |
|
|
|
|
|
|
|
21. |
Interest Service Coverage Ratio |
4.6320 |
3.2104 |
4.0751 |
|
|
|
|
|
|
|
A. |
Particulars
of Shareholding |
|
|
|
|
1. |
Public
Shareholding |
|
|
|
|
|
-Number of Shares |
1,304,239,070 |
1,304,239,070 |
1,304,239,070 |
|
|
- Percentage of Shareholding |
49.02 |
49.02 |
49.02 |
|
|
|
|
|
|
|
2. |
Promoters
and Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
237,052,102 |
237,052,102 |
237,052,102 |
|
|
- Percentage of Promoter Shareholding |
17.48 |
17.48 |
17.48 |
|
|
- Percentage of Total Share Capital |
8.91 |
8.91 |
8.91 |
|
|
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
|
|
- Number of Shares |
1,119,385,462 |
1,119,385,462 |
1,119,385,462 |
|
|
- Percentage of Promoter Shareholding |
82.52 |
82.52 |
82.52 |
|
|
- Percentage of Total Share Capital |
42.07 |
42.07 |
42.07 |
|
|
Particulars |
Three Months Ended –
31.03.2012 |
|
B. |
Investor Complaints |
|
|
|
a. Pending at the beginning of the quarter |
0 |
|
|
b. Received during the quarter |
79 |
|
|
c. Disposed off during the quarter |
77 |
|
|
d. Remaining unresolved at the end of the quarter |
2 |
(1)
The above financial results were reviewed by the Audit committee and then
approved by the Board of Directors at the meeting held on May 14, 2012.
(2)
Current tax expense for the year is after
considering credit of Minimum Alternate Tax (MAT) credit under Section 115JAA
(1A) of the Income tax Act, 1961 for relevant periods as tabulated below.
|
Description |
Three Months ended |
Year Ended |
||||||||||||
|
MAT Credit considered |
|
|
(3) The Board of Directors has recommended dividend of Re. 1 per equity share for the year ended March 31, 2012 at their meeting held on May 14, 2012 (Previous year Rs. 2.00 per equity share) to be approved by shareholders at the Annual General Meeting. The Reserves excluding Revaluation Reserves are net of Proposed Dividend and Corporate Dividend tax thereon.
(4) Pursuant to the approval of the shareholders at the Annual General Meeting held on July 19, 2011, the Company issued 1,33,03,38,317 equity shares of Re 1 each as fully paid bonus shares in the ratio of 1(one) equity share for every existing equity share held by the equity shareholders on the record date, i.e. August 3, 2011 by capitalisation of Rs.1330.338 millions from the Securities Premium account. Consequently Earnings Per Share (EPS) has been adjusted for all periods in the above financial results as required under AS – 20 “Earnings Per Share”.
(5) The Company has, during the year, modified the method of amortization of value of leasehold land from "lower of 40 years and the period of lease", to '"the period of lease", so as to provide a more appropriate presentation of the working results and financial position. The impact of the said modification effected under “Other Expenses” is a write back of excess amortisation of Rs. 946.03 lakhs pertaining to earlier years and a lower charge for the relevant periods as tabulated below:
|
Description |
Three Months ended |
Year ended |
|||||||
|
30.06.2011 |
30.09.2011 |
31.12.2011 |
31.03.2012 |
31.03.2012 |
|||||
|
Lower charge pursuant to change in method of amortization |
50.33 |
63.82 |
58.90 |
50.77 |
223.82 |
||||
(6) The Company has, during the year, changed its Accounting Policy to adjust expenditure on issue of debentures against balance in Securities Premium account instead of amortising the same over the period of the borrowing hitherto followed. The impact of the said change on the results for the year is a lower charge of Rs. 2.330 millions in the Statement of Profit and Loss.
(7) Statement of Assets and Liabilities:
(Rs. in millions)
|
SOURCES
OF FUNDS |
31.03.2012 Audited |
31.03.2011 Audited |
|
A. EQUITY AND LIABILITIES |
|
|
|
1) Shareholders Funds |
|
|
|
a] Share Capital |
2660.680 |
1330.342 |
|
b] Reserves and Surplus |
39421.055 |
38299.279 |
|
Sub Total - Shareholders
Funds |
42081.735 |
39629.621 |
|
|
|
|
|
2)
Non-current liabilities |
|
|
|
a) Long-term borrowings |
22933.511 |
23481.283 |
|
b) Deferred tax liabilities |
4903.669 |
4438.869 |
|
c) Other Long term Liabilities |
35.903 |
0.000 |
|
d) Long-term provisions |
765.630 |
784.635 |
|
Sub Total -
Non-current liabilities |
28638.713 |
28704.787 |
|
|
|
|
|
3)
Current Liabilities |
|
|
|
a) Short-term borrowings |
1017.500 |
0.000 |
|
b) Trade payables |
27724.610 |
23085.067 |
|
c) Other current liabilities |
15491.169 |
10344.224 |
|
d) Short-term provisions |
4203.744 |
4169.446 |
|
Sub Total -
Non-current liabilities |
48437.023 |
37598.737 |
|
|
|
|
|
Total
-
EQUITY AND LIABILITIES |
119157.471 |
105933.145 |
|
|
|
|
|
B. ASSETS |
|
|
|
1) Non-current assets |
|
|
|
a) Fixed assets |
54617.150 |
49917.578 |
|
b) Non-current investments |
15344.789 |
12299.968 |
|
c) Long-term loans and advances |
6082.395 |
3846.303 |
|
d) Other non-current assets |
74.274 |
31.579 |
|
Sub Total – Non
Current Assets |
76118.608 |
66095.428 |
|
|
|
|
|
2)
Current assets |
|
|
|
a) Inventories |
22306.252 |
22089.034 |
|
b) Trade receivables |
12302.479 |
11644.982 |
|
c) Cash and cash equivalents |
325.558 |
1795.272 |
|
d) Short-term loans and advances |
7270.906 |
3343.942 |
|
e) Other current assets |
833.668 |
964.487 |
|
Sub Total –
Current Assets |
43038.863 |
39837.717 |
|
|
|
|
|
TOTAL - ASSETS |
119157.471 |
105933.145 |
(8)
The Government of
The impact of adopting the above said Notifications on the
results for the year is a net cumulative higher charge of Rs
35.195 millions for the year ended March 31, 2012.
(9)
The Company had adopted the principles of Accounting Standard 30 – Financial
instruments: Recognition and measurement, issued by the Institute of Chartered
Accountants of India, with effect from April 1, 2008, in respect of forward
contracts for firm commitments and highly probable forecast transactions
meeting necessary criteria for designation as "Cash flow hedges". The
gains and losses on effective Cash flow hedges are recognized in Hedge Reserve
Account till the underlying forecast transaction occurs.
(10)
The Company has, during the year, disposed certain Non-Current Investments. The
net impact of such sale of investments is a Net Profit of Rs.
15.978 millions disclosed as “Exceptional Item”.
(11)
The Company has adopted the following formulae for computing Ratios mentioned
in Sl. No 19, 20 and 21.
|
Sl. No
Reference |
Ratio |
Formula |
|
19 |
Debt Equity Ratio |
Total Borrowings / (Share Capital + Total Reserves) |
|
20 |
Debt Service Coverage Ratio |
(Profit from ordinary activities after Tax + Interest
charge on borrowings) / (Interest charge on borrowings + Principal repayments
for Term loans) |
|
21 |
Interest Service Coverage Ratio |
(Profit from ordinary activities before Tax +Interest
charge on borrowings) / Interest charge on borrowings |
(12) During the
year ended 31 March 2012, the revised Schedule VI notified under the Companies
Act 1956, has become applicable to the company, for preparation and
presentation of its financial statements. Accordingly the company has
reclassified / regrouped/ amended the previous year figures in accordance with
the requirements applicable in the current year.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2011 (Rs. in millions) |
|
a) Claims (net) against the
company not acknowledged as debts - Sales tax -
Others |
319.478 272.275 |
|
b) Guarantees |
3792.549 |
|
c) Uncalled Liability on Partly paid
shares |
0.014 |
|
d) Bills discounted |
24.390 |
FIXED ASSETS:
·
Freehold and
·
Buildings
·
Plant and
Machinery
·
Furniture, Fittings and Equipment
·
Computer
·
Fittings and
Equipments
·
Vehicles and Aircraft
·
Computer Software
·
Technical Know how
AS PER WEBSITE
DETAILS:
Business
Description
Subject is an India-based company. The Company is engaged in the
manufacturing of commercial vehicles and related components. The Company’s
products include buses, trucks, engines, defense and special vehicles. From 18 seater to 82 seater double-decker
buses, from 7.5 ton to 49 ton in haulage vehicles, from numerous special
application vehicles to diesel engines for industrial, marine and genset applications, Ashok
Leyland offers a range of products. During the fiscal year ended March 31, 2011
(fiscal 2011), the Company produced 95,337 numbers of commercial vehicles and
17,603 numbers of engines and gensets. During fiscal
2011, the Company acquired 26% stake in Optare plc.,
a bus manufacturer in the
Board of Directors
Mr. Dheeraj G. Hinduja
Chairman
Mr. Dheeraj G. Hinduja
has been appointed as Non-Executive Chairman of the Board of Subject with
effect from 20 October 2010. He was Non-Independent Non-Executive Co-Chairman
of the Board of the Company. He was Non-Independent Non-Executive Co-Chairman
of the Board of the Company. He is a Honors Graduate from University College
London, and an MBA from
Dr. V. Sumantran
Non-Executive
Vice- Chairman, Business Plan and Commercial Vehicle Business Unit
Dr. V. Sumantran is Non-Independent
Non-Executive Vice Chairman of the Board of Subject. Dr. Sumantran
is the Executive Vice-Chairman of Hinduja Automotive
Limited, and has been leading the expansion strategy of the Group. He has been
on the Board Ashok Leyland since 2008. Dr. Sumantran has over 26 years of experience in the automobile
industry both in
Mr. A. K. Das
Non-Independent
Non-Executive Director
Mr. A. K. Das is Non-Independent Non-Executive
Director of Subject He has been associated with the Company as Director from
1994. He is the Vice Chairman of Hinduja Group India
Limited. He has over 33 years of experience in International Trade and
Commerce, including handling of international trade operations from
Mr. Vinod K. Dasari
Managing Director
Mr. Vinod K. Dasari
is Managing Director, Whole Time Director of Subject He served as Chief
Operating Officer of the Company till April 1, 2011. He joined the Company as
Chief Operating Officer on 1.4.2005. He has contributed significantly to the Company’s growth and profitabllity
in his capacity as Chief Operating Officer. He is a Graduate from
Mr. D. J. Balaji Rao
Independent
Non-Executive Director
Mr. D. J. Balaji Rao
is Independent Non-Executive Director of Subject He is a former Deputy Managing
Director of lClCl Limited. He is a qualified
Mechanical and Industrial Engineer, and pursued hiscareer
engineeringforabout 8years beforejoining
ICICI Limited 1970. After wide ranging responsibilities in different locations,
he reached the position of Deputy Managing Director of ICICI Limited and
subsequently took over as Managing Director of SCICI Limited in 1996. He
retired the Managing Director of Infrastructure Development Finance Company
Limited in the year 2000. He has been Director on the Companys
Board for 7 years from 1989 1996 and has again been a Director since July 2000.
is a Member of the Audit Committee of the Board, and Chairman of the
Remuneration Committee of the Board.
Mr. F. Sahami
Non-Independent
Non-Executive Director
Mr. F. Sahami is Non-Independent Non-Executive
Director of Subject He is a Chartered Accountant with wide international audit,
accounting and financial management experience, having served in the Middle
East, Europe etc., He is presently a Director of LRLIH Limited,
HISTORY
The origin of Ashok Leyland can be
traced to the urge for self-reliance, felt by independent
Since then Ashok Leyland has been a major presence in
Access to international technology enabled the Company to set a tradition to be first with technology. Be it full air brakes, power steering or rear engine busses, Ashok Leyland pioneered all these concepts. Responding to the operating conditions and practices in the country, the Company made its vehicles strong, over-engineering them with extra metallic muscles. "Designing durable products that make economic sense to the consumer, using appropriate technology", became the design philosophy of the Company, which in turn has moulded consumer attitudes and the brand personality.
Ashok Leyland vehicles have built a reputation for reliability and ruggedness.
The 5,00,000 vehicles they have put on the roads have considerably eased the
additional pressure placed on road transportation in independent
In the populous Indian metros, four out of the five State Transport Undertaking
(STU) buses come from Ashok Leyland. Some of them
like the double-decker and vestibule buses are unique models from Ashok Leyland, tailor-made
for high-density routes.
In 1987, the overseas holding by Land Rover Leyland International Holdings
Limited (LRLIH) was taken over by a joint venture between the Hinduja Group, the Non-Resident Indian transnational group
and IVECO. (Since July 2006, the Hinduja Group is
100% holder of LRLIH).
The blueprint prepared for the future reflected the global ambitions of the
company, captured in four words: Global Standards, Global Markets. This was at
a time when liberalisation and globalisation
were not yet in the air. Ashok Leyland embarked on a
major product and process up gradation to match world-class standards of
technology.
In the journey towards global standards of quality, Ashok
Leyland reached a major milestone in 1993 when it became the first in
PROFILE:
For over five decades, Ashok Leyland has been
the technology leader in India's commercial vehicle industry, moulding the country's commercial vehicle profile by
introducing technologies and product ideas that have gone on to become industry
norms.
From 18 seater to 82 seater
double-decker buses, from 7.5 tonne to 49 tonne in haulage vehicles, from numerous special application
vehicles to diesel engines for industrial, marine and genset
applications, Ashok Leyland offers a wide range of
products.
PRESS RELEASES
May 2012
Monday, May 14, 2012
Ashok Leyland Turnover at Rs.
12,842 crores, up 15%
Published From:
Chennai
Chennai, May 14th,
2012:
·
Records
highest export sales
Ashok Leyland, the Hinduja
Group flagship, has registered a sales turnover of Rs.
12,8419.900 millions during 2011-12 compared to Rs.
111771.100 millions in the previous fiscal reflecting a rise of 14.9%. Net
Profit, however, was down by 10.3% at Rs. 5659.800
millions (Rs. 6313.000 millions).
The highlights of
the Company’s performance during the year were: the achievement of the highest
overall sales volume of 101,990 vehicles; achievement of a new high in
International Operations of 12,852 numbers – a rise of 25%; and the
instant success of the new entry into the LCV segment - DOST in the six markets
it was launched. The DOST was awarded the 2012 Apollo-CV LCV ‘Cargo
Carrier of the Year’ last month. Production also touched an all-time high
of 103,319 vehicles.
“FY 2011-12 for us
saw quite a few triumphs. Our sales and production numbers reached all-time
highs, the initial market feedback for DOST was overwhelming, we climbed a new
peak in International Operations both in terms of volumes and new markets
tapped, our ramp up of the Pantnagar plant was robust
and complete and, to top it all, we were able to sharpen our focus on our
customers by significantly increasing our network,” said Mr. Vinod K. Dasari, Managing
Director, Ashok Leyland.
The Company’s
efforts to protect their bottom line through focus on non-cyclical or support
businesses yielded rich dividends with Leyparts, the
spare parts business, growing aggressively by 20% and both the Defence and Power Solutions businesses able to hold their
own.
On the domestic
front, Mr. Dasari felt that more could have been
achieved. Although the Company gained precious market share in the Central
region for the first time and in the Tipper and ICV segments, growth in other
segments was muted. “We were hit from many sides: our strongest market - South
- was depressed. Also, segments like ICV in which we are not too strong grew
substantially. We have, however, rebounded. We gained Market Share in March ’12
and continued the good showing in April and hope to keep up this momentum,” he
added.
About prospects for
FY 2012-13, Mr. Dasari said, “We feel the full year
volumes would grow as there are signs of robust growth in some segments. We
also have a number of innovative products ready to roll out like the Jan Bus
and the 10x2 and with a new thrust to our brand building efforts with our new
Brand Ambassador, Mahendra Singh Dhoni,
the coming year should be an interesting one for us,” he concluded.
A product set to
re-define benchmarks
The first product from this combine – the LEYLAND DEERE 435 Backhoe
Loader (BHL) – has been designed to transform the nature of the construction
equipment business in
Exceptionally well-engineered and feature-rich, the 435 BHL will deliver
superior value to the ever-evolving construction equipment customer by
addressing the critical considerations of lower operating cost, higher
productivity and greater uptime. It is rugged in structure, powered by an Ashok Leyland engine of proven pedigree from the ‘H’-Series
platform and replete with USPs like power shift
transmission, best in class cabin with larger space and higher visibility,
higher breakout forces and greater dig depths.
To ensure that customers get higher uptime, the LEYLAND DEERE 435 BHL
will be supported by an innovative customer care package called the C.A.R.E. Programme which will be delivered through the efficient
LEYLAND DEERE channel network developed. The C.A.R.E. Programme
will include an extended warranty of a year after the first year of warranty,
committed restoration time for the equipment and regular and periodic engineer
visits to the customer during warranty period and also an insurance cover of
Rs.0.200 Millions for the customer’s operator.
State-of-the-art
manufacturing facilities
The 435 BHL is being manufactured at LEYLAND DEERE’s
brand new facility at Gummidipoondi, 50 kms from Chennai. This facility incorporates
globally-benchmarked manufacturing processes like robotic welding, CNC cutting,
state-of-the-art paint shop to ensure the highest standards of product
reliability and durability supported by international standard quality
processes and systems.
Executive comments
Dr. V. Sumantran, Chairman, Ashok
Leyland John Deere Construction Equipment Company Limited. and Executive
Vice-Chairman, Hinduja Automotive Limited:
“This JV marks a marriage of experience with expertise, global vision
with local relevance, technological leadership with market presence. Cognizant
of
Mr. Michael J.
Mack, President, Worldwide Construction and Forestry Division, Deere and Comany:
“Our first product represents a triumph for the joint venture in terms
of collaborative development. We have used our intimate knowledge of ground
realities and specific customer requirements as touch stones while engineering
the product which, we believe, will be well-accepted in the Indian market. The
single-minded focus, constancy of purpose and perfect understanding between the
partners have held the joint venture in good stead and positions us well for
the exciting journey ahead.”
About John Deere
Deere and Company (NYSE: DE) is a world leader in providing advanced
products and services and is committed to the success of customers whose work
is linked to the land - those who cultivate, harvest, transform, enrich and
build upon the land to meet the world’s dramatically increasing need for food,
fuel, shelter and infrastructure. Since 1837, John Deere has delivered
innovative products of superior quality built on a tradition of integrity. For more information, visit John Deere at its
worldwide website at www.JohnDeere.com
About the Hinduja Group
Hinduja Group is an investment and banking group
with a diversified global portfolio of holdings across the manufacturing
services and banking sectors. The Group, founded by Shri
P.D. Hinduja in 1914 has activities across three core
areas: Investment Banking, International Trading and Global Investments. It
also supports charitable and philanthropic activities across the world through
the Hinduja Foundation. As part of its Global
investments, the Group owns businesses in Automotive, Information Technology,
Media, Entertainment and Communications, Banking and Finance, Infrastructure
Project Development, Chemicals and Agri business,
Energy, Real Estate, Trading and Healthcare. www.hindujagroup.com.
About Ashok Leyland
Ashok Leyland is the flagship of the Hinduja Group and a leading manufacturer of commercial
vehicles in
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. 54.88 |
|
|
1 |
Rs. 86.46 |
|
Euro |
1 |
Rs. 69.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
62 |
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.