MIRA
INFORM REPORT
|
Report Date : |
15.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
ASTRA MICRO WAVE PRODUCTS LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
13.09.1991 |
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Com. Reg. No.: |
013203 |
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Capital
Investment / Paid-up Capital : |
Rs.163.650 millions |
|
|
|
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CIN No.: [Company Identification
No.] |
L29309AP1991PLC013203 |
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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
: |
Manufacturers of Microwave
Components and Sub-systems. |
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|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
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 6850000 |
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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 an established company having fine track. Financial
position of the company appears to be sound. 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
A+ (Long Term) |
|
Rating Explanation |
Adequate degree of safety it carry low credit risk. |
|
Date |
07.06.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A1 (Short terms) |
|
Rating Explanation |
Very strong degree of safety it carry lowest credit limit |
|
Date |
07.06.2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
Astra Towers, Survey No:12 (Part), Opposite CII Green Building, Hitech
City, Kondapur, Hyderabad, Andhra Pradesh-500038, India |
|
Tel. No.: |
91-91-40-30618000/ 8001 |
|
Fax No.: |
91-40-30618048 |
|
E-Mail : |
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|
Website : |
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|
Factory 1 : |
Plot
No.12, ANRICH Industrial Estate, Miyapur, IDA Bollarum, Medak (District) –
502 325, Andhra Pradesh, India |
|
Tel. No.: |
91-40-30618100/01 |
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|
|
|
Factory 2 : |
Plot
No.56A, 56B and 57A, ANRICH Industrial Estate, Miyapur, IDA Bollarum, Medak
(District) – 502 325, Andhra Pradesh, India |
|
Tel. No.: |
91-40-30618200/01 |
|
|
|
|
Factory 3 : |
Survey No.1/1,
Imarat Kancha, Raviryala Village,Maheswaram Mandal, Rangareddy (District) –
500 010, Andhra Pradesh, India |
|
Tel. No.: |
91-40-30618300/01 |
|
|
|
|
Factory 4 : |
Plot No: 18, 19, 20 and 21
(Part) Hardware Park, Sy. No: 1/1, Imarat Kancha of Ravirayal Village,
Maheswaram Mandal, R.R. District, Andhra Pradesh, India |
|
Tel. No.: |
91-40-30618700/01 |
DIRECTORS
As on 31.03.2011
|
Name : |
Dr. Shiban K Koul |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. B.Malla Reddy |
|
Designation : |
Chief Executive Officer and Managing Director |
|
Date of Birth/Age : |
65 Years |
|
Qualification : |
M.E (Automation) |
|
Experience : |
28 Years |
|
Date of Appointment : |
13.09.1991 |
|
|
|
|
Name : |
Mr. P.A. Chitrakar |
|
Designation : |
Chief Operating Office |
|
Date of Birth/Age : |
61 Years |
|
Qualification : |
M. Tec (Advanced Electronics) |
|
Experience : |
40 Years |
|
Date of Appointment : |
01.09.1994 |
|
|
|
|
Name : |
Mrs. C. Prameelamma |
|
Designation : |
Director (Technical) |
|
Date of Birth/Age : |
63 Years |
|
Qualification : |
M.E (Instrumentation & Control Systems) |
|
Experience : |
22 Years |
|
Date of Appointment : |
13.09.1991 |
|
|
|
|
Name : |
Mr.Atim Kabra |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr.J.Venkatadas |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. S. Gurunatha Reddy |
|
Designation : |
Sr. General
Manager (F&A) |
|
|
|
|
Name : |
Mr. T. Anjaneyulu |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2012
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
15,014,692 |
18.35 |
|
|
15,014,692 |
18.35 |
|
|
15,014,692 |
18.35 |
|
|
|
|
|
|
870,000 |
1.06 |
|
|
870,000 |
1.06 |
|
Total
shareholding of Promoter and Promoter Group (A) |
15,884,692 |
19.41 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
3,570,000 |
4.36 |
|
|
14,802 |
0.02 |
|
|
75,000 |
0.09 |
|
|
3,659,802 |
4.47 |
|
|
|
|
|
|
20,988,514 |
25.76 |
|
|
|
|
|
|
15,348,865 |
19.81 |
|
|
5,356,143 |
7.33 |
|
|
18,999,858 |
23.22 |
|
|
1,859,400 |
2.27 |
|
|
13,156,740 |
16.08 |
|
|
673,601 |
0.82 |
|
|
132,865 |
0.16 |
|
|
3,177,252 |
3.88 |
|
|
60,693,380 |
76.11 |
|
Total Public
shareholding (B) |
64,353,182 |
80.59 |
|
Total (A)+(B) |
80,237,874 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
80,237,874 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Microwave
Components and Sub-systems. |
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
Canara Bank, Prime Corporate Branch, Secunderabad, Andhra
Pradesh, India ·
HDFC Bank Ltd, Lakdikapul, Hyderabad, Andhra Pradesh, India ·
State Bank of India, Overseas Branch, Hyderabad, Andhra Pradesh,
India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Amar
and Raju Chartered
Accountants |
|
Address : |
Flat
No: 201, KOR Residency, H.No:8-3-966/16, Road No:3, Nagarjuna Nagar, Srinagar
Colony, Hyderabad – 500 073, Andhra Pradesh, India |
CAPITAL STRUCTURE
As on 28.07.2011
Authorised Capital: Rs.200.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.109.100
Millions
As on 31.03.2012
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.2/- each |
Rs.200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
81825225 |
Equity Shares |
Rs.2/- each |
Rs.163.650 Millions |
|
|
|
|
|
Disclosure pursuant
to Note no. 6(A)(d) of Part I of Schedule VI to the Companies Act, 1956
(Rs. in
Million)
|
Particulars |
31.03.2012 |
|
Reconciliation
of the Number of Shares Outstanding: Shares
outstanding at the beginning of the year |
8182522.500 |
|
Shares outstanding
at the end of the year |
8182522.500 |
Disclosure pursuant to Note no. 6(A)(e) of Part
I of Schedule VI to the Companies Act, 1956
The rights, preferences and restrictions
attaching to each class of shares including restrictions on the
distribution of dividends and the repayment of
capital;
a) The Company has only one class of shares
referred to as equity shares having a par value of Rs.2/-. Each holder of
equity shares is entitled to one vote per share.
b) The Company declares and pays dividends in
Indian rupees. The dividend proposed by the Board of Directors is subject to
the approval of the shareholders in the ensuing Annual General Meeting.
c) In the event of liquidation of the Company,
the holders of equity shares will be entitled to receive any of the remaining
assets of the Company, after distribution of all preferential amounts. However,
no such preferential amounts exist currently. The distribution will be in
proportion to the number of equity shares held by the shareholders.
Disclosure
pursuant to Note no. 6(A)(g) of Part I of Schedule VI to the Companies Act,
1956
Shares in the Company held by each Share Holder
holding more than 5% shares
|
|
31.03.2012 |
|
1. Strategic Ventures Fund (Mauritius) |
12,586,740 15.38% |
|
2. L & T Capital Company Limited |
7,950,045 9.72% |
|
3. Skanda Aerospace Private Limited |
5,781,360 7.07% |
|
Disclosure pursuant to Note no. 6(A)(h) of
Part I of Schedule VI to the Companies Act, 1956 |
|
|
Shares reserved for issue under options and contracts
/ commitments for the sale of shares / disinvestment; |
NIL |
|
Disclosure pursuant to Note no. 6(A)(i) of
Part I of Schedule VI to the Companies Act, 1956 |
|
|
a) Aggregate number of equity shares allotted
as fully paid up pursuant to contract(s) without payment being received in
cash in the last five years immediately preceeding the Balance Sheet date |
NIL |
|
b) Aggregate number of bonus shares (Equity)
issued in the last five years immediately preceeding the Balance Sheet date |
27,826,775 |
|
c) Aggregate number of equity shares bought
back in the last five years immediately preceeding the Balance Sheet date |
NIL |
|
Disclosure pursuant to Note no. 6(A)(j) of Part
I of Schedule VI to the Companies Act, 1956 |
|
|
Securities convertible into equity /
preference shares issued |
NIL |
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
163.650 |
163.650 |
108.287 |
|
|
2] Share Application Money |
0.000 |
0.000 |
10.588 |
|
|
3] Reserves & Surplus |
1549.400 |
1283.959 |
1172.344 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1713.050 |
1447.609 |
1291.219 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
510.981 |
250.769 |
434.186 |
|
|
2] Unsecured Loans |
28.174 |
24.635 |
22.364 |
|
|
TOTAL BORROWING |
539.155 |
275.404 |
456.550 |
|
|
DEFERRED TAX LIABILITIES |
48.216 |
43.713 |
55.650 |
|
|
|
|
|
|
|
|
TOTAL |
2300.421 |
1766.726 |
1803.419 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
893.253 |
903.168 |
947.388 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
21.758 |
21.758 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
746.572
|
530.384 |
460.327 |
|
|
Sundry Debtors |
875.309
|
814.910 |
825.860 |
|
|
Cash & Bank Balances |
344.547
|
190.309 |
215.542 |
|
|
Other Current Assets |
6.543
|
2.822 |
0.000 |
|
|
Loans & Advances |
198.386
|
187.032 |
125.488 |
|
Total
Current Assets |
2171.357
|
1725.457 |
1627.217 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
481.628
|
|
738.264 |
|
|
Other Current Liabilities |
136.660
|
140.509 |
|
|
|
Provisions |
145.901
|
85.105 |
54.680 |
|
Total
Current Liabilities |
764.189
|
883.657 |
792.944 |
|
|
Net Current Assets |
1407.168
|
841.800 |
834.273 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2300.421 |
1766.726 |
1803.419 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2037.508 |
1649.634 |
1117.359 |
|
|
|
Other Income |
14.818 |
19.386 |
16.677 |
|
|
|
TOTAL (A) |
2052.326 |
1669.020 |
1134.036 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials
Consumed |
880.704 |
777.802 |
523.858 |
|
|
|
Changes
in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade |
(135.525) |
(31.119) |
0.000 |
|
|
|
Employee Benefit Expense |
273.062 |
237.912 |
180.557 |
|
|
|
Other Expenses |
438.693 |
232.264 |
0.000 |
|
|
|
Manufacturing,
Administrative and Selling expenditure |
0.000 |
0.000 |
166.548 |
|
|
|
Bad Debts Written Off |
0.000 |
0.000 |
4.455 |
|
|
|
TOTAL |
1456.934 |
1216.859 |
875.418 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
595.392 |
452.161 |
258.618 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
54.464 |
46.059 |
36.435 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
540.928 |
406.102 |
222.183 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
124.453 |
124.170 |
111.952 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE EXCEPTIONAL AND EXTRAORDINARY ITEMS AND TAX |
416.475 |
281.932 |
- |
|
|
|
|
|
|
|
|
|
Less/ Add |
EXCEPTIONAL ITEMS |
(2.910) |
(0.467) |
- |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE EXTRAORDINARY ITEMS AND TAX |
413.565 |
243.814 |
- |
|
|
|
|
|
|
|
|
|
Less/ Add |
EXTRAORDINARY ITEMS |
24.546 |
0.000 |
- |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
438.111 |
243.814 |
110.231 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
106.100 |
57.762 |
28.628 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
332.011 |
186.052 |
81.603 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
(35.000) |
(20.000) |
(7.500) |
|
|
|
Dividend |
(57.278) |
(40.913) |
(27.275) |
|
|
|
Tax on Dividend |
(9.292) |
(6.637) |
(4.635) |
|
|
BALANCE CARRIED
TO THE B/S |
433.581 |
253.602 |
121.013 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
152.300 |
342.749 |
57.958 |
|
|
|
For Services Rendered |
4.211 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
156.511 |
342.749 |
57.958 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
644.632 |
576.223 |
370.693 |
|
|
|
Capital Goods |
59.950 |
49.993 |
77.558 |
|
|
|
Others |
3.456 |
2.325 |
3.225 |
|
|
TOTAL IMPORTS |
708.038 |
628.541 |
451.476 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic and Diluted before
extraordinary items |
3.76 |
2.27 |
0.88 |
|
|
|
Basic and Diluted after
extraordinary items |
4.06 |
2.27 |
0.88 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
30.06.2012 |
|
Type |
1st
Quarter |
|
Net Sales |
179.070 |
|
Total Expenditure |
197.230 |
|
PBIDT (Excl OI) |
(18.160) |
|
Other Income |
31.770 |
|
Operating Profit |
13.620 |
|
Interest |
14.570 |
|
Exceptional Items |
(1.530) |
|
PBDT |
(2.480) |
|
Depreciation |
28.820 |
|
Profit Before Tax |
(31.310) |
|
Tax |
(0.550) |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
(30.750) |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
(30.750) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
16.18
|
11.15 |
7.20 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
21.50
|
14.78 |
9.87 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.30
|
9.28 |
4.28 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.17 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.76
|
0.80 |
0.97 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.84
|
1.95 |
2.05 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
------ |
|
22] |
Litigations that the firm
/ promoter involved in |
------ |
|
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 |
No |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
Overview:
Astra
is engaged in designing and manufacturing of high value added RF and microwave
super components and sub-systems finding applications in Defense, Space and Civil
communication systems.
Financial
Analysis:
The
financial statements have been prepared in accordance with the guideline as
laid out in the Companies Act, 1956 and Generally Accepted Accounting
Principles (GAAP) in India. The management of Astra accepts responsibility for
the integrity and objectivity of these financial statements. The financial
statements reflect in a true and fair manner, the form and substance of
transactions, and reasonably present the company’s state of affairs and profits
for the year.
Operational
performance:
For
the year top line has crossed Rs.2000.000 millions recording a growth of 26%
over previous year and has achieved a bottom line (profit after tax) Rs.332.000
millions. After relatively few flat years, the Company has shown improved
performance and has adequate orders on hand which will enable it to record good
growth in the coming years.
The
Company has invested significant resources both financially and time wise in
indigenous defence development programs .These sustained efforts have now begun
to bear fruits as some of these programs have moved to production stage .This
will help the Company to achieve much faster growth in the top line in
the
years to come.
The
Company which has established itself as a reliable source for indigenous
defence requirements has become an active offset partner for Defence offset
requirements. It is the first among private companies to bag an offset related
export order in the year 2008, when the Government opened such window of
opportunities. Over the years though the offset programs moved slowly, AMPL was
concentrating on establishing its credibility through its quality and timely
supplies to its overseas customers. This confidence has enabled AMPL to bag and
accumulate more than Rs.3500.000 millions export orders at the end of this
year. With an early mover status in terms of adherence to quality monitoring
systems specified by the importers abroad, now AMPL is poised for noticeable
growth in such exports as our country ably supported by the Govt. of India is
going to witness a surge in the offset based export business.
Sales
performance:
Sector
wise sales are as follows
|
Business
Sector |
31.03.2012 |
31.03.2011 |
||
|
|
Rs. in Millions |
% |
Rs. in Millions |
% |
|
Defense |
1782.200 |
85 |
964.500 |
58 |
|
Space |
135.100 |
6 |
200.600 |
12 |
|
Metrology |
9.800 |
1 |
112.500 |
7 |
|
Civil Telecom |
21.200 |
1 |
29.700 |
2 |
|
Exports |
156.500 |
7 |
342.300 |
21 |
|
|
2104.800 |
100 |
1649.600 |
100 |
As
always Defence sector has contributed more compared to other sectors and this
pattern will continue in the coming years too.
The
production orders of Akash missile and some of the Radars programs are driving the
growth and this phase has just started. We are likely to see improved growth in
indigenous defence business as more and more projects move from development
phase to production stage.
Defence
offset requirement has finally taken off and the Company has bagged handsome
order which will give good volume growth for the next two to three years.
Space
sector has a steady run during the year and is likely to improve. The radar
imaging satellite (RISAT-I) for which critical sub-systems were supplied by us
was successfully launched during the year and the Company’s contribution was
appreciated. This launch being first of its kind in the indigenous programs of
ISRO, we are all the more delighted with our contribution in the Nation
building endeavor. More and more such programs are likely to be taken up in
future where the Company will have a major role to play.
Expansion
plans:
As
the company has seen a steady increase in volume production business, it has
decided to strengthen some of the production process related functions which
are outsourced up to now. These functions are advanced welding facility, Laser
welding facility and EMI/EMC test facilities. Addition of these facilities
though will not contribute to volume growth in business; it will facilitate meeting
high end quality standards without loss of much time and will enhance
customer’s confidence in timely deliveries of right products.
Other
proposed expenditure pertains to creating additional production and R&D
capacities. The Company also intend to set-up Development and Production
facilities at Bangalore where it has major Defense Market customers like
LRDE,CABS,BEL etc., Part of the project cost includes cost of 5 acres of
industrial land at Aerospace Hardware Park development by Karnataka State. The
estimated expansion budget is around Rs.320.000 millions out of which the loan
component will be around Rs.230.000 millions.
Results of
Operations:
For the year the
top line has crossed Rs. 2000.000 millions, with a growth of 26% over previous year
with a bottom line (profit after tax) of Rs. 332.000 millions. The Company's
top line has grown cumulatively more than 90% in the last two years with more
than 100% growth in the bottom line. In the last two years the return on
capital employed has improved to 17% from 5%. The Company has always
distributed liberal dividends over the ears. Maintaining this trend, it has
declared 35% dividend for the year up from 25% of last year.
STATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2012
|
Particulars |
Quarter ended |
|
30.06.2012 Unaudited |
|
|
1. Net sales/income from operations |
179.074 |
|
2.
Expenditure |
|
|
a.
(Increase)/decrease in stock in trade and work in progress |
(39.399) |
|
b.
Consumption of Raw-materials |
124.845 |
|
c.
Other manufacturing expenditure |
13.686 |
|
d.
Employee cost |
53.561 |
|
e.
Depreciation |
28.823 |
|
f.
Sales tax,VAT and Service tax |
7.065 |
|
g.
Other expenditure |
37.470 |
|
h.
Total |
226.051 |
|
3.
Profit from Operations before Interest & Exceptional Items(1-2) |
(46.977) |
|
4.
Other Income |
31.772 |
|
5.
Profit before Interest&Exceptional Items(3+4) |
(15.205) |
|
6.
Interest |
14.572 |
|
7.
Profit after Interest but before exceptional items(5-6) |
(29.777) |
|
8.
Exceptional items |
(1.528) |
|
9.
Profit(+)/Loss(-) before tax (7-8) |
(31.305) |
|
10.
Tax expense |
0.551 |
|
11.
Net Profit(+)/Loss(-) from Ordinary Activities after tax (9-10) |
(30.754) |
|
12.
Extraordinary items(net of tax expenses Rs ) |
0.000 |
|
13.
Net Profit(+)/Loss(-) for the period (11-12) |
(30.754) |
|
14.
Paid-up equity share capital-face value of Rs.2/-each) |
163.650 |
|
15. Reserves excluding Revaluation Reserves as per
balance sheet of previous accounting year |
|
|
16. Earnings per share |
|
|
a. Basic and diluted EPS before extraordinary items for
the period. |
(0.38) |
|
b. Basic and diluted EPS after extraordinary items for
the period. |
(0.38) |
|
17. Public shareholding |
|
|
Number
of shares |
65940533 |
|
Percentage of shareholding |
80.59 |
|
18. Promoters and Promoter group Shareholding |
|
|
a. Pledged/Encumbered |
|
|
- Number of shares |
1484327 |
|
- Percentage of shares (as a% of the total shareholding
of promoter and promoter group) |
9.34 |
|
- Percentage of shares (as a% of the total share capital
of the Company) |
1.81 |
|
b. Non-encumbered |
|
|
- Number of shares |
14400365 |
|
- Percentage of shares (as a% of the total shareholding
of promoter and promoter group) |
90.65 |
|
- Percentage of shares (as a% of the total share capital
of the Company) |
17.59 |
|
Particulars |
Quarter
Ended |
|
B. INVESTOR COMPLAINTS |
31.06.2012 |
|
Pending at the beginning of the quarter |
0 |
|
Received during the quarter |
1 |
|
Disposed of during the quarter |
1 |
|
Remaining unresolved at the end of the quarter |
0 |
Notes:
1.
To facilitate comparision figures of the previous year were regrouped whereever
necessary.
2. The
Company has one business segment only, viz., design, development and
manufactures of RF and Microwave components and sub-systems for wireless
communication and hence segment wise reporting is not applicable.
3.
As on date the Company has Rs.9390.000 millions worth of orders on hand, which
are executable in the next 24 to 30 months. The order book has increased due to
additional export orders booked during the quarter.
4.
Billing and delivery of domestic sales worth Rs.100.000 millions is delayed due
to delay in customer's mandatory inspection and clearance before delivery.
5.
Billing and delivery of export sales worth Rs.120.000 millions is delayed due
to delay in buyer supply material.
6. The
above financials were reviewed by the Audit Committee and taken on record by
the Board of Directors in their meeting held on 30.07.2012.
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2012 |
31.03.2011 |
|
Foreign letter of credit |
6.676 |
9.189 |
|
Guarantees to Banks |
|
|
|
1.
Performance Guarantees |
263.962 |
169.201 |
|
2.
Advance payment Guarantees |
770.887 |
848.946 |
|
3.
Guarantee in lieu of EMD/Security Deposit |
40.176 |
46.141 |
|
4.
Guarantee for Materials |
4.087 |
0.200 |
|
5.
Corporate Guarantee on behalf of Subsidiary Company for loans
taken from banks |
0.000 |
47.100 |
FIXED ASSETS:
·
Land
·
Buildings
·
Plant and Machinery
·
Electrical Installation
·
Air Conditioners
·
Office Equipment
·
Furniture and Fixtures
·
Computers
·
Vehicles
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.54.73 |
|
|
1 |
Rs.88.61 |
|
Euro |
1 |
Rs.71.34 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
|
|
|
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
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.