MIRA INFORM REPORT
|
Report Date : |
23.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
GUJARAT APOLLO INDUSTRIES LIMITED |
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Formerly known as : |
GUJARAT APOLLO EQUIPMENTS LIMITED |
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Registered
Office : |
Block No. 486, 487, 488 Mouje Dholasan, Taluka and District Mehsana,
Mehsana – 382732, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
07.10.1986 |
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Com. Reg. No.: |
04-009042 |
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Capital
Investment / Paid-up Capital : |
Rs. 165.750 Millions |
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CIN No.: [Company Identification
No.] |
L45202GJ1986PLC009042 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMG00034G |
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PAN No.: [Permanent Account No.] |
AAACG7248P |
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Legal Form : |
Public Limited Liability Company. The Company's Shares are listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturers of Road Construction and Maintenance Machinery Equipment. |
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No. of Employees
: |
615 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (63) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 6745000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having fine track
record. Financial position of the
company appears to be sound. Trade relations are reported as fair. Business
is active. Payments are reported as usually correct and as per commitments. The company can be considered normal for 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.
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial years
of the contagion but finally lost ground last year. GDP growth slowed down.
Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that
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.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. S.K. Mundra |
|
Designation : |
Chartered Accountant |
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Contact No.: |
91-9825024990 |
|
Date : |
22.08.2013 |
LOCATIONS
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Registered Office/ Factory : |
Block No. 486, 487, 488 Mouje Dholasan, Taluka and District Mehsana,
Mehsana – 382732, |
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Tel. No.: |
91-2762-285345/285344/285346 |
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Mobile No.: |
91-9825024990 (Mr. S.K. Mundra) |
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Fax No.: |
91-2762-285359 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office : |
Apollo House, Near |
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Tel. No.: |
91-79-2644 4597/8 / 26563730 |
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Fax No.: |
91-79-6564705 / 26564705 |
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E-Mail : |
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Branch 1 : |
House No. 8-3-949/1/1, Flat No. 202 and 302, Sri Sai Ram Estate, Near Kamma Sangam, Foundation Hall, Ameerpet, Hyderabad - 500 016, Andhra Pradesh, India |
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Tel. No.: |
91-40-23737558 |
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Fax No.: |
91-40-23737559 |
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E-Mail : |
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Branch 2 : |
No. 116/3, First Floor, 11th Cross, (Above
Union Bank of |
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Tel. No.: |
91-80-23462865 |
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Fax No.: |
91-80-23462864 |
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E-Mail : |
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Branch 3 : |
B-104, BDA Duplex, Colony, Baramunda, |
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Tel. No.: |
91-674-2557246/469 |
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E-mail: |
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Branch 4 : |
C-21, Panchsheel Enclave, |
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Tel. No.: |
91-11-26498996/26497955 |
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Fax No.: |
91-11-26497518 |
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E-Mail : |
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Branch 5 : |
11, Dr. Natesan Salai, Ashoknagar, Chennai - 600 083, |
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Tel. No.: |
91-44-24897634/5963 |
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Fax No.: |
91-44-24895963 |
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E-Mail : |
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Branch 6 : |
112-113, Shrikant Chambers, Near R. K. Studio,
Sion-Trombay, Chembur, Mumbai - 400 071, |
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Tel. No.: |
91-22-25204897/25206922 |
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Fax No.: |
91-22-25205386 |
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E-Mail : |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Anil Patel |
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Designation : |
Chairman |
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Name : |
Mr. Manibhai v. Patel |
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Designation : |
Director |
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Name : |
Mr. Asit A Patel |
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Designation : |
Managing Director |
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Name : |
Mr. Anand A. Patel |
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Designation : |
Whole-time Director |
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Name : |
Mr. Rupesh P. Mehta |
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Designation : |
Director |
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Name : |
Mr. Navinchandra V. Shah |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Suresh Shah |
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Designation : |
Company Secretary |
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Name : |
Mr. Prabhu D Patel |
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Designation : |
Account Manager |
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Name : |
Mr. S K Mundra |
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Designation : |
Chartered Accountant |
SHAREHOLDING PATTERN
As on 30.06.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
6698396 |
40.41 |
|
|
921401 |
5.56 |
|
|
7619797 |
45.97 |
|
|
|
|
|
|
758742 |
4.58 |
|
|
758742 |
4.58 |
|
Total shareholding of Promoter and Promoter Group (A) |
8378539 |
50.55 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1104375 |
6.66 |
|
|
8726 |
0.05 |
|
|
159082 |
0.96 |
|
|
1272183 |
7.68 |
|
|
|
|
|
|
1244787 |
7.51 |
|
|
|
|
|
|
3434248 |
20.72 |
|
|
1886167 |
11.38 |
|
|
359076 |
2.17 |
|
|
45917 |
0.28 |
|
|
4442 |
0.03 |
|
|
308717 |
1.86 |
|
|
6924278 |
41.78 |
|
Total Public shareholding (B) |
8196461 |
49.45 |
|
Total (A)+(B) |
16575000 |
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) |
16575000 |
0.00 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Promoter and Promoter Group
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Anand A Patel |
1189000 |
7.17 |
|
Nayna Asit Patel |
5000 |
0.03 |
|
Asit Patel |
5000 |
0.03 |
|
Maulikkumar Manilal Patel |
421705 |
2.54 |
|
Manilal Virchanddas Patel |
202639 |
1.22 |
|
Manjulaben Rashmibhai Patel |
200000 |
1.21 |
|
Rashmikant Haribhai Patel |
170000 |
1.03 |
|
Janardan Jayantilal Raval |
69000 |
0.42 |
|
Asit Anilkumar Patel Huf |
2150528 |
12.97 |
|
Anilkumar Tribhovandas Patel |
162724 |
0.98 |
|
Pravin Purshottamdas Patel |
62500 |
0.38 |
|
Dhruv Ashokbhai Patel |
58994 |
0.36 |
|
Rashmikant Haribhai Patel |
123000 |
0.74 |
|
Shardaben Anilkumar Patel |
56776 |
0.34 |
|
Parul Pravin Patel |
11050 |
0.07 |
|
Sudhaben Janardan Raval |
20700 |
0.12 |
|
Anu Asit Patel |
94525 |
0.57 |
|
Arjun Asit Patel |
94078 |
0.57 |
|
Amitkumar Janardanbhai Raval |
31500 |
0.19 |
|
Pravin Purshottamdas Patel |
6255 |
0.04 |
|
Ajitkumar Tribhovandas Patel HUF |
225000 |
1.36 |
|
Arvindbhai Tribhovandas Patel HUF |
14657 |
0.09 |
|
Ajitkumar Tribhovandas Patel |
294761 |
1.78 |
|
Kapilaben Ashokbhai Patel |
10980 |
0.07 |
|
Roy Asit Patel |
86523 |
0.52 |
|
Aryan Anand Patel |
35200 |
0.21 |
|
Manankumar Manibhai Patel |
444933 |
2.68 |
|
Apollo Infratech Private Limited |
921401 |
5.56 |
|
Mitul Ajitkumar Patel |
220000 |
1.33 |
|
Swati Ajitkumar Patel |
100000 |
0.60 |
|
Maniben Manilal Patel |
25650 |
0.15 |
|
Kailashben Manibhai Patel |
24525 |
0.15 |
|
Sonali Anand Patel |
4900 |
0.03 |
|
Arnav Anand Patel |
600 |
0.00 |
|
Ashokkumar Tribhovandas Patel |
75693 |
0.46 |
|
Somabhai H.Patel |
526826 |
3.18 |
|
Maganbhai H Patel |
231916 |
1.40 |
|
Total |
8378539 |
50.55 |
The term encumbrance has the same meaning as assigned to it
in regulation 28(3) of the SAST Regulations, 2011.
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number of shares
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Sunrise Stock Broking Private Limited |
206535 |
1.25 |
|
Reliance Capital Trustee Company Limited
Reliance Small Cap Fund |
323400 |
1.95 |
|
ICICI Prudential Dynamic Plan |
780975 |
4.71 |
|
Roadtech Equipments Private Limited |
534000 |
3.22 |
|
Bishal More |
208608 |
1.26 |
|
Kirit Kumar Natvarlal Raval |
190407 |
1.15 |
|
Total |
2243925 |
13.54 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Road Construction and Maintenance Machinery Equipment. |
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Products : |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
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Products : |
Equipments |
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Countries : |
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Terms : |
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Selling : |
L/C and Credit (60 Days) |
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Purchasing : |
L/C and Credit (60 Days) |
GENERAL INFORMATION
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Customers : |
Contractors |
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No. of Employees : |
615 (Approximately) |
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Bankers : |
State Bank of |
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Facilities : |
Note: Above Cash Credit is secured against Current
Assets, entire Fixed Assets and property situated at Ditasan (Mehsana),
office premises at Ahmedabad and Corporate Guarantee of Apollo Earthmovers
Limited. |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Arvind A. Thakkar and Company Chartered Accountants |
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Address : |
Ahmedabad -380009, |
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Associate : |
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Subsidiary : |
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CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs. 10/- each |
Rs. 200.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16575000 |
Equity Shares |
Rs. 10/- each |
Rs. 165.750 Millions |
Reconciliation of number of shares outstanding at
|
Equity Shares |
Number
of Shares |
|
Number of Shares Outstanding at the beginning of the year |
165750000 |
|
Add: Issued during the year |
- |
|
Less: Buyback during the year |
|
|
Number of Shares
Outstanding at the end of the year |
165750000 |
Details of Shareholders holding more than 5% Equity Shares in the
Company
|
Equity Shares |
Percentage of
Holding |
|
Asit A. Patel |
8.67% |
|
Anand A. Patel |
7.17% |
|
Apollo Infratech Private Limited |
5.56% |
9025000 (12525000) Shares out of the issued, subscribed paid up shares
capital were allotted as Bonus Shares in last five years by capitalization of
Securities Premium and Reserves.
Terms/rights attached to Equity Shares
The Company has only one class of shares referred to as equity shares
having a par value of Rs. 10/- per share. Each holder of equity shares is
entitled to one vote per share. The Company declares and pays dividends in
Indian Rupees. Payment of dividend is also made in foreign currency to
shareholders outside
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
165.750 |
165.750 |
165.750 |
|
(b) Reserves & Surplus |
1520.537 |
1502.484 |
1364.167 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1686.287 |
1668.234 |
1529.917 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
80.068 |
83.468 |
130.032 |
|
(b) Deferred tax liabilities (Net) |
56.826 |
53.551 |
40.089 |
|
(c) Other long term
liabilities |
8.742 |
2.595 |
2.650 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
145.636 |
139.614 |
172.771 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
204.270 |
284.699 |
261.892 |
|
(b) Trade
payables |
249.558 |
353.577 |
216.023 |
|
(c) Other
current liabilities |
135.028 |
74.690 |
120.582 |
|
(d) Short-term
provisions |
201.949 |
60.380 |
109.368 |
|
Total Current
Liabilities (4) |
790.805 |
773.346 |
707.865 |
|
|
|
|
|
|
TOTAL |
2622.728 |
2581.194 |
2410.553 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
612.890 |
614.721 |
553.705 |
|
(ii)
Intangible Assets |
28.031 |
28.391 |
11.715 |
|
(iii)
Capital work-in-progress |
14.428 |
0.789 |
21.032 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
16.961 |
|
(b) Non-current Investments |
457.193 |
473.309 |
419.058 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
70.732 |
163.715 |
138.674 |
|
(e) Other
Non-current assets |
2.535 |
11.579 |
17.376 |
|
Total Non-Current
Assets |
1185.809 |
1292.504 |
1178.521 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.500 |
0.500 |
0.500 |
|
(b)
Inventories |
353.881 |
343.442 |
436.720 |
|
(c) Trade
receivables |
358.811 |
456.152 |
320.222 |
|
(d) Cash
and cash equivalents |
163.287 |
106.969 |
133.205 |
|
(e)
Short-term loans and advances |
558.906 |
379.875 |
334.518 |
|
(f) Other
current assets |
1.534 |
1.752 |
6.867 |
|
Total
Current Assets |
1436.919 |
1288.690 |
1232.032 |
|
|
|
|
|
|
TOTAL |
2622.728 |
2581.194 |
2410.553 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2053.537 |
2177.797 |
1921.016 |
|
|
|
Other Income |
56.415 |
49.407 |
47.413 |
|
|
|
TOTAL |
2109.952 |
2227.204 |
1968.429 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
1323.550 |
1420.990 |
1338.810 |
|
|
|
Changes in Inventories of Finished Goods, WIP and Stock in Trade |
7.557 |
63.924 |
(94.178) |
|
|
|
Employee Benefit Expenses |
106.800 |
96.163 |
71.840 |
|
|
|
Other Expenses |
313.252 |
283.697 |
272.182 |
|
|
|
TOTAL |
1751.159 |
1864.774 |
1588.654 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
358.793 |
362.430 |
379.775 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
54.591 |
46.565 |
42.734 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
304.202 |
315.865 |
337.041 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
38.824 |
34.924 |
29.481 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
EXCEPTIONAL ITEMS AND TAX |
265.378 |
280.941 |
307.560 |
|
|
|
|
|
|
|
|
|
Add |
EXCEPTIONAL
ITEMS |
35.970 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
301.348 |
280.941 |
307.560 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
84.275 |
98.462 |
116.514 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
217.073 |
182.479 |
191.046 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
190.236 |
155.917 |
181.510 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
165.750 |
41.437 |
41.437 |
|
|
|
Proposed one-time Special Dividend |
0.000 |
0.000 |
41.437 |
|
|
|
Transfer to General Reserve |
50.000 |
100.000 |
120.000 |
|
|
|
Provision for tax on dividend |
26.889 |
6.722 |
13.765 |
|
|
BALANCE CARRIED
TO THE B/S |
164.670 |
190.236 |
155.917 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Direct on FOB Basis |
429.117 |
259.101 |
322.351 |
|
|
|
Deemed Exports |
0.000 |
4.768 |
27.125 |
|
|
|
Export of Services |
0.504 |
0.585 |
0.562 |
|
|
TOTAL EARNINGS |
429.621 |
264.454 |
350.038 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Material & Components |
48.967 |
75.251 |
49.644 |
|
|
|
Capital Goods |
0.000 |
0.749 |
5.119 |
|
|
TOTAL IMPORTS |
48.967 |
76.000 |
54.763 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
13.10 |
11.01 |
12.28 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 (Unaudited) |
|
|
1st
Quarter |
|
Net sales |
122.900 |
|
Total Expenditure |
116.900 |
|
Profit before interest, depreciation and
tax (Excluding Other Income) |
6.000 |
|
Other income |
23.300 |
|
Operating Profit |
29.400 |
|
Interest |
6.400 |
|
Exceptional Items |
0.000 |
|
Profit before depreciation and tax |
23.000 |
|
Depreciation |
4.000 |
|
Profit before tax |
19.000 |
|
Tax |
6.000 |
|
Profit after tax |
13.000 |
|
Extraordinary items |
1281.500 |
|
Prior period expenses |
0.000 |
|
Other adjustments |
0.000 |
|
Net Profit |
1294.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
10.29
|
8.19 |
9.71 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
14.67
|
12.90 |
16.01 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
19.95
|
19.19 |
22.10 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.17 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.17
|
0.22 |
0.26 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.82
|
1.67 |
1.74 |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
Yes |
|
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 |
No |
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs.
In Millions |
31.03.2012 Rs.
In Millions |
|
Long Term
Borrowings |
|
|
|
From Public |
39.418 |
27.968 |
|
From Shareholders |
40.650 |
55.500 |
|
Short Term
Borrowings |
|
|
|
From Banks |
|
|
|
HDFC Bank |
100.428 |
0.000 |
|
From Others |
|
|
|
Loan from Directors |
9.700 |
7.200 |
|
Loan from Corporate Bodies |
0.317 |
58.431 |
|
Deposit from Public |
93.825 |
84.225 |
|
Total |
284.338 |
233.324 |
NOTE:
- CURRENT MATURITY OF LONG TERM BORROWINGS
DETAIL: NOT AVAILABLE
- NO CHARGES
EXIST FOR COMPANY
OPERATIONAL REVIEW:
During the year,
the Company had a turnover of Rs. 2053.537 Millions against Rs. 2177.797
Millions in the previous year with total expense of Rs. 1751.160 Millions
against Rs. 1864.774 Millions in the previous year. The Company’s Profit before
exceptional items and tax was Rs. 265.378 Millions (Previous Year Rs. 280.941
Millions). After considering the profit on sale of investment amounting to Rs.
35.970 Millions and the tax including deferred tax of Rs. 84.275 Millions the
Company has earned a net profit of Rs. 217.073 Millions as compared to net
profit of Rs. 182.479 Millions in the previous year. The EPS of the Company for
the year 2012-2013 is Rs. 13.10.
MANAGEMENT DISCUSSION AND ANALYSIS
FY 2012-13 was a
significant year for the Company as it entered into a deal transferring its
identified road construction equipment manufacturing business of asphalt plants
and pavers (excluding the Crushing and Screening business) to its step down
subsidiary on slump sale basis which in turn has entered into a Joint Venture
(JV) with a Switzerland based Road Construction major, Ammann Group. As a
result of which, at present the JV partners holds 70% and the balance 30%
shares are now held by Apollo Earthmovers Limited (AEML), Wholly owned subsidiary
of Gujarat Apollo Industries Limited (GAIL).
GAIL shareholders
would benefit by value accretion owing to 30% economic interest in the equity
shareholding of JV Company which has a good scope in the market. The Company
intends to utilize the sale proceeds realized by
GAIL towards the
advancement of its Crushing and Screening business and in pursuing diversified
business activities to continue to build value for its shareholders. The
Company will aim at investing these funds in creating its strong position and
share in this market by exploring strategic alliances, new technologies,
creating world class facilities and thereby enhancing shareholder value.
Besides this, GAIL will also explore and exploit any opportunity in diversified
business outside road building equipment business space.
The management has
and will continue to strive in protecting the interests of all the stakeholders
thus justifying the trust and confidence reposed on them by the stakeholders.
The management has always adopted an unbiased attitude in all its actions and
has consistently followed the practice of transparency. The management firmly
believes in profit sharing and has made sincere efforts to fulfill the
expectations of the stakeholders.
The Company
continues with its endeavor of contributing in a positive manner to the society
at large by improving on the energy efficiency levels of its products.
The Company’s
financial results can be summed up as follows:
- Total Income of the Company is Rs.
2109.953 Millions.
- Profit Before exceptional items and Tax
of the Company is Rs. 265.378 Millions.
- Profit Before Tax of the Company is Rs.
301.348 Millions.
- Profit after Tax is Rs. 217.073
Millions.
- Earning per Share is Rs. 13.10.
Due to the
volatile economic conditions, leading the market to become challenging, the
sale during the FY 2012- 13 has reduced marginally as compared to FY 2011-12.
The main reason for this low growth is a slowdown in awarding of the contracts
by National Highways Authority of India (NHAI) due to a variety of reasons.
Against the original target of awarding 8,800 km, which was increased to 9,500
km by PMO mid-year; the target actually was lowered to 8,500 km and then to
5,000 km. However, NHAI ended up awarding only 1,100 km during the year. According NHAI, award of projects is a
market-driven phenomenon and NHAI is now looking to award projects only on
engineering procurement and construction (EPC) basis as against the earlier
model BOT as most developers do not want to bid for the later due to funding
constraints.
The overall
economic conditions in the country did not meet with the original estimates. In
FY 2012-13, The company experienced uneven periods of growth. The first half
was at best a steady performance while the second half provided the major growth.
The Company was always alive to the market conditions and with a combination of
dedicated efforts, experience and expertise managed to obtain maximum mileage
in a difficult environment. Taking cognizance of this difficult period, in the
year the Company relied less on market money and met the needs primarily out of
internal accruals thereby reducing the interest burden.
OUTLOOK:
The Company sees a
good outlook in the coming years for Crushing and Screening business on its
own. With the existing cash balances, the Company can mobilize the funds and
venture in diversified business activities, outside of road construction
equipment business. With the Government committing itself to infrastructure in
general and construction in particular, the demands for the Company’s products
are likely to see a good growth in the coming years.
FIXED ASSETS:
- Office
Premises
- Workers
Quarters
- Plant and
Machinery
- Electrical
Installations
- Furniture and
Fixtures
- Office
Equipments
- Vehicles
- Technical
Knowhow
- Capitalised
Software
NEWS:
With reference to the news item appearing in a
leading financial daily titled "Gujarat Apollo rises 15% on delisting
buzz, up 30% in two days", Gujarat Apollo Industries Limited has clarified
to BSE that the said news item is incorrect. Promoters have no intention of
delisting the Company Gujarat Apollo Industries Limited in foreseeable
future.Further the Company has informed that, information reported in news item
is baseless and promoters of the Company, has nothing to do with that
PRESS RELEASE:
GUJARAT APOLLO INDUSTRIES LIMITED LAUNCHES STRATEGIC JOINT VENTURE WITH
The Gujarat based
Apollo Group, a market leader in road construction equipment business in
This investment
marks the entry of the Arnrnann Group into the Indian market for road
construction equipment, which is expected to grow in view of the policy thrust
of government on increasing the road network across the country.
The Apollo Group is the market leader in
To form the joint
venture, Gujarat Apollo Industries Limited (GAIL) and its wholly owned subsidiary,
Apollo Earthmovers Limited (AEML) have transferred their respective identified
businesses, being the entire product portfolio of asphalt plants and the paver
business (excluding the crushing and screening business) to Apollo Construction
Equipments Limited (ACEL) on slump sale basis. Entities forming part of the
Ammann Group have acquired fresh equity shares of ACEL such that their
shareholding in ACEL, (which will be Known as 'Ammann Apollo India Private
Limited'), is 70% and the balance 30% shares of ACEL are now held by AEML.
Ammann Apollo
The successful
existing management team of the Apollo Group will continue to manage the joint
venture and will be complemented with the-expertise from the
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 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 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. 65.42 |
|
|
1 |
Rs. 102.09 |
|
Euro |
1 |
Rs. 87.32 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--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 |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.