MIRA
INFORM REPORT
|
Report Date : |
05.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
ASHOK LEYLAND
LIMITED |
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Registered
Office : |
No. 1, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
07.09.1948 |
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Com. Reg. No.: |
18-000105 |
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Capital
Investment / Paid-up Capital : |
Rs. 2660.680 Millions |
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CIN No.: [Company Identification
No.] |
L34101TN1948PLC000105 |
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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
: |
Manufacturing of
Commercial Vehicles, Engines and Ferrous Castings. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (57) |
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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 |
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Maximum Credit Limit : |
USD 178200000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well established and reputed company having a good track record.
There appears slight dip in its sales and profitability during the current
year. However, general financial position seems to be strong. Fundamental
are reported to be healthy. The directors are reported to be well experience. Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitment. 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.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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 Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
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 India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Loan = A+ (Downgraded (AA)) |
|
Rating Explanation |
Adequate degree of safety it carry low credit risk. |
|
Date |
September 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Non Fund Based Facilities = A1+ |
|
Rating Explanation |
Highest degree of safety it carry lowest credit risk. |
|
Date |
September 2013 |
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 DENIED
Management Non Cooperative. (91-44-22206000)
LOCATIONS
|
Registered Office : |
No. 1, Sardar
Patel Road, Guindy, Chennai – 600032, Tamilnadu, India |
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Tel. No.: |
91-44-22206000 |
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Fax No.: |
91-44-22206001 |
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E-Mail : |
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Website : |
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Corporate
Office : |
19, Rajaji Salai,
Chennai – 600 001, |
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Tel. No.: |
91-44-25342141 |
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Fax No.: |
91-44-25342493 |
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E-Mail : |
chandrasekharan.ar@ashokleyland.com
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Factory 1 : |
Kathivakkam High
Road, Ennore, Chennai - 600057, Tamilnadu, India |
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Factory 2 : |
175 Hosur
Industrial Complex, Hosur - 635126, Tamilnadu, India |
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Factory 3 : |
77 Electronic Complex,
Perandapalli Village, Hosur - 635109, Tamilnadu, India |
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Factory 4 : |
Cab Panel Press
Shop, SIPCOT Industrial Complex, Mornapalli Village, Hosur - 635109,
Tamilnadu, , India |
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Factory 5 : |
Plot No.1 MIDC Industrial
Area Village, Gadegaon, Sakoli Taluk, Bhandara - 441904, Maharashtra, India |
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Factory 6 : |
Plot No. SPL 298,
Matsya Industrial Area, Alwar - 301030, Rajasthan, India |
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Factory 7 : |
3A/A and 2 North
Phase, SIDCO Industrial Estate, Ambattur, Chennai – 600098, Tamilnadu, India |
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Factory 8 : |
Vellivoyalchavadi,
Via Manali New Town, Chennai - 600103, Tamilnadu, India |
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Factory 9 : |
Plot No.1, Sector
XII, IIE, Pant Nagar - 263153, Uttarakhand, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr.
Dheeraj G Hinduja |
|
Designation : |
Chairman
(Alternate
: Y M Kale) |
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Name : |
Mr. R
Seshasayee |
|
Designation : |
Executive Vice Chairman |
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Name : |
Mr. Anil
Harish |
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Designation : |
Director |
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|
Name : |
Mr. D J
Balaji Rao |
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Designation : |
Director |
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|
Name : |
Mr.
A K Das |
|
Designation : |
Director |
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|
Name : |
Mr.
Jean Brunol |
|
Designation : |
Director (from
20.10.2010 ) |
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Name : |
Mr.
Jorma Antero Halonen |
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Designation : |
Director
(from 19.05.2011) |
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Name : |
Mr. Sanjay
K Asher |
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Designation : |
Director (from
21.12.2010) |
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Name : |
Mr. F. Sahami |
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Designation : |
Director |
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Name : |
Mr. Shardul S Shroff |
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Designation : |
Director |
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Name : |
Dr V Sumantran |
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Designation : |
Director (Non Executive
Vice Chairman) |
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Name : |
Mr.
Vinod K Dasari |
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Designation : |
Managing
Director |
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Name: |
Mr.
Y. M. Kamle |
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Designation : |
Alternate Director |
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Name : |
Mr. Anup Bhat |
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Designation : |
Executive Directors |
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Name : |
Mr. A K Jain |
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Designation : |
Executive Directors |
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Name : |
Mr. C G Belsare |
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Designation : |
Executive Directors |
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Name : |
Mr. Nitin Seth |
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Designation : |
Executive Directors |
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Name : |
Mr. P G Nilsson |
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Designation : |
Executive Directors |
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Name : |
Mr. Anuj Kathuria |
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Designation : |
Executive Directors |
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Name : |
Mr. Sam Burman |
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Designation : |
Executive Directors |
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Name : |
Mr. Rajive Saharia |
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Designation : |
Executive Directors |
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Name : |
Mr. N V Balachandar |
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Designation : |
Executive Directors |
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Name : |
Mr. B Venkat Subramaniam |
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Designation : |
Executive Directors |
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Name : |
Mr. Sundar Rajan R |
|
Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. R J Shahaney |
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Designation : |
Chairman Emeritus |
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Name : |
Mr. K Sridharan |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. S Venkatasubramanian |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Category of Shareholder |
No. of Shares |
% of No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
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|
1027237424 |
44.50 |
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|
1027237424 |
44.50 |
|
Total shareholding of Promoter and Promoter Group (A) |
1027237424 |
44.50 |
|
(B) Public Shareholding |
|
|
|
|
|
|
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|
11024122 |
0.48 |
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|
253521784 |
10.98 |
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|
2218720 |
0.10 |
|
|
62770449 |
2.72 |
|
|
425632546 |
18.44 |
|
|
1000 |
0.00 |
|
|
1000 |
0.00 |
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|
755168621 |
32.71 |
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|
|
|
|
|
156124909 |
6.76 |
|
|
|
|
|
|
304969268 |
13.21 |
|
|
20460437 |
0.89 |
|
|
44398335 |
1.92 |
|
|
6645846 |
0.29 |
|
|
577295 |
0.03 |
|
|
109388 |
0.00 |
|
|
34348120 |
1.49 |
|
|
2000 |
0.00 |
|
|
160400 |
0.01 |
|
|
49065 |
0.00 |
|
|
2506221 |
0.11 |
|
|
525952949 |
22.78 |
|
Total Public shareholding (B) |
1281121570 |
55.50 |
|
Total (A)+(B) |
2308358994 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
329200140 |
0.00 |
|
|
23117500 |
0.00 |
|
|
352317640 |
0.00 |
|
Total (A)+(B)+(C) |
2660676634 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of
Commercial Vehicles, Engines and Ferrous Castings. |
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Products : |
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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 : |
Information declined by the management. |
||||||||||||||||||||||||
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Bankers : |
·
Bank of America ·
Bank of Baroda ·
Canara Bank ·
Central Bank of India ·
Citi Bank N.A. ·
Credit Agricole Corporate and Investment Bank ·
Deutsche Bank A.G. ·
HDFC Bank Limited ·
ICICI Bank Limited ·
IDBI Bank ·
Indian Bank ·
Punjab National Bank ·
Standard Chartered Bank ·
State Bank of India ·
State Bank of Patiala ·
The Bank of Tokyo - Mitsubishi UFJ Limited ·
The Hongkong and Shanghai Banking Corporation
Limited ·
The Royal Bank of Scotland N.V. ·
Vijaya Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
M S Krishnaswami and Rajan Chartered Accountants |
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|
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
|
|
|
Name : |
Geeyes and Company Chartered Accountants |
|
|
|
|
Holding Company : |
·
Hinduja Automotive Limited, United Kingdom |
|
|
|
|
Holding Company of Hinduja Automotive Limited, United Kingdom : |
·
Machen Holdings SA |
|
|
|
|
Holding Company of Machen Holding SA : |
·
Machen Development Corporation, Panama |
|
|
|
|
Holding Company of Machen Development Corporation, Panama : |
·
Amas Holdings SA |
|
|
|
|
Fellow Subsidiaries : |
·
Hinduja Foundries Limited ·
Hinduja Auto Components Limited ·
Hinduja Automotive (UK) Limited |
|
|
|
|
Associates : |
·
Albonair GmbH, Germany ·
Albonair (India) Private Limited ·
Ashley Airways Limited (under liquidation) ·
Ashley Aviation Limited, from November 8, 2012 ·
Ashley Holdings Limited ·
Ashley Investments Limited ·
Ashok Leyland Defence Systems Limited ·
Ashok Leyland (Nigeria) Limited, from March 6,
2013 ·
Ashok Leyland (UAE) LLC, Ras Al Khaimah, UAE ·
Ashok Leyland (UK) Limited ·
Automotive Coaches and Components Limited, upto
March 31, 2013 ·
Defiance Technologies Limited ·
Defiance Testing and Engineering Services, Inc.
USA ·
Gulf Ashley Motor Limited ·
Irizar TVS Limited ·
Lanka Ashok Leyland, PLC ·
Mangalam Retail Services Limited ·
Optare plc, UK |
|
|
|
|
Joint Ventures : |
·
Ashley Alteams India Limited ·
Automotive Infotronics Limited ·
Ashok Leyland John Deere Construction Equipment
Company Private Limited ·
Ashok Leyland Nissan Vehicles Limited ·
Nissan Ashok Leyland Powertrain Limited ·
Nissan Ashok Leyland Technologies Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4000000000 |
Equity Shares |
Rs.1/- each |
Rs. 4000.000 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2014566829 |
Equity Shares |
Rs.1/- each |
Rs. 2014.567
Millions |
|
646314480 |
Equity Shares (Global Depository Receipts) |
Rs.1/- each |
Rs. 646.314
Millions |
|
|
TOTAL |
|
Rs. 2660.881 Millions |
Subscribed & Fully Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2014362154 |
Equity Shares |
Rs.1/- each |
Rs. 2014.362
Millions |
|
646314480 |
Equity Shares (Global Depository Receipts) |
Rs.1/- each |
Rs. 646.314
Millions |
|
760 |
Add :- Forfeited Shares |
|
Rs. 0.004
Million |
|
|
TOTAL |
|
Rs. 2660.680 Millions |
AS ON 24.07.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4000000000 |
Equity Shares |
Rs.1/- each |
Rs. 4000.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2660676634 |
Equity Shares |
Rs.1/- each |
Rs. 2660.677
Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
2660.680 |
2660.680 |
1330.342 |
|
(b) Reserves & Surplus |
41890.366 |
39462.582 |
38299.279 |
|
(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) |
44551.046 |
42123.262 |
39629.621 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
27378.418 |
22933.511 |
23481.283 |
|
(b) Deferred tax liabilities (Net) |
5273.669 |
4903.669 |
4438.869 |
|
(c) Other long term liabilities |
17.785 |
0.000 |
0.000 |
|
(d) long-term provisions |
785.126 |
765.630 |
784.635 |
|
Total Non-current Liabilities (3) |
33454.998 |
28602.810 |
28704.787 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
7669.825 |
1017.500 |
0.000 |
|
(b) Trade payables |
24853.685 |
25709.672 |
23085.067 |
|
(c) Other current
liabilities |
17350.634 |
17500.483 |
10344.224 |
|
(d) Short-term provisions |
3086.833 |
4203.744 |
4169.446 |
|
Total Current Liabilities (4) |
52960.977 |
48431.399 |
37598.737 |
|
|
|
|
|
|
TOTAL |
130967.021 |
119157.471 |
105933.145 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
49184.342 |
45657.125 |
43443.804 |
|
(ii) Intangible Assets |
3634.486 |
3477.816 |
2894.113 |
|
(iii) Capital
work-in-progress |
5626.183 |
4351.906 |
2007.009 |
|
(iv)
Intangible assets under development |
1263.091 |
1130.303 |
1572.652 |
|
(b) Non-current Investments |
23376.319 |
15344.789 |
12299.968 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
4796.955 |
6082.395 |
3846.303 |
|
(e) Other Non-current assets |
120.321 |
74.274 |
31.579 |
|
Total Non-Current Assets |
88001.697 |
76118.608 |
66095.428 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
18960.208 |
22306.252 |
22089.034 |
|
(c) Trade receivables |
14194.113 |
12307.642 |
11644.982 |
|
(d) Cash and cash
equivalents |
139.424 |
325.558 |
1795.272 |
|
(e) Short-term loans and
advances |
8909.804 |
7265.743 |
3343.942 |
|
(f) Other current assets |
761.775 |
833.668 |
964.487 |
|
Total Current Assets |
42965.324 |
43038.863 |
39837.717 |
|
|
|
|
|
|
TOTAL |
130967.021 |
119157.471 |
105933.145 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
124812.000 |
129043.265 |
111771.061 |
|
|
|
Other Income |
623.515 |
403.503 |
444.514 |
|
|
|
TOTAL (A) |
125435.515 |
129446.768 |
112215.575 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
75394.164 |
91214.833 |
80645.003 |
|
|
|
Purchases of Stock-in-Trade - Traded goods |
13117.394 |
5073.737 |
2733.697 |
|
|
|
Employee benefits expense |
10755.134 |
10203.942 |
9597.163 |
|
|
|
Other expenses |
14060.856 |
11659.934 |
8310.415 |
|
|
|
Changes in
inventories of finished goods, work in-progress and Stock-in-Trade |
2719.769 |
(1670.130) |
(1652.240) |
|
|
|
Exceptional items |
(2895.561) |
(15.978) |
0.000 |
|
|
|
TOTAL (B) |
113151.756 |
116466.338 |
99634.038 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
12283.759 |
12980.430 |
12581.537 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3768.857 |
2552.532 |
1889.234 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8514.902 |
10427.898 |
10692.303 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3807.835 |
3528.132 |
2674.310 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
4707.067 |
6899.766 |
8017.993 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
370.000 |
1240.000 |
1705.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
4337.067 |
5659.766 |
6312.993 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods - FOB value |
14254.334 |
15403.597 |
11090.912 |
|
|
|
Royalty, know-how, professional and consultation fees |
6.995 |
112.248 |
0.000 |
|
|
|
Interest and dividend |
134.494 |
90.382 |
88.049 |
|
|
|
Others [
Includes freight, insurance and commission earned] |
781.830 |
853.310 |
586.693 |
|
|
TOTAL EARNINGS |
15177.653 |
16459.537 |
11765.654 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
4039.132 |
4403.902 |
4445.936 |
|
|
|
Trading Goods and Others |
333.931 |
215.180 |
163.465 |
|
|
|
Stores & Spares |
50.424 |
156.808 |
100.679 |
|
|
|
Capital Goods |
2806.370 |
1842.161 |
924.135 |
|
|
TOTAL IMPORTS |
7229.857 |
6618.051 |
5634.215 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
1.63 |
2.13 |
2.37 |
|
QUARTERLY RESULTS
|
Particulars (Rs.
Millions) |
30.09.2013 |
30.06.2013 |
|
|
2nd Quarter |
1st Quarter |
|
Net Sales |
25496.200 |
23638.100 |
|
Total Expenditure |
24933.500 |
23405.600 |
|
PBIDT |
562.700 |
232.600 |
|
Other Income |
231.200 |
122.600 |
|
Operating Profit |
793.900 |
355.100 |
|
Interest |
1244.100 |
1006.800 |
|
Exceptional Items |
437.600 |
(65.100) |
|
PBDT |
(12.700) |
(716.800) |
|
Depreciation |
900.800 |
951.700 |
|
Profit Before Tax |
(913.500) |
(1668.500) |
|
Tax |
(663.000) |
(251.000) |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
(250.500) |
(1417.500) |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
(250.500) |
(1417.500) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.46
|
4.37 |
5.63 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.77
|
5.35 |
7.17 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.67
|
7.02 |
8.90 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.16 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.79
|
0.57 |
0.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
|
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 |
No |
|
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 |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
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 |
No |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
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 |
|
CHENNAI COURT
|
|
Unsecured Loan |
Rs.
In Millions 31.03.2013 |
Rs.
In Millions 31.03.2012 |
|
LONG TERM BORROWINGS |
|
|
|
Long term
monetary item in foreign currency External Commercial Borrowings from banks |
14476.000 |
12549.167 |
|
Other loans and
advances |
|
|
|
Interest free sales tax loans |
571.476 |
669.217 |
|
Loans from a Financial institution |
97.609 |
115.127 |
|
SHORT TERM BORROWINGS |
|
|
|
Short term loans (STL) |
|
|
|
(i) STL - 1 |
0.000 |
508.750 |
|
(ii) STL - 2 |
0.000 |
508.750 |
|
(ii) STL – 3 |
868.560 |
0.000 |
|
|
|
|
|
TOTAL |
16013.645 |
14351.011 |
VIEW INDEX OF
CHARGES
|
S. No |
Charge ID |
Date of Charge Creation /Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN |
|
1 |
10412488 |
25/03/2013 * |
3,000,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE,,
COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
B72035017 |
|
2 |
10377386 |
26/09/2012 * |
3,000,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE,
COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
B59847954 |
|
3 |
10329292 |
15/03/2013 * |
1,500,000,000.00 |
STATE BANK OF INDIA |
SECURITIES AND SERVICES DIVISION, SBI
CHENNAI MAIN BR., 84, RAJAJI SALAI, CHENNAI, TAMIL NADU - 60 |
B72617020 |
|
4 |
10291368 |
24/05/2011 |
1,000,000,000.00 |
THE BANK OF TOKYO-MITSUBISHI UFJ
LIMITED |
SESHACHALAM CENTRE, 6TH and 7TH
FLOOR, DOOR NO.636/1, ANNA SALAI, TEYNAMPET, CHENNAI, TAMIL NADU - 600018,
INDIA |
B14702252 |
|
5 |
10243392 |
13/10/2010 |
2,100,000,000.00 |
STATE BANK OF INDIA |
SECURITIES AND SERVICES DIVISION, CHENNAI
MAIN BRANCH, NO.84, RAJAJI SALAI, CHENNAI, TAMIL NADU - 600001, INDIA |
A96329719 |
|
6 |
10240077 |
15/03/2013 * |
2,100,000,000.00 |
STATE BANK OF INDIA |
SECURITIES AND SERVICES DIVISION, SBI
CHENNAI MAIN BR., 84, RAJAJI SALAI, CHENNAI, TAMIL NADU - 600001, INDIA |
B72618671 |
|
7 |
10228341 |
18/06/2010 |
500,000,000.00 |
MIZUHO CORPORATE BANK LIMITED |
MUMBAI BRANCH, MAKER CHAMBERS III, 1ST FLOOR,
JAM |
A89042725 |
|
8 |
10218109 |
18/06/2010 * |
2,000,000,000.00 |
CENTRAL BANK OF INDIA |
ADDISON BUILDING, 803, ANNA SALAI, CHENNAI, TAMIL |
A88596879 |
|
9 |
10190936 |
18/02/2010 * |
3,000,000,000.00 |
INDIAN BANK |
THOUSAND LIGHTS BRANCH, KANNAMAL BUILDINGS,611, ANNA SALAI, CHENNAI,
TAMIL NADU - 600006, INDIA |
A79528824 |
|
10 |
90286915 |
22/08/2003 * |
250,000,000.00 |
STATE BANK OF INDIA |
84 RAJAJI SALAI MA, MADRAS, TAMIL NADU,
INDIA |
- |
|
11 |
90286909 |
25/11/2002 * |
250,000,000.00 |
STATE BANK OF INDIA |
84 RAJAJI SALAI MA, MADRAS, TAMIL NADU,
INDIA |
- |
|
12 |
90289031 |
07/08/2002 |
350,000,000.00 |
HDFC BANK LIMITED |
759 ANNA SALAI, CHENNAI, TAMIL NADU, INDIA
|
- |
|
13 |
90291195 |
09/01/2004 * |
350,000,000.00 |
HDFC BANK LIMITED |
759 ANNA SALAI, CHENNAI, TAMIL NADU, INDIA
|
- |
|
14 |
90287734 |
07/08/2002 * |
1,000,000,000.00 |
STATE BANK OF INDIA |
22 RAJAJI SALAI, CHENNAI, TAMIL NADU,
INDIA |
- |
|
15 |
80053062 |
17/04/2002 |
50,000,000.00 |
STATE BANK OF INDIA |
22 RAJAJI SALAI, CHENNAI, TAMIL NADU -
600001, INDIA |
- |
|
16 |
90286894 |
27/08/2001 * |
500,000,000.00 |
STATE BANK OF INDIA |
22 RAJAJI SALAI MA, MADRAS, TAMIL NADU,
INDIA |
- |
|
17 |
90287654 |
04/05/2011 * |
15,000,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP BRANCH, 18/3,RUKMINI
LAKSHMIPATHI ROAD, EGMORE, CHENNAI, TAMIL NADU - 600008, INDIA |
B12708863 |
|
18 |
90287645 |
28/12/2001 * |
750,000,000.00 |
ICICI LIMITED |
ICICI TOWER KURLA COMPLEX, MUMBAI, TAMIL
NADU, INDIA |
- |
|
19 |
90288995 |
28/03/2001 * |
750,000,000.00 |
ICICI BANK LIMITED |
ICICI TOWER KURLA COMPLEX, MUMBAI, TAMIL
NADU, INDIA |
- |
|
20 |
90286888 |
12/09/2000 * |
500,000,000.00 |
STATE BANK OF INDIA |
22 RAJAJI SALAI MA, MADRAS, ORISSA, INDIA |
- |
|
21 |
90288984 |
26/09/2000 * |
500,000,000.00 |
STATE BANK OF INDIA |
22 RAJAJI SALAI, CHENNAI, TAMIL NADU,
INDIA |
- |
|
22 |
90286881 |
31/01/2000 * |
1,800,000,000.00 |
STATE BANK OF INDIA |
22 RAJAJI SALAI MA, MADRAS, TAMIL NADU,
INDIA |
- |
|
23 |
90288963 |
30/11/1999 |
500,000,000.00 |
STATE BANK OF INDIA |
149 GREAMS ROAD, CHENNAI, TAMIL NADU,
INDIA |
- |
|
24 |
90287563 |
19/03/2002 * |
250,000,000.00 |
STATE BANK OF INDIA |
149CREAMS ROAD, CHENNAI, TAMIL NADU, INDIA
|
- |
|
25 |
90287551 |
10/03/2000 * |
4,250,000,000.00 |
STATE BANK OF INDIA |
149 CREAMS ROAD, CHENNAI, TAMIL NADU,
INDIA |
- |
|
26 |
90287525 |
19/01/1999 * |
500,000,000.00 |
ICICI BANK LIMITED |
163 BACKBAY RECLAMATION, MUMBAI,
MAHARASHTRA, INDIA |
- |
|
27 |
90287499 |
10/01/1998 |
306,200,000.00 |
EXPORT INMPORT BANK OF INDIA |
CENTRE ONE CUFFE PARADE, MUMBAI, MADHYA
PRADESH, INDIA |
- |
|
28 |
90287483 |
15/09/1997 |
149,000,000.00 |
BANK OF BARODA |
149 CREAMS ROAD 28 RAJAJI SALAI, CHENNAI,
TAMIL NADU, INDIA |
- |
|
29 |
90287481 |
27/08/1997 |
40,000,000.00 |
CANARA BANK |
THOOSDND LIL, CHENNAI, TAMIL NADU, INDIA |
- |
|
30 |
90287471 |
27/10/1997 * |
1,520,000,000.00 |
STATE BANK OF INDIA |
22 RAJAJI SALAI, MADRAS, TAMIL NADU, INDIA
|
- |
|
31 |
90287466 |
27/10/1997 * |
250,000,000.00 |
THE INDUSTRIAL VREDIT AND INVEST. CORPN.
OF INDIA |
163 BACKBAY, MUMBAI, TAMIL NADU, INDIA |
- |
|
32 |
90286862 |
14/05/1997 |
750,000,000.00 |
STATE BANK OF INDIA |
22 RAJAJI SALAI MA, MADRAS, TAMIL NADU,
INDIA |
- |
|
33 |
90287451 |
25/02/1997 |
143,420,000.00 |
BANK FO BARODA |
28 RAJAJI SALAI, BHUBANESWAR, TAMIL NADU,
INDIA |
- |
|
34 |
80033213 |
04/05/1983 |
20,000,000.00 |
RAJASTHAN STATE INDUSTRIAL DEVELOPMENT AND
|
INVESTMENT CORPORATION LIMITED, UDYOG
BHAVAN TILAG MARG, JAIPUR, RAJASTHAN - 302005, INDIA |
- |
|
35 |
90288735 |
09/03/2000 * |
144,000,000.00 |
STATE BANK OF INDIA |
149 GREAMS ROAD, CHENNAI, TAMIL NADU,
INDIA |
- |
|
* Date of charge modification |
||||||
COMPANY PERFORMANCE
The
year saw a slowdown in the Indian economy with a consequent adverse impact on the
commercial vehicle industry. Whilst the overall volume declined by 2% year over
year, the medium and heavy duty segment clocked a 25% drop. Despite the above,
the Company increased its market share from 23.5% to 26.5% in the M and HCV
segment.
In
the Light Commercial Vehicle (LCV) segment, 'Dost' continued to grow in
volumes. The performance of Power Solution Business and Spares have been very
encouraging. Export volumes dropped primarily due to the setback in Sri
Lanka which could not be fully recouped in other geographies.
LONG TERM BORROWINGS:
SECURED NON-CONVERTIBLE DEBENTURES
During
the year, the Company issued Secured Non-convertible Debentures to the tune of
Rs. 3500.000 Millions for a tenor of 3 years (NCD Series AL 17 for Rs. 2000.000
Millions and NCD Series AL 19 for Rs. 1500.000 Millions) and Rs. 2500.000
Millions for a tenor of 5 years (NCD Series AL 18 for Rs. 1000.000 Millions and
NCD Series AL 20 for Rs. 1500.000 Millions) aggregating to Rs. 6000.000
Millions for FY 2012-13. During the year, no Secured Non-Convertible Debenture
had fallen due for redemption.
EXTERNAL COMMERCIAL BORROWINGS (ECBS)
The
Company contracted ECBs in Japanese Yen, equivalent to USD 60 Mn, during FY
2011-12 and USD 115 Mn in 2012-13 from Banks for an average tenor of 5 to 5.6
years (Door to door of 6 to 7 years) on unsecured basis and USD 110 Mn was
utilized during FY 2012-13. The funds drawn under ECBs were utilized to fund
capital expenditure programme of the Company and other approved end uses as per
extant RBI guidelines and the terms of the loan.
The
Company repaid ECB loan installments that fell due, in Japanese yen, equivalent
to USD 81.66 Mn and USD 16.66 Mn during FY 2012-13.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
MARKET TRENDS
ECONOMY
During FY 2012-13,
the Indian economy experienced a low growth rate of about 5-5.5%. Year-on-year
GDP growth rate in the 3rd quarter touched 4.5%, the second lowest in recent
years.
Agricultural
growth at 1.8% year-on-year was lower compared to 3.6% of the previous fiscal
because of the delayed onset of monsoon that resulted in food grain production
contracting by about 3.5%.
Industrial
sectors, too, continued to reel under the severe slowdown. The general IIP
index contracted for 6 months out of 11, the manufacturing index for 5 months
out of 11 and the mining index for 10 months out of 11. The general index,
therefore, grew by a low 0.9% during the period April to February. The
manufacturing index demonstrated a mere 1% growth during the same period. The mining
index showed a de-growth of 2.5%. As a result, CSO has estimated manufacturing
GDP growth of just 1.9% for the full year (2.7% last fiscal) and a mining
growth of 0.4% for the full year (-0.6% last fiscal).
Going ahead, most
market analysts expect FY 2013-14 GDP to be around 6%, assuming a normal
monsoon. The Reserve Bank of India remains focused on containing inflation, and
is expected to continue following a conservative policy on interest rates. Some
positive movement is visible in the mining policy while the manufacturing
slowdown appears to be slowly bottoming out. Lower crude prices are also
expected to help the government meet its fiscal targets. However, much work
remains to be done to free up core sectors and restart growth, and recovery is
expected to be slow. Long term prospects for the Indian economy, however,
continue to remain bright, given the favourable demographics and the
directional commitment towards liberalisation.
In 2012, the
global economy continued to perform weakly. World output was down from 4% in
2011 to 3.2% in 2012. Emerging and developing economies touched a low of 5.1%,
reflecting a sharp drop from 6.4% in the previous year. Apart from the Middle
East, Africa and ASEAN, most economies shrank significantly. The Euro zone shrank
by 0.6%.
Going forward,
outlook for the global economy has both areas of concern as well as some bright
spots. IMF expects emerging and developing economies to grow relatively
strongly at 5.3% and 5.7% for 2013 and 2014 respectively. While US is recovering
faster and is expected to clock 1.9% and 3% for the same period, the Euro zone
is expected to continue lagging, with bleak scenarios of -0.3% and 1.1% for
2013 and 2014
respectively. Even the stronger economies in Europe, such as Germany and France,
have poor growth forecasts. Against this background, the overall global
economic growth will remain muted.
COMMERCIAL VEHICLE INDUSTRY
Contrary to
predictions made last year, the Commercial Vehicle (CV) industry fell despite
the Light Commercial Vehicle (LCV) category performing well. The industry also
saw the entry of new players into the market.
The overall CV
market registered a de-growth of 2% in April-March 2013 as compared to the
corresponding period last year. The overall volumes went down from 809,499
vehicles to 793,150, vehicles. The Medium and Heavy Commercial Vehicles (M and
HCVs) segment declined by 23% to an overall volume of 268,623 vehicles while
the LCV segment grew at 14% to reach 524,887 vehicles
The LCV segment
has been one of the growing segments in the entire automobile space. The 2 -
3.5 T GVW segment, within LCVs, is driving growth with a year-on-year increase
of 72% in volumes. This is on the back of strong demand for transportation of
consumer goods within cities and replacement demand from upper-end three
wheelers.
Reflecting the
downtrend in the economy, multi-axle rigid trucks fell by over 32% compared to
the previous year to reach 96,424 vehicles. These vehicles are used to
transport a wide range of goods such as agricultural produce, cement, other
materials used in construction and industrial goods. This drop was due to an
overall slowdown in industrial and construction activity and the resultant
caution among transporters. It was also in part due to the shift to rigid
vehicles with higher capacity (8x2) for greater operating efficiencies. This
trend was reflected in the tractor-trailer segment as well which registered a
drop of 35% to reach 18,593 vehicles. The ICV (Intermediate Commercial Vehicle)
trucks which are in the 10-12 tonne capacity range, also fell from 67,104
vehicles to 57,571 vehicles, a drop of over 14%. Sale of tippers also fell by
28%, mainly due to poor economic activity and the ban on mining in Karnataka
and Goa.
The segment level
drop was also reflected consistently across the four regions of the country.
Among them, the Eastern region recorded the steepest fall of almost 35% in M
and HCV sales over last year. This could be attributed mainly due to lack of
mining activity across the region.
2012-13 was also a
poor year for Indian exports, with sale of commercial vehicles dropping by 13%
from 92,258
vehicles to 79,944
vehicles with key markets like Sri Lanka dropping drastically and procuring
more from China.
The tepid economic
environment and the high base, are bound to have an impact on Total Industry
Volume (TIV) in the coming fiscal. Several industry analysts have projected
growth rates at 4-8%. SIAM has projected an annual growth rate of 3-5% for
medium and heavy duty vehicles and about 12-14% for light vehicles.
ASHOK LEYLAND - THE YEAR (2012-13) IN BRIEF
MEDIUM AND HEAVY COMMERCIAL VEHICLES
Against a backdrop
of a major slump in the CV market, Ashok Leyland grew its share in the domestic
market in 2012-13 by 3%. The Company sold 70,916 M and HCVs in the domestic
market which was 13% less than the previous year. This included 18,976 MandHCV
buses and 51,940 M and HCV trucks, 10% less and 14% less respectively, compared
to previous year.
The Company grew
market share across most segments and regions. One of the biggest gains was in
the ICV goods segment with the Company increasing its sales volumes by nearly
55%, resulting in 5% gain in market share. It must be noted that ICV goods, in
the long term, remains one of the fastest growing segments.
The financial
crunch and slowdown of economy witnessed in Sri Lanka, as well as the overall
global economic situation, impacted Ashok Leyland’s international volumes this
year. The Company exported 8,778 vehicles in 2012- 13, 32% lower than the
previous year. Sri Lanka, a key overseas market, fell by over two-thirds
compared to last year. However, the Company grew in other regions across the
world, notably in the Middle East, where it registered a growth of 15%.
The Power
Solutions Business earned revenues of Rs. 4030.000 Millions in the year
2012-13, achieving a 27% increase compared to the previous year.
Spare Parts
business grew by a healthy 18% in 2012-13, with an all time high turnover of
Rs. 10040.000 Millions.
The Defence business
suffered due to cut-backs and budget constraints of the government resulting in
sales of 275 vehicles and 2,463 kits reflecting a drop of 26% and 17%
respectively.
In FY 2012-13, the
Company produced 112,163 vehicles (including 35,401 nos. of LCV ‘Dost’), a 9%
growth compared to the previous year. The Company significantly expanded its
dealer network especially in areas where hitherto it had only limited coverage.
Full service outlets grew to over 400 and, for the first time, the number of
outlets in North exceeded the number in South.
To address the
challenges faced in the domestic market, the Company laid considerable emphasis
on product development and marketing efforts, targeted at the fastest growing
segments and regions which resulted in promising growth in the last quarter of
the fiscal. The Company has lined up several ground-breaking products for core
segments in the upcoming fiscal, in the ICV as well as MDV segments apart from
the Neptune engine that will be launched on multi-axle haulage vehicles.
Substantial focus
has been given to improving customer satisfaction levels with targeted
initiatives across all hubs that included better organisation of the sales
force, customer lifecycle management and enhancement of service levels.
Finally, the
Company remains committed to build capabilities in the identified five focus
areas wherein it chose to invest heavily – quality, people, brand, innovation
and efficiency. The Company has taken on challenging targets in each of these
areas and has kicked off several initiatives to achieve them.
In summary, the
Company has prepared well for the challenging economic scenario expected next
year as well as increasing competition in the M and HCV space.
LIGHT COMMERCIAL VEHICLES BUSINESS
In 2012-13, the
Company completed its first full year of participation in the fast-growing LCV
segment in India. The first product, Ashok Leyland ‘Dost’, has contributed to
transforming the SCV segment, by shifting the market
emphasis from sub
2 tonnes to 2-3.5 tonnes GVW. In FY 2012-13, the Company sold close to 35,000
‘Dost’ vehicles. Today, ‘Dost’ is the second largest selling product in its
segment, with a pan India market share of 18.5%, despite being launched only in
11 States. In States where it is present, ‘Dost’ enjoys market leadership
across most, and a market share of 25.6%. The Company has also just started
exporting ‘Dost’ to SAARC countries. To support the sale and service of LCVs,
the Company has built a new LCV-oriented network of 100 touch points within 18
months.
In the upcoming
financial year, the Company is planning to launch several variants of ‘Dost’
including a CNG version, the ‘Partner’ range of trucks and buses in the 4-6T
segment, and the ‘Stile’ – a Multi-Functional Vehicle for commercial applications.
The Joint Venture
Company, in which the Company is an equal partner with Nissan, is preparing for
a new manufacturing facility near Chennai dedicated for LCV. Through these
efforts, the Company would have a complete LCV product portfolio by the end of
2013-14 to meet a variety of evolving customer requirements.
HINDUJA LEYLAND FINANCE LIMITED
The Non-banking
Finance Company (NBFC), Hinduja Leyland Finance Limited (HLFL) promoted by
Ashok Leyland commenced their operations in March 2010. HLFL now has operations
in 602 locations with an employee strength of 2350 (that has increased from
1199 in the year 2011-12)
In 2012-13, HLFL
continued to grow rapidly and made a disbursement of Rs. 2,100 Crores across a
wide range of segments, including M and HCVs, LCVs and 3-wheelers.
ASHOK LEYLAND -
JOHN DEERE CONSTRUCTION EQUIPMENT COMPANY LIMITED
This 50:50 joint
venture with John Deere was started to tap into the growing demand for
construction equipment in the country. 2012-13 was the first full year of
operations for this company. Notwithstanding the economic downturn, this JV
sold over 660 Backhoe Loaders crossing the 5 percent market share in the
Southern region. The product range is expected to grow in this fiscal with the
introduction of other variants of the Backhoe Loader and also a new Wheel
Loader machine next year. All products embody the best combination of pedigree
designs and high degree of localisation. The Company has also achieved
‘best-inclass’ service benchmarks, which is key to productivity and customer
profitability.
ALBONAIR GMBH
Albonair GmbH,
Germany was established with a vision of being a complete solution provider for
reducing automotive diesel emissions for Medium and Heavy Commercial Vehicles.
In FY 2012-13, the Company made investments in Albonair to address the dual
objectives of acquiring competence and cost-efficiency in the critical
area of future
emission technologies and to use it to generate business opportunities in
advanced technology components in an increasingly strategic area.
Albonair has
already obtained orders from large European firms in the face of stiff
competition from established global players. It is expanding its reach to other
large automotive players in the international market and is on its way to
becoming a significant global automotive supplier.
AUTOMOTIVE INFOTRONICS LIMITED
This Joint Venture
Company (JVC) was formed in 2007 with equal equity holding by Continental AG
and Ashok Leyland for designing, developing and adapting cost-efficient
electric/electronics automotive products and customer specific applications
specifically for India and India-like markets. The Company has developed
various products like Instrument Clusters and Body Control units, Engine
Control Panels for genset engines, on-board diagnostic and sensors for a
variety of applications.
ASHLEY ALTEAMS INDIA LIMITED
Ashley Alteams
India Limited (AAIL), manufacturer of High Pressure Die Castings, caters to the
needs of customers in the Automotive, Telecom and Industrial spaces. AAIL has
increased its supplies to existing customers like Ashok Leyland Limited, Delphi
TVS, NSN, SFLAutolec and has attracted many new customers like Andrew, Poona
Shims, etc. The Company has been facing challenges as a result of the downturn
in the Telecom and Auto sectors, and seeks to re-orient its business to remain
viable.
AVIA ASHOK LEYLAND MOTORS S.R.O
AVIA Ashok Leyland
Motors s.r.o in Prague, has been producing trucks in the total weight class of
7.5 to 12 tonnes. In 2012, the company produced 1003 trucks for the markets of
Europe, the United States, and Asia. The
economy in Europe
continues to be bearish and continues to put severe strain on Avia.
DEFIANCE TECHNOLOGIES LIMITED
With a vision to
be a world-class business solutions company, the focus of Defiance is to
provide Engineering, Manufacturing and Enterprise solutions predominantly to
the Manufacturing industry, by offering a comprehensive
range of consulting,
technology and outsourcing solutions and services to global customers. The
company has gained a significant customer base in the Engineering, ERP and IT
service spaces both in India and abroad. To enhance its competency, the company
plans to further build on its focus areas such as SAP solutions, Automotive,
Aerospace and Defence Engineering solutions, Enterprise Mobility solutions,
Social Media solutions and Cloud-based Enterprise solutions.
FIXED ASSETS
·
Freehold and
Leasehold Land
·
Buildings
·
Plant and
Machinery
·
Furniture, Fittings and Equipment
·
Computer
·
Fittings and
Equipments
·
Vehicles and Aircraft
·
Computer Software
·
Technical Know how
STATEMENT OF UNAUDITED RESULTS FOR THE QUARTER AND IX
ENDED 30.09.2013
(Rs. in millions)
|
Sr. No. |
Particular |
Three Months
Ended |
Preceding Three
Months Ended |
YTD Figures for
current period ended |
|
|
|
30.09.2013 (Unaudited) |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
|
1. |
Income from
Operations |
|
|
|
|
|
Net Sales |
24982.828 |
23132.128 |
48114.956 |
|
|
Other Operating Income |
513.403 |
505.992 |
1019.395 |
|
|
Net Sales/Income
from Operations |
25496.231 |
23638.120 |
49134.351 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost of Material Consumed
|
14566.981 |
15398.460 |
29965.441 |
|
|
Purchases of stock-in-trade - trading goods |
3148.049 |
2822.809 |
5940.858 |
|
|
Change in Inventories of Finished Goods, Work-In-Progress
and Stock In Trade |
1772.155 |
(384.441) |
1387.714 |
|
|
Employee Benefits Expenses |
2545.724 |
2581.889 |
5127.613 |
|
|
Depreciation and Amortization Expenses |
900.843 |
951.735 |
1852.578 |
|
|
Other Expenses |
2930.615 |
2986.832 |
5917.447 |
|
|
f) Total |
25834.367 |
24357.284 |
50191.651 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
(338.136) |
(719.164) |
(1057.300) |
|
|
|
|
|
|
|
4. |
Other Income |
231.150 |
122.567 |
353.717 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
(106.986) |
(596.597) |
(703.583) |
|
|
|
|
|
|
|
6. |
Interest |
1244.135 |
1006.794 |
2250.929 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
(1351.121) |
(1603.391) |
(2954.512) |
|
|
|
|
|
|
|
8. |
Exceptional Items |
|
|
|
|
|
Profit on sales of certain long term investment (Net) |
483.193 |
|
483.193 |
|
|
Diminution in value of certain long term Investments |
(45.616) |
(65.116) |
(110.732) |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
(913.544) |
(1668.507) |
(2582.051) |
|
|
|
|
|
|
|
10. |
Tax Expense |
(663.000) |
(251.000) |
914.000 |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
(250.544) |
(1417.507) |
(1668.051) |
|
|
|
|
|
|
|
12. |
Extraordinary Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
(250.544) |
(1417.507) |
(1668.051) |
|
|
|
|
|
|
|
14. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
2660.680 |
2660.680 |
2660.680 |
|
|
|
|
|
|
|
15. |
Reserves Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
16. |
Basic and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised |
(0.09) |
(0.53) |
(0.63) |
|
|
|
|
|
|
|
18. |
Dividend per share (Rs.) |
|
|
|
|
19. |
Debt Equity Ratio |
|
|
1.3342 |
|
20. |
Debt Service Coverage Ratio |
|
|
0.2557 |
|
21. |
Interest Service Coverage Ration |
|
|
0.6555 |
|
|
|
|
|
|
|
A. |
Public
Shareholding |
|
|
|
|
1 |
-Number of Shares |
1304239070 |
1304239070 |
1304239070 |
|
|
- Percentage of Shareholding |
49.02 |
49.02 |
49.02 |
|
|
|
|
|
|
|
2. |
Promoters
and Promoter Group Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
474104204 |
474104204 |
474104204 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
34.95 |
34.95 |
34.95 |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
17.82 |
17.82 |
17.82 |
|
|
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
|
|
- Number of Shares |
882333360 |
882333360 |
882333360 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
65.05 |
65.05 |
65.05 |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
33.16 |
33.16 |
33.16 |
|
Particulars
|
3
Months ended 30.06.2013 |
|
Pending at the beginning of the quarter |
3 |
|
Received during the quarter |
157 |
|
Disposed of during the quarter |
155 |
|
Remaining unresolved at the end of the quarter |
5 |
NOTES
(1) The above financial results were reviewed by the Audit
Committee and then approved by the Board of Directors at the meeting held on
November 16, 2013.
(2) The statutory auditors have conducted a limited review
of the above results.
(3) Statement of Assets and Liabilities
Rs. In Millions
|
Particular |
30.09.2013 (Unaudited) |
|
EQUITY AND LIABILITIES |
|
|
1 Shareholders' Funds |
|
|
(a) Share Capital |
2660.680 |
|
(b) Reserves and Surplus |
39945.897 |
|
Sub-Total
Shareholders Fund |
42606.577 |
|
|
|
|
2. Non-Current
Liabilities |
|
|
(a) long-term borrowings |
30949.112 |
|
(b) Deferred tax liabilities (Net) |
4359.669 |
|
(c) Other Long Term Liabilities |
560.515 |
|
(d) long-term provisions |
763.859 |
|
Sub-Total
Non-Current Fund |
36633.155 |
|
|
|
|
3. Current Liabilities |
|
|
(a) Short term borrowings |
17999.040 |
|
(b) Trade payables |
15791.104 |
|
(c) Other current
liabilities |
15818.885 |
|
(d) Short-term provisions |
1076.703 |
|
Sub-Total
Current Liabilities |
50685.732 |
|
TOTAL EQUITY
AND LIABILITIES |
129925.464 |
|
|
|
|
ASSETS |
|
|
1 Non-current assets |
|
|
(a) Fixed Assets |
61737.372 |
|
(b) Non-current
Investments |
25778.368 |
|
(c) Long-term Loan and Advances |
5321.431 |
|
(d) Other
non-current assets |
257.374 |
|
Sub-Total
Non-Current Assets |
93094.545 |
|
|
|
|
2 Current assets |
|
|
(a) Inventories |
15556.970 |
|
(b) Trade receivables |
12612.964 |
|
(c) Cash and cash
equivalents |
167.057 |
|
(d) Short-term loans and
advances |
7826.302 |
|
(e) Other current assets |
667.626 |
|
Sub-Total
Current Assets |
36830919 |
|
|
|
|
Total Current Assets |
129925.464 |
(4) Exchange difference on translation or settlement of long
term foreign currency monetary items at rates different from those at which
they were initially recorded or as at April 1, 2007, in so far as it relates to
acquisition of depreciable assets are adjusted to the cost of the assets. In
other cases, such exchange differences, arising effective April 1, 2011, are
accumulated in “Foreign currency monetary item translation difference account”
and amortized by recognition as income or expense in each year over the balance
term till settlement occurs but not beyond March 31, 2020. This is in line with
Notification No. G.S.R 913 (E) dated December 29, 2011 issued by the Ministry
of Corporate Affairs, Government of India, amending the Companies (Accounting
Standards) Rules, 2006.
Accordingly,
a) Foreign exchange (Gain) / Loss relating to acquisition
of depreciable assets, capitalized during the quarter ended September 30, 2013
aggregated Rs. 300016.031 Millions [September 30, 2013 : Rs.1101.209 Millions;
March 31, 2013 : Rs. 1585.833 Millions; year ended June 30, 2013 : Rs. 1886.608
Millions] and
b) The un-amortized net exchange difference in respect of
long term monetary items relating to other than acquisition of depreciable
assets, is a gain of Rs. 56.494 Millions as at
September 30, 2013 [September 30, 2013: gain of Rs. 7.750 Millions;
March 31, 2013: loss of Rs. 9.635 Millions, June 30, 2013, Gain of Rs.15.260
Millions]. These amounts are reflected as part of the “Reserves and Surplus” in
line with the guidelines issued by the Institute of Chartered Accountants of
India.
(5) The Company's primary segment is identified as business segment based on nature of products, risks, returns and the internal business reporting system and secondary segment is identified based on the geographical location of the customers as per Accounting Standard 17, The Company is principally engaged in a single business segment viz.. commercial vehicles and related components.
(6) Tax expense comprises of Current tax and Deferred tax.
Current tax is after considering Minimum Alternate Tax (MAT) credit entitlement
under Section 115 JAA (IA) of the Income-tax Act 1961. Deferred tax asset has
been recogn~sedo n unabsorbed depreciation where applicable in respective
periods.
(7) The Company had adopted the principles of Accounting
Standard 30 - Financral instruments: Recognition and measurement, issued by the
lnstitute 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.
(8) The scheme of amalgamation for the merger of Ashley
Holding Limited, Ashley Investment Limited and Ashok Leyland Project Services
Limited with Ashley Services Limited (ASL) was sanctioned by the Honourable
High Court of Madras vide its order dated July 31. 2013 and the said order was
filed with the Registrar of Companies on August 19, 2013. Consequently, ASL
became a wholly owned subsidiary of the Company.
The Company would be considering the results of its
subsidiary(ies) in its Consolidated Financial Statements for the year ending
March 31, 2014.
(9) The company has adopted the following formulae for
computing Ration mentioned in SI. No. 19, 20 and 21.
(Rs. In Millions)
|
Sl. No. Ref. |
Ratio |
Formula
|
|
19 |
Debt
Equity Ratio |
Total
Borrowings / (Share Capital + Total Reserves) |
|
20 |
Debt
Service Coverage Ratio |
(Profit from ordinary activities before Tax + Interest charge on borrowings + Depreciation and Amortisation -Tax expense) I (Interest charge on borrowings + Principal repayments for Term loans) |
|
21 |
Interest
Service Coverage Ratio |
(Profit from ordinary activities before Tax + Interest charge on borrowings + Depreciation and Amortisation -Tax expense) I (Interest charge on borrowings + Principal repayments for Term loans) |
(10) The figures for the previous periods have been reclassified
/ regrouped / amended, wherever necessary.
WEBSITE DETAILS
PRESS RELEASE
ASHOK LEYLAND RETAINS
MARKET SHARE IN A DECLINING MARKET
Wednesday, November
6, 2013
The downturn in the commercial vehicle industry continued into the second quarter of FY 2013-14, and Ashok Leyland, flagship of the Hinduja Group, has reported a revenue of Rs 49130.000 Millions in the first half of the current fiscal, as against Rs 63460.000 Millions in the corresponding period last fiscal.
The market continues to contract, with the Total Industry Volume (MandHCV Domestic) down by 25%. Ashok Leyland clocked total MandHCV volumes of 30,820 nos. (41,411 nos) and LCV volumes of 14,021 nos. (15,913 nos). Despite the challenging scenario, the Company maintained market share. It retained leadership position in the passenger segment aided by better penetration in the ICV bus segment.
While the Company has reported a net loss of Rs 1670.000 Millions for the first half of FY14 (Net Profit of Rs 2100.000 Millions), net loss has reduced from Rs 1420.000 Millions in Q1 to Rs 250.000 Millions in Q2. Sale of long term investment generated Rs 480.000 Millions during the current quarter. EBITDA % improved from 1.5% in Q1 to 3.1% in Q2 in the current fiscal.
“Results are reflective of the tough market situation experienced during the first half of the year. There is likely to be some improvement in Q4 but we do not expect any significant change. As an organization we have used this opportunity to re-structure and will remain focused on creating better value for customers through new products, improving operating efficiency and divesting some of the non-core investments. Our recent sale of Defiance Testing and Engineering Services is part of this overall company strategy,” said Vinod K. Dasari, Managing Director, Ashok Leyland.
“BOSS, our breakthrough product in the ICV segment, was launched during the quarter and initial customer feedback on fuel efficiency and driving comfort has been very encouraging. The new engine platform, Neptune was launched in the multi-axle haulage vehicle called the Sankagiri Express. Our new MPV - STILE - the second product from the Ashok Leyland-Nissan alliance has just been launched and initial feedback is positive. We are confident these new products will help build volume and lead to greater customer satisfaction. We continue to invest in product development, network expansion and quality improvement initiatives,” he further added.
DESPITE A TOUGH
QUARTER, WE REMAIN FOCUSED ON BEING FUTURE-READY
Tuesday, July 16,
2013
“Although the entire commercial vehicle industry has had a very tough Quarter 1, we, at Ashok Leyland, have remained focused on being future-ready by staying committed to our product development, network expansion and cost control programmes,” said Mr. Vinod K. Dasari, Managing Director, Ashok Leyland, putting perspective to the Quarter 1 results of the Hinduja Group flagship. “What we are experiencing is one of the harshest and steepest of downturns and while we are combating it, the situation also affords us an opportunity to streamline our processes towards becoming a leaner and far more customer-oriented organization.”
The Company registered a turnover at Rs. 23638.100 Millions for the quarter ended June 30, 2013 as against Rs 30268.900 Millions of the corresponding quarter of the previous fiscal. However, the various cost control measures have helped the Company remain positive on the EBIDTA front.
Sale of vehicles for the quarter stood at 14,900 numbers (20,239 nos.) with domestic volume at 12,960 nos. (17,335 nos.) reflecting a drop of 25.2% over the previous corresponding quarter. The sale of the Company’s successful Small Commercial Vehicle ‘Dost’ was 6,824 nos. (7,248 nos.). Volumes from international operations stood at 1,940 nos. (2,904 nos.).
The Company’s Loss from Operations before Other Income, Finance Costs and Exceptional Items stood at Rs. 719.200 Millions (Profit of Rs. 1514.500 Millions). Apart from a drop in volumes, heavier discounting of vehicles to compete in the marketplace further eroded profits.
Ashok Leyland suffered a Net Loss at Rs. 1417.500 Millions as against a Net Profit of Rs. 669.400 Millions for the corresponding quarter in the previous year.
To effectively address the tough situation that is expected to last for this fiscal, the Company has initiated concerted efforts to reduce its breakeven point. Manufacturing footprint is being rationalized to improve asset utilization. Focused efforts to reduce the debt have been accelerated and steps have been taken to reduce operational expenses.
Speaking about the remainder of the financial year, Mr. Dasari said, “Although the market is still very volatile there are some green shoots showing. However, while we cannot control the market, we are focused on preparing ourselves for a revival which is bound to come hopefully sooner rather than later. We are seeking to capitalize on our gains in the ICV space with the launch of the BOSS vehicle which should win us market share. This will be followed by the introduction of the Neptune engine on select Multi-Axle vehicle models and the N-Truck with a revolutionary, new, world-class cab. The JnNURM 2 should prove to be an ideal launch pad for the Janbus. To support all this, we will continue to be aggressive in our network expansion and all these are going to help us to be future-ready,” he concluded.
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 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 pyments 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. 62.33 |
|
|
1 |
Rs. 102.18 |
|
Euro |
1 |
Rs. 84.68 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
57 |
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.