MIRA
INFORM REPORT
|
Report Date : |
08.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
AMARA RAJA BATTERIES LIMITED |
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Registered Office : |
Renigunta, |
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Country : |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
13.02.1985 |
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Com. Reg. No.: |
01-005305 |
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Capital Investment / Paid-up Capital : |
Rs. 170.810 millions |
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CIN No.: [Company Identification
No.] |
L31402AP1985PLC005305 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDA02631G |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
Stock Exchanges. |
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Line of Business : |
Manufacturer of lead-acid storage batteries for industrial and automotive applications and also provides installation and commissioning and maintenance services. |
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No. of Employees : |
3202 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (67) |
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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 33000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exists |
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Comments : |
Subject is a well established and a reputed company having a fine
track. Financial position of the company appears to be sound. Trade relations
are reported as trustworthy. Business is active. Payments are reported to be
regular and as per commitments. The company can be considered good 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
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Rating |
Long term rating : “AA+” |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
11.06.2013 |
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Rating Agency Name |
CRISIL |
|
Rating |
Short term rating : “A1+” |
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Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
11.06.2013 |
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.
LOCATIONS
|
Registered Office / Factory: |
Renigunta, |
|
Tel. No.: |
91-877-2285561 / 2265000 |
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Fax No.: |
91-877-2285600 / 2286999 |
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E-Mail : |
amararaja@amartpt.gnmds.global.net.in
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Website : |
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Corporate Office 1 : |
Riaz Garden, #
12, K.H. Road Nungambakkam Chennai-600034, Tamil Nadu, India |
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Tel. No.: |
91-44 -2821 3270 |
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Fax No.: |
91-44 -2828 4821 |
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Corporate Office 2 : |
5th Floor, Astra Towers,
12P, Hi-tech City, Kondapur, Hyderabad-500038, Andhra Pradesh, India |
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Tel. No.: |
91-40-23683000 |
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Fax No.: |
91-40-23118219 |
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Email : |
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Branch Office: |
Located At: ·
Bangalore
Kolkata
Chennai
Mumbai
New
Delhi |
DIRECTORS
As on 31.03.2012
|
Name : |
Dr. Ramachandra N Galla |
|
Designation : |
Chairman |
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Date of Birth : |
01.06.1938 |
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Qualification: |
M.E. (Applied Electronics) from Roorkee University, Uttar Pradesh. MS (Systems Sciences) from Michigan State University, USA |
|
Name(s) of other
Companies in which Directorships held : |
· Amara Raja Power Systems Limited Mangal
Precision Products Limited Amara
Raja Electronics Limited Galla
Foods Limited Amara
Raja Infra Private Limited Amaron
Batteries Private Limited Amara
Raja Industrial Services Private Limited RNGalla
Family Holdings Private Limited Andhra
Pradesh Gas Power Corporation Limited |
|
|
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|
Name : |
Mr. Jayadev Galla |
|
Designation : |
Managing Director |
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|
Name : |
Shu Qing Yang |
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Designation : |
Director |
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Name : |
Craig W Rigby |
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Designation : |
Director (w.e.f May 28, 2012) |
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Name : |
Raymond J Brown |
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Designation : |
Director (w.e.f May 28, 2012) |
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Date of Birth : |
28.08.1950 |
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Qualification: |
B.A. in Accounts and Finance from Pennsylvania State University. |
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Name : |
Mr. P. Lakshmana Rao |
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Designation : |
Director |
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Name : |
Mr. Nagarjun Valluripalli |
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Designation : |
Director |
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Name : |
Mr. N. Sri Vishnu Raju |
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Designation : |
Director |
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Date of Birth : |
28.12.1973 |
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Qualification: |
B.E. (Chemical) from Osmania University, Andhra Pradesh |
|
Name(s) of other Companies
in which Directorships held : |
· Raasi Computer Limited Raasi
Software Corporation Limited Elansoft
Infotech Limited Arlington
Estates and Resorts Private Limited Blue
Hammock Estates Private Limited Blue
Hammock Software Private Limited Dexter
Computech Private Limited Elansoft
Infocom Private Limited Exciga
Land Holdings Private Limited Exciga
Properties Private Limited Exciga
Soft Private Limited Foliage
Biotech Private Limited Fruiton
Bio Pharma Private Limited Ink
Reality Projects Private Limited Monza
Estates Private Limited Ratnamala
Real Estates Private Limited Revathi
Finances and Leasing Private Limited Unnathi
Estates Private Limited Verdant
Realtors Private Limited Viviso
Estates and Lands Private Limited Waporise
Systems India Private Limited |
|
|
|
|
Name : |
T. R. Narayanaswamy |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. N. Ramanathan |
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Designation : |
Company Secretary |
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Management Team : |
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Name : |
Mr. K. Suresh |
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Designation : |
Chief Financial Officer |
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Industrial Battery
Division : |
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|
Name : |
Mr. Srinivasa Rao Ganga |
|
Designation : |
Chief Marketing Officer |
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Name : |
Mr. M. M. Venkata Krishna |
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Designation : |
Chief Operations Officer |
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Automotive Battery
Division : |
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Name : |
Mr. Rajesh Jindal |
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Designation : |
Chief Marketing Officer |
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Name : |
Mr. M. Jagadish |
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Designation : |
Chief Operations Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2013
|
Category
of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
31974058 |
18.72 |
|
|
3115500 |
1.82 |
|
|
35089558 |
20.54 |
|
|
|
|
|
|
44411250 |
26.00 |
|
|
9426644 |
5.52 |
|
|
9426644 |
5.52 |
|
|
53837894 |
31.52 |
|
Total
shareholding of Promoter and Promoter Group (A) |
88927452 |
52.06 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
26075032 |
15.27 |
|
|
19214 |
0.01 |
|
|
17257936 |
10.10 |
|
|
43352182 |
25.38 |
|
|
|
|
|
|
5628884 |
3.30 |
|
|
|
|
|
|
15077212 |
8.83 |
|
|
6495303 |
3.80 |
|
|
11331467 |
6.63 |
|
|
97480 |
0.06 |
|
|
801991 |
0.47 |
|
|
9705590 |
5.68 |
|
|
308506 |
0.18 |
|
|
400 |
0.00 |
|
|
33000 |
0.02 |
|
|
384500 |
0.23 |
|
|
38532866 |
22.56 |
|
Total Public
shareholding (B) |
81885048 |
47.94 |
|
Total (A)+(B) |
170812500 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
170812500 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of lead-acid storage batteries for industrial and automotive applications and also provides installation and commissioning and maintenance services. |
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Products : |
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Brand Names : |
· Amaron® PowerZoneTM Power
Stack® AmaronVoltTM
QuantaTM |
PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
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|
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Storage batteries |
Nos. |
10,070,000 |
9,505,873 |
8,188,533 |
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Note: The installed capacity represents the capacity as at March 31, 2011 and average installed capacity represents year weighted average capacity based on expansions carried out during the year. The capacities are as certified by the management
GENERAL INFORMATION
|
No. of Employees : |
3202 (Approximately) |
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Bankers : |
· State Bank of India, Settipalli, Tirupati, Andhra Pradesh, India · Andhra Bank, Main Branch, Tirupati, Andhra Pradesh, India · State Bank of Hyderabad, Main Branch, Tirupati, Andhra Pradesh, India · Bank of Nova Scotia, Coimbatore, Tamilnadu, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors 1: |
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Name : |
E. Phalguna Kumar and Company Chartered Accountants |
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Address : |
Tirupati, Andhra Pradesh, India |
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Auditors 2: |
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Name : |
Chevuturi Associates Chartered Accountants |
|
Address : |
Vijayawada, Andhra Pradesh, India |
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|
|
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Auditors 3: |
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Name : |
A.V.N.S. Nageswara Rao Cost Accountants |
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Address : |
Hyderabad, Andhra Pradesh, India |
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|
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Enterprises in
which key management personnel and / or their relatives have significant
influence: |
· Amara Raja Power Systems Limited Amara
Raja Electronics Limited Mangal
Precision Products Limited Galla
Foods Limited Amara
Raja Infra Private Limited Amara
Raja Industrial Services Private Limited RNGalla
Family Holdings Private Limited Amaron
Batteries Private Limited |
|
|
|
|
Enterprises with
significant influence : |
Johnson Controls (Mauritius) Private Limited, Mauritius |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.2/- each |
Rs. 200.000 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
87514250 |
Equity Shares |
Rs.2/- each |
Rs. 175.030 Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
85406250 |
Equity Shares |
Rs.2/- each |
Rs. 170.810 Millions |
|
|
|
|
|
Reconciliation of the
shares outstanding at the beginning and end of the Year
|
Particulars |
31.03.2012 |
|
|
|
No. of shares |
Rs. In millions |
|
Equity share capital |
|
|
|
Shares outstanding at the beginning of the year |
85,406,250 |
170.81 |
|
Shares issued during the year |
-- |
-- |
|
Shares bought back during the year |
-- |
-- |
|
Shares outstanding at the end of the year |
85,406,250 |
170.81 |
Rights, preferences
and restrictions attached to equity shares
The Company has only one class of equity shares having a par value of Rs. 2/- each. Each holder of equity share is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the Annual General Meeting, except in case of interim dividend. In the event of liquidation, the holder of equity share will be entitled to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
Details of
shareholders holding more than 5% of share capital
|
Name of shareholder |
31.03.2012 |
|
|
|
No. of shares held |
% of holding |
|
Dr Ramachandra N Galla |
6,397,537 |
7.49 |
|
Sri Jayadev Galla |
6,410,992 |
7.51 |
|
Johnson Controls (Mauritius) Private Limited, Mauritius |
22,205,625 |
26.00 |
Aggregate number of
bonus shares issued during the period of five years immediately preceding the
reporting date
During the financial year 2008-09 the Company has allotted 28,468,750 equity shares as fully paid-up bonus shares by capitalising part of general reserve.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
170.810 |
170.810 |
|
(b) Reserves & Surplus |
|
8063.880 |
6288.460 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
8234.690 |
6459.270 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
784.720 |
701.020 |
|
(b) Deferred tax liabilities (Net) |
|
219.600 |
204.930 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
146.180 |
104.170 |
|
Total Non-current Liabilities (3) |
|
1150.500 |
1010.120 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
56.040 |
200.100 |
|
(b) Trade payables |
|
888.500 |
1053.790 |
|
(c) Other current
liabilities |
|
1124.560 |
967.930 |
|
(d) Short-term provisions |
|
2060.880 |
1467.990 |
|
Total Current Liabilities (4) |
|
4129.980 |
3689.810 |
|
|
|
|
|
|
TOTAL |
|
13515.170 |
11159.200 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
3524.800 |
3132.810 |
|
(ii) Intangible Assets |
|
20.920 |
18.060 |
|
(iii) Capital
work-in-progress |
|
310.650 |
369.570 |
|
(iv)
Intangible assets under development |
|
4.580 |
5.840 |
|
(b) Non-current Investments |
|
160.760 |
160.760 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
122.850 |
145.180 |
|
(e) Other Non-current assets |
|
1.110 |
2.370 |
|
Total Non-Current Assets |
|
4145.670 |
3834.590 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
2666.170 |
2846.970 |
|
(c) Trade receivables |
|
3196.830 |
3056.620 |
|
(d) Cash and cash
equivalents |
|
2292.200 |
451.180 |
|
(e) Short-term loans and
advances |
|
1182.700 |
946.740 |
|
(f) Other current assets |
|
31.600 |
23.100 |
|
Total Current Assets |
|
9369.500 |
7324.610 |
|
|
|
|
|
|
TOTAL |
|
13515.170 |
11159.200 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
170.812 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
5265.615 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
5436.427 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
272.947 |
|
|
2] Unsecured Loans |
|
|
638.947 |
|
|
TOTAL BORROWING |
|
|
911.894 |
|
|
DEFERRED TAX LIABILITIES |
|
|
216.353 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
6564.674 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
3057.255 |
|
|
Capital work-in-progress |
|
|
226.891 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
160.756 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
2175.724
|
|
|
Sundry Debtors |
|
|
2422.955
|
|
|
Cash & Bank Balances |
|
|
624.672
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
1087.277
|
|
Total
Current Assets |
|
|
6310.628 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
1375.662
|
|
|
Other Current Liabilities |
|
|
280.728
|
|
|
Provisions |
|
|
1534.466
|
|
Total
Current Liabilities |
|
|
3190.856
|
|
|
Net Current Assets |
|
|
3119.772
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
6564.674 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
23673.560 |
17610.530 |
14652.097 |
|
|
|
Other Income |
151.850 |
77.760 |
170.174 |
|
|
|
TOTAL (A) |
23825.410 |
17688.290 |
14822.271 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
14993.380 |
11787.140 |
|
|
|
|
Purchases of stock-in-trade |
840.020 |
74.140 |
11778.755 |
|
|
|
Employee benefits expense |
1002.640 |
884.590 |
|
|
|
|
Other expenses |
3175.910 |
2574.040 |
|
|
|
|
Changes in inventories of finished goods, work-in-process and stock-in-trade |
121.690 |
(283.140) |
|
|
|
|
TOTAL (B) |
20133.640 |
15036.770 |
11778.755 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
3691.770 |
2651.520 |
3043.516 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
40.590 |
30.580 |
67.716 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3651.180 |
2620.940 |
2975.800 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
464.730 |
417.120 |
429.451 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
3186.450 |
2203.820 |
2546.349 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1035.820 |
722.860 |
876.015 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
2150.630 |
1480.960 |
1670.334 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4661.090 |
3786.340 |
2572.802 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
215.000 |
148.090 |
167.033 |
|
|
|
Proposed Dividend |
322.840 |
222.060 |
247.678 |
|
|
|
Interim Dividend |
0.000 |
170.810 |
0.000 |
|
|
|
Tax on Dividend |
52.370 |
65.250 |
42.093 |
|
|
BALANCE CARRIED
TO THE B/S |
6221.510 |
4661.090 |
3786.332 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
1170.250 |
834.150 |
521.570 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
318.360 |
206.090 |
151.440 |
|
|
|
Finished Goods |
0.000 |
9.630 |
1.390 |
|
|
|
Raw Material and Components |
6818.430 |
4876.540 |
5057.590 |
|
|
|
Stores and Spares |
64.940 |
62.850 |
45.520 |
|
|
TOTAL IMPORTS |
7201.730 |
5155.110 |
5255.940 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
25.18 |
17.34 |
19.56 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
6937.900 |
7187.200 |
7591.500 |
8037.500 |
|
Total Expenditure |
5742.700 |
6007.600 |
6373.300 |
6918.500 |
|
PBIDT (Excl OI) |
1195.200 |
1179.700 |
1218.200 |
1119.100 |
|
Other Income |
58.600 |
70.200 |
70.700 |
71.100 |
|
Operating Profit |
1253.800 |
1249.800 |
1288.900 |
1190.100 |
|
Interest |
1.200 |
06.600 |
1.600 |
2.700 |
|
Exceptional Items |
0.000 |
(93.600) |
0.000 |
2.000 |
|
PBDT |
1252.500 |
1149.700 |
1287.400 |
1189.400 |
|
Depreciation |
129.300 |
132.000 |
132.200 |
267.300 |
|
Profit Before Tax |
1123.200 |
1017.700 |
1155.200 |
922.100 |
|
Tax |
362.300 |
316.700 |
346.1 |
326.100 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
761.000 |
701.000 |
809.100 |
596.000 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
761.000 |
701.000 |
809.100 |
596.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
9.03
|
8.37 |
11.27
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.46
|
12.51 |
17.38
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
24.43
|
20.75 |
27.18
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.39
|
0.34 |
0.47
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.10
|
0.14 |
0.17
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.27
|
1.99 |
1.98
|
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 |
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 |
No |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
CASE STATUS INFORMATION SYSTEM
ITTA 270 /
2008
ITTASR 2246 / 2007 CASE
IS: PENDING
|
PETITIONER |
RESPONDENT |
|
THE COMMISSIONER OF INCOME TAX, TIRUPATHI. PET.ADV. : NARASIMHA SARMA SUBJECT: U/Sec. 143 Assessment |
M/S AMARA RAJA BATTERIES LTD., TIRUPATHI. RESP.ADV. : RAMASWAMI DISTRICT: CHITTOOR |
|
|
|
|
FILING DATE: 12-10-2007 POSTING STAGE : FOR ADMISSION |
|
|
REG. DATE : 18-08-2008 LISTING DATE : 20-08-2008 STATUS : ADMIT |
|
|
HON'BLE JUDGE(S): T.MEENA KUMARI SANJAY KUMAR |
|
CORPORATE INFORMATION
Subject, part of the Amara Raja Group of Companies, is the second largest manufacturer of lead-acid storage batteries for industrial and automotive applications in India. The equity shares of the Company are listed in both Bombay Stock Exchange and National Stock Exchange. The Company’s products are supplied to various user segments like Telecom, Railways, Power Control, UPS and Exports under Industrial Battery business; and to Automobile OEMs, Replacement Market, Private Label Customers and Exports under Automotive Battery business. The Company also provides installation and commissioning and maintenance services to its customers. The leading automotive and industrial battery brands of the Company are Amaron®, PowerZoneTM, Power Stack®, AmaronVoltTM and QuantaTM.
Manufacturer of lead-acid storage batteries for industrial and automotive applications and also provides installation and commissioning and maintenance services.
PERFORMANCE OVERVIEW
The Company has posted gross sales of Rs.26057.000 millions for the financial year 2011-12 (previous year Rs.19443.000 millions), a 34% growth over the previous financial year. The net sales for the year ended March 31, 2012 grew by 34% at Rs.236740.000 million (previous year Rs.17611.000 millions). The export sales improved from Rs.834.000 millions in 2010-11 to Rs.1170.000 millions in 2011-12 - 40% growth.
The operating profit (Earnings Before Interest, Depreciation, Tax and Amortisation-EBIDTA) for the year stood at Rs.3580.000 millions (previous year Rs.2588.000 millions) representing 15.12% of net sales. The Profit Before Tax (PBT) and Profit After Tax (PAT) for the financial year ended March 31, 2012 was at Rs.3186.000 millions and Rs.2151.000 millions as against Rs.2204.000 millions and Rs.1481.000 millions of the previous financial year respectively. The profit after tax has registered an impressive 45% growth. The financial year 2011- 12 was a significant year in terms of highest ever turnover and profit in the history of the Company.
INDUSTRIAL BATTERY
BUSINESS
The Company’s Industrial Battery business registered 14% volume growth over the previous financial year amidst
Challenging and competitive market conditions. During the financial year 2011-12, the telecom sector witnessed significant slowdown in network expansion and up-gradation plans. Lack of growth in 3G business and delay in roll out of Broadband Wireless Access (BWA) networks also affected the growth in telecom business. Despite these challenges, the Company increased the volume and market share by virtue of its “preferred supplier status” with all major customers, backed by timely supplies; efficient after sales service; customer relationship management and product performance of both Powerstack® and Amaron VoltTM batteries.
During the year under review, the Company has capitalised on the growing demand for UPS batteries in India. The continuous demand for Quanta® batteries and better price realisation from various customers in the UPS sector contributed significantly for the improved performance in the Industrial Battery business. The Company continues to retain dominant market share in UPS battery business. During the year, the distribution channel (AQuA) of Quanta® batteries has been expanded from 75 to 100 dealers to augment sales in UPS battery replacement market.
Exports in the Industrial battery business have been growing significantly in the last couple of years aided by surge in demand through the expansion of Bharti Airtel’s network in Africa. The Company has also made significant inroads into Bangladesh and Srilanka.
While the Company is focusing on strengthening the businesses in the sectors in which it currently operates, it is also exploring new opportunities in emerging areas viz., renewable energy and power control sectors, to ensure that the leadership position in the Industrial Battery business is sustained. The Company is investing a sum of Rs.1900 million on the capacity enhancement in the medium VRLA product line during the next 12-16 months to meet the growing needs and also to sustain the growth momentum.
AUTOMOTIVE BATTERY
BUSINESS
The Company’s Automotive Battery business witnessed significant volume growth of 19% and 26% in 4-wheeler and 2- wheeler batteries respectively, over the previous financial year. During the period under review, the Company clocked a healthy double digit volume growth in automotive OEM business, despite muted automobile production in the Country due to adverse macro-economic conditions. The Aftermarket business saw substantial volume growth in 4-wheeler and 2-wheeler due to strong demand for Amaron® and PowerZoneTM batteries from
the customers. The aggressive advertisement campaigns and effective promotional activities for brand Amaron® and the launch of Amaron® and PowerZoneTM branded tubular inverter batteries and Home UPS under private label program has helped the Company to increase volume and market share.
During the year, the Company has expanded the Amaron® channel with the addition of 34 franchisees and initiated various activities around the channel to enhance the number of active retailers among the 18,000 retailers in Amaron®channel. The number of retail partners in PowerZone™ channel has increased to 900 in semi-urban and rural locations across the country.
The export business continues to grow in the Middle East with enrollment of more distributors. The Amaron® brand is well accepted in various countries across the Indian Ocean Rim, built through focused effort over the years.
In a short span of 4 years, the first ever VRLA motorcycle battery in India (Amaron Pro Bike Rider™) carved out an impressive share of about 24% of 2-wheeler organised replacement battery market. With the introduction of PowerZone™ branded batteries in the two wheeler segment, the Company is confident of garnering more volumes in the replacement market. The Company is well on course towards bagging the first few bulk orders from two wheeler original equipment manufacturers.
During the year, the 4-wheeler and 2-wheeler battery capacities were enhanced to 5.60 million units per annum and 4.80 million units per annum respectively to cater to the growing demand for the Company’s products. The 4-wheeler battery capacity will be enhanced further to 6.00 million units per annum during 2013- 14 to meet the capacity requirement of financial year 2013-14.
FINANCIAL POSITION
The Company’s financial position has vastly improved over the years. The net worth as at March 31, 2012 improved to Rs.8235.000 millions with the addition of Rs.1776.000 millions to the reserves during the year. During the financial year 2011-12, the Company has repaid in full the balance of term loan availed from BNP Paribas (ECB) and as at March 31, 2012 there are no interesting bearing debts in the books.
The debt to equity ratio as at March 31, 2012 stands at 0.10 times, without adjusting for cash and bank balances of Rs.2292.000 millions. The Company has parked the surplus funds in fixed deposits with reputed banks to ensure utmost safety, liquidity and return. The Company is confident of funding the recently announced capacity expansion at a strategic second location through the surplus cash and internal accruals. During the year, CRISIL reaffirmed the ratings for bank loan facilities for long-term at “CRISIL AA/stable” and for short-term at “CRISIL A1+.”
During the year, the gross fixed assets including capital work in progress increased by Rs.765.000 millions and are at Rs.6528.000 millions (previous year – Rs.5763.000 millions). The entire additions were funded through internal accruals.
The earnings per share of Rs.2/- each for the financial year 2011-12 was at Rs.25.18/- as against Rs.17.34/- for the previous financial year 2010-11, while the book value per share as at March 31, 2012 was at Rs.96/- against Rs.76/- as at March 31, 2011.
AWARDS AND
RECOGNITIONS
The Directors have pleasure in reporting the following awards and recognitions that the Company received during the year:
The Employer Branding Institute, a premier industry body on assessment of best people practices, has ecognized Amara Raja as 3rd best employer in India for the year 2011 and conferred the following awards at the National Level:
_ “Best HR Strategy in line with business.”
_ “Continuous Innovation in HR Strategy at work.”
_ “Excellence in HR through technology.”
_ “Excellence in Training.”
_ “Innovation in Recruitment.”
_ “Talent Management.”
The Company received the “World Excellence Award – Recognition of Achievement” under the category of Warranty Improvement for the year 2011 from Ford Motor Company at its annual world excellence awards function.
The Company received the first prize in “Best Organisation for Quality Movement” consecutively for the second time from Quality Control Forum of India (QCFI) and bagged two gold category awards at regional level (south) for QCC and excellence level awards at the national level in the automotive battery business.
The Company won third position in “National award for Excellence in Cost Management” for the year 2011 under ‘Private-Manufacturing-Organisation-Large’ from The Institute of Cost Accountants of India.
The Company’s Amaron® “Life Saver” media commercial has won Silver Medal under ‘Automotive Vehicles and Accessories’ category in the Creative ABBY Award – 2012.
UNSECURED LOAN
|
Particulars |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
Long term
borrowings |
|
|
|
Interest free sales tax deferment |
784.720 |
701.020 |
|
Total |
784.720
|
701.020
|
Note:
Interest free sales
tax deferment
The Company has availed interest free sales tax deferment under Andhra Pradesh sales tax deferment scheme (Target 2000) from the financial year 1997-98 as per the eligibility norms in respect of expanded capacities. The Company has availed total deferment of Rs. 811.400 Million since March,1998, which is repayable after a period of 14 years from the date of first availment.
• Eligible amount of interest free sales tax deferment – Rs. 813.330 Millions
• Period eligible for availment - Jan, 1998 till Sep, 2015
(Rs. millions)
|
Particulars |
31.03.2012 |
|
A. Total deferment availed since March, 1998 |
811.400 |
|
Less: Repayments |
12.080 |
|
B. Outstanding deferred payment liability |
799.320 |
|
Liability to be repaid in next 12 months |
14.600 |
|
Balance liability |
784.720 |
Foreign currency term
loan from BNP Paribas
The Company's fixed assets both movable and immovable, were placed as security by way of first charge for the term loan obtained in foreign currency from BNP Paribas. The Company has repaid the loan in full during the year.
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2012 |
|
a) Claims against the Company not acknowledged as debts |
|
|
i) Excise duty/service tax |
16.100 |
|
ii) Sales tax |
30.060 |
|
iii) Income tax |
48.930 |
|
iv) Electricity |
248.890 |
|
v) Dues to supplier |
-- |
|
[Against all the above Rs.9.48 Million (Rs.5.640 Million) was paid under protest] |
|
STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE
QUARTER AND NINE MONTHS ENDED 31.12.2012
(Rs. In millions)
|
|
Particulars |
Quarter ended |
Nine Months ended |
|
|
|
31.12.2012 |
30.09.2012 |
31.12.2012 |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
1 |
(a) Net Sales/Income from
operations (Net of excise duty) |
7568.700 |
7148.019 |
21624.563 |
|
|
(b) Other operating
income |
22.824 |
39.211 |
92.083 |
|
|
Total income from
operations (net) |
7591.524 |
7187.230 |
21716.646 |
|
2 |
Expenses |
|
|
|
|
|
a. Cost of materials
consumed |
4377.728 |
4186.920 |
12890.731 |
|
|
b. Purchase of
stock-in-trade |
536.733 |
523.314 |
1575.221 |
|
|
c. Changes in inventories
of finished goods, work in process |
94.307 |
10.185 |
(108.551) |
|
|
and stock-in-trade |
|
|
|
|
|
d. Employee benefits
expense |
319.964 |
301.542 |
913.956 |
|
|
e. Depreciation and
amortisation expense |
132.193 |
132.026 |
393.539 |
|
|
f. Other expenses |
1044.555 |
985.619 |
2852.187 |
|
|
Total expenses |
6505.480 |
6139.606 |
18517.083 |
|
3 |
Profit from operations
before other income, finance costs and exceptional items (1-2) |
1086.044 |
1047.624 |
3199.563 |
|
4 |
Other income |
70.706 |
70.179 |
199.431 |
|
5 |
Profit from ordinary
activities before finance costs and exceptional items (3+4) |
1156.750 |
1117.803 |
3398.994 |
|
6 |
Finance costs |
1.562 |
6.554 |
9.349 |
|
7 |
Profit from ordinary activities
after finance costs but before exceptional items (5-6) |
1155.188 |
1111.249 |
3389.645 |
|
8 |
Exceptional items |
- |
(93.569) |
(93.569) |
|
9 |
Profit from ordinary
activities before tax (7+8) |
1155.188 |
1017.680 |
3296.076 |
|
10 |
Tax expense |
346.080 |
316.691 |
1025.030 |
|
11 |
Net Profit from ordinary
activities after tax (9-10) |
809.108 |
700.989 |
2271.046 |
|
12 |
Extraordinary items |
- |
- |
- |
|
13 |
Net Profit for the period
(11-12) |
809.108 |
700.989 |
2271.046 |
|
14 |
Paid-up equity share
capital (Face Value Re. 1/- each) |
170.812 |
170.812 |
170.812 |
|
15 |
Reserve excluding
revaluation reserves as per balance sheet of previous accounting year |
|
|
|
|
16.i |
Basic and diluted earning
per share before extraordinary items (of Re. 1/- each) (not annualised) |
4.74 |
4.11 |
13.30 |
|
ii |
Basic and diluted earning
per share after extraordinary items (of Re.1/- each) (not annualised) |
4.74 |
4.11 |
13.30 |
|
|
Particulars |
Quarter ended |
Nine Months ended |
|
|
|
|
31.12.2012 |
30.09.2012 |
31.12.2012 |
|
A |
PARTICULARS
OF SHAREHOLDING |
|
|
|
|
1 |
Public
shareholding |
|
|
|
|
|
- Number
of shares |
8,18,85,048 |
8,18,85,048 |
8,18,85,048 |
|
|
- Percentage
of shareholding |
47.94 |
47.94 |
47.94 |
|
2 |
Promoters
and Promoter Group Shareholding |
|
|
|
|
|
a) Pledged
/ Encumbered |
|
|
|
|
|
- Number
of shares |
40,97,140 |
40,97,140 |
40,97,140 |
|
|
- Percentage
of shares (as a % of the total shareholding of |
4.61 |
4.61 |
4.61 |
|
|
promoter
and promoter group) |
|
|
|
|
|
-
Percentage of shares (as a % of the total share capital of |
2.40 |
2.40 |
2.40 |
|
|
the
company) |
|
|
|
|
|
b) Non - encumbered |
|
|
|
|
|
- Number
of shares |
8,48,30,312 |
8,48,30,312 |
8,48,30,312 |
|
|
-
Percentage of shares (as a % of the total shareholding of |
95.39 |
95.39 |
95.39 |
|
|
promoter
and promoter group) |
|
|
|
|
|
- Percentage
of shares (as a % of the total share capital of |
49.66 |
49.66 |
49.66 |
|
|
the
company) |
|
|
|
|
|
Particulars |
Quarter ended 31.12.2012 (No.) |
|
B |
INVESTOTR
COMPLAINTS |
|
|
|
Pending at
the beginning of the quarter |
Nil |
|
|
Received
during the quarter |
2 |
|
|
Disposed
of during the quarter |
2 |
|
|
Remaining
unresolved at the end of the quarter |
Nil |
NOTES:
As the Company's business activity
falls within a single primary business segment, viz., "Lead Acid Storage
Batteries", the disclosure requirement of AS-17 "Segment
Reporting", notified by the Companies (Accounting Standards) Rules, 2006
are not applicable.
Net sales are net of trade
discounts / trade incentives.
The Company had sub-divided
its equity shares of Rs.2/- each into equity shares of Re.1/- each on September
26, 2012. Hence earning per share for the previous periods have been restated
on the face value per equity share of Re.1/- each for comparability. The number
of shares as at December 31, 2011 and March 31, 2012 disclosed under the
"Particulars of Shareholdings" is prior to sub-division of shares.
Exceptional item represent
net provision for Fuel Surcharge Adjustment claim(s) by Southern Power
Distribution Company of Andhra Pradesh Limited for financial years from 2009-10
to 2011-12
Previous year figures have
been re-grouped / re-classified wherever necessary to confirm to current year
figures in accordance with the revised Schedule VI.
The aforementioned results
were reviewed by the audit committee and approved by the board of directors at
its meeting held on January 28, 2013 and limited review of the same has been
carried out by the statutory auditors of the Company.
WEBSITE DETAILS
PRESS RELEASE
AUTO BATTERY MAKERS GAIN AS LEAD PRICES FALL
APRIL 18, 2013
Shares of auto battery
makers gain on expectations of better margins after prices of lead, a key raw
material for batteries, tumble near October 2012 lows.
Lead prices have fallen
11.4% so far this year as of Wednesday's close.
Analysts say lead
constitutes about 80% of battery makers' input costs.
Exide Industries Ltd gain 1.2% , while Amara Raja Batteries
Ltd is up 1.8%.
AMARA RAJA REPORTS RECORD REVENUE AND PROFIT IN A QUARTER.
PROFIT FOR 9 MONTHS SURPASSES FULL YEAR PROFITS OF PREVIOUS YEAR.
BOARD APPROVES FURTHER EXPANSION IN CAPACITY WITH A CAPITAL OUTLAY OF
RS.4.40 BILLION.
January 28, 2013: Amara Raja Batteries Limited,
India’s leading Industrial and Automotive Battery major (BSE Code: 500008
and NSE Code: AMARAJABAT) today reported Net Sales (excluding other income)
of Rs.7569.000 millions in Q3 FY13 (Rs.6124.000 millions) - a 24% growth
and Profit After Tax (PAT) at Rs.809.000 millions (Rs.659.000 millions) - a
23% growth.
Net Revenue for 9 months period ended December 31, 2012 stands at Rs.21.62
billion (Rs.16.97 billion) – a 27% growth and PAT for the same period is
Rs.2.27 billion (Rs.1.57 billion) – a 44% growth. 9 months PAT is more than the
full year FY12 PAT of Rs.2.15 billion.
The performance of the Company for
the quarter and nine months ended December 31, 2012 is as under:
Rs. in
Millions
|
Particulars |
Unaudited
financials for the quarter ended |
Unaudited financials
for the half year ended |
Audited
Financials for the year ended |
||
|
|
31-Dec-12 |
31-Dec-11 |
31-Dec-12 |
31-Dec-11 |
31-Mar-12 |
|
Gross Sales |
7569.000 |
6124.000 |
21624.000 |
16967.000 |
23674.000 |
|
PBT |
1155.000 |
980.000 |
3296.000 |
2320.000 |
3186.000 |
|
PAT |
809.000 |
659.000 |
2271.000 |
1568.000 |
2151.000 |
The Automotive battery business
reported strong double digit growth both in volumes and revenue despite depressed
OE demand and capacity constraints in automotive 4W batteries during the
quarter. The strong growth in volumes of 4-wheeler and 2-wheeler batteries was
supported by focused action around the brand, channel and customer
relationship. The consumer preference for brand Amaron® and PowerZone™
continues to provide market share gain in aftermarket due to its product
offering coupled with endurance and quality. With aftermarket demand expected
to pick up in FY14, the Company expects to grow above the industry average in
the near future. The Company is all set to commence supply of 2W batteries to
OEMs in couple of months. The pan-India consumer response to Amaron® and
PowerZone™ branded Home UPS products has been very promising and this business
will aid in revenue and profit growth of the Company in the years to come.
The Industrial battery business has reported double digit revenue growth
enabled by improved demand from telecom market and reasonable volume growth both
in telecom and UPS segments. The Company could not fully capitalize on the
growing demand and preference for its telecom (PowerStack™) and UPS (Quanta™)
batteries for want of capacity. The Company continues to enjoy preferred
supplier status with telecom and UPS customers and would further fortify this
position by providing end-to-end solutions and leveraging its reach through
partners in the business. The MVRLA Capacity expansion is progressing as per
schedule and is confident of meeting the growing demand from the new plant
effective Q3 of the next financial year. The Company has secured consent of the
board to expand Large VRLA product line capacity to cater to growing demand in
telecom in the near future and to exploit export opportunities in the long run.
Commenting on the Q3 performance, Mr. Jayadev Galla, Managing Director,
Amara Raja Batteries Limited said, “I am happy to report double digit
growth both in top-line and bottom-line despite slack demand from OE customers
in automotive segment, supply challenges for want of capacities in all product
lines except 2W batteries, and cost escalations. The Company is keeping a close
watch on cost increases due to power shortage, power tariff hike, rising
commodity and fuel prices, and volatility in currency markets. The Company is
confident of its growth prospects and hence continues to invest on capacities
and products to support market leading growth in the medium and long term”
Mr. Ravi Bhamidipati, Executive Director, Amara Raja Batteries Limited
said, “ To capitalize on the growth opportunities ahead of us, we decided to
invest Rs.4.40 billion to augment capacities in Large VRLA and automotive
4-wheeler product lines over a period of 16 to 18 months. This investment is in
addition to already approved capital investment of Rs.3.04 billion to expand
capacities in Medium VRLA, automotive 4-wheeler and automotive 2-wheeler
product lines.”
Commenting on the Q3 performance, Mr. K.Suresh, Chief Financial Officer,
said, “We continue to enjoy debt free status with free cash of over Rs.3.50
billion as on December 31, 2012. The capacity expansion programs undertaken in
the last 12 months are progressing as per schedule. The market capitalization
of the Company touched Rs.50 billion aided by stellar performance during the
last 6 quarters and growing confidence of investors”
About Amara Raja Batteries Limited
Amara Raja Batteries Limited, a company with 26% equity each from Galla Family
and Johnson Controls Inc, USA, is the technology leader and is one of the largest
manufacturers of lead acid batteries for both industrial and automotive
applications in the Indian storage battery industry.
In India, Amara Raja is the preferred supplier to major telecom service
providers, Telecom equipment manufacturers, UPS sector (OEM and Replacement),
Indian Railways and to Power, Oil and Gas among other industry segments. Amara
Raja is a leading manufacturer of automotive batteries under the brands -
Amaron® and PowerZone™, which are distributed through a large pan - India sales
and service retail network.
The Company supplies automotive batteries under OE relationships to Ashok
Leyland, Ford India, Honda, Hyundai, Mahindra and Mahindra, Maruti Suzuki, and
Tata Motors. The Company’s Industrial and Automotive batteries are exported to
Asia Pacific, Africa and Middle East.
Johnson Controls is a global leader in Power Solutions, Automotive
Seating Systems and Building Efficiency. Johnson Controls provides batteries
for automobiles and hybrid electric vehicles, along with system engineering and
service expertise. The Company provides innovative automotive interiors that
help driving more comfortable, safe and enjoyable. For buildings it offers
products and services that optimize energy use and improve comfort and
security. Johnson Controls (NYSE: JCI), founded in 1885, is head quartered in
Milwaukee, Wisconsin. Its net sales for the year ended September 30, 2012 is
US$ 42.00 billion.
FIXED ASSETS
v
Tangible
Assets
· Land and land development
· Buildings
· R&D buildings
· Plant and machinery
· R&D plant and machinery
· Electrical installations
· Furniture
· Vehicles
· Office equipment
v
Intangible
Assets
· Brands/trademarks
· Computer software
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.60.34 |
|
|
1 |
Rs.90.79 |
|
Euro |
1 |
Rs.77.81 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
67 |
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.