MIRA
INFORM REPORT
|
Report Date : |
24.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
AHMEDNAGAR FORGINGS LIMITED |
|
|
|
|
Registered
Office : |
Gate No. 614, Village
Kuruli, Khed, Pune - 410501, |
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Country : |
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|
Financials (as
on) : |
30.06.2012 |
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|
|
Date of
Incorporation : |
21.03.1977 |
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Com. Reg. No.: |
11-019569 |
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|
Capital
Investment / Paid-up Capital : |
Rs. 367.500 Millions |
|
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|
|
CIN No.: [Company Identification
No.] |
L28910MH1977PLC019569 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEA05185F |
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|
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PAN No.: [Permanent Account No.] |
AACCA3454H |
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|
Legal Form : |
A public limited
liability company. The company’s
shares are listed on the Stock Exchanges |
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Line of Business
: |
Manufacture and Distribution of High-Precision Closed Die Steel
Forgings and Auto Components for the Automotive, Defence and Railway Industries. |
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|
|
|
No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 29530000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company fine track record. Financial
position of the company appears to be sound. Performance capacity of the company
seems to be good. Trade relations are reported as fair. Business is active.
Payments are reported to be regular and as per commitment. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
AA- (Long Term Bank Facilities) |
|
Rating Explanation |
Having high degree of safety regarding timely servicing of financial
obligation. It carry low credit risk. |
|
Date |
April 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 DECLINED BY
|
Name : |
Mr. P T Garwadkar |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-20-66031188 |
|
Date : |
24.06.2013 |
LOCATIONS
|
Registered Office : |
Gate No. 614, Village
Kuruli, Khed, Pune - 410501, |
|
Tel. No.: |
91-20-66031188 |
|
Fax No.: |
Not Available |
|
E-Mail : |
aflimited@yahoo.com |
|
Website : |
|
|
|
|
|
Head Office : |
Office No.604, 6th Floor, The Great Eastern Plaza, Opposite
Gunjan Theatre, Airport Road, Yerawada, Pune-411006, Maharashtra, India |
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|
|
|
Works : |
• D 95, MIDC
Area, Manmad Road, P.O. Box-2, Ahmednagar-414111, Maharashtra, India • Chakan, District
Pune, Maharashtra, India • Kuruli,
District Pune, Maharashtra, India • Nalagarh,
District Solan, Himachal Pradesh, India |
DIRECTORS
AS ON 30.06.2012
|
Name : |
Mr. Arvind Dham |
|
Designation : |
Chairman |
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|
|
|
Name : |
Mr. S. Rajagopalan |
|
Designation : |
Whole Time Director |
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|
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|
Name : |
Mr. D. S. Malik |
|
Designation : |
Director |
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|
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|
Name : |
Mr. S. E. Krishnan |
|
Designation : |
Director |
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|
Name : |
Mr. B. Lugani |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Gautam Malhotra |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vivek Kumar Agarwal |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Ms. Swati Ahuja |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. P T Garwadkar |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2013
|
Category of
Shareholder |
No. of Shares |
% of No. of
Shares |
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
Bodies Corporate |
22004492 |
59.88 |
|
|
Sub Total |
22004492 |
59.88 |
|
|
(2) Foreign |
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
22004492 |
59.88 |
|
|
|
|
|
|
|
(1) Institutions |
|
|
|
|
Mutual Funds / UTI |
3183593 |
8.66 |
|
|
|
208066 |
0.57 |
|
|
Foreign Institutional Investors |
5703014 |
15.52 |
|
|
Any Others
(Specify) |
600 |
0 |
|
|
Foreign Financial Institutions / Banks |
600 |
0 |
|
|
|
9095273 |
24.75 |
|
|
(2)
Non-Institutions |
|
|
|
|
Bodies Corporate |
2036615 |
5.54 |
|
|
Individuals |
|
|
|
|
|
2520999 |
6.86 |
|
|
Individual shareholders holding nominal share
capital in excess of Rs. 0.100 Million |
809054 |
2.2 |
|
|
Any Others
(Specify) |
283567 |
0.77 |
|
|
Clearing Members |
2527 |
0.01 |
|
|
|
60610 |
0.16 |
|
|
Hindu Undivided Families |
219680 |
0.6 |
|
|
Trusts |
750 |
0 |
|
|
Sub Total |
5650235 |
15.37 |
|
|
Total Public
shareholding (B) |
14745508 |
40.12 |
|
|
Total (A)+(B) |
36750000 |
100 |
|
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
0 |
0 |
|
|
|
0 |
0 |
|
|
(2) Public |
0 |
0 |
|
|
Sub Total |
0 |
0 |
|
|
Total
(A)+(B)+(C) |
36750000 |
0 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Sl.No. |
Name of the
Shareholder |
Details of
Shares held |
||
|
No. of Shares
held |
As a % of grand
total (A)+(B)+(C) |
|||
|
1 |
Amtek Auto Limited |
2,20,04,492 |
59.88 |
|
|
|
Total |
2,20,04,492 |
59.88 |
|
(*) The term encumbrance has the same meaning as assigned to
it in regulation 28(3) of the SAST Regulations, 2011.
Shareholding of securities
(including shares, warrants, convertible securities) of persons belonging to
the category Public and holding more than 1% of the total number of shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares
held |
Shares as % of
Total No. of Shares |
|
|
1 |
HDFC Trustee Company Limited - HDFC Prudence Fund |
1774860 |
4.83 |
|
|
2 |
HDFC Trustee Company Limited - HDFC Mid Cap Opportunities Fund |
1221304 |
3.32 |
|
|
3 |
Copthall Mauritius Investment Limited |
1609357 |
4.38 |
|
|
4 |
Asia Investment Corporation Mauritius Limited |
401390 |
1.09 |
|
|
5 |
Warhol Limited |
3456898 |
9.41 |
|
|
6 |
Chhattisagarh Investments Limited |
528944 |
1.44 |
|
|
|
Total |
8992753 |
24.47 |
Shareholding of securities
(including shares, warrants, convertible securities) of persons (together with PAC)
belonging to the category “Public” and holding more than 5% of the total number
of shares of the company
|
Sl. No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of Total
No. of Shares |
|||||||||||||
|
1 |
Warhol Limited |
3456898 |
9.41 |
|||||||||||||
|
|
Total |
3456898 |
9.41 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture and Distribution of High-Precision Closed Die Steel Forgings
and Auto Components for the Automotive, Defence and Railway Industries. |
||||
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||||
|
Products : |
|
PRODUCTION STATUS (AS ON : 30.06.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
|
Steel Forgings |
MT |
225000 |
225000 |
112162 |
GENERAL INFORMATION
|
Customers : |
·
Hero Honda ·
TATA ·
Toyota ·
Yamaha ·
TVS ·
Ashok Leyland ·
Swaraj Mazda |
||||||||||||||||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
Information denied by the management |
||||||||||||||||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
Andhra Bank ·
Karur Vysya Bank Limited ·
IDBI Bank Limited |
||||||||||||||||||||||||||||||||||||||||||||
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|
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Facilities : |
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||||||||||||||||||||||||||||||||||||||||||||
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Manoj Mohan and Associates Chartered Accountant |
|
|
|
|
Holding Company : |
·
Amtek Auto Limited |
|
|
|
|
Joint Venture of Holding Company : |
·
Amtek Tekfor Automotive Limited ·
MPT Amtek Automotive (India) Limited ·
SMI Amtek Crankshafts Private Limited |
|
|
|
|
Subsidiaries : |
·
Amtek Crank Shafts India Limited ·
Amtek Deutshland GmbH ·
Amtek Investment UK Limited ·
Amtek InvestmentInc. US ·
Smith Jones Inc. ·
Amtek Ring Gears Limited ·
Amtek Transportation Systems Limited ·
Alliance Hydro Power Limited ·
Amtek India Limited ·
Amtek Defence Technologies Private Limited |
CAPITAL STRUCTURE
AS ON 30.06.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs. 400.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
36750000 |
Equity Shares |
Rs.10/- each |
Rs. 367.500
Millions |
|
|
|
|
|
NOTES
SHARES HELD BY HOLDING COMPANY
|
Particulars |
AS AT 30.06.2012 |
|
|
NO. OF SHARES |
% |
|
|
Amtek Auto Limited |
20196665 |
54.96% |
RECONCILIATION OF SHARES
|
PARTICULARS |
AS AT 30.06.2012 |
|
|
NO. OF SHARES |
RS. IN MILLIONS |
|
|
EQUITY SHARES |
|
|
|
Shares outstanding at the beginning of the year |
36750000 |
367.500 |
|
|
|
|
|
Shares outstanding at the end of the year |
36750000 |
367.500 |
NAME OF SHAREHOLDERS HOLDING MORE THAN 5% OF EQUITY SHARES
|
Name of
Shareholders |
AS AT 30.06.2012 |
|
|
No. of Shares Held |
% of Holding |
|
|
Amtek Auto Limited |
20196665 |
54.96% |
|
Warhol Limited |
3456898 |
9.41% |
|
Asia Investment Corporation Mauritius Limited |
2201390 |
5.99% |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
30.06.2012 |
30.06.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
367.500 |
367.500 |
|
(b) Reserves & Surplus |
|
7015.586 |
5849.569 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
7383.086 |
6217.069 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
4485.422 |
3927.146 |
|
(b) Deferred tax liabilities (Net) |
|
1044.099 |
972.961 |
|
(c) Other long term liabilities |
|
120.295 |
133.627 |
|
(d) long-term provisions |
|
30.219 |
29.220 |
|
Total Non-current Liabilities (3) |
|
5680.035 |
5062.954 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
|
1960.113 |
901.936 |
|
(b) Trade payables |
|
959.667 |
616.180 |
|
(c) Other current
liabilities |
|
1701.475 |
1677.411 |
|
(d) Short-term provisions |
|
99.576 |
87.135 |
|
Total Current Liabilities (4) |
|
4720.831 |
3282.662 |
|
|
|
|
|
|
TOTAL |
|
17783.952 |
14562.685 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
9679.180 |
9323.787 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
454.289 |
189.656 |
|
(b) Non-current Investments |
|
9.285 |
9.285 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
911.784 |
19.368 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
11054.538 |
9542.096 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
2637.129 |
2137.784 |
|
(c) Trade receivables |
|
2826.822 |
2248.247 |
|
(d) Cash and cash
equivalents |
|
743.724 |
468.390 |
|
(e) Short-term loans
and advances |
|
519.210 |
165.299 |
|
(f) Other current
assets |
|
2.529 |
0.869 |
|
Total Current Assets |
|
6729.414 |
5020.589 |
|
|
|
|
|
|
TOTAL |
|
17783.952 |
14562.685 |
|
SOURCES OF FUNDS |
|
|
30.06.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
367.500 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
4853.440 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
5220.940 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
5369.038 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
5369.038 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
10589.978 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
8906.715 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
9.285 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1753.598 |
|
|
Sundry Debtors |
|
|
987.296 |
|
|
Cash & Bank Balances |
|
|
470.858 |
|
|
Other Current Assets |
|
|
2.410 |
|
|
Loans & Advances |
|
|
364.472 |
|
Total
Current Assets |
|
|
3578.634 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
581.993 |
|
|
Other Current Liabilities |
|
|
1236.956 |
|
|
Provisions |
|
|
85.707 |
|
Total
Current Liabilities |
|
|
1904.656 |
|
|
Net Current Assets |
|
|
1673.978 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
10589.978 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.06.2012 |
30.06.2011 |
30.06.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
11825.647 |
9081.584 |
|
|
|
|
Other Income |
358.667 |
290.856 |
|
|
|
|
TOTAL (A) |
12184.314 |
9372.440 |
6653.291 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
7985.070 |
5775.137 |
|
|
|
|
Employee benefit expense |
600.185 |
536.236 |
|
|
|
|
Other expenses |
731.084 |
647.005 |
|
|
|
|
Changes in
inventories of finished goods, work-in-progress and Stock-in-Trade |
(107.051) |
(61.062) |
|
|
|
|
TOTAL (B) |
9209.288 |
6897.316 |
4890.166 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2975.026 |
2475.124 |
1763.125 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
648.460 |
452.303 |
388.634 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2326.566 |
2022.821 |
1374.491 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
612.951 |
499.507 |
433.204 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
1713.615 |
1523.314 |
941.287 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
504.886 |
441.761 |
300.425 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
1208.729 |
1081.553 |
640.862 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
979.558 |
483.429 |
330.415 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1750.000 |
500.000 |
400.000 |
|
|
|
Dividend |
36.750 |
73.500 |
73.500 |
|
|
|
Corporate Dividend Tax |
5.962 |
11.924 |
12.207 |
|
|
|
Dividend and Tax of Previous Year |
0.000 |
0.000 |
2.141 |
|
|
BALANCE CARRIED
TO THE B/S |
395.575 |
979.558 |
483.429 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
85.439 |
65.288 |
12.440 |
|
|
TOTAL EARNINGS |
85.439 |
65.288 |
12.440 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components & Spares Parts |
1.531 |
1.148 |
0.861 |
|
|
TOTAL IMPORTS |
1.531 |
1.148 |
0.861 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
32.89 |
29.43 |
17.76 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.09.2012 |
31.12.2012 |
31.03.2013 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
3026.800 |
2898.800 |
3301.800 |
|
Total Expenditure |
2224.800 |
2136.300 |
2372.200 |
|
PBIDT (Excl OI) |
802.000 |
762.500 |
929.600 |
|
Other Income |
0.000 |
0.000 |
0.000 |
|
Operating Profit |
802.000 |
762.500 |
929.600 |
|
Interest |
184.400 |
160.900 |
209.300 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
617.600 |
601.600 |
720.300 |
|
Depreciation |
177.200 |
177.200 |
177.200 |
|
Profit Before Tax |
440.400 |
424.400 |
543.100 |
|
Tax |
132.100 |
127.300 |
162.900 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
308.300 |
297.100 |
380.200 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
308.300 |
297.100 |
380.200 |
KEY RATIOS
|
PARTICULARS |
|
30.06.2012 |
30.06.2011 |
30.06.2010 |
|
PAT / Total Income |
(%) |
9.92
|
11.54 |
9.63 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
14.49
|
16.77 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.40
|
10.61 |
7.54 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.25 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.87
|
0.78 |
1.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.43
|
1.53 |
1.88 |
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
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 |
|
Unsecured Loan |
Rs.
In Millions 30.06.2012 |
Rs.
In Millions 30.06.2011 |
||||||||||
|
LONG TERM BORROWINGS |
|
|
||||||||||
|
External Commercial Borrowings |
1112.500 |
0.000 |
||||||||||
|
|
|
|
||||||||||
|
TOTAL |
1112.500 |
0.000 |
||||||||||
|
NOTES LONG TERM BORROWINGS Maturity Profile of External Commercial Borrowings is set out below:
Interest Rate of External Commercial Borrowing is LIBOR+3% |
||||||||||||
SUNDRY CREDITORS
DETAILS
(Rs.
In Millions)
|
Particulars |
30.06.2012 |
30.06.2011 |
30.06.2010 |
|
Sundry Creditors
|
959.667 |
616.180 |
581.993 |
|
|
|
|
|
|
TOTAL |
959.667 |
616.180 |
581.993 |
BUSINESS SNAPSHOT
Ahmednagar Forgings
is the second largest Forging Company in India with world class manufacturing
facilities. These have significant locational advantages through their
proximity to the automotive manufacturer hubs in the North and West regions of
India. Ahmednagar Forgings has state-of-the-art facilities with presses,
hammers, up setters and ring rolling machines. It has an extensive product
portfolio with a range of highly engineered components including camshafts,
connecting rods, crankshaft, crown wheel pinion and front axle beam. The
Company supplies components for passenger cars, light and heavy commercial
vehicles, 2/3 wheelers and tractors. It also manufactures components for
non-auto industry such as the railways and specialty vehicles. The Company
serves diversified client base. Ahmednagar Forgings is well positioned in the
Indian auto component market. The Company is also backed by number of leading
investors.
FINANCIAL
PERFORMANCE
During the year,
the total income of the Company was Rs. 12184.300 Millions compared to the
previous year of Rs. 9372.400 Millions, recording an increase of 30% year
on year. The Profit after Tax of the Company for the year was Rs. 1208.700
Millions as compared to the previous year of Rs. 1081.500 Millions, recording
an increase of 11.76% year on year. The Company has a strong reserve position
of Rs. 7015.600 Millions.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
INDUSTRY OVERVIEW
INDIAN ECONOMY
The economic
environment in India has deteriorated significantly over the last 12 months. In
response, the Government of India has introduced a series of wide ranging
reforms to facilitate foreign investment, control the fiscal deficit and
improve growth prospects. These have ranged from reducing subsidies on fuel to
the opening up of previously protected sectors such as multi brand retailing
and insurance to foreign direct investment.
However, whilst
these policies are implemented, controlling inflation remains a high priority.
For the year ended March 2013, WPI based inflation is expected to be 7.5%. This
assumes continued near term staple food price inflation and the impact of the
pass-through of market based oil prices into retail fuel prices. The increases
in the indirect and services tax rates in the last budget are likely to add to
the inflationary pressures.
Inflation is also
the key driver for broader fiscal policy. The Reserve Bank of India has been
unable to reduce interest rates meaningfully to stimulate consumption led
growth. Ongoing volatility in the foreign exchange market and the depreciation
of rupee has added additional complexity for policy makers.
As per RBI,
India’s GDP growth is estimated to be 6.5% for the year ended March 2012, lower
than the 8.4% growth in Year Ending (YE) March 2011 and 10% in YE March 2010.
In YE March 2012, Index of Industrial Production (IIP) registered a growth of
2.8% compared to 8.2% in YE March 2011. Except Electricity which grew by 8.2%,
the remaining two sectors – Mining and Manufacturing remained under pressure at
(2.0)% and 2.9% y-o-y, respectively in YE March 2012. Despite a delayed monsoon
season, the agriculture sector is expected to grow by 3.0%.
AUTOMOBILE INDUSTRY
The long term Auto
industry dynamics in India are attractive from both end market and
manufacturing platform perspectives. Consumer demand has been underpinned by
favorable demographic changes, in particular by ongoing urbanization and an
increasing middle class. Disposable incomes have also increased and
correspondingly raised vehicle ownership levels. Over the last 5 years,
relatively high GDP growth and industrial activity increased the demand for
commercial vehicles. Current low levels of agricultural mechanization have
resulted in strong tractor demand. India is expected to be the third largest
automotive market by volumes in 2015 after US and China.
India has also
been acknowledged by many global OEMs as one of the most strategically
important emerging auto markets in the world. It is not only an attractive
destination for OEMs as an end customer market but also an
increasingly
critically important manufacturing base. For example, global majors Ford, GM
and Renault-Nissan have all announced that they will set up their manufacturing
facilities in India. These manufacturing facilities will be used to service
both the domestic and export markets.
AUTO INDUSTRY: OUTLOOK
In addition to an
overall declining GDP growth environment, near term demand pressures have had a
significant impact on the Indian passenger vehicle sector. This has been a
consequence of a number of different factors including increased excise duties
and fuel prices, relatively high interest rates and generally weaker consumer
sentiment. Production volumes are now effectively flat year-on-year at 1.1% for
1Q FY13. This is a significant decline compared to previous two quarters which
grew by +9.0% and +10.2% year-on-year.
Industrial
activity has also experienced sequential contraction and volatility. The
commercial vehicle production has had its second sequential quarter of negative
growth in Q1FY13 of (5.2)% and (3.8)% in the previous quarter. This is in
context of a 22.9% growth in the last year. Although LCV production volumes
have shown marginal growth, MCVs volumes have declined by over 15%. 2/3 Wheeler
volumes have deteriorated rapidly during the last quarter from +7.9% to -3.0%
in Q1 FY13. Despite these current challenges, there are some favorable
dynamics: new product launches to stimulate demand, OEMs have re-balanced
inventory levels, replacement market demand is improving and import costs
reduced with a depreciating rupee.
Looking ahead more
broadly, SIAM expects domestic passenger car sales to grow at 1% to 3% for the
year ending March 2013 and commercial vehicles by 3% to 5% for the same period.
Longer term the Indian auto component industry is expected to reach over US$
110 billion by 2021, growing at a CAGR of 11%. For the year ended March 2013,
the overall industry is expected to grow 5-7%. Tractor production volumes are
expected to reach 710,000 by 2015-16, growing at a CAGR of 2.6%.
AHMEDNAGAR FORGINGS: STRATEGY AND OUTLOOK
Ahmednagar
Forgings is the second largest forging axle beam and crankshaft manufacturing
company in India with world class manufacturing facilities. The Company has state
of the art facilities with presses, hammers, up setters and ring rolling
machines. It has an extensive product portfolio with a range of highly
engineered components including camshafts, connecting rods, crankshaft, crown
wheel pinion and front axle beam.
In the context of
a volatile global economy, auto sector demand continues to be dampened as end
customers adopt a conservative approach to discretionary spending. Given this
ongoing uncertainty, Ahmednagar Forgings is cautious on the near term market
but remains optimally positioned to capitalize on its technology and product
design capabilities. India is an attractive central hub for OEM global exports
and a world class manufacturing base. Continuous investments within India from
major OEMs will significantly enhance mid to long term prospects of the
domestic auto industry. Over the years, they continue to successfully execute
their strategy of expanding the Non-Auto business across the group.
Ahmednagar
Forgings is confident of achieving an overall higher growth than the industry
norm through its focus on new product introductions, addition of significant
new contracts during the past year and continued consolidation in the component
industry. Management is focused on achieving operating excellence by
reinforcing lean manufacturing and quality improvement programs across all
production facilities. This will result in further enhancing utilization levels
and productivity improvements. The Company has a long track record of
successfully partnering with its high profile customer base, which is essential
for managing its business going forward.
SEGMENT WISE PERFORMANCE
The Company deals
in only one segment i.e. Automotive Components. Therefore, it is not required
to give segment wise performance.
DISCUSSION ON FINANCIAL PERFORMANCE
During the year,
the Revenue of the Company was Rs. 12184.300 Millions compared to the previous
year of Rs. 9372.400 Millions, recording an increase of 30% year on year. The
Gross profit before Interest, Depreciation and Taxation has increased to Rs.
2975.000 Millions as compared to the previous year of Rs. 2475.100 Millions.
Profit after Tax
of the Company for the year was Rs. 1208.700 Millions as compared to the
previous year of Rs. 1081.500 Millions, recording an increase of 11.76% year on
year.
The basic and diluted EPS of the Company for the fiscal year 2011-2012
is Rs 32.89.
For the year 2012,
the Board of Directors has recommended a dividend of Rs. 1/- per share i.e 10%
of the face value of Equity Share of Rs. 10/- each.
During Financial
Year 2011-2012, all the manufacturing facilities units have been operated in
accordance to management’s satisfaction.
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Vehicles
·
Office Equipments
·
Computer
UNAUDITED
FINANCIAL RESULTS (PROVISIONAL) FOR THE QUARTERED ENDED 31ST MARCH,
2013
(Rs. in millions)
|
Sr. No. |
Particular |
Quarter Ended |
Nine Months
Ended |
|
|
|
|
31.03.2013 (Unaudited) |
31.12.2012 (Unaudited) |
31.03.2013 (Unaudited) |
|
1. |
Income from
Operations |
|
|
|
|
|
Net Sales |
2996.000 |
2809.700 |
8469.200 |
|
|
Other Operating Income |
305.800 |
217.100 |
758.200 |
|
|
Net Sales/Income
from Operations |
3301.800 |
3026.800 |
9227.400 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost of Material Consumed |
1981.200 |
1874.000 |
5601.400 |
|
|
Change in Inventories of Finished Goods, Work-In-Progress
and Stock In Trade |
13.800 |
6.000 |
49.500 |
|
|
Employee Benefits Expenses |
191.500 |
174.000 |
542.400 |
|
|
Depreciation and Amortization Expenses |
177.200 |
177.200 |
531.600 |
|
|
Other Expenses |
185.700 |
170.800 |
540.000 |
|
|
f) Total |
2549.400 |
2402.000 |
7264.900 |
|
|
|
|
|
|
|
3. |
Profit From Operations before Other Income, Interest and
Exceptional Items (1-2) |
752.400 |
624.800 |
1962.500 |
|
|
|
|
|
|
|
4. |
Other Income |
-- |
-- |
-- |
|
|
|
|
|
|
|
5. |
Profit Before Interest and Exceptional Items (3+4) |
752.400 |
624.800 |
1962.500 |
|
|
|
|
|
|
|
6. |
Interest |
209.300 |
184.400 |
554.600 |
|
|
|
|
|
|
|
7. |
Profit After Interest but before Exceptional Items (5-6) |
543.100 |
440.400 |
1407.900 |
|
|
|
|
|
|
|
8. |
Exceptional Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit from Ordinary Activities before Tax (7+8) |
543.100 |
440.400 |
1407.900 |
|
|
|
|
|
|
|
10. |
Tax Expense |
162.900 |
132.100 |
422.300 |
|
|
|
|
|
|
|
11. |
Net Profit from Ordinary Activities after Tax (9-10) |
380.200 |
308.300 |
985.600 |
|
|
|
|
|
|
|
12. |
Extraordinary Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net Profit for the period (11-12) |
380.200 |
308.300 |
985.600 |
|
|
|
|
|
|
|
14. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
367.500 |
367.500 |
367.500 |
|
|
|
|
|
|
|
15. |
Reserves Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
16. |
Basic
and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a) Basic |
10.35 |
8.39 |
26.82 |
|
|
b) Diluted |
10.35 |
8.39 |
26.85 |
|
|
|
|
|
|
|
17. |
Public
Shareholding |
|
|
|
|
|
-Number of Shares |
14745508 |
-- |
-- |
|
|
- Percentage of Shareholding |
40.12 |
-- |
-- |
|
|
|
|
|
|
|
18. |
Promoters
and Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
Nil |
-- |
-- |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
Nil |
-- |
-- |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
Nil |
-- |
-- |
|
|
|
|
|
|
|
|
b)
Non Encumbered |
|
|
|
|
|
- Number of Shares |
22004492 |
-- |
-- |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
100.00 |
-- |
-- |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
59.88 |
-- |
-- |
|
Particulars
|
For Quarter Ended |
|
Pending at the beginning of the quarter |
0 |
|
Received during the quarter |
1 |
|
Disposed of during the quarter |
1 |
|
Remaining unresolved at the end of the quarter |
0 |
NOTES
1. The above unaudited results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 13th May 2013.
2. The limited review as required under clause 41 of the listing agreement has been completed by the Auditors of the company and related report is being submitted to the concerned stock exchanges along with these results.
3. The inapplicable items in the format of the above results as per Annexure I to Clause 41 of the Listing Agreement have not been disclosed.
4. Previous year’s figures have been regrouped and reclassified, to the extent necessary, to confirm to the current year’s figures.
WEBSITE DETAILS
NEWS
CRESTA
FUND BUYS 18 LAKH SHARES OF AHMEDNAGAR FORGINGS
Jun 17, 2013
On June 14, 2013 Warhol Limited sold 900,000 shares of Ahmednagar
Forgings at Rs 105 on the NSE and sold 900,000 shares at Rs 105 on the
BSE.
However,
Cresta Fund bought 900,000 at Rs 105 on the BSE and bought 900,000 shares
at Rs 105 on the NSE.
In
the previous trading session, the share closed at Rs 104.60, up Rs 0.85, or
0.82 percent. It has touched an intraday high of Rs 106.50 and an intraday low
of Rs 102.45.
The
share touched its 52-week high Rs 164.10 and 52-week low Rs 95.15 on 26
December, 2012 and 29 April, 2013, respectively. Currently, it is trading 36.26
percent below its 52-week high and 9.93 percent above its 52-week low. Market
capitalization stands at Rs 3844.100 Millions.
The
company's trailing 12-month (TTM) EPS was at Rs 27.63 per share. (Mar, 2013).
The stock's price-to-earnings (P/E) ratio was 3.79. The latest book value of
the company is Rs 200.90 per share. At current value, the price-to-book value
of the company was 0.52. The dividend yield of the company was 0.96 percent.
WARHOL
SELLS 14.66 LAKH SHARES OF AHMEDNAGAR FORGINGS
Jun 19, 2013
On June 18, 2013 Cresta Fund Limited bought 7,32,424 shares of Ahmednagar
Forgings at Rs 105 on the BSE and bought 7,31,586 shares at Rs 105 on the
NSE.
However,
Warhol Limited sold 7,33,449 shares at Rs 105 on the BSE and sold 7,33,449
shares at Rs 105 on the NSE.
In
the previous trading session, the share closed at Rs 108.45, up Rs 1.95, or
1.83 percent. It has touched an intraday high of Rs 109.50 and an intraday low
of Rs 104.70.
The
share touched its 52-week high Rs 164.10 and 52-week low Rs 95.15 on 26
December, 2012 and 29 April, 2013, respectively. Currently, it is trading 33.91
percent below its 52-week high and 13.98 percent above its 52-week low. Market
capitalization stands at Rs 3985.500 Millions.
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 proeeding 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. 59.35 |
|
|
1 |
Rs. 92.11 |
|
Euro |
1 |
Rs. 78.59 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
63 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.