MIRA INFORM REPORT
|
Report Date : |
21.05.2013 |
IDENTIFICATION DETAILS
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Name : |
AUTOLINE INDUSTRIES LIMITED |
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Registered
Office : |
Survey No. 313, 314,
320 to 323, Nanekarwadi, Chakan, Taluka Khed, Pune-410501, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
16.12.1996 |
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Com. Reg. No.: |
11-104510 |
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Capital Investment
/ Paid-up Capital : |
Rs. 122.050 millions |
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CIN No.: [Company Identification
No.] |
L34300PN1996PLC104510 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEA07017D |
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PAN No.: [Permanent Account No.] |
AABCA4534D |
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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
: |
Manufacturer of Pressed Sheet Metal Auto Components and Assemblies. |
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No. of Employees
: |
11460 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 9200000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having a satisfactory track
record. The performance of the company is good during 2011-2012. Trade relations are good. Business is active. Payments are usually
correct. The company can be considered 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 |
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Rating |
Long term bank facilities: BB- |
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Rating Explanation |
Moderate credit risk of default |
|
Date |
03.01.2013 |
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Rating Agency Name |
CARE |
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Rating |
Short term bank facilities: A4 |
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Rating Explanation |
Minimal degree of safety and very high credit risk. |
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Date |
03.01.2013 |
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
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-2135-664857)
LOCATIONS
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Registered
Office / Factory 1 (Chakan Unit II): |
Survey No. 313, 314,
320 to 323, Nanekarwadi, Chakan, Taluka Khed, Pune-410501, Maharashtra, India |
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Tel. No.: |
91-2135-664865 / 664857 / 6 |
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Fax No.: |
91-2135-664864 |
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E-Mail.: |
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Website : |
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Factory 2: |
Chakan Unit I S No 291 to 296, Nanekarwadi,Taluka Khed, District-Pune, 412501, Maharashtra, India |
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Tel. No.: |
91-2135-664901 / 2 / 3 |
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Fax No.: |
91-2135-664904 |
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Factory 3: |
Chakan Unit III S. No. - 613, Mahalunge,Chakan, Taluka Khed, District Pune 410501, Maharashtra, India |
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Tel. No.: |
91-2135-664891 |
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Fax No.: |
91-2135-664891 |
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Factory 4: |
Bhosari Unit – I T-135, MIDC, Bhosari, Pune – 411026, Maharashtra, India |
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Tel. No.: |
91-20-66306570 / 66306568 |
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Fax No.: |
91-20-66306566 |
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Factory 5: |
Bhosari Unit – II / IV E-12-17 (8), MIDC Bhosari, Pune-411026, Maharashtra, India |
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Tel. No.: |
91-20-27112952 / 53 / 30632555 |
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Fax No.: |
91-20-27112951 / 30632500 |
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Website : |
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Factory 6: |
Bhosari Unit III F – II , 24/25, MIDC, Pimpri, Pune-411018, Maharashtra, India |
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Tel. No.: |
91-20-66306502 / 03 |
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Fax No.: |
91-20-66306501 |
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Factory 7: |
Kudalwadi Unit S.NO. 825, Kudalwadi, Post Chikhali, Taluka Haveli, Pune-412114, Maharashtra, India |
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Fax No.: |
91-20-66306501 |
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Factory 8: |
Uttarakhand Unit Plot Nos. 5, 6, and 8, Sector 11, IIE, TML Vendor Park, SIDCUL, Rudrapur-– 263153, Uttarakhand, India |
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Factory 9: |
Chennai Unit 2/86, 7th Avenue, Ashok Nagar, Chennai-600083, Tamilnadu, India |
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Factory 10: |
Dharwad Unit : Plot No. 180D and 186A ,Belur Industrial Area, Dharwad, Karnataka, India |
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Overseas
Offices : |
Located at
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DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Vilas Lande |
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Designation : |
Chairman Emeritus |
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Name : |
Mr. Prakash B. Nimbalkar |
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Designation : |
Non-Executive Chairman (Independent) |
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Date of Birth/Age : |
12.02.1943 |
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Qualification : |
Graduate in Commerce and Law (B.Com, LLB), Certificated Associate of Indian Institute of Bankers (CAIIB) |
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Date of Appointment : |
15.06.2006 |
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Other Directorship: |
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Name : |
Mr. Shivaji T. Akhade |
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Designation : |
Managing Director |
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Date of Birth/Age : |
46 Years |
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Qualification : |
B.Com. |
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Experience : |
20 Years |
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Name : |
Mr. M. Radhakrishnan |
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Designation : |
Managing Director and CEO |
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Date of Birth/Age : |
57 Years |
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Qualification : |
B.Sc. (Stats) LLB, DBM, CAIIB |
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Experience : |
32 Years |
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Name : |
Mr. Sudhir V. Mungase |
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Designation : |
Whole Time Director |
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Date of Birth/Age : |
37 Years |
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Qualification : |
Undergraduate |
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Experience : |
15 Years |
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Name : |
CA Vijay K. Thanawala |
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Designation : |
Independent and Non – Executive Director |
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Date of Birth/Age : |
24.04.1947 |
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Qualification : |
Chartered Accountant (FCA) |
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Date of Appointment : |
15.06.2006 |
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Other Directorship: |
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Name : |
Prof. Abraham Koshy |
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Designation : |
Independent and Non – Executive Director |
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Name : |
Mr. Amit Kishankumar Goela |
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Designation : |
Non – Executive Director |
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Date of Birth/Age : |
02.02.1965 |
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Qualification : |
B.COM, MBA. |
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Other Directorship: |
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Name : |
Mr. Ajit B. Karnik |
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Designation : |
Independent and Non – Executive Director (Retired with effect from 30th December, 2011) |
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Date of Birth/Age : |
21.02.1948 |
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Qualification : |
Aircraft Maintenance Engineer |
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Date of Appointment : |
15.06.2006 |
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Other Directorship: |
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Name : |
Cmde. N. Ravindranathan IN. (Retired) |
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Designation : |
Independent and Non – Executive Director (Retired with effect from 30th December, 2011) |
KEY EXECUTIVES
|
Name : |
CA. Ravindra E. Ketkar |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. Ashutosh B. Kulkarni |
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Designation : |
Company Secretary |
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Name : |
Mr. Digambar C. Pargaonkar |
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Designation : |
Chief Operating Officer (Operations) |
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Name : |
Mr. Rajendra Dhas |
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Designation : |
Plant Head- Chakan I |
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Name : |
Mr. Shekhar Sharma |
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Designation : |
Plant Head- Chakan II |
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Name : |
Mr. Ganesh Avhad |
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Designation : |
Plant Head- Chakan III |
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Name : |
Mr. Manoj Bhaiswar |
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Designation : |
Plant Head- Bhosari I |
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Name : |
Mr. Avinash Patil |
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Designation : |
Plant Head- Bhosari II |
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Name : |
Mr. Yogesh Ghodekar |
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Designation : |
Plant Head- Bhosari III |
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Name : |
Mr. Rajeev Chawan |
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Designation : |
Plant Head- Bhosari IV |
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Name : |
Mr. Santosh Kasture |
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Designation : |
Plant Head- Kudalwadi |
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Name : |
Mr. Tushar Khomane |
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Designation : |
GM- Manufacturing, Uttarakhand |
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Name : |
Mr. Satyanarayan Avindala |
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Designation : |
GM- Maintenance |
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Name : |
Lt. Col. Kapil Srivastava (Retd.) |
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Designation : |
GM- HR & Admin |
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Name : |
Mr. Dattatraya Kute |
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Designation : |
GM- New Product Development |
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Name : |
Mr. Rajendra Melkania |
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Designation : |
DGM- HR and Admin, Uttarakhand |
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Name : |
Mr. Vijendra Bagade |
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Designation : |
DGM- Q.A. |
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Name : |
Mr. G. V. Ranga Raju |
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Designation : |
DGM- Tool Room |
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Name : |
Mr. Faiyaz Kashi |
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Designation : |
DGM- Development and Marketing |
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Name : |
Mr. Satish Satpute |
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Designation : |
AGM - Material Pricing |
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Name : |
Mr. Sanjeev Devadkar |
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Designation : |
AGM- Raw Material |
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Name : |
Mr. Sanjay Chalke |
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Designation : |
AGM- Excise |
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Name : |
Mr. Venkat Raghavan |
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Designation : |
AGM- Import and Export |
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 |
|
|
|
|
|
|
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|
2606567 |
21.28 |
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|
1000000 |
8.16 |
|
|
3606567 |
29.44 |
|
|
|
|
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Total
shareholding of Promoter and Promoter Group (A) |
3606567 |
29.44 |
|
(B) Public
Shareholding |
|
|
|
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|
|
|
218 |
0.00 |
|
|
12087 |
0.10 |
|
|
372000 |
3.04 |
|
|
384305 |
3.14 |
|
|
|
|
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|
1543984 |
12.60 |
|
|
|
|
|
|
3727920 |
30.43 |
|
|
1960979 |
16.01 |
|
|
1025710 |
8.37 |
|
|
152543 |
1.25 |
|
|
608532 |
4.97 |
|
|
130410 |
1.06 |
|
|
10763 |
0.09 |
|
|
123462 |
1.01 |
|
|
8258593 |
67.42 |
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Total Public
shareholding (B) |
8642898 |
70.56 |
|
Total (A)+(B) |
12249465 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
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Total
(A)+(B)+(C) |
12249465 |
0.00 |
Shareholding of securities (including shares, warrants, convertible securities)
of persons belonging to the category Promoter and Promoter Group
|
Name
of Shareholder |
No. of Shares |
Percentage of
Holding |
|
Rema Radhakrishnan |
6,64,717 |
5.43 |
|
Shivaji T. Akhade |
6,33,681 |
5.17 |
|
Sudhir V. Mungase |
6,00,958 |
4.91 |
|
Vilas V. Lande |
5,97,258 |
4.88 |
|
M. Radhakrishnan |
1,09,953 |
0.90 |
|
Lincwise Software Private Limited |
10,00,000 |
8.16 |
|
Total |
36,06,567 |
29.44 |
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
|
Name
of Shareholder |
No. of Shares |
Percentage of
Holding |
|
Jhunjhunwala Rakesh Radheshyam |
520000 |
4.25 |
|
Jhunjhunwala Rekha Radheshyam |
731233 |
5.97 |
|
Tata Investment Corporation Limited |
275000 |
2.24 |
|
Emerging India Focus Funds |
180000 |
1.47 |
|
The Indiaman Fund (Mauritius) Limited |
145000 |
1.18 |
|
Pravinchandra Batavia |
192500 |
1.57 |
|
Amit Goela |
125000 |
1.02 |
|
Utpal H Sheth |
125000 |
1.02 |
|
Total |
2293733 |
18.73 |
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
|
Name
of Shareholder |
No. of Shares |
Percentage of
Holding |
|
Jhunjhunwala Rekha Rakesh |
731233 |
5.97 |
|
Jhunjhunwala Rakesh Radheshyam |
520000 |
4.25 |
|
Amit Goela |
125000 |
1.02 |
|
Utpal H Shah |
125000 |
1.02 |
|
Total |
1501233 |
12.26 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Pressed Sheet Metal Auto Components and Assemblies. |
GENERAL INFORMATION
|
No. of Employees : |
11460 (Approximately) |
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Bankers : |
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Facilities : |
Note: Term of Repayment
and Security for Secured Loan. 1. Bank of Baroda's loans are secured by First Charge on Fixed assets of the Company situated at Plot Nos. 6 and 8, Uttarakhand and Second Charge on Fixed assets of the Company situated at Survey No.313/314, Nanekarwadi, Chakan. Loan is repayable in 69 monthly installment of Rs. 2.860 Millions and 1 monthly installment of Rs. 2.660 Millions. 2. Axis Bank Limited's loans are secured by charge on all Fixed assets of the Company except situated at Plot no.5, 6 and 8, Uttarakhand and Plot No. E-12 (17) (8), M.I.D.C., Bhosari, Pune-411026 and Survey No.313/314, Nanekarwadi, Chakan. Term Loan - I is repayable in 13 quarterly installment of Rs. 20.000 Millions, next 3 quarterly installment of Rs. 50.000 Millions and 1 installment of Rs. 40.000 Millions. Term Loan - II is repayable in 8 quarterly installment of Rs. 18.750 Millions each. 3. Vehicle Loans have been secured by hypothecation of Vehicles. 4. The term loan from NKGSB Co-operative Bank Limited and Vidya Sahakari Bank Limited. has been secured by charge on Fixed assets of the Company at Plot No E-12 (17) (8), M.I.D.C. Bhosari, Pune-411026 and Plot No 5, Uttarakhand. Loan is repayable 60 monthly installment of Rs. 2.265 Millions (including Interest) and 48 monthly installment of Rs.1.079 Millions each. 5. The Catholic Syrian Bank Limited's loans are secured by First Charge on Fixed assets of the Company situated at Survey No.313/314, Nanekarwadi, Chakan and Second Charge on Fixed assets of the Company situated at Plot No. 6 and 8, Uttarakhand. Term Loan - I is repayable in 57 monthly installment of Rs. 6.141 Millions each and Term Loan - II is repayable in 60 monthly installment of Rs. 1.667 Millions each 6. The working capital loan from the above banks have been secured by hypothication of current assets of the company. 7. During the last year, the company has created and pledged fixed deposits with CITI Bank NA of the amount which together with interest on fixed deposit will take care of installments of ECB loan from Citi Bank NA and amount due along with interest. The last installment is due on 11th October 2012. During the year, same accounting policy is followed. The total balance of loan amount outstanding as on 31st March, 2012 of Rs. 92.747 millions which has been reduced from the amount of fixed deposits with Bank. The interest on ECB loan and interest due on Fixed deposit is accounted as per the amount credited/ debited by the Bank. Same treatment is also made with Bank of Baroda Overdraft account against FDR. The total balance of loan amount outstanding as on 31st March, 2012 of Rs. 51.574 millions which has been reduced from the amount of fixed deposits with Bank. The interest on overdraft account and interest due on Fixed deposit is accounted as per the amount credited/ debited by the Bank. |
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Banking
Relations : |
-- |
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Financial Institution : |
Tata Capital Financial Services Limited |
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Auditors : |
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Name : |
KVMDS and Associates (Formerly known as Gujar Rawat Sheth and Associates) Chartered Accountants |
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Address : |
Pune, Maharashtra, India |
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Internal Auditors : |
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Name : |
Chandrakant G. Doshi and Company Chartered Accountants |
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Address : |
Pune, Maharashtra, India |
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Subsidiaries : |
Indian v Autoline Design Software Limited v Autoline Industrial Parks Limited Foreign v Autoline Industries USA INC v Koderat Investments Limited, Cyprus v Autoline Stampings Limited, Korea (subsidiary of Autoline Industries USA INC) |
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Associates : |
Indian v Nuvent Technologies Private Limited Foreign v DEP Autoline Inc USA |
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Companies/Entities
in which KMP / Relatives of KMP can exercise significant influence : |
v Balaji Enterprises v Shreeja Enterprises v Sumeet Developers v Siddhai Platers Private Limited v Om Sai Transport v Hotel Vishwa Vilas v Hotel Aishwarya Biryani House |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
29500000 |
Equity Shares |
Rs.10/- each |
Rs. 295.000 Millions |
|
|
|
|
|
Issued, Subscribed and Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12204969 |
Equity Shares |
Rs.10/- each |
Rs. 122.050 Millions |
|
|
|
|
|
Reconciliation of the
number of shares and amount outstanding at the beginning and at the end of the
reporting
period:
|
Particulars |
Opening Balance |
Fresh issue |
Bonus |
ESOP |
Conversion |
Buy back |
Closing Balance |
|
Equity shares with voting rights Year ended 31 March, 2012 - Number of shares - Amount (Rs. in Millions) Year ended 31 March, 2011 - Number of shares - Amount (Rs. in Millions) |
12,204,969 122.050 12,204,969 122.050 |
- - - - |
- - - - |
- - - - |
- - - - |
- - - - |
12,204,969 122.050 12,204,969 122.050 |
Details of shares
held by each shareholder holding more than 5% shares:
|
Class of shares /
Name of shareholder |
31.03.2012 |
|
|
|
Number of shares held |
% holding in that class of shares |
|
Equity shares with voting rights |
|
|
|
Line Wise Software Private Limited |
1,000,000 |
8.19% |
|
Mrs. Rekha Rakesh Jhunjhunwala |
731,233 |
5.99% |
|
Mrs. Rema Radhakrishnan |
664,717 |
5.45% |
|
Mr. Shivaji Tukaram Akhade |
633,681 |
5.19% |
|
Religare Finvest Limited |
610,550 |
5.00% |
|
Total |
3,640,181 |
29.82% |
Aggregate number and
class of shares allotted as fully paid up pursuant to contract(s) without payment
being received in cash, bonus shares and shares bought back for the period of 5
years immediately preceding the Balance Sheet date:
|
Particulars |
Aggregate number of shares 31.03.2012 |
|
Equity shares with voting rights |
|
|
Fully paid up pursuant to contract(s) without payment being received in cash |
588,125 |
|
Fully paid up by way of bonus shares |
2,004,728 |
|
Total |
2,592,853 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
122.050 |
122.050 |
122.050 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves and Surplus |
2190.069 |
1901.415 |
1741.323 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2312.119 |
2023.465 |
1863.373 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2052.523 |
1667.114 |
1167.691 |
|
|
2] Unsecured Loans |
255.700 |
310.422 |
386.100 |
|
|
TOTAL BORROWING |
2308.223 |
1977.536 |
1553.791 |
|
|
DEFERRED TAX LIABILITIES |
115.816 |
85.566 |
64.892 |
|
|
|
|
|
|
|
|
TOTAL |
4736.158 |
4086.567 |
3482.056 |
|
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2726.097 |
2622.647 |
2282.487 |
|
|
Capital work-in-progress |
147.985 |
314.399 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
971.642 |
834.167 |
874.936 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS and ADVANCES |
|
|
|
|
|
|
Inventories |
824.886
|
343.743 |
253.058 |
|
|
Sundry Debtors |
396.886
|
280.041 |
303.778 |
|
|
Cash and Bank Balances |
67.003
|
138.966 |
83.194 |
|
|
Other Current Assets |
219.149
|
20.532 |
338.121 |
|
|
Loans and Advances |
377.763
|
302.616 |
0.000 |
|
Total
Current Assets |
1885.687
|
1085.898 |
978.151 |
|
|
Less : CURRENT
LIABILITIES and PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
779.875
|
633.425 |
535.555 |
|
|
Other Current Liabilities |
88.066
|
18.975 |
65.315 |
|
|
Provisions |
127.312
|
118.144 |
53.247 |
|
Total
Current Liabilities |
995.253
|
770.544 |
654.117 |
|
|
Net Current Assets |
890.434
|
315.354 |
324.034 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.599 |
|
|
|
|
|
|
|
|
TOTAL |
4736.158 |
4086.567 |
3482.056 |
|
PROFIT and LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5840.591 |
4937.861 |
2796.100 |
|
|
|
Other Income |
24.078 |
13.495 |
29.973 |
|
|
|
TOTAL (A) |
5864.669 |
4951.356 |
2826.073 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
4353.025 |
|
|
|
|
|
Employee benefits expenses |
315.934 |
176.819 |
2446.253 |
|
|
|
Other expenses |
811.110 |
938.927 |
|
|
|
|
Exceptional items |
(203.864) |
0.000 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(265.907) |
(64.978) |
|
|
|
|
TOTAL (B) |
5010.298 |
4355.286 |
2446.253 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
854.371 |
596.070 |
379.820 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
284.564 |
183.227 |
101.942 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
469.807 |
412.843 |
277.878 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
194.581 |
147.738 |
104.746 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
375.226 |
265.105 |
173.132 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
40.497 |
64.494 |
38.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
334.729 |
200.611 |
135.132 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
552.545 |
415.630 |
322.556 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
33.500 |
21.000 |
13.500 |
|
|
|
Dividend proposed to be distributed to equity shareholders |
48.819 |
|
|
|
|
|
Tax on dividend |
7.920 |
6.081 |
28.558 |
|
|
BALANCE CARRIED
TO THE B/S |
797.035 |
552.545 |
415.630 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports |
71.821 |
36.635 |
22.881 |
|
|
|
Amounts received in foreign currency during the year |
53.650 |
25.836 |
0.000 |
|
|
TOTAL EARNINGS |
125.471 |
62.471 |
22.881 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
60.357 |
7.171 |
10.197 |
|
|
|
|
|
0.042 |
0.000 |
|
|
|
Purchase |
36.638 |
3.319 |
0.000 |
|
|
TOTAL IMPORTS |
96.995 |
10.532 |
10.197 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
Basic |
27.43 |
16.44 |
11.07 |
|
|
|
Diluted |
27.43 |
16.44 |
11.52 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
1388.800 |
1461.100 |
1393.300 |
|
Total Expenditure |
1243.000 |
1324.500 |
1281.200 |
|
PBIDT (Excl OI) |
145.800 |
136.600 |
112.100 |
|
Other Income |
03.700 |
19.600 |
08.100 |
|
Operating Profit |
149.500 |
156.200 |
120.200 |
|
Interest |
78.200 |
82.300 |
81.800 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
71.300 |
73.900 |
38.400 |
|
Depreciation |
52.100 |
53.400 |
53.900 |
|
Profit Before Tax |
19.200 |
20.500 |
(15.500) |
|
Tax |
0.000 |
0.000 |
0.1 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
19.200 |
20.400 |
(15.600) |
|
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 |
19.200 |
20.400 |
(15.600) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
5.71
|
4.05 |
4.78 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.42
|
5.37 |
6.19 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.14
|
7.15 |
5.31 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16
|
0.13 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.00
|
0.98 |
0.83 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.89
|
1.41 |
1.50 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
(Rs. In Millions) |
||
|
Trade payables: |
|
|
|
|
Other than acceptances |
773.471 |
629.031 |
|
|
MSM Enterprises |
6.404 |
4.394 |
|
|
Total |
779.875
|
633.425 |
535.555 |
|
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 |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
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 |
UNSECURED LOAN
|
Particulars |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
In Millions) |
|
Term loans - From banks |
0.000 |
20.000 |
|
Deposits |
15.176 |
0.206 |
|
Deferred payment liabilities |
15.204 |
22.892 |
|
Loans repayable on demand - From banks |
220.000 |
263.617 |
|
Deferred payment liabilities |
5.320 |
3.707 |
|
Total |
255.700 |
310.422 |
OVERVIEW OF PROGRESS
AT VARIOUS PLANTS:
Manufacturing
facility at Chakan Unit II – Nanekarwadi, Chakan, India:
This particular plant has large press capacity varying from 500 Ton to 2000 Ton, inclusive of 2 nos. 1000 Ton Double Action Press Machines. During the financial year, the Company has installed 4 nos. 500 Ton presses to cater requirements of new projects. The total no. of presses installed in this plant are 17. The Company has also set up a separate Die Maintenance area along with additional Die washing facility and additional EOT Crane to meet the quality requirements of OEMs and increase in number of large Dies for maintenance.
During the year, the Company has been awarded business from Mahindra Navistar Automotive Limited In the first phase, supply of press parts / assemblies required for its heavy commercial Vehicles started in this financial year with a dedicated assembly line set up. In the second phase, Mahindra will be awarding business for their new upcoming models of vehicles. The costing logic for commercial settlement is finalized and RFQs for new parts / assembly development for their new upcoming models are awaited.
The Company has further commissioned a new welding Assembly line for Sub-structure Project of Tata Motors Limited (TML) for its medium Commercial vehicles. Pilot batch of 100 assemblies produced and sent to TML for their
vehicle assemblies. Various other projects like Safari Merlin project, Xenon Euro 5 Project, Army Ambulance Project, and Mudguard Project etc. are also productionised in this financial year.
This particular plant is engaged in manufacturing of various sheet metal components along with major assembly lines for Structure Assembly, Door Assemblies, Roof panel, Vehicle Floors and other aesthetic items etc. for various models of Tata Motors - Winger, Aria, for Light Commercial Vehicles, Safari and various assemblies for Mahindra vehicles.
On future business development front, the Company is exploring the business possibilities with upcoming global
automotive players like Foton, a Chinese Truck Maker, Jaguar Land Rover (JLR) etc. Initial visits from Foton and JLR have taken place and the Company is in further business discussions with them.
TOOL ROOM:
The State of the Art Tool Room is equipped with the best facilities for manufacturing various sheet metal large dies upto 4.5 Meters of world class quality along with in-house design facilities. (CAD/ CAM team of about 25 engineers). The Company has manufactured various tools for domestic and international OEMs like - Tata Motors Limited, General Motors- India, Bajaj Auto Limited, Diamler India, FIAT India Private Limited, Cummins USA, American Axle Manufacturing, Volkswagen, Ashok Leyland - Nissan, etc.
During this period, the tooling orders which were executed were valued at approximately Rs. 97.630 Millions.
Manufacturing
facility at Chakan Unit III- Mahalunge - Chakan, India :
This unit manufactures Silencers, Tubular Cross Members, Exhaust Systems from Engine to Tailpipe for e.g. - Front Tube with Bellows, Middle Tube, Muffler, Pre-Silencer, Post- Silencer, Main Silencer, Tail Pipe etc. for Heavy Commercial Vehicles (HCVs), Light Commercial Vehicles (LCVs) as well as Passenger Cars and mainly supplies to Tata Motors Limited. This unit also manufactures Radiator tubes, CAC inlet and outlet tubes etc.
During the year, Exhaust system added of 180 HP vehicle with the silencer which are supplied to Asian Motors
Works Limited Structural Assembly as well as Press Components, Sub-structure added in this year for TATA MARCOPOLO Buses for their Dharwad (Karnataka) Plant is also supplied from this location. It also manufactures required jigs, fixtures and small dies etc. and is technically equipped and has capability of designing and modification in products to suit customer requirements with Base Coat for painting. This unit has separate painting Booth for painting exhaust systems and Structural Assemblies, ETP plant to control effluents, for LPG line which is used for OVEN, Gas Detector for safety purpose, etc.
Manufacturing
facility at Plot Nos. 5, 6 and 8, Rudrapur -Uttarakhand, India:
Considering the increase in volume of regular supplies and addition of new business at Uttarakhand, the Company
has set up manufacturing facility at Plot No. 6, Sector 11, IIE, Rudrapur, SIDCUL, Uttarakhand which started its
operations in the month of October, 2011. The Company has installed a small press shop and a welding set up to
cater to the additional Press Part requirements and Welding Assembly requirements as per requirements of Tata
Motors Limited
The Company has already set up manufacturing facilities located at Plot Nos. 5 and 8, Sector 11, IIE, Rudrapur, SIDCUL, Uttarakhand which manufactures various sheet metal components and Welded Assemblies. Major Assemblies being Ace Load Body, Assembly Front Door inner - Ace 0.75 ton and Super Ace, ZIP, IRIS, Panel Front Door Outer - Ace 0.75 ton and Super Ace, Assembly Front wall - Super Ace and Venture, Sub frame Assembly - Venture, Load Floor Assembly -ZIP, Hinges - Ace Family etc.
These units supply to Tata Motors Limited for domestic as well as export vehicles i.e. Ace (0.75 Ton) , Ace Magic, Super Ace, Venture, Magic IRIS, Ace ZIP etc. and is expected to take care of the large volume growth at Uttarakhand. Further these units supply Assembly Axle Beam for Ace - 0.75 ton and 1 ton to American Axles, Uttarakhand.
At Plot No. 8, the Company have installed the press shop which consists of 10 large presses ranging from 400
tons to 1200 tons and 13 medium presses ranging from 60 tons to 350 tons. The Capacity utilization of these
presses is around 75%. (with operating efficiency of 85%).
In April, 2011, Plot No. 5 commenced the production of IRIS and ZIP Vehicles with 150 vehicles per month and have achieved a daily production level of 200 per day as on date and having capacity of ramping upto 300 vehicles per day, as per customer requirement by the end of this year.
The Company has also been invited by Tata Motors Limited to manufacture high deck load body for its Tata Ace, which was designed and developed by wholly owned subsidiary Company - Autoline Design Software Limited. The said design has been approved by Tata Motors Ltd and protobuilds have been submitted for its evaluation. The Semi- Automated Assembly line is ready with a capacity to produce 400 Nos. per day. The Commercial Production is likely to start from 1st November, 2012.
Manufacturing
facility at Plot No. E-12-17 (7), MIDC, Bhosari, Pune, India:
The Company has set up additional manufacturing facility at Plot No. E-12-17 (7), MIDC, Bhosari, Pune (Adjacent to Plot No. E-12-17 (8), MIDC, Bhosari, Pune). The Construction was started from January, 2011 and completed by end of November, 2011. The Company has started its production for Volkswagen and Daimler and other OEMs. The press line of 6 Presses with capacity from 63 Ton to 350 Ton as well as 5 Ton overhead crane and 200 CFM compressor have been installed. Two assemblies have been set up for Volkswagen (i.e. ASM Pedal Cluster Brake/ ETC and ASM Pedal Cluster Clutch) and four assemblies for Daimler ( i.e. Clutch for 9 Ton, Clutch for 12 Ton, Cab Stay and Cab Tilt for 9 Ton and12 Ton).
Manufacturing
facility at Plot No. E-12-17 (8), MIDC, Bhosari, Pune, India (formerly known as
Nirmiti Autocomponents Private Limited):
This world class facility manufactures and supplies Pedal Control Systems (Foot Control Mounting), Parking Brake,
Door Hinges, Mechanical Jacks and other Small Mechanical Assemblies to domestic and International OEMs like
TATA Motors Limited, General Motors India and Korea, Volkswagen India, Daimler India Commercial vehicles (Bharat Benz) and Ashok Leyland - Nissan etc. This facility has been certified EMS 14001, OHSAS 18001 and TS 16949 and comply with highest and stringent quality standards of the international OEMs. In-addition, this facility has also been qualified for General Motor's QSB and Volkswagen's formal Q Certification. This facility is equipped with a dedicated state of the art testing facility required for validating the safety of the critical product range which are being manufactured at this plant. This facility exports the GM Mini pedal systems to Korea as a part of GM global supply as single source with '0' PPM for pedal systems.
New assemblies (all single source from the Company) introduced during the year are as under:
1. Ashok Leyland-Nissan "Dost" pedal system (BC pedal) and "Dost" hinge assembly.
2. General Motor's M300 Beat diesel pedal system, General Motor's M200 Spark pedal system.
3. Tata Motor's Penguin parking brake, TML Penguin pedal system (with TMC mounting), TML Indica Vista Quadra-jet pedal system, TML Aria pedal system, TML Sumo Victa (DI-BS IV) pedal system.
Setting up manufacturing
facility at Dharwad, Karnataka:
The Company proposes to set up manufacturing facility at Dharwad for Tata Motors Limited's expansion of capacity for IRIS and ZIP and other new models. Tata Motors Ltd has started its production of ZIP in the current financial year with support from Uttarakhand plants. The Company proposes to invest approximately Rs. 500.000 millions in a phased manner to achieve production of 1200 per day of ZIP and IRIS vehicles during next 2-3 years as per requirements of Tata Motors Limited For this purpose, land is being provided by Tata Motors in their vendor park at Dharwad. Till such time, the Company owned 2 acres of land near Tata Motors Limited's factory at Dharwad, alongwith a rented shed, will be used to assemble the components being supplied by the Company at present for same vehicle viz: ZIP at Pantnagar, Uttarakhand.
MANAGEMENT DISCUSSION
and ANALYSIS
ECONOMIC OVERVIEW:
The Indian economy remains among the most vibrant and potent economies in the world today, even against the
backdrop of a difficult global economic scenario. The world's largest democracy, a growing middle class population, the third largest investor base in the world, a robust legal and banking infrastructure, youth driven economy, suburbanization and rural to urban migration, the second largest pool of certified professionals and the highest number of qualified engineers in the world are some of the features which make India the most favoured destination for business in the world.
India is the world's second fastest growing auto market and boasts of the sixth largest automobile industry after China, USA, Germany, Japan and Brazil. India's auto market is evolving at a rapid pace.
INDUSTRY STRUCTURE
AND DEVELOPMENTS :
Automobile Industry:
The Indian Automotive Industry comprises of a number of Indian - origin and MNC players with varying degree of presence across different segments. Today, nine of the top ten global automotive manufacturers have a strong presence in India, clearly indicating India's importance as a strategic market for these MNC Automakers.
Now, inspite of a challenging macro-economic environment on the domestic and global front, the Indian Automobile industry registered a growth of 6.2% in FY 2011-12 which excluded the growth from the two wheeler segment. The passenger vehicle segment grew by 4.7% with domestic sales crossing 2.6 million vehicles mark. Within this, the passenger cars segment has registered a 2.2% growth, Multi-Purpose vehicle (MPV) grew by 10% and the Utility Vehicle space grew by 16.5%.
The Commercial Vehicle Segment growth stood at 18.2%. This growth was principally driven by a rise of 27.4% in the Light Commercial Vehicle Segment. The table below indicates the performance of the Indian Automobile Sector across various segments during FY 2012 as compared to the previous year.
It was therefore evident that SIAM lowered its growth forecast across various segments in the Automotive Industry to 10- 12% in 2012-13 as against its earlier estimates. The factors for revision in the estimates are higher finance costs, uncertainty over economic growth and stubborn headline inflation leading to reduction in discretionary spending.
Further, a hike in petrol prices and high commodity prices also have been some of the other factors for lowering the growth estimates. Other emerging concern for the industry is the growing labour unrest that was experienced at the facilities of one of India's leading Automakers.
In 2010-11, the total turnover of the automotive industry stood at USD 73 billion, with exports worth USD 11 billion. Of this the turnover of Auto Ancillary industry was USD 30 billion of which exports were valued at USD 5 billion. It is projected that Indian Auto Components industry has the potential to reach a turnover of USD 66.4 billion by 2016 and USD 113 billion by 2020, translating into a fourfold increase over a period of ten years. The mission of the Automotive Mission Plan 2006-16 is to make India a global automotive manufacturing hub and thereby emerge as the destination of choice in Asia for both design and manufacturing of Auto and Auto Components. They have already witnessed traction on the same, and renowned international OEMs like Honda, BMW, General Motors, Volkswagen etc. have beefed up their plans of setting up owned manufacturing bases in India, with a robust capital investment plan.
Auto Ancillary
Industry:
The Rs. 1600 billion (USD 30.77 billion) Indian auto component industry derives its growth impetus from the growth in the automobile industry. Notably, the slow down witnessed by the Automobile Industry has certainly impacted the demand sentiments for the Auto Component Industry as well. However, an anticipated pick-up in growth for the Automobile industry is expected to eventually drive growth for auto parts sector.
As per industry estimates, the Indian auto component industry derives 60 per cent of its turnover from sales to domestic Original Equipment Manufacturers (OEMs), 25 per cent from sales to the domestic replacement market and around 15 per cent from exports.
Further, estimates made by ACMA reveal that auto component exports would robustly grow at a compounded annual growth rate (CAGR) of 18.8 per cent over 2011-21, garnering about USD 29 billion. European and North American markets account for 36 and 23 per cent of the entire industry exports, respectively, while 28 per cent of the exports are made to Asian countries.
In addition, the presence of International OEMs offering small passenger cars too is growing which is indicative of the emergence of India as a most preferred Auto hub for components. In 2007, the presence of OEMs from Korea, USA and Europe stood at 17%, 6% and 2% respectively while in 2011 the same stood at 18%, 9% and 5% respectively. This is likely to fuel growth for auto component makers like Autoline Industries which will emerge as the preferred supplier for components to OEMs,both domestic and global Automakers.
The Indian Auto Components Industry has kept pace with technological developments and is today catering not only to Original Equipment Manufacturers (OEMs) and Tier Component markers (those who supply directly to OEMs) in India, but abroad as well. Many Indian auto component makers including Autoline Industries have also succeeded in emerging as the supplier of choice to global Auto Majors.
BUSINESS PERFORMANCE
During the year gone by, on a consolidated basis the Company recorded a growth of 14% in Net Sales at Rs. 7483.500 million. This was on account of an increase in volumes due to the addition of new clients, increased order booking from existing clients and addition of new proprietary products like Foot Control Modules, Park Brake Assembly, Exhaust System Assemblies and Adjustable Pedal Assemblies, etc. to name a few.
Consequently, operating profit grew by 6.9% to Rs. 761.600 million which has been in line with the topline growth of the Company and its subsidiaries and also due to a cost conscious approach. However, due to the change in accounting of inventories, it has been marginally impacted. Further, the interest expenses have also increased. This has been in line with the expansion in business activity as well as a high interest rate scenario. The Net Profit for the year increased by 45% at Rs. 397.000 million which has primarily been on account of the Industrial Promotion Subsidy of Rs. 204.000 Million received during the year.
BUSINESS OUTLOOK :
Strong demand from the OEM segment remains a key driver for the Auto Components Industry. While the global turmoil and tight liquidity conditions caused a major challenge to the Auto Components Industry, there are visible signs of a recovery.
Whereas, theprospects of an immediate recovery of exports to developed markets remain uncertain, the robust underlying domestic demand prevailing across automotive segments is expected to sustain, both in the near and long term.
As has been the trend, Domestic Automotive OEMs will continue to constitute majority of the demand. Nevertheless, with increasing number of International OEMs setting up their manufacturing base in India, the percentage share from them is expected to increase. Increasing collaboration with auto component manufacturers across the automotive value chain, especially the designing and engineering segments is expected to support the growth of the industry.
In addition, the ability to provide operational efficiency, cost benefits and innovation for reducing vehicle weight and costs will be the key to sustenance for Indian Component makers like the Company.
Supportive Government policies, a positive business environment, availability of reasonably priced talented workforce and stable outlook for the industry has made India a global hub for the International Manufacturers to set up their facilities in the country.
As the fortunes of Auto Components Industry are linked to those of the Automotive Industry, this sector is expected to grow with a growing middle class population, rising disposable income levels and adequate availability of financing and lower per capita car penetration. This trend is unlikely to change and will provide an ideal backdrop for a sustained long term demand growth for the Automotive Industry, and that in turn would boost the prospects of Auto Components Industry.
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2012 |
|
Claims against the Company not acknowledged as debt |
|
|
- Income Tax Department For Assessment Year 08-09 |
29.297 |
|
- Sales Tax Duties For Assessment Year 01-02 and 02-03 |
23.500 |
|
Corporate Guarantees on behalf of Autoline Industries Indiana LLC, USA (wholly owned subsidiary of Autoline Industries USA, Inc) |
|
|
- In Favour of Tower Bank Trust Company |
$6150000 |
|
- In Favour of Mill Steel Company |
|
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST DECEMBER 2012
(Rs. In millions)
|
|
PARTICULARS |
3 Months Ended |
Preceding 3 Months ended |
Year to date figures for current
period ended |
|
|
|
(31.12.2012) |
(30.09.2012) |
(31.12.2012) |
|
|
Refer
Notes below |
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
1 |
Income
from operations |
|
|
|
|
|
(a) Net
sales / income from operations (Net of excise duty) |
1393.300 |
1461.100 |
4243.100 |
|
|
(b) Other
operating income |
|
|
|
|
|
Total
income from operations (net) |
1393.300 |
1461.100 |
4243.100 |
|
2 |
Expenses |
|
|
|
|
|
fa) Cost
of materials consumed |
978.800 |
1023.600 |
2999.800 |
|
|
(b)
Purchases of stock-in-trade |
|
|
|
|
|
(c)
Changes in inventories of fipished goods. |
(13.300) |
(5.800) |
(60.900) |
|
|
work-in-progress
and stock-in-trade |
|
|
|
|
|
(d)
Employee benefts expense |
97.100 |
99.100 |
281.500 |
|
|
(e)
Depreciation and amortisation expense |
53.900 |
53.400 |
159.400 |
|
|
(f) Other
expenses |
|
|
|
|
|
-
Manufacturing Expenses |
166.900 |
163.100 |
488.400 |
|
|
- Other
Expenses |
51.700 |
44.500 |
139.900 |
|
|
Total
expenses |
1335.100 |
1377.900 |
4008.100 |
|
3 |
Profit /
(Loss) from operations before other income, |
58.200 |
83.200 |
235.000 |
|
|
finance
costs and exceptional items (1-2) |
|
|
|
|
4 |
Other
income |
8.100 |
19.600 |
31.400 |
|
5 |
Profit /
(Loss) from ordinary activities before finance |
66.300 |
102.800 |
266.400 |
|
|
costs and
exceptional items (3 + 4) |
|
|
|
|
6 |
Finance
costs |
81.800 |
82.300 |
242.300 |
|
7 |
Profit /
(Loss) from ordinary activities after finance |
(15.500) |
20.400 |
24.100 |
|
|
cost but
before exceptional items (5 + 6) |
|
|
|
|
8 |
Exceptional
items |
|
|
|
|
9 |
Profit /
(Loss) from ordinary activities before tax (7 + 8) |
(15.500) |
20.400 |
24.100 |
|
10 |
Tax
expense |
0.100 |
|
0.100 |
|
11 |
Net Profit
/ (Loss) from ordinary activities |
(15.600) |
20.400 |
24.000 |
|
|
after tax
(9 + 10) |
|
|
|
|
12 |
Extraordinary
items (net of tax expense Rs. millions) |
|
|
|
|
13 |
Net Profit
/ (Loss) for the period (11+12) |
(15.600) |
20.400 |
24.000 |
|
14 |
Share of
profit / (loss) of associates* |
|
|
|
|
15 |
Minority
interest * |
|
|
|
|
16 |
Net Profit
/ (Loss) after taxes, minority interest and |
(15.600) |
20.400 |
24.000 |
|
|
share of
profit / (loss) of associates (13 +_14 +_15)* |
|
|
|
|
17 |
Paid-up
equity share capital (Face Value of 110/- each) |
122.400 |
122.200 |
122.400 |
|
18 |
Reserve
excluding Revaluation Reserves as per |
|
|
|
|
|
balance
sheet of previous accounting year |
|
|
|
|
19i |
Earnings
per share (before extraordinary items) |
(1.28) |
1.67 |
1.96 |
|
|
(Face
Value of Rs. 10/- each) (not annualised): Basic |
|
|
|
|
19ii |
Earnings
per share (After extraordinary items) |
(1.27) |
1.67 |
1.94 |
|
|
(Face
Value of ? 10/- each) (not annualised): Diluted |
|
|
|
|
|
|
|
|
|
|
A |
PARTICULARS
OF SHAREHOLDING |
|
|
|
|
1 |
Public
shareholding |
|
|
|
|
|
Number of
shares- |
8,638,164 |
8,611,161 |
8,638.164 |
|
|
Percentage
of shareholding |
70.55% |
70.48% |
70.55% |
|
2 |
Promoters
and Promoter Group Shareholding ** |
|
|
|
|
|
a) Pledged
/ Encumbered - |
|
|
|
|
|
Number of
shares |
|
|
|
|
|
Percentage
of shares (as a % of the total shareholding of |
|
|
|
|
|
promoter
and promoter group) |
|
|
|
|
|
Percentage
of shares (as a % of the total share capital of |
|
|
|
|
|
the
company) |
|
|
|
|
|
b) Non -
encumbered |
|
|
|
|
|
Number of
shares |
3,606,567 |
3,606,567 |
3,606,567 |
|
|
Percentage
of shares (as a % of the total shareholding |
100.00% |
100.00% |
100.00% |
|
|
of the
Promoter and Promoter group) |
|
|
|
|
|
Percentage
of shares (as a % of the total share capital |
29.45% |
29.52% |
29.45% |
|
|
of the
company) |
|
|
|
|
Particulars |
31.12.2012 (No.) |
|
B. Investor Complaints |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
3 |
|
Disposed off during the quarter |
3 |
|
Remaining unresolved at the end of the quarter |
Nil |
Notes:
The above Unaudited Financial Results for the Quarter and Nine months ended 31st December, 2012 have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 1st February, 2013.
The Statutory Auditors of the Company have carried out the Limited Review of the above results.
The Company operates through two business segments namely, a) Press Sheet Process and b) Design Engineering Services and Software Development. However Design Engineering Services and Software Development is not a reportable segment in terms of the criteria laid down in paragraph 27 of the Accounting Standard -17 as the revenue/results/assets of this segment are not more than the threshold limit of 10 % of the total segment revenue/result/assets.
The Financial Results of the Foreign Subsidiaries have been prepared as per GAAP, followed in the country of their incorporation.
As per Accounting Standard-21 (Consolidated Financial Results) issued by the Institute of Chartered Accountants of India, the Consolidated Financial Results are based on the un-audited financial results of subsidiaries. Minority Interest is reduced in case of Autoline Industrial Parks Limited-48.88%.
The Income Tax and Deferred Tax, if any, will be accounted at the end of the financial year 2012-13 except for foreign Subsidiary viz. -Autoline Industries USA, Inc.
The provision for Industrial Promotion Subsidy (IPS) claim for the F.Y. 2012-13 receivable under Mega Project will be accounted in the last quarter, when the claim is lodged.
The net worth of the SZ Design, Sri, (under liquidation) has been eroded due to various write offs. On 13th June, 2012 the Court of Milan, Italy have rejected the request of "Concordato Preventivo" under the Italian Laws filed in June, 2011. However SZ Design, Sri, filed appeal against this decision. The appeal was discussed at a hearing held on 15th November, 2012. The Court of Appeal in Milan has dismissed the appeal of SZ Design, Sri. against the decision of the Milan Court which rejected the request of "Concordato Preventivo". The attorney of SZ Design, Sri informed that SZ Design Sri. is going to file a further appeal before the Court of Cassation against the decision of the Court of Appeal of Milan confirming rejection of the proposal on "Concordato Preventivo". The arbitration proceedings are currently stayed and no progress has been made. The Company will take suitable action after the decision.
The Company started its Commercial Production w.e.f. November, 2012 at Dharwad plant. Good business is expected to be generated after the plant is fully functional.
FIXED ASSETS
v
Tangible
Asset
- Land and Development
- Building
- Plant and Machinery
- Tools and Dies
- Computers and Softwares
- Electrical Fittings
- Furniture
- Vehicles
- Office Equipments
- Material Handling Equipments
- Site Development
v
Intangible
Asset
- Trade Mark
WEBSITE DETAILS
PRESS RELEASE
AUTOLINE MAY FETCH RS 2500.000 MILLIONS FOR 100-ACRE PUNE LAND
NOVEMBER 30, 2012
Autoline will be selling its 100 acre land situated on the outskirts of Pune and the deal value is likely to go up to Rs 2500.000 millions. Autoline being a midcap company, receives an amount of Rs 2500.000 millions then the valuation per share would work out to Rs 200, which is good, reports CNBC-TV18’s Kritika Saxena.
Also read: Buy Setco Automotive; target of Rs 164: SPA Research
With the due diligence still going on, it is likely that the deal value may stand at around Rs 225-235 crore. Rakesh Jhunjhunwala holds 10% stake in this company. If the deal does go through, then one could see some amount of dividend coming in as well.
Tata Housing is a front runner for this sale and there have been multiple players who have been looking at this deal as well. The deadline set by the company is March end, but the deal is still at advance stages and there could be more developments in January and February as well.
Autoline has confirmed that the company is in talks with multiple players, but it declined to comment on any market speculation surrounding this deal.
CMT REPORT (Corruption, Money Laundering and Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited 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.55.04 |
|
|
1 |
Rs.83.60 |
|
Euro |
1 |
Rs.70.68 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE and RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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 and 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.