MIRA
INFORM REPORT
|
Report Date : |
22.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
AMARA RAJA BATTERIES LIMITED |
|
|
|
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Registered
Office : |
Renigunta, Cuddapah Road, Karakambadi, Tirupati-517520, Andhra Pradesh |
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|
Country : |
India |
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|
|
Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
13.02.1985 |
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Com. Reg. No.: |
01-005305 |
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Capital
Investment / Paid-up Capital : |
Rs.170.810 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L31402AP1985PLC005305 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDA02631G |
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|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
Stock Exchanges. |
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Line of Business
: |
Subject is engaged in the business of manufacture and sale of
lead-acid storage batteries. |
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|
|
No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
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 42393000 |
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|
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well established and a reputed company having a fine
track record. Financial position of the company is strong and healthy. Liquidity
position appears to be good. Trade relations are fair. Business is active. Payment terms are
regular. The company can be considered good for business dealings at usual
trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
AA+ = Long Term Rating |
|
Rating Explanation |
High credit quality and low credit risk |
|
Date |
11.06.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A1+ = Short Term Rating |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk |
|
Date |
11.06.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DENIED
Management Non Co-Operative. (Tel No.: 91-44-28213270)
LOCATIONS
|
Registered Office / Factory: |
Renigunta, Cuddapah Road, Karakambadi, Tirupati-517520, |
|
Tel. No.: |
91-877-2285561 / 2265000 |
|
Fax No.: |
91-877-2285600 / 2286999 |
|
E-Mail : |
amararaja@amartpt.gnmds.global.net.in
|
|
Website : |
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Corporate Office 1 : |
Riaz Garden, #
12, K.H. Road Nungambakkam Chennai-600034, Tamil Nadu, India |
|
Tel. No.: |
91-44 -2821 3270 |
|
Fax No.: |
91-44 -2828 4821 |
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|
|
|
Corporate Office 2 : |
5th Floor, Astra
Towers, 12P, Hi-tech City, Kondapur, Hyderabad-500038, Andhra Pradesh, India |
|
Tel. No.: |
91-40-23683000 |
|
Fax No.: |
91-40-23118219 |
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Email : |
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Branch Office: |
Located At: B-93A, Panchsheel Vihar, Near Triveni Commercial Complex, Sheikh Sarai Phase I, New Delhi – 110017, India Tel No.: 91-11-48235500 Fax No.: 91-11-48235566 · Hyderabad Chandigarh Ghaziabad Jaipur Lucknow Ahmedabad Patna Ranchi Guwahati Indore Vijayawada Bhuvaneshwar Bangalore Kolkata Chennai Mumbai Coimbatore Cochin Nagpur |
DIRECTORS
As on 31.03.2013
|
Name : |
Dr. Ramachandra N Galla |
|
Designation : |
Chairman |
|
Date of Birth : |
01.06.1938 |
|
Qualification: |
M.E. (Applied Electronics) from Roorkee University, Uttar Pradesh. MS
(Systems Sciences) from Michigan State University, USA |
|
|
|
|
Name : |
Mr. Jayadev Galla |
|
Designation : |
Managing Director |
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|
|
|
Name : |
Mr. Ravi Bhamidipati |
|
Designation : |
Executive Director |
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|
|
|
Name : |
Mr. Shu Qing Yang |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Eric Stuart Mitchell (w.e.f April 18,
2013) |
|
Designation : |
Non-Executive Director |
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|
|
|
Name : |
Craig W Rigby (upto April 18, 2013) |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. P. Lakshmana Rao |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Nagarjun Valluripalli |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. N. Sri Vishnu Raju |
|
Designation : |
Director |
|
|
|
|
Name : |
T. R. Narayanaswamy |
|
Designation : |
Director |
|
|
|
|
Name : |
Raymond J Brown |
|
Designation : |
Director (w.e.f May 28, 2012) |
|
Date of Birth : |
28.08.1950 |
|
Qualification: |
B.A. in Accounts and Finance from
Pennsylvania State University. |
KEY EXECUTIVES
|
Name : |
Mr. N. Ramanathan |
|
Designation : |
Company Secretary |
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|
|
|
Management Team : |
|
|
|
|
|
Name : |
Mr. K. Suresh |
|
Designation : |
Chief Financial Officer |
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|
|
|
Industrial Battery
Division : |
|
|
|
|
|
Name : |
Mr. Srinivasa Rao Ganga |
|
Designation : |
Chief Marketing Officer |
|
|
|
|
Name : |
Mr. M. M. Venkata Krishna |
|
Designation : |
Chief Operations Officer |
|
|
|
|
Automotive Battery
Division : |
|
|
|
|
|
Name : |
Mr. Rajesh Jindal |
|
Designation : |
Chief Marketing Officer |
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|
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|
Name : |
Mr. M. Jagadish |
|
Designation : |
Chief Operations Officer |
MAJOR SHAREHOLDERS
As on 30.09.2013
|
Category of
Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
31974058 |
18.72 |
|
|
3115500 |
1.82 |
|
|
35089558 |
20.54 |
|
|
|
|
|
|
44411250 |
26.00 |
|
|
9426644 |
5.52 |
|
|
9426644 |
5.52 |
|
|
53837894 |
31.52 |
|
Total
shareholding of Promoter and Promoter Group (A) |
88927452 |
52.06 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
25548186 |
14.96 |
|
|
10560 |
0.01 |
|
|
18919650 |
11.08 |
|
|
44478396 |
26.04 |
|
|
|
|
|
|
5012601 |
2.93 |
|
|
|
|
|
|
14634504 |
8.57 |
|
|
6051286 |
3.54 |
|
|
11708261 |
6.85 |
|
|
79161 |
0.05 |
|
|
809553 |
0.47 |
|
|
9548591 |
5.59 |
|
|
308056 |
0.18 |
|
|
400 |
0.00 |
|
|
33000 |
0.02 |
|
|
929500 |
0.54 |
|
|
37406652 |
21.90 |
|
Total
Public shareholding (B) |
81885048 |
47.94 |
|
Total
(A)+(B) |
170812500 |
100.00 |
|
(C) Shares
held by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
170812500 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Directors/Promoters & their Relatives
& FriendsBUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of manufacture and sale of
lead-acid storage batteries. |
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Products : |
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||||||
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||||||
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Brand Names : |
· AMARON® POWERZONETM POWER STACK® AMARONVOLTTM QUANTATM |
PRODUCTION STATUS AS ON 31.03.2011
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|
|
|
|
|
|
|
Storage batteries |
Nos. |
10070000 |
9505873 |
8188533 |
Note: The installed capacity represents the capacity as at March 31, 2011 and average installed capacity represents year weighted average capacity based on expansions carried out during the year. The capacities are as certified by the management
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
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Bankers : |
· State Bank of India, Settipalli, Tirupati, Andhra Pradesh, India · Andhra Bank, Main Branch, Tirupati, Andhra Pradesh, India · State Bank of Hyderabad, Main Branch, Tirupati, Andhra Pradesh, India · Bank of Nova Scotia, Coimbatore, Tamilnadu, India |
|||||||||||||||||||||
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Facilities : |
Note : The working capital
facilities from State Bank of India, State Bank of Hyderabad, Andhra Bank and
The Bank of Nova Scotia are secured by hypothecation of all current assets of
the Company. The fixed assets of the Company are provided as collateral
security by way of second charge for the working capital facilities availed
from State Bank of India. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors 1: |
|
|
Name : |
E. Phalguna Kumar and Company Chartered Accountants |
|
Address : |
Tirupati, Andhra Pradesh, India |
|
|
|
|
Auditors 2: |
|
|
Name : |
Chevuturi Associates Chartered Accountants |
|
Address : |
Vijayawada, Andhra Pradesh, India |
|
|
|
|
Auditors 3: |
|
|
Name : |
A.V.N.S. Nageswara Rao Cost Accountants |
|
Address : |
Hyderabad, Andhra Pradesh, India |
|
|
|
|
Investing party for which the Company is an Associate : |
·
Johnson Controls (Mauritius) Private Limited |
|
|
|
|
Enterprises over which key management personnel and / or their
relatives exercise significant influence : |
·
Amara Raja Power Systems Limited ·
Amara Raja Electronics Limited ·
Mangal Industries Limited ·
Amara Raja Infra Private Limited ·
Amara Raja Industrial Services Private Limited ·
Rajanna Trust ·
Mangamma and Gangulu Naidu Memorial Trust |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Re. 1/- each |
Rs. 200.000 Millions |
Issued Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
175028500 |
Equity Shares |
Re. 1/- each |
Rs. 175.030 Millions |
Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
170812500 |
Equity Shares |
Re. 1/- each |
Rs. 170.810 Millions |
a)
Reconciliation of number of shares outstanding at
the beginning and end of the year
|
Particulars |
No.
of shares |
Rs.
In Millions |
|
Shares outstanding at the beginning of the year |
85406250 |
170.810 |
|
Add: Shares
issued during the |
- |
- |
|
Add:
Sub-division of shares of Rs. 2 each into Re.1 each* |
85406250 |
- |
|
Add:
Sub-division of shares of Rs. 2 each into Re.1 each* |
- |
- |
|
Shares
outstanding at the end of the year |
170812500 |
170.810 |
*The Company has sub-divided
the equity shares of face value of Rs. 2 each into two equity shares of face
value of Re. 1 each on September 26, 2012.
b)
Rights, preferences and restrictions attached to
equity shares
The Company has one
class of equity shares having a face value of Re. 1 each (previous year face
value of Rs. 2 each). Each holder of equity share is eligible for one vote per
share held. The dividend proposed by the Board of Directors is subject to
approval of the shareholders in the Annual General Meeting, except in case of
interim dividend. In the event of liquidation, the holders of equity share will
be entitled to receive the remaining assets of the Company after distribution
of all preferential amounts, in proportion to their shareholding.
c)
Details of
shareholders holding more than 5% of share capital
|
Particulars |
No.
of shares held |
%
of holding |
|
Dr Ramachandra N Galla |
12795074 |
7.49 |
|
Sri Jayadev Galla |
12821984 |
7.51 |
|
Johnson Controls (Mauritius) Private Limited, Mauritius |
44411250 |
26.00 |
Note: The face value of shares held as at March
31, 2013 is Re. 1 each (Rs. 2 each as at March 31, 2012)
d)
Aggregate number of bonus shares issued during the period
of five years immediately preceding the reporting date
During the
financial year 2008-09 the Company has allotted 28,468,750 equity shares as
fully paid-up bonus shares by capitalising part of general reserve.
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
170.810 |
170.810 |
170.810 |
|
(b) Reserves & Surplus |
10427.330 |
8063.880 |
6288.460 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
10598.140 |
8234.690 |
6459.270 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
773.130 |
784.720 |
701.020 |
|
(b) Deferred tax liabilities (Net) |
195.090 |
219.600 |
204.930 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
376.410 |
146.180 |
104.170 |
|
Total Non-current Liabilities (3) |
1344.630 |
1150.500 |
1010.120 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
98.630 |
56.040 |
200.100 |
|
(b) Trade payables |
1362.840 |
876.330 |
1053.790 |
|
(c) Other current
liabilities |
1807.260 |
1136.730 |
967.930 |
|
(d) Short-term provisions |
2493.200 |
2060.880 |
1467.990 |
|
Total Current Liabilities (4) |
5761.930 |
4129.980 |
3689.810 |
|
|
|
|
|
|
TOTAL |
17704.700 |
13515.170 |
11159.200 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3554.970 |
3524.800 |
3132.810 |
|
(ii) Intangible Assets |
33.690 |
20.920 |
18.060 |
|
(iii) Capital
work-in-progress |
1024.970 |
310.650 |
369.570 |
|
(iv)
Intangible assets under development |
4.840 |
4.580 |
5.840 |
|
(b) Non-current Investments |
160.760 |
160.760 |
160.760 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
353.520 |
96.410 |
145.180 |
|
(e) Other Non-current assets |
3.430 |
1.110 |
2.370 |
|
Total Non-Current Assets |
5136.180 |
4119.230 |
3834.590 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2928.580 |
2666.170 |
2846.970 |
|
(c) Trade receivables |
3806.770 |
3196.830 |
3056.620 |
|
(d) Cash and cash
equivalents |
4107.900 |
2291.900 |
451.180 |
|
(e) Short-term loans and
advances |
1656.780 |
1209.440 |
946.740 |
|
(f) Other current assets |
68.490 |
31.600 |
23.100 |
|
Total Current Assets |
12568.520 |
9395.940 |
7324.610 |
|
|
|
|
|
|
TOTAL |
17704.700 |
13515.170 |
11159.200 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
29613.960 |
23644.680 |
17610.530 |
|
|
|
Other Income |
465.510 |
279.710 |
77.760 |
|
|
|
TOTAL |
30079.470 |
23924.390 |
17688.290 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
17638.940 |
15132.080 |
11787.140 |
|
|
|
Purchases of stock-in-trade |
2632.540 |
840.020 |
74.140 |
|
|
|
Changes in inventories of finished goods, work-in-process and stock-in-trade |
(320.890) |
98.150 |
(283.140) |
|
|
|
Employee benefits expense |
1266.230 |
1002.640 |
884.590 |
|
|
|
Other expenses |
3882.010 |
3175.850 |
2574.040 |
|
|
|
TOTAL |
25098.830 |
20248.740 |
15036.770 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
4980.640 |
3675.650 |
2651.520 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
9.980 |
24.470 |
30.580 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
4970.660 |
3651.180 |
2620.940 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
660.920 |
464.730 |
417.120 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
EXCEPTIONAL ITEM AND TAX |
4309.740 |
3186.450 |
2203.820 |
|
|
|
|
|
|
|
|
|
Less |
EXCEPTIONAL ITEM |
91.570 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
4218.170 |
3186.450 |
2203.820 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
1351.120 |
1035.820 |
722.860 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
2867.050 |
2150.630 |
1480.960 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6221.450 |
4661.090 |
3786.340 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
286.710 |
215.000 |
148.090 |
|
|
|
Proposed Dividend |
430.450 |
322.840 |
222.060 |
|
|
|
Interim Dividend |
0.000 |
0.000 |
170.810 |
|
|
|
Tax on Dividend |
73.150 |
52.370 |
65.250 |
|
|
BALANCE CARRIED TO
THE B/S |
8298.190 |
6221.450 |
4661.090 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1016.000 |
1170.000 |
834.000 |
|
|
TOTAL EARNINGS |
1016.000 |
1170.000 |
834.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Capital Goods |
346.440 |
318.360 |
206.090 |
|
|
|
Finished Goods |
6781.520 |
6818.430 |
9.630 |
|
|
|
Raw Material and Components |
0.000 |
0.000 |
4876.540 |
|
|
|
Stores and Spares |
61.220 |
64.940 |
62.850 |
|
|
TOTAL IMPORTS |
7189.180 |
7201.730 |
5155.110 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
16.78 |
12.59 |
17.34 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
9.53
|
8.99
|
8.37 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
14.24
|
13.48
|
12.51 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
32.63
|
33.56
|
29.49 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.40
|
0.39
|
0.34 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.17
|
0.14
|
0.15 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.18
|
2.27
|
1.99 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
CASE STATUS INFORMATION SYSTEM
ITTA 270 /
2008
ITTASR 2246 / 2007 CASE
IS: PENDING
|
PETITIONER |
RESPONDENT |
|
THE COMMISSIONER OF INCOME TAX, TIRUPATHI. PET.ADV. : NARASIMHA SARMA SUBJECT: U/Sec. 143 Assessment |
M/S AMARA RAJA BATTERIES LIMITED, TIRUPATHI. RESP.ADV. : RAMASWAMI DISTRICT: CHITTOOR |
|
|
|
|
FILING DATE: 12-10-2007 POSTING STAGE : FOR ADMISSION |
|
|
REG. DATE : 18-08-2008 LISTING DATE : 20-08-2008 STATUS : ADMIT |
|
|
HON'BLE JUDGE(S): T.MEENA KUMARI SANJAY KUMAR |
|
UNSECURED LOANS:
|
Particulars |
31.03.2013 Rs.
In Millions |
31.03.2012 Rs.
In Millions |
|
Long Term
Borrowings |
|
|
|
Deferred payment liabilities |
|
|
|
Interest free sales tax deferment (Unsecured) |
773.130 |
784.720 |
|
Total |
773.130 |
784.720 |
Interest free sales tax deferment
The Company has
availed interest free sales tax deferment under Andhra Pradesh sales tax
deferment scheme (Target 2000) from the financial year 1997-98 as per the eligibility
norms in respect of expanded capacities. The Company has availed total
deferment of Rs. 811.40 Millions since
March 1998, which is repayable after a period of 14 years from the date of each
availment in annual installments.
·
Eligible amount of intrest free sales tax deferment
– Rs. 813.330 Millions
·
Period Eligible for availment – January 1998 till
September 2015
|
Particulars |
31.03.2013 Rs.
In Millions |
31.03.2012 Rs.
In Millions |
|
Outstanding liability against deferment at beginning of the year |
799.320 |
710.020 |
|
Add: Availment during the year |
0.000 |
98.300 |
|
Less: Repayments during the year against current portion |
14.600 |
9.000 |
|
|
784.720 |
799.320 |
|
Less: Repayments during the year against non-current portion |
2.320 |
0.000 |
|
Outstanding liability against deferment at end of the year |
782.400 |
799.320 |
|
Deferment liability to be repaid in next 12 months (current portion) |
9.270 |
14.600 |
|
Balance deferment liability (non-current portion) |
773.130 |
784.720 |
INDEX OF CHARGE:
|
Sr .No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10146206 |
28/05/2013 * |
250,000,000.00 |
The Bank of Nova Scotia |
Classic Towers, 1547 Trichy
Road, Coimbatore, Tamilnadu - 641018, INDIA |
B76969179 |
|
2 |
90118450 |
26/03/2010 * |
275,000,000.00 |
Andhra Bank |
Beri Street, Tirupati, Andhra
Pradesh - 517501, INDIA |
A83307306 |
|
3 |
80053583 |
26/03/1990 |
11,787,000.00 |
INDUSTRIAL FINANCE CORPORATION
OFINDIA |
BANK OF BARODA BAUILDING,
NO.16, SANSAD MARG, |
- |
|
4 |
80053584 |
26/03/1990 |
11,787,000.00 |
IFCI |
BANK OF BARODA BUILDING,
NO.16, SANSAD MARG, NEW DELHI, Delhi - 110001, INDIA |
- |
|
5 |
80053585 |
24/01/1990 |
17,500,000.00 |
IFCI LIMITED |
BANK BARODA BUILDING, NO.16,
SANSAD MARG, NEW DELHI, Delhi - 110001, INDIA |
- |
* Date of charge modification
CORPORATE
INFORMATION
The Company is the
second largest manufacturer of lead-acid storage batteries for industrial and
automotive applications in India. The equity shares of the Company are listed
in BSE Limited and the National Stock Exchange of India Limited. The Company’s
products are supplied to various user segments viz., Telecom, Railways, Power
Control and UPS under Industrial Battery business; and to Automobile OEMs,
Replacement Market and Private Label Customers under Automotive Battery
business. The Company’s products are being exported to various countries in the
Indian Ocean Rim. The Company also provides installation and commissioning and
maintenance services to the customers. The leading automotive and industrial
battery brands of the Company are Amaron®, Power Zone TM, Power Stack®, Amaron
Volt TM and Quanta.
HIGHLIGHTS, 2012-13
·
Launched the Quick Recharge Series (QRS) batteries,
primarily catering to the requirements of the
telecom tower application; the product received a heartening response
·
Received the
gold award for ‘Excellence in SME (Subject Matter Expertise) Services’ from
Indus Towers Limited
·
Received an award as the ‘Most Preferred Battery
Brand’ in the Telecom segment by Frost and Sullivan
·
Received a 3-Star award in International Convention
on Quality Circles
PERFORMANCE OVERVIEW:
The Company has
recorded total revenue (net of excise duty) of Rs. 29.61 billion as against Rs.
23.64 billion in the previous year showing a remarkable 25% growth. The
operating profit (Earnings Before Depreciation, Interest, Tax and Amortisation
- EBIDTA) for the year stood at Rs. 4658.000 Millions (previous year Rs.
3570.000 Millions) representing 15.73% of net revenue. The Profit before Tax
(PBT) and Profit after Tax (PAT) for the financial year ended March 31, 2013
was at Rs. 4218.0000 Millions and Rs. 2867.000 Millions as against Rs. 3186.000
Millions and Rs. 2151.000 Millions of the previous financial year respectively.
The profit after tax has registered an impressive 33% growth. The financial
year 2012-13 was a yet another significant year in terms of highest ever
turnover and profit in the history of the Company.
FINANCIAL POSITION
The Company’s
financial position has shown immense improvement over the years. The networth
as at March 31, 2013 improved to Rs. 10598 Millions with the addition of Rs.
2363.000 Millions to the reserves and surplus during the year. There is no
interest bearing debt as of March 31, 2013. The surplus cash as at the yearend
stood at Rs. 3652.000 Millions. The Company has parked the surplus funds in
fixed deposits with reputed banks to ensure utmost safety, liquidity and
return. The debt to equity ratio as at March 31, 2013 is 0.08 times, without
adjusting for surplus cash. The Company is confident of funding the recently
announced various capacity expansions, at the current location and at a
strategic second location, through surplus cash, estimated internal accruals
during 2013-14 and with moderate debt.
CRISIL has
upgraded the ratings on the Company’s longterm bank loan facilities to ‘CRISIL
AA+/Stable’ from ‘CRISIL AA/Stable’ and has re-affirmed the ratings on the
short-term bank facilities at ‘CRISIL A1+’. During the year under review, the
gross fixed assets including capital work in progress increased by Rs. 1304.000
Millions (net of deletions of Rs. 155.000 Millions) and are at Rs. 7832.000
Millions (previous year – Rs. 6528.000 Millions). The entire additions were
funded through internal accruals. The earnings per share of Re. 1 each for the
financial year 2012-13 grew by 33% at Rs. 16.78 as against Rs. 12.59 for the
previous financial year, while the book value per share as at March 31, 2013
was at Rs. 62 against Rs. 48 as at March 31, 2012.
UNAUDITED FINANCIAL RESULTS FOR THE FOR THE QUARTER ENDED 30 JUNE 2013
(Rs. In Millions)
|
Particular |
Nine Month Ended ( Unaudited) |
|
|
30.06.2013 |
|
1. Income
from operations |
|
|
a) Net sales/ Income from operation (net of excise duty) |
8868.486 |
|
b) Other operating income |
69.063 |
|
Total
income from Operations(net) |
8937.549 |
|
2.Expenditure |
|
|
a) Cost of material consumed |
5047.671 |
|
b) Purchases of stock in trade |
1163.756 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(242.304) |
|
d) Employees benefit expenses |
384.886 |
|
e) Depreciation and amortization expenses |
145.172 |
|
f) Other expenditure |
1129.540 |
|
Total expenses |
7628.721 |
|
3. Profit from operations before other income and
financial costs |
1208.828 |
|
4. Other income |
94.467 |
|
5. Profit from ordinary activities before finance costs |
1405.295 |
|
6. Finance costs |
0.350 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
1404.945 |
|
8.
Exceptional item |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
1404.945 |
|
10.Tax expenses |
426.920 |
|
11.Net
Profit / (Loss) from ordinary activities after tax |
978.025 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
|
13.Net Profit / (Loss) for the period |
978.025 |
|
14.Paid-up
equity share capital (Nominal value Rs. 10 per share) |
170.812 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
16.i) Earnings per share (before extraordinary
items) of Re. 1/- each) (not annualised): |
|
|
(a) Basic and diluted |
5.73 |
|
ii) Earnings per share (after extraordinary items) |
|
|
(a) Basic and diluted |
5.73 |
SELECT INFORMATION FOR THE QUARTER ENDED 30 JUNE 2013
(Rs. In Millions)
|
Particulars |
Nine Month Ended ( Unaudited) |
|
|
30.06.2013 |
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
81885048 |
|
- Percentage of shareholding |
47.94 |
|
2. Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
2667140 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
3.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
1.56 |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
86260312 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
97.00 |
|
|
|
|
Percentage of shares (as a % of total share capital of the
company) |
50.50 |
|
|
|
|
B.
Investor Complaints |
Quarter ended 30.06.2013 |
|
Pending at the beginning of the quarter |
0 |
|
Receiving during the quarter |
0 |
|
Disposed of during the quarter |
0 |
|
Remaining unreserved at the end of the quarter |
0 |
Notes:
1.
As the Company s business activity rafts
within a single primary business segment. "Lead Acid Storage
Batteries", the disclosure requirement of A5 17 "Segment
Reporting" notified by the companied (Accounting Standards) Rules, 2006
are not applicable.
2.
Net sales are net of trade discounts
/ trade incentives.
3.
The figures for the quarter ended
March 31. 2013 are the balancing figures between the audited figures in respect
of the full financial rear ended March 31, 2013 and the published year to date
figures unto the third quarter ended December 31, 2012.
4.
The Company had sub-divided Us
equity shares of Rs.2/- each into equity shares of Re. 1/- each on September
26, 2012. Hence earning per share for the quarter ended June 30. 2012 have been
restated on the face value per equity share of Re. 1/- each for comparability
the number of Shares as at June 30, 2012 disclosed under the "Particular
of Shareholdings" is prior to sub-division of shares.
5.
Exceptional items represent net
provision for fuel Surcharge Adjustment claim(s) by Southern Power Distribution
Company of Andhra Pradesh Limited for financial years from 2009-10 to 2011-12.
6.
Previous year figures have been
re-grouped / re-classified wherever necessary to confirm to current year
figures m accordance with the revised Schedule Vl.
7.
The aforementioned results were
reviewed by the audit committee and approved by the board of directors at its
meeting held on August 14, 2013 and limited review of the same has been carried
out by the Statutory Auditors of the Company as required under clause 4i of me
Wing agreement.
FIXED ASSETS:
·
Land and land development
·
Buildings
·
R and D buildings
·
Plant and machinery
· R and D plant and machinery
· Electrical installations
· Furniture
· Vehicles
· Office equipment
· Brands/trademarks
· Computer software
NEWS:
AMARA RAJA BATTERIES CLOCKS HIGHEST EVER QUARTERLY REVENUE AND PBT.
· Revenue of Rs. 8,868 Millions
· PBT of Rs. 1,405 Millions
· PAT of Rs. 978 Millions
Tirupati, August 14,
2013
Amara Raja Batteries Limited, India’s leading Industrial and Automotive Battery major (BSE Code: 500008 and NSE Code: AMARAJABAT) today reported Net Sales (excluding other income) of Rs.8868 Millions in Q1F14 (Rs.6878 Millions) - a 29% growth and Profit after Tax (PAT) at Rs. 978 Millions (Rs.761 Millions) - a 29% growth.
For the quarter ended
30th June, 2013,
|
Particulars |
Unaudited
financials for the Quarter ended |
Audited Financials
for the year ended |
|
|
|
30.06.2013 |
30.06.2012 |
31.03.2013 |
|
Net Sales (excluding other income) |
8868.000 |
6878.000 |
29614.000 |
|
Profit Before Tax (PBT) |
1405.000 |
1123.000 |
4218.000 |
|
Profit After Tax (PAT) |
978.000 |
761.000 |
2867.000 |
The Automotive battery business continued to maintain the growth momentum in Four wheeler batteries backed by improved aftermarket sales arising out of strong preference for our brands Amaron® and PowerZoneTM. The significant volume growth in two wheeler batteries (Amaron ProbikeRider™) has added to the performance of the business unit. During the quarter, the Company has commenced supplies of two wheeler batteries to Honda Motors India Limited, for their plant in Karnataka. The trading in tubular batteries and home UPS under private label program has sustained the momentum during the quarter, despite unfavourable demand conditions. The company is looking at enhancing the capacity in both the product lines, as announced earlier, to meet future demand and garner more market shares.
The Industrial Battery business registered double digit revenue growth aided by
optimal product mix and strong demand for Company’s products. The demand from
telecom sector continues to be robust and is primarily for replacement. Though
the growth rate of UPS OEM business has moderated by country’s adverse
macro-economic conditions, the replacement demand continues to be strong. The
Company could not fully capitalize on the growing demand and preference for its
telecom (PowerStack®) and UPS (Quanta®) batteries for want of adequate capacity.
The continuing strong performance of industrial battery business is resultant
of its “preferred supplier status” with all major customers, backed by timely
supplies, efficient after sales service, customer relationship management and
consistent product performance. The Company has progressively started providing
total solutions to customers enabling it to forge strategic alliances and gain
service revenue stream. The ongoing expansions, which are expected to commence
supplies during the second half of this financial year, will ably support the
growth plans of the industrial battery business.
Commenting on the Q1 performance, Mr. Jayadev Galla, Vice Chairman and Managing
Director, Amara Raja Batteries Limited said, “We are delighted to report record
numbers for the quarter despite a challenging business environment. Both the
automotive and industrial battery businesses need supply support to continue
the growth momentum and gain market share. Our focus is on early completion of
capacity expansions which are underway. Our strong belief in capacity lead
strategy will help us realize medium and long term objectives”.
Mr. Ravi Bhamidipati, Executive Director, Amara Raja Batteries Limited said,
“We are very pleased to report a healthy growth in revenue and profit both in
industrial and automotive battery businesses. We are confident of growing the
business profitably with the help of the product range extensions and continued
emphasis on operational efficiency.”
Commenting on the Q1 performance, Mr. K.Suresh, Chief Financial Officer, said,
“We are closely monitoring the progress of various ongoing projects. We are
also observing the currency volatility and its impact on project cost and
profitability, to minimize the adverse impact through appropriate actions.”
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.89 |
|
|
1 |
Rs.101.14 |
|
Euro |
1 |
Rs.84.42 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
64 |
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.