MIRA INFORM REPORT
|
Report Date : |
16.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
APL APOLLO TUBES LIMITED |
|
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Registered
Office : |
37, Hargobind Enclave, Vikas Marg, |
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Country : |
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Financials (as on)
: |
31.03.2014 |
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Date of
Incorporation : |
24.02.1986 |
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Com. Reg. No.: |
55-023443 |
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Capital
Investment / Paid-up Capital : |
Rs. 234.386 Millions |
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CIN No.: [Company Identification
No.] |
L74899DL1986PLC023443 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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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, Exporter and Importer of Steel Tubes and Pipes. |
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No. of Employees
: |
2000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established company having fine track record. Profitability of the company has declined during financial year 2014. However, the rating reflects
company’s established track of business operations marked by healthy networth
and sound financial of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund Based Limits =A - |
|
Rating Explanation |
Adequate Degree of Safety and Low Credit
Risk |
|
Date |
2014, September |
|
Rating Agency Name |
ICRA |
|
Rating |
Commercial Paper =A1 |
|
Rating Explanation |
Strong Degree of Safety and Lowest Credit
Risk. |
|
Date |
2014, September |
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
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Deepak Goyal |
|
Designation : |
General Manager In Finance |
|
Contact No.: |
91-120-4041400 |
|
Date : |
15.12.2014 |
LOCATIONS
|
Registered Office : |
37, Hargobind Enclave, Vikas Marg, |
|
Tel. No.: |
91-11-22373237 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Location : |
Owned |
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|
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Corporate Office : |
36, Kaushambi,
Near Anand Vihar Terminal, |
|
Tel. No.: |
91-120-4041400 |
|
Fax No.: |
91-120-4041444 |
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|
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Factory 1 : |
A-19, Industrial
Area, Sikandrabad, District Bulandshahar, |
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Factory 2 : |
No.332-338, |
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Warehouses-cum-branches: |
Located at: ·
Ahmedabad ·
Bengaluru ·
·
·
·
·
Himachal Pradesh ·
Hissar ·
·
·
Jaipur ·
·
·
Mumbai ·
·
·
Pune ·
·
Rudrapur ·
·
Vadodara (Proposed) ·
Chennai (Proposed) |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Sanjay Gupta |
|
Designation : |
Chairman |
|
Date of Birth/Age : |
42 Years |
|
Experience : |
20 Years |
|
Date of Appointment : |
02.09.2003 |
|
|
|
|
Name : |
Mr. Ashok K.
Gupta |
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Designation : |
Managing
Director |
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|
Name : |
Mr. Aniq Husain |
|
Designation : |
Director |
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Date of Birth/Age : |
10.07.1953 |
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Qualification : |
B. Tech (Mechanical) |
|
Date of Appointment : |
16.05.2008 |
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Name : |
Mr. C.S. Johri |
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Designation : |
Director |
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|
Name : |
Mr. Rakesh Jinsi |
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Designation : |
Director |
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Date of Birth/Age : |
15.01.1955 |
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Qualification : |
B. E. (Electrical) |
|
Date of Appointment : |
23.03.2013 |
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|
Name : |
Mr. Sameer Gupta |
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Designation : |
Director |
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Date of Birth/Age : |
02.11.1977 |
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Qualification : |
B. Com(H) |
|
Date of Appointment : |
16.05.2008 |
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Name : |
Mr. S.T. Gerela |
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Designation : |
Director |
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|
Name : |
Mr. Vinay Gupta |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Deepak Goyal |
|
Designation : |
General Manager In Finance |
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|
|
|
Name : |
Mr. Adhish Swaroop |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1928350 |
8.23 |
|
|
8325187 |
35.52 |
|
|
10253537 |
43.75 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
10253537 |
43.75 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2299339 |
9.81 |
|
|
2766132 |
11.80 |
|
|
5065471 |
21.61 |
|
|
|
|
|
|
713491 |
3.04 |
|
|
|
|
|
|
631799 |
2.81 |
|
|
2356316 |
10.17 |
|
|
4364301 |
18.62 |
|
|
1026227 |
4.38 |
|
|
3000000 |
12.80 |
|
|
336562 |
1.44 |
|
|
1512 |
0.01 |
|
|
8065907 |
36.64 |
|
Total Public shareholding (B) |
13131378 |
56.25 |
|
Total (A)+(B) |
23384915 |
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) |
23384915 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Steel Tubes and Pipes. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
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Products : |
v Steel v Tubes v Pipes |
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Countries : |
Ř Ř Ř Ř Ř |
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Imports : |
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Products : |
v Raw material |
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Countries : |
Ř Ř Ř |
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Products : |
v Machinery |
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Countries : |
Ř Ř Ř |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
Wholesalers, Retailers, and Manufacturer
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No. of Employees : |
2000 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
Nature of Security and terms of repayment for Long Term Secured
Borrowings:-
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Auditors : |
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|
Name : |
VAPS and Company Chartered Accountants |
|
Address : |
C-42, South Extension Part-II, New Delhi – 110 049, India |
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|
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Wholly Owned Subsidiary Companies : |
Apollo Metalex (Private) Limited Address: A-2,
Industrial Area, Sikandrabad, District Bulandshahar, Uttar Pradesh, India CIN: U2710DL2006PTC146579 Shri Lakshmi Metal Udyog Limited Address: No.9 to
11, KIADB Industrial Area, Attibele, Bengaluru – 562 107, Karnataka, India CIN: U85110DL1994PLC224835 Lloyds Line Pipes Limited Address: Plot
No.M-1, Additional MIDC Area, Murbad, Thane – 421 401, Maharashtra, India CIN: U27320DL2008PLC223550 |
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Associates : |
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CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs. 250.000 Millions |
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|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23438636 |
Equity Shares |
Rs.10/- each |
Rs. 234.390
Millions |
|
|
|
|
|
Reconciliation of the
number of issued, subscribed and paid-up shares:
|
Particulars |
No. of Shares |
|
Shares outstanding as at the beginning of the year |
22324000 |
|
Shares bought back during the year |
-- |
|
Additions during the year |
1115000 |
|
Deletion during the year |
-- |
|
Shares
outstanding as at the end of the year |
23439000 |
1,115,000
Equity shares were issued on August 13, 2013 upon conversion of equal number of
warrants held by Mr. Ashok Kumar Gupta (a promoter group entity) out of total
1,500,000 warrants issued @ Rs. 145/- on
Febuary 14, 2012. (earlier 385,000 warrants were converted in to equal number
of Equity shares on March 23, 2013).
Particulars of Securities convertible into Equity
shares issued and fund raised during the current and immediately preceding
financial year:
|
Particulars |
Amount (Rs. in
millions) |
|
641,953
warrants were converted into equity shares on June 21, 2012 after receipt of
remaining 75% subscription amount. These warrants were part of 1,641,953 warrants
\ issued @ Rs. 176/- each to APL Infrastructure Pvt. Ltd. (a promoter group
entity) entitling the warrant holder for equal number of Equity Shares having
nominal value of Rs.10/ each within 18 months from the date of allotment i.e.
December 22, 2010. As per SEBI guidelines 25 % subscription amount received
before allotment of 1,641,953 warrants amounting Rs. 72.25 million, further
1,000,000 warrants were converted into qual number of equity shares on March
13, 2012 after receiving remaining 75% subscription amount i.e. 132 million. |
84.740 |
|
b)
385,000 warrants were converted into equal number of equity shares on March
23, 2013 after receipt of remaining 75% subscription amount. |
41.870 |
|
c)
1,115,000 warrants were converted into equal number of equity shares on
August 13, 2013 after receipt of remaining 75% subscription amount. These
above warrants detailed herein above at point No. b & c were part of
1,500,000 warrants issued @ Rs. 145/- each warrant to Mr. Ashok Kumar Gupta
(considered as promoter group entity) entitling the warrant holder for equal
number of Equity Shares having nominal value of Rs. 10/- each within 18
months from the date of allotment i.e. February 14, 2012. As per SEBI
guidelines 25 % subscription amount received before allotment of 1,500,000
warrants made on February 14, 2012 amounting Rs. 54.38 million. |
121.260 |
|
|
247.87 |
|
3 Details of allotment of
securities in the preceding 5 financial years: i) a) 4,281,000 Equity Shares were issued on conversion
of 2,140,500 warrants on January 23, 2008. b) 782,000 Equity Shares were issued on
conversion of 391,000 warrants on April 28, 2008 c) 787,000 Equity Shares were issued on
conversion of 393,500 warrants on June 27, 2008. d) 370,000 Equity Shares were issued on
conversion of 185,000 warrants on April 4, 2009 "These
shares were issued on conversion of warrants. The Company issued 3,175,000
warrants @ Rs. 140/- each to the promoters and other strategic investors
entitling them for equal number of Equity Shares and one bonus share each
against every warrant having nominal value of Rs.10/- each (i.e. warrant
holder were entitled for 2 Equity Shares against each warrant they have)
within 18 months from the date of allotment i.e. July 5, 2007. Out of total
3,175,000 warrants, subscribers for 65,000 share warrants didn’t exercised
their option within 18 months of allotment of warrants and consequently,
their initial subscription amount was forfeited." ii) 1,798,333 Equity shares has been issued to
erstwhile shareholders of Shree Lakshmi Metal Udyog Limited for acquiring
their 100% Equity shares in a non-cash deal [swap ratio 1 [One] Share of APL
Apollo Tubes Limited for every 3 [Three] shares of Shri Lakshmi Metal Udyog
Limited] on April 28, 2008. iii)
Equity share issued as underlying security for GDR issue a)
On June 18, 2008 2,941,200 Equity Shares were allotted as underlying
securities for 1,470,600 Global Depository Receipts. b)
On July 17, 2008 2,941,150 Equity Shares were allotted as underlying
securities for 1,470,575 Global Depository
Receipts. iv)
Warrant Issue : 1,641,953 warrants were issued @ Rs.176/- each warrant to
promoters entitling them for equal number
of Equity Shares having nominal value of Rs. 10/- each within 18 months from
the date of allotment i.e. December
22, 2010 a)
1,000,000 Equity Shares were issued on conversion of equal no of warrants on
March 13, 2012. b)
641,953 Equity Shares were issued on conversion of equal no of warrants on
June 21, 2012. v)
Warrant Issue : 1,500,000 warrants were issued @ Rs.145/- each warrant to
promoters entitling them for equal number
of Equity Shares having nominal value of Rs.10/- each within 18 months from
the date of allotment i.e. February
14, 2010 a)
385,000 Equity Shares were issued on conversion of equal no of warrants on
March 23, 2013. b)
1,115,000 Equity Shares were issued on conversion of equal no of warrants on
August 13, 2013. |
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
234.390 |
223.240 |
212.970 |
|
(b) Reserves & Surplus |
3020.750 |
2744.590 |
2369.210 |
|
(c) Money
received against share warrants |
0.000 |
40.420 |
82.620 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
3255.140 |
3008.250 |
2664.800 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
939.360 |
473.940 |
479.560 |
|
(b) Deferred tax liabilities (Net) |
345.840 |
274.640 |
196.580 |
|
(c) Other long term
liabilities |
0.500 |
0.500 |
0.000 |
|
(d) long-term
provisions |
9.630 |
6.320 |
4.220 |
|
Total Non-current
Liabilities (3) |
1295.330 |
755.400 |
680.360 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
2615.140 |
2506.750 |
1445.360 |
|
(b) Trade
payables |
615.500 |
616.270 |
434.240 |
|
(c) Other
current liabilities |
292.780 |
262.350 |
200.240 |
|
(d) Short-term
provisions |
189.910 |
183.130 |
134.100 |
|
Total Current
Liabilities (4) |
3713.330 |
3568.500 |
2213.940 |
|
|
|
|
|
|
TOTAL |
8263.800 |
7332.150 |
5559.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2300.130 |
1854.630 |
1241.170 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
145.410 |
16.950 |
339.180 |
|
(iv)
Intangible assets under development |
33.830 |
9.870 |
0.000 |
|
(b) Non-current Investments |
865.960 |
779.650 |
768.100 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
697.670 |
785.130 |
709.380 |
|
(e) Other
Non-current assets |
115.710 |
55.840 |
22.390 |
|
Total Non-Current
Assets |
4158.710 |
3502.070 |
3080.220 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1807.130 |
1775.460 |
929.940 |
|
(c) Trade
receivables |
1822.440 |
1654.350 |
1228.920 |
|
(d) Cash
and cash equivalents |
40.500 |
98.620 |
31.460 |
|
(e)
Short-term loans and advances |
336.180 |
251.730 |
228.250 |
|
(f) Other
current assets |
98.840 |
49.920 |
60.310 |
|
Total
Current Assets |
4105.090 |
3830.080 |
2478.880 |
|
|
|
|
|
|
TOTAL |
8263.800 |
7332.150 |
5559.100 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
20573.210 |
16091.180 |
10775.330 |
|
|
|
Other Income |
21.600 |
10.310 |
5.670 |
|
|
|
TOTAL (A) |
20594.810 |
16101.490 |
10781.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
13684.160 |
10273.840 |
7454.980 |
|
|
|
Purchases of Stock-in-Trade |
5111.490 |
4469.700 |
1940.110 |
|
|
|
exceptional items |
1.350 |
3.660 |
4.100 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(388.600) |
(481.240) |
50.970 |
|
|
|
Employees benefits expense |
211.510 |
164.050 |
82.350 |
|
|
|
Other expenses |
1021.170 |
727.000 |
530.530 |
|
|
|
TOTAL
(B) |
19641.080 |
15157.010 |
10063.040 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
953.730 |
944.480 |
717.960 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
462.160 |
320.060 |
232.330 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
491.570 |
624.420 |
485.630 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
98.690 |
78.790 |
55.470 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
392.880 |
545.630 |
430.160 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
131.030 |
199.080 |
142.640 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
261.850 |
346.550 |
287.520 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
11.38 |
15.12 |
12.27 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin (PAT/Sales) |
(%) |
1.27 |
2.15 |
2.67 |
|
|
|
|
|
|
|
Operating Profit Margin (PBITD/Sales) |
(%) |
4.64 |
5.87 |
6.66 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.44 |
8.36 |
9.66 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
0.18 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.09 |
0.99 |
0.72 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.11 |
1.07 |
1.12 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
212.970 |
223.240 |
234.390 |
|
Reserves & Surplus |
2369.210 |
2744.590 |
3020.750 |
|
Net
worth |
2582.180 |
2967.830 |
3255.140 |
|
|
|
|
|
|
long-term borrowings |
479.560 |
473.940 |
939.360 |
|
Short term borrowings |
1445.360 |
2506.750 |
2615.140 |
|
Total
borrowings |
1924.920 |
2980.690 |
3554.500 |
|
Debt/Equity
ratio |
0.745 |
1.004 |
1.092 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
10775.330 |
16091.180 |
20573.210 |
|
|
|
49.334 |
27.854 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
10775.330 |
16091.180 |
20573.210 |
|
Profit |
287.520 |
346.550 |
261.850 |
|
|
2.67% |
2.15% |
1.27% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
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 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10531151 |
17/11/2014 |
400,000,000.00 |
INDUSIND BANK LIMITED. |
Dr. Gopal Das Bhawan, 28, Barakhamba Road, New Delhi, Delhi - 110001, INDIA |
C33527755 |
|
2 |
10488512 |
27/03/2014 |
500,000,000.00 |
Axis Bank Limited |
AXIS BANK LIMITED,
148, BARAKHAMBA ROAD, NEW DELH |
C02572030 |
|
3 |
10392963 |
20/11/2012 |
500,000,000.00 |
ING VYSYA BANK LIMITED |
NARIAN
MANZIL,GROUND FLOOR,SHOP NO. G1 TO G5,, I |
B64511850 |
|
4 |
10388122 |
13/05/2014 * |
600,000,000.00 |
DBS BANK LIMITED. |
CAPITAL POINT, BABA
KHARAK SINGH MARG,, CONNAUGHT |
C03719416 |
|
5 |
10388208 |
20/05/2013 * |
680,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH,
JAWAHAR VAPAR BHAWAN, |
B79588380 |
|
6 |
10377394 |
27/08/2012 |
36,500,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN
BHAVAN, 227,D,, NARIMAN POINT,, M |
B58443797 |
|
7 |
10376100 |
10/10/2013 * |
600,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
B88680384 |
|
8 |
10363530 |
23/01/2013 * |
250,000,000.00 |
AXIS BANK LIMITED. |
2ND FLOOR,
STATESMAN HOUSE, 148, BARAKHAMBA ROAD, |
B67416404 |
|
9 |
10338586 |
19/03/2014 * |
500,000,000.00 |
Axis Bank Limited |
AXIS BANK LIMITED,
148, BARAKHAMBA ROAD, NEW DELH |
C02573806 |
|
10 |
10290703 |
24/03/2014 * |
500,000,000.00 |
YES BANK LIMITED |
YES BANK LIMITED,
DR ANNIE BESANT ROAD WORLI, MUM |
C02994408 |
* Date of charge modification
OVERVIEW
The year gone by FY14 was a good year for the company
despite the adverse economic conditions prevailing the world over. It achieved
a volume growth of above 25% even though the country was passing through a
sluggish economy, lower investments and credit squeeze. This was also a
challenging year since demand growth particularly in infrastructure and
construction sector was sluggish. But this gave the company a excellent
opportunity to revisit there systems and sharpen there practices. The company
focussed on improving efficiencies, increasing penetration particularly in tier
II cities, developing new product sizes, finding new markets etc. Due to number
of measures taken, the company was able to beat slowdown and post robust
growth. However in the process the EBITDA came under pressure and declined
marginally.
There is a new optimism in the country after the recent
change in the Government. Economic activity is expected to pick up momentum.
Consequently investments in infrastructure, industries, construction,
Irrigation etc. are all expected to leapfrog. This augurs well for the company. The
growth drivers are these industries and any improvement in their fortune
will have a direct impact on the company as well. They expect demand to pick up
in near future. So they are further strengthening there marketing network.
Capacities are being increased to take care of additional demand. They expect
to reach a capacity of about 1 million tonnes by next year. New export markets
are being developed. Investments are being made in new products. Brand building
exercises are getting the necessary thrust to make the company’s Brand APL
Apollo popular throughout the targeted markets. With this the company expects
to maintain the growth momentum and improve margins.
PROJECTS
AND EXPANSION
The
Company has undertook massive drive for expansion, capacity enhancement and
de-bottlenecking of its manufacturing capacities in last couple of years and is
confident of achieving ‘Vision 2015’ i.e. production of 1 million MT per annum
well within the scheduled time. New manufacturing lines are added across the
locations, new equipments based on latest technology is being commissioned, old
machineries/plants are replaced with more efficient and state of the art
facilities and plant layouts are reworked to achieve optimum utilizations of
the installed capacities.
OPERATIONS
During
FY14, the Company has achieved the highest ever volume, turnover despite the
deceleration in the global and domestic economy. Though as a conscious strategy
they lowered our margins to grab larger market share and become market leader.
They extended our geographical reach to the end–users, strengthen there
presence in tier II and tier III cities either via own warehouse cum branches
or through dealer-distributors network. Additional warehouse-cum-branches were
opened at Ananthapur, Dehradun and Jodhpur to cater to the burgeoning demand in
various industrial applications, thereby, strengthening the APL Apollo brand.
Measures to enhance cost efficiency across the verticals, innovative approach
in production and distribution of the products helped the Company to control
the manufacturing as well as selling and distribution cost.
MANAGEMENT’S
DISCUSSION AND ANALYSIS REPORT
Management’s
Discussion and Analysis Report for the year under review, as stipulated under
Clause 49 of the Listing Agreement with the Stock Exchanges in India, is
presented in a separate section forming part of the Annual Report.
OUTLOOK
They
aim to hit the 1 million tonnes sales in the next 2 years. They have assembled
the largest range of products as well as have the largest and most diversified
footprint in the Industry. They have taken over 2 units and successfully turned
them around. There M&A team is actively looking for new acquisitions and
they should be able to complete one this year. They have invested heavily in
there brand and aim to create a customer demand pull over time. There
aspiration is to make APL Apollo the brand of choice among there customers.
Another
goal that they set for ourselves in 2012 was to achieve a USD 1 billion in
revenues within 5 years. They should be able to achieve that.
PART-I STATEMENT OF STANDALONE
UNAUDITED (PROVISIONAL) FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED
30.09.2014
(Rs. in millions)
|
Sr. No. |
Particulars |
Quarter Ended |
Half Year Ended |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
||
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
||
|
1 |
Income from
Operations |
|
|
|
|
|
a) Net Sales / Income from operations |
|
|
|
|
|
Gross Sales |
5516.981 |
5969.871 |
11486.852 |
|
|
Less: Excise Duty |
527.651 |
521.752 |
1049.403 |
|
|
Total Income from
Operations (net) |
4989.330 |
5448.119 |
1049.403 |
|
2 |
Expenses |
|
|
|
|
|
a) Consumption of Raw Materials |
3866.270 |
4073.662 |
7939.932 |
|
|
b) Purchase of stock in trade |
654.534 |
911.007 |
1565.541 |
|
|
c) Changes in inventories of finished goods and WIP |
(55.545) |
(45.810) |
(101.355) |
|
|
d) Employee benefits expenses |
45.523 |
43.873 |
89.396 |
|
|
e) Depreciation and amortisation expenses |
32.356 |
31.327 |
63.683 |
|
|
f) Other Expenditure (Item not exceeding 10% of the total expenses
relating to continuing operations) |
227.761 |
256.718 |
484.479 |
|
|
Total Expenses |
4770.900 |
5270.777 |
10041.677 |
|
3 |
Profit / (Loss) from operations before other income, finance costs and
exceptional items (1-2) |
218.431 |
177.342 |
395.772 |
|
4 |
Other Income |
- |
10.874 |
10.874 |
|
5 |
Profit from ordinary activities before finance cost and exceptional
items |
218.431 |
188.216 |
406.646 |
|
6 |
Finance Costs |
117.399 |
106.112 |
121.793 |
|
7 |
Profit from ordinary activities after finance costs but before
exceptional items |
101.032 |
82.104 |
183.135 |
|
8 |
Exceptional Item |
-- |
-- |
-- |
|
9 |
Profit from ordinary activities before Tax |
101.032 |
82.104 |
183.135 |
|
10 |
Tax Expense |
|
|
|
|
|
-Current Tax |
16.239 |
12.644 |
28.883 |
|
|
-Deferred ax |
18.223 |
14.762 |
32.985 |
|
11 |
Net Profit from ordinary activities after tax |
66.570 |
54.698 |
121.267 |
|
12 |
Extraordinary Item (net of tax expenses) |
-- |
-- |
-- |
|
13 |
Net Profit for the period |
66.570 |
54.698 |
121.267 |
|
14 |
Share of profit/( loss) of associates |
-- |
-- |
-- |
|
15 |
Net Profit/( loss) after taxes, minority interest and s hare of
profit/ (loss) of associated (13+14+15) |
66.570 |
54.698 |
121.267 |
|
16 |
Paid-up Equity Shares Capital (Face value of Rs.10/- each) |
234.386 |
234.386 |
234.386 |
|
17 |
Reserves excluding Revaluation Reserve as per Balance Sheet of
Previous Year |
-- |
-- |
-- |
|
18i |
Earning Per Shares (EPS before extraordinary items) |
|
|
|
|
|
- Basic (in Rupees, not annualized) |
2.84 |
2.33 |
5.17 |
|
|
- Diluted (in Rupees, not annualized) |
2.84 |
2.33 |
5.17 |
|
18ii |
Earning Per Shares (EPS AFTER extraordinary items) |
|
|
|
|
|
- Basic (in Rupees, not annualized) |
2.84 |
2.33 |
5.17 |
|
|
- Diluted (in Rupees, not annualized) |
2.84 |
2.33 |
5.17 |
|
PART II |
|
|
|
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
Public
shareholding |
|
|
|
|
|
- No of shares |
13185099 |
13185099 |
13185099 |
|
|
- Percentage of shareholding |
56.254 |
56.254 |
56.254 |
|
2 |
Promoters and promoter
group shareholding |
|
|
|
|
|
a) Pledged /
Encumbered |
|
|
|
|
|
- No of shares |
0 |
0 |
0 |
|
|
- Percentage of shares (as a % of the total shareholding of promoters
and promoter group |
0.000 |
0.000 |
0.000 |
|
|
- Percentage of shares (as a % of the total share capital of the
company) |
0.000 |
0.000 |
0.000 |
|
|
b)
Non-encumbered |
|
|
|
|
|
- No of shares |
10253537 |
10253537 |
10253537 |
|
|
- Percentage of shares (as a % of the total shareholding of promoters
and promoter group |
100.000 |
100.000 |
100.000 |
|
|
- Percentage of shares (as a % of the total share capital of the
company) |
43.746 |
43.746 |
43.746 |
|
B |
INVESTOR COMPLAINTS |
3 months ended as on 30.09.2014 |
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
Nil |
|
|
Disposed of during the quarter |
Nil |
|
|
Remaining unresolved at the end of the quarter |
Nil |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited 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.62.65 |
|
|
1 |
Rs.98.53 |
|
Euro |
1 |
Rs.78.05 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ANU |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
52 |
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.