MIRA
INFORM REPORT
|
Report Date : |
24.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
AUTOLINE INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
Survey No. 313,
314, 320 to 323, Nanekarwadi, Chakan, Taluka Khed, Pune-410501, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation
: |
16.12.1996 |
|
|
|
|
Com. Reg. No.: |
11-104510 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 122.495 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L34300PN1996PLC104510 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
PNEA07017D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCA4534D |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Pressed Sheet Metal Auto Components and Assemblies. |
|
|
|
|
No. of Employees
: |
3450 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 9200000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. There appears drastic dip in profit of the company in the year 2013. However, trade relation are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealing with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services sector
activity witnessed a moderate improvement in November over the previous month,
even while indicating the fifth successive monthly contraction, according the
HSBC survey.
$53 million
estimated losses suffered by India due to phishing attacks during the third
quarter, according to a study by RSA. India ranks fourth in the list of nations
hit by phishing attacks. The US remained at the top of the charts. Phishing is
the process of acquiring information such as user names, passwords and credit
card details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: BB- |
|
Rating Explanation |
Moderate credit risk of default |
|
Date |
03.01.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: A4 |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
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.:(91-2135-664861)
LOCATIONS
|
Registered
Office / Factory 1 (Chakan Unit II): |
Survey No. 313,
314, 320 to 323, Nanekarwadi, Chakan, Taluka Khed, Pune-410501, Maharashtra,
India |
|
Tel. No.: |
91-2135-664861 |
|
Fax No.: |
91-2135-664864 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 2: |
Chakan Unit I S No 291 to 296,
Nanekarwadi,Taluka Khed,
District-Pune, 412501, Maharashtra, India |
|
Tel. No.: |
91-2135-664901 / 2 / 3 |
|
Fax No.: |
91-2135-664904 |
|
|
|
|
Factory 3: |
Chakan Unit III S. No. - 613, Mahalunge,Chakan, Taluka Khed, District Pune 410501, Maharashtra, India |
|
Tel. No.: |
91-2135-664891 |
|
Fax No.: |
91-2135-664891 |
|
|
|
|
Factory 4: |
Bhosari Unit – I T-135, MIDC, Bhosari, Pune – 411026, Maharashtra, India |
|
Tel. No.: |
91-20-66306570 / 66306568 |
|
Fax No.: |
91-20-66306566 |
|
|
|
|
Factory 5: |
Bhosari Unit – II E-12-17 (8), MIDC Bhosari, Pune-411026, Maharashtra, India |
|
Tel. No.: |
91-20-27112952 / 53 / 30632555 |
|
Fax No.: |
91-20-27112951 / 30632500 |
|
Website : |
|
|
|
|
|
Factory 6: |
Bhosari Unit III F – II , 24/25, MIDC, Pimpri, Pune-411018, Maharashtra, India |
|
Tel. No.: |
91-20-66306502 / 03 |
|
Fax No.: |
91-20-66306501 |
|
|
|
|
Factory 7: |
Kudalwadi Unit S.NO. 825, Kudalwadi, Post Chikhali, Taluka Haveli, Pune-412114,
Maharashtra, India |
|
Fax No.: |
91-20-66306501 |
|
|
|
|
Factory 8: |
Rudrapur –Uttarakhand
Unit - I Sidkul, Plot No. 5, Sector 11, Pant Nagar, Udham Singh Nagar– 263153, Uttarakhand, India |
|
|
|
|
Factory 9: |
Rudrapur –
Uttarakhand Unit – II Sidkul, Plot No. 8, Sector 11, Pant Nagar, Udham Singh Nagar– 263153, Uttarakhand, India |
|
|
|
|
Factory 10: |
Pune Surya Plaza, 214 LBS Road, Navi Peth, Pune, India Tel. No.: 91-020 66408952/ 53, Fax No: 91-020 24335710 |
|
|
|
|
Factory 11: |
Chennai 3rd Floor, 10 P.T Rajan Salai, KK Nagar, Chennai – 600078, India Tel. No.: 91-44-42141453/ 42135655 Fax: 91-44-42183301 |
|
|
|
|
Factory 12: |
Chennai Unit 2/86, 7th Avenue, Ashok Nagar, Chennai-600083, Tamilnadu, India |
|
|
|
|
Factory 13: |
Dharwad Unit : Plot No. 180D and 186A ,Belur Industrial Area, Dharwad, Karnataka, India |
|
|
|
|
|
|
|
Overseas Offices : |
Located at · USA · Italy · South Korea · Cyprus |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. Vilas Lande |
|
Designation : |
Chairman Emeritus |
|
|
|
|
Name : |
Mr. Prakash B. Nimbalkar |
|
Designation : |
Non-Executive Chairman (Independent) |
|
Date of Birth/Age : |
12.02.1943 |
|
Qualification : |
Graduate in Commerce and Law (B.Com, LLB), Certificated Associate of Indian Institute of Bankers (CAIIB) |
|
Date of Appointment : |
15.06.2006 |
|
Other Directorship: |
· Sicom Limited · Autoline Design Software Limited · Sicom Arc Limited · MPA Financial Services · Autoline Industrial Parks Limited · Srei Fund Trust Private Limited · Autoline Industries Inc USA · Autoline Industries Indiana LLC |
|
|
|
|
Name : |
Mr. Shivaji T. Akhade |
|
Designation : |
Managing Director |
|
Date of Birth/Age : |
46 Years |
|
Qualification : |
B.Com. |
|
Experience : |
20 Years |
|
|
|
|
Name : |
Mr. M. Radhakrishnan |
|
Designation : |
Managing Director and CEO |
|
Date of Birth/Age : |
57 Years |
|
Qualification : |
B.Sc. (Stats) LLB, DBM, CAIIB |
|
Experience : |
32 Years |
|
|
|
|
Name : |
Mr. Sudhir V. Mungase |
|
Designation : |
Whole Time Director |
|
Date of Birth/Age : |
37 Years |
|
Qualification : |
Undergraduate |
|
Experience : |
15 Years |
|
|
|
|
Name : |
CA Vijay K. Thanawala |
|
Designation : |
Independent and Non – Executive Director |
|
Date of Birth/Age : |
24.04.1947 |
|
Qualification : |
Chartered Accountant (FCA) |
|
Date of Appointment : |
15.06.2006 |
|
Other Directorship: |
· Nova Flexipack Limited · Symphony Integrated Finance Private Limited · Thanawala Consultancy Private Limited |
|
|
|
|
Name : |
Prof. Abraham Koshy |
|
Designation : |
Independent and Non – Executive Director |
|
|
|
|
Name : |
Mr. Amit Kishankumar Goela |
|
Designation : |
Non – Executive Director |
|
Date of Birth/Age : |
02.02.1965 |
|
Qualification : |
B.COM, MBA. |
|
Other Directorship: |
· Rare Equity Private Limited (earlier known as Marganta Textiles Private Limited) · Race Ahead Properties Private Limited · Roshni Agencies Private Limited |
KEY EXECUTIVES
|
Name : |
CA. Ravindra E. Ketkar |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. Ashutosh B. Kulkarni |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Digambar C. Pargaonkar |
|
Designation : |
Chief Operating Officer (Operations) |
|
|
|
|
Name : |
Mr. Rajendra Dhas |
|
Designation : |
Plant Head- Chakan I |
|
|
|
|
Name : |
Mr. Yogesh Ghodekar |
|
Designation : |
Plant Head- Bhosari III |
|
|
|
|
Name : |
Mr. Ganesh Avhad |
|
Designation : |
Plant Head- Chakan III |
|
|
|
|
Name : |
Mr. Manoj Bhaiswar |
|
Designation : |
Plant Head- Bhosari I |
|
|
|
|
Name : |
Mr. Faiyaz Kashi |
|
Designation : |
DGM- Development and Marketing |
|
|
|
|
Name : |
Mr. Santosh Kasture |
|
Designation : |
Plant Head- Kudalwadi |
|
|
|
|
Name : |
Mr. Dattatraya Kute |
|
Designation : |
GM- New Product Development |
|
|
|
|
Name : |
Mr. Rajendra Melkania |
|
Designation : |
DGM- HR and Admin, Uttarakhand |
|
|
|
|
Name : |
Mr. Satyanarayan Avindala |
|
Designation : |
GM- Maintenance |
|
|
|
|
Name : |
Mr. Vijendra Bagade |
|
Designation : |
DGM- Q.A. |
|
|
|
|
Name : |
Mr. G. V. Ranga Raju |
|
Designation : |
DGM- Tool Room |
|
|
|
|
Name : |
Mr. Satish Satpute |
|
Designation : |
AGM - Material Pricing |
|
|
|
|
Name : |
Mr. Sanjeev Devadkar |
|
Designation : |
AGM- Raw Material |
|
|
|
|
Name : |
Mr. Sanjay Chalke |
|
Designation : |
AGM- Excise |
|
|
|
|
Name : |
Mr. Yusuf Khan Airani |
|
Designation : |
Dy. Plant Head -Dharwad, Karnataka |
|
|
|
|
Name : |
Mr. Rahul Chorghe |
|
Designation : |
AGM - HR and Admin (Corporate) |
|
|
|
|
|
AUTOLINE DESIGN
SOFTWARE LIMITED, PUNE |
|
Name : |
Mr. Lakshmanan Nagarajan |
|
Designation : |
Chief Executive Officer |
|
|
|
|
|
AUTOLINE INDUSTRIES
USA, INC |
|
Name : |
Mr. Srinath Bramadesam |
|
Designation : |
President |
|
|
|
|
Name : |
Ms. Rachel Shupe |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.12.2013
|
Category
of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2446567 |
19.92 |
|
|
1000000 |
8.14 |
|
|
3446567 |
28.06 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
3446567 |
28.06 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
15044 |
0.12 |
|
|
382000 |
3.11 |
|
|
397044 |
3.23 |
|
|
|
|
|
|
1472095 |
11.99 |
|
|
|
|
|
|
3692584 |
30.07 |
|
|
2079110 |
16.93 |
|
|
1193552 |
9.72 |
|
|
299217 |
2.44 |
|
|
627634 |
5.11 |
|
|
132076 |
1.08 |
|
|
11163 |
0.09 |
|
|
123462 |
1.01 |
|
|
8437341 |
68.70 |
|
Total Public
shareholding (B) |
8834385 |
71.94 |
|
Total (A)+(B) |
12280952 |
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) |
12280952 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
Sl.No. |
Name of the
Shareholder |
Details of Shares held |
|
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
||
|
1 |
Rema Radhakrishnan |
5,04,717 |
4.11 |
|
2 |
Shivaji T Akhade |
6,33,681 |
5.16 |
|
3 |
Sudhir V Mungase |
6,00,958 |
4.89 |
|
4 |
Vilas V Lande |
5,97,258 |
4.86 |
|
5 |
M Radhakrishnan |
1,09,953 |
0.90 |
|
6 |
Lincwise Software Private Limited |
10,00,000 |
8.14 |
|
|
Total |
34,46,567 |
28.06 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
|
1 |
Jhunjhunwala Rekha Rakesh |
731233 |
5.95 |
|
2 |
Jhunjhunwala Rakesh Radheshyam |
520000 |
4.23 |
|
3 |
Tata Investment Corporation Limited |
224651 |
1.83 |
|
4 |
Emerging India Focus Funds |
210000 |
1.71 |
|
5 |
The Indiaman Fund (Mauritius) Limited |
145000 |
1.18 |
|
6 |
Pravinchandra Batavia |
228000 |
1.86 |
|
7 |
Amit Goela |
125000 |
1.02 |
|
8 |
Utpal H Sheth |
125000 |
1.02 |
|
|
Total |
2308884 |
18.80 |
Shareholding
belonging to the category "Public" and holding more than 5% of the
Total No. of Shares
|
Sl. No. |
Name(s) of the shareholder(s)
and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of
Total No. of Shares |
|
1 |
Jhunjhunwala Rekha Rakesh |
731233 |
5.95 |
|
2 |
Jhunjhunwala Rakesh Radheshyam |
520000 |
4.23 |
|
3 |
Amit Goela |
125000 |
1.02 |
|
4 |
Utpal H Sheth |
125000 |
1.02 |
|
|
Total |
1501233 |
12.22 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Pressed Sheet Metal Auto Components and Assemblies. |
GENERAL INFORMATION
|
No. of Employees : |
3450 (Approximately) |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Bankers : |
· Bank of Baroda · The Catholic Syrian Bank Limited · Axis Bank Limited · NKGSB Co-op Bank Limited · Vidya Sahakari Bank Limited |
|||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
Tata Capital Financial Services Limited |
|
|
|
|
Auditors : |
|
|
Name : |
KVMDS and Associates (Formerly known as Gujar Rawat Sheth and Associates) Chartered Accountants |
|
Address : |
Pune, Maharashtra, India |
|
|
|
|
Internal Auditors : |
|
|
Name : |
Chandrakant G. Doshi and Company Chartered Accountants |
|
Address : |
Pune, Maharashtra, India |
|
|
|
|
Cost Auditors: |
Mr. S. G. Jog Cost Accountants |
|
Address : |
Pune, Maharashtra, India |
|
|
|
|
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) |
|
|
|
|
Associates : |
Indian v Nuvent
Technologies Private Limited Foreign v DEP Autoline Inc
USA |
|
|
|
|
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 v Lincwise Software Private Limited |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
29500000 |
Equity Shares |
Rs.10/- each |
Rs. 295.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12204969 |
Equity Shares |
Rs.10/- each |
Rs. 122.050
Millions |
|
44496 |
Add: ESOP Allotment During the Period |
Rs.10/- each |
Rs. 0.445
Million |
|
|
Total |
|
Rs. 122.495 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 |
- - - - |
- - - - |
44496 444960 - - |
- - - - |
- - - - |
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 |
31.03.2013 |
|
|
|
Number of shares held |
% holding in that class of shares |
|
Equity shares with voting rights |
|
|
|
Line Wise Software Private Limited |
1,000,000 |
8.16% |
|
Mrs. Rekha Rakesh Jhunjhunwala |
731,233 |
5.97% |
|
Mrs. Rema Radhakrishnan |
664,717 |
5.43% |
|
Mr. Shivaji Tukaram Akhade |
633,681 |
5.17% |
|
Religare Finvest Limited |
-- |
-- |
|
Total |
3029631 |
24.73% |
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 31.03.2013 |
|
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 |
-- |
|
Total |
588125 |
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 |
122.495 |
122.050 |
122.050 |
|
(b) Reserves & Surplus |
2196.380 |
2190.069 |
1901.415 |
|
(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) |
2318.875 |
2312.119 |
2023.465 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
749.059 |
887.681 |
899.673 |
|
(b) Deferred tax liabilities (Net) |
125.986 |
115.816 |
85.566 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
875.045 |
1003.497 |
985.239 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1545.245 |
1420.542 |
1077.862 |
|
(b)
Trade payables |
889.293 |
779.874 |
633.425 |
|
(c)
Other current liabilities |
131.059 |
132.820 |
18.975 |
|
(d) Short-term
provisions |
14.331 |
82.558 |
118.144 |
|
Total Current
Liabilities (4) |
2579.928 |
2415.794 |
1848.406 |
|
|
|
|
|
|
TOTAL |
5773.848 |
5731.410 |
4857.110 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
2600.885 |
2583.577 |
2452.732 |
|
(ii)
Intangible Assets |
128.824 |
142.521 |
169.914 |
|
(iii)
Capital work-in-progress |
193.690 |
147.985 |
314.399 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
979.568 |
971.641 |
834.167 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
149.842 |
85.286 |
24.913 |
|
(e) Other
Non-current assets |
10.058 |
15.283 |
20.531 |
|
Total Non-Current
Assets |
4062.867 |
3946.293 |
3816.656 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
873.844 |
824.886 |
343.743 |
|
(c)
Trade receivables |
394.875 |
395.801 |
280.041 |
|
(d) Cash
and cash equivalents |
44.250 |
67.003 |
138.966 |
|
(e)
Short-term loans and advances |
288.786 |
293.562 |
277.704 |
|
(f) Other
current assets |
109.226 |
203.865 |
0.000 |
|
Total
Current Assets |
1710.981 |
1785.117 |
1040.454 |
|
|
|
|
|
|
TOTAL |
5773.848 |
5731.410 |
4857.110 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5733.271 |
5837.092 |
4937.861 |
|
|
|
Other Income |
47.680 |
25.767 |
13.496 |
|
|
|
TOTAL (A) |
5780.951 |
5862.859 |
4951.357 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
4309.177 |
4353.025 |
3304.518 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(171.651) |
(265.907) |
(64.978) |
|
|
|
Employee benefits expenses |
374.591 |
315.933 |
176.819 |
|
|
|
Other expenses |
849.255 |
807.611 |
938.927 |
|
|
|
Exceptional items |
(68.510) |
(203.864) |
0.000 |
|
|
|
TOTAL (B) |
5292.862 |
5006.798 |
4355.286 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
488.089 |
856.061 |
596.071 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
344.665 |
286.253 |
183.227 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
143.424 |
569.808 |
412.844 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
198.499 |
194.582 |
147.738 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(55.075) |
375.226 |
265.106 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(64.715) |
40.497 |
64.495 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
9.640 |
334.729 |
200.611 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on FOB basis |
89.766 |
71.821 |
36.635 |
|
|
TOTAL EARNINGS |
89.766 |
71.821 |
36.635 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
35.206 |
36.638 |
3.361 |
|
|
|
Capital Goods |
0.000 |
60.357 |
7.171 |
|
|
TOTAL IMPORTS |
35.206 |
96.995 |
10.532 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.67 |
28.33 |
16.44 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.17 |
5.71 |
4.05 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(0.97) |
6.42 |
5.37 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.20) |
8.13 |
7.15 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.02) |
0.16 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.99 |
0.99 |
0.98 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.66 |
0.74 |
0.56 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: NOT AVAILABLE
|
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 |
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 |
CASE DETAILS
|
Case Details |
|
|
Case Type |
Spl.Civ.Suit |
|
Filing No. |
203081/2012 Filing date: 30-03-2012 |
|
Registration No. |
200643/2012 Registration date: 12-06-2012 |
|
Case code |
202902030812012 |
|
|
|
|
CASE STATUS |
|
|
First Hearing Date |
12-06-2012 |
|
Next Hearing Date |
24-01-2014 |
|
Purpose of Hearing |
|
|
Court No &
Judge |
8 - 7TH JT. CJSD AND ADDL. C. J. M. PUNE. |
|
|
|
|
Petitioner(s) & Advocate(s) |
|
|
Petitioner - Suvarna Fibrotech Private Limited Address - S.No. 27 and 28, T Block, MIDC, Bhosari, Pune 26. Advocate - S. K. Jain |
|
|
Respondent(s) & Advocate(s) |
|
|
Respondent - Ms Autoline Industries Limited etc 2 Address - Nanekarwadi, Chakan, Pune 410 501. Advocate - Srikant Kad |
|
|
ACTS |
||
|
Under Act(s) |
--- |
|
|
Under Section(s) |
--- |
|
|
Subject |
|
|
|
|
|
|
|
LOWER COURT INFORMATION |
|
|
|
Court No & Name |
--- |
|
|
Case No & Year |
--- |
|
|
Case Decision Date |
--- |
|
|
History Of Case Hearing |
||||
|
Regn. No. |
Judge |
Bussiness on Date |
Hearing Date |
Purpose of Hearing |
|
200643/2012 |
6TH JT. CJSD AND ADDL. C. J. M. PUNE. |
12-06-2012 |
29-08-2012 |
|
|
200643/2012 |
6TH JT. CJSD AND ADDL. C. J. M. PUNE. |
29-08-2012 |
15-09-2012 |
|
|
200643/2012 |
6TH JT. CJSD AND ADDL. C. J. M. PUNE. |
15-09-2012 |
05-10-2012 |
|
|
200643/2012 |
6TH JT. CJSD AND ADDL. C. J. M. PUNE. |
05-10-2012 |
31-10-2012 |
|
|
200643/2012 |
6TH JT. CJSD AND ADDL. C. J. M. PUNE. |
31-10-2012 |
28-11-2012 |
|
|
200643/2012 |
6TH JT. CJSD AND ADDL. C. J. M. PUNE. |
28-11-2012 |
07-12-2012 |
|
|
200643/2012 |
6TH JT. CJSD AND ADDL. C. J. M. PUNE. |
07-12-2012 |
12-12-2012 |
|
|
200643/2012 |
6TH JT. CJSD AND ADDL. C. J. M. PUNE. |
12-12-2012 |
16-01-2013 |
|
|
200643/2012 |
6TH JT. CJSD AND ADDL. C. J. M. PUNE. |
16-01-2013 |
20-02-2013 |
|
|
200643/2012 |
6TH JT. CJSD AND ADDL. C. J. M. PUNE. |
20-02-2013 |
21-03-2013 |
|
|
200643/2012 |
6TH JT. CJSD AND ADDL. C. J. M. PUNE. |
21-03-2013 |
23-04-2013 |
|
|
200643/2012 |
6TH JT. CJSD AND ADDL. C. J. M. PUNE. |
23-04-2013 |
21-06-2013 |
|
|
200643/2012 |
6TH JT. CJSD AND ADDL. C. J. M. PUNE. |
21-06-2013 |
15-07-2013 |
|
|
200643/2012 |
6TH JT. CJSD AND ADDL. C. J. M. PUNE. |
15-07-2013 |
03-08-2013 |
|
|
200643/2012 |
6TH JT. CJSD AND ADDL. C. J. M. PUNE. |
03-08-2013 |
14-08-2013 |
|
|
200643/2012 |
6TH JT. CJSD AND ADDL. C. J. M. PUNE. |
14-08-2013 |
23-08-2013 |
|
|
200643/2012 |
6TH JT. CJSD AND ADDL. C. J. M. PUNE. |
23-08-2013 |
11-09-2013 |
|
|
200643/2012 |
6TH JT. CJSD AND ADDL. C. J. M. PUNE. |
11-09-2013 |
23-09-2013 |
|
|
200643/2012 |
6TH JT. CJSD AND ADDL. C. J. M. PUNE. |
23-09-2013 |
09-10-2013 |
|
|
200643/2012 |
6TH JT. CJSD AND ADDL. C. J. M. PUNE. |
09-10-2013 |
12-11-2013 |
|
|
200643/2012 |
6TH JT. CJSD AND ADDL. C. J. M. PUNE. |
12-11-2013 |
22-11-2013 |
|
|
200643/2012 |
6TH JT. CJSD AND ADDL. C. J. M. PUNE. |
22-11-2013 |
05-12-2013 |
|
|
200643/2012 |
6TH JT. CJSD AND ADDL. C. J. M. PUNE. |
05-12-2013 |
18-12-2013 |
|
|
200643/2012 |
6TH JT. CJSD AND ADDL. C. J. M. PUNE. |
18-12-2013 |
09-01-2014 |
|
|
200643/2012 |
6TH JT. CJSD AND ADDL. C. J. M. PUNE. |
09-01-2014 |
17-01-2014 |
|
|
200643/2012 |
6TH JT. CJSD AND ADDL. C. J. M. PUNE. |
17-01-2014 |
24-01-2014 |
|
|
Orders |
|||
|
Order No. |
Order Date |
Order Details |
|
|
Writ Information |
|||
|
Regn. No. |
Appellate Case No. |
Appellate Authority |
Date of Reciept |
|
Case Transfer Details Between The Courts |
|||
|
Regn. No. |
Transfer Date |
From Court No |
To Court No |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2013 |
As on 31.03.2012 |
|
Long term
borrowings |
|
|
|
From other parties Trade Deposits |
16.000 |
15.177 |
|
Deferred payment liabilities |
10.020 |
15.204 |
|
|
|
|
|
Short term
borrowings |
|
|
|
Term loans From banks |
22.614 |
0.000 |
|
Loans repayable on demand From banks |
317.885 |
220.000 |
|
Deferred payment liabilities |
5.252 |
5.319 |
|
|
|
|
|
Total |
371.771 |
255.700 |
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 two nos. 1,000 Ton Double Action Press Machines. During the financial year, the Company has purchase done 900 Ton press as a standby for unexpected breakdown of certain Critical Presses and the same is under installation. The total number of presses installed in this plant are 17.
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 for various models of Tata Motors Limited (TML), Mahindra Navistar Automotive Limited. and other OEMs.
During the year, the Company has set up dedicated assembly line for various assemblies for Mahindra Navistar Automotive Limited. and has started supplying for its Heavy Commercial Vehicles as per awarded business.
On the future business development front, the Company is exploring the business possibilities with global automotive players like Foton, a Chinese Truck Maker, Jaguar Land Rover (JLR) Bharat Benz (Daimler trucks) etc. Initial visits from Foton, JLR and Daimler, Chennai 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 - TML, General Motors- India, Bajaj Auto Limited, Diamler India, FIAT India Private Limited, Cummins USA, American Axle Manufacturing, Volkswagen, Ashok Leyland - Nissan, etc.
MANUFACTURING
FACILITY AT CHAKAN UNIT III- MAHALUNGE - CHAKAN, INDIA:
This unit manufactures Silencers, Tubular Cross Members, Exhaust Systems from Engine to Tailpipe and Radiator tubes, CAC inlet and outlet tubes for Heavy Commercial Vehicles (HCVs), Light Commercial Vehicles (LCVs) as well as Passenger Cars. This unit has a separate painting booth for painting exhaust systems and Structural Assemblies.
MANUFACTURING
FACILITY AT PLOT NOS. 5, 6 AND 8, RUDRAPUR -UTTARAKHAND, INDIA:
The Company has set up manufacturing facilities located at Plot Nos. 5, 6 and 8, Sector 11, IIE, Rudrapur, SIDCUL, Uttarakhand which manufactures various sheet metal Press components, Welded Assemblies, Load Bodies and Small Mechanical Assemblies ( SMA) for various Models of Vehicles manufactured by TML, Ashok Leyland and other OEMs.
The Company has installed the press shop which consists of 10 large presses ranging from 400 tons to 1200 tons and 14 medium presses ranging from 40 tons to 350 tons. The Company has installed welding facility for manufacture of Low Deck Load Body, BIW parts, Foot Control Modules (FCM), Guide plates and Door Hinges.
During the year, the Company has set up and installed the Automated Welding Line for manufacturing of High Deck Load Body for TML's Tata Ace with installed capacity of 400 per day. The Company has started supplying High Deck Load Body from October, 2012 as per roll out requirement for this Model in TML. The said High Deck Load Body was designed and developed by the Company's Wholly Owned Subsidiary Company – Autoline Design Software Limited.
MANUFACTURING
FACILITY AT PLOT NO. E-12-17 (7) AND (8), MIDC, BHOSARI, PUNE, INDIA:
The Company is having world class Manufacturing facilities for various Pedal Control Systems (Foot Control Modules), Parking Brakes, Door Hinges, Mechanical Jacks and other Small Mechanical Assemblies for its domestic and International OEMs like TML, General Motors, India and Korea, Volkswagen India, Daimler India Commercial vehicles (Bharat Benz) and Ashok Leyland - Nissan, Ford Chennai and Sanand. This facility has been certified EMS 14001, OHSAS 18001 and TS 16949 and complies with the 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 is 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.
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 Company has started its production for Volkswagen, 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 and four assemblies for Daimler. In addition to these products new awarded businesses from FORD, Ashok Leyland - Nissan and Renault Nissan will be established in this facility.
MANUFACTURING
FACILITY AT DHARWAD, KARNATAKA:
In October 2012, the Company has setup a manufacturing facility on a rented premises at Belur Industrial Area, Dharwad, Karnataka. Five major assemblies for the Commercial Vehicle are manufactured and delivered to TML, Dharwad from this plant. This plant has a capacity of manufacturing 400 Assemblies per day.
The Company also owns 2 acres land at Belur Industrial Area, Dharwad. Recently Bhumi Pooja was performed and all approvals for construction of building has been received. This proposed manufacturing facility along with a rented shed will be used to assemble the major components being supplied by the Company for the various vehicles manufactured at TML, Dharwad. Considering the proximity to Banglore this facility will also to be used to supply Auto Components to other OEMs like - Ashok Leyland- Nissan, Toyota located in this area.
MANAGEMENT DISCUSSION
AND ANALYSIS
ECONOMIC OVERVIEW:
The Indian Economy, after reporting a fairly robust growth of over 9 per cent during 2005-2008, moderated to a growth of 6.7 per cent in 2008-09 because of the global financial crisis. Since there was fiscal and monetary space, it allowed the economy to recover fairly quickly to a growth of 8.4 per cent in 2009-10 and 2010-11. Since then, however, the fragile global economic recovery and a number of domestic factors have led to a slowdown once again. The slowdown is not just confined to India. There has been a general slowdown in the global economy which has been passing through a rather prolonged phase of uncertainty. The slowdown has been all pervasive and almost all the sectors have been affected.
The Global economy is going through uncertainties, with economies of most of the developed markets facing recessionary pressures. The whole world is looking at China and India to lead and bring the Global economy out of the downturn.
According to India Ratings, economic growth may improve to 6.1 per cent in the next financial year, from the decade low of 5 per cent in 2012-13, on the back of reform measures announced after mid-September 2012.
INDUSTRY STRUCTURE
AND DEVELOPMENTS:
Automotive Industry of India has been recording sluggish growth over the years but is a major contributor to India's GDP. This industry employs about 19 million people both directly and indirectly. Contribution of India in Global Auto industry is important. The Automotive Industry comprises of the automobile and the auto ancillary industry.
As per data published by Department of Industrial Policy and Promotion (DIPP), Ministry of Commerce, the amount of cumulative foreign direct investment (FDI) equity inflow into the automobile industry during April 2000 to April 2013 was worth US$ 8316.47 million, accounting for 4.25 per cent of the total FDI inflows (in terms of US$).
AUTOMOBILE INDUSTRY:
Automobile Industry includes passenger cars; light, medium and heavy commercial vehicles; Utility Vehicles, scooters, motorcycles, three wheelers, tractors etc.
AUTOMOBILE INDUSTRY
PERFORMANCE IN 2012-13:
The cumulative production data for April-March 2013 shows production growth of only 1.20 percent over the same period last year.
DOMESTIC SALES:
The overall growth in domestic sales during April-March 2013 was 2.61 percent over the same period last year.
Passenger Vehicles segment grew at 2.2 percent during April-March 2013 over same period last year. Passenger Cars declined by (-) 6.7 percent, Utility Vehicles grew by 52.20 percent during April-March 2013 as compared to the same period last year.
The overall Commercial Vehicles segment registered de-growth of (-) 2.0 percent in April-March 2013 as compared to the same period last year. While Medium and Heavy Commercial Vehicles (M and HCVs) declined by (-) 23.2 percent, Light Commercial Vehicles grew at 14.0 percent.
During April-March 2013, overall automobile exports registered de-growth of (-) 1.34 percent compared to the same period last year.
Source: Society of
Indian Automobile Manufacturers (SIAM)
The prevailing slowdown in industrial production is due to combination of domestic and external factors. While the global economic slowdown had affected the export dependent sectors, depressed sentiments, high interest rates, a slowing economy, moderation in credit growth, a deceleration in growth of investment and record fuel prices also contributed to the reduction in growth. Monetary tightening and higher cost of borrowing have dented overall investment flow into industry and infrastructure during the current financial year.
AUTO ANCILLARY
INDUSTRY:
The fortunes of the auto ancillary sector are closely linked to those of the auto sector. Demand swings in any of the segments (cars, two-wheelers, commercial vehicles) have an impact on auto ancillary demand. Demand is derived from Original Equipment Manufacturers (OEM), as well as the replacement market.
The Indian auto ancillary industry's revenue growth in 2012-13 was the slowest in last five years as suppliers battled weak demand from domestic OEMs and sluggish export volumes starting Q2 2012-13 and tepid replacement market sales. Revenue growth was particularly weak in Q4 2012-13 due to the unusually high base of Q4 2011-12 (due to vehicle pre-buying that had happened in this period in anticipation of excise duty hike) as well as propagation of demand weakness across all automobile segments. Suppliers of parts to the Medium and Heavy Commercial Vehicle (M and HCV) segment and the Passenger Car (PC) segment were the most severely impacted; while suppliers to the Light Commercial Vehicle (LCV) and Utility Vehicle (UV) segments were relatively better off.
The aggregate net profit of auto component manufacturers in the study sample declined by around 7 per cent in 2012-13 over the previous year. One of the primary reasons for this decline was depreciation of the rupee against the dollar, besides earnings weakness due to weak demand and increase in operating costs due to lower volumes.
BUSINESS OUTLOOK:
The Indian auto component industry is one of the few sectors in the economy that has a distinct global competitive advantage in terms of cost and quality. The value in sourcing auto components from India includes low labour cost, raw material availability, technically skilled manpower and quality assurance. An average cost reduction of nearly 25-30% has attracted several global automobile manufacturers to set base since 1991. India's process-engineering skills, applied to re-designing of production processes, have enabled reduction in manufacturing costs of components. Today, India has become the outsourcing hub for several global automobile manufacturers.
However, In view of the current macro environment, both domestically and globally, a cautiously optimistic view about the Indian automobile industry's prospects can only be taken in the near term. As a result, achieving high growth rates is likely to be a major concern for the industry in 2013.
The automobile sector is cyclical and dependent on the growth of the economy and improvement in infrastructure. Factors like increased public spending, favorable interest rates, general improvement in per capita income and favourable Government policies to stimulate Growth (like defining the life for vehicles) point towards higher demand for automobiles in the future.
Strong demand from the OEM segment remains a key driver for the auto components industry. The global turmoil and tight liquidity conditions during 2012-13 had caused an unprecedented number of downgrades in the auto components industry. Although prospects of recovery of exports to developed markets remain uncertain as of now, there is the strong underlying domestic demand prevailing across automotive segments should enable the components industry to remain on an up tide over the medium term.
While growth in the auto-sector globally has slowed down, the Company look at this "lean period" as a time of significant opportunity. While the Company continue to grow its business in India with traditional customers, the Company have made significant headway in diversifying customer base and expanding exposure geographically.
The Company proposes to set up manufacturing facility at Chennai- "The Detroit of South Asia" which is the leading automotive hub in India. The Company proposes to increase its business with Ashok Leyland - Nissan, Daimler India, Isuzu Motors for its Heavy and Light Commercial Vehicles and also explore the possibility of development of business for Passenger Vehicles with Ashok Leyland - Nissan, Renault Nissan, Ford, Kamaz Vectra.
The next year promises to be one of challenge and opportunity. While the Company stands ready to face the challenges as a result of reduced growth domestically, they look at the coming period as one which will provide then the opportunity to consolidate and optimization of production operations at Pune, innovation, cutting cost through value engineering and also productionisation or monetization of some patents, making accessories, reduce and control costs, overheads etc. resulting in optimum utlisation of resources and continue growth.
BUSINESS PERFORMANCE:
The year gone by was a tough one for the entire Automobile Industry with the Company being no exception. The standalone performance has been little down due to slow down in auto industry, reduction in overall demand, lower volumes not covering fixed costs, high interest rate, inflationary trends, increase in input costs etc.
However, on a consolidated basis, during the year, the Company recorded a growth of 7.04% in Net Sales at Rs. 8006.850 million and earned net Profit of Rs.109.110 Million. This was on account of an increase in volumes and performance of US based Wholly Owned subsidiary Company - Autoline Industries USA Inc.
NAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER 2013
(Rs. In Millions)
|
|
PARTICULARS |
3 Months Ended |
Preceding 3 Months
ended |
Year to date
figures for current period ended |
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
|
Refer Notes below |
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
1 |
Income from
operations |
|
|
|
|
|
(a) Net sales / income from operations (Net of excise duty) |
1083.300 |
1118.100 |
2201.400 |
|
|
(b) Other operating income |
-- |
-- |
-- |
|
|
Total income from
operations (net) |
1083.300 |
1118.100 |
2201.400 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials consumed |
791.100 |
794.500 |
1585.600 |
|
|
(b) Purchases of stock-in-trade |
-- |
-- |
-- |
|
|
(c) Changes in inventories of finished goods work-in-progress and stock-in-trade |
8.200 |
45.300 |
53.500 |
|
|
(d) Employee benefts expense |
85.700 |
89.000 |
174.700 |
|
|
(e) Depreciation and amortisation expense |
55.500 |
54.700 |
110.100 |
|
|
(f) Other expenses |
-- |
-- |
-- |
|
|
- Manufacturing Expenses |
129.800 |
133.700 |
263.400 |
|
|
- Other Expenses |
28.100 |
32.400 |
60.500 |
|
|
Total expenses |
1098.300 |
1149.500 |
2247.800 |
|
3 |
Profit / (Loss)
from operations before other income, finance costs and exceptional items
(1-2) |
(15.100) |
(31.400) |
(46.400) |
|
4 |
Other income |
7.400 |
8.400 |
16.000 |
|
5 |
Profit / (Loss)
from ordinary activities before finance costs and exceptional items (3 + 4) |
(7.700) |
(23.000) |
(30.500) |
|
6 |
Finance costs |
84.900 |
75.100 |
160.100 |
|
7 |
Profit / (Loss) from
ordinary activities after finance cost but before exceptional items (5 + 6) |
(92.600) |
(98.100) |
(190.500) |
|
8 |
Exceptional items |
(0.100) |
|
(0.200) |
|
9 |
Profit / (Loss)
from ordinary activities before tax (7 + 8) |
(92.700) |
(98.100) |
(190.500) |
|
10 |
Tax expense |
-- |
-- |
-- |
|
11 |
Net Profit / (Loss)
from ordinary activities after tax (9 + 10) |
(92.700) |
(98.100) |
(190.800) |
|
12 |
Extraordinary items (net of tax expense Rs. millions) |
(107.000) |
|
(107.000) |
|
13 |
Net Profit / (Loss)
for the period (11+12) |
(199.700) |
(98.100) |
(297.800) |
|
14 |
Share of profit / (loss) of associates* |
|
|
|
|
15 |
Minority interest * |
|
--- |
|
|
16 |
Net Profit / (Loss)
after taxes, minority interest and share of profit / (loss) of associates (13
+_14 +_15)* |
(199.700) |
(98.100) |
(297.800) |
|
17 |
Paid-up equity share capital (Face Value of 110/- each) |
122.800 |
122.800 |
122.800 |
|
18 |
Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year |
|
|
1894.800 |
|
19i |
Earnings per share (before extraordinary items) (Face Value of Rs. 10/- each) (not annualised): Basic |
-- |
-- |
-- |
|
19ii |
Earnings per share (After extraordinary items) (Face Value of ? 10/- each) (not annualised): Diluted |
-- |
-- |
-- |
|
|
|
|
|
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
Public shareholding |
|
|
|
|
|
Number of shares- |
8674385 |
8674385 |
8674385 |
|
|
Percentage of shareholding |
70.63% |
70.63% |
70.63% |
|
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 |
3606567 |
3606567 |
3606567 |
|
|
Percentage of shares (as a % of the total shareholding of the Promoter and Promoter group) |
100.00% |
100.00% |
100.00% |
|
|
Percentage of shares (as a % of the total share capital of the company) |
29.37% |
29.37% |
29.37% |
STANDALONE
STATEMENT OF ASSETS AND LIABILITIES
|
SOURCES
OF FUNDS |
30.09.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
122.800 |
|
(b) Reserves & Surplus |
1904.400 |
|
Total Shareholders’ Funds (1) + (2) |
2027.200 |
|
|
|
|
(2) Share Application money pending
allotment |
-- |
|
Minority Interest |
-- |
|
|
|
|
(3) Non-Current
Liabilities |
|
|
(a) long-term
borrowings |
557.800 |
|
(b) Deferred tax liabilities (Net) |
126.000 |
|
(c) Other long
term liabilities |
-- |
|
(d) long-term
provisions |
-- |
|
Total Non-current
Liabilities (3) |
683.800 |
|
|
|
|
(4) Current Liabilities |
|
|
(a)
Short term borrowings |
1579.400 |
|
(b) Trade
payables |
704.400 |
|
(c)
Other current liabilities |
187.100 |
|
(d) Short-term
provisions |
2.100 |
|
Total Current
Liabilities (4) |
2473.000 |
|
|
|
|
TOTAL |
5184.000 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed
Assets |
2856.900 |
|
(b) Non-current
Investments |
655.200 |
|
(c) Deferred tax
assets (net) |
-- |
|
(d) Long-term Loan and Advances |
170.500 |
|
(e) Other
Non-current assets |
9.000 |
|
Total Non-Current
Assets |
3691.700 |
|
|
|
|
(2) Current assets |
|
|
(a)
Current investments |
-- |
|
(b)
Inventories |
827.000 |
|
(c)
Trade receivables |
302.00 |
|
(d) Cash
and cash equivalents |
54.400 |
|
(e)
Short-term loans and advances |
268.100 |
|
(f)
Other current assets |
40.900 |
|
Total
Current Assets |
1492.400 |
|
|
|
|
TOTAL |
5184.000 |
Notes:
The above Unaudited Financial Results for the Quarter and Half Year ended 30th September, 2013 have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 23rd October,2O13.
The Statutory Auditors of the Company have carried out the Limited Review of the above results.
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-reviewed Financial Results of subsidiaries by external Auditor- Koderat investments Limited, Cyprus, Autoline industries USA, lnc. Autoline Stampings Limited, South Korea (Subsidiary of Autoline industries USA, lnc.). Minority interest is reduced in case of Autoline industrial Parks Limited - 48.88%. The Financial Results of the Foreign Subsidiaries have been prepared as per GAAP, followed in the country of their incorporation.
The income Tax and Deferred Tax, if any, will be accounted at the end of the financial year 2013-14.
The investment includes investment in SZ Design, Srl, ltaly through Wholly Owned Subsidiary Koderat investment’s Limited Cyprus. The net worth of the SZ Design, Srl, (under liquidation) has been eroded due to various write offs. On 13th June, 2012 the Court of Milan, ltaly have rejected the request of "Concordato Preventivo" under the ltalian Laws filed in June, 2011. However SZ Design, Srl, filed appeal against this decision. The Company will take suitable action after the decision.
The Company had made investment in 30,600 shares in DEP Autoline USA, lnc. By way of remittance of USD 2.40 Million (Rs. 9.S0 Crores) and balance by issue of 5,38,125 shares of the Company at an issue price of Rs. 400/- per share (including premium of Rs. 390/- per share). As per Share Purchase Agreement entered with DEP Autoline USA, lnc., the Company has disinvested its shares and has received USD 3.50 Million (Rs. 217.300 millions ) as per present fair value towards full and final settlement. The loss on account of disinvestment has been accounted for as an extra -ordinary item.
On 11th August, 2013 Autoline industrial Parks Limited, a Subsidiary of Autoline industries Limited, has executed a Term Sheet with Smart Value Homes Limited, a Wholly Owned Subsidiary of Tata Housing Development Company Limited to explore the possibility of development of Special Township on its land located at Chakan (Pune). Autoline industries Limited and Sharjah Cement and industrial Development Co. Sharjah, have signed the Term Sheet in their capacity as majority Shareholders of Autoline industrial Parks Limited.
The industrial Promotion Subsidy from Government of Maharashtra is accounted at the end of year when the claim is lodged. The subsidy accrued till September, 2013 is about Rs. 3.60 Crores.
The figures for the corresponding previous periods have been restated / regrouped, wherever necessary, to make them comparable.
The Standalone and Consolidated Financial Results can be viewed on the Company's Website: www.autolineind.com - or BSE Website: www.bseindia.com or NSE website: www.nseindia.com. The key Standalone Financial Results are given below:
|
Particulars |
3 months ended (30/09/2013) |
Preceding 3 months ended (30/06/2013) |
Corresponding 3 months ended (30/09/2012) in the
previous year |
Year to date figures for current period ended (30/09/2013) |
Year to date figures for Previous Year ended (30/09/2012) |
Previous year ended (31/03/20r3) |
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
|
|
|
|
|
|
|
|
Net Sales/ income from operations |
1083.300 |
1118.100 |
1461.100 |
2201.400 |
2849.900 |
5733.300 |
|
Profit before tax |
(92.700) |
(98.100) |
20.400 |
(190.800) |
39.600 |
(55.100) |
|
Net Profit after tax |
(92.700) |
(98.100) |
20.400 |
(190.800) |
39.600 |
9.600 |
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
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. 61.99 |
|
|
1 |
Rs. 102.67 |
|
Euro |
1 |
Rs. 83.98 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
32 |
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.