.
MIRA
INFORM REPORT
|
Report Date : |
27.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
AMTEK INDIA LIMITED |
|
|
|
|
Registered
Office : |
Village Narsinghpur, Mohammadpur, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
30.06.2012 |
|
|
|
|
Date of
Incorporation : |
02.12.1983 |
|
|
|
|
Com. Reg. No.: |
05-033789 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.553.552
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L65921HR1983PLC033789 |
|
|
|
|
Legal Form : |
Public Limited
Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in the manufacturing of machined and casting components
for the automobile sector. |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (61) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 80670000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having fine track record. Management failed to file its financial of 2013 with Government
Department. As per available record of 2013, financial position of the company
appears to be strong and healthy. Trade relations are reported to be fair. Business is active. Payment
terms are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual
trade terms and conditions. Note: Company has changed its financial year from 12 months (01.07.2011 to
30.06.2012) to 15 months ranging (01.07.2012 to 30.09.2013). Financials of
2013 are taken from website. |
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, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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: AA- |
|
Rating Explanation |
High credit quality and low credit risk. |
|
Date |
April 16, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities: A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
April 16, 2013 |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. Vishal Chatwal |
|
Designation : |
Accounts Manager |
|
Contact No.: |
91-124-2373407 |
|
Date : |
23.01.2014 |
LOCATIONS
|
Registered Office/ Factory 1 : |
Village Narsinghpur, Mohammadpur, Old Manesar Road, Gurgaon – 122 001,
Haryana, India |
|
Tel. No.: |
91-124-26373406,
26373407, 26373151, 26373152, 26370769 |
|
Fax No.: |
91-124-26373028 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
3, Local
Shopping Centre, Pamposh Enclave, G.K. - I, New Delhi – 110 048, India |
|
Tel. No.: |
91-11-42344444 |
|
Fax No.: |
91-11-42344000 |
|
|
|
|
Factory 2 (Foundry
Division) : |
SPA 1195, Phase-IV,
RIICO Industrial Area, District Bhiwadi, Rajasthan, India |
|
Tel. No.: |
91-1493-222028, 222029 |
|
Fax No.: |
91-1493-222030 |
|
|
|
|
Factory 3 : |
Nalagarh, District Solan, Himachal Pradesh, India |
|
|
|
|
Factory 4 : |
SPA 502, Phase-I,
RIICO Industrial Area, District Bhiwadi, Rajasthan, India |
DIRECTORS
AS ON 30.06.2012
|
Name : |
Mr. Arvind Dham |
|
Designation : |
Chairman |
|
Date of Birth/Age : |
15.02.1961 |
|
Qualification : |
B.Arch., MBA |
|
Expertise : |
Strategy and Management |
|
Other
Directorships* : |
·
Amtek Auto Limited ·
Amtek Crankshafts (India) Limited ·
Ahmednagar Forgings Limited ·
Symbios Personnel Advices and Services Limited ·
Amtek Laboratories Limited |
|
|
|
|
Name : |
Mr. Gautam Malhotra |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Kattassery Thomas James |
|
Designation : |
Director |
|
Date of Birth/Age : |
01st December, 1956 |
|
Qualification : |
M. Com |
|
Experience : |
Accounts and Financial Matters |
|
Other
Directorships* : |
·
Adhbhut Infrastructure Limited ·
ACL Industries Limited ·
Amtek Railcar Limited ·
Amtek Heavy Engineering Industries Limited ·
Fenace Auto Limited ·
Oriental Iron Casting Limited ·
Amtek Wagon Leasing Company Limited ·
Amtek Aerospace Industries Limited |
|
|
|
|
Name : |
Mr. D.S. Malik |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Shekhar Gupta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Chetan Vimal Kumar Shah |
|
Designation : |
Director |
Note:
*This excludes Directorships of Private Limited Companies, Foreign
Companies and Section 25 Companies.
KEY EXECUTIVES
|
Name : |
Ms. Shuchita Bhartiya |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Vishal Chatwal |
|
Designation : |
Accounts Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
197676272 |
71.23 |
|
|
197676272 |
71.23 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
197676272 |
71.23 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1652 |
0.00 |
|
|
3114914 |
1.12 |
|
|
37571672 |
13.54 |
|
|
21534774 |
7.76 |
|
|
21534774 |
7.76 |
|
|
62223012 |
22.42 |
|
|
|
|
|
|
10796771 |
3.89 |
|
|
|
|
|
|
5194739 |
1.87 |
|
|
933053 |
0.34 |
|
|
710742 |
0.26 |
|
|
433234 |
0.16 |
|
|
132248 |
0.05 |
|
|
145260 |
0.05 |
|
|
17635305 |
6.35 |
|
Total Public shareholding (B) |
79858317 |
28.77 |
|
Total (A)+(B) |
277534589 |
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) |
277534589 |
0.00 |
(1) Indian
Bodies Corporate
Foreign Bodies CorporateBUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the manufacturing of machined and casting
components for the automobile sector. |
||||||||||||
|
|
|
||||||||||||
|
Products : |
|
PRODUCTION STATUS [AS ON 30.06.2010]
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Auto Components |
Nos. (In Lacs) |
250.00 |
161.14 |
|
Castings |
(T.P.A.) |
225000.00 |
81997.00 |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
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|
Bankers : |
·
UCO Bank ·
United Bank of India ·
State Bank of Patiala ·
State Bank of Bikaner and Jaipur |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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|
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|
Facilities : |
Notes: LONG TERM BORROWINGS Maturity Profile and other details of Debentures:
The 10.5%
Secured Redeemable Non Convertible Debentures are redeemable in 4 equal
yearly installments commencing from May 2015. . Term Loans are
secured by equitable mortgage of all immovable properties of the Company and
hypothecation of movable assets, save and except the prior charge in favour
of Banks over inventories and book debts to secure working capital limits Maturity Profile of Secured Term Loans classified as Long Term
Borrowings is set out below:
There is no default in repayment of loans and payment of interest as
on Balance sheet date. The position with regards to FCCBs issued by the company is as under:
SHORT TERM BORROWINGS Particulars of Security Working Capital facilities
are secured by hypothecation of raw material, semi-finished goods,
stock-in-process, consumable stores and book debts of the company. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Manoj Mohan and Associates Chartered Accountants |
|
Address : |
New Delhi, India |
|
|
|
|
Holding Company : |
Amtek Auto Limited |
|
|
|
|
Subsidiary of Holding Company : |
·
Ahmednagar Forging Limited ·
Amtek Deutshland GmbH ·
Amtek Investment UK Limited ·
Amtek InvestmentInc. US ·
Smith Jones Inc. ·
Amtek Crankshafts India Limited ·
Amtek Transportation Systems Limited ·
Alliance Hydro Power Limited ·
Amtek India Limited ·
Amtek Defence Technologies Limited |
|
|
|
|
Joint Venture of Holding Company : |
·
Amtek Tekfor Automotive Limited ·
MPT Amtek Automotive (India) Limited ·
SMI Amtek Crankshafts Private Limited |
CAPITAL STRUCTURE
AS ON 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
450000000 |
Equity Shares |
Rs.2/- each |
Rs.900.000 millions |
|
500000 |
Preference Shares |
Rs.100/- each |
Rs.50.000 millions |
|
|
Total |
|
Rs.950.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
277534589 |
Equity Shares |
Rs.2/- each |
Rs.555.069 millions
|
AS ON 30.06.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
450000000 |
Equity Shares |
Rs.2/- each |
Rs.900.000 millions |
|
500000 |
Preference Shares |
Rs.100/- each |
Rs.50.000 millions |
|
|
Total |
|
Rs.950.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
276775636 |
Equity Shares |
Rs.2/- each |
Rs.553.552
millions |
Notes:
The company has only
one class of shares referred to as Equity Shares having a par value of Rs.2/-
per share. Each Holder of Equity Shares is entitled to one vote per share.
The reconciliation
of the number of shares outstanding and the amount of share capital as at June
30, 2012 is set out below:
|
Particulars |
As at 30.06.2012 |
|
|
No. of Shares |
Amount (Rs. in
millions) |
|
|
Number of shares at the beginning |
138387818 |
276.776 |
|
Add: Bonus Shares Issued |
138387818 |
276.776 |
|
Number of Shares at the end |
276775636 |
553.552 |
Details of Persons Holding more than 5% Share Capital
|
Particulars |
As at 30.06.2012 |
|
|
No. of Shares |
% of Holding |
|
|
Amtek Auto Limited |
170596580 |
61.64% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
30.06.2012 |
30.06.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
553.552 |
276.776 |
|
(b) Reserves & Surplus |
|
19614.034 |
18424.343 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
20167.586 |
18701.119 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
25116.420 |
17332.341 |
|
(b) Deferred tax liabilities (Net) |
|
2069.774 |
1572.244 |
|
(c) Other long
term liabilities |
|
0.000 |
0.000 |
|
(d) Long-term provisions |
|
57.806 |
24.818 |
|
Total Non-current
Liabilities (3) |
|
27244.000 |
18929.403 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
2960.358 |
1546.666 |
|
(b)
Trade payables |
|
928.870 |
832.098 |
|
(c)
Other current liabilities |
|
2109.890 |
1330.041 |
|
(d) Short-term
provisions |
|
141.207 |
64.335 |
|
Total Current
Liabilities (4) |
|
6140.325 |
3773.140 |
|
|
|
|
|
|
TOTAL |
|
53551.911 |
41403.662 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
26419.077 |
25742.925 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
1096.899 |
517.369 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.775 |
129.309 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
7027.407 |
1118.946 |
|
(e) Other Non-current
assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
34544.158 |
27508.549 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.773 |
1.050 |
|
(b)
Inventories |
|
5436.131 |
4166.143 |
|
(c)
Trade receivables |
|
4093.989 |
3304.068 |
|
(d) Cash
and cash equivalents |
|
5649.650 |
4084.707 |
|
(e)
Short-term loans and advances |
|
3817.126 |
2333.157 |
|
(f)
Other current assets |
|
10.084 |
5.988 |
|
Total
Current Assets |
|
19007.753 |
13895.113 |
|
|
|
|
|
|
TOTAL |
|
53551.911 |
41403.662 |
|
SOURCES OF FUNDS |
|
|
30.06.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
252.304 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
15910.823 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
16163.127 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
18350.297 |
|
|
2] Unsecured Loans |
|
|
1795.808 |
|
|
TOTAL BORROWING |
|
|
20146.105 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
36309.232 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
25461.822 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
157.419 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
3144.629 |
|
|
Sundry Debtors |
|
|
2274.831 |
|
|
Cash & Bank Balances |
|
|
5091.904 |
|
|
Other Current Assets |
|
|
6.575 |
|
|
Loans & Advances |
|
|
2321.123 |
|
Total
Current Assets |
|
|
12839.062 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
494.153 |
|
|
Other Current Liabilities |
|
|
1596.076 |
|
|
Provisions |
|
|
58.842 |
|
Total
Current Liabilities |
|
|
2149.071 |
|
|
Net Current Assets |
|
|
10689.991 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
36309.232 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.06.2012 |
30.06.2011 |
30.06.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
18745.606 |
14284.872 |
10294.521 |
|
|
|
Other Income |
131.732 |
84.888 |
|
|
|
|
TOTAL (A) |
18877.338 |
14369.760 |
10294.521 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
11450.820 |
8755.791 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and
Stock-in-Trade |
(188.848) |
(173.977) |
|
|
|
|
Employee benefit expense |
660.348 |
602.735 |
|
|
|
|
Other Expenses |
1302.025 |
1182.908 |
|
|
|
|
Exceptional Items (Investment written off) |
128.384 |
0.000 |
|
|
|
|
TOTAL (B) |
13352.729 |
10367.457 |
7412.816 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
5524.609 |
4002.303 |
2881.705 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1798.310 |
1119.442 |
830.447 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3726.299 |
2882.861 |
2051.258 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1469.634 |
1255.590 |
962.234 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX (E-F) (G) |
2256.665 |
1627.271 |
1089.024 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
693.695 |
488.977 |
325.638 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
1562.970 |
1138.294 |
763.386 |
|
|
|
|
|
|
|
|
|
|
ACCUMULATED
PROFIT |
326.304 |
8.052 |
121.697 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
500.000 |
250.000 |
150.000 |
|
|
|
Transfer to Debenture redemption reserve |
0.000 |
500.000 |
125.000 |
|
|
|
Foreign Currency Convertible Bond Redemption Reserve |
0.000 |
0.000 |
541.808 |
|
|
|
Proposed Dividend on Equity Shares |
27.678 |
55.335 |
50.461 |
|
|
|
Provision for Tax & CESS on dividend |
4.490 |
8.980 |
0.000 |
|
|
|
Dividend and Tax for previous year (not appropriated in the previous
year) |
64.335 |
5.707 |
1.381 |
|
|
|
Corporate Dividend Tax |
0.000 |
0.000 |
8.381 |
|
|
SURPLUS CARRIED
TO BALANCE SHEET |
1292.771 |
326.304 |
8.052 |
|
|
|
|
|
|
|
|
|
|
DEEMED EXPORT
INCOME |
NA |
NA |
364.500 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
9.632 |
0.000 |
|
|
|
|
Components & Spare Parts |
12.315 |
87.604 |
|
|
|
|
Capital Goods |
278.660 |
0.000 |
|
|
|
TOTAL IMPORTS |
300.607 |
87.604 |
198.723 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
- Basic |
5.65 |
4.15 |
6.48 |
|
|
|
- Diluted |
5.37 |
4.15 |
5.45 |
|
KEY RATIOS
|
PARTICULARS |
|
30.06.2012 |
30.06.2011 |
30.06.2010 |
|
PAT / Total Income |
(%) |
8.28
|
7.92 |
7.42 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.04
|
11.39 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.30
|
3.99 |
2.84 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.09 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.39
|
1.01 |
1.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.10
|
3.68 |
5.97 |
LOCAL AGENCY FURTHER INFORMATION
|
Check
List by Info Agents |
Available
in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
Yes |
|
10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if
applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
No |
|
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 |
10470292 |
31/12/2013 |
1,000,000,000.00 |
STATE BANK OF
HYDERABAD |
CORE-6, SCOPE COMPLEX,
LODHI ROAD,, NEW DELHI, DELHI - 110003, INDIA |
B93537595 |
|
2 |
10469339 |
29/11/2013 |
2,500,000,000.00 |
BANK OF
MAHARASHTRA |
BUILDING B-29,
CONNAUGHT PLACE, NEW DELHI, DELHI |
B93205383 |
|
3 |
10469308 |
20/11/2013 |
3,000,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, 14TH FLOOR JAWAHAR VYAPAR BHAWAN 1, TOLSTOY MARG, NEW DELHI,
DELHI - 110001, INDIA |
B93190536 |
|
4 |
10468539 |
28/06/2013 |
1,500,000,000.00 |
STATE BANK OF
PATIALA |
COMMERCIAL BRANCH,
2ND FLOOR, CHANDRALOK BUILDING, 36, JANPATH, NEW DELHI, DELHI - 110001, INDIA |
B83932756 |
|
5 |
10415763 |
31/03/2013 |
1,000,000,000.00 |
IDBI BANK
LIMITED |
IRCS BUILDING,,
1, RED CROSS ROAD, NEW DELHI, DELHI - 110001, INDIA |
B72006851 |
|
6 |
10416522 |
31/03/2013 |
3,000,000,000.00 |
IDBI BANK
LIMITED |
IRCS BUILDING, 1
RED CROSS ROAD, NEW DELHI, DELHI |
B71918296 |
|
7 |
10413510 |
13/02/2013 |
1,000,000,000.00 |
INDIAN OVERSEAS
BANK |
LARGE CORPORAT BRANCH
4TH FLOOR, RACHNA BUILDING, |
B71357453 |
|
8 |
10453534 |
19/12/2012 |
1,000,000,000.00 |
VIJAYA BANK |
BARAKHAMBA ROAD BRANCH,
GROUND FLOOR, VIJAYA BUILDING,17- BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001,
INDIA |
B77864049 |
|
9 |
10336939 |
27/11/2012 * |
800,000,000.00 |
STATE BANK OF
BIKANER AND JAIPUR |
101-102, NEW
DELHI HOUSE, 27, BARAKHAMBA ROAD, |
B64028830 |
|
10 |
10322511 |
19/12/2011 * |
1,000,000,000.00 |
AXIS TRUSTEE
SERVICES LIMITED |
AXIS HOUSE, 2ND
FLOOR, BOMBAY DYEING MILLS COMPOUND,, PANDURANG BUDHKAR MARG, WORLI, MUMBAI,
MAHARASHTRA - 400025, INDIA |
B29417599 |
|
11 |
10291842 |
19/12/2011 * |
2,500,000,000.00 |
AXIS TRUSTEE
SERVICES LIMITED |
AXIS HOUSE, 2ND
FLOOR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI,
MAHARASHTRA - 400025, INDIA |
B29712650 |
|
12 |
10287123 |
27/11/2012 * |
11,000,000,000.00 |
AXIS TRUSTEE
SERVICES LIMITED |
AXIS HOUSE, 2ND
FLOOR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI,
MAHARASHTRA - 400025, INDIA |
B63184444 |
|
13 |
10194221 |
26/03/2010 * |
2,000,000,000.00 |
AXIS TRUSTEE
SERVICES LIMITED |
MAKER TOWERS
'F', 13TH FLOOR, CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
A85493419 |
|
14 |
10174768 |
27/11/2012 * |
1,600,000,000.00 |
STATE BANK OF
PATIALA |
COMMERCIAL BRANCH,
CHANDRALOK BUILDING, IIND FLOOR, 36, JANPATH, NEW DELHI, DELHI - 110001,
INDIA |
B63847651 |
|
15 |
10118432 |
17/11/2008 * |
2,000,000,000.00 |
AXIS BANK
LIMITED |
CENTRAL OFFICE,
CAPITAL MARKETS DEPARTMENT, 11TH FLOOR, "F" WING, MAKER TOWER, CUFFE
PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A50667658 |
|
16 |
80051944 |
28/04/2004 * |
200,000,000.00 |
LIFE INSURANCE
CORPORATION OF INDIA |
CENTRAL OLFFICE,
JEEWAN BIMA MARG, YOGAKSHEMA , |
- |
|
17 |
80051689 |
23/01/2009 * |
650,000,000.00 |
AXIS BANK
LIMITED |
CENTRAL OFFICE,
CAPITAL MARKETS DEPARTMENT, 11TH FLOOR, "F" WING, MAKER TOWER,
CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A57185555 |
|
18 |
80009833 |
27/11/2012 * |
1,800,000,000.00 |
UNITED BANK OF
INDIA |
NEHRU PLACE
BRANCH, 106-109, ANSAL TOWER-38, NEHRU PLACE, NEW DELHI, DELHI - 110019,
INDIA |
B63906457 |
|
19 |
90049833 |
13/07/2005 * |
150,000,000.00 |
UNION BANK OF
INDIA |
106-109; ANSAL
TOWER; NEHRU PLACE, NEW DELHI, DELHI, INDIA |
- |
|
20 |
80009448 |
27/11/2012 * |
4,130,000,000.00 |
UCO BANK |
FLAGSHIP
CORPORATE BRANCH, 5, PARLIAMENT STREET, |
B65779183 |
* Date of charge modification
|
Unsecured Loans |
30.06.2012 (Rs.
in Millions) |
30.06.2011 (Rs.
in Millions) |
|
LONG TERM BORROWINGS |
|
|
|
Foreign Currency Convertible Bonds |
7320.170 |
0.000 |
|
Total
|
7320.170 |
0.000 |
BUSINESS SNAPSHOT:
Subject is the largest
iron casting Company in India with 5 world class manufacturing facilities. The
Company has significant expertise in the auto components space with proven
capabilities in vertical and horizontal moulding foundry, machining and
assembly. It has an extensive product portfolio with a range of highly
engineered components including cylinder head, cylinder blocks and turbo
charger housing. The Company is a major supplier to OEMs for passenger cars,
light and heavy commercial vehicles and tractors, in the casting segment; and
passenger cars, light and heavy commercial vehicles, 2/3 wheelers and tractors
in the machining segment.
The Company now
services a global client base. It is well positioned in the Indian auto
component market. It is one of the largest manufacturers of cylinder blocks in
India and the only Indian casting Company to use latest “Thin Wall” technology.
The Company has generated average EBITDA margins of 30% over the last 5 years.
The Company
remains focused on improving operational productivity and implementing quality
excellence programs such as lean Six Sigma across the manufacturing facilities.
In context of the volatile industry dynamics, good new order intakes in the
Company have been encouraging across all geographies. Management remains
positive on the long term domestic industry growth story based on continued
significant investments from global OEMs and the low auto penetration levels.
The Company is strategically leveraging its core strengths to capitalize on
these growth opportunities. Shareholder register is now comprised of both long
term domestic and international investors.
PERFORMANCE REVIEW
The Company
achieved Revenue of Rs.18877.300 millions compared to Rs.14369.800 millions during
the previous year. The Profit after Tax has increased to Rs.1563.000 millions
as compared to the previous year of 1138.300 millions. The Company has strong
reserve position of Rs.19614.000 millions.
CHANGE IN SHARE
CAPITAL
During the year,
the following changes were effected in the Share Capital of the Company.
(i) Increase in
Authorized Share Capital
The Authorized
Share Capital of the Company was increased to Rs.950.000 millions divided into
450000000 Equity Shares of Rs.2/- each and 500000 Preference Shares of Rs.100/-
each.
(ii) Issues of
Bonus Shares
The Board of
Directors of the Company declared issue of Bonus Shares in the ratio of 1:1
i.e. one bonus equity of face value of Rs.2/- each for every one existing fully
paid up equity share of Rs.2/- each held by member as on record date i.e. 22nd
November, 2011.
Consequently, the
Issued and Subscribed Equity Share Capital stands increased to Rs.553.551
millions divided into 276775636 equity share of Rs.2/- each.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
INDUSTRY OVERVIEW
Indian Economy
The economic
environment in India has deteriorated significantly over the last 12 months. In
response, the Government of India has introduced a series of wide ranging
reforms to facilitate foreign investment, control the fiscal deficit and
improve growth prospects. These have ranged from reducing subsidies on fuel to
the opening up of previously protected sectors such as multi brand retailing
and insurance to foreign direct investment.
However, whilst
these policies are implemented, controlling inflation remains a high priority.
For the year ended March 2013, WPI based inflation is expected to be 7.5%. This
assumes continued near term staple food price inflation and the impact of the
pass-through of market based oil prices into retail fuel prices. The increases
in the indirect and services tax rates in the last budget are likely to add to
the inflationary pressures.
Inflation is also
the key driver for broader fiscal policy. The Reserve Bank of India has been
unable to reduce interest rates meaningfully to stimulate consumption led
growth. Ongoing volatility in the foreign exchange market and the depreciation
of rupee has added additional complexity for policy makers.
As per RBI,
India’s GDP growth is estimated to be 6.5% for the year ended March 2012, lower
than the 8.4% growth in Year Ending (YE) March 2011 and 10% in YE March 2010.
In YE March 2012, Index of Industrial Production (IIP) registered a growth of
2.8% compared to 8.2% in YE March 2011. Except Electricity which grew by 8.2%,
the remaining two sectors – Mining and Manufacturing remained under pressure at
(2.0)% and 2.9% y-o-y, respectively in YE March 2012. Despite a delayed monsoon
season, the agriculture sector is expected to grow by 3.0%.
Automobile
Industry
The long term Auto
industry dynamics in India are attractive from both end market and
manufacturing platform perspectives. Consumer demand has been underpinned by
favorable demographic changes, in particular by ongoing urbanization and an
increasing middle class. Disposable incomes have also increased and
correspondingly raised vehicle ownership levels. Over the last 5 years,
relatively high GDP growth and industrial activity increased the demand for
commercial vehicles. Current low levels of agricultural mechanization have
resulted in strong tractor demand. India is expected to be the third largest
automotive market by volumes in 2015 after US and China.
India has also
been acknowledged by many global OEMs as one of the most strategically
important emerging auto markets in the world. It is not only an attractive
destination for OEMs as an end customer market but also an increasingly
critically important manufacturing base. For example, global majors Ford, GM
and Renault-Nissan have all announced that they will set up their manufacturing
facilities in India. These manufacturing facilities will be used to service
both the domestic and export markets.
Auto Industry:
Outlook
In addition to an
overall declining GDP growth environment, near term demand pressures have had a
significant impact on the Indian passenger vehicle sector. This has been a
consequence of a number of different factors including: increased excise duties
and fuel prices, relatively high interest rates and generally weaker consumer
sentiment. Production volumes are now effectively flat year-on-year at 1.1% for
1Q FY13. This is a significant decline compared to previous two quarters which
grew by +9.0% and +10.2% year-on-year.
Industrial
activity has also experienced sequential contraction and volatility. The
commercial vehicle production has had its second sequential quarter of negative
growth in Q1FY13 of (5.2)% and (3.8)% in the previous quarter. This is in context
of a 22.9% growth in the last year. Although LCV production volumes have shown
marginal growth, MCVs volumes have declined by over 15%. 2/3 Wheeler volumes
have deteriorated rapidly during the last quarter from +7.9% to -3.0% in Q1
FY13. Despite these current challenges, there are some favorable dynamics: new
product launches to stimulate demand, OEMs have rebalanced inventory levels,
replacement market demand is improving and import costs reduced with a
depreciating rupee.
Looking ahead more
broadly, SIAM expects domestic passenger car sales to grow at 1% to 3% for the
year ending March 2013 and commercial vehicles by 3% to 5% for the same period.
Longer term the Indian auto component industry is expected to reach over US$
110 billion by 2021, growing at a CAGR of 11%. For the year ended March 2013,
the overall industry is expected to grow 5-7%. Tractor production volumes are
expected to reach 710,000 by 2015-16, growing at a CAGR of 2.6%. Production of
construction equipments are expected to reach 100,000 units by 2015-16, growing
at a CAGR of 16.7%.
Strategy and
Outlook
Subject is the
largest iron casting company in India with world class manufacturing
facilities. The Company has significant expertise in the auto components space
with proven capabilities in vertical and horizontal moulding foundry, machining
and assembly. It has an extensive product portfolio with a range of highly
engineered components including cylinder head, cylinder blocks and turbo
charger housing.
In the context of
a volatile global economy, auto sector demand continues to be dampened as end
customers adopt a conservative approach to discretionary spending. Given this
ongoing uncertainty, Subject is cautious on the near term market but remains
optimally positioned to capitalize on its technology and product design
capabilities. India is an attractive central hub for OEM global exports and a
world class manufacturing base. Continuous investments within India from major
OEMs will
significantly enhance mid to long term prospects of the domestic auto industry.
Over the years, they continue to successfully execute their strategy of
expanding the Non-Auto business across the group.
Subject is
confident of achieving an overall higher growth than the industry norm through
its focus on new product introductions, addition of significant new contracts
during the past year and continued consolidation in the component industry.
Management is focused on achieving operating excellence by reinforcing lean
manufacturing and quality improvement programs across all production
facilities. This will result in further enhancing utilization levels and
productivity improvements.
The Company has a
long track record of successfully partnering with its high profile customer
base, which is essential for managing its business going forward.
DISCUSSION ON
FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE
During the year,
the Company achieved Total Sales and Other Income of Rs.18877.300 millions
compared to Rs.14369.700 millions during the previous year. The Gross Profit
before Depreciation and Taxation has increased to Rs.3854.600 millions as
compared to the previous year of Rs.2882.900 millions.
The Profit after
Tax has increased to Rs.1563.000 millions as compared to the previous year
figure of Rs.1138.300 millions.
For the year 2012,
the Board of Directors has recommended a dividend of Rs.0.10 per share i.e. 5%
of face value of Equity Share of Rs.2/- each.
During the
Financial year 2011-2012, all the manufacturing facilities units have been operated
in accordance to management’s satisfaction.
CONTINGENT
LIABILITIES:
|
Particulars |
30.06.2012 (Rs. in
millions) |
30.06.2011 (Rs. in
millions) |
|
Estimated amount
of contracts remaining to be executed on capital account and not provided for |
403.540 |
16.248 |
|
Unexpired Letter of Credit |
25.770 |
4.509 |
|
Bank Guarantees |
11.900 |
6.400 |
|
Disputed Statutory Dues in respect of Excise Duty/Service Tax |
3.545 |
1.703 |
|
Total |
444.755 |
28.860 |
*Contingent Assets
are neither recognised nor disclosed.
STATEMENT OF STANDALONE
AUDITED RESULTS FOR THE 15 MONTHS ENDED 30.09.2013
(Rs. in millions)
|
Part-I |
Particulars |
Quarter Ended |
15 months ended |
||
|
|
30.09.2013 |
30.06.2013 |
30.09.2012 |
30.09.2013 |
|
|
|
Audited |
Unaudited |
Unaudited |
Audited |
|
|
1 |
Income from
Operations |
|
|
|
|
|
|
a) Net Sales / Income from operations (Net of Excise Duty) |
5582.500 |
4391.100 |
3748.100 |
21719.700 |
|
|
b) Other Operating Income |
390.600 |
414.500 |
293.100 |
1787.500 |
|
|
Total Income from
Operations (net) |
5973.100 |
4805.600 |
4041.200 |
23507.200 |
|
2 |
Expenses |
|
|
|
|
|
|
a) Cost of materials consumed |
3262.400 |
2705.300 |
2424.100 |
13597.200 |
|
|
b) Purchase of stock in trade |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
c) Changes in inventories of finished goods and WIP |
(33.100) |
(34.300) |
(11.000) |
(134.000) |
|
|
d) Employee benefits expenses |
235.000 |
208.600 |
167.600 |
988.800 |
|
|
e) Depreciation and amortisation expenses |
469.500 |
437.600 |
405.800 |
2124.500 |
|
|
f) Other expenditure |
671.900 |
242.000 |
194.600 |
1543.400 |
|
|
Total Expenses |
4605.700 |
3559.200 |
3181.100 |
18119.900 |
|
3 |
Profit/ (Loss) from
operations before other income, Finance Cost and Exceptional Items (1-2) |
1367.400 |
1246.400 |
860.100 |
5387.300 |
|
4 |
Finance Costs |
513.900 |
492.500 |
450.300 |
2378.800 |
|
5 |
Profit after
finance costs but before Exceptional Items (3-4) |
853.500 |
753.900 |
409.800 |
3008.500 |
|
6 |
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
7 |
Profit/ (Loss) from
Ordinary Activities Before Tax (5-6) |
853.500 |
753.900 |
409.800 |
3008.500 |
|
8
|
Tax Expenses |
302.200 |
211.100 |
114.800 |
905.600 |
|
|
- Current Tax/ MAT |
|
|
|
|
|
|
- Deferred Tax |
|
|
|
|
|
|
- MAT Credit Entitlement |
|
|
|
|
|
9 |
Profit / (Loss)
from ordinary activities after tax (7-8) |
551.300 |
542.800 |
295.000 |
2102.900 |
|
10 |
Extra ordinary Items (Net of tax expense) |
0.000 |
0.000 |
0.000 |
0.000 |
|
11 |
Net Profit/ (Loss)
for the period (9-10) |
551.300 |
542.800 |
295.000 |
2102.900 |
|
12 |
Minority Interest |
0.000 |
0.000 |
0.000 |
0.000 |
|
11 |
Net Profit / (Loss)
after taxes, minority interest (11-12) |
551.300 |
542.800 |
295.000 |
2102.900 |
|
12 |
Paid-up equity share capital (Face Value Rs.2/-) |
555.100 |
555.100 |
553.600 |
555.100 |
|
17 |
Reserves (excluding Revaluation Reserve) |
-- |
-- |
-- |
21761.400 |
|
18 |
Earnings per share |
|
|
|
|
|
|
Before
Extra-Ordinary Items |
|
|
|
|
|
|
- Basic |
1.99 |
1.96 |
1.07 |
7.59 |
|
|
- Diluted |
1.49 |
1.44 |
0.78 |
5.67 |
|
|
After
Extra-Ordinary Items |
|
|
|
|
|
|
- Basic |
1.99 |
1.96 |
1.07 |
7.59 |
|
|
- Diluted |
1.49 |
1.44 |
0.78 |
5.67 |
|
|
|
|
|
|
|
|
PART II |
|
|
|
|
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
1 |
Public shareholding |
|
|
|
|
|
|
- No of shares |
79858317 |
79858317 |
106179056 |
79858317 |
|
|
- Percentage of shareholding |
28.77 |
28.77 |
38.36 |
28.77 |
|
2 |
Promoters and
promoter group shareholding |
|
|
|
|
|
|
a) Pledged /
Encumbered |
|
|
|
|
|
|
- No of shares |
Nil |
Nil |
Nil |
Nil |
|
|
- Percentage of shares (as a % of the total shareholding of promoters and promoter group |
Nil |
Nil |
Nil |
Nil |
|
|
- Percentage of shares (as a % of the total share capital of the company) |
Nil |
Nil |
Nil |
Nil |
|
|
b) Non-encumbered |
|
|
|
|
|
|
- No of shares |
197676272 |
197676272 |
170596580 |
197676272 |
|
|
- Percentage of shares (as a % of the total shareholding of promoters and promoter group |
100.00 |
100.00 |
100.00 |
100.00 |
|
|
- Percentage of shares (as a % of the total share capital of the company) |
71.23 |
71.23 |
61.64 |
71.23 |
|
B |
INVESTOR COMPLAINTS |
For the quarter ended |
|
|
Pending at the beginning of the quarter |
0 |
|
|
Received during the quarter |
Nil |
|
|
Disposed of during the quarter |
Nil |
|
|
Remaining unresolved at the end of the quarter |
0 |
STATEMENT OF ASSETS AND LIABILITIES:
(Rs. in millions)
|
SOURCES OF FUNDS |
Standalone as at
30.09.2013 (Audited) |
|
I.
EQUITY AND LIABILITIES |
|
|
(1) Shareholders' Funds |
|
|
Share Capital |
555.100 |
|
Reserves & Surplus |
21761.400 |
|
Sub
Total Shareholders'
Funds |
22316.500 |
|
|
|
|
(2) Share Application money pending allotment |
500.000 |
|
|
|
|
(3) Non-Current
Liabilities |
|
|
Long-term borrowings |
37584.600 |
|
Deferred
tax liabilities (Net) |
2975.300 |
|
Long-term provisions |
49.300 |
|
Sub Total -
Non-current Liabilities |
40609.200 |
|
|
|
|
(4) Current Liabilities |
|
|
Short
term borrowings |
4061.500 |
|
Trade
payables |
1097.100 |
|
Other current
liabilities |
2346.800 |
|
Short-term provisions |
32.300 |
|
Sub Total - Current Liabilities |
7537.700 |
|
|
|
|
TOTAL EQUITY AND
LIABILITIES |
70963.400 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
Fixed
Assets |
51082.300 |
|
Non-current
Investments |
1185.900 |
|
Long-term Loan
and Advances |
944.500 |
|
Other Non-current assets |
0.000 |
|
Sub Total - Non-Current Assets |
53212.700 |
|
|
|
|
(2) Current assets |
|
|
Current
investments |
420.500 |
|
Inventories |
5908.500 |
|
Trade
receivables |
4216.000 |
|
Cash and
cash equivalents |
5999.300 |
|
Short-term
loans and advances |
1166.900 |
|
Other
current assets |
39.500 |
|
Sub Total - Current Assets |
17750.700 |
|
|
|
|
TOTAL ASSETS |
70963.400 |
Notes:
1. The above results were
reviewed by the Audit Committee and were taken on record by the Board of
Directors at its meeting held on November 29, 2013.
2. Segment reporting as defined in Accounting
Standard (AS) - 17 is not applicable, since the entire operations of the
Company relate to only one segment i.e. Automotive Components.
3. The Board of Director have recommend a
dividend of Rs.0.10 per Equity Share of Rs.2/- each for the 15 months ending on
September 30, 2013, subject to approval of shareholders of the Company in the
ensuing Annual General Meeting.
4. Previous year’s figures have been regrouped
and reclassified, to the extent necessary, to conform to the current year’s
figures.
5. The inapplicable items in the format of the
above results as per Annexure 1 to Clause 41 of the Listing Agreement have not
been disclosed.
FIXED ASSETS:
·
Land
·
Building
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment
·
Data Processing Units
WEBSITE DETAILS:
PRESS RELEASES:
AMTEK INDIA ACQUIRES THE KUEPPER GROUP IN GERMANY
December 24, 2013
Amtek Group reinforces its position as a leading global automotive component supplier
Second German acquisition in 2013, strategically expanding European footprint
NEW DELHI, India, December 24, 2013 – Amtek India Limited (referred to as “Amtek India” or the “Company”, NSE: AMTEKINDIA, BSE: 532282), India’s largest iron casting company, announced today that it has signed a contract, through a special purpose vehicle, to acquire the Kuepper Group of companies (referred to as “Kuepper”) for an undisclosed cash consideration. Amtek India is a majority owned subsidiary of Amtek Auto Limited (referred to as “Amtek Auto”), the flagship company of the Amtek Group.
Kuepper is a long established supplier of machined castings to the automotive industry, with operations in central Europe. It has significant high end production technologies focussed on iron foundries, aluminium die-casting, machining and assemblies. The company has four manufacturing facilities across Germany and one in Hungary, with a total of more than 900 employees. Kuepper manufactures both iron and aluminium die cast products with a product portfolio that includes high quality turbo charger castings, turbo modules, turbo housings, transmission parts, suspension and steering parts. The company’s 2013 revenues are estimated to be approximately EUR 200 million.
Kuepper is one of the market leaders in turbo charger machined castings. It supplies components to a wide range of customers, primarily in the automotive sector. End markets include passenger cars, light, medium and heavy commercial vehicles. Top customers for Kuepper include BMW, Daimler, Renault Nissan and Volkswagen.
The transaction is synergistic with Amtek Group’s machining and casting operations and further strengthens its market position. The addition of Kuepper significantly builds on Amtek Auto’s existing portfolio of manufacturing sites in Germany, bringing the total to eight facilities in that country. The enhanced capacity and product range will enable the Amtek Group to better service its global OEM and Tier 1 blue chip customer base. The transaction is highly synergistic with the Amtek Group’s existing global manufacturing platform and reinforces its position as one of the world’s largest automotive component suppliers. The transaction has been financed through cash accruals and is subject to customary approvals and conditions.
Commenting on the acquisition, Mr. John Flintham, Senior Managing Director of Amtek Group said:
“We are delighted
to announce the acquisition of the Kuepper Group, our second major acquisition
in Europe this year. This transaction provides us access to significant
machining capabilities in a highly synergistic product range and it also offers
high quality iron and aluminium die cast capabilities. Kuepper’s manufacturing
presence in Germany and Hungary further strengthens our market position in
Europe. The transaction is highly synergistic not only with our existing
machining and casting capabilities but also with the Group’s global integrated
manufacturing platform. Through strategic growth initiatives such as this
acquisition, we continue to be fully committed to manufacturing excellence,
first class customer service and increase in shareholder value.”
Kuepper Group - Key Products
· Transmission parts
· Transmission parts
· Suspension and Steering parts
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.18 |
|
UK Pound |
1 |
Rs.103.38 |
|
Euro |
1 |
Rs.85.09 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
61 |
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.