1. Summary Information
|
|
|
Country |
|
|
Company Name |
APOLLO TYRES LIMITED |
Principal Name 1 |
Mr. Onkar S. Kanwar |
|
Status |
Good |
Principal Name 2 |
Mr. Neeraj Kanwar |
|
|
|
Registration # |
09-002449 |
|
Street Address |
6th Floor, Cherupushpam Building, Shanmugham Road, Ernakulam – 682031,
Kerala, India |
||
|
Established Date |
28.09.1972 |
SIC Code |
-- |
|
Telephone# |
91-484-2381902 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-484-2370351 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Automobile Tyres |
|
|
# of employees |
Not Available |
Product Name 2 |
Automobile Tubes, Automobile Flaps |
|
Paid up capital |
Rs.504,090,000/- |
Product Name 3 |
Camel Black/ Rethreading Materials |
|
Shareholders |
Shareholding of Promoter and Promoter Group 43.50%, Public Shareholding 56.50% |
Banking |
State Bank of India |
|
Public Limited Corp. |
YES |
Business Period |
42 Years |
|
IPO |
YES |
International Ins. |
- |
|
Public |
YES |
Rating |
A
(66) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiaries |
-- |
Apollo (Mauritius) Holdings Private Limited (AMHPL) |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2014 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
8,882,920,000 |
Current Liabilities |
18,020,520,000 |
|
Inventories |
12,836,920,000 |
Long-term Liabilities |
8,944,060,000 |
|
Fixed Assets |
32,535,820,000 |
Other Liabilities |
6,757,270,000 |
|
Deferred Assets |
000 |
Total Liabilities |
33,721,850,000 |
|
Invest& other Assets |
6,864,350,000 |
Retained Earnings |
26,786,320,000 |
|
|
|
Net Worth |
27,398,160,000 |
|
Total Assets |
61,120,010,000 |
Total Liab. & Equity |
61,120,010,000 |
|
Total Assets (Previous Year) |
58,372,060,000 |
|
|
|
P/L Statement as of |
31.03.2014 |
(Unit: Indian Rs.) |
|
|
Sales |
86,100,800,000 |
Net Profit |
4,426,190,000 |
|
Sales(Previous yr) |
85,074,910,000 |
Net Profit(Prev.yr) |
3,125,280,000 |
MIRA
INFORM REPORT
|
Report Date : |
14.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
APOLLO TYRES LIMITED |
|
|
|
|
Registered
Office : |
6th Floor, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
28.09.1972 |
|
|
|
|
Com. Reg. No.: |
09-002449 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.504.090
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L25111KL1972PLC002449 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
CHNA01479C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACA6990Q |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing of Automobile Tyres, Automobile Tubes, Automobile Flaps
and Camel Black/Rethreading Materials. |
|
|
|
|
No. of Employees
: |
16000 [Approximately] Group Employees |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
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 109592600 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an old and well-established company having fine track
record. The ratings continue to reflect Apollo Tyres strong market position in
the tyre industry, diversified revenue profile emanating from presence across
geographies, products/brands and consumer categories. Over all fundamentals of the company appears to be sound and healthy.
Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. Company can be considered good for normal business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
N E W S
The economy grew 4.7 %in 2013/14, marking a
second straight year of sub-5 % growth – the worst slowdown in more than a
quarter of a century. The data was below an official estimate of 4.9 % annual
growth and compared with 4.5 % in the last fiscal year. However, the current
account deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic
product, in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year
before.A sharp fall in gold imports due to restrictions on overseas purchases
and muted import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from Russian
Investment firm DST Global which has also invested in companies like Facebook,
Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy AstraZeneca
for nearly $ 118 billion after the latter refused an offer of 55 pounds a
share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
A- (Long Term Rating) |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
June 15, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A1 (Short Term Rating) |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
June 15, 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.
LOCATIONS
|
Registered Office : |
6th
Floor, |
|
Tel. No.: |
91-484-2381902 to
03/ 2381895/ 2381808/ 2381895/2372767/ 2370780 |
|
Fax No.: |
91-484-2370351 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Head/
Corporate Office : |
Apollo House, 7,
Institutional Area, Sector 32, Gurgaon - 122001, |
|
Tel. No.: |
91-124-6383002 to
18/ 2721000 |
|
Fax No.: |
91-124-6383017/
3021 |
|
E-Mail : |
|
|
|
|
|
Factory 1: |
P.O Perambra Thrissur,
District Kerala - 680689, India |
|
Tel. No.: |
91-480-2725901 to 09 |
|
|
|
|
Factory 2: |
Premier Tyres Limited, Kalamassery Always, Ernakulam
(Kerala) – 683104, India |
|
Tel. No.: |
91-484-2540261 to 66 |
|
|
|
|
Factory 3: |
SIPCOT Industrial Growth Centre
Orgadam, Tamilnadu, India |
|
|
|
|
Factory 4 : |
Village Limda, Tal. Waghodia, Baroda, Gujarat, India |
|
|
|
|
Branch Office
: |
4th Floor,
60 Skylark Building, Nehru Place, New Delhi – 110019, India |
|
Tel. No.: |
91-11-2643 1005 |
|
Fax No.: |
91-11-2647 1283 |
|
|
|
|
Overseas
Office : |
Located At: ·
·
·
|
DIRECTORS
AS ON 31.03.2014
|
Name: |
Mr. Onkar S. Kanwar |
|
Designation: |
Chairman and Managing Director |
|
Qualification: |
B.Sc., Bachelor of Administration (California) |
|
|
|
|
Name : |
Mr. Neeraj Kanwar |
|
Designation : |
Vice Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Arun Kumar Purwar |
|
Designation : |
Non-Executive Independent Director |
|
|
|
|
Name : |
Mr. K. Jacob Thomas |
|
Designation : |
Non-Executive Independent Director |
|
|
|
|
Name : |
Mr. K S Srinivas |
|
Designation : |
Nominee Director – Govt of Kerala (Equity Investor) |
|
|
|
|
Name : |
Mr. M R B Punja |
|
Designation : |
Non-Executive Independent Director |
|
|
|
|
Name : |
Mr. Nimesh N. Kampani |
|
Designation : |
Non-Executive Independent Director |
|
|
|
|
Name : |
Mr. Robert Steinmetz |
|
Designation : |
Non-Executive Independent Director |
|
|
|
|
Name : |
Mr. Suman Sarkar |
|
Designation : |
Chief Financial Officer and Whole Time Director |
|
|
|
|
Name : |
Mr. Shardul S. Shroff |
|
Designation : |
Non-Executive Independent Director |
|
|
|
|
Name : |
Dr. S. Narayan |
|
Designation : |
Non-Executive Independent Director |
|
|
|
|
Name : |
Mr. U. S. Oberoi |
|
Designation : |
Chief (Corporate Affairs) and Whole Time Director |
|
|
|
|
Name : |
Dr. V P Joy |
|
Designation : |
Nominee Director – Govt of Kerala (Equity Investor) |
|
|
|
|
Name : |
Mr. Vikram S Mehta |
|
Designation : |
Non-Executive Independent Director |
|
|
|
|
Name : |
Mr. Alkesh Kumar Sharma |
|
Designation : |
Nominee Director – Govt. of Kerala (Equity Investor) |
KEY EXECUTIVES
|
Name : |
Mr. P N Wahal |
|
Designation : |
Head (Sectt. and Legal) and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as
a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
5330791 |
1.06 |
|
|
211949951 |
42.05 |
|
|
217280742 |
43.11 |
|
|
|
|
|
|
1977000 |
0.39 |
|
|
1977000 |
0.39 |
|
Total shareholding of Promoter and Promoter
Group (A) |
219257742 |
43.50 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
20390563 |
4.05 |
|
|
167918 |
0.03 |
|
|
10000000 |
1.98 |
|
|
1645000 |
0.33 |
|
|
173869283 |
34.50 |
|
|
7419144 |
1.47 |
|
|
7419144 |
1.47 |
|
|
213491908 |
42.36 |
|
|
|
|
|
|
16852708 |
3.34 |
|
|
|
|
|
|
27333821 |
5.42 |
|
|
1710050 |
0.34 |
|
|
25378541 |
5.04 |
|
|
2246260 |
0.45 |
|
|
18985800 |
3.77 |
|
|
1000 |
0.00 |
|
|
2685751 |
0.53 |
|
|
1459730 |
0.29 |
|
|
71275120 |
14.14 |
|
Total Public shareholding (B) |
284767028 |
56.50 |
|
Total (A)+(B) |
504024770 |
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) |
504024770 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Automobile Tyres, Automobile Tubes, Automobile Flaps
and Camel Black/Rethreading Materials. |
GENERAL INFORMATION
|
No. of Employees : |
16000 [Approximately] Group Employees |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
· State Bank of India · Union Bank of India · Canara Bank · State Bank of Mysore · ICICI Bank Limited · Axis Bank Limited · IDBI Bank Limited · Standard Chartered Bank · BNP Paribas · State Bank of Travancore · Yes Bank Limited · The Hongkong and Shanghai Banking Corporation Limited · Kotak Mahindra Bank Limited · Deutsche Bank · Credit Agricole CIB · DBS Bank Limited · The Bank of Nova Scotia · Citibank N.A. · HDFC Bank Limited · ING Vysya Bank Limited ·
Corporation Bank |
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Chennai, Tamilnadu, India |
|
|
|
|
Subsidiaries : |
· Apollo (Mauritius) Holdings Private Limited (AMHPL) · Apollo (South Africa) Holdings (Pty) Limited (ASHPL) (Subsidiary through AMHPL) · Apollo Tyres South Africa (Pty) Limited(ATSA) (Subsidiary through ASHPL) · Dunlop Africa Marketing (UK) Limited(DAMUK) (Subsidiary through ATSA) · Dunlop Zimbabwe (Private) Limited (DZL) (Subsidiary through DAMUK) · Radun Investments (Private) Limited, Zimbabwe (Subsidiary through DAMUK) · AFS Mining (Private) Limited, Zimbabwe (Subsidiary through DZL) · Apollo Tyres (Cyprus) Private Limited ( ATCPL) (Subsidiary through AMHPL) · Apollo Tyres AG, Switzerland (AT AG) (Subsidiary through ATCPL) · Apollo Tyres Holdings (Singapore) PTE. Limited, (ATHS) (Subsidiary through AMHPL) · Apollo Tyres (LAO) Company Limited (Subsidiary through ATHS) · Apollo Tyres (Middle East) FZE, Dubai (ATFZE) (Subsidiary through AMHPL) · Apollo Tyres Co -operatief U.A., Netherlands (Apollo Coop) (Subsidiary through AMHPL) · Apollo Tyres B.V. (ATBV) (Subsidiary through Apollo Coop) · Apollo Tyres (UK) Private Limited (Subsidiary through ATBV) · Apollo Tyres (Brasil) LTDA. (Subsidiary through Apollo Coop) · Apollo Tyres Global RandD B.V. (Subsidiary through Apollo Coop) · Apollo Tyres (Thailand) Limited (Subsidiary through Apollo Coop) · Apollo Vredestein B.V., Netherlands (AVBV) (Subsidiary through ATBV) |
|
|
|
|
Subsidiaries of Apollo
Vredestein B.V (AVBV) : |
· Vredestein GmbH · Vredestein Norge A.S. · Vredestein U.K. Limited · N.V. Vredestein S.A. · Vredestein GesmbH · Vredestein Schweiz A.G. · Vredestein Nordic A.B. · Apollo Vredestein Srl · Vredestein Iberica S.A · Vredestein Tyres North America Inc. · Vredestein Kft · Vredestein R.O Srl · Vredestein Polska Sp. Z o.o · Vredestein France S.A. · Vredestein consulting B.V. · Finlo B.V. · Vredestein Marketing B.V. ·
Vredestein Marketing Agentur B.V. and Company
KG |
|
|
|
|
Joint Ventures : |
PanAridus LLC, USA |
|
|
|
|
Companies in which
Directors are interested : |
· Apollo International Limited (AIL) · Apollo International Trading LLC, Middle East · Encorp E Services Limited · UFO Moviez India Limited · Landmark Farms and Housing (Private) Limited · Sunlife Tradelinks (Private) Limited · Travel Tracks Limited · Bespoke Tours and Travels Limited · Dusk Valley Technologies Limited · Classic Auto Tubes Limited · PTL Enterprises Limited (PTL) · Apollo Finance Limited · Artemis Medicare Services Limited · Artemis Health Sciences Limited · National Tyre Service, Zimbabwe · Pressurite (Pty) Limited, South Africa · Regent Properties · CLS Logistics Private Limited · Swaranganga Consultants Private. Limited · J and S Systems Corporation, U.K. · Sacred Heart Investment Company Private Limited · Milers Global Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
730000000 |
Equity Shares |
Re.1/- each |
Rs.730.000 Millions |
|
200000 |
Cumulative Redeemable Preference Shares |
Rs.100/- each |
Rs.20.000 Millions |
|
|
TOTAL |
|
Rs.750.000 Millions
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
504024770 |
Equity Shares |
Re.1/- each |
Rs.504.020 Millions |
|
|
Add: Forfeited Shares |
|
Rs.0.070 Million |
|
|
TOTAL |
|
Rs.504.090 Millions
|
|
|
|
|
|
Details of
Shareholders holding more than 5% of the Paid Up Equity Share Capital of the Company
with Voting Rights:
|
|
As at Mar 31, 2014 |
||
|
S. No. |
Name of the
Shareholder |
No. of Shares |
%age |
|
1 |
Neeraj Consultants Limited |
42508142 |
8.43 % |
|
2 |
Apollo Finance Limited |
36759650 |
7.29 % |
|
3 |
Sunrays Properties and Investment Company Private Limited |
35725648 |
7.09 % |
|
4 |
Constructive Finance Private Limited |
29630857 |
5.88 % |
|
5 |
CLSA (Mauritius) Limited |
27020843 |
5.36 % |
|
6 |
ICICI Prudential Life Insurance Company Limited |
26665390 |
5.29% |
The rights,
preferences and restrictions attached to equity shares of the Company:
The Company has only one class of shares referred to as equity shares having a par value of Rs. 1 each. The holder of equity shares are entitled to one vote per share.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2014 |
31.03.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
504.090 |
504.090 |
|
(b) Reserves & Surplus |
|
26786.320 |
22802.390 |
|
(c) Money received against share warrants |
|
107.750 |
107.750 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
27398.160 |
23414.230 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
7137.330 |
13383.680 |
|
(b) Deferred tax liabilities (Net) |
|
3909.450 |
3518.400 |
|
(c) Other long
term liabilities |
|
129.730 |
124.100 |
|
(d) Long-term
provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
11176.510 |
17026.180 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
1806.730 |
5394.150 |
|
(b)
Trade payables |
|
8983.410 |
6000.950 |
|
(c)
Other current liabilities |
|
8907.380 |
4625.630 |
|
(d) Short-term
provisions |
|
2847.820 |
1910.920 |
|
Total Current
Liabilities (4) |
|
22545.340 |
17931.650 |
|
|
|
|
|
|
TOTAL |
|
61120.010 |
58372.060 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
32421.610 |
30633.900 |
|
(ii)
Intangible Assets |
|
114.210 |
79.640 |
|
(iii)
Capital work-in-progress |
|
349.710 |
2489.730 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
6514.640 |
6126.950 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
1230.380 |
1689.940 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
40630.550 |
41020.160 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
12836.920 |
11208.260 |
|
(c)
Trade receivables |
|
2405.450 |
2731.360 |
|
(d) Cash
and cash equivalents |
|
2211.100 |
1541.920 |
|
(e)
Short-term loans and advances |
|
2445.800 |
1869.660 |
|
(f)
Other current assets |
|
590.190 |
0.700 |
|
Total
Current Assets |
|
20489.460 |
17351.900 |
|
|
|
|
|
|
TOTAL |
|
61120.010 |
58372.060 |
|
SOURCES OF FUNDS |
|
|
31.03.2012 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
504.090 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
19971.950 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
20476.040 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
13487.100 |
|
|
2] Unsecured Loans |
|
|
6645.300 |
|
|
TOTAL BORROWING |
|
|
20132.400 |
|
|
DEFERRED TAX LIABILITIES |
|
|
2958.610 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
43567.050 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
28506.320 |
|
|
Capital work-in-progress |
|
|
3106.560 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
5626.510 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
11114.170
|
|
|
Sundry Debtors |
|
|
3639.130
|
|
|
Cash & Bank Balances |
|
|
1155.930
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
4546.220
|
|
Total
Current Assets |
|
|
20455.450
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
|
|
8160.850
|
|
|
Other Current Liabilities |
|
|
4233.030
|
|
|
Provisions |
|
|
1733.910
|
|
Total
Current Liabilities |
|
|
14127.790
|
|
|
Net Current Assets |
|
|
6327.660
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
43567.050 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
86100.800 |
85074.910 |
81578.750 |
|
|
|
Other Income |
1808.780 |
573.770 |
181.940 |
|
|
|
TOTAL (A) |
87909.580 |
85648.680 |
81760.690 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and Other Expenses |
-- |
-- |
74681.120 |
|
|
|
Cost of Materials Consumed |
57243.060 |
58673.640 |
-- |
|
|
|
Purchase of Stock-in-Trade |
2502.760 |
2538.950 |
-- |
|
|
|
Employee Benefits Expense |
4866.690 |
4268.520 |
-- |
|
|
|
Other Expenses |
12674.260 |
10685.650 |
-- |
|
|
|
Exceptional Items |
710.470 |
-- |
-- |
|
|
|
Increase/(Decrease) in Work in Process and
Finished Goods |
(1158.670) |
(73.710) |
234.510 |
|
|
|
TOTAL (B) |
76838.570 |
76093.050 |
74915.630 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST TAX DEPRECIATION AND AMORTISATION (A-B) (C) |
11071.010 |
9555.630 |
6845.060 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2446.100 |
2609.730 |
2413.010 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX DEPRECIATION AND AMORTISATION (C-D) (E) |
8624.910 |
6945.900 |
4432.050 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2480.460 |
2200.710 |
1856.920 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
6144.450 |
4745.190 |
2575.130 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1718.260 |
1619.910 |
761.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
4426.190 |
3125.280 |
1813.330 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
7886.600 |
6710.320 |
6469.050 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
General Reserve |
1000.000 |
1000.000 |
NA |
|
|
|
Debenture Redemption Reserve |
487.500 |
654.160 |
NA |
|
|
|
Proposed Dividend |
378.020 |
252.010 |
NA |
|
|
|
Dividend Tax |
64.240 |
42.830 |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
10383.030 |
7886.600 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
8142.280 |
8091.670 |
7731.170 |
|
|
|
Royalty Received |
57.280 |
43.660 |
0.000 |
|
|
|
Cross Charge of Management Expenses |
28.100 |
62.440 |
0.000 |
|
|
|
Reimbursement of Expenses Received |
30.100 |
36.920 |
0.000 |
|
|
TOTAL EARNINGS |
8257.760 |
8234.690 |
7731.170 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
25492.150 |
26222.050 |
27587.600 |
|
|
|
Stores & Spares |
65.110 |
65.460 |
59.800 |
|
|
|
Capital Goods |
503.690 |
1623.420 |
2403.040 |
|
|
TOTAL IMPORTS |
26060.950 |
27910.930 |
30050.440 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
-
Basic |
8.78 |
6.20 |
3.60 |
|
|
|
-
Diluted |
8.77 |
6.20 |
3.60 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
5.03
|
3.65
|
2.22
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.14
|
5.58
|
3.16
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.32
|
9.54
|
5.26
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.20
|
0.13
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.33
|
0.80
|
1.00
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.91
|
0.97
|
1.45
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
504.090 |
504.090 |
|
Reserves & Surplus |
22802.390 |
26786.320 |
|
Net worth |
23306.480 |
27290.410 |
|
|
|
|
|
long-term borrowings |
13383.680 |
7137.330 |
|
Short term borrowings |
5394.150 |
1806.730 |
|
Total borrowings |
18777.830 |
8944.060 |
|
Debt/Equity ratio |
0.806 |
0.328 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
81578.750 |
85074.910 |
86100.800 |
|
|
|
4.286 |
1.206 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
81578.750 |
85074.910 |
86100.800 |
|
Profit |
1813.330 |
3125.280 |
4426.190 |
|
|
2.22% |
3.67% |
5.14% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
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 |
No |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth 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 |
10364532 |
29/06/2012 |
1,530,000,000.00 |
ICICI BANK LIMITED |
LAND MARK, RACE COURSE CIRCLE,
VADODARA - 390007, GUJARAT , INDIA |
B43213123 |
|
2 |
10363215 |
29/06/2012 * |
1,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES
LIMITED |
ASIAN BUILDING, GROUND
FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA,
INDIA |
B56258189 |
|
3 |
10363216 |
29/06/2012 * |
1,000,000,000.00 |
IDBI TRUSTEESHIP SERVICES
LIMITED |
ASIAN BUILDING, GROUND
FLOOR, 17, R. KAMANI MARG, BALLARD ESTATE, MUMBAI - 400001, MAHARASHTRA,
INDIA |
B56258460 |
|
4 |
10347294 |
13/03/2012 * |
300,000,000.00 |
DBS BANK LIMITED |
UGF, BIRLA TOWER, 25
BARAKHAMBA ROAD, ACTING AS SECURITY TRUSTE TO DBS BANK LTD, SINGAPOR,
NEW DELHI - 110001, INDIA |
B38637096 |
|
5 |
10347296 |
29/08/2012 * |
432,390,000.00 |
DBS BANK LTD. |
UGF, BIRLA TOWER, 25 BARAKHAMBA
ROAD, ACTING AS SECURITY TRUSTE TO DBS BANK LTD, SINGAPOR, NEW DELHI -
110001, INDIA |
B57647109 |
|
6 |
10325438 |
13/12/2011 * |
449,000,000.00 |
BNP PARIBAS |
20 COLLER QUAY #, 01-01,
TUNG CENTRE, SINGAPORE, |
B29505088 |
|
7 |
10323173 |
09/12/2011 * |
556,750,000.00 |
HSBC BANK (MAURITIUS)
LIMITED |
HSBC CENTRE, 18
CYBERCITY, EBENE, - 999999, MAURITIUS |
B29002615 |
|
8 |
10307999 |
09/03/2012 * |
491,200,000.00 |
ICICI BANK LIMITED |
SUITE 15, PART 3, MUNICIPALITY
NO. 116, P.O BOX |
B36268845 |
|
9 |
10314391 |
09/12/2011 * |
960,000,000.00 |
STANDARD CHARTERED BANK
(ACTING AS AN SECURITY AGENT) |
CREDIT DOCUMENTATION UNIT,
NARAIN MANZIL, 23 BARA |
B28389666 |
|
10 |
10295206 |
09/12/2011 * |
500,000,000.00 |
IDBI BANK LIMITED |
IRCS BUILDING, 1, RED
CROSS ROAD, NEW DELHI - 110001, INDIA |
B29013281 |
* Date of charge modification
|
Unsecured Loan |
As
on 31.03.2014 [Rs.
in Millions] |
As
on 31.03.2013 [Rs.
in Millions] |
|
Long Term
Borrowings |
|
|
|
2,000 - 10.10 % Non-Convertible Debentures of Rs. 1 Million each |
0.000 |
2000.000 |
|
1,000 - 9.70 % Non-Convertible Debentures of Rs. 1 Million each |
0.000 |
1000.000 |
|
|
|
|
|
Short Term
Borrowings |
|
|
|
Commercial Paper # |
0.000 |
3150.000 |
|
Buyers Credit - Raw Material |
173.800 |
458.760 |
|
Packing Credits |
1331.340 |
1284.950 |
|
TOTAL
|
1505.140 |
7893.710 |
|
CASE DETAILS KERALA HIGH
COURT CASE STATUS
INFORMATION SYSTEMS CASE STATUS: PENDING STATUS OF INCOME TAX APPEAL 140 OF 2013 THE COMMISSIONER OF INCOME TAX VS. APOLLO TYRES LIMITED PETS’ ADV.: MR. P.K.R. MENON, SR. COUNSE RES’S ADV.: MR. JOSEPH MARKOSE (SR.) LAST LISTED ON: MONDAY, NOVEMBER 11, 2013 CATEGORY: INCOME TAX APPEAL
CAST UPDATED ON: WEDNESDAY, FEBRUARY 05, 2014 |
OPERATIONS:
It was a tough year for
tyre makers and this is reflected in sales growth numbers at Apollo Tyres
Limited which witnessed an increase of 4.03% during FY14.
On a standalone basis, the
Company achieved a net turnover of Rs. 86101.000 millions as against Rs.
85075.000 millions during the previous financial year. EBIDTA was at Rs.
11781.000 millions as compared to Rs. 9556.000 millions during the previous
financial year. The net profit for the year was Rs. 4426.000 millions, as
against Rs. 3125.000 millions in the previous fiscal, a growth of almost
41.63%.
The amount available for
appropriations, including surplus from previous year amounted to Rs. 12313.000
millions. Surplus of Rs. 10383.000 millions has been carried forward to the
balance sheet after providing for dividend of Rs. 378.000 millions, dividend
tax of Rs. 64.000 millions, debenture redemption reserve of Rs. 488.000
millions and general reserve of Rs. 1000.000 millions. In the year under
consideration, Apollo Tyres entered new markets, launched high performing
products for both the passenger and commercial vehicle categories and redesigned
its R&D structure, with focus on profitability, internal efficiencies and
customer delight.
MARKETING:
For Apollo Tyres’ India
operations, the year began with the launch of Apollo 4G range of tyres for
passenger vehicles. To further strengthen its product offering in India, the
Indian operations launched its premium European brand, Vredestein, in India to
cater to high-end cars and SUVs. In the Off highway tyres segment, an
aggressive approach helped the Company launch a slew of products for the segment.
These included a new Farm product range, Krishak Gold, product for the
specialty segment row crop and sub 30 HP tractor and the new XMR with Live Bond
Steer mile technology. To tap the high potential ASEAN market, Apollo Tyres
opened its sales offi ce in Bangkok, Thailand. After Dubai for the Middle East
region, this was the second ‘home market’ outside Company’s operations in
India, The Netherlands and South Africa.
The Company continued to
ramp its branding presence in India and other parts of the world. The Company
tied up with global football club, Manchester United and launched a
high-decibel brand –‘There are no Shortcuts’ – campaign in India during the
year.
During the FY14, Apollo was
abuzz with activities with the launch of new products and introduction of size
extensions for the passenger tyre segment in Europe. In June 2013, the
Vredestein Wintrac Xtereme S was launched during a dealer event at Giugiaro
Design in Turin, Italy. Before the onset of the winters for 2013-14, the Apollo
Alnac Winter was introduced in the market. Multiple products were launched and
size extensions were introduced at the Auto Salon Geneva in March 2014
including the Apollo Apterra (4x4/ SUV), Apollo Apterra HL, Vredestein Sportrac
5, Ultrac Vorti and Ultrac Vorti R.
New sizes in Vredestein
agricultural and Apollo industrial tyres became available, including a
pre-launch of Vredestein Faktor S at the Agritechnica in Germany (the new cross
ply tractor rear tyre). At the Eurobike –Friedrichshafen in Germany, a complete
new line of racing bike tyres, the Vredestein Fortezza Senso, was successfully
introduced.
FIXED ASSETS:
Tangible Assets
· Land
· Buildings
· Plant and Machinery
· Electrical Installation
· Furniture and Fixtures
· Office Equipments
· Vehicles
Intangible Assets
· Computer Software
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.60.19 |
|
|
1 |
Rs.103.15 |
|
Euro |
1 |
Rs.81.87 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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|
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|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--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 |
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 |
|
66 |
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.