MIRA INFORM REPORT
|
Report Date : |
11.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
AMTEK AUTO LIMITED |
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Registered
Office : |
Plot No.16, Industrial Area, Rozka Meo, P.O. Sohna, Gurgaon – 122003,
Haryana |
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Country : |
India |
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Financials (as
on) : |
30.09.2013 |
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Date of
Incorporation : |
04.08.1988 |
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Com. Reg. No.: |
05-030333 |
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Capital
Investment / Paid-up Capital : |
Rs. 437.247 Millions |
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CIN No.: [Company Identification
No.] |
L27230HR1988PLC030333 |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of Auto Components. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
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 191900000 |
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|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track record. Management has not filed its latest financials of 2013 with government
department but same are available from indirect source. Financial position of the company is good. Fundamentals are strong and
healthy. Trade relation 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 dealing at usual
trade terms and conditions. Note: Company has
changed its financial year from 12 months (1-7-2011 to 30-6-2012) to 15
months ranging from (1-07-2012 to 30-09-2013). |
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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
State-run banks hired nearly
300000 personnel including more than 94000 officers in the last four years, according
to the Indian Banks Association. A study by trade lobby Assocham in September
2013 indicated that banks would need 800000 people in the next six years. It
estimated that state-run lenders alone would hire 50000 people in 2013/14.
The Competition Commission of
India plans to issue final orders within a broad time-frame of one year in
matters where it decides to carry out detailed investigations. The number of
complaints received by the watchdog which keeps tabs on unfair trade practices
in the marketplace.
The government has detected
custom tax evasion totaling around Rs 37920 mn in 14 states until December.
Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs
8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.
Connaught Place in New Delhi
slipped four notches to become the world’s eighth most expensive office
locations. London’s West End is the world’s most expensive office market.
There are 4.072 mn number of
high value spenders under the scanner of the income tax department. The income
tax department has information that they have made cash deposits announcing to
Rs 1 mn or more in their savings bank accounts in the current financial year.
It plans to check potential evasion before the closing of the financial year on
March 31.
Estimated pharmaceutical sales
in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago.
The life sciences and health care industry is up against challenges such as
quality management, says a recent Deloitte report.
The gross non-performing assets
of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months
of the financial year. In absolute terms, the 40 listed banks added Rs 3386
crore to their gross NPAs in nine months with the State Bank of India leading
with the State Bank of India leading with an accretion of Rs 16610 crore.
The inflow of smuggled gold
doubled in 2013 following restrictions to curb the supply from official
channels to contain the current account deficit. China surpassed India in the
demand for gold for the first time in 2013 due to liberalization of gold
trading norms by its local governments.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: “AA” |
|
Rating Explanation |
High credit quality and low credit risk. |
|
Date |
12.07.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: “A1+” |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
12.07.2013 |
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 / Factory 1 : |
Plot No.16, Industrial Area, Rozka Meo, P.O. Sohna, Gurgaon – 122003,
Haryana, India |
|
Tel. No.: |
91-124-2362140 |
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Fax No.: |
91-124-2662454 |
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E-Mail : |
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Website : |
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Corporate Office : |
3, Local Shopping Centre, Pam posh Enclave, G.K.-I, New Delhi -
110048, India |
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Tel. No.: |
91-11-42344444 |
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Fax No.: |
91-11-42344000 |
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E-Mail : |
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Factory 2: |
Begumpur Khataula, P.O. Khandsa, Distt. Gurgaon, Haryana, India |
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Tel. No.: |
91-124-2373412 |
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Fax No.: |
91-124-2373408 |
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E-Mail : |
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Factory 3: |
Vill. Mohammadpur, Jharsa, Distt. Gurgaon, Haryana , India |
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Tel. No.: |
91-124-2372152 |
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Fax No.: |
91-124-2373410 |
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Factory 4: |
Shed No. 1, 2, 3, 4 & 5, Village-Malpura, Dharuhera,
Distt. - Rewari, Haryana, India |
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Factory 5: |
Plot No. 1, Sector-II, New Industrial Area, Distt. Raisen, Mandideep -
462046, Madhya Pradesh, India |
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Factory 6: |
Plot No. 1, Industrial Area, Dharuhera, Rewari, Haryana, India |
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Factory 7: |
Plot No. 53,Sector III, Industrial Area, IMT Manesar, Gurgaon,
Haryana, India |
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Factory 8: |
Gat No. 1074-1085 Sanaswadi Shikrapur Chakan Road, Taluka Shirpur, Pune,
Maharashtra, India |
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Factory 9: |
Dadi Bhola, Opposite Peer Sthan, Nalagarh, Distt. Solan - 174101, Himachal Pradesh, India |
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Factory 10: |
Dadi Bhola, Opposite Peer Sthan, Nalagarh Unit 2, Distt. – Solan - 174101, Himachal Pradesh, India |
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Factory 11: |
B-6, MIDC Area, Ranjangaon, Pune - 412210, Maharashtra, India |
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Factory 12: |
Survey No.1, C-2, VR-5, Tata Nano Vendor Park, Sanand, Gujarat, India |
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Factory 13: |
Plot No.-73, Tata Nano Vendor Park, Distt.-Udham Singh Nagar, Uttarakhand, India |
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Factory 14: |
Narsingpur Road, Begampur Khautola, Gurgaon - 122001, Haryana, India |
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Factory 15: |
RNS-21, SPICOT Industrial Growth Center, Sriperumbudur Taluk, Oragadam, Kencheepuram, Tamilnadu, India |
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Factory 16: |
Gat No.-251, Telegaon, Chaken Road, Kharabwadi, Khed, Pune, Maharashtra, India |
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Factory 17: |
Plot No. 1, Industrial Area, Dharuhera, Distt. – Rewari – 123106, Haryana, India |
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Factory 18: |
Gat No. 1081/1 & 1079, Shikrapur Chakan Road, Talegaon Dhamdhere, Sanaswadi - 412208, Maharashtra, India |
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Factory 19: |
Plot No. 191, Sector-4, Bawal, Distt. - Rewari, Haryana-123501, India |
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Factory 20: |
Autoswift Division, GGN, Delhi, Gzb, Bhiwadi and Pune, Maharashtra, India |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Arvind Dham |
|
Designation : |
Chairman and Director |
|
Date of Birth/Age : |
15.02.1961 |
|
Qualification : |
B.Arch from Chandigarh College of Architecture, Punjab
University and MBA. |
|
Expertise : |
He is an eminent industrialist having more than 24 years of experience in the field of Project Planning, implementation, International Trade and Business Management. |
|
Other Directorship: |
· Amtek India Limited · ACIL Limited · Ahmednagar Forgings Limited · Symbios Personnel Advices and Services Limited · Amtek Laboratories Limited |
|
|
|
|
Name : |
Mr. John Ernest Flintham |
|
Designation : |
Sr. Managing Director |
|
Date of Birth/Age : |
Mechanical Engineer |
|
Qualification : |
38 Years |
|
Date of Appointment: |
31.07.2007 |
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|
Name : |
Mr. D.S. Malik |
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Designation : |
Managing Director |
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|
Name : |
Mr. Gautam Malhotra |
|
Designation : |
Director |
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Date of Birth/Age : |
03.03.1979 |
|
Qualification : |
B.E. (Computer Science),MBA from University of
Manchester, U.K |
|
Expertise: |
Specialization in Finance, Marketing & Acquisitions
etc. |
|
Other Directorship: |
· Amtek India Limited · Ahmednagar Forgings Limited · Amtek Laboratories Limited · ACIL Limited · STESALIT Limited · JMT Auto Limited |
|
|
|
|
Name : |
Mr. Rajeev Thakur |
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Designation : |
Director |
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|
Name : |
Mr. Sajay Chhabra |
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Designation : |
Director |
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Date of Birth/Age : |
18.07.1960 |
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Qualification : |
B.Tech. (Mech.), MBA (Marketing) |
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Expertise : |
He has vast experience in the field of technical, marketing and project implementation. |
|
Other Directorship: |
Amtek India Limited |
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Name : |
Mr. B Lugani |
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Designation : |
Director |
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Name : |
Mr. Raj Narain Bhardwaj |
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Designation : |
Director |
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Name : |
Mr. B Venugopal |
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Designation : |
Nominee Director |
KEY EXECUTIVES
|
Name : |
Mr. Rajeev Raj Kumar |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
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|
2797240 |
1.28 |
|
|
105115410 |
48.08 |
|
|
107912650 |
49.36 |
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|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
107912650 |
49.36 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
992859 |
0.45 |
|
|
14394593 |
6.58 |
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|
57596179 |
26.34 |
|
|
16967202 |
7.76 |
|
|
16967202 |
7.76 |
|
|
89950833 |
41.14 |
|
|
|
|
|
|
11181126 |
5.11 |
|
|
|
|
|
|
6834835 |
3.13 |
|
|
1504332 |
0.69 |
|
|
1239969 |
0.57 |
|
|
598091 |
0.27 |
|
|
343596 |
0.16 |
|
|
298282 |
0.14 |
|
|
20760262 |
9.50 |
|
Total Public shareholding (B) |
110711095 |
50.64 |
|
Total (A)+(B) |
218623745 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
218623745 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Auto Components. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
· Corporation Bank · Andhra Bank · Indian Overseas Bank · IDBI Bank Limited |
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Facilities : |
NOTE LONG TERM
BORROWINGS PARTICULARS OF SECURITIES: Term Debts from Financial Institutions/Banks are secured by way of first mortgage of company’s all Immovable Properties ranking pari passu interse and hypothecation of whole of the Company’s Movable Properties including Plant & Machinery, Machinery spares, tools and accessories (save and except book debts) present and future, subject to prior charges created/ to be created in favour of the company’s bankers on inventories, book debts. SHORT TERM BORROWINGS PARICULARS 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 : |
-- |
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Auditors : |
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|
Name : |
Manoj Mohan and Associates Chartered Accountants |
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Address : |
New Delhi, India |
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Subsidiaries: |
· Ahmednagar Forging Limited · Amtek Deutshland GmbH · Amtek Investment UK Limited · Amtek Germany Holding GP GmBH · Amtek Germany Holding GmBH and Company KG · Amtek Holding BV · Amtek Global Technologies Pte. Limited · Amtek Transportation Systems Limited · Alliance Hydro Power Limited · Amtek India Limited · Amtek Defence Technologies Limited · JMT Auto Limited |
|
|
|
|
Subsidiaries of Subsidiaries: |
· Amtek Tekfor Holding GmbH · Neumayer Tekfor GmbH · Tekfor Services GmbH · Neumayer Tekfor Rotenburg GmbH · Neumayer Tekfor Schmolln GmbH · Neumayer Tekfor Engineering GmbH · GfsV · Neumayer Tekfor Japan Company Limited · Tekfor Inc. · Tekfor Maxico SA de CV · Neumayer Tekfor Automotive Brasil Ltda. · Neumayer Tekfor SpA · Tekfor Maxico Services · Tekfor Services Inc. · SFE GmbH · Amtek Powertrain Components B.V. · Amtek Powertrain RUS LLC · Amertec Systems Private Limited |
|
|
|
|
Joint Venture’s: |
· Amtek Tekfor Automotive Limited · MPT Amtek Automotive (India) Limited · SMI Amtek Crankshafts Private Limited |
|
|
|
|
Joint Ventures of Subsidiaries: |
Amtek Railcar Private Limited |
|
|
|
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Associate’s: |
· ACIL Limited (Formerly known as Amtek Crankshafts India Limited) · ARGL Limited (Formerly known as Amtek Ring Gears Limited) |
CAPITAL STRUCTURE
As on 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000000 |
Equity Shares |
Rs. 2/- each |
Rs. 500.000 Millions |
|
3500000 |
Preference Shares |
Rs. 100/- each |
Rs. 350.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 850.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
218623745 |
Equity Shares |
Rs.2/- each |
Rs. 437.247 Millions |
|
|
|
|
|
NOTE
The company has only one class of shares referred to as
Equity Shares having a par value of Rs. 2/- per share. Each shareholder 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
September 30, 2013 and June 30, 2012 is set out below:
|
Particulars |
As
at 30.09.2013 |
|
|
Number
of Shares |
Rs. in Millions |
|
|
Number of shares at the beginning |
220,547,744 |
441.095 |
|
Add: Shares Issued |
– |
-- |
|
Less: Shares Bought Back |
1,923,999 |
3.848 |
|
Number of Shares at the end |
218,623,745 |
437.247 |
Details of shares bought back, during the last five years
|
Nature |
30.06.2012 |
30.06.2011 |
30.06.2010 |
30.06.2009 |
30.06.2008 |
|
Equity Shares |
12,626,001 |
Nil |
Nil |
Nil |
Nil |
Details of Persons Holding more than 5% Share Capital
|
Particulars |
As
at 30.09.2013 |
|
|
Number
of Shares |
% of Holding |
|
|
Forbes Builders Private Limited |
17,821,895 |
8.15% |
|
Turjo Arts Private Limited |
15,868,390 |
7.26% |
|
Amtek Laboratories Limited |
15,603,395 |
7.14% |
|
Warrol Limited |
17,306,880 |
7.92% |
|
Lic Of India Profit Plus Growth Fund |
13,368,222 |
6.11% |
|
Shivani Horticulture Private Limited |
14,924,913 |
6.83% |
|
Warburg Pincus International LLC A/c Stoneridge
Investment Limited |
12,083,358 |
5.53% |
Detail regarding convertible securities equity and
preference share
FCCB’s of US$ 6.87 million are outstanding out of US$ 165 million
for conversion into 22,51,265 equity shares
There is no restriction on distribution of Dividends and
repayment of Capital.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
30.09.2013 (15 Months) |
30.06.2012 |
30.06.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
437.247 |
441.095 |
466.347 |
|
(b) Reserves & Surplus |
47541.197 |
43391.840 |
42191.142 |
|
(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) |
47978.444 |
43832.935 |
42657.489 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
53361.235 |
27348.643 |
28961.272 |
|
(b) Deferred tax liabilities (Net) |
3801.907 |
3044.111 |
2765.763 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
93.842 |
120.498 |
68.884 |
|
Total Non-current
Liabilities (3) |
57256.984 |
30513.252 |
31795.919 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
6960.469 |
7650.048 |
3717.621 |
|
(b) Trade
payables |
1309.792 |
1893.140 |
725.595 |
|
(c) Other
current liabilities |
8227.208 |
12052.415 |
626.781 |
|
(d) Short-term
provisions |
129.348 |
225.049 |
256.706 |
|
Total Current
Liabilities (4) |
16626.817 |
21820.652 |
5326.703 |
|
|
|
|
|
|
TOTAL |
121862.245 |
96166.839 |
79780.111 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
61690.537 |
38350.316 |
33466.587 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
10033.868 |
5291.550 |
1138.475 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
17594.750 |
11252.402 |
10727.925 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
10361.195 |
18143.123 |
10082.767 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
99680.350 |
73037.391 |
55415.754 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
512.698 |
38.189 |
335.509 |
|
(b)
Inventories |
7036.296 |
5805.828 |
4961.624 |
|
(c) Trade
receivables |
6294.034 |
5836.666 |
4347.907 |
|
(d) Cash
and cash equivalents |
6424.459 |
3146.623 |
8385.530 |
|
(e)
Short-term loans and advances |
1896.472 |
8270.054 |
6256.983 |
|
(f) Other
current assets |
17.936 |
32.088 |
76.804 |
|
Total
Current Assets |
22181.895 |
23129.448 |
24364.357 |
|
|
|
|
|
|
TOTAL |
121862.245 |
96166.839 |
79780.111 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.09.2013 (15 Months) |
30.06.2012 |
30.06.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
28934.300 |
22027.914 |
18004.400 |
|
|
|
Other Income |
2325.486 |
2511.358 |
1597.646 |
|
|
|
TOTAL (A) |
31259.786 |
24539.272 |
19602.046 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
18927.663 |
14020.250 |
11371.541 |
|
|
|
Changes in inventories of finished goods, work-in-progress and Stock-in-Trade |
(317.881) |
(260.477) |
(256.365) |
|
|
|
Employee benefit expense |
1166.070 |
929.453 |
858.223 |
|
|
|
Other expenses |
2074.785 |
1778.001 |
1135.931 |
|
|
|
Exceptional Items |
(1898.461) |
0.000 |
1863.065 |
|
|
|
TOTAL (B) |
19952.176 |
16467.227 |
14972.395 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
11307.610 |
8072.045 |
4629.651 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2753.158 |
1855.144 |
1439.262 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8554.452 |
6216.901 |
3190.389 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2837.386 |
2118.494 |
1860.086 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
5717.066 |
4098.407 |
1330.303 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1209.855 |
1182.837 |
512.083 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
4507.211 |
2915.570 |
818.220 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1879.575 |
81.154 |
28.355 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1500.000 |
500.000 |
200.000 |
|
|
|
Transferred to debenture Redemption
Reserve Account |
2366.600 |
500.000 |
300.000 |
|
|
|
Proposed Dividend on Equity Share |
109.312 |
109.312 |
233.174 |
|
|
|
Dividend and Tax for Previous year |
(5.592) |
0.000 |
8.715 |
|
|
|
Corporate Dividend Tax |
10.665 |
7.837 |
23.532 |
|
|
BALANCE CARRIED
TO THE B/S |
2405.801 |
1879.575 |
81.154 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export of Goods Calculated on F.O.B basis |
2833.177 |
1524.167 |
1478.500 |
|
|
|
Interest and Dividend |
0.000 |
0.000 |
9.100 |
|
|
TOTAL EARNINGS |
2833.177 |
1524.167 |
1487.600 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
104.492 |
114.965 |
30.042 |
|
|
|
Stores & Spares |
60.773 |
50.844 |
26.275 |
|
|
|
Capital Goods |
962.120 |
905.538 |
520.331 |
|
|
TOTAL IMPORTS |
1127.385 |
1071.347 |
576.648 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
20.62 |
13.38 |
3.87 |
|
KEY RATIOS
|
PARTICULARS |
|
30.09.2013 (15 Months) |
30.06.2012 |
30.06.2011 |
|
PAT / Total Income |
(%) |
14.42
|
11.88 |
4.18 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
19.76
|
18.61 |
7.39 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.07
|
5.15 |
1.96 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.09 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.26
|
0.80 |
0.77 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.33
|
1.06 |
4.57 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
30.06.2011 |
30.06.2012 |
30.09.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
466.347 |
441.095 |
437.247 |
|
Reserves & Surplus |
42191.142 |
43391.840 |
47541.197 |
|
Net
worth |
42,657.489 |
43,832.935 |
47,978.444 |
|
|
|
|
|
|
long-term borrowings |
28961.272 |
27348.643 |
53361.235 |
|
Short term borrowings |
3717.621 |
7650.048 |
6960.469 |
|
Total
borrowings |
32,678.893 |
34,998.691 |
60,321.704 |
|
Debt/Equity
ratio |
0.766 |
0.798 |
1.257 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
30.06.2011 |
30.06.2012 |
30.09.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
18004.400 |
22027.914 |
28934.300 |
|
|
|
22.347 |
31.353 |
NET PROFIT MARGIN
|
Net
Profit Margin |
30.06.2011 |
30.06.2012 |
30.09.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
18004.400 |
22027.914 |
28934.300 |
|
Profit |
818.220 |
2915.570 |
4507.211 |
|
|
4.54% |
13.24% |
15.58% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10481401 |
17/02/2014 |
2,000,000,000.00 |
STATE BANK OF MYSORE |
CORPORATE ACCOUNTS BRANCH, NO. 3, 4 & 5, DDA BUILDINGS, NEW DELHI, DELHI - 110019, INDIA |
B97977730 |
|
2 |
10463708 |
25/11/2013 |
2,500,000,000.00 |
BANK OF MAHARASHTRA |
B-29, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA |
B90914011 |
|
3 |
10467460 |
23/11/2013 |
2,500,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA |
B92485473 |
|
4 |
10457793 |
30/10/2013 |
3,500,000,000.00 |
IFCI LIMITED |
IFCI TOWER, 61,NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
B88622766 |
|
5 |
10460584 |
26/09/2013 |
3,000,000,000.00 |
CANARA BANK |
PCB- CONNAUGHT PLACE, 2ND FLOOR,WORLD TRADE TOWER, BARAKHAMBA LANE, DELHI - 110001, INDIA |
B89693675 |
|
6 |
10435997 |
24/06/2013 |
7,500,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI - 400025, MAHARASHTRA, INDIA |
B79252029 |
|
7 |
10427670 |
22/05/2013 |
2,750,000,000.00 |
STANDARD CHARTERED BANK |
CREDIT DOCUMENTATION UNIT, NARAIN MANZIL, 23 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B75802249 |
|
8 |
10427063 |
07/05/2013 |
3,500,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE
BRANCH, JAWAHAR VYAPAR BHAWAN, |
B75601708 |
|
9 |
10423445 |
30/07/2013 * |
1,000,000,000.00 |
UNITED BANK OF INDIA |
CORPORATE FINANCE BRANCH, 106-109, ANSAL TOWER, 38 NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
B81734774 |
|
10 |
10424281 |
30/07/2013 * |
3,300,000,000.00 |
IDBI BANK LIMITED |
INDIAN RED CROSS SOCIETY BUILDING, 1, RED CROSS ROAD, NEW DELHI, DELHI - 110001, INDIA |
B82297862 |
|
11 |
10424221 |
30/07/2013 * |
4,500,000,000.00 |
IDBI BANK LIMITED |
IRCS BUILDING, 1, RED CROSS ROAD,, NEW DELHI, NEW DELHI, DELHI - 110001, INDIA |
B82461369 |
|
12 |
10424285 |
30/07/2013 * |
6,875,000,000.00 |
IDBI BANK LIMITED |
INDIAN RED CROSS SOCIETY BUILDING, 1, RED CROSS ROAD, NEW DELHI, DELHI - 110001, INDIA |
B82421470 |
|
13 |
10468538 |
19/12/2013 * |
950,000,000.00 |
CENTRAL BANK OF INDIA |
5,JEEVAN TARA BUILDING, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA |
B93412906 |
|
14 |
10414320 |
30/07/2013 * |
2,000,000,000.00 |
STATE BANK OF BIKANER & JAIPUR |
101-102,NEW DELHI HOUSE, 27,BARAKHAMBHA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B81733834 |
|
15 |
10425215 |
28/03/2013 |
2,000,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH,, CHANDRALOK BUILDING, 36, JANPATH, NEW DELHI, DELHI - 110001, INDIA |
B74968520 |
|
16 |
10439367 |
11/03/2013 |
1,500,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE BRANCH, 1ST FLOOR, 17, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA |
B75017673 |
|
17 |
10420481 |
22/02/2013 |
1,000,000,000.00 |
UCO BANK |
FLAGSHIP CORPORATE CENTER, 5, PARLIAMENT STREET, NEW DELHI, DELHI - 110001, INDIA |
B71278840 |
|
18 |
10381391 |
06/09/2012 |
500,000,000.00 |
IDBI BANK LIMITED |
RED CROSS SOCIETY BUILDING, 1, RED CROSS ROAD, NEW DELHI, DELHI - 110001, INDIA |
B60031515 |
|
19 |
10251120 |
22/07/2013 * |
8,000,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B84921667 |
|
20 |
10194218 |
12/05/2011 * |
2,000,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
2ND FLOOR, BOMBAY
DYEING MILLS COMPOUND, PANDURA |
B12381257 |
|
21 |
10167238 |
12/05/2011 * |
800,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
2ND FLOOR, BOMBAY
DYEING MILLS COMPOUND, PANDURA |
B12381802 |
|
22 |
10140577 |
12/05/2011 * |
2,500,000,000.00 |
AXIS BANK LIMITED |
2ND FLOOR, BOMBAY
DYEING MILLS COMPOUND, PANDURA |
B12382735 |
|
23 |
80012929 |
27/11/2012 * |
2,450,000,000.00 |
INDIAN OVERSEAS BANK |
RAJIV CIRCLE, D28-29, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA |
B64273287 |
|
24 |
80012858 |
24/02/2014 * |
5,715,000,000.00 |
ANDHRA BANK |
M-35, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA |
B97652085 |
|
25 |
80012930 |
27/11/2012 * |
4,615,000,000.00 |
CORPORATION BANK |
INDUSTRIAL FINANCE
BRANCH, HINDUSTAN TIMES HOUSE, |
B63828784 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
30.09.2013 (Rs.
In Millions) |
30.06.2012 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Bonds / Debentures |
|
|
|
(i) 10.25% Non-Convertible Debentures |
0.000 |
8000.000 |
|
(ii) 5.625% Foreign Currency Convertible Bonds |
0.000 |
386.843 |
|
External Commercial Borrowings |
1674.053 |
11261.800 |
|
Total |
1674.053 |
19648.643 |
FINANCIAL PERFORMANCE
During the period, the revenue of the Company is Rs. 31259.786 Millions compared to Rs. 24539.272 Millions during the previous year. The Profit after tax has increased to Rs. 4507.211 Millions as compared to the previous year of Rs. 2915.570 Millions. The Company has a strong Reserve and Surplus position of Rs. 47541.197 Millions.
BUSINESS OVERVIEW
Amtek Auto is one of the largest integrated component manufacturers headquartered in India with truly global manufacturing facilities. The Company has significant expertise in the automotive components sector with proven capabilities in forging, grey and ductile iron casting, gravity and high pressure aluminium die casting and machining and sub-assembly. It has an extensive product portfolio with a range of highly engineered components. The Company supplies components for passenger cars, light and heavy commercial vehicles, 2/3 wheelers, tractors, locomotive components and construction and earth moving vehicles.
In addition to being one of the leading casting and machining companies in the automotive sector in India, the Amtek Auto with its subsidiaries has become one of the world’s largest global forging and integrated machining companies. Founded in 1987 by Mr. Arvind Dham, Amtek Auto and its subsidiaries now have 60 world class facilities across India, UK, Germany, Brazil, Italy, Mexico, Russia and US. It is widely recognized as a preferred OEM supplier for passenger cars, light and heavy commercial vehicles, 2/3 wheelers and diesel engines. Global blue chip customers include BMW, Caterpillar, CNH America, Cummins, Fiat, Ford, Halliburton, Honda, JCB, Maruti, Tata JLR, Timken and Volkswagen.
Over the last decade, Amtek Auto has established several joint ventures and technical partnerships with leading global firms to offer customers a world class product range. Collaborating companies include Magna Powertrain in Canada, Sumitomo Metal in Japan and Aizen in Japan. The joint ventures are progressing in line with the management expectations. As part of its strategy to leverage its core skill base and manufacturing platform, Amtek Auto has also developed a product range for non-automotive customers. These cover end markets such as locomotive components, earth moving and construction equipment and tractors.
During the period, Amtek Auto acquired Neumayer Tekfor in Germany and JMT Auto in India. Amtek Auto sold a 56% equity stake in each of Amtek Ring Gears Ltd and Amtek Crankshaft India Ltd, unlocking value from relatively lower profit margin units.
The acquisition of Neumayer Tekfor was transformational, providing Amtek Auto with an enhanced product portfolio and geographic market reach from which to supply its combined global customers. As a leading forging and integrated machining company, Neumayer Tekfor’s extensive high technology product range includes high precision camshafts, valve train components, connecting rods and specialized safety fasteners.
ACQUISITON OF
NEUMAYER TEKFOR
During the period, the Company successfully acquired Neumayer Tekfor in Germany, through its wholly owned subsidiary Amtek Global Technologies Pte. Ltd., a Singapore based Special Purpose Vehicle. Neumayer Tekfor is focused on the forging and integrated machining of automotive components, with a turnover of Euro 500 million for year ended 2012.
Business Overview:
· Operating with nine manufacturing facilities, spread globally across Germany, the U.S., Brazil, Mexico and Italy
· Market leader in the development and production of pioneering solutions for transmissions, engines, drivelines, special applications and safety fasteners
· Provides support to customers from the earliest project stage: analysing, providing consulting for and developing high-end solutions.
· High technology product range includes high precision camshafts, , connecting rods and specialised safety fasteners
· Key customers include Volkswagen Group, Fiat, SKF, BMW, Daimler and Ford
Strategic Rationale:
· Transformation of Amtek Auto’s forging division into world leading position
· Delivers international manufacturing platform to support global customers
· Diversified blue chip customer base to increase market share and diversify revenue streams with enhanced geographic reach
· Significantly enhance Amtek Auto’s product portfolio
· Provide access to Hatebeur technology and warm and cold forging technology
· Supports cross selling opportunities across global OEMs
ACQUISITION OF
CONTROLLING STAKE IN JMT AUTO
During the period, the Company acquired 10,326,063 fully paid equity shares representing 71.73% of the total paid up equity share capital of JMT Auto Limited. Consequent to the above acquisition, Amtek Auto became the holding Company and new promoter of the Company.
Business Overview:
· One of the leading automotive component manufacturers in the Eastern region of India and is headquartered
in Jamshedpur
· Engaged in the manufacturing of a wide range of high quality automotive components through technology based manufacturing processes
· 7 Manufacturing facilities in India with its OEM customer reach across the world including the U.S., Belgium, South East Asia, Brazil, Germany, Italy and Mexico
· Caters to automotive and non-automotive markets including light, medium and heavy commercial vehicles, tractors, diesel engines and oil and gas components
Key customers include Caterpillar, Cummins, Tata Motors and Timken
· Significant export business with Halliburton, CNH America and other major OEMs
· Listed on the BSE and the NSE
Strategic Rationale:
· Strengthens the product portfolio particularly in the areas of gear, shaft and oil and gas components Benefit from state-of-the-art technology, including the latest CNC technology, deeper supply chains, enhanced RandD and best in class manufacturing capabilities
· Acquisition makes Amtek Auto one of the largest gears and shafts manufacturer in India
· New entry into the oil and gas segment
· Enhanced domestic geographic reach, particularly in Eastern India
· Supports cross selling opportunities
EXTENSION OF FINANCIAL
YEAR
During the period, the Company has made an international acquisition of German based Company Neumayer Tekfor Group (NT Group) in first week of June and subsequently acquired JMT Auto Limited in the last week of June for which Public offer has been made on July 04, 2013. The process of integration of NT Group with Subject, for preparing its consolidated financial results to be placed before the shareholders of the Company, which took around three months. Therefore in view of the same, Board decided in their meeting held on August 02, 2013 to extend the current Financial Year ending June 30, 2013 by 3 (Three) months, so as to end on September 30, 2013, accordingly extended Financial Year 2012-13 comprise of 15 (Fifteen) months i.e. July 01, 2012 to September 30, 2013.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
GLOBAL ECONOMIC
OVERVIEW
The world economy continued to remain under pressure and was unpredictable during the fiscal period. In the US, employment conditions have improved compared to the previous year but policy uncertainty around the debt ceiling and pending government spending cuts remain. The Euro zone has medium term structural issues that were highlighted during the credit crisis some of which still need to be addressed. There has also been a visible slowdown in many of the Emerging Markets. This is a reflection of lower consumer demand from the developed economies, domestic fiscal policy tightening, reduced investor confidence and the end of high growth investment cycles.
However, there are early signs of a global economic recovery primarily led by the US. A decrease in household and industrial financial leverage, several rounds of quantitative easing and continuing low interest rates have all spurred consumer demand. Europe has emerged from a deep recession but the economy continues to remain fragile, particularly in Southern Europe. China has slowed from its double-digit growth years, but is still the best performing region given export focused government policies.
The IMF forecasts global economic growth at 2.9% in 2013, increasing to 3.6% in 2014. GDP growth in Emerging Markets and developing countries is placed at 4.5% in 2013, increasing to 5.1% in 2014. US GDP is expected to grow 1.6% in 2013, rising sharply to 2.6% in 2014. Europe’s growth is projected at (0.4%) this year, moving to 1.0% in 2014, while China is forecasted to grow between 7% -8%.
INDIAN ECONOMIC
OVERVIEW
In addition to the impact of the global economic slowdown, India has also had to proactively manage a series of domestic challenges. Slower than required pace of reforms, a high current account deficit and rising inflation have all resulted in overall suppressed economic growth. In addition the Indian Rupee depreciated significantly against major currencies during the course of the year. The limitations of the current regulatory framework have highlighted supply side restrictions, which in turn have resulted in the slowdown of project approvals. As a result, the manufacturing sector registered a growth of 1.9% in 2012-13, down from 2.7% in 2011-12. Export growth in 2012-13 was 5.1%, compared to 15.3% in the previous year.
However, recent efforts to contain the current account deficit, boost infrastructure spending and attract foreign investment have started to restore business confidence. An improvement in the IIP, the initiation of infrastructure projects, a positive move in the current account balance and rising FDI inflows have further strengthened investor confidence and the demand outlook. The IMF forecasts India’s GDP growth at 3.8% in 2013 and at 5.1% in 2014.
AUTOMOBILE INDUSTRY
Global Automobile
Industry
Global vehicle production reached 84.1 million in 2012, an increase of 5% over the previous year. Many of the key global automotive markets continued to experience lower demand for both passenger cars and commercial vehicles. This subdued business environment was due to relatively low levels of economic activity across regions. However, the exception to this was North America, which continued to build on its early momentum.
Industry prospects are not only highly dependent on the US economic recovery but also stability in the Euro zone.
Automotive sales in the Euro zone varied significantly by country although remained depressed due to the challenging economic conditions. This downtrend is expected to continue for the near term. However, commercial vehicle sales in Western Europe are likely to remain stable to slightly positive as compared to the previous year. Overall European markets are expected to be relatively flat in the near term whilst the UK market is expected to outperform.
China and India registered low automotive demand compared to recent years due to weaker economic conditions.
During 2012-13,the Indian automotive market experienced one of its most challenging periods. Similarly, Chinese sales demand was 19 million representing a single digit growth rate, one of the lowest in many years.
Indian Automobile
Industry
Domestic automotive production increased by 1.2% and sales by 2.5% for the period 2013, with the industry having faced significant headwinds. Consumer sentiment has been largely impacted by high fuel prices, increased financing costs and overall economic uncertainty. Despite the heavy discounts and exchange benefits offered at dealerships, sales volumes have remain depressed and consumers continued to postpone their purchases. Heavy and commercial vehicle sales have experienced-greater compression in demand levels compared to passanger Cars. The key infrastructure and capital goods sectors continue to remain challenged by high interest rates, rising input costs, intense competition and delays in policy implementation. The tractor industry experienced a decline of 5% in domestic sales volumes during the period 2013. However, in sharp contrast, growth in tractor volumes has been encouraging during the period April to September 2013.This increase in demand has been a result of better than expected monsoons and higher MSPs for crops.
India is widely recognized as one of the most strategically important emerging automotive markets in the world. In
addition to being an attractive end customer market it is also provides OEMs with a high quality, cost efficient manufacturing platform to service their customers globally. India is one of the biggest compact Car markets in the world and has been a focus for product development in the last few years.
The outlook for the operating environment remains challenging for the Indian automotive markets. OEMs are expected to continue to lower their production levels to ensure that inventories better match the near term demand outlook. Industry associations expect domestic passenger car sales to grow at 5%-7% for the year ending March 2014 and commercial vehicles by 7%-9% for the same period. Two Wheelers are expected to grow at 6%-8% and Three Wheelers at 3%-5% for the year ending March 2014. Despite the near term challenges, the Indian automobile market is estimated to become the third largest in the world by 2020.Themedium term underlying industry dynamics are under pinned by favorable demographics, especially with ongoing urbanization and rising disposable incomes.
AUTOMOBILE COMPONENT
INDUSTRY
India has emerged as a global hub for automotive component sourcing. The country benefits from being geographically well placed to the key automotive markets of South East Asia ,the Middle East and Europe. India offers a cost competitive manufacturing base which potentially lowers operating costs by 10%-25% compared to some operations in Europe and Latin America. The country has a large skilled and semi-skilled workforce with a strong underlying educational system. Furthermore, India is the fifth largest producer of steel globally, a core raw material for the automotive components industry.
Global automotive manufacturers are investing for the long term in the Indian markets with planned capacity expansion and new product development. In particular, OEMs are increasingly setting up engine manufacturing units in India, positioning the country as a sourcing hub for engine components. Some of the global Tier-I OEM suppliers have also announced plans to increase procurement from their Indian subsidiaries. These initiatives further strengthen the fundamentals and growth outlook of the domestic automotive component manufacturers. The Indian automotive component industry is expected to reach over US$ 110 billion of sales by 2020-21 from US$ 43.4 billion in 2011-12. At the end of this period, the Indian market is expected to account for 80% of sales and exports are expected to grow at a CAGR of 16%.
AMTEK AUTO: STRATEGY
AND OUTLOOK
In context of the current global and domestic economic environment, the Company is optimistic for the near term prospects of the automotive industry. Despite the recent downward demand pressures, the attractiveness of the long term Indian market growth dynamics remains intact. Globally the Company is well positioned to capitalize on gradually improving consumer sentiment and overall market demand. The industry is likely to experience increasing consolidation in both India and internationally along with the broadening of product ranges.
During the financial year, the Company acquired Neumayer Tekfor in Germany, one of the world’s leading global forging and integrated machining companies with annual revenues of approximately Euro 500 million. It manufactures transmissions, engines, drivelines, special applications and safety fasteners with nine facilities across Germany, Italy, Brazil, USA and Mexico. Customers include Volkswagen, Fiat, SKF, BMW, Daimler and Ford. The transaction, apart from strategically enhancing Amtek Auto’s international manufacturing platform from which to supply global customers, also delivered immediate access to high end technology such as Hatebur and warm and cold forging. Management is advanced in the successful integration of Neumayer Tekfor, which has started delivering increased EBITDA quarter on quarter, through various initiatives. It has also won new contracts from various existing and new customers and is well on its way to report an increased top line.
Amtek Auto also announced the acquisition of JMT Auto in India, which has strengthened the Company’s product portfolio in gears, shafts and oil and gas components. The transaction has enhanced Amtek Auto’s position in the non-auto market, provided access to the latest CNC technology and increased the Company’s export business by supplying to companies such as Halliburton, CNH America and other major OEMs. Key customers in India include TaTa Motors, Tata Hitachi, Tata Cummins, TAFE and Timken.
As part of management’s organic growth strategy, the Company has also invested in Greenfield and brown field capacity expansions over the last two years. The overall investment in enhancing capacity has already started to yield results, especially by enabling it to participate in the recent surge in demand in the two-wheelers and tractor segments. Furthermore, the additional capacity will allow for increasing export orders to be fulfilled, the consolidation of Neumayer Tekfor’s supply chain and ongoing industry consolidation.
In the recent past, the Company had invested in the Railways business as part of its broader diversification strategy. As part of this ongoing plan, the Company has now entered into the Oil and Gas segment for the manufacturing of high precision and performance critical components for major energy companies. Given its core presence in a capital intense industry, the Company has also entered into the areas of EPC, and the manufacturing and sale of capital equipment. The trading division continues to support the procurement and trading activities across the Company, whilst operating with scale within various fragmented metal processing industries. During the period, the Company also started exploring the development of its four acre plot of land in a major industrial area off the national highway. It is expected that this land area will evolve as a commercial development allowing the Company to maximize value at the appropriate time.
As part of its ongoing strategic reviews to maximize shareholder value, the Company also divested stakes in relatively lower profit margin operating units during the period. In addition, manufacturing excellence programs form a core part of ongoing operational enhancement. Management will continue to explore selected value creation opportunities, invest in technology capabilities and cultivate human capital to allow it to successfully achieve its transformational global strategic vision.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 31ST DECEMBER, 2013
PART
I (Rs
in Millions)
|
|
Particulars |
Quarter ended |
||
|
|
31.12.2013 |
|||
|
|
(Unaudited) |
|||
|
1 |
Income from
Operations |
|
||
|
|
(a) Net Sales/Income from Operations |
8391.000 |
||
|
|
(b)Other Operating Income |
591.400 |
||
|
|
Total income |
8982.400 |
||
|
2 |
Expenditure |
|
||
|
|
(a) |
Cost of Material |
5330.500 |
|
|
|
(b) |
Purchase of Stock –in–Trade |
-- |
|
|
|
(C) |
Changes in inventories of finished goods. work-in-progress and stock in trade |
(28.300) |
|
|
|
|
Employee benefits expense |
347.900 |
|
|
|
(d) |
Depreciation and Anmortisation Expenses |
694.500 |
|
|
|
(e) |
Other Expenses (Any items exceeding 10% of the total expenses relating
to continuing operations to be shown separately) |
660.300 |
|
|
|
|
Total expenses |
7004.900 |
|
|
3 |
Profit from operations
before other income, interest and exceptional item (1-2) |
1977.500 |
||
|
4 |
Other Income |
0.000 |
||
|
5 |
Profit before
interest and exceptional items(3+4) |
1977.500 |
||
|
6 |
Finance Costs |
859.200 |
||
|
7 |
Profit after interest but before exceptional items(5-6) |
1118.300 |
||
|
8 |
Exceptional Items |
0.000 |
||
|
9 |
Profit(+)/Loss(-) from Ordinary Activities before tax (7+8) |
1118.300 |
||
|
10 |
Tax Expense |
337.900 |
||
|
11 |
Net Profit(+)/Loss(-) from Ordinary Activities after tax( 9-10) |
780.400 |
||
|
12 |
Extra Ordinary Items (Net of Expense) |
-- |
||
|
13 |
Net Profit(+)/Loss(-) for the period (11-12) |
780.400 |
||
|
14 |
Paid-up Equity Share Capital (Face Value of Rs.2/- each) |
437.200 |
||
|
15 |
Reserves excluding revaluation reserves as per balance sheet of
previous accounting year |
-- |
||
|
16 |
Earning Per
Share |
|
||
|
(a) |
Basic before Extraordinary and Exceptional items |
3.57 |
||
|
(b) |
Basic After Extraordinary and Exceptional items |
3.57 |
||
|
(c) |
Diluted before Extraordinary and Exceptional items |
3.53 |
||
|
(d) |
Diluted After Extraordinary and Exceptional items |
3.53 |
||
|
|
|
|
||
|
|
|
|
||
|
PART II |
|
|||
|
A |
PARTICULARS OF
SHAREHOLDING |
|
||
|
1 |
Public Shareholding |
|
||
|
|
- Number of shares |
110711095 |
||
|
|
- Percentage of shareholding |
50.64 |
||
|
2 |
Promoters and Promoter group shareholding |
|
||
|
|
a) Pledged /
Encumbered |
|
||
|
|
- Number of shares |
NIL |
||
|
|
- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group) |
NIL |
||
|
|
- Percentage of shares (as a % of the total Share Capital of the Company) |
NIL |
||
|
|
b) Non Encumbered |
|
||
|
|
- Number of shares |
107912650 |
||
|
|
- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group) |
100 |
||
|
|
- Percentage of shares (as a % of the total Share Capital of the Company) |
49.35 |
||
|
|
||||
|
B |
INVESTOR COMPLAINTS
|
For the Quarter Ended |
||
|
|
Pending at the beginning of the quarter |
0 |
||
|
|
Received during the quarter |
3 |
||
|
|
Disposed off during the quarter |
1 |
||
|
|
Remaining unresolved at the end of the quarter |
0 |
||
Note:
- The above
results were reviewed by the audit committee and were taken on by the
boards of director at its meeting held on 13th February 2014.
- The Limited
Review as required under clause 41 of the Listing Agreement has been
completed by the Auditors of company and related report is being submitted
to the concerned stock exchanges.
- 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.
- Previous
year’s figures have been regrouped and reclassified, to the extent
necessary to conform to the current year’s figures
- The inapplicable
item in the format of the above result as per annexure 1 to clause 41 of
the agreement have not been disclosed
CONTINGENT
LIABILITIES:
|
PARTICULARS |
30.09.2013 (Rs.
In Millions) |
30.06.2012 (Rs.
In Millions) |
|
Letter of credit issued on behalf of company (unexpired) |
126.578 |
185.967 |
|
Bank Guarantees Issued by bank on company’s behalf |
10.677 |
56.315 |
|
Disputed Sales tax/Vat/entry Tax/Excise Duty/Service Tax/ income tax (including interest and penalty) |
842.662 |
1.079 |
|
Corporate guarantee |
13987.462 |
0.000 |
FIXED ASSETS
· Land
· Building
· Plant and Equipment
· Electric Installation
· Furnitures and Fixtures
· Vehicles
·
Office Equipment
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.20 |
|
|
1 |
Rs.102.35 |
|
Euro |
1 |
Rs.84.95 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
60 |
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.