MIRA
INFORM REPORT
|
Report No. : |
305372 |
|
Report Date : |
09.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
ASHOK LEYLAND LIMITED |
|
|
|
|
Registered
Office : |
No. 1, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
07.09.1948 |
|
|
|
|
Com. Reg. No.: |
18-000105 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 2660.680 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L34101TN1948PLC000105 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Automotive Vehicle. |
|
|
|
|
No. of Employees
: |
12000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (57) |
|
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 127082000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established and reputed company having a good track
record. There appears a significant decline in its sales and profitability
during the FY14. However, general financial position seems to be acceptable.
Fundamental are reported to be healthy. The directors are reported to be well
experienced. Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitment. The company can be considered normal for 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 –December, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities A+ |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
23rd June, 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
23rd June, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Venkatesh |
|
Designation : |
Senior Manager |
|
Contact No.: |
91-9840053207 |
|
Date : |
31.01.2015 |
LOCATIONS
|
Registered Office : |
No. 1, Sardar
Patel Road, Guindy, Chennai – 600032, Tamilnadu, India |
|
Tel. No.: |
91-44-22206000 |
|
Fax No.: |
91-44-22206001 |
|
E-Mail : |
chandrasekharan.ar@ashokleyland.com venkatasubramanian.S2@ashokleyland.com
|
|
Website : |
|
|
|
|
|
Corporate
Office : |
19, Rajaji Salai,
Chennai – 600001, Tamilnadu, India |
|
Tel. No.: |
91-44-25342141 |
|
Fax No.: |
91-44-25342493 |
|
E-Mail : |
chandrasekharan.ar@ashokleyland.com
|
|
|
|
|
Factory 1 : |
Kathivakkam High Road,
Ennore, Chennai - 600057, Tamilnadu, India |
|
|
|
|
Factory 2 : |
175 Hosur
Industrial Complex, Hosur - 635126, Tamilnadu, India |
|
|
|
|
Factory 3 : |
77 Electronic
Complex, Perandapalli Village, Hosur - 635109, Tamilnadu, India |
|
|
|
|
Factory 4 : |
Cab Panel Press
Shop, SIPCOT Industrial Complex, Mornapalli Village, Hosur - 635109,
Tamilnadu, India |
|
|
|
|
Factory 5 : |
Plot No.1 MIDC
Industrial Area Village, Gadegaon, Sakoli Taluk, Bhandara - 441904,
Maharashtra, India |
|
|
|
|
Factory 6 : |
Plot No. SPL 298,
Matsya Industrial Area, Alwar - 301030, Rajasthan, India |
|
|
|
|
Factory 7 : |
Vellivoyalchavadi,
Via Manali New Town, Chennai - 600103, Tamilnadu, India |
|
|
|
|
Factory 8 : |
Plot No.1, Sector
XII, IIE, Pant Nagar - 263153, Uttarakhand, India |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Dheeraj G Hinduja |
|
Designation : |
Chairman (Alternate : Y M Kale) |
|
|
|
|
Name : |
Mr. R Seshasayee |
|
Designation : |
Non-Executive Vice Chairman |
|
|
|
|
Name : |
Dr. Andreas H Biagosch |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Anil Harish |
|
Designation : |
Director |
|
|
|
|
Name : |
D.J. Balaji Rao |
|
Designation : |
Director |
|
|
|
|
Name : |
A.K. Das |
|
Designation : |
Director |
|
|
|
|
Name : |
Jean Brunol |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sanjay K Asher |
|
Designation : |
Director |
|
|
|
|
Name : |
F. Sahami |
|
Designation : |
Director |
|
|
|
|
Name : |
Shardul S Shroff |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vinod K. Dasari |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Anup Bhat |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Anuj Kathuria |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
N. V. Balachandar |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
C. G. Belsare |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Nitin Seth |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Rajive Saharia |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
B. Venkat Subramaniam |
|
Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
R. J. Shahaney |
|
Designation : |
Chairman Emeritus |
|
|
|
|
Name : |
Mr. Gopal Mahadevan |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
N. Ramanathan |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2014
|
Category of
Shareholder |
Total No. of Shares |
% of Total No. of Shares |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
1104646899 |
44.30 |
|
|
1104646899 |
44.30 |
|
Total shareholding of Promoter and
Promoter Group (A) |
1104646899 |
44.30 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
106789068 |
4.28 |
|
|
212765461 |
8.53 |
|
|
2218720 |
0.09 |
|
|
55029449 |
2.21 |
|
|
557582087 |
22.36 |
|
|
1000 |
0.00 |
|
|
1000 |
0.00 |
|
|
934385785 |
37.47 |
|
|
|
|
|
|
122963161 |
4.93 |
|
|
|
|
|
|
257719989 |
10.34 |
|
|
18411491 |
0.74 |
|
|
55503669 |
2.23 |
|
|
8199666 |
0.33 |
|
|
902398 |
0.04 |
|
|
84 |
0.00 |
|
|
12760944 |
0.51 |
|
|
2000 |
0.00 |
|
|
261000 |
0.01 |
|
|
139230 |
0.01 |
|
|
2462391 |
0.10 |
|
|
30775956 |
1.23 |
|
|
454598310 |
18.23 |
|
Total Public shareholding (B) |
1388984095 |
55.70 |
|
Total (A)+(B) |
2493630994 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
329200140 |
0.00 |
|
|
23045500 |
0.00 |
|
|
352245640 |
0.00 |
|
Total (A)+(B)+(C) |
2845876634 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Automotive Vehicle. |
||||||||||
|
|
|
||||||||||
|
Products : |
|
||||||||||
|
|
|
||||||||||
|
Brand Names : |
Not Available |
||||||||||
|
|
|
||||||||||
|
Agencies Held : |
Not Available |
||||||||||
|
|
|
||||||||||
|
Exports : |
Not Available |
||||||||||
|
|
|
||||||||||
|
Imports : |
|
||||||||||
|
Products : |
·
Raw Material ·
Spare Parts |
||||||||||
|
Countries : |
UAE |
||||||||||
|
|
|
||||||||||
|
Terms : |
|
||||||||||
|
Selling : |
Cash, Cheque , Credit (30, 60, and 90 Days) |
||||||||||
|
|
|
||||||||||
|
Purchasing : |
Cash, Cheque , Credit (30, 60, and 90 Days) |
PRODUCTION STATUS –
NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Customers : |
Not Divulged |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
No. of Employees : |
12000 (Approximately) |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
· Bank of America Bank of
Baroda Canara
Bank Central
Bank of India Citi
Bank N. A. Credit
Agricole Corporate And Investment Bank Deutsche
Bank A. G. HDFC
Bank Ltd ICICI
Bank Ltd IDBI
Bank Indian
Bank Punjab
National Bank Standard
Chartered Bank State
Bank of India State
Bank of Patiala The
Bank of Tokyo - Mitsubishi UFJ Limited The
Hong Kong and Shanghai Banking Corporation Limited The
Royal Bank of Scotland N. V. Vijaya
Bank |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
NOTE Maximum balance outstanding during the year for Commercial Paper is Rs. 6000.000 Millions (2013: Rs. 5650.000 Millions) |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name 1 : |
M S Krishnaswami and Rajan Chartered Accountants |
|
|
|
|
Name 2 : |
Deloitte Haskins and Sells LLP Chartered Accountants |
|
|
|
|
Cost Auditors : |
|
|
|
|
|
Name : |
Geeyes and Company Cost Accountants |
|
|
|
|
Holding Company : |
Hinduja Automotive Limited, United Kingdom |
|
|
|
|
Holding Company of Hinduja Automotive Limited, United Kingdom : |
Machen Holdings SA |
|
|
|
|
Holding Company of Machen Holding SA : |
Machen Development Corporation, Panama |
|
|
|
|
Holding Company of Machen Development Corporation, Panama : |
Amas Holdings SA |
|
|
|
|
Subsidiaries : |
i) With
effect from April 1, 2013: · Albonair (India) Private Limited Ashley
Services Limited…………………………………upto June 30, 2013 Avia
Ashok Leyland Motors s.r.o Avia
Trucks UK Limited, Great Britain Avia
Ashok Leyland Rus, Russia Ashok
Leyland Nissan Vehicles Limited Albonair
GmbH, Germany Albonair
Automo_ ve Technology Co. Limited, China Ashok
Leyland (Nigeria) Limited Ashok
Leyland (UK) Limited Defi
ance Technologies Limited Defi
ance Tech GmbH Defi
ance Tech, USA Defi
ance Testing and Engineering Services Inc. USA……….. sold on September 30,
2013 Gulf
Ashley Motors Limited Mangalam
Retail Services Limited Optare
plc Optare
UK Limited Optare
Group Limited Darwen
LPD Limited* Optare
Aftersales Limited* Jamesstan
Investments Limited(Holding Co of Optare) Optare
Holdings Limited(Holding Co of Optare) Optare
(Leeds) Limited Autotec
Vehicles Limited* Autobus
Classique Limited* Optare
PCV Limited* Chalgrave
Limited* East
Lancashire Busbuilders Limited Ashok
Leyland (Chile) Hinduja
Leyland Finance Limited Hinduja
Leyland Finance Services Limited Ashok
Leyland Wind Energy Limited ii) With
effect from December 10, 2013 · Irizar TVS Limited……......................... Associate upto December 9, 2013 |
|
|
|
|
Fellow subsidiaries
: |
· Hinduja Foundries Limited……………………………upto January 29, 2014 Hinduja
Auto Components Limited Hinduja
Automotive (UK) Limited |
|
|
|
|
Associates : |
· Ashley Airways Limited (under liquidation) Ashley
Aviation Limited Ashley
Holdings Limited…………….................................. upto April 1, 2013 Ashley
Investments Limited…………………………………upto April 1, 2013 Ashok
Leyland Defence Systems Limited Ashok
Leyland (UAE) LLC Lanka
Ashok Leyland PLC |
|
|
|
|
Joint Ventures : |
· Ashley Alteams India Limited Automotive
Infotronics Limited (under liquidation) Ashok
Leyland John Deere Construction Equipment Company Private Limited Nissan
Ashok Leyland Powertrain Limited Nissan
Ashok Leyland Technologies Limited |
NOTE:
* Certain
subsidiaries of Optare plc which were dormant as of earlier year(s) have been
dissolved during the year.
CAPITAL STRUCTURE
As on 26.07.2014
Authorised Capital : Rs. 25921.000 Millions
Issued, Subscribed & Fully Paid-up Capital : Rs.
2845.877 Millions
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2535,60,00,000 |
Equity Shares |
Re.1/- each |
Rs. 25356.000 Millions |
|
3,65,00,000 |
Redeemable Non-Cumulative Non-Convertible Preference Shares |
Rs. 10/- each |
Rs. 365.000 Millions |
|
20,00,000 |
Non-Convertible Redeemable Preference Shares |
Rs. 100/- each |
Rs. 200.000 Millions |
|
|
|
|
|
|
|
Total
|
|
Rs. 25921.000
Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2014566829 |
Equity Shares |
Re.1/- each |
Rs. 2014.567
Millions |
|
646314480 |
Equity Shares (Issued through Global Depository Receipts) |
Re.1/- each |
Rs. 646.314
Millions |
|
|
TOTAL |
|
Rs. 2660.881 Millions |
Subscribed & Fully Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2014362154 |
Equity Shares |
Re.1/- each |
Rs. 2014.362
Millions |
|
646314480 |
Equity Shares (Global Depository Receipts) |
Rs.1/- each |
Rs. 646.314
Millions |
|
760 |
Add :- Forfeited Shares (amount
originally paid up in respect of 760 shares) |
|
Rs. 0.004
Million |
|
|
TOTAL |
|
Rs. 2660.680 Millions |
Notes:
1. During the year, the Authorised Capital of the Company was increased by Rs.2,19,210 Lakhs pursuant to the amalgamation of Ashley Services Limited with the Company.
|
2. Reconciliation
of number of Equity Shares subscribed: |
31.03.2014 |
|
|
|
|
Balance as at the beginning / end of the year |
2660.677 |
3. Shares
issued in preceeding 5 years
The Company had issued and allotted during the year 2011-12, 133,03,38,317 equity shares as fully paid-up bonus shares by utilisation of securities premium reserve in the ratio of 1:1.
4. Shares held by the
Holding Company:
Hinduja Automotive Limited, the holding company, holds 110,46,46,899 (2013: 102,72,37,424) Equity shares and 54,86,669 (2013: 54,86,669) Global Depository Receipts (GDRs) equivalent to 32,92,00,140 (2013: 32,92,00,140) Equity shares of Re. 1 (2013: Re. 1) each aggregating to 53.89% (2013: 50.98%) of the total share capital.
5. Shareholders other
than the Holding Company holding more than 5% of the total share capital
Life Insurance Corporation of India holds 24,05,15,574 (2013: 25,00,56,674) Equity shares of Re. 1 (2013: Re. 1) each aggregating to 9.04% (2013: 9.40%).
6. Rights,
preferences and restrictions in respect of equity shares and GDRs issued by the
Company
a) The Equity shareholders are entitled to receive dividends as and when declared; a right to vote in proportion to holding etc. and their rights, preferences and restrictions are governed by / in terms of their issue under the provisions of the Companies Act, 1956.
b) The rights, preferences and restrictions of the GDR holders are governed by the terms of their issue, and the provisions of the Companies Act, 1956. Each GDR holder is entitled to receive 60 equity shares [2013: 60 equity shares] of Re. 1 each, per GDR, and their voting rights can be exercised through the Depository.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
2660.680 |
2660.680 |
2660.680 |
|
(b) Reserves & Surplus |
41818.163 |
41890.366 |
39462.582 |
|
(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) |
44478.843 |
44551.046 |
42123.262 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
32965.051 |
27378.418 |
22933.511 |
|
(b) Deferred tax liabilities (Net) |
4067.669 |
5273.669 |
4903.669 |
|
(c) Other long term liabilities |
23.712 |
17.785 |
0.000 |
|
(d) long-term provisions |
678.662 |
785.126 |
765.630 |
|
Total Non-current Liabilities (3) |
37735.094 |
33454.998 |
28602.810 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
5874.081 |
7669.825 |
1017.500 |
|
(b) Trade payables |
22141.537 |
24853.685 |
25709.672 |
|
(c) Other current
liabilities |
16969.135 |
17350.634 |
17500.483 |
|
(d) Short-term provisions |
881.267 |
3086.833 |
4203.744 |
|
Total Current Liabilities (4) |
45866.020 |
52960.977 |
48431.399 |
|
|
|
|
|
|
TOTAL |
128079.957 |
130967.021 |
119157.471 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
52219.270 |
49184.342 |
45657.125 |
|
(ii) Intangible Assets |
4379.402 |
3634.486 |
3477.816 |
|
(iii) Capital
work-in-progress |
1551.303 |
5626.183 |
4351.906 |
|
(iv)
Intangible assets under development |
263.969 |
1263.091 |
1130.303 |
|
(b) Non-current Investments |
24053.111 |
23376.319 |
15344.789 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
6727.653 |
4993.341 |
6082.395 |
|
(e) Other Non-current assets |
330.899 |
120.321 |
74.274 |
|
Total Non-Current Assets |
89525.607 |
88198.083 |
76118.608 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
3843.748 |
0.000 |
0.000 |
|
(b) Inventories |
11887.031 |
18960.208 |
22306.252 |
|
(c) Trade receivables |
12990.105 |
14194.113 |
12307.642 |
|
(d) Cash and cash
equivalents |
116.906 |
139.424 |
325.558 |
|
(e) Short-term loans and
advances |
8007.110 |
8713.418 |
7265.743 |
|
(f) Other current assets |
1709.450 |
761.775 |
833.668 |
|
Total Current Assets |
38554.350 |
42768.938 |
43038.863 |
|
|
|
|
|
|
TOTAL |
128079.957 |
130967.021 |
119157.471 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
99434.267 |
124812.000 |
129043.265 |
|
|
|
Other Income |
665.207 |
623.515 |
403.503 |
|
|
|
TOTAL (A) |
100099.474 |
125435.515 |
129446.768 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
59096.947 |
75394.164 |
91214.833 |
|
|
|
Purchases of Stock-in-Trade - Traded goods |
12690.276 |
13117.394 |
5073.737 |
|
|
|
Employee benefits expense |
9996.723 |
10755.134 |
10203.942 |
|
|
|
Other expenses |
11745.988 |
14060.856 |
11659.934 |
|
|
|
Changes in inventories of finished goods, work in-progress
and Stock-in-Trade |
4238.710 |
2719.769 |
(1670.130) |
|
|
|
Exceptional items |
(5056.589) |
(2895.561) |
(15.978) |
|
|
|
TOTAL (B) |
92712.055 |
113151.756 |
116466.338 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
7387.419 |
12283.759 |
12980.430 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4529.248 |
3768.857 |
2552.532 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2858.171 |
8514.902 |
10427.898 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3770.360 |
3807.835 |
3528.132 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(912.189) |
4707.067 |
6899.766 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(1206.000) |
370.000 |
1240.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
293.811 |
4337.067 |
5659.766 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods - FOB value |
12422.951 |
14254.334 |
15403.597 |
|
|
|
Royalty, know-how, professional and consultation fees |
0.000 |
6.995 |
112.248 |
|
|
|
Interest and dividend |
81.816 |
134.494 |
90.382 |
|
|
|
Others [
Includes freight, insurance and commission earned] |
415.577 |
781.830 |
853.310 |
|
|
TOTAL EARNINGS |
12920.344 |
15177.653 |
16459.537 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
985.268 |
4039.132 |
4403.902 |
|
|
|
Trading Goods and Others |
756.627 |
333.931 |
215.180 |
|
|
|
Stores & Spares |
39.140 |
50.424 |
156.808 |
|
|
|
Capital Goods |
388.427 |
2806.370 |
1842.161 |
|
|
TOTAL IMPORTS |
2169.462 |
7229.857 |
6618.051 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.11 |
1.63 |
2.13 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 |
30.09.2014 |
31.12.2014 |
|
|
1st Quarter |
2nd Quarter |
3rd Quarter |
|
Net Sales |
24778.000 |
3,2176.800 |
3,3610.000 |
|
Total Expenditure |
23617.200 |
2,9832.900 |
3,1228.500 |
|
PBIDT (Excl OI) |
1160.900 |
2343.900 |
2381.500 |
|
Other Income |
231.200 |
257.000 |
193.200 |
|
Operating Profit |
1392.000 |
2600.900 |
2574.700 |
|
Interest |
1063.400 |
1007.500 |
982.200 |
|
Exceptional Items |
0.000 |
1089.700 |
0.000 |
|
PBDT |
328.600 |
2683.200 |
1592.600 |
|
Depreciation |
1033.200 |
1030.800 |
998.600 |
|
Profit Before Tax |
(704.500) |
1652.400 |
594.000 |
|
Tax |
(225.000) |
445.500 |
273.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(479.500) |
1206.900 |
321.000 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(479.500) |
1206.900 |
321.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
0.29 |
3.46 |
4.37 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(0.92) |
3.77 |
5.35 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.89) |
4.67 |
7.02 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.02) |
0.11 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.87 |
0.79 |
0.57 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.84 |
0.81 |
0.89 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
2660.680 |
2660.680 |
2660.680 |
|
Reserves & Surplus |
39462.582 |
41890.366 |
41818.163 |
|
Net
worth |
42123.262 |
44551.046 |
44478.843 |
|
|
|
|
|
|
long-term borrowings |
22933.511 |
27378.418 |
32965.051 |
|
Short term borrowings |
1017.500 |
7669.825 |
5874.081 |
|
Total
borrowings |
23951.011 |
35048.243 |
38839.132 |
|
Debt/Equity
ratio |
0.569 |
0.787 |
0.873 |
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 |
129043.265 |
124812.000 |
99434.267 |
|
|
|
(3.279) |
(20.333) |
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 |
129043.265 |
124812.000 |
99434.267 |
|
Profit |
5659.766 |
4337.067 |
293.811 |
|
|
4.39% |
3.47% |
0.30% |
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if
applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
No |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
No |
|
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 |
10465117 |
10/03/2014 * |
5,000,000,000.00 |
CENTRAL BANK OF INDIA LIMITED |
CORPORATE FINANCE
BRANCH P.O. BOX NO 2719, ADDI |
B98399710 |
|
2 |
10449756 |
21/03/2014 * |
3,000,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE,, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
C00570184 |
|
3 |
10412488 |
21/03/2014 * |
3,000,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
C00608745 |
|
4 |
10377386 |
21/03/2014 * |
3,000,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
C00607085 |
|
5 |
10329292 |
21/03/2014 * |
1,500,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
C00594507 |
|
6 |
10291368 |
21/03/2014 * |
1,000,000,000.00 |
BANK OF TOKYO-MITSUBISHI UFJ LTD |
CHENNAI BRANCH, SESHACHALAM CENTRE, 6TH&7TH FLOOR, DOOR NO.636/1, ANNA SALAI, NANDANAM, CHENNAI, TAMILNADU - 600035, INDIA |
C01004951 |
|
7 |
10243392 |
13/08/2014 * |
700,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
C16507378 |
|
8 |
10240077 |
21/03/2014 * |
1,500,000,000.00 |
BANK OF TOKYO-MITSUBISHI UFJ LTD |
CHENNAI BRANCH, SESHACHALAM CENTRE, 6TH&7TH FLOOR, DOOR NO.636/1, ANNA SALAI, NANDANAM, CHENNAI, TAMILNADU - 600035, INDIA |
C01006931 |
|
9 |
10218109 |
21/03/2014 * |
2,000,000,000.00 |
CENTRAL BANK OF INDIA LIMITED |
CORPORATE FINANCE BRANCH P.O. BOX NO 2719, ADDISON BUILDINGS, 803, ANNA SALAI, CHENNAI, TAMILNADU - 600002, INDIA |
C01132737 |
|
10 |
10190936 |
21/03/2014 * |
3,000,000,000.00 |
INDIAN BANK |
THOUSAND LIGHTS BRANCH, KANNAMAL BUILDINGS, 611 ANNA SALAI, CHENNAI, TAMILNADU - 600006, INDIA |
C01008226 |
|
11 |
90286915 |
22/08/2003 * |
250,000,000.00 |
STATE BANK OF INDIA |
84 RAJAJI SALAI MA, MADRAS, TAMILNADU, INDIA |
- |
|
12 |
90286909 |
25/11/2002 * |
250,000,000.00 |
STATE BANK OF INDIA |
84 RAJAJI SALAI MA, MADRAS, TAMILNADU, INDIA |
- |
|
13 |
90289031 |
07/08/2002 |
350,000,000.00 |
HDFC BANK LIMITED |
759 ANNA SALAI, CHENNAI, TAMILNADU, INDIA |
- |
|
14 |
90291195 |
09/01/2004 * |
350,000,000.00 |
HDFC BANK LIMITED |
759 ANNA SALAI, CHENNAI, TAMILNADU, INDIA |
- |
|
15 |
90287734 |
07/08/2002 * |
1,000,000,000.00 |
STATE BANK OF INDIA |
22 RAJAJI SALAI, CHENNAI, TAMILNADU, INDIA |
- |
|
16 |
80053062 |
17/04/2002 |
50,000,000.00 |
STATE BANK OF INDIA |
22 RAJAJI SALAI, CHENNAI, TAMILNADU - 600001, INDIA |
- |
|
17 |
90286894 |
27/08/2001 * |
500,000,000.00 |
STATE BANK OF INDIA |
22 RAJAJI SALAI MA, MADRAS, TAMILNADU, INDIA |
- |
|
18 |
90287654 |
25/09/2013 * |
16,500,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP BRANCH, 18/3, RUKMINI LAKSHMIPATHI ROAD, EGMORE, CHENNAI, TAMILNADU - 600008, INDIA |
B85558187 |
|
19 |
90287645 |
28/12/2001 * |
750,000,000.00 |
ICICI LIMITED |
ICICI TOWER KURLA COMPLEX, MUMBAI, TAMILNADU, INDIA |
- |
|
20 |
90288995 |
28/03/2001 * |
750,000,000.00 |
ICICI BANK LIMITED |
ICICI TOWER KURLA COMPLEX, MUMBAI, TAMILNADU, INDIA |
- |
|
21 |
90286888 |
12/09/2000 * |
500,000,000.00 |
STATE BANK OF INDIA |
22 RAJAJI SALAI MA, MADRAS, ORISSA, INDIA |
- |
|
22 |
90288984 |
26/09/2000 * |
500,000,000.00 |
STATE BANK OF INDIA |
22 RAJAJI SALAI, CHENNAI, TAMILNADU, INDIA |
- |
|
23 |
90286881 |
31/01/2000 * |
1,800,000,000.00 |
STATE BANK OF INDIA |
22 RAJAJI SALAI MA, MADRAS, TAMILNADU, INDIA |
- |
|
24 |
90288963 |
30/11/1999 |
500,000,000.00 |
STATE BANK OF INDIA |
149 GREAMS ROAD, CHENNAI, TAMILNADU, INDIA |
- |
|
25 |
90287563 |
19/03/2002 * |
250,000,000.00 |
STATE BANK OF INDIA |
149CREAMS ROAD, CHENNAI, TAMILNADU, INDIA |
- |
|
26 |
90287551 |
10/03/2000 * |
4,250,000,000.00 |
STATE BANK OF INDIA |
149 CREAMS ROAD, CHENNAI, TAMILNADU, INDIA |
- |
|
27 |
90287525 |
19/01/1999 * |
500,000,000.00 |
ICICI BANK LIMITED |
163 BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA, INDIA |
- |
|
28 |
90287499 |
10/01/1998 |
306,200,000.00 |
EXPORT INMPORT BANK OF INDIA |
CENTRE ONE CUFFE PARADE, MUMBAI, MADHYA PRADESH, INDIA |
- |
|
29 |
90287483 |
15/09/1997 |
149,000,000.00 |
BANK OF BARODA |
149 CREAMS ROAD 28 RAJAJI SALAI, CHENNAI, TAMILNADU, INDIA |
- |
|
30 |
90287481 |
27/08/1997 |
40,000,000.00 |
CANARA BANK |
THOOSDND LIL, CHENNAI, TAMILNADU, INDIA |
- |
|
31 |
90287471 |
27/10/1997 * |
1,520,000,000.00 |
STATE BANK OF INDIA |
22 RAJAJI SALAI, MADRAS, TAMILNADU, INDIA |
- |
|
32 |
90287466 |
27/10/1997 * |
250,000,000.00 |
THE INDUSTRIAL
VREDIT AND INVEST. CORPN. OF INDIA |
163 BACKBAY, MUMBAI, TAMILNADU, INDIA |
- |
|
33 |
90286862 |
14/05/1997 |
750,000,000.00 |
STATE BANK OF INDIA |
22 RAJAJI SALAI MA, MADRAS, TAMILNADU, INDIA |
- |
|
34 |
90287451 |
25/02/1997 |
143,420,000.00 |
BANK FO BARODA |
28 RAJAJI SALAI, BHUBANESWAR, TAMILNADU, INDIA |
- |
|
35 |
80033213 |
04/05/1983 |
20,000,000.00 |
RAJASTHAN STATE INDUSTRIAL DEVELOPMENT AND |
INVESTMENT CORPORATION LIMITED, UDYOG BHAVAN TILAG MARG, JAIPUR, RAJASTHAN - 302005, INDIA |
- |
|
36 |
90288735 |
09/03/2000 * |
144,000,000.00 |
STATE BANK OF INDIA |
149 GREAMS ROAD, CHENNAI, TAMILNADU, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Long term monetary item in foreign currency External Commercial Borrowings from banks |
15577.900 |
14476.000 |
|
|
|
|
|
Other loans and
advances |
|
|
|
Interest free sales tax loans |
793.122 |
571.476 |
|
Loans from others |
10.696 |
97.609 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Short term loans (STL) from Banks |
3084.382 |
868.560 |
|
Total |
19466.100 |
16013.645 |
COMPANY
PERFORMANCE
The year saw a continued slowdown in the Indian economy with a consequent adverse impact on the commercial vehicle industry. Whilst the overall commercial vehicle volumes declined by 20.2% over previous year, the Medium and Heavy Commercial Vehicle (M&HCV) segment had a steeper decline of 25.3%. The Company maintained its market share in the declining TIV scenario, at 26.1% in the M&HCV segment – facilitated by sustained focus on meeting customer requirements, carefully planned network expansion and new product launches.
In the Light Commercial Vehicle (LCV) segment, ‘DOST’ model suffered decline in sales volume due to aggressive discounting and unsustainable finance schemes offered by the competition. However, The Company continued its penetration in this segment with introduction of new models, such as Partner, Mitr and Stile. While improved power availability and tight financial liquidity affected the demand in Power Solutions Business (PSB), the Spare Parts demand was affected by lower utilization of fleets. M&HCV export volumes remained flat compared to last year, despite a drop of nearly 50% in the Sri Lankan market.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
MARKET TRENDS
ECONOMY –
INDIA
In 2013, the global economy grew by 2.1% (as estimated by the United Nations) driven by growth (albeit slow) in emerging economies, continued growth in the US and revival of the European Union in the latter half of 2013.
The Indian economy grew at 4.7% in FY 13-14, the second successive year of sub-5% growth. Despite 4.6% growth in agriculture (as against 1.4% growth in the previous year), contraction in the industrial sector, particularly in manufacturing (0.2% contraction as estimated by Central Statistical Office, against 1.1% growth in the previous
year) and mining (1.9% de-growth on top of a 2.2% contraction in the previous year) significantly impacted growth. Continued slowdown in demand, drop in manufacturing sector performance, slow pace of infrastructure growth and lack of timely implementation of adept policy measures contributed to this slowdown.
According to IMF, the global economy is expected to grow at 3.6% in 2014 and 3.9% in 2015. Emerging economies are expected to grow faster due to improvement in living standards and infrastructure growth. Overall numbers indicate that the global slowdown has bottomed out and 2014 appears to be better than 2013 for most global economies.
Most market analysts expect India’s GDP growth to be between 5.5% and 5.7% for FY 14-15, assuming a normal monsoon. Project clearances by the Cabinet Commitiee on Investment, resumption of iron ore mining in Karnataka and Goa due to settlement of legal issues and the possible expansion of coal mining are expected to revive industrial growth to ~4.1%. The Country is also witnessing positive consumer confidence postgeneral election results.
However, economists also point out some risks, viz. stiff pressure by RBI to keep policy rates high, possible impact of El Nino in Agriculture sector, uncertainty over the setting of minimum support prices for agricultural commodities and administered prices of fuel, fertilizer and electricity that could dampen the GDP growth rate. Long-term prospects for the Indian economy, however, continue to remain bright, given favourable demographics and the directional commitment towards liberalization.
COMMERCIAL VEHICLE
INDUSTRY
Continued economic slowdown in India has severely affected the domestic commercial vehicle industry. The industry is currently going through one of its longest down cycles in recent periods. Having declined by 2% in 2012-13, the market experienced a much sharper (20.2%) drop in volumes in 2013-14.
Medium and Heavy Commercial Vehicles (M&HCV) were most severely impacted, with a drop of 25% in 2013-14, on top of a 23% drop in volumes in 2012-13. While Light Commercial Vehicles (LCV) had grown 14% in 2012-13, this segment also slowed down by 17.6% in 2013-14. Exports of Commercial Vehicles in 2013-14 decreased marginally by 3.7%, and stood at 77,056 vehicles.
ASHOK LEYLAND – THE
YEAR (2013-14) IN BRIEF
In a continually declining market and amidst increasing competition by new entrants, The Company maintained its market share in the domestic Medium and Heavy Commercial Vehicles (M&HCV) market in 2013-14. The Company sold 51,825 M&HCVs in the domestic market, which included 14,951 M&HCV buses and 36,874 M&HCV Trucks. The 27% drop in volumes is directly attributable to the steep drop in total industry volume.
M&HCV export volumes remained flat compared to the previous year despite a drastic drop in the Sri Lankan market. The Company exported 8,517 vehicles in 2013-14, 3% lower than the previous year.
The Company has been investing heavily in M&HCV product development to meet evolving customer expectations. In line with this, it has successfully launched the BOSS Intermediate Commercial Vehicle (ICV) in the domestic market in September 2013.BOSS has enabled The Company to achieve ~15% market share in the ICV (>7.5T-16T GVW) segment, a significant improvement considering that The Company had negligible market share in this segment a few years ago. The Company also launched the CAPTAIN series of next - generation heavy commercial vehicles (>16T GVW) in January 2014. The CAPTAIN features an indigenously designed, factory-made cab that meets international standards in ergonomics, design and performance
The Company placed significant thrust in expanding its presence across all geographies. ~200 touch points for M&HCV were added in 2013-14 alone. Network presence in North East has been nearly doubled. The Company is also upgrading its dealerships to serve its customers more efficiently and has deployed low cost service formats to expand its presence. The Company also launched a transformational process in sales and marketing. Under this process, substantial focus is being given to improve customer satisfaction, through targeted initiatives across all major hubs. To drive customer centricity and build granular accountability, The Company has modified its organization structure to business verticals supported by functional horizontals. This will enable better customer life cycle management and enhancement of service levels.
In 2013-14, The Company completed its second full year of participation in the Light Commercial Vehicle (LCV) segment. In a tough market situation, The Company’s flagship product in this segment, DOST, held on strongly and sold close to 29,000 vehicles due to its superior product performance, despite new product launches and excessive discounting by competitors. The Company’s joint venture with Nissan Motors continues to go strong, creating value for their customers through contemporary, superior products. This year, The Company, in partnership with Nissan, launched the STiLE van, Partner truck and MiTR bus, thus addressing all major segments in Light Commercial Vehicles. To support this porolio, The Company has built an exclusive LCV centric network with over 300 touchpoints. It has also started exporting LCVs to SAARC and African markets.
Power Solutions Business earned revenues of Rs. 4178.000 Millions in FY 2013-14, 13.6% lower than the previous year.
Improved power availability, tight liquidity, lack of clarity from Government on transition from CPCB I to CPCB II and slowdown in projects due to low economic activity had a negative impact on overall demand.
Revenues from the Spare Parts Business declined 22%, due to lower utilization of transport fleets. The Company seized this opportunity to streamline the supply chain and rationalize channel partners’ inventory. In 2013-14, Spare Parts Business registered revenue of Rs. 7877.000 Millions.
The Defence business was impacted by production and budget constraints in the government, resulting in sales of 1,589 kits (as against 2,463 kits in FY 12-13) and 342 vehicles (as against 252 vehicles in 2012-13).
The Company remains commitied to build capabilities in its five identified building blocks – quality, people, brand, innovation and efficiency. The Company has taken on challenging targets in each of these areas and has kicked-off several initiatives to achieve them.
In summary, The Company converted one of the worst economic crises in Indian history into an opportunity by focusing on transforming the Company into ‘an agile’ player geared up for sustained growth. This was possible only due to tremendous effort invested by each and every stakeholder in the Company.
THE YEAR AHEAD/
OUTLOOK
Most of the analysts have forecasted that the CV industry will start reviving from second half of 2014-15 due to the implementation of key projects cleared by the previous government as well as due to the new growth friendly policies expected to be announced by the new Government. Many of the emerging economies are also expected to come out of economic slowdown in 2014-15, therefore, the growth in exports are expected to be significant compared to 2013-14. The Company also obtained a sizeable order from various large STUs through JnNURM 2 program.
The Company is also developing new product variants to launch in domestic and select export markets across the segment this year to reinforce market share in domestic market and increase export sales. The transformational sales and marketing process will enable the Company to penetrate new markets and face fierce competition actions in the years to come.
Lastly, The Company is also actively focusing key initiatives as a fall back measure in case of the downturn prevails in 2014-15. In summary, The Company has poised to achieve a significant growth with adequate capacity, superior products, right processes and large talent pool to capitalize on the market revival.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
i) Claims against the company not acknowledged as debts (net) |
|
|
|
- Sales tax |
1167.571 |
374.855 |
|
- Others |
245.883 |
279.346 |
|
ii) Guarantees [net of Counter Guarantees Rs. NIL (2013: 3084.089 Millions)] |
1827.215 |
1350.047 |
|
NOTE: The outlow in respect of the above is not practicable to ascertain in view of the uncertainties involved. |
||
FIXED ASSETS
· Land
Buildings
Building
given on lease
Plant and
equipment
Plant and
equipment given on lease
Furniture
and fittings
Furniture
and fittings given on lease
Vehicles
and aircraft
Vehicles
given on lease
Office
Equipment
Office
Equipment given on lease
Computer
software
Technical
knowhow
PRESS RELEASE
NAGPUR GETS INDIA'S FIRST ETHANOL-RUN BUS
Aug 24, 2014
NAGPUR: Launching India's first ethanol-run bus in the city on a pilot basis, Union Minister Nitin Gadkari has said that a Bill to make provision for running vehicles on bio-fuels and hybrid electric would be tabled in the Parliament in the next session.
Gadkari also said that the country can reduce petrol, diesel and gas imports by
at least Rs two lakh crore annually by using alternative fuels.
During the launch on Friday, the Union Minister for Road Transport, Highways
and Shipping said the Centre would provide 200-500 ethanol-run buses to Nagpur
Municipal Corporation (NMC) under the 'Green Bus' project.
"The country imports petrol, diesel and gas worth over
Rs six lakh crore every year. India can reduce the imports by at least Rs two
lakh crore by using alternative fuels.Ethanol-run bus project is the first
initiative in this direction.
"Four states-- Uttar Pradesh, Maharashtra, Karnataka and Tamil Nadu-- will
be the major beneficiaries from the project as they produce ethanol in large
quantities," Gadkari said.
The green fuel also conserves environment by reducing pollution, he said.
"Such renewable fuels can boost our nation's economy and improve the
farmers condition who are committing suicide. Other such alternative sources
like hybrid electric can boost automobile and other sectors.
"Indian companies are launching hybrid electric-run buses in other
countries.Ashok Leyland has launched buses in London. Therefore, my Ministry is
bringing a policy to exempt electric-run vehicles from tax," the minister
said.
Executives from Swedish bus maker Scania, led by its India managing director
Anders Grundstromer was present at the launching ceremony and handed over a
symbolic key to city Mayor Anil Sole.
Rajya Sabha MP Ajay Sancheti and former MP Datta Meghe along with Municipal
Commissioner Shyam Wardhane was also present on the occasion.
Joint secretary of Ministry of Road transport and Highways, Sanjay
Bandopadhyaya said test run of ethanol-run bus would be for one year and teams
from Pune-based Automotive Research Association of India (ARAI), NMC and
Ministry will maintain data.
ASHOK LEYLAND LAUNCHES STATE-OF-THE-ART LCVS - PARTNER AND MITR • A
PRODUCT OF THE NISSAN-ASHOK LEYLAND JOINT-VENTURE • POWERED BY THE ADVANCED,
EFFICIENT ZD30 COMMON RAIL DIESEL ENGINE
January 30, 2014
Ashok Leyland, flagship of the Hinduja Group, launched two new Light Commercial Vehicles (LCV) - PARTNER truck, India’s first air-conditioned LCV goods vehicle and MiTR bus, a LCV bus with best-in-class comfort. After the commercially successful Dost and the recently launched STiLE, now PARTNER and MiTR are the latest offerings from the Ashok Leyland – Nissan Joint Venture.
PARTNER, brings to the Indian customer, the latest LCV from Europe and Japan. This next-generation truck, focuses on driver comfort and sports a modern Euro cab with spacious car-like interiors and offers global levels of performance and efficiency. With a Gross Vehicle Weight (GVW) capacity of 6.6T, the PARTNER will address various applications like parcel goods, durables, perishables and FMCG products among others. With a tilt-able cabin for service accessibility, a choice of two wheel base options and optional HVAC (Heating, Ventilation and Air-conditioning) system, the PARTNER is sure to win the hearts of demanding customers. All of this is provided in a truck that, true to the lineage of Ashok Leyland LCVs, offers exceptional fuel efficiency.
MiTR is a 26+1+1 seater bus, ergonomically designed to offer superior comfort and utility to passengers and drivers. MiTR has a parabolic suspension in the front and the rear – an industry-first – and offers class-leading comfort. MiTR also has a school bus variant that adheres to school bus body code guidelines of all state governments.
Both PARTNER and MiTR are powered by an advanced ZD30 Common Rail diesel engine, that ensures superior fuel-efficiency and better turnaround time. Both products host features like power steering with tilt-able adjustment and cable-operated gear shifter for superior driver comfort. The company is offering an engine and transmission warranty of 3 years/3 lac kms and a standard warranty of 1 year/unlimited kms on the overall vehicle.
Both PARTNER and MiTR will be made available to customers through over 330 outlets across the country.
Prices (Ex-showroom, Chennai):
Partner 2850 wheel-base : LS (with power steering) is Rs. 0.889 Million, LX (with power steering and HVAC system) is Rs 0.919 Million
Partner 3350 wheel-base : LS (with power steering) is Rs. 0.919 Million, LX (with power steering and HVAC system) is Rs 0.949 Million
MiTR standard bus (26+1+1 seater) with power steering is Rs. 1.249 Million.
Speaking at the occasion, Dr. V Sumantran, Vice Chairman, Ashok Leyland, said, “We are delighted to present the next range of products from the Ashok Leyland-Nissan JV – PARTNER and MiTR. With these two new products, we have stayed true to our LCV mission – to deliver to the Indian customer, contemporary products that deliver best-in-class user experience, coupled with exceptional efficiency. These are exciting additions to our LCV portfolio and we are confident of delighting customers and continuing the successful winning streak of the Dost and the critically acclaimed, newly launched STiLE.”
ASHOK LEYLAND DEDICATES ITS FIRST JANBUS TO THE CITY OF JOY
July
30, 2014
Ashok Leyland
Ltd., flagship of
the Hinduja Group, launched ‘JanBus’ - the world’s ‘first’, fully-flat
floor, front-engine bus with single-step entry and air suspension in Kolkata today.
Feature-rich and technologically advanced, this innovative transport solution
addresses everyday needs of urban transport, and is ideal
for easy, comfortable and affordable city travel.
“JanBus is an
example of innovative Indian engineering and reflects our understanding of
customer requirements and the unique operating conditions in the country,” said
Mr. T. Venkataraman, Head- Global Bus, Ashok Leyland. “Ideal for faster, smarter and safer urban mobility,
this low-floor bus with a single-step entry, helps saves time and is
passenger, driver and operator-friendly. It is also very friendly for
differently-abled passengers".
JanBus has a
uniform floor height of 650 mm, from the driver’s work-station all the way to
the rear, making boarding, alighting and movement within the
bus easy and hassle-free. Wide doors and a single step entry
reduce stoppage time at bus stops while the full-flat floor allows the bus to
board more passengers without compromising on comfort. Powered by a 225 HP,
BS4, CRS diesel engine, JanBus promises
better pick-up and reduced journey time. ‘Leymatic’
- the Automated Manual Transmission, is another standout feature that
ensures fatigue-free driving; helping drivers stay alert and making bus travel
safer.
JanBus has
many exciting, new-age features such as multiplexing, a passenger information
system, a vehicle tracking and infotainment system, all meeting urban bus
specifications and bus code. This is in line with the vision laid down by the
Ministry of Urban development.
JanBus comes
with a high degree of customizable options: multiple options for door placement and seating
arrangements, it
can be configured for various applications such as BRTS, airport tarmacs and of
course normal city travel, in both A/C and non-A/C versions.
Mr. Vinod K
Dasari, Managing Director - Ashok Leyland, said “Kolkata has been a pioneer in
offering its residents best-in-class transport solutions. After the metro, JanBus
will revolutionize urban
transport and we are delighted to present a world-class bus, with 4 patents
covering over 15 unique features, to the City of Joy. JanBus is testimony
of our engineering excellence and I am confident the 449 buses ordered by the
West Bengal government will delight one and all and will stand true to its name
- JanBus (people’s bus)”
DHEERAJ HINDUJA FACES TRIAL BY FIRE AT TRUCKMAKER ASHOK LEYLAND
3/12/2014
The Hinduja brothers, who are the U.K.’s third richest, with a net worth of $10 billion, control the London-headquartered Hinduja Group, founded in India by their father, Parmanand Hinduja, a century ago and now a multinational conglomerate with businesses as diverse as trucks, lubricants, banking and health care. Of the four brothers the older two, Srichand and Gopichand, cochair the group and live in London. Prakash looks after banking interests from Switzerland, and the youngest, Ashok, oversees the family’s businesses in their native country from his Mumbai homestead.
After decades of working together the brothers, who remain
tight despite their geographical separation, are now busy grooming their
children to take charge of the family empire. Six of the 11 members of the
third generation oversee different parts of the group, and each is being
mentored also by an uncle. The family doesn’t get involved in operations but is
very hands-on in monitoring everything else. Dheeraj Hinduja, the younger son
of Gopichand but also under Ashok’s wing, has lately been facing a trial by
fire. At age 42 Dheeraj is chairman of the $2 billion (revenues)
The once profitable company has run up losses of $54 million in the past three quarters. Moreover, it’s weighed down by debt of $850 million, partly due to an ambitious expansion that involved putting up a new factory and new joint ventures with Nissan Motor and John Deere. No surprise that the shares are down by 30% in the past year. “The last 21 months have been a nightmare,” acknowledges Dheeraj, who lives in London but travels to India every month. “No one could have foreseen that the recession would last this long.”
Sales of commercial vehicles in India have hit a speed bump thanks to the slowing economy and rising diesel prices. According to the Society of Indian Automobile Manufacturers, the commercial-vehicles market contracted by almost one-fifth in the past ten months. Ashok Leyland, too, saw a similar drop in the number of trucks it sold. For the first time in its history the company, which has embarked on a cost-cutting drive, had to lay off executive-level staff, offering a retirement package, and also slash its chief executive’s pay by 21%.
The hard times have forced the company to shelve plans to build a new factory to make smaller trucks with joint venture partner Nissan. To reduce debt it is selling peripheral businesses, sparking rumors that the Hindujas are mulling selling out altogether. “The company has made the right moves,” says automotive expert V.G. Ramakrishnan, Frost & Sullivan’s managing director for South Asia. “But unless the market comes back, it’s going to be a tough haul.”
Despite the overall gloom Dheeraj remains upbeat about what is around the corner. He’s counting on a new range of trucks in the portfolio with snappy names such as Boss, Dost (Hindi for “friend”), Partner and Captain to rev up sales. Some of these are being made in a more modern factory in Uttaranchal state in northern India that opened in 2010 and today accounts for one-third of production and a chunk of debt. But Dheeraj is sanguine: “Had we not invested when we did, I’d have been very worried today.”
He still has the full backing of uncle Ashok: “The market has been on a downward spiral since Dheeraj became chairman. Weathering the crisis will teach him a lot.” As for the rumor of a possible sale, both he and Dheeraj insist that Ashok Leyland remains a family jewel that they have no intention to let go.
The company was set up as Ashok Motors in 1948 in what was then Madras (now Chennai) to assemble Austin cars and was so named after the original founder’s son. It changed its name in 1955 after collaborating with British Leyland to make trucks. The brothers entered the scene in 1987 when they bought out British Leyland, bringing in Fiat Group's Iveco as their partner. That association lasted two decades until Iveco, which owned 15%, started pressing for majority control. Unwilling to concede, the Hindujas bought out Iveco in 2007 and currently hold a 53% stake.
Dheeraj grew up in Iran, which was the family’s base until the revolution of 1979, when they moved to London. He says he was always prepared to be enlisted in the family trade as “business was the only topic over breakfast, lunch, dinner and family holidays.” After graduating with an M.B.A. from London’s Imperial College he spent a year at Iveco before joining the group in 1995. His older brother Sanjay, who oversees the Gulf Oil lubricants business, and his cousins also had stints outside first.
After dabbling in the power, cargo and vehicles businesses,
Dheeraj honed in on the vehicle side: “It started growing on me.” In 1998 he
was appointed to the board of Ashok Leyland, becoming chairman in 2010. Since
then he’s set a series of changes in motion, noting that “the landscape in the
sector was shifting.” For the longest time
He started by reconstituting the board, bringing in experienced auto sector hands and other experts to provide strategic advice. Ex-Iveco executive Jean Brunol, who has known the family for a decade and was appointed director in 2010, says that Dheeraj has a deep understanding of the business derived from personally visiting distributors and getting firsthand feedback from customers. As for the debt load, he says, “The investments made were timely, and once the market revives, they will start paying off. ”
Another crucial investment backed by Dheeraj was in ramping up the R&D team from 200 engineers to 1,200. Leyland’s new trucks are designed by this unit from a base in Chennai.
Since inception we’ve always been dependent on foreign technology. But once we
broke off with Iveco, we had to learn to drive solo,” says Dheeraj.
To offset the domestic decline Ashok Leyland is seeking new markets overseas beyond South Asia, notably in Southeast Asia, Russia and Africa. Dheeraj also foresees potential in the export of tactical vehicles. Leyland is already the largest provider of logistical vehicles to the Indian army. He maintains that while the Indian marquee has been slow to establish itself, Leyland will gradually make more headway if it focuses on being cost competitive without compromising on quality.
Within India the company has built a reputation for producing rugged workhorses, though it has yet to shake off the perception that it remains a provincial company focused on southern India. “This is a myth we’ve been trying to bust,” acknowledges Dheeraj. Seeking an image makeover, it hiredMahendra Singh Dhoni, captain of the Indian national cricket team , as brand ambassador and branded its new heavy truck range as Captain.
Dheeraj, who’s a keen tennis player, is aiming eventually for Ashok Leyland to be among the top ten truckmakers globally. But for now he’s happy that it has held on to its number two position in India with a market share of 26% despite new competition. He’s not eyeing the top slot as that would involve playing a price game. “I’d rather be number one in reliability.”
ASHOK LEYLAND DISPLAYS THE FULL RANGE OF NEXT-GENERATION COMMERCIAL
VEHICLES AT AUTO EXPO 2014
February 5, 2014
Ashok Leyland, flagship of the Hinduja Group, displayed its full range of next-generation Commercial Vehicles (CVs) at the Auto expo in Greater Noida. The company displayed products ranging from 3.5 T to 25T, - DOST, STiLE, Partner, MiTR, BOSS and Captain - all built on modern and contemporary vehicle platforms. This full-range of Fully Built vehicles sports contemporary design, new-generation platforms and offers best-in-class efficiency, performance and comfort.
Designed and developed basis extensive customer feedback and based on a deep appreciation of their concerns and requirements, these products will offer uncompromising standards of operating economics and performance parameters.
With this new line-up, Ashok Leyland has an entirely new suite of products and is ready to strengthen its domestic market and to grow its international presence. The company is looking to service many new segments and markets with these new products.
On display are a tipper version on the DOST - a less than 2.5 GVW vehicle that offers last-mile connectivity; a completely customised STile - the people carrying MPV; a school-bus version of MiTR - their new LCV bus; PARTNER truck with industry-first curtain slider on either side to improve operational efficiency; a refrigerated variant of BOSS the Intermediate Commercial Vehicle (ICV) that comes with a factory-fitted refrigerated unit and an insulated container and CAPTAIN 2523 Tipper that features an indigenously designed, factory-made cab based on the best principles of ergonomics and styling to deliver superior comfort, optimal performance and a longer life.
LCV vehicles from the joint venture between Ashok Leyland and Nissan and the indigenously developed M&HCV range of vehicles, together, promise to change the dynamics of the commercial vehicle landscape in India.
Mr. Dheeraj Hinduja, Chairman, Ashok Leyland, said, “This is our definitive range of products spanning the entire spectrum of commercial vehicles. Beautifully designed, technologically advanced and built to deliver superior value, these future-ready vehicles represent the best of Ashok Leyland's R&D, engineering and manufacturing capabilities. With our investment cycle behind us and the market set to look-up soon, we are confident we will lead the march to an economically stronger India."
Dr. Sumantran, Vice- Chairman, Ashok Leyland, said "We are now witnessing the results of the investments of Group and the Company over the past few years. The emphasis on expanding product lines, modernising the offerings, adoption of new technologies closely linked to customer needs and offering our Indian customers a new level of experience is now manifest across the Dost, Partner, Boss and Captain. We have also successfully leveraged our joint-venture partners Nissan for the LCVs in this journey. At this show, Ashok Leyland can say we are "future-prepared"."
Speaking at the occasion, Mr. Vinod K. Dasari, Managing Director, Ashok Leyland said: "We are absolutely delighted to present our full-suite of new products across every segment of commercial vehicles. Each vehicle has been meticulously designed, performance-optimised to exacting standards and manufactured using the latest, state-of-the-art processes. The number of variants and customisation options we offer is unmatched and will offer us an unbeatable competitive edge in every segment we compete in. We are extremely buoyant about our new range and very confident that it offers best-in-class performance and efficiency standards. This is indeed the new face of Ashok Leyland."
ASHOK LEYLAND PLANS TO CUT DEBT BY RS 7000.000 MILLIONS
Jul 29, 2014
KOLKATA: Commercial vehicle major Ashok Leyland aims to reduce its debt by another Rs 7000.000 Millions to bring it down to around Rs 38000.000 Millions from Rs 45000.000 Millions.
"We aim to reduce debt to Rs 38000.000 Millions from Rs 45000.000 Millions from now that will bring debt equity ratio to 1:1 by this fiscal," Managing Director VK Dasari said here today.
He said this fund (Rs 7000.000 Millions) would be raised in mix of internal accruals and selling of non-core assets.
"Internal accrual will be around 50 per cent of the amount," he added.
The company had been reducing debt on a continuous basis and recently raised Rs 6660.000 Millions in QIP to pay-off its debt.
In order to remain profitable on a sustainable basis and derisking from cyclical nature of truck business, the company will focus more on exports, seeking higher growth in non-truck commercial products.
"We are aiming to bring down the non-truck commercial vehicle share to 50 per cent from around 70 per cent now over a period of time. We are also planning to increase share of exports to one-third of total revenue from 10 per cent now over next 3-4 years," Dasari said.
The company have various forms of association in few
countries of Middle East, Africa,
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.74 |
|
|
1 |
Rs.94.65 |
|
Euro |
1 |
Rs.70.79 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRP |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
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 |
|
57 |
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.