MIRA INFORM REPORT
|
Report No. : |
309233 |
|
Report Date : |
21.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
AHMEDNAGAR FORGINGS LIMITED |
|
|
|
|
Registered
Office : |
Gate No. 614, Village
Kurulikhed, Pune - 410501, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
30.09.2014 |
|
|
|
|
Date of
Incorporation : |
21.03.1977 |
|
|
|
|
Com. Reg. No.: |
11-019569 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.367.500 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L28910MH1977PLC019569 |
|
|
|
|
TIN No.: |
Not Available |
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|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEA05185F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCA3454H |
|
|
|
|
Legal Form : |
A Public Limited Liability Company.
The Company’s Shares are Listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in the Manufacturing high precision closed die
steel forgings and auto components and include wide varieties of steel
forgings such as camshafts, connecting roads, crankshafts, crown wheel, hub,
shafts, etc. |
|
|
|
|
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 unfavorable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
Status : |
Good |
|
|
|
|
Payment Behavior : |
Regular |
|
|
|
|
Litigation : |
Clear |
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|
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|
Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s sound financial risk profile marked by
fair liquidity position and adequate profitability margins of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 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 = AA- |
|
Rating Explanation |
High degree of safety and very low credit
risk |
|
Date |
21.01.2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk |
|
Date |
21.01.2015 |
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.
LOCATIONS
|
Registered Office : |
Gate No. 614, Village
Kurulikhed, Pune - 410501, Maharashtra, India |
|
Tel. No.: |
91-20-66031188 91-2135-233099 / 254005 / 252805 / 252734 / 252735 |
|
Fax No.: |
91-20-66031177 91-2135-252105 |
|
E-Mail : |
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|
Website : |
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|
|
|
|
Corporate Office/Head Office : |
Office No.604, 6th Floor, The Great Eastern Plaza, Opposite
Gunjan Theatre, Airport Road, Yerawada, Pune-411006, Maharashtra, India |
|
Email: |
|
|
|
|
|
Works : |
Located At :
|
DIRECTORS
As on: 30.09.2014
|
Name : |
Mr. Arvind Dham |
|
Designation : |
Director |
|
Address : |
B - 7, Geetanjali Enclave, New Delhi - 110017, India |
|
Date of Appointment : |
31.03.2003 |
|
Date of Birth: |
15.03.1961 |
|
Qualification: |
B.Arch. from Chandigarh College of Architecture, Punjab University |
|
DIN No.: |
00047217 |
|
|
|
|
Name : |
Mr. Deshpal Singh Malik |
|
Designation : |
Director |
|
Address : |
355, Sector - 29, Varun Vihar, Noida, Gautam Budh Nagar - 201303,
Uttar Pradesh, India |
|
Date of Appointment : |
31.03.2003 |
|
DIN No.: |
00052362 |
|
|
|
|
Name : |
Mr. Bahushrut Lugani |
|
Designation : |
Director |
|
Date of Birth: |
22.07.1955 |
|
Address : |
A - 3.106, Ekta Garden, 9, Patpargang, Delhi - 110092, India |
|
Qualification: |
Chartered Accountant |
|
Date of Appointment : |
31.07.2003 |
|
DIN No.: |
00052387 |
|
|
|
|
Name : |
Mr. Gautam Malhotra |
|
Designation : |
Director |
|
Address : |
B-7,Geetanjali Enclave, New Delhi - 110017, India |
|
Date of Appointment : |
12.06.2006 |
|
DIN No.: |
00157488 |
|
|
|
|
Name : |
Mr. Sanjiv Bhasin |
|
Designation : |
Director |
|
Date of Birth: |
31.08.1957 |
|
Address : |
House Number 3171, Sector 21 D, Chandigarh - 160022, India |
|
Date of Appointment : |
13.08.2013 |
|
Qualification: |
M.Com. Chartered Accountant |
|
DIN No.: |
01119788 |
|
|
|
|
Name : |
Mr. Vivek Kumar Agarwal |
|
Designation : |
Director |
|
Date of Birth: |
15.06.1970 |
|
Address : |
Ashiana The Heritage, D-108, Plot No.-14, Sector-4, Vaishali, Ghazibad
- 201011, Uttar Pradesh, India |
|
Qualification: |
Master of Finance and Control |
|
Date of Appointment : |
Director |
|
DIN No.: |
01479902 |
|
|
|
|
Name : |
Mr. Sitaraman Easwara Krishnan |
|
Designation : |
Director |
|
Date of Birth: |
06.06.1940 |
|
Address : |
C2, 90, Parameshwar Vihar, 28, Arcot Road, Shligramam, Chennai - 600093, Tamil Nadu, India |
|
Date of Appointment : |
31.01.2003 |
|
Qualification: |
B.E. (Mechanical Engineering) |
|
DIN No.: |
01674237 |
|
|
|
|
Name : |
Mr. Sowmyanarayanan Rajagopalan |
|
Designation : |
Whole Time Director |
|
Address : |
A-42 E, Dda Flats, Munirka, New Delhi - 110067, India |
|
Date of Appointment : |
25.10.2008 |
|
DIN No.: |
02403272 |
KEY EXECUTIVES
|
Name : |
Mr. Ram Prasad Jambunathan |
|
Designation : |
Chief Finance Officer |
|
Address : |
211 Sampada Nagar, 307 Somwar Peeth, Pune - 410501, Maharashtra, India |
|
Date of Appointment : |
24.11.2014 |
|
PAN No.: |
AAMPJ5873C |
|
|
|
|
Name : |
Mrs. Swati Ahuja |
|
Designation : |
Secretary |
|
Address : |
H. No-278 B, Balbir Nagar, Shahdara, New Delhi - 110032, India |
|
Date of Appointment : |
16.05.2012 |
|
PAN No.: |
AJVPA6176D |
|
|
|
|
Name : |
Mr. Kishor Bhosale |
|
Designation : |
Marketing Manager |
SHAREHOLDING PATTERN
As on 31.12.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
|
|
|
|
23804492 |
64.77 |
|
|
23804492 |
64.77 |
|
|
|
|
|
Total shareholding of Promoter
and Promoter Group (A) |
23804492 |
64.77 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3735327 |
10.16 |
|
|
199406 |
0.54 |
|
|
1401200 |
3.81 |
|
|
600 |
0.00 |
|
|
600 |
0.00 |
|
|
5336533 |
14.52 |
|
|
|
|
|
|
2261024 |
6.15 |
|
|
|
|
|
|
3728229 |
10.14 |
|
|
1000716 |
2.72 |
|
|
619006 |
1.68 |
|
|
160761 |
0.44 |
|
|
151145 |
0.41 |
|
|
307100 |
0.84 |
|
|
7608975 |
20.70 |
|
Total Public shareholding (B) |
12945508 |
35.23 |
|
Total (A)+(B) |
36750000 |
100.00 |
|
(C) Shares held by Custodians and
against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
36750000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the Manufacturing high precision closed die
steel forgings and auto components and include wide varieties of steel forgings
such as camshafts, connecting roads, crankshafts, crown wheel, hub, shafts,
etc. |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
Long-term
Borrowings Particulars of
Security: Term Debts from Financial Institutions/Banks are secured by way of first mortgage of company’s all Immovable Properties ranking pari passu interest 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 favor of the company’s bankers on inventories, book debts. Particulars of
Security Short-term
borrowings Working Capital facilities are secured by hypothecation of raw material, semi-finished goods/stock-in-process, consumable stores and book debts of the company. |
|
|
|
|
Auditors : |
|
|
Name : |
Manoj Mohan and Associates Chartered Accountants |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Holding Company
: |
Amtek Auto Limited |
|
|
|
|
Subsidiaries of
the Holding Company : |
·
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 of the Holding Company : |
·
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 Co. Limited ·
Tekfor Inc. ·
Tekfor Maxico SA de CV ·
Neumayer Tekfor Automotive Brasil Ltda. ·
Neumayer Tekfor SpA ·
Tekfor Maxico Services ·
Tekfor Services Inc. ·
Amtek Powertrain Components B.V. ·
Amtek Powertrain RUS LLC ·
Amertec Systems Private Limited ·
Amtek Kuepper GmbH ·
August Kupper GmbH ·
H.J Kupper System- Und Modultechnik GmbH ·
H.J Kupper Metallbearbeitung GmbH ·
SKD- GieBerei GMBH ·
Kupper Hungaria Kft |
|
|
|
|
Associates of the
Holding Company : |
·
ARGL Limited (Formerly known as Amtek Ring Gears
Limited) ·
ACIL Limited (Formerly known as Amtek Crankshafts India
Limited) ·
Amtek Tekfor Automotive Limited ·
Joint Venture of Holding Co. ·
MPT Amtek Automotive (India) Limited ·
SMI Amtek Crankshafts Private Limited |
|
|
|
|
Associates of Subsidiaries
of the Holding Company |
·
Amtek Railcar Private Limited
|
|
|
|
|
Joint Venture of
Subsidiary of the Holding Company : |
·
SFE GmbH |
CAPITAL STRUCTURE
As on 30.09.2014
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 Millions |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
36750000 |
Equity Shares |
Rs.10/- each |
Rs.367.500 Millions |
The
company has only one class of shares referred to as Equity Shares having a par
value of Rs. 10/- 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, 2014 and September 30, 2013 is set out below:
|
Particulars |
Number
of Shares |
Amount |
|
Number
of shares at the beginning |
3,67,50,000 |
Rs.367.500 Millions |
|
Add:
Shares Issued |
- |
|
|
Less:
Shares bought back during the year |
- |
|
|
Number of Shares at the end |
3,67,50,000 |
Rs.367.500
Millions |
Details
of Persons Holding more than 5% Share Capital:
|
Particulars |
Number
of Shares |
% |
|
Amtek
Auto Limited (Holding Company) |
2,38,04,492 |
64.77% |
|
HDFC
Trustee Co. Ltd-HDFC Prudence Fund |
28,82,892 |
7.84% |
|
Cresta
Fund Limited |
- |
- |
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 |
30.09.2014
(12
Months) |
30.09.2013
(15
Months) |
30.06.2012 (12
Months) |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
367.500 |
367.500 |
367.500 |
|
(b) Reserves & Surplus |
10592.208 |
8705.739 |
7015.585 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
0.000 |
600.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
10959.708 |
9673.239 |
7383.085 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
15731.115 |
16771.113 |
4485.422 |
|
(b) Deferred tax liabilities
(Net) |
2008.621 |
1450.312 |
1044.099 |
|
(c) Other long term
liabilities |
98.845 |
1257.405 |
120.295 |
|
(d) long-term provisions |
51.895 |
43.967 |
30.219 |
|
Total
Non-current Liabilities (3) |
17890.476 |
19522.797 |
5680.035 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
5190.393 |
2502.039 |
1960.113 |
|
(b) Trade payables |
1227.811 |
933.731 |
959.667 |
|
(c) Other current liabilities |
6787.678 |
2711.297 |
1701.475 |
|
(d) Short-term provisions |
62.961 |
198.136 |
99.577 |
|
Total
Current Liabilities (4) |
13268.843 |
6345.203 |
4720.832 |
|
|
|
|
|
|
TOTAL |
42119.027 |
35541.239 |
17783.952 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
27728.909 |
19922.870 |
9679.180 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
1470.977 |
7067.196 |
454.289 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
9.196 |
9.196 |
9.096 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
26.499 |
35.847 |
911.785 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
29235.581 |
27035.109 |
11054.350 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.189 |
0.189 |
0.189 |
|
(b) Inventories |
5956.079 |
3016.305 |
2637.129 |
|
(c) Trade receivables |
5124.454 |
2637.992 |
2826.822 |
|
(d) Cash and cash equivalents |
1340.119 |
2383.265 |
743.724 |
|
(e) Short-term loans and
advances |
456.021 |
462.318 |
519.210 |
|
(f) Other current assets |
6.584 |
6.061 |
2.528 |
|
Total
Current Assets |
12883.446 |
8506.130 |
6729.602 |
|
|
|
|
|
|
TOTAL |
42119.027 |
35541.239 |
17783.952 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.09.2014
(12
Months) |
30.09.2013
(15
Months) |
30.06.2012 (12
Months) |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
23970.444 |
17184.870 |
12140.457 |
|
|
|
Other Income |
198.591 |
430.111 |
43.857 |
|
|
|
TOTAL (A) |
24169.035 |
17614.981 |
12184.314 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
16874.713 |
11189.839 |
7985.070 |
|
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
(1193.926) |
(74.438) |
(107.051) |
|
|
|
Employees benefits expense |
982.861 |
957.358 |
600.185 |
|
|
|
Other expenses |
1356.627 |
982.854 |
731.084 |
|
|
|
TOTAL
(B) |
18020.275 |
13055.613 |
9209.288 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
6148.760 |
4559.368 |
2975.026 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1959.057 |
1010.282 |
648.461 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
4189.703 |
3549.086 |
2326.565 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1365.834 |
979.487 |
612.951 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2823.869 |
2569.599 |
1713.614 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
893.018 |
836.734 |
504.886 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1930.851 |
1732.865 |
1208.728 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
835.728 |
395.575 |
979.559 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1080.286 |
1250.000 |
1750.000 |
|
|
|
Proposed Dividend on Equity
Capital |
36.750 |
36.750 |
36.750 |
|
|
|
Corporate Dividend Tax on
Proposed Dividend |
7.348 |
5.962 |
5.962 |
|
|
|
Corporate Dividend Tax (not
appropriated in Previous Period) |
0.284 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1641.911 |
835.728 |
395.575 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
94.542 |
90.240 |
85.439 |
|
|
TOTAL EARNINGS |
94.542 |
90.240 |
85.439 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components and Stores parts |
0.867 |
1.428 |
1.531 |
|
|
TOTAL IMPORTS |
0.867 |
1.428 |
1.531 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
52.54 |
47.15 |
32.89 |
|
QUARTERLY
RESULT
|
Particular |
|
|
1st Quarter (31.12.2014) |
|
Revenue |
|
|
6,697.600 |
|
Other Income |
|
|
-- |
|
Total Income |
|
|
6,697.600 |
|
Expenditure |
|
|
(5,020.100) |
|
Interest |
|
|
(639.100) |
|
PBDT |
|
|
1,038.400 |
|
Depreciation |
|
|
(470.200) |
|
PBT |
|
|
568.200 |
|
Tax |
|
|
(193.000) |
|
Net Profit |
|
|
375.200 |
KEY RATIOS
|
PARTICULARS |
|
30.09.2014
(12
Months) |
30.09.2013
(15
Months) |
30.06.2012 (12
Months) |
|
Net Profit Margin (PAT/Sales) |
(%) |
8.06 |
10.08 |
9.96 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
25.65 |
26.53 |
24.51 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.95 |
9.03 |
9.89 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26 |
0.27 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.91 |
1.99 |
0.87 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.97 |
1.34 |
1.43 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
30.06.2012 (12
Months) |
30.09.2013 (15 Months) |
30.09.2014
(12
Months) |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
367.500 |
367.500 |
367.500 |
|
Reserves & Surplus |
7015.585 |
8705.739 |
10592.208 |
|
Share Application money pending allotment |
0.000 |
600.000 |
0.000 |
|
Net
worth |
7383.085 |
9673.239 |
10959.700 |
|
|
|
|
|
|
long-term borrowings |
4485.422 |
16771.113 |
15731.115 |
|
Short term borrowings |
1960.113 |
2502.039 |
5190.393 |
|
Total
borrowings |
6445.535 |
19273.152 |
20921.508 |
|
Debt/Equity
ratio |
0.873 |
1.992 |
1.909 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
30.06.2012 (12
Months) |
30.09.2013 (15 Months) |
30.09.2014
(12
Months) |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs. In
Millions |
|
Sales |
12140.457 |
17184.870 |
23970.444 |
|
|
|
41.550 |
39.486 |
NET PROFIT MARGIN
|
Net
Profit Margin |
30.06.2012 (12
Months) |
30.09.2013 (15 Months) |
30.09.2014
(12
Months) |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
12140.457 |
17184.870 |
23970.444 |
|
Profit |
1208.728 |
1732.865 |
1930.851 |
|
|
9.96% |
10.08% |
8.06% |
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 |
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 |
FINANCIAL PERFORMANCE
Operating in a volatile and uncertain environment, the Company demonstrated the resilience of it business model, The Company’s best in class automotive component business enabled it to deliver robust profits during the financial year. The revenue of the Company is Rs.24169.035 Millions compared to Rs.17614.981 Millions during the previous year. The Profit after tax Rs.1930.851 Millions as compared to the previous year of Rs.1732.865 Millions. The Company has a strong Reserve and Surplus position of Rs.10592.208 Millions.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT:
GLOBAL ECONOMIC
OVERVIEW:
The year ending September 2014 was a more encouraging period for the global automotive industry than the year before. Both Europe and the US emerged stronger as an improving consumer sentiment and rising business confidence led to higher demand for vehicles, both in the passenger and commercial segments. However, in the advanced economies, the legacies of the pre-crisis boom and the subsequent economic slowdown, coupled with lingering challenges related to unemployment and high private and public debt still cast a shadow on the recovery. In addition, rising geopolitical tensions in Europe and the Middle East also marred an overall improving business outlook. In China, risks from an adverse impact of an ageing population and weak economic growth continued to weigh on overall business prospects.
The IMF forecasts global economic growth of 2.6% in CY2014, 10 bps above the growth in CY2013. Forecasted GDP growth in emerging markets and developing countries is placed at 4.4% in CY2014, 30 bps less than the growth in CY2013. Most of the key emerging / developing economies, except India and Mexico are expected to report lower growth in FY2015 and CY2014, respectively, vis-à-vis in 2013. US GDP is expected to grow 2.2% in CY2014, no change from the growth in CY2013. Europe, which contracted (0.4) % in CY2013, is expected to report positive growth in CY2014, projected at 0.8%. This is owing to a slight economic recovery in Germany, Spain and Italy. China’s growth is forecasted to drop 30 bps to 7.4% in CY2014 while India’s growth is expected to rise to 5.6% in CYFY2015. (Source: IMF)
INDIAN ECONOMIC
OVERVIEW:
Fiscal year 2013-14 had been a challenging year with subdued economic growth, as a result of higher inflation, higher interest rates, lower industrial growth and lower investments in the country, along with the poor global economic conditions. However, post a stable government at the Centre, business confidence has risen with a pick-up in foreign investment and production growth. Industrial output growth as measured by the Index of Industrial Production (IIP) for Apr-Sep 2014 stood at 2.8% y-o-y vs. 0.5% y-o-y for the same period of the last fiscal year. India’s GDP growth forecast has consequently been raised by IMF to 5.6% for FY2015, as compared to a growth of 5.0% in FY2014.
AUTOMOBILE INDUSTRY:
Global Automobile
Industry:
Despite demand pressures in some of the economies in the world and an overhang of the debt crisis in a few others, the global automotive industry seems to have started treading on the recovery path. United States finally returned to its pre-crisis sales level, with a substantial reduction in the workforce and renewed profitability. The market is expected to grow at over 4% in 2014 and over 3% in 2015. Sales in Asia, with two of the biggest automotive markets, are expected to rise by 8% in 2014. China continues to demand more cars, despite concerns that the economy is cooling off. Sales are expected to be higher by 10% in 2014. Sales in India are expected to remain flat, due largely to the recent slowdown that affected the passenger car industry. In Japan, despite a supportive monetary policy, sales are expected to shrink by (5)% in 2014 and (2)% in 2015.
Sales in Europe are expected to recover by over 5% in 2014 and 2015, but still remains away from its pre-crisis level. The Italian passenger car market remains depressed and sales are expected to come in at 1.3 million units, i.e. at half their pre-crisis level and production capacity continues to be underutilized with very limited hope of a rapid turnaround.
In Germany, automotive manufacturers are seeking to absorb
the increase in operating costs and investments via efficiency gains and
internal synergies. The market is expected to grow at over 3% in 2014 and 2015.
In the United Kingdom, pent-up demand and a renewed consumer sentiment is
expected to result in a growth in new registrations of over 10% in 2014. Registrations
in Brazil are expected to register a de-growth of (10) %.
Indian Automobile
Industry:
India has always been 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 also provides OEMs with a high quality, cost efficient manufacturing platform to service their customers globally, making it a compelling destination for major automotive manufacturers.
However, the automotive industry in the recent past has faced head winds. In the financial year 2013-14, consumer sentiment continued to be impacted by high fuel prices and overall economic uncertainty which also reflected in the business confidence and industrial output. As a result, the passenger car and commercial vehicle production fell by (4.9) % and (16.1) %, respectively during the year. The 2/3 wheelers production, however, was less affected and expanded by 6.8%.
The outlook for the Indian automotive sector is expected to improve. In the passenger car market, pent up demand after 2-3 years of lower consumption is expected to stimulate sales. Reducing food and fuel inflation and a recovery in the business sentiment, helped by a series of reforms by the new government is likely to benefit the commercial vehicles sector, which has already started to turn positive. In the 2/3 wheelers segment, a continuing income growth due to improved business climate will help sustain the momentum.
Automobile Component
Industry:
The Indian automotive industry is the sixth largest in the world having deep forward and backward linkages with several key segments of the economy. The industry has a strong positive multiplier effect which acts as a key driver of the economic growth.
In the last decade 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. It offers a cost competitive manufacturing base which potentially lowers operating costs by an average 10-25% compared to 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 making long term investments in India. OEMs are increasingly setting up engine manufacturing units in India, positioning the country as a sourcing hub for engine components. Some OEMs have also announced plans to increase procurement from their Indian subsidiaries.
Japanese auto component makers, with a significant presence in India, are increasingly carrying out expansion activities and setting up manufacturing bases close to Japanese OEMs’ plants in Gujarat and Tamil Nadu. In the recent past, a delegation of Taiwanese auto component makers evinced interest in partnering with their Indian counterparts in setting up manufacturing bases to supply to markets in South East Asia, Middle East and Africa. These initiatives further strengthen the fundamentals and growth outlook of the domestic automotive component manufacturers.
The Indian automotive component industry is expected to grow at a CAGR of 18.5% to reach over US$ 115 billion of sales by 2020-21 from US$ 35.2 billion in 2013-14. At the end of this period, the Indian market is expected to account for approximately three-fourths of total sales; exports are estimated at US$ 30 billion.
AHMEDNAGAR FORGINGS:
STRATEGY AND OUTLOOK:
Ahmednagar Forgings is one of the largest forging axle beam and crankshaft manufacturing Company in India. The Company has state of the art world class manufacturing facilities with vertical presses, hammers, up setters and ring rolling machines. It has an extensive product portfolio with a wide range of highly engineered components including camshafts, connecting rods, crankshaft, crown wheel pinions and front axle beams.
Ahmednagar Forgings derives a good portion of its revenues from the commercial vehicles industry, which after 2 years of posting negative growth, has started to show distinct trends of an upturn. The Indian commercial vehicles industry recorded positive growth of 3.1% in Q3 CY2014 compared to negative growth of (15.1)% in the previous quarter and a negative growth of (22.1)% in Q3 CY2013. Global OEMs operating in the domestic commercial vehicle segment seek to partner with high quality integrated component suppliers that can match their stringent quality and engineering requirements. Ahmednagar Forgings, with its technical advances and extensive capabilities, is well positioned to capitalize on the increasing demand for its products as the industry further gains from the recent deregulation of diesel prices and a thrust on infrastructural projects by the new government.
Going forward, a key focus area for management will be strengthening its presence in the non-auto business especially the tractors, construction equipment, railways and oil and gas segments. The Company also sees a significant opportunity in the pumps and valves and mining sectors. Ahmednagar Forgings’ non-auto strategy not only helps the Company mitigate risks arising from the cyclical swings in the auto sector, but also presents additional business opportunities.
Ahmednagar Forgings aims to continue to achieve above average growth through new product introductions, the addition of customers, further contracts from existing customers and continued consolidation in the industry. Management is focused on achieving operating excellence by reinforcing lean manufacturing and quality improvement programs across all production facilities which will result in further productivity improvements.
The Company has a successful track record of partnering with
its high profile customer base, which is essential for managing its business
going forward. As sustainable growth returns in the automotive industry, the
Company’s scale of operations and unique capabilities and technical expertise will
enable Ahmednagar Forgings to be differentiated in an increasingly competitive
market.
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
30.09.2014 |
|
Disputed Statutory Dues in respect of Excise Duty/Income Tax/ Service Tax/Sales Tax/VAT/ Entry Tax etc.(Including Interest & Penalty) |
14.863 |
|
Bank Guarantees issued by bank on company’s behalf |
42.245 |
|
Unexpired Letter of credit issued by bank on company’s behalf |
3.596 |
|
|
|
|
Total |
60.704 |
INDEX OF CHARGE:
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10541918 |
18/12/2014 |
10,270,000,000.00 |
ANDHRA BANK |
M-35 CONNAUGHT CIRCUS, NEW DELHI, NEW DELHI, DELHI - 110001, INDIA |
C39893730 |
|
2 |
10530901 |
14/11/2014 |
750,000,000.00 |
STATE BANK OF MYSORE |
F-6 UPPER GROUND FLOOR , EAST OF KAILASH, LALA LAJPAT RAI MARG, NEW
DELHI, DELHI - 110065, INDIA |
C33385667 |
|
3 |
10527256 |
09/10/2014 |
1,000,000,000.00 |
THE SOUTH INDIAN BANK LIMITED |
NEW DELHI-KAROL BAGH BRANCH 16A/17 AJMAL KHAN ROAD, OPP GATE NO.1
METRO STATION KAROL BAGH, DELHI, |
C30738355 |
|
4 |
10520898 |
29/08/2014 |
600,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE BRANCH 2ND FLOOR, 17 PARLIAMENT STREET, NEW DELHI,
DELHI - 110001, INDIA |
C21446976 |
|
5 |
10466617 |
30/09/2014 * |
3,000,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH 14TH FLOOR JAWAHAR, VYAPAR, BHAWAN, 1
TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA |
C31500689 |
|
6 |
10455327 |
30/09/2014 * |
1,500,000,000.00 |
CORPORATION BANK |
HINDUSTAN TIMES BUILDING, 10TH FLOOR, 18/20,, K.G . MARG, NEW DELHI,
DELHI - 110001, INDIA |
C39686787 |
|
7 |
10455051 |
26/08/2013 |
1,000,000,000.00 |
INDIAN BANK |
NEW DELHI, MAIN BRANCH, G-41, CONNAUGHT CIRCUS, NEW DELHI, DELHI -
110001, INDIA |
B87551925 |
|
8 |
10414367 |
03/01/2015 * |
1,000,000,000.00 |
STATE BANK OF BIKANER AND JAIPUR |
COMMERCIAL BRANCH, NEW DELHI, NEW DELHI, DELHI - |
C42934976 |
|
9 |
10414180 |
30/09/2014 * |
1,000,000,000.00 |
STATE BANK OF HYDERABAD |
CORE-6 SCOPE COMPLEX, LODHI ROAD, NEW DELHI, DELHI - 110003, INDIA |
C31022163 |
|
10 |
10413297 |
03/12/2014 * |
1,080,000,000.00 |
STANDARD CHARTERED BANK |
(ACTING AS AN SECURITY AGENT) CDU,, NARAIN MANZIL |
C36604221 |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED ON 31.12.2014
[RS.
IN MILLIONS]
|
PARTICULARS |
Year Ended |
|
31.12.2014 [Unaudited] |
|
|
1.
Income from operations |
|
|
a) Net sales/ Income from operation (net of excise duty) |
6356.200 |
|
b) Other operating income |
341.400 |
|
Total
Income from Operations (net) |
6697.600 |
|
|
|
|
2.Expenditure |
|
|
a) Cost of material consumed |
4256.600 |
|
b) Changes in inventories of finished goods,
work-in-progress and Stock-in-Trade |
17.000 |
|
c) Employee benefits Expense |
274.400 |
|
d) Depreciation and Amortization |
470.200 |
|
e) Other Expenses |
472.100 |
|
Total expenses |
5490.300 |
|
|
|
|
3. Profit from operations before other income, and
financial costs and Exceptional Items |
- |
|
Profit/ (Loss) before Interest, Depreciation, Tax and
Amortization |
1207.300 |
|
4. Other income |
0.000 |
|
5.Ecxhange Gain |
0.000 |
|
6. Profit from ordinary activities before finance costs |
1207.300 |
|
7. Finance costs |
639.100 |
|
8. Net profit/(loss) from
ordinary activities after finance costs but before exceptional items |
568.200 |
|
9. Exceptional item |
0.000 |
|
10. Profit from ordinary
activities before tax Expense: |
568.200 |
|
11.Tax expenses |
193.000 |
|
12.Net Profit / (Loss) from
ordinary activities after tax (9-10) |
375.200 |
|
13.Extraordinary
Items (net of tax expense) |
0.000 |
|
14.Net Profit
/ (Loss) for the period (11 -12) |
375.200 |
|
15.Paid-up equity share capital (Nominal value Rs.10
per share) |
367.500 |
|
16. Reserve excluding Revaluation Reserves as per
balance sheet of previous accounting year |
- |
|
17.i) Earnings
per share (before extraordinary items) of Rs.10/- each) (not annualized): |
10.21 |
|
(a) Basic and diluted |
10.21 |
|
|
|
|
A.
PARTICULARS OF SHAREHOLDING |
|
|
1.
Public Shareholding |
|
|
- Number of shares |
12945508 |
|
- Percentage of shareholding |
35.23 |
|
2.
Promoters and Promoters group Shareholding |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
NIL |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
NIL |
|
Percentage of shares (as a % of total share capital of the
company) |
NIL |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
23804492 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
64.77 |
|
|
PARTICULARS |
3
Months Ended 31.12.2014 |
|
B |
Investor
complaints (Nos.) |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
1 |
|
|
Disposed of during the quarter |
1 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.25 |
|
UK Pound |
1 |
Rs.96.01 |
|
Euro |
1 |
Rs.70.72 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
MTN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
NO |
|
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.