MIRA INFORM REPORT
|
Report No. : |
309231 |
|
Report Date : |
25.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
AMTEK INDIA LIMITED |
|
|
|
|
Registered
Office : |
Village Narsinghpur, Mohammadpur, Old Manesar Road, Gurgaon – 122001,
Haryana |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
30.09.2014 |
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|
|
|
Date of
Incorporation : |
02.12.1983 |
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|
|
|
Com. Reg. No.: |
05-033789 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 555.915 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L65921HR1983PLC033789 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
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|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
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|
Line of Business
: |
Manufacturing of machined and casting components for the automobile
sector. |
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|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
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 |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track record. The management has failed to file its financials for the year 2014. As per indirect source the financials were made available for 2014. The company has reported considerable increase in its revenue as well
as profitability. The company seems to be in strong financial position. Trade relations are fair. Business is active. Payments are reported to
be regular and as per commitment. The company can be considered 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 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 low credit risk. |
|
Date |
April, 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: “A1+” |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
April, 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 DECLINED
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-124-2373407)
LOCATIONS
|
Registered Office/ Factory 1 : |
Village Narsinghpur, Mohammadpur, Old Manesar Road, Gurgaon – 122001,
Haryana, India |
|
Tel. No.: |
91-124-26373406,
26373407, 26373151, 26373152, 26370769 |
|
Fax No.: |
91-124-26373028 |
|
E-Mail : |
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|
Website : |
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Corporate Office : |
3, Local
Shopping Centre, Pamposh Enclave, G.K. - I, New Delhi – 110048, India |
|
Tel. No.: |
91-11-42344444 |
|
Fax No.: |
91-11-42344000 |
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E-Mail : |
|
|
|
|
|
Factory 2 (Foundry
Division) : |
SPA 1195,
Phase-IV, RIICO Industrial Area, District Bhiwadi, Rajasthan, India |
|
Tel. No.: |
91-1493-222028, 222029 |
|
Fax No.: |
91-1493-222030 |
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|
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Factory 3 : |
Nalagarh, District Solan, Himachal Pradesh, India |
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|
|
Factory 4 : |
SPA 502,
Phase-I, RIICO Industrial Area, District Bhiwadi, Rajasthan, India |
DIRECTORS
As on 30.09.2014
|
Name : |
Mr. Sanjay Chhabra |
|
Designation : |
Chairman and Director |
|
Date of Birth/Age : |
18.07.1960 |
|
Qualification : |
B. Tech (Mech.), from IIT Delhi, Diploma in Marketing Management from Jamanalal Bajaj Institute of Management Studies, Mumbai. |
|
Date of Appointment : |
13.08.2013 |
|
Expertise in specific functional areas : |
Vast experience in the field of technical, marketing and project implementation |
|
Other Directorship : |
·
Barista Coffee Company Limited ·
Adhbhut Infrastructure Limited ·
JMT Auto Limited · Amtek Auto Limited |
|
|
|
|
Name : |
Mr. Arvind Dham |
|
Designation : |
Chairman |
|
Date of Birth/Age : |
15.02.1961 |
|
Qualification : |
B.Arch., MBA |
|
Date of Appointment : |
30.01.1995 |
|
Expertise in specific functional areas : |
Strategy and Management |
|
Other Directorship : |
·
Amtek Auto Limited ·
ACIL Limited ·
Ahmednagar Forgings Limited ·
Symbios Personnel Advices and Services
Limited · Amtek Labroatries Limited |
|
|
|
|
Name : |
Mr. Gautam Malhotra |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Kattassery Thomas James |
|
Designation : |
Director |
|
Date of Birth/Age : |
01.12.1956 |
|
Qualification : |
M. Com |
|
Date of Appointment : |
27.12.2003 |
|
Expertise in specific functional areas : |
Accounts and Financial Matters |
|
Other Directorship : |
·
Amtek Railcar Limited ·
Amtek Heavy Engineering Industries Limited ·
Oriental Iron Casting Limited ·
Amtek Wagon Leasing Company Limited ·
Amtek Aerospace Industries Limited ·
Newtime Infrastructure Limited |
|
|
|
|
Name : |
Mr. Deshpal Singh Malik |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Shekhar Gupta |
|
Designation : |
Director |
|
Date of Birth/Age : |
14.04.1964 |
|
Qualification : |
B.
Tech (Mech.), MBA (Marketing) |
|
Date of Appointment : |
29.04.2003 |
|
Expertise in specific functional areas : |
Specialisation
in Quality Engineering, Industrial Engineering and Process Engineering |
|
Other Directorship : |
Oriental
Iron Casting Limited |
|
|
|
|
Name : |
Mr. John Ernest Flintham |
|
Designation : |
Director |
|
Date of Birth/Age : |
16.09.1952 |
|
Qualifications |
B. E. (Mechanical) from Technical College Lincoin, U.K. |
|
Expertise in specific functional areas : |
Vast experience in automotive components manufacturing
and commercial sales. |
|
Date of Appointment : |
13.05.2013 |
|
Other Directorship : |
·
Amtek Auto Limited ·
JMT Auto Limited ·
STESALIT Limited ·
MPT Amtek Automotive (India) Limited · Amtek Tekfor Automotive Limited |
KEY EXECUTIVES
|
Name : |
Mr. Vishal Wason |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
197676272 |
71.12 |
|
|
197676272 |
71.12 |
|
|
|
|
|
Total shareholding of Promoter and Promoter
Group (A) |
197676272 |
71.12 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1347 |
0.00 |
|
|
2037954 |
0.73 |
|
|
23979599 |
8.63 |
|
|
19870433 |
7.15 |
|
|
19870433 |
7.15 |
|
|
45889333 |
16.51 |
|
|
|
|
|
|
16470839 |
5.93 |
|
|
|
|
|
|
12248163 |
4.41 |
|
|
4037215 |
1.45 |
|
|
1635568 |
0.59 |
|
|
716550 |
0.26 |
|
|
339241 |
0.12 |
|
|
578777 |
0.21 |
|
|
1000 |
0.00 |
|
|
34391785 |
12.37 |
|
Total Public shareholding (B) |
80281118 |
28.88 |
|
Total (A)+(B) |
277957390 |
100.00 |
|
(C) Shares held by Custodians and against which
Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
277957390 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of machined and casting components for the automobile
sector. |
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
-- |
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Imports : |
-- |
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Terms : |
-- |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
·
UCO Bank ·
United Bank of India ·
State Bank of Patiala ·
State Bank of Bikaner and Jaipur ·
IDBI Limited · State Bank of Mysore |
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Facilities : |
NOTE: LONG TERM
BORROWINGS Particulars of
Security Term Loans are secured by equitable mortgage of all
immovable properties of the Company and hypothecation of movable assets, save
and except the prior charge in favour of Banks over inventories and book
debts to secure working capital limits. SHORT TERM
BORROWINGS Particulars of
Security Working Capital facilities are secured by hypothecation of raw material, semi-finished goods, stock-in-process, consumable stores and book debts of the company. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Manoj Mohan and Associates Chartered Accountants |
|
|
|
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Memberships : |
-- |
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|
|
|
Collaborators : |
-- |
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|
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|
Holding
Company : |
Amtek
Auto Limited |
|
|
|
|
Associate
Company : |
Terrasoft
Infosystems Private Limited |
|
|
|
|
Subsidiary
Company : |
Amtek
Kupper GmbH |
|
|
|
|
Subsidiaries
of Subsidiary : |
·
August Kupper Gmbh ·
H.J. Kupper System-Und Modultechnik GmbH ·
H.J. Kupper Metallbearbeitung GmbH ·
SKD-GieBerei GmbH ·
Kupper Hungaria Kft |
|
|
|
|
Subsidiaries
of Holding Company : |
·
Ahmednagar Forging Limited ·
Amtek Deutshland GmbH ·
Amtek Investment UK Ltd. ·
Amtek Germany Holding GP GmBH ·
Amtek Germany Holding GmBH and Co. KG ·
Amtek Holding BV ·
Amtek Global Technologies Pte. Limited ·
Amtek Transportation Systems Limited ·
Alliance Hydro Power 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 |
|
|
|
|
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 |
|
|
|
|
Associate
of Subsidiaries of the Holding Company : |
Amtek Railcar Private Limited |
|
|
|
|
Joint
Venture of Subsidiary of the Holding Company : |
SFE GmbH |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
45,00,00,000 |
Equity Shares |
Rs.2/- each |
Rs. 900.000 Millions |
|
5,00,000 |
Preference
Shares |
Rs.100/-
each |
Rs. 50.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 950.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
27,79,57,390 |
Equity Shares |
Rs.2/- each |
Rs. 555.915 Millions |
|
|
|
|
|
NOTE
The company has only one class of shares referred to as Equity Shares
having a par value of Rs. 2/- per share. Each Holder of Equity Shares is
entitled to one vote per share.
The reconciliation of
the number of shares outstanding and the amount of share capital as at
30.09.2014 is set out below:
|
Particulars |
As At 30.09.2014 |
|
|
Number of Shares |
Amount |
|
|
Number of shares at the beginning |
27,75,34,589 |
555.069 |
|
Add: FCCB conversion During the year |
4,22,801 |
0.846 |
|
Number of Shares at the end |
27,79,57,390 |
555.915 |
Details
of Bonus Shares issued during last five years.
|
Nature |
30.09.2013 |
30.06.2012 |
30.06.2011 |
30.06.2010 |
30.06.2009 |
|
Equity Shares |
Nil |
13,83,87,818 |
Nil |
Nil |
Nil |
Details
of Persons Holding more than 5% Share Capital
|
Particulars |
As At 30.09.2014 |
|
|
Number of Shares |
% of Holding |
|
|
Amtek Auto Ltd. (Holding Company) |
19,76,76,272 |
71.12% |
Detail
regarding convertible securities equity and preference share
FCCB’s of US$ 197.8 million are outstanding out of US$ 200 million for conversion into 10,01,59,927 equity shares.
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 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
555.915 |
555.069 |
553.552 |
|
(b) Reserves & Surplus |
24249.192 |
21761.366 |
19614.034 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
500.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
24805.107 |
22816.435 |
20167.586 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
44036.106 |
37584.609 |
25116.420 |
|
(b) Deferred tax liabilities (Net) |
4103.900 |
2975.379 |
2069.774 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
111.106 |
49.300 |
57.806 |
|
Total Non-current
Liabilities (3) |
48251.112 |
40609.288 |
27244.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
7828.586 |
4061.541 |
2960.358 |
|
(b) Trade
payables |
945.360 |
1097.095 |
928.870 |
|
(c) Other
current liabilities |
6092.739 |
2344.159 |
2109.890 |
|
(d) Short-term
provisions |
37.802 |
34.908 |
141.207 |
|
Total Current
Liabilities (4) |
14904.487 |
7537.703 |
6140.325 |
|
|
|
|
|
|
TOTAL |
87960.706 |
70963.426 |
53551.911 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
55000.902 |
46885.237 |
26419.077 |
|
(ii)
Intangible Assets |
10.212 |
9.268 |
0.000 |
|
(iii)
Capital work-in-progress |
2144.633 |
4187.823 |
1096.899 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
2285.702 |
1185.890 |
0.775 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
5887.015 |
944.490 |
7027.407 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
65328.464 |
53212.708 |
34544.158 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current
investments |
3608.848 |
420.521 |
0.773 |
|
(b)
Inventories |
8632.991 |
5908.503 |
5436.131 |
|
(c) Trade
receivables |
6505.961 |
4215.957 |
4093.989 |
|
(d) Cash
and cash equivalents |
1500.441 |
5999.318 |
5649.650 |
|
(e) Short-term
loans and advances |
2376.387 |
1166.931 |
3817.126 |
|
(f) Other
current assets |
7.614 |
39.488 |
10.084 |
|
Total
Current Assets |
22632.242 |
17750.718 |
19007.753 |
|
|
|
|
|
|
TOTAL |
87960.706 |
70963.426 |
53551.911 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
30.09.2014 (12 Months) |
30.09.2013 (15 Months) |
30.06.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
29912.236 |
22980.967 |
18745.606 |
|
|
|
Other Income |
238.024 |
525.836 |
131.732 |
|
|
|
TOTAL (A) |
30150.260 |
23506.803 |
18877.338 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
17857.303 |
13597.189 |
11450.820 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(1096.586) |
(133.980) |
(188.848) |
|
|
|
Employees benefits expense |
1093.451 |
988.812 |
660.348 |
|
|
|
Other expenses |
2773.459 |
1542.970 |
1302.025 |
|
|
|
Exceptional Items (Investment written off) |
0.000 |
0.000 |
128.384 |
|
|
|
TOTAL (B) |
20627.627 |
15994.991 |
13352.729 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
9522.633 |
7511.812 |
5524.609 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3440.467 |
2378.790 |
1798.310 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
6082.166 |
5133.022 |
3726.299 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2474.956 |
2124.489 |
1469.634 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
3607.210 |
3008.533 |
2256.665 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1128.521 |
905.604 |
693.695 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
2478.689 |
2102.929 |
1562.970 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
681.445 |
1292.771 |
326.304 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1562.457 |
500.000 |
500.000 |
|
|
|
Transfer to Debenture Redemption Reserve Account |
0.000 |
1402.000 |
0.000 |
|
|
|
Transfer to Foreign Currency Convertible Bond Redemption Reserve Account |
780.000 |
780.000 |
0.000 |
|
|
|
Proposed Dividend on Equity Capital |
27.796 |
27.753 |
27.678 |
|
|
|
Corporate Dividend Tax on Proposed Dividend |
5.558 |
4.502 |
4.490 |
|
|
|
Dividend Tax (not appropriated in previous period) |
0.214 |
0.000 |
64.335 |
|
|
BALANCE CARRIED
TO THE B/S |
784.109 |
681.445 |
1292.771 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Material |
0.000 |
0.000 |
9.632 |
|
|
|
Components
and spare parts |
1.506 |
8.891 |
12.315 |
|
|
|
Capital
goods |
151.731 |
780.617 |
278.660 |
|
|
TOTAL IMPORTS |
153.237 |
789.508 |
300.607 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
|
|
|
|
|
|
|
EPS (Rs. Per Share) after extraordinary / exceptional item |
8.93 |
7.59 |
5.65 |
|
|
|
EPS (Rs. Per Share) before extraordinary / exceptional item |
8.93 |
7.59 |
5.96 |
|
|
|
|
|
|
||
|
|
- Diluted |
|
|
|
|
|
|
EPS (Rs. Per Share) after extraordinary / exceptional item |
6.56 |
5.67 |
5.37 |
|
|
|
EPS (Rs. Per Share) before extraordinary / exceptional item |
6.56 |
5.67 |
5.67 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
31.12.2014 |
|
Type |
|
|
1st
Quarter |
|
Net Sales |
|
|
8214.100 |
|
Total Expenditure |
|
|
5459.000 |
|
PBIDT (Excl OI) |
|
|
2755.100 |
|
Other Income |
|
|
0.000 |
|
Operating Profit |
|
|
2755.100 |
|
Interest |
|
|
1093.200 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
1661.900 |
|
Depreciation |
|
|
820.800 |
|
Profit Before Tax |
|
|
841.100 |
|
Tax |
|
|
291.900 |
|
Provisions and
contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
549.200 |
|
Extraordinary
Items |
|
|
0.000 |
|
Prior Period
Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
549.200 |
KEY RATIOS
|
PARTICULARS |
|
30.09.2014 (12 Months) |
30.09.2013 (15 Months) |
30.06.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
8.29 |
9.15 |
8.34 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
31.84 |
32.69 |
29.47 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.32 |
4.59 |
4.30 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15 |
0.13 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.09 |
1.83 |
1.39 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.52 |
2.35 |
3.10 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
30.06.2012 |
30.09.2013 (15
Months) |
30.09.2014
(12
Months) |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
553.552 |
555.069 |
555.915 |
|
Reserves & Surplus |
19614.034 |
21761.366 |
24249.192 |
|
Share Application money
pending allotment |
0.000 |
500.000 |
0.000 |
|
Net
worth |
20167.586 |
22816.435 |
24805.107 |
|
|
|
|
|
|
long-term borrowings |
25116.420 |
37584.609 |
44036.106 |
|
Short term borrowings |
2960.358 |
4061.541 |
7828.586 |
|
Total
borrowings |
28076.778 |
41646.150 |
51864.692 |
|
Debt/Equity
ratio |
1.392 |
1.825 |
2.091 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
30.06.2012 |
30.09.2013 (15
Months) |
30.09.2014
(12
Months) |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
18745.606 |
22980.967 |
29912.236 |
|
|
|
22.594 |
30.161 |
NET PROFIT MARGIN
|
Net
Profit Margin |
30.06.2012 |
30.09.2013 (15
Months) |
30.09.2014
(12
Months) |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
18745.606 |
22980.967 |
29912.236 |
|
Profit |
1562.970 |
2102.929 |
2478.689 |
|
|
8.34% |
9.15% |
8.29% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10541027 |
27/12/2014 * |
4,000,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
2ND FLOOR, AXIS
HOUSE, BOMBAY DYEING MILLS, COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MAHARASHTRA, |
C42859140 |
|
2 |
10538806 |
25/10/2014 |
2,000,000,000.00 |
CORPORATION BANK CORPORATE BANKING BRANCH |
10TH, FLOOR, H.T.HOUSE, 18/20,K.G.MARG,CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA |
C38180873 |
|
3 |
10526845 |
21/10/2014 |
13,230,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND
FLOOR, C-2 BOMBAY DYEING MILLS, C |
C30407084 |
|
4 |
10524927 |
22/08/2014 |
1,000,000,000.00 |
CENTRAL BANK OF INDIA |
JEEVAN TARA BUILDING, 5 PARLIAMENT STREET, NEW DELHI, NEW DELHI, DELHI - 110001, INDIA |
C28642007 |
|
5 |
10520203 |
28/06/2014 |
750,000,000.00 |
STATE BANK OF MYSORE |
CORPORATE ACCOUNTS BRANCH, F-6 UPPER GROUND FLOOR, EAST OF KAILASH, LALA LAJPAT RAI MARG, DELHI, DELHI - 110065, INDIA |
C20848636 |
|
6 |
10513364 |
26/05/2014 |
1,500,000,000.00 |
CANARA BANK |
PRIME CORPORATE
BRANCH CANNAUGHT PLACE BRANCH, WO |
C15349426 |
|
7 |
10483875 |
06/03/2014 |
2,000,000,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE
BRANCH, 2ND FLOOR, 17, PARLIA |
C00067439 |
|
8 |
10519741 |
10/09/2014 * |
1,000,000,000.00 |
LIFE INSURANCE CORPORATION OF INDIA |
CENTRAL OFFICE,
INVESTMENT DEPARTMENT,6TH FLOOR, WEST WING, "YOGAKSHEMA", JEEVAN
BIMA MARG, MUMBAI, |
C21433180 |
|
9 |
10525793 |
31/12/2013 |
1,000,000,000.00 |
STATE BANK OF HYDERABAD |
CORE-6, SCOPE COMPLEX, LODHI ROAD, NEW DELHI, DELHI - 110003, INDIA |
C29609914 |
|
10 |
10469339 |
10/09/2014 * |
2,500,000,000.00 |
BANK OF MAHARASHTRA |
BUILDING B-29 CONNAUGHT
PLACE, NEW DELHI, DELHI, |
C21620034 |
|
11 |
10469308 |
10/09/2014 * |
3,000,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE
BRANCH ,14TH FLOOR, JAWAHAR VY |
C21538350 |
|
12 |
10468539 |
10/09/2014 * |
1,500,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, 2ND FLOOR, CHANDRALOK BUILDING, 36, JANPATH, NEW DELHI, DELHI - 110001, INDIA |
C20989125 |
|
13 |
10416522 |
10/09/2014 * |
3,000,000,000.00 |
IDBI BANK LIMITED |
RED CROSS SOCIETY
BUILDING ,1 RED CROSS ROAD, NEW |
C20102281 |
|
14 |
10413510 |
30/09/2014 * |
1,000,000,000.00 |
INDIAN OVERSEAS BANK |
LARGE CORPORATE
BRANCH 4TH FLOOR,RACHNA BUILDING, |
C31075302 |
|
15 |
10453534 |
10/09/2014 * |
1,000,000,000.00 |
VIJAYA BANK |
BARAKHAMBA ROAD
BRANCH, GROUND FLOOR, VIJAYA BUIL |
C23951783 |
|
16 |
10336939 |
27/11/2012 * |
800,000,000.00 |
STATE BANK OF BIKANER & JAIPUR |
101-102, NEW DELHI
HOUSE, 27, BARAKHAMBA ROAD,, |
B64028830 |
|
17 |
10322511 |
19/12/2011 * |
1,000,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND
FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI,, MUMBAI,
MAHARAS |
B29417599 |
|
18 |
10291842 |
19/12/2011 * |
2,500,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B29712650 |
|
19 |
10287123 |
27/11/2012 * |
11,000,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
AXIS HOUSE, 2ND
FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI,
MAHARAS |
B63184444 |
|
20 |
10194221 |
26/03/2010 * |
2,000,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
MAKER TOWERS 'F', 13TH FLOOR, CUFFE PARADE, COLABA, MUMBAI, MAHARASHTRA - 400005, INDIA |
A85493419 |
|
21 |
10174768 |
27/11/2012 * |
1,600,000,000.00 |
STATE BANK OF PATIALA |
COMMERCIAL BRANCH, CHANDRALOK BUILDING, IIND FLOOR, 36, JANPATH, NEW DELHI, DELHI - 110001, INDIA |
B63847651 |
|
22 |
10118432 |
30/09/2014 * |
2,000,000,000.00 |
AXIS TRUSTEE SERVICES LIMITED |
2ND FLOOR, AXIS HOUSE, BOMBAY DYEING MILLS, COMPOUND, PANDURANG BUDHKAR MARG, WORLI, MUMBAI, MAHARASHTRA - 400005, INDIA |
C25457599 |
|
23 |
80051944 |
28/04/2004 * |
200,000,000.00 |
LIFE INSURANCE CORPORATION OF INDIA |
CENTRAL OLFFICE,
JEEWAN BIMA MARG,, YOGAKSHEMA , |
- |
|
24 |
80051689 |
23/01/2009 * |
650,000,000.00 |
AXIS BANK LIMITED |
CENTRAL OFFICE,
CAPITAL MARKETS DEPARTMENT, 11TH |
A57185555 |
|
25 |
80009833 |
27/11/2012 * |
1,800,000,000.00 |
UNITED BANK OF INDIA |
NEHRU PLACE BRANCH, 106-109, ANSAL TOWER-38, NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
B63906457 |
|
26 |
90049833 |
13/07/2005 * |
150,000,000.00 |
UNION BANK OF INDIA |
106-109; ANSAL TOWER; NEHRU PLACE, NEW DELHI, DELHI, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
30.09.2014 (12 Months) (Rs.
In Millions) |
30.09.2013 (15 Months) (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Bonds
/ Debentures Foreign Currency Convertible Bonds |
12187.150 |
12467.512 |
|
Term
Loans From
Banks and Financial Institutions |
0.000 |
1000.000 |
|
Total |
12187.150 |
13467.512 |
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. 30150.260 Millions compared to Rs. 23506.803 Millions during the previous year. The Profit after tax Rs. 2478.689 Millions as compared to the previous year of Rs. 2102.929 Millions. The Company has a strong Reserve and Surplus position of Rs. 24249.192 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-ŕ-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.
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.
AMTEK INDIA: STRATEGY
AND OUTLOOK
Amtek India is the largest iron casting company in India with a range of highly engineered components including cylinder head, cylinder blocks and turbo charger housing. The Company has significant expertise in both automotive and nonautomotive component sectors. Over the years, it has established a strong foothold in the iron casting sector through proven foundry capabilities in vertical and horizontal moulding, in addition to machining and assembly.
The global automotive industry has turned gradually more positive over the last year. Although, U.S. and emerging markets such as India, China and Mexico have reported higher output, the recovery in Europe remains sluggish and country specific, casting doubts on a sustained global recovery. In the context of this uncertainty, Amtek India is cautiously optimistic on the near term market outlook.
India remains an attractive central hub for global OEM exports and a world class manufacturing base. Significant
investments in India by major OEMs, especially in the wake of the recent spate of reforms by the new government, are expected to reinforce near term prospects of the domestic automotive industry. Amtek India, with its world-class technology and extensive product design capabilities is optimally positioned to capitalize on a more pronounced recovery in the global automotive sector. Over the years, the Company has also successfully implemented its strategy of expanding the non-automotive business which presents additional business opportunities.
The Company continues to strategically invest in new capacities and capabilities to avail opportunities arising from industry consolidation, customers’ preferences for high technology suppliers and limited existing industry capacity. During the year, Amtek India potentially gained access to a new highly efficient capability, Shell Moulding, by entering into a joint venture with Riken Corporation of Japan to build a new iron casting foundry in Bhiwadi. The foundry will manufacture iron camshafts for the automobile industry and will thus enhance Amtek India’s presence in the niche cast camshafts product basket. The foundry will also offer synergy benefits with the Company’s existing iron casting plants in India.
Increasing localization by international OEMs in India opens up additional opportunities for Amtek India. The Company is confident of achieving 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. This will result in further productivity improvements and enables Amtek India to be differentiated in an increasingly competitive market.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
30.09.2014 (Rs.
In Millions) |
30.09.2013 (Rs.
In Millions) |
|
Unexpired Letter of Credit |
218.861 |
55.046 |
|
Bank Guarantees |
6.530 |
8.475 |
|
Disputed
Statutory Dues in respect of Excise Duty/Service Tax/Income Tax |
194.146 |
921.034 |
|
Total |
419.537 |
984.555 |
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED ON 31ST DECEMBER, 2014
(Rs.
in Millions)
|
Part-I |
Particulars |
Quarter Ended |
|
|
31.12.2014 |
|
|
|
(Unaudited) |
|
|
1 |
Income from
Operations |
|
|
|
a) Net Sales / Income from operations (Net of Excise Duty) |
7726.200 |
|
|
b) Other Operating Income |
487.900 |
|
|
Total Income (a+b) |
8214.100 |
|
|
|
|
|
2 |
Expenditure |
|
|
|
a) Cost of materials consumed |
4602.600 |
|
|
b) Purchase of stock in trade |
-- |
|
|
c) Changes in inventories of finished goods, work-in-progress and stock in trade |
(144.800) |
|
|
d) Employee benefits expenses |
292.600 |
|
|
e) Depreciation and amortisation |
820.800 |
|
|
f) Other expenses |
708.600 |
|
|
Total Expenses |
6279.800 |
|
3 |
Profit/ (Loss) from
operations before other income, Interest and Exceptional Items (1-2) |
1934.300 |
|
4 |
Other Income |
-- |
|
5 |
Profit/ (Loss) from
operations before interest and exceptional items (3-4) |
1934.300 |
|
6 |
Interest |
1093.200 |
|
7 |
Profit after
Interest but before Exceptional Items (5-6) |
841.100 |
|
8 |
Exceptional Items |
-- |
|
9 |
Profit/ (Loss) from
Ordinary Activities Before Tax (7+8) |
841.100 |
|
10
|
Tax Expenses |
|
|
|
- Current Tax |
-- |
|
|
- Deferred Tax |
-- |
|
|
- Fringe Benefit Tax |
-- |
|
11 |
Profit / (Loss)
from ordinary activities after tax (7-8) |
549.200 |
|
12 |
Extra ordinary Items (Net of tax) (Profit) |
-- |
|
13 |
Net Profit/ (Loss)
for the period (11-12) |
549.200 |
|
14 |
Share of Profit/
(Loss) of Associates |
-- |
|
15 |
Minority Interest |
-- |
|
16 |
Net Profit / (Loss)
after taxes, minority interest and share of profit/ (loss) of associates (13-14) |
549.200 |
|
17 |
Paid-up equity share capital (Face Value Rs.2/-) |
555.900 |
|
18 |
Reserves excluding Revaluation Reserve (as per balance sheet of previous accounting year) |
|
|
19
(i) |
Earnings per share
(EPS) before Extra-Ordinary Items (not annualised) |
|
|
|
- Basic |
1.98 |
|
|
- Diluted |
1.45 |
|
(ii) |
Earnings Per Share
(EPS) after Extra Ordinary Items (not annualised) |
|
|
|
- Basic |
1.98 |
|
|
- Diluted |
1.45 |
|
|
|
|
|
PART II |
|
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
1 |
Public shareholding |
|
|
|
- No of shares |
80281118 |
|
|
- Percentage of shareholding |
28.88 |
|
2 |
Promoters and
promoter group shareholding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- No of shares |
Nil |
|
|
- Percentage of shares (as a % of the total shareholding of promoters and promoter group |
Nil |
|
|
- Percentage of shares (as a % of the total share capital of the company) |
Nil |
|
|
b) Non-encumbered |
|
|
|
- No of shares |
197676272 |
|
|
- Percentage of shares (as a % of the total shareholding of promoters and promoter group |
100 |
|
|
- Percentage of shares (as a % of the total share capital of the company) |
71.12 |
|
B |
INVESTOR COMPLAINTS
(Nos.) |
For the quarter ended on 31st December, 2014 |
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
Nil |
|
|
Disposed of during the quarter |
Nil |
|
|
Remaining unresolved at the end of the quarter |
Nil |
NOTE
1. The above results were reviewed by the Audit Committee and were taken on record by the Board of Directors at its meeting held on 12th February, 2015.
2. The Limited Review as required under Clause 41 of the Listing Agreement has
been completed by the Auditors of the Company and related report is being
submitted to the concerned Stock Exchanges.
3. Segment reporting as defined in Accounting Standard (AS) - 17 is not
applicable, since the entire operations of the Company relate to only one
segment i.e. Automotive Components.
4. Previous year's figures have been regrouped and reclassified, to the extent
necessary, to conform to the current year's figures.
5. The inapplicable items in the format of the above results as per Annexure 1
to Clause 41 of the Listing Agreement have not been disclosed.
6. Pursuant to Companies Act 2013 (The Act), becoming effective from 1st April, 2014, the company has re-worked depreciation with reference to the estimated useful lives of fixed assets prescribed under Schedule II to the Act or useful life of fixed asset as per the Management estimate and history of usage, the company has retained useful life of certain categories of plant and Machinery which is higher then the useful life as indicated in schedule II owing to aforementioned change in estimate (except for certain categories of plant and machinery where the earlier useful life is retained), as a result the change for depreciation is higher by Rs. 37.576 Millions for the quarter ended 31st December, 2014.
FIXED ASSETS
Tangible Assets
· Land
· Building
· Plant and Equipment
· Furniture’s and Fixtures
· Vehicles
· Office Equipment
· Data Processing Units
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.62.28 |
|
|
1 |
Rs.96.21 |
|
Euro |
1 |
Rs.70.60 |
INFORMATION DETAILS
|
Information Gathered
by : |
GYT |
|
|
|
|
Analysis Done by
: |
SUC |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
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.