MIRA INFORM REPORT
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Report No. : |
309525 |
|
Report Date : |
25.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
GUJARAT APOLLO INDUSTRIES LIMITED |
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|
|
|
Formerly known as : |
GUJARAT APOLLO EQUIPMENTS LIMITED |
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Registered
Office : |
Block No. 486, 487, 488 Mouje Dholasan, Taluka and District Mehsana,
Mehsana – 382732, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
07.10.1986 |
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Com. Reg. No.: |
04-009042 |
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Capital
Investment / Paid-up Capital : |
Rs.159.406 Millions |
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CIN No.: [Company Identification
No.] |
L45202GJ1986PLC009042 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMG00034G |
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PAN No.: [Permanent Account No.] |
AAACG7248P |
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Legal Form : |
Public Limited Liability Company. The Company's Shares are listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturers of Road Construction and Maintenance Machinery Equipment. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
-- (Matter Converted to TAXAP/928/2014) |
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Comments : |
Subject is a well-established company having satisfactory track. Management has witnessed a decline in its revenue base, whereas has
reported an acceptable profitability during FY14. Trade relations seem to be fair. Business is active. Payment terms are
reported as slow but correct. 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 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
Not Available
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 DENIED
Management Non Co-operative (91-2762-666726)
LOCATIONS
|
Registered Office/ Factory : |
Block No. 486, 487, 488 Mouje Dholasan, Taluka and District Mehsana,
Mehsana – 382732, |
|
Tel. No.: |
91-2762-285345/285344/285346 |
|
Mobile No.: |
91-9825024990 (Mr. S.K. Mundra) |
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Fax No.: |
91-2762-285359 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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|
|
|
Corporate Office : |
“Parishram”, 5-B, Rashmi Society, Near Mithakhali Circle, Six Roads, Navrangpura, Ahmedabad – 380009, Gujarat, India |
|
Tel. No.: |
91-79-2644 4597/8 / 26563730 |
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Fax No.: |
91-79-6564705 / 26564705 |
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E-Mail : |
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Branch 1 : |
House No. 8-3-949/1/1, Flat No. 202 and 302, Sri Sai Ram Estate, Near Kamma Sangam, Foundation Hall, Ameerpet, Hyderabad - 500 016, Andhra Pradesh, India |
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Tel. No.: |
91-40-23737558 |
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Fax No.: |
91-40-23737559 |
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E-Mail : |
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Branch 2 : |
No. 116/3, First Floor, 11th Cross, (Above
Union Bank of |
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Tel. No.: |
91-80-23462865 |
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Fax No.: |
91-80-23462864 |
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E-Mail : |
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Branch 3 : |
B-104, BDA Duplex, Colony, Baramunda, |
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Tel. No.: |
91-674-2557246/469 |
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E-mail: |
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Branch 4 : |
C-21, Panchsheel Enclave, |
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Tel. No.: |
91-11-26498996/26497955 |
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Fax No.: |
91-11-26497518 |
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E-Mail : |
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Branch 5 : |
11, Dr. Natesan Salai, Ashoknagar, Chennai - 600 083, |
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Tel. No.: |
91-44-24897634/5963 |
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Fax No.: |
91-44-24895963 |
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E-Mail : |
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Branch 6 : |
112-113, Shrikant Chambers, Near R. K. Studio,
Sion-Trombay, Chembur, Mumbai - 400 071, |
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Tel. No.: |
91-22-25204897/25206922 |
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Fax No.: |
91-22-25205386 |
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E-Mail : |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Anil Patel |
|
Designation : |
Chairman |
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|
|
|
Name : |
Mr. Manibhai v. Patel |
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Designation : |
Director |
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Name : |
Mr. Asit A Patel |
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Designation : |
Managing Director |
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Name : |
Mr. Anand A. Patel |
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Designation : |
Whole-time Director |
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Name : |
MR. Ugrabhai V. Patel |
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Designation : |
Director |
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Name : |
Mr. Navinchandra V. Shah |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Suresh Shah |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
AS ON 31.12.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
Individuals / Hindu Undivided Family |
6778973 |
44.73 |
|
|
921401 |
6.08 |
|
|
7700374 |
50.81 |
|
|
|
|
|
|
769918 |
5.08 |
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|
769918 |
5.08 |
|
Total shareholding of Promoter and Promoter Group (A) |
8470292 |
55.89 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
12138 |
0.08 |
|
|
66028 |
0.44 |
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|
78166 |
0.52 |
|
|
|
|
|
|
1431148 |
9.44 |
|
|
|
|
|
Individual shareholders holding nominal share capital up
to Rs.0.100 Million |
3016213 |
19.90 |
|
Individual shareholders holding nominal share capital in excess
of Rs.0.100 Million |
1790743 |
11.82 |
|
|
368765 |
2.43 |
|
|
28323 |
0.19 |
|
|
4442 |
0.03 |
|
|
336000 |
2.22 |
|
|
6606869 |
43.59 |
|
Total Public shareholding (B) |
6685035 |
44.11 |
|
Total (A)+(B) |
15155327 |
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) |
15155327 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Road Construction and Maintenance Machinery Equipment. |
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Products : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
Not Divulged |
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Bankers : |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
DJNV and Company Chartered Accountants |
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Address : |
Ahmedabad, Gujarat, India |
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Membership : |
-- |
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Associate : |
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Subsidiary : |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs. 10/- each |
Rs. 200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15940621 |
Equity Shares |
Rs. 10/- each |
Rs.159.406 Millions |
|
|
|
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|
Buy Back of Shares
Pursuant to the
approval of the board of directors of the company, for buy back of equity shares
under section 77A of the companies act 1956, upto 3.83% of the paid up equity
share capital and free reserves of the company aggregating Rs. 65.200 Millions,
the company has bought back 6,34,379 (March 2013: Nil) equity shares during the
year ended March 31, 2014, from existing security holders on a proportionate
basis for Rs. 65.200 Millions by utilising Share Premium Account (March 2013:
Nil) and Rs. 6.344 Millions (March 2013: Nil) being the nominal value of shares
bought back in terms of Section 77A of the Companies Act, 1956
Reconciliation of number of shares outstanding at beginning and end of
the year
|
Equity Shares |
Number
of Shares |
|
Number of Shares Outstanding at the beginning of the year |
16575000 |
|
Add: Issued during the year |
- |
|
Less: Buyback during the year |
634379 |
|
Number of Shares
Outstanding at the end of the year |
15940621 |
Details of Shareholders holding more than 5% Equity Shares in the
Company
|
Equity Shares |
Percentage of
Holding |
|
Asit A. Patel (HUF) |
13.49% |
|
Asit A. Patel |
-- |
|
Anand A. Patel |
7.46% |
|
Apollo Infratech Private Limited |
5.78% |
Terms/rights attached to Equity Shares
The Company has
only one class of shares referred to as equity shares having a par value of 10/-
per share. Each holder of equity shares is entitled to one vote per share. The
Company declares and pays dividends in Indian Rupees. Payment of dividend is
also made in foreign currency to shareholders outside India. The dividend
proposed by the Board of Directors is subject to the approval of the
shareholders in the ensuing Annual General Meeting, except in the case of
interim dividend. As per the Companies Act, 1956, the holders of equity shares
will be entitled to receive remaining assets of the Company, after distribution
of all preferential amounts in the event of liquidation of the Company. However
no such preferential amounts exist currently. The distribution will be in
proportion to the number of equity shares held by the shareholders.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
159.406 |
165.750 |
165.750 |
|
(b) Reserves & Surplus |
2768.363 |
1520.537 |
1502.484 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
2927.769 |
1686.287 |
1668.234 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
80.000 |
80.068 |
83.468 |
|
(b) Deferred tax liabilities (Net) |
31.718 |
56.826 |
53.551 |
|
(c) Other long term
liabilities |
0.000 |
8.742 |
2.595 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
111.718 |
145.636 |
139.614 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
735.209 |
204.270 |
284.699 |
|
(b) Trade
payables |
90.897 |
249.558 |
353.577 |
|
(c) Other
current liabilities |
124.161 |
135.028 |
74.690 |
|
(d) Short-term
provisions |
46.624 |
201.949 |
60.380 |
|
Total Current
Liabilities (4) |
996.891 |
790.805 |
773.346 |
|
|
|
|
|
|
TOTAL |
4036.378 |
2622.728 |
2581.194 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
400.753 |
612.890 |
614.721 |
|
(ii)
Intangible Assets |
2.758 |
28.031 |
28.391 |
|
(iii) Capital
work-in-progress |
16.086 |
14.428 |
0.789 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
559.473 |
457.193 |
473.309 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
151.292 |
70.732 |
163.715 |
|
(e) Other
Non-current assets |
0.000 |
2.535 |
11.579 |
|
Total Non-Current
Assets |
1130.362 |
1185.809 |
1292.504 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
1136.939 |
0.500 |
0.500 |
|
(b)
Inventories |
250.165 |
353.881 |
343.442 |
|
(c) Trade
receivables |
88.359 |
358.811 |
456.152 |
|
(d) Cash
and cash equivalents |
259.429 |
163.287 |
106.969 |
|
(e)
Short-term loans and advances |
1156.914 |
558.906 |
379.875 |
|
(f) Other
current assets |
14.210 |
1.534 |
1.752 |
|
Total
Current Assets |
2906.016 |
1436.919 |
1288.690 |
|
|
|
|
|
|
TOTAL |
4036.378 |
2622.728 |
2581.194 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
475.443 |
2053.537 |
2177.797 |
|
|
|
Other Income |
124.067 |
56.415 |
49.407 |
|
|
|
TOTAL |
599.510 |
2109.952 |
2227.204 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
295.578 |
1323.550 |
1420.990 |
|
|
|
Changes in Inventories of Finished Goods, WIP and Stock in Trade |
58.338 |
7.557 |
63.924 |
|
|
|
Employee Benefit Expenses |
37.891 |
106.800 |
96.163 |
|
|
|
Other Expenses |
188.361 |
313.252 |
283.697 |
|
|
|
TOTAL |
580.168 |
1751.159 |
1864.774 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
19.342 |
358.793 |
362.430 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
14.705 |
54.591 |
46.565 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
4.637 |
304.202 |
315.865 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
38.129 |
38.824 |
34.924 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
EXCEPTIONAL ITEMS & TAX |
33.492 |
265.378 |
280.941 |
|
|
|
|
|
|
|
|
|
Add |
EXCEPTIONAL
ITEMS |
1368.035 |
35.970 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1334.543 |
301.348 |
280.941 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(25.108) |
84.275 |
98.462 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
1359.651 |
217.073 |
182.479 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
164.670 |
190.236 |
155.917 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed final dividend |
39.851 |
165.750 |
41.437 |
|
|
|
Transfer to General Reserve |
500.000 |
50.000 |
100.000 |
|
|
|
Income tax on dividend |
6.772 |
26.889 |
6.722 |
|
|
BALANCE CARRIED
TO THE B/S |
977.698 |
164.670 |
190.236 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Direct on FOB Basis |
82.788 |
429.117 |
259.101 |
|
|
|
Deemed Exports |
0.000 |
0.000 |
4.768 |
|
|
|
Export of Services |
0.000 |
0.504 |
0.585 |
|
|
TOTAL EARNINGS |
82.788 |
429.621 |
264.454 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Material & Components |
5.807 |
48.967 |
75.251 |
|
|
|
Capital Goods |
0.000 |
0.000 |
0.749 |
|
|
TOTAL IMPORTS |
5.807 |
48.967 |
76.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
85.29 |
13.10 |
11.01 |
|
QUARTERLY RESULTS
(Rs.
In Millions)
|
Particulars |
30.06.2014 (Unaudited) |
30.09.2014 (Unaudited) |
31.12.2014 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
120.500 |
175.400 |
193.800 |
|
Total Expenditure |
138.500 |
181.300 |
197.100 |
|
PBIDT (Excluding Other
Income) |
(18.000) |
(5.900) |
(3.200) |
|
Other Income |
36.900 |
54.100 |
37.500 |
|
Operating Profit |
18.900 |
48.200 |
34.200 |
|
Interest |
20.600 |
24.900 |
28.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
(1.600) |
23.300 |
6.200 |
|
Depreciation |
3.300 |
4.800 |
5.000 |
|
Profit Before Tax |
(4.900) |
18.600 |
1.200 |
|
Tax |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(4.900) |
18.600 |
1.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin PAT / Sales |
(%) |
285.98 |
10.57 |
8.38 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
4.07 |
17.47 |
16.64 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
38.56 |
14.01 |
13.33 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.46 |
0.18 |
0.17 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.28 |
0.17 |
0.22 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.92 |
1.82 |
1.67 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
165.750 |
165.750 |
159.406 |
|
Reserves & Surplus |
1502.484 |
1520.537 |
2768.363 |
|
Net
worth |
1668.234 |
1686.287 |
2927.769 |
|
|
|
|
|
|
long-term borrowings |
83.468 |
80.068 |
80.000 |
|
Short term borrowings |
284.699 |
204.270 |
735.209 |
|
Total
borrowings |
368.167 |
284.338 |
815.209 |
|
Debt/Equity
ratio |
0.221 |
0.169 |
0.278 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
2177.797 |
2053.537 |
475.443 |
|
|
|
(5.706) |
(76.848) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
2177.797 |
2053.537 |
475.443 |
|
Profit |
182.479 |
217.073 |
1359.651 |
|
|
8.38% |
10.57% |
285.98% |
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 |
No |
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs.
In Millions |
31.03.2013 Rs.
In Millions |
|
Long Term
Borrowings |
|
|
|
From Public |
0.000 |
39.418 |
|
From Shareholders |
0.000 |
40.650 |
|
Term Loan from HDFC Bank Limited |
80.000 |
0.000 |
|
|
|
|
|
Short Term
Borrowings |
|
|
|
HDFC Bank |
572.509 |
100.428 |
|
Kotak Mahindra Bank |
29.774 |
0.000 |
|
Mehsana Urban Cooperative Bank |
52.388 |
0.000 |
|
Loan from Directors |
0.000 |
9.700 |
|
Loan from Corporate Bodies |
0.000 |
0.317 |
|
Deposit from Public |
80.538 |
93.825 |
|
|
|
|
|
Total |
815.209 |
284.338 |
OPERATIONAL
REVIEW:
During the year,
subject had a turnover of Rs.475.443 Millions against Rs. 2053.537 Millions in
the previous year with total expense of Rs. 594.871 Millions against 1789.984
Millions in the previous year. The Company’s Profit before exceptional items
and tax was negative Rs. 119.428 Millions (Previous Year Rs.265.378).
Subject has earned
Net profit for the current year Rs. 13,596.53, with the extraordinary item
being consideration on sale of business amounting Rs. 1368.035 Millions as
compared to net profit of Rs. 217.073 Millions in the previous year. The Basic
EPS of subject for the year 2013-2014 before extraordinary item and after
extraordinary item is Rs. (0.53) and Rs. 85.29 respectively.
MANAGEMENT DISCUSSION AND ANALYSIS
The year that was FY 2013-14 was a difficult year with the markets observing a lot of ups and downs. Your Company managed to tide through this difficult and uncertain year with a fair amount of success. It is true that no outstanding were created during the year but the Company did manage to maintain its market share in the Crushing and Screening business post Joint Venture.
During FY 2013-14, subject closed a Business Transfer Agreement for a strategic joint venture with Switzerland based Ammann Group. The Company and its wholly owned subsidiary, Apollo Earthmovers Limited, transferred their respective identified businesses, being the entire product portfolio of asphalt plants and paver business (excluding crushing and screening business) of the Company on April 10, 2013 to Ammann Apollo India Private Limited (Previously known as Apollo Construction Equipments Limited) on slump sale basis.
This resulted in substantial cash surplus of more than Rs.1360.000 Millions, leading to a favourable liquidity position. Simultaneously, it was observed that there had been an unwarranted fall in the market price of Equity Shares of the Company.
These facts when reviewed against the management’s overall objective of maximization of shareholders wealth, led the management to consider buyback of the Equity Shares of the Company as an effective way of utilizing the cash surplus. The Buyback was initiated out of the Company’s accumulated free reserves leading to:
1. Reduce outstanding number of equity shares and consequently increase Earnings per share over a period of time.
2. Effectively utilize surplus cash
3. Make the Balance Sheet leaner and more efficient to improve key return ratios like Return on Net Worth, Return on Assets etc.
The management has and will continue to strive in protecting the interests of all the stakeholders thus justifying the trust and confidence reposed on them by the stakeholders. The management has always adopted an unbiased attitude in all its actions and has consistently followed the practice of transparency. The management firmly believes in profit sharing and has made sincere efforts to fulfill the expectations of the stakeholders.
Subject continues with its endeavor of contributing in a positive manner to the society at large by improving on the energy efficiency levels of its products.
The Company’s financial results can be summed up as follows:
1. Total Income of the Company is Rs.475.443 Millions.
2. Profit before Interest and exceptional items of the Company is Rs.4.639 Millions.
3. Extraordinary item is Rs.1368.035 Millions (Net of tax)
4. Profit after Tax is Rs.1359.653 Millions.
5. Earnings per Share is Rs.85.29 (Basic) and Rs.82.25 (Diluted).
Due to the slump sale of the business and volatile economic conditions, leading the market to become challenging, the sale during the FY 2013-14 has reduced as compared to FY 2012-13. The main reason apart from transfer of business is poor performance of overall mining and manufacturing sector due to a variety of reasons. Delays in regulatory approvals, problems in land acquisition and rehabilitation, environmental clearances and time overrun in the implementation of projects were the likely reasons resulted in slowing external and internal demands.
The overall economic conditions in the country did not meet with the original estimates, emerging mining as one of the stressed sector. In FY 2013-14, your company experienced uneven periods of sales. The first half was at best a steady performance while the second half provided the growth. Subject was always alive to the market conditions and with a combination of dedicated efforts, experience and expertise managed to obtain maximum mileage in a difficult environment. Taking cognizance of this difficult period, in the year under review the Company relied on market money as well as on the internal accruals.
INDUSTRY
STRUCTURE:
India continues to
be one of the most promising of BRIC Countries. International Companies are
looking at India for growth. But for the trying economic conditions in many
parts of the globe the industry would have witnessed a far higher level of
investments. Though there is an overcapacity in the global system but Large
global clients have plans to invest billions of dollars in several mega
projects over the next few years which augur well with the demand led growth.
The Crushing and
Screening market segment in India is a part of Mining Sector and is
experiencing challenging environment. Subject is working hard to build up the
reasonable market share in this segment.
OUTLOOK:
Subject sees a
moderate outlook in the coming years for Crushing and Screening business on its
own. With the existing cash balances, the Company can mobilize the funds and
venture in diversified business activities, outside of road construction
equipment business. With the Government committing itself to infrastructure in
general and construction in particular, the demands for the Company’s products
are likely to see a good growth in the coming years.
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / HALF YEAR ENDED 31ST
DECEMBER ER 2014
(Rs. In Millions)
|
|
Particulars |
Quarter ended |
Nine months ended |
|
|
|
|
31-Dec-14 |
30-Sep-14 |
31-Dec-14 |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
(1) |
INCOME FROM OPERATIONS |
|
|
|
|
|
|
|
|
|
|
a) |
Net Sales |
184.443 |
168.306 |
471.206 |
|
b) |
Other Operating Income |
9.398 |
7.101 |
18.491 |
|
|
Total
Income from Operations |
193.841 |
175.407 |
489.697 |
|
(2) |
EXPENSES |
|
|
|
|
a) |
Changes in Inventories |
(9.358) |
19.928 |
(3.688) |
|
b) |
Consumption of raw materials |
158.853 |
112.675 |
388.967 |
|
c) |
Employees cost |
13.589 |
12.864 |
35.641 |
|
d) |
Depreciation |
5.019 |
4.765 |
13.056 |
|
e) |
Other expenditure |
34.006 |
35.815 |
95.900 |
|
|
Total
Expenses |
202.109 |
186.047 |
598.876 |
|
(3) |
Profit/(Loss) from Operations before Other Income, Finance
Costs |
(8.268) |
(10.639) |
(40.179) |
|
(4) |
Other Income |
37.451 |
54.086 |
128.479 |
|
(5) |
Profit/(Loss) from Ordinary Activities before Finance
Costs & Net Exceptional income/ (Expenditure) |
29.183 |
43.447 |
88.300 |
|
(6) |
Less : Finance Costs (net) |
28.035 |
24.879 |
73.485 |
|
(7) |
Profit / (Loss) before Tax |
1.148 |
18.568 |
14.815 |
|
(8) |
Tax Expense |
-- |
-- |
-- |
|
(9) |
Profit / (Loss) after Tax |
1.148 |
18.568 |
14.815 |
|
(10) |
Paid-up Equity Share Capital (Face value Rs.10/- per
share) |
151.553 |
151.553 |
151.553 |
|
(11) |
Reserves (excluding Revaluation Reserve) |
|
|
|
|
(12) |
Earnings per Share (EPS) – In Rs (Basic and Diluted) |
0.08 |
1.23 |
0.98 |
|
|
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
|
|
|
|
|
|
(1) |
Public Shareholding |
|
|
|
|
|
- Number of shares |
8113884 |
6685035 |
8113884 |
|
|
- Percentage of shareholding |
48.95 |
41.11 |
48.95 |
|
|
Promoters and Promoters group Shareholding- |
|
|
|
|
(2) |
Pledged /Encumbered |
|
|
|
|
|
- No. of shares |
-- |
-- |
-- |
|
|
- Percentage of shares |
-- |
-- |
-- |
|
|
- Percentage of shares |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
Non-Encumbered |
|
|
|
|
|
Number of shares |
8461116 |
8470292 |
8461116 |
|
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
|
Percentage of shares (as a % of total share capital of the
company) |
51.05 |
55.89 |
51.05 |
|
|
|
|
|
|
|
B |
INVESTOR COMPLAINTS |
|
|
|
|
|
Pending at the beginning of the quarter |
1 |
|
|
|
|
Received during the quarter |
1 |
|
|
|
|
Disposed of during the quarter |
2 |
|
|
|
|
Remaining unresolved at the end of the quarter |
0 |
|
|
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10539037 |
21/11/2014 |
1,000,000,000.00 |
HDFC Bank Limited |
HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai, Maharashtra - 400013, India |
C38300067 |
|
2 |
10515665 |
16/07/2014 |
180,000,000.00 |
HDFC Bank Limited |
HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai, Maharashtra - 400013, India |
C17030156 |
|
3 |
10536196 |
23/06/2014 |
100,000,000.00 |
Kotak Mahindra Bank Limited |
27bkc, C 27, G Block, Bandra Kurla Complex, Bandra (East), Mumbai, Maharashtra - 400051, India |
C36732196 |
|
4 |
10500908 |
28/03/2014 |
235,000,000.00 |
HDFC Bank Limited |
HDFC Bank House Senapati Bapat Marg, Lower Parel West, Mumbai, Maharashtra - 400013, India |
C05528369 |
FIXED ASSETS:
·
·
Office Premises
·
·
Workers Quarters
·
Plant and Machinery
·
Electrical Installations
·
Furniture and Fixtures
·
Office Equipments
·
Vehicles
·
Technical Knowhow
·
Capitalized Software
PRESS RELEASE:
GUJARAT APOLLO
INDUSTRIES LIMITED AND APOLLO EARTHMOVERS LIMITED COMPLETE THE SLUMP SALE OF
THEIR ENTIRE PRODUCT PORTFOLIO OF ASPHALT PLANTS AND THE PAVER BUSINESS
(EXCLUDING THE CRUSHING AND SCREENING BUSINESS) TO APOLLO CONSTRUCTION EQUIPMENTS
LIMITED
April 9,
2013:
Gujarat Apollo Industries Ltd has informed
BSE regarding a Press Release dated April 08, 2013 titled "Gujarat Apollo
Industries Limited and Apollo Earthmovers Limited complete the slump sale of
their entire product portfolio of asphalt plants and the paver business
(excluding the crushing and screening business) to Apollo Construction
Equipments Limited"
GUJARAT APOLLO
INDUSTRIES TO CONSIDER BUYBACK OF EQUITY SHARES
Gujarat Apollo Industries Ltd has informed that a meeting of the Board of Directors of the Company will be held on January 18, 2014, to consider a proposal of buy back of equity shares of the Company.
GUJARAT APOLLO INDUSTRIES LIMITED LAUNCHES
STRATEGIC JOINT VENTURE WITH SWITZERLAND BASED AMMANN GROUP
Ahmedabad, 10 April 2013
The Gujarat based Apollo Group, a market leader in road construction equipment business in India, has launched a strategic joint venture with the Ammann Group of Switzerland. The Ammann Group now holds a controlling stake of 70% in erstwhile the consolidated road construction equipment business of the Apollo Group.
This investment marks the entry of the Ammann Group into the Indian market for road construction equipment, which is expected to grow in view of the policy thrust of government on increasing the road network across the country.
The Apollo Group is the market leader in India in the manufacture of road construction equipment and this joint venture will give Ammann a head start in its expansion plans into India. The joint venture, with the involvement of the Ammann Group, is expected to have a more robust portfolio of products and customer solutions, significant operational synergies, global market reach and cash flow generation to support growth.
To form the joint venture, Gujarat Apollo Industries Limited (GAIL) and its wholly owned subsidiary, Apollo Earthmovers Limited (AEML) have transferred their respective identified businesses, being the entire product portfolio of asphalt plants and the paver business (excluding the crushing and screening business) to Apollo Construction Equipments Limited (ACEL) on slump sale basis. Entities forming part of the Ammann Group have acquired fresh equity shares of ACEL such that their shareholding in ACEL, (which will be known as 'Ammann Apollo India Private Limited'), is 70% and the balance 30% shares of ACEL are now held by AEML.
The successful existing management team of the Apollo Group will continue to manage the joint venture and will be complemented with the-expertise from the Ammann Group.
Apollo has a broad network of sales and service branches in India, and the joint venture's products ideally supplement the Ammann range on the global markets. Consequently, the joint venture will remain responsible for product sales in the region of India, whilst the Ammann Group will now market the Apollo products worldwide.
GAIL shareholders would benefit by value accretion owing to 30% economic interest in the equity shareholding of ACEL. The Apollo Group intends to utilize the sale proceeds realized by GAIL and AEML, towards the advancement of its crushing and screening business and in pursuing diversified business activities to continue to build value for its shareholders.
"We are delighted to have entered into this strategic partnership with the Ammann Group, which is a worldwide leading manufacturer of asphalt mixing plants, compactors and asphalt pavers. We eagerly look forward to working together with the Ammann Group and realizing substantial value for all stakeholders and enhance the enhance growth prospects of the Apollo Group through this alliance" said Mr. Anil Patel, the founder and lead promoter of Apollo Group.
"Ammann is delighted to have found a partner of this high calibre. Apollo has been operating with great success on the Indian market for several decades now, its key posts are staffed by members of the founding family, and the company embraces the same values as Ammann in its dealings with customers, partners and employees.
This partnership with Apollo serves to significantly strengthen the market position of Ammann in India and all over the world" said Hans-Christian Schneider, CEO of the Ammann Group.
Deloitte Touche Tohmatsu India and Desai and Diwanji advised the Apollo Group on this transaction. BMR Advisors was the transaction advisor to Ammann Group, while Luther LLP and DSK Legal were the legal advisors.
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 records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.28 |
|
UK Pound |
1 |
Rs.96.21 |
|
Euro |
1 |
Rs.70.60 |
INFORMATION DETAILS
|
Information
Gathered by : |
PPT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/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 |
|
47 |
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.