MIRA INFORM REPORT
|
Report No. : |
330837 |
|
Report Date : |
07.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
AMTEK AUTO LIMITED |
|
|
|
|
Registered
Office : |
Plot No.16, Industrial Area, Rozka Meo, P.O. Sohna, Gurgaon – 122003,
Haryana |
|
Tel No.: |
91-124-2362140 |
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|
|
|
Country : |
India |
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Financials (as
on) : |
30.09.2014 |
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|
|
Date of
Incorporation : |
04.08.1988 |
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|
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Com. Reg. No.: |
05-030333 |
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Capital
Investment / Paid-up Capital : |
Rs. 440.635 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27230HR1988PLC030333 |
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|
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|
IEC No.: |
0592023052 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
PAN No.: [Permanent Account No.] |
AAGCA4447E |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of Auto Components. |
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|
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|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (70) |
|
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 a well-built company came into existence in 1988. It is engaged
in the business of manufacturing of auto components. It has a fine track
record. For the financial year ended 2014, the company possesses upstanding
operational performance and it has decent sales turnover across with
profitability margin of 8.72%. Ratings also takes into consideration the healthy financial risk
profile of the company having strong net worth and favourable gap between
trade payables and trade receivables. Trade relations are reported as fair. Business is active. Payment
terms results to be regular and as per commitment. In the view of decent financial base and healthy operational profile,
the company can be considered good for normal business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = “AA-” |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
27.05.2015 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = “A1+” |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk |
|
Date |
27.05.2015 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2013.
INFORMATION DENIED
Management Non-Cooperative (91-11-41649801)
LOCATIONS
|
Registered Office / Factory 1 : |
Plot No.16, Industrial Area, Rozka Meo, P.O. Sohna, Gurgaon – 122003,
Haryana, India |
|
Tel. No.: |
91-124-2362140 |
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Fax No.: |
91-124-2662454 |
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E-Mail : |
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|
Website : |
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Corporate Office : |
3, Local Shopping Centre, Pam posh Enclave, G.K.-I, New Delhi -
110048, India |
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Tel. No.: |
91-11-42344444 |
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Fax No.: |
91-11-42344000 |
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E-Mail : |
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Web site : |
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Factory 2: |
Begumpur Khataula, P.O. Khandsa, Distt. Gurgaon, Haryana, India |
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Tel. No.: |
91-124-2373412 |
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Fax No.: |
91-124-2373408 |
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E-Mail : |
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Factory 3: |
Vill. Mohammadpur, Jharsa, Distt. Gurgaon, Haryana , India |
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Tel. No.: |
91-124-2372152 |
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Fax No.: |
91-124-2373410 |
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Factory 4: |
Shed No. 1, 2, 3, 4 & 5, Village-Malpura, Dharuhera,
Distt. - Rewari, Haryana, India |
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Factory 5: |
Plot No. 1, Sector-II, New Industrial Area, Distt. Raisen, Mandideep -
462046, Madhya Pradesh, India |
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Factory 6: |
Plot No. 1, Industrial Area, Dharuhera, Rewari, Haryana, India |
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Factory 7: |
Plot No. 53,Sector III, Industrial Area, IMT Manesar, Gurgaon,
Haryana, India |
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Factory 8: |
Gat No. 1074-1085 Sanaswadi Shikrapur Chakan Road, Taluka Shirpur, Pune,
Maharashtra, India |
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Factory 9: |
Dadi Bhola, Opposite Peer Sthan, Nalagarh, Distt. Solan - 174101, Himachal Pradesh, India |
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Factory 10: |
Dadi Bhola, Opposite Peer Sthan, Nalagarh Unit 2, Distt. – Solan - 174101, Himachal Pradesh, India |
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Factory 11: |
B-6, MIDC Area, Ranjangaon, Pune - 412210, Maharashtra, India |
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Factory 12: |
Survey No.1, C-2, VR-5, Tata Nano Vendor Park, Sanand, Gujarat, India |
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Factory 13: |
Plot No.-73, Tata Nano Vendor Park, Distt.-Udham Singh Nagar, Uttarakhand, India |
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Factory 14: |
Narsingpur Road, Begampur Khautola, Gurgaon - 122001, Haryana, India |
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Factory 15: |
RNS-21, SPICOT Industrial Growth Center, Sriperumbudur Taluk, Oragadam, Kencheepuram, Tamilnadu, India |
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Factory 16: |
Gat No.-251, Telegaon, Chaken Road, Kharabwadi, Khed, Pune, Maharashtra, India |
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Factory 17: |
Plot No. 1, Industrial Area, Dharuhera, Distt. – Rewari – 123106, Haryana, India |
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Factory 18: |
Gat No. 1081/1 & 1079, Shikrapur Chakan Road, Talegaon Dhamdhere, Sanaswadi - 412208, Maharashtra, India |
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Factory 19: |
Plot No. 191, Sector-4, Bawal, Distt. - Rewari, Haryana-123501, India |
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Factory 20: |
Autoswift Division, GGN, Delhi, Gzb, Bhiwadi and Pune, Maharashtra, India |
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Factory 21: |
Industrial Plot No. 1, Urban Estate Dharuhera Haryana, India |
DIRECTORS
AS ON 31.12.2014
|
Name : |
Mr. Arvind Dham |
|
Designation : |
Chairman and Director |
|
Date of Birth/Age : |
15.02.1961 |
|
Qualification : |
B. Arch from Chandigarh College of Architecture, Punjab
University and MBA. |
|
Expertise : |
He is an eminent industrialist having more than 24 years of experience in the field of Project Planning, implementation, International Trade and Business Management. |
|
Other Directorship: |
· Amtek India Limited · ACIL Limited · Ahmednagar Forgings Limited · Symbios Personnel Advices and Services Limited · Amtek Laboratories Limited |
|
|
|
|
Name : |
Mr. John Ernest Flintham |
|
Designation : |
Sr. Managing Director |
|
Date of Birth/Age : |
Mechanical Engineer |
|
Qualification : |
39 Years |
|
Date of Appointment: |
31.07.2007 |
|
|
|
|
Name : |
Mr. D.S. Malik |
|
Designation : |
Managing Director |
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|
|
|
Name : |
Mr. Gautam Malhotra |
|
Designation : |
Director |
|
Date of Birth/Age : |
03.03.1979 |
|
Qualification : |
B.E. (Computer Science),MBA from University of
Manchester, U.K |
|
Expertise: |
Specialization in Finance, Marketing & Acquisitions
etc. |
|
Other Directorship: |
· Amtek India Limited · Ahmednagar Forgings Limited · Amtek Laboratories Limited · ACIL Limited · STESALIT Limited · JMT Auto Limited |
|
|
|
|
Name : |
Mr. Rajeev Thakur |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Sajay Chhabra |
|
Designation : |
Director |
|
Date of Birth/Age : |
18.07.1960 |
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Qualification : |
B.Tech. (Mech.), MBA (Marketing) |
|
Expertise : |
He has vast experience in the field of technical, marketing and project implementation. |
|
Other Directorship: |
Amtek India Limited |
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|
|
|
Name : |
Mr. B Lugani |
|
Designation : |
Director |
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|
Name : |
Mr. Raj Narain Bhardwaj |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Sanjiv Bhasin |
|
Designation : |
Director |
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|
Name : |
Mr. B Venugopal |
|
Designation : |
Nominee Director |
KEY EXECUTIVES
|
Name : |
Mr. Rajeev Raj Kumar |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 31.03.2015
|
Category
of Shareholder |
Total No.
of Shares |
Total
Shareholding as a % of Total No. of Shares |
|
As a % of (A+B) |
||
|
(A) Shareholding of Promoter and
Promoter Group |
||
|
|
|
|
|
|
2797240 |
1.27 |
|
|
105115410 |
47.71 |
|
|
107912650 |
48.98 |
|
|
|
|
|
Total shareholding of Promoter and
Promoter Group (A) |
107912650 |
48.98 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
2209434 |
1.00 |
|
|
8998394 |
4.10 |
|
|
56672243 |
25.72 |
|
|
20777292 |
9.43 |
|
|
20777292 |
9.43 |
|
|
88657363 |
40.25 |
|
|
|
|
|
|
9134762 |
4.15 |
|
|
|
|
|
|
10155907 |
4.82 |
|
|
2448857 |
1.11 |
|
|
1499320 |
0.68 |
|
|
472898 |
0.21 |
|
|
517990 |
0.24 |
|
|
508432 |
0.23 |
|
|
23238846 |
10.77 |
|
Total Public shareholding (B) |
111896209 |
51.02 |
|
Total (A)+(B) |
219808859 |
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) |
219808859 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Auto Components. |
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Products : |
Auto Components |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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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 |
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
· Corporation Bank · Andhra Bank · Indian Overseas Bank · IDBI Bank Limited |
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Facilities : |
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Auditors : |
|
|
Name : |
Manoj Mohan and Associates Chartered Accountants |
|
Address : |
New Delhi, India |
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|
|
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Memberships : |
Not Available |
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|
|
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Collaborators : |
Not Available |
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|
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|
Subsidiaries: |
· Ahmednagar Forging Limited · Amtek Deutshland GmbH · Amtek Investment UK Limited · Amtek Germany Holding GP GmBH · Amtek Germany Holding GmBH and Company KG · Amtek Holding BV · Amtek Global Technologies Pte. Limited · Amtek Transportation Systems Limited · Alliance Hydro Power Limited · Amtek India Limited · Amtek Defence Technologies Limited · JMT Auto Limited |
|
|
|
|
Subsidiaries of Subsidiaries: |
· Amtek Tekfor Holding GmbH · Neumayer Tekfor GmbH · Tekfor Services GmbH · Neumayer Tekfor Rotenburg GmbH · Neumayer Tekfor Schmolln GmbH · Neumayer Tekfor Engineering GmbH · GfsV · Neumayer Tekfor Japan Company Limited · Tekfor Inc. · Tekfor Maxico SA de CV · Neumayer Tekfor Automotive Brasil Ltda. · Neumayer Tekfor SpA · Tekfor Maxico Services · Tekfor Services Inc. · SFE GmbH · Amtek Powertrain Components B.V. · Amtek Powertrain RUS LLC · Amertec Systems Private Limited |
|
|
|
|
Joint Venture’s: |
· Amtek Tekfor Automotive Limited · MPT Amtek Automotive (India) Limited · SMI Amtek Crankshafts Private Limited |
|
|
|
|
Joint Ventures of Subsidiaries: |
Amtek Railcar Private Limited |
|
|
|
|
Associate’s: |
· ACIL Limited (Formerly known as Amtek Crankshafts India Limited) · ARGL Limited (Formerly known as Amtek Ring Gears Limited) |
CAPITAL STRUCTURE
As on 30.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
400000000 |
Equity Shares |
Rs. 2/- each |
Rs. 800.000 Million |
|
3500000 |
Preference Shares |
Rs. 100/- each |
Rs. 350.000 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 1150.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
220317928 |
Equity Shares |
Rs.2/- each |
Rs. 440.636 Million |
|
|
|
|
|
NOTE
The company has only one class of shares referred to as Equity
Shares having a par value of Rs. 2/- per share. Each shareholder of equity
Shares is entitled to one vote per share.
The reconciliation of
the number of shares outstanding and the amount of share capital as at
September 30, 2014 and September 30, 2013 is set out below:
|
Particulars |
As
at 30.09.2014 |
|
|
Number
of Shares |
Rs. in Million |
|
|
Number of shares at the beginning |
218623745 |
437.247 |
|
Add: Shares Issued |
1694183 |
3.389 |
|
Less: Shares Bought Back |
--- |
--- |
|
Number of Shares at the end |
220317928 |
440.636 |
Details of shares bought back, during the last five years
|
Nature |
30.06.2013 |
30.06.2012 |
30.06.2011 |
30.06.2010 |
30.06.2009 |
|
Equity Shares |
19,23,999 |
12,626,001 |
Nil |
Nil |
Nil |
Details of Persons Holding more than 5% Share Capital
|
Particulars |
As
at 30.09.2014 |
|
|
Number
of Shares |
% of Holding |
|
|
Forbes Builders Private Limited |
17859895 |
8.11% |
|
Turjo Arts Private Limited |
15868390 |
7.20% |
|
Amtek Laboratories Limited |
15603395 |
7.08% |
|
Warrol Limited |
-- |
-- |
|
Lic Of India Profit Plus Growth Fund |
-- |
-- |
|
Shivani Horticulture Private Limited |
15279576 |
6.94% |
|
Warburg Pincus International LLC A/c Stoneridge
Investment Limited |
-- |
-- |
|
LLC A/c Stoneridge Investment Limited |
-- |
-- |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES
OF FUNDS |
30.09.2014 |
30.09.2013 (15 Months) |
30.06.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
440.636 |
437.247 |
441.095 |
|
(b) Reserves & Surplus |
50895.245 |
47541.197 |
43391.840 |
|
(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) |
51335.881 |
47978.444 |
43832.935 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
52166.396 |
53361.235 |
27348.643 |
|
(b) Deferred tax liabilities (Net) |
5288.653 |
3801.907 |
3044.111 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
139.360 |
93.842 |
120.498 |
|
Total Non-current Liabilities
(3) |
57594.409 |
57256.984 |
30513.252 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
11529.005 |
6960.469 |
7650.048 |
|
(b) Trade
payables |
1616.976 |
1309.792 |
1893.140 |
|
(c) Other
current liabilities |
16312.709 |
8227.208 |
12052.415 |
|
(d) Short-term
provisions |
143.463 |
129.348 |
225.049 |
|
Total Current
Liabilities (4) |
29602.153 |
16626.817 |
21820.652 |
|
|
|
|
|
|
TOTAL |
138532.443 |
121862.245 |
96166.839 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
76705.106 |
61690.537 |
38350.316 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
5954.903 |
10033.868 |
5291.550 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
16655.713 |
17594.750 |
11252.402 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
14833.457 |
10361.195 |
18143.123 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
114149.179 |
99680.350 |
73037.391 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
221.439 |
512.698 |
38.189 |
|
(b)
Inventories |
10571.949 |
7036.296 |
5805.828 |
|
(c) Trade
receivables |
8756.422 |
6294.034 |
5836.666 |
|
(d) Cash
and cash equivalents |
2232.909 |
6424.459 |
3146.623 |
|
(e) Short-term
loans and advances |
2593.813 |
1896.472 |
8270.054 |
|
(f) Other
current assets |
6.732 |
17.936 |
32.088 |
|
Total
Current Assets |
24383.264 |
22181.895 |
23129.448 |
|
|
|
|
|
|
TOTAL |
138532.443 |
121862.245 |
96166.839 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
30.09.2014 |
30.09.2013 (15 Months) |
30.06.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
39506.834 |
30193.796 |
22027.914 |
|
|
|
Other Income |
490.161 |
1065.990 |
2511.358 |
|
|
|
TOTAL (A) |
39996.995 |
31259.786 |
24539.272 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
23682.284 |
18927.663 |
14020.250 |
|
|
|
Changes in inventories of finished goods, work-in-progress and Stock-in-Trade |
(330.772) |
(317.881) |
(260.477) |
|
|
|
Employee benefit expense |
1468.024 |
1166.070 |
929.453 |
|
|
|
Other expenses |
2875.726 |
2074.785 |
1778.001 |
|
|
|
Exceptional Items |
0.000 |
(1898.461) |
0.000 |
|
|
|
TOTAL (B) |
27695.262 |
19952.176 |
16467.227 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
12301.733 |
11307.610 |
8072.045 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4291.105 |
2753.158 |
1855.144 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8010.628 |
8554.452 |
6216.901 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
3290.326 |
2837.386 |
2118.494 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
4720.302 |
5717.066 |
4098.407 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1486.746 |
1209.855 |
1182.837 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
3233.556 |
4507.211 |
2915.570 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2405.801 |
1879.575 |
81.154 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
2665.200 |
1500.000 |
500.000 |
|
|
|
Transferred to debenture Redemption
Reserve Account |
180.000 |
2366.600 |
500.000 |
|
|
|
Proposed Dividend on Equity Share |
110.159 |
109.312 |
109.312 |
|
|
|
Dividend and Tax for Previous year |
0.508 |
(5.592) |
0.000 |
|
|
|
Corporate Dividend Tax |
16.869 |
10.665 |
7.837 |
|
|
BALANCE CARRIED
TO THE B/S |
2666.621 |
2405.801 |
1879.575 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export of Goods Calculated on F.O.B basis |
2491.687 |
2833.177 |
1524.167 |
|
|
|
Interest and Dividend |
0.000 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
2491.687 |
2833.177 |
1524.167 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
74.269 |
104.492 |
114.965 |
|
|
|
Stores & Spares |
6.935 |
60.773 |
50.844 |
|
|
|
Capital Goods |
860.960 |
962.120 |
905.538 |
|
|
TOTAL IMPORTS |
942.164 |
1127.385 |
1071.347 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
14.78 |
20.62 |
13.38 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current Maturities of Long term debt |
14098.326 |
7248.958 |
6884.365 |
|
Cash generated from operations |
12170.173 |
7828.200 |
14805.622 |
|
Net Cash From Operating Activities |
11192.255 |
7170.506 |
13742.494 |
QUARTERLY /
SUMMARISED RESULTS
|
Particulars (Rs
Million) |
Jun 2014 |
Sep 2014 |
Dec 2014 |
|
Audited / Un
Audited |
Un Audited |
Un Audited |
Un Audited |
|
Net Sales |
10643.800 |
10421.600 |
11189.400 |
|
Total Expenditure |
7302.000 |
7256.300 |
7673.400 |
|
PBIDT (Excl OI) |
3341.800 |
3165.300 |
3516.000 |
|
Other Income |
0.000 |
0.000 |
0.000 |
|
Operating Profit |
3341.800 |
3165.300 |
3516.000 |
|
Interest |
1147.300 |
1183.200 |
1279.600 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
2194.500 |
1982.100 |
2236.400 |
|
Depreciation |
886.100 |
905.400 |
1159.200 |
|
Profit Before Tax |
1308.400 |
1076.700 |
1077.200 |
|
Tax |
447.600 |
333.000 |
369.100 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
860.800 |
743.700 |
708.100 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
860.800 |
743.700 |
708.100 |
KEY
RATIOS
|
PARTICULARS |
|
30.09.2014 |
30.09.2013 |
30.06.2012 |
|
|
(15
Months) |
|||
|
Net Profit Margin (PAT/Sales) |
(%) |
8.18 |
14.93 |
13.24 |
|
|
|
|
|
|
|
Operating Profit Margin (PBITD/Sales) |
(%) |
31.14 |
37.45 |
36.64 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.07 |
6.07 |
5.15 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
0.12 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.24 |
1.26 |
0.80 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.82 |
1.33 |
1.06 |
STOCK
PRICES
|
Face Value |
Rs.2.00 |
|
Market Value |
Rs.160.70 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
30.06.2012 |
30.09.2013 |
30.09.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
441.095 |
437.247 |
440.636 |
|
Reserves & Surplus |
43391.840 |
47541.197 |
50895.245 |
|
Net
worth |
43832.935 |
47978.444 |
51335.881 |
|
|
|
|
|
|
long-term borrowings |
27348.643 |
53361.235 |
52166.396 |
|
Short term borrowings |
7650.048 |
6960.469 |
11529.005 |
|
Total
borrowings |
34998.691 |
60321.704 |
63695.401 |
|
Debt/Equity
ratio |
0.798 |
1.257 |
1.241 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
30.06.2012 |
30.09.2013 |
30.09.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
22027.914 |
30193.796 |
39506.834 |
|
|
|
37.071 |
30.844 |
NET PROFIT MARGIN
|
Net
Profit Margin |
30.06.2012 |
30.09.2013 |
30.09.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
22027.914 |
30193.796 |
39506.834 |
|
Profit |
2915.570 |
4507.211 |
3233.556 |
|
|
13.24% |
14.93% |
8.18% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOANS
(Rs.
In Million)
|
PARTICULAR |
30.09.2014 (Rs.
In Million) |
30.09.2013 (Rs.
In Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Bonds / Debentures |
|
|
|
(i) 10.25% Non-Convertible Debentures |
0.000 |
0.000 |
|
(ii) 5.625% Foreign Currency Convertible Bonds |
0.000 |
0.000 |
|
External Commercial Borrowings |
821.514 |
1674.053 |
|
Total |
821.514 |
1674.053 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10532678 |
25/11/2014 * |
1,000,000,000.00 |
SYNDICATE BANK |
B-117, FIRST FLOOR, SECTOR-18, NOIDA, UTTAR PRADESH - 201301, INDIA |
C37367372 |
|
2 |
10510139 |
09/07/2014 |
1,500,000,000.00 |
ORIENTAL BANK OF COMMERCE |
LARGE CORPORATE BRANCH, HARSHA BHAWAN, E BLOCK, CONNAUGHT PLACE, NEW DELHI, DELHI - 110001, INDIA |
C12156220 |
|
3 |
10490054 |
17/05/2014 |
16,805,000,000.00 |
CORPORATION BANK |
HINDUSTAN TIMES HOUSE,, 10TH FLOOR, K.G. MARG, CONNAUGHT PLACE,, NEW DELHI, DELHI - 110001, INDIA |
C03774429 |
|
4 |
10486592 |
30/09/2014 * |
2,000,000,000.00 |
BANK OF BARODA |
GROUND FLOOR, BANK
OF BARODA BUILDING, 16, PARLIA |
C32106726 |
|
5 |
10481401 |
30/09/2014 * |
2,000,000,000.00 |
STATE BANK OF MYSORE |
CORPORATE ACCOUNTS BRANCH,F-6, UPPER GROUND FLOOR, EAST OF KAILASH, LALA LAJPAT RAI MARG,, NEW DELHI, DELHI - 110065, INDIA |
C35305291 |
|
6 |
10463708 |
30/09/2014 * |
2,500,000,000.00 |
BANK OF MAHARASHTRA |
B-29, CONNAUGHT
PLACE, NEW DELHI, DELHI - 110001, |
C32231557 |
|
7 |
10467460 |
25/11/2014 * |
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 |
C40616864 |
|
8 |
10486435 |
25/11/2014 * |
3,000,000,000.00 |
LIFE INSURANCE CORPORATION OF INDIA |
YOGAKSHEMA 6TH FLOOR,
INVESTMENT DEPARTMENT WEST |
C40071136 |
|
9 |
10457793 |
25/11/2014 * |
3,500,000,000.00 |
IFCI LIMITED |
IFCI TOWER,
61,NEHRU PLACE, NEW DELHI, DELHI - 11 |
C37362019 |
|
10 |
10460584 |
26/09/2013 |
3,000,000,000.00 |
CANARA BANK |
PCB- CONNAUGHT PLACE, 2ND FLOOR,WORLD TRADE TOWER, BARAKHAMBA LANE, DELHI - 110001, INDIA |
B89693675 |
* Date of charge modification
CONTINGENT
LIABILITIES:
|
PARTICULARS |
30.09.2014 (Rs.
In Million) |
30.09.2013 (Rs.
In Million) |
|
Letter of credit issued on behalf of company (unexpired) |
210.171 |
126.578 |
|
Bank Guarantees Issued by bank on company’s behalf |
63.614 |
10.677 |
|
Disputed Sales tax/Vat/entry Tax/Excise Duty/Service Tax/ income tax (including interest and penalty) |
120.906 |
842.662 |
|
Corporate guarantee |
7915.185 |
13987.462 |
FINANCIAL
PERFORMANCE
During
the period the revenue of the Company is Rs. 31259.786 Million compared to Rs.
24539.272 Million during the previous year. The Profit after tax has increased
to Rs. 4507.211 Million as compared to the previous year of Rs. 2915.570
Million.
The
Company has a strong Reserve and Surplus position of Rs. 475,411.97 Million.
BUSINESS
OVERVIEW
Amtek Auto
is one of the largest integrated component manufacturers headquartered in India
with truly global manufacturing facilities. The Company has significant
expertise in the automotive components sector with proven capabilities in
forging, grey and ductile iron casting, gravity and high pressure aluminium die
casting and machining and sub-assembly. It has an extensive product portfolio
with a range of highly engineered components. The Company supplies components
for passenger cars, light and heavy commercial vehicles, 2/3 wheelers,
tractors, locomotive components and construction and earth moving vehicles.
In
addition to being one of the leading casting and machining companies in the
automotive sector in India, the Amtek Auto with its subsidiaries has become one
of the world’s largest global forging and integrated machining companies.
Founded in 1987 by Mr. Arvind Dham, Amtek Auto and its subsidiaries now have 60
world class facilities across India, UK, Germany, Brazil, Italy, Mexico, Russia
and US. It is widely recognized as a preferred OEM supplier for passenger cars,
light and heavy commercial vehicles, 2/3 wheelers and diesel engines. Global
blue chip customers include BMW, Caterpillar, CNH America, Cummins, Fiat, Ford,
Halliburton, Honda, JCB, Maruti, Tata JLR, Timken and Volkswagen.
Over the
last decade, Amtek Auto has established several joint ventures and technical
partnerships with leading global firms to offer customers a world class product
range. Collaborating companies include Magna Powertrain in Canada, Sumitomo
Metal in Japan and Aizen in Japan. The joint ventures are progressing in line
with the management expectations. As part of its strategy to leverage its core
skill base and manufacturing platform, Amtek Auto has also developed a product
range for non-automotive customers. These cover end markets such as locomotive
components, earth moving and construction equipment and tractors.
During
the period, Amtek Auto acquired Neumayer Tekfor in Germany and JMT Auto in
India. Amtek Auto sold a 56% equity stake in each of Amtek Ring Gears Ltd and
Amtek Crankshaft India Ltd, unlocking value from relatively lower profit margin
units.
The
acquisition of Neumayer Tekfor was transformational, providing Amtek Auto with
an enhanced product portfolio and geographic market reach from which to supply
its combined global customers. As a leading forging and integrated machining
company, Neumayer Tekfor’s extensive high technology product range includes
high precision camshafts, valve train components, connecting rods and
specialized safety fasteners.
FIXED ASSETS
· Land
· Building
· Plant and Equipment
· Electric Installation
· Furnitures and Fixtures
· Vehicles
·
Office Equipment
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 31ST MARCH 2015
(Amt
in Million)
|
Particulars |
Quarter Ended |
Six Months Ended |
||
|
31.03.2015 |
31.12.2014 |
31.03.2015 |
||
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
||
|
1 |
Income from Operations |
|
|
|
|
|
(a) Net sates/income from operations (Net of excise duty) |
9000.900 |
10354.500 |
19435.400 |
|
|
(b) Other Operating Income |
466.000 |
834.900 |
1300.900 |
|
|
Total income from operations (net) |
9546.900 |
11189.400 |
20736.300 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials consumed |
9176.700 |
6565.500 |
15742.200 |
|
|
(b) Purchases of stock-in trade |
- |
- |
- |
|
|
(c) Changes in inventories of finished goods. work-in-progress and
stock in trade |
(3265.900) |
(118.100) |
(3384.000) |
|
|
(d) Employee benefits expense |
372.200 |
400.200 |
772.400 |
|
|
(e) Depreciation and Anmortisation Expenses |
1216.900 |
1159.200 |
2376.100 |
|
|
(f) Other Expenses |
713.900 |
825.800 |
1539.700 |
|
|
Total expenses |
8213.800 |
8832.600 |
17046.400 |
|
3 |
Profit/ (Loss) from operations before other Income, finance costs and
exceptional Items (1-2) |
1333.100 |
2356.800 |
3689.900 |
|
4 |
Other Income |
-- |
-- |
-- |
|
5 |
Profit/ (Loss) from operations before other income, finance costs and
exceptional items (3+4) |
1333.100 |
2356.800 |
3689.900 |
|
6 |
Finance Costs |
1717.000 |
1279.600 |
2996.600 |
|
7 |
Profit/ (Loss) from ordinary activities after finance cost but before
exceptional items (5-6) |
(383.900) |
1077.200 |
245.700 |
|
8 |
Exceptional items |
1802.400 |
- |
- |
|
9 |
Profit/ (Loss) from ordinary activities before tax (7+8) |
1418.500 |
1077.200 |
245.700 |
|
10 |
Tax expenses |
120.300 |
369.100 |
489.400 |
|
11 |
Net Profit / (Loss) from ordinary activities after tax (9-10) |
1298.200 |
708.100 |
2006.300 |
|
12 |
Extraordinary item (net of tax expense) |
-- |
-- |
-- |
|
13 |
Net Profit / (Loss) for the period (11-12) |
1298.200 |
708.100 |
2006.300 |
|
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+15) |
1298.200 |
708.100 |
2006.300 |
|
17 |
Paid up equity share capital (Face Value of Rs10/- each) |
4406 |
4406 |
4406 |
|
18 |
Reserve excluding Revaluation Reserve as per Balance Sheet of
previous accounting year |
|
|
|
|
19.i |
Earnings per share (before extraordinary items) of Rs.10/- each (not
annualised): |
|
|
|
|
|
(a) Basic |
(2.29) |
3.21 |
0.93 |
|
|
(b) Diluted |
(2.29) |
3.21 |
0.93 |
|
19.ii |
Earnings per share (after extraordinary items) of Rs.10/- each (not
annualised) |
|
|
|
|
|
(a) Basic |
5.89 |
3.21 |
9.11 |
|
|
(b) Diluted |
5.89 |
3.21 |
9.11 |
|
|
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
- Number of shares |
112405278 |
|
|
|
|
- Percentage of shareholding |
51.02 |
|
|
|
2 |
Promoters and Promoter group shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
NIL |
|
|
|
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
NIL |
|
|
|
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
NIL |
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
- Number of shares |
107912650 |
|
|
|
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
100 |
|
|
|
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
48.98 |
|
|
|
|
|
|
|
|
|
B |
INVESTOR COMPLAINTS |
|
|
|
|
|
Pending at the beginning of the quarter |
0 |
|
|
|
|
Received during the quarter |
2 |
|
|
|
|
Disposed of during the quarter |
2 |
|
|
|
|
Remaining unresolved at the end of the quarter |
0 |
|
|
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 14th May, 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.
STATEMENT OF ASSETS AND LIABILITIES
|
Particulars |
As at half year ended on 30.09.2015 |
|
|
A |
EQUITY AND LIABILITIES |
|
|
1 |
Shareholders' Funds |
|
|
|
(a) Share Capital |
440.600 |
|
|
(b) Reserves & Surplus |
52858.700 |
|
|
Total
Shareholders’ Funds |
53299.300 |
|
|
|
|
|
2 |
Non-Current
Liabilities |
|
|
|
(a) long-term borrowings |
65073.100 |
|
|
(b) Deferred tax liabilities (Net) |
5756.000 |
|
|
(c) long-term
provisions |
153.7000 |
|
|
Sub Total Non-current Liabilities |
70982.800 |
|
|
|
|
|
3 |
Current Liabilities |
|
|
|
(a) Short term
borrowings |
13368.100 |
|
|
(b) Trade payables |
1825.400 |
|
|
(c) Other current
liabilities |
17975.300 |
|
|
(d) Short-term
provisions |
406.100 |
|
|
Sub
Total Current Liabilities |
33574.900 |
|
|
|
|
|
|
TOTAL- EQUITY AND
LIABILITIES |
157857.000 |
|
|
|
|
|
A |
ASSETS |
|
|
1 |
Non-current assets |
|
|
|
(a) Fixed Assets |
96468.400 |
|
|
(b) Non-current Investments |
16633.300 |
|
|
(c) Long-term Loan and Advances |
15167.400 |
|
|
(d) Other
Non-current assets |
0.000 |
|
|
Sub Total
Non-Current Assets |
128269.100 |
|
|
|
|
|
2 |
Current assets |
|
|
|
(a) Current investments |
260.600 |
|
|
(b) Inventories |
14007.300 |
|
|
(c) Trade receivables |
8813.700 |
|
|
(d) Cash and cash
equivalents |
904.500 |
|
|
(e) Short-term loans
and advances |
5597.200 |
|
|
(f) Other current
assets |
4.600 |
|
|
Sub Total Current
Assets |
29587.900 |
|
|
|
|
|
|
TOTAL-ASSETS |
157857.000 |
PRESS RELEASE
AMTEK AUTO REMAINS IN COMPLIANCE WITH ALL LEGAL AND REGULATORY REQUIREMT
NEW DELHI, India, June 18, 2015 – Amtek Auto Limited (referred to as “Amtek Auto”, “Amtek Group” or the “Company”, NSE: AMTEKAUTO, BSE: 520077) today noted certain media reports related to the Company with respect to a $70 million Foreign Currency Convertible Bond (“FCCB Issue”). The Company has clarified to the stock exchanges that these reports are factually incorrect. Amtek Auto has no outstanding FCCBs. In addition, the Company has clarified that all significant and material developments continue to be reported to the stock exchanges as and when required in compliance with SEBI’s Listing Agreement.
With reference to media reports regarding Castex Technologies Limited (referred to as “Castex”), Castex has clarified to the stock exchanges that its FCCB Issue is not due for repayment before September 2017. Castex, an associate of Amtek Auto, has therefore denied the media reports suggesting any defaults on payments to bond holders.
The Amtek Group, one of the largest integrated component manufacturers in India, remains focussed on its core business with implementing operational excellence as a priority. Whilst the domestic automotive market remains challenging, the recent acquisitions further strengthen Amtek Group’s international business and will deliver strategic benefits to the domestic business through technology transfers and low cost sourcing opportunities.
AMTEK AUTO COMPLETES THE ACQUISITION OF THE IRON & ALUMINIUM CASTING, FORGING AND MACHINING BUSINESS OF ASAHI TEC CORPORATION
ENTRY INTO JAPAN & SOUTH EAST ASIA EXTENDS GLOBAL MANUFACTURING PLATFORM
Transaction delivers access to high profile OEM customers and world class technologies
NEW DELHI, India, June 1, 2015 – Amtek Auto Limited (referred to as “Amtek Auto”, “Amtek Group” or the “Company”, NSE: AMTEKAUTO, BSE: 520077), one of the largest integrated component manufacturers in India, announced today that it has successfully closed the acquisition of the Iron & Aluminium Casting, Forging and Machining business (referred to as “the Business”) of Asahi Tec Corporation (referred to as “Asahi Tec”). The Business has been acquired through a wholly owned subsidiary of Amtek Auto based in Singapore.
The Business comprises three manufacturing facilities in Japan, two in Thailand and a strategic holding in a joint venture in China. The acquisition of the joint venture interest is expected to close at a subsequent later date. The Business has year ended March 2015 revenues of c. US$ 375 mn.
In addition to being one of the leading casting and machining companies in the automotive sector, the Amtek Group continues to reinforce its position as one of the world’s largest global forging and integrated machining companies. Following the acquisition, the Amtek Group including its subsidiaries and associates now have a combined turnover of over US$ 3.5 bn with a presence in all major automotive markets in the world.
On April 27, 2015, Amtek Auto announced the signing of a contract to acquire the Business from Asahi Tec. The acquired business brings to the Amtek Group, proven technologies, high quality products, robust production systems and fast product development capability. Key products include cylinder blocks, crankshafts, front axle beams, cylinder heads, turbocharger housings and other engine and suspension related components. The primary end markets include the passenger car and commercial vehicle segments and the construction equipment sector.
Amtek Auto has a long standing history with some of its most important existing Japanese customers including Honda, Nissan, Suzuki, Toyota and Yamaha Motor. In addition, the Amtek Group has several joint ventures and technical partnerships with Japanese companies in India. The acquisition provides access to strategically important geographic markets and to high profile OEMs in those regions including Caterpillar, Hino Motors, Mitsubishi Fuso, Mitsubishi Heavy Industries and Mitsubishi Motors.
Asahi Tec’s presence in Japan, south east Asia and China, coupled with its technological capabilities, will create greater diversity and further innovation within the Amtek Group. Access to front axle beam and crankshaft related technologies will complement Metalyst Forgings’ (formerly known as Ahmednagar Forgings) existing business. In particular, the high end technology and manufacturing capabilities for block and head castings will be synergistic with Castex Technologies’ (formerly known as Amtek India) casting operations. Overall, the Asahi Tec businesses will benefit from being part of the global Amtek Group.
Amtek Auto retained SMBC Nikko Securities and Development Bank of Japan to provide advice on this cross border transaction. Freshfields Bruckhaus Deringer acted as the legal advisor. Press Release Press Release Press Release Press Release Press Release Press Release 2 Commenting on the acquisition, Mr. John Flintham, Vice Chairman and Managing Director of Amtek Auto said:
“We are delighted to announce the completion of the Asahi Tec transaction in Japan, our second transformational acquisition in two years. The access to the Asahi Tec business’ world class technologies and product development capability will add a new dimension to Amtek Group’s existing strong process capabilities. In addition, the transaction gives us access to high profile Japanese OEMs with presence in the attractive high growth south east Asian region. Management is now focussed on the integration of the acquired business and implementing the roadmap for realising key synergy benefits.”
About The Amtek Group
Amtek Group was founded in 1985 and is headquartered in New Delhi, India. It started operations with supplying connecting rods to Maruti Suzuki and today the Amtek Group is one of the world’s largest integrated auto and non-auto component manufacturers with operations across forging, iron casting, aluminium casting, machining and sub-assemblies. With manufacturing presence across 11 countries, the Amtek Group including its subsidiaries and associates today have combined revenues of over US$ 3.5 bn.
The Amtek Group manufactures cylinder heads, turbocharger housings, crankshafts, front axle beams & assembly, camshafts, knuckles, shafts, transmission cases and housings, flywheel ring gears & assembly, clutch cases, conrods, covers, cylinder blocks, FAB assembly, intake manifold and wheel hubs. End markets include all automotive segments including passenger cars, 2/3 wheelers and commercial vehicles. The Amtek Group also manufactures key components for the non-auto industry including construction, oil & gas, railways, earth moving equipment and agricultural segments.
Over the last 2 years, Amtek Auto, the flagship company of the Amtek Group, has undergone a strategic transformation. From being an India focused company with c. US$ 1.2 bn in revenues, Amtek Auto has become a global automotive components manufacturer with c. US$ 2.7 bn in annual revenues. The share of revenues generated outside India has grown from c. 13% to c. 70% over the same period. With acquisitions of Tekfor, Kuepper, Scholz and selected businesses of Asahi Tec, and with the recent announcement to acquire REGE, the Amtek Group has increased its presence across Europe, the Americas and Asia to become one of the world’s largest forging, casting and integrated machining companies. The overall objective of Amtek Group’s growth strategy is firmly focussed on supporting its global OEM customers in the end markets in which they operate.
AMTEK AUTO TO ACQUIRE
REGE HOLDING GMBH IN GERMANY
Transaction enhances
Amtek Group’s machining capabilities
Strengthens both the
auto and non-auto businesses
NEW DELHI, India, May 22, 2015 – Amtek Auto Limited (referred to as “Amtek Auto”, “Amtek Group” or the “Company”, NSE: AMTEKAUTO, BSE: 520077), one of the largest integrated component manufacturers in India, announced today that it has signed a contract to acquire REGE Holding GmbH (referred to as “REGE”) in Germany. REGE, through its subsidiaries, provides machining and assembly of components for both auto and non-auto industries.
The company’s operations are conducted from three state-of-the-art plants, two in Germany and one in Romania. Key products include common rails, connecting rods, crankcases, cylinder heads, gear housings and valve bodies.
REGE generates a majority of its revenues acting as a tier 1 and single source supplier to leading auto OEMs globally. The business has more than 1,400 employees across all locations. REGE has long standing relationships with blue chip OEM customers including Continental, General Motors, Kia Motors, Nemak and Volkswagen. The company’s annual revenues are c. €200m.
The transaction provides an enhanced machining platform to integrate with the Amtek Group’s global forgings and castings business. In addition, REGE’s products for the non-auto industry offer further business diversification opportunities to the Amtek Group.
Amtek Auto has been advised by Commerzbank. Linklaters has acted as the legal advisor. The transaction value has not been disclosed and the acquisition is expected to close by August 2015.
Commenting on the acquisition, Mr. John Flintham, Vice Chairman of Amtek Auto said:
“We are delighted to announce the acquisition of REGE, which further enhances Amtek Group’s market position in Europe. The transaction provides us access to significant machining capabilities in a highly synergistic product range and also particularly strengthens our manufacturing of cylinder heads and housings outside India. In addition, the acquired business offers further non-auto sector diversification for the Amtek Group.
The transaction is strategically integrated with the Group’s international forging and casting manufacturing platform. The enhanced presence in Europe positions us well to benefit from the continued momentum in the European markets. Through strategic growth initiatives such as this acquisition, we remain committed to manufacturing excellence, first class customer service and increasing shareholder value.”
AMTEK AUTO TO ACQUIRE
THE IRON CASTING, FORGING AND MACHINING BUSINESS OF ASAHI TEC CORPORATION OF
JAPAN
Second
transformational acquisition in two years
Strategic entry into Japan, South East Asia
and China
Access to world class
technologies in both Casting and Forging
Acquired business has year ended March 2015
revenues of c. US$ 375 million
NEW DELHI, India, April 27, 2015 – Amtek Auto Limited (referred to as “Amtek Auto”, “Amtek Group” or the “Company”, NSE: AMTEKAUTO, BSE: 520077), one of the largest integrated component manufacturers in India, announced today that it has entered into an agreement with Asahi Tec Corporation to acquire its Iron Casting, Forging and Machining business. Asahi Tec Corporation is a portfolio company of Unison Capital, a leading private equity firm based in Japan.
The acquired business comprises three manufacturing facilities in Japan, two in Thailand and a strategic holding in a joint venture in China. Key products include cylinder blocks, crankshafts, front axle beams, cylinder heads, turbocharger housings and other engine and suspension related components. The primary end markets for products include the commercial vehicle and passenger car segments and the construction equipment sector. The business has over 1,500 employees across all locations.
The acquired business has long standing relationships with blue chip OEM customers including Caterpillar, Hino Motors, Mitsubishi Fuso, Mitsubishi Heavy Industries and Mitsubishi Motors. The acquisition provides a strategically compelling manufacturing platform with access to additional high profile OEMs in new regions.
The product portfolio of the acquired business is highly synergistic to that of the Amtek Group with a focus on engine, suspension and non-auto hydraulic components. Access to highly advanced technologies for front axle beams and crankshafts will be complementary to Ahmednagar Forgings’ existing business. In addition, the high end technology and manufacturing capabilities for block and head castings will be synergistic with Amtek India’s casting operations.
The transaction provides the Amtek Group with further revenue opportunities particularly from the commercial vehicle and construction equipment segments. The acquired business also further strengthens Amtek Auto’s existing leading position in the attractive high growth turbocharger market.
Amtek Auto has been advised by SMBC Nikko Securities and Development Bank of Japan. Freshfields Bruckhaus Deringer has acted as legal advisor. The acquisition will be financed by a combination of internal accruals and debt financing provided by Sumitomo Mitsui Banking Corporation. The transaction value has not been disclosed and the acquisition is expected to close in May 2015.
Commenting on the acquisition, Mr. John Flintham, Global CEO of Amtek Group said:
“Amtek Group continues to expand its geographic footprint and customer base with a relentless focus on profitable growth. The addition of world class casting and forging technologies not only complements Ahmednagar Forgings’ and Amtek India’s businesses, but also strengthens our position as one of the world’s most technically advanced automotive component manufacturers in our chosen markets. The acquired business is a long established, reputed supplier to some of the high profile Japanese OEMs who are focused on the attractive South East Asian region as well. Our relationship with Japanese corporations started more than two decades ago and over the years we have established a very strong relationship and familiarity with the local business environment.
The transaction is highly transformational and adds a new dimension to our global manufacturing platform whilst enabling us to continue to enhance shareholder value. The Amtek Group is now a truly global organisation with a strong manufacturing presence in all three major continents.”
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. 63.58 |
|
|
1 |
Rs. 99.11 |
|
Euro |
1 |
Rs. 70.29 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
TRI |
|
|
|
|
Report Prepared
by : |
ART |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
70 |
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.