MIRA INFORM REPORT
|
Report No. : |
347146 |
|
Report Date : |
29.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
AUTOMOTIVE AXLES LIMITED |
|
|
|
|
Registered
Office : |
Hootagalli Industrial Area, Off Hunsur Road, Mysore – 570018,
Karnataka |
|
Tel. No.: |
91-821-7197500 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
21.01.1981 |
|
|
|
|
Com. Reg. No.: |
08-004198 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 151.120 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L51909KA1981PLC004198 |
|
|
|
|
IEC No.: |
0789003961 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
AABCA6923G |
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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, Exporter, Importer and Sale of Automotive Components. |
|
|
|
|
No. of Employees
: |
3000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 8600000 |
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|
|
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in 1981 as a 35.5% each JV between Bharat
Forge Limited and Meritor Inc, USA. It is presently the largest independent
manufacturer of Rear Drive Axle Assemblies for CVs in India. It’s product
portfolio includes a wide range of rear drive axles catering to haulage
trucks, tippers and tractor trailers. The company is also engaged in brake
assembly for CVs. It’s customers include all the major players in the CV
industry-Ashok Leyland Limited, Tata Motors Limited, Vehicle Factory (Jabalpur),
Mahindra and Mahindra Limited, Asia Motors Works Limited and Force Motors
Limited (Force) in India and Meritor USA, Europe and China. It has fine track
record. The company possesses a healthy profile marked by decent networth base
along with good liquidity and profitability. The rating also take into consideration, an acceptable share price of
Rs. 687.50/- recorded by the company as against a face value of Rs. 10.00 as
on October 26, 2015. Trade relations are reported as fair. Business is active. Payment are
regular and as per commitments. The company can be considered for dealings at usual trade terms and
conditions. Note: The company has changed its financial year from 30th
September to 31st March. |
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 |
ICRA RATING |
|
Rating |
Long Term Fund Based Facilities = A+ |
|
Rating Explanation |
Have adequate degree of safety and carry low credit risk |
|
Date |
January 2015 |
|
Rating Agency Name |
ICRA RATING |
|
Rating |
Short Term Fund Based Limits = A1 |
|
Rating Explanation |
Have very strong degree of safety and carry lowest credit risk |
|
Date |
January 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
31-03-2015.
INFORMATION PARTED BY
|
Name : |
Mr. Tejaswini |
|
Designation : |
Senior in Finance Department |
|
Contact No.: |
91-821-7197500 |
|
Date : |
26.10.2015 |
LOCATIONS
|
Registered Office : |
Hootagalli Industrial Area, Off Hunsur Road, Mysore – 570018, Karnataka,
India |
|
Tel. No.: |
91-821-7197500 |
|
Fax No.: |
Not Available |
|
E-Mail : |
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|
Website : |
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Branch : |
101, Kumara Krupa Road, Bangalore – 560011, Karnataka, India |
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|
|
|
Works : |
Unit I: Hootagalli
Industrial Area, Off Hunsur Road, Mysore – 570018, Karnataka, India |
|
|
|
|
Unit II: Plot No.34 and 35P,
Hootagalli Industrial Area, Off Hunsur Road, Mysore – 570018, Karnataka,
India |
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|
|
|
|
Unit III: 6 Km Stone,
Kichha Road, Village Shimla Pistor, Rudrapur, Udham Singh Nagar, Uttarakhand,
India |
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|
Unit IV: No.19, Udyog Vihar, Greater Noida, Uttar Pradesh, India |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Dr. Babasaheb N. Kalyani, |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Joseph A. Plomin |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Bhalachandra B. Hattarki |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. B. C. Prabhakar, |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Satish Sekhri |
|
Designation : |
Director |
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|
|
|
Name : |
Ms. Sudhasri A, |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. N. Muthukumar |
|
Designation : |
Whole time Director |
KEY EXECUTIVES
|
Name : |
Mr. S Ramkumar |
|
Designation : |
Company Secretary, Compliance Officer and Chief Financial Officer |
SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of
Shareholder |
No. of Shares |
% of Holdings |
|
(A) Shareholding
of Promoter and Promoter Group |
||
|
|
|
|
|
|
5367806 |
35.52 |
|
|
5367806 |
35.52 |
|
|
|
|
|
|
5367275 |
35.52 |
|
|
5367275 |
35.52 |
|
Total
shareholding of Promoter and Promoter Group (A) |
10735081 |
71.04 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
2323510 |
15.38 |
|
|
137 |
0.00 |
|
|
30534 |
0.20 |
|
|
2354181 |
15.58 |
|
|
|
|
|
|
1179472 |
7.80 |
|
|
|
|
|
|
701603 |
4.64 |
|
|
114590 |
0.76 |
|
|
27048 |
0.18 |
|
|
19015 |
0.13 |
|
|
8033 |
0.05 |
|
|
2022713 |
13.38 |
|
Total Public
shareholding (B) |
4376894 |
28.96 |
|
Total (A)+(B) |
15111975 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
15111975 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter, Importer and Sale of Automotive Components. |
|
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|
Products : |
Not Divulged |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
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Products : |
Raw Material |
|
Countries : |
France |
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|
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Terms : |
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|
Selling : |
L/C and Credit |
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|
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Purchasing : |
L/C and Credit |
GENERAL INFORMATION
|
Suppliers : |
Not Divulged
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Customers : |
End Users, OEMs
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No. of Employees : |
3000 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Million)
|
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Statutory
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Chennai, Bangalore, India |
|
|
|
|
Internal
Auditors : |
|
|
Name : |
Price Water House Coopers Chartered Accountants |
|
Address : |
Bangalore, India |
|
|
|
|
Memberships : |
-- |
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|
|
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Collaborators : |
-- |
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|
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Entity having
substantial Influence: |
|
|
|
|
|
Enterprises under
Common Control / Enterprises over
which Key Management Personnel have
significant influence: |
|
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
23,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 230.000 Million |
|
2,000,000 |
Preference Shares |
Rs. 10/- each |
Rs. 20.000 Million |
|
|
Total |
|
Rs. 250.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15,111,975 |
Equity Shares |
Rs.10/- each |
Rs. 151.120
Million |
|
|
|
|
|
i) Reconciliation of
the number of shares and amount outstanding at the beginning and at the end of
the reporting period
|
Particulars |
Opening Balance |
Closing Balance |
|
Equity shares with voting rights |
|
|
|
Year ended 31st March, 2015 |
|
|
|
Number of shares |
15111975 |
15111975 |
|
Amount (Rs. In Millions) |
151.120 |
151.120 |
|
Year ended 30th September, 2014 |
|
|
|
Number of shares |
15111975 |
15111975 |
|
Amount (Rs. In Millions) |
151.120 |
151.120 |
ii) Details of shares
held by each shareholder holding more than 5% shares:
|
Class of shares /
Name of shareholder |
As at 31st March, 2015 |
|
|
Number of shares held |
% holding in that class of shares |
|
|
Equity shares with
voting rights |
|
|
|
BF Investments Ltd., |
5,367,806 |
35.520 |
|
Meritor Heavy Vehicle Systems, LLC USA |
5,367,275 |
35.517 |
|
Reliance Capital Trustee Company Ltd., |
1,063,912 |
7.040 |
|
(A/C Reliance Vision Fund) |
|
|
(iii) Right,
preferences and restrictions attached to shares
The Company has issued only one class of equity share. Each
holder of equity shares is entitled to one vote per share. The company declares
and pays dividend in Indian Rupees. The dividend proposed by Board of Directors
is subject to approval by the shareholders at the ensuing Annual General
Meeting.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 (6 Months) |
30.09.2014 |
30.09.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
151.120 |
151.120 |
151.120 |
|
(b) Reserves & Surplus |
2873.220 |
2791.310 |
2653.716 |
|
(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) |
3024.340 |
2942.430 |
2804.836 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
25.010 |
109.360 |
191.548 |
|
(b) Deferred tax liabilities (Net) |
111.720 |
111.350 |
118.473 |
|
(c) Other long term
liabilities |
4.050 |
0.000 |
23.708 |
|
(d) long-term
provisions |
10.440 |
11.070 |
19.036 |
|
Total Non-current
Liabilities (3) |
151.220 |
231.780 |
352.765 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
540.820 |
722.930 |
235.178 |
|
(b) Trade
payables |
1338.280 |
915.260 |
646.115 |
|
(c) Other
current liabilities |
125.740 |
368.160 |
154.440 |
|
(d) Short-term
provisions |
28.150 |
72.000 |
60.794 |
|
Total Current
Liabilities (4) |
2032.990 |
2078.350 |
1096.527 |
|
|
|
|
|
|
TOTAL |
5208.550 |
5252.560 |
4254.128 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1759.550 |
1650.700 |
1796.576 |
|
(ii)
Intangible Assets |
8.010 |
12.410 |
29.012 |
|
(iii)
Capital work-in-progress |
168.800 |
232.460 |
74.692 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
65.190 |
88.960 |
77.191 |
|
(e) Other
Non-current assets |
0.070 |
5.780 |
15.874 |
|
Total Non-Current
Assets |
2001.620 |
1990.310 |
1993.345 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1158.380 |
1142.580 |
886.844 |
|
(c) Trade
receivables |
1753.910 |
1719.670 |
1140.037 |
|
(d) Cash
and cash equivalents |
35.710 |
7.130 |
11.374 |
|
(e)
Short-term loans and advances |
248.660 |
381.360 |
219.268 |
|
(f) Other
current assets |
10.270 |
11.510 |
3.260 |
|
Total
Current Assets |
3206.930 |
3262.250 |
2260.783 |
|
|
|
|
|
|
TOTAL |
5208.550 |
5252.560 |
4254.128 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 (6 Months) |
30.09.2014 |
30.09.2013 |
|
|
SALES |
|
|
|
|
|
Income |
4611.400 |
6769.270 |
6425.342 |
|
|
Other Income |
5.630 |
56.500 |
16.305 |
|
|
TOTAL |
4617.030 |
6825.770 |
6441.647 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
3244.390 |
4836.300 |
4544.332 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
31.450 |
(156.460) |
(9.637) |
|
|
Employees benefits expense |
369.700 |
609.160 |
528.010 |
|
|
Other expenses |
592.630 |
912.510 |
825.421 |
|
|
TOTAL |
4238.170 |
6201.510 |
5888.126 |
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
378.860 |
624.260 |
553.521 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
40.830 |
70.850 |
82.647 |
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
338.030 |
553.410 |
470.874 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
173.210 |
294.790 |
285.294 |
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
164.820 |
258.620 |
185.580 |
|
|
|
|
|
|
|
Less |
TAX |
59.400 |
76.830 |
58.603 |
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
105.420 |
181.790 |
126.977 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2223.200 |
2103.790 |
2024.870 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Dividend for the year |
15.110 |
37.780 |
30.220 |
|
|
Tax on Dividend |
4.160 |
6.420 |
5.140 |
|
|
Transfer to General Reserve |
10.540 |
18.180 |
12.700 |
|
|
BALANCE CARRIED
TO THE B/S |
2298.810 |
2223.200 |
2103.790 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
119.950 |
88.690 |
59.888 |
|
|
Stores & Spares |
18.180 |
5.540 |
4.044 |
|
|
Capital Goods |
44.020 |
19.270 |
23.634 |
|
|
TOTAL IMPORTS |
182.150 |
113.500 |
87.566 |
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.98 |
12.03 |
8.40 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 (6 Months) |
30.09.2014 |
30.09.2013 |
|
Current Maturities of Long term debt |
49.470 |
79.190 |
79.196 |
|
Cash generated from operations |
984.190 |
21.500 |
577.831 |
|
Net cash flow from (used in) operation |
917.080 |
(58.070) |
538.599 |
QUARTERLY RESULTS
(Rs.
In Million)
|
PARTICULARS |
30.06.2015 Unaudited |
|
Net Sales |
2344.990 |
|
Total Expenditure |
2135.410 |
|
PBIDT (Excl OI) |
209.580 |
|
Other Income |
5.510 |
|
Operating Profit |
215.090 |
|
Interest |
15.280 |
|
Exceptional Items |
NA |
|
PBDT |
199.810 |
|
Depreciation |
81.900 |
|
Profit Before Tax |
117.910 |
|
Tax |
39.800 |
|
Provisions and contingencies |
NA |
|
Provisions and contingencies |
78.110 |
|
Extraordinary Items |
NA |
|
Prior Period Expenses |
NA |
|
Other Adjustments |
NA |
|
Net Profit |
78.110 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 (6 Months) |
30.09.2014 |
30.09.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
2.29 |
2.69 |
1.98 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
8.22 |
9.22 |
8.61 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.27 |
5.15 |
4.44 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05 |
0.09 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.19 |
0.28 |
0.15 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.58 |
1.57 |
2.06 |
STOCK
PRICES
|
Face Value |
Rs. 10.00/- |
|
Market Value |
Rs. 687.50/- |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
30.09.2013 |
30.09.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
151.120 |
151.120 |
151.120 |
|
Reserves & Surplus |
2653.716 |
2791.310 |
2873.220 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
2804.836 |
2942.430 |
3024.340 |
|
|
|
|
|
|
long-term borrowings |
191.548 |
109.360 |
25.010 |
|
Short term borrowings |
235.178 |
722.930 |
540.820 |
|
Current Maturities of Long
Term Debt |
79.196 |
79.190 |
49.470 |
|
Total
borrowings |
505.922 |
911.480 |
615.300 |
|
Debt/Equity
ratio |
0.180 |
0.310 |
0.203 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
30.09.2013 |
30.09.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
6425.342 |
6769.270 |
4611.400 |
|
|
|
5.353 |
(31.877) |
NET PROFIT MARGIN
|
Net
Profit Margin |
30.09.2013 |
30.09.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
6425.342 |
6769.270 |
4611.400 |
|
Profit |
126.977 |
181.790 |
105.420 |
|
|
1.98% |
2.69% |
2.29% |
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 |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
No |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
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) |
Yes |
|
16 |
No. of employees |
Yes |
|
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 two year 6
months |
Yes |
|
27 |
Reasons for variation <> 20% |
---- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last two year 6 months |
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 |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
|
Particulars |
As
on 31.03.2015 |
As
on 30.09.2014 |
|
LONG TERM
BORROWING |
|
|
|
Long term maturity of finance lease obligations |
10.270 |
14.810 |
|
SHORT TERM
BORROWING |
|
|
|
From banks |
100.000 |
600.000 |
|
Total |
110.270 |
614.810 |
|
|
|
|
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10334196 |
20/12/2011 |
140,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA |
B31526791 |
|
2 |
10297136 |
16/06/2011 |
250,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227,D, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA |
B16733032 |
|
3 |
10200298 |
15/12/2009 |
150,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, Maharashtra - 400013, INDIA |
A76154715 |
CORPORATE INFORMATION
Subject is a joint venture of Kalyani Group and Meritor
Inc., USA (formerly the automotive division of Rockwell International
Corporation) incorporated in 1981 under the Companies Act, 1956 with
manufacturing facilities located at Mysore, Rudrapur and Jamshedpur.
PERFORMANCE OF THE
COMPANY
The Sales and other income for the financial period (6 months) was Rs. 4617.030 Million as against Rs. 6825.770 Million for the previous financial year (12 months). The Profit before Tax of Rs. 164.820 Million and the Profit after Tax of Rs. 105.420 Million for the financial period, as against Rs. 258.620 Million and Rs. 181.790 Million respectively for the previous financial year.
Rs. 10.540 Million, being 10% of the Profit after Tax has been transferred to the General Reserves.
The Company has expanded its manufacturing foot print with a new state-of-the-art plant at Jamshedpur for manufacturing Brakes and Trailer axles.
The Company has installed a facility to manufacture Hub Reduction Axles at its Mysuru plant.
The Company, in its journey towards world class manufacturing has embraced a concept of Built in Quality (BIQ) where the quality is ensured by each and every operator by not receiving, not producing and not passing on defects. Also implemented zero Chips, Oil & Coolant (COC) initiative across the plant to make it clean from Chips, Oil and Coolant on floor, thus making the plant a safe place to work.
In the previous financial year, mounded type bullet for LPG
has been commissioned to eliminate the safety hazard arising out of storage of
LPG required for heat treatment process.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDIAN ECONOMY
In FY 2014-15, India is projected to grow at 7.4% owing to sturdier business and a large, mushrooming middle class with higher disposable income. This steady trajectory of growth was given further impetus by a new government in the centre that introduced new policy initiatives, undertook new reforms and commenced on the returning of micro-stability. Further, the government also introduced FDI in the railway and defence sectors and eased FDI rules in construction. It also modified land acquisition laws, to increase the FDI cap in insurance sector to 49% as also for iron and other mineral auctions. In addition, the government deregulated diesel prices along with announcing plans to build 100 smart cities. Another significant step taken by the government was the introduction of the Pradhan Mantri Jan Dhan Yojana and the ‘Make in India’ programme to increase financial inclusion and give an impetus to the manufacturing sector respectively.
OUTLOOK
The automotive sector in India is going to benefit from tailwinds like lower petrol prices, reduced diesel rates and relatively firm freight rates. The CV sector is the barometer for signalling economic growth. With higher load availability from few freight generating sectors such as Automobiles, Cement and other general industries, there is going to be greater demand for CVs. With acceptance for advance trucking platforms and regulations for BS-V emissions (possibly by 2017 onwards) along with introduction of AntiLock Braking System (ABS) technology, more operators shall buy CVs with advanced features.
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
|
Excise matters under appeal The Company has won the case
at Commissioner of Central excise (appeals) however the department has
appealed against this order with Customs, Excise and Service tax Appellate Tribunal. |
1.800 |
|
Stamp Duty and
Registration Fees The Company has been allotted a 99 years irrevocable lease
pertaining to 41.50 Acres of Industrial Land at Salampur, Depalpur District,
Indore, Madhya Pradesh (MP). The District Registrar of Stamps, MP vide Order
dated 17th October, 2012 has demanded Stamp duty of Rs. 11.450 Million and
Registration Fees of 75% of Stamp duty of Rs. 8.590 Million, aggregating to
Rs. 20.040 Million. The same was Appealed before Collector of Stamps and the
order was pronounced in favour of District Registrar of Stamps, MP. Against
this order, Company went for further appeal and the matter is pending for
hearing. |
20.040 |
|
|
|
|
Total |
21.840 |
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED 30TH JUNE 2015
(Rs. in million)
|
Sr. No. |
Particulars |
Quarter Ended |
|
30.06.2015 |
||
|
Unaudited |
||
|
Part I |
|
|
|
1. |
Income from
Operations |
|
|
|
a)
Net Sales / Income from Operations |
2340.904 |
|
|
b)
Other Operating Income |
4.085 |
|
|
Total
Income from Operations (net) |
2344.989 |
|
2. |
Expenditure |
|
|
|
a)
Cost of materials consumed |
1747.213 |
|
|
b)
Purchase of stock-in-trade |
0.000 |
|
|
c) Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
(121.368) |
|
|
d)
Employee benefits expense |
184.784 |
|
|
e)
Depreciation and amortisation expense |
81.902 |
|
|
f) Power and Fuel Charges |
0.000 |
|
|
g)
Other expenses |
324.791 |
|
|
Total Expenses |
2217.322 |
|
3. |
Profit/ (Loss) from Operations
before Other Income, Exchange gain/(loss), Finance costs and Exceptional
items (1-2) |
127.667 |
|
4. |
Other Income |
5.514 |
|
5. |
Profit /(Loss)
from Ordinary activities before finance costs and Exceptional items (3+4a+4b) |
133.181 |
|
6. |
Finance Costs |
15.275 |
|
7. |
Profit / (Loss) from ordinary activities
after Finance costs but before Exceptional items (5-6) |
117.906 |
|
8. |
Exceptional items |
-- |
|
9. |
Profit/ (Loss) from ordinary activities
before tax (7+8) |
117.906 |
|
10. |
Tax expenses |
39.800 |
|
11. |
Net Profit / (Loss) from ordinary
activities after tax (9-10) |
78.108 |
|
12. |
Extraordinary
items |
-- |
|
13. |
Net Profit /
(Loss) for the period (11+12) |
78.108 |
|
14. |
Paid-up equity share capital (Face Value of Rs. 10 per share) |
151.120 |
|
15. |
Reserve excluding Revaluation reserve |
|
|
16. |
Earnings Per Share (EPS) before and after extraordinary items (of Rs.
10/- each) a) Basic b) Diluted |
5.17 5.17 |
|
|
|
|
|
Part II |
|
|
|
A. |
PARTIULARS OF SHAREHOLDINGS |
|
|
|
Public
Shareholding |
|
|
|
- Number of Shares |
4376894 |
|
|
- Percentage of Shareholding |
28.96% |
|
|
Promoters and
Promoter Group Shareholding |
|
|
|
a)
Pledged/Encumbered |
|
|
|
- Number of Shares |
NIL |
|
|
- Percentage of Shares (as a % of the Total Shareholding of promoter
and promoter group) |
NA |
|
|
- Percentage of Shares (as a % of the Total Share Capital of the
Company) |
NA |
|
|
b) Non
Encumbered |
|
|
|
- Number of Shares |
10735081 |
|
|
- Percentage of Shares (as a % of the Total Shareholding of Promoter
and Promoter Group) |
100% |
|
|
- Percentage of Shares (as a % of the Total Share Capital of the
Company) |
71.04% |
|
PARTICULARS |
For the quarter ended 30th June 2015 |
|
B INVESTORS COMPLAINTS |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
Nil |
|
Disposed during the quarter |
Nil |
|
Remaining unresolved at the end of the quarter |
Nil |
Note:
1. The figures for the previous period have been regrouped where ever necessary, to confirm to the current period classification
2. The activities of the Company ate classified into a
single segment of 'Automotive Components'
3. The above results were reviewed and recommended by the Audit Committee,
approved by the Board of Directors of the Company at their meeting held on 05th
Aug.2015
4. The Board of Directors the Company in the Meeting held on10th February 2014 had approved change of financial year of the Company from October-September to that of April-March .Consequently, the previous financial year is for a period of 6 months i.e . from October 1, 2014 to March 31 2015.
5. The figures for the quarter ended March 31 2015 are the balancing figures between audited figures for the period ended March 31, 2015, and the published year-to date figures upto the third quarter ended December 31. 2014.
FIXED ASSETS
- Land
- Building
- Plant and
Machinery
- Furniture and
Fitting
- Office
Equipment and Electricals
- Computer
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON DESIGNATED
PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 64.96 |
|
UK Pound |
1 |
Rs. 99.73 |
|
Euro |
1 |
Rs. 71.84 |
INFORMATION DETAILS
|
Information
Gathered by : |
SPR |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
60 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.