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MIRA INFORM REPORT
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Report No. : |
511770 |
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Report Date : |
28.05.2018 |
IDENTIFICATION DETAILS
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Name : |
ASHOK LEYLAND LIMITED (w.e.f. July, 1955) |
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Formerly Known
As : |
ASHOK MOTORS LIMITED |
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Registered
Office : |
No. 1, Sardar
Patel Road, Guindy, Chennai – 600032, Tamilnadu |
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Tel No.: |
91-44-22206000 |
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Country : |
India |
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Financials (as
on) : |
31.03.2018 |
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Date of
Incorporation : |
07.09.1948 |
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Com. Reg. No.: |
18-000105 |
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Capital
Investment / Paid-up Capital : |
INR 2927.108 Million |
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CIN No.: [Company Identification
No.] |
L34101TN1948PLC000105 |
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IEC No.: [Import-Export Code No.] |
0488014336 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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GSTN : [Goods & Service Tax
Registration No.] |
33AAACA4651L1ZT |
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TIN No.: |
08280602526 [Rajasthan] 33511080003 [Chennai] |
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PAN No.: [Permanent Account No.] |
AAACA4651L |
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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 Medium and Heavy Commercial Vehicle, Light Commercial Vehicles, Power Solutions Systems, Passenger Vehicles Services. [Registered Activity] |
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No. of Employees
: [As On
31.03.2017] |
11906 [Approximately] |
RATING & COMMENTS
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MIRA’s Rating : |
A++ |
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Ashok Leyland Limited
(ALL) is a Flagship Company of the Hinduja Group, which is one of the largest
commercial vehicle manufacturers in India. The company is one of the largest
manufacturers of Medium and Heavy Commercial Vehicles (M&HCV) and also
has significant presence in the Light Commercial Vehicle (LCV) segment. Its product
profile includes buses, trucks, engines and defence vehicles. It also has
eight manufacturing plants spread across India. For the financial
year ended 2018, the company has achieved revenue growth as compared to
previous revenue along with an average profit margin at 5.89%. The ratings
continue to draw strength from subject being part of the Hinduja Group along
with subject’s long track record of operations with strong brand image &
widening distribution network, its strong market position in the domestic
M&HCV segment with leadership position in the passenger carrier segment,
established presence in all sub-segments of the CV segment, comfortable
capital structure and favourable long-term growth prospects of the domestic
CV industry. However, rating
strength is partially offset by moderate diversification of revenue stream
with M&HCV segment accounting for significant portion of income and
inherent risk associated with cyclical nature of the segment, ALL’s exposure
to group entities and increasing competition in the industry. Payment seems to
be regular and as per commitment. In view of
aforesaid, the company can be considered good for normal business dealings at
usual trade terms and conditions. Note: The Board of Directors of the Company at their meeting held on September 14, 2016, approved the draft scheme of amalgamation of Hinduja Foundries Limited (HFL) with the subject Company and their respective shareholders and creditors, under Sections 391 to 394 of the Companies Act, 1956 subject to regulatory approvals. The Appointed Date for the scheme of amalgamation was October 1, 2016. The intended amalgamation had been approved by the shareholders at the Court Convened Meeting held on January 23, 2017 and through Postal Ballot on January 25, 2017. The Hon’ble National Company Law Tribunal, Chennai Bench (NCLT) which heard the Company’s petition on April 18, 2017 sanctioned the scheme of amalgamation of HFL with the subject Company and their respective shareholders and creditors. The NCLT Order was filed with the Registrar of Companies, Chennai and the scheme became effective on April 28, 2017. The Board of Directors of the Company had formed a Committee of Directors comprising of Mr. Dheeraj G Hinduja, Chairman, Mr. Vinod K Dasari, Chief Executive Officer and Managing Director, Mr. D J Balaji Rao and Mr. Sanjay K Asher, Directors as members of the Committee and authorised the Committee to do all such acts, deeds, matters and things as may be necessary for the purpose of giving effect to the Order of NCLT on the scheme of amalgamation of HFL with the subject Company including but not limited to issue and allotment of the equity shares of the Company to the eligible shareholders of the Transferor Company as on the Record date. Further to the receipt of noted letter from the designated stock exchange, the Board of Directors of the Company had fixed Wednesday, June 7, 2017 as the ‘Record Date’ for determining the shareholders of Hinduja Foundries Limited (Transferor Company), entitled to receive the equity shares of Ashok Leyland Limited (Transferee Company), under the Scheme of amalgamation sanctioned by NCLT. Consequent to the above, the issued, subscribed and paid-up equity share capital will stand increased from 2,845,876,634 equity shares of `1/- each to 2,926,534,926 equity shares of `1/- each. |
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
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Rating |
Long term borrowings = AA+ |
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Rating Explanation |
High degree of safety and very low credit risk |
|
Date |
30.03.2018 |
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Rating Agency Name |
CARE |
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Rating |
Short term borrowings = A1+ |
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Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
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Date |
30.03.2018 |
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
31-03-2018.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 28.05.2018.
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DECLINED
MANAGEMENT
NON-COOPERATIVE [TEL. NO.: 91-44-22206000/ 22322414]
LOCATIONS
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Registered/ Corporate Office : |
No. 1, Sardar
Patel Road, Guindy, Chennai – 600032, Tamilnadu, India |
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Tel. No.: |
91-44-22206000/ 22322414 |
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Mobile No.: |
91-9849054040 [Mr. Nunkesh] |
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Fax No.: |
91-44-22206001 |
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E-Mail : |
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Website : |
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Factory 1: |
Matsya Industrial Area, Alwar - 301 030, Rajasthan, India |
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Tel. No.: |
91-144-2881317/ 425/ 429/ 512/ 513/ 515/ 522 |
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Fax No.: |
91-144-2881355 |
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Factory 2: |
P.O. Box 15, Plot No. 1, MIDC Industrial Area, Gadegaon Lakhani Taluk, Bhandara - 441 904, Maharashtra, India |
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Tel. No.: |
91-7184-274431/ 39/ 274606 |
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Fax No.: |
91-7184-274431 |
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Factory 3: |
Kathivakkam High Road, P. O. Box No. 3, Ennore, Chennai - 600 057, Tamilnadu, India |
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Tel. No.: |
91-44-25751001/ 25750233 |
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Fax No.: |
91-44-25751798 |
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Factory 4: |
175, Hosur Sipcot Industrial Complex, Rajaji Nagar, Hosur - 635 126, Tamilnadu, India |
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Tel. No.: |
91-4344-276631 to 276635/ 407000 |
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Fax No.: |
91-4344-276067 / 276480 |
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Factory 5: |
77, Electronic Complex, Perandapalli, Hosur – 635109, Tamilnadu, India |
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Tel. No.: |
91-4344-269200 |
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Fax No.: |
91-4344-260048 |
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Factory 6: |
Plot No.1, Sector XIIIIE, Pant Nagar - 263 153, Uttarakhand, India |
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Branch Office 1: |
Pride Postal, Ground Floor, St. No.- 103, Bahiratwadi Off, Senapati Bapat
Road, Shivaji Nagar, Pune-411006, Maharashtra, India |
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Branch Office 2/ Factory 7 : |
Unit: Plot No K2, SIPCOT Industrial Estate, Arneri Village,
Sriperumbudur – 602105, Tamilnadu, India |
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Tel. No.: |
91-44-33254500 |
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Management Development
: |
Located at:
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Technical Centre |
Vellivayal Chavadi, Via Manali New Town, Chennai - 600 103, Tamilnadu, India |
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Area Offices : |
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Central Region : |
Located At:
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East Region : |
Located At:
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North Region : |
Located At:
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South Region: |
Located At:
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West Region : |
Located At:
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Regional Offices : |
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Central Region |
Located At:
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East Region : |
Located At:
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North Region : |
Located At:
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South Region: |
Located At:
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West Region : |
Located At:
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DIRECTORS
AS ON: 31.03.2018
|
Name : |
Mr. Sanjay Khatau Asher |
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Designation : |
Director |
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Address : |
32, Mody Street, Fort, Mumbai-400001, Maharashtra, India |
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Date of Appointment : |
21.12.2010 |
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DIN No.: |
00008221 |
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Name : |
Mr. Balaji Rao Jagannathrao Doveton |
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Designation : |
Director |
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Address : |
D-103, Adarsh Residency, 47th Cross, 2nd Main Jayanagar, 8th Block, Bangalore-560082, Karnataka, India |
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Date of Appointment : |
27.03.2002 |
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DIN No.: |
00025254 |
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Name : |
Mr. Dheeraj Gopichand Hinduja |
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Designation : |
Director |
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Address : |
24, Carlton House Terrace London Sw153ap Gb |
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Date of Appointment : |
03.09.1996 |
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DIN No.: |
00133410 |
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Name : |
Mr. Vinod Kumar Dasari |
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Designation : |
Managing Director |
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Address : |
No.1, 2nd Cross Street Dhandayudhapani Nagar, Kotturpuram, Chennai-600085, Tamilnadu, India |
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Date of Appointment : |
01.04.2014 |
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DIN No.: |
00345657 |
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Name : |
Mrs. Manisha Girotra |
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Designation : |
Director |
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Address : |
M-21, Greater Kailash II, New Delhi-110048, India |
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Date of Appointment : |
08.09.2014 |
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DIN No.: |
00774574 |
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Name : |
Mr. Sudhindar Krishan Khanna |
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Designation : |
Director |
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Address : |
Flat No 9, 4th Floor, Nariman Building M K Marg, Cooperage Bandstand, Mumbai-400021, Maharashtra, India |
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Date of Appointment : |
12.05.2015 |
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DIN No.: |
01529178 |
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Name : |
Mr. Andrew Charles Palmer |
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Designation : |
Director |
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Address : |
4 Church View Brackley Northamptonshire Nn137bb Gb |
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Date of Appointment : |
04.11.2015 |
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DIN No.: |
02155231 |
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Name : |
Mr. Jean Brunol |
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Designation : |
Director |
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Address : |
34 Bd Victor Hugo Neuilly Sur Seine 92200 Fr |
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Date of Appointment : |
20.10.2010 |
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DIN No.: |
03044965 |
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Name : |
Dr. Andreas Hubertus Biagosch |
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Designation : |
Director |
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Address : |
Irmgardstr, 10 Munchen 81479 De |
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Date of Appointment : |
10.05.2013 |
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DIN No.: |
06570499 |
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Name : |
Jose Maria Alapont Alapont |
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Designation : |
Additional Director |
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Address : |
Flat 10 St James's Chambers Ryder Street London Swiy 6qa Gb |
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Date of Appointment : |
25.01.2017 |
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DIN No.: |
07712699 |
KEY EXECUTIVES
|
Name : |
Mr. Gopal Mahadevan |
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Designation : |
Chief Finance Office |
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Address : |
Abbotsbury, Door No 42, C P Ramasamy Road, Alwarpet, Chennai-600018, Tamilnadu, India |
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Date of Appointment : |
22.05.2014 |
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PAN No.: |
AACPG7248J |
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Name : |
Mr. Natarajan Ramanathan |
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Designation : |
Company Secretary |
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Address : |
39,Ist Main Road, S-1 Madhusudan Flats, Nanganallur, Chennai-600061, Tamilnadu, India |
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Date of Appointment : |
01.07.2013 |
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PAN No.: |
AEGPR2435A |
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Name : |
Mr. R J Shahaney |
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Designation : |
Chairman Emeritus |
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Senior Management: |
·
Mr. Anuj Kathuria ·
N V Balachandar ·
E Balasubramoniam ·
P G Chandramohan ·
P Harihar ·
Mr. Nandkumar Khandare ·
Mr. Nitin Seth ·
Mr. Rajive Saharia ·
K Ram Kumar ·
Dr. N Saravanan ·
Dr. Seshu Bhagavathula ·
R Sivanesan ·
T Venkataraman ·
Mr.Venkatesh Natarajan |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 31.03.2018
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of shares (calculated
as per SCRR, 1957)As a % of (A+B+C2) |
|
|
(A) Promoter &
Promoter Group |
329200140 |
51.27 |
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(B) Public |
23001500 |
48.73 |
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Grand Total |
352201640 |
100.0 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PROMOTER AND PROMOTER
GROUP
|
Category of shareholder |
No. of fully paid up equity shares held |
Shareholding as a % of total no. of shares
(calculated as per SCRR, 1957)As a % of (A+B+C2) |
|
|
A1) Indian |
0.00 |
||
|
A2) Foreign |
0.00 |
||
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Any Other
(specify) |
1171460121 |
51.27 |
|
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HINDUJA AUTOMOTIVE
LIMITED |
1019428678 |
34.83 |
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|
AMAS BANK
(SWITZERLAND) LIMITED |
144904064 |
16.20 |
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HINDUJA FOUNRIES
HOLDING LIMITED |
7127379 |
0.24 |
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Sub Total A2 |
1171460121 |
51.27 |
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A=A1+A2 |
1171460121 |
51.27 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC SHAREHOLDER
|
Category & Name of the Shareholders |
No. of fully paid up equity shares held |
Shareholding % calculated as per SCRR, 1957
As a % of (A+B+C2) |
|
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|||
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B1) Institutions |
0 |
0.00 |
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Mutual Funds/ |
160449477 |
5.48 |
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Alternate Investment
Funds |
923813 |
0.03 |
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Foreign Portfolio
Investors |
661997904 |
22.62 |
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GOVERNMENT PENSION
FUND GLOBAL |
70163974 |
2.40 |
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KUWAIT INVESTMENT
AUTHORITY FUND (Under different Sub accounts) |
36543409 |
1.25 |
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AMANSA HOLDINGS
PRIVATE LIMITED |
29393000 |
1.00 |
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GOVERNMENT OF
SINGAPORE |
40521249 |
1.38 |
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Financial
Institutions/ Banks |
115112674 |
4.72 |
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LIFE INSURANCE
CORPORATION OF INDIA |
105297950 |
3.60 |
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Insurance
Companies |
35273667 |
1.21 |
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Sub Total B1 |
973757535 |
34.05 |
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B2) Central
Government/ State Government(s)/ President of India |
0 |
0.00 |
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Central
Government/ State Government(s)/ President of India |
2209470 |
0.08 |
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Sub Total B2 |
2209470 |
0.08 |
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B3)
Non-Institutions |
0 |
0.00 |
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Individual share capital
upto INR 0.200 Million |
272756529 |
9.32 |
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Individual share
capital in excess of INR 0.200 Million |
8310239 |
0.28 |
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NBFCs registered
with RBI |
195030 |
0.01 |
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Any Other
(specify) |
146213537 |
5.00 |
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ASSOCIATION OF
PERSONS |
225 |
0.00 |
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Bodies Corporate |
54765894 |
1.87 |
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Clearing Members |
2954058 |
0.10 |
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CORPORATE BODY -
FOREIGN |
1200000 |
0.04 |
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FOREIGN
INSTITUTIONAL INVESTOR |
2384925 |
0.08 |
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Foreign Portfolio
Investors (Category III) |
58308868 |
1.99 |
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LIMITED LIABILITY PARTNERSHIP |
1266343 |
0.04 |
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NRI – Non- Repat |
4866269 |
0.17 |
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NRI – Repat |
7322373 |
0.25 |
|
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Overseas corporate
bodies |
2000 |
0.00 |
|
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Trusts |
9687937 |
0.33 |
|
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Unclaimed or
Suspense or Escrow Account |
1203281 |
0.04 |
|
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Foreign
Individuals |
8497 |
0.00 |
|
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IEPF AUTHORITY MCA |
2242867 |
0.08 |
|
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Sub Total B3 |
427475335 |
14.61 |
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B=B1+B2+B3 |
1403442340 |
48.73 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Medium and Heavy Commercial Vehicle, Light Commercial Vehicles, Power Solutions Systems, Passenger Vehicles Services. [Registered Activity] |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS: (NOT AVAILABLE)
GENERAL INFORMATION
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Suppliers : |
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Customers : |
· Mahindra · Escorts · Avtec · Tata Motors · Tata · John Deere · JCB · FPT, etc. |
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No. of Employees
: [As On
31.03.2017] |
11,906 [Approximately] |
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Banker : [As On 31.03.2017] |
· Bank of America · Bank of Baroda · Canara Bank · Central Bank of India · Citi Bank N A · Deutsche Bank A G · HDFC Bank Limited · ICICI Bank Limited · IDBI Bank Limited · Indian Bank · Punjab National Bank · Standard Chartered Bank · State Bank of India · The Bank of Tokyo - Mitsubishi UFJ Limited · Vijaya Bank |
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Facilities : |
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Auditors : [As On 31.03.2017] |
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Name1 : |
M S Krishnaswami and Rajan Chartered Accountants |
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Name 2 : |
Deloitte Haskins and Sells LLP Chartered Accountants |
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Cost Auditors : |
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Name : |
Geeyes and Company Cost Accountants |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding company : [As On 31.03.2017] |
Hinduja Automotive Limited, United Kingdom |
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Holding Company of
Hinduja Automotive Limited, United Kingdom : [As On 31.03.2017] |
· Hinduja Automotive Limited, United Kingdom · Machen Holdings SA |
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Holding Company of Machen
Holdings SA: [As On 31.03.2017] |
Machen Development Corporation, Panama |
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Holding Company of
Machen Development Corporation, Panama: [As On 31.03.2017] |
Amas Holdings SA |
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Subsidiaries : [As On 31.03.2017] |
· Albonair (India) Private Limited · Ashok Leyland Vehicles Limited (formerly Ashok Leyland Nissan Vehicles Limited) · Ashley Powertrain Limited (formerly Nissan Ashok Leyland Powertrain Limited) · Ashok Leyland Technologies Limited (formerly Nissan Ashok Leyland Technologies Limited) · Albonair GmbH, Germany · Albonair Automotive Technology Co. Limited, China · Ashok Leyland (Nigeria) Limited · Ashok Leyland (UK) Limited (under liquidation) · Gulf Ashley Motor Limited · Optare plc · Optare UK Limited · Optare Group Limited · Jamesstan Investments Limited · Optare Holdings Limited · Optare (Leeds) Limited · East Lancashire Bus Builders Limited · Ashok Leyland (Chile) S.A. · Hinduja Leyland Finance Limited · Hinduja Housing Finance Limited · HLF Services Limited · Global TVS Bus Body Builders Limited · Ashok Leyland (UAE) LLC · Avia Ashok Leyland Motors s.r.o · Avia Trucks UK Limited, Great Britain · Avia Ashok Leyland Rus, Russia · LLC Ashok Leyland Russia · Ashok Leyland West Africa |
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Fellow subsidiaries
: [As On 31.03.2017] |
· Hinduja Auto Components Limited · Hinduja Automotive (UK) Limited · Gulf Oil Lubricants India Limited ·
Hinduja Foundries Limited |
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Associates : [As On 31.03.2017] |
· Ashley Aviation Limited · Ashok Leyland Defence Systems Limited · Lanka Ashok Leyland PLC · Mangalam Retail Services Limited |
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Joint Ventures: [As On 31.03.2017] |
· Ashley Alteams India Limited · Automotive Infotronics Limited (under liquidation) · Ashok Leyland John Deere Construction Equipment Company Private Limited · Ashok Leyland John Deere Construction Equipment Company Private Limited (Along with Gulf Ashley Motor Limited) · Ashok Leyland Vehicles Limited (formerly Ashok Leyland Nissan Vehicles Limited) · AshLey Powertrain Limited (formerly Nissan Ashok Leyland Powertrain Limited) · Nissan Ashok Leyland Powertrain Limited · Nissan Ashok Leyland Technologies Limited (formerly Nissan Ashok Leyland Technologies Limited) |
CAPITAL STRUCTURE
AFTER 21.07.2017
Authorised Capital: INR 35921.000 Million
Issued, Subscribed Capital & Paid-up: INR 2930.831
Million
AFTER 21.07.2018
Authorised Capital: Not Available
Issued, Subscribed Capital & Paid-up: INR 2927.108
Million
AS ON: 31.03.2017
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
27856000000 |
Equity Shares |
INR 1/- each |
INR 27856.000 Million |
|
|
|
|
|
Issued & Subscribed Capital:
:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2199766829 |
Equity Shares |
INR 1/- each |
INR 2199.767
Million |
|
646314480 |
Issued through Global Depository Receipts |
INR 1/- each |
INR 646.314
Million |
|
|
|
|
|
|
|
Total |
|
INR 2846.081
Million |
Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2199562154 |
Equity Shares |
INR 1/- each |
INR 2199.562
Million |
|
646314480 |
Issued through Global Depository Receipts |
INR 1/- each |
INR 646.314
Million |
|
|
Add: Forfeited
shares (amount originally paid up in respect of 760 shares) |
|
INR 0.004 Million |
|
|
|
|
|
|
|
Total |
|
INR 2845.880
Million |
FINANCIAL DATA
[all figures are
in INR Million]
ABRIDGED
BALANCE SHEET [STANDALONE]
|
SOURCES OF FUNDS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
2927.108 |
2845.880 |
2845.880 |
|
(b) Reserves & Surplus |
68720.867 |
58414.796 |
51225.590 |
|
(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 |
71647.975 |
61260.676 |
54071.470 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
4156.872 |
11463.219 |
18210.444 |
|
(b) Deferred tax liabilities (Net) |
2983.886 |
1269.021 |
3291.042 |
|
(c)
Other long term liabilities |
2051.805 |
864.804 |
2034.722 |
|
(d)
long-term provisions |
2550.463 |
1325.538 |
1228.065 |
|
Total
Non-current Liabilities |
11743.026 |
14922.582 |
24764.273 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1000.000 |
1986.378 |
250.000 |
|
(b)
Trade payables |
46586.162 |
30521.823 |
25626.881 |
|
(c)
Other current liabilities |
28721.316 |
24458.794 |
21134.400 |
|
(d)
Short-term provisions |
6162.343 |
4843.808 |
1890.514 |
|
Total
Current Liabilities |
82469.821 |
61810.803 |
48901.795 |
|
|
|
|
|
|
(5)
Liability Directly associated with classified as held for sale |
0.000 |
1.500 |
0.000 |
|
|
|
|
|
|
TOTAL |
165860.822 |
137995.561 |
127737.538 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
46876.366 |
46560.963 |
44537.032 |
|
(ii)
Intangible Assets |
2865.860 |
3147.118 |
3382.831 |
|
(iii)
Capital work-in-progress |
2129.295 |
1575.950 |
547.499 |
|
(iv) Intangible assets under development |
1883.103 |
482.658 |
211.060 |
|
(b) Non-current
Investments |
27474.683 |
20016.831 |
19804.373 |
|
(c) Deferred tax assets
(net) |
0.000 |
626.674 |
743.642 |
|
(d) Long-term Loan
and Advances |
1179.656 |
1112.363 |
1349.176 |
|
(e)
Other Non-current assets |
4753.759 |
5876.921 |
5352.429 |
|
Total
Non-Current Assets |
87162.722 |
79399.478 |
75928.042 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
30551.585 |
8771.723 |
0.000 |
|
(b)
Inventories |
17098.751 |
25011.167 |
16250.135 |
|
(c)
Trade receivables |
9804.801 |
8599.016 |
12509.495 |
|
(d)
Cash and cash equivalents |
10044.044 |
9119.748 |
15931.314 |
|
(e)
Short-term loans and advances |
4016.729 |
34.646 |
706.005 |
|
(f)
Other current assets |
7182.190 |
5829.783 |
6412.547 |
|
Total
Current Assets |
78698.100 |
57366.083 |
51809.496 |
|
|
|
|
|
|
(3)
Assets classified as held for sale |
0.000 |
1230.000 |
0.000 |
|
|
|
|
|
|
TOTAL |
165860.822 |
137995.561 |
127737.538 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations [Net] |
265245.119 |
213316.691 |
199929.742 |
|
|
|
Other Income |
1897.647 |
1362.701 |
1176.202 |
|
|
|
TOTAL |
267142.766 |
214679.392 |
201105.944 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
153478.403 |
130587.020 |
120926.563 |
|
|
|
Purchases of Stock-in-Trade |
19949.155 |
16076.439 |
15312.255 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
12785.188 |
(7090.813) |
(4290.214) |
|
|
|
Employees benefits expense |
18119.224 |
15309.350 |
13850.628 |
|
|
|
Other expenses |
30757.302 |
23279.200 |
21027.497 |
|
|
|
Exceptional Items |
125.660 |
3508.459 |
8152.235 |
|
|
|
Excise Duty |
2766.040 |
13130.123 |
10556.702 |
|
|
|
Exchange gain/ (Loss) on swap contracts |
(3.913) |
(153.974) |
(50.480) |
|
|
|
TOTAL |
237977.059 |
194645.804 |
185485.186 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
29165.707 |
20033.588 |
15620.758 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
1312.459 |
1553.787 |
2476.387 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
27853.248 |
18479.801 |
13144.371 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
5546.094 |
5178.939 |
4879.004 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
22307.154 |
13300.862 |
8265.367 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
6681.258 |
1070.090 |
4369.382 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
15625.896 |
12230.772 |
3895.985 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods - FOB value |
|
17107.267 |
20090.328 |
|
|
|
Interest and dividend |
|
317.867 |
262.309 |
|
|
|
Others (Includes freight, insurance and commission earned) |
|
836.841 |
818.423 |
|
|
TOTAL EARNINGS |
NA |
18261.975 |
21171.060 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
|
|
2061.239 |
3201.155 |
|
|
|
Trading goods and others |
|
654.474 |
436.390 |
|
|
|
Trading goods and others |
|
69.389 |
46.488 |
|
|
|
Capital items |
|
457.236 |
220.213 |
|
|
TOTAL IMPORTS |
NA |
3242.338 |
3904.246 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
|
|
|
|
|
|
Basic |
5.34 |
4.24 |
1.37 |
|
|
|
Diluted |
5.32 |
4.24 |
1.37 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Current Maturities of Long term debt |
NA |
7998.928 |
5689.395 |
|
|
|
|
|
|
Cash generated from operations |
NA |
25023.908 |
21238.534 |
|
|
|
|
|
|
Net cash from operating activities |
NA |
21547.712 |
16829.774 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
13.49 |
14.71 |
22.84 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
27.05 |
24.81 |
15.98 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
98.05 |
75.96 |
68.66 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
1.71 |
0.80 |
0.96 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.54 |
0.39 |
0.32 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.52 |
0.59 |
0.57 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.07 |
0.35 |
0.45 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.15 |
1.01 |
0.90 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.75 |
0.85 |
0.90 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
22.22 |
12.89 |
6.31 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
5.89 |
5.73 |
1.95 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
9.42 |
8.86 |
3.05 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
21.81 |
19.97 |
7.21 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2018 |
31.03.2017 |
31.03.2016 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.95 |
0.95 |
1.06 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.75 |
0.54 |
0.73 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.43 |
0.44 |
0.42 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
1.76 |
7.54 |
8.49 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.95 |
0.95 |
1.06 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 1.00/- |
|
|
|
|
Market Value |
INR 145.15/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2016 |
31.03.2017 |
31.03.2018 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
2845.880 |
2845.880 |
2927.108 |
|
Reserves & Surplus |
51225.590 |
58414.796 |
68720.867 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
54071.470 |
61260.676 |
71647.975 |
|
|
|
|
|
|
long-term borrowings |
18210.444 |
11463.219 |
4156.872 |
|
Short term borrowings |
250.000 |
1986.378 |
1000.000 |
|
Total
borrowings |
18460.444 |
13449.597 |
5156.872 |
|
Debt/Equity
ratio |
0.341 |
0.220 |
0.072 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2016 |
31.03.2017 |
31.03.2018 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
199929.742 |
213316.691 |
265245.119 |
|
|
|
6.696 |
24.343 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2016 |
31.03.2017 |
31.03.2018 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales |
199929.742 |
213316.691 |
265245.119 |
|
Profit |
3895.985 |
12230.772 |
15625.896 |
|
|
1.95% |
5.73% |
5.89% |
ABRIDGED
BALANCE SHEET [CONSOLIDATED]
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
2845.880 |
2845.880 |
|
(b) Reserves & Surplus |
|
61083.552 |
49791.134 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
Minority Interest |
|
5889.910 |
4172.869 |
|
(2) Share
Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds |
|
69819.342 |
56809.883 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
88764.206 |
75271.093 |
|
(b) Deferred tax liabilities (Net) |
|
1269.292 |
3291.000 |
|
(c)
Other long term liabilities |
|
945.639 |
2120.072 |
|
(d)
long-term provisions |
|
1891.593 |
2076.946 |
|
Total
Non-current Liabilities |
|
92870.730 |
82759.111 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
17580.111 |
10726.786 |
|
(b)
Trade payables |
|
33853.402 |
27011.207 |
|
(c)
Other current liabilities |
|
46941.315 |
42671.346 |
|
(d)
Short-term provisions |
|
3211.704 |
2008.733 |
|
Total
Current Liabilities |
|
101586.532 |
82418.072 |
|
|
|
|
|
|
(5)
Liability Directly associated with classified as held for sale |
|
1.500 |
0.000 |
|
|
|
|
|
|
TOTAL |
|
264278.104 |
221987.066 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
50722.298 |
46927.353 |
|
(ii)
Intangible Assets |
|
4108.171 |
4431.400 |
|
(iii)
Capital work-in-progress |
|
1959.219 |
662.598 |
|
(iv) Intangible assets under development |
|
482.658 |
211.060 |
|
(b) Non-current
Investments |
|
8452.111 |
7669.664 |
|
(c) Deferred tax assets
(net) |
|
1134.795 |
757.358 |
|
(d) Long-term Loan
and Advances |
|
67800.679 |
59662.951 |
|
(e)
Other Non-current assets |
|
9316.126 |
5436.587 |
|
Goodwill (on consolidation) |
|
11077.398 |
7539.052 |
|
Total
Non-Current Assets |
|
155053.455 |
133298.023 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
10881.057 |
2641.131 |
|
(b)
Inventories |
|
27711.187 |
19223.328 |
|
(c)
Trade receivables |
|
10339.205 |
14613.813 |
|
(d)
Cash and cash equivalents |
|
10636.116 |
17165.168 |
|
(e)
Short-term loans and advances |
|
41111.752 |
29393.821 |
|
(f)
Other current assets |
|
7311.925 |
5651.782 |
|
Total
Current Assets |
|
107991.242 |
88689.043 |
|
|
|
|
|
|
(3)
Assets classified as held for sale |
|
1233.407 |
0.000 |
|
|
|
|
|
|
TOTAL |
|
264278.104 |
221987.066 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
|
240683.478 |
223195.788 |
|
|
|
Other Income |
|
1306.922 |
1636.207 |
|
|
|
TOTAL |
|
241990.400 |
224831.995 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
|
139794.687 |
128219.374 |
|
|
|
Purchases of Stock-in-Trade |
|
14278.674 |
16160.334 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
|
(6897.442) |
(4641.779) |
|
|
|
Employees benefits expense |
|
19008.807 |
17106.668 |
|
|
|
Other expenses |
|
28370.856 |
25965.145 |
|
|
|
Cost of services
availed |
|
0.000 |
0.000 |
|
|
|
Exceptional items |
|
(246.923) |
4113.734 |
|
|
|
Excise Duty |
|
13188.556 |
10596.766 |
|
|
|
Exchange gain/ (Loss) on swap contracts |
|
(153.974) |
-50.480 |
|
|
|
Share of profit/ (loss) of associates and joint venture |
|
98.650 |
784.912 |
|
|
|
TOTAL |
|
207441.891 |
198254.674 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
|
34548.509 |
26577.321 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
10487.996 |
9250.499 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
24060.513 |
17326.822 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
5727.888 |
5239.378 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
|
18332.625 |
12087.444 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
|
1961.191 |
4965.714 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER
TAX BEFORE MINORITY INTEREST FROM CONTINUING OPERATIONS |
|
16371.434 |
7121.730 |
|
|
|
|
|
|
|
|
|
Less |
Profit/ (Loss) from Discounting Operations |
|
(42.331) |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS) FOR
THE YEAR |
|
16329.103 |
7121.730 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (INR) |
|
|
|
|
|
|
Basic
|
|
5.52 |
2.40 |
|
|
|
Diluted
|
|
5.51 |
2.40 |
|
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 |
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) |
No |
|
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 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 |
INDEX
OF CHARGES
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G07778376 |
10449756 |
SBICAP TRUSTEE
COMPANY LIMITED |
19/09/2013 |
13/07/2016 |
- |
1500000000.0 |
202, MAKER TOWER,
'E', CUFFE PARADE,COLABA,MUMBAIMA400005IN |
|
2 |
C76122829 |
10412488 |
SBICAP TRUSTEE
COMPANY LIMITED |
13/03/2013 |
12/01/2016 |
- |
1500000000.0 |
202, MAKER TOWER,
'E', CUFFE PARADE,COLABA,MUMBAIMH400005IN |
|
3 |
C58794413 |
10377386 |
SBICAP TRUSTEE
COMPANY LIMITED |
25/09/2012 |
10/07/2015 |
- |
1000000000.0 |
202, MAKER TOWER,
'E', CUFFE PARADE,COLABA,MUMBAIMH400005IN |
|
4 |
C00594507 |
10329292 |
SBICAP TRUSTEE
COMPANY LIMITED |
11/01/2012 |
21/03/2014 |
- |
1500000000.0 |
202, MAKER TOWER,
'E', CUFFE PARADE,COLABA,MUMBAIMH400005IN |
|
5 |
Y10409842 |
90286915 |
STATE BANK OF
INDIA |
18/08/2003 |
22/08/2003 |
- |
250000000.0 |
84 RAJAJI SALAI
MAMADRASTNIN |
|
6 |
Y10409836 |
90286909 |
STATE BANK OF
INDIA |
25/11/2002 |
25/11/2002 |
- |
250000000.0 |
84 RAJAJI SALAI
MAMADRASTNIN |
|
7 |
Y10411958 |
90289031 |
HDFC BANK LTD. |
07/08/2002 |
- |
- |
350000000.0 |
759 ANNA
SALAICHENNAITNIN |
|
8 |
Y10414122 |
90291195 |
HDFC BANK LTD. |
07/08/2002 |
09/01/2004 |
- |
350000000.0 |
759 ANNA
SALAICHENNAITNIN |
|
9 |
Y10410661 |
90287734 |
STATE BANK OF
INDIA |
19/07/2002 |
07/08/2002 |
- |
1000000000.0 |
22 RAJAJI
SALAICHENNAITNIN |
|
10 |
Z00834656 |
80053062 |
STATE BANK OF
INDIA |
17/04/2002 |
- |
- |
50000000.0 |
22 RAJAJI
SALAICHENNAITN600001IN |
UNSECURED LOANS
|
PARTICULARS |
31.03.2018 (INR In Million) |
31.03.2017 (INR In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
External commercial borrowings from banks |
|
6322.473 |
|
Interest free sales tax loans |
|
1089.404 |
|
|
|
|
|
SHORT TERM BORROWINGS |
|
|
|
Short term loans from banks |
|
1850.000 |
|
|
|
|
|
Total |
NA |
9261.877 |
COMPANY’S PERFORMANCE [As On 31.03.2017]
The Commercial Vehicles segment registered a growth of 4.16 percent in the financial year 2016-17 as compared to the same period last year. Medium & Heavy Commercial Vehicles (M&HCVs) grew by 0.04 percent and Light Commercial Vehicles grew by 7.41 percent during the financial year 2016-17 over the same period last year. In effect, the combined effect of economy, industry, segmental behavior, regulations and taxes pulled down medium and heavy commercial vehicle to end the current financial year at the same level as that of previous year.
The Company witnessed an overall 3.3 percent growth in sales (including LCV) during the financial year 2016-17, with total sales of 1,45,066 units as against 140457 units during the previous financial year. Sales of M&HCV increased to 113296 units with a growth of 3.21 percent as compared to 109,762 units during the previous financial year. The market share in M&HCV grew from 31.3 percent to 32.5 percent. Continued slowdown in Middle East owing to depressed oil market, uncertain economic situation in Russian/Ukrainian markets and stagnant market in Srilanka had a restraining effect on Company’s Export volumes. Sales of Light Commercial Vehicle (LCV) have grown 3.5 percent to 31,770 units in 2016-17 as against 30,695 units during the previous financial year.
The Power Solution Business witnessed a growth of 15 percent over the previous year, despite a steep reduction in Harvester requirements and demand remaining moderate for Powergen/Industrial segments. Revenue from Spare Parts saw a tremendous growth of approximately 28 percent as compared to the previous financial year, due to various initiatives undertaken to grow their retail sales.
AMALGAMATION
During the year, the Board of Directors of the Company at their meeting held on September 14, 2016, approved the draft scheme of amalgamation of Hinduja Foundries Limited (HFL) with the Company and their respective shareholders and creditors, under Sections 391 to 394 of the Companies Act, 1956 subject to regulatory approvals. The Appointed Date for the scheme of amalgamation was October 1, 2016. The intended amalgamation has been approved by the shareholders at the Court Convened Meeting held on January 23, 2017 and through Postal Ballot on January 25, 2017. The Hon’ble National Company Law Tribunal, Chennai Bench (NCLT) which heard the Company’s petition on April 18, 2017 sanctioned the scheme of amalgamation of HFL with the Company and their respective shareholders and creditors. The NCLT Order was filed with the Registrar of Companies, Chennai and the scheme became effective on April 28, 2017.
The Board of Directors of the Company has formed a Committee of Directors comprising of Mr. Dheeraj G Hinduja, Chairman, Mr. Vinod K Dasari, Chief Executive Officer and Managing Director, Mr. D J Balaji Rao and Mr. Sanjay K Asher, Directors as members of the Committee and authorised the Committee to do all such acts, deeds, matters and things as may be necessary for the purpose of giving effect to the Order of NCLT on the scheme of amalgamation of HFL with the Company including but not limited to issue and allotment of the equity shares of the Company to the eligible shareholders of the Transferor Company as on the Record date.
Further to the receipt of noted letter from the designated stock exchange, the Board of Directors of the Company has fixed Wednesday, June 7, 2017 as the ‘Record Date’ for determining the shareholders of Hinduja Foundries Limited (Transferor Company), entitled to receive the equity shares of Ashok Leyland Limited (Transferee Company), under the Scheme of amalgamation sanctioned by NCLT. Consequent to the above, the issued, subscribed and paid-up equity share capital will stand increased from 2845876634 equity shares of INR 1/- each to 2926534926 equity shares of INR 1/- each.
Accounting for business combination
The Scheme of amalgamation for the merger of Hinduja Foundries Limited (“the amalgamating company”) with the Company was approved by the Board of Directors in its meeting held on September 14, 2016 with an appointed date of October 01, 2016. The said scheme has been approved by various statutory and regulatory bodies and final order of National Company Law Tribunal (“NCLT”) has been received on April 24, 2017. This common control business combination has been accounted as per the scheme and in accordance with Ind AS 103 “Business Combination” notified under the Companies Act, 2013. Further, in terms of the Scheme, 80658292 equity shares of INR 1 each of the Company are pending to be issued and allotted as fully paid up to the shareholders of the amalgamating company. This has been included under “Other Equity” and considered in computation of earnings per share (basic and diluted).
Pursuant to the aforesaid Scheme of amalgamation, the authorised equity share capital of the Company stands increased by the authorised equity share capital of the amalgamating company aggregating INR 25,00.000 million (2500000000 equity shares of face value of INR 1 each). The company is further authorised to issue 75000000 non-convertible redeemable preference shares of INR 100 each aggregating to INR 7500.000 Million
Accounting treatment
Accounting treatment The business combination has been accounted by using the Pooling of Interest method in accordance with the said approved Scheme of Amalgamation and Ind AS 103. Accordingly, the Company has recorded all the assets, liabilities and reserves of the amalgamating company at their respective book values as appearing in the their books of account as on October 1, 2016, the details of which are as follows:
The business combination has been accounted by using the Pooling of Interest method in accordance with the said approved Scheme of Amalgamation and Ind AS 103. Accordingly, the Company has recorded all the assets, liabilities and reserves of the amalgamating company at their respective book values as appearing in the their books of account as on October 1, 2016, the details of which are as follows:
|
Particulars |
INR in
Million |
|
ASSETS |
|
|
Property, plant and equipment and capital work-in progress |
4522.384 |
|
Non-current investments |
45.533 |
|
Cash and cash equivalents |
11.838 |
|
Trade receivables |
1101.841 |
|
Inventories |
662.868 |
|
Other assets |
1888.816 |
|
|
|
|
LIABILITIES |
|
|
Borrowings |
5140.119 |
|
Trade payables |
1285.052 |
|
Other liabilities and provisions |
542.715 |
|
|
|
|
RESERVES |
|
|
Capital redemption reserve |
33.333 |
|
Securities premium reserve |
5094.891 |
|
General Reserve |
88.925 |
|
Cash flow hedge reserve |
(6.647) |
|
Retained earnings |
(9232.321) |
AWARDS
• Bhandara Plant bagged “Excellent Energy Efficient Unit” and “Innovative Project “Award in the 17th National Award for Excellence in Energy Management 2016 organised by Confederation of Indian Industry.
• Ennore and Hosur 1 Plant bagged Platinum and Gold award at Raipur in NCQC national level competition for best Energy conservation project
and CPPS plant won Merit Award.
• Alwar Plant won Rajasthan state Energy Efficiency award.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2018 (INR In Million) |
31.03.2017 (INR In Million) |
|
Claims against
the company not acknowledged as debts (net) |
|
|
|
Sales Tax / VAT |
|
31222.40 |
|
Excise duty |
|
2655.24 |
|
Service Tax |
|
3700.75 |
|
Customs Duty |
|
42.73 |
|
Others |
|
2875.88 |
|
These have been disputed by the Company on account of issues of applicability and classification |
|
|
|
Corporate Guarantees given to others for loans taken by a subsidiary and a joint venture company* |
NA |
12563.79 |
|
· Future cash outflows in respect of the above are determinable only on receipt of judgement / decisions pending with various forums / authorities · * Net of provision of INR 1923.688 million (as at March 31, 2016: INR Nil; April 1, 2015: INR Nil) against the same. |
||
FIXED ASSETS:
· Land
· Buildings
· Building given on lease
· Plant and equipment
· Plant and equipment given on lease
· Furniture and fittings
· Furniture and fittings given on lease
· Vehicles and aircraft
· Vehicles given on lease
· Office Equipment
· Office Equipment given on lease
· Computer software
·
Technical knowhow
PRESS RELEASES
ASHOK LEYLAND LOOKING
AT INR 51000.000 MILLION REVENUE FROM DEFENCE ORDERS
Chennai: Commercial vehicle major Ashok Leyland Ltd NSE (2.08 %) is expecting a revenue of around INR 51000.000 million in six years on the basis of orders in hand from the Indian defence sector, a company official said on Wednesday.
"In the last two years, we have doubled our turnover from the defence
sector. Based on orders in hand from 26 tenders we won in two years, the
company revenue is expected to be around INR 51000.000 million," its
Head-Defence Amandeep Singh told IANS on the sidelines of an event here.
Amandeep Singh said Ashok Leyland was focussed on the vehicles for mobility of defence personnel or equipment like guns or gun-mounted vehicles in the defence vertical.
He said the potential orders from the defence sector for Ashok Leyland were
worth around INR 140000.000 million in 10 years.
The official said the company had won 12 of the 15 tenders for supply of
defence equipment.
He said tourism operators were looking with interest at one of the company
vehicles meant for the Indian Army to ferry tourists in deserts, adding that
enquiries have been received for the light specialist vehicle for use on sand
dunes in Dubai
Chief Executive Officer and Managing Director Vinod K. Dasari said the company earned INR 5000.000 million from defence supplies last year, with revenue of around INR 8000.000 million expected this year.
Dasari said Ashok Leyland will invest around INR 10000.000 million this year on
capacity enhancement and other activities and ruled out setting up a new plant
to cater to defence or civilian sectors.
He said the company registered a turnover of around INR 250000.000 million in
last fiscal, up from around INR 200000.000 million in the previous
fiscal.
Dasari said the market was moving towards higher-tonnage vehicles.
Queried on the exports, Dasari said the company shipped out around 18,000 units
last year, adding that the Dubai market was facing some constraints.
ASHOK LEYLAND’S PRICE
HIKE WELL TIMED, OTHERS MAY FOLLOW TO OFFSET COST PRESSURES
Mar 28 2018
On Tuesday, commercial vehicle manufacturer Ashok Leyland Ltd announced a minimum 2% price hike across all categories with effect from 1 April 2018. Will others follow suit?
Most likely, yes. Here are the reasons why:
Rising input costs, thanks to higher metal and rubber prices over the last year, will hurt profitability. Add to that the cost of mandatory compliance with the AIS (Automotive Industry Standards) 140 regulations that would require automakers to invest in vehicle tracking and camera surveillance systems.
And, what better time to pass on cost pressures than now, when the demand for commercial vehicles is skyrocketing. Growth rates are surpassing that of all other vehicle segments. The cyclical medium and heavy commercial vehicle (M&HCV) segment posted a 32% annual growth in fiscal year 2017 (FY17) after contracting by 1% in the previous year. Analysts estimate a robust 17-18% growth in FY18 too after which it might taper a bit as the base becomes higher.
With the goods and services tax in place, the unorganized small truck operators are expected to give way to organized logistics service providers. This would drive demand from fleet owners.
Further, the truck scrappage policy that is reckoned to be round the corner is likely to spur demand. The industry expects incentives for those who discard aged trucks and purchase new ones.
In other words, Ashok Leyland’s move to hike prices is well timed. According to Bharat Gianani, analyst at Sharekhan Ltd: “When a formidable manufacturer (Ashok Leyland is the No. 2 commercial vehicle maker) hikes prices due to cost increases, others tend to follow because cost pressures tend to be an industry phenomenon.”
Meanwhile, competition in both M&HCV and light commercial vehicles is high. This is reflected in the discounts still prevalent in these segments. While Ashok Leyland has increased its hold in the market by steadily gaining share to its current 33%, Tata Motors Ltd has ceded the phenomenal lead it had with nearly two-thirds share of the market about five years ago. Besides, firms like Eicher Motors Ltd and Mahindra and Mahindra Ltd are also giving tough competition to the two leaders.
That said, strong demand and ability to hike prices and pass on cost pressures has aided profitability. Ashok Leyland’s operating margin improved from 7% to 11% and that of Tata Motors from an operating loss to 8% margin over the last three quarters.
The price hikes in the wake of continuing discounts will therefore help improve profitability at least as long as the upturn in the commercial vehicles cycle lasts.
ASHOK LEYLAND EXPECTS
GST IMPLEMENTATION WILL LEAD TO IMPROVED SALES
19.05.2017
HYDERABAD
Ashok Leyland Ltd, which has consolidated its market share from 22 per cent to 33 per cent over the past six years, expects to sustain the growth momentum across different commercial vehicle business segments.
Showcasing a wide range of commercial vehicles here at Hitex, the Hinduja Group company said the demand for vehicles in some of the CV segments continues to be buoyant and provides momentum for growth.
Anuj Kathuria, President, Global Trucks, Ashok Leyland, said, “The hub and spoke model of transport of goods is likely to gain with the implementation of the GST regime. This will boost the sales of vehicles, driven by requirements in the logistics sector.”
“While last year saw de-growth of about 2 per cent in the medium and heavy commercial vehicles segment to close at about 3,50,000 lakh units, we witnessed growth of about 7 per cent gaining market share. We hope to continue this growth during the year. However, there is a likelihood of the first-half seeing relatively lower growth,” he said.
Referring to the construction and mining sectors, he said these had seen growth of about 25 per cent last year and if indications were anything to go by, they were likely to further sustain growth.
As against a pan-India market share of about 33 per cent, Andhra Pradesh and Telangana account for a market share of 45 per cent for the truck sector, and about 87 per cent in buses, he said.
CUSTOMISATION
Referring to the potential in new applications such as cold storages and cold chains and demand from warehouses in the GST regime, he said, “The company is planning to offer a customised range of its trucks for different applications, making it convenient for buyers. They do not have to buy the chassis from one place and then seek to have the body made somewhere else.”
“Last year we sold more than 1,10,000 units, which includes more than 10,000 units in other markets. To meet the demand in other markets, we are also setting up assembly lines in Kenya and the Ivory Coast. The unit set up in Ras al Khaimah has been doing well,” he said.
Asked about the proposed bus body building unit in Telangana, he said it was in the planning stage.
ASHOK LEYLAND IN EV
PACT WITH SUN MOBILITY
Sun’s Maini to bring
smart-battery tech
CHENNAI, JULY 18,
2017
In a significant step towards embracing the evolving future, commercial vehicle maker Ashok Leyland Ltd. (ALL) has roped in Sun Mobility, a globally recognisable name in the area of electric mobility and clean energy, to provide world standard mobility solutions.
Sun Mobility is promoted by Chetan Maini, founder of Reva, the country’s first electric car maker.
The alliance could not have been formed at any better time. It comes in the wake of an ambitious announcement made by the Centre to shift all the cars sold in India to electric vehicles by 2030.
It is an exclusive partnership between the two for all kinds of electric vehicles.
“We are proud of this partnership and hope to bring several new innovative products to the market at the earliest,’’ said Vinod K. Dasari, CEO and managing director, Ashok Leyland, while addressing the media on Tuesday.
Mr. Maini expressed optimism that the “partnership will help the nation move masses via an efficient, pollution-free and cost-competitive solution for electric mobility.’’
Fielding a range of questions, both insisted that the common goal of the alliance was to bring about operational efficiency in running a vehicle. “The focus will be on how to make the operating environment much better, and keep the operating cost less than that of diesel,’’ said Mr. Dasari.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration:
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration:
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime:
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws:
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards:
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government:
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package:
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report:
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
INR |
|
US Dollar |
1 |
INR 68.26 |
|
UK Pound |
1 |
INR 91.22 |
|
Euro |
1 |
INR 79.88 |
INFORMATION DETAILS
|
Information
Gathered by: |
AKS |
|
|
|
|
Analysis Done
by: |
PRY |
|
|
|
|
Report Prepared
by: |
ARC |
SCORE FACTORS
|
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 |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and opera tions size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.