AUTOLITE (INDIA) LTD
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BSE Code:
500029
NSE Code:
AUTOLITIND
Business Profile
Business Profile
Autolite (India) was established in the year 1971. The main object of the company is to manufacture lighting equipment. The company operates mainly in three business segments i.e., head lamps, halogen bulbs and trading.
More than 70% of the company`s revenue comes from overseas operation, having presence in more than 70 countries of America, Asia, Europe and Asia.
The product range includes auto head lights, tail lamps, indication lights, parking lamps, fog lamps, sealed beams, flasher units, grass shells, auto bulbs, switches, horns, wiring harness, cut off, etc for all types of vehicles.
The company for the first time in India developed and introduced high power lamps and halogen headlamps. The headlamps manufactured by the company are sold under the brand name of `Autopal`.
Its plants are located in Sitapur and Vishwakarma Industrial area, Rajasthan. It set up a project to manufacture glass lenses for headlamps (capacity of 6 tpd), in technical collaboration with AMAV, Germany.
Its clientele includes Maruti, LCV manufacturers, Premier Auto, Hindustan Motors, Escorts, Yamaha, BEML, etc.
The company set up a wholly owned subsidiary in the US at Delaware, Texas, called Autopal. It received TS 16949 certification from DQS, approximately 300 companies have TS 16949 Certification in India.
Financials
The company reported decline in revenue by 12.16% from Rs 203.10 million in December 2005 to Rs 178.40 million in December 2006. For the same period in 2006, it posted a loss of Rs 12.50 million, which is 56.25% more than the loss of Rs 8 million in December 2005.
During the year ended March 2006, the company posted a loss of Rs 35.2 million, as against revenue of Rs 656.6 million.
Recent Developments
09-AUG-07
On Aug. 09, 2007, the shareholders approved the issue shares on preferential basis to the strategic investors not related with the promoters group and the issue of warrants convertible into equity shares at a later date to body corporate under the promoters' group.
16-JUL-07
On Jul. 14, 2007, the board took the following decisions subject to approval of members at the forthcoming extra ordinary general meeting:
Authority to the board of directors of the company for issuance of 1 miilion equity shares of Rs 45.6 each (face value of Rs 10 each at a premium of Rs 35.6) on preferential basis to the prospective investors subject to SEBI guidelines.
Authority to the board of directors of the company for issuance of 2,450,000 warrants convertible into equity shares within 18 months at Rs 45.6 per warrant convertible into one equity share of Rs 10 each at a premium of Rs 35.6 a share on preferential basis to the private corporate bodies falling under the promoters group subject to SEBI Guidelines.
27-JUN-07
On June 27, 2007, the shareholders granted permission to the board of directors for the disposal of non-performing assets of the company.