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UK BRISTOL Dynamatic-Oldland Aerospace™, Dynamatic Limited, UK SWINDON Dynamatic® Hydraulics, Dynamatic Limited, UK GERMANY DYNAMATIC ERLA Eisenwerk Erla GmbH T SI NGAPORE ECHNOLOGIES JKM Global PTE Limited INDIA CHENNAI L Dynametal®, Dynamatic Technologies Ltd. IMITE JKM Automotive™, Dynamatic Technologies Ltd. JKM Ferrotech Limited COIMBATORE D ANNUAL REPORT 2012-13 REPORT ANNUAL JKM Wind Farm, Dynamatic Technologies Ltd BANGALORE Dynamatic® Hydraulics, Dynamatic Technologies Ltd. Dynamatic homeland security™, Dynamatic Technologies Ltd. Dynamatic-Oldland Aerospace™, Dynamatic Technologies Ltd. Powermetric® Design, Dynamatic Technologies Ltd. JKM Research Farm Limited NASIK Dynamatic-Oldland Aerospace™, Dynamatic Technologies Ltd. Dynamatic Technologies Limited Dynamatic Limited, UK Eisenwerk Erla GmbH, Germany JKM Ferrotech Limited AS 9100 C: 2009-01 EMS 571485 AS 9100, Rev C EN 9100: 2009 FM 571484 JIS Q9100: 2009 www.dynamatics.com 20000856 ASH09 & 20006127 www.dynamatics.com www.jkm-erla.com DYNAMATIC T ECHNOLOGIES L IMITED Dynamatic Park Peenya Bangalore 560 058 India Tel +91 80 2839 4933 / 34 / 35 Fax +91 80 2839 5823 ©2013 Dynamatic Technologies Limited. All rights reserved. The logo, Dynamatic®, Dynamatic Technologies and the trademarks – Dynamatic® Hydraulics, Dynamatic Homeland SecurityTM, Dynamatic-Oldland Aerospace™, Dynametal®, Powermetric® Design, JKM AutomotiveTM, JKM FerrotechTM , JKM Global, JKM Wind Farm, Eisenwerk Erla, JKM Erla AutomotiveTM - and its logos are the exclusive property of Dynamatic Technologies Limited and may not be used without express prior written permission. Content, graphics and photographs in this Report are the property of Dynamatic Technologies Limited and may not be used without permission. “Adversity is the mother of progress.” - Mahatma Gandhi Dear Fellow Shareholder, 1700 On behalf of the Board of Directors 1650 of Dynamatic Technologies Limited 1600 and its Subsidiaries, I take pleasure in 1550 presenting you with Audited Financial 1500 Statements for the year 2012-13. 1450 During the year under review, Your 1400 Company along with its Subsidiaries recorded a marginal decline of 1.4% in 1350 Aggregate Sales. Gross Sales recorded 1300 ` is 16,176 Million (aggregated with 1250 Subsidiaries) with consolidated EBIDTA of `1,432 million & Net Profit Before 1200 Tax of `123 million. 1150 The graph on the right shows Your 110 0 Company’s growth over the past 22 1050 balan ce b years. etw 1000 e le focu en ib s on s s ing l h n ld on o 950 o ui g r The historically high growth rates p b t t s e t e n rm e r o r i m enjoyed by Your Company were t w 900 y a ll n e g a a i r l o y t affected by the negative Global c l h w o d 850 s n c t h r e i e sentiments and economic uncertainties r a in crores a f ` n t CUSTOMER y 800 i t d o t i n of the past year. Your Company n r CENTRIC e g e m t ORGANISATION 750 n weathered the unfavourable economic n o i r i STRUCTURE v environment by relentlessly focusing on n 700 e its customers’ requirements, by being T LS 650 OO KIL LS / S frugal and productive, and by right- te n chn atio ology innov 600 ex ity sizing its business operations. ce tiv llen rea ce nurture c Your Company refinanced its operations 550 in the UK by partnering the Royal Bank 500 of Scotland to leverage off its local 450 assets and reduce group guarantees. 400 Similarly, Your Company in partnership with DBS, undertook a comprehensive 350 refinancing of the overall debt of its 300 operations in Germany. The refinancing 250 activities are expected to provide 200 business units at both locations with a more flexible, investment-enabling 150 financial structure that will facilitate 100 business growth. 50 Your Company has been built through 1992 1995 1998 2001 2004 2007 2010 ‘11 ‘12 ‘13 a mixture of organic and inorganic YEARS growth. The acquisitions of the past * `10 million = `1 crore Dynamatic® JKM Daerim® years - Hydraulics Operations of Sauer In the earlier years, JKM Daerim® has been identified separately on the bar chart above. With Danfoss Limited, UK, at Swindon, effect from 2007-08, the merged identity is shown as a single bar. The aggregated sales for UK, Oldland CNC Limited at Bristol, 2012-13 also includes the turnover recorded by Your Company’s Wholly Owned Subsidiaries as well as Inter-Division/Company Sales of `109 crores from Dynametal®, Dynamatic® Hydraulics, UK, and Eisenwerk Erla GmbH at Dynamatic® Wind Farm, Eisenwerk Erla GmbH, Germany, JKM Ferrotech Limited, India and Schwarzenberg, Germany - has enabled Dynamatic Limited, UK. Your Company to globalise its Design, Manufacturing NET SALES EBIDTA “Fresh activity is the only means and Sales footprints, and deliver complementary Bangalore Germany of overcoming adversity.” technical capabilities to customers in its chosen fields: 15% 33% Germany Bangalore – Johann Wolfgang von Goethe Hydraulics, Automotive and Aeronautics. 49% Chennai 45% 21% Dynamatic® Hydraulics which serves global companies Your Company has continued to build its defence and security footprint, by collaborating with India’s at their manufacturing plants in both Eastern and TM UK UK Chennai The Dynamatic-Oldland Aerospace Team with the Bell Helicopter Team National Defence and Security Forces to develop Western Hemispheres, is one of the World’s leading 15% 21% 1% comprising of Gunnar Kleveland, VP Procurement, Bell Helicopter, Scot Harris, Hydraulic Gear Pump manufacturers. During the year Director Engineering, Bell Helicopter India, Rishi Malhotra, GM - India, Bell combat proven solutions for gathering real-time visual EBIDTA Helicopter and Nagpal Parihar, Project Lead, Bell Helicopter at the Bell 407 intelligence in remote and hostile environments, as under review, Your Company’s Hydraulics Business in project launch 80.00 well as real-time monitoring and mapping capabilities the UK has grown by 23.44%, from `980 million in 70.00 Your Company’s Aerospace business continues to for civilian applications. Recently, Your Company FY 2012 to `1280 million in FY 2013, on the back of 60.00 50.00 grow at a stable pace. new orders from global customers like John Deere and received an order for five custom designed Mobile 40.00 EBIDTA Command and Control Vehicles (MCCVs) for the Safe Case New Holland. crores in 30.00 The production of Flap Track Beams for the Airbus ` 20.00 * `10 million = `1 crore A320 Single Aisle Family of Aircraft is progressing City project of a State in Western India. Dynamatic® Hydraulics, India, was impacted by the 10.00 smoothly, with close to 1500 sets of Flap Track Global economic slowdown and steep reduction in - Your Company has also teamed with AeroVironment Bangalore Chennai UK Germany Beams having been delivered to Spirit Indian tractor sales due to poor monsoons. As a Inc, a world leader in Unmanned Aerial AeroSystems. Systems, for the manufacture, consequence, Hydraulics sales in India declined by chain was stabilised through the vertical integration of marketing and support of 12.57%, from `2060 million in FY 2012 to `1830 the Automotive Manufacturing and Aluminium Casting Dynamatic-Oldland Aerospace™ Unmanned Aerial Vehicles in million in FY 2013. Fortunately monsoons during the Units with the Iron Foundry, which enabled Your at Bristol saw its sales grow India. The Teaming enhances current year have been abundant and the business is Company to engage in large product rationalization from `920 million in FY 2012 the dominant position Your seeing an expansion of volumes once again. with major Automotive customers, phase out low to `1070 million in FY 2013. Company currently enjoys value products and reduce dependence on import- To meet the needs of and positions it uniquely “The battlefield is a scene of intensive products. These initiatives were necessary to its growing Aerospace for a number of business constant chaos. The winner will turn-around operations at Chennai and have begun to business in UK, Your opportunities with potential be the one who controls that deliver results, with JKM Automotive™ having received Company expanded its customers including the new orders from Nissan UK and JKM Ferrotech™ Aerospace Operations into chaos, both his own and the Ministry of Defence and the having received new orders from Hyundai Motor India the Swindon site, utilizing enemies.” Digital rendition of the Ministry of Home Affairs. Limited and Daimler. JKM Ferrotech™ has also received the spare capacity available custom designed MCCV, - Napolean Bonaparte Dynamatic® Prahari an order from BMW for the Global supplies of Exhaust at Swindon. “Success is not final, Over the past 22 months, Manifold Castings - The first instance During the year under review, failure is not fatal: It is the Your Company’s Automotive of the Global Automotive Major Dynamatic-Oldland Aerospace™ signed a Memorandum and Casting Units located courage to continue that counts.” approving the sourcing of critical of Understanding with Bell Helicopter for the around Chennai, Tamil Nadu, – Sir Winston Churchill Exhaust Manifolds from India for its manufacture of Air Frame Cabin Assembly, Air Frame struggled with production Global operations. Component and Details for the Bell 407 helicopter. Throughout the history of Dynamatic Technologies disruptions and interrupted Eisenwerk Erla GmbH, Germany, Trial production commenced earlier this year, with the Limited, it has faced challenging times head on, Iron Casting supplies due to which generated pre-tax profits of First Article Inspection having been completed for seeking to benefit from the opportunities that the severe power shortage ` close to 100 part numbers. accompany environmental risk. It has done so by in the State of Tamil Nadu. 236.90 million in FY 2013, has had being open to change, evolving into something bigger The continuing instability of to contend with the Euro Zone Crises and better each time.