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Amber Enterprises India Ltd.

BSE: 540902 Sector: Engineering
NSE: AMBER ISIN Code: INE371P01015
BSE 00:00 | 20 Feb 1643.25 -1.70
(-0.10%)
OPEN

1679.00

HIGH

1690.00

LOW

1624.00

NSE 00:00 | 20 Feb 1639.75 0.75
(0.05%)
OPEN

1665.00

HIGH

1695.00

LOW

1620.25

OPEN 1679.00
PREVIOUS CLOSE 1644.95
VOLUME 114744
52-Week high 1690.00
52-Week low 621.05
P/E 40.93
Mkt Cap.(Rs cr) 5,168
Buy Price 1620.00
Buy Qty 1.00
Sell Price 1643.25
Sell Qty 465.00
OPEN 1679.00
CLOSE 1644.95
VOLUME 114744
52-Week high 1690.00
52-Week low 621.05
P/E 40.93
Mkt Cap.(Rs cr) 5,168
Buy Price 1620.00
Buy Qty 1.00
Sell Price 1643.25
Sell Qty 465.00

Amber Enterprises India Ltd. (AMBER) - Company History

Amber Enterprises India Limited is a market leader in Room Air Conditioner (RAC) original equipment manufacturer (OEM)/original design manufacturer (ODM) industry in India. The company has diversified portfolio which includes RAC RAC components and non AC components. The company has 12 manufacturing facilities across 7 locations in India strategically located close to customers enabling faster turnaround. The Company's manufacturing facilities have a high degree of backward integration. The company has 55.4% market share of outsourced domestic OEM/ODM and 19.1% market share of overall RAC volumes in India in FY17 based on Frost & Sullivan Reports. The company serves 8 out of 10 RAC brands in India and ~75% of market share of India RAC is commanded by the company's customers.The Company designs and manufactures complete RACs including window air conditioners ('WACs') and indoor units ('IDUs') and outdoor units ('ODUs') of split air conditioners ('SACs') with specifications ranging from 0.75 ton to 2 ton across energy ratings and types of refrigerant. The Company also designs and manufactures Inverter RACs on ranging from 1 ton to 2 ton. The Company manufactures critical and reliability functional components of RACs such as heat exchangers motors inverter and non-inverter printed circuit boards and multi-flow condensers. It manufactures other RAC components such as sheet metal components copper tubing and injection molding components. The Company also manufactures components for other consumer durables and automobiles such as case liners for refrigerator plastic extrusion sheets and printed circuit boards for consumer durables and automobile industry sheet metal components for microwave washing machine tub assemblies and for automobiles and metal ceiling industries.The Company's key customers include leading RAC brands such as Daikin Hitachi LG Panasonic Voltas and Whirlpool. The Company has built strong and longstanding relationships with the customers by aligning its offerings with their business needs. The Company provides them with a range of additive manufacturing solutions at their doorsteps by supplying them components and RACs through OEM/ODM models. In recognition of efficient services and products the company has received several awards from its customers such as `Best of Best Performance Award' from LG for 2015 and 2016 and `Leadership Business Innovation Award' from Panasonic for 2015-2016.The Promoters Jasbir Singh and Daljit Singh are experienced in the RAC and components manufacturing sector and its key management persons include experts from the industry with wide experience. Amber Enterprises India Limited was incorporated as a private limited company with the name 'Amber Enterprises India Private Limited' on April 2 1990 at Jalandhar Punjab. In 1994 the company established its first factory at Rajpura. During the year 2003-04 the company commenced operations at its Dehradun plant for RAC manufacturing for LG. In 2004 Dehradun Factory Unit - 4 was established.In 2015-06 the company started manufacturing microwave ovens for LG. in 2008 the company's Noida Ecotech unit commenced operations. During the year 2007-08 the company started manufacturing heat exchangers. In 2009 Dehradun Factory Unit - 5 was established. In 2010 Kasna Unit Kala Amb Unit Pune Unit and Dehradun Factory unit - 6 were established. In 2011 Green India Venture Fund made investment in the company. In 2012 Jhajjar unit was established. During the year under review Reliance Alternative Investments Fund - Private Equity Fund Scheme - I made investment in the company.The company entered into a share purchase agreement (SPA) dated November 10 2012 with Rakesh Dewan Kavita Dewan and PICL (India) Private Limited (PICL) for acquiring the entire shareholding of PICL for an aggregate consideration of Rs 48.97 crore. As an integral part of the SPA the parties also entered into a non-compete and non-solicitation agreement dated November 10 2012. PICL is involved in the business of manufacturing various kinds of fractional horse power motors for WACs ODUs of SACs and commercial air conditioners.In 2017 Ascent Investment Holdings Pte. Limited acquired the stake of Reliance Alternative Investments Fund - Private Equity Fund Scheme - I in the company thus providing exit to Reliance Alternative Investments Fund - Private Equity Fund Scheme - I. During the year under review Appserve Appliance Private Limited was incorporated as a subsidiary of the company. The Company was converted into a public limited company and consequently the name of the Company was changed to Amber Enterprises India Limited on September 22 2017.Amber Enterprises India Limited entered into a share purchase agreement dated November 11 2017 with IL JIN Hyun Chul Sim (HCS) and Su A Lee (SAL) for the purchase of 1320613 equity shares of IL JIN from HCS equivalent to 70% of IL JIN's outstanding equity shareholding. The acquisition was completed on December 28 2017. IL JIN is engaged in the business of manufacturing assembling dealing importing and exporting of electronic assembled printed circuit boards for home appliances and automobile products.On 03/10/2017 the company filed Draft Red Herring Prospectus and on 16/01/2018 filed Red Herring Prospectus with SEBI for raising Rs. 599.57 cr. The Issue dates were from 17/01/2018 to 19/01/2018 with Price Band of Rs. 855 to Rs. 859. The Issue got subscribed 115.32 times leading to its Issue Price being fixed at Rs. 859. The Shares got listed in BSE and NSE on 30/01/2018 at Rs. 1180 which is 37.37% above Issue Price.The Board of Directors of Amber Enterprises India Limited at its meeting held on March 9 2018 considered and approved the proposal for acquiring 70% Equity Share Capital of Ever Electronics Private Limited (EVER) in one or more tranches. EVER is engaged in the business of assembly of Electronics PCB. The earlier acquisition of IL JIN Electronics (India) Pvt Ltd in December 2017 and the proposed acquisition of EVER will help Amber to offer more integrated solutions for inverter air conditioners and move towards `Smart Future Ready Technology'.On 29 June 2018 Amber Enterprises India Limited informed the stock exchanges that promoters of Ever Electronics Private Limited (EVER) has requested for extension of time limit for completing the Condition Precedent for acquiring balance 51% of stake of total Share Capital of Ever by the Company i.e. Amber Enterprises India Limited. Pursuant to the above request the Company has extended the timeline to complete the acquisition of balance stake of 51% by December 31 2018 in one or more tranches. As on date the Company has made an investment of 571.50 Lakh for acquisition of 1040149 Equity Shares of Ever Electronics Private Limited (EVER) which represents 19% of the total Share Capital of EVER.On 12 July 2018 Amber Enterprises India Limited informed the stock exchanges that PICL (India) Private Limited ('PICL') is no more a material subsidiary of Amber Enterprises India Limited as PICL is not meeting the threshold as mentioned in clause (c) of sub-regulation 1 of Regulation 16 of SEBI (Listing Obligation and Disclosure Requirements) Regulations 2015.The company has executed Letter Agreement dated 1st October 2018 entered into by and between the Company i.e. Amber Enterprises India Limited (Amber) Ever Electronics Private Limited ('EVER') Vision Creative Limited and Mr. Hyun Chul Sim by virtue of said Agreement Amber has right to appoint majority of Directors on the Board of EVER accordingly Amber has exercised the above said right and has appointed majority of Directors on the Board of EVER on 1st October 2018. Consequent to above right and as per Section 2 (87) of the Companies Act 2013 EVER has become the subsidiary of Amber by virtue of controlling the composition of the Board of EVER.