MIRA
INFORM REPORT
|
Report Date : |
9th
June, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
BLUE
STAR LIMITED |
|
|
|
|
Registered Office : |
Kasturi
Building, Mohan T Advani Chowk, Jamshedji Tata Road, Mumbai-400020,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2005 |
|
|
|
|
Date of Incorporation : |
20.01.1949 |
|
|
|
|
Com. Reg. No.: |
11-6870 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U28920MH1949PTC006870 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB11714D |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACB4487D |
|
|
|
|
Legal Form : |
A
Public Limited Liability Company. Company’s shares are listed on the stock
exchanges |
|
|
|
|
Line of Business : |
Manufacturing,
marketing and contracting of centrifugal chillers, reciprocating chillers,
vapour absorption machines, air handling units, variable air volume systems,
prefabricated modular cold rooms, condensers, water coolers, window
air-conditioners, mini split air-conditioners and environmental test
chambers. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
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
5925000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
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Litigation : |
Clear |
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|
Comments : |
Subject
is an old, well established and reputed company and it is one of the largest
Central Air Conditioning and Commercial Refrigeration Companies in India. The
company’s focus is on the corporate and commercial sectors. The company’s
business has been growing extremely well. Trade relations are reported as
fair. Payments are correct and as per commitments. It can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered Office/ Head Office : |
Kasturi
Building, Mohan T Advani Chowk, Jamshedji Tata Road, Mumbai-400020,
Maharashtra |
|
Tel. No.: |
91-22-56654000 |
|
Fax No.: |
91-22-56654151 |
|
E-Mail : |
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|
Website : |
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Corporate
Office : |
Kasturi Building, 4th Floor, Mohan
T. Advani Chowk, Jamshedji Tata Road, Mumbai - 400 020, Maharashtra |
|
|
|
|
Plants: |
Ø
2nd Pokhran Road, Majiwada, Thane - 400 601, Maharashtra Tel. No.
91-22-25346265 Fax No.
91-22-25345525 Ø
Plot Nos. 4 & 5, GIDC Industrial Estate, Narmada Nagar Post,
Bharuch - 392 015, Gujarat Tel. No.
91-2642-246116
Fax No. 91-2642-246026 Ø
Survey No. 265/2, Demni Road, Dadra - 396 191, Union Territory of Dadra & Nagar
Haveli Tel. No.
91-260-2648617 / 618 Fax No.
91-260-2648503 |
|
|
|
|
Regional Office: |
Ø Blue Star House, 9A, Ghatkopar
Link Road, Sakinaka,
Mumbai - 400072 Tel No. 91-22-28523600 Fax No. 91-22-28522988 Ø Block 2-A, DLF Corporate Park,
DLF Qutab Enclave, Phase III,
Gurgaon - 122 002, Haryana Tel. No. 91-124-26359001-20 Fax No. 91-124-26359220 Ø 7, Hare Street, Kolkata - 700
001, West Bengal Tel. No. 91-33-22480131 Fax No. 91-33-22481599 Ø 133, Kodambakkam High Road,
Chennai - 600 034, Tamilnadu Tel. No. 91-44-28272056
Fax No. 91-44-28253121 |
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|
|
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Overseas
Office : |
·
Malaysia
·
U.A.E.
·
U.S.A. |
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|
|
|
Sales
& Services Offices: |
Ø
Sahas,
414/2 Veer Savarkar Marg, Prabhadevi,
Mumbai 400 025, Maharashtra Tel. No 91-22-56664000 Fax. No. 91-22-56664001 Ø
59
Forbes Street, Mumbai 400 001, Maharashtra Tel: 91-22-22843873 Ø
Unit
G-2, Shalimar Industrial Estate, Dharavi Road, Matunga, Mumbai 400 019,
Maharashtra Tel. No 91-22-24075356/57 Fax. No 91-22-24024644 Ø
Unit
1 Prabhadevi Industrial Estate, Prabhadevi, Mumbai 400025, Maharashtra Tel. No 91-22-24227305 Fax. No 91-22-24376041 Ø
201/A,
Nityanand Complex, 247/A Bund Garden Road, Pune 411011, Maharashtra Tel. No 91-20-26127230 Fax. No 91-20-26121342 Ø
Ramkrishna
Chambers, Productivity Road, Alkapuri, Vadodara, Gujarat Tel. No 91-265-2332022 Fax. No 91-265-2337516 Ø
219
Bajaj Nagar, 1st Floor, South Ambazari Road, Nagpur 440010, Maharashtra Tel. No. 91-712-2249301 / 2249304 Ø
"Star
Arcade", 2nd Floor, Plot No. 165A & 166, Zone - I, Maharana Pratap
Nagar, Bhopal - 462 011, Madhya Pradesh Tel. No 91-755-25273378 Ø
1st
Floor, Flat No.1, Vaibhav Apartment, Vidyanagar Colony, Miramar, Panjim, Goa
403 001 Tel. No. 91-832-2462756 Ø
E-44/12,
Okhla Industrial Area, Phase II, New Delhi 110 020 Tel. No 91-11-51494000 Fax. No 91-11-51494004 Ø
T.C.IX/1490,
Chandrika, Sasthamangalam, Thiruvananthapuram - 695 010, Kerala Tel. No. 91-471-2720025 Ø
1,
Madhya Marg, Sector 26, Chandigarh - 160 019 Tel. No 91-172-2791101/2792934 Fax. No 91-172-2791101 Ø
B-140,
Nirala Nagar, Lucknow 226 007, Uttar Pradesh Tel. No 91-522-2789172 Ø
A-19,
First Floor, Main Sahakar Path, Nr. Sahakar Bhavan, Jaipur, Rajasthan Tel. No 91-141-5179359/60 Ø
2nd
Floor, New Star Freeze Building, Opp. Kunjalata Bibah Bhawan, G S Road,
Guwahati – 781005, Assam Tel. No. 91-361-2340619 Ø
3A,
Satya Nagar, 2nd Floor, Bhubaneswar 751 007, Orissa Tel. No 91-674-2508239 / 2508270 Ø
5
Bazullah Road, T Nagar, Chennai 600 017, Tamilnadu Tel. No 91-44-28235531 /
28235534 Fax. No. 91-44-28235667 Ø
11
A Magarath Road, Bangalore 560 025, Karnataka Tel. No 91-80-25584728 Fax. No. 91-80-25584599 Ø
Meenakshi
Mandiram, XXXIX/4080, M.G. Road, Kochi – 682016, Kerala Tel. No. 91-484-2361282 /
2367843 Ø
207
Sikh Road, Bantia Estate, Secunderabad 500 003, Andhra Pradesh Tel. No. 91-40-27842057 /
27842058 Fax. No. 91-40-27841445 Ø
47-12-6/7,
2nd Floor, Amaravathi Complex, Dwarakanagar, Visakhapatnam, Andhra Pradesh,
India Tel. No. 91-891-2748433 Fax. No. 91-891-2701041 |
DIRECTORS
|
Name : |
Mr.
Ashok M. Advani |
|
Designation : |
Chairman & Chief Executive |
|
Age: |
62 years |
|
Qualification: |
B. Sc., SB, MBA |
|
Experience: |
38 years |
|
Date
of Joining: |
01.07.1969 |
|
Previous
Employment: |
RCA INC., USA – Information Systems
Projects Specialist – (1968-69) |
|
|
|
|
Name : |
Mr. Suneel
M. Advani |
|
Designation : |
President & Vice Chairman |
|
Age: |
60
years |
|
Qualification: |
SB,
SB, LL.B., |
|
Experience: |
35
years |
|
Date
of Joining: |
17.03.1969 |
|
|
|
|
Name : |
Mr. T.
G. S. Babu |
|
Designation : |
Executive Director |
|
Age: |
50
years |
|
Qualification: |
B. Tech.,
MBA |
|
Experience: |
28
years |
|
Date
of Joining: |
01.11.1995 |
|
Previous
Employment: |
MRF
Limited, Chennai, Tamilnadu – General Manager (1991-95) |
|
|
|
|
Name : |
Mr.
Pradeep Mallick |
|
Designation : |
Director |
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|
|
|
Name : |
Mr.
Gurdeep Singh |
|
Designation : |
Director |
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|
|
|
Name : |
Mr.
Suresh N. Talwar |
|
Designation : |
Executive Director |
|
|
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|
Name : |
Mr.
Nawshir H. Mirzaq |
|
Designation : |
Director |
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|
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KEY EXECUTIVES
|
Name
: |
Mr. K.
P. T. Kutty |
|
Designation
: |
Company Secretary |
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|
|
|
Name
: |
Mr.
Satish Jamdar |
|
Designation
: |
Executive
Vice President |
|
|
|
|
Name
: |
Mr.
Arun Khorana |
|
Designation
: |
Vice President – Electronic Division |
|
|
|
|
Name
: |
Mr.
Ranajit Majumadar |
|
Designation
: |
Vice
President – Human Resources & Quality |
|
|
|
|
Name
: |
Mr.
Avinash Pandit |
|
Designation
: |
Vice President – Packaged Airconditioning
Division |
|
|
|
|
Name
: |
Mr. H.
Rajaram |
|
Designation
: |
Vice
President – Finance |
|
|
|
|
Name
: |
Mr. S.
Sankaran |
|
Designation
: |
Vice President – Airconditioning Project
Division |
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|
|
|
Name
: |
Mr. N.
Sivasankaran |
|
Designation
: |
Vice
President – Central Airconditioning Service Division |
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|
|
|
Name
: |
Mr. B.
Thiagarajan |
|
Designation
: |
Vice
President - Corporate Affairs and Communications |
MAJOR SHAREHOLDERS
Category
|
No. of shares
|
% of shareholding
|
|
|
|
|
promoters'
holdings
|
|
|
|
Indian
Promoters |
7097136 |
39.46 |
|
Foreign
Promoters |
108615 |
0.60 |
|
Total |
7205751 |
40.06 |
|
|
|
|
non
promoter's holdings
|
|
|
|
|
|
|
|
INSTITUTIONAL
INVESTORS |
|
|
|
|
|
|
|
Mutual
Funds And UTI |
1003022 |
5.58 |
|
Banks,
Financials Institutions, Insurance |
741471 |
4.12 |
|
Companies
(central/ state Gov. Institutions, Non Governments Institutions) |
nil |
nil |
|
FIIS |
1117942 |
6.22 |
|
Total |
2862435 |
15.91 |
|
|
|
|
others
|
|
|
|
Private
Corporate Bodies |
750452 |
4.17 |
|
Indian
Public |
6935886 |
38.56 |
|
NRIs / OCBs |
224575 |
1.25 |
|
Clearing Member |
8122 |
0.05 |
|
Total |
7919035 |
44.03 |
|
|
|
|
|
Grand Total |
17987221 |
100.00 |
|
BLUE STAR LIMITED LISTING OF SHAREHOLDERS
HOLDING 1% AND ABOVE SHARES PROMOTERS HOLDING –
INDIAN PROMOTERS As on 31.03.06
|
|||
|
PROMOTERS |
|||
|
S.NO. |
NAME |
NO.OF SHARES |
PERCENTAGE |
|
|
|
|
|
|
1 |
Mr Ashok Mohan Advani |
1392872 |
7.74 |
|
2 |
Mr Sunnel Mohan Advani |
1062055 |
5.90 |
|
3 |
Admo Holdings Private Limited |
734458 |
4.08 |
|
4 |
Mrs Nargis Suneel Advani |
544139 |
3.03 |
|
5 |
Mrs Suneeta Nanik Vaswani |
435344 |
2.42 |
|
6 |
Mr Ashok M. Advani (trust) |
383032 |
2.13 |
|
7 |
Mr Vir S Advani |
370977 |
2.06 |
|
8 |
Mrs Sunaina S Advani |
291762 |
1.62 |
|
9 |
Ashok Sunil & Company Pvt. Ltd. |
282991 |
1.57 |
|
10 |
Mr Ashok Mohan Advani (trust) |
246735 |
1.37 |
|
11 |
Mohan T Advani Finance (P) Ltd. |
237151 |
1.32 |
|
12 |
Mrs Rohina Lulla |
222952 |
1.24 |
|
13 |
Mrs Anissa Advani Bhatia |
215326 |
1.20 |
|
|
|
|
|
|
|
Total
|
6419794 |
35.69 |
|
|
|
|
|
|
INSTITUTIONAL INVESTORS – BANKS,FIS, INSURANCE COS,
GOVT./NON |
|||
|
S.NO. |
NAME |
NO.OF SHARES |
PERCENTAGE |
|
|
|
|
|
|
1 |
United India Insurance Company Limited |
378313 |
2.10 |
|
2 |
The Oriental Insurance Company Limited |
360217 |
2.00 |
|
|
|
|
|
|
|
Total |
738530 |
4.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FOREIGNN INSTITUTIONAL INVESTORS |
|||
|
S.NO. |
NAME |
NO.OF SHARES |
PERCENTAGE |
|
|
|
|
|
|
1 |
Clsa Merchant Limited A/C Calyon |
414701 |
2.31 |
|
2 |
Kuroto Funds Lp |
499365 |
2.78 |
|
|
|
|
|
|
OTHER BODIES CORPORATE |
|||
|
S.NO. |
NAME |
NO.OF SHARES |
PERCENTAGE |
|
|
|
|
|
|
1 |
HDFC Standard Life Insurance Company |
314017 |
1.75 |
|
|
|
|
|
|
MUTUAL FUND |
|||
|
S.NO. |
NAME |
NO.OF SHARES |
PERCENTAGE |
|
|
|
|
|
|
1 |
HDFC Trustee Company Ltd-HDFC Long Term |
185126 |
1.03 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing,
marketing and contracting of centrifugal chillers, reciprocating chillers,
vapour absorption machines, air handling units, variable air volume systems,
prefabricated modular cold rooms, condensers, water coolers, window
air-conditioners, mini split air-conditioners and environmental test
chambers. |
|
|
|
PRODUCTION
STATUS
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
Opening Stock |
Closing Stock |
||
|
|
|
|
|
|
|
|
|
|
Refrigeration & Airconditioning
Equipment |
Nos. |
101230 (74610) |
62735 (50805) |
4832 (3378) |
70.133 (51.037) |
5442 (4832) |
85.143 |
|
|
|
|
|
|
|
|
|
|
Packaged Air Conditioning |
Nos. |
15000 (12000) |
10512 (7947) |
30 (11) |
2.195 (0.580) |
125 (30) |
7.506 (2.195) |
|
|
|
|
|
|
|
|
|
|
Industrial packaged chillers |
Nos. |
1450 (300) |
944 (777) |
9 (-) |
1.144 (-) |
- (3) |
- (1.144) |
|
|
|
|
|
|
|
|
|
|
Shell & tube condenses & coolers |
Nos. |
- (3000) |
- (69) |
6 (-) |
0.767 (-) |
3 (6) |
0.507 (0.767) |
|
|
|
|
|
|
|
|
|
|
Air handling units |
Nos. |
15500 (3740) |
7376 (5097) |
122 (1) |
7.133 (0.036) |
11 (122) |
0.297 (7.133) |
|
|
|
|
|
|
|
|
|
|
Finned condenses & evaporators |
Nos. |
10780 (10780) |
5293 (825) |
- (-) |
- (-) |
- (-) |
- (-) |
|
|
|
|
|
|
|
|
|
GENERAL
INFORMATION
|
|
|
||||||||||||||||||||||||||||||||||||
|
Customers : |
Ø
The
Presidential Palaces Complex, Damascus, Syria Ø
University
of Baghdad Ø
State
Bank Headquarters, Mauritius Ø
Taj
Lanka Hotels, Colombo Ø
Kompleks
Dami Ø
Kuala
Lumpur Ø
US
Geological Survey Mission, Jeddah Ø
Grand
Hyatt Hotel Ø
SHAR
Space Centre Ø
Infosys Ø
Wipro
Limited Ø
Satyam Ø
Sterlite
Industries Ø
Sri
Sailam Left Bank, Andhra Pradesh Ø
Moser
Baer India Limited, Noida, Uttar Pradesh Ø
DLF
Square Ø
Palm
Court Ø
Gateway
Tower Ø
Nestle
House, Gurgaon, Haryana Ø
Imax
Dome Theatre, Mumbai Ø
UTI
Bank, Chennai, Tamilnadu Ø
Sterling
Towers, Chennai, Tamilnadu Ø
Ebony
Showroom, New Delhi Ø
Amul Ø
Domino's Ø
Dinshaw Ø
Hindustan
Lever Limited Ø
Johnson
& Johnson Ø
Kodak Ø
Le
Meridien Ø
McDonalds Ø
Oberoi
Hotel |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
Ø
The Hongkong & Shanghai Banking
Corporation Ltd Ø
State Bank of India Ø
Oriental Bank of Commerce Ø
ABN - AMRO Bank Ø BMP Paribas |
||||||||||||||||||||||||||||||||||||
|
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|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking Relations : |
Satisfactory |
|
|
|
|
Auditors : |
K S
Aiyar & Company Chartered
Accountant |
|
|
|
|
Branch Auditor: |
Ø
R Venkatarama Aiyar & Company, Kolkata Ø
Fraser & Ross, Chennai Ø Mohinder Puri & Company, New Delhi |
|
|
|
|
Registrar & Share Transfer Agents : |
Intime Spectrum Registry Ltd C-13, Pannalal Silk Mills Compound L B S Marg, Bhandup (West) Mumbai 400 078. |
|
Tel. No.: |
91-22-5555 5454 |
|
Fax No.: |
91-22-5555 5353 |
|
|
|
|
Associates: |
Ø
Yokogawa
Blue Star Limited 40/4, Lavalle Road, Bangalore 560 001,
Karnataka Tel. No. : 91-80-2271513 Fax No. : 91-80-2274270 Ø
Arab
Malaysian Blue Star Sdn. Bhd. 18th Floor, Bangunan AMDB, No.1, Jalan
Lumut, Kompleks Damai, Tel No. : 03-4418261 Fax No. : 03-4419520 E-Mail: ambsklm@po.jaring.my Ø
Rolastar
Private Limited, India Ø
Ravistar
Private Limited, India Ø
Stork
Comprimo BV, Netherlands Ø
Blue
Star Infotech Limited Ø
Easy
Flow Air Products Private Limited Ø
Synergy
Realtors and Services Private Limited Ø
Admo
Holding Private Limited Ø
Sunag
Investments Private Limited Ø
Sunashad
Investments Private Limited Ø
Sunash
Investments Ø
Mohan
T. Advani and Company (AOP) Ø
Mohan
T. Advani Finance (Private) Limited Ø
J.
T. Advani (Finance) Private Limited Ø
Ashok
Sunil & Company Private Limited Ø
Aerm
Compressors Private Limited, India Ø
Climatrol,
Italy Ø
Heat
Craft, USA Ø
Mitsubishi
Heavy Industries, Japan Ø
Rheem
Manufacturing Company, USA Ø
Tenney
Inc, USA Ø
York
International, USA |
|
|
|
|
Subsidiaries: |
Ø
USIN
International Inc., USA Ø
Blue
Star Infotech (UK) Limited, UK |
|
|
|
CAPITAL STRUCTURE
|
Authorised Capital : |
|||
|
10000 |
7.8% Cumulative Preference shares of Rs. 100/- each |
Rs. 1.000 millions |
|
|
29740000 |
Equity shares of Rs. 10 each |
Rs. 297.400 millions |
|
|
16000 |
Unclassified shares of Rs. 100 each |
Rs. 1.600 millions |
|
|
|
|
Rs. 300.000
millions |
|
|
|
|||
|
Issued Capital : |
|||
|
17987221 |
Equity shares of Rs. 10/- each |
Rs. 179.872 millions |
|
|
|
|
|
|
|
Subscribed &
Paid-up Capital : |
|||
|
4678203 |
Equity Shares of Rs. 10/- each |
Rs. 46.782 millions |
|
|
929 |
Shares allotted as fully paid up of Rs.
10/- each |
Rs. 0.009 million |
|
|
13305268 |
Bonus Shares by Capitalisation of Reserves
and Share Premium of Rs. 10/- each |
Rs. 133.053 millions |
|
|
2821 |
7.8% Cumulative Preference Shares of Rs.
100/- each |
Rs. 0.028 millions |
|
|
|
Total
|
Rs. 179.872
millions |
|
FINANCIAL DATA
[all figures are in Rupees
Millions]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2005 |
31.03.2004 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
179.872 |
179.872 |
|
|
2] Reserves & Surplus |
|
1304.309 |
1118.242 |
|
|
NETWORTH |
|
1484.181 |
1298.114 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
359.124 |
109.282 |
|
|
2] Unsecured Loans |
|
13.660 |
24.186 |
|
|
TOTAL BORROWING |
|
372.784 |
133.468 |
|
|
DEFERRED TAX LIABILITIES |
|
82.809 |
87.059 |
|
|
|
|
|
|
|
|
TOTAL |
|
1939.774 |
1518.641 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
765.748 |
580.794 |
|
|
Capital work-in-progress |
|
72.750 |
68.555 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
51.777 |
54.780 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
1066.642 |
767.498 |
|
|
Sundry Debtors |
|
1957.699 |
1358.704 |
|
|
Cash & Bank Balances |
|
24.781 |
24.276 |
|
|
Loans & Advances |
|
689.155 |
530.081 |
|
Total Current Assets |
|
3698.277 |
2680.559 |
|
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
2473.623 |
1713.640 |
|
|
Provisions |
|
219.313 |
195.241 |
|
Total Current Liabilities |
|
2692.936 |
1908.881 |
|
|
Net Current Assets |
|
1005.341 |
771.678 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
44.158 |
42.834 |
|
|
|
|
|
|
|
|
TOTAL |
|
1939.774 |
1518.641 |
|
PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
31.03.2005 |
31.03.2004 |
|
Sales Turnover [including other income] |
|
9309.152 |
7160.565 |
|
|
|
|
|
|
Profit/(Loss)
Before Tax |
|
524.409 |
465.863 |
|
Provision
for Taxation |
|
132.828 |
140.359 |
|
Profit/(Loss)
After Tax |
|
391.581 |
325.504 |
|
|
|
|
|
|
Export
Value |
|
766.354 |
512.033 |
|
|
|
|
|
|
Import
Value |
|
802.304 |
521.682 |
|
|
|
|
|
|
Total
Expenditure |
|
11269.391 |
8510.784 |
QUARTERLY
/ SUMMARISED RESULTS
|
PARTICULARS |
|
|
31.03.2006 [Full Year] |
|
|
|
|
|
|
Sales Turnover |
|
|
11745.600 |
|
Other Income |
|
|
40.600 |
|
Total Income |
|
|
11786.200 |
|
Total Expenditure |
|
|
10878.800 |
|
Operating profit |
|
|
907.400 |
|
Interest |
|
|
57.200 |
|
Gross Profit |
|
|
850.200 |
|
Depreciation |
|
|
159.300 |
|
Tax |
|
|
194.200 |
|
Reported PAT |
|
|
489.000 |
|
Dividend (%) |
|
|
1200.000 |
|
|
|
|
|
KEY
RATIOS
|
PARTICULARS |
31.03.2005 |
31.03.2004 |
|
|
|
|
|
Debt
Equity Ratio |
0.18 |
0.10 |
|
Long
Term Debt Equity Ratio |
0.01 |
0.02 |
|
Current
Ratio |
1.21 |
1.27 |
|
TURNOVER
RATIO |
|
|
|
Fixed
Assets |
6.13 |
5.35 |
|
Inventory |
8.97 |
8.62 |
|
Debtors |
5.53 |
5.93 |
|
Interest
Cover Ratio |
15.67 |
21.01 |
|
Operating
Profit Margin (%) |
6.83 |
6.94 |
|
Profit
Before Interest And Tax Margin (%) |
5.49 |
5.50 |
|
Cash
Profit Margin (%) |
5.19 |
5.10 |
|
Adjusted
Net Profit Margin (%) |
3.84 |
3.67 |
|
Return
on Capital Employed (%) |
31.42 |
29.471 |
|
Return
on Net Worth (%) |
25.32 |
20.76 |
|
|
|
|
STOCK PRICES
|
Face
Value |
Rs.10 |
|
High |
Rs.562.00 |
|
Low |
Rs.520.00 |
LOCAL AGENCY
FURTHER INFORMATION
The
company was incorporated on 20th January, 1949 at Mumbai in
Maharashtra under the name and style of Blue Star Engineering (Bombay) Private
Limited having Registration Number 11-6870.
Subsequently,
the name of the company was changed to the present.
It
became a public limited liability company in 1969.
The
company was founded by the Late Mohan T. Advani in 1945 which was initially
engaged in reconditioning of refrigerators and air-conditioners. In 1949, the
proprietory business was taken over by three private limited companies
operating from Mumbai, Kolkata and Chennai. A fourth company, Blue Star
Industries, was formed to take over the manufacturing activities in Mumbai. In
1969, the companies in Kolkata and Chennai alongwith Blue Star Industries were
amalgamated with Blue Star Engineering Company (Bombay) Private Limited. The
latter was then converted into a public limited liability company under the
name Blue Star Limited (BSL).
Today,
the company is a well-diversified company with business interests in
manufacturing, installing and servicing air-conditiners and refrigerating
equipment, environmental test chambers, coil processing lines and EPABX
systems, along with a host of electronics and communication systems.
FINANCIAL PERFORMANCE
Despite lower margins, Profit Before Tax grew by
13% while Profit After Tax increased by 20%. Capital expenditure amounted to
Rs. 316.200 millions. Higher business volume also required some increased
borrowings for working capital. However, the debt/equity ratio remained low.
Management Discussion and
Analysis
Introduction
Blue Star is India's largest central
airconditioning and commercial refrigeration company. It is recognized as an
expert in the field of providing cooling solutions, with over six decades of
experience. Another significant area of business interest to Blue Star is
import distribution and maintenance of professional electronic and industrial
equipment and systems.These include turnkey engineered solutions in the areas
of banking, telecom, healthcare, defense, Pharmaceuticals, manufacturing and
R&D.
Blue Star has emerged as the company of choice
for its customers, employees and business partners, owing to its expertise and
ethical business practices. It achieved leadership status in most of its chosen
markets over a decade ago, and continues to maintain and strengthen its
leadership status, despite stiff global competition.
With the objective of profitable growth, the
Company is pursuing several strategic initiatives in the areas of product
innovation, manufacturing, offering customised solutions, channel development,
exports and brand building.
Fixed
Assets:
v Land- Freehold
v Land Leasehold
v Building Sheds and Road
v Plant and Machinery
v Furniture, Fittings & Equipments
v Vehicles
v Computers
v
Intangible Assets- BaaN SYSTEM
Blue Star continues to grow
Central airconditioning and commercial refrigeration major
Blue Star has reported a Total Income of Rs 2638.200 millions for the quarter
ended December 31, 2005 representing a growth of 18% over the corresponding
period last year. Net Profit for the quarter grew 17% to Rs 69.100 millions,
while Earnings Per Share (EPS) increased to Rs 3.84 from Rs 3.30.
The Total Income for the nine months ended December 31, 2005
grew 27% to Rs 778.65 crores. Net Profit for the same period increased from Rs
182.800 millions to Rs 235.400 millions representing an increase of 29% over
the same period last year. The cumulative EPS for nine months stood at Rs 13.09
as against Rs 10.16 last year.
The Company bagged several prestigious orders during the
quarter including orders from State Bank of India, Mumbai; Deen Dayal Upadhyay
Hospital, New Delhi; High Life Mall, Mumbai; Accenture, Bangalore; Syngenta,
Goa; and Select City Mall, New Delhi.
Ashok M Advani, Chairman & Managing Director adds “Blue
Star’s new order inflow continues at a very healthy rate with no sign of
slowing down. The moderation in billings growth in Q3 was partly due to normal
seasonal factors and partly because of phasing in of enhanced capacity and
changes in product mix at three of the manufacturing plants. These changes have
now been completed and billings growth should once again accelerate in Q4.”
It may be recalled that Blue Star had reported a Net Profit
of Rs 391.600 millions on a Total Income of Rs 9309.200 millions for the year
ended March 31, 2005. The Company continued its trend of attractive dividends
by declaring a dividend of 100%.
Place: Mumbai
Date: Jan 27, 2006.
Blue Star Q2 Total Income up
36%.
Net Profit up 32%.
Central airconditioning and commercial refrigeration major
Blue Star has reported a Total Income of Rs 2847.200 millions for the quarter
ended Sep 30, 2005 representing a growth of 36% over the corresponding period
last year. Net Profit for the quarter grew 32% to Rs 115.900 millions, while
Earnings Per Share increased to Rs 6.44 from Rs 4.86.
For the half year ending Sep 30, 2005, the Total Income stood
at Rs 5148.400 millions registering a growth of 33% over the corresponding
period last year. Net Profit grew 35% to Rs 166.300 millions
The order inflow of the Company continues to be healthy. The
Company bagged several prestigious central airconditioning orders during the
quarter including orders from Shopin Park, Delhi; BHEL at HPCL, Vizag; DGNP,
Secunderabad; National Sports Club of India (NSCI), Mumbai; Sigma Aldrich,
Bangalore; MSEB, Paras and Parli; Bombay Dyeing, Mumbai ; Cognizant Technology
Solutions, Chennai and HSBC, Pune.
Ashok M Advani, Chairman & Managing Director adds
"Blue Star has performed exceptionally well on all fronts. Apart from the
central airconditioning business, the cooling products business and the
professional electronics segment have also registered impressive growth. We
have capitalized on the opportunities available and have been able to leverage
our leadership position, reputation and brand equity to further improve our
market share, revenues and profits. The Company continues to sustain its
momentum of high growth levels and I am optimistic about the business
outlook."
It may be recalled that Blue Star had reported a Net Profit
of Rs 391.600 millions on a Total Income of Rs 9309.200 millions for the year
ended March 31, 2005. The Company continued its trend of attractive dividends
by declaring a dividend of 100%.
Place: Mumbai
Date: Oct 31, 2005.
Blue Star FY05 Net Sales
grows 32% to Rs 921 crores
Declares 100% Dividend
Financial Performance
Central airconditioning and commercial refrigeration major Blue Star has
reported Net Sales of Rs 9207.7 millions for the year ended March 31, 2005,
representing 32% growth over last year. Net Profit grew 20% to Rs 391.6
millions, while Earnings Per Share increased to Rs 21.77 from Rs 18.10, on an
equity base of Rs 179.9 millions Total income for the year grew 30% to Rs
930.92 millions
For the quarter ended March 31, 2005, the Company reported
Net sales of Rs 3124.2 millions representing 25% growth over the corresponding
quarter in the previous year. Total Income for the quarter at Rs 3194.9
millions was up by 22%. Net profit for the quarter increased marginally over
the same period last year to Rs 208.8 millions
The growth in Net Sales was fueled by buoyancy in the central
airconditioning business, which grew by 36% during FY05.
The Company bagged several prestigious orders during the
quarter ended March 31, 2005 including orders from Bank of America, Mumbai;
Patni Computers, Navi Mumbai; Ranbaxy, Mohali; HSBC, Secunderabad; Atos Origin,
Mumbai; Oberoi Mall, Mumbai; Cross River Mall, Delhi; Saint Gobain, Chennai;
Big Bazaar, Bangalore; Suzuki, Delhi; Polaris Software, Secunderabad; Wipro,
Kolkata and Delhi; Ispat Industries, Mumbai and HCL Technologies, Chennai.
Dividend
The Directors have recommended a dividend of Rs. 10.00 per share compared to Rs
9.00 per share declared last year. The Company has paid attractive dividends
for the past 35 years, since its IPO in 1969.
New Plant at Kala Amb, Himachal Pradesh
Blue Star is in the process of setting up a fourth plant at
Kala Amb in Himachal Pradesh with an investment of Rs 25 crores. The Plant is
expected to be commissioned in the next few months and will manufacture room
airconditioners. By setting up this new manufacturing facility, the Company
intends to benefit from both the economies of scale of the new Plant, as well
as the tax and duty incentives in the region. This will level the playing field
vis-à-vis the growing competition, most of who are already benefiting from
these incentives. This is in addition to the investments that the Company is
making for the modernization and capacity expansion of the existing three
plants.
Ashok M Advani, Chairman and Chief Executive Officer adds
"Blue Star's continued focus on growth and competitiveness in our core
businesses, and efficient use of resources resulted in higher sales and
profitability. We expect the central airconditioning market to grow at a
healthy pace over the next few years. While the overall market growth potential
may attract new entrants, Blue Star's all- India network combined with the
value proposition of energy efficiency, system design expertise and after-sales
service excellence, will ensure market leadership and profitable growth."
Place: Mumbai
Date: May 11, 2005
For additional information, please contact: N Sivasankaran,
Vice President, Corporate Communications & Marketing, Blue Star Limited,
Kasturi Buildings, Mohan T Advani Chowk, J Tata Road, Mumbai - 400 020 email:
nsivasankaran@bluestarindia.com Telephone: 56654000
Blue Star Q3 Net Profit up
55%
Total Income up 52%
Central airconditioning and commercial refrigeration major
Blue Star has reported a Total Income of Rs 2241.4 millions for the quarter
ended December 31, 2004 representing a growth of 52.4% over the corresponding
period last year. Net Profit for the quarter grew 55.4% to Rs 59.3 millions,
while Earnings Per Share (EPS) increased to Rs 3.30 from Rs 2.12.
The Total Income for the nine months ended December 31, 2004
grew 34.8% to Rs 6114.3 millions. Net Profit for the same period increased from
Rs 12.04 crores to Rs 182.8 millions representing an increase of 51.9% over the
same period last year. The cumulative EPS for nine months stood at Rs 10.16 as
against Rs 6.69 last year.
The Company bagged several prestigious orders during the
quarter including orders from Ram Manohar Lohia Hospital, New Delhi; Times of
India, Mumbai; Vascon Multiplex, Pune; RMZ Eco Space Building, Bangalore; DHL
Worldwide Express, Mumbai; Sun Microsystems, Bangalore; HCL Technologies BPO
Services, Chennai; Delhi High Court, New Delhi; Columbia Hospital, Bangalore;
Altana Pharma, Mumbai; NTPC, Sipat and HSBC, Sri Lanka.
Ashok M Advani, Chairman & Chief Executive adds "The
Indian economy has been growing at rapid pace and with the construction boom,
investments in infrastructure projects, and growth in the services sector, the
net profit as well as revenue growth of the Company have substantially improved
in the nine month period ended December 31, 2004. The favourable macro economic
conditions and the Company's strong fundamentals in the airconditioning,
commercial refrigeration and professional electronics business will help in
sustaining profitable growth in the future as well as further strengthen its
leadership position."
It may be recalled that the Company had reported a Net Profit
of Rs 32.55 crores on a Total Income of Rs 716.06 crores for the year ended
March 31, 2004.
Place: Mumbai
Date: January, 25, 2005
For additional information, please contact: N Sivasankaran,
Vice President, Corporate Communications & Marketing, Blue Star Limited,
Kasturi Buildings, Mohan T Advani Chowk, J Tata Road, Mumbai - 400 020 email:
nsivasankaran@bluestarindia.com Telephone: 56654000.
Blue Star Q2 Net Profit up
57%
Total Income up 27%
Central airconditioning and commercial refrigeration major
Blue Star has reported a Total Income of Rs 20.9 millions for the quarter ended
September 30, 2004 representing a growth of 27% over the corresponding period
last year. Net Profit for the quarter grew 57% to Rs 87.5 millions, while
Earnings Per Share (EPS) increased to Rs 4.86 from Rs 3.09.
The total income for the half year ended September 30, 2004
grew 26% to Rs 3870.000 millions Net Profit for the same period increased from
Rs 82.2 millions to Rs 123.6 millions representing an increase of 50% over the
same period last year. The cumulative EPS for the half year stood at Rs 6.87 as
against Rs 4.57 last year.
The carry-forward order book as of September 30, 2004 at Rs
4530.000 millions represents a 21% improvement over the previous year. The
Company bagged several prestigious orders during the quarter including orders
from Intelenet, Mumbai; National Stadium, Guwahati; HCL Technologies, Chennai
and Delhi; ST Microelectronics, Noida; Microsoft, Hyderabad; i-Flex, Mumbai;
Adlabs Films, Mumbai and Pune and Cognizant Technology Systems, Bangalore.
Ashok M Advani, Chairman & Chief Executive adds "The
Company's good performance is attributable primarily to the buoyancy in the
central airconditioning business as well as the improved profitability in the
cooling products segment. We expect the central airconditioning market to grow
at a healthy pace over the next few years. While the current growth is being
fueled by the services sector, we anticipate that with the expected revival in
industrial investment, airconditioning demand from this sector will also
contribute to the overall market growth in the medium term."
It may be recalled that the Company had reported a Net Profit
of Rs 325.5 millions on a Total Income of Rs 7160.6 millions for the year ended
March 31, 2004.
Place: Mumbai
Date: October 29, 2004
Blue Star grows 19% to reach
Rs 716 crores
Declares 90% dividend
Financial Performance
Central airconditioning and commercial refrigeration major Blue Star has
reported a Total Income of Rs 7160.6 millions for the year ended March 31,
2004, representing 19% growth over last year. Net Profit grew 5% to Rs 325.5
millions, while Earnings Per Share increased to Rs 181.000 from Rs 167.9. Order
inflow for the 12 months through March 31, 2004 grew by 30% to Rs 8007.0
millions from last year's figure of Rs 6166.1 millions. The carry-forward order
book as of March 31, 2004 at Rs 3834.5 millions represents a 40% improvement
over the previous year.
Dividend
The Directors have recommended a dividend of Rs. 9.00 per share. Last year the
Company had declared a dividend of Rs 6.50 per share plus a special Diamond
Jubilee dividend of Rs. 2.50. The Company has paid attractive dividends for the
past 34 years, since its IPO in 1969.
Ashok M Advani, Chairman and Chief Executive Officer says
"Blue Star's continued focus on growth and competitiveness in our core
businesses, and efficient use of resources resulted in higher sales and
profitability. Over the years, Blue Star has reinvented itself again and again
in line with the changing market environment, and has emerged as the company of
choice for its customers, employees and business partners. With an objective of
aggressive growth, the Company is implementing several strategic initiatives in
augmenting manufacturing capacity, product innovation, information technology,
channel development, exports and brand building. The last six months of 2003-04
produced excellent growth for the industry as a whole. As the construction
boom, investments in infrastructure projects, and growth in the services sector
continue, we have seen this momentum maintained in the new financial year for
the airconditioning and refrigeration industry. With sound financials, trained
manpower and expanding manufacturing capacity, Blue Star is well positioned to reap
the benefits of these macro-economic trends."
Place: Mumbai
Date: May 12, 2004
The
company is in trade terms with the following :
Ø
Khokhar
Electricals
Ø
Composite
Aqua System & Equipment Private Limited
Ø
Navtech
Enterprises Private Limited
Ø
Airtech
Ø
Elvee
Electricals
Ø
J.
K. Insulation
Ø
J.
B. Sawant Engineering
Ø
Malde
Paper Box Industries
Ø
Narendra
Engineering
Ø
Trigon
Metal Sections
The
company has joint venture with the following :
Ø
Yokogawa
Blue Star Limited, Malaysia
Ø
Rolastar
Private Limited, India
Ø
Ravistar
Private Limited, India
Ø
Arab-Malaysian
Blue Star Sdn Bhd, Malaysia
Ø
Stork
Comprimo BV, Netherlands
Ø
Blue
Star Infotech Limited
Ø
Synergy
Realtors and Services Private Limited
Ø
Admo
Holding Private Limited
Ø
Sunag
Investments Private Limited
Ø
Sunashad
Investments Private Limited
Ø
Sunash
Investments
Ø
Mohan
T. Advani and Company (AOP)
Ø
Mohan
T. Advani Finance (Private) Limited
Ø
J.
T. Advani (Finance) Private Limited
Ø
Ashok
Sunil & Company Private Limited
Ø
Aerm
Compressors Private Limited, India
Ø
Climatrol,
Italy
Ø
Heat
Craft, USA
Ø
Mitsubishi
Heavy Industries, Japan
Ø
Rheem
Manufacturing Company, USA
Ø
Tenney
Inc, USA
Ø
York
International, USA
BUSINESS SUMMARY
The Blue
Star Engineering Company was founded by the late Mohan T Advani in 1945 which
was initially engaged in reconditioning of refrigerators and air-conditioners.
In 1949, the proprietary business was taken over by three private limited
companies operating from Mumbai, Kolkata and Chennai. A fourth company, Blue
Star Industries, was formed to take over the manufacturing activities in
Bombay. In 1969, the companies in Calcutta and Madras alongwith Blue Star
Industries were amalgamated with Blue Star Engineering Company (Bombay) Private
Limited. The latter was then converted into a public limited company under the
name Blue Star (BSL).
The
company has business alliances with world renowned technology leaders such as
York International, USA, Hitachi, Japan; Kolpak, USA, Vestfrost, Denmark;
Electrolux, Sweden and many others, so as to offer superior products to the
customers.
The
company is structured into four autonomous business groups: Air-conditioning
Projects, Packaged Air-conditioning, Commercial Equipment, and Professional
Electronics and Industrial Products. It manufactures and markets a wide range
of air-conditioning and refrigeration systems and products. These include large
central air-conditioning plants, packaged air-conditioning systems, split and
window air conditioners; commercial refrigeration equipment such as water
coolers, mineral water dispensers, ice-cube machines, deep freezers, walk-in
cold rooms and commercial kitchen and laundry equipment. Also its other
businesses include marketing and maintenance of hi-tech electronic and
industrial products such as Testing Machines, Data Communication products, Medical
and Analytical Instruments and Special Control Valves. Today the company is a
well-diversified company with business interests in manufacturing, installing
and servicing air-conditioners and refrigerating equipment, environmental test
chambers, coil processing lines and EPABX systems, along with a host of
electronics and communications systems.
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 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
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.45.92 |
|
UK
Pound |
1 |
Rs.84.62 |
|
Euro |
1 |
Rs.58.03 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
YES |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
62 |
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |