MIRA
INFORM REPORT
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Report Date : |
29.08.2007 |
IDENTIFICATION
DETAILS
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Name : |
BIRLA POWER SOLUTIONS LIMITED |
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Formerly
Known as : |
BIRLA YAMAHA LIMITED |
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Registered Office : |
Industry House 159, Churchgate
Reclamation, Mumbai - 400 020, |
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Country : |
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Financials (as on) : |
30.09.2005 |
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Date of Incorporation : |
27.04.1984 |
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Com. Reg. No.: |
32773 |
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CIN No.: [Company
Identification No.] |
L31101MH1984PLC032773 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MRTB01065B |
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PAN No.: [Permanent
Account No.] |
AAACB5253D |
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Legal Form : |
Subject is a public limited liability company. The company’s shares are listed on the stock exchange. |
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Line of Business : |
Manufacturing and Trading of portable gensets, multi
purpose engines and inverters. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 2200000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Industry House 159, Churchgate
Reclamation, Mumbai - 400 020, |
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Tel. No.: |
91-22- 25883531 |
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Fax No.: |
91-22- 25882540 |
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E-Mail : |
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Website : |
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Head Office : |
901 Bhikaji Cama Bhawan, |
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Tel. No.: |
91-11- 42594100 |
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Fax No.: |
91-11- 42594199 |
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Factory 1 : |
Lal Tappar, P. O. Resham
Mazri, Dehradun, Uttranchal |
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Factory 2 : |
Bata Mandi, Poanta sahib,
District: Sirmour, Himachal Pradesh |
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Factory 3 : |
Varekwadi, Tal Patan,
District: Satara, |
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Dealers Network
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North
Region Himachal
Pradesh Jammu
& Kashmir Uttar
Pradesh Uttaranchal Haryana South
Region Andhra
Pradesh Karnataka Kerala Tamil
Nadu East
Region Arunachal
Pradesh Bihar
& Jharkand Manipur Meghalaya Nagaland Orissa Tripura West
Region Rajasthan Central
Region Madhya
Pradesh Chhattisgarh Andaman
& Nikobar Other
Countries |
DIRECTORS
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Name : |
Mr. Yashovardhan Birla |
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Designation : |
Chairman |
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Name : |
Mr. S. P. Trivedi |
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Designation : |
Director |
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Name : |
Mr. G. L. Lath |
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Designation : |
Director |
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Name : |
Mr. S. C. Agarwal |
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Designation : |
Director |
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Name : |
Mr. Manish Malani |
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Designation : |
Director |
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Name : |
Mr. Sanjay Khazanchi |
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Designation : |
Whole Time Director and President |
KEY EXECUTIVES
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Name : |
Mrs. Anju Mehta |
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Designation : |
Company Secretary |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and Trading of portable gensets, multi
purpose engines and inverters. |
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Products : |
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GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
550 |
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Bankers : |
v Canara
Bank v Punjab
National Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Lodha and Company Chartered Accountants |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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30000000 |
Equity Shares |
Rs. 10/- each |
Rs. 300.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10481000 |
Equity Shares |
Rs. 10/- each |
Rs. 104.810
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
30.09.2005 [12 Months] |
30.09.2004 [18 Months] |
31.03.2003 [12 Months] |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
104.800 |
104.825 |
104.825 |
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2] Reserves & Surplus |
464.000 |
452.668 |
442.231 |
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NETWORTH |
568.800 |
557.493 |
547.056 |
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LOAN FUNDS |
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1] Secured Loans |
281.500 |
295.581 |
194.846 |
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2] Unsecured Loans |
416.000 |
346.565 |
178.491 |
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TOTAL BORROWING |
697.500 |
642.146 |
373.337 |
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DEFERRED TAX LIABILITIES |
0.000 |
30.572 |
37.748 |
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TOTAL |
1266.300 |
1230.211 |
958.141 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
128.200 |
138.343 |
173.322 |
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Capital work-in-progress |
34.800 |
8.353 |
9.657 |
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INVESTMENT |
0.000 |
0.016 |
0.016 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
362.500
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397.170 |
296.186 |
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Sundry Debtors |
883.100
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475.257 |
365.140 |
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Cash & Bank Balances |
46.600
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36.253 |
78.885 |
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Loans & Advances |
414.400
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452.025 |
263.301 |
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Total
Current Assets |
1706.600
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1360.705 |
1003.512 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
539.600
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283.857 |
245.949 |
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Provisions |
65.800
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Total
Current Liabilities |
605.400
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283.857 |
245.949 |
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Net Current Assets |
1101.200
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1076.848 |
757.563 |
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MISCELLANEOUS EXPENSES |
2.100 |
6.651 |
17.583 |
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TOTAL |
1266.300 |
1230.211 |
958.141 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
30.09.2005 [12 Months] |
30.09.2004 [18 Months] |
31.03.2003 [12 Months] |
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Sales Turnover |
972.300 |
1050.000 |
786.800 |
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Other Income |
9.900 |
202.500 |
86.800 |
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Total Income |
982.200 |
1252.500 |
873.600 |
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Profit/(Loss) Before Tax |
33.100 |
75.381 |
62.250 |
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Provision for Taxation |
12.200 |
58.750 |
40.896 |
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Profit/(Loss) After Tax |
20.900 |
16.631 |
21.354 |
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Earnings in Foreign Currency : |
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Total Earnings |
NA |
66.752 |
45.269 |
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Imports : |
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Raw Materials |
NA |
50.388 |
120.285 |
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Total Imports |
NA |
50.388 |
120.285 |
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Expenditures : |
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Raw
Materials |
549.700 |
655.900 |
422.800 |
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Excise
Duty |
43.500 |
64.900 |
77.000 |
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Power
& Fuel Cost |
05.800 |
10.400 |
09.300 |
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Other
Manufacturing Expenses |
10.000 |
17.800 |
12.700 |
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Employee
Cost |
90.100 |
135.900 |
87.400 |
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Selling
and Administration Expenses |
86.100 |
167.900 |
135.900 |
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Miscellaneous
Expenses |
68.100 |
53.900 |
42.800 |
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Interest
& Financial Charges |
66.400 |
80.500 |
30.800 |
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Depreciation
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29.400 |
46.800 |
31.200 |
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Total Expenditure |
949.100 |
1234.000 |
849.900 |
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SUMMARISED RESULTS
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PARTICULARS |
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31.03.2007 |
30.09.2006 |
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Type |
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Full
Year |
Full
Year |
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Sales
Turnover |
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2254.100 |
1570.300 |
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Other
Income |
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46.900 |
17.400 |
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Total
Income |
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2301.000 |
1587.700 |
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Total
Expenditure |
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2069.600 |
1399.800 |
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Operating
Profit |
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231.400 |
187.900 |
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Interest |
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123.500 |
73.700 |
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Gross
Profit |
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107.900 |
114.200 |
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Depreciation |
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32.700 |
28.900 |
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Tax |
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17.800 |
21.300 |
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Reported
PAT |
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57.400 |
64.000 |
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Dividend
(%) |
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60.000 |
0.000 |
QUARTERLY RESULTS
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PARTICULARS |
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30.06.2007 |
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Type |
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1st
Qtr |
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Sales
Turnover |
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478.300 |
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Other
Income |
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6.600 |
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Total
Income |
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484.900 |
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Total
Expenditure |
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437.500 |
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Operating
Profit |
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|
47.400 |
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Interest |
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|
22.500 |
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Tax |
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1.700 |
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Reported
PAT |
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17.800 |
200706
Quarter 1 –
EPS is Basic and Diluted Status of Investor Complaints for
the quarter ended June 30, 2007 Complaints Pending at the beginning of the
quarter 03 Complaints Received during the quarter 08 Complaints disposed off
during the quarter 10 Complaints unresolved at the end of the quarter 01 1. The
above results have been reviewed by the Audit Committee and thereafter approved
and taken on record by the Board of Directors at its meeting held on July 31,
2007 and they are subject to Limited Review. 2. The EPS has been calculated in
accordance with the Accounting Standard (AS-20) issued by the ICAI. 3.The
provision for tax include Fringe Benefit Tax of Rs 0.356 Millions 4. Previous
figures have been re-grouped wherever necessary to be in conformity with
Current Period.
KEY RATIOS
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PARTICULARS |
30.09.2005 [12 Months] |
30.09.2004 [18 Months] |
31.03.2003 [12 Months] |
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Debt-Equity
Ratio |
1.18 |
0.91 |
0.50 |
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Long
Term Debt-Equity Ratio |
0.46 |
0.24 |
0.08 |
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Current
Ratio |
1.76 |
1.74 |
1.65 |
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TURNOVER
RATIOS |
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Fixed
Assets |
1.80 |
1.32 |
1.50 |
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Inventory |
2.56 |
2.02 |
3.05 |
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Debtors |
1.43 |
1.67 |
2.51 |
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Interest
Cover Ratio |
1.50 |
1.23 |
1.77 |
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Operating
Profit Margin(%) |
13.26 |
13.89 |
10.89 |
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Profit
Before Interest And Tax Margin(%) |
10.23 |
9.43 |
6.93 |
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Cash
Profit Margin(%) |
5.17 |
6.12 |
6.67 |
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Adjusted
Net Profit Margin(%) |
2.15 |
1.67 |
2.71 |
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Return
On Capital Employed(%) |
8.12 |
6.32 |
6.83 |
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Return
On Net Worth(%) |
3.71 |
2.11 |
3.91 |
STOCK PRICES
|
Face Value |
Rs.10.00/- |
|
High |
Rs.30.00/- |
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Low |
Rs.29.15/- |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Birla Power Solutions Limited (formerly Birla Yamaha
Limited), incorporated on April 27, 1984 is part of Yashvardhan Birla Group.
The company was promoted by Tungabhadra Industries and Yamaha Motors,
The main customer segments include households, commercial establishments,
public-sector undertakings, government departments and defence establishments.
The company markets its products under the Yamaha brand.
It has started exporting sets to its collaborators in
Once a BIFR referred company has came out of the purview of BIFR during the
year 1997-98 has setting up a new unit at Lal Tapper, Dehradun to manufacture
inverters, UPS and stabilizers with capacity to produce approximately 100000
units per annum. In FY 1999-2000 the company has set up a new unit at Paonta
Sahib (Himachal Pradesh). The commencement of operation in thsi HP unit
provides greater flexibility in operations.
R&D initiatives of the company are yielding fruitfull and it has developed
new products such as sprayers, rain guns, lawn mowers, catamaran engines, UPS
& Stabilisers.
The company has successfully achieved COP phase-I & type approval phase-II
of exhaust pollution during the year 2000-01. By achieving this it can provide
more power and better quality and technically upgraded product to its
customer.
The company also introduced a new four stroke kerosene model namely LG 700K to
fill the long standing gap in lower segment of four stroke range of generators.
During the year 1999-2000, the company successfully launched pumpsets, sprayers
and gensets named `Ecogen' series which received favourable response in the
market. ERP system from Baan was also successfully implemented. To cater to the
low end of the market the company is planning to introduce 1.5 HP Multi Purpose
Engine.
OPERATIONS:
During the Financial year under report, the total revenues for year ended on 30th
September, 2005 were Rs 921.833 Millions as against Rs 1070.553 Millions during
the last financial year of 18 months period ended on 30th September, 2004 showing
an increase of 29.16% on annualized basis. Similarly the profit after tax
during the same periods were Rs 20.855 Millions and Rs 17.548 Millions, showing
an increase of 78.27% on annualised basis.
This over all better performance has been achieved through optimum product mix,
yielding high margins and cost control. However, the management is continuously
focusing on cost control and increasing sales of products that yield better
margins and expanding and strengthening the dealer network.
FUTURE PROSPECTS
The Directors believe that there are tremendous growth opportunities available
to the Company in Power Solutions Industry and it should capitalize on these by
further expanding the product portfolio. The Directors are happy to report that
the Company has taken active steps for (I) Undertaking expansion of the
capacities of existing products viz, diesel gensets, multipurpose engines,
alternators, fuel tanks etc. and (II) Setting up of a new unit for
manufacturing LPG / CNG gensets, inverters, engines, accoustic hoods. These
units will enjoy excise and tax benefits giving the Company much needed
advantage over competition.
With these steps, the directors hope that the Company will become an integrated
player with all
CHANGE
OF REGISTERED OFFICE
During the year under report pursuant to Section 146 of the Companies Act. 1956
the registered office of the Company has been shifted from 1st Floor, Dalamal
House, Nariman Point, Mumbai - 400 021 to 159, Industry House, Churchgate
Reclamation, Mumbai - 400 020, w.e.f. 29.7.2005
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT (MDA)
Industry structure and
developments:
The Company is engaged in the production of Portable Gensets, Multi Purpose
Engines, Pumpsets, Sprayers, inverters and wind energy. In addition to this the
Company is engaged in trading of imported gensets and electrical items.
While the diesel gensets are popular among rural/industrial consumers, urban
consumers prefer petrol/kerosene based portable gensets and inverters.
In the recent years inverter because of its advantages of
easy, automatic, noise less operation and relatively low running cost is
cutting sales of petrol/kerosene based portable gensets. Portable gensets
industry is also facing stiff competition from cheaper Chinese products.
Multi purpose engines manufactured by the Company are useful particularly to
small / medium scale farmers having small land holdings. The products are
extremely compact, light weight, portable and efficient and are becoming
popular in the farming community because of their reliability, low maintenance
and low running costs.
There are number of branded/unbranded players of electrical appliances having
cut throat competition among themselves.
Despite of cheaper cost of production, wind energy is not very much popular in
the Country and the industry is passing through initial years of its
evolution.
Fixed
Assets
- Buildings
- Plant and Machinery
- Furniture
- Fixture and Office Equipments
- Vehicles
AS PER WEBSITE
The
Yash Birla group is a part of the famous House of Birlas, started by Mr. Baldeo
Das Birla, the great-great-grandfather of the current chairman. The lineage of
the Yash Birla group is from Mr. Rameshwar Das, Grandfather of Mr.Ashok Birla.
The sudden demise of Mr.Ashok Birla, in 1990, plunged his son Yashovardhan into
the corporate jungle. But the circumstances that lead him to take up the mantle
when he was only 23 years old, have helped Yash and his Group to emerge
stronger than ever before. Yash, as he is often called, not only nursed back
sick companies to health but moved on to give the Group a dynamic strategy. He
integrated operations of various companies, moved out of unrelated areas, and
expanded operations in related areas. He gave the Group a dream, a global
vision and an integrated approach.
The
Yash Birla Group consists of a number of companies spread all over
Strategy
The Group strategy is to consolidate the existing operations and to focus on
areas like IT, tools, chemicals and consumer durables.
Overseas Partners
Their
foreign partners like the Yamaha Motor Company from
Plans are on the anvil to get
into the Cement industry and to leverage the strong, marketing and distribution
network, and make a related diversification into consumer durables like
air-conditioners and electric radiators. The plans include increasing
investments in the thrust areas identified which are chemicals, consumer
durables and IT.
Social Responsibility
Fully aware of its social
responsibilites, the Group is supporting the cottage and village industry
sector by establishing centres in Bhadoi,
Profile
Birla
Power Solutions Limited, a Yash Birla Group Company has many a firsts to its
credit. It was the first Company to manufacture portable generators in
The
present domestic market share of BPSL Generators is around 32%. Till date, they
have more than 5.5 lacs satisfied genset owners in every nook and corner of the
country. BPSL has a network of more than 850 dealers spread throughout the
country. These dealers are given extensive training and are well equipped to
cater After Sales Service for generators.
The
modern manufacturing unit is established near Dehradun (Uttaranchal) in a very
scenic and serene backdrop of hills & forest, with a manufacturing capacity
of 75000 Gensets and 25000 Multi Purpose Engines. The total area of the factory
is 150000 sq.mtrs and the covered area is 17000 sq.mtrs. The connected load is
1550 KVA. Though the power availability in the region is good, Company has DG
sets of 850 KVA as stand by captive power.
Alternator
shop has fully automatic machines capable of producing single phase self
excited synchronous alternators upto the capacity of 4.5 KVA. The Machine shop
has 79 machines out of which 10 are CNC such as CNC Lathes, CNC Machining Centre
& CNC Drill Tap Centre. The Paint shop is having Dip Phosphating to
accommodate upto the cube size of 800 mm and conveyorised electrostatic spray
painting alongwith Thermic fluid baking for cube size of 600 mm.
There
are 550 employees in the Company out of which around 200 are skilled workmen,
most of them are ITI educated. Work culture at factory is very cordial and
there have been no loss of production due to Industrial related issues for the
last 3 years.
The Company recently diversified into Multi Purpose Engines
and its application products such as Pumpsets, Sprayers, Vibrators and Lawn
Mowers etc. The engines manufactured by the Company are useful particularly to
small / medium scale farmers having small land holdings. The products are
extremely compact, light weight, portable and efficient and are becoming
popular in the farming community because of their reliability, low maintenance
and low running costs..
The
company exports significant percentage of its production to various countries
around the world. Both Generators as well as Multi Purpose Engines are gaining
increasing acceptance in the African sub continent, Middle East and
The
Company has launched 500VA Inverters Ecogen 625 for domestic segment in
October’2000 and 1250 VA in June’2001. The Company has developed Dual Fuel
Generators (run on kerosene / LPG) to be launched in the markets where kerosene
availability / price is becoming out of reach. The Company has also plans to
increase its range of Pumpsets and Sprayers in the lower power range.
The
Company got ISO 9002 in October,1998. Further, Company has undertaken the
implementation of ISO-14001 for which the Company is successfully awarded
ISO14001 certification. The Company has just completed the implementation of
BaaN ERP system at works and will shortly connect all its Regions and Head
Offices to the Factory for on line connectivity.
BPSL STRENGTHS
1. Manufacturing
a. Locational Advantages
The manufacturing unit is situated on the main high way
between Haridwar and Dehradun in the lush green surroundings of forest area. It
is well connected to important towns. Dehradun being the seat of excellent
education helps to retain talent of middle and senior management at the
factory. It is also well connected with
There
is an abundance of clean water, uninterrupted power supply and fresh crisp and
clean air.
b. Factory
Constructed
in 1985, the factory has covered area of 17,000 sq.mtrs. Construction is ‘A’
class, well ventilated with industrial floor and high roof. The large
industrial hall allows flexibility in layouting and manufacturing.
The
manufacturing set up consists of standard plant and machinery from the best
manufacturers in
The
machine shop particularly has a flexibility of machining aluminum castings of
various size and shapes.
The
alternator shop similarly has a modern winding, varnishing and testing plant to
produce high quality alternators upto 4 Kva capacity.
The
paint shop has conveyorised electrostatic painting alongwith dip phosphating
which produces high quality automotive finish components having long life
glossy finish.
The
labour is highly productive, good educated and dedicated to the work. This
being the largest industrial unit in the surrounding carries a name in the
adjoining villages and the workers are proud to associate themselves with this
unit.
The
plant has the flexibility and capacity to produce around 1 lac engines and
alternators upto 4 Kva capacity. There is enough land available for expansion
if needed.
2. Marketing
Birla
Power Solutions Limited has a sound foundation of being in the market for more
than 15 years. As the product is sold all across the country, they have very
strong and dedicated dealers numbering more than 850. This strength of
distribution and sales logistics is an ideal platform for launching and
marketing of any allied product.
The
sales logistics and administration are fully equipped to handle the despatch
and distribution of products in the shortest time at the lowest cost to any
corner of the country.
Being
an engineering product, the necessary after sales service is fully in place.
The dealers as well as the sales staff is fully equipped to maintain and
service the products of engineering / automotive nature.
3. Other advantages
- Birla Power Solutions Limited has
offices in all major cities which serve as a back bone for sales and marketing
of their products.
- The manufacturing set-up is on ERP.
- The Company has ISO9002.
- All products of the Company are fully
emission compliant and ISI marked.
- The Company has another manufacturing
unit at Paonta which gives the strategic advantage of tax optimisation.
POWER UNLIMITED
The Yashovardhan Birla group is a part of the famous house
of Birla. Birlas have been a significant part of Indian public life since the
freedom struggle. Post independence they played a significant part in scripting
an industrial development of the country. Chemistry of the success of Birlas
can be attributed to a successful marriage between tradition and professional
needs in tune with time.
Yashovardhan
Birla group has various industries spread all over
Care for Gensets
- Keep the genset on a level surface.
- Switch off the genset before refueling
and shifting.
- Operate the genset at least 1 meter
away from a building wall or any equipment, to allow good air circulation
for effective cooling.
- Do not put a dust cover on the genset
while in poor cooling, overheating and malfunctioning.
- Operate the genset away from
inflammable objects.
- While refueling, be sure that the
engine is not running.
- Set the fuel cock lever at the ‘OFF’
position before refueling.
- Avoid spillage and quickly wipe off any
spilt petrol.
- While refueling, ensure that no dust or
water gets mixed with the fuel.
- After refueling, replace the fuel tank
cap.
Manufacturing Facilities
|
PLANTS |
DEHRADUN
|
POANTA
SAHIB |
|
Land
Area |
1493276.58
Sq.Mtrs |
5760.85
Sq Mtrs. |
|
Total
Covered Area |
19175.00
Sq.Mtrs |
646.56
Sq Mtrs |
|
Capacity |
1,25000
units/ year |
12,000
Unit / Year |
|
Manpower |
374 |
16 |
|
Manufacturing |
Portable
Gensets |
Portable
Gensets |
|
Certification |
I S
O 9002 & I S O 14001 |
I S
O 9002 & I S O 14001 |
|
Address |
Vilage
- Lal Tappar |
Village
- |
|
Phone |
0135
- 2499341 |
01704
- 224740 |
|
Fax |
0135
- 2499227 |
-- |
|
E -
mail |
mktg@birlagenset.com |
-- |
Research & Development
Research & Development Their R & D Division is currently working on the
following projects :
- Development
of Acoustic hood - for generator sets.
- Development
of Gensets - capable of giving 400 Hz A/C output.
- Development
of Autostart series of gensets.
- Development
of following applications - for their existing multipurposeengines, Lawn
Mowers, Rain Gun and Jet pumps.
- Development
of 5 KVA Generator sets.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.88 |
|
|
1 |
Rs.82.58 |
|
Euro |
1 |
Rs.35.22 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|