MIRA
INFORM REPORT
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Report Date : |
14.09.2007 |
IDENTIFICATION DETAILS
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Name : |
WALCHANDNAGAR INDUSTRIES LIMITED |
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Registered Office : |
3, Walchand
Terraces, |
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Country : |
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Financials (as on) : |
30.09.2006 |
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Date of Incorporation : |
25.11.1908 |
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Com. Reg. No.: |
11-000291 |
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CIN No.: [Company
Identification No.] |
U74999MH1908PTC000291 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMW02073B |
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PAN No.: [Permanent
Account No.] |
AAACW0541M |
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Legal Form : |
Public Limited
Liability Company. Company’s shares are listed on the stock exchanges. |
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Line of Business : |
Manufacturer of Sugar Mill Machinery, High speed
Centrifugals, Gear and gear Boxes, Cement Making Plant, Nuclear and Chemical
Machinery, Water Tube Boilers and Steam Accumulators. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 7900000 |
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Status : |
Good |
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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 and a part of Walchand Group. The company is progressing well. 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. Fundamentals are strong and healthy. The company can be considered normal for business dealings at usual trade terms and conditions. The company can be regarded as a promising business partner in a medium to long-run. |
LOCATIONS
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Registered Office : |
3, Walchand
Terraces, |
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Tel. No.: |
91-22-24938866 /
24932931 |
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Websites: |
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Marketing Division : |
Walchand House, 15/1/B-2,
Kothrud, Pune – 411038, |
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Tel. No.: |
91-20-25436655 /
56 / 58 |
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Fax No.: |
91-20-2542070 /
25451747 |
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Factory 1: |
Walchandnagar,
District Pune, |
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Tel. No.: |
91-2118-252235 to
252239 |
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Fax No.: |
91-2118-252358 |
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Factory 2: |
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Tel. No.: |
91-2163-227201 /
227204 |
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Fax No.: |
91-2163-227205 |
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Factory 3: |
Attikola,
District Dharwad, |
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Tel. No.: |
91-836-448565 |
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Fax No.: |
91-836-448508 |
DIRECTORS
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Name : |
Mr Chakor L Doshi |
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Designation : |
Chairman |
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Address : |
Neela House, 2nd
Floor, M. L. Dahanukar Marg, Mumbai – 400026, |
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Date of Birth/Age : |
56 Years |
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Qualification : |
M.S., U.S.A |
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Experience : |
36 Years |
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Name : |
Mr P K Basu |
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Designation : |
Director |
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Address : |
The Retreat, Bungalow
No. 460, Sector 15A, Office New |
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Date of Birth/Age : |
72 Years |
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Qualification : |
B.A. (Economics), M.A., Ph.D. |
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Experience : |
50 Years |
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Name : |
Mr R M Pande |
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Designation : |
Director |
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Address : |
3/456, Vishwas Khand,
Gomti Nagar, |
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Date of Birth/Age : |
63 Years |
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Qualification : |
M.Com, L.L.B. |
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Experience : |
43 Years |
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Name : |
Mr Dilip J
Thakkar |
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Designation : |
Director |
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Address : |
12 Acropolis – B, Little |
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Date of Birth/Age : |
67 Years |
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Qualification : |
Chartered Accountant |
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Experience : |
47 Years |
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Name : |
Mr A U
Rijusinghani |
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Designation : |
Director |
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Address : |
172-B Shivalik, Near Malviya Nagar, |
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Date of Birth/Age : |
72 Years |
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Qualification : |
Engineering Graduate
with Post Graduation from |
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Experience : |
50 Years |
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Name : |
Mr J L Deshmukh |
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Designation : |
Director |
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Address : |
185, Mahatma Housing Society,
Kothrud, Pune – 400029, |
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Date of Birth/Age : |
55 years |
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Qualification : |
B.E. (Mechanical) |
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Experienced : |
35 Years |
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Name : |
Mr Arati Vissanji |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr R B Jobanputra |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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(A) SHAREHOLDING of PROMOTER
AND PROMOTER GROUP (2) |
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1. INDIAN |
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9579 |
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-- |
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1309116 |
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-- |
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37921 |
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SUB TOTAL (A) (1) |
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1356616 |
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2. FOREIGN |
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-- |
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85900 |
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-- |
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-- |
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SUB TOTAL (a) (2) |
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85900 |
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TOTAL HOLDING (a) = (A) (1) + (A) (2) |
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1442516 |
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(B) PUBLIC SHAREHOLDING (3) |
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1. INSTITUTIONS |
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278824 |
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8267 |
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1200 |
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-- |
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285394 |
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1200 |
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-- |
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-- |
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-- |
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SUBTOTAL (B) (1) |
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574885 |
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2.NON INSTITUTIONS |
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a. Bodies corporate |
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127895 |
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i. Individual ( Capital <=Rs. 0.100
million) |
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827259 |
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Ii Individual ( Capital > Rs. 0.100
million) |
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-- |
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c. Any Others |
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-- |
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i Clearing Member |
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21334 |
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Market Maker |
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iii Foreign Nationals |
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663 |
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Iv Non Residents Indians (Repat) |
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9367 |
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vi Foreign Companies |
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-- |
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vii Overseas Bodies Corporate |
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587 |
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SUBTOTAL (B) (2) |
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987105 |
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Total Holding (B) = (B) (1) + (B) (2) |
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1561990 |
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(C) Shares held by Custodians |
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-- |
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SUBTOTAL
(C) |
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-- |
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Grand Total (A) + (B) + (C) |
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3004506 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer of Sugar Mill Machinery, High speed
Centrifugals, Gear and gear Boxes, Cement Making Plant, Nuclear and Chemical
Machinery, Water Tube Boilers and Steam Accumulators. |
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Products : |
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Exports to : |
Subject Exports to |
GENERAL INFORMATION
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Customers : |
WIL's major
clients are Oswal Foods, Anand Agro, Indian Navy, etc. |
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No. of Employees : |
1335 |
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Bankers : |
v
Bank of v Syndicate Bank, Mumbai v
United Bank of v Global Trust Bank Limited |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
K. S. Aiyar and Company Chartered Accountants |
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Address : |
4th Floor, Janma Bhoomi Bhavan, 24-26, Janma
Bhoomi Marg, Fort, Mumbai – 400001, |
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Tel. No.: |
91-22-2028252/2028229/2028262 |
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Memberships : |
Confederation of Indian Industry |
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Associates/Subsidiaries : |
Walchand Tandur
Cement Company Limited |
CAPITAL STRUCTURE
Authorised
Capital :
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No. of Shares |
Type |
Value |
Amount |
|
50,000 |
10% Cumulative Preference Shares. |
Rs 100/- each |
Rs. 5.000 millions |
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50,000 |
Preference Shares |
Rs. 100/- each |
Rs. 5.000 millions |
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24,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 240.000 millions |
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Total |
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Rs. 250.000 millions |
Issued,
Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3,004,506 |
Equity shares |
Rs. 10/- each |
Rs. 30.045 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.09.2006 |
30.09.2005 |
30.09.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
30.000 |
30.000 |
30.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1953.400 |
1929.700 |
1952.700 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1983.400 |
1959.700 |
1982.700 |
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LOAN FUNDS |
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1] Secured Loans |
228.900 |
288.300 |
100.400 |
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2] Unsecured Loans |
67.600 |
74.600 |
2.500 |
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TOTAL BORROWING |
296.500 |
362.900 |
102.900 |
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DEFERRED TAX LIABILITIES |
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TOTAL |
2279.900 |
2322.600 |
2085.600 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1513.500 |
1440.000 |
1475.600 |
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Capital work-in-progress |
66.600 |
54.500 |
45.100 |
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INVESTMENT |
9.700 |
4.500 |
4.500 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
1231.300
|
616.100 |
554.600 |
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Sundry Debtors |
1020.100
|
969.700 |
737.200 |
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Cash & Bank Balances |
479.400
|
116.700 |
47.500 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
622.000
|
571.600 |
527.400 |
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Total Current Assets |
3352.800
|
2274.100 |
1866.700 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
2551.900
|
1415.100 |
1273.400 |
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Provisions |
110.800
|
35.400 |
33.200 |
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Total Current Liabilities |
2662.700
|
1450.500 |
1306.600 |
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Net Current Assets |
690.100
|
823.600 |
560.400 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2279.900 |
2322.600 |
2085.600 |
PROFIT & LOSS ACCOUNT
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PARTICULARS |
30.09.2006 |
30.09.2005 |
30.09.2004 |
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Sales Turnover [including other income] |
4076.400 |
2760.800 |
2235.200 |
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Profit/(Loss)
Before Tax |
212.900 |
110.400 |
55.500 |
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Provision for
Taxation |
80.000 |
33.200 |
15.600 |
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Profit/(Loss)
After Tax |
132.900 |
77.200 |
39.900 |
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Export Value |
610.176 |
NA |
NA |
QUARTERLY /
SUMMARISED RESULTS
|
Year |
31.03. 2007 |
31.12.2006 |
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Type |
2nd Quarter |
1st Quarter |
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Sales
Turnover |
1571.0 |
1242.80 |
|
Other
Income |
06.60 |
12.40 |
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Total
Income |
1577.60 |
1255.20 |
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Total
Expenditure |
1429.10 |
1126.20 |
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Operating
Profit |
148.50 |
129.00 |
|
Interest |
10.60 |
05.50 |
|
Gross
Profit |
137.90 |
123.50 |
|
Depreciation |
12.50 |
10.70 |
|
Tax |
18.00 |
35.20 |
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Reported
PAT |
82.70 |
77.10 |
200612 Quarter 1 --------------- Notes Expenditure Includes (Increase)/Decrease in Stock in Trade Rs 1.50 millions Raw Materials Stores and Spares Consumed Rs 882.00 millions Staff Cost Rs 91.50 million Other Expenditure Rs 151.20 millions Tax Includes Provision for Taxation Rs 34.40 millions Provision for FB Tax Rs 0.80 million Deferred Tax Rs 0.50 million EPS is Basic and Diluted Status of Investor Complaints for the quarter ended December 31, 2006 Complaints Pending at the beginning of the quarter Nil Complaints Received during the quarter 14 Complaints disposed off during the quarter 14 Complaints unresolved at the end of the quarter Nil 1. The above result have been taken on record, reviewed by the Audit committee and approved by the Board of Directors in its meeting held on January 24, 2006. 2. Provision, if any, to company with the requirement of revised Accounting Standard-15 on Employees Benefits issued by the ICAI will be made at the year end. 3. Auditors' qualification: No provision has been made in respect of invoked Bank Guarantees. Equivalent Contingency Reserve is created. On the basis of legal advices, no provision is considered necessary. The matter continues to be sub-judice. The qualification will get removed on decision by judiciary. 4. Other Income include Rs 11.00 millions being profit on sale of investments in a subsidiary Company. 5. The Company has received an application money of Rs 19.020 millions against 0.300 millions convertible warrants, issued on preferential basis to Promoters, as approved by the shareholders at EGM held on November 23, 2006. Pending utilisation for capital expenditure and working capital this amount is temporarily invested in LIC Liquid Fund. 6. Figures have been re-grouped for the previous period, wherever necessary.
200703 Quarter 2 --------------- Notes Expenditure Includes (Increase)/Decrease in Stock in Trade Rs (73.00) million Raw Materials Stores and Spares Consumed Rs 1237.10 millions Staff Cost Rs 104.60 millions Other Expenditure Rs 160.40 millions Tax Includes Provision for Taxation Rs 16.90 million Provision for FB Tax Rs 1.10 millions Deferred Tax Rs 24.70 millions EPS is Basic and Diluted Status of Investor Complaints for the quarter ended March 31, 2007 Complaints Pending at the beginning of the quarter Nil Complaints Received during the quarter 14 Complaints disposed off during the quarter 13 Complaints unresolved at the end of the quarter 01 1. The above result have been taken on record, reviewed by the Audit committee and approved by the Board of Directors in its meeting held on May 21, 2007. 2. Auditors' qualification: No provision has been made in respect of invoked Bank Guarantees. Equivalent Contingency Reserve is created. On the basis of legal advices, no provision is considered necessary. The matter continues to be sub-judice since 1987. The qualification will get removed on decision by judiciary. 3. During the half year ended March 31, 2007 the other income includes Rs 11.00 millions being profit on sale of investments in a Subsidiary Company. 4. The Company has received an application money of Rs 50.998 millions against 0.800 million convertible warrants, issued on preferential basis to Promoters, as approved by the shareholders at EGM held on November 23, 2006. Pending utilisation for capital expenditure and working capital this amount is temporarily invested in LIC Liquid Fund. 5. Figures have been re-grouped for the previous period, wherever necessary.
KEY RATIOS
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PARTICULARS |
|
30.09.2006 |
30.09.2005 |
30.09.2004 |
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Debt-Equity Ratio |
|
0.38 |
0.30 |
0.13 |
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Long Term Debt-Equity Ratio |
|
0.15 |
0.07 |
0.01 |
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Current Ratio |
|
1.24 |
1.33 |
1.35 |
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TURNOVER RATIOS |
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Fixed Assets |
|
1.39 |
1.06 |
0.90 |
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Inventory |
|
4.14 |
4.60 |
4.21 |
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Debtors |
|
3.85 |
3.16 |
3.51 |
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Interest Cover Ratio |
|
4.72 |
4.62 |
4.26 |
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Operating Profit Margin(%) |
|
8.04 |
6.30 |
4.58 |
|
Profit Before Interest And Tax Margin(%) |
|
7.06 |
5.23 |
3.35 |
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Cash Profit Margin(%) |
|
4.46 |
3.94 |
3.08 |
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Adjusted Net Profit Margin(%) |
|
3.47 |
2.86 |
1.85 |
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Return On Capital Employed(%) |
|
22.67 |
14.05 |
8.87 |
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Return On Net Worth(%) |
|
15.42 |
10.03 |
5.53 |
STOCK PRICES
|
Face Value |
Rs.10.00 |
|
High |
Rs.1129.55 |
|
Low |
Rs.1105.10 |
LOCAL AGENCY FURTHER INFORMATION
Incorporated in
1960, Walchandnagar Industries (SUBJECTS) belonging to the Walchand group. Other
group companies include -- Premier, Ravalgaon Sugar, Indian Hume Pipe, etc. It
is mainly engaged in the manufacture of sugar manufacturing machinery and
engineering products like gear boxes, heat exchangers, etc.
Subject’s major clients are Oswal Foods,
Anand Agro, Indian Navy, etc. Subject has signed a MoU with Onoda Engineering
Company,
The company received ISO-9001 certification for its operations at
Walchandnagar from Lloyds Register Quality Assurance.
In 1999-2000, the company has developed energy efficient equipments for
sugar manufacturing machinery and has tied up with M/s UBE of Japan for supply
of pregrinders and grinding mills for cement machinery with superior features.
During 2001 the company has commissioned two EPC projects for generation
of power from agricultural waste. The company made a diversification in 2001-02
by entering into hospitality business.
PERFORMANCE FOR THE YEAR IN RETROSPECT:
30.09.2006 30.09.2005
(Rs. In Millions)
Income: 3600.130 2614.689
Profit before
Depreciation and Interest
273.375 157.028
Less: -
Interest
22.582 17.581-
Depreciation
37.815 28.962
Profit before
Taxation
212.978 110.485
Less: Provision for
Taxation 80.035 33.246
Profit after
Tax
132.943 77.239-
Surplus brought
forward from the previous year 120.555 58.802-
Transferred from
Foreign Project Reserve - 2.516 2 53.498 138.557
Appropriations:-
General
Reserve
13.294 7.724-
Proposed
Dividend
13.520 9.014-
Income Tax on
Proposed Dividend
1.896 1.264
Surplus carried to
Balance Sheet
224.788 120.555
The turnover achieved during the year was Rs. 35.841 Millions as compared
to Rs. 25.280 Millions in the previous year registering a growth of
41.8%.
The profit before tax was at Rs. 213.0 Millions as against Rs. 110.5
Millions and profit after tax was Rs. 132.9 Millions as against Rs. 77.2
Millions of previous financial year.
CURRENT YEAR:
The order book position as at 1.10.2006 was at Rs. 1,0000 Millions
compared to Rs. 4500 Millions as at 1.10.2005. The order book position is very
good and the Company is confident to improve the performance as compared to
previous year.
The Company has also received orders for EPC projects in the field of
Mineral Processing. With improved market conditions, the Company is having good
orders for sugar plants, cement plants, steam generating plants and gear boxes.
The order book position for Space, Defence and Nuclear continues to be good.
Thrust is being given for on time completion of all projects by effective
project management.
EXPORTS:
The foreign exchange earnings for the year were Rs. 610.2
Millions as against Rs. 300.4 Millions in the previous year. The export orders
on hand as or 1.10.2006 are at Rs. 774.7 Millions, compared to Rs. 635.9
Millions as at 1.10.2005. During the year, the Company has executed major
portion of export order for 1000 TPD Cement Plant for Zambezi Portland Cement Ltd.,
MANAGEMENT DISCUSSION and ANALYSIS:
Overview:
During the year ended 30th September, 2006, the Company has
significantly improved the turnover for sugar machinery, steam generating
plants, cement plants, planetary gear boxes and also for Space, Defence and
Nuclear.
For on time completion of projects emphasis is given for creating strong
project execution teams and enhancing manufacturing capabilities.
Segment
Analysis and Review:
1] Heavy Engineering Product
Segment:
The
segment achieved turnover of Rs. 3189.1 Millions (Previous Year Rs. 2216.8
Millions; accounting for 88.2% of Company's revenue The turnover increased by
43.9% as compared to the previous year. The Division has achieved Profit Before
Tax of Rs. 252.6 Millions as compared to Rs. 131.7 Millions in the previous
year.
During the year, the Company achieved highest turnover for sugar
machinery, steam generating plants and cement machinery and gear boxes as
compared to achievement in earlier years. All the major businesses of the
Company reported improved performance during 2005-2006. The Company has
achieved major milestone for installation and aggregation of critical defence
equipments at site.
Outlook:
Improved Indian Economy has certainly had a favourable impact on
engineering industry and in particular to the Company. Company expects further
growth in sales and profit as compared to the previous year 2005-06.
The orders on hand for execution for sugar machinery, centrifugals, steam
generating plants, cement plants, gear boxes and critical equipments for Space,
Defence, Nuclear Power are very good and besides Company Walchandnagar
Industries Limitedl be executing turnkey projects for Mineral Processing with
overseas technical tie up.
Major thrust is being given for
achieving operational excellence through following initiatives:
1. Customer satisfaction 2.
Engineering excellence 3. Profitable growth
4. Supply base management
5. Manufacturing excellence 6.
Financial discipline 7. Organizational
development
To meet the increased demand the capacity enhancement programme is in
progress by procuring critical machines and up-gradation of existing
equipments.
2] Foundry and Machine Shop:
This segment has achieved revenue of Rs. 365 Millions as against
Rs. 273.2 Millions in the previous year. The sales and PBT have improved as
compared to the previous year, due to better demand for foundry business.
The profitability, however, could not be improved to the extent of
increase in sales, due to increase in power cost as the operations of new
medium frequency furnaces took more time for stabilization.
Outlook:
During the year modernization and upgradation of foundry has been
completed and the division is able to manufacture CI and SGI castings of large
dimensions. For improving the profitability, thrust is given for optimization
of power consumption and control on rejections by adopting improved foundry
practices. Considering current business environment, company expect to improve
the sales as compared to previous year.
Project Management:
The
Company is executing large and medium size projects for various clients. The
profitable growth depends on management of inherent risks in project business.
The penalty for delayed delivery and shortfall in performance has a bearing on
profitability. Delayed recovery of retentions create a pressure on management
of working capital.
To mitigate these risks, the Company has given thrust on strong project
management with built in control system for accurate cost estimation before
submission of offers, proper contract management, monitoring delivery,
commissioning schedules and outstanding receivables. For this purpose
fortnightly reviews are held for initiating appropriate actions.
Competition:
Changing competition scenario has impact on Company's market share
and profitability. To mitigate the risk of competition the strategies and plans
are reviewed regularly.
Subsidiaries:
As on 30.09.2006,
the company has a Subsidiary Company – Walchand Tandur Cement Company Limited
Future Plan of Action :
Slide show bearing
for large size cement mills.
Philosophy of the Founder
The period was
early 1930s. The Freedom movement had gained momentum under the leadership of
Mahatma Gandhi. His philosophy of struggle through non-violence and peaceful
means had gripped the whole country with an unheard of passion for freedom.
Gandhiji's speeches evoked overwhelming response. He believed that
One such man was Walchand
Hirachand who decided to contribute his might in
helping
Walchand Group
In his relentless
pursuit to help India gain economic independence, Seth Walchand Hirachand,
went on establishing Industry after industry around 1930 to 1940 and gave India
her basic means of transportation be it Land, Sea or Air. Premier Automobiles,
Hindustan Aeronautics and Hindustan Shipyard were all established by him
against all odds and a very hostile
He also ventured into agro-based
industrial units particularly in rural areas so as to provide employment
opportunities to rural people. Much before his forays into manufacturing cars
and aeroplanes he had initiated establishing industries in the remotest of
rural areas. After making a successful beginning at Ravalgaon, where he started
a sugar factory, he further chose a barren, undeveloped and practically
uncultivated land at Kalamb village to start yet another Sugar Factory. All
these companies and factories were known as group companies of Walchnd Group till late 1995.
Quality being the watch-word and the prime objective, WALCHANDNAGAR INDUSTRIES LIMITED has kept pace with the latest developments in the field and has been updating its facilities over the years. Various jobs being manufactured at Walchandnagar have to pass through very stringent Quality Control tests.
Because of the availability of excellent in-house engineering capabilities built over the years and the support of its technical collaborators, WALCHANDNAGAR INDUSTRIES LIMITED operates with full confidence in the challenging arena of global competition. WALCHANDNAGAR INDUSTRIES LIMITED has successfully executed projects in various countries some of them to mention are :
Rehabilitation of Lugazi Sugar Factory
Ř
A
Turnkey Project for the National Sugar Works (Kinyala)
Ř
Cement
project at
Ř A Turnkey Plant for Boiler and Sugar for the expansion scheme of the Metahara Sugar Company, Sc.Ethiopia.
Ř
Two
orders for the Rehabilitation Scheme of Joint Sugar Project Units at Jatinoto
and
Ř
A
Prestigious Turnkey Sugar Complex at
Ř
A
Turnkey Project for a Refinery of the Syrikat
Ř
1250 TCD
Sugar Plant for Sriram Sugar Mills
Ř
An
Expansion order for a 5000 TCD Sugar Plant for Bacita Sugar Co.Limited.,
Ř
Cement
Plant at
Ř
Supply
of Sugar Machinery and Boilers to
Besides this, WALCHANDNAGAR INDUSTRIES LIMITED is having long list of customers in domestic market, and they are spread through out the country from North to South and West to East.
Domestic customers of WALCHANDNAGAR INDUSTRIES LIMITED include :
Ř
Ř Indian Navy
Ř Defence Research and Development Laboratory
Ř Steel Authority of India Limited.
Ř
Cement
Corporation of
Ř Reliance Industries Limited.
Ř Indian Oil Corporation
Ř Gujarat State Fertilizer Corporation
Ř
Gandhar
Petrochemicals Complex Dahej,
Ř ONGC Hazira Phase IIIA Gujrarat
Ř
M/s
Numaligarh Refinery Limited.
Ř
M/s
Hindustan Zinc Limited.
Ř Manglore Refineries and Petrochemicals Manglore.
Ř Bindal Agro Chemicals Limited.
Ř M/s IOCL Haldia.
Ř Techimont ICB Limited. Haldia.
Ř Chambal Fert. and Chemicals Limited. Gadepan -II
Ř
TATA
Electric Co. Limited.
Ř Mawana Sugar Works Limited. Mawana U.P
Ř and many others companies in private, public and Co-operative sector.
All these achievements are the result of a well directed human action and effective contribution made by a committed workforce consisting of about 350 officers and 1400 skilled staff and operatives. A full fledged training set-up takes care of developmental needs of the officers and workers as well.
Social Commitments:
WALCHANDNAGAR INDUSTRIES LIMITED maintains a self-contained township at Walchandnagar,
135 Kms South-East of Pune, a metropolitan set-up with all
the modern urban facilities makes it an unique
Early 1950s was not an era when one could
boast of having a well-equipped hospital and health care centre particularly in
a remote place like Walchandnagar - home for
Walchandnagar Industries Ltd.(WALCHANDNAGAR INDUSTRIES LIMITED)
- situated about 135 kms.South-East of Pune.
But then WALCHANDNAGAR
INDUSTRIES LIMITED not only understood its social
responsibilities but also took bold initiatives in socially relevant projects.
Establishing a hospital in the year 1951, thus, was one such initiative as the
need for providing proper medical facilities not only to the employees but also
to other people inhabiting the surrounding villages, had been well recognised.
Known as Lalchand
Hirachand Medical Centre, this hospital today stands as a
testimony to the efforts made over the years and its transformation into a
modern 60 bedded hospital having 6 special rooms seems to be complete.
But this doesn’t mean that there is a
room for complacency as continuous improvement in service and health care is
the way of working. This Walchandnagar Industries Limited become quite evident
from the current level of activity and future plans detailed in the ensuing
pages.
Lalchand Hirachand Medical Centre
(LALCHAND HIRACHAND MEDICAL CENTRE)
Introduction:
LALCHAND HIRACHAND MEDICAL CENTRE
a modern hospital, one of its kind in a radius of almost 100 kms. caters to the
needs of a population not less than 75,000 residing in and around Walchandnagar
and Indapur Taluka as well.
Headed by an M.S. as Chief Medical
Officer and General Surgeon, the team of in-house Doctors consists of a Gynaecologist,
Anaesthologist, Pathologist (M.D.), Dental Surgeon, Physician
and a couple of house officers Walchandnagar Industries Limitedling to offer 24
hrs. quality services to one and all irrespective of the economic status. This
team is strengthened by a panel of visiting specialists which consists of
consultants in
Orthopaedics, Dermatology, Opthalmology, Radiology and Psychiatry.
An Intensive Care Unit equipped with
life saving equipment like Monitor, Defibrillators, Respirator, Pace Maker and ECG
etc. having capabilities to attend severe cases of Cardiac problems has proved
to be a boon for the needy. A modern Laboratory having Autoanalyser,
X-Ray Machine, Sonography, Incubator, Warmer, Phototherapy Unit, Endoscope
etc. makes LALCHAND
HIRACHAND MEDICAL CENTRE competitive in providing services wit
any other hospital in urban environment.
LALCHAND HIRACHAND MEDICAL CENTRE
also runs an ambulance service round the clock which caters to the need for
comfortable movement of the patients.
A.T.B./Immunisation
centre is being run with the help of Zilla Parishad.
In recognition of excellent facilities
available at the centre it has been recognised by
More than 150 outdoor patients are being treated every day while at an average
10 patients are admitted for indoor treatment.
LALCHAND HIRACHAND MEDICAL CENTRE
also strives to discharge its social obligations in many ways some of which are
detailed here under:
Mobile Clinic
Reacting positively to the demand of times and also the often felt need to provide medical assistance at the door steps of those who find it difficult to even reach the hospital, LALCHAND HIRACHAND MEDICAL CENTRE took steps to introduce a Mobile Clinic. Manned by a qualified doctor and para-medical staff this clinic visits various surrounding villages like Reda, Khorochi, Kurvali and Jamb. A population of about 10,000 people within a radius of 25 kms. no only avail the benefit of Mobile Clinic but also the free medicines offered to the poor patients.
The door to door visits help find such
cases also which need hospitalisation or advanced treatment and the patients
are accordingly guided by the doctor. This also helps in creating awareness
about health related matters.
However, this facility can be extended
more effectively to a larger population by increasing the number of doctors and
by encompassing more villages. A proposal to this effect follows in this
project report.
Family Planning
Centre
LALCHAND HIRACHAND MEDICAL CENTRE has also established a Family Planning Centre and each month witnesses about 35 Family Planning Operations being performed. An independent Family Planning co-ordinator is also appointed who co-ordinates with the District Health Centre in conducting surveys etc.
Family Planning Centre
was started with the belief that if development has to bring fruitful results
than rural population has to understand the dire need for controlling
population. Efforts being made by the Family Planning Centre
in creating such awareness have been often recognised in the form of various
awards from the Govt.
Organising Medical
Camps:
LALCHAND HIRACHAND MEDICAL CENTRE, in collaboration with Social Welfare Department, of WALCHANDNAGAR INDUSTRIES LIMITED organises Blood Donation Camps, Eye and ENT Camps and immunisation drives etc. By educating the villagers, LALCHAND HIRACHAND MEDICAL CENTRE also extends help to organise such camps in the nearby villages. Experts from various fields of medicine are invited for such camps and obviously, the response has always been quite overwhelming.
LALCHAND HIRACHAND MEDICAL CENTRE
has often come forward for some bold endeavours like Cancer and
Leprosy Detection Camps which are generally conducted in
association with District Health Officers.
As mentioned earlier under the heading Mobile Clinic, LALCHAND
HIRACHAND MEDICAL CENTRE is making all out efforts to
contribute more effectively in the field of Health and Care
by extending the expertise to a larger population.
Human Side of
Business
In spite of myriad changes witnessed by WALCHANDNAGAR INDUSTRIES LIMITED in its long history, one thing that has withstood the tests of time, has been a deep concern for the well-being and welfare of the employees. The spirit with which Walchand Hirachand had started the company has been kept alive over the years. The infrastructural facilities established way back in 1930s to take care of the basic needs of employees saw continuous development consistent with changing needs. Today, these facilities have got developed into a well maintained residential colony having all the modern amenities and urban conveniences. The infrastructure consisting of comfortable housing, schools, a well-equipped Hospital, play grounds facilities for indoor games like B’minton, Squash and Table Tennis, clubs, gymnasiums, library, a market catering to all the modern needs, banks, cable T.V. network etc., has been the result of constant efforts made towards improving quality of life at Walchandnagar.
This positive approach and deep concern
for human touch has been able to create an atmosphere of harmony. A strong
relationship based on mutual trust exists between the management and the
workers. In fact, WALCHANDNAGAR INDUSTRIES LIMITED has a long history of having
maintained very healthy industrial relations due to such an approach. Such an
approach has made WALCHANDNAGAR INDUSTRIES LIMITED today a company possessing
great inherent strengths - a sound technological base and a large committed and
motivate human capital.
"October 15,1994", the World looked on in awe. India’s D-2 Polar Satellite Launch Vehicle
lifted its head and soared higher and higher piercing the skies, till it was
out of sight of the millions of jubilant eyes. A promise fulfilled. Another
step taken by the Nation in pursuit of technical excellence. Walchandnagar
Industries Limited(WALCHANDNAGAR INDUSTRIES LIMITED) once
again received accolades from ISRO
and VSSC for having
successfully contributed in another colossal effort. WALCHANDNAGAR INDUSTRIES LIMITED had
manufactured and supplied first stage booster motor castings along with nozzles
for rocket which demanded highest degree of precision and accuracy.
This was not the first time that WALCHANDNAGAR
INDUSTRIES LIMITED had proved its technical competence gained
over the years through unrelenting efforts and an enviable manufacturing
infrastructure; an infrastructure that boasts of having an area of 32,680
sq.meters under crane, facilitating manufacture of any critical pressure
vessel/heat exchanger of thickness upto 125 mm weighing almost 125 tones.
Quality
being the prime objective, WALCHANDNAGAR INDUSTRIES LIMITED has kept
pace with the latest developments in the field and has been updating the
quality control facilities over the years. This ensures that the highest
standards of quality such as ISO,ISI,ASME,ASTM,DIN etc are met
effectively. To make the systems foolproof periodic quality audits are
conducted. Various jobs being manufactured at WALCHANDNAGAR INDUSTRIES LIMITED
have to pass through the stringent inspection criteria of agencies like LLOYDS,Bureau-Veritas,
Linde-Consortium, EIL,PDIL etc.
ISO 9001
Certifications
With elaborate quality and systems and procedures established over for years, WALCHANDNAGAR INDUSTRIES LIMITED has acqired the ISO 9001 accreditation from LLoyds Register of Quality Assurance(LRQA)
WALCHANDNAGAR INDUSTRIES
LIMITED’s technological excellence is
supplemented through various collaborations with internationally renowned
companies for Sugar
Machinery, Industrial Boilers, Gears
and Centrifugals
etc. In addition to successfully absorbing this international technology,
WALCHANDNAGAR INDUSTRIES LIMITED on its own also developed highly sophisticated
engineering capability to meet the growing needs of modern customers - Auto-Setting
Mill, patented World-wide was the result of such
hi-tech capability. And its recent tie-up with ONODA ENGINEERING CO.JAPAN
for up-to-date technical know-how to manufacture Cement
Machinery gives WALCHANDNAGAR INDUSTRIES LIMITED an edge as the
newer opportunities emerge. WALCHANDNAGAR INDUSTRIES LIMITED is ready to
grab them.
Having carved a niche and established
itself as a supplier of quality engineering products in the domestic market, it
was but natural that WALCHANDNAGAR INDUSTRIES LIMITED made forays in the
international market. It operates with full confidence in the challenging arena
of global competition. The successful execution of turnkey Sugar
Projects in
Major project executed in
Such gigantic engineering feats
achieved over the years would not have been possible but for the well directed
human action and effective contribution made by a truly committed workforce
consisting of 400 engineers and 1400 skilled staff and operatives. A
full-fledged training infrastructure takes care of the developmental needs for
various groups of employees all around the year. WALCHANDNAGAR
INDUSTRIES LIMITED provides a continuous learning atmosphere.
With a standing of about 50 years the Technical Library has built an enviable
storehouse of knowledge on myriad subjects related to Engineering and
Management.
WALCHANDNAGAR INDUSTRIES LIMITED
maintains a self-contained township at Walchandnagar, 135 Kms South-East of
Pune, a metropolitan set-up with all the modern urban
facilities makes it an unique
Striving relentlessly to uphold the tradition
of Engineering Excellence set by the founder Seth Walchand Hirachand, WALCHANDNAGAR
INDUSTRIES LIMITED is poised to take on greater challenges. The
future, indeed,holds promise, as the Managing Director
rightly puts it -".....the period of growth has now begun".
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 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.40.47 |
|
|
1 |
Rs.81.07 |
|
Euro |
1 |
Rs.56.17 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
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 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
68 |
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 |
|