MIRA
INFORM REPORT
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Report Date : |
19.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
KIRLOSKAR CONSULTANTS LIMITED |
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Registered Office : |
Kirloskar Kisan Premises, 13A, Karve Road, Kothrud, Pune – 411038, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
11.11.1962 |
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Com. Reg. No.: |
012582 |
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CIN No.: [Company
Identification No.] |
U7410MH1962PLC12582 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEK01712E |
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PAN No.: [Permanent
Account No.] |
AAACK7294H |
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Legal Form : |
A Closely held Public Limited Liability Company |
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Line of Business : |
To offer Consultancy Services in the field of Environment Engineering |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a Kirloskar Group Company but seems to passing through
difficult times. It has huge accumulated losses. Payments are reported as
slow but correct. As it is a part of Kirloskar Group the company can be Considered
normal for business dealings. |
LOCATIONS
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Registered Office : |
Kirloskar Kisan Premises, 13A, Karve Road, Kothrud, Pune – 411038,
Maharashtra, India |
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Tel. No.: |
91-20-25444734 / 25430980 |
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Fax No.: |
91-20-25437266 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. N. Luthra |
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Designation : |
Managing Director |
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Qualification : |
B. Tech (IIT Delhi) and MBA (IIM Ahmedabad) |
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Name : |
Mr. S.V. Kolhekar |
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Designation : |
Executive Director and Chief Executive Officer |
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Qualification : |
B.E. (Electrical) |
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Name : |
Mr. D.V. Tikekar |
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Designation : |
Director |
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Qualification : |
M.Com and Diploma in International Economics (University
Internationale Luxembourg) |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on: 30.09.207
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Category |
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Percentage of
Holding |
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Bodies Corporate |
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57.88 |
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Directors or relatives of directors |
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3.94 |
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Other top fifty (50) shareholders |
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13.81 |
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Others |
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24.37 |
BUSINESS DETAILS
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Line of Business : |
To offer Consultancy Services in the field of Environment Engineering |
GENERAL
INFORMATION
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Customers : |
Foreign Client:
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No. of Employees : |
56 |
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Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Patanakar and Associates Chartered Accountants |
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Address : |
999, Navi Peth, Anandbaug, 4, Ameya, Pune – 411038, Maharashtra |
CAPITAL STRUCTURE
As on: 30.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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2500000 |
Equity Shares |
Rs,10/- each |
Rs.25.000 millions |
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100000 |
Preference Shares |
Rs.100/- each |
Rs.10.000 millions |
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Total |
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Rs.35.000
millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1487100 |
Equity Shares |
Rs.10/- each |
Rs.14.871
millions |
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53600 |
Preferences Shares |
Rs.100/-
each |
Rs.5.360
millions |
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Total |
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Rs.20.231 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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20.231 |
20.231 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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16.000 |
16.000 |
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4] (Accumulated Losses) |
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(114.424) |
(122.628) |
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NETWORTH |
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(78.193) |
(86.397) |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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95.710 |
107.801 |
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TOTAL BORROWING |
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95.710 |
107.801 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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17.517 |
21.404 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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3.002 |
3.676 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.280 |
0.280 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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39.847 |
44.959 |
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Cash & Bank Balances |
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10.098 |
12.149 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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9.309 |
7.484 |
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Total
Current Assets |
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59.254 |
64.592 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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42.454 |
44.484 |
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Provisions |
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2.565 |
2.660 |
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Total
Current Liabilities |
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45.019 |
47.144 |
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Net Current Assets |
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14.235 |
17.448 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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17.517 |
21.404 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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58.124 |
49.060 |
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Other Income |
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5.901 |
7.051 |
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Total Income |
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64.026 |
56.111 |
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Profit/(Loss) Before Tax |
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9.946 |
4.420 |
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Provision for Taxation |
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1.742 |
1.194 |
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Profit/(Loss) After Tax |
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8.204 |
3.226 |
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Expenditures : |
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Salaries, Wages, Bonus, etc. |
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11.112 |
11.280 |
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Managerial Remuneration |
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1.143 |
1.143 |
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Payment to Auditors |
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0.138 |
0.093 |
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Interest |
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4.698 |
4.727 |
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Insurance Expenses |
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0.187 |
0.197 |
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Power & Fuel |
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0.030 |
0.000 |
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Depreciation & Amortization |
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1.051 |
1.119 |
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Other Expenditure |
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35.717 |
33.128 |
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Total Expenditure |
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54.076 |
51.687 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Debt-Equity
Ratio |
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0.00 |
0.00 |
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Long
Term Debt-Equity Ratio |
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0.00 |
0.00 |
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Current
Ratio |
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0.45 |
0.45 |
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TURNOVER
RATIOS |
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Fixed
Assets |
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3.75 |
2.85 |
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Inventory |
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0.00 |
0.00 |
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Debtors |
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1.37 |
1.09 |
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Interest
Cover Ratio |
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3.11 |
2.40 |
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Operating
Profit Margin(%) |
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27.02 |
25.25 |
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Profit
Before Interest And Tax Margin(%) |
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25.13 |
23.01 |
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Cash
Profit Margin(%) |
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16.01 |
12.83 |
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Adjusted
Net Profit Margin(%) |
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14.11 |
10.59 |
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Return
On Capital Employed(%) |
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10.17 |
7.55 |
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Return
On Net Worth(%) |
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22.47 |
14.25 |
LOCAL AGENCY FURTHER
INFORMATION
Provides services in following sectors.
> Architecture & Structural Engineering
> Project Management Services
> Traffic & Transportation Engineering
> Urban Development
> Environment Engineering
> Environmental Management Engineering
> Irrigation Engineering
> Market Research & Feasibility Services
> System Engineering
Following group
companies occupy the top three ranks in their areas of operation.
> Kirloskar Oil Engines Limited is the top ranking diesel engine and dieselgenset manufacturer with March 2004 income of Rs. 10.66 Billion (US$ 230.30Million)
> Kirloskar Brothers Limited is the top ranking pump manufacturer with March 2004 income of Rs.5.30 Billion (US$ 114.65 Million)
> Kirloskar Pneumatics Limited is one of the oldest & leading compressor manufacturer with March 2004 income of Rs.2.24 Billion (US$ 48.56 Million)
> Kirloskar Ferrous Industries Limited engages in production of pig iron & grey iron casting with March 2004 income of Rs.3.781 Billion (US$ 81.77 million)
Kirloskar group also
is a proud partner in following joint ventures with internationally reputed
companies
> Kirloskar Copeland Limited manufactures hermetic compressors for air-conditioning & refrigeration industry.
> Kirloskar Ebara Limited for manufacturing process pumps for hydrocarbon industry
> Toyota Kirloskar Motors Limited manufactures Qualis the most popular MPV in India as also Camry & Corrolla sedans.
LIST OF PARTNERS
Subject feels privileged to have worked with following partners for a third client.
Binnie Black & Veatch United Kingdom CDM, USA
CDM, USA
DHV Consultants BV, The Netherlands
GITEC Consult GmbH, Germany
IGIP Consulting Engineers, Darmstadt, Germany
Scott Wilson Kirkpatric, U.K.
SMEC International Pty. Ltd., Cooma, Australia
W S Atkins International Ltd, U.K.
WilberSmith Associates
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
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Indian Rupees |
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US Dollar |
1 |
Rs.42.64 |
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UK Pound |
1 |
Rs.83.00 |
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Euro |
1 |
Rs.66.00 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
8 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
-- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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29 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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