1. Summary Information
|
|
|
Country |
|
|
Company Name |
KIRLOSKAR
BROTHERS LIMITED |
Principal Name 1 |
Mr. Sanjay Kirloskar |
|
Status |
Good |
Principal Name 2 |
Mr. Gautam Kulkarni |
|
|
|
Registration # |
11-670 |
|
Street Address |
Udyog Bhavan, |
||
|
Established Date |
15.01.1920 |
SIC Code |
-- |
|
Telephone# |
91-20-24440770 |
Business Style 1 |
Manufacture |
|
Fax # |
91-20-24440824 |
Business Style 2 |
Exporter |
|
Homepage |
Product Name 1 |
Centrifugal Pumps |
|
|
# of employees |
2960 |
Product Name 2 |
-- |
|
Paid up capital |
Rs.158,667,000/- |
Product Name 3 |
-- |
|
Shareholders |
Promoters Holding 62.21 % Public
Shareholding : 37.79 % |
Banking |
Bank of |
|
Public Limited Corp. |
YES |
Business Period |
91 Years |
|
IPO |
YES |
International Ins. |
- |
|
Public |
YES |
Rating |
A
(60) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiaries |
|
Gondwana Engineers Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
14,151,748,000 |
Current Liabilities |
9,999,999,000 |
|
Inventories |
1,790,312,000 |
Long-term Liabilities |
3,572,386,000 |
|
Fixed Assets |
2,712,730,000 |
Other Liabilities |
149,466,000 |
|
Deferred Assets |
-- |
Total Liabilities |
13,721,851,000 |
|
Invest& other Assets |
2,130,882,000 |
Retained Earnings |
6,905,154,000 |
|
|
|
Net Worth |
7,063,821,000 |
|
Total
Assets |
20,785,672,000 |
Total
Liab. & Equity |
20,785,672,000 |
|
Total Assets (Previous Year) |
19,852,295,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
20,178,370,000 |
Net Profit |
1,175,178,000 |
|
Sales(Previous yr) |
18,309,448,000 |
Net Profit(Prev.yr) |
6,70,287,000 |
MIRA
INFORM REPORT
|
Report Date : |
07.04.2011 |
IDENTIFICATION DETAILS
|
Name : |
KIRLOSKAR BROTHERS LIMITED |
|
|
|
|
Registered
Office : |
Udyog Bhavan, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
15.01.1920 |
|
|
|
|
Com. Reg. No.: |
11-670 |
|
|
|
|
CIN No.: [Company
Identification No.] |
L29113PN1920PLC000670 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
PNEK0011E |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACK7300E |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business : |
Manufacture and Exporter of Centrifugal Pumps. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 28250000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part
of Kirloskar Group, a well established and diversified industrial house.
Available information indicates high financial responsibility of the company.
Trade relations are fair. Financial position is healthy. Fundamentals are
strong and healthy. The company is doing very well. It can be
considered good for any normal business dealings. The company can
be regarded as a promising business partner in a medium to long run. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION DENIED BY
|
Name : |
Mr. Shastri |
|
Designation : |
VP-Accounts Department |
|
Contact No.: |
91-20-2721149 / 1153 |
LOCATIONS
|
Registered Office : |
Udyog Bhavan, |
|
Tel. No.: |
91-20-24440770 / 24444455 / 24444444 / 24402189 |
|
Fax No.: |
91-20-24440824 / 24444198/ 24442780 / 24440156 / 24434198 / 24440822 /
24270879 / 24402083 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
“YAMUNA”, Survey No. 98
(3-7), Baner, Pune-411045, |
|
Tel. No.: |
91-20-27214598 / 27214444 |
|
Fax No.: |
91-20-27211136 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Kirloskarvadi , Dewas, Shirwal, Kondhapuri-416308, Dist. |
|
Tel. No.: |
91-2346-222301 – 05 |
|
|
|
|
Factory 2 : |
Opposite Railway Station, |
|
Tel. No.: |
91-7272-227402/ 227341 |
|
|
|
|
Factory 3 : |
Gat No. 252/2 + 254/2, Kondhapuri Tal : Shirur, Dist. Pune
– 412208, |
|
Tel. No.: |
91-2137-270217/ 270116/ 270140 |
|
|
|
|
Factory 4 : |
Shirval 4. Gat No.
117, Shindevadi Tal. Khandala, Dist. Satara-412801, |
|
Tel. No.: |
91-2169-244360 / 244370 |
|
|
|
|
Factory 5 : |
Printing Press, Kirloskar Kisan Compound, 13A, |
|
Tel. No.: |
91-20-5412471-4 |
|
|
|
|
Branch Office 1 : |
New |
|
Tel. No.: |
91-22-22020828 |
|
Fax No.: |
91-22-22026267 |
|
|
|
|
Branch Office 2 : |
|
|
Tel. No.: |
91-11-23341484 / 23347233 / 23347234 |
|
|
|
|
Sales Office : |
Located
at:
|
|
|
|
|
Overseas Office : |
|
DIRECTORS
AS ON 31.03.2010
|
Name : |
Mr. Sanjay Kirloskar |
|
Designation : |
Chairman and Managing Director |
|
Qualification : |
Bachelor of Science (M.E), Illinois Inst. Of Tech. |
|
Date of Appointment : |
02/05/1983 |
|
|
|
|
Name : |
Mr. Gautam Kulkarni |
|
Designation : |
Vice Chairman |
|
|
|
|
Name : |
Mr. Vikram Kirloskar |
|
Designation : |
Executive Director upto 20.01.2010 |
|
Qualification : |
Bachelor of Science (Mech.) |
|
Date of Appointment : |
06/06/2001 |
|
|
|
|
Name : |
Mr. M. S. Kirloskar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S. N. Inamdar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rahul Kirloskar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. U. V Rao |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R. K. Srivastava |
|
Designation : |
Whole Time Director |
|
Age : |
59 years |
|
Qualification : |
M. Tech (LIT. |
|
Experience : |
34 years |
|
Date of Appointment : |
15/05/1989 |
|
Name : |
Mr. P S Jawadekar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. J. R. Sapre |
|
Designation : |
Whole Time Director |
|
Qualification : |
Bachelor of Science |
|
Date of Appointment : |
01.04.2002 |
|
|
|
|
Name : |
Mr. A. N. Alawani |
|
Designation : |
Director |
|
|
|
|
Name : |
Mrs. Lalita D Gupte |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Pratap B. Shirke |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. G. P Kulkarni |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Shastri |
|
Designation : |
VP-Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2010
|
Category of Shareholder |
Total No. of
Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
30233697 |
38.11 |
|
|
19203485 |
24.21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
5842715 |
7.36 |
|
|
91143 |
0.11 |
|
|
4012375 |
5.06 |
|
|
1203.829 |
1.52 |
|
|
|
|
|
|
|
|
|
|
3955805 |
4.99 |
|
|
|
|
|
|
|
|
|
|
12105414 |
15.26 |
|
|
2455155 |
3.09 |
|
|
|
|
|
|
|
|
|
|
216313 |
0.27 |
|
|
16770 |
0.02 |
|
|
|
|
|
Total |
79336701 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal share
capital up to Rs. 0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Manufacture and Exporter of Centrifugal Pumps. |
||||||||||||
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|
||||||||||||
|
Products : |
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||||||||||||
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Exports : |
|
||||||||||||
|
Products : |
|
||||||||||||
|
Countries : |
|
||||||||||||
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|
|
||||||||||||
|
Imports : |
|
||||||||||||
|
Countries : |
|
PRODUCTION STATUS
As on 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Power Driven Pumps |
Nos. |
194000 |
194000 |
@ 284801 |
|
Metal Cutting
including Grinding Machines |
Nos. |
736 |
736 |
-- |
|
Reduction Gear
Units |
Nos. |
1200 |
1200 |
-- |
|
Valves |
Nos. |
70070 |
70070 |
28892 |
|
Ploughs |
Nos. |
3216 |
3216 |
|
|
Alloy Iron
Castings including Steel Castings |
M.T. |
* 120 |
* 120 |
|
|
Cast Iron
Castings |
M.T. |
2500 |
2500 |
|
|
Cast Iron Castings
including Alloy Steel Castings for Automotive purposes |
M.T. |
5000 |
5000 |
875 |
|
Turbines |
Nos. |
|
|
6 |
|
Electric Motors |
Nos. |
|
|
@@ 22709 |
NOTE
@ Includes 56 (80)
for own use.
@@ Includes 11
(12) for own use.
* Per annum on
single shift basis.
Notes
a) Licensed
Capacity includes registered capacities for activities existing prior to the
Industries (Development Regulation) Act, 1951, but does not include licenses
held for captive capacities.
b) It is not practicable
to indicate precisely installed capacity of each type of product manufactured
by the Company, as the capacity of various facilities available is overlapping
for each product. Besides, the Company manufactures a very large range amongst
the licensed products which, in turn, is decided by actual demand from time to
time. Also the Company buys components, parts and other services from outside.
The installed capacities as indicated above are estimates as certified by the
Managing Director and accepted by the Auditors.
c) In terms of
notification no. 477E dated 25.07.1991 issued by Department of Industrial
Development, industrial licenses are not required for the products manufactured
by the Company except centrifugal pumps manufactured at Dewas below 10 cm x 10
cm which are reserved for small scale sector. Revalidation of industrial
license in this range of pumps is under process.
GENERAL INFORMATION
|
No. of Employees : |
2960 |
||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
P. G. Bhagwat Chartered Accountants |
|
|
|
|
Membership : |
Confederation of Indian Industry |
|
|
|
|
Holding Pattern : |
Better Value Holdings Private Limited, up to 19.09.2009 |
|
|
|
|
Subsidiaries : |
|
|
|
|
|
Fellow Subsidiary : |
|
|
|
|
|
Joint Ventures :
|
|
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250,000,000 |
Equity Shares |
Rs.2/- Each |
Rs.500.000 millions |
Issued :
|
No. of Shares |
Type |
Value |
Amount |
|
79,323,266 |
Equity Shares (after capital reduction, as per scheme of arrangement) |
Rs.2/- Each |
Rs.158.647
millions |
|
Less: |
|
|
|
|
10,000 |
Equity Shares |
Rs.2/- Each |
Rs.0.020
millions |
|
|
Total |
|
Rs.158.667 millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
79,323,266 |
Equity Shares |
Rs.2/- Each |
Rs.158.647
millions |
|
Less: |
|
|
|
|
10,000 |
Equity Shares |
Rs.2/- Each |
Rs.0.020
millions |
|
|
Total |
|
Rs.158.667 millions |
NOTE
Out of the above
-
123,750 (165,000) equity shares of Rs.2/- (Rs.2/-)
each were allotted as fully paid up pursuant to contract for consideration
other than cash.
(ii) 66,374,981 (88,499,975)
shares of Rs.2/- (Rs.2/-) each were allotted as fully paid up bonus shares by
apitalization of General Reserve and Share Premium
(iii) Nil
(52,694,805) shares of Rs.2/- (Rs.2/-) each held by Better Value Holdings
Private Limited, the erstwhile holding Company.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
158.667 |
211.529 |
211.529 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
6905.154 |
6787.799 |
6364.991 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
7063.821 |
6999.328 |
6576.520 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
774.287 |
1808.662 |
1566.515 |
|
|
2] Unsecured Loans |
2798.099 |
1395.683 |
345.523 |
|
|
TOTAL BORROWING |
3572.386 |
3204.345 |
1912.038 |
|
|
DEFERRED TAX LIABILITIES |
79.525 |
65.086 |
78.169 |
|
|
Employee Stock Options Outstanding |
69.941 |
92.068 |
44.035 |
|
|
|
|
|
|
|
|
TOTAL |
10785.673 |
10360.827 |
8610.762 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2712.730 |
2051.337 |
1619.061 |
|
|
Intangible Assets |
13.914 |
9.945 |
13.844 |
|
|
Capital work-in-progress |
213.978 |
704.733 |
322.357 |
|
|
|
|
|
|
|
|
INVESTMENT |
1902.990 |
3383.751 |
3472.947 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1790.312
|
1556.655 |
1329.886 |
|
|
Gross
amount due from customers for project related contract work |
2570.500
|
2244.318 |
1914.975 |
|
|
Sundry Debtors |
5997.515
|
6126.484 |
4524.684 |
|
|
Cash
& Bank Balances |
965.908
|
99.949 |
758.729 |
|
|
Other
Current Assets |
648.483
|
437.060 |
309.234 |
|
|
Loans
& Advances |
3969.342
|
3238.063 |
2282.949 |
|
Total
Current Assets |
15942.060
|
13702.529 |
11120.457 |
|
|
|
|
|
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
5511.600 |
5837.628 |
|
|
|
Current Liabilities |
3036.785
|
2454.907 |
6891.252 |
|
|
Gross amount
due to customers for project related contract work |
708.009
|
681.147 |
324.613 |
|
|
Provisions |
743.605
|
517.786 |
722.039 |
|
Total
Current Liabilities |
9999.999
|
9491.468 |
7937.904 |
|
|
Net Current Assets |
5942.061
|
4211.061 |
3182.553 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
10785.673 |
10360.827 |
8610.762 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
20178.370 |
18309.448 |
15251.461 |
|
|
|
Other Income |
479.471 |
359.135 |
429.537 |
|
|
|
TOTAL (A) |
20657.841 |
18668.583 |
15680.998 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Consumed |
14986.907 |
13999.548 |
11125.808 |
|
|
|
Payments and benefits to employees |
895.284 |
943.817 |
850.505 |
|
|
|
Operating and Other Expenses |
2447.688 |
2237.392 |
1856.670 |
|
|
|
Expenses Capitalized |
(2.057) |
(4.927) |
(3.334) |
|
|
|
TOTAL (B) |
18327.822 |
17175.830 |
13829.649 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) I |
2330.019 |
1492.753 |
1851.031 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
335.636 |
303.200 |
168.855 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1994.383 |
1189.553 |
1682.176 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
264.767 |
207.350 |
182.088 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1729.616 |
982.203 |
1500.406 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
554.438 |
311.916 |
399.040 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1175.178 |
670.287 |
1101.366 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
529.688 |
506.879 |
600.469 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
436.319 |
211.529 |
423.057 |
|
|
|
Additional Tax on Dividend |
63.486 |
35.949 |
71.899 |
|
|
|
Transfer to General Reserve |
300.000 |
400.000 |
700.000 |
|
|
BALANCE CARRIED
TO THE B/S |
905.060 |
529.688 |
506.879 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of goods exported |
1547.154 |
2165.886 |
1496.897 |
|
|
TOTAL EARNINGS |
1547.154 |
2165.886 |
1496.897 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials, Components & Spares Parts |
4998.590 |
1883.493 |
|
|
|
|
Capital Goods |
74.094 |
200.926 |
|
|
|
TOTAL IMPORTS |
5072.684 |
2084.419 |
1151.975 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
|
|
|
|
|
|
- Basic |
14.81 |
6.34 |
10.41 |
|
|
|
- Diluted |
14.81 |
6.34 |
10.39 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Sales Turnover |
3895.710 |
4479.330 |
3884.250 |
|
Total Expenditure |
3702.630 |
4060.370 |
3493.190 |
|
PBIDT (Excl
OI) |
193.080 |
418.960 |
391.060 |
|
Other Income |
16.560 |
17.040 |
16.340 |
|
Operating
Profit |
209.640 |
436.000 |
407.400 |
|
Interest |
79.170 |
66.120 |
85.980 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
130.470 |
369.880 |
321.420 |
|
Depreciation |
68.720 |
75.980 |
76.150 |
|
Profit
Before Tax |
61.750 |
293.900 |
245.270 |
|
Tax |
17.230 |
99.000 |
76.360 |
|
Reported PAT |
44.520 |
194.900 |
168.910 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
44.520 |
194.900 |
168.910 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.69
|
3.59 |
7.02 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.57
|
5.36 |
9.84 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.27
|
6.23 |
11.78 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.14 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.92
|
1.81 |
1.50 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.59
|
1.44 |
1.40 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Subject, a part of the century old Kirloskar group was incorporated in 15th
January of the year 1920. An ISO 9001:2000 certified company manufactures a
wide range of pumps, valves, anti-corrosion products, hydel turbines, and other
products. It undertakes projects in fluid-handling, turnkey fluid-handling
projects in irrigation, power, process, water supply and sewerage, turnkey
small hydel projects and protective surface coating. With seven international
offices already established, the company continues to be the largest exporter
of pumps from
FINANCIAL PERFORMANCE
The company has
achieved a growth of over 10%; in net sales over the last year to reach IN R
20,178 million. Profit before tax is IN R 1,730 million as against IN R 982
million in the previous year. Borrowings stood at INR 3,572 million as compared
to INR 3,204 million. Depreciation and amortization is at INR 265 million as
compared to INR 207 million in the last year, while interest has increased from
INR 303 million to INR 336 million.
SUBSIDIARY
COMPANIES
During the year,
the Company ceased to be the subsidiary company of Better Value Holdings
Private Limited, one of the promoters and a Kirloskar group Company.
On acquisition of
additional shares, with effect from November 12, 2009, Kirloskar Corrocoat
Private Limited, Hematic Motors Private Limited, Pressmatic Electro Stampings
Private Limited and Quadromatic Engineering Private Limited have become direct
subsidiaries of the company alongwith Hematic Motors Private Limited's
subsidiaries viz. ILa Electricals Private Limited, Vakasa Electricals Private
Limited and Moreshwar Electricals Private Limited.
On issue of shares
in terms of Scheme of Arrangement, as approved by the Honourable High court of
Judicature at
In terms of Scheme
of Arrangement inter alia, on transfer of investments in Pooja Credits Private
Limited and Kirloskar Silk Industries Limited held by Kirloskar Brothers
Limited (KBL) to KBIL, these companies also ceased to be subsidiaries of KBL.
On February 15,
2010, KBL has sold the shares held in its Wholly Owned Subsidiary SPP Pumps
Limited (SPP) to its other Wholly Owned Subsidiary - Kirloskar Brothers
International B.V (KBI)
On December 9,
2009, the Company made an application to the Central Government under section
212(8) of the Companies Act, 1956 for exemption from attaching the annual
accounts of the subsidiary companies. On May 10, 2010 the Government of India, Ministry
of Corporate Affairs vide letter No. 47/41/2010-CL-lll, granted its approval
under section 212(8) of the Companies Act, 1956 for the year ended March
31,2010.
The consolidated financial
statement of subsidiaries prepared as per applicable provisions and duly
audited by the statutory auditors.
MANAGEMENT DISCUSSION AND ANALYSIS
WORLD ECONOMY
The world economy
is recovering with the support of massive fiscal stimuli from multilateral
financial institutions and various governments across the globe. The recovery
in global trade is largely driven by the turn in the inventory cycle. Private
capital inflows to emerging economies have started to recover. A stronger
recovery is expected in developing countries in comparison to the developed
economies and developing regions of
Emerging economies
may experience a sharp drop in bank credit. Fiscal stimulus measures were
critical in stabilizing the global economy, and a premature exit from stimulus
measures poses a major risk for the global recovery. Fiscal deficit has widened
substantially in most countries. There is a risk of substantial widening of the
current accounts due to ensuing large global imbalances across the deficit
countries. The steeply falling imports of United States of America, Western
Europe, Japan and oil exporting countries has led to a collapse of export
earnings in most of the surplus countries. Public and private investments to
address issues related to climate change can be an integral part of the
rebalancing efforts.
INDIAN ECONOMY
Budgetary
provisions have been made to increase the reach of the green revolution to the
eastern region of
GLOBAL PUMP MARKET
OUTLOOK AND GROWTH DRIVERS
The pump industry
was severely affected by the global slowdown in 2008-09. Developed countries
accounted for 60% of the market in 2009.The global pump market is expected to
decline by 6.3% in 2010.The market declined in 2009-10 in both industrial and
developing countries although the decline was smaller in the developing
countries. These trends indicate a faster growth rate for developing countries.
The recovery underway has helped to raise the demand for pumps. However, major
growth will be probably fuelled by developing countries in Asia, South America
and
Factors affecting
growth of the global pump industry:
• Amidst concerns
of global warming, climate change and rising energy cost; energy efficient and
robust pumping solutions can be the growth drivers for the industry.
• Scarcity of
drinking water in different parts of the world may lead to increasing demand
for better water and waste water management technologies and solutions.
• Desalination and
various filtration technologies; are witnessing huge demand globally.
• The proper
selection of pump based on the application may lead to more of a consultative
sales approach.
• After sales
support and availability of spares may have a commanding share in determining
the overall demand for pump industry.
STRATEGY AND POLICY
Kirloskar Brothers
Limited has been growing consistently over a period of time. The company
achieved double digit growth in net sales over the last financial year. The
increased focus on improving profitability has led to noticeable improvements
in terms of numbers. Cost cutting measures were implemented for effective
utilization of the available resources and production processes were optimized
coupled with the introduction of better supply chain management practices.
Projects were completed as per schedule for majority of the project sites. The
cash and carry model was implemented for their channel business. They will
continue to improve on working capital and cash generation on account of
improved collections and strategic de-risking of customer portfolio.
They will address
the challenges on account of water scarcity and the requirement of integrated
water management practices. Their commitment towards the cause is demonstrated
in the 2 patents received for innovations in solar controller and sump design.
In addition to the pump and project business, plans are in place to leverage
their competency in developing and marketing valves. They continue to drive up
their operational efficiencies and at the same time, they are doing strategic
investments to tap the emerging business opportunities. New manufacturing
plants have been planned at Ahmedabad for the manufacture of Submersible pumps
and at
INTERNATIONAL BUSINESS AND STRATEGY
They crossed the
INR 1770 million turnover mark in their export business and will capitalize on
their existing reach in the continents of Africa, Middle East and
They have
re-organized their internal operations for increased focus on the international
market opportunities. They plan to increase their market reach by introducing
new products and entering new geographies of South America, South Asia and
parts of
WATER RESOURCE MANAGEMENT
Water Supply
continues to be focused area of business due to population growth in urban
areas, coupled with scarcity of water. More regions around the world are
getting water stressed due to uneven monsoons, poor utilization and management
of available water resources. As per the 11th Five Year Plan, the Government of
India has planned to cover 100% of the population in urban areas for water
supply and basic sanitation needs. Such a scenario demands better water
management practices with latest technologies and cost effective options.
Their Water
Resource Management business sector serves state level bodies, various
municipal corporations and urban local bodies in
Some of the
prestigious orders executed:
•
•
JaipurWaterSupply Projectfrom Public Health Engineering Department Rajasthan,
• 30 Million
Litres Daily SewageTreatment Plant project for Bhilai Steel Plant of Steel
Authority of India.
They were
successful in securing the sewerage pumping solution order along with civil
works at Vasna and Vinzol which were done for the first time by the company.
"No load Trials" for Vinzol sewage pumping station of Ahmedabad Urban
Development Authority have been completed within the scheduled time. The sector
has achieved the distinction of being the first contractor to achieve this
milestone in the Ahmedabad Urban Development Authority. The first turnkey scope
order for "Solar Pump" system from the Gujarat Water Supply and
Sewerage Board was executed successfully. Real time performance monitoring
through the global system for mobile communications was introduced for the
first time in
SECTORAL REVIEW
Irrigation
This business
sector is focused towards providing turnkey solutions and products for
irrigation schemes. It successfully commissioned all five pumping stations for
the Sardar Sarovar Narmada Nigam Limited which supplies water for irrigation
and drinking purpose to 4620 villages. The company's scope of the Gandikota
project was completed on time. Pump model test for the metallic volute pump was
successfully concluded for the Indira Sagar and Rajiv Sagar projects. The design
and manufacturing of all these metallic volute pumps was completed in-house.
This has enabled the business sector to offer customized and cost effective
solutions to the customers. Competition is growing on account of an increasing
number of multinational players. However, they are better placed in terms; of
price competitiveness and experience of delivering solutions in the Indian
market.
Power
This business
sector was successful in the securing first Condensate Extraction and Cooling
Water pump orders for the 800 Megawatt Krishnapatnam Thermal Power plant in
Andhra Pradesh. They have a maintained hundred percent market share in
circulating water pumping systems for 800 Megawatt power plants in
Industry
This business
sector was successful in establishing a good inflow of orders from its
customers on a sustainable basis. The order secured from JSW Limited for lowest
lifecycle cost (LLC) pumps is a good illustration. This sector has considerable
degree of execution expertise in undertaking turnkey jobs. Significant
improvement in profitability was achieved on account of sales and execution of
large engineered pumps and turnkey orders. KBL has secured approval from
Oil and Gas
This business
sector achieved INR 1110 Million order booking which implies growth of over
200%.The oil and gas wells located offshore were targeted for business in the
fire fighting pumps. This move will assist in developing opportunities in the
replacement market. KBL continues to be a major supplier of fire water pumps in
oil refineries. They were successful in getting international approvals from
Saipem
Building and Construction
This sector has
established their brand name and created awareness for the energy saving
coatings in the building and construction segment. Major approvals were
received from consultants and customers like Delhi Metro Railway Corporation,
GVK, GMR and L and T. The advantage of using energy efficient products coupled
with a good service made positive impact in the market. The demand for the
products from original equipment manufacturers increased owing to the
availability of products and the customer relationship management of KBL. The
addition of a service partner has been appreciated by all the customers due to
the prompt response and service.
Marine and Defense
This business
sector offers customized solutions to the Defense and Marine segments. In order
to qualify for the business opportunities, plant approval from the Directorate
General of Quality Assurance (DGQA) was obtained. They have successfully
executed couple of orders for Indian Navy. The pilot order for development of
Water Mist Fire Fighting project in association with Defense Research and
Development Organization (DRDO) for Submarine Simulation Chamber was executed
with precision. This will enable KBL to develop fire fighting business in the
Navy. For on shore establishments they received a turnkey order for the
Domestic and Agriculture
The business highlight
of this sector was that more than 75% business was done on cash and carry basis
which led to efficient procurement of raw materials. They were successful in
achieving 30% business growth in the domestic segment. The channel network was
strengthened with an addition of more than 150 new partners, 75 new
distributors and an appointment of 2500 retailers in unrepresented areas. New
products developed for
WORKS OVERVIEW
Kirloskarvadi
This plant
manufactures various types of small, imedium and large pumps catering to
various industrial sectors as well as hydel turbines. This plant also has
in-house foundry facility.
Capital
expenditure was incurred on account of the capacity enhancement of large pumps
and allied activities. Technology up-gradation measures were undertaken for
effective utilization of available energy sources with the measures like
introduction of energy saving machines meant for welding applications. The
foundry operations were improved with the help of a dust extraction system.
Laser alignment equipment, digital readout systems and electronic weighing systems
were installed for accuracy in the manufacturing operations. The plant
completed significant orders from DSD Germany, HPCL, Larsen and Toubro and Tata Projects to name a few.
Kirloskarvadi
factory received the OHSAS 18001 certification, National Energy Conservation
Award, State level Energy Conservation Award, Greentech Award for Environment
initiatives and TERI Award for corporate social responsibility initiatives.
This factory undertook activities such as organizing blood donation camps, free
medical check upfor employees, their families and the overall community,
assistance to schools and plantations as a part of the corporate social
responsibility initiatives.
Their
Kirloskarvadi plant completed 100 years of its existence on 10th March 2010.
Functions were organized to celebrate and mark the event. Eminent personalities
and society, in general, greeted Kirloskar Brothers on the occasion for its
contribution towards industrialization in their country.
Dewas and Shirval
KBL's Dewas plant
manufactures electric monobloc pumps upto 30 KW for the domestic, industrial
and agriculture segments. Their Shirval factory manufactures 4 inch submersible
pumps for the agriculture and domestic segments.
The manufacturing
plants at Dewas and Shirval achieved a level 4 in Total Cost Maturity model by
CM thus making KBL the first company in India to achieve the TCM level 4 for
state-of-the-art total cost management practices and systems. The Dewas factory
made a capital expenditure for enhancement in the foundry capacity up to 300
Metric Tons per month. The changes in the moulding line and the mechanized sand
plant equipped with highly productive dual station cold box process led to
reduction in rejection rates and overall cost of casting. A component washing
machine was installed for a better and remote operated metal pouring in the
foundry. All these measures resulted in considerable productivity improvement.
In addition the facility of air leak testing was introduced to avoid rusting
and jamming of pump components. The plant registered its highest ever
production of 33,012 pumps in a month.
Kondhapuri
The Kondhapuri
factory manufactures various types of valves. It has achieved considerable
improvement in profitability and productivity due to cost reduction, process
improvements and increase in overall equipment efficiency. The purchase of a
large vertical turret lathe has resulted in capability improvement for the
manufacture of large size valves up to 5 metres.
The Plant
successfully completed the development and supply of various new products. They
have executed prestigious orders from Water, Irrigation, Power, Defense and
Marine sectors. A new tamper proof kinetic air valve was developed and field
trials were successfully completed. The Integrated Management System (
GLOBAL MARKETING AND STRATEGY
This corporate function
made a remarkable contribution towards the company's overall growth.
Warehousing facilities were established at Kirloskar Brothers Europe and
Kirloskar Brothers,
They have conducted
customer perception surveys on a global scale to assess the level of customer
satisfaction with their offerings. The findings of the survey are being used to
make their processes more customer-centric.
KBL has also
organized a global business partners meeting attended by representatives from
35 nations. KBL's brand promotion team successfully introduced the Television
campaign of "Water is Life-They give life to water" advertisement on
BBC.
New dealers were
appointed for the geographies of
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2010
Rs in Millions
|
Particulars |
Quarter
Ended |
Half
Year Ended |
|
|
30.09.2010 |
30.09.2010 |
|
|
|
|
|
1. (a)Net sales/ Income from Operations |
4459.735 |
8340.095 |
|
(b) Other operating income |
19.597 |
34.942 |
|
Total |
4479.332 |
8375.037 |
|
Expenditure |
|
|
|
a) (Increase)/decrease in stock in trade and work in progress |
(28.964) |
(266.303) |
|
b) Consumption of raw materials |
2226.008 |
4351.206 |
|
c) Purchase of Traded Goods |
969.854 |
1989.285 |
|
d) Employees Cost |
307.758 |
594.577 |
|
e) Depreciation |
75.977 |
144.697 |
|
f) Other expenditure |
585.720 |
1194.238 |
|
Total |
4136.353 |
7907.700 |
|
3. Profit from operations before other income and Interest (1-2) |
342.979 |
467.337 |
|
4. Other income |
17.037 |
33.592 |
|
5. Profit before
interest (3+4) |
360.016 |
500.929 |
|
6. Interest |
66.115 |
145.280 |
|
7. Profit before
Tax (5-6) |
293.901 |
355.849 |
|
8. Tax Expenses |
99.000 |
116.225 |
|
9. Net profit
after tax (7-8) |
194.901 |
239.424 |
|
10. Paid up equity share capital (Face value of Rs.2/- each) |
158.670 |
158.670 |
|
11. Reserves
excluding revaluation reserve as per Balance Sheet of previous accounting
year |
|
|
|
12. Earnings Per Share (Not Annualized) (In Rs.) |
|
|
|
a) Basic Earnings Per Share |
2.46 |
3.02 |
|
b) Diluted Earnings Per Share |
2.46 |
3.02 |
|
13. Public shareholding |
|
|
|
- Number of shares |
29976974 |
29976974 |
|
- Percentage of shareholding |
37.79 |
37.79 |
|
14. Promoter and
Promoter Group Shareholding |
|
|
|
a) Pledged /
Encumbered |
|
|
|
- Number of
Shares |
810000 |
810000 |
|
- Percentage of
Shares (as a % of total shareholding of promoter and promoter group) |
1.64 |
1.64 |
|
- Percentage of Shares
(as a % of total share capital of the Company) |
1.02 |
1.02 |
|
b)
Non-Encumbered |
|
|
|
- Number of
Shares |
48547932 |
48547932 |
|
- Percentage of
Shares (as a % of total shareholding of promoter and promoter group) |
98.36 |
98.36 |
|
- Percentage of
Shares (as a % of total share capital of the Company) |
61.19 |
61.19 |
Notes:
1.
The above results have been reviewed by the Audit Committee and approved
by the Board of Directors at their respective meetings held on October 28,2010.
2.
The limited review of the financial results for the quarter ended
September 30,2010, pursuant to clause 41 of the listing agreement, has been carried
out by the Statutory Auditors.
3.
During the quarter, 6 investors' complaints were received and
redressed. There was no investor complaint pending for redressal at the
beginning and end of the quarter.
4.
Figures related to Equity share capital, Earning per share and
public and promoters share holdings for the quarter and half year ended
September 30,2010 and accounting year ended on March 31,2010 are after giving
effect to the Scheme of Arrangement duly approved by the Honourable Bombay High
Court and issue of shares under ESOS scheme.
5.
On August 9, 2010 Company has formed a wholly owned subsidiary
company namely Kirloskar Systech Limited, which will primarily be engaged in
system engineering, designing and support services.
6.
Figures have been regrouped wherever necessary.
SEGMENT-WISE REVENUE, RESULTS AND
CAPITAL EMPLOYED UNDER CLAUSE 41 OF THE LISTING AGREEMENT
Rs in Millions
|
Particulars |
Quarter
Ended |
Half
Year Ended |
|
|
30.09.2010 |
30.09.2010 |
|
Segment Revenue |
|
|
|
a. Pumps |
4331.230 |
8078.652 |
|
b. Others |
201.860 |
380.071 |
|
Total |
4533.090 |
8458.723 |
|
Less: |
|
|
|
Inter segment revenue |
73.356 |
118.628 |
|
Net Sales / Income from operations |
4469.735 |
8340.095 |
|
Segment Results Profit before tax and Interest from each
segment |
|
|
|
a. Pumps |
400.142 |
611.474 |
|
b. Others |
38.212 |
73.542 |
|
Total |
438.354 |
685.016 |
|
Less: |
|
|
|
i. Interest |
66.115 |
145.280 |
|
ii. Other un-allocable expenditure net of un-allocable income |
78.338 |
184.087 |
|
Total Profit Before Tax |
293.901 |
355.649 |
|
|
|
|
|
|
|
|
|
Capital Employed |
|
|
|
(Segment Assets – Segment Liabilities
|
|
|
|
a. Pumps |
5841.964 |
5841.964 |
|
b. Others |
278.007 |
278.007 |
|
c. Unallocated Corporate
Assets |
5950.016 |
5950.016 |
|
Total |
12069.987 |
12069.987 |
Rs in Millions
|
Particulars |
Quarter
Ended 30.09.2010 (Unaudited) |
|
|
|
|
SHAREHOLDERS' FUNDS |
|
|
Capital |
158.670 |
|
Reserves
and Surplus |
7146.261 |
|
Employee's Stock Option
Outstanding |
71.632 |
|
LOAN FUNDS |
4614.874 |
|
Deferred Tax Balances (Net) |
78.550 |
|
TOTAL |
12069.987 |
|
|
|
|
FIXED
ASSETS |
3021.035 |
|
INVESTMENTS |
1972.036 |
|
CURRENT ASSETS, LOANS AND
ADVANCES |
|
|
Inventories |
2045.648 |
|
Sundry
Debtors |
3049.533 |
|
Cash
and Bank balances |
856.038 |
|
Other
current assets |
5279.991 |
|
Loans
and Advances |
4365.635 |
|
Sub Total
(a to e) |
15596.845 |
|
Less: |
|
|
CURRENT LIABILITIES
AND PROVISIONS |
|
|
Liabilities |
8286.634 |
|
Provisions |
233.295 |
|
Sub Total
(a to b) |
8519.929 |
|
Net
Current Assets |
7076.916 |
|
MISCELLANEOUS EXPENDTTURE (NOT WRITTEN OFF OR ADJUSTED) |
|
|
TOTAL |
12069.987 |
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED June 30, 2009
(Rs.
in millions)
|
Particulars |
Quarter
Ended 30.06.2010 (Unaudited) |
|
1. (a)Net sales/ Income from Operations |
3880.360 |
|
(b) Other operating income |
15.345 |
|
Total |
3895.705 |
|
Expenditure |
|
|
a) (Increase)/decrease in stock in trade and work in progress |
(237.339) |
|
b) Consumption of raw materials |
2125.198 |
|
c) Purchase of Traded Goods |
919.431 |
|
d) Employees Cost |
286.819 |
|
e) Depreciation |
68.720 |
|
f) Other expenditure |
608.518 |
|
Total |
3771.347 |
|
3. Profit from operations before other income and Interest (1-2) |
124.358 |
|
4. Other income |
16.555 |
|
5. Profit before
interest (3+4) |
140.913 |
|
6. Interest |
79.165 |
|
7. Profit before
Tax (5-6) |
61.748 |
|
8. Tax Expenses |
17.225 |
|
9. Net profit
after tax (7-8) |
44.523 |
|
10. Paid up equity share capital (Face value of Rs.2/- each) |
158.662 |
|
11. Reserves excluding
revaluation reserve as per Balance Sheet of previous accounting year |
|
|
12. Earnings Per Share (Not Annualized) (In Rs.) |
|
|
a) Basic Earnings Per Share |
0.56 |
|
b) Diluted Earnings Per Share |
0.56 |
|
13. Public shareholding |
|
|
- Number of shares |
29972834 |
|
- Percentage of shareholding |
37.78 |
|
14. Promoter and
Promoter Group Shareholding |
|
|
a) Pledged /
Encumbered |
|
|
- Number of
Shares |
810000 |
|
- Percentage of Shares
(as a % of total shareholding of promoter and promoter group) |
1.64 |
|
- Percentage of
Shares (as a % of total share capital of the Company) |
1.02 |
|
b)
Non-Encumbered |
|
|
- Number of
Shares |
48547932 |
|
- Percentage of Shares
(as a % of total shareholding of promoter and promoter group) |
98.36 |
|
- Percentage of
Shares (as a % of total share capital of the Company) |
61.20 |
Segment
wise revenue, results and capital employed, under clause 41 of the listing
agreement
(Rs.
in millions)
|
Particulars |
Quarter
Ended 30.06.2010 (Unaudited) |
|
1. Segment Revenue |
|
|
a. Pumps |
3747.422 |
|
b. Others |
178.211 |
|
Total |
3925.633 |
|
Less: Inter segment revenue |
45.273 |
|
Net Sales/Income from operations |
3880.360 |
|
2. Segment Results Profit before Tax and Interest from each segment |
|
|
a. Pumps |
211.332 |
|
b. Others |
35.330 |
|
Total |
246.662 |
|
Less: i. Interest |
79.165 |
|
ii. Other un-allocable expenditure net of un-allocable income |
105.749 |
|
Total Profit Before Tax |
61.748 |
|
Capital Employed (Segment Assets - Segment Liabilities) |
|
|
a. Pumps |
6660.473 |
|
b. Others |
223.693 |
|
c. Unallocated Corporate Assets (Net) |
295.620 |
|
Total |
7179.786 |
NOTES
1. The above results have been reviewed by the
Audit Committee and approved by the Board of Directors at their respective
meetings held on July 27, 2010.
2. The limited review of the financial results
for the quarter ended June 30, 2010, pursuant to clause 41 of the listing
agreement, has been carried out by the Statutory Auditors.
3. During the quarter, 4 investors’ complaints
were received and redressed. There was no investor complaint pending for
redressed at the beginning and end of the quarter.
4. The Company has acquired 90% shares in
Braybar Pumps (Proprietary) Limited, based in South Africa, on April 29, 2010
through its Wholly Owned Subsidiary - Kirloskar Brothers International B.V.,
Netherlands.
5. In terms of the Scheme of Arrangement and
in accordance with the Honourable Bombay High Court orders dated April 23,
2010, 7,500 equity shares of Rs. 2/- each were issued by the board of Directors
on April 26, 2010 against earlier 10,000 equity shares of Rs. 2/- each, kept in
abeyance.
6. Figures related to Equity share capital,
Earning per share and public and promoters share holding for the quarter ended
June 30, 2010 and accounting year ended on March 31, 2010 are after giving
effect to the Scheme of Arrangement duly approved by the Honourable Bombay High
Court.
7. Figures have been regrouped wherever
necessary.
FIXED ASSETS
- Lands Free/ Lease Hold
- Buildings
- Railway Siding
- Plant and Machinery
- Furniture and Fittings
- Vehicles
PRESS
RELEASE
KBL - A Corporate Patriot
Kirloskar Brothers Limited (KBL) has emerged as one of the
top tax payers of Pune Region. KBL is proud to thus contribute to the
KBL has been adjudged as one of the honest and ethical tax
payer by the department of Income Tax. The department has honoured KBL by
recognizing its straight forward financial administration as an activity of
A certificate to this effect, signed by Manjiri Kacker, Chief Commissioner of Income Tax (CCA), Pune was conferred to KBL. The distinction was received by Sanjay Kirloskar, Chairman and Managing Director, on behalf of the company.
This is a matter of pride and accomplishment for all of us who are a part of this patriotic fraternity.
NEWS
14.10.2010
Oldest
Industrial Operational Pumps Contest
Oldest
Industrial Operational Pumps Contest
Kirloskar Brothers Limited
(KBL), a leading global water management solution company, today launched a
customer loyalty program at the hands of Mr. Alok Kirloskar, Head of Industry Sector
Business, Kirloskar Brothers Limited.
To commemorate the Centenary
Year of Kirloskarvadi, KBL’s flagship plant and
The next 21 eligible entries
will be offered a 20% discount on Kirloskar industrial pump-spares or Kirloskar
industrial pumps AMC. Besides, the next 51 eligible entries will get a chance
to send one representative each for a one week free Service Training Program at
Kirloskarvadi. The entries to the contest will close on December 31, 2010.
While speaking on the occasion
Mr. Alok Kirloskar, said, “With a heritage of hundred years, Kirloskar brand
has now become almost synonymous with quality and reliability. This initiative
is a gesture for us to recognize and express our gratitude to those
distinguished customers whose faith in us through this journey has made KBL a
world leader in the water management sector. It is also an opportunity for me
to track the bloodline of our prime product, Centrifugal Pump, and honour the
oldest survivor.”
Ravindra Murthy, Head of
Customer Service & Support sector, Kirloskar Brothers Limited, said, “The
purpose of the contest is to connect closely with the industrial customers who
have been loyal to KBL all these years. We are looking forward to a good
response from our customers.”
Avinash Purandare, Head of
Global Marketing, Kirloskar Brothers Limited, said, “The contest aims to
felicitate our established customers who have volunteered to share the joy of
long relationship with KBL by registering their association and products in
this contest. The rewards include discount coupons, free service training,
participation mementos and certificates.”
About Kirloskar Brothers
Limited: Established in 1888 and incorporated in 1920, Kirloskar Brothers
Limited (KBL) is the flagship company of the $1.2 billion Kirloskar Group. The
core businesses of KBL are large infrastructure projects (Water Supply, Power
Plants, and Irrigation), Project and Engineered Pumps, Industrial Pumps,
Agriculture and Domestic Pumps, Valves and Hydro turbines.
KBL Sales in 2009-2010 is US $
450 Million with a market capitalization of US $ 464 million. KBL is
14.03.2011
Mar 11
Kirloskar Brothers
Limited concludes nationwide Cenetenary Celebration
Kirloskar Brothers Limited concludes nationwide Centenary Celebration
in Pune
Pune, March 14th, 2011:
Kirloskar Brothers Limited (KBL), a leading global water
management solutions company, recently concluded their nationwide Centenary
celebration in Pune. On the occasion, Chief Guest, Dr. Patangrao Kadam,
Honorable Minister for Forests, Rehabilitation and Relief Works, Earthquake
Rehabilitation,
The lighting of lamp on the occasion was done by Dr. Patangrao Kadam, Honorable
Minister for Forests, Rehabilitation and Relief Works, Earthquake
Rehabilitation,
Mr. Sanjay Kirloskar, Chairman and Managing Director (KBL) said:
“The year-long celebration has left us all feeling proud and nostalgic. Since
its inception, the Kirloskar spirit of enterprise has played a significant role
in meeting the needs of both – agriculture and the industrial sector.
Kirloskars were and are in forefront to implement and execute government’s
expectations from Industry, whether it is the agenda of rural development,
industrialization or globalization. In response to the commitment our Prime
Minister has given to the world community to reduce
The day long function also included felicitations of twelve fourth generation KBL employees, where in all the four generations have worked with KBL. The dignitaries present for the day-long function in the evening were enthralled by santoor maestro Pandit Shivkumar Sharma accompanied by Pandit Vijay Ghate on Tabala and Pandit Bhawani Shankar on Pakhawaj.
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.44.20 |
|
|
1 |
Rs.72.24 |
|
Euro |
1 |
Rs.63.09 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
60 |
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.