%20LIMITED%20-%20163708%2030-Dec-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
30.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
INGERSOLL-RAND ( |
|
|
|
|
Registered
Office : |
Plot No. 35, KIADB Industrial Area, Bidadi-562109, Karnataka |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
01.12.1921 |
|
|
|
|
Com. Reg. No.: |
08-036321 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 315.680 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L05190KA1921PLC036321 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUM105042C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAAC13099Q |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The company's shares are listed on the Stock Exchanges |
|
|
|
|
Line of Business
: |
Manufacturing of Air and Gas Compressors, their Spares, Mining Equipments, Construction Equipments and their Spares. |
|
|
|
|
No. of Employees
: |
600 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (72) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 32000000 |
|
|
|
|
Status : |
Very Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of the Ingersoll-Rand Company, It is a well established and reputed company having excellent track.
Financial position of the company is good. Fundamentals are strong and
healthy. Payments are regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Shreyansh |
|
Designation : |
Finance Executive |
|
Contact No.: |
91-79-22820323 |
|
Date : |
20.12.2011 |
LOCATIONS
|
Registered Office : |
Plot No. 35, KIADB Industrial Area, Bidadi-562109, |
|
Tel. No.: |
91- 80 -2216 6000 |
|
Fax No.: |
91- 80 -2216 6022 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
22-29/293/187, GIDC Estate, Naroda, Ahmedabad-382330, Gujarat, India |
|
Tel. No.: |
91- 79- 22820323 / 22820123 |
|
Fax No.: |
91- 79 -22821003 / 22821256 |
|
|
|
|
Factory 2 : |
21-30, GIDC Estate,, Naroda, Ahmedabad-382330, Gujarat, India |
|
Tel. No.: |
91-79-22846208 |
|
Fax No.: |
91-79-22820568 |
|
|
|
|
Regional and Other Offices : |
Located At:
|
DIRECTORS
AS ON 31.03.2011
|
Name : |
Mr. Venkatesh
Valluri |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Hemraj C. Asher |
|
Designation : |
Chairman and President |
|
Address: |
32, Mody Street, Mumbai-400001, |
|
Date of Birth/ Age: |
02.01.1934 |
|
Date of Appointment: |
27.11.1989 |
|
|
|
|
Name : |
Mr. Darius C. Shroff |
|
Designation : |
Chairman and President |
|
Address: |
Moonlight Flat 8, |
|
Date of Birth/ Age: |
08.08.1944 |
|
Date of Appointment: |
23.12.2005 |
KEY EXECUTIVES
|
Name : |
Mr. P R Shubhankar |
|
Designation : |
Company Secretary |
|
Address : |
Flat No. 3, Paresh Apartment, |
|
Date of Birth/Age : |
03.06.1965 |
|
Date of Appointment : |
24.10.2000 |
|
|
|
|
Name : |
Mr. B. Jayaraman |
|
Designation : |
Vice President – Finance |
|
|
|
|
Name : |
Mr. Prasad Y Naik |
|
Designation : |
Vice President – Information Technology |
|
|
|
|
Name : |
Mr. Sameer Agarwal |
|
Designation : |
General Manager and Finance Controller – Air Solutions |
|
|
|
|
Name : |
Mr. Shreyansh |
|
Designation : |
Finance Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2011
|
Names of Shareholders |
No.
of Shares |
% of
No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
23360000 |
74.00 |
|
|
23360000 |
74.00 |
|
Total shareholding of Promoter and Promoter Group (A) |
23360000 |
74.00 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
196734 |
0.62 |
|
|
30000 |
0.10 |
|
|
1080162 |
3.42 |
|
|
601895 |
1.91 |
|
|
1908791 |
6.05 |
|
|
|
|
|
|
916899 |
2.90 |
|
|
|
|
|
|
4651651 |
14.74 |
|
|
725659 |
2.30 |
|
|
5000 |
0.02 |
|
|
5000 |
0.02 |
|
|
6299209 |
19.95 |
|
Total Public shareholding (B) |
8208000 |
26.00 |
|
Total (A)+(B) |
31568000 |
100.00 |
%20LIMITED%20-%20163708%2030-Dec-2011_files/image004.gif){kind=small}
(1) Indian%20LIMITED%20-%20163708%2030-Dec-2011_files/image005.gif){kind=small}
Bodies Corporate%20LIMITED%20-%20163708%2030-Dec-2011_files/image006.gif){kind=small}
Individual shareholders holding nominal
share capital up to Rs.0.100 Million BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Air and Gas Compressors, their Spares, Mining Equipments, Construction Equipments and their Spares. |
||||
|
|
|
||||
|
Products : |
|
||||
|
|
|
||||
|
Terms : |
|
||||
|
Selling : |
L/C, Cash, Credit (30 / 60 days) |
||||
|
|
|
||||
|
Purchasing : |
L/C, Cash, Credit (30 / 60 days) |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Air Compressors |
Nos. |
90000 |
75322 |
|
Air Conditioner Bus Package |
Nos. |
1000 |
535 |
GENERAL INFORMATION
|
Customers : |
OEM’s and Industries |
|
|
|
|
No. of Employees : |
600 (Approximately) |
|
|
|
|
Bankers : |
·
Bank of America ·
Bank of India ·
Citibank N. A. ·
Central Bank of India ·
Standard Chartered Bank |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountant |
|
Address : |
Bangalore |
|
|
|
|
Solicitors : |
|
|
Name : |
Crawford Bayley and Company |
|
Address : |
Mumbai |
|
|
|
|
Ultimate Holding Company : |
·
Ingersoll - Rand plc, Ireland |
|
|
|
|
Substantial Interest in Voting Power of the
Company (holds 74% of equity share capital as at 31st March, 2011): |
·
Ingersoll - Rand Company, New Jersey, U.S.A. |
|
|
|
|
Fellow Subsidiaries : |
·
Club Car Inc., U.S.A. ·
Ingersoll - Rand Machinery (Shanghai) Company
Limited, China ·
GHH - Rand Schraubenkompressoren GmbH, Germany ·
Ingersoll - Rand Malaysia Co. Sdn. Bhd., Malaysia ·
Hibon Inc.,Canada ·
Ingersoll - Rand South-East Asia (Pte) Limited,
Singapore ·
Ingersoll - Rand (Australia) Limited, Australia ·
IRCR Manufacturing S.R.O., Czech Republic ·
Ingersoll - Rand (Chang Zhou) Tools Company
Limited, China ·
Nanjing Ingersoll - Rand Compressor Company
Limited, China ·
Ingersoll - Rand (China) Industrial Equipment
Manufacturing Company Limited, China ·
Officina Meccaniche Industrial SRL, Italy ·
Ingersoll - Rand Air Solutions Hibon Sarl, France ·
Plurifilter D.o.o, Slovenia ·
Ingersoll - Rand Brazil Limited, Brazil ·
Schlage Lock Company LLC, USA ·
Ingersoll - Rand Company Limited, United Kingdom ·
Service First Aircon Private Limited, India ·
Ingersoll - Rand Company South Africa (Pty)
Limited, South Africa ·
Shanghai Ingersoll - Rand Compressor Limited,
China ·
Ingersoll - Rand CZ s.r.o, Czech Republic ·
Thermo King India Private Limited, India ·
Ingersoll - Rand European Sales Limited, United
Kingdom ·
Thermoking Corporation, U.S.A. ·
Ingersoll - Rand Industrial Products Private
Limited , India ·
Thermoking European Manufacturing Limited,
Ireland ·
Ingersoll - Rand International (India) Limited,
India ·
Thermoking Ireland Limited, Ireland ·
Ingersoll - Rand International Limited, Ireland ·
Trane BVBA, Belgium ·
Ingersoll - Rand Italiana, S.P.A., Italy ·
Trane India Private Limited, India |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
32000000 |
Equity Shares |
Rs.10/- each |
Rs. 320.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
31568000 |
Equity Shares |
Rs.10/- each |
Rs. 315.680
Millions |
|
|
|
|
|
Notes:
[Of the above
shares
(i)
31,301,500 (2010: 31,301,500) shares are allotted
as fully paid-up by way of bonus shares by capitalisation of Share Premium and
General Reserves; and
(ii)
23,360,000 (2010: 23,360,000) shares are held by
the holding company, Ingersoll-Rand Company, New Jersey, U.S.A.]
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
315.680 |
315.680 |
315.680 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
7876.750 |
7411.020 |
7158.220 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
8192.430 |
7726.700 |
7473.900 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8192.430 |
7726.700 |
7473.900 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
252.600 |
238.710 |
222.340 |
|
|
Capital work-in-progress |
1.200 |
0.440 |
1.130 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.090 |
|
|
DEFERREX TAX ASSETS |
41.390 |
49.530 |
47.400 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1091.430
|
787.670
|
645.980 |
|
|
Sundry Debtors |
992.850
|
1004.110
|
1189.800 |
|
|
Cash & Bank Balances |
5361.570
|
5387.760
|
5148.950 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
1870.550
|
1552.310
|
1393.300 |
|
Total
Current Assets |
9316.400
|
8731.850 |
8378.030 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
551.980
|
431.740
|
420.080 |
|
|
Other Current Liabilities |
642.890
|
602.310
|
479.840 |
|
|
Provisions |
224.290
|
259.780
|
275.170 |
|
Total
Current Liabilities |
1419.160
|
1293.830 |
1175.090 |
|
|
Net Current Assets |
7897.240
|
7438.020
|
7202.940 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8192.430 |
7726.700 |
7473.900 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4644.580 |
3565.550 |
3739.010 |
|
|
|
Other Income |
778.990 |
571.450 |
765.120 |
|
|
|
TOTAL (A) |
5423.570 |
4137.000 |
4504.130 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and Other Expenses |
4351.450 |
3307.540 |
3414.290 |
|
|
|
TOTAL (B) |
4351.450 |
3307.540 |
3414.290 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1072.120 |
829.460 |
1089.840 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5.340 |
18.540 |
1.730 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1066.780 |
810.920 |
1088.110 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
47.530 |
41.490 |
41.640 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1019.250 |
769.430 |
1046.470 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(325.890) |
(269.480) |
(362.420) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
693.360 |
499.950 |
684.050 |
|
|
|
|
|
|
|
|
|
|
PRIOR PERIOD
ITEMS |
|
|
|
|
|
|
Extra Ordinary and Prior Period Items |
(10.810) |
(37.880) |
(19.150) |
|
|
|
Taxation On Above |
3.680 |
11.960 |
7.150 |
|
|
|
NET PROFIT |
686.230 |
474.030 |
672.050 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4677.830 |
4473.030 |
4090.580 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
69.000 |
48.000 |
68.000 |
|
|
|
Interim Dividend |
110.430 |
110.800 |
110.800 |
|
|
|
Proposed Dividend |
110.070 |
110.430 |
110.800 |
|
|
BALANCE CARRIED
TO THE B/S |
5074.560 |
4677.830 |
4473.030 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
949.660 |
717.880 |
837.270 |
|
|
|
Freight and Insurances on Exports |
1.660 |
3.000 |
2.560 |
|
|
|
Services Income Recovery of Expenses |
26.270 |
19.230 |
18.580 |
|
|
TOTAL EARNINGS |
977.590 |
740.110 |
858.410 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components & Spares Parts |
1470.920 |
1013.290 |
1126.730 |
|
|
|
Capital Goods |
0.090 |
4.170 |
2.050 |
|
|
TOTAL IMPORTS |
1471.010 |
1017.460 |
1128.780 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
21.96 |
15.84 |
21.67 |
|
Expected Sales (2011-2012) : Rs. 5500.000 Millions.
The above information has been parted by Mr. Shreyansh.
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
|
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
1294.300 |
1465.200 |
|
Total Expenditure |
1147.800 |
1356.300 |
|
PBIDT (Excl OI) |
146.500 |
108.900 |
|
Other Income |
133.700 |
150.000 |
|
Operating Profit |
280.200 |
258.900 |
|
Interest |
0.100 |
3.400 |
|
Exceptional Items |
0.000 |
0.000 |
|
PBDT |
280.100 |
255.500 |
|
Depreciation |
12.900 |
15.800 |
|
Profit Before Tax |
267.200 |
239.700 |
|
Tax |
86.700 |
78.100 |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
180.500 |
161.600 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
180.500 |
161.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
12.78
|
12.08 |
15.19 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
21.94
|
21.58 |
27.99 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.61
|
8.53 |
12.10 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.10 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.17
|
0.17 |
0.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.56
|
6.75 |
7.13 |
LOCAL AGENCY FURTHER INFORMATION
Note: The
registered office of the company has been shifted from 106/10-11-12,
Amruthhalli, Byatarayan, Bellary Road, Bangalore-560092,
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1. Year of Establishment |
Yes |
|
2. Locality of the firm |
Yes |
|
3. Constructions of the firm |
Yes |
|
4. Premises details |
Yes |
|
5. Type of Business |
Yes |
|
6. Line of Business |
Yes |
|
7. Promoter’s background |
------ |
|
8. No. of Employees |
Yes |
|
9. Name of person contacted |
Yes |
|
10. Designation of contact person |
Yes |
|
11. Turnover of firm for last three years |
Yes |
|
12. Profitability for last three years |
No |
|
13. Reasons for variation <> 20% |
No |
|
14. Estimation for coming financial year |
Yes |
|
15. Capital in the business |
No |
|
16. Details of sister concerns |
Yes |
|
17. Major suppliers |
No |
|
18. Major customers |
No |
|
19. Payments terms |
Yes |
|
20. Export / Import details |
No |
|
21. Market information |
------ |
|
22. Litigations that the firm / promoter involved |
------ |
|
23. Banking Details |
Yes |
|
24. Banking facility details |
No |
|
25. Conduct of the banking account |
------ |
|
26. Buyer visit details |
------ |
|
27. Financials, if provided |
No |
|
28. Incorporation details, if applicable |
------ |
|
29. Last accounts filed at ROC |
------ |
|
30. Major Shareholders, if available |
------ |
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRY STRUCTURE AND DEVELOPMENT:
The Indian economy
remains on an accelerated growth path. Its domestic demand will enable that it
maintains 8.4% growth rate over the next year. Rise in spending power by the
middle class will continue to boost demand for durables and non-durables. A
strong growth is foreseen in the services area.
The Company’s
products are primarily sold to industries in the automotive, metals,
pharmaceutical and textile sectors. The growth in these sectors is fuelled by
the increased demand in domestic consumption. The Company is well positioned to
leverage this opportunity. In addition to the growth in these sectors, the
Government is expected to make key investments in development of infrastructure
which is likely to further the growth of the company.
Inflation is a key
issue that the country continues to face. The Company will continue to keep a
tight watch on commodity inflation and productivity to ensure that they stay
profitable and competitive in the market.
SEGMENT-WISE OPERATIONAL PERFORMANCE:
Air Solutions continues to be the major
segment in the Company’s operations. The air solutions business revenues this
year was higher at Rs. 4,483 million as against Rs. 3,526 million last year, a
significant growth of 27%. The robust revenue increase is reflective of the
growth in the economy and also their focus on quality, service, geographical
expansion and innovation. The Company has been developing products for emerging
markets at relevant value points to ensure growth in these areas.
The revenue from
contract manufacturing of bus air-conditioners, which was commenced in November
2009, was also higher at Rs. 162 million as against Rs. 40 million in the
previous financial year.
The profit before
tax and extra ordinary items is Rs. 1,019 million as against Rs. 769 million in
the previous year.
OUTLOOK:
The outlook for
the financial year 2011-12 is positive. While the economic outlook continues to
remain strong and the key sectors in which the Company operates continues to
perform well, demand for the Company’s products is improving. There is a
healthy backlog of customer orders. Further, productivity measures put in place
during the economic slow-down continues to provide incremental profit margins.
Overall, barring unforeseen circumstances, they expect a steady growth with
matching profitability for the fiscal year 2011-12.
FINANCIAL RESULTS
FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30TH, 2011
(Rs. In Millions)
|
Particulars |
3 months ended 30.09.2011 |
Year to date figures for current period ended 30.09.2011 |
|
|
Unaudited |
Unaudited |
|
(a) Net Sales/ Income from
operation |
1427.600 |
2685.500 |
|
(b) Other Operating Income |
37.600 |
74.000 |
|
Total Income |
1465.200 |
2759.500 |
|
2. Expenditure |
|
|
|
a. Increase(-) /Decrease(+) in Stock in trade and W.I.P. |
(56.400) |
(85.000) |
|
b. Consumption of Raw-Materials |
1071.500 |
1970.600 |
|
c. Purchase of Traded Goods |
-- |
-- |
|
d. Employees Cost |
132.400 |
261.800 |
|
e. Depreciation |
15.800 |
28.700 |
|
f. Other Expenditure |
208.800 |
356.600 |
|
g. Total |
1372.100 |
2532.700 |
|
3. Profit(+)/
Loss(-) from Operations before other Income Interest and Exceptional
Item(1-2) |
93.100 |
226.800 |
|
4. Other Income |
150.000 |
283.700 |
|
5. Profit(+)/
Loss(-) before Interest and Exceptional Item |
243.100 |
510.500 |
|
6. Interest |
3.400 |
3.500 |
|
7. Profit(+)/
Loss(-) after Interest but before Exceptional Item (5-6) |
239.700 |
507.000 |
|
8. Exceptional Items |
-- |
-- |
|
9. Profit(+)/ Loss
(-) from ordinary activities before
Tax (7-8) |
239.700 |
507.000 |
|
10. Tax Expenses |
78.100 |
164.800 |
|
11. Net
Profit(+)/ Loss (-) from ordinary activities after Tax (9-10) |
161.600 |
342.200 |
|
12. Extraordinary Items |
-- |
-- |
|
13. Net Profit (+)/ Loss(-) for the period (11-12) |
161.600 |
342.200 |
|
14. Paid Up Equity Share Capital (Face Value of Rs.10 Per Share) |
315.700 |
315.700 |
|
15. Reserves excluding Revaluation Reserves as per Balance Sheet of
Previous Accounting Year |
-- |
-- |
|
16. Earning per Share (EPS) |
|
|
|
a) Basic and diluted EPS before extraordinary items for the period,
for the year to date and for the previous year (not annualized) |
5.12 |
10.84 |
|
b) Basic and diluted EPS after extraordinary items for the period, for
the year to date and for the previous year (not annualized) |
5.12 |
10.84 |
|
17. Public Shareholding |
|
|
|
Number of Shares |
8208000 |
8208000 |
|
% of Share holding |
26% |
26% |
|
18. Promoters and promoter group Shareholding |
|
|
|
a) Pledged/Encumbered |
|
|
|
- Number of shares |
-- |
-- |
|
- Percentage of shares (as a % of the total
shareholding of promoter and promoter
group) |
-- |
-- |
|
- Percentage of shares (as a
% of the total share capital of the
company) |
-- |
-- |
|
b) Non-encumbered |
|
|
|
- Number of shares |
23360000 |
23360000 |
|
- Percentage of shares (as a % of the total
shareholding of promoter and
promoter group) |
100% |
100% |
|
- Percentage of shares (as a
% of the total share capital of the
company) |
74% |
74% |
SEGMENT WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In Millions)
|
Sl. No. |
|
Particulars |
3 months ended |
Year to date
figures for current period ended |
|
|
30.09.2011 |
30.09.2011 |
||
|
|
(Un-audited) |
(Un-audited) |
||
|
1 |
|
Segment Revenue (Net of Excise & Other Taxes) |
|
|
|
|
|
|
|
|
|
|
|
Air solutions |
1385.800 |
2601.600 |
|
|
|
Others |
41.800 |
83.900 |
|
|
|
|
|
|
|
|
|
Net Sales / Income
from Operation |
1427.600 |
2685.500 |
|
|
|
|
|
|
|
2 |
|
Segment Results (Net Profit(+)/Loss(-) before Tax & Interest from each Segment) |
|
|
|
|
|
|
|
|
|
|
|
Air solutions |
106.000 |
253.200 |
|
|
|
Others |
2.700 |
6.500 |
|
|
|
|
|
|
|
|
|
Less :Interest |
3.400 |
3.500 |
|
|
|
Less : Other Unallocable Expenditure Net of Unallocable Income (Including Exceptional Items) |
(134.400) |
(250.800) |
|
|
|
|
|
|
|
|
|
Total Profit Before
Tax |
239.700 |
507.000 |
|
|
|
|
|
|
|
3 |
|
Capital Employed (Segment Assets - Segment Liabilities) |
|
|
|
|
|
|
|
|
|
|
|
Air solutions |
1447.000 |
1447.000 |
|
|
|
Others |
73.600 |
73.600 |
|
|
|
Other Unallocable Corporate Assets |
6353.600 |
6353.600 |
|
|
|
|
|
|
|
|
|
Total |
7874.200 |
7874.200 |
STATEMENT OF ASSETS AND
LIABILITIES
(Rs. In Millions)
|
Particulars |
30.09.2011 UNAUDITED |
|
SHAREHOLDERS FUNDS |
|
|
1] Share Capital |
315.700 |
|
2] Reserves & Surplus |
7558.500 |
|
LOAN FUNDS |
-- |
|
|
|
|
TOTAL |
7874.200 |
|
|
|
|
FIXED ASSETS [Net Block] |
453.800 |
|
DEFERREX TAX ASSETS |
44.700 |
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
Inventories |
1275.500 |
|
Sundry Debtors |
1103.900 |
|
Cash & Bank Balances |
4633.100 |
|
Loans & Advances |
1889.500 |
|
Total Current
Assets |
8902.000 |
|
Less : CURRENT LIABILITIES & PROVISIONS |
|
|
Current Liabilities |
1407.700 |
|
Provisions |
118.600 |
|
Total Current
Liabilities |
1526.300 |
|
Net Current
Assets |
7375.700 |
|
|
|
|
TOTAL |
7874.200 |
Notes
1.
The revenue and results arising on account of contract
manufacturing done For associate companies has been shown as "Others' in
segment reporting
2.
Provision for current taxation and deferred
taxation of Rs. 164.800 millions for the six months ended September 30, 2011, has
been made on an estimated basis. The actual tax liability of the Company will
be determined on the basis of taxable income of the Company for the year April
1, 2011 to March 31.2012.
3.
The Company did not have any investor complaints
pending as on 1st July 2011. Three complaints were received from
investors of the Company during the period 1st July 2011 to 30th
September 2011. of which one complaints was resolved during the same period and
two complaints were pending as on 30th September 2011.
4.
The Board of Directors of the Company have at their
meeting held on October 21, 201 1, declared an interim dividend of Rs. 3/- per
equity share. The record date for the payment of interim dividend is November
4. 2011
5.
Figures for the previous period I year have been
recast as necessary to conform to current period / year classification.
6.
The above results have been reviewed by the Audit
Committee and approved by the Board of Directors at their meetings held on
October 21, 2011.
FIXED ASSETS:
v
Land-Leasehold
v
Land
Freehold
v
Buildings
v
Plant
and Machinery
v
Computer
Software
v
Electrical
Installations
v
Furniture
Fixture and Equipment
v
Vehicles
v
Small
Tools
WEB SITE DETAILS
BUSINESS DESCRIPTION
Subject is an India-based company engaged in the production of air
compressors. The Company has two segments: Air Solutions (AS) and Others. Air
Solutions segment comprises reciprocating compressors, centrifugal compressors
and system components. Others segment comprises account of contract
manufacturing for associate companies Segment revenue. The Company’s products
are primarily sold to industries in the automotive, metals, pharmaceutical and
textile sectors. The Company’s business units include Commercial Business Unit,
which include products, such as air distribution, air treatment and audit
solutions; Industrial Business Unit, which include air receivers, air
distribution piping system and condensate drains, and Process Business Unit,
which offers process solutions for compressed air systems under brands, such as
CENTAC and PET Compressors. The Company has manufacturing facility in
Ahmedabad, India. For the nine months ended 31 December 2010, Ingersoll Rand
India Limited's revenues increased 35% to RS4.09B. Net income increased 54% to
RS 500.4M. Revenues reflect higher income from Air Solutions and the presence
of income from Other segments. Net income also reflects the absence of interest
expense and an absences of extra ordinary items. The Company provides
infrastructure development and industrial solutions.
MANAGEMENT
VENKATESH VALLURI
Mr. Venkatesh Valluri is Non-Executive Chairman of the Board of
Ingersoll-Rand (India) Limited, effective 25 March 2010. He was appointed as a
Director of the Company with effect from July 18, 2009. He also serves on the
board of United Way India, was appointed president of Ingersoll Rand in India
in May 2009. Before joining Ingersoll Rand, Valluri was associated with the
global measurement technology leader, Agilent Technologies, as its president
and country manager for over five years. Prior to Agilent he held various
leadership roles at GE (General Electric) in India and abroad. He holds a
bachelor's in technology in electronics and a MBA from IIM Ahmedabad.
Education
·
MBA, Indian Institute of Management, Ahmedabad
·
B Technology, Indian Institute of Management,
Ahmedabad
HEMRAJ C. ASHER
Mr. Hemraj C. Asher is Independent Non-Executive Director of
Ingersoll-Rand India Limited. He has a degree in law and is an eminent solicitor.
He is a senior partner in M/s. Crawford Bayley and Company for the last 40
years. He has been a Director on the Board of the Company since 1972 and takes
active interest in the affairs of the Company. He is also a Director on the
Board of Allied Pickfords Private Limited, Oerlikon Textile India Private
Limited, Diamant Boart Marketing Private Limited, Elof Hansson (India) Private
Limited, Hind Filters Limited, Indian Card Clothing Company Limited, PRS
Technologies Private Limited etc.
DARIUS C. SHROFF
Mr. Darius C. Shroff is Independent Non-Executive Director of Ingersoll
Rand India Limited .He has a degree in law and is an eminent solicitor. He is a
senior partner in M/s. Crawford Bayley and Company, Mumbai.
NEWS
CRISIL UPHOLDS AA+/A1+ RATINGS ON INGERSOLL RAND
(INDIA) BANK LOANS
06 December 2011
6
December 2011 - CRISIL today retained its AA+ rating on the INR20m (USD
389,000/EUR 290,000) cash credit facility and the A1+ rating on the INR670m letter
of credit and INR110m proposed non-fund-based limits of Ingersoll Rand (India)
Ltd (BOM:500210).
The
outlook on the AA+ rating remains "stable".
The
ratings mirror the company's established position in the local air compressor
production sector and the technological and operational support it gets from US
parent Ingersoll Rand Company. The ratings also benefit form the company's
strong financial risk profile.
Yet,
the ratings are weakened by the company's exposure to risks related to
cyclicality in the end-user segments and the vulnerability of its profitability
to volatile raw material prices.
The
rater expects Ingersoll Rand (India) to further benefit from its position in
the local compressor segment and to keep its stable financial risk profile in the
medium term. If the company posts better-than-expected revenue and
profitability in the mid-term, the rating may be upgraded to
"positive". However, if the company resorts to substantial
debt-funded capital expenditures or acquisitions, or its parent's technical and
operational support declines, the outlook may be lowered to
"negative".
'INDIAN CEOS CAN MAKE GOOD GLOBAL LEADERS'
14 November 2011
Mumbai,
Nov. 14 -- Successful Indian CEOs, characterized by their "vision,
resilience and ability to look at things through a bi-focal lens, with equal
emphasis on the daily cash balance" could make good global leaders, a top
industry official said Monday.
McKinsey's
director (India) Alok Kshirsagar said though India presently has few such CEOs,
but with the rapidly changing economic environment, their numbers are expected
to rise soon.
He
noted that in the rapidly changing economic world, characterised by greater
interconnectivity, collapse of geographical boundaries, diverse business
environments and work cultures, the CEO's role assumes greater importance than
ever before.
Kshirsagar's
observations came at a session on the "Rise of the Indian CEO" at the
27th India Economic Summit, jointly organized by the Confederation of Indian
Industry (CII) and the World Economic Forum here Monday.
Ingersoll
Rand India chairman and president Venkatesh Valluri said the India of the
1980s, 1990s and the early part of the 2000, was very different and the
challenges faced by the CEOs then were also very different as the approach was
productivity-driven and several industries were at a very nascent stage.
Genpact
India senior vice president Harpreet Duggal said at that time, there were huge
pressures on leadership in the ITeS industry since the industry was at a very
nascent stage.
'There
were no clear policies, available talent, a ready market, or infrastructure in
place. The attributes required of a CEO then were vision, ability, and most
importantly tenacity to drive that vision and turn it into a reality,' Duggal
said.
Other
prominent industry leaders who spoke included Joseph Massey, managing director
and CEO, MCX Stock Exchange Limited, India, Vineet Aggarwal, joint managing
director, Transport Corporation of India; and Phanindra Sama, CEO, Pilani Soft
Labs, India.
INGERSOLL-RAND (INDIA) FIXES RECORD DATE FOR
INTERIM DIVIDEND
22 October 2011
India, Oct. 22 -- Ingersoll-Rand (India) has informed that the record
date for payment of interim dividend for the year ending March 31, 2012 has
been fixed as November 04, 2011 and the interim dividend 2011-2012 will be paid
on November 18, 2011. The above information is part of the company's filing
submitted to the BSE.
BOARD DECLARES INTERIM DIVIDEND
21 October 2011
India, Oct. 21 -- Ingersoll-Rand (India) Ltd has informed BSE that the
Board of Directors of the Company at its meeting held on October 21, 2011,
inter alia, declared a interim dividend of Rs. 3/- per share (30%) for the year
ending March 31, 2012. The nominal value per share is Rs 10/-.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 53.35 |
|
|
1 |
Rs. 82.50 |
|
Euro |
1 |
Rs. 68.98 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--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 |
|
72 |
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.