MIRA
INFORM REPORT
|
Report Date : |
16.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
ACTION CONSTRUCTION EQUIPMENT LIMITED |
|
|
|
|
Registered
Office : |
5th
Floor, TDI Center, Jasola, New Delhi – 110076 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2010 |
|
|
|
|
Date of
Incorporation : |
13.01.1995 |
|
|
|
|
Com. Reg. No.: |
55 – 64347 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.179.770
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74899DL1995PLC064347 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
RTKA02093A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACA6187P |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturers of
Hydraulic |
|
|
|
|
No. of Employees
: |
393 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (57) |
|
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 6800000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having fine track. General
financial position is good. Trade relations are reported as fair. Business is
active. Payments are reported to be usually correct and as per commitments. The company can be considered normal for 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 – 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 |
LOCATIONS
|
Registered Office/ Marketing H. Q.: |
5th
Floor, TDI Center, Jasola, New Delhi – 110076, India |
|
Tel. No.: |
91-11-26953623 /
26953626 / 26953633/ 40549900 (30 Lines) |
|
Fax No.: |
91-11-26953717/
40549922 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate
Office/ Factory 1/ Spares Parts Division : |
|
|
Tel. No.: |
91-129-2307922/
2307933/ 2307924/ 2306131/ 2306135/ 2306111 (30 Lines) |
|
Fax No.: |
91-129-2307562/
2260854/ 4087924 |
|
E-Mail : |
|
|
|
|
|
Corporate
Office/ Factory 2 : |
|
|
Tel No.: |
91-1275-280111 (50 Lines) |
|
Fax No.: |
91-1275-280133 |
|
Email : |
|
|
|
|
|
Factory 3: |
Plot No. C-5, 6, 7
and 8, UPSIDC Industrial Area -1, Bazpur -262 123, District Udham Singh
Nagar, |
|
|
|
|
Spares &
Product Support Division : |
17 / Sector 11A, |
|
Tel. No.: |
91-129-5087922 / 33 |
|
Fax No.: |
91-129-5087924 |
|
E-Mail : |
DIRECTORS
(AS ON 30.09.2010)
|
Name : |
Mr. Vijay Agarwal |
|
Designation : |
Chairman and Managing Director |
|
Address : |
854, Sector – 15 A, |
|
Date of Birth/Age : |
13.01.1949 |
|
Qualification : |
BE (Mechanical) |
|
Previous Employment : |
Business Head, Delhi Aotomobiles Limited |
|
Date of Appointment : |
13.01.1995 |
|
|
|
|
Name : |
Ms. Mona Agarwal |
|
Designation : |
Whole Time Director |
|
Address : |
854, Sector – 15 A, |
|
Date of Birth/Age : |
18.11.1955 |
|
Qualification : |
MBA Intermediate |
|
Date of Appointment : |
13.01.1995 |
|
|
|
|
Name : |
Mr. Sorab Agarwal |
|
Designation : |
Whole Time Director |
|
Address : |
House No. 854, Sector – 15A, |
|
Date of Birth/Age : |
27.02.1977 |
|
Qualification : |
BE (Mech. Engg) |
|
Date of Appointment : |
20.03.1998 |
|
|
|
|
Name : |
Mr. Subhash Chander Verma |
|
Designation : |
Non Executive Director |
|
Address : |
House No. 34, Greater Kailash – I, |
|
Date of Birth/Age : |
13.04.1945 |
|
Date of Appointment : |
06.10.2005 |
|
|
|
|
Name : |
Mr. Keshav Chandra Agarwal |
|
Designation : |
Director |
|
Address : |
House No. 350, Sector – 29, Noida – 201303, |
|
Date of Birth/Age : |
15.07.1941 |
|
Date of Appointment : |
21.01.2010 |
|
|
|
|
Name : |
Mr. Girish Narian Mehra |
|
Designation : |
Non Executive Director |
|
Address : |
217, Sector – 15A, Noida, Uttar Pradesh, India |
|
Date of Birth/Age : |
24.11.1932 |
|
Date of Appointment : |
06.10.2005 |
|
|
|
|
Name : |
Dr. Amar Singhal |
|
Designation : |
Director |
|
Address : |
House No.B-33, Pushpanjali Enclave, Pitam Pura, Delhi – 110034, India |
|
Date of Birth/Age : |
15.12.1953 |
|
Date of Appointment : |
29.07.2006 |
|
Email : |
|
|
|
|
|
Name : |
Mr. Madhur Mohan Sharma |
|
Designation : |
Director |
|
Address : |
House No.220, Sector – 21A, Faridabad – 121002, Haryana, India |
|
Date of Birth/Age : |
04.08.1946 |
|
Date of Appointment : |
14.03.2006 |
|
|
|
|
Name : |
Mr. Yogendra Prasad |
|
Designation : |
Director |
|
Address : |
NHPC Residential Colony, Sector – 41, Surajkund Badkhal Road,
Faridabad – 121003, Haryana, India |
|
Date of Birth/Age : |
06.04.1945 |
|
Date of Appointment : |
06.10.2005 |
KEY EXECUTIVES
|
Name : |
Mr. Ashish K Bhatt |
|
Designation : |
Company Secretary |
|
Address : |
1945, Sector – 8, Faridabad, Haryana, India |
|
Date of Birth/Age : |
07.01.1982 |
|
Date of Appointment : |
28.02.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON
31.03.2011)
|
Names of
Shareholders |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
60,979,307 |
65.65 |
|
|
60,979,307 |
65.65 |
|
|
|
|
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
60,979,307 |
65.65 |
|
|
|
|
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
8,323,152 |
8.96 |
|
|
10,175 |
0.01 |
|
|
3,589,000 |
3.86 |
|
|
11,922,327 |
12.84 |
|
|
|
|
|
|
|
|
|
|
6,260,348 |
6.74 |
|
|
|
|
|
|
10,491,536 |
11.30 |
|
|
2,487,233 |
2.68 |
|
|
744,249 |
0.80 |
|
|
1,850 |
- |
|
|
261,186 |
0.28 |
|
|
500 |
- |
|
|
480,713 |
0.52 |
|
|
19,983,366 |
21.51 |
|
|
|
|
|
Total
Public shareholding (B) |
31,905,693 |
34.35 |
|
|
|
|
|
Total
(A)+(B) |
92,885,000 |
100.00 |
|
|
|
|
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
|
|
|
Total
(A)+(B)+(C) |
92,885,000 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Manufacturers of
Hydraulic |
||||||||
|
|
|
||||||||
|
Products : |
·
Hydraulic ·
Forklift Truck ·
Loaders ·
Tower cranes ·
Aerial Work Platforms ·
Mast Climbing Platforms
/ Lifts ·
Lorry Loaders / Truck
Mounted Cranes
|
PRODUCTION STATUS (AS ON 31.03.2010)
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
|||
|
|
|
Current Year |
Previous Year |
Current Year |
Previous Year |
Current Year |
Previous Year |
|
|
|
|
|
|
|
|
|
|
Cranes |
Nos. |
NA |
NA |
NA |
NA |
2811 |
2666 |
|
Materials Handling/ Construction Equipment |
Nos. |
NA |
NA |
NA |
NA |
536 |
424 |
|
Tractor |
Nos. |
NA |
NA |
NA |
NA |
2569 |
627 |
GENERAL INFORMATION
|
Customers : |
Government Clients : ·
Central Coalfields Limited, ·
Western Coalfields Limited, ·
South Eastern Coalfields
Limited, Bilaspur ·
Northern Coalfields Limited,
Singrauli ·
S.C.C.L., Kothagudem Colleries
·
·
Punjab State Electricity
Board, ·
·
C.P.R.I., ·
COFMOW, ·
Ordnance Factory, Ambernath ·
NHPC, ·
·
South Eastern Railway,
Bhubaneshwar ·
Southern Railway, Chennai ·
U.P. State Bridge Corporation
Limited, Private Clients : ·
Reliance Industries Limited,
Mumbai ·
Punj Lloyd Limited, ·
ACC Limited, Madhya Pradesh ·
Cimmco Birla Limited ·
Shapoorji Pallonji Company
Limited, Mumbai ·
Oswal Chemical Fertilizers
Limited, ·
Gannon Dunkerley and Company
Limited, Kolkata ·
KEC International Limited,
Jaipur ·
Gammon ·
PSL Holdings, Mumbai ·
SAE ( ·
Prakash Industries, ·
Petron Civil Engineering
Limited, Mumbai ·
Petron Engineering
Construction Limited, Mumbai ·
Indure Limited, ·
Dodsal Limited, Mumbai ·
Jyoti Structures Limited, |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Suppliers: |
· A.M. Industries · Asian Polymers · B.R. Industries · Bajrang Paints ·
· Carrier Wheels · Century Crane Engineers (P) Limited · Commercial Auto Products ·
Jagtar Singh and Sons ( · K.M.P Aqua Pumps Private Limited · Kamlesh Automobile and Steel Fab. · Machine India Company · Mecmad Engineering Works ·
Nissim · Nu-Tech Enterprises ·
· Osho Tools Private Limited · Polar Auto and Engg. Ind. P. Limited · R.K. Foundry and Engg. Company · D.P. Auto Industries · Delite Auto Products · Dhiman Industries · Elite Steels Private Limited · Engineers and Electroplate · Gill International Limited · Hi-Lux Automotive (P) Limited · Him Tekno Forge Limited · R.R. Engineers and Fabricators · R.V. Engineering · Raj Steel Rolling Mills · Sankalp Mechanical Works · Saraswati Udyog · Sokhi Heli-Wom Gears Private Limited · Spica Engineering Company · Three Star Gases Private Limited · UniCompany Engineering Works · Vintage Switchgear |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
No. of Employees : |
393 (Approximately) |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
· Punjab National Bank 46 – Dohil Chamber, Nehru Place, New Delhi – 110019 · ICICI Bank Limited NBCC Place, Bhishma Pitamah Marg, Pragati Vihar, New Delhi – 110003, India E-mail : appl.helpdesk@mca.gov.in · Citi Bank N.A. Jeevan Vihar Building, 3 Sansad Marg, New Delhi, India · The Hong Kong and Shanghai Banking Corporation Limited |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Rajan Chhabra and
Company Chartered
Accountants |
|
Address : |
32A, Sector – 11
E, Faridabad – 121006, Haryana, India |
|
Tel. No.: |
91-129-2224557 /
5008089 |
|
Mobile No.: |
91-9811058089 |
|
|
|
|
Subsidiaries Company : |
· Action Developers Limited U45200DL2008PLC177936 |
|
|
|
|
Wholly Owned Subsidiary: |
· SC Forma SA, Romania · Frested Limited, Cyprus |
|
|
|
|
Associates Company : |
· ACE Steelfab Private Limited · ACE TC Rentals Private Limited · Namo Metals |
CAPITAL STRUCTURE
(AS ON 30.09.2010)
Authorised Capital : Rs.240.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.185.770
Millions
(AS ON 31.03.2010)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs.2/- each |
Rs.200.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
89885000 |
Equity Shares |
Rs.2/- each |
Rs.179.770 millions |
|
|
|
|
|
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 |
179.770 |
179.770 |
179.770 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1529.291 |
1389.704 |
1204.425 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1709.061 |
1569.474 |
1384.195 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
301.798 |
391.399 |
213.849 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
301.798 |
391.399 |
213.849 |
|
|
DEFERRED TAX LIABILITIES |
7.508 |
7.774 |
9.979 |
|
|
|
|
|
|
|
|
TOTAL |
2018.367 |
1968.647 |
1608.023 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
720.975 |
691.171 |
631.747 |
|
|
Capital work-in-progress |
19.540 |
0.493 |
40.695 |
|
|
|
|
|
|
|
|
INVESTMENT |
19.995 |
10.894 |
4.190 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
563.338
|
508.636 |
335.030 |
|
|
Sundry Debtors |
511.663
|
525.848 |
526.801 |
|
|
Cash & Bank Balances |
188.810
|
177.650 |
207.581 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
1190.250
|
916.563 |
695.420 |
|
Total
Current Assets |
2454.061
|
2128.697 |
1764.832 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
590.410
|
498.409 |
422.986 |
|
|
Other Current Liabilities |
178.168
|
82.995 |
134.647 |
|
|
Provisions |
428.335
|
282.015 |
276.720 |
|
Total
Current Liabilities |
1196.913
|
863.419 |
834.353 |
|
|
Net Current Assets |
1257.148
|
1265.278 |
930.479 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.709 |
0.811 |
0.912 |
|
|
|
|
|
|
|
|
TOTAL |
2018.367 |
1968.647 |
1608.023 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4271.204 |
4285.019 |
4011.620 |
|
|
|
Other Income |
68.676 |
187.053 |
106.386 |
|
|
|
TOTAL (A) |
4339.880 |
4472.072 |
4118.006 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material Consumed |
3226.582 |
3614.353 |
3095.824 |
|
|
|
Increase/(Decrease) in Stock |
29.741 |
(174.637) |
(36.584) |
|
|
|
Manufacturing Expenses |
225.517 |
218.861 |
207.846 |
|
|
|
Employees Expenses |
209.071 |
173.665 |
136.831 |
|
|
|
Selling and Distributions Expenses |
122.857 |
110.834 |
128.729 |
|
|
|
Administrative and Other Expenses |
120.105 |
137.079 |
84.266 |
|
|
|
TOTAL (B) |
3933.873 |
4080.155 |
3616.912 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
406.007 |
391.917 |
501.094 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
25.781 |
32.868 |
12.495 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
380.226 |
359.049 |
488.599 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
52.521 |
57.390 |
31.893 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
327.705 |
301.659 |
456.706 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
83.304 |
74.315 |
93.886 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
244.401 |
227.344 |
362.820 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
120.772 |
135.493 |
56.801 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
100.000 |
200.000 |
200.000 |
|
|
|
Dividend |
89.885 |
35.954 |
71.908 |
|
|
|
Tax on Dividend |
14.929 |
6.111 |
12.220 |
|
|
BALANCE CARRIED
TO THE B/S |
160.359 |
120.772 |
135.493 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
42.099 |
131.551 |
97.000 |
|
|
TOTAL EARNINGS |
42.099 |
131.551 |
97.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials, Spares Parts and Finished Products |
727.845 |
1401.735 |
645.079 |
|
|
TOTAL IMPORTS |
727.845 |
1401.735 |
645.079 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.72 |
2.53 |
4.04 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.63
|
5.08 |
8.81 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.67
|
7.04 |
11.38 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.32
|
10.70 |
19.06 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.19 |
0.33 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.88
|
0.80 |
0.76 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.05
|
2.47 |
2.12 |
LOCAL AGENCY FURTHER INFORMATION
ADDITION
INFORMATION
TURNOVER
|
Particulars |
Current Year |
Previous Year |
||
|
|
Qty. In Unit |
Rs. In Lac. |
Qty. In Unit |
Rs. In Lac. |
|
|
|
|
|
|
|
Cranes |
2828 |
29,474.42 |
2826 |
35,662.14 |
|
Materials Handling/ Construction Equipment |
537 |
5,358.61 |
440 |
4,216.02 |
|
Tractor |
2562 |
7,879.01 |
622 |
2,972.03 |
|
Excise Duty |
-- |
1,071.38 |
-- |
1,933.31 |
|
|
|
|
|
|
|
Total Value |
5927 |
43,783.42 |
3888 |
44,783.50 |
NOTE:
The Registered office of the company has been shifted from Plot No. 7, H - Block, Pocket II, Sarita
Vihar, New Delhi – 110044, India to the present address w.e.f. 20.11.2008.
FINANCIAL
PERFORMANCE
The Company’s performance is satisfactory, as overall figures
represent a good growth potential, going ahead. Although the figures of the
Financial year 2009-10 are more or less similar to the figures of the financial
year 2008-09, what is inspiring is the results for the last quarter of the
financial year 2009-10. The Company’s profit before tax for the last quarter is
Rs.130.000 Millions, compared to an aggregate of Rs.200.000 Millions for the
rest three quarters. These surely are good signs, as the Indian economy is
positioned for take-off following sluggish growth.
The Company’s sales have also increased in all its equipment
categories. It intends to continue its journey towards sustainable growth,
which commenced in 1995.
The Company’s gross sales stood at Rs.4378.300 Millions
marginally lower from Rs.4478.300 Millions previous year. The net sales for the
year ended March 31, 2010 was Rs.4271.200 Millions, demonstrating a marginal
drop from Rs.4285.000 Millions for the year ended 31, 2009, on account of the
impact of the slowdown during the first half of the fiscal. The profit before
depreciation and tax stood at Rs.380.200 Millions in 2009-10, as against
Rs.359.000 Millions in 2008-09. The profit after tax was Rs.244.400 Millions in
2009-10, as against Rs.227.300 Millions in 2008-09.
RETURN
ON NET WORTH
On the overall valuations of the Company, the Company’s Net
Worth is Rs.1708.352 Millions as on 31st March, 2010, generating a Return on
Net worth (RONW) 14.31% and Return on Capital Employed (ROCE) of 12.25%, both
of which indicate good business returns.
SUBSIDIARY
COMPANIES
The Company has incorporated a wholly owned overseas
subsidiary (WOS) Company at Cyprus viz M/s Frested Limited, and through it, the
Company has acquired 89.5% equity stake in a Romanian Company viz. SC Forma SA,
Romania, which has become fellow subsidiary of the Company. Also, the Company
has formed one more subsidiary Company viz. Action Developers Limited.
MANAGEMENT
DISCUSSION AND ANALYSIS
Indian Economy
India’s growth rate has been far better than
that of other emerging economies, primarily due to higher reliance on domestic
demand for growth. Emerging markets (BRIC economies) represent the new global
growth engines, and are becoming attractive investor destinations. The growth
rate in the manufacturing sector in December, 2009 was 18.5% – the highest in
the past two decades. Growth expectations were re-pegged at around 8.25-8.75%
for the next fiscal.
INDUSTRY SCENARIO
GLOBAL EQUIPMENT INDUSTRY
The US is the world’s largest equipment market
followed by China and Europe. The global equipment industry witnessed an
upswing since 2003-04, and grew by over 15% annually until the third quarter of
2008-09. The growth was more pronounced and was primarily driven by the fast
growing BRIC nations. The size of the equipment market in emerging economies
has also expanded significantly, accounting for 50% of the global market, as
against 35% in 2004. The Indian market grew by over 30% annually during this
period.
The key growth drivers comprised strong economic development, public and private investments in infrastructure, large government projects like road building, high commodity prices (supporting mining activity), the booming real estate industry and growing levels of mechanization.
INDIAN EQUIPMENT INDUSTRY
The Indian equipment industry was severely hit by the
economic slowdown, weak sentiments across user industries and tight liquidity
conditions in 2008-09. Equipment volumes started picking up in November 2009
and maintained a healthy growth over the past four months. The IIP index
April-February 2010 posted a growth of 10.1% as against 3% in the corresponding
period of the previous year. The government’s infrastructure spending towards
schemes like Pradhan Mantri Gramin Yojna and preparation for the 2010
Commonwealth Games has been a strong demand driver, especially for the northern
part of the country. The long-term prospects for the segment remain healthy,
with strong demand expected from the power, ports, roads, urban infrastructure,
housing and industrial segment.
The equipment industry can be divided into two large
segments- mining and construction equipment. Construction equipment also
includes material handling equipment.
The industry comprises a wide product array comprising mobile
cranes, tower cranes, backhoe, wheeled loaders, hydraulic excavators, slew
cranes, crawler cranes, lorry cranes, vibratory compactors, asphalt finishers,
motor graders, skid steer loaders and forklifts in the construction/material
handling industry and dumpers, dozers, drills, dragging walk lines and rope
shovels, among others in the mining segment. In India, construction equipment
(including material handling) are used for the infrastructure, construction,
power projects, ports, shipyards, dams, metro rail, roads, mining, steel
industries, engineering industry, railways, cement, petroleum, defence,
chemicals and fertilisers, warehousing, logistics and building construction,
among others.
The backhoe loader is the largest segment in unit terms,
accounting for over 40% of industry volumes followed by hydraulic excavators
(around 20%) and mobile cranes (around 16-17%). The industry’s revenue share
is, however, skewed by the relative cost and tonnage of equipment sold within
each category.
OUTLOOK
The long-term demand drivers for the construction equipment
industry comprise relatively low levels of mechanisation and penetration of
equipment in the construction industry. Besides, the proposed heavy investment
in infrastructure and increasing population and urbanisation are expected to
catalyse the industry.
The demand for mining equipment is expected to grow in line
with the demand for metals and energy.
Low-cost structure countries like India stand to gain from
the potential for export of components, equipment and engineering/ designing
services – an area where China has already made significant inroads. Some of
the areas that need to be addressed during this growth phase include
introduction of customized products for the Indian markets; setting up of a
viable and efficient aftermarket network; an equipment rental and
used-equipment market and training of manpower to operate the equipment.
ABOUT
ACE
ACE is India’s material handling and construction equipment
manufacturing company having largest share in mobile cranes and tower cranes
segment and extending its dominance in other equipment categories, while
regularly adding new products to its existing portfolio. ACE product offerings
include Mobile Cranes, Tower Cranes, Loaders, Vibratory Rollers, Truck Mounted
Cranes, Crawler Cranes, Forklifts and other construction equipment. ACE has a
consolidated presence in all major Infrastructure, Construction, Heavy
Engineering and Industrial Projects across the country.
ACE is promoted and managed by professionals having rich
experience in construction equipment domain. ACE is a 15-yearold enterprise
with its full-fledged state-of-the-art production facilities based at
industrial townships of Faridabad (Haryana) and Kashipur (Uttranchal).
The workforce comprises of qualified professionals having
undaunted commitment towards total quality management and their strength lies
in standardization of class products. They are dedicated to provide their
customers with advance construction equipment and efficient sales and product
support aimed at satisfying their real needs.
ACE equipment is used throughout the country and to cater to
this spread and to provide effective pre-sales and after sales service, the
Company has developed a network of Dealers and Area offices operating out of 85
locations and supported by 5 Regional offices based at Delhi, Mumbai, Chennai,
Kolkata, Vizag. These offices are in turn supported by the Marketing HQ based
at Delhi and a dedicated Product support division based at Faridabad.
CORPORATE GOVERNANCE AT ACE
At ACE, Transparency and Fairness are synonymous with
corporate governance. They believe, corporate governance, is not a concept to
be read in books, but to be practiced with responsibility and integrity towards
all stakeholders (shareholders, creditors, bankers, suppliers and others). They
believe both the short-term and long-term impact of a management decision must
be taken into consideration. In fact, they
think corporate governance can be called conscience governance because
it takes more than laws, agreements and strategies to be a good corporate.
AT ACE, CORPORATE GOVERNANCE AIMS TO:
§
Achieve a proper balance between
entrepreneurship and control, as well as between performance and compliance;
§
Facilitate performance-driven
management and provide mechanisms for management and leadership, while ensuring
integrity and transparency in decision-making;
§
Determine the company’s objectives, the
means through which these are to be attained and how performance is to be
evaluated. In this respect, corporate governance is intended to encourage and
enable the board and management to pursue objectives that are in the best
interests of the company, its shareholders and other interested parties, such
as the company’s customers and personnel.
CONTINGENT LIABILITIES NOT PROVIDED FOR:
|
Contingent Liabilities |
31.03.2010 |
31.03.2009 |
|
|
(Rs.
In millions) |
|
|
|
|
|
|
Bank
Guarantees including Corporate Guarantees |
57.153 |
29.380 |
|
Letter
of Credits |
138.249 |
19.533 |
|
Claim
against the Company, not acknowledge as Debts |
18.538 |
14.843 |
|
Sales
Tax and Excise Matters, pending before Assessing / Appellate Authorities |
10.752 |
2.833 |
|
|
|
|
|
Total |
224.692 |
66.589 |
STATEMENT
OF ASSETS AND LIABILITIES
(RS. IN MILLIONS)
|
Particulars |
31.03.2011 |
|
|
|
|
Shareholders
Funds |
|
|
Shares Capital |
185.770 |
|
Share
Application Money |
51.813 |
|
Reserve and
Surplus |
2437.042 |
|
Loan Funds |
715.043 |
|
Deferred Tax
Liabilities |
10.799 |
|
|
|
|
Total |
3400.467 |
|
|
|
|
Applications of
Funds |
|
|
Fixed Assets |
1947.397 |
|
|
|
|
Investments |
76.523 |
|
|
|
|
Current Assets,
Loans and Advances |
|
|
Inventories |
1209.448 |
|
Sundry Debtors |
831.421 |
|
Cash and Bank Balance |
239.725 |
|
Loan and Advances |
650.147 |
|
Total |
2930.741 |
|
|
|
|
Less: Current
Liabilities and Provision |
|
|
Current Liabilities |
1422.787 |
|
Provision |
132.015 |
|
Total |
1554.802 |
|
|
|
|
Net Current
Assets |
1375.939 |
|
|
|
|
Miscellaneous
expenditures (To the Extent Not written off or adjusted) |
0.608 |
|
|
|
|
Total |
3400.467 |
AUDITED FINANCIAL RESULTS
(CONSOLIDATED) FOR THE YEAR ENDED 31ST MARCH, 2011
(RS. IN MILLIONS)
|
Particulars |
31.03.2011 |
|
|
|
|
Gross Sales |
7089.524 |
|
Less: Excise Duty |
211.106 |
|
Net Sales/Income from Operations |
6878.418 |
|
Other Operating Income |
70.852 |
|
Total |
6949.270 |
|
|
|
|
Expenditure- |
|
|
a) (Increase)/Decrease in Stock-in-Trade
& work-in-progress |
43.941 |
|
b) Consumption of raw materials |
4721.055 |
|
c) Purchase of traded goods |
467.993 |
|
d) Manufacturing Expenses |
403.331 |
|
e) Employees Expenses |
333.917 |
|
f) Selling and Distribution Expenses |
221.710 |
|
q) Administrative and Other Expenses |
194.694 |
|
h) Depreciation |
69.437 |
|
Total of Item |
6456.078 |
|
|
|
|
Profit from Operations before Other Income,
Interest & Exceptional Items |
493.192 |
|
Other Income |
78.557 |
|
Profit before Interest & Exceptional
Items |
571.749 |
|
Interest |
35.211 |
|
Profit after Interest but before
Exceptional Items |
536.538 |
|
Exceptional Items |
-- |
|
Profit from Ordinary Activities before Tax |
536.538 |
|
|
|
|
Tax Expenses |
|
|
- Current Income Tax |
133.557 |
|
- Deferred Tax |
3.291 |
|
- Wealth Tax |
0.403 |
|
- Fringe Benefit Tax |
-- |
|
|
|
|
Net Profit from Ordinary Activities after Tax |
399.287 |
AUDITED FINANCIAL
RESULTS FOR THE QUARTER ENDED 31ST MARCH, 2011.
(RS. IN MILLIONS)
|
Sr. no. |
Particulars |
Quarter ended 31.03.2011 Audited |
Year ended 31.03.2011 Audited |
|
|
|
|
|
|
1 |
Gross Sales |
2292.569 |
7075.861 |
|
|
Less Excise Duty |
73.387 |
211.106 |
|
|
Net Sates/Income from Operations |
2219.182 |
6864.755 |
|
2 |
Other Operating Income |
28.076 |
70.852 |
|
3 |
Total |
2247.258 |
6935.607 |
|
|
|
|
|
|
4 |
Expenditure- |
|
|
|
|
(Increase)/Decrease in
Stock-in-Trade and work-in-progress |
(9.345) |
43.941 |
|
|
Consumption of raw materials |
1626.513 |
4711.445 |
|
|
Purchase of traded goods |
99.165 |
467.993 |
|
|
Manufacturing Expenses |
121.139 |
402.714 |
|
|
Employees Expenses |
105.746 |
332.421 |
|
|
Selling and Distribution
Expenses |
83.171 |
221.705 |
|
|
Administrative and Other Expense |
62.248 |
176.266 |
|
|
Depreciation |
20.973 |
68.851 |
|
|
Total of Item |
2109.610 |
6425.336 |
|
|
|
|
|
|
5 |
Profit from Operations before Other Income,
Interest and Exceptional Items |
137.648 |
510.271 |
|
6 |
Other Income |
33.013 |
68.154 |
|
7 |
Profit before Interest and Exceptional
Items |
170.661 |
578.425 |
|
6 |
Interest |
9.085 |
35.210 |
|
9 |
Profit after Interest but before
Exceptional Items |
161.576 |
543.215 |
|
10 |
Exceptional Items |
-- |
-- |
|
11 |
Profit term Ordinary Activities before Tax |
161.576 |
543.215 |
|
|
|
|
|
|
12 |
Tax Expenses |
|
|
|
|
- Current Income Tax |
32.207 |
133.557 |
|
|
- Deferred Tax |
(0.458) |
3.291 |
|
|
- Wealth Tax |
0.115 |
0.403 |
|
|
- Fringe Benefit Tax |
-- |
-- |
|
13 |
Net Profit from Ordinary Activities after
Tax |
129.712 |
405.964 |
|
|
|
|
|
|
14 |
Extraordinary Items (Net of Tax Expenses) |
-- |
-- |
|
|
|
|
|
|
15 |
Net Profit for the Period |
129.712 |
405.964 |
|
|
|
|
|
|
16 |
Paid up Equity Share Capital (Face value per share Rs.2/-) |
185.770 |
185.770 |
|
|
|
|
|
|
17 |
Reserves (excluding Revaluation Reserves) as per balance sheet |
-- |
1961.268 |
|
|
|
|
|
|
18 |
EPS - Basic (Rs.) (Annualised) |
5.68 |
4.45 |
|
19 |
EPS - Diluted (Rs.) (Annualised) |
5.62 |
4.39 |
|
|
|
|
|
|
20 |
Public Shareholding - No of Shares - Percentage of
Shareholding |
31,905,693 34.35% |
31,905,693 34.35% |
|
|
|
|
|
|
21 |
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) |
6,048,100 9.92% 6.51% |
6,048,100 9.92% 6.51% |
|
|
|
|
|
|
(b) (b) |
Non -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) |
54,931.207 90.08% 59.14% |
54,931,207 90.08% 59 14% |
NOTE:
1.
The above Financial Results reviewed by the Audit
Committee, were approved by the Board of Directors at its meeting held on 30th
May. 2011
2. The Board, in its Meeting
held today, has recommended a Dividend of Re.1 (Rupee
One) per equity Share (50%) The Company has already declared an interim
Dividend of Re.1 (Rupee One) per equity share (50%) for financial year 2010-11,
in its Meeting held on 5th February. 2011.
3. The company has allotted
30 lac equity shares on 9th Oct 10 to Reliance Capital Limited
through preferential allotment
4. Out of the Funds raised
through IPO Rs.598.000 Millions Rs.597.600 Millions have been utilized till
31st March. 2011. There is no change in the utilization of IPO proceeds from
the last quarter i e 31st December, 2010.
5. Audit as required under
clause 41 of the Listing Agreement with the Stock Exchanges has been carried
out by the Statutory Auditors.
6. The Segment-wise Reporting
has been prepared in accordance with the Accounting Standard 17- "Segment
Reporting" issued by The Institute of Chartered Accountants of India
7. Number of Investors
complaints at the beginning of this Quarter - Nil. Number of complaints
received during the Quarter - 2,
Number
or complaints resolved during the Quarter - 2. Number of complaints pending at
the end of the Quarter - Nil.
8. Previous year/period
figures have been regrouped/rearranged wherever considered necessary.
SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED AS ON 31st 2011.
|
Sr. no. |
Particulars |
Quarter ended 31.03.2011 |
Year ended 31.03.2011 |
|
|
|
Audited |
Audited |
|
1 |
Segment Revenue |
|
|
|
|
A) Cranes |
1505.355 |
4866.328 |
|
|
B) Material Handling/Construction Equipment |
314.142 |
840.791 |
|
|
C) Tractor |
399.685 |
1157.636 |
|
|
Total |
2219.182 |
6864.755 |
|
|
Less-Inter Segment Revenue |
-- |
-- |
|
|
Net Sales / Income from Operations |
2219.182 |
6864.755 |
|
|
|
|
|
|
2 |
Segment Results |
|
|
|
|
A) Cranes |
173.420 |
533.649 |
|
|
B) Material Handling/Construction Equipment |
(5.036) |
35.950 |
|
|
C) Tractor |
23.374 |
62.093 |
|
|
Total |
191.758 |
631.692 |
|
|
|
|
|
|
|
Less- interest |
9.085 |
35.210 |
|
|
Less- Other Unallocable Expenditure |
21.097 |
53.267 |
|
|
|
|
|
|
|
Total Profit before Tax |
161.576 |
643.215 |
|
|
|
|
|
|
3 |
Capital Employed |
|
|
|
|
A) Cranes |
2347.774 |
2347.774 |
|
|
B) Material Handling/Construction Equipment |
552.114 |
552.114 |
|
|
C) Tractor |
13.397 |
13.397 |
|
|
Total |
2913.285 |
2913.285 |
FORM 8:-
|
Corporation identity number or foreign
company registrations number of the company
|
L74899DL1995PLC064347 |
|
Name of the company |
ACTION CONSTRUCTION EQUIPMENT LIMITED |
|
Address |
5th Floor, TDI
Center, Jasola, New Delhi – 110076, India |
|
This Form is for |
Modification of charge |
|
Type of Charges |
Movable Property (Not Being Pledge) Others: Plant and Machinery |
|
Particular of the charge holder |
The Hongkong and Shanghai Banking
Corporation Limited 25 Barakhamba Road, New Delhi – 110001,
India E-mail : roc@sdpa.in |
|
Nature of description of the instrument creating or modifying the
charge |
Supplemental Hypothecation Agreement for
Plant and Machinery. |
|
Date of
instrument Creating the charge |
03.06.2011 |
|
Amount secured by
the charge |
Rs.650.000millions |
|
Brief of the principal terms and conditions
and extent and operation of the charge |
Rate of Interests: As mutually agreed from time to time. Terms of Repayment: As mutually agreed from time to time. Margin: The Company shall maintain such margin as
may be specified by the bank from time to time. Extent and Operation of the charge: First pari passu charge all the Borrower's
movable plant and machinery, machinery spares, tools and accessories and other movable, both present and future. Others: The repayment of all monies in respect of
the banking facilities including outstanding balance and also all interests,
costs, charges, expenses and other moneys payable to The Hongkong and
Shanghai Banking Corporation Limited as per Supplemental Hypothecation
Agreement. |
|
Particulars of the Property charged |
First Pari Passu Charge over the Company's
entire movable Fixed Assets, Plant and machinery, machinery spares, tools and
accessories, both present and future. Detailed as per Annexure to SHA for
P&M. |
|
Particulars of present modification |
By this modification the overall limit is
enhanced from Rs.550.000 Millions to Rs.650.000 Millions, and the charge
secured by First Pari Passu Charge over the Company's entire movable Fixed
Assets, Plant and machinery, machinery spares, tools and accessories, both
present and future. |
FIXED ASSETS
· Land
· Building – Factory
· Building – Office
· Plant and Machinery
· Furniture and Fixtures
· Office Equipment
· Motor Vehicles
· Computer
WEBSITE DETAILS
The company is the mobile crane manufacturing company in India which has progressed all along to become a professionally managed ISO 9OOI Certified company. Subject is promoted by a technocrat, assisted by a team of experienced managers and engineers, managers and engineers.
Subject is a dynamic and powerful enterprise with it's full
fledged production facilities based in industrial
The company equipment is being successfully used in many
industrial sectors like infrastructure, construction, roads, engineering
industry, coal mines, chemical and fertilizer plants, power stations, ports,
heavy project engineering industry, railways, cement industry, oil industry,
defense etc. to name a few. Subject range of cranes can be adapted to satisfy a
vast range of possible applications due to their versatility.
In
The policy of responding with speed and expertise has been
rewarded over the years by a constant growth of the company and today subject
is a leading manufacturer of cranes in the country.
Subject has always firmly believed in the quality of it's products and product support, ever since it's inception and this is the secret of the capacity to satisfy customers.
First rate team work and carefully targeted investment in technology and human resources has made subject one of the most efficient business in it's sector.
The company has it's central marketing office in
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.44.52 |
|
|
1 |
Rs.71.90 |
|
Euro |
1 |
Rs.62.97 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
57 |
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.