MIRA
INFORM REPORT
|
Report Date : |
22.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
WINDSOR MACHINES LIMITED (w.e.f. 2005) |
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Formerly Known
As : |
DGP WINDSOR INDIA LIMITED |
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Registered Office
: |
102/103, Devmilan Co Operative Housing Society, Next to Tip Top Plaza,
L.B.S. Road, Thane West, Thane-400604, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
04.05.1963 |
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Com. Reg. No.: |
11-12642 |
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Capital
Investment/ Paid-up Capital: |
Rs. 130.359
Millions |
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|
CIN No.: [Company Identification
No.] |
L99999MH1963PLC012642 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNED03988F |
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PAN No.: [Permanent Account No.] |
AAACD4302P |
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Legal Form : |
A Public Limited Liability Company. The company’s shares are listed on
stock exchange. |
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Line of Business
: |
Manufacturer and Exporter of Plastic Processing Machinery. |
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No. of Employees : |
More than 300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Sick Unit |
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Payment Behaviour : |
Slow and Delayed |
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Litigation : |
-- |
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Comments : |
Subject has been declared a
sick unit by the Board of Industrial and Financial Reconstruction (BIFR). Payments
are reported to be slow and delayed. The company can be considered for dealings on a safe and secured 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.
INFORMATION PARTED BY
|
Name : |
Mr. Sudhakar |
|
Designation : |
Exim Executive |
|
Date : |
21.06.2011 |
LOCATIONS
|
Registered Office: |
102/103, Devmilan Co Operative Housing Society, Next to Tip Top Plaza,
L.B.S. Road, Thane West, Thane-400604, Maharashtra, India |
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E-Mail : |
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Website: |
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Area: |
Owned |
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|
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Factory 1: |
Plot No. E 6, U2, Road, Wagle
Industrial Estate, Thane-400604, |
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E-Mail : |
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Factory 2 : |
Vatva Factory Plot 5402-5403, Phase IV, GIDC, Vatva, Ahmedabad-382445, |
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Tel. No.: |
91-79-25841111/ 25841121/ 25840730/ 25841591/ 2/ 3 |
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Fax No.: |
91-79-25842059/ 25842145 |
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E-Mail : |
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Factory 3 : |
Chhatral Factory Plot No. 6 and 7, GIDC Industrial Estate, cChhatral Taluka, Kalol
Districtr, Mehsana-382729, |
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Regional Offices : |
Located at: ·
Ahmedabad ·
·
Chennai ·
·
·
·
Kolkata ·
Mumbai ·
Pune ·
Vapi |
DIRECTORS
AS ON 31.03.2010
|
Name : |
Mr. R R Nagrajan |
|
Designation : |
Executive Director |
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|
Name : |
Mr. P C Kundalia |
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Designation : |
Director |
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Name : |
Mr. K C Gupte |
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Designation : |
Director |
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Name : |
Mr. M K Arora |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Jatin Shah |
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Designation : |
Accounts Manager |
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|
|
|
Name : |
Mr. Sudhakar |
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Designation : |
Exim Executive |
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 |
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|
|
|
|
|
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|
2,580,980 |
19.80 |
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|
2,580,980 |
19.80 |
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|
|
|
2,949,874 |
22.63 |
|
|
2,949,874 |
22.63 |
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Total shareholding of Promoter and Promoter Group (A) |
5,530,854 |
42.43 |
|
(B) Public Shareholding |
|
|
|
|
|
|
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|
8,733 |
0.07 |
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|
39,901 |
0.31 |
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|
4,900 |
0.04 |
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|
53,534 |
0.41 |
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|
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1,442,706 |
11.07 |
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3,914,352 |
30.03 |
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1,881,216 |
14.43 |
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|
213,238 |
1.64 |
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|
78,936 |
0.61 |
|
|
12,756 |
0.10 |
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|
75,003 |
0.58 |
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|
205 |
- |
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|
46,338 |
0.36 |
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|
7,451,512 |
57.16 |
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Total Public shareholding (B) |
7,505,046 |
57.57 |
|
Total (A)+(B) |
13,035,900 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
13,035,900 |
100.00 |
(1) Indian
Bodies Corporate
Individual shareholders holding nominal
share capital up to Rs. 0.100 MillionBUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Plastic Processing Machinery. |
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Products : |
Blown Film Lines -
CROWN Series – Monolayer - DUKE Series - Three Layer Non IBC -
REX Series - Three Layer IBC -
BARON - Five Layer
- KTS Series - Twin Screw Extruder for PVC - Downstream for Twin Screw Extruder for
PVC - LX Series -
Single Screw Extruder for PE/PPR/ABS -
Downstream for Single Screw Extruder for
PE/PPR/ABS
- KBM Series |
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Terms : |
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Purchasing : |
Depend |
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
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|
Actual
Production |
|
Plastic Processing Machinery |
Nos. |
|
|
520 |
GENERAL INFORMATION
|
Customers : |
Manufacturer |
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No. of Employees : |
More than 300 (Approximately) |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
BDS Haribhakti and Company Chartered Accountant |
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Associates: |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs. 10/- each |
Rs. 200.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13035900 |
Equity Shares |
Rs. 10/-
each |
Rs. 130.359
Millions |
Notes:
- Of the above 7730368 9/10 Equity Shares are allotted as fully paid
up by way of bonus shares by capitalization of general reserve and share
premium account.
- 119000 Equity Shares are allotted as fully paid up pursuant to a contract
without payment being received in cash.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 (12 Months) |
31.03.2009 (9 Months) |
30.06.2008 (12 Months) |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
130.359 |
130.359 |
130.359 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
204.405 |
204.553 |
204.664 |
|
|
4] (Accumulated Losses) |
[1428.910] |
[1558.096] |
[1546.806] |
|
|
NETWORTH |
[1094.146] |
[1223.184] |
[1211.783] |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
802.957 |
931.699 |
943.544 |
|
|
2] Unsecured Loans |
133.193 |
120.266 |
97.270 |
|
|
TOTAL BORROWING |
936.150 |
1051.965 |
1040.814 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
[157.996] |
[171.219] |
[170.969] |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
131.021 |
129.327 |
132.973 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
2.279 |
2.279 |
2.279 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
283.432
|
316.851
|
286.687 |
|
|
Sundry Debtors |
118.399
|
74.700
|
69.168 |
|
|
Cash & Bank Balances |
97.637
|
46.715
|
45.329 |
|
|
Other Current Assets |
11.195
|
0.525
|
1.005 |
|
|
Loans & Advances |
53.691
|
70.786
|
86.894 |
|
Total
Current Assets |
564.354
|
509.577
|
489.083 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
350.936
|
251.137
|
236.064 |
|
|
Other Current Liabilities |
504.171
|
539.843
|
539.038 |
|
|
Provisions |
0.543
|
21.423
|
20.203 |
|
Total
Current Liabilities |
855.650
|
812.403
|
795.305 |
|
|
Net Current Assets |
[291.296]
|
[302.826]
|
[306.222] |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.001 |
0.001 |
|
|
|
|
|
|
|
|
TOTAL |
[157.996] |
[171.219] |
[170.969] |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 (12 Months) |
31.03.2009 (9 Months) |
30.06.2008 (12 Months) |
|
|
|
SALES |
|
|
|
|
|
|
|
Income from operations |
2065.697 |
931.116 |
1086.686 |
|
|
|
Other Income |
33.201 |
31.605 |
55.803 |
|
|
|
TOTAL (A) |
2098.898 |
962.721 |
1142.489 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Material and Components consumed |
1463.841 |
689.544 |
798.059 |
|
|
|
Employees remuneration and benefits |
189.086 |
125.342 |
140.535 |
|
|
|
Administrative and other Expenses |
213.807 |
160.696 |
160.878 |
|
|
|
Increase/ Decrease in Stock |
3.245 |
[39.694] |
[26.910] |
|
|
|
Extraordinary Items |
0.000 |
[30.487] |
3.581 |
|
|
|
TOTAL (B) |
1869.979 |
905.401 |
1076.143 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
228.919 |
57.320 |
66.346 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES/ INTEREST (D) |
76.895 |
53.081 |
65.868 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
152.024 |
4.239 |
0.478 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
20.327 |
16.395 |
21.445 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
131.697 |
[12.156] |
[20.967] |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.075 |
1.429 |
1.588 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
131.622 |
[13.585] |
[22.555] |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
[1558.096] |
[1546.806] |
[1515.989] |
|
|
Add |
Excess
Provision written off |
0.645 |
2.300 |
0.544 |
|
|
Less |
Income Tax/ wealth tax Adjustment |
3.081 |
0.005 |
8.806 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
[1428.910] |
[1558.096] |
[1546.806] |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
461.384 |
234.942 |
265.031 |
|
|
TOTAL EARNINGS |
461.384 |
234.942 |
265.031 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
107.088 |
58.361 |
60.503 |
|
|
TOTAL IMPORTS |
107.088 |
58.361 |
60.503 |
|
|
|
|
|
|
|
|
|
|
Basic/ Diluted
Earnings Per Share (Rs.) |
[10.10] |
[1.04] |
[1.73] |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
593.360 |
646.900 |
585.400 |
680.040 |
|
Total Expenditure |
521.430 |
518.670 |
470.810 |
564.450 |
|
PBIDT (Excl OI) |
71.930 |
128.230 |
114.590 |
115.590 |
|
Other Income |
6.340 |
9.350 |
9.790 |
7.640 |
|
Operating Profit |
78.260 |
137.580 |
124.380 |
123.230 |
|
Interest |
30.320 |
29.110 |
28.540 |
[56.400] |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
47.950 |
108.470 |
95.840 |
179.630 |
|
Depreciation |
5.610 |
5.140 |
4.940 |
6.300 |
|
Profit Before Tax |
42.340 |
103.330 |
90.900 |
173.330 |
|
Tax |
0.000 |
0.000 |
0.000 |
[181.440] |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
42.340 |
103.330. |
90.9000 |
354.770 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
813.600 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
42.340 |
103.330 |
90.900 |
1168.370 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 (12 Months) |
31.03.2009 (9 Months) |
30.06.2008 (12 Months) |
|
PAT / Total Income |
(%) |
6.27
|
[1.41]
|
[1.97] |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.38
|
[1.31]
|
[1.93] |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.94
|
[1.90]
|
[3.37] |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
[0.12]
|
[0.01]
|
[0.02] |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
[1.64]
|
[1.52]
|
[1.52] |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.66
|
0.63
|
0.61 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
30.06.2008 |
|
Sundry Creditors |
|
|
|
|
- Dues to Micro, Small and Medium Enterprises |
26.538 |
8.051 |
-- |
|
- Others |
304.398 |
243.086 |
236.064 |
|
Total |
330.936 |
251.137 |
236.064 |
HISTORY:
DGP Windsor Limited, is engaged in manufacture of plastic processing
machinery from three manufacturing facility located at Thane(Maharashtra),
Vatva (Gujarat) and Chhatral(
Operations :
The Company has in the current year sold 520 machines to achieve the turnover
of Rs. 2065.700 Millions as compared to 225 machines in the previous period (9
months) turnover of Rs.931.100 Millions, an annualized growth of 66% despite
all constraints faced by a Sick Industrial Company. The Company has been able
to continue its control on administrative costs, while the employee cost has
increased due to market condition. The profit before interest and depreciation
has improved to Rs. 228.919 Milions in the current year as against Rs. 26.833
Millions in the previous period.
Detailed analysis of the operations of the Company are available in the
‘Management Discussion and Analysis’ forming part of the Annual Report. The
operations of the Thane unit of the Company continue to remain closed.
Domestic Sales and
Export Business :
Exports during the year is Rs. 467.600 Millions, as against previous
period (9 months) exports of Rs. 235.000 Millions thus an annualised increased
of 49.24% and is 22.64% of total sales turnover. The increase in the turnover
in the current year has been supported by the focused vendor management
programme, which has helped in slightly easing the pressure on the tight
working capital, and also through enhanced customer satisfaction. The market
has well accepted the new range of machines from the extrusion and injection
moulding machinery business of the Company on account of its efficiency and
product quality.
Business Outlook :
The market being supportive in terms of order book position, the outlook
for the year seems to be better. The demand for Extrusion Machinery is expected
to grow particularly in view of the expected growth in agriculture, telecom and
construction sectors. As regards Injection Moulding Machinery business, the
demand is expected to grow particularly in view of the expected growth in the
consumption of plastic products in the house hold and furniture segments.
Further, Automobiles sector also is fuelling the increase in newer capacities.
Registration with
BIFR :
As the accumulated losses at the end of the financial year ended 31st March,
2010 continue to exceed the entire net worth, the Company is a sick industrial
Company as per provisions of section 3(1)(o) of the Sick Industrial Companies
(Special Provisions) Act, 1985 (SICA). A reference had been made and the
Company in 2006 is declared sick industrial Company under the provisions of the
Sick Industrial Companies (Special Provisions) act by the Board of Industrial
and Financial Reconstruction (BIFR) under the said Act vide number 65/2006.
BIFR appointed ICICI as the Operating Agency (OA). Since then a scheme for the
rehabilitation of the Company has been submitted to BIFR through the OA seeking
certain concessions and financial rearrangements. A Draft Rehabilitation Scheme
(DRS) has been circulated by BIFR U/S 19 (2) read with Sec.19 (1) of the SICA
and 1st April, 2009 is the “Appointed Date” for implementation of Scheme. The
Scheme has been sanctioned by the said BIFR vide its Order dated 25-10-2010.
However, the Company has decided to approach the BIFR bench with Miscellaneous
Application for review of certain portions of the Rehabilitation Scheme and
some of its terms and conditions. Pending outcome of the Company’s application,
the accounts and financial statements have been drawn without giving effect of
the provisions of the scheme.
MANAGEMENT
DISCUSSION AND ANALYSIS
Industry Structure
and Development.
The Industry for Plastic Processing Machinery in
In the field of Extrusion Machines 2009-2010 has continued to be a good
year. During this year newly launched models have given an edge in the
competitive market and the Company has ended with an excellent market share.
The strength in film plant is the technology from
In Injection Moulding Machinery the increased demand for bigger machines
continued from the moulded luggage, furniture and white goods industry. The
Company will be launching energy efficient machines in the coming year which is
expected to give tremendous turn over growth.
The developments in the industry are marked by manufacturing of more sophisticated
machines this year also and emphasis on aesthetics and energy conservation.
Opportunities and
threats:
The application of plastics is increasing manifold to include various
packaging, pipe fittings, white goods, automobile etc. In Injection moulding,
the market generally for the consumption of plastic products in the house hold
and furniture segments are fuelling the increase in newer capacities. Further,
anti dumping duty on Chinese machines will augment the business for Indian
manufacturers. In Extrusion Machinery also the demand is growing particularly
due to Government’s thrust on agriculture, telecom, construction etc.
Indian Plastic manufacturers have shown their competency to manufacture
goods of Global acceptance thereby increasing the need to expand capacities.
This has resulted in high demand for the Plastic Processing Machinery. The
Company’s focused action on manufacturing will enable it to further increase
its market share.
The products of the Company have also been well accepted by the
customers due to its performance and energy conservation capabilities. The
Company has taken appropriate steps to incorporate new technology in the
machines giving edge over competition in terms of lower operating costs.
Due to continued focus in Exports, we expect significant market share in
overseas markets in coming years.
This year, the Company participated in RIYADH Exhibition and made an
outstanding impression and has received tremendous enquiries from prospective
customers.
Outlook :
As regards to Thane labour issues the High Court of Mumbai passed an
order on 06th September, 2010 endorsing the Industrial Tribunal
order dated 22nd September, 2005 and as per High Court order the Company had paid
all the legal dues. The future prospects will be to a large extent dependent on
the overall economic scenario. On its part the Company is taking necessary
steps to ensure that its products are well accepted by the customers in terms
of performance and price competitiveness.
Contingent
Liabilities not provided for:
|
Particulars |
31.03.2010 Rs. In Millions |
|
Claims against the company not acknowledged as debts |
29.141 |
|
Disputed income tax liability |
74.620 |
|
Disputed sales tax, excise and service tax liability |
1.651 |
|
Guarantee given by the company on behalf of a body corporate to a financial institutions |
12.000 |
|
In Respect of letters of credit opened by banks on behalf of the company |
5.096 |
Fixed Assets:
·
·
Building and Roads on
· Office Premises
· Plant and Machinery
· Patterns and Jigs
· Computers
· Electrical Installation and Air- Conditioning Plant
· Drawing office Equipments
· Furniture, Fixture and Office Equipments
· Drawing and Technical Know How
· Vehicles
AS PER WEBSITE
Profile:
The company set up operations at Thane (near Mumbai) in 1964 under
collaboration with R. H. Windsor of
Pipe Extrusion
The veterans in the industry would definitely recollect st the 1
generation models like RC100, TSC65 and TSC80. They are proud to say that these
lines are running successfully even today after they are being fully
depreciated. In 90s came KTS series of PVC pipe plants with higher L/D ratios
and relatively higher outputs. These were 2nd generation models with 18-22 L/D
ratios. Then came, after the millennium year, the third generation extruder
with L/D ratios going up to 28:1 and introducing European gear boxes in higher
models. These extruders are presently competing the international brands in
terms of reliability, aesthetics, power optimization and sturdiness.
In polyethylene segment also they have achieved strides by developing the first
1200 kg/hr extruder in
Blown Film Extrusion
Likely any other industry maintaining the pinnacle position called for the
continued innovations in the Indian context and they successfully executed
giving the best value for capital invested. They also developed capability to
execute total solution for oversees clients by product sourcing and subsequent
training. Today, they are known as solution provider rather than a supplier be
it process related, turnkey supply, automation related or mechanics.
The present product program enables them to offer lines up to 3 meters wide and
output of 800 kg/hr with full automation.
They have rechristened the blown film nomenclature and the newly developed
lines are either CROWN (Monolayer) or DUKE and REX (3 layer) or BARON (5 layer)
series. With the new series the focus is on running cost and they are
continuously working on multiple fronts to ensure that the clients get more
yield for every penny they spend.
Injection Moulding
The Company entered into a Technical Collaboration Agreement for
injection molding machines with SUMITOMO , JAPAN in 1997 and through the same
upgraded its entire range of models which are now covering the 50 – 1300 T
application across all industry segments such as houseware, automobile,
packaging, electrical/electronics, pvc fittings etc. Toggle type machines are
available in 50-350T range and Hydro - mechanical type machines are available
in 100 -1300 T range.
They have exported to various countries especially in Africa, Middle – East and
South Asia as well as
Milestones:
|
1964 |
Commenced operations at Thane (near Mumbai) in collaboration
with RH Windsor of |
|
1984 |
Klockner Werke of |
|
1985 |
Extrusion Business started at Vatva (Ahmedabad) |
|
1988 |
Second plant for Injection Molding machinery started at
Chhatral (Ahmedabad) |
|
1994 |
Klockner disinvests equity to Mr.Dilip Piramal and company
renamed as DGP Windsor India Limited |
|
2005 |
Renamed as Windsor Machines Limited |
|
2008 |
Mr.Prakash Kundalia comes on board & sets the course
for the future with a new vision and dynamic leadership |
|
2009 |
Participation in Plast India 2009, |
|
2010 |
Turnaround of the company with more than 100% growth, crossing
2000.000 Millions mark and becoming profitable |
|
2010-11 |
Poised for exponential growth
|
UNAUDITED FINANCIAL RESULTS FOR THE
QUARTER ENDED
31.12.2010
(Rs.in Millions)
|
Particulars |
3 Months Ended on 31.12.2010 (Unaudited) |
Corresponding 3 Months in the
previous year (Unaudited) |
9 Months Ended on 31.12.2010 (Unaudited) |
Corresponding 9 Months in the
previous year (Unaudited) |
|
1. Net Sales/ Income
from Operations |
585.395 |
495.844 |
1825.650 |
1387.122 |
|
2. Expenditure |
|
|
|
|
|
a) Increase/
decrease in stock in trade |
[41.784] |
[37.352] |
[92.416] |
[25.941] |
|
b) Consumption of
raw material |
389.217 |
384.098 |
1240.199 |
1005.752 |
|
c) Employee Cost |
55.009 |
45.126 |
174.599 |
132.684 |
|
d) Depreciation0 |
4.945 |
5.407 |
15.701 |
16.435 |
|
e) Other |
68.358 |
54.341 |
188.511 |
156.020 |
|
f) Total |
475.745 |
451.620 |
1526.594 |
1284.950 |
|
3. Profit/ Loss from
Operations before Interest and Exceptional Items(1-2) |
109.650 |
44.224 |
299.056 |
102.172 |
|
4. Other Income |
9.792 |
6.558 |
25.488 |
24.905 |
|
5. Profit before
Interest and Exceptional Items (3+4) |
119.442 |
50.782 |
324.544 |
127.077 |
|
6. Interest (Net) |
28.537 |
19.211 |
87.966 |
54.908 |
|
7. Profit/ Loss
after Interest but before Exceptional Items (5-6) |
90.905 |
31.571 |
236.578 |
72.169 |
|
8. Exceptional
Items |
-- |
-- |
-- |
-- |
|
9. Profit/ Loss
before tax (7+8) |
90.905 |
31.571 |
236.578 |
72.169 |
|
10. Tax Expenses |
-- |
-- |
-- |
-- |
|
11. Net Profit /
Loss (11-12) |
90.905 |
31.571 |
236.578 |
72.169 |
|
12. Extra Ordinary
Items |
-- |
-- |
-- |
-- |
|
13. Net Profit/
loss (11-12) |
90.905 |
31.571 |
236.578 |
72.169 |
|
14. Paid-up Equity
Share Capital (Share of Rs. 10/.- each) |
130.359 |
130.359 |
130.359 |
130.359 |
|
15. Reserves and
Surplus (Excluding Revaluation Reserve) |
-- |
-- |
-- |
-- |
|
16. Earning per
share (EPS) |
|
|
|
|
|
a) Basic and Diluted
EPS before extraordinary items fro the period, for the year to date and for
the previous year (not annualized) |
6.97 |
2.42 |
18.15 |
5.54 |
|
b) Basic and
diluted EPS after extraordinary items for the period for the year to date for
the previous year (not annualized) |
6.97 |
2.42 |
18.15 |
5.54 |
|
17. Public
Shareholding |
|
|
|
|
|
- Number of Shares |
7505046 |
7505046 |
7505046 |
7505046 |
|
- Percentage of
Shareholding |
57.57% |
57.57% |
57.57% |
57.57% |
|
18. Promoters and promoter
group Shareholding |
|
|
|
|
|
a) Pledged/
Encumbered |
|
|
|
|
|
- Number of Shares |
Nil |
Nil |
Nil |
Nil |
|
- Percentage of
Share (as a % of the total shareholding of promoter and promoter group) |
-- |
-- |
-- |
-- |
|
- Percentage of Share
(as a % of the total share capital of the company) |
-- |
-- |
-- |
-- |
|
b) Non- Encumbered
|
|
|
|
|
|
- Number of Shares |
5530854 |
5530854 |
5530854 |
5530854 |
|
- Percentage of Share
(as a % of the total shareholding of promoter and promoter group) |
100% |
100% |
100% |
100% |
|
- Percentage of
Share (as a % of the total share capital of the company) |
42.43% |
42.43% |
42.43% |
42.43% |
NOTE:
1. The above results have been reviewed by the Audit Committee and were
taken on record by the Board of Directors at their meeting held on 14th
February, 2011
2. Pursuant to the requirement of Clause 41 of the Listing Agreement the
Statutory Auditors of the Company have carried out a Limited Review of the
un-audited quarterly results of the Company for the quarter ended on 31st
December, 2010
3. The Auditors’ Report in respect of year ending 3 1u March, 2009, are
subject to the following qualifications:
(i) The appropriateness of going concern assumption used for preparing
the accounts because the net worth of the company is fully eroded and is a sick
industrial company.
(ii) Non- verification of Fixed Assets having net block of Rs.11.279
Millions due to inaccessibility of of Thane Works. The balances of creditors
are subject to confirmations and reconciliation and consequent adjustments, if
any.
(iii) The following Accounting Standards have not been fully complied
with namely “Accounting Standard — 28” due to full information not being
available to the Auditors with respect to Thane Works.
In the opinion of the management:
(i) With the various restructuring measures already initiated and
proposed to be initiated, the company would be able to continue its operations
in the foreseeable future and as such these financial statements have been
prepared on “going concern” basis.
(ii) Although the management could not physically verify the fixed
assets, adequate measures have been taken for the protection and maintenance of
the assets and property.
(iii) In regard to the full information with respect to the Thane works
for the purpose of Accounting Standard — 28, the details were not available
mainly on account of inaccessibility of records due to adverse labour
situation.
4. Segment Information for the quarter ended 31st December,
2010 under Clause 41 of the Listing Agreement.
A) Primary Segment information (Business
Segment)
(Rs. In Millions)
|
Particulars |
3 Months Ended on 31.12.2010 (Unaudited) |
Corresponding 3 Months in the
previous year (Unaudited) |
9 Months Ended on 31.12.2010 (Unaudited) |
Corresponding 9 Months in the
previous year (Unaudited) |
|
i) Segment Revenue |
|
|
|
|
|
Extrusion
Machinery Division |
271.691 |
267.798 |
854.338 |
775.279 |
|
Injection Moulding
Machinery |
313.704 |
228.046 |
971.312 |
611.843 |
|
Total Segment Revenues |
585.395 |
495.844 |
1825.650 |
1387.122 |
|
ii) Segment Results |
|
|
|
|
|
Extrusion
Machinery Division |
66.837 |
46.510 |
182.001 |
101.699 |
|
Injection Moulding
Machinery |
52.605 |
4.201 |
142.528 |
25.342 |
|
Total Segment Results |
119.442 |
50.711 |
324.529 |
127.041 |
|
Unallocated
Corporate Expenses net of unallocated income |
-- |
0.071 |
0.015 |
0.036 |
|
Profit / Loss before interest etc. Extra-
ordinary items and taxation |
119.442 |
50.782 |
324.544 |
127.077 |
|
Interest etc.
paid-net |
28.537 |
19.211 |
87.966 |
54.908 |
|
Profit/Loss before
taxation and extra ordinary items |
90.905 |
31.571 |
236.578 |
72.169 |
|
Provision for
taxation and fringe benefit tax |
-- |
-- |
-- |
-- |
|
Net Profit / Loss from Ordinary Activities
after tax |
90.905 |
31.571 |
236.578 |
72.169 |
|
Extraordinary
items |
-- |
-- |
-- |
-- |
|
Net Profit/ Loss after taxation and extraordinary
items |
90.905 |
31.571 |
236.578 |
72.169 |
|
(iii) Capital Employed (segment assets less segment liabilities) |
|
|
|
|
|
Extrusion
Machinery Division |
112.438 |
58.618 |
112.438 |
58.618 |
|
Injection Moulding
Machinery |
[164.828] |
[249.240] |
[164.828] |
[249.240] |
|
Total Capital Employed in segment |
[52.390] |
[190.622] |
[52.390] |
[190.622] |
|
Unallocated
corporate assets less corporate liabilities |
[805.247] |
[960.959] |
[805.247] |
[960.959] |
|
Total Capital
Employed |
[857.637] |
[1151.581] |
[857.637] |
[1151.581] |
|
B) Secondary Segment Information
(Geographical Segment) |
|
|
|
|
|
Segment Revenue |
|
|
|
|
|
Within |
427.957 |
373.946 |
1437.754 |
1036.954 |
|
Outside |
157.438 |
121.898 |
387.896 |
350.168 |
|
Total Revenue |
585.395 |
495.844 |
1825.650 |
1387.122 |
|
Segment Assets |
|
|
|
|
|
Within |
775.608 |
705.148 |
775.608 |
705.148 |
|
Outside |
52.700 |
25.829 |
52.700 |
25.829 |
|
Total Assets |
828.308 |
730.977 |
828.308 |
730.977 |
|
Capital Expenditure |
|
|
|
|
|
Within |
2.531 |
8.800 |
29.665 |
16.805 |
|
Outside |
-- |
-- |
-- |
-- |
|
Total Capital Expenditure |
2.531 |
8.800 |
29.665 |
16.805 |
The segment revenue and total assets include the revenue and assets
respectively, which are identifiable with each segment and amounts allocated to
the segments on a reasonable basis.
5. The management has decided not to recognize the total deferred tax assets
(net) in consideration of the Accounting Standard and as a prudent policy in
view of the uncertainty as to the recoverability of the deferred tax assets.
6. There were no investor complaints pending at the beginning of the
quarter. During the quarter 2 complaints were received, which have been
resolved. As at 31st December 2010 there were no complaints pending.
7. The Company is registered with BIFR as a sick industrial company as per
provisions of section 3(1)(o) of the Sick Industrial Companies (Special
Provisions) Act, 1985 (SICA). A Draft Rehabilitation Scheme (DRS) has been
circulated by BIFR U/S 19 (2) read with Sec. 19 (1) of the SICA, which on BIFR
approval will be effective from 1 April, 2009, the “Appointed Date” for
implementation of scheme. BIFR order dated 21.09.2010 has been received. The
company has filed an appeal for modification of certain terms and conditions of
the said order which is pending.
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.44.91 |
|
|
1 |
Rs.72.90 |
|
Euro |
1 |
Rs.64.48 |
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.