%20LIMITED%20-133414%2003-Mar-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
03.03.2011 |
Note: The
registered office of the company has been shifted from Maybaker House, S.K. Ahire Marg,
Mumbai-400025,
IDENTIFICATION DETAILS
|
Name : |
INGERSOLL-RAND ( |
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Registered Office : |
Plot No. 35, KIADB Industrial Area, Bidadi-562109, Karnataka |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
01.12.1921 |
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Com. Reg. No.: |
08-036321 |
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CIN No.: [Company
Identification No.] |
L05190KA1921PLC036321 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUM105042C |
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PAN No.: [Permanent
Account No.] |
AAAC13099Q |
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Legal Form : |
A Public Limited Liability Company. The company's shares are listed on the Stock Exchanges |
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Line of Business : |
Manufacturing of Air and Gas Compressors, their Spares, Mining Equipments, Construction Equipments and their Spares. |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (73) |
|
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 |
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Maximum Credit Limit : |
USD 30000000 |
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Status : |
Very Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
Plot No. 35, KIADB Industrial Area, Bidadi-562109, |
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Tel. No.: |
91- 80 -2216 6000 |
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Fax No.: |
91- 80 -2216 6022 |
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E-Mail : |
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Factory: |
22-29/293/187, GIDC
Estate, Naroda, Ahmedabad-382330, |
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Tel. No.: |
91- 79- 2282 0323 / 2282 0123 |
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Fax No.: |
91- 79 -2282 1003 / 2282 1256 |
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Branches : |
Located At:
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DIRECTORS
As on 22.07.2010
|
Name : |
Mr. Daljit L.
Mirchandani |
|
Designation : |
Chairman and
President |
|
Address: |
Plot
No. 35, KIADB Industrial Area, Bidadi, Ramanagaram Taluk, |
|
Date of Birth/ Age: |
26.10.1947 |
|
Date of Appointment: |
15.04.2003 |
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Name : |
Mr. Dean lacopelti |
|
Designation : |
Chairman and President |
|
Address: |
4539, Winter Spring, Crescent, Zionsville Indiana-46077, |
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Date of Birth/ Age: |
28.02.1956 |
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Date of Appointment: |
23.12.2005 |
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Name : |
Mr. Hemraj C. Asher |
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Designation : |
Chairman and President |
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Address: |
32, Mody Street, Mumbai-400001, |
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Date of Birth/ Age: |
02.01.1934 |
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Date of Appointment: |
27.11.1989 |
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Name : |
Mr. Darius C. Shroff |
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Designation : |
Chairman and President |
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Address: |
Moonlight Flat 8, |
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Date of Birth/ Age: |
08.08.1944 |
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Date of Appointment: |
23.12.2005 |
KEY EXECUTIVES
|
Name : |
Mr. P R Shubhankar |
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Designation : |
Company Secretary |
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Address : |
Flat No. 3, Paresh Apartment, |
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Date of Birth/Age : |
03.06.1965 |
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Date of Appointment : |
24.10.2000 |
|
Date of Appointment : |
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2010
|
Names of Shareholders |
Total
No. of Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
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23,360,000 |
74.00 |
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|
23,360,000 |
74.00 |
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Total shareholding of Promoter and Promoter Group (A) |
23,360,000 |
74.00 |
|
(B) Public Shareholding |
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|
224,143 |
0.71 |
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|
3,000 |
0.01 |
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1,096,875 |
3.47 |
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|
188,887 |
0.60 |
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|
1,512,905 |
4.79 |
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|
911,889 |
2.89 |
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4,846,909 |
15.35 |
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931,797 |
2.95 |
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|
4,500 |
0.01 |
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|
4,500 |
0.01 |
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|
6,695,095 |
21.21 |
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Total Public shareholding (B) |
8,208,000 |
26.00 |
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Total (A)+(B) |
31,568,000 |
100.00 |
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Bodies Corporate%20LIMITED%20-133414%2003-Mar-2011_files/image006.gif){kind=small}
Individual shareholders holding nominal
share capital up to Rs.0.100 Million BUSINESS DETAILS
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Line of Business : |
Manufacturing of Air and Gas Compressors, their Spares, Mining Equipments, Construction Equipments and their Spares. |
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Products : |
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GENERAL INFORMATION
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Bankers : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountant |
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Address : |
The Millenia, 5th Floor, Tower D, 1 and 2, Murphy Road,
Ulsoor, Bangalore-560008, Karnataka, India |
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Ultimate Holding Company: |
Rand Company Limited, |
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Holding Company: |
Ingersoll Rand Company, |
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Associates/Subsidiaries : |
Ingersoll Rand Company, |
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Fellow Subsidiaries: |
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CAPITAL STRUCTURE
As on 31.03.2010
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 |
Note:
Of the above shares:
(i)
31,301,500 (2009:
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 (2009: 23,360,000)
shares are held by the Holding Company, Ingersoll-Rand Company,
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
315.680 |
315.680 |
315.680 |
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|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
7411.020 |
7158.230 |
6707.773 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
7726.700 |
7473.910 |
7023.453 |
|
|
LOAN FUNDS |
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|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
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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 |
|
|
|
|
|
|
|
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TOTAL |
7726.700 |
7473.910 |
7023.453 |
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|
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|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
238.735 |
222.365 |
225.636 |
|
|
Capital work-in-progress |
0.439 |
1.133 |
1.083 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.090 |
0.090 |
|
|
DEFERREX TAX ASSETS |
49.526 |
47.402 |
56.967 |
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
787.664
|
645.975 |
549.233 |
|
|
Sundry Debtors |
1004.688
|
1189.801 |
1206.388 |
|
|
Cash & Bank Balances |
5394.328
|
5148.948 |
5161.574 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
1545.744
|
1393.295 |
1088.509 |
|
Total
Current Assets |
8732.424
|
8378.019 |
8005.704 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
431.740
|
420.080 |
|
|
|
Other Current Liabilities |
602.888
|
479.848 |
969.719 |
|
|
Provisions |
259.796
|
275.171 |
296.308 |
|
Total
Current Liabilities |
1294.424
|
1175.099 |
1266.027 |
|
|
Net Current Assets |
7438.000
|
7202.920 |
6937.677 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
7726.700 |
7473.910 |
7023.453 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3558.555 |
3739.011 |
4869.054 |
|
|
|
Other Income |
571.442 |
765.117 |
573.554 |
|
|
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TOTAL (A) |
4129.997 |
4504.128 |
5442.608 |
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|
|
|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Raw material consumed |
151.459 |
207.055 |
229.469 |
|
|
|
Purchase made for re-sale |
0.000 |
0.000 |
596.844 |
|
|
|
Consumption of stores and spars parts |
2268.400 |
2336.532 |
2485.077 |
|
|
|
Salaries, wages and bonus |
432.357 |
406.871 |
469.699 |
|
|
|
Managerial remunerations |
11.514 |
11.315 |
37.770 |
|
|
|
Payment of auditors |
2.900 |
2.310 |
4.954 |
|
|
|
Insurances expenses |
5.242 |
4.372 |
7.295 |
|
|
|
Power and fuel |
27.158 |
27.674 |
28.771 |
|
|
|
Other expenditure |
483.153 |
448.975 |
484.170 |
|
|
|
Increase or decrease in finished goods, work in progress |
(43.765) |
(11.667) |
94.146 |
|
|
|
TOTAL (B) |
3338.418 |
3433.437 |
4438.195 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
791.579 |
1070.691 |
1004.413 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
18.539 |
1.731 |
8.772 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
773.040 |
1068.960 |
995.641 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
41.486 |
41.632 |
42.453 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
731.554 |
1027.328 |
953.188 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
257.522 |
355.274 |
264.766 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
474.032 |
672.054 |
688.422 |
|
|
|
|
|
|
|
|
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
717.880 |
837.270 |
967.160 |
|
|
|
Foreign and Insurances on Exports |
3.000 |
2.560 |
6.080 |
|
|
|
Services Income Recovery of Expenses |
19.230 |
18.580 |
0.000 |
|
|
TOTAL EARNINGS |
740.110 |
858.410 |
973.240 |
|
|
|
|
|
|
|
|
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|
IMPORTS |
|
|
|
|
|
|
|
Components and Spares |
1013.290 |
1126.730 |
911.560 |
|
|
|
Capital Goods |
4.170 |
2.050 |
0.670 |
|
|
TOTAL IMPORTS |
1017.460 |
1128.780 |
912.230 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
15.84 |
21.67 |
21.81 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
11.48
|
14.92 |
12.65 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
20.55
|
27.47 |
19.58 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.15
|
11.95 |
11.58 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.14 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.17
|
0.16 |
0.18 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.75
|
7.13 |
6.32 |
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,
History:
Subject is a innovation and solutions provider with powerful brands and
leading positions within their market. The company focuses on Air Solution
Segment. They are having their manufacturing facility at Ahmedabad in
Subject was established in the year 1921 in Kolkata. The company is one of the
first Indo-American ventures in
In the year 1978, the company commissioned their second manufacturing plant at
In the year 1993, the company started production of soil and asphalt compactors
at their
In the year 2000, the company sold their Process Gas Compressor division in
keeping with Ingersoll Rand Company's worldwide decision. In the year 2001,
they launched Hydraulic drifter drills, which was built indigenously. In the
year 2002, PET packaging facility was shifted form Ingersoll Rand's Davidson
facility in
In the year 2003, the company delivered the DM-H drill built to Northern Coal
Fields, a subsidiary of Coal India Limited The company commenced their Climate
Control business during the year 2002-03.
During the year 2004-05, the company sold their Drilling Solutions Business to
Atlas Copco India Limited However, the company continues to manufacture drills
on behalf of Atlas Copco India Limited The company sold their Climate Control
Business to Thermo King India Private Limited, an associate company with effect
from July 1, 2006 for a consideration of 334.000 Millions
In May 2007, the company sold their Road Development Business to Volvo India
Private Limited for a consideration of Rs 2318.200 Millions. In November 2007,
they sold Utility Equipment, Attachments and Bobcat Business to Doosan
International India Private Limited for a consideration of Rs 1031.000 Millions
MANAGEMENT
DISCUSSION AND ANALYSIS
Industry
Structure and Development:
The Indian economy started recovering from the effects of
global slowdown, from 4th quarter of calendar 2009. The recovery was helped by
the Government stimulus package. The products of the company viz compressors
mainly feed into the automotive, metals, cement, textile and pharmaceutical
sectors. Automotive sector started recovering from late 2009 and from Jan 2010
has been performing well. Metals have also mostly recovered from the slowdown
with infrastructure activity pulling in the demand for metals primarily steel.
Pharmaceutical sector was not affected by the slowdown and the demand from this
sector continued to be steady.
Segment-wise
operational performance:
The continuing operations of the Company relate to Air
Solutions segment only. The air solutions business revenues this year was marginally
lower at Rs. 3,519 million as against Rs. 3,739 million last year, a drop of
6%. There is a time lag between the demand pick up in our major customers and
spend on capital expenditure. Though the economic recovery started in late
2009, the resultant impact in sales has commenced in Q4 only. The profit before
tax and extra ordinary items is Rs. 769 million as against Rs. 1,046 million in
the previous year.
Outlook:
The outlook for the financial year 2010-11 is positive. With
the economy rebounding and key sectors doing well, demand for the company’s
products is expected to improve. Further, the cost cutting measures put in
place to counter the slow down, will help us in the profitability as the
revenues increase. Overall we expect a steady growth with matching
profitability for the fiscal year 2010-11.
EXPORTS
Exports for the year have decreased to Rs. 718 million as
against Rs. 837 million in the previous year due to slowdown in economies
across the globe and in the
Contingent
Liabilities:
|
Particular |
As on 31.03.2010 (Rs. in Millions) |
As on 31.03.2010 (Rs. in Millions) |
|
Claims against the Company not acknowledged as debts |
44.520 |
47.210 |
|
Sales tax/ excise matters in dispute |
25.860 |
36.430 |
|
Bank guarantees/ corporate guarantees |
346.530 |
336.190 |
|
Income Tax matters in dispute |
283.080 |
59.820 |
|
Total |
699.990 |
479.650 |
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
AS PER WEBSITE
Profile:
Subject is a part of the Ingersoll Rand Company, a global
innovation and solutions provider with powerful brands and leading positions
within its markets. Ingersoll-Rand (
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.45.12 |
|
|
1 |
Rs.73.43 |
|
Euro |
1 |
Rs.62.32 |
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.