%20LIMITED%20-%20142555%2020-May-2011_files/image002.jpg){kind=small}
MIRA
INFORM REPORT
|
Report Date : |
20.05.2011 |
IDENTIFICATION DETAILS
|
Name : |
ATLAS COPCO ( |
|
|
|
|
Registered Office : |
Svenager, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2009 |
|
|
|
|
Date of Incorporation : |
28.01.1960 |
|
|
|
|
Com. Reg. No.: |
11-020566 |
|
|
|
|
Paid-up Capital : |
Rs. 225.616 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L27106PN1960PLC020566 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
PNEA07306F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABTA4955D |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
Stock Exchange |
|
|
|
|
Line of Business : |
Manufacturer of oil free screw compressors having
sophisticated applications in pharmaceuticals, foods, beverages |
|
|
|
|
No. of Employees : |
1490 (approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A ( 59) |
|
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 18000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Satisfactory |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Company is well established and reputed in concern business. Company is
listed in stock and its stocks are high. Company meets and satisfies the
norms required for business. Company can carry fairly large size business
with terms and conditions. No financial crises can fatal company. Payments
are correct and as per commitments. Business is active. |
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
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/ Corporate Office/ Factory/ Head Office : |
Svenager, |
|
Tel. No.: |
91-20-30722222/ 39852100 |
|
Fax No.: |
91-20-27147928/ 39852070/39852016 |
|
E-Mail : |
anand.daga@in.atlascopco.com |
|
Website : |
|
|
|
|
|
Factory 1 : |
Plot No. 90, MIDC, Industrial Area, Satpur, Nashik-422007, |
|
|
|
|
Factory 2 : |
301/302 LBS Marg, Mulund (West), Mumbai – 400 080, |
|
|
|
|
Factory 3 : |
1201, GIDC Industrial Estate, Halol – 389 350, District Panchmahal. |
|
|
|
|
Factory 4 : |
146/2, Sector-I,
Lane 8, IDA, Phase – II, Cherlapally, |
|
|
|
|
Factory 5 : |
Plot No
208/11/A,Sector-III, Lane – 9, Phase – II, Cherlapally, |
|
|
|
|
Branches : |
Sales Engineer: Mr. Santosh Mutalik / Mr. Ajit Nerurkar Sveanagar, Mumbai – Tel No. 91-20-7147927 Mobile No. 91-9823098652 Fax No. 91-20-7148288 E-mail: santosh.mutalik@atlascopco.com Mr. K Sudhir Race Tel No. 91-44-2442677 Mobile No. 91-9840095005 Fax No. 91-44-2442677 E-mail: sudhirk@satyam.net.in Mr. Shiva Dhar R-31/G, Tel No. 91-11-2111543 Fax No. 91-11-5505644 Sales Manager: Tools Division: Mr. Sujit Amin Sveanagar, Tel No. 91-20-7147927 Mobile No. 91-9823071986 Fax No. 91-20-7148288 E-mail: sujit.amin@atlascopco.com |
|
|
|
|
Distributor: |
GETCO 26, Shyanoli, E-mail: geto109@citechco.net |
|
|
|
|
Services Centre: |
Mr. Rupesh Patil Sveanagar, Mumbai- Tel No. 91-20-7147927 Fax No. 91-20-7148288 E-mail: rupesh.patil@atlascopco.com Mr. T K Bharathidasan Race Tel No. 91-44-2442677 Fax No. 91-44-2442677 |
DIRECTORS
As On 31.12.2009
|
Name : |
Mr. A K Hirjee |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. H O Meyer |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R Leten |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. D B Engineer |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. B K Poddar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. F Vandenberghe |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Ms. J. Livijn |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. J.K. Delvadavala |
|
Designation : |
Director (Alternate to Ms. J. Livijn) |
KEY EXECUTIVES
|
Name : |
Mr. A C Daga |
|
Designation : |
Company Secretary |
|
|
|
|
Management Team: |
|
|
Name : |
Mr. A Sengupta |
|
Designation : |
G.M. AC Ct Customer Centre |
|
|
|
|
Name : |
Mr. S H Ghotge |
|
Designation : |
Vice President – Holding and CFO |
|
|
|
|
Name : |
Mr. M B Patil |
|
Designation : |
General Manager Corporate – HR |
|
|
|
|
Name : |
Mr. B Mohanty |
|
Designation : |
General Manager CP CT Customer Centre |
|
|
|
|
Name : |
Mr. F.
Vandenberghe |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. R.
Verstrepen |
|
Designation : |
Vice President-CT Operations |
|
|
|
|
Name : |
Mr. B. Etienne |
|
Designation : |
G. M. CMT Customer Centre |
|
|
|
|
Name : |
Mr. P.
Prabhudesai |
|
Designation : |
G.M. ITBA Customer Centre |
|
|
|
|
Name : |
Mr. C. M. Pandit |
|
Designation : |
G. M. CMT
Product Company |
|
|
|
|
Name : |
Mr. A. Coetzer |
|
Designation : |
G. M. ASAP |
|
|
|
|
Name : |
Mr. S.
Srinivasan |
|
Designation : |
G. M. Gas and Process |
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 |
|
|
|
|
|
|
|
|
|
|
|
|
20,733,926 |
91.90 |
|
|
20,733,926 |
91.90 |
|
Total shareholding of Promoter and Promoter Group (A) |
20,733,926 |
91.90 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
4,242 |
0.02 |
|
|
1,728 |
0.01 |
|
|
340 |
- |
|
|
87,790 |
0.39 |
|
|
762 |
- |
|
|
360 |
- |
|
|
402 |
- |
|
|
94,862 |
0.42 |
|
|
|
|
|
|
127,724 |
0.57 |
|
|
|
|
|
|
1,469,003 |
6.51 |
|
|
69,224 |
0.31 |
|
|
66,825 |
0.30 |
|
|
50 |
- |
|
|
60,764 |
0.27 |
|
|
6,011 |
0.03 |
|
|
1,732,776 |
7.68 |
|
Total Public shareholding (B) |
1,827,638 |
8.10 |
|
Total (A)+(B) |
22,561,564 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
22,561,564 |
- |
%20LIMITED%20-%20142555%2020-May-2011_files/image004.gif){kind=small}
(1) Indian%20LIMITED%20-%20142555%2020-May-2011_files/image005.gif){kind=small}
Bodies Corporate%20LIMITED%20-%20142555%2020-May-2011_files/image006.gif){kind=small}
Foreign Financial InstitutionsBUSINESS DETAILS
|
Line of Business : |
Manufacturer of oil free screw compressors having sophisticated
applications in pharmaceuticals, foods, beverages |
||||||||||
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||||||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
1490
(approximately) |
|||||||||||||||||||||||||||||||||||||||
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Bankers : |
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|
|||||||||||||||||||||||||||||||||||||||
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Facilities : |
* The Company has availed Term Loan At an interest of 11.25% per
annum, repayable over a period of three years. The term loan is secured by first
pari-passu charge on all of the Company’s Stock in Trade, Receivables and
Movable Plant and Machinery. # Secured by hypothecation of underlying book debts and inventories @ Finance lease is secured by underlying assets.
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
BSR and Company Chartered Accountant |
|
|
|
|
Solicitors and Advocates: |
Crawford Bayley and Company, Mumbai |
|
|
|
|
Holding Company : |
Atlas |
|
|
|
|
Fellow Subsidiaries : |
|
CAPITAL STRUCTURE
As on 31.12.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs. 10/- each |
Rs. 250.000 Millions |
|
|
|
|
|
Issued, Subscribed
& Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22561566 |
Equity Shares |
Rs. 10/- each |
Rs. 225.616 Millions |
|
|
|
|
|
Issued, Subscribed and fully paid up includes:
a) 110600 (Previous Year 110600) Equity Shares allotted as fully paid-up, pursuant to a contract without payment being received in cash
b) 17202315 (Previous Year 17202315) Equity Shares Allotted as fully paid-up by way of bonus shares by capitalization of general Reserve and Share Premium Account
c) Nil (Previous year 4027095) Equity Shares allotted as fully paid-up to shareholders of erstwhile Chicago Preumatic India Limited (‘CPIL’) pursuant to the Scheme of Amalgamation, without payment being received in cash
d) 18899360
(Previous Year 18899360) Shares held by Atlas
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
225.616 |
225.616 |
225.616 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
4392.304 |
3837.366 |
3105.524 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
4617.920 |
4062.982 |
3331.140 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
202.770 |
401.436 |
511.413 |
|
|
2] Unsecured Loans |
751.268 |
1637.668 |
890.667 |
|
|
TOTAL BORROWING |
954.038 |
2039.104 |
1402.080 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5571.958 |
6102.086 |
4733.220 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1812.103 |
1838.962 |
1601.625 |
|
|
Capital work-in-progress |
16.173 |
10.383 |
24.896 |
|
|
|
|
|
|
|
|
INVESTMENT |
145.045 |
75.037 |
0.000 |
|
|
DEFERREX TAX ASSETS |
133.988 |
124.695 |
92.235 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
2443.450
|
2848.243
|
2106.846
|
|
|
Sundry Debtors |
3091.865
|
3375.033
|
3073.846
|
|
|
Cash & Bank Balances |
403.049
|
236.661
|
247.054
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
780.513
|
939.333
|
587.603
|
|
Total
Current Assets |
6718.877
|
7399.270
|
6015.349
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1374.948
|
1781.778
|
|
|
|
Other Current Liabilities |
1311.571
|
1013.244
|
2543.185
|
|
|
Provisions |
567.709
|
550.239
|
457.700
|
|
Total
Current Liabilities |
3254.228
|
3345.261
|
3000.885
|
|
|
Net Current Assets |
3464.649
|
4054.009
|
3014.464
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5571.958 |
6102.086 |
4733.220 |
|
%20LIMITED%20-%20142555%2020-May-2011_files/image007.gif){kind=small}
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
11592.497 |
11706.791 |
8930.146 |
|
|
|
Other Operating Income |
1191.302 |
1116.291 |
0.000 |
|
|
|
Other Income |
32.353 |
23.045 |
862.198 |
|
|
|
TOTAL
(A) |
12816.152 |
12846.127 |
9792.344 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and Other Expenses |
11011.522 |
11049.311 |
8303.799 |
|
|
|
Exceptional Items |
16.708 |
0.000 |
(92.456) |
|
|
|
TOTAL (B) |
11028.230 |
11049.311 |
8211.343 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1787.922 |
1796.816 |
1581.001 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
159.132 |
167.332 |
75.558 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1628.790 |
1629.484 |
1505.443 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
315.144 |
280.769 |
225.821 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1313.646 |
1348.715 |
1279.622 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
466.133 |
511.290 |
469.579 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
847.513 |
837.425 |
810.043 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1350.508 |
718.666 |
|
|
|
|
|
|
|
|
|
|
Add |
ON
ACCOUNT OF AMALGAMATION |
176.758 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
100.000 |
100.000 |
NA |
|
|
|
Proposed Dividend |
112.808 |
90.246 |
|
|
|
|
Corporate Dividend Tax |
19.172 |
15.337 |
|
|
|
BALANCE CARRIED
TO THE B/S |
2142.799 |
1350.508 |
|
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1242.536 |
1395.598 |
860.994 |
|
|
TOTAL EARNINGS |
1242.536 |
1395.598 |
860.994 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components and Spares Parts |
3907.293 |
3889.628 |
2148.290 |
|
|
|
Capital Goods |
33.895 |
82.711 |
3.704 |
|
|
TOTAL IMPORTS |
3941.188 |
3972.339 |
2151.994 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
38.05 |
37.12 |
NA |
|
|
|
- Diluted |
37.56 |
37.12 |
NA |
|
%20LIMITED%20-%20142555%2020-May-2011_files/image008.gif){kind=small}
QUARTERLY RESULTS
|
PARTICULARS |
31.03.2010 |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
|
Type |
1ST Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
5th
Quarter |
|
Net Sales |
3755.100 |
3921.900 |
4282.400 |
4919.900 |
4225.600 |
|
Total Expenditure |
3260.600 |
3328.700 |
3551.400 |
4219.000 |
3587.000 |
|
PBIDT (Excl OI) |
494.500 |
593.200 |
731.000 |
700.900 |
638.600 |
|
Other Income |
5.800 |
0.000 |
37.100 |
33.900 |
26.700 |
|
Operating Profit |
500.300 |
593.200 |
768.100 |
734.800 |
665.300 |
|
Interest |
14.700 |
4.200 |
15.600 |
11.500 |
13.600 |
|
Exceptional Items |
0.000 |
80.800 |
57.200 |
116.500 |
0.000 |
|
PBDT |
485.600 |
669.800 |
809.700 |
839.800 |
651.700 |
|
Depreciation |
70.800 |
76.000 |
78.300 |
85.100 |
80.300 |
|
Profit Before Tax |
414.800 |
593.800 |
731.400 |
754.700 |
571.400 |
|
Tax |
144.800 |
279.300 |
148.100 |
258.800 |
202.600 |
|
Profit After Tax |
270.000 |
314.500 |
583.300 |
495.900 |
368.800 |
|
Net Profit |
270.000 |
314.500 |
583.300 |
495.900 |
368.800 |
KEY RATIOS
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
PAT / Total Income |
(%) |
6.61
|
6.52
|
8.27 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.33
|
11.52
|
14.33 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.40
|
14.60
|
16.80 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28
|
0.33
|
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.91
|
1.33
|
1.32 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.06
|
2.19
|
2.00 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY:
Subject is a world-wide leader in compressed air and gas equipment,
construction and mining equipment, industrial tools and assembly systems, to related
aftermarket and rental. They are having two modern manufacturing sites in
The Company was incorporated in January 1960 as a subsidiary of Atlas Copco,
In the year 1999, the compressor technique division has upgraded their product
range by using the energy efficient imported elements from
The company acquired the Drilling Solution Business of Ingersoll-Rand (
The consolidation of manufacturing facility for Compressors at Pune has been
completed and the new modernised facilities at Pune were inaugurated in the
month of September 2007. The manufacturing facility for Drilling Solutions
products located at
In the year 2007, Atlas Copco Group acquired two companies namely Mafi-Trench
Corporation and Dynapac in which Mafi-Trench Corporation was engaged in
manufacture, sale and service of Turboexpanders, a product which is
complimentary to Compressors and Dynapac was engaged in manufacture, sale and
service of road construction equipment.
In April 2008, the company entered into an agreements with the
Shareholders of Prisma Roctools Private Limited and Focus Rocbit Private
Limited, for acquisition of 25% shares of both the companies. The former is
engaged in manufacture and sale of DTH Hammers and Bits and other complementary
products and services for Rotary and down-the-hole (DTH) drilling segment and
the latter is engaged in manufacture and sale of Rotary Bits and complementary
products and services for the surface mining segment.
OPERATIONS:
The
total revenue for the year at Rs. 1286.100 millions was almost at the same
level of Rs 12846.100 millions in the previous year. Profit before exceptional
items and taxes for the year at Rs. 1330.300 millions, compared to Rs. 1348.700
millions in the previous year.
The year was a
difficult one but the Company did relatively well in turbulent times, thanks to
the timely steps taken by the Company to minimise the impact of the world wide
economic recession on the operations.
MANAGEMENT
DISCUSSION AND ANALYSIS
ECONOMIC
SCENARIO:
The year started
in the midst of the global crisis, financial meltdown and adverse business
conditions, which decelerated the GDP growth of 2008/09 to a level of 6.7%,
from an average level of 8.8% in past few years. The first quarter of the
calendar year witnessed volatile economy, reduced business activity and reduced
exports. The rise in inflation, high interest rates and liquidity crunch
witnessed slowdown in domestic investments.
The Indian
Government introduced a lot of stimulus measures to boost the demand. Increase
in public expenditure, reduction of excise duty, service tax and custom duty
were some of the significant steps, amongst others. The Reserve Bank of
OPERATIONS:
The
Company posted revenue of Rs. 12816.100 millions during the year at almost the
same level as last year’s revenue of Rs. 12846.100 millions. Profit before
exceptional items and taxes at Rs. 1330.300 millions shows a marginal reduction
of 1% over previous year’s profit of Rs. 1348.700 millions. The revenue and
profitability include the results of the acquired companies Focus Rocbit
Private Limited and Prisma Roctools Private Limited for the period April 01 to
31.12.2009 and therefore they are not strictly comparable to those of previous
year.
The global
economic crisis did impact the continuous growth that the Company has been
experiencing for the last few years. However, the impact on both turnover and
profitability of the Company was minimized due to the backlog of orders on hand
and incremental revenues arising from the acquisitions made by the Company
during the year. Strong focus on after market and the newly added road
construction business contributed to the result. Focus on inventory reduction
and collection of over dues from customers improved the working capital.
Continuous improvements in product costs and other costs have helped the
Company to maintain the profitability during this turbulent time.
INDUSTRIAL SEGMENT:
The Industrial
segment develops, manufactures and markets a wide range of air and gas
compressors, of both rotary and reciprocating technology, in various powers,
pressure ranges and capacities to serve the diverse needs of consumers of
compressed air and gas. Included in this segment are also a wide range of
pneumatic and electric tools such as grinders, drills, impact wrenches, screw
drivers, nut runners etc. The key market segments for air and gas compressors
are the general industry covering engineering, automotive, textiles, cement,
pharmaceutical, PET blowing, and power generation etc. In the construction
industry we cover mining, road construction, tunneling etc. Pneumatic and
electric tools are primarily used in automation of assembly processes and
controlled tightening systems. The key market segment for these tools are
automotive industry, the general industry and automotive after markets.
This segment has
achieved revenue of Rs. 7758.500 millions during the year as compared to
previous year’s revenue of Rs. 7982.200 millions, a marginal reduction of 2.8%.
The Industrial segment witnessed a reduction of demand due to lack of fresh
investment across all the market segments and also a reduction in exports. The
severe impact of economic slow down was well absorbed by the good volume of
orders on hand at the beginning of the year. The glut in the motor vehicle
industry badly affected the business of pneumatic and electric tools both in
terms of volume and profitability. Similarly, textiles, cement, metal
industries did not perform very well and this had an impact on the compressor
business. However, focus on after market parts and services helped this segment
to maintain the profitability.
To improve
operational efficiency, the Pune factory has been restructured to achieve
process excellence. The factory organization has been adjusted to achieve
higher efficiency and a more cost effective environment. Plant layout has been
adapted to address changes in the product portfolio. During the year, priority
was given to develop new products with higher energy efficiency and increased
customer value.
CONSTRUCTION AND MINING SEGMENT:
The Construction
and Mining segment develops, manufactures and markets rock drilling tools,
drilling rigs, construction tools, breakers, blast hole drilling rigs, water
well drilling rigs, loading equipment, road construction equipment etc. A wide
range of this equipment is manufactured at the
This segment
achieved revenues of Rs. 4713.700 millions during the year compared to previous
year’s revenue of Rs. 4577.500 millions. This revenue includes revenues from
acquired business for the period of nine month from April 2009, as well as from
the newly added road construction business.
The business
acquired from Focus and Prisma, consisting of manufacture and sale of Rockbits
and Rocktools now forms part of this segment. The manufacturing facility at
Cherlapally,
OUTLOOK FOR 2010:
Since beginning of
the year the Indian economy is back in the recovery stage and shows growth
momentum. The GDP growth is estimated to touch 8%. Overall business sentiment
looks positive. Government has announced a number of infrastructure projects
which should help to boost the economy. Most of the industrial sectors like
textiles, power generation, automotive, cement, fertilizer, road construction,
metals and oil and gas are expected to do well.
However, in order
to fill up the order pipeline, severe competition in the market may be
expected, with the risk of price erosion. Maintaining product and service
differentiation and offer best value to the customer will be a big challenge. Foreign
exchange rate fluctuation is another risk for those products with higher import
content. The stimulus package, which is partly withdrawn in Union Budget 2010
can have some impact on the development of the growth.
The Company which
is an established player in the market for the products and services it offers
has a firm plan to introduce new products and services to maintain its
leadership position and to deliver profitable growth. Investments in product
development will be made to improve and extend there product offering to the
specific requirements of there customers. In order to support the extended
local product offering, Pune factory will increase its assembly capacity for
screw compressors. The present inbound logistic processes will be redefined in
order to achieve higher operational efficiency.
The Company’s
strength will enable us to capitalize on the challenges that we will encounter
in the year to come.
FixeD Assets:
·
Goodwill
·
Drawings and Designs
·
Land (Freehold)
·
Land (Leasehold)
·
·
Residential Premises
·
Electrical Installments
·
Workshops Machinery
·
Patterns, Dies ,
Templates
·
Vehicles
·
Furniture Fittings
·
Office Equipments
·
Rental equipment
AS PER WEBSITE:
Profile:
Established since 50 years in
With state-of-art manufacturing facilities today at Pune,
Over decades, Subject has achieved strong profitable growth; they have products
and solutions that increase customers' productivity, strong brands, skilled
service providers, common processes and shared best practices.
The vision is not only to be, but also remain First in Mind—First in Choice® of
the stakeholders.
PRESS RELEASE
Atlas Copco wins large orders in
2011-05-19
Atlas Copco will
supply 20 turbo compressors for a power generation application in a new plant
outside of
Atlas Copco earlier this year received a turnkey contract to supply the
complete compressed air system for the Ma’aden aluminum smelter and will
deliver five of its largest oil-free air compressors as well as two smaller
compressors and dryers.
“Atlas Copco’s proven competence and experience from these kinds of projects
throughout the world, combined with the reliability of our equipment, were
essential in winning these orders,” says Stephan Kuhn, Business Area President,
Atlas Copco Compressor Technique. “Investments in aluminum smelters in the
The power generation order was booked in the second quarter and is worth about
MUSD 40. The machines are scheduled to be delivered in the first half of 2012.
The order for the aluminum smelter was received already in the first quarter.
The Ma’aden aluminum plant will have a capacity of 740 000 tons of aluminum and
1.8 million tons of alumina per year. The site will consist of an alumina
refinery, aluminum smelter and roll mill.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.98 |
|
|
1 |
Rs.72.68 |
|
Euro |
1 |
Rs.64.16 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
6 |
|
--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 |
|
59 |
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.