MIRA INFORM
REPORT
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Report Date : |
20.05.2011 |
IDENTIFICATION DETAILS
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Name : |
KENNAMETAL INDIA LIMITED (w.e.f. 23.12.2005) |
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Formerly Known As : |
KENNAMETAL WIDIA
INDIA LIMITED |
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Registered Office : |
8/9th Mile, |
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Country : |
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Financials (as on) : |
30.06.2010 |
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Date of Incorporation : |
21.09.1964 |
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Com. Reg. No.: |
08-001546 |
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Capital Investment / Paid-up Capital : |
Rs. 219.782 Millions |
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CIN No.: [Company
Identification No.] |
L27109KA1964PLC001546 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRK05838A |
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PAN No.: [Permanent
Account No.] |
AACCK4472B |
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Legal Form : |
Public Limited Liability Company. The company’s shares are listed on the Stock Exchanges. |
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Line of Business : |
Manufacturing of Hard Metal Products. |
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No. of Employees : |
900 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A ( 63 ) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USd 11911000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed Multi-National Company having fine track. Available information indicates high financial responsibility of the company. Financial position of the company is good. Business is active. Payments are always correct and as per commitment. 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 – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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A1 |
A1 |
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Risk Category |
ECGC Classification |
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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
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Registered Office / Factory : |
8/9th Mile, |
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Tel. No.: |
91 – 80 – 2839 4321 / 2839 4322 / 2839 4323 / 2839 4324 / 2219 8444/ 22198345 |
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Fax No.: |
91 – 80 – 2839 4708 / 2839 0129 / 2839 4325 / 28397572 / 2839 1312 / 2839 1300 / 28390550 |
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E-Mail : |
poovanna.ammatanda@kennametal.com
bangalore.information@kennametal.com
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Website : |
www.widiaindia.com www.kennametal.com |
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Area : |
500000 Sq. Ft |
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Location : |
Owned |
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Factory 1 : |
Patancheru Plant 34/35 KM, |
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Tel. No.: |
91-8452-242617 / 242678 / 242617 / 242700 |
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Fax No.: |
91-8452-242680 / 242616 |
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E-Mail : |
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Branches : |
Located at :
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Overseas Office : |
Latrobe (Energy,
Mining and construction) Tel No.: 1-800-222-9327 Fax No.: 1-800-521-3319 E-Mail: mcs-na.service@kennametal.com Other Located at |
DIRECTORS
AS ON 26.10.2010
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Name : |
Mr. M. N. Bhagwat |
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Designation : |
Chairman |
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Experience : |
30 Years |
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Name : |
Mr. Santanoo Medhi |
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Designation : |
Managing Director |
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Date of Birth/Age : |
44 Years |
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Qualification : |
M.E., B.Tech |
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Experience : |
About 20 Years |
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Name : |
Mr. Vinayak K. deshpande |
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Designation : |
Director |
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Date of Birth/Age : |
54 |
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Qualification : |
IIT ( |
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Experience : |
22 Years |
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Name : |
Mr. B. Anjani Kumar |
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Designation : |
Director |
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Date of Birth/Age : |
59 Years |
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Qualification : |
B.Com, B.G.L |
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Experience : |
34 Years |
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Name : |
Mr. Bernard North |
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Designation : |
Director |
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Date of Birth/Age : |
59 Years |
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Qualification : |
M.SC, MBA |
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Experience : |
30 Years |
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Name : |
Dr. Esat Kemal Yegenoglu |
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Designation : |
Director |
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Date of Birth/Age : |
58 Years |
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Qualification : |
M.E., Ph.D |
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Experience : |
30 Years |
KEY EXECUTIVES
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Designation : |
Mr. A.C. Poovanna |
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Address : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2011
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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(1) Indian |
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(2) Foreign |
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Bodies Corporate |
19376013 |
88.16 |
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Sub Total |
19376013 |
88.16 |
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Total shareholding
of Promoter and Promoter Group (A) |
19376013 |
88.16 |
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(B) Public Shareholding |
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(1) Institutions |
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Mutual Funds / UTI |
229664 |
1.04 |
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Financial Institutions / Banks |
1040 |
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Foreign Institutional Investors |
133702 |
0.61 |
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Sub Total |
364406 |
1.66 |
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(2) Non-Institutions |
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Bodies Corporate |
238837 |
1.09 |
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Individuals |
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Individual shareholders holding nominal share capital up to Rs. 0.100
million |
1430547 |
6.51 |
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Individual shareholders holding nominal share capital in excess of Rs.
0.100 million |
505737 |
2.3 |
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Any Others (Specify) |
62700 |
0.29 |
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Non Resident Indians |
48.936 |
0.22 |
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Clearing Members |
13764 |
0.06 |
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Sub Total |
2237821 |
10.18 |
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Total Public
shareholding (B) |
2602227 |
11.84 |
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Total (A)+(B) |
21978240 |
100.00 |
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C) Shares held by Custodians
and against which Depository Receipts have been issued |
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(1) Promoter and Promoter Group |
-- |
-- |
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2) Public |
-- |
-- |
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Sub Total |
-- |
-- |
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Total (A)+(B)+(C) |
21978240 |
-- |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Hard Metal Products. |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
As per Client |
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Purchasing : |
As per Arrangement and As per Vendor |
PRODUCTION STATUS (As on 30.06.2010):-
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Hard metal and hard metal products |
MT |
240.00 |
210.00 |
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Nos. |
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9744187 |
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Machine tools |
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Ř Special purpose machines including accessories |
Nos. |
200 |
150 |
57 |
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Ř Jigs and fixtures |
Rs. 000’s |
10,000 |
250000 |
24622 |
Notes:
- The capacities specified under ‘Licensed Capacity’ are the capacities as per the carry on business licenses, registration letters and industrial licenses, issued under the Industries (Development and Regulation) Act 1951. However, licensing of products of the Company has since been discontinued.
- The Installed Capacity has been certified by the Company’s management and relied upon by the Auditors, this being a technical matter.
- Production has been arrived at on the basis of opening stock plus purchases less sales and closing stock after adjustment towards shortage/excess, write off, etc.
- Figures
in brackets relate to previous year.
GENERAL INFORMATION
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No. of Employees : |
900 (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 : |
Price Waterhouse and Company Chartered Accountant |
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Address : |
5th Floor, Tower D, The Millenia 1 and |
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Associates : |
Birla Kennametal Limited, |
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Subsidiaries : |
·
Kennametal HTM AG (HTM), |
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Holding Company
: |
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Ultimate Holding
Company: |
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Group Companies : |
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CAPITAL STRUCTURE
As on: 30.06.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
21978240 |
Equity Shares |
Rs. 10/- each |
Rs.219.782 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
21978240 |
Equity Shares |
Rs. 10/- each |
Rs.219.782
millions |
Notes:-
· of the shares, 250560 (2009: 250560) Equity Shares are allotted as fully paid up pursuant to contracts without payments being received in cash
· of the above shares 21520360 (2009:21520360) Equity Shares are allotted as fully paid –up by way of bonus shares by capitalization of reserves.
·
of
the above shares 11208840 (2009: 11208840) Equity Shares are held by Meturit AG
Zug,
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.06.2010 |
30.06.2009 |
30.06.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
219.782 |
219.782 |
219.782 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2758.157 |
2571.641 |
2291.504 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
2977.939 |
2791.423 |
2511.286 |
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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 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
28.302 |
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TOTAL |
2977.939 |
2791.423 |
2539.588 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1041.607 |
1203.068 |
1063.565 |
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Capital work-in-progress |
62.688 |
11.423 |
53.938 |
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INVESTMENT |
1200.288 |
1085.237 |
590.382 |
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DEFERREX TAX ASSETS |
9.169 |
17.955 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
448.867
|
350.477
|
501.122
|
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Sundry Debtors |
755.215
|
514.025
|
894.592
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Cash & Bank Balances |
156.491
|
109.789
|
163.752
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Other Current Assets |
6.457
|
7.353
|
6.545
|
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Loans & Advances |
77.727
|
87.251
|
175.994
|
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Total
Current Assets |
1444.757
|
1068.895 |
1742.005 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
373.670
|
|
|
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Other Liabilities |
246.902
|
139.450
|
728.087
|
|
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Provisions |
159.998
|
182.692
|
182.215
|
|
Total
Current Liabilities |
780.570
|
595.155
|
910.302 |
|
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Net Current Assets |
664.187
|
473.740
|
831.703
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
2977.939 |
2791.423 |
2539.588 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.06.2010 |
30.06.2009 |
30.06.2008 |
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SALES |
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Income |
3722.486 |
3054.704 |
3881.300 |
|
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Other Income |
106.108 |
128.129 |
82.700 |
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TOTAL (A) |
3828.594 |
3182.833 |
3964.000 |
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Less |
EXPENSES |
|
|
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Materials |
1363.804 |
1263.675 |
1561.100 |
|
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Manufacturing and Other Expenses |
1494.988 |
1319.679 |
1408.800 |
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TOTAL (B) |
2858.792 |
2583.354 |
2969.900 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
969.802 |
599.479 |
994.100 |
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Less |
FINANCIAL
EXPENSES (D) |
0.382 |
0.153 |
4.400 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
969.420 |
599.326 |
989.700 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
202.947 |
188.127 |
162.900 |
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PROFIT BEFORE
TAX (E-F) (G) |
766.473 |
411.199 |
826.800 |
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Less |
TAX (I) |
246.786 |
131.062 |
282.500 |
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PROFIT AFTER TAX
(G-I) (J) |
519.687 |
280.137 |
544.300 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1291.348 |
1011.211 |
NA |
|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
52.000 |
0.000 |
|
|
|
|
Dividend |
285.717 |
0.000 |
|
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Tax on Dividend |
47.454 |
0.000 |
|
|
|
BALANCE CARRIED
TO THE B/S |
1425.864 |
1291.348 |
NA |
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EARNINGS IN FOREIGN
CURRENCY |
|
|
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Export Earnings (F.O.B. Basis) |
290.147 |
320.830 |
|
|
|
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Other Earnings |
19.762 |
17.810 |
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TOTAL EARNINGS |
309.909 |
338.64 |
NA |
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IMPORTS |
|
|
|
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Raw Materials |
1174.674 |
|
|
|
|
|
Stores & Spares |
48.088 |
56.461 |
|
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|
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Capital Goods |
43.260 |
241.583 |
|
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|
TOTAL IMPORTS |
1266.022 |
1282.391 |
NA |
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|
Earnings Per
Share (Rs.) |
23.65 |
12.75 |
24.76 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.09.2010 |
31.12.2010 |
31.03.2011 |
|
|
|
1st
Quarter |
2nd Quarter |
3rd Quarter |
|
Net Sales |
|
1096.800 |
1174.500 |
1261.800 |
|
Total Expenditure |
|
787.500 |
857.300 |
949.600 |
|
PBIDT (Excl OI) |
|
309.300 |
317.200 |
312.200 |
|
Other Income |
|
22.200 |
33.800 |
33.600 |
|
Operating Profit |
|
331.500 |
351.000 |
345.800 |
|
Interest |
|
0.100 |
0.000 |
0.100 |
|
Exceptional Items |
|
0.000 |
0.000 |
0.000 |
|
PBDT |
|
331.400 |
351.000 |
345.700 |
|
Depreciation |
|
62.600 |
59.600 |
51.400 |
|
Profit Before Tax |
|
268.800 |
291.400 |
294.300 |
|
Tax |
|
73.300 |
91.600 |
90.900 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
|
195.500 |
199.800 |
203.400 |
|
Extraordinary Items |
|
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
0.000 |
|
Net Profit |
|
195.500 |
199.800 |
203.400 |
KEY RATIOS
|
PARTICULARS |
|
30.06.2010 |
30.06.2009 |
30.06.2008 |
|
PAT / Total Income |
(%) |
13.57 |
8.80 |
13.73 |
|
|
|
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|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
20.59 |
13.46 |
20.85 |
|
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|
|
|
Return on Total Assets (PBT/Total Assets) |
(%) |
30.83 |
13.46 |
23.96 |
|
|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.26 |
0.15 |
0.33 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.26 |
0.21 |
0.36 |
|
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|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.85 |
1.80 |
1.91 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
The company was incorporated on 21st September,
1964 at
The company was promoted by
It exports its products to
Kenmetal Widia India Limited (formerly Widia India Limited), promoted by
Meturit, Switzerland, associates of the Fried Krupp Widia Fabrik unit of Krupp
group, Germany, and Sak Industries, Switzerland. The company's collaborator
The company's wholly owned subsidiary Widaroc (
During 1999-2000, the company sub-divided its equity share face value of Rs 100
each into 10 equity shares of Rs 10 each. It has also allotted bonus shares in
the ratio of 1:1. The company is planning to upgrade the Oil Well Rock Roller
Bits in the current year.
The company is planning to sell its Mining and Construction Tools business for
a cash consideration of Rs.6490 millions to Sandvik Smith A.B/ its subsidiary.
This plan is subject to the approval of shareholders.
In the year 2005,
the name of the company was changed from Kennametal Widia India Limited to The
company .
During 2004-05, the company has installed the Hard metal and hard metal
products with the capacity of 210 MT and the company expanded its installed the
capacity of Special purpose machines including accessories by 50 Nos. The
installed capacity of Special purpose machines including accessories has
increased to 125 Nos.
Change of Name
Consequent to the approval of the Members in the 40th Annual General Meeting held on October 28,2005, the name of the Company was changed from Kennametal Widia India Limited to The company with effect from December 23, 2005
.
Operating Results:
The Company significantly improved its operating results in
FY10 with Total Income increasing by 20% to Rs.3,828.59 Million compared with Rs.3,182.83
Million in the previous year. The growth in total income for the year was
driven by an improved performance in the Automobile Industry and General
Engineering Sector. Consequent to this commendable performance, the profit
after tax of the Company for the year was Rs. 519.68 Million as against Rs.
280.14 Million of the prior year, an increase of 86% over prior year.
a) Industry
Structure and Developments / Opportunities & Threats
The Company is a leading manufacturer of hard metal products and machine
tools which caters to the needs of a wide variety of manufacturing industries
including auto and auto ancillaries, light and general engineering industries
etc. It seeks to provide a competitive edge to its customers through a wide
variety of standard high quality products as well as items specially
manufactured to their requirements such as special purpose machines and
customized solutions.
The Indian economy has seen a remarkable turn-around after bearing the
impact of the global economic slowdown that started in September 2008, and is
currently experiencing a time of renewed optimism with growth momentum picking
up gradually in the recent months. The Indian economy has grown by 7.4% in
2009-10 as against 6.7% in 2008-09. This has been contributed by both the
manufacturing and services sectors. The fiscal stimulus measures taken by the
government, together with a flexible monetary policy, have helped in pushing up
the overall GDP growth. However the rapid recovery in the economy has also
brought forth the challenge of higher inflation, which has been in double
digits for quite some time now.
The growth momentum is clearly reflected in the Company’s growth numbers
in all the business units except the Machine Tool Business. The Machine Tool
Business is still in the process of recovery as the capital goods industry is
typically the last to recover from recession. The Auto and Auto ancillary
customers of the Company who primarily depend on exports have still been
struggling as the American and European economies are yet to recover. Raw
material prices have been in line with the prior year, which has helped the
Company in achieving better margins for FY 10. The higher growth in
The Company’s mission is “to deliver productivity to customers seeking
peek performance in demanding environments by providing innovative custom and
standard wear-resistant solutions, enabled through its advanced material
sciences, application knowledge and commitment to a sustainable environment”.
b) Operations,
Segment Wise Performance:
The recovery in the economy and the Company’s performance is primarily led by domestic customers catering to the Transportation and General Engineering Sectors. The sales growth has particularly been higher in the second half of the financial year, 64% more than the prior year of the same period.
The Company has been successful in improving the sales of products launched towards the end of FY09 like “Beyond “ range of turning solutions and Steel Mill Rolls.
Both have been very successful and have made significant contributions in terms of additional sales, together with the other products from its world-class brands - Kennametal and Widia.
During FY09, the Company had taken certain austerity measures like suspension of plant operations during specified days, implementation of pay cuts, reduction / postponement of repairs and maintenance expenses, suspension of leave encashment etc. In FY10 salary reduction, leave encashment have totally been restored. The raw material costs have been stable during the year but are likely to go up in FY11 with the economy picking up across the world.
It has always been the endeavor of the Company to remain focused and constantly improve operating efficiencies. Many Lean manufacturing initiatives were taken last year to strengthen the ability to meet customer’s expectation of better quality at lower cost. Lean initiatives are also being carried out in the non manufacturing functions like Finance, HR, etc. to ensure that all forms of waste are eliminated. The Company was awarded the 2nd prize in the National Level Six Sigma case study contest conducted by Confederation of India Industries (CII). These initiatives, coupled with better sales, have ensured lower costs and better margins for the Company during FY10.
In continuation of the Company’s focus on Environment, Health and Safety the Company has initiated a Management Based Safety programme to achieve 100 % safe working environment for employees. This programme drives three main outcomes:
· Clear expectations and processes are communicated by management;
· Safety-specific accountabilities and responsibilities are defined for all personnel; and,
· Performance is continually evaluated and improved upon.
During the year, numerous energy saving projects had been under taken across the Company resulting in saving of about 1 Million units of electricity per year. The Company also received awards as mentioned in the Directors’ Report.
During the year exports have been stagnant at Rs.284 Million mainly due to lower pull from European and American markets that are still to recover from the recession.
c) Segmentwise Performance:
The business of the Company is organized and managed in two segments.
· Hard metal and hard metal products
· Machine Tools
·
Each segment represents a strategic business that offers
different products and services, and serves different markets. The segmentation
is also in line with the business risks attached to the respective segments.
Apart from the afore mentioned primary business segments, the secondary
segmental reporting is on the basis of the geographical locations of the
customers viz. domestic and international. Common allocable costs are allotted
to each segment to the extent of services utilized and activities involved. The
details of segment wise results are given as part of the annual accounts.
d) Company’s Outlook
The macro economic outlook for the country is positive and the current high growth rates are likely to sustain in the near future. The monsoon though late in arriving is expected to be normal and will impact the economy positively. It is a clear indication that the economy is out of recession and is well placed for a reasonable growth. Inflation is a major concern and it is hoped that the Government will manage the same appropriately.
The favorable macro economic outlook, along with sustained
demand growth, will have a positive impact on the Company. The focus however
will be on improving productivity to customers by providing innovative
customised and standard wear resistant solutions. The Company is consistently
monitoring the market situation and taking proactive steps to keep up and gain
market share, by making continuous value propositions to customers.
g) Financial
Performance
The total Income for the year ended June 30, 2010 has grown by 20% Vs. a degrowth of 20% for the year ended June 30, 2009. The profit before tax at Rs 766 Million is a growth of 86% over the prior year. The reasons for improvement in the profitability include - higher sales during the year, lower raw materials cost, improved margins on exports during the year, better margins and product mix in Hard Metals.
As in the past, working capital has been one of their most
focused areas. With constant efforts, the Company has successfully reduced the
DSO (Days Sales Outstanding) from 66 days in FY09 to 60 days in FY10. The reduction
has been a significant achievement under a tight credit environment. The
inventory at the year end increased by 28% which is much lesser than the sales
growth of 64% in the second half of FY10.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED 31.03.2011
|
Particulars |
3 Months Ended (31.03.2011) |
Year to date Figures for the current period ended (31.03.2011) |
|
Operating Income |
|
|
|
a) Net Sales/ Income from Operations |
1260.600 |
3530.000 |
|
b) Other Operating Income |
1.200 |
3.100 |
|
Total Income (a+b) |
1261.800 |
3533.100 |
|
Expenditure |
|
|
|
(a) (Increase)/decrease in Stock in Trade |
(76.000) |
(172.900) |
|
(b) Consumption of Raw Materials |
292.700 |
853.700 |
|
(c) Purchase of traded goods |
262.600 |
682.700 |
|
(d) Employees Cost |
229.000 |
586.300 |
|
(e) Depreciation |
51.400 |
173.600 |
|
(f) Other Expenditure |
241.300 |
644.600 |
|
Total Expenditure |
1001.000 |
2767.900 |
|
Profit / (Loss) From Operations before other Income Interest & Exceptional Items |
260.800 |
765.100 |
|
Other Income |
33.600 |
89.600 |
|
Profit/(Loss) before Interest and Exceptional items |
294.400 |
854.700 |
|
Interest |
0.100 |
0.200 |
|
Profit / (Loss) after interest before Exceptional items |
294.300 |
854.500 |
|
Exceptional Items |
0.000 |
0.000 |
|
Net Profit/(Loss) before tax from Ordinary Activities |
294.300 |
854.500 |
|
Tax Expenses |
90.900 |
255.800 |
|
Net Profit/(Loss) from Ordinary Activities After Tax |
203.400 |
598.700 |
|
Extra Ordinary Items (not of tax expenses) |
0.000 |
0.000 |
|
Net Profit/(Loss)
for the period |
203.400 |
598.700 |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each ) |
2195 |
2198 |
|
Reserve excluding Revaluation Reserve as per balance sheet of previous accounting year |
0.000 |
0.000 |
|
Earning Per share (EPS) |
|
|
|
a) Basic and diluted EPS before Extraordinary Items for the period, for the year to date and for the previous year (Rupees – Not annualised) |
9.30 |
27.20 |
|
b) Basic and diluted EPS before Extraordinary Items for the period, for the year to date and for the previous year (Rupees – Not annualised) |
9.30 |
27.20 |
|
Public Share
Holding |
|
|
|
Number of Shares |
2602227 |
2602227 |
|
Percentage of Shareholding |
11.84 |
11.84 |
|
Promoters and Promoter group share holding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of Shares |
|
|
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
|
|
|
- Percentage of shares(as a % of the total share capital of the company) |
|
|
|
b) Non-encumbered |
|
|
|
- Number of Shares |
19376013 |
19376013 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
100.00 |
100.00 |
|
- Percentage of Share (as a % of the total share capital of the company) |
88.16 |
88.16 |
Reporting of Segment
wise Revenue, Results and Capital Employed
|
Particulars |
3 Months Ended (31.03.2011) |
Year to date Figures for the current period ended (31.03.2011) |
|
1. Segment Revenue (Sales/ income) |
|
|
|
Net Sales |
|
|
|
Machine Tools |
158.300 |
387.200 |
|
Hard Metal and Hard Metal Products |
1103.500 |
869.300 |
|
Net Sales/ Income From Operations |
1261.800 |
987.500 |
|
2. Segment results |
|
|
|
Machine Tools |
12.700 |
27.000 |
|
Hard Metal and Hard Metal Products |
316.00 |
249.000 |
|
Total |
328.700 |
276.000 |
|
Interest Paid |
0.100 |
0.200 |
|
Un allocable expenditure (net of unallocable Income) |
34.300 |
111.200 |
|
Total Profit Before Tax |
294.300 |
854.500 |
|
3. Capital Employed (Segment Assets Less Segment Liabilities) |
|
|
|
Machine Tools |
13.900 |
57.300 |
|
Hard Metal and Hard Metal Products |
1934.100 |
1646.700 |
|
Un allocable |
1628.600 |
1462.600 |
|
Total |
3576.600 |
3576.600 |
Note:
- The unaudited Financial results for the quarter ended Mach 31,2011 were reviewed by the Audit Committee and approved by the Board of Directors at Its meeting held on May 04, 2011 and have been subject to a limited review by the auditors of the Company.
- Segments have been identified in line with the Accounting Standard on Segment Reporting (AS - 17), taking into account the organisation structure as well as the differential risks and returns of these segments.
- Segment revenue, results and capital employed figures includes the respective amounts identifiable to each of these segments. Other unallocable expenditure include expenses incurred on common services provided to these segments which are not directly identifiable to the individuals segments as well as expenses incurred at a corporate level which relate to the company as a whole
- Details of numbers of investor complaints for the three months ended 31.03.2011: beginning Nil, Received 1, Disposed off 1 and Pending Nil
- Previous quarter’s / Year’s figures have been regrouped wherever necessary to confirm to current quarter’s/ Year’s classification
Contingent
Liabilities:
|
Particulars |
As on 31.03.2010 (Rs. in Millions) |
As on 31.03.2009 (Rs. in Millions |
|
Excise Duty |
2.319 |
20.684 |
|
Sales Tax (Includes differential tax liability on account of pending declaration forms) |
53.415 |
60.557 |
|
Total |
55.734 |
81.241 |
Fixed Assets
- Land
- Building
- Plant and Machinery
Ř Data Processing Equipments
Ř Others
- Furniture and Fixtures
Ř Furniture and Fixtures
Ř Lease Hold Improvements
- Office Equipments
- Vehicles
AS PER WEBSITE
PROFILE
Subject is headquartered at
Their services cover:
Metal and Metalworking Solutions
Machine Tools
Engineered Products
Besides, the Subject campus also houses the
Today, most of
They have a highly trained team of dedicated professionals working with them
who work with a complete focus on the customer’s needs so that they can help to
sharpen his competitive edge. Working fast, smart and pro-actively, they
consistently give their customers more than what they believe can be achieved.
They blend Kennametal's global expertise with their decades' old insights into
Indian manufacturing to give them cutting edge manufacturing solutions that
exceed their expectations. Thereby, helping them to raise the quality bar even
higher and get more competitive globally.
About Company
The
Early Years
Innovation, perseverance
and close attention to customer needs have characterized The company since its
founding. In 1938, after years of research, metallurgist Philip M. McKenna
created a tungsten-titanium carbide alloy for cutting tools that provided a
productivity breakthrough in the machining of steel. "Kennametal®"
tools cut faster and lasted longer, and thereby facilitated metalworking in
products from automobiles to airliners to machinery. With his invention, Philip
started the McKenna Metals Company in
McKenna Metal's first
full-year sales, with a staff of 12 employees, totaled some $30,000. But World
War II saw American heavy industry shift into high gear. Kennametal's annual
sales approached $10 million and employment was nearly 900 as the company's
tools were used extensively in the war-time economy.
When
the wartime boom ended, the company sought new ways to exploit the toughness
and wear resistance of tungsten carbide alloys. In the mid-1940s, the company
pioneered the use of carbide tooling for mining, which led to the development
of the continuous mining machine. The company also found uses for tungsten
carbide in demanding specialty applications where resistance to wear was vital,
such as in valves, dies, drill bits and snowplow blades.
Global
Growth
The company developed an
international presence from the start. Philip sold early patent rights to
British industrialists who later also began Kennametal of Canada. Exports
through the company's first five years totaled more than $2.5 million, and by
1955 The company had representation in 19 countries. The company's overseas
manufacturing started in 1957 with a joint venture in
In 1993, the company
acquired Hertel AG, a tooling systems manufacturer headquartered in
A
Technological Leader
The company was founded on
the strength of a technological breakthrough, and a list of highlights
demonstrates that it has continued to lead its industry in innovation.
In 1946, the company
introduced the Kendex line of mechanically held, indexable insert systems that
accelerated tool changing and increased machining precision.
Kennametal's unique,
patented thermit process for producing impact-resistant macrocrystalline
tungsten carbide today remains the best way to produce extremely tough tool
materials for demanding applications such as mining.
In 1964, the company
introduced tungsten-carbide-tipped Kengrip tire studs. Although studs clearly
contributed to safe winter travel, they became controversial amid speculation
about their role in road deterioration. After legislation limited the use of
carbide studs, The company left the business in 1977.
Leader in the development
of silicon-nitride based "sialon" ceramics for the machining of
exotic aerospace materials.
First to develop
cobalt-enriched substrates for coated inserts, was first to commercially
introduce physical-vapor-deposition (PVD) coated cemented carbide cutting tools
and created the first commercially viable diamond-coated carbide inserts.
Leader in the development
of quick-change tooling systems that today lead the world in versatility, speed
and accuracy.
The company maintains its
technological leadership through its $30-million Technology Center at
its World and North America headquarters in Latrobe, Pennsylvania and
complementary facilities in Rogers, Arkansas; Bedford, Pennsylvania; Evans,
Georgia; Fürth and Essen, Germany; Shlomi, Israel; and Bangalore, India. The
facilities are dedicated to rapid development of products engineered to meet
specific customer requirements.
For the past three years,
the company has been named a best-practice partner for excellence in their world-class
product development and portfolio management processes by the APQC, a
non-profit organization and internationally recognized leader in benchmarking,
knowledge management, measurement and quality programs.
Kennametal CIO wins global award
By The
Tribune-Review
Thursday, February 7, 2008
Ragesh "Raj" Datt, the chief information officer
at Kennametal Inc. won this year's Pittsburgh CIO of the Year Award in the
global company category, the competition's sponsors said Wednesday.
The annual awards
are given to chief information officers, or CIOs, at growth companies (fewer
than 250 employees), enterprise companies (250 to 1,000), and global companies
(over 1,000). Kennametal has about 14,000 workers.
Datt, also a
vice president, has been with the industrial tools maker in Unity,
The Pittsburgh
CIO awards were to be given out last night at the
The competition is sponsored by
the Pittsburgh Technology Council and the Greater Pittsburgh CIO Group, a professional
forum for information technology executives.
Winning in the growth category was Mark Ohlund of Pittsburgh
Logistics Systems.
Stacey Fedorka of Union Switch and Signal Inc. won in the
enterprise category.
Finalists in the global category were Kimberly Clougherty of
Black Box Network Services, Louise Lowrey of First National Bank of
Pennsylvania, Gary Piganell of Ansys and Steven Rowe of Lanxess.
Finalists in the enterprise category were Steven Bugajski of
Unison Administrative Services, Suzanne Lindahl of Atlas
Finalists in the growth category were Don Decorte of
TeleTracking Technologies, Christopher Hayes of Net Health Systems, Laurie
Pemrick of McCrory and McDowell, and Mark Prucnal of Carol Harris Staffing.
PRESS RELEASES
Kennametal Management Meeting with Financial
Community at Upcoming Industrial Conferences
LATROBE,
Kennametal Inc. (NYSE: KMT) announced today that Chairman,
President and Chief Executive Officer Carlos M. Cardoso
will meet with various members of the financial community on May 24, 2011, at the Barrington Research Industrial
Conference in Chicago. On June 8, 2011,
he will conduct a formal presentation at 2:30 p.m. Eastern
time and discuss related topics with various members of the
financial community at the J.P. Morgan Diversified Industries Conference in
In addition, Vice President and Chief Financial Officer Frank P. Simpkins will meet with the financial community
on June 2, 2011, at the KeyBanc Capital Markets Industrial,
Automotive & Transportation Conference in
The presentation slides will be available on the company's website, www.kennametal.com, for 30 days following each conference event. Also, the formal presentation and webcast related to the J.P. Morgan Diversified Industries Conference will be available as an audio replay through July 8, 2011. Once on the homepage, select "Investor Relations" and then "Events".
Kennametal Inc. (NYSE: KMT) delivers productivity to
customers seeking peak performance in demanding environments by providing
innovative custom and standard wear-resistant solutions. This proven productivity
is enabled through our advanced materials sciences and application knowledge.
Our commitment to a sustainable environment provides additional value to our
customers. Companies operating in everything from airframes to coal mining,
from engines to oil wells and from turbochargers to construction recognize
Kennametal for extraordinary contributions to their value chains. In fiscal
year 2010, customers bought approximately $1.9 billion
of Kennametal products and services--delivered by our approximately 11,000
talented employees doing business in more than 60 countries--with more than 50
percent of these revenues coming from outside
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.44.98 |
|
|
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 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
63 |
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.