MIRA
INFORM REPORT
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Report Date : |
30.04.2012 |
IDENTIFICATION DETAILS
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Name : |
CUMMINS INDIA LIMITED |
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Registered
Office : |
Kothrud, Pune – 411 038, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
17.02.1962 |
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Com. Reg. No.: |
11-012276 |
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Capital
Investment / Paid-up Capital : |
Rs.396.000 Millions |
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CIN No.: [Company Identification
No.] |
L29112PN1962PLC012276 |
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Legal Form : |
A Public Limited Liability Company. The Company’s Share are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturing of Diesel Engines and Filtration Equipments. |
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No. of Employees
: |
3170 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
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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 72000000 |
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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 a reputed company having good track. Financial position of the company appears to be strong and healthy. Directors are reported as experienced and respectable businessmen. Fundamentals of the company appears to be sound. Trade relations are fair. Business is active. Payments are regular and as per commitments. Fundamentals of the company are sound. 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 1 / Corporate Office : |
Kothrud, Pune – 411 038, |
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Tel. No.: |
91-20-25385435/25380240 |
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Fax No.: |
91-20-25380125 |
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E-Mail : |
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Website : |
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Factory 2 : |
Plot No. 19/25A, Silver Industrial Estate, Bhimpore, Daman
396 210, |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Anant Talaulicar |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. B. H. Reporter |
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Designation : |
Director |
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Name : |
Mr. James Kelly |
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Designation : |
Director |
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Name : |
Mr. Dr. John Wall |
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Designation : |
Director |
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Name : |
Mr. M. A. Lavett |
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Designation : |
Director |
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Name : |
Mr. Naseer Munjee |
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Designation : |
Director |
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Name : |
Mr. Patrick Ward |
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Designation : |
Director |
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Name : |
Mr. P. S. Dasgupta |
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Designation : |
Director |
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Name : |
Mr. Rajeev Bakshi |
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Designation : |
Director |
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Name : |
Mr. Venu Srinivasan |
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Designation : |
Director |
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Name : |
Mr. J. M. Barrowman |
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Designation : |
Alternate Director to M. A. Lavett |
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Name : |
Mr. Pradeep Bhargava |
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Designation : |
Alternate Director to Patrick Ward |
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Name : |
Mr. Sean Milloy |
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Designation : |
Alternate Director to Dr. John Wall |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2012
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
683 |
- |
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683 |
- |
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141,372,000 |
51.00 |
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|
141,372,000 |
51.00 |
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Total shareholding of Promoter and Promoter Group (A) |
141,372,683 |
51.00 |
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(B) Public Shareholding |
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39,246,671 |
14.16 |
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18,874,801 |
6.81 |
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36,846,134 |
13.29 |
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94,967,606 |
34.26 |
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14,101,973 |
5.09 |
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23,652,809 |
8.53 |
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1,776,275 |
0.64 |
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1,328,654 |
0.48 |
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214,705 |
0.08 |
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1,887 |
- |
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717,988 |
0.26 |
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385,281 |
0.14 |
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8,793 |
- |
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40,859,711 |
14.74 |
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Total Public shareholding (B) |
135,827,317 |
49.00 |
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Total (A)+(B) |
277,200,000 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Diesel Engines and Filtration Equipments. |
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Products / Services : |
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GENERAL INFORMATION
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No. of Employees : |
3170 (Approximately) |
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Bankers : |
Ř
State Bank of Ř
The Saraswat Co-operative Bank Limited Ř
State Bank of Ř
HDFC Bank Limited Ř
Citibank, N.A. Ř Bank of |
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(Rs.
In Millions) |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse Chartered
Accountants |
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Address : |
252, Veer
Savarkar Marg, |
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Holding Company : |
Cummins Inc. |
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Fellow Subsidiaries : |
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Associates : |
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Joint Venture : |
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CAPITAL STRUCTURE
As on 04.08.2011
Authorised Capital : Rs.800.000
Millions
Issued, Subscribed & Paid-up Capital : Rs.396.000 Millions
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000000 |
Equity Shares |
Rs.2/- each |
Rs.400.000 millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
198000000 |
Equity Shares |
Rs.2/- each |
Rs.396.000
millions |
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Notes: of the above equity shares:
1. 190500000 shares of Rs. 2/- each are allotted as fully paid up bonus
shares by capitalization of reserves.
2. 100980000 shares of Rs. 2/- each are held by the holding company, Cummins
Inc.,
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
396.000 |
396.0000 |
396.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
17666.706 |
15213.964 |
10640.851 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
18062.706 |
15609.964 |
11036.851 |
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LOAN FUNDS |
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1] Secured Loans |
182.629 |
86.238 |
287.165 |
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2] Unsecured Loans |
0.008 |
0.133 |
0.915 |
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TOTAL BORROWING |
182.637 |
86.371 |
288.080 |
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DEFERRED TAX LIABILITIES |
363.463 |
329.522 |
175.857 |
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FINANCE LEASE LIABILITITY |
0.000 |
0.000 |
37.131 |
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TOTAL |
18608.806 |
16025.857 |
11537.919 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
4410.637 |
3336.586 |
2548.520 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
7254.500 |
7329.224 |
4321.455 |
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DEFERREX TAX ASSETS |
550.883 |
499.415 |
309.635 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
5189.605
|
4096.685
|
3214.565 |
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Sundry Debtors |
7181.566
|
5229.012
|
5504.531 |
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Cash & Bank Balances |
1037.251
|
559.282
|
123.005 |
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Other Current Assets |
98.472
|
92.655
|
24.046 |
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Loans & Advances |
3297.155
|
2694.940
|
1934.680 |
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Total
Current Assets |
16804.049
|
12672.574 |
10800.827 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
6128.858
|
3799.687 |
4030.914 |
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Other Current Liabilities |
979.936
|
1409.48 |
953.280 |
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Provisions |
3302.469
|
2602.775 |
1458.324 |
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Total
Current Liabilities |
10411.263
|
7811.942 |
6442.518 |
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Net Current Assets |
6392.786
|
4860.632 |
4358.309 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
18608.806 |
16025.857 |
11537.919 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
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Income |
39454.427 |
28448.704 |
33042.837 |
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Other Income |
1774.307 |
1217.531 |
1507.467 |
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TOTAL |
41228.734 |
29666.235 |
34550.304 |
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Less |
EXPENSES |
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Cost of Sales and Other Expenses |
32819.704 |
23175.780 |
28270.458 |
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TOTAL |
32819.704 |
23175.780 |
28270.458 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
8409.030 |
6490.455 |
6279.846 |
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Less |
FINANCIAL
EXPENSES |
18.983 |
20.507 |
26.080 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
8390.047 |
6469.948 |
6253.766 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
366.380 |
360.801 |
455.587 |
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PROFIT BEFORE
TAX |
8023.667 |
6109.147 |
5798.179 |
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Add |
Exceptional Item |
0.000 |
0.000 |
192.037 |
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Less |
TAX |
2113.764 |
1670.475 |
1653.605 |
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PROFIT AFTER TAX
|
5909.903 |
4438.672 |
4336.611 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6174.719 |
4955.127 |
3154.023 |
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Less |
APPROPRIATIONS |
|
|
|
|
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Transfer to General Reserve |
590.991 |
443.867 |
433.661 |
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Proposed Final Dividend |
1584.000 |
1188.000 |
514.800 |
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Interim Dividend |
1386.000 |
1188.000 |
1267.200 |
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Tax on Dividend |
487.161 |
399.213 |
319.846 |
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BALANCE CARRIED
TO THE B/S |
8036.470 |
6174.719 |
4955.127 |
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EARNINGS IN
FOREIGN CURRENCY |
10962.713 |
5076.277 |
13424.852 |
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IMPORTS |
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Raw Materials |
1208.392 |
915.549 |
1336.392 |
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Components |
4368.340 |
2219.318 |
4462.380 |
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Machinery Spares |
10.035 |
8.674 |
16.183 |
|
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Capital Goods |
478.759 |
305.254 |
261.073 |
|
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Others |
191.218 |
13.657 |
47.283 |
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TOTAL IMPORTS |
6256.744 |
3462.452 |
6123.311 |
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Earnings Per
Share (Rs.) |
29.85 |
22.42 |
21.90 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 (1st Quarter) |
30.09.2011 (2nd Quarter) |
31.12.2011 (3rd Quarter) |
|
Net Sales |
10453.100 |
10903.200 |
9997.800 |
|
Total Expenditure |
8596.700 |
9144.100 |
8208.900 |
|
PBIDT (Excl OI) |
1856.400 |
1759.100 |
1788.900 |
|
Other Income |
158.500 |
163.400 |
268.600 |
|
Operating Profit |
2014.900 |
1922.500 |
2057.500 |
|
Interest |
3.500 |
4.800 |
3.000 |
|
Exceptional Items |
514.400 |
0.000 |
0.000 |
|
PBDT |
2525.800 |
1917.700 |
2054.500 |
|
Depreciation |
93.500 |
98.400 |
109.200 |
|
Profit Before Tax |
2432.300 |
1819.300 |
1945.300 |
|
Tax |
660.600 |
533.500 |
535.800 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
1771.700 |
1285.800 |
1409.500 |
|
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 |
1771.700 |
1285.800 |
1409.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
14.33
|
14.96 |
12.55 |
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
20.33
|
21.47 |
17.54 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
47.74
|
48.20 |
53.68 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.44
|
0.39 |
0.52 |
|
|
|
|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.57
|
0.50 |
0.58 |
|
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|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.61
|
1.62 |
1.67 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
Yes |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
No |
FINANCIAL RESULTS:
During the year
net sales turnover was Rs. 39454.427 Millions (Rs. 39454.000 Millions) as compared
to Rs. 28448.704 Millions (Rs. 28449.000 Millions) during the previous year
(39% higher). Exports and other foreign exchange earnings were Rs. 10962.713
Millions (Rs. 10.963 millions) as compared to Rs. 5076.277 Millions (Rs. 5.076
millions) during the previous year (116% higher). Profit after tax was Rs.
5909.903 Millions (Rs. 5910.000 Millions) as compared to Rs. 4438.672 Millions
(Rs. 4439.000 millions) for the previous year (33% higher).
JOINT VENTURES :
Cummins Exhaust
India Limited (CEIL) :
The Company divested its entire shareholding of 2 million equity shares
in Cummins Exhaust India Limited (a joint venture engaged in the business of
manufacture and sale of exhaust silencers and mufflers for Internal Combustion
Engines), as it was no longer considered core or strategic to the Company. The
shares were sold to MVG Acquisition Corp.,
Cummins Research
and Technology India Limited (CRTI) :
The sales and other income of Cummins Research and Technology India
Limited (CRTI), a 50:50 joint venture Between Cummins Inc.,
Valvoline Cummins
Limited (VCL) :
VCL is a 50:50 joint venture with Valvoline International Inc.,
INITIATIVES
AT THE CUMMINS MEGASITE:
Owing to continued
strong demand, the Company stepped up its expansion initiatives at the Cummins
Megasite at Phaltan with the following projects:
·
A High Horse Power Engine Rebuild centre - which
has a state of the art facility to rebuild HHP engines, started its operations
in March 2011.
·
A Parts Distribution Centre (PDC) - which will
undertake kitting of parts and components and distribution of the same from a
centralized location to cater to the requirements of other Cummins’ plants as
well as after market, is under construction. The PDC is expected to commence
operations in the third quarter of this year.
·
A unit for the manufacture/assembly and upfit of B,
C and L series engines is also being set up at the Megasite. This facility is
expected to commence operations by the first half of 2012, with an annual
capacity of approx. 20,000 engines. The plant would cater to the requirements
of engines for the construction, compressor, marine and fire pump markets.
·
A facility for the manufacture of Power Generator
Sets and G-Drives in the low and medium horse power range is also being set up
on the MIDC SEZ at Phaltan. This facility is expected to commence production by
the middle of 2012 and would have a matured annual capacity of 51,000 units by
2015, mainly for export markets.
The Company also
identified opportunities to provide support to Project Affected People (land
owners) by way of providing employment to qualified and eligible members and
extending education assistance to others.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
Industry
Structure and Developments
Economic Trends and Implications
·
·
Inflation and Fiscal deficit are the key issues to
be addressed to unleash
·
Fiscal deficit during 2010-11 was 5.1% of GDP as
against 6.8% during 2009-10. The Government has pegged the fiscal deficit
target at 4.6% for 2011-12. However, achievement of the fiscal deficit target
is dependent on government initiatives on the disinvestment front, subsidies on
oil and fertilizers and impact of the food security bill.
·
Assuming normal monsoons, robust industrial growth
and resilient performance of the service sector, GDP in FY 12 is expected to
grow in the range of 8-9%. The focus of Government spend on the infrastructure
sector, would continue to support growth.
SEGMENT-WISE AND PRODUCT-WISE PERFORMANCE
POWER
GENERATION
The recovery
demonstrated in 2009-10 was sustained in 2010-11. Sales of domestic business
grew 29% over
2009-10, despite
negative sales growth in the Low Horse Power (LHP) Telecom segment.
Exports more than
doubled on account of the global economic recovery.
Substantial
recovery in gas based gensets is evident from the order book, with 19MW gas
based power
generation
projects under execution.
Industrial
The Industrial segment
recorded a 27% growth in revenues over last year with strong performance in key
segments such as
Construction, Compressor and Mining.
The Compressor
segment witnessed a robust growth of more than 42% over last year. This growth
was
triggered by strong
performance in the water-well, gas compression and portable compressor
segments. The
high pressure
water well drill rig market showed significant increase in demand, mainly due
to the irregular
monsoon.
The Construction
segment grew by 43% over last year, on account of increased investment in the
infrastructure
sector.
Successful
implementation of new product programs, introduction of electronic engines on
varied applications
and
round-the-clock highly capable customer support network led to a 26% growth in
the Mining segment
compared to the
previous year.
The Rail segment
grew by 25% over last year. The growth was boosted by the execution of major
projects like
Power Car, HHP
DEMU and strong participation in 4-wheeler and 8-wheeler car projects.
Automotive
The Company has
benefitted from the growth in demand for heavy commercial vehicles and
expansion plans of
some of its key
automotive customers. Diesel engine volumes for the heavy commercial vehicle
segment grew
by 92% in 2010-11
over the previous financial year, compensating the fall in demand for CNG
engines.
The Company
successfully executed orders for around 3,500 B Gas plus (CNG) engines in
2010-11. Supplies
were staggered
over the last two years.
Distribution
The Distribution
Business Unit recorded a 14% growth in revenues over the previous year and
reported a robust
performance in
almost all lines of business.
DBU has been able
to achieve significant improvements in profitability across its operations
through its focus on
reducing selling
and administrative expenses and stringent cost control measures.
New Business Initiatives 2010-11
Power Generation :
The company has
seen a surge in demand for Low Horse Power generator sets. This has led to a
forecasted
shortage of capacity.
The Company has obtained approval for setting up a plant in the Special
Economic Zone
(SEZ) in Phaltan –
to be co-located with other Cummins plants.
Industrial :
·
The Company captured new business in High Horse
Power segments by positioning value packages in rail (AC DEMU), marine and
pumps segments.
·
Cummins also seeded a prototype unit for Self
Propelled Accident Relief Train (SPART), by working closely with Indian
Railways (ICF / RDSO) and delivering a value package (14 ltr. horizontal
engines for traction) and 125 kVA DG set powered by Cummins’ 6 ltr. engine for
traction cooling.
·
The Company provided cost effective indigenous
BS-III (CEV) mechanical solutions to OEM partners to enable their business
augmentation in these high growth potential segments.
Distribution :
The Company
inaugurated a ‘state of the art’ High Horse Power (HHP) Engine Rebuild Centre
at the Cummins
Megasite in
Phaltan for its line of HHP mechanical and electronic engines to cater to the
growing demand.
In order to improve
the service network efficiency, increase penetration and deliver superior
services, the
Company initiated
a network restructuring project.
Exports :
The Company
successfully launched the Tier II engines with the QSK50 in the Export segment
during the
year.
Achievements
Power Generation :
The Company was awarded Frost and Sullivan awards in the following 5
categories –
– Corporate Brand
Image / Reputation Leadership
– Customer Service
Support Leadership (For Generator sets Above 250 kVA)
– Most preferred
Brand in the Manufacturing / Process industry segment (Above 250 kVA)
– Most preferred
Brand in the IT / Realty / Hospitality segment
– Most preferred
Brand in the Construction / Infrastructure segment
Industrial :
·
The Company successfully developed cost effective
indigenous 6B and 4B mechanical solutions in a service friendly manner for
transitioning into BS-III (EU stage III-A) CEV emission norms, which will
provide a competitive edge, leading to high growth potential in the
construction segment. A leading OEM in the construction equipment sector in
·
The Company introduced 15 ltr. engines for blast
hole drilling application in the compressor and mining segments. New packages
in the high pressure water well drilling segment were developed with the
Company’s 14 ltr. and 19 ltr. engines to provide more value to customers.
·
Automotive :
·
The Company successfully participated in technology
demonstration at the Commonwealth Games in
·
The team was recognized by the OEM for providing
round-the-clock support to OEM teams, for supporting 100% availability of buses
for transportation of athletes, delegates, TV crew and technicians during the
Commonwealth Games.
OUTLOOK AND INITIATIVES FOR THE CURRENT YEAR AND
THEREAFTER
Power Generation
·
Market indicators are showing increasing demand.
Segments such as manufacturing, retail and commercial realty show signs of
revival. Infrastructure demand continues to be weak due to delay in big
projects.
·
LHP demand in commercial and residential realty and
retail segments continues to be strong.
·
Gas pricing remains a concern with gas distribution
companies increasing prices by 5-40% to existing customers.New gas contracts
are being negotiated in Gujarat and
·
Automated Transfer Switch (ATS) business is getting
ready for a quantum jump in
·
The global economy looks positive from an exports
standpoint.
Industrial Outlook
·
With a growing middle class base, favorable
demographics, rising disposable income and consumption levels, growing
corporate sector – including service and industry, the outlook remains positive
for Cummins Industrial Business.
·
Government and private investments will continue to
grow in the infrastructure sector due to sustained economic growth.
·
The freight corridor project and increased focus on
safety by the Indian Railways will lead to an increase in demand for track
maintenance machines and maintenance rail cranes.
·
Position of Value Package in the Power Car (Rail)
segments will help customers improve operational efficiencies substantially.
·
The Company has made significant investments to
enhance the HHP engine manufacturing capacity in view of the improving global
demand as well as the continued positive outlook in the domestic segment.
Capacities are slated to be enhanced by about 25% over the next year.
Distribution
·
Key projects on service delivery have been launched
by the Company for creating value to customers and to be their ‘first choice’.
·
Technology focus is being introduced to act as
force multipliers to provide better services to customers and capture new
business opportunities.
·
The distribution business maintains a positive
outlook for the current year and has launched several initiatives to continue
this growth.
UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED AND NINE MONTHS ENDED DECEMBER 31, 2011
(Rs. in millions)
|
Particulars |
Quarter ended 31.12.2011 (Unaudited) |
Quarter ended 30.09.2011 (Unaudited) |
Nine Months
ended 31.12.2011 (Unaudited) |
|
1. a. Net sales |
9705.100 |
10698.100 |
30622.500 |
|
b. Other Operating income |
292.700 |
205.100 |
731.600 |
|
Total Income
(a+b) |
9997.800 |
10903.200 |
31354.100 |
|
2. Expenditure |
|
|
|
|
a. (Increase)/decrease in stock in trade and work in progress |
344.600 |
(298.600) |
(134.200) |
|
b. Consumption of raw material and components |
5242.400 |
6630.700 |
18114.400 |
|
c. Purchase of traded goods |
542.600 |
826.300 |
2020.900 |
|
d. Employee cost |
782.100 |
750.100 |
2229.700 |
|
e. Depreciation |
109.200 |
98.400 |
301.100 |
|
f. Other expenditure |
1297.200 |
1235.600 |
3718.900 |
|
g. Total |
8318.100 |
9242.500 |
26250.800 |
|
3. Profit from Operations before Other income , Interest and
Exceptional Items (1-2) |
1679.700 |
1660.700 |
5103.300 |
|
4. Other Income |
268.600 |
163.400 |
590.500 |
|
5. Profit before Interest and Exceptional Items (3+4) |
1948.300 |
1824.100 |
5693.800 |
|
6. Interest |
3.000 |
4.800 |
11.300 |
|
7. Profit after interest but before Exceptional items (5-6) |
1945.300 |
1819.300 |
5682.500 |
|
8. Exceptional Items |
- |
- |
514.400 |
|
9. Profit from Ordinary Activities before tax (7+8) |
1945.300 |
1819.300 |
6196.900 |
|
10. Tax expense (Note 2) |
535.800 |
533.500 |
1729.900 |
|
11. Net Profit from Ordinary Activities after tax (9-10) |
1409.500 |
1285.800 |
4467.000 |
|
12. Paid-up equity share capital ( Face Value Rs. 2 each ) |
554.400 |
554.400 |
554.400 |
|
13. Reserves excluding Revaluation Reserves as per balance sheet of
previous accounting year |
- |
- |
- |
|
14. Earnings Per Share ( EPS ) |
|
|
|
|
a) Basic and Diluted EPS before Extraordinary items for the period / year
(Not annualized) (Rs.) |
5.08 |
4.64 |
16.11 |
|
b) Basic and Diluted EPS after Extraordinary items for the period /
year (Not annualized) (Rs.) |
5.08 |
4.64 |
16.11 |
|
15. Public shareholding |
|
|
|
|
Number of shares |
135827317 |
135827317 |
135827317 |
|
Percentage of shareholding |
49% |
49% |
49% |
|
16. Promoters and Promoter Group Shareholding |
|
|
|
|
a. Pledged / Encumbered |
|
|
|
|
Number of shares |
Nil |
Nil |
Nil |
|
Percentage of shares (as a % of the total Shareholding of Promoter and
Promoter group) |
NA |
NA |
NA |
|
Percentage of shares (as a % of the total Share Capital of the
Company) |
NA |
NA |
NA |
|
b. Non-encumbered |
|
|
|
|
Number of shares |
141372683 |
141372683 |
141372683 |
|
Percentage of shares (as a % of the total Shareholding of Promoter and
Promoter group) |
100% |
100% |
100% |
|
Percentage of shares (as a % of the total Share Capital of the
Company) |
51% |
51% |
51% |
SEGMENT WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. in millions)
|
Particulars |
Quarter ended 31.12.2011 (Unaudited) |
Quarter ended 30.09.2011 (Unaudited) |
Nine Months
ended 31.12.2011 (Unaudited) |
|
1. Segment
Revenue : |
|
|
|
|
Engine Business |
8838.600 |
9996.200 |
28313.000 |
|
Others |
866.500 |
701.900 |
2309.500 |
|
Revenue from
operations |
9705.100 |
10698.100 |
30622.500 |
|
|
|
|
|
|
2. Segment
Results : |
|
|
|
|
Profit(+)/Loss(-) before interest and tax |
|
|
|
|
Engine Business |
1542.200 |
1562.00 |
4738.600 |
|
Others |
137.500 |
98.700 |
364.700 |
|
Total |
1679.700 |
1660.700 |
5103.300 |
|
|
|
|
|
|
Less : Interest |
30 |
48 |
113 |
|
|
|
|
|
|
Add : Unallocable income |
268.600 |
163.400 |
590.500 |
|
Add: Exceptional Item |
- |
- |
514.400 |
|
Total Profit
Before Tax |
1945.300 |
1819.300 |
6196.900 |
|
|
|
|
|
|
3. Capital
Employed : (segment assets - segment liabilities) |
|
|
|
|
Engine Business |
15015.900 |
14545.600 |
15015.900 |
|
Others |
922.700 |
624.900 |
922.700 |
|
Total |
15938.600 |
115170.500 |
15938.600 |
Note:
1.
Previous period (s) I years) figures have been
regrouped wherever necessary.
2.
Exceptional items of Rs. 51.440 Millions represents profit realised on divestment of the
Company's entire shareholding in Cummins Exhaust India Limited.
3. The Company has
issued Bonus shares in the ratio of 2:5
pursuant to approval by the members at the Extra Ordinary General
Meeting held on September 9, 2011.
4. Accordingly. Basic
and Diluted Earnings Per Share (EPS) have been restated for all the
corresponding periods to give effect to the said issue of Bonus shares, in
accordance with Accounting Standard (AS) 20 "Earnings Per Share" notified under Section 211(3C) of the Companies Act. 1956.
5. At the beginning
of the quarter no investor complaint was pending. During the quarter, 2 complaints were received out of
which 1 complaint has been resolved and 1
complaint received towards the end of the quarter has been resolved on
January 13, 2012.
6. 5 The Board of Directors of the Company at their meeting held on February 9, 2012, have declared an interim
dividend of Rs. 5 per equity
share on 277,200,000 shares of
Rs. 2/- each
fully paid up for the financial year 2011-12.
7.
6 The above
unaudited results have been reviewed by the Audit Committee and approved by the
Board of Directors at their meeting held on February 09, 2012. The results have been subjected to a Limited Review' by
the Auditors of the Company.
FIXED ASSETS:
· Freehold land
· Land
· Roads
· Building
· Plant and Machinery
· Furniture and fittings
· Vehicles
· Software
· Technical Knowhow
· Global Sourcing Consideration
WEBSITE DETAILS
PRESS RELEASES
Cummins
India Limited Sales for Q3 2011–12 up 1 percent
Net
Profit Before Tax up 8 percent at 1945.000 Millions, declares interim
dividend of 250%
Mumbai,
February 9, 2012: The Board of Directors of Cummins India Limited, in their
meeting held today, took on record the un-audited financial results for the
quarter ended December 31, 2011.
Net
sales of the Company for the quarter ended December 31, 2011 at Rs. 9710.000
Millions were up from Rs. 9580.000
Millions recorded in the same period last year, and down from Rs. 10700.000
Millions recorded in the preceding quarter. Net Sales for the nine months ended
December 31, 2011 at Rs. 30620.000 Millions represented an increase of 4% from
Rs. 29360.000 Millions over the same period last year.
Net
profit before tax in the third quarter stood at Rs 1945.000 Millions an
increase of 8% over the same period last year and 7% over the preceding
quarter. Net profit before tax excluding exceptional items for the nine months
ended December 31, 2011 at Rs 5680.000 Millions, a decrease of 6.2% over the
same period last year.
Anant
J. Talaulicar, Chairman and Managing Director, Cummins India Limited said, “The
Company recorded growth in this quarter over the same period last year, but
declined from the preceding quarter, largely due to softness in the Power
Generation segment and some reductions in the Auto segment. Profits in the
quarter have been positively impacted by better realizations on Exports and an
improved product mix. Inflation however continued to be a reason for concern,
although we were successful in partially offsetting these cost escalations and
continuing to demonstrate profitable growth by executing our cost reduction and
Six Sigma programs. We remain optimistic about our long-term growth prospects,
and are continuing our investments in future projects at our Megasite at
Phaltan. This year is very special to us as we are celebrating 50 years of
operations in
About
Cummins India Limited
Cummins
India Limited, headquartered in Pune since 1962, is the country's leading
manufacturer of diesel and natural gas engines for power generation, industrial
and automotive markets.
About
Cummins in
Cummins
in
Cummins
India Limited Results for Q2 2011-12
Mumbai:
November 10, 2011: The Board of Directors of Cummins India
Limited, in their meeting held today, took on record the unaudited financial
results for the quarter and half year ended September 30, 2011.
Net
sales of the Company for the quarter ended September 30, 2011 at a record high
of Rs. 10700.000 Millions, up from the previous high of Rs 10680.000 Millions
recorded in the same period last year, and for the half year ended September
30, 2011 at Rs. 20920.000 Millions an increase of 5.8% from Rs. 19780.000
Millions over the same period last year.
Net
profit before tax in the second quarter, however declined by 20% to Rs.
1820.000 Millions compared to Rs. 2280.000 Millions in the same period last
year, and for the half year ended September 30, 2011, profit before tax excluding
exceptional items declined by 12% to Rs.3740.000 Millions as compared to Rs.
4250.000 Millions in the same period last year.
Anant
J Talaulicar, Chairman and Managing Director, Cummins India
Limited said, “Growth in exports, albeit not yet at
historic peak levels, helped us achieve record sales levels in the quarter.
Domestic sales were flat sequentially and down 5% as compared to the same
quarter last year. Consistent interest rate increases over the last year have
dampened demand particularly in the power generation market. The dip in our
earnings this quarter is largely due to an adverse mix with a decline in larger
engine sales and a growth in smaller engine sales, aside from commodity
inflation. Our cost reduction programs including Six Sigma have helped mitigate
the adverse impacts to some extent. While the demand environment has worsened
in the short term, we remain confident about our long term profitable growth
prospects. We are positioned very strongly to weather adverse circumstances
given our strong market position and cash balances. Our investments in capacity
creation continue with the inauguration of the fourth new project at the
Cummins Megasite in Phaltan – the
About
Cummins India Limited
Cummins
India Limited (CIL), headquartered in Pune since 1962, is the country's leading
manufacturer of diesel and natural gas engines for power generation, industrial
and automotive markets.
About
Cummins in
Cummins
in
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l Anti-Money
Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.68 |
|
|
1 |
Rs.85.12 |
|
Euro |
1 |
Rs.69.38 |
INFORMATION DETAILS
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
66 |
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.