1. Summary Information
|
|
|
Country |
INDIA |
|
Company Name |
KIRLOSKAR BROTHERS LIMITED |
Principal Name 1 |
MR. SANJAY KIRLOSKAR |
|
Status |
GOOD |
Principal Name 2 |
MR. VIKRAM KIRLOSKAR |
|
|
|
Registration # |
11-000670 |
|
Street Address |
UDYOG BHAVAN, TILAK ROAD, PUNE – 411 002, MAHARASHTRA |
||
|
Established Date |
15.01.1920 |
SIC Code |
-- |
|
Telephone# |
91-20-24440770 |
Business Style 1 |
MANUFACTURING |
|
Fax # |
91-20-24440824 |
Business Style 2 |
EXPORTING |
|
Homepage |
Product Name 1 |
CENTRIFUGAL PUMPS |
|
|
# of employees |
2446 (APPROXIMATELY) |
Product Name 2 |
VALVES |
|
Paid up capital |
Rs.158,717,000/- |
Product Name 3 |
-- |
|
Shareholders |
PROMOTER AND PROMOTER GROUP-63.17% PUBLIC SHAREHOLDING-36.83% |
Banking |
BANK OF INDIA |
|
Public Limited Corp. |
YES |
Business Period |
93 YEARS |
|
IPO |
YES |
International Ins. |
-- |
|
Public |
YES |
Rating |
A (63) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
JOINT VENTURE |
-- |
KIRLOSKAR EBARA PUMPS LIMITED |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
11,893,863,000 |
Current Liabilities |
8,440,700,000 |
|
Inventories |
1,833,056,000 |
Long-term Liabilities |
2,283,048,000 |
|
Fixed Assets |
3,090,170,000 |
Other Liabilities |
572,454,000 |
|
Deferred Assets |
40,994,000 |
Total Liabilities |
11,296,202,000 |
|
Invest& other Assets |
2,223,695,000 |
Retained Earnings |
7,626,859,000 |
|
|
|
Net Worth |
7,785,576,000 |
|
Total Assets |
19,081,778,000 |
Total Liab. & Equity |
19,081,778,000 |
|
Total Assets (Previous Year) |
19,349,121,000 |
|
|
|
P/L Statement as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Sales |
18,723,979,000 |
Net Profit |
434,477,000 |
|
Sales(Previous yr) |
17,818,761,000 |
Net Profit(Prev.yr) |
311,887,000 |
MIRA
INFORM REPORT
|
Report Date : |
01.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
KIRLOSKAR BROTHERS LIMITED |
|
|
|
|
Registered Office
: |
Udyog Bhavan, Tilak Road, Pune – 411 002, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
15.01.1920 |
|
|
|
|
Com. Reg. No.: |
11-000670 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.158.717
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29113PN1920PLC000670 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEK0011E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACK7300E |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are
Listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in providing global fluid management solutions and also
engaged in manufacturing and exporting of centrifugal pumps and valves. |
|
|
|
|
No. of Employees
: |
2446 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 31142000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a part of Kirloskar Group. It is a well established and
diversified industrial house. It is having fine track record. Financial position
of the company appears to be good. The performance of the company appears
good during 2013. Trade relations are reported as decent. Business is active. Payments
are reported to be regular and as per commitments. The company can be considered good for 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very
High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more!
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating = AA |
|
Rating Explanation |
High degree of safety and very low credit risk |
|
Date |
29.11.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk |
|
Date |
29.11.2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Nilesh |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-20-27214444 |
|
Date : |
30.07.2013 |
LOCATIONS
|
Registered Office : |
Udyog Bhavan, Tilak Road, Pune – 411 002, Maharashtra, India |
|
Tel. No.: |
91-20-24440770/ 24444455/ 24444444/ 24402189 |
|
Fax No.: |
91-20-24440824/ 24444198/ 24442780/ 24440156/ 24434198/ 24440822/
24270879/ 24402083 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Corporate Office/ Global Headquarters : |
“YAMUNA”, Survey
No.98/(3-7), Baner, Pune – 411 045, Maharashtra, India |
|
Tel. No.: |
91-20-27214598/ 27214444 |
|
Fax No.: |
91-20-27211136 |
|
|
|
|
Factory 1 : |
Kirloskarvadi, District Sangli – 416 308, Maharashtra, India |
|
Tel. No.: |
91-2346-222301 to 05, 222361 to 222365 |
|
Fax No.: |
91-2346-222311 |
|
|
|
|
Factory 2 : |
Opposite Railway Station, Ujjain Road, Dewas – 455 001, Madhya
Pradesh, India |
|
Tel. No.: |
91-7272-227302, 3, 4 91-7272-227401/ 405/ 409 (Marketing) |
|
Fax No.: |
91 7272 228747 |
|
|
|
|
Factory 3 : |
Shirwal, Gat No.117, Shindevadi, Taluka Khandala, District Satara –
412 801, Maharashtra, India |
|
Tel. No.: |
91-2169-244360/ 244370/ 244322 |
|
Fax No.: |
91-2169-244165 |
|
|
|
|
Factory 4 : |
Gat No.252/2 + 254/2, Kondhapuri, Taluka: Shirur, District Pune – 412
208, Maharashtra, India |
|
Tel. No.: |
91-2137-270217/ 270116/ 270140/ 240021/ 240030/ 240025/ 240022 |
|
|
|
|
Factory 5 : |
S.F. No.324/1, Moperipalayam Road, Thattampudur, Kaniyur Village, |
|
Tel. No.: |
91-421-2904699 |
|
|
|
|
Factory 6 : |
Sr. No.254/1,
Ahmedabad-Viramgam Highway, Village Chharodi, Taluka Sanand, District
Ahmedabad – 382 170, Gujarat, India |
|
Tel. No.: |
91-271-273310 |
|
|
|
|
Factory 7 : |
Pune
Bangalore Highway, Shiroli (Pulachi), Taluka Hatkanangale, District Kolhapur
– 416 122, Maharashtra, India |
|
Tel. No.: |
91-230-2468061/ 62/ 63 |
|
Fax No.: |
91-230-2468761 |
|
|
|
|
Branch Office 1 : |
New India Centre, 17-A Cooperage Road, Colaba, Mumbai –
400 039, Maharashtra, India |
|
Tel. No.: |
91-22-22020828 |
|
Fax No.: |
91-22-22026267 |
|
|
|
|
Branch Office 2 : |
Jeevan Tara Building, 5, Sansad Marg, New Delhi – 110 001,
India |
|
Tel. No.: |
91-11-23341484/ 2334723/ 23347234 |
|
|
|
|
Regional Sales Office : |
Located
at: ·
Ahmedabad ·
Bangalore ·
Bhopal ·
Bhubaneshwar ·
Chennai ·
Jaipur ·
Kochi ·
Kolkata ·
Lucknow ·
Mumbai ·
Nagpur ·
New Delhi ·
Pune ·
Jamshedpur ·
Secunderabad |
|
|
|
|
Overseas Office : |
Located
at: ·
Germany ·
United Arab Emirates ·
Kenya ·
Lao PDR ·
Malaysia ·
Singapore ·
Vietnam |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Sanjay Kirloskar |
|
Designation : |
Chairman and Managing Director |
|
Qualification : |
Bachelor of Science (M.E), Illinois Inst. of Tech. |
|
Date of Appointment : |
02.05.1983 |
|
|
|
|
Name : |
Mr. Vikram Kirloskar |
|
Designation : |
Director |
|
Qualification : |
Bachelor of Science (Mech.) |
|
Date of Appointment : |
06.06.2001 |
|
|
|
|
Name : |
Mr. S. N. Inamdar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rahul Kirloskar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Udipi Vasudeva Rao |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. P. S. Jawadekar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. J. R. Sapre |
|
Designation : |
Whole Time Director |
|
Qualification : |
Bachelor of Science |
|
Date of Appointment : |
01.04.2002 |
|
|
|
|
Name : |
Mr. A. N. Alawani |
|
Designation : |
Director |
|
|
|
|
Name : |
Mrs. Lalita D. Gupte |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Pratap B. Shirke |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Alok S. Kirloskar |
|
Designation : |
Director (w.e.f.18.07.2012) |
KEY EXECUTIVES
|
Name : |
Mr. Sandeep Phadnis |
|
Designation : |
Company Secretary (w.e.f. 04.04.2013) |
|
|
|
|
Name : |
Mr. Nilesh |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2013
|
Category of
Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
30878719 |
38.91 |
|
|
19250141 |
24.26 |
|
|
50128860 |
63.17 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
50128860 |
63.17 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
5986841 |
7.54 |
|
|
91143 |
0.11 |
|
|
4012375 |
5.06 |
|
|
2778392 |
3.50 |
|
|
12868751 |
16.22 |
|
|
|
|
|
|
2977382 |
3.75 |
|
|
|
|
|
|
10885300 |
13.72 |
|
|
2299491 |
2.90 |
|
|
198667 |
0.25 |
|
|
159304 |
0.20 |
|
|
39363 |
0.05 |
|
|
16360840 |
20.62 |
|
Total Public shareholding (B) |
29229591 |
36.83 |
|
Total (A)+(B) |
79358451 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
79358451 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Subject is engaged in providing global fluid management solutions and
also engaged in manufacturing and exporting of centrifugal pumps and valves. |
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Products/ Services : |
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Exports : |
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Products : |
·
Finished Goods |
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Countries : |
·
Europe ·
Africa ·
UK ·
USA |
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Imports : |
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Products : |
·
Raw Materials |
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Countries : |
·
Germany ·
Europe |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Power Driven Pumps |
Nos. |
194,000 |
194,000 |
@ 314,677 |
|
Metal Cutting
including Grinding Machines |
Nos. |
736 |
736 |
-- |
|
Reduction Gear
Units |
Nos. |
1,200 |
1,200 |
-- |
|
Valves |
Nos. |
70,070 |
70,070 |
31,123 |
|
Ploughs |
Nos. |
3,216 |
3,216 |
-- |
|
Alloy Iron
Castings including Steel Castings |
M.T. |
* 120 |
* 120 |
-- |
|
Cast Iron
Castings |
M.T. |
2,500 |
2,500 |
-- |
|
Cast Iron Castings
including Alloy Steel Castings for Automotive purposes |
M.T. |
5,000 |
5,000 |
937 |
|
Turbines |
Nos. |
-- |
-- |
5 |
|
Electric Motors |
Nos. |
-- |
-- |
@@ 17,788 |
@ Includes 56 for
own use.
@@ Includes 11 for
own use.
* Per annum on single
shift basis.
Notes
a) Licensed
Capacity includes registered capacities for activities existing prior to the
Industries (Development Regulation) Act, 1951, but does not include licenses
held for captive capacities.
b) It is not practicable
to indicate precisely installed capacity of each type of product manufactured
by the Company, as the capacity of various facilities available is overlapping
for each product. Besides, the Company manufactures a very large range amongst
the licensed products which, in turn, is decided by actual demand from time to
time. Also the Company buys components, parts and other services from outside.
The installed capacities as indicated above are estimates as certified by the
Managing Director and accepted by the Auditors.
c) In terms of
notification no. 477E dated 25.07.1991 issued by Department of Industrial
Development, industrial licenses are not required for the products manufactured
by the Company except centrifugal pumps manufactured at Dewas below 10 cm x 10
cm which are reserved for small scale sector. Revalidation of industrial
license in this range of pumps is under process.
GENERAL INFORMATION
|
Customers : |
End Users, OEM’s and Distributors |
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|
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|
No. of Employees : |
2446 (Approximately) |
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|
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|
Bankers : |
·
Bank of India ·
Canara Bank ·
HDFC Bank Limited ·
ICICI Bank Limited ·
Citibank N.A. ·
Credit Agricole Corporate and Investment Bank |
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
P. G. Bhagwat Chartered Accountants |
|
Address : |
Pune, Maharashtra, India |
|
|
|
|
Joint Venture : |
·
Kirloskar Ebara Pumps Limited |
|
|
|
|
Subsidiaries: |
·
Kirloskar Constructions and Engineers Limited ·
The Kolhapur Steel Limited ·
Kirloskar Systech Limited ·
Hematic Motors Private Limited ·
Kirloskar Corrocoat Private Limited ·
Kirloskar Brothers International B.V. |
|
|
|
|
Subsidiaries of Kirloskar
Brothers International B.V.: |
·
SPP Pumps Limited ·
Kirloskar Brothers Europe B.V. ·
Micawber 784 (Proprietary) Limited ·
Kirloskar Brothers(Thailand) Limited ·
SPP Pumps (MENA) L.L.C. |
|
|
|
|
Subsidiaries of SPP Pumps
Limited : |
·
SPP Pumps France EURL ·
Certified Engines Limited ·
SPP (South Africa) Pty. Limited ·
SPP Pumps Holdings LLC ·
SPP Pumps Management LLC ·
SPP France S A S ·
SPP Pumps LP |
|
|
|
|
Subsidiary of
Micawber 784 (Proprietary) Limited : |
·
Braybar Pumps (Proprietary) Limited |
|
|
|
|
Enterprises over which key managerial personnel
or their relatives exercise significant influence : |
·
Kirloskar Proprietary Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
250000000 |
Equity Shares |
Rs.2/- each |
Rs.500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
79358451 |
Equity Shares |
Rs.2/- each |
Rs.158.717
Millions |
|
|
|
|
|
Reconciliation of share capital
|
Particulars |
As at 31st March, 2013 |
|
|
No. of Shares |
Amount (Rs. in
millions) |
|
|
Shares outstanding
at the beginning of the year |
79339701 |
158.679 |
|
Shares
Issued during the year under ESOS |
18750 |
0.038 |
|
Shares outstanding at the end of the year |
79358451 |
158.717 |
Rights of equity
shareholder:
The company has
only one class of equity shares, having par value of Rs.2/- per share. Each
holder of equity share is entitled to one vote per share and has a right to
receive dividend as recommended by the board of directors subject to the
necessary approval from the shareholders. In the event of liquidation of the
company, the holders of equity shares will be entitled to receive remaining
assets of the company after distribution of all preferential amounts. The
distribution will be in proportion to the number of equity shares held by the
shareholders.
For the year ended
March 31, 2013 the board of directors has proposed dividend of Rs.2/- per share
subject to shareholders' approval.
Details of share holders holding more than 5% shares
|
Name of the shareholder |
As at 31st March, 2013 |
|
|
No. of Shares |
% of Holding |
|
|
Kirloskar Industries Limited |
18988038 |
23.93 |
|
Mr. Sanjay Chandrakant Kirloskar * |
15801653 |
19.91 |
|
Mrs. Pratima Sanjay Kirloskar |
13732300 |
17.30 |
|
Reliance Capital Trustee Company Limited |
4815291 |
6.07 |
* includes1624615, 2.05% shares held in the capacity of a trustee.
Shares reserved for Employee Stock Option Scheme (ESOS)
|
Particulars |
As at 31st March, 2013 |
|
|
No. of Shares |
% of Holding |
|
|
Shares reserved for ESOS scheme |
5212315 |
10.425 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
158.717 |
158.679 |
|
(b) Reserves & Surplus |
|
7626.859 |
7377.619 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
7785.576 |
7536.298 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
49.684 |
455.099 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long
term liabilities |
|
810.965 |
979.757 |
|
(d) Long-term
provisions |
|
157.650 |
152.817 |
|
Total Non-current
Liabilities (3) |
|
1018.299 |
1587.673 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
2233.364 |
2773.657 |
|
(b)
Trade payables |
|
4522.467 |
4124.519 |
|
(c)
Other current liabilities |
|
3107.268 |
2870.617 |
|
(d) Short-term
provisions |
|
414.804 |
456.357 |
|
Total Current
Liabilities (4) |
|
10277.903 |
10225.150 |
|
|
|
|
|
|
TOTAL |
|
19081.778 |
19349.121 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
3070.444 |
2797.548 |
|
(ii)
Intangible Assets |
|
19.726 |
31.811 |
|
(iii)
Capital work-in-progress |
|
74.258 |
360.071 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
2149.437 |
2149.432 |
|
(c) Deferred tax assets (net) |
|
40.994 |
25.995 |
|
(d) Long-term Loan and Advances |
|
1415.645 |
1387.339 |
|
(e) Other
Non-current assets |
|
595.487 |
881.009 |
|
Total Non-Current
Assets |
|
7365.991 |
7633.205 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
1833.056 |
2099.616 |
|
(c)
Trade receivables |
|
3552.749 |
2980.483 |
|
(d) Cash
and cash equivalents |
|
175.234 |
205.336 |
|
(e) Short-term
loans and advances |
|
2113.273 |
2166.012 |
|
(f)
Other current assets |
|
4041.475 |
4264.469 |
|
Total
Current Assets |
|
11715.787 |
11715.916 |
|
|
|
|
|
|
TOTAL |
|
19081.778 |
19349.121 |
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
158.677 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
7207.041 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
7365.718 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
1663.012 |
|
|
2] Unsecured Loans |
|
|
1823.978 |
|
|
TOTAL BORROWING |
|
|
3486.990 |
|
|
DEFERRED TAX LIABILITIES |
|
|
46.736 |
|
|
Employee Stock Options Outstanding |
|
|
68.663 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
10968.107 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
2756.438 |
|
|
Intangible Assets |
|
|
40.312 |
|
|
Capital work-in-progress |
|
|
358.698 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
1673.262 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1927.488
|
|
|
Gross
amount due from customers for project related contract work |
|
|
3274.087
|
|
|
Sundry Debtors |
|
|
4734.163
|
|
|
Cash & Bank Balances |
|
|
579.135
|
|
|
Other Current Assets |
|
|
1504.157
|
|
|
Loans & Advances |
|
|
4372.069
|
|
Total
Current Assets |
|
|
16391.099 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
5944.993
|
|
|
Other Current Liabilities |
|
|
3146.439
|
|
|
Gross amount
due to customers for project related contract work |
|
|
520.249
|
|
|
Provisions |
|
|
640.021
|
|
Total
Current Liabilities |
|
|
10251.702 |
|
|
Net Current Assets |
|
|
6139.397
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
10968.107 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
18723.979 |
17818.761 |
19417.972 |
|
|
|
Other Income |
69.995 |
462.788 |
131.486 |
|
|
|
TOTAL (A) |
18793.974 |
18281.549 |
19549.458 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
9701.915 |
9737.108 |
-- |
|
|
|
Purchases of Stock-in-Trade |
3162.021 |
3169.316 |
-- |
|
|
|
Changes in
inventories of finished goods, work-in-progress and Stock-in-Trade |
340.490 |
(245.464) |
-- |
|
|
|
Employee benefits expense |
1496.764 |
1509.775 |
-- |
|
|
|
Other expenses |
2610.122 |
2931.545 |
-- |
|
|
|
Materials consumed |
-- |
-- |
13423.863 |
|
|
|
Payment and benefits to employees |
-- |
-- |
1351.465 |
|
|
|
Operating and Other Expenses |
-- |
-- |
3151.883 |
|
|
|
Expenses Capitalized |
-- |
-- |
(8.242) |
|
|
|
TOTAL (B) |
17311.312 |
17102.280 |
17918.969 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1482.662 |
1179.269 |
1630.489 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
442.722 |
536.996 |
299.535 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1039.940 |
642.273 |
1330.954 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
320.462 |
302.617 |
300.144 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
719.478 |
339.656 |
1030.810 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
285.001 |
27.769 |
417.210 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
434.477 |
311.887 |
613.600 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
1241.392 |
1142.469 |
905.060 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
158.717 |
158.679 |
277.685 |
|
|
|
Dividend distribution tax |
24.592 |
23.096 |
-- |
|
|
|
Transfer to General Reserve |
43.448 |
31.189 |
61.360 |
|
|
|
Additional Tax on Dividend |
-- |
-- |
37.146 |
|
|
BALANCE CARRIED
TO THE B/S |
1449.112 |
1241.392 |
1142.469 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of goods exported |
803.793 |
987.173 |
1510.874 |
|
|
|
Services rendered/Civil work |
129.166 |
165.854 |
315.730 |
|
|
|
Others |
611.489 |
6.368 |
6.622 |
|
|
TOTAL EARNINGS |
1544.448 |
1159.395 |
1833.226 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Components |
410.198 |
698.600 |
1979.700 |
|
|
|
Capital Goods |
62.670 |
30.741 |
46.297 |
|
|
TOTAL IMPORTS |
472.868 |
729.341 |
2025.997 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.47 |
3.93 |
7.73 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2013 |
|
Type |
|
|
1st
Quarter |
|
Net Sales |
|
|
4258.200 |
|
Total Expenditure |
|
|
3954.100 |
|
PBIDT (Excl OI) |
|
|
304.100 |
|
Other Income |
|
|
13.300 |
|
Operating Profit |
|
|
317.400 |
|
Interest |
|
|
91.200 |
|
Exceptional Items |
|
|
(88.200) |
|
PBDT |
|
|
138.100 |
|
Depreciation |
|
|
85.800 |
|
Profit Before Tax |
|
|
52.300 |
|
Tax |
|
|
17.900 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
34.400 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
34.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.31
|
1.71
|
3.14
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.84
|
1.91
|
5.31
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.28
|
2.02
|
5.37
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.05
|
0.14
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.29
|
0.42
|
0.47
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.14
|
1.15
|
1.60
|
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 |
Yes |
|
10) Designation of contact person |
Yes |
|
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 |
Yes |
|
20) Export / Import details (if
applicable) |
Yes |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter involved
in |
-- |
|
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 |
Yes |
|
31)
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32)
PAN of Proprietor/Partner/Director, if available |
No |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
Yes |
|
Unsecured Loan |
31.03.2013 (Rs.
in millions) |
31.03.2012 (Rs.
in millions) |
|
LONG TERM BORROWINGS
|
|
|
|
From others |
|
|
|
(a) Interest
free loan under sales tax deferral scheme Terms of loans:
2.579 millions to be repaid in 5 equal yearly installments of Rs.0.516 million
starting from March 2010 and Rs.52.883 millions to be repaid in 9 yearly
installments starting from April 2013. |
49.684 |
54.431 |
|
SHORT TERM
BORROWINGS |
|
|
|
(a) Foreign currency short term loans and advances from banks |
|
|
|
(i) Citibank N.A. - FCNRB |
933.788 |
879.122 |
|
(b) Rupee short
term loans and advances from banks |
|
|
|
(i) Bank of
India |
0.000 |
201.869 |
|
c) Loans and
advances from related parties |
|
|
|
(i) Loan from
subsidiary company Terms of loan: Loan
carries interest @ 10% per annum |
120.000 |
0.000 |
|
Total |
2157.260 |
2216.413 |
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10239602 |
02/09/2010 |
937,800,000.00 |
CREDIT AGRICOLE
CORPORATE AND INVESTMENT BANK |
168, ROBINSON
ROAD, # 22-01, CAPITAL TOWER, SINGAPORE, 068912, SINGAPORE |
A94550571 |
|
2 |
10050248 |
30/03/2007 |
218,100,000.00 |
CANARA BANK |
INDUSTRIAL
FINANCE BRANCH, MG ROAD, CAMP, PUNE, |
A15042278 |
|
3 |
90087290 |
14/05/2005 |
500,000,000.00 |
CANARA BANK |
INDUSTRIAL
FINANCE BRANCH, CAMP, PUNE, MAHARASHTRA - 411001, INDIA |
- |
|
4 |
90087149 |
11/02/2005 |
2,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING; FLOOR 21, WORLD TRADE CENTRE |
- |
|
5 |
80022457 |
12/12/2011 * |
18,000,000,000.00 |
BANK OF INDIA |
1162/6, SHIVAJI
NAGAR, UNIVERSITY ROAD, NEAR OBSERVATORY, PUNE, MAHARASHTRA - 411005, INDIA |
B29196706 |
|
6 |
90086854 |
26/06/2004 |
250,000,000.00 |
CANARA BANK |
INDUSTRIAL
FINANCE BRANCH, CAMP, PUNE, MAHARASHTRA - 411001, INDIA |
- |
|
7 |
90086670 |
14/02/2004 |
400,000,000.00 |
CANARA BANK |
INDUSTRIAL
FINANCE BRANCH, CAMP, PUNE, MAHARASHTRA - 411001, INDIA |
- |
|
8 |
90086566 |
28/10/2003 |
80,000,000.00 |
BANK OF INDIA |
PUNE CORPORATE BANKING
BRANCH, UNIVERSITY ROAD, PUNE, MAHARASHTRA - 411005, INDIA |
- |
|
9 |
90086486 |
07/08/2003 |
30,100,000.00 |
CANARA BANK |
INDUSTRIAL
FINANCE BRANCH, CAMP, PUNE, MAHARASHTRA - 411001, INDIA |
- |
|
10 |
90086417 |
05/06/2003 |
8,900,000.00 |
CANARA BANK |
INDUSTRIAL
FINANCE BRANCH, CAMP, PUNE, MAHARASHTRA - 411001, INDIA |
- |
|
11 |
90086041 |
14/03/2002 |
256,300,000.00 |
CANARA BANK |
INDUSTRTIAL
FINANCE BRANCH, PUNE, MAHARASHTRA - 411001, INDIA |
- |
|
12 |
90085961 |
21/12/2001 |
149,500,000.00 |
BANK OF INDIA |
INDUSTRIAL
FINANCE BANKING BRANCH, SHIVAJINAGAR, |
- |
|
13 |
90085875 |
12/09/2001 |
7,000,000.00 |
CANARA BANK |
INDUSTRTIAL
FINANCE BRANCH, PUNE, MAHARASHTRA - 411001, INDIA |
- |
|
14 |
90088243 |
05/01/2000 |
5,000,000.00 |
CANARA BANK |
INDUSTRIAL
FINANCE BRANCH, CAMP, PUNE, MAHARASHTRA - 411001, INDIA |
- |
|
15 |
90085010 |
05/03/1999 |
20,000,000.00 |
BANK OF INDIA |
PUNE CORPORATE BANKING
BRANCHJ, LIC BUILDING; 6/7; SHIVAJIAGAR, PUNE, MAHARASHTRA - 411005, INDIA |
- |
|
16 |
90088125 |
30/07/1998 |
70,000,000.00 |
BANK OF INDIA |
70/80; M.G.
ROAD, FORT, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
17 |
90084809 |
04/07/2001 * |
1,720,000,000.00 |
BANK OF INDIA |
PUNE CORPORATE
BANKING BRANCH, LIC BUILDING; 6/7 |
- |
|
18 |
90084766 |
21/01/1998 |
1,012,000,000.00 |
CANARA BANK |
LAXMI ROAD BRANCH,
CAMP, PUNE, MAHARASHTRA - 411030, INDIA |
- |
|
19 |
90084670 |
06/08/1997 |
70,000,000.00 |
THE INDUSTRIAL
CREDIT AND INVESTMENT CORPO. OF INDIA |
163; BACKBAY
RECLAMATION, BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
|
20 |
90084657 |
29/10/1997 * |
1,520,000,000.00 |
BANK OF INDIA |
PUNE CORPORATE
BANKING BRANCH, LIC BUILDING; 6/7; |
- |
|
21 |
90084596 |
25/11/1997 * |
60,000,000.00 |
THE INDUSTRIAL
CREDIT AND INVESTMENT CORPO. OF INDIA |
163; BACKBAY RECLAMATION,
BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
|
22 |
90084447 |
23/04/1996 |
2,475,500.00 |
BANK OF INDIA |
INDUSTRIAL
FINANCE BRANCH, LIC BUILDING; 6/7; SHI |
- |
|
23 |
90084443 |
11/04/1996 |
1,265,000,000.00 |
BANK OF INDIA |
PUNE CORPORATE
BANKING BRANCH, LIC BUILDING; 6/7; |
- |
|
24 |
90084441 |
10/04/1996 |
6,688,800.00 |
BANK OF
MAHARASHTRA |
INDUSTRIAL FINANCE
BRANCH, SADASHIV VILAS BUILDING; SHIVAJINAGAR, PUNE, MAHARASHTRA - 411005,
INDIA |
- |
|
25 |
90084439 |
08/04/1996 |
1,000,000.00 |
BANK OF INDIA |
INDUSTRIAL
FINANCE BRANCH, LIC BUILDING; 6/7; SHIVAJINAGAR, PUNE, MAHARASHTRA - 411005,
INDIA |
- |
|
26 |
90084415 |
21/03/1996 |
4,210,915.00 |
BANK OF INDIA |
PUNE INDUSTRIAL
FINANCE BRANCH, LIC BUILDING; 6/7; SHIVAJINAGAR, PUNE, MAHARASHTRA - 411005,
INDIA |
- |
|
27 |
90084411 |
14/03/1996 |
6,513,000.00 |
THE UNITED
WESTERN BANK LIMITED |
TILAK ROAD
BRANCH, PUNE, MAHARASHTRA - 411002, INDIA |
- |
|
28 |
90084393 |
16/02/1996 |
3,515,400.00 |
CANARA BANK |
LAXMI ROAD
BRANCH, CAMP, PUNE, MAHARASHTRA - 411002, INDIA |
- |
|
29 |
90084369 |
20/12/1995 |
32,000,000.00 |
BANK OF INDIA |
PUNE CORPORATE BANKING
BRANCH, LIC BUILDING; 6/7; |
- |
|
30 |
90084319 |
01/09/1995 |
17,500,000.00 |
THE UNITED
WESTERN BANK LIMITED |
TILAK ROAD
BRANCH, PUNE, MAHARASHTRA - 411030, INDIA |
- |
|
31 |
90084294 |
19/07/1995 |
10,000,000.00 |
CANARA BANK |
LAXMI ROAD
BRANCH, PUNE, MAHARASHTRA - 411030, INDIA |
- |
|
32 |
90084224 |
31/01/1996 * |
40,000,000.00 |
THE INDUSTRIAL
CREDIT AND INVESTMENT CORPO. OF INDIA |
163; BACKBAY RECLAMATION,
BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
|
33 |
90084221 |
12/01/1996 * |
40,000,000.00 |
THE INDUSTRIAL
CREDIT AND INVESTMENT CORPO. OF INDIA |
163; BACKBAY
RECLAMATION, BOMBAY, MAHARASHTRA - 40 |
- |
|
34 |
90087798 |
01/09/1993 |
9,500,000.00 |
THE UNITED
WESTERN BANK LIMITED |
TILAK ROAD
BRANCH, PUNE, MAHARASHTRA - 411030, INDIA |
- |
|
35 |
90083928 |
10/12/1992 |
3,000,000.00 |
BANK OF
MAHARASHTRA |
INDUSTRIAL
FINANCE BRANCH, 1183A; SADASHIV VILAS; |
- |
|
36 |
90083915 |
03/11/1992 |
19,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIA L
FINANCE BRANCH, TARA CHAMBERS; BOMBAY |
- |
|
37 |
90083913 |
29/10/1992 |
45,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIA L
FINANCE BRANCH, TARA CHAMBERS; BOMBAY |
- |
|
38 |
90083902 |
08/10/1992 |
5,000,000.00 |
BANK OF
MAHARASHTRA |
INDUSTRIAL
FINANCE BRANCH, PUNE, MAHARASHTRA - 411005, INDIA |
- |
|
39 |
90083888 |
21/08/1992 |
1,654,500.00 |
CANARA BANK |
LAXMI ROAD
BRANCH, CAMP, PUNE, MAHARASHTRA - 411002, INDIA |
- |
|
40 |
90083880 |
31/07/1992 |
3,000,000.00 |
CANARA BANK |
LAXMI ROAD
BRANCH, PUNE, MAHARASHTRA - 411002, INDIA |
- |
|
41 |
90083864 |
01/02/1993 * |
40,000,000.00 |
THE INDUSTRIAL
CREDIT AND INVESTMENT CORPO. OF INDIA |
163; BACKBAY
RECLAMATION, BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
|
42 |
90083863 |
04/11/1992 * |
40,000,000.00 |
THE INDUSTRIAL CREDIT
AND INVES. CORP. OF INDIA LIMITED |
163; BACKBAY
RECLAMATION, BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
|
43 |
90083841 |
07/09/1992 * |
40,000,000.00 |
THE INDUSTRIAL
CREDIT AND INVESTMENT CORPO. OF INDIA |
163; BACKBAY RECLAMATION,
BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
|
44 |
90083823 |
27/01/1992 |
212,200.00 |
CANARA BANK |
LAXMI ROAD
BRANCH, CAMP, PUNE, MAHARASHTRA - 4110 |
- |
|
45 |
90083820 |
14/09/1992 * |
538,000,000.00 |
BANK OF INDIA |
INDUSTRIAL FINANCE
BRANCH, LIC BUILDING; 6/7; SHI |
- |
|
46 |
90083808 |
17/12/1991 |
175,700.00 |
CANARA BANK |
LAXMI ROAD
BRANCH, PUNE, MAHARASHTRA - 411002, INDIA |
- |
|
47 |
90083799 |
28/10/1991 |
2,500,000.00 |
THE INDUSTRIAL
CREDIT AND INVESTMENT CORPO. OF INDIA |
163; BACKBAY
RECLAMATION, BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
|
48 |
90083783 |
31/08/1991 |
731,300.00 |
CANARA BANK |
LAXMI ROAD
BRANCH, PUNE, MAHARASHTRA - 41102, INDIA |
- |
|
49 |
90083773 |
12/08/1991 |
654,600.00 |
CANARA BANK |
LAXMI ROAD
BRANCH, PUNE, MAHARASHTRA - 411002, INDIA |
- |
|
50 |
90083766 |
04/07/1991 |
353,000.00 |
CANARA BANK |
LAXMI ROAD
BRANCH, CAMP, PUNE, MAHARASHTRA - 411002, INDIA |
- |
|
51 |
90083738 |
17/08/1992 * |
3,193,705.00 |
THE INDUSTRIAL
CREDIT AND INVES. CORP. OF INDIA LIMITED |
163; BACKBAY
RECLAMATION, BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
|
52 |
90083732 |
19/02/1991 |
3,000,000.00 |
BANK OF
MAHARASHTRA |
INDUSTRIAL
FINANCE BRANCH, 1183-A; SHIVAJINAGAR; |
- |
|
53 |
90083730 |
15/02/1991 |
3,000,000.00 |
BANK OF
MAHARASHTRA |
INDUSTRIAL
FINANCE BRANCH, 1183-A; SHIVAJINAGAR; |
- |
|
54 |
90083727 |
02/02/1991 |
11,200,000.00 |
CANARA BANK |
LAXMI ROAD
BRANCH, PUNE, MAHARASHTRA - 411002, INDIA |
- |
|
55 |
90083668 |
05/02/1991 * |
12,117,449.00 |
THE INDUSTRIAL
CREDIT AND INVESTMENT CORPO. OF INDIA |
163; BACKBAY
RECLAMATION, BOMBAY, MAHARASHTRA - 40 |
- |
|
56 |
90083656 |
25/02/1990 |
109,400.00 |
THE UNITED
WESTERN BANK LIMITED |
TILAK ROAD
BRANCH, PUNE, MAHARASHTRA - 411030, INDIA |
- |
|
57 |
90083639 |
14/12/1989 |
7,500,000.00 |
CANARA BANK |
LAXMI ROAD BRANCH,
NEAR GOKHALE HALL, PUNE, MAHARASHTRA - 411030, INDIA |
- |
|
58 |
90083636 |
28/11/1989 |
2,500,000.00 |
BANK OF
MAHARASHTRA |
INDUSTRIAL
FINANCE BRANCH, SHIVAJINAGAR, PUNE, MAHARASHTRA - 411005, INDIA |
- |
|
59 |
90083633 |
09/11/1989 |
96,600.00 |
THE UNITED
WESTERN BANK LIMITED |
TILAK ROAD
BRANCH, PUNE, MAHARASHTRA - 411030, INDIA |
- |
|
60 |
90083620 |
30/08/1989 |
2,477,902.00 |
THE UNITED
WESTERN BANK LIMITED |
TILAK ROAD
BRANCH, PUNE, MAHARASHTRA - 411030, INDIA |
- |
|
61 |
90083594 |
01/03/1989 |
219,000.00 |
THE UNITED
WESTERN BANK LIMITED |
TILAK ROAD
BRANCH, PUNE, MAHARASHTRA - 411030, INDIA |
- |
|
62 |
90083587 |
09/02/1989 |
358,300.00 |
THE UNITED
WESTERN BANK LIMITED |
TILAK ROAD
BRANCH, PUNE, MAHARASHTRA - 411030, INDIA |
- |
|
63 |
90083583 |
04/02/1989 |
26,500,000.00 |
CANARA BANK |
LAXMI ROAD
BRANCH, NEAR GOKHALE HALL, PUNE, MAHARASHTRA - 411030, INDIA |
- |
|
64 |
90083579 |
27/01/1989 |
1,000,000.00 |
THE UNITED
WESTERN BANK LIMITED |
TILAK ROAD BRANCH,
PUNE, MAHARASHTRA - 411030, INDIA |
- |
|
65 |
90087630 |
27/01/1989 |
1,000,000.00 |
BANK OF
MAHARASHTRA |
INDUSTRIAL
FINANCE BRANCH, SHIVAJINAGAR, PUNE, MAHARASHTRA - 411005, INDIA |
- |
|
66 |
90083578 |
14/01/1989 |
570,300.00 |
THE UNITED WESTERN
BANK LIMITED |
TILAK ROAD
BRANCH, PUNE, MAHARASHTRA - 411030, INDIA |
- |
|
67 |
90083576 |
10/01/1989 |
1,800,000.00 |
BANK OF INDIA |
B-A; DR. COYAJI
ROAD, CAMP, PUNE, MAHARASHTRA - 411001, INDIA |
- |
|
68 |
90083569 |
20/12/1988 |
28,300.00 |
THE UNITED
WESTERN BANK LIMITED |
TILAK ROAD
BRANCH, PUNE, MAHARASHTRA - 411030, INDIA |
- |
|
69 |
90083438 |
23/09/1986 |
1,500,000.00 |
CANARA BANK |
93/2; BUDHWAR
PETH LAXMI ROAD, PUNE, MAHARASHTRA - |
- |
|
70 |
90083408 |
08/04/1993 * |
7,500,000.00 |
BANK OF INDIA |
BOMBAY MAIN
BRANCH, 70-80; M.G. ROAD, BOMBAY, MAHARASHTRA - 400001, INDIA |
- |
|
71 |
90083293 |
23/01/1991 * |
15,000,000.00 |
BANK OF INDIA |
B-A; DR. COYAJI
ROAD, CAMP, PUNE, MAHARASHTRA - 411001, INDIA |
- |
|
72 |
90083271 |
23/01/1991 * |
50,700,000.00 |
BANK OF INDIA |
B-A; DR. COYAJI
ROAD, CAMP, PUNE, MAHARASHTRA - 411001, INDIA |
- |
* Date of charge modification
CORPORATE
INFORMATION
Subject is a
public company domiciled in India and incorporated under the provisions of the
Companies Act, 1956. Subject is engaged in providing global fluid management
solutions and is the largest manufacturer and exporter of centrifugal pumps and
valves from India. The core businesses of the company are large infrastructure
projects (Water Supply, Power Plants, and Irrigation), Project and Engineered
Pumps, Industrial Pumps, Agriculture and Domestic Pumps, Valves, Motors and
Hydro turbines.
OPERATIONS
The revenue from
operations of the Company for the year was Rs.18720.000 millions, which is more
than 5.08% compared to the previous year.
This year, their focus
continued to be on the products business. They are catering to a broad base of
utility and process pumping applications in the Products Business. In the
Projects Business, while being selective on booking new orders, they are
strengthening their project management and execution capabilities. They have
aligned their marketing functions to provide comprehensive pumping solutions to
their customers. Their manufacturing plants are geared up to the growing demand
from the products business on account of productivity improvement initiatives.
In both Products
and Projects businesses, their focus continues to be on value added solutions.
They augmented their capability to deliver small pumps by commissioning a new
plant in Sanand, Gujarat. At the same time, they are re-engineering their small
pump operation’s supply chain to make it leaner and more responsive. In the
current year, they commissioned spares warehouse and refurbishment centers and
appointed service and spares dealers to improve the reach and responsiveness of
the after sales support.
The economic
scenario in the country continues to be challenging. In the coming year, they
will focus on improving margins and cash generation.
Under Section 133A
of the Income Tax Act, the Income Tax department carried out a survey at the
Company premises in January, 2013. Based on the findings of the survey, the
department has raised additional tax liability on the Company, which has been
paid during the quarter. The short provision for tax in respect of earlier years,
consequent to the additional tax claim, has been appropriately disclosed by the
Company in the financial for the year ended on March 31, 2013.
SUBSIDIARY
COMPANIES
During the year, a
Scheme of Arrangement and Amalgamation of Hematic Motors Private Limited with
Kirloskar Constructions and Engineers Limited (the 'Scheme') was filed with the
Hon’ble High Courts of Judicature at Bombay and Madras.
The Board of
Directors of the Company have passed a resolution on November 29, 2012
approving the Scheme. The appointed date in terms of the Scheme is April 1,
2012. The Scheme has been approved by Honourable Bombay High Court and approval
from Honourable Madras High Court is awaited. The effect of the Scheme will be
taken into consideration from the appointed date after approval from Honourable
Madras High Court.
Micawber 784
(Proprietary) Limited, subject’s step down subsidiary through Wholly Owned
Subsidiary Company - Kirloskar Brothers International B.V. (KBI BV),
Netherlands, has acquired balance 10% holding in Braybar Pumps (Proprietary)
Limited (Braybar) on November 1, 2012. As a result, Braybar has become 100%
subsidiary of Micawber 784 (Proprietary) Limited.
MANAGEMENT DISCUSSION AND ANALYSIS 2012 – 2013
World Economy
The International
Monetary Fund (IMF) has stated that global growth will strengthen gradually in
2013. IMF expects the global economy to grow by 3.3 percent this year and 4
percent in 2014. The report stressed that recovery will be slow and that
policies must address downside risks.
The IMF has
downgraded its near-term forecast for the euro area, with the region now
expected to contract slightly in 2013. The report observed that even though
policy actions have reduced risks and improved financial conditions for
governments and banks in the peripheral economies, those had not yet translated
into improved borrowing conditions for the private sector. The IMF forecasts
growth of 2 percent in the United States on account of a supportive financial
market environment and the turnaround in the housing market. Japan is facing
recession, however the economy may bounce back on account of the stimulus
package and easing of monetary policies. Emerging market and developing
economies are expected to grow by 5.5 percent this year. For emerging market and
developing economies, the report underscored the need to rebuild flexible
policy for sustained growth. However, the World Trade Organization (WTO) warned
that a long period of weak economic growth may lead to increased protectionism.
The WTO expects the
volume of exports and imports to increase at a slightly faster rate than the
2.0 percent recorded in 2012, which is well below the long-term average of 5.3
percent. However, its new forecast for growth of 3.3 percent is below its
previous projection of 4.5 percent. The WTO said that weak demand from Europe
will once again dampen export growth but this may be offset by Chinese growth.
According to the World Bank, the average crude oil prices are expected to drop
by around 4 percent in 2013-14.
Indian Economy
India’s Gross
Domestic Product (GDP) grew by 5.5 percent in 2012-2013. This growth rate is
the lowest in the last 3 years. A weak performance by the manufacturing,
agriculture and services sectors slowed the pace of economic expansion in the
current year. The GDP is expected to grow between 6 and 6.5 percent in 2013-14.
Business
sentiments remain weak despite reform initiatives and consumer confidence is
still low. Weak industrial performance is likely to persist on account of
factors like lackluster external demand and absence of reliable power supply
source amidst coal shortages. Infrastructure projects in power and road
construction are held back by problems like coal supply, environmental
clearances, land acquisition and financial closure. Last year, the Government
worked towards achieving the revised fiscal deficit target of 5.3 percent of
GDP by restricting both planned and non-planned expenditure on the back of
significant shortfall in tax revenue. The Reserve Bank of India (RBI) stated
that gap in output may get addressed in 2013-14 although at a slow pace because
of revival in investment and consumption demand.
In view of the
high inflation level, the RBI may undertake only attuned measures through its
monetary policy. Average Wholesale Price Index (WPI) inflation is expected to
moderate from 7.5 percent in 2012-13 to 7.0 percent in 2013- 14. Subsequently,
the Central Bank has stated that improved global liquidity and recent policy
reforms have boosted Foreign Institutional Investment (FII) inflows leading to
the booming equity markets and revival of the Initial Public Offering (IPO)
market.
Global Pump Market
Outlook
Global demand for
pumps is forecast to rise 7 percent per year through 2016 to $75.4 billion. The
market size for complete pumps amounts to around $42 billion in 2012 (at
current prices and 2010 exchange rates), with $11.5 billion in Europe, $4.9
billion in Africa and Middle East, $17.3 billion in Asia and $8.3 billion in
America. Market growth is projected to be fastest in Africa and the Middle East
at 8.1 percent per annum to 2017, compared with 5.1 percent in America, 4.5
percent in Europe and 6.2 percent in Asia.
There will be
strong demand for pumps from developing countries like China and India due to
industrialisation and investment in water and power segments. Middle East Asian
countries may see growth in oil and gas markets as a result of strong drilling
activity. In the United States, the boom in hydraulic fracturing will lead to
increase in pump demand. The demand for process pumps in manufacturing
industries may witness a strong demand because of investments and growing
production in many process industries.
An increased
demand for access to water supply and sanitation in developing countries will
drive the pump demand in water based infrastructure market. The developed
nations propose to repair and upgrade their old water infrastructure. This will
lead to good replacement demand for pumps in developed countries.
Indian Pump
Industry
The Indian pump
industry is estimated to be Rs.75000.000 millions in 2012-13 and is likely to
grow at 6.5 percent year on year to reach Rs.140000.000 millions by 2017-18.
The market demand is driven by Water, Irrigation, Oil and Gas and Industry
segments. The market to an extent will be influenced by decisions and policies
taken for infrastructure projects, especially power and irrigation projects.
Insufficient rains and falling water tables have led to demand for improvement
in hydraulics and pump efficiency. The rising cost of fossil fuels has
positively influenced the demand for pumps driven by renewable energy sources.
It is estimated that approximately 30% of total energy produced is consumed by
pumps. Thus, energy audit is getting popular among users of industrial pumps on
account of increasing pressure to reduce energy consumption. Subsequently,
there will be an increased demand for energy efficient pumps.
Kirloskarvadi
Kirloskarvadi
factory integrated its environment, health and safety management system with
sustainability reporting guidelines (GRI) and the “CII-Code for Ecologically
Sustainable Business Growth”. This system is certified to ISO: 14001 and
OHSAS:18001. The factory was re-validated for ISO 9001: 2008 in January, 2013.
They accelerated
development of new products and subsequent results are encouraging. i-Mission,
an innovative approach towards product development is continued with cross
functional teams. During the year, they filed 3 patents for innovation and are
strengthening their capabilities to manufacture high end products. In order to
reap the benefits of improved productivity for all the products of
Kirloskarvadi plant, the process of revamping the manufacturing layout is being
continued across the factory.
5 Wind Mills were
registered for Renewable Energy Certification under Renewable Energy
Certification Registry of India and achieved benefits of around 5500
certificates per annum resulting in savings of Rs.8.000 millions for the year
2012-13. Runner-up Award for “Excellence in CSR - Large Enterprises” by Manufacturing
Today is another award for their Kirloskarvadi factory.
Dewas and Shirval
Dewas and Shirval
factories have adopted principles of lean, sustainability and innovation
through which they ensured 99.2 percent availability of equipment and machines
in manufacturing shops and 97.3 percent availability of equipment and machines
in the foundry. They are able to recycle and reuse 100 percent waste water for
gardening purpose.
Radical measures were
undertaken to reduce material cost. A host of new products were developed to
address the demand of Domestic, Agriculture and Industrial segments. 15 percent
of small pumps business’s total sale in 2012-13 came from the new products
introduced in 2012-13, thereby demonstrating their commitment to innovation.
There are many accolades to the credit of Dewas manufacturing plant like first
prize in state level “KAIZEN” and “Quality Circle” competitions organized by
CII, Madhya Pradesh, “Best performance in energy conservation (Large
manufacturing Units)” and “Energy person of the year” in Kirloskar Group energy
conservation competition, to name a few. Their foundry received the prestigious
Shri Laxmanrao Kirloskar award for “Foundry of the year 2012” from The Indian
Institute of Foundry Men.
Kaniyur
Their Kaniyur
plant ramped up production capacity to 20,000 pumps per month by reducing cycle
time. Kaniyur plant is 5S certified and won awards in Kaizen, Quality Circle
and Skill competitions. New products were developed and well received in the
market. Most of the employees in the plant are women showing their commitment
towards gender diversity at Kirloskar.
Sanand
A new plant at
Sanand, Gujarat was commissioned for manufacturing bore-well submersible pumps.
In the first 8 months, production capacity was ramped up to 3,800 pumps per
month. The plant has received ISO-9001, ISO-14001 and OHSAS-18001
certifications. Products manufactured in Sanand plant are eligible for BIS
marking.
Kondhapuri
The year witnessed
largest order booking of Rs.1280.000 millions. Apart from existing customer
base from Power and Water sectors, Kondhapuri factory increased its foothold in
the Industry sector. The factory garnered new certifications which include
Underwriters Laboratories (UL) listing for size 50 to 250 mm Gate Valves and
Proof of Design Test qualification on high pressure Butterfly Valve. The
factory developed a host of new products like 3800mm Butterfly Valve, Suction
Diffuser valves, Triple Duty valves and Glandless Sluice valves with gearbox
and channel shoe.
In an effort to
boost sustainability and improve the water table, they have installed a rain
water harvesting facility at their factory. Wood consumption at the
manufacturing plant is reduced and the best practices are replicated at the
suppliers end. The plant received first runner up prize for best performance in
energy conservation 2011-12 within Kirloskar Group.
Research,
Engineering and Development
The focus on new
areas led to the design and development of Shut Down Cooling Pump, Primary
Coolant Pump and development of special products for high pressure and high
temperature applications. New product lines like Triple Duty Valves and Suction
Diffuser Valves were developed to cater to the customers of Building and
Construction and Industry Sector. A new range of Factory Mutual/Underwriters
Laboratories (FM/UL) approved valves were developed. In line with their
mission, they developed sustainable and energy efficient products such as the
Lowest Life - Cycle Cost (LLC)TM pumps. LLCTM pumps offer benefits like
relatively low operating cost, low maintenance cost and higher capability to
minimise carbon emissions owing to sustained efficiency over the life.
Global Marketing
Global marketing
has been restructured to create better visibility for the organisation in
international markets. Certifications such as N and NPT have enhanced their
brand position, especially in the European markets. Participation at
international exhibitions such as the IFAT in Germany and CII International
Engineering and Technology Fair (IETF), conferences and sector specific
sessions helped to gather market insights and connect with the customers. A
product specific seminar was conducted in Colombo to their advantage. An
official launch of the Lowest Life - Cycle Cost (LLC)TM pump was organized at
the CII IETF which gave boost to the visibility of the product. In markets such
as Egypt, the attention of the press was captured by the timely completion of
two pumping stations by subject, in a first in terms of design to execution
project.
They acquired
several prestigious references in the international markets through their
subsidiary company Kirloskar Brothers International. One such example is the
opening of the Shard in London, the tallest building in Western Europe, which
is protected by their fire fighting pumping solution.
Financial
Performance
Total revenue from
operations stands at Rs.18590.000 millions as against Rs.17690.000 millions
during the previous year, showing a rise of 5 percent.
• Product sector
sales have risen by 20 percent over the previous year, while project sector
sales have dropped by 11 percent
• Emphasis
continues on reducing debtors and inventory
• They continued
to be selective with orders and execution to improve the sales mix, which
resulted in share of own product sales to total sales going up to 60 percent as
against 58 percent in the previous year and civil sales going down to 6 percent
as against 9 percent in the previous year
• Composite
material cost as percent to sales has decreased to 71 percent in current year
from 71.6 percent in the previous year, mainly due to increase in the product
sector business
• Total
expenditure including depreciation is Rs.4310.000 millions as against
Rs.4060.000 millions in the previous year
• Finance cost
including bank charges and foreign exchange loss on borrowings is lower at
Rs.440.000 millions as against Rs.540.000 millions in the previous year through
sustained efforts for reducing working capital and interest cost reduction
initiatives
• PBT is at
Rs.720.000 millions as against Rs.340.000 millions in the previous year –
increase is primarily due to the emphasis on product sector business at higher
margin and also due to a hit in the previous year for KCEL claims receivable
written-off / provided
• Loan funds have
decreased from Rs.3500.000 millions in the previous year to Rs.2680.000
millions in the current year through sustained efforts
• The Gross
Current Assets and Net Current Assets have decreased by 3 percent and 6 percent
respectively over the previous year due to their continued thrust on improving
the quality of the Balance Sheet through improved working capital management
FIXED ASSETS
Tangible Assets
·
Free Hold Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Office Equipments
·
Vehicles
·
Railway Siding
Intangible Assets
·
Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No xist 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.61.12 |
|
|
1 |
Rs.92.97 |
|
Euro |
1 |
Rs.80.95 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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.