MIRA
INFORM REPORT
|
Report Date : |
22.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
K S B PUMPS LIMITED |
|
|
|
|
Registered
Office : |
126, Maker Chambers – III, Nariman Point, Mumbai – 400021, Maharashtra |
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|
Country : |
India |
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|
|
Financials (as
on) : |
31.12.2012 |
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|
|
|
Date of
Incorporation : |
11.04.1960 |
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|
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|
Com. Reg. No.: |
11-011635 |
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|
|
Capital
Investment / Paid-up Capital : |
Rs. 348.080
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29120MH1960PLC011635 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMK11971B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACK5918J |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
Line of Business
: |
Manufacturer of Power Driven Pumps and
Industrial Valves. |
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|
|
|
No. of Employees
: |
13300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
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 17035000 |
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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 fine
track record. Financial position of the company appears to be sound. Trade
relations are reported as fair. 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.
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 |
ICRA |
|
Rating |
Long term – fund based limits : AA |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
July 16, 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term – fund based limits : A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
July 16, 2013 |
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 : |
Ms. Anna Philip |
|
Designation : |
Export Department |
|
Contact No.: |
91-20-27101000 |
|
Date : |
16.08.2013 |
LOCATIONS
|
Registered Office : |
126, Maker Chambers III, Nariman Point, Mumbai – 400021, Maharashtra,
India |
|
Tel. No.: |
91-22-66588787 |
|
Fax No.: |
91-22-66588788 |
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E-Mail : |
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|
Website : |
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Location : |
Owned |
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|
Zonal Offices : |
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North : |
Noida |
|
Offices : |
· Chandigarh Jaipur Lucknow |
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East : |
Kolkata |
|
Offices : |
· Bhubaneshwar Jamshedpur Raipur |
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West : |
Mumbai |
|
Offices : |
· Ahmedabad Aurangabad Baroda Indore Nagpur Pune |
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South : |
Chennai |
|
Offices : |
· Bangalore Secunderabad |
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Factory 1 : |
Pimpri, Pune - 411018, Maharashtra, India |
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Factory 2 : |
D II Block, MIDC, Chinchwad, Pune - 411019, Maharashtra, India |
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Factory 3 : |
Vambori, District Ahmednagar - 413704, Maharashtra, India |
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Factory 4 : |
151, Mettupalayam Road, NSN Palayam, Coimbatore - 641031, Tamilnadu,
India |
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Factory 5 : |
Plot No. E3 and E4, MIDC, Sinnar (Malegaon), Nashik - 422103,
Maharashtra, India |
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|
|
Irrigation and
Process Division (IPD) : |
Mumbai-Pune Road, Pimpri, Pune – 411018, Maharashtra, India |
DIRECTORS
AS ON 31.12.2012
|
Name : |
Mr. G. Swarup |
|
Designation : |
Chairman |
|
|
|
|
Name : |
W. Spiegel |
|
Designation : |
Managing Director |
|
Date of Birth/ Age : |
61 Years |
|
Qualification |
Graduate Mechanical Engineer |
|
Experience : |
47 Years |
|
Date of Appointment : |
01.01.2002 |
|
|
|
|
Name : |
Mr. A.R. Broacha |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. D.N. Damania |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. N.N. Kampani |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. A. Lee |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. W. Schmitt |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Pradip Shah |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Ms. Anna Philip |
|
Designation : |
Export Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2013
|
Category
of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
284658 |
0.82 |
|
|
8855752 |
25.44 |
|
|
9140410 |
26.26 |
|
|
|
|
|
|
14110848 |
40.54 |
|
|
14110848 |
40.54 |
|
Total shareholding of Promoter and Promoter Group (A) |
23251258 |
66.80 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3366514 |
9.67 |
|
|
3521 |
0.01 |
|
|
739166 |
2.12 |
|
|
232576 |
0.67 |
|
|
3016 |
0.01 |
|
|
1000 |
0.00 |
|
Trusts |
2016 |
0.01 |
|
|
4344793 |
12.48 |
|
|
|
|
|
|
2131521 |
6.12 |
|
|
|
|
|
|
4028671 |
11.57 |
|
|
797270 |
2.29 |
|
|
254331 |
0.73 |
|
|
12660 |
0.04 |
|
|
206967 |
0.59 |
|
Directors and their
relatives and friends |
34200 |
0.10 |
|
Hindu Undivided
Families |
504 |
0.00 |
|
|
7211793 |
20.72 |
|
Total Public shareholding (B) |
11556586 |
33.20 |
|
Total (A)+(B) |
34807844 |
100.00 |
|
© Shares held by Custodians and against which Depository Receipts have
been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
34807844 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Foreign Financial InstitutionsBUSINESS DETAILS
|
Line of Business : |
Manufacturer of Power Driven Pumps and
Industrial Valves. |
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Products/ Services : |
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Exports : |
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|
Products : |
Finished Goods |
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|
Countries : |
· Germany Indonesia |
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Terms : |
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Selling : |
L/C and Credit |
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Purchasing : |
L/C and Credit |
PRODUCTION STATUS (AS ON 31.12.2011)
|
Particulars |
Unit |
Licensed Capacity on the basis of maximum
utilisation of plant and machinery |
Installed Capacity (on triple shift basis) as
certified by the Management and not verified by the auditors as this is a
technical matter |
Actual Production Qty. Nos. |
|
Power Driven Pumps |
Nos. |
Not applicable * |
150,500 |
165,785 |
|
Industrial Valves |
Nos. |
Not applicable * |
186,000 |
163,907 |
|
Carbon Steel, Alloy Steel, and Alloy Iron Castings |
Tonnes |
Tonnes 9000 ** |
9,000 |
123,714 kgs |
|
Non Ferrous Castings |
Tonnes |
Tonnes 200 ** |
200 |
-- |
NOTES:
* Under a
notification dated July 25, 1991 issued by the Ministry of Industry, the
Company’s industrial undertakings are exempt from the licensing provisions of the
Industries (Development and Regulation) Act, 1951. In accordance with the said
notification memoranda have been filed with the Department of Industrial
Development (Secretariat of Industrial Approvals).
** Represents registered capacity, with the Department of Industrial
Development.
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
13300 (Approximately) |
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|
Bankers : |
· Central Bank of India Standard Chartered Bank Deutsche Bank AG |
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Facilities : |
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
|
|
|
Cost Auditors : |
|
|
Name : |
Dhananjay V. Joshi and Associates Cost Accountants |
|
|
|
|
Collaborators : |
KSB Aktiengesellschaft, Germany |
|
|
|
|
Controlling
Company : |
· KSB AG Canadian Kay Pump Limited Klein Pumpen GmbH |
|
|
|
|
Subsidiary
Company : |
Pofran Sales and Agency Limited |
|
|
|
|
Associate
Company : |
MIL Controls Limited |
|
|
|
|
Common
Control : |
· KSB S.A. KSB Inc., USA KSB Pumps (S.A.) (Pty.) Limited, South Africa KSB Australia KSB Chile S.A. KSB Singapore (Asia Pacific) PTE Limited, Singapore KSB Limited, Hongkong KSB Pumps Company Limited, Thailand P.T. KSB., Indonesia KSB Taiwan Company Limited KSB Limited, Tokyo KSB Brazil KSB Korea KSB Mexico KSB Nederland DP Industries B.V., Nederland KSB Pumps Arabia Limited KSB Limited, U.K. KSB Italia S.p.A., Italy KSB Pompa Turkey KSB Shanghai Pump Company Limited, China KSB Valves (Shanghai) Company Limited, China Mercantile-KSB Oy AB, Finland KSB Pakistan Delian KSB Amri Valves Company Limited, China Bombas ITUR S.A., Spain KSB TESMA S.A., Griechenland KSB Tech. Private Limited, India GIW Industries Inc., USA KSB Middle East FZE, Dubai KSB Pumpy + Armatury spol. sr. o, Czech KSB Service LLC KSB Pompy Armatura Poland KSB Compania Sudamericana KSB Belgium SA KSB China KSB Pumps and Valves Malaysia KSB Finanz SA KSB AMV SA Spain KSB Finland KSB Mork AB, Sweden KSB Lindflaten, Norway KSB Oesterreich, Austria KSB Pompes ET Robintteries Sarl, Morocco KSB Argentina KSB Service GMBH KSB Canada KSB New Zeland Rotary Equipment KSB OOO, Russia KSB Valvulas Limited., Brazil |
|
|
|
|
Enterprises over
which individuals having significant influence over the reporting enterprise
exercise significant
influence : |
· The Industrial and Prudential Investment Company Limited New Holding and Trading Company Limited Paharpur Cooling Towers Limited |
CAPITAL STRUCTURE
AS ON 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 400.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
34,807,844 |
Equity Shares |
Rs. 10/- each |
Rs. 348.080
Millions |
|
|
|
|
|
(i) Reconciliation of the number of shares outstanding
at the beginning and at the end of the year:
|
|
31.12.2012 |
|
|
No. of shares
outstanding at the beginning |
Number of shares |
Rs. in Millions |
|
- Equity shares |
34,807,844 |
348.080 |
|
Add: Additional shares issued |
|
|
|
- Equity shares (Bonus issue) |
-- |
-- |
|
Less: Shares forfeited/Bought back |
|
|
|
- Equity shares |
-- |
-- |
|
No. of shares outstanding at the end |
|
|
|
- Equity shares |
34,807,844 |
348.080 |
(ii) The Company has
only one class of shares referred to as equity shares having a par value of
Rs.10/-. Each shareholder of equity shares is entitled to one vote per share.
(iii) Aggregate
number of equity shares allotted as fully paid-up by way of bonus shares for the
period of five years immediately preceding the Balance Sheet date - 17,403,922
(iv) Number of shares held by each shareholder holding more than 5%
shares in the Company are as follows:
|
Particulars |
31.12.2012 |
|
|
|
Number of shares |
% of shares held |
|
Canadian Kay Pump Limited |
14,110,848 |
40.54 |
|
The Industrial
and Prudential Investment Company Limited |
7,140,000 |
20.51 |
|
Reliance Capital
Trustee Company Limited (held in Reliance Infrastructure Fund and Reliance Tax
Saver (ELSS) Fund) |
2,740,280 |
7.87 |
(v) The Company
declares and pays dividends in Indian rupees. The dividend proposed by the
Board of Directors is subject to the approval of the shareholders in the ensuing
Annual General Meeting. In the event of liquidation of the Company, the holders
of equity shares will be entitled to receive any of the remaining assets of the
Company, after distribution of all preferential amounts. However, no such
preferential amount exists currently. The distribution will be in proportion to
the number of equity shares held by the shareholders.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2012 |
31.12.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
348.080 |
348.080 |
|
(b) Reserves & Surplus |
|
3910.790 |
3553.140 |
|
(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) |
|
4258.870 |
3901.220 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.030 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long
term liabilities |
|
56.040 |
53.020 |
|
(d) long-term
provisions |
|
227.650 |
183.710 |
|
Total Non-current
Liabilities (3) |
|
283.690 |
236.760 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
168.520 |
631.550 |
|
(b)
Trade payables |
|
1226.470 |
1294.680 |
|
(c)
Other current liabilities |
|
838.190 |
775.930 |
|
(d) Short-term
provisions |
|
346.470 |
261.730 |
|
Total Current
Liabilities (4) |
|
2579.650 |
2963.890 |
|
|
|
|
|
|
TOTAL |
|
7122.210 |
7101.870 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i) Tangible
assets |
|
1566.740 |
1513.150 |
|
(ii)
Intangible Assets |
|
17.900 |
14.380 |
|
(iii)
Capital work-in-progress |
|
267.060 |
69.660 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
63.560 |
63.560 |
|
(c) Deferred tax assets (net) |
|
74.580 |
52.330 |
|
(d) Long-term Loan and Advances |
|
486.960 |
421.480 |
|
(e) Other
Non-current assets |
|
8.610 |
48.030 |
|
Total Non-Current
Assets |
|
2485.410 |
2182.590 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
1935.350 |
1980.190 |
|
(c)
Trade receivables |
|
1453.080 |
1822.470 |
|
(d) Cash
and cash equivalents |
|
1002.070 |
817.390 |
|
(e) Short-term
loans and advances |
|
218.680 |
272.960 |
|
(f)
Other current assets |
|
27.620 |
26.270 |
|
Total
Current Assets |
|
4636.800 |
4919.280 |
|
|
|
|
|
|
TOTAL |
|
7122.210 |
7101.870 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
174.039 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
3459.173 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
3633.212 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
136.161 |
|
|
2] Unsecured Loans |
|
|
1.112 |
|
|
TOTAL BORROWING |
|
|
137.273 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
3770.485 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1513.261 |
|
|
Capital work-in-progress |
|
|
60.605 |
|
|
Capital advances |
|
|
26.379 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
63.550 |
|
|
DEFERRED TAX ASSETS |
|
|
46.903 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1585.005 |
|
|
Sundry Debtors |
|
|
1126.987 |
|
|
Cash & Bank Balances |
|
|
990.969 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
652.757 |
|
Total
Current Assets |
|
|
4355.718 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
1435.307 |
|
|
Other Current Liabilities |
|
|
438.345 |
|
|
Provisions |
|
|
422.279 |
|
Total
Current Liabilities |
|
|
2295.931 |
|
|
Net Current Assets |
|
|
2059.787 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
3770.485 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations (net) |
7223.660 |
7495.430 |
6085.427 |
|
|
|
Other Income |
181.140 |
145.890 |
184.272 |
|
|
|
TOTAL (A) |
7404.800 |
7641.320 |
6269.699 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
3415.150 |
4147.910 |
5314.485 |
|
|
|
Purchases of stock-in-trade |
108.170 |
112.400 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
58.100 |
(276.800) |
|
|
|
|
Employee benefits expense |
1036.300 |
1044.170 |
|
|
|
|
Other expenses |
1701.490 |
1756.710 |
|
|
|
|
Expenditure transferred to capital account |
(8.780) |
(12.720) |
|
|
|
|
TOTAL (B) |
6310.430 |
6771.670 |
5314.485 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1094.370 |
869.650 |
955.214 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
52.400 |
27.760 |
5.345 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1041.970 |
841.890 |
949.869 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
235.390 |
218.950 |
207.419 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
806.580 |
622.940 |
742.450 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
226.420 |
193.120 |
226.773 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
580.160 |
429.820 |
515.677 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
2651.161 |
2428.610 |
2170.180 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend |
191.450 |
139.232 |
174.039 |
|
|
|
Tax on interim dividend |
31.060 |
5.647 |
5.083 |
|
|
|
Tax on proposed final dividend |
0.000 |
16.940 |
23.125 |
|
|
|
Transfer to General Reserve |
60.000 |
45.000 |
55.000 |
|
|
BALANCE CARRIED
TO THE B/S |
2949.260 |
2651.161 |
2428.610 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports at FOB value |
1033.560 |
700.690 |
632.935 |
|
|
|
Recovery of packing and forwarding charges |
5.580 |
3.770 |
4.475 |
|
|
|
Service charges |
18.400 |
18.800 |
4.792 |
|
|
|
Technical services |
13.310 |
11.470 |
6.558 |
|
|
|
Commission |
35.100 |
35.590 |
61.606 |
|
|
|
Others |
0.000 |
13.050 |
1.576 |
|
|
TOTAL EARNINGS |
1105.950 |
783.370 |
711.942 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw materials and components |
152.540 |
201.650 |
198.898 |
|
|
|
Stores, spares and tools |
6.910 |
5.420 |
0.489 |
|
|
|
Capital Goods |
92.150 |
44.140 |
66.366 |
|
|
|
Items imported for resale |
93.750 |
89.790 |
31.254 |
|
|
TOTAL IMPORTS |
345.350 |
341.000 |
297.007 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
16.67 |
12.35 |
14.82 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
PAT / Total Income |
(%) |
7.83
|
5.62 |
8.22 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.17
|
8.31 |
12.20 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.00
|
9.01 |
12.65 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.16 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.04
|
0.16 |
0.04 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.80
|
1.66 |
1.90 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT
|
Particulars |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Current maturities of finance lease obligations |
0.020 |
0.170 |
NA |
|
|
|
|
|
|
Sr. No. |
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 |
Yes |
|
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 LOANS
|
Unsecured Loans |
31.12.2012 |
31.12.2011 |
|
|
(Rs. In Millions) |
|
|
LONG-TERM
BORROWINGS |
|
|
|
Long-term maturities of finance lease obligations |
0.000 |
0.030 |
|
SHORT-TERM
BORROWINGS |
|
|
|
Book overdraft |
16.800 |
0.000 |
|
Total |
16.800 |
0.030 |
COMPANY OVERVIEW
PRODUCTS:
The Company is
engaged in the business of manufacture of different types of power driven pumps
and industrial valves. Castings are mainly produced for captive consumption.
OPERATIONS:
The Company has factories
at the following places:-
A) Irrigation and
Process Pumps Division (I.P.D.) at Pimpri Manufacturing of submersible pumps,
vertical and horizontal pumps, series and non-series pumps, Multistage pumps,
chemical process pumps, non-clog pumps and water pumps.
B) Power Projects
Division (P.P.D.) at Chinchwad Manufacturing of primary heat transfer pumps,
moderator pumps, main boiler feed pumps and multistage condense extraction
pumps, re-heater drain pumps and auxiliary boiler feed pumps.
C) Foundry Division
at Vambhori Manufacturing of steel and iron castings including for captive
consumption.
D) Coimbatore Unit
Manufacturing of valves (Globe, Gate, Check, Butterfly and Ball valves).
E) Nasik Unit
(Sinnar)
Established in 1995, this unit is engaged in the manufacture of high pressure and submersible pumps.
GENERAL REVIEW
WORKING:
During the year, the Company has earned higher profit before tax
compared to the previous year even though there has been decrease in the sales.
The overall economic slowdown and delay in project execution continued in 2012.
Hence situation of heavy pressure on margin continued in the year. The Company
has taken various cost reduction and efficiency improvement measures during the
year which resulted in increased profitability despite of reduction in sale.
Export increased by Rs.333.000 Millions. From Rs.701.000 Millions last
year to Rs.1034.000 Millions.
The Company continues with its efforts to maintain growth even during
the economic downturn and face new challenges.
UNCLAIMED BONUS
SHARES:
Total 23,608 bonus shares held by 152 shareholders were unclaimed in the
year 2012, after allotment. Out of which 2,914 bonus shares were transferred to
respective 6 shareholders who had approached for such shares. Now the total
number of shares outstanding is 20,694 held by 146 shareholders.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
INTRODUCTION
The Company is engaged in the business of manufacture of power driven pumps
and industrial valves. Castings are mainly produced for captive consumption.
INDUSTRY STRUCTURE AND DEVELOPMENT
GENERAL
On the backdrop of decelerated growth in 2011, growth prospects for 2012
remained uncertain. Advanced Economies clouding the global growth lost its
momentum due to the protracted debt crisis in euro area and fiscal fragilities
dampened business and consumer confidence. Growth in emerging markets,
especially China and India, was slower beyond what was anticipated.
Contrary to expectation, Indian economy did not show signs of recovery.
Lower global demand, domestic policy uncertainties and cumulative impact of
monetary tightening lowered the growth rate below six percent. Industrial
growth remained subdued due to supply-side bottlenecks as well as no flow of
investments. The growth slowdown has been driven by sharp fall in investment
which may remain sluggish in new projects. With reduced stress on global
financial markets and revival of capital inflows, financial conditions improved
in India. However, tight liquidity conditions saw money market rates firm-up.
Deficient monsoon conditions repercussed overall food grain production
in the later part of the year. Industrial activities lost steam on account of
weak demand for consumer durables, reflecting interest rate sensitivity,
deceleration in external demand and subdued investment demand due to decline in
business confidence. Growth in service sector moderated, reflecting the
slowdown in construction. Persistent inflationary pressures began easing in the
initial period of year but remained sticky at about current level.
All in all, dampening of investment sentiments, global uncertainties,
domestic cyclical and structural factors affected all three sectors in economy
agriculture, industry and service. Alongside, reviving growth in a
non-inflationary manner also posed a big challenge for Indian Economy.
PUMPS AND VALVES INDUSTRIES
After an encouraging start, the world economy cooled again in the course
of 2012, which adversely affected the confidence of many investors in sound
economic development. The mechanical engineering sector continued to grow in
2012 but much more slowly.
For Pumps and Valves manufacturers, the project business in energy
sector continued to be characterised by low number of new orders and tight
margins. Demand from chemical and petrochemical industries remained subdued as
well as with no major grass root project started during the year.
OUTLOOK
Despite only moderate growth in the global economy, we expect order
intake and sales revenue to grow once again in 2013. The implementation of
strategic project would contribute significantly to this. Expansion of the
standard business and the continued development of the service and aftermarket
business will be important priorities.
Infrastructural developments in BRIC countries, urbanization in Asia
Pacific countries resulted in more demand on power and fuel that would
considerably contribute for growth in Pump and Valves industry.
For the current year, KSB expects the market for pumps, valves and
services to grow moderately. Company is taking effective steps to improve
earnings before income tax in current year.
Program of production harmonization at various manufacturing locations
is progressing satisfactorily. The Company continues its focus on innovation to
meet the ever changing requirements of the customer.
UNAUDITED FINANCIAL RESULTS
FOR THE HALF YEAR ENDED ON 30.06.2013
[Rs.
in Millions]
|
Particulars |
3 months ended on 30.06.2013 |
Preceding 3 months ended on 31.03.2013 |
Year to date figures for the previous period
ended 30.06.2013 |
|
|
[Unaudited] |
[Unaudited] |
[Unaudited] |
|
Income from Operations |
|
|
|
|
Net Sales/Income from Operations |
1941.000 |
1628.700 |
3569.700 |
|
Other Operating Income |
11.200 |
9.200 |
20.400 |
|
Total Income from
operations (net) |
1952.200 |
1637.900 |
3590.100 |
|
|
|
|
|
|
Expenses |
|
|
|
|
(a) Cost of material consumed |
850.900 |
918.800 |
1769.700 |
|
(b) Purchase of stock in trade |
3.100 |
17.100 |
20.200 |
|
(c) Changes in inventories of finished goods, work in
progress and stock in trade |
119.300 |
(213.500) |
(94.200) |
|
(d) Employee benefit expenses |
283.900 |
282.600 |
566.500 |
|
(e) Depreciation and amortization expenses |
65.800 |
62.000 |
127.800 |
|
(f) Other Expenses |
425.700 |
415.700 |
841.400 |
|
Total Expenses |
1748.700 |
1482.700 |
3231.400 |
|
Profit from Operations
before Other Income, Finance costs and Exceptional item |
203.500 |
155.200 |
358.700 |
|
Other Income |
38.000 |
64.900 |
102.900 |
|
Profit/ Loss from
Ordinary Activities before Finance costs and Exceptional item |
241.500 |
220.100 |
461.600 |
|
Finance costs |
10.300 |
6.800 |
17.100 |
|
Profit/ Loss from
Ordinary Activities after Finance costs but Exceptional item |
231.200 |
213.300 |
444.500 |
|
Exceptional
item |
-- |
-- |
-- |
|
Profit/ Loss from Ordinary Activities
before tax |
231.200 |
213.300 |
444.500 |
|
Tax Expenses |
76.600 |
57.200 |
133.800 |
|
Net Profit/ Loss from Ordinary Activities
after tax |
154.600 |
156.100 |
310.700 |
|
Extraordinary
Items |
-- |
-- |
-- |
|
Net Profit for the period |
154.600 |
156.100 |
310.700 |
|
Paid- up Equity
Share Capital (Face value
of the share – Rs. 10) |
348.100 |
348.100 |
348.100 |
|
Reserves
excluding revaluation reserves as per balance sheet of Previous Accounting
Year |
|
|
|
|
Earnings per
share |
|
|
|
|
Basic and Diluted before extraordinary
items |
4.44 |
4.48 |
8.93 |
|
Basic and Diluted after extraordinary items |
4.44 |
4.48 |
8.93 |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. Public
shareholding |
|
|
|
|
Number of
Shares |
11556586 |
11556586 |
11556586 |
|
Percentage of Shareholding |
33.20 |
33.20 |
33.20 |
|
2. 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) |
Nil |
Nil |
Nil |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
Non - encumbered |
|
|
|
|
- Number of
Shares |
23251258 |
23251258 |
23251258 |
|
- Percentage
of Shares (as a % of
the total shareholding of promoter and promoter
group) |
100.00 |
100.00 |
100.00 |
|
- Percentage
of Shares (as a % of
the total share capital of the company) |
66.80 |
66.80 |
66.80 |
|
|
Particulars |
3 months ended on 30.06.2013 |
|
B |
Investor
complaints (Nos.) |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
14 |
|
|
Disposed of during the quarter |
14 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
Notes:
1.
The results have been approved by the Board of
Directors at its meeting held on 05th August, 2013.
2.
Segment information is annexed.
3.
A statement of assets and liabilities as at 30th
June, 2012 (unaudited) is enclosed.
4.
Figures for previous quarter/ year have been
regrouped/ restated, wherever necessary.
[Rs.
in Millions]
|
Particulars |
3 months ended on 30.06.2013 |
Preceding 3 months ended on 31.03.2013 |
Year to date figures for the previous period
ended 30.06.2013 |
|
|
[Unaudited] |
[Unaudited] |
[Unaudited] |
|
1. Segment Revenue |
|
|
|
|
a. Pumps |
1558.400 |
1363.500 |
2921.900 |
|
b. Valves |
381.700 |
263.900 |
645.600 |
|
c. Others |
114.700 |
98.600 |
213.300 |
|
Total |
2054.800 |
1726.000 |
3780.800 |
|
Less: Inter – segment revenue |
113.800 |
97.300 |
211.100 |
|
Total income from operations (net) |
1941.000 |
1628.700 |
3569.700 |
|
|
|
|
|
|
2. Segment Results |
|
|
|
|
Profit/ (loss) before tax and interest |
|
|
|
|
a. Pumps |
199.400 |
175.500 |
374.900 |
|
b. Valves |
27.200 |
0.500 |
27.700 |
|
c. Others |
(2.400) |
(3.600) |
(6.000) |
|
Total |
224.200 |
172.400 |
396.600 |
|
Less: Finance Costs |
10.300 |
6.800 |
17.100 |
|
Other un-allocable expenditure net off
un-allocable other operating income |
17.300 |
47.700 |
65.000 |
|
Total Profit Before Tax |
231.200 |
213.300 |
444.500 |
|
|
|
|
|
|
3. Capital Employed |
|
|
|
|
(Segment Assets – Segment Liabilities) |
|
|
|
|
a. Pumps |
1895.900 |
2006.700 |
1895.900 |
|
b. Valves |
992.000 |
943.300 |
992.000 |
|
c. Others |
692.500 |
702.100 |
692.500 |
|
Total |
3580.400 |
3652.100 |
3580.400 |
CONTINGENT
LIABILITIES:
|
Particulars |
31.12.2012 |
31.12.2011 |
|
|
(Rs. in Millions) |
|
|
(a) Claims against the Company not acknowledged as debts |
7.440 |
5.970 |
|
(b) Taxation matters in dispute pending at various stages of appeal |
50.610 |
63.820 |
|
(c) Bills Discounted / Cheques purchased with banks |
26.790 |
25.550 |
|
(d) Excise matters |
70.830 |
58.200 |
|
(e) Guarantees given by the bankers on behalf of the Company |
970.700 |
922.360 |
FIXED ASSETS:
Tangible Assets
· Land
Buildings
Plant
and Equipment
Furniture
and Fixtures
Vehicles
Office
equipment
Development
of Property
Intangible Assets
· Computer software
Copyrights,
patents and other intellectual property rights, services and operating rights
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 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. 63.46 |
|
|
1 |
Rs. 99.42 |
|
Euro |
1 |
Rs. 85.12 |
INFORMATION DETAILS
|
Information Gathered
by : |
PLK |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
--- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
64 |
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.