MIRA
INFORM REPORT
|
Report Date : |
11.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
ELGI EQUIPMENTS LIMITED |
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|
|
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Registered
Office : |
ELGI
Industrial Complex III, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
14.03.1960 |
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Com. Reg. No.: |
18-000351 |
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Capital
Investment / Paid-up Capital : |
Rs.158.450 Millions |
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CIN No.: [Company Identification
No.] |
L29120TZ1960PLC000351 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
CMBE03062D |
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PAN No.: [Permanent Account No.] |
AAACE4784E |
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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 reciprocating and screw compressors in the lower horsepower range. |
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No. of Employees
: |
2057 (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 |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of “ELGI GROUP” It is a well-established company having fine track record. Financial
positions of the company appears to be sound. Trade relations are fair. Business is active. Payments are reported to
be regular and as per commitment. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International Finance
Corporation expects to come out with its rupee linked bonds issue before the
end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs
41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched
in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces
a 119 year old registration. The Securities and Exchange Board of India has
approved the trading of currency futures on the Bombay Stock Exchange. The
exchange plans to launch the currency futures platform with advanced trading
technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term=AA |
|
Rating Explanation |
High degree of safety. It carry very low
credit risk. |
|
Date |
17.01.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term=A1+ |
|
Rating Explanation |
Highest degree of safety. It carry lowest
credit risk. |
|
Date |
17.01.2013 |
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.
LOCATIONS
|
Registered
Office : |
ELGI Industrial
Complex III, |
|
Tel. No.: |
91-422-2589555 / 2574691 to 2574695 |
|
Fax No.: |
91-422-2573697 / 2576849 |
|
E-Mail : |
|
|
Website : |
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Factory 1 : |
Elgi Industrial Complex, |
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Tel. No.: |
91-422-2589555 |
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Fax No.: |
91-422-2573697 |
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Factory 2 : |
Private Industrial Estate, Kurichy, |
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Tel. No.: |
91- 422- 2672201-3/ 2675325/ 2675326/ 2674462 |
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Fax No.: |
91- 422 -2675446 |
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E-Mail : |
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Factory 3: |
Elgi Equipments (ZheJiang) Limited, No 3 Building, No.22 Huayun Road, JiaXing
Economic Development Zone, JiaXing, ZheJiang- 314001, P.R. China |
|
Tel. No.: |
86-21-33581191 |
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Fax No.: |
86-21-33581190 |
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E-Mail : |
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Customer
Service Division |
Located At : ·
· Tiruchengode · Ahmedabad |
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|
Branches : |
Located at : ·
Ahmedabad ·
·
·
·
Chennai ·
·
Jaipur ·
·
Kolkatta ·
·
Mumbai ·
·
Pune ·
Tiruchengode ·
·
|
|
|
|
|
Global |
Elgi Equipments Limited ,Global Support Centre, No. 2/66 & 2/67 A,
Avinashi Main Road, Chinniyampalaym, Coimbatore-641 062. |
|
Tel. No.: |
91-422-2625868/2625869 |
|
Fax No.: |
91-422-2625985 |
|
E-Mail : |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Dr. Jairam Varadaraj |
|
Designation : |
Managing Director |
|
Age : |
51 Years |
|
Qualification : |
B. Com., M.B.A., Ph.D.( |
|
Experience : |
21 Years |
|
Date Of Appointment : |
29.05.1992 |
|
|
|
|
Name : |
Dr. T. Balaji Naidu |
|
Designation : |
Director |
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|
|
|
Name : |
Dr. Ganesh Devaraj |
|
Designation : |
Director |
|
Qualification
: |
B.E. (Electronic and
Comm.), M.S (Electrical Engg.), Ph. D ( |
|
Experience : |
13 years as
Industrialist |
|
Directorship held : |
Soliton
Technologies Private Limited, |
|
|
|
|
Name : |
Mr. N. Mohan Nambiar |
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Designation : |
Director |
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|
Name : |
Mr. M. Ramprasad |
|
Designation : |
Director |
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|
|
Name : |
Mr. Sudarsan Varadaraj |
|
Designation : |
Director |
|
Qualification
: |
B.E. (Hons), M.S
(Mechanical Engg.) |
|
Experience : |
23 years as
Industrialist |
|
|
|
|
Name : |
Mr. B. Vijayakumar |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. S. Sriram |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. S. Raveendar |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
Individuals / Hindu Undivided Family |
17692114 |
11.17 |
|
|
31602386 |
19.94 |
|
|
1072720 |
0.68 |
|
|
1072720 |
0.68 |
|
|
50367220 |
31.79 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
50367220 |
31.79 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
16419680 |
10.36 |
|
|
133130 |
0.08 |
|
|
20533952 |
12.96 |
|
|
0 |
0.00 |
|
|
37086762 |
23.41 |
|
|
|
|
|
|
17086007 |
10.78 |
|
|
|
|
|
|
23118524 |
14.59 |
|
|
29143474 |
18.39 |
|
|
1652521 |
1.04 |
|
|
17353 |
0.01 |
|
|
3905 |
0.00 |
|
|
542242 |
0.34 |
|
|
613606 |
0.39 |
|
|
294015 |
0.19 |
|
|
181400 |
0.11 |
|
|
71000526 |
44.81 |
|
Total Public shareholding (B) |
108087288 |
68.21 |
|
Total (A)+(B) |
158454508 |
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) |
158454508 |
0.00 |
(1) Indian
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of reciprocating and screw compressors in the lower horsepower range. |
||||||
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|
||||||
|
Products : |
·
Rotary
Screw Air Compressors ·
Reciprocating
Air Compressors ·
ELGI New
Generation Compressors |
PRODUCTION STATUS
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
Air Compressors |
Nos. |
32500 |
24408 |
|
Others |
Nos. |
100125 |
64 |
GENERAL INFORMATION
|
No. of Employees : |
2057 (Approximately) |
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Bankers : |
·
Central Bank of India, Coimbatore, Tamilnadu, India ·
State Bank of India, Coimbatore, Tamilnadu, India ·
The Hongkong and Shanghai Banking Corporation Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
STATUTORY AUDITORS RJC Associates Chartered Accountant COST AUDITOR Dr. G L. Sankaran Cost Accountant |
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|
Holding Company : |
·
Elgi Equipments Limited |
|
|
|
|
Subsidiaries
including step down subsidiaries : |
·
Adisons Precision Instruments Manufacturing
Company Limited ·
ATS Elgi Limited ·
Elgi-Gulf (FZE) ·
Elgi Equipments (Zhejiang) Limited (China) ·
Elgi Compressors Trading (Shanghai) Company
Limited (China) ·
SAS Belair (France) ·
Elgi Compressores DO BRASIL IMP. E.EXP. Ltda ·
Elgi Australia Pty Limited ·
Elgi Compressors Italy S.r.l. ·
Elgi Compressors USA Inc ·
Rotair Spa (Italy) ·
Pattonʼs Inc (USA) ·
Pattonʼs Medical LLC. (USA) |
|
|
|
|
Joint Venture : |
·
Elgi Sauer Compressors Limited |
|
|
|
|
Other Companies
/ Firms in which Directors are interested : |
·
Elgi Ultra Industries Limited ·
Elgi Rubber Company Limited ·
L.G. Balakrishnan and Bros Limited ·
Ellargi and Company ·
LGB Forge Limited |
|
|
|
|
Firms in which
the Company is a partner : |
·
Elgi Services ·
L.G. Balakrishnan and Bros. |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300000000 |
Equity Shares |
Rs.1/- each |
Rs.300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
158454508 |
Equity Shares |
Rs.1/- each |
Rs.158.450 Millions |
|
|
|
|
|
Terms / Rights attached to Equity Shares
The
Company has one class of equity shares having a par value of Rs.1/- per share.
Each shareholder is eligible for one vote per share held. The dividend proposed
by the Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting, except in case of interim dividend. In the
event of liquidation, the equity shareholders are eligible to receive the
remaining assets of the Company after distribution of all preferential amounts,
in proportion to their shareholding. During the year ended March 31, 2013, the
amount of per share dividend recognized as distributions to equity shareholders
was Rs.1/- (March 31, 2012: Rs.1/-).
Reconciliation of
the shares at the beginning and at the end of the reporting period
|
Equity Shares |
Number
of Shares |
|
Number of equity shares at the beginning of the year |
158454508 |
|
Number of equity shares at the beginning of the year |
158454508 |
Number
of shares held by shareholders holding more than 5% of total shares
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Dark Horse Portfolio
Investment Limited |
22636730 |
14.29 |
|
Dr. Jairam Varadaraj |
12324928 |
7.78 |
|
Gagandeep Credit Capital
Pvt. Limited |
8152575 |
5.15 |
ESPS / Bonus issue
during the last 5 years
|
Particulars |
Number
of Shares |
Financial Year |
|
Employees Stock Purchase
Scheme |
583600 |
2010-11 |
|
Bonus Shares |
78935454 |
2010-11 |
There was no forfeiture of shares during the year ended 31/03/2013.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
158.450 |
158.450 |
158.450 |
|
(b) Reserves & Surplus |
4204.740 |
3677.480 |
3101.410 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
4363.190 |
3835.930 |
3259.860 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
48.240 |
44.060 |
32.970 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
48.240 |
44.060 |
32.970 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
198.340 |
0.000 |
0.000 |
|
(b) Trade payables |
1092.940 |
981.890 |
773.110 |
|
(c) Other current
liabilities |
225.060 |
209.640 |
227.080 |
|
(d) Short-term provisions |
581.610 |
274.300 |
884.290 |
|
Total Current Liabilities (4) |
2097.950 |
1465.830 |
1884.480 |
|
|
|
|
|
|
TOTAL |
6509.380 |
5645.820 |
5177.310 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
935.560 |
907.170 |
698.350 |
|
(ii) Intangible Assets |
3.310 |
6.440 |
8.000 |
|
(iii) Capital
work-in-progress |
749.230 |
73.800 |
34.090 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
850.920 |
650.790 |
473.950 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
244.690 |
71.910 |
80.070 |
|
(e) Other Non-current assets |
1.610 |
2.610 |
1.730 |
|
Total Non-Current Assets |
2785.320 |
1712.720 |
1296.190 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
993.010 |
926.860 |
875.050 |
|
(c) Trade receivables |
1494.950 |
1192.560 |
872.620 |
|
(d) Cash and cash
equivalents |
236.390 |
1093.930 |
1176.830 |
|
(e) Short-term loans and
advances |
995.530 |
698.350 |
466.070 |
|
(f) Other current assets |
4.180 |
21.400 |
490.550 |
|
Total Current Assets |
3724.060 |
3933.100 |
3881.120 |
|
|
|
|
|
|
TOTAL |
6509.380 |
5645.820 |
5177.310 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8165.390 |
7947.810 |
7757.780 |
|
|
|
Other Income |
129.870 |
119.850 |
102.620 |
|
|
|
TOTAL (A) |
8295.260 |
8067.660 |
7860.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
3885.010 |
3913.340 |
3979.850 |
|
|
|
Purchase of Traded goods |
959.170 |
1103.220 |
676.950 |
|
|
|
Changes in inventories of finished goods, work-in-progress and Traded
goods |
15.600 |
(128.130) |
(18.480) |
|
|
|
Employee benefit expenses |
935.690 |
745.870 |
702.560 |
|
|
|
Other expenses |
1384.950 |
1257.810 |
1181.150 |
|
|
|
TOTAL (B) |
7180.420 |
6892.110 |
6522.030 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1114.840 |
1175.550 |
1338.370 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.470 |
0.000 |
0.040 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1113.370 |
1175.550 |
1338.330 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
142.700 |
118.230 |
102.690 |
|
|
|
|
|
|
|
|
|
Less |
EXTRAORDINARY
ITEMS |
0.000 |
0.000 |
1.540 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
970.670 |
1057.320 |
1234.100 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
258.030 |
297.090 |
420.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
712.640 |
760.230 |
813.900 |
|
|
|
|
|
|
0 |
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2169.610 |
1669.640 |
1121.900 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
71.300 |
76.100 |
82.000 |
|
|
|
Dividend |
158.450 |
158.450 |
158.450 |
|
|
|
Tax on Dividend |
26.930 |
25.710 |
25.710 |
|
|
BALANCE CARRIED
TO THE B/S |
2625.570 |
2169.610 |
1669.640 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Earnings from Direct Exports |
1396.400 |
1235.150 |
1035.970 |
|
|
TOTAL EARNINGS |
1396.400 |
1235.150 |
1035.970 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
476.120 |
505.790 |
88.693 |
|
|
|
Machinery Spares |
3.300 |
1.380 |
0.000 |
|
|
|
Capital Goods |
90.600 |
181.710 |
0.000 |
|
|
|
Traded Goods |
205.290 |
211.260 |
121.908 |
|
|
TOTAL IMPORTS |
775.310 |
900.140 |
210.601 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.50 |
4.80 |
5.14 |
|
QUARTERLY RESULTS
|
Particulars |
30.06.2013 (1st Quarter) |
30.09.2013 (2nd Quarter) |
|
|
UNAUDITED |
|
|
|
|
|
|
Net sales |
2149.500 |
1860.700 |
|
Total Expenditure |
1818.400 |
1574.600 |
|
PBIDT (Excluding Other Income) |
331.200 |
286.000 |
|
Other income |
12.400 |
14.500 |
|
Operating Profit |
343.600 |
300.600 |
|
Interest |
0.800 |
2.300 |
|
Exceptional Items |
0.000 |
0.000 |
|
PBDT |
342.800 |
298.300 |
|
Depreciation |
35.900 |
45.600 |
|
Profit Before Tax |
306.900 |
252.700 |
|
Tax |
89.900 |
71.300 |
|
Profit after tax |
217.000 |
181.400 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
217.000 |
181.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
8.59
|
9.42 |
10.35 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.89
|
13.30 |
15.91 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.82
|
21.82 |
26.90 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.28 |
0.38 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.05
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.78
|
2.68 |
2.06 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter 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 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10389825 |
17/10/2013 * |
1,885,500,000.00 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
30 RAJAJI SALAI, CHENNAI - 600001, TAMIL NADU, INDIA |
B87544284 |
|
2 |
10380306 |
24/08/2012 |
142,680,000.00 |
STANDARD CHARTERED BANK |
19, RAJAJI SALAI, CHENNAI - 600001, TAMIL NADU, INDIA |
B59585737 |
|
3 |
80026380 |
08/04/2013 * |
235,000,000.00 |
CENTRAL BANK OF INDIA |
14&15 VARIETY HALL ROAD, COIMBATORE - 600001, TAMIL NADU, INDIA |
B76396431 |
|
4 |
80026384 |
08/04/2013 * |
970,000,000.00 |
THE STATE BANK OF INDIA |
COMMERCIAL BRANCH,
TRICHY ROAD, COIMBATORE - 641018, TAMIL |
B76395896 |
* Date of charge
modification
REVIEW OF OPERATIONS:
During the year, subject
recorded net sales of Rs.8165.390 million as against Rs.7947.810 million with
an increase of 3%. The details of division wise performance with other
operational details are discussed at length in the Management Discussion and
Analysis.
MANAGEMENT
DISCUSSION AND ANALYSIS:
The year was
turbulent with global economic uncertainty. Subject’s performance affirmed the
strategy of keeping an eye on the future and at the same time ring-fencing the
present. Subject’s performance in the international markets contributed
significantly to the top line and ensured overall growth.
Subject has
acquired during the year 100% stake in Rotair SPA, Italy and Pattons Inc. USA.
With these acquisitions the Company has got access to new technologies, product
lines and well entrenched distribution and service systems besides gaining a
strong foothold in markets where it is not currently present.
COMPRESSORS:
The compressor
business accounted for 83% of the total sales of subject. It accounts for 83%
of the profits of subject and 87% of the capital employed. This business
presently employs 1688 people and grew by 15%.
PERFORMANCE:
Domestic business
remained stagnant through the year, with marked growth during the end of the year.
While the overall business kept pace in line with the industrial activity in
India, the water well business picked up towards the end of the year.
After-market business grew significantly in line with the subject’s overall
strategy of service focus.
Sales of
indigenously developed line of oil free compressors launched during the
previous year gained momentum and is expected to contribute considerably in the
future. International business has grown well with significant contribution
from Middle East and Asian Countries. Subject had maintained its level of
business despite the slowdown in industrial activity across China and the
resultant price pressure. However the growth has been sustained in other South
East Asian markets. Considering the current economic conditions in other
regions, the focus is now on strengthening distribution, improving sales
productivity and getting prepared for the recovery.
The performance of
the business is tightly linked with the performance of the automotive industry.
Passenger car sales growth was on a downward trend since the start of the
financial year except for a brief respite during October, ultimately resulting
in the first decline in annual car sales in a decade. Consequently this
resulted in an overall reduction in activation of new dealerships and in turn
reduced demand for garage equipments. Despite the tough market conditions the
business grew due to increased market share in new garages, increased revenue
from other industry segments, introduction of new products and continuous
expansion and focus on after sales service. The business also expanded its
range of products and market share in the growing commercial vehicles segment.
AUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH
SEPTEMBER 2013
(Rs. In Millions)
|
Particulars |
Three Months Ended |
Six Months Ended |
|
|
|
30.09.2012 |
30.06.2012 |
30.09.2012 |
|
1.
Income form operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
1831.193 |
2138.638 |
3969.830 |
|
b) Other operating income |
29.475 |
10.894 |
40.369 |
|
Total
income from Operations(net) |
1860.668 |
2149.531 |
4010.199 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
864.130 |
1002.257 |
1866.387 |
|
b) Purchases of stock in trade |
228.075 |
261.094 |
489.169 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(3.293) |
(1.478) |
(4.771) |
|
d) Employees benefit expenses |
205.947 |
269.436 |
475.383 |
|
e) Depreciation and amortization expenses |
45.593 |
35.884 |
81.477 |
|
f) Other expenditure |
279.776 |
287.071 |
566.847 |
|
Total expenses |
1620.228 |
1854.264 |
3474.492 |
|
3. Profit from operations before other income and
financial costs |
240.440 |
295.267 |
535.707 |
|
4. Other income |
14.540 |
12.414 |
26.954 |
|
5. Profit from ordinary activities before finance costs |
254.980 |
307.681 |
562.661 |
|
6. Finance costs |
2.285 |
0.792 |
3.077 |
|
7. Net profit/(loss) from ordinary activities after
finance costs but before exceptional items |
252.695 |
306.889 |
559.584 |
|
8. Exceptional item |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
252.695 |
306.889 |
559.584 |
|
10.Tax expenses |
71.320 |
89.850 |
161.170 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
181.375 |
217.039 |
398.414 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
181.375 |
217.039 |
398.414 |
|
14.Paid-up
equity share capital (Nominal value Re. 1/- per share) |
158.455 |
158.455 |
158.455 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
16.i) Earnings per share (before extraordinary
items) of Re. 1/- each) (not annualised): |
|
|
|
|
(a) Basic and diluted |
1.14 |
1.37 |
2.51 |
|
ii) Earnings per share (after extraordinary items) |
|
|
|
|
(a) Basic and diluted |
1.14 |
1.37 |
2.51 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
108087288 |
108087100 |
108087288 |
|
- Percentage of shareholding |
68.21 |
68.21 |
68.21 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
0.000 |
0.000 |
0.000 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
0.000 |
0.000 |
0.000 |
|
Percentage of shares (as a % of total share capital of the
company) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
50367220 |
50367408 |
50367220 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
|
|
|
|
|
Percentage of shares (as a % of total share capital of the
company) |
31.79 |
31.79 |
31.79 |
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
Nil |
|
Receiving during the quarter |
8 |
|
Disposed of during the quarter |
8 |
|
Remaining unreserved at the end of the quarter |
Nil |
Notes:
·
The above results were
considered but the Audit Committee and approved by the Board of Directors at
their meeting held on 11th November 2013.
·
Previous year’s figures
have been regrouped or rearranged wherever necessary to make it comparable with
the quarter / half year ended 30.09.2013.
FIXED
ASSETS:
·
Land
·
Buildings
·
Plant and Machinery
·
Electrical Fittings and Furniture
·
Office Equipments
·
Motor Vehicle
·
Canteen Equipments
PRESS RELEASE
ELGI
EQUIPMENTS Q2 NET PROFIT UP 8% DESPITE SLUGGISH DEMAND
During the September quarter, Elgi Equipment’s net profit grew to over
Rs180.000 Millions despite 10% fall in sales
Elgi
Equipments Ltd reported an 8% growth in its second quarter net profit despite
decline in sales.
For
the quarter to end-September, the air compressors and automobile service station equipment maker, said, its net
profit increased to Rs181.000 Millions from Rs167.000 Millions while total
revenues, including sales, declined 10% to Rs.1831.000 Millions from Rs2043.000
Millions, same period last year.
The
bottom line was affected by weak domestic demand, a decline in automotive
division and fluctuations in exchange rates. “Compressor business grew by 7.8%
organically. Domestic market was stressed across all the sectors affected by
the high fluctuations in the exchange rates combined
with overall sluggish market conditions. Company’s performance
in the international market significantly contributed to sustain the top
line.
Automotive division registered a negative sales growth of 10% over the
corresponding previous half year due to sluggishness in the market. Also
workshop expansions by most car manufacturers have been deferred due to low
sales,” Elgi Equipment said in a release.
During
the quarter, the foreign institutional investors (FII)
held 12.96% of the company’s outstanding shares when compared to 11.40% in same
period last year, a 1.56 percentage point’s increase. Domestic institutional
investors (DII) also increased their stake by 6.42 percentage points at 10.44%
from 4.02% in same period last year. While, shareholdings of promoters remained
same at 31.79%. Public shareholding decreased by 7.99 percentage points to 44.81%
from 52.80% a year ago period.
Company
said, “The economic scenario remains uncertain across geographies. However,
emerging markets, having seen a sizeable slowdown in growth, indicate a
semblance of recovery. The short term growth outlook remains challenging and
modest at best.”
Elgi
Equipments closed Tuesday 2.5% down at Rs.82 on the BSE, while the 30-share
benchmark ended 1% down at 20,282.
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.61.33 |
|
|
1 |
Rs.100.79 |
|
Euro |
1 |
Rs.84.38 |
INFORMATION DETAILS
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--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.