MIRA
INFORM REPORT
|
Report Date : |
16.12.2013 |
IDENTIFICATION DETAILS
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Name : |
SHAKTI PUMPS (INDIA) LIMITED |
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Registered
Office : |
Plot No. 401, 402 and 413, Sector-III, Industrial Area, Pithampur-454774, Madhya Pradesh |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
21.04.1995 |
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Com. Reg. No.: |
10-009327 |
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Capital
Investment / Paid-up Capital : |
Rs. 152.438 Millions |
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CIN No.: [Company Identification
No.] |
L29120MP1995PLC009327 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BPLS02081C |
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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
: |
Manufacturers of Stainless Steel Submersible Pumps. |
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No. of Employees
: |
12000 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 4360000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established company having satisfactory track
record. Trade relations are reported as fair. Business is active. Payments
are reported to be usually correct and as per commitments. The company can be considered normal 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 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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 |
CARE |
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Rating |
Long term rating: “BBB” |
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Rating Explanation |
Moderate degree of safety. It carry moderate credit risk. |
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Date |
08.11.2013 |
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Rating Agency Name |
CARE |
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Rating |
Short term rating: “A3+” |
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Rating Explanation |
Moderate degree of safety. It carry moderate credit risk. |
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Date |
08.11.2013 |
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
|
Name : |
Mr. Vinod Advani |
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Designation : |
DGM Finance |
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Contact No.: |
91-7869959612 |
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Date : |
14.12.2013 |
LOCATIONS
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Registered
Office/ Factory : |
Plot No. 401, 402 and 413, Sector-III, Industrial Area, Pithampur - 454774, Madhya Pradesh, India |
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Tel. No.: |
91-7292-410500 / 410699 |
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Mobile No.: |
91-7869959612 (Mr. Vinod Advani) |
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Fax No.: |
91-7292-407044 / 400371 |
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E-Mail : |
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Website : |
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Area: |
6000 Sq.mtr |
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Location: |
leased |
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Branch Office : |
Located at · USA Dubai |
DIRECTORS
As on 31.03.2013
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Name : |
Mr. Dinesh Patidar |
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Designation : |
Managing Director |
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DIN No. : |
00549552 |
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Name : |
Mr. Sunil Patidar |
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Designation : |
Executive Director |
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DIN No. : |
02561763 |
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Name : |
Mr. Ramesh Patidar |
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Designation : |
Executive Director |
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DIN No. : |
00931437 |
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Name : |
Ms. Poonam Garg |
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Designation : |
Nominee Director |
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Name : |
Mr. Raj Kumar Jain |
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Designation : |
Independent Director |
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Date of Birth/Age : |
21.07.1965 |
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Qualification : |
M.B.A, M.C.A. |
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Date of Appointment : |
17.10.2006 |
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DIN No. : |
01092456 |
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Name : |
Mr. Shyam Sunder Raghuwanshi |
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Designation : |
Independent Director |
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Date of Birth/Age : |
21.12.1935 |
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Qualification : |
B.E. (Hons) Civil Engineering |
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Date of Appointment : |
01.09.2005 |
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DIN No. : |
02285727 |
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Name : |
Mr. Navin Sunderlal Patwa |
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Designation : |
Independent Director |
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Date of Birth/Age : |
14.08.1975 |
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Qualification : |
ACS, LL.B. |
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Date of Appointment : |
18.01.2012 |
KEY EXECUTIVES
|
Name : |
Mr. Vinod Advani |
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Designation : |
DGM Finance |
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Name : |
Mr. Manoj Maheshwari |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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6837688 |
44.86 |
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6837688 |
44.86 |
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6837688 |
44.86 |
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Total shareholding of Promoter and Promoter Group (A) |
6837688 |
44.86 |
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(B) Public Shareholding |
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|
1597993 |
10.48 |
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1597993 |
10.48 |
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3831795 |
25.14 |
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2192638 |
14.38 |
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700461 |
4.60 |
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83218 |
0.55 |
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6371 |
0.04 |
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76847 |
0.50 |
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6808112 |
44.66 |
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Total Public shareholding (B) |
8406105 |
55.14 |
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Total (A)+(B) |
15243793 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
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0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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Total (A)+(B)+(C) |
15243793 |
100.00 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturers of Stainless Steel Submersible Pumps. |
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Products : |
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Exports : |
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Products : |
Submersible Pumps and Motors |
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Countries : |
· USA Dubai Saudi Arabia |
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Imports : |
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Products : |
Sheets and Carbon |
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Countries : |
· Finland Brazil Italy France |
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Terms : |
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Selling : |
L/C, Credit (30 Days and 60 Days) and Advance |
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Purchasing : |
L/C and Credit (30 Days and 60 Days) |
GENERAL INFORMATION
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Suppliers : |
Auto Kuipu, Finland |
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Customers : |
Dealer and Distributor · Andarg Agrico, South Africa |
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No. of Employees : |
12000 (Approximately) |
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Bankers : |
· State Bank of India, Pithampur Branch, Madhya Pradesh, India Standard Chartered Bank Axis Bank Limited, Pithampur Branch, Madhya Pradesh, India |
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Facilities : |
Fund and Non Fund: Rs. 500.000 Millions
NOTE LONG TERM
BORROWINGS Borrowings from
banks are secured by way of : a. First Pari-passu charge by way of hypothication of the Company’s stock comprising of raw materials, stoch in process, finished goods, consumable stores and spares and receivables and other current assets situated at Sector-A, Pithampur Industrial Area and Plot No.F-14 and F-15, SEZ , Phase-I, Sector III, Pithampur and Machinaries installed at Plot No. 401, 402 and 413 and Plot No.400 and 412A, Sector III Industrial Area , Pithampur , District -Dhar. b. First Pari-passu charge by way of Equitable Mortgage of the Company’s Land and Building situate at sector-A, Pithampur Industrial Area and Plot No.F-14 and F-15, SEZ , Phase-I, Sector III, Pithampur and Machinaries installed at Plot No. 401, 402 and 413, and Plot No.400 and 412A, Sector III Industrial Area , Pithampur , District -Dhar. c. Personal Gurantee of Directors External Commercial
borrowings secured by way of : a. Second Pari-passu charge by way of Equitable Mortgage of the Company’s Land and Building situate at Sector- I, Pithampur and Plot No.F-14 and F-15,SEZ, Pithampur and Plot No.401,402 and 413 and Plot.No.400 and 412 A, Industrial Area Sector III Pithampur , District -Dhar. (M.P.) b. First pari-passu charge by way of hypothication of the Company’s stock comprising of raw materials,stock in process, finished goods, consumable stores and spares and receivables and other current assets situated at Sector-A, Pithampur Industrial Area and Plot No.F-14 and F-15, SEZ , Phase-I, Sector III, Pithampur and Machinaries installed at Plot No. 401, 402 and 413 and Plot No.400 and 412A, Sector III Industrial Area , Pithampur , District -Dhar. SHORT TERM BORROWINGS Working Capital loans are secured by First Pari-Passu Charge by hypothecation of present and future stock of raw materials, stock in trade, finished goods, stores and spares, claims and book debts etc. EPC limit is secured by of hypothecation of present and future stock of raw materials,stock in tarde,finished goods, stores and spares, claims and book debts etc. Vehicle Loan are secured by way of hypothecation of
respective vehicles. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Vinay Gandhi and Associates Chartered Accountants |
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Address : |
105, Man Heritage, 6/2 South Tukoganj, Near High Court, Indore - 452001, Madhya Pradesh, India |
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Tel. No. : |
91-731-4040023 |
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Email: |
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Subsidiary
Companies: |
· Shakti Pumps USA LLC Shakti Pumps FZE , UAE |
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Enterprise over
Which Key management are able to exercise significant Influence : |
SPIL Industries Limited |
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Enterprise over Which
Relative of Key Mgt. are able to exercise significant influence : |
Vintex Tools Private Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs. 250.000 Millions |
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Issued andSubscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15423993 |
Equity Shares |
Rs.10/- each |
Rs. 154.240 Millions |
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Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15243793 |
Equity Shares |
Rs.10/- each |
Rs. 152.438 Millions |
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Note:
Reconcilation of
shares outstanding at the beginning and at the end of the year
|
Particulars |
As at March 31, 2013 |
|
Equit Shares |
|
|
At the beginning of the year |
14043793 |
|
Issued during the year* |
1200000 |
|
Outstanding at the end of the year |
15243793 |
*600000 Shares out of Issued, Subscribed & Fully Paid up share capital were allotted as Bonus Shares during the current year by capitalisation of reserves.
180200 Share out of Issued Share Capital are forfieted by the Company which has not been reissued.
The details of
shareholders holding more than 5% Shares :
|
Name of the
shareholder |
As at March 31, 2013 |
|
|
No. of Shares |
% held |
|
|
Dinesh Patidar |
3521488 |
23.10 |
|
Green India Venture Fund |
1597993 |
10.48 |
|
Sunil Patidar |
1550200 |
10.17 |
|
M.L.Securities & Finance Pvt.Ltd |
1938142 |
12.71 |
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 |
152.438 |
140.438 |
62.229 |
|
(b) Reserves & Surplus |
948.305 |
696.493 |
560.976 |
|
(c) Money
received against share warrants |
0.000 |
36.050 |
31.650 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
1100.743 |
872.981 |
654.855 |
|
|
|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
199.019 |
313.844 |
52.171 |
|
(b) Deferred tax liabilities (Net) |
45.296 |
34.599 |
28.727 |
|
(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) |
244.315 |
348.443 |
80.898 |
|
|
|
|
|
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
625.441 |
513.169 |
613.703 |
|
(b) Trade payables |
209.766 |
147.451 |
128.334 |
|
(c) Other current
liabilities |
193.881 |
125.945 |
203.342 |
|
(d) Short-term provisions |
94.410 |
82.005 |
64.671 |
|
Total Current Liabilities (4) |
1123.498 |
868.570 |
1010.050 |
|
|
|
|
|
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TOTAL |
2468.556 |
2089.994 |
1745.803 |
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|
|
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
802.699 |
524.715 |
479.988 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
65.931 |
44.245 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
5.540 |
10.717 |
5.850 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
113.951 |
114.818 |
87.360 |
|
(e) Other Non-current assets |
58.830 |
47.915 |
14.267 |
|
Total Non-Current Assets |
981.020 |
764.096 |
631.710 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
658.413 |
717.564 |
628.837 |
|
(c) Trade receivables |
641.219 |
429.031 |
389.049 |
|
(d) Cash and cash
equivalents |
43.899 |
89.289 |
26.193 |
|
(e) Short-term loans and
advances |
144.005 |
90.014 |
70.014 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
1487.536 |
1325.898 |
1114.093 |
|
|
|
|
|
|
TOTAL |
2468.556 |
2089.994 |
1745.803 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2103.354 |
1930.581 |
1349.323 |
|
|
|
Other Income |
65.638 |
10.373 |
9.114 |
|
|
|
TOTAL (A) |
2168.992 |
1940.954 |
1358.437 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
949.296 |
1011.453 |
808.577 |
|
|
|
Employee Benefits Expense |
208.001 |
147.054 |
82.815 |
|
|
|
Other Expenses |
586.174 |
509.661 |
340.283 |
|
|
|
Changes in Inventories of Finished Goods, Stock-in-Progress and Stock-in-Trade |
41.685 |
(46.750) |
(76.813) |
|
|
|
Extraordinary Items |
0.000 |
0.000 |
(53.198) |
|
|
|
TOTAL (B) |
1785.156 |
1621.418 |
1101.664 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
383.836 |
319.536 |
256.773 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
121.846 |
92.904 |
60.787 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
261.990 |
226.632 |
195.986 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
50.053 |
40.515 |
29.924 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
211.937 |
186.117 |
166.062 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
27.477 |
44.372 |
31.676 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
184.460 |
141.745 |
134.386 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
1089.666 |
796.289 |
610.245 |
|
|
TOTAL EARNINGS |
1089.666 |
796.289 |
610.245 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Material |
246.990 |
133.947 |
59.538 |
|
|
|
Capital Goods |
27.978 |
19.248 |
5.073 |
|
|
TOTAL IMPORTS |
274.968 |
153.195 |
64.611 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
12.60 |
10.35 |
20.93 |
|
Expected Sales (2013-2014) : Rs. 2500.000 Millions
The above information has been parted by Mr. Mr. Vinod Advani (DGM Finance).
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2013 |
30.09.2013 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
511.900 |
766.600 |
|
Total Expenditure |
|
417.900 |
643.100 |
|
PBIDT (Excl OI) |
|
93.900 |
123.500 |
|
Other Income |
|
0.000 |
0.000 |
|
Operating Profit |
|
93.900 |
123.500 |
|
Interest |
|
26.800 |
28.300 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
67.200 |
95.200 |
|
Depreciation |
|
15.800 |
16.600 |
|
Profit Before Tax |
|
51.400 |
78.600 |
|
Tax |
|
7.700 |
18.300 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
43.700 |
60.300 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
43.700 |
60.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
8.50
|
7.30 |
9.89 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.08
|
9.64 |
12.31 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.60
|
9.24 |
9.79 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19
|
0.21 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.75
|
0.95 |
1.02 |
|
|
|
1.32
|
1.53 |
1.10 |
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
|
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 |
Yes |
|
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
Yes |
|
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 |
No |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10372844 |
31/07/2012 |
1,324,500,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, NEAR G.P.O., A.B. ROAD, INDORE - 452001, MADHYA PRADESH, INDIA |
B56486970 |
|
2 |
10364084 |
31/05/2012 |
100,000,000.00 |
STANDARD CHARTERED BANK |
23, NARAIN MANZIL, BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA |
B43035724 |
|
3 |
10335669 |
29/07/2013 * |
200,000,000.00 |
AXIS BANK LIMITED |
MCMC, 01, KAMAL
PLACE, Y.N. ROAD, INDORE - 452001, MADHYA |
B82837618 |
|
4 |
10335726 |
04/10/2012 * |
200,000,000.00 |
STANDARD CHARTERED BANK |
NARAIN MANZIL, 23, BARAKHAMBA ROAD, DEHLI - 110001, INDIA |
B62220744 |
|
5 |
10011394 |
04/06/2013 * |
987,900,000.00 |
STATE BANK OF INDIA |
SPECIALISED MID-CORPORATE
BRANCH, MHOW NEEMUCH RO |
B77368603 |
* Date of charge modification
COMPANY’S PERFORMANCE
During the financial year 2012-13, the global economic environment was on a slow growth path. During the year, the Company has registered a turnover Rs.2103.354 Millions as compared Rs.1930.581 Millions showing an increase of 9% over the previous year turnover. The export of the Company increased from Rs.1112.561 Millions to Rs.1382.243 Millions showing an increase of 24.23% over the previous year owing to enhanced production and better product/market penetration. The Company earned profit before depreciation, interest and tax of Rs.383.836 Millions as against Rs.319.536 Millions in the previous year, showing a growth of 20%.
FUTURE OUTLOOK
Despite only moderate growth in the global economy, they except order intake and sales revenue to grow in coming years. In next three years they incline to achieve top line of Rs.6000.000 Millions with the net margin of 9-10%. They have plans to register their presence in all BRICS, G20 and European Union and in other growing countries in coming years. Shakti is also committed to increase the Branch Network to 30 and Dealer network to 100 in coming two year. They assume in coming years, govt. focus will be on energy, conservation with star rated pumps and international focus on renewable energy products like solar pumps will drive their growth. Solar pumping solutions are the next big buzz in the sector as many state govt. with MNRE are coming up with solar pumping projects. With their strong R&D capabilities they are moving towards industrial pumps, solar pumps to target institutional and Govt. business. They have also plans to set up or acquire small plants in other region of the country so they can cater across regions in coming two years. Expansion of the standard business, continued development products and after sales service will be important priorities.
Innovation and R&D is the key of long sustainability, they have plans to launch many new products like high capacity solar pumps, enhance the range of booster pumps, upgraded open well pumps, and hydro pneumatic systems and update products as per customer requirements. They are also in process to develop high quality energy conservative sewage pumps, slurry pumps, waste water pumps, hot water pumps etc.
AWARDS/RECOGNITIONS
During the year, the Company received various awards and recognitions, some of which are given below:
· Awarded “2012 EPC Outstanding Pump Company award”
Awarded
“Best SEZ Exporter” and Second Runner-up for the category “Best
Manufacturer-Exporter (Medium) –‘ECGC- D&B Indian Exporters’ Excellence
Awards 2012’ by ECGC- D&B.
Awarded
“POWER BRANDS RISING STATR-2013” at Las Vegas by Glam me awards Planman
Consulting.
MANAGEMENT DISCUSSION
AND ANALYSIS
OVERVIEW
The financial statements have been prepared in compliance with the requirements of Companies Act, 1956 and the Generally Accepted Accounting Principles (GAAP) in India. The estimates and judgments relating to the financial statements have been made on a prudent and reasonable basis, so that the financial statements reflect a true and fair picture of the Company.
INDUSTRY STRUCTURE
AND DEVELOPMENT
The Indian pump industry is estimated to be Rs.80000.000 Millions in 2012-13. It is likely to grow at 8% and expected to reach Rs.180000.000 Millions by 2017-18. The market demand is driven by infrastructure based spending, urbanisation, growth in manufacturing activity, refurbishment & upgradation and overall increase in the population, insufficient rains and falling water tables have led to demand for improvement in hydraulics and pump efficiency.
The rising cost of oil has positively influenced the demand for energy conservative pumps and pumps driven by renewable energy sources. There will be strong demand for pumps from developing countries like China and India due to industrialization and investment in water and power segments. The developed nations propose to repair and upgrade their old water infrastructure. This will lead to good replacement demand for pumps in developed countries.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Bank Guarantee Outstanding |
10.300 |
21.049 |
|
Unexpired Letter of Credit |
140.483 |
117.570 |
|
Excise Demand Under Dispute |
4.770 |
4.770 |
|
Income Tax Demand Under Dispute |
16.551 |
0.000 |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / HALF YEAR ENDED 30
SEPTEMBER, 2013
(Rs. In Million)
|
|
Particulars |
Quarter Ended |
Half Year Ended |
||
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
||
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
||
|
1 |
a. Net Sales/ Operating Income |
752.967 |
492.912 |
1245.879 |
|
|
|
Export |
752.967 |
492.912 |
1245.879 |
|
|
|
General |
541.378 |
328.790 |
870.169 |
|
|
|
b. Other Operating Income |
13.593 |
18.963 |
32.556 |
|
|
|
Total |
766.560 |
511.874 |
1278.435 |
|
|
2 |
Expenditure |
|
|
|
|
|
|
-Increase/+decrease in Stock in trade |
26.388 |
(15.347) |
11.041 |
|
|
|
Consumption of Raw Material |
325.391 |
242.746 |
568.137 |
|
|
|
Purchase of traded goods |
0.000 |
0.000 |
0.000 |
|
|
|
Employee cost |
63.333 |
53.874 |
117.207 |
|
|
|
Depreciation |
16.560 |
15.792 |
32.352 |
|
|
|
Other Expenditure |
227.971 |
136.652 |
364.624 |
|
|
|
Total |
659.643 |
433.718 |
1093.360 |
|
|
3 |
Profit from Operations before Other Income, Interest & Exceptional Items (1-2) |
106.917 |
78.157 |
185.074 |
|
|
4 |
Other Income |
0.000 |
0.000 |
0.000 |
|
|
5 |
Profit Before Interest & Exceptional Items (3+4) |
106.917 |
78.157 |
185.074 |
|
|
6 |
Interest & Other Financial Charges |
28.301 |
26.756 |
55.057 |
|
|
7 |
Profit before interest but exceptional items (5-6) |
78.616 |
51.401 |
130.017 |
|
|
8 |
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
|
9 |
Profit(+)/ Loss(-) Ordinary Activities before Tax (7+8) |
78.616 |
51.401 |
130.017 |
|
|
10 |
Tax Expense |
18.293 |
7.710 |
26.003 |
|
|
11 |
Net Profit(+)/ Loss(-) from Ordinary Activities after tax (9-10) |
60.323 |
43.691 |
104.014 |
|
|
12 |
Extraordinary item (Net of the expenses Rs.) |
-- |
-- |
-- |
|
|
13 |
Net Profit (+)/Loss (-) for the perioed (11-12) |
60.323 |
43.691 |
104.014 |
|
|
14 |
Paid up Equity Share Capital (Face Value of Rs.10/- Each) |
152437930 |
152437930 |
140437930 |
|
|
15 |
Reserves excluding Revaluation Reserves as per balance sheet of previous accounting year |
-- |
-- |
-- |
|
|
16 |
Earnings Per Share (EPS) |
|
|
|
|
|
|
(a) Basic and diluted EPS before Extraordinary items for the year to date and for the previous year (not to be annualized) |
3.96 |
2.87 |
7.41 |
|
|
|
(b) Basic and diluted EPS after Extraordinary items for the year to date and for the previous year (not to be annualized) |
3.96 |
2.87 |
5.26 |
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
1 |
Public shareholding |
|
|
|
|
|
|
a. |
Number of shares |
8406105 |
8406105 |
7206105 |
|
|
b. |
Percentage of shareholding |
55.14 |
55.14 |
51.31 |
|
2 |
Promoters and promoter group shareholding |
|
|
|
|
|
|
a. |
Pledged/Encumbered |
|
|
|
|
|
Number of shares |
5333600 |
4833600 |
4573600 |
|
|
|
|
Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
78.00 |
70.69 |
66.89 |
|
|
|
Percentage of shares (as a % of the total share capital of the Company) |
34.99 |
31.71 |
32.57 |
|
|
b. |
Non-encumbered |
|
|
|
|
|
Number of shares |
1504088 |
2004088 |
2264088 |
|
|
|
|
Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
22.00 |
29.31 |
33.11 |
|
|
|
Percentage of shares (as a % of the total share capital of the Company) |
9.87 |
13.15 |
16.12 |
|
B INVESTOR COMPLAINTS (Nos.) |
No. of Complaints |
|
|
Received |
Redressed |
|
|
Nature of
Complaints |
|
|
|
1 Non-receipts of Share Certificate after Transfer |
Nil |
Nil |
|
2 Non-receipts of Dividend Warrant |
Nil |
Nil |
|
3 Non-receipts of Annual Report |
Nil |
Nil |
|
4 Grivance Received through SCORES-Non receipts of Annual report |
Nil |
Nil |
|
5 Grivance Received through SCORES-Non receipts of Dividend |
Nil |
Nil |
|
6 Grivance Received through SCORES-Non receipts of Share Certificate after Transfer |
Nil |
Nil |
STANDALONE STATEMENT OF ASSETS AND LIABILITIES AS AT 30.09.2013
(Rs. In Millions)
|
Particular |
30.09.2013 |
|
EQUITY AND
LIABILITIES |
|
|
Shareholders’
funds |
|
|
(a) Share capital |
152.438 |
|
(b) Reserves and surplus |
1052.318 |
|
Sub-total
- Shareholders' funds |
1204.756 |
|
|
|
|
Non-current
liabilities |
|
|
(a) Long-term borrowings |
221.262 |
|
(b) Deferred Tax Liabilities (Net) |
45.296 |
|
Sub-total
- Non-current liabilities |
266.558 |
|
|
|
|
Current
liabilities |
|
|
(a)Long-term borrowings |
610.826 |
|
(b) Trade payables |
253.014 |
|
(c) Other current liabilities |
143.981 |
|
(d) Short-term provision |
56.665 |
|
Sub-total - Current
liabilities |
1064.486 |
|
TOTAL - EQUITY AND
LIABILITIES |
2535.801 |
|
|
|
|
ASSETS |
|
|
Non-current
assets |
|
|
(a) Fixed assets |
|
|
(i) Tangible Assets |
819.313 |
|
(b) Non-current investments |
5.540 |
|
(c) Long-term loans and advances |
127.534 |
|
(d) Other non-current assets |
60.461 |
|
Sub-total
- Non-current assets Current assets |
1012.848 |
|
Current assets |
|
|
(a) Inventories |
612.926 |
|
(b) Trade receivables |
761.108 |
|
(c) Cash and cash equivalents |
45.647 |
|
(d) Short-term loans and advances |
103.271 |
|
Sub-total
- Current assets |
1522.952 |
|
TOTAL
- ASSETS |
2535.801 |
NOTE
The audit committee reviewed the above results. The board of directors at its meeting held on October 30, 2013 approved the above results and its release. The statutory auditors of the company have carried out a Limited Review of the results for the quarter ended September 30, 2013.
The company has only one segment namely submersible pumps hence the disclosure requirements of AS-17 “Segment Reporting” issued by the institute of Chartered Accountants of is no applicable.
The figures for the previous periods have been restated/ regrouped wherever necessary, to make them comparable.
FIXED ASSETS
· Computers
Equipments
Office
Buildings
Factory
Buildings
Furniture
Land
Plant
and Machinery
Tools
Vehicles
PRESS RELEASE
SHAKTI PUMPS ENTERS INTO AGREEMENT WITH PERFECT RELATION
Dec 02, 2013
Shakti Pumps India Limited has informed BSE that the Company has entered into an agreement with Perfect Relation Private Limited, for providing media and public relations services, organizing media related events like- press conferences, meets etc. for a period of one year.
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.62.13 |
|
|
1 |
Rs.101.53 |
|
Euro |
1 |
Rs.85.41 |
INFORMATION DETAILS
|
Information Gathered
by : |
HNA |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.