MIRA
INFORM REPORT
|
Report Date : |
18.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
BAJAJ ELECTRICALS LIMITED |
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Registered
Office : |
45-47, Veer Nariman Road, Mumbai – 400023, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
14.07.1938 |
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Com. Reg. No.: |
11-009887 |
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Capital
Investment / Paid-up Capital : |
Rs. 199.511 millions |
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CIN No.: [Company Identification
No.] |
L31500MH1938PLC009887 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB01798G /
PNEB03717A / PNEB03465A / PNEB02841G |
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PAN No.: [Permanent Account No.] |
AAACB2484Q /
AAACB2484R |
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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 and
Exporter of Lighting Appliances and Fans. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
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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 29000000 |
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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 part of Bajaj Group. It is an old and established company having fine track record. There appears drastic dip in profit of the company in 2013. However,
liquidity position of the company appears to be strong. Performance
capability is high. Trade relations are reported to be fair. Business is active. Payment
terms are reported to be regular and as per commitment. The company can be considered good for business dealing 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
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 |
ICRA |
|
Rating |
Term Loans = A+ |
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Rating Explanation |
Adequate credit quality and average credit risk |
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Date |
October, 2013 |
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Rating Agency Name |
ICRA |
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` |
Non Fund Based Limits = A1+ |
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Rating Explanation |
Very strong degree of safety and lowest credit risk. |
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Date |
October, 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 DECLINED
Management Non Cooperative (91-22-22043841)
LOCATIONS
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Registered Office / Corporate Office
: |
45 – 47, |
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Tel. No.: |
91-22-22823090 /
22043841 / 22045046 / 23765003 |
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Fax No.: |
91-22-22828250 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Head Office : |
51, |
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Tel. No.: |
91-22-22043780 /
22875135 / 22043733 |
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Fax No.: |
91-22-22828250 |
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Factory 1 : |
Chakan
Unit Mahalunge, |
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Factory 2 : |
Wind
farm Village
Vankusawade, Taluka Patan, District Satara - 415 206, |
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Factory 3 : |
Ranjangaon
Unit Village
Dhoksanghvi, Taluka Shirur, Ranjangaon, District Pune - 412 210, |
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Factory 4 : |
Kosi Unit 109 KM Stone, NH 2, Dautana, Chhata – 281 403,
District-Mathura, Uttar Pradesh, India
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Depots : |
Located at: · Coimbatore · Dehradun · Goa · Kundli · Parwanoo · Ranchi · Zirakhpur |
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Showroom : |
‘World of Bajaj Electricals’
Bajaj Bhavan, Nariman Point, Mumbai – 400 021, |
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Tel. No.: |
91-22-20236626 |
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Central Warehouse : |
Located at: · Banur · Chennai · Daman · Mumbai |
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Branches : |
Located at: · Ahmedabad · Bangalore · Bhubaneshwar · Chandigarh · Chennai · Cochin · Delhi · Guwahati · Hyderabad · Indore · Jaipur · Kolkata · kundil · Lucknow · Mumbai · Nagpur · Noida · Patna · Pune · Raipur |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Shekhar Bajaj |
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Designation : |
Chairman and Managing
Director |
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Qualification : |
B.Sc. (Hons.),
M.B.A. |
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Date of Appointment : |
01.04.1980 |
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Name : |
Mr. Harsh Vardhan
Goenka |
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Designation : |
Director |
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Name : |
Mr. Ashok Jalan |
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Designation : |
Director |
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Date of Birth/Age : |
26.08.1943 |
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Qualification : |
B A (Hons) from Kolkata University |
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Experience : |
69 years |
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Date of Appointment : |
18.01.1989 |
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Name : |
Mr. Ajit
Gulabchand |
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Designation : |
Director |
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Name : |
Mr. V. B. Haribhakti |
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Designation : |
Director |
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Name : |
Mr. Madhur Bajaj |
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Designation : |
Director |
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Qualification : |
B.com, MBA |
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Name : |
Mr. Anant Bajaj |
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Designation : |
Joint Managing Director (wef.1.4.2012) |
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Name : |
Dr.(Mrs.) Indu
Shahani |
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Designation : |
Director |
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Date of Birth/Age : |
60 years |
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Qualification : |
Ph.D in Commerce |
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Name : |
Dr. R P Singh |
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Designation : |
Director |
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Date of Birth/Age : |
17.07.1948 |
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Qualification : |
Post Graduate in Mechanical Engineering from BHU, |
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Experience : |
64 years |
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Date of Appointment : |
28.05.2009 |
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Name : |
Mr. L. K. Mehta |
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Designation : |
Executive
Director (Not on Board) |
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Name : |
Mr. P. S. Tandon |
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Designation : |
Executive
Director (Not on Board) |
KEY EXECUTIVES
|
Name : |
Mr. Mangesh Patil |
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Designation : |
Company Secretary |
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Name : |
Mr. A. S. Radhakrishna |
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Designation : |
Executive Vice President and Head – Fans BU |
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Name : |
Mr. C. G. S.Mani |
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Designation : |
Executive Vice President and Head -Lighting BU |
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Name : |
Mr. Atul Sharma |
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Designation : |
Vice President - Human Resources and Administration |
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Name : |
Mr. Prataprao S. Gharge |
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Designation : |
Vice President and CIO |
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Name : |
Mr. Rakesh Ashok Markhedkar |
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Designation : |
President – Engineering and Projects BU |
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Name : |
Mr. R. Sundararajan |
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Designation : |
President – Luminaires BU |
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Name : |
Mr. Vivek Sharma |
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Designation : |
President – Morphy Richards BU |
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Name : |
Mr. Aloke Kumar Dube |
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Designation : |
Executive Vice President – Special Projects |
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Name : |
Mr. Siddhartha Kanodia |
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Designation : |
Executive Vice President – Corporate Services |
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Name : |
Mr. Sandeep Sharma |
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Designation : |
Executive Vice President – Export and Import |
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Name : |
Mr. Atul Pathak |
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Designation : |
Vice President – Branch Sales Support |
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Name : |
Mr. Anant Purandare |
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Designation : |
Vice President and CFO |
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Name : |
Mr. B.M. Mane |
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Designation : |
General Manager (Works) |
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Name : |
Mr. Jayant K.Deshmukh, |
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Designation : |
Vice President – Operations, RU |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Category of
Shareholder |
Total No. of
Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
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|
22036778 |
22.09 |
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|
44043607 |
44.15 |
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|
66080385 |
66.24 |
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Total shareholding of Promoter and Promoter Group (A) |
66080385 |
66.24 |
|
(B) Public Shareholding |
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|
4975098 |
4.99 |
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|
386383 |
0.39 |
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|
12130261 |
12.16 |
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|
17491742 |
17.53 |
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|
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|
4274434 |
4.28 |
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|
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|
9277957 |
9.30 |
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|
2151195 |
2.16 |
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|
479618 |
0.48 |
|
|
24529 |
0.02 |
|
|
450058 |
0.45 |
|
|
5031 |
0.01 |
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|
16183204 |
16.22 |
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Total Public shareholding (B) |
33674946 |
33.76 |
|
Total (A)+(B) |
99755331 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
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|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
99755331 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
Sl.No. |
Name of the Shareholder |
Details of Shares
held |
|
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
|
No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
|
|
1 |
Anant Bajaj |
42,11,823 |
4.22 |
4.22 |
|
2 |
Bajaj Auto Limited Employees Welfare Fund No 2 |
9,61,900 |
0.96 |
0.96 |
|
3 |
Bajaj Auto Limited Employees Welfare Fund No 1 |
5,00,000 |
0.50 |
0.50 |
|
4 |
Bajaj Auto Limited Employees Welfare Fund No 6 |
1,60,000 |
0.16 |
0.16 |
|
5 |
Bajaj Auto Limited Employees Welfare Fund No 5 |
1,60,000 |
0.16 |
0.16 |
|
6 |
Bajaj Auto Limited Employees Welfare Fund No 3 |
80,000 |
0.08 |
0.08 |
|
7 |
Deepa Bajaj |
1,000 |
0.00 |
0.00 |
|
8 |
Geetika Shekhar Bajaj |
8,346 |
0.01 |
0.01 |
|
9 |
Kiran Bajaj |
14,92,219 |
1.50 |
1.50 |
|
10 |
Kiran Bajaj |
12,10,000 |
1.21 |
1.21 |
|
11 |
Kumud Bajaj |
2,53,200 |
0.25 |
0.25 |
|
12 |
Madhur Bajaj |
16,52,835 |
1.66 |
1.66 |
|
13 |
Madhur Bajaj |
52,500 |
0.05 |
0.05 |
|
14 |
Madhur Bajaj |
52,500 |
0.05 |
0.05 |
|
15 |
Minal Bajaj |
3,67,200 |
0.37 |
0.37 |
|
16 |
Neelima Bajaj Swamy |
20,000 |
0.02 |
0.02 |
|
17 |
Niraj Bajaj |
11,18,835 |
1.12 |
1.12 |
|
18 |
Niraj Bajaj |
4,66,200 |
0.47 |
0.47 |
|
19 |
Niraj Bajaj |
200 |
0.00 |
0.00 |
|
20 |
Niravnayan Bajaj |
1,000 |
0.00 |
0.00 |
|
21 |
Rahulkumar Bajaj |
2,580 |
0.00 |
0.00 |
|
22 |
Rahulkumar Bajaj |
600 |
0.00 |
0.00 |
|
23 |
Ruparani Bajaj |
1,000 |
0.00 |
0.00 |
|
24 |
Sanjivnayan Bajaj |
735 |
0.00 |
0.00 |
|
25 |
Shekhar Bajaj |
53,40,535 |
5.35 |
5.35 |
|
26 |
Shekhar Bajaj |
19,06,800 |
1.91 |
1.91 |
|
27 |
Shekhar Bajaj |
2,40,600 |
0.24 |
0.24 |
|
28 |
Shekhar Ramkrishna Bajaj |
30,000 |
0.03 |
0.03 |
|
29 |
Shekharkumar Ramkrishnaji Bajaj |
2,30,200 |
0.23 |
0.23 |
|
30 |
Shekharkumar Ramkrishnaji Bajaj |
1,73,200 |
0.17 |
0.17 |
|
31 |
Shekharkumar Ramkrishnaji Bajaj |
1,40,300 |
0.14 |
0.14 |
|
32 |
Shekharkumar Ramkrishnaji Bajaj |
1,35,500 |
0.14 |
0.14 |
|
33 |
Suman Jain |
84,645 |
0.08 |
0.08 |
|
34 |
Suman Jain |
15,000 |
0.02 |
0.02 |
|
35 |
Sunaina Kejriwal |
9,65,325 |
0.97 |
0.97 |
|
36 |
Bachhraj and Company Private Limited |
95,000 |
0.10 |
0.10 |
|
37 |
Bajaj Holdings and Investment Limited |
1,66,97,840 |
16.74 |
16.74 |
|
38 |
Bajaj International Private Limited |
8,00,000 |
0.80 |
0.80 |
|
39 |
Bajaj Sevashram Private Limited |
9,85,000 |
0.99 |
0.99 |
|
40 |
Hind Musafir Agemcy Limited |
20,28,000 |
2.03 |
2.03 |
|
41 |
Jamnalal Sons Private Limited |
2,18,02,830 |
21.86 |
21.86 |
|
42 |
Jamnalal Sons Private Limited |
6,00,000 |
0.60 |
0.60 |
|
43 |
Shekhar Holdings Private Limited |
4,80,000 |
0.48 |
0.48 |
|
44 |
Hercules Hoists Limited |
5,54,937 |
0.56 |
0.56 |
|
|
Total |
6,60,80,385 |
66.24 |
66.24 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
Total shares (including
underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
1 |
HSBC Bank (Mauritius) Limited A/c Jwalamukhi Investment Holdings |
4962966 |
4.98 |
4.98 |
|
2 |
HDFC Standard Life Insurance Company Limited |
2441298 |
2.45 |
2.45 |
|
3 |
Reliance Capital Trustee Company Limited A/C Reliance Diversified Power Sector Fund |
2327666 |
2.33 |
2.33 |
|
4 |
Mondrian Emerging Markets Small Cap Equity Fund LP |
1499491 |
1.50 |
1.50 |
|
5 |
Ontario Pension Board - Mondrian Investment Partners Limited |
1273845 |
1.28 |
1.28 |
|
|
Total |
12505266 |
12.54 |
12.54 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and
Exporter of Lighting Appliances and Fans. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
· State Bank of Bikaner and Jaipur · Bank of India · Union Bank of India · State Bank of India · Yes Bank Limited ·
IDBI Bank Limited |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
--- |
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Auditors : |
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|
Name : |
Dalal and Shah Chartered Accountants |
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Cost Auditors : |
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|
Name : |
R Nanabhoy and Company Cost Accountants |
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Other related
parties where control exists : |
· Hind Lamps Limited · Bajaj Ventures Limited · Starlite Lighting Limited |
|
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|
Associates, Joint
ventures, Investing Party : |
Jamnalal Sons Private Limited |
|
|
|
|
Relatives of Key
Management Personnel and their enterprises where transactions have taken
place: |
· Hind Musafir Agency Limited · Bajaj Auto Limited · Mukand Limited · Bajaj International Private Limited · Hindustan Housing Company Limited · Bajaj Allianz General Insurance Company Limited · Bajaj Allianz Life Insurance Company Limited · Bajaj Finance Limited · Bajaj Finserv Limited · Bajaj Financial Solutions Limited · Hercules Hoists Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs.2/- each |
Rs.400.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
99755331 |
Equity Shares |
Rs.2/- each |
Rs.199.511
Millions |
|
|
|
|
|
Reconciliation
of the number of shares outstanding is set out below:
|
Particulars |
31.03.2013 |
|
|
|
Nos. |
(Rs. In
millions) |
|
Equity
shares at the beginning of the year |
99,64,329 |
199.281 |
|
Add
: Shares issued on exercise of Employee Stock Option |
115,002 |
0.230 |
|
Equity
shares at the end of the year |
179,430 |
199.511 |
The
Details of Shareholders holding more than 5% Shares:
|
Particulars |
31.03.2013 |
|
|
Name
of the Shareholder |
Nos. |
% of
Holding |
|
Jamnalal
Sons Private Limited |
22402830 |
22.48 |
|
Bajaj
Holdings and Investment Limited |
16697840 |
16.76 |
|
Mr.
Shekhar Bajaj |
7517935 |
7.54 |
Equity Shares reserved
for issue under options outstanding as at the end of the year on un-issued
share capital :
The Company had reserved issuance of 7,803,560 (Previous year 7,803,560) Equity Shares of Rs.2 each for offering to eligible employees of the Company under Employees Stock Option Scheme.
Summary of Stock Options as on 31.03.2013 :
|
Number of Stock Options granted (net of lapsation & cancellation) |
6,082,289 |
|
Number of Stock Options Exercised |
2,385,636 |
|
Number of Stock Options Vested and Exercisable |
946,653 |
|
Number of Stock Options Unvested |
2,750,000 |
Terms/Rights attached
to equity shares
The Company has only one class of equity shares having a par value of Rs.2 per share. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. During the year ended 31st March, 2013, the amount of per share dividend recognised as distribution to equity shareholders was Rs.2 per share (31st March 2012, Rs.2.80 per share) of Face value of Rs.2 each. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
For the period of
five years immediately preceding the date at which the Balance Sheet is
parepared
During the financial year 2007-08 Company issued 8,642,880 Equity Shares of Rs.10 each as Bonus shares in the ratio of 1:1 (equivalent to 43,214,400 equity shares of Rs.2 each) by capitalising reserves.
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 |
199.511 |
199.281 |
197.690 |
|
(b) Reserves & Surplus |
7086.878 |
6799.292 |
5913.411 |
|
(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) |
7286.389 |
6998.573 |
6111.101 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
345.410 |
404.534 |
451.025 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.605 |
0.363 |
0.363 |
|
(d) long-term provisions |
247.596 |
217.525 |
159.554 |
|
Total Non-current Liabilities (3) |
593.611 |
622.422 |
610.942 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1254.444 |
1633.396 |
670.628 |
|
(b) Trade payables |
9823.198 |
8222.092 |
7699.892 |
|
(c) Other current
liabilities |
2081.506 |
1464.160 |
1993.577 |
|
(d) Short-term provisions |
533.909 |
579.939 |
571.125 |
|
Total Current Liabilities (4) |
13693.057 |
11899.587 |
10935.222 |
|
|
|
|
|
|
TOTAL |
21573.057 |
19520.582 |
17657.265 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2264.196 |
1840.214 |
1527.362 |
|
(ii) Intangible Assets |
0.000 |
0.001 |
5.430 |
|
(iii) Capital
work-in-progress |
58.677 |
29.625 |
0.000 |
|
(iv) Intangible
assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
297.557 |
440.557 |
365.557 |
|
(c) Deferred tax assets (net) |
79.287 |
19.441 |
20.111 |
|
(d) Long-term Loan and Advances |
726.166 |
913.181 |
972.295 |
|
(e) Other Non-current assets |
2649.010 |
1864.086 |
1543.652 |
|
Total Non-Current Assets |
6074.893 |
5107.105 |
4434.407 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.254 |
|
(b) Inventories |
4212.391 |
3552.405 |
2946.377 |
|
(c) Trade receivables |
9379.284 |
9220.162 |
9111.962 |
|
(d) Cash and cash
equivalents |
500.867 |
536.439 |
485.505 |
|
(e) Short-term loans and
advances |
1405.622 |
1104.471 |
678.716 |
|
(f) Other current assets |
0.000 |
0.000 |
0.044 |
|
Total Current Assets |
15498.164 |
14413.477 |
13222.858 |
|
|
|
|
|
|
TOTAL |
21573.057 |
19520.582 |
17657.265 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
33875.689 |
30989.574 |
27413.508 |
|
|
|
Other Income |
169.220 |
143.658 |
160.526 |
|
|
|
TOTAL (A) |
34044.909 |
31133.232 |
27574.034 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1691.629 |
2214.260 |
1735.665 |
|
|
|
Purchases of Traded Goods |
25442.461 |
21908.267 |
19969.063 |
|
|
|
Changes in Inventories of Finished Goods, Work-in-Progress and Traded Goods |
(454.514) |
(476.793) |
(772.309) |
|
|
|
Employee Benefit Expense |
1672.596 |
1496.010 |
1245.666 |
|
|
|
Other Expenses |
4444.893 |
3544.753 |
2903.766 |
|
|
|
Transferred to Contract Work-in-Progress |
(28.931) |
(68.310) |
(217.877) |
|
|
|
Exceptional items |
(247.232) |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
32520.902 |
28618.187 |
24863.974 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1524.007 |
2515.045 |
2710.060 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
689.748 |
630.372 |
366.474 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
834.259 |
1884.673 |
2343.586 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
144.522 |
125.219 |
108.006 |
|
|
|
|
|
|
|
|
|
Less |
PROVISION FOR
IRRECOVERABLE PORTION OF LOAN GIVEN TO A COMPANY |
0.000 |
0.000 |
50.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
689.737 |
1759.454 |
2185.580 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
177.654 |
580.670 |
747.671 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
512.083 |
1178.784 |
1437.909 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
286.895 |
434.732 |
320.183 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
250.000 |
1000.000 |
1000.000 |
|
|
|
Dividend |
199.511 |
278.993 |
276.766 |
|
|
|
Tax on Dividend |
33.907 |
45.260 |
44.898 |
|
|
|
Dividend paid on exercise of Stock Option along with
Dividend Distribution Tax |
0.096 |
2.368 |
1.696 |
|
|
BALANCE CARRIED
TO THE B/S |
315.464 |
286.895 |
434.732 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. value of exports |
387.864 |
22.627 |
32.002 |
|
|
|
Freight & Insurance on exports |
3.055 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
390.919 |
22.627 |
32.002 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
69.944 |
157.255 |
69.374 |
|
|
|
Capital Goods |
24.173 |
121.164 |
30.281 |
|
|
|
Finished Goods |
2870.824 |
2231.361 |
1539.391 |
|
|
|
Machinery Spares |
1.505 |
0.653 |
0.335 |
|
|
TOTAL IMPORTS |
2966.446 |
2510.433 |
1639.381 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
5.14 |
11.85 |
14.63 |
|
|
|
Diluted |
5.06 |
11.73 |
14.40 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.50
|
3.79 |
5.21 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.04
|
5.68 |
7.97 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.26
|
9.25 |
12.65 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.25 |
0.36 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.22
|
0.29 |
0.18 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.13
|
1.21 |
1.21 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT
Rs. In Millions
|
Particular |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Term Loans from Banks |
40.000 |
40.000 |
40.000 |
|
Sales Tax Deferral Liability / Loan |
19.124 |
12.609 |
8.025 |
|
Employee Benefit Liabilities |
114.031 |
119.343 |
151.464 |
|
Customer Incentive / Scheme Payable |
236.348 |
125.615 |
225.490 |
|
VAT/CST Payable |
333.115 |
310.047 |
47.922 |
|
Other Statutory Liabilities payable |
60.584 |
60.350 |
1.820 |
|
Interest accrued but not due on borrowings |
1.620 |
1.873 |
1.233 |
|
Interest accrued and due on borrowings |
1.936 |
2.780 |
1293.222 |
|
Advances Received from Customers |
1189.752 |
706.603 |
4.154 |
|
Unpaid Dividends |
7.498 |
6.872 |
44.823 |
|
Trade Deposits (Dealers, Vendors etc.) |
52.542 |
49.201 |
1.714 |
|
Unpaid matured deposits and interest accrued thereon |
1.337 |
1.883 |
173.710 |
|
Temporary overdraft as per books |
0.175 |
2.379 |
|
|
Other Miscellaneous Liabilities |
23.444 |
24.605 |
|
|
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 |
No |
|
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 |
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
Long Term
Borrowings |
|
|
|
Sales Tax Deferral Liability / Loan (an incentive under 1993 Package Scheme of Incentives of SICOM - Interest free) |
333.410 |
352.534 |
|
Short Term
Borrowings |
|
|
|
Other Short Term Loans |
65.000 |
315.000 |
|
Commercial Papers |
0.000 |
400.000 |
|
Foreign Currency Loans |
691.276 |
37.454 |
|
Total |
1089.686 |
1104.988 |
|
|
|
|
RESULTS OF
OPERATIONS:
FY 2012-13 was a challenging year for the Company, due to slow down in the industry and infrastructure facing businesses. The profitability of the Company was badly impacted due to lower margins, abnormal increase in site expenses on account of closure of overrun sites and degrowth in E&P BU turnover by 17.3% over the corresponding previous period. Further, on the basis of the financial closures of some old projects, the Company had to make provision for write off of certain old outstanding amounts. This is a onetime hit and is not likely to recur in future as the management has taken appropriate measures to monitor the projects performance on a continuous basis and take timely corrective actions to ensure the completion of projects as per schedule to avoid cost and time over-run.
The highlights of the performance are as under :
· Gross Revenue from operations increased by 9.1% toRs.3429.71 crore
· PBDIT decreased by 49.2% to Rs.1276.800 Millions.
· PBT decreased by 60.8% to Rs.689.700 Millions
· Net Profit decreased by 56.5% to Rs.512.100 Millions.
MANAGEMENT DISCUSSION
AND ANALYSIS
BUSINESS REVIEW
The Company has entered into a Diamond Jubilee year of its incorporation. The Company has diversified interests in Lighting, Luminaires, Appliances, Fans and Engineering and Projects. The year was marked by slowdown in the Infrastructure Industry, low consumer sentiments, higher input costs, and volatility in foreign currency, etc. and therefore was a challenging year for the whole industry. In the financial year 2012-13, overall profitability of the Company has been severely impacted mainly due to the sub-optimal performance of industry facing business. However, the Lighting and other Consumer Durables businesses helped the Company to protect the overall margins to a reasonable level.
The turnover of the Company has increased to Rs.33880.000 Millions as against Rs.30990.000 Millions last year, registering a growth of 9.3%. The Company, in order to negate the impact of the intense competition and to be on the path of growth, continued its focus on enhancing revenue growth through introduction of new products at various price points /segments, expansion of the dealer and retailer network, rural penetration along with good brand building efforts in addition to the various other actions for effective cost control, value engineering, competitive sourcing and improving credit discipline.
ENGINEERING AND
PROJECTS BUSINESS UNIT (E&P BU)
The year was one of the toughest and testing years for the BU. The low order inflow during the first half of the year due to prolonged inactivity in infrastructure space resulted in negative sales growth and the BU sales turnover stood at Rs.7090.000 Millions.
A focused exercise was also undertaken to complete and handover several large project sites, which were lingering beyond the scheduled completion period for various reasons including site clearances and right of way (ROW). This led to incurring an extra cost but the same has resulted in unlocking of the held-up payments, retention amounts and re-deployment of trained and experienced manpower on new remunerative projects.
The Government renewed focus on improved power distribution infrastructure has resulted in a healthy order inflow towards the end of the financial year, resulting in a comfortable order base of Rs.9910.000 Millions for the year 2013-14 with further orders of Rs.5000.000 Millions in the pipeline.
The BU, in order to improve the focus on better working capital management and timely completion and handing over of project has created a task force. Ranjangaon Unit of the BU has been certified with ISO 9001, ISO 14001 and OHSAS 18001.
APPLIANCES BU
Appliances BU is a dominant player in small appliances in India and enjoys leadership position in Irons, Water Heaters, Toasters, Grillers, Mixers, Room Coolers and Induction Cookers. The BU has wide range of domestic appliances including water heaters, mixers, food processors, microwave ovens, air coolers, steam and dry irons, electric kettles, water filters, toasters, rice cookers, oven-toaster-grillers, juicer-mixer-grinders, hair dryers, chimneys, gas stoves, hobs, room heaters, home ups, pressure cookers, Induction Cookers, Non electrical Kitchen Aids, water purifier etc., under its portfolio.
During the current year, to bring in marketing focus, the Appliances BU created two verticals namely KAP (Kitchen Appliances) and DAP (Domestic Appliances).
During the year under reporting, the BU has achieved a turnover of Rs.1057 crore with a growth of 26% and CAGR of 25% to remain a dominant player in Small Appliances Industry. DAP accounted for a sales of Rs.5430.000 Millions with a growth of 25% and a CAGR of 18% and KAP accounted for a sales of Rs.5140.000 Millions with a growth of 28% and a CAGR of 34%.
The BU has set up 40 exclusive Bajaj Showrooms “Bajaj World” through franchisees and has plans to set up 100 more in the current financial year in the major cities across India to give more visibility to appliances and other Bajaj products.
Morphy Richards (MR) brand in its 10th year of association with the Company has achieved sales turnover of Rs.1820.000 Millions, with a growth of 29% and CAGR of 33%; and is poised to clock sales turnover of over Rs.3000.000 Millions by FY 2014-15. It is No.1 brand in India in Kettles, Coffee Makers and Oven Toaster Grillers. MR is the fastest growing international brand in the Indian small domestic appliances market. MR brand Food Processor, Model “Select 600”, has been ranked as the “No.1 Food Processor in India,” based on performance and energy efficiency from amongst ten other top brands, in tests carried out by Consumer Voice, a leading consumer awareness magazine in India. During the year under reporting, MR introduced a new range of sophisticated and versatile food processors and a range of feature rich and differentiated Induction Cookers with copper coils, a unique selling proposition in the Indian market.
MR brand is preparing to launch new product categories like Water Heaters, Water Purifiers, Table Fans, Pedestal Fans and Wall Mounting Fans and a new range of steam irons, deep fryers, room heaters and juicers in the current financial year. MR is also pushing for an increased reach to 20,000 retail outlets and distribution coverage in the top 360 urban markets across the country.
FANS BU
The Fans BU has a wide and attractive range of ceiling, portable, fresh air and industrial air circulators and exhaust fans, in various sizes and colors, manufactured in plants having ISO 9001 / 9002 quality certifications. The BU is also marketing Portable Water lifting Pumps and Gas and Diesel Run Domestic Power Generators.
During the year under reporting, the BU has achieved sales turnover of Rs. 6110.000 Millions with growth of 11% and CAGR of 8% though the industry has recorded only the marginal growth. The BU has a market share of about 17%. During the year under reporting, the BU introduced star rated ceiling fans.
In the current financial year, the BU has planned to introduce super energy efficient fans, few more models of fans in the premium category, new models of portable pumps and higher out-put portable power Generators.
According to Francis Kanoi Report 2012, Bajaj Fans is the best distributed fans, available in more than 87,000 outlets across the country, constituting 55% of Fans Selling Counters in the country. The BU enjoys leadership position in 12 major states and is a dominant player in 6 other states in the country.
The BU has been honored by the S.P. Jain Institute of Management Studies with ‘Marketing Impact Award 2012’ and the success story of the BU is published as a case study for the management students.
LUMINAIRES BU
The BU markets a comprehensive range of luminaires (light fittings) covering, commercial lighting, industrial lighting, area lighting, roadway lighting, urban architectural lighting besides special luminaires for flame proof and increased safety applications. This BU is certified for ISO 9000 while the most of the products are manufactured in plants conforming to ISO 9000:2000 requirements. The luminaires are offered to suit a wide variety of light sources ranging from LED, CFL, FTL and HID lamps of various types and ratings. The BU has a Lighting Development Centre (LDC) and Lighting Design and Marketing Services (LDMS) to carry out scientific illumination layouts for various applications and a well-equipped laboratory approved by the Department of Science and Technology of Government of India. The BU is developing a new generation of energy saving luminaires with LEDs and Induction lamps.
During the year under reporting, the BU has achieved a turnover of Rs.366 crore with a growth of 2% and a CAGR of 8% despite the industry in India went through a tough phase. The BU maintains a dominant position in Luminaire industry in India.
The BU is a clear leader in the Area and Roadway lighting and has planned to strengthen its presence in Workspace lighting segment to gain the overall market share.
The BU has identified “Green Building Technologies Solutions” as one of its major green initiatives to promote new products such as LED, Induction Lamps, IBMS, etc. and in that direction it has conducted panel discussions in mega cities like Delhi, Mumbai and Hyderabad which received an encouraging response.
The use of renewable lighting sources has become inevitable in the current environmental conditions. With power saving and energy conservation being the key to achieve environmental balance, renewable energy sources like solar power in lighting applications has emerged as the need of the hour. Considering this the BU has launched Solar Street Light range of Luminaires. In comparison with CFL based Street Light Luminaires, solar based luminaires has potentially saved 5.56% of energy consumption. During the year the BU sold 2200 number of solar street light Luminaires, which on an annual basis saved energy of about 2,40,900 KWh. The saving in energy consumption has resulted in reduction of electricity cost by Rs.15.65 lacs, reduction in emission of Carbon Di-oxide by 166 metric ton (equivalent to removal of 50,300 small cars from street) and saving of 1,67,27,04,000 gallons of water from being contaminated due to Mercury.
The BU has entered into an agreement with CREE Lighting of USA, Disano and Mareco Luce of Italy for offering an excellent outdoor street lighting and landscape lighting solutions for discerning customers. The BU continues to promote the premium end Trilux Luminaires which had received major orders from TCS, Infosys, Quintiles, Google, British Telecom Colt and Volkswagen.
In keeping with Company’s commitment to protect the environment, the BU has assisted its major vendors in obtaining ISO 14001 certification. This BU is now fully equipped to provide end-to-end solutions in total energy management, lighting and controls of Buildings and facilities.
LIGHTING BU
The Lighting BU markets a wide range of light sources and domestic luminaires. The light sources include General Lighting Service (GLS) lamps, Fluorescent Tube Lights (FTL), Compact Fluorescent Lamps (CFL) and special purpose lamps. Keeping in line with the objective of the Company to lay special emphasis on the green, environment – friendly technologies and products, the BU made a major foray into LED based products through introduction of LED portable lanterns, torches and decorative lights. A strong distribution network exists for marketing these products both in urban and rural areas and the special focus is on rural penetration.
The manufacturing of GLS and FTL lamps is undertaken at Hind Lamps, an associate of the Company, located in U.P. The Starlite Lighting plant makes world class products on one of its kind Swiss ‘Falma’ and GE Chains. The introduction of T3 CFLs made on the world’s fastest GE chain at Starlite has added teeth to the already robust sale of CFLs, since they are compact in size and come with an aesthetic.
The Lighting BU has done well despite intense competition and rapidly changing market dynamics. It has achieved a turnover of Rs.513 crore with a growth of 20% and a CAGR of 25%. The CFL segment continues to register a strong growth due to greater adoption of energy saving lamps by individuals and the government bodies. The CFL sales as a product segment, has exceeded Rs.313 crore mark during the year. The consumer luminaires segment has shown a strong growth of 35% year-on-year. The year saw launch of Bajaj iLED range of high-end LED products which score on aesthetics, long life and energy saving.
The BU has continued to improve its retail presence by expanding its network and reaching to more than 3.50 lac outlets both in urban and rural areas. The BU continues to strengthen its super distributor structure to increase the reach in Tier III and Tier IV towns.
The Lighting BU with its improved distribution network, wide product range, and efficient sourcing strategies is poised for improved growth in the future.
FINANCIAL REVIEW
The gross turnover and other income achieved for the year ended 31st March, 2013 was Rs. 34297.100 Millions, a growth of 9.8% over the previous year.
· PBDIT (excluding the exceptional items) however decreased by 49.2% from Rs. 2515.100 Millions to Rs. 1276.800 Millions. The exceptional items included profit on sale of investment of Rs.247.200 Millions.
· Interest cost at Rs.689.800 Millions was higher by 9.4%, mainly on account of increase in borrowings levels.
· Profit after tax, including the exceptional items, was Rs. 512.100 Millions as against Rs.1178.800 Millions for the previous year, a decrease of 56.6%.
· Earning Per Share (EPS) for the year was Rs.5.14.
The profitability of the Company was badly impacted due to lower margins, abnormal increase in site expenses on account of cleaning up operation to ensure that there was good progress towards closure of overrun sites. During the year under reporting, the Company has closed 18 number of sites of Transmission Line Towers and also completed financial closure of most of them. On the basis of financial closures of the various projects, the Company had to make provision for old outstanding and written off in certain cases. This is a onetime hit and not of a recurring nature. The Company has taken appropriate measures to ensure that the projects are monitored continuously to ensure their completion as per schedule to avoid cost and time over run.
ECONOMIC SCENARIO AND
FUTURE OUTLOOK
The global economic scenario in FY 2012-13 continued to be fraught with challenges. Major economies witnessed slower growth and the Eurozone was full of uncertainty. In India, growth was challenged in the fiscal year gone by, coming in at a decadal low of 5%. A host of factors, including high interest rates, elevated global crude oil prices, rising cost of inputs, lack of domestic policy traction and a deteriorating global environment, saw the GDP growth slip successively, with the two pillars of growth - Investment and Consumption – remaining weak. Additionally, inflation remained elevated through much of the year.
After a year characterised by below trend economic growth (trend growth estimated to be around 7%), the outlook for FY14 is expected to show mild improvement. Agriculture growth, which suffered from a deficient monsoon in 2012, is expected to recover from 1.8% in FY13 to 3.5% in FY14 assuming a normal monsoon. Industry growth that fell to an 11-year low of 3.1% in FY13 is expected to show an improvement to around 5.5% in FY14 as the impact of past monetary easing unfolds gradually and as the government moves ahead on the path of implementing reforms and takes steps to debottleneck infrastructure investments. The recovery in services growth to 6.7% in FY14 from 6.6% in FY13 will be extremely mild as the services sector responds with a lag to activity in the industrial sector. As a result, the overall GDP growth is expected to improve to 5.9% in FY14 from 5.0% in FY13.
Average WPI inflation came at 7.4% in FY13 vis-à-vis 9.0% in FY12. We expect the moderating trend in WPI to continue in FY14 as global commodity prices remain range bound amid dilution of pricing power of domestic manufacturers in an environment of sub trend economic growth. For FY14, the average WPI inflation is expected to moderate towards 6.4%.
The consumer durables industry has always exhibited impressive growth despite strong competition and constant price cutting. India’s rural consumer durable market is expected to show continuous growth owing to the change in lifestyle and higher disposable income of rural India.
The Company will continue its focus on better cost management, reducing inefficiency, improving supply chain and improving productivity so that it can continue to gain market share, improve its operating performance and dominate in all segments. The Company has a balanced business portfolio, which is both consumer centric and infrastructure oriented and spread across various seasons. The strong distribution network, a powerful brand, wide product portfolio, large service infrastructure, excellent vendor base and dedicated employees along with excellent channel partners continue to be the major areas of strength for the Company.
CONTINGENT LIABILITIES:
(Rs.
In Millions)
|
Particulars |
31.03.2013 |
31.03.2012 |
|
Claims against the Company not acknowledged as debts |
139.115 |
136.055 |
|
Net of tax |
91.830 |
91.912 |
|
Guarantees / Letter of Comfort given on behalf of
Companies |
1036.400 |
1095.000 |
|
Excise and Customs demand - matters under dispute and
Claims for refund of Excise Duty, if any, against Excise Duty Refund received
in the earlier year |
3.274 |
3.274 |
|
Net of tax |
2.161 |
2.212 |
|
Income Tax matters - Appeal by company |
48.030 |
44.319 |
|
Sales Tax matters under dispute |
74.721 |
79.154 |
|
Net of tax |
49.323 |
53.472 |
|
Penalty/damages/interest, if any, due to non-fulfillment
of any of the terms of works contracts |
Liability unascertained |
Liability unascertained |
|
Letter of support given to Associate Company |
Liability unascertained |
Liability unascertained |
|
(ii) Uncalled liability in respect of partly paid Shares
held as investments |
7.20 |
7.20 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10253641 |
12/10/2010 |
7,640,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA,, MUMBAI, MAHARASHTRA - 400005, INDIA |
A98928302 |
|
2 |
10240258 |
19/07/2013 * |
14,967,100,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, 'E', CUFFE PARADE, COLABA,, MUMBAI, MAHARASHTRA - 400005, INDIA |
B81952178 |
|
3 |
10172149 |
23/07/2009 |
192,000,000.00 |
STATE BANK OF BIKANER AND JAIPUR |
SIR P.M. ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
A67620005 |
|
4 |
10127278 |
10/10/2008 |
1,600,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWER WTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A49175995 |
|
5 |
80014433 |
26/03/2009 * |
400,000,000.00 |
SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA |
SIDBI TOWER, 15, ASHOK MARG, LUCKNOW, LUCKNOW, UTTAR PRADESH - 226001, INDIA |
A60432283 |
* Date of charge modification
FIXED ASSETS
· Freehold and Leasehold Land
· Buildings
· Plant and Equipments
· Furniture and Fixtures
· Vehicles
·
Offices Equipments
·
Leasehold Improvements
·
Temporary structure
·
Roads and Culverts
·
Computers
·
Dies and Jigs
·
Plant and Machinery
·
Goodwill
·
Computers Software
·
Trade Marks
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30th SEPTEMBER, 2013
Rs. In Millions
|
|
Quarter
Ended |
Year
Ended |
|
|
30.09.2013 (Unaudited) |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
|
|
Income
from Operations |
|
|
|
|
(a) Net Sales / Income from Operations (Net
of Excise duty) |
9586.400 |
7816.400 |
17402.80 |
|
(b)
Other operating Income |
15.400 |
18.500 |
33.900 |
|
Total
Income from Operations (net) |
9601.800 |
7834.900 |
17436.700 |
|
Expenses |
|
|
|
|
(a) Cost
of materials consumed |
483.100 |
431.200 |
914.300 |
|
(b)
Purchases of traded goods |
6607.800 |
6148.800 |
12756.600 |
|
(c) Changes in inventories of finished goods,
work-in-progress and traded goods |
519.600 |
(356.900) |
162.700 |
|
(d)
Employee benefits expense |
585.400 |
401.700 |
987.100 |
|
(e)
Depreciation and amortisation expense |
39.200 |
40.200 |
79.400 |
|
(f) Other expenses |
1421.400 |
1007.800 |
2429.200 |
|
Total
Expenses |
9656.500 |
7672.800 |
17329.300 |
|
Profit /
(Loss) from operations before other income, finance costs and exceptional
items (1-2) |
(54.700) |
162.100 |
107.400 |
|
Other
Income |
20.200 |
19.000 |
39.200 |
|
Profit /
(Loss) from ordinary activities before finance costs and exceptional items (3
+ 4) |
(34.500) |
181.100 |
146.600 |
|
Finance
costs |
196.100 |
163.900 |
360.000 |
|
Profit /
(Loss) from ordinary activities after finance costs but before exceptional
Items (5 - 6) |
(230.600) |
17.200 |
(213.400) |
|
Exceptional
Items |
-- |
-- |
-- |
|
Profit /
(Loss) from ordinary activities before tax (7 + 8) |
(230.600) |
17.200 |
(213.400) |
|
Tax
Expenses |
(77.100) |
10.600 |
(66.500) |
|
Net
Profit / (Loss) from ordinary activities after tax (9-10) |
(153.500) |
6.600 |
(146.900) |
|
Extraordinary
Items (Net of Tax) |
-- |
-- |
-- |
|
Net
Profit / (Loss) for the period (11-12) |
(153.500) |
6.600 |
(146.900) |
|
Paid-up equity share capital (Face Value of Rs. 2/- each) |
199.500 |
199.500 |
199.500 |
|
Reserve excluding Revaluation Reserves as per balance sheet of previous accounting year |
-- |
-- |
-- |
|
Earnings
per share (before extraordinary items) (of Rs. 2/- each) (not Annualised): |
|
|
|
|
(a) Basic |
(1.54) |
0.07 |
(1.47) |
|
(b) Diluted |
(1.54) |
0.07 |
(1.47) |
|
Earnings
per share (after extraordinary Items) (of Rs. 2/- each) (not Annualised): |
|
|
|
|
(a) Basic |
(1.54) |
0.07 |
(1.47) |
|
(b) Diluted |
(1.54) |
0.07 |
(1.47) |
|
See accompanying notes to the financial results |
|
|
|
|
|
|
|
|
|
PART II |
|
|
|
|
Public Shareholding |
|
|
|
|
- Number of shares |
33,67,946 |
33,838,165 |
33,67,946 |
|
- Percentage of
Shareholding Promoters and promoter group Shareholding |
33.76 |
33.92 |
33.76 |
|
a) Pledged / Encumbered |
|
|
|
|
- Number of shares |
-- |
-- |
-- |
|
- Percentage of shares
(as a % of the total shareholding of promoter and promoter group) |
-- |
-- |
-- |
|
- Percentage of shares
(as a% of the total share capital of the company) |
-- |
-- |
-- |
|
b) Non-encumbered |
|
|
|
|
- Number of shares |
66,080,385 |
65,917,166 |
66,080,385 |
|
- 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) |
66.24 |
66.08 |
66.24 |
|
Particulars (Nos.) |
31.12.2013 |
|
INVESTOR COMPLAINTS |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
10 |
|
Disposed of during the quarter |
10 |
|
Remaining unresolved at the end of the
quarter |
- |
1. The Company has identified its Business Segments as its Primary reportable segments, which comprise of Lighting, Consumer Durables, Engineering and Projects and Others. 'Lighting' includes Lamps, Tubes, Luminaires, 'Consumer Durables' includes Appliances and Fans, ‘Engineering and Projects’ includes Transmission Line Towers, Telecommunications Towers, Highmasts, Poles and Special Projects including Rural Electrification Projects and 'Others' includes Wind Energy.
2. The figures of the previous year / period have been regrouped wherever necessary.
3. The above results have been reviewed by the Audit Committee and approved by the Board of Directors of the Company at their meeting held on 12th November, 2013 and subjected to a “Limited Review” by the Statutory Auditors.
SEGMENTWISE REVENUE,
RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER AND HALF YEAR ENDED 30th
SEPTEMBER, 2013
Rs. In Millions
|
|
Particulars |
Quarter
Ended |
Year
Ended |
|
|
|
|
30.09.2013 (Unaudited) |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
|
|
PRIMARY
SEGMENT INFORMATION |
|
|
|
|
|
SEGMENT
REVENUE |
|
|
|
|
|
A)
Lighting |
2509.300 |
1573.800 |
4083.100 |
|
|
B)
Consumer Durables |
4539.300 |
4366.300 |
8905.600 |
|
|
C)
Engineering and Projects |
25,448 |
1892.800 |
4437.600 |
|
|
D)
Others |
8.400 |
2.000 |
10.400 |
|
|
Sub-Total
(A+B+C+D) |
9601.800 |
7834.900 |
17436.700 |
|
|
Less :-lnter
segment Revenue |
-- |
-- |
-- |
|
|
Net
Sales / Income from Operations |
9601.800 |
7834.900 |
17436.700 |
|
|
SEGMENT
RESULTS |
|
|
|
|
|
(PROFIT(+)/LOSS(-)) |
|
|
|
|
|
A)
Lighting |
191.400 |
76.700 |
268.100 |
|
|
B)
Consumer Durables |
386.200 |
403.400 |
789.600 |
|
|
C)
Engineering & Projects |
(433.000) |
(258.700) |
(691.700) |
|
|
D)
Others |
5.900 |
(0.900) |
5.000 |
|
|
Sub-Total
(A+B+C+D) |
150.500 |
220.500 |
371.000 |
|
|
Less |
|
|
|
|
|
A)
Finance Cost |
196.100 |
163.900 |
360.000 |
|
|
B) Other
unallocable expenditure net of unallocable income |
185.000 |
39.400 |
224.400 |
|
|
C)
Exceptional Items |
-- |
-- |
-- |
|
|
Operating
Profit before Tax |
(230.600) |
17.200 |
(213.400) |
|
|
CAPITAL
EMPLOYED |
|
|
|
|
|
A) Lighting |
668.300 |
910.500 |
668.300 |
|
|
B)
Consumer Durables |
1321.100 |
1770.300 |
1321.100 |
|
|
C)
Engineering & Projects |
5137.400 |
4892.400 |
5137.400 |
|
|
D)
Others |
40.100 |
32.100 |
40.100 |
|
|
E) Other
Unallocable |
2563.400 |
2014.600 |
2563.400 |
|
|
Total
(A+B+C+D+E) |
9730.300 |
9619.900 |
9730.300 |
STATEMENT
OF ASSETS AND LIABILITIES
|
|
PARTICULARS |
As At 30th September 2013 |
|
|
|
(Unaudited) |
|
A. |
EQUITY AND
LIABILITIES |
|
|
1. |
Shareholders' funds |
|
|
|
(a) Share capital |
199.500 |
|
|
(b) Reserves and surplus |
6938.600 |
|
|
Sub-total - Shareholders'
funds |
7138.100 |
|
2. |
Non-current liabilities |
|
|
|
(a) Long-term borrowings |
304.700 |
|
|
(b) Other long-term
liabilities |
1.500 |
|
|
(c) Long-term provisions |
290.200 |
|
|
Sub-total - Non-current
liabilities |
596.400 |
|
3. |
Current liabilities |
|
|
|
(a) Short-term borrowings |
2226.800 |
|
|
(b) Trade payables |
9553.600 |
|
|
(c) Other current
liabilities* |
2566.300 |
|
|
(d) Short-term provisions |
319.800 |
|
|
Sub-total - Current
liabilities |
14666.500 |
|
|
TOTAL - EQUITY AND
LIABILITIES |
22401.000 |
|
B. |
ASSETS |
|
|
1. |
Non-current assets |
|
|
|
(a) Fixed assets |
2351.700 |
|
|
(b) Non-current investments |
373.200 |
|
|
(c) Deferred tax assets
(net) |
145.800 |
|
|
(d) Long-term loans and
advances |
994.900 |
|
|
(e) Other non-current assets |
2951.300 |
|
|
Sub-total - Non-current
assets |
6816.900 |
|
2. |
Current assets |
|
|
|
(a) Inventories |
3861.400 |
|
|
(b) Trade receivables |
9463.000 |
|
|
(c) Cash and cash
equivalents* |
261.400 |
|
|
(d) Short-term loans and
advances |
1998.300 |
|
|
Sub-total - Current assets |
15584.100 |
|
|
TOTAL - ASSETS |
22401.000 |
# Includes Current maturities of long term debt Rs. 32.000 Millions (Sep 12 Rs. 40.000 Millions and Mar 13 Rs.40.000 Millions) and Sales Tax Defferal of Rs. 28.690 Millions (Sep 12 Rs. 19.124 Millions and Mar 13 Rs. 19.124 Millions)
* Cash and cash Equivalents represents Cash and Bank Balances
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.61.96 |
|
|
1 |
Rs.101.14 |
|
Euro |
1 |
Rs.85.33 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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.