MIRA
INFORM REPORT
|
Report Date : |
26.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
LAKSHMI MACHINE WORKS LIMITED |
|
|
|
|
Registered
Office : |
Perianaickenpalayam, SRK Vidyalaya Post, |
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Country : |
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|
Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
14.09.1962 |
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Com. Reg. No.: |
18-000463 |
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Capital
Investment / Paid-up Capital : |
Rs. 112.665 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29269TZ1962PLC000463 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CMBL03078F |
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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
: |
Manufacturing
and Selling of Textile Spinning Machinery, CNC Machine Tools, Heavy Castings
and parts and components for Aero space industry. |
|
|
|
|
No. of Employees
: |
3755 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (75) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 38400000 |
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|
|
|
Status : |
Good |
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|
|
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well established and reputed company having fine track
record. There seems some dip in the profitability of the company during the
financial year 2013. However, financial position of the company appears to be sound.
Fundamentals are strong and healthy. Share price of the company are quoted
high on stock exchange. Directors are reported to be experience and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for normal business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
Uptick in
agriculture and construction spread some cheer as the economy grew a higher-than-expected
4.8 % in the three months through September. Manufacturing rose an annual rate
per cent during the quarter and mining fell by 0.4 %, government data showed
while farm output rose 46%.
India has emerged as
the most attractive investment destination, thanks to a relaxation in foreign
direct investment norms, says a report. India is followed by Brazil and China
in the ranking part of EY’s Capital Confidence Barometer report based on a
survey across 70 nations. The US, France and Japan have emerged as the top
three investors likely to invest in India.
India has been
ranked 83rd globally in terms of talent competitiveness of its human
capital. Switzerland, Singapore, Denmark, Sweden and Luxembourg are the
top five in the list of 103 nations compiled by INSEAD business school.
Tax rates for
companies in India are among the highest in the world and the number of
payments is also more than the global average putting the country at low, 158th
rank on the Paying Taxes. 2014 list by the World Bank and PWC. However, the
time taken for tax payments is relatively less in India which is rated ahead of
China and Japan.
1 billion smartphone
shipments in 2013, a 39.3 % growth over 2012. This was being driven by low cost
computing in emerging markets. By 2017, total smartphone shipments are expected
to approach 1.7 billion units, resulting in a compound annual growth rate of
18.4 % between 2013 and 2017, according to research from IDC.
20 % vacancy rate of
office space in Mumbai and Delhi in the third quarter, the highest in Asia
after Chengdu, in China. According to Cushman and Wakefield, six Indian cities
are among the 10 office markets with the worst vacancies.
Foreign banks will
not have to pay stamp duty and capital gains tax, if they convert their branch
operations into a wholly owned subsidiary, according to the Reserve Bank of
India.
The Reserve Bank of
India is planning to launch CPI – indexed bonds aimed to protecting the savings
of retail investors from the impact the price rise by December end.
Central Bureau of
Investigation has booked State Bank of India, Deputy Managing Director Shyamal
Acharya and others in a graft case related to distribution of a loan of over Rs
4000 mn. Gold and jewellery worth Rs 6.7 mn have been recovered from the
residence of Acharya.
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. Ganpathy |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-422-6612255 |
|
Date : |
26.12.2013 |
LOCATIONS
|
Registered Office / Marketing Dept - Textile Machinery Division : |
Perianaickenpalayam, SRK Vidyalaya Post, |
|
Tel. No.: |
91-422-2692371-379 / 2892371-79 / 6612263 / 6612551/ 3022255/
6612216/ 6612207 |
|
Fax No.: |
91-422-2692541 / 542 / 543/ 2892541-42 |
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E-Mail : |
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Website : |
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Location: |
Owned |
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|
Corporate Office : |
34-A, |
|
Tel. No.: |
91-422-2221680/ 82-87 |
|
Fax No.: |
91-422-2220912 |
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E-Mail : |
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Factory 1: |
Unit I
Perianaickenpalayam,
Coimbatore – 641020, |
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Factory 2: |
Unit II
Kaniyur, |
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Tel. No.: |
91-421-3983000 |
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Fax No.: |
91-421-2333270 |
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|
|
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Factory 3: |
Unit III
Muthugoundenpudur,
Coimbatore - 641406, |
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|
|
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Factory 4: |
wind mill
division
Udumalpet
(TK), Tirupur District, |
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|
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Factory 5: |
MACHINE TOOL DIVISION, FOUNDRY DIVISION AND MACHINE SHOP
Arasur, |
|
Tel No: |
91-421-3021300/ 3022537 /
3983000/ 3022553/ 3022511
|
|
Fax No.: |
91-421-2360029/ 3022577
|
|
E mail: |
mtd_markteting@lmw.co.in
|
|
|
|
|
Factory 6: |
ADVANCED TECHNOLOGY CENTRE
AND BASIC TRAINING DIVISION Ganapathy, Coimbatore - 641006, |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Sanjay Jayavarthanavelu |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/Age : |
44 Years |
|
Qualification : |
MBA |
|
Experience : |
19
Years |
|
Date of Appointment : |
03.06.1994 |
|
|
|
|
Name : |
Mr. M.V. Subbiah |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S. Pathy |
|
Designation : |
Director |
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|
|
Name : |
Mr. R. Satagopan |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Basavaraju |
|
Designation : |
Nominee Director of LIC |
|
|
|
|
Name : |
Mr. Aditya Himatsingka |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Mukund Govind Rajan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. V. Sathyakumar |
|
Designation : |
Nominee Director of LIC |
|
|
|
|
Name : |
Mr. R. Rajendran |
|
Designation : |
Director Finance |
|
Date of Birth/Age : |
68 Years |
|
Qualification : |
B.Com; A C A |
|
Experience : |
42 Years |
|
Date of Appointment : |
01.04.1971 |
KEY EXECUTIVES
|
Name : |
Mr. K. Duraisami |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Ganpathy |
|
Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
301927 |
2.68 |
|
|
2890878 |
25.66 |
|
|
3192805 |
28.34 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
3192805 |
28.34 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
932181 |
8.27 |
|
|
5968 |
0.05 |
|
|
1699557 |
15.09 |
|
|
203741 |
1.81 |
|
|
2841447 |
25.22 |
|
|
|
|
|
|
2220442 |
19.71 |
|
|
|
|
|
|
1520810 |
13.50 |
|
|
874164 |
7.76 |
|
|
616836 |
5.47 |
|
|
7035 |
0.06 |
|
|
4500 |
0.04 |
|
|
240 |
0.00 |
|
|
53721 |
0.48 |
|
|
8147 |
0.07 |
|
|
543193 |
4.82 |
|
|
5232252 |
46.44 |
|
Total Public shareholding (B) |
8073699 |
71.66 |
|
Total (A)+(B) |
11266504 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
11266504 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
and Selling of Textile Spinning Machinery, CNC Machine Tools, Heavy Castings and
parts and components for Aero space industry. |
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Products : |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
· Indonesia China
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Terms : |
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Selling : |
L/C and Credit |
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Purchasing : |
L/C and Credit |
GENERAL INFORMATION
|
Customers : |
End
Users |
|
|
|
|
No. of Employees : |
3755 (Approximately) |
|
|
|
|
Bankers : |
·
Indian
Bank, Coimbatore Main Branch, Tamilnadu, India Tel.
No.: 91-422-2397758 Bank of Baroda Citibank N.A. HDFC Bank IDBI Bank Standard Chartered Bank Bank of Nova Scotia |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
M.S.
Jagannathan and Visvanathan Chartered Accountants |
|
Address : |
Coimbatore, Tamilnadu, India |
|
|
|
|
Name : |
Subbachar
and Srinivasan Chartered Accountants |
|
Address : |
Coimbatore, Tamilnadu, India |
|
|
|
|
Cost Auditor : |
|
|
Name : |
Mr. A.N. Raman Cost Accountant |
|
Address : |
Chennai, Tamilnadu, India |
|
|
|
|
Wholly Owned
Subsidiaries: |
·
LMW
Textile Machinery (Suzhou) Company Limited LMW Machinery Limited [from
16.8.2011 to 31.3.2012] |
|
|
|
|
Other Related
Parties-Associates : |
·
Eshaan
Enterprises Limited Lakshmi Vignesh Corporate
Services Limited Harshini Textiles Limited Mahalakshmi Engineering Holdings
Limited Hermes Academy of Training
Limited Quattro Engineering India Limited Integrated Electrical Controls
Limited Revantha Holdings Limited Lakshmi Cargo Company Limited Revantha Builders Private Limited LCC Cargo Holdings Limited Sri Kamakoti Kamakshi Textiles
Private Limited Lakshmi Electrical Drives Limited
Sri Lakshmi Vishnu Plastics Lakshmi Technology and Engg.
Industries Limited Super Sales India Limited Lakshmi Ring Travellers (CBE)
Limited Starline Travels Limited Lakshmi Electrical Control
Systems Limited Titan Paints and Chemicals
Limited Lakshmi Precision Tools Limited Venkatavaradha Agencies Limited Lakshmi Life Sciences Limited Walzer Hotels Limited Note : Related party relationships are as identified by the Management |
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 |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11266504 |
Equity Shares |
Rs.10/- each |
Rs.112.665
millions |
|
|
|
|
|
*Including
2,50,00,000 equity shares of Rs. 10 each of erstwhile wholly owned subsidiary LMW
Machinery Limited as per Scheme of Amalgamation approved by the High Court
|
Particular |
31.03.2013 |
|
No. of Shares |
|
|
Aggregate Number of equity shares bought back in the preceding five year period preceding the balance sheet date ( In financial year 2010-11) |
1,12,66,504 |
Reconciliation of
number of shares
|
Particular |
31.03.2013 |
|
No. of Shares |
|
|
Number of Equity shares at the beginning |
1,12,66,504 |
|
Less : Equity Shares bought back during the year |
-- |
|
Number
of Equity shares at the end |
1,12,66,504 |
Shareholders holding
more than 5 percent Equity shares
|
Particular |
31.03.2013 |
|
|
No. of shares held |
% of Holding |
|
|
Life Insurance Corporation of India |
1093481 |
9.71% |
|
Lakshmi Cargo Company Limited |
9,23,718 |
7.31% |
|
Lakshmi Technology and Engineering Industries Limited |
6,67,090 |
5.92% |
|
The Lakshmi Mills Company Limited |
6,20,000 |
6.39% |
|
Voltas
Limited |
6,00,000 |
5.33% |
The Company has issued only one class of Equity share having a par value of Rs.10 per share. Each holder of Equity share is entitled to one vote per share. The Company declares dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to approval by the shareholders at the Annual General Meeting.
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 |
112.665 |
112.665 |
112.665 |
|
(b) Reserves & Surplus |
9490.213 |
8872.405 |
8156.940 |
|
(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) |
9602.878 |
8985.070 |
8269.605 |
|
|
|
|
|
|
(3) Non-current liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
129.019 |
228.706 |
276.042 |
|
(c) Other long term liabilities |
2340.351 |
2664.453 |
3369.240 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
2469.370 |
2893.159 |
3645.282 |
|
|
|
|
|
|
(4) Current liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
2537.651 |
2625.423 |
2670.273 |
|
(c) Other current liabilities |
3040.438 |
3632.371 |
3178.559 |
|
(d) Short-term provisions |
297.777 |
696.805 |
446.392 |
|
Total Current Liabilities (4) |
5875.866 |
6954.599 |
6295.224 |
|
|
|
|
|
|
TOTAL |
17948.114 |
18832.828 |
18210.111 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
4305.036 |
4946.772 |
4228.564 |
|
(ii) Intangible Assets |
60.869 |
28.846 |
31.479 |
|
(iii) Capital work-in-progress |
132.097 |
103.074 |
104.027 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1038.250 |
1540.730 |
1000.730 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
249.491 |
321.195 |
414.747 |
|
(e) Other Non-current assets |
0.000 |
170.239 |
100.175 |
|
Total Non-Current Assets |
5785.743 |
7110.856 |
5879.722 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2257.027 |
2153.218 |
2511.425 |
|
(c) Trade receivables |
1200.081 |
1292.968 |
1119.507 |
|
(d) Cash and cash equivalents |
7496.945 |
6923.456 |
7289.588 |
|
(e) Short-term loans and advances |
864.130 |
1071.200 |
1156.342 |
|
(f) Other current assets |
344.188 |
281.130 |
253.527 |
|
Total Current Assets |
12162.371 |
11721.972 |
12330.389 |
|
|
|
|
|
|
TOTAL |
17948.114 |
18832.828 |
18210.111 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
19171.301 |
21134.524 |
18037.477 |
|
|
|
Other Income |
787.156 |
845.077 |
796.568 |
|
|
|
TOTAL (A) |
19958.457 |
21979.601 |
18834.045 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
12014.973 |
13051.096 |
11103.208 |
|
|
|
Employee
benefits expense |
1795.704 |
1735.024 |
1668.253 |
|
|
|
Other expenses |
3486.198 |
3711.751 |
3013.096 |
|
|
|
Changes in inventories of finished goods and work-in-progress and Stock-in-Trade |
(226.181) |
58.188 |
(383.036) |
|
|
|
TOTAL (B) |
17070.694 |
18556.059 |
15401.521 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2887.763 |
3423.542 |
3432.524 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
3.660 |
50.073 |
13.018 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2884.103 |
3373.469 |
3419.506 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1177.206 |
1139.529 |
1041.084 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1706.897 |
2233.940 |
2378.422 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
532.102 |
863.764 |
718.625 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1174.795 |
1370.176 |
1659.797 |
|
|
|
|
|
|
|
|
|
Less/ Add |
Investment Fluctuation
Reserve |
(14.494) |
(200.453) |
25.589 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
8069.832 |
7694.820 |
6572.260 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
120.000 |
140.000 |
170.000 |
|
|
|
Proposed Dividend |
225.330 |
563.326 |
337.995 |
|
|
|
Tax on Dividend |
38.295 |
91.385 |
54.831 |
|
|
BALANCE CARRIED
TO THE B/S |
8846.508 |
8069.832 |
7694.820 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on FOB basis |
2311.133 |
3214.996 |
2514.138 |
|
|
|
Technical
Know how / Royalty income |
18.867 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
2330.000 |
3214.969 |
2514.138 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
482.814 |
602.367 |
502.756 |
|
|
|
Components and Spares Parts |
1619.691 |
2104.773 |
1766.839 |
|
|
|
Capital Goods |
134.354 |
631.209 |
701.216 |
|
|
TOTAL IMPORTS |
2236.859 |
3338.349 |
2970.811 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
104.27 |
121.62 |
134.95 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2013 |
30.09.2013 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
4168.400 |
5610.600 |
|
Total Expenditure |
|
3712.000 |
4851.300 |
|
PBIDT (Excl OI) |
|
456.400 |
759.300 |
|
Other Income |
|
231.900 |
264.800 |
|
Operating Profit |
|
688.300 |
1024.100 |
|
Interest |
|
0.600 |
2.700 |
|
Exceptional Items |
|
(60.400) |
(2.900) |
|
PBDT |
|
627.300 |
1018.500 |
|
Depreciation |
|
243.500 |
253.100 |
|
Profit Before Tax |
|
383.800 |
765.400 |
|
Tax |
|
130.100 |
243.300 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
253.700 |
522.100 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
253.700 |
522.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
5.89
|
6.23
|
8.81 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.90
|
10.57
|
13.19 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.17
|
13.00
|
13.90 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.25
|
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00
|
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.07
|
1.69
|
1.96 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming financial
year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
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 |
LITIGATION DEAILS
CHENNAI COURT
CASE STATUS INFORMATION SYSTEM
|
Case Status: |
Pending |
|
Status Of: |
CIVIL MISC. APPEAL |
|
Case No.: |
1384 |
|
Year : |
2013 |
|
Petitioner : |
THE COMMISSIONER OF CENTRAL |
|
Respondent : |
M/S LAKSHMI MACHINE WORKS |
|
Pet's Advocate : |
M/S.E.VIJAY ANAND |
|
Res's Advocate : |
COIMBATORE |
|
Category : |
Central Excises and Salt Act, 1944 (1 of 1944) |
|
|
Last Listed on: No Date Mentioned |
|
Case Updated on : |
Jul 16 2013 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
90008971 |
28/03/2002 |
22,174,000.00 |
THE SOUTH INDIAN BANK LIMITED |
RAJA STREET, COIMBATORE, TAMIL NADU, INDIA |
- |
|
2 |
90005094 |
23/12/1999 * |
75,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI TOWER, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
- |
|
3 |
90005093 |
27/03/1999 |
20,000,000.00 |
ICICI LIMITED |
C-23; G-BLOCK, BANDRA KURLA COMPLEX; BANDRA (EAST), MUMBAI - 400051, MAHARASHTRA, INDIA |
- |
|
4 |
90005083 |
15/06/1998 |
3,847,108.00 |
LLOYODS FINANCE LIMITED |
53; THIRUVENKATASWAMY ROAD, R.S. PURAM, COIMBATORE - 641002, TAMILNADU, INDIA |
- |
|
5 |
90003230 |
25/02/1998 |
1,000,000.00 |
INDIA CEMENTS CAPITAL FINANCE LIMITED |
39 ; STATE ; STERLING ROAD, CHENNAI - 600034, TAMILNADU, INDIA |
- |
|
6 |
90005072 |
12/12/1997 |
25,000,000.00 |
VIJAYA BANK |
OPPANAKKARA STREET, COIMBATORE BRANCH, COIMBATORE, TAMIL NADU, INDIA |
- |
|
7 |
90005060 |
19/06/1997 * |
80,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI TOWER, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
- |
|
8 |
90005055 |
07/03/1997 |
12,000,000.00 |
LLYODS FINANCE LIMITED |
53-A; THIRUVENKATASAMY ROAD, R.S. PURAM, COIMBATORE - 641002, TAMILNADU, INDIA |
- |
|
9 |
90005048 |
01/11/1996 |
4,000,000.00 |
LLOYODS FINANCE LIMITED |
53-A; THIRUVENKATASAMY ROAD, R.S. PURAM, COIMBATORE - 641002, TAMILNADU, INDIA |
- |
|
10 |
90008418 |
29/06/1998 * |
32,000,000.00 |
SYNDICATE BANK |
OPPANAKKARA STREET, COIMBATORE BRANCH, COIMBATORE, TAMILNADU, INDIA |
- |
|
11 |
90005043 |
04/07/1997 * |
5,000,000.00 |
GLOBAL TRUST BANK LIMITED |
AVINASHI ROAD, COIMBATORE - 641018, TAMILNADU, INDIA |
- |
|
12 |
90005042 |
07/09/1996 |
5,500,000.00 |
ELGI FINANCE LIMITED |
ELGI HOUSE, TRICHY
ROAD, COIMBATORE - |
- |
|
13 |
90005035 |
23/12/1999 * |
29,000,877.00 |
ICICI LIMITED |
C-23; G-BLOCK, BANDRA KURLA COMPLEX; BANDRA (EAST), MUMBAI - 400051, MAHARASHTRA, INDIA |
- |
|
14 |
90005034 |
28/12/1995 |
39,360,000.00 |
INDIAN RENEWABLE ENERGY DEVLOMENT AGENCY LIMITED |
CORE-4A; EAST COURT, I-FLOOR; INDIA HABITA CENTRE; LODI ROAD, NEW DELHI - 110003, INDIA |
- |
|
15 |
90005033 |
21/12/1995 |
100,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI TOWER, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
- |
|
16 |
90005022 |
16/08/1995 |
5,500,000.00 |
ELGI FINANCE LIMITED |
ELGI HOUSE, TRICHY
ROAD, COIMBATORE - |
- |
|
17 |
90008261 |
13/08/1996 * |
40,000,000.00 |
SYNDICATE BANK |
OPPANAKARA STREET, COIMBATORE - 641001, TAMILNADU, INDIA |
- |
|
18 |
90005005 |
19/06/1997 * |
3,713,000.00 |
THE TAMILNADU INDUSTRIAL INVESTMENT CORPOTATION LIMITED |
94; DR. NANJAPPA ROAD, COIMBATORE - 641018, TAMILNADU, INDIA |
- |
|
19 |
90004998 |
06/04/1994 |
9,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI TOWER, CUFFE PARADE, MUMBAI - 400005, MAHARASHTRA, INDIA |
- |
|
20 |
90004988 |
12/08/1993 |
810,000.00 |
THE TAMILNADU
INDUSTRIAL INVESTMENT CORPORATION LT |
94; DR. NANJAPPA ROAD, COIMBATORE - 641018, TAMILNADU, INDIA |
- |
|
21 |
90004976 |
28/03/1992 |
779,160.00 |
INDIAN EQUIPMENT LEASING LIMITED |
21; PATULLOS ROAD, MUMBAI - 400005, MAHARASHTRA, INDIA |
- |
|
22 |
90004975 |
25/03/1992 |
584,200.00 |
INDIAN EQUIPMENT LEASING LIMITED |
21; PATULLOS ROAD, MUMBAI - 400005, MAHARASHTRA, INDIA |
- |
|
23 |
90004914 |
14/06/1988 * |
58,800,000.00 |
STATE BANK OF INDIA |
MAIN BRANCH, COIMBATORE - 641018, TAMILNADU, INDIA |
- |
|
24 |
90004911 |
31/03/1988 * |
50,000,000.00 |
STATE BANK OF INDIA |
MAIN BRANCH, COIMBATORE - 641018, TAMILNADU, INDIA |
- |
|
25 |
90004884 |
28/01/1987 * |
46,000,000.00 |
STATE BANK OF INDIA |
MAIN BRANCH, COIMBATORE - 641018, TAMILNADU, INDIA |
- |
|
26 |
90002205 |
11/07/1995 * |
990,000.00 |
STATE BANK OF INDIA |
C AND I DIVISION, COIMBATORE - 641018, TAMILNADU, INDIA |
- |
|
27 |
90007715 |
19/04/1986 |
630,800.00 |
SYNDICATE BANK |
OPPANAKARA STREET, COIMBATORE - 641001, TAMILNADU, INDIA |
- |
|
28 |
90007682 |
21/08/1985 |
21,000,000.00 |
SYNDICATE BANK |
OPPANAKARA STREET, COIMBATORE - 641001, TAMILNADU, INDIA |
- |
|
29 |
90007600 |
18/05/1984 |
194,199.00 |
SYNDICATE BANK |
OPPANAKARA STREET, COIMBATORE - 641001, TAMILNADU, INDIA |
- |
|
30 |
90002136 |
08/01/1984 |
14,200,000.00 |
STATE BANK OF INDIA |
COIMBATORE, COIMBATORE - 641018, TAMILNADU, INDIA |
- |
|
31 |
90007558 |
28/06/1983 |
3,254,000.00 |
SYNDICATE BANK |
OPPANAKARA STREET, COIMBATORE - 641001, TAMILNADU, INDIA |
- |
|
32 |
90002126 |
09/05/1983 |
490,000.00 |
STATE BANK OF INDIA |
COIMBATORE, COIMBATORE - 641018, TAMILNADU, INDIA |
- |
|
33 |
90004820 |
14/03/1983 |
500,000.00 |
STATE BANK OF INDIA |
COIMBATORE, COIMBATORE, TAMIL NADU, INDIA |
- |
|
34 |
90007546 |
11/03/1983 |
635,000.00 |
SYNDICATE BANK |
OPPANAKARA STREET, COIMBATORE - 641001, TAMILNADU, INDIA |
- |
|
35 |
90007517 |
26/11/1982 |
2,500,000.00 |
LIFE INSURANCE CORPORATION OF INDIA |
YOGAKSHEMA JEEVAN
BIMA MARG, MUMBAI - |
- |
|
36 |
90007481 |
23/09/1981 |
2,500,000.00 |
LIFE INSURANCE CORPORATION OF INDIA |
YOGAKSHEMA JEEVAN
BIMA MARG, MUMBAI - |
- |
* Date of charge modification
CORPORATE INFORMATION
Subject is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on three stock exchanges in India. The company is engaged in the manufacturing and selling of Textile Spinning Machinery, CNC Machine Tools, Heavy Castings and parts and components for Aero space industry. The company caters to both domestic and international markets.
OPERATIONS
During
the year, the Company has recorded a turnover of Rs.18643.275
Millions (2011-12: Rs.20724.919 Millions)
resulting in a Net Profit of Rs.1706.897 Millions before tax
(2011-12: Rs.2233.940 Millions).
During
the year the turnover has decreased by 10.04% over the previous year and
consequently the profit has decreased by 23.59%. Increase in commodity prices,
power and fuel expenses and under absorption of fixed costs has affected the
profitability.
TEXTILE MACHINERY
DIVISION
The
Textile Machinery Division of the Company, during the year, has recorded a
turnover of Rs.16287.957 Millions as
against Rs.17532.951 Millions achieved during
previous year. This represents a decrease of 7.10% over the previous year.
The
Indian Textile Industry has experienced difficult conditions during 2012-13.
Traditional markets for Indian textiles namely, USA and Europe are yet to
recover from the effects of global financial crisis. More worrying is the fact
that these important markets show no signs of any improvement in their economic
status despite economic stimulus measures. Within India, all round industrial
slow down and a growing inflation has affected growth in domestic demand. Acute
power shortage, non availability of trained manpower and lack of clarity in
Government policies and support has added to further woes.
In
view of the prevailing uncertainty, Textile mills in India and abroad preferred
to defer their capacity addition/modernization plans resulting in lower growth.
High cost of self generated power, increase in commodity prices and under
utilisation of capacity has contributed to the down trend.
However,
the second half of the year witnessed an increased demand for yarn from China
due to a change in the Yarn Import Policy of that country. As China meets with
nearly 40% of the global garment requirements, exports of yarn from India are
likely to increase in the near future. During the year despite the odds, stable
cotton prices and increased yarn exports to china has improved the
profitability of many textile mills in India.
The
Union Budget for 2013-14 has given an impetus to the Indian Textile Industry in
the form of continuation of the Technology Upgradation Fund Scheme during the
12th Five Year Plan period, removal of excise duty for readymade garments,
sanction of additional funds for textile parks, extension of interest
subvention schemes, inclusion of textiles under the Focus Product Scheme etc.
These measures are expected to aid the recovery and growth of the Indian
Textile Industry. Also it is encouraging to note that various State Governments
in India have announced attractive schemes for establishment of Textile
Spinning units as green field projects.
MACHINE TOOL DIVISION
During
the year, this division has achieved a turnover of Rs.1444.264 Millions as against the turnover of Rs.2274.917 Millions recorded during the previous year showing
a decrease of 36.51 % over last year.
Decline
in turnover is due to the slowdown of industrial activity in the country
particularly in the automotive, infrastructure, heavy engineering and
construction industries. Competition from low cost unorganised Machine Tool
manufacturers, import of second hand machinery and stiff competition from high
tech overseas Machine Tool manufacturers have also led to a fall in volume.
During
the year, this division has introduced 10new machines/variants of the existing product
range. New products were displayed at exhibitions like IMTEX-2013, Bangalore,
AMTEX -13 New Delhi and ACMEE-13 at Chennai and were well received. It is
expected that when economic activity picks up in India, demand for these new
products alongwith existing products is set to increase.
FOUNDRY DIVISION
Foundry
Division has achieved a turnover of Rs.905.332
Millions as against Rs.917.007 Millions recorded
during the previous year showing a marginal decrease of 1.27% over the previous
year. This Division has exported castings worth Rs.652.262
Millions as against Rs.524.770 Millions made during
the previous year. The export turnover constitutes 72.05% of the division’s
turnover. The growth in exports is mainly on account of growing demand for
locomotive castings due to the growth of railway locomotive business in North
America and Europe.
Commencement
of infrastructure projects like metro rail in major cities of the country,
constant growth of renewal
energy
segment, setting up of factories and/or International Procurement Offices (IPO)
in India by MNCs manufacturing OE equipments, will give fillip to Foundry
industry in India.
WIND ENERGY DIVISION
As
a responsible corporate citizen, the Company continues to tap the non
conventional and renewable resources of energy namely Wind Power. In an era of
acute power shortage, wind energy occupies the centre stage in the energy
policy of the Company. So far the Company has installed 28 wind mills with a
total installed capacity of 36.80 MW. During the year this division has
generated 945 lakh units as against 647 lakh units during the previous year.
ADVANCED TECHNOLOGY
CENTRE
The
Company has established the Advanced Technology Centre to manufacture and
supply high precision parts and components required for the Aerospace Industry.
For this purpose, the Company has created infrastructure and capabilities that
are accredited with the AS 9100 Rev B certification and the NADCAP approvals.
During
the year this division has commenced commercial production and has achieved a
maiden turnover of Rs.57.21 Millions. Product
supply agreements have been concluded with leading original equipment
manufacturers / sourcing intermediaries. A number of products are currently
under customer validation process. These products are expected to bring more
volume of business for this division in the years to come.
REAL ESTATE ACTIVITY
Directorate
of Town and Country Planning has already approved the Real Estate project of
the Company. Now, few more approvals are awaited and on receipt of the same the
real estate project will be launched at an appropriate time.
AWARDS
During
the year 2012-13 the Company has bagged the following Awards:
1)
Star Performer Award for 2011-12 from Engineering Export Promotion Council of
India.
2) Apex
Export Award from the Textile Machinery Manufacturers Association of India.
3)
Award for Research and Development from Textile Machinery Manufacturers
Association of India.
MERGER OF LMW
MACHINERY LIMITED
With
the acquisition of the 50% stake held by Rieter Machine Works Limited in the
erstwhile joint venture company Rieter- LMW Machinery Limited (RLM), RLM became
a wholly owned subsidiary of the Company effective from 16th August, 2011. The
name of the said company has been changed to “LMW Machinery Limited” (LMWML)
with effect from 2nd September, 2011 and was functioning as a separate company.
LMWML has surrendered its 100% EOU license and has filed an IEM to manufacture
and sell textile machinery in India and abroad.
As
LMW and LMWML were pursuing the same line of business Management felt that it
was appropriate to merge LMWML with LMW to achieve synergy in operations and to
reduce overhead expenses. A petition to this effect, was filed before the
Hon’ble High Court of Judicature at Madras praying for the merger of LMWML with
LMW. The Hon’ble High Court of Judicature at Madras by an order dated 26th
April, 2013 under CP No:33/2013 has approved the merger of LMWML with LMW
effective from 1st April, 2012.
The
standalone financial statements of the Company for the year 2012-13 include the
performance of the erstwhile LMWML also.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
ECONOMIC OVERVIEW:
The Indian economy has logged a GDP growth rate of 5.0% during 2012-13 as against the growth rate of 6.50% recorded during 2011-12.
Both
external and domestic factors have contributed to this trend. Large global
economies continue to languish in recession leading to a slowdown in exports
going out of India. Meanwhile, within India a lot has happened during 2012-13.
Damage control measures were undertaken earlier by the Government to mitigate
the effects of a global financial crisis leading to a stronger economic growth
during 2009- 10 and 2010-11. Though consumption expanded, unexpectedly
inflationary pressures also climbed. Threatened with an adverse public reaction
to the increasing cost of living, the Reserve Bank of India had started to
tighten its monetary policy. This in turn directly stunted the economy’s
ability to grow during 2012-13. It is notable that this downturn has been felt
uniformly across all industrial and service-based segments. During the same
period India’s current account deficit has also widened due to higher oil
prices and also due to increased import of gold.
In
response to these conditions, the Government has tried to spur domestic growth
momentum by increasing liquidity availability through measures such as
catalysing investment and by curtailing subsidy outgo. Recently, the government
has initiated numerous measures like allowing foreign direct investment in
multi brand retail, aviation and broadcasting. It has opened up the pension
sector for foreign investment and has raised the FDI cap in the insurance
sector. It has also hiked the diesel prices and has reduced subsidy for
petroleum products.
RBI
is widely expected to start easing policy rates considering the moderation in
inflation and also due to greater than anticipated slowdown in the growth rate.
Consequentially, the presence of a huge domestic consumption market and easy
liquidity conditions, private investment sentiment and corporate activity is
expected to pick up shortly. This will boost efforts at infrastructure building
and capacity creation within the country.
TEXTILE MACHINERY
DIVISION
INDUSTRIAL OVERVIEW
The Indian textile industry is one among the leading textile
industries of the world. In equal measure, it has an overwhelming presence in
the economic life of the country. The textile industry not only provides with
one of the basic necessities of life but also plays a vital economic role by
contributing towards industrial output, employment
generation and forex generation through exports.
This sector contributes to about 14% of industrial production and
17% to India’s export earnings. This industry provides direct employment to
about 35 million people. The textile sector is the second largest employer
within India after agriculture. Growth and development of this industry has a
direct bearing on the well-being of the Indian economy. Though the Indian textile
industry has had a long tradition and heritage it was largely unorganised till
a few decades back. Economic reforms of 1991 and the removal of the quota
system in 2005 has changed this scenario completely. It is encouraging to note
that the Indian textile industry today is characterised by the presence of both
the volume and niche players.
Recently, yarn exports from India have improved due to a change in
yarn import policy in China. Traditional markets like the US, the EU and Japan
despite being constrained by economic recession continue to be important
destinations for Indian textiles. The Indian textile industry is also blessed
with a huge domestic market. However fundamental issues like inadequate power,
shortage of manpower, reluctance to upgrade to contemporary technology, lack of
clarity in governmental policy continue to plague the industry
OUTLOOK
Moderation in inflation rates, the expectation of a normal monsoon, removal of excise duty on the spun yarn and readymade garments would stimulate domestic demand. Growth in traditional markets and China is expected to boost external demand for the Indian textile industry augurs well for the Company.
MACHINE TOOL DIVISION
INDUSTRIAL OVERVIEW
India is the 18th largest manufacturer of machine tools in the
world. The Indian machine tool industry consists of about 450 manufacturing
units of which 150 are in the organised sector. Domestic manufacturers account
for about 45% of consumption within the Indian machine tools market.
Since 2002, the Indian engineering sector especially the auto and
auto ancillary sector has witnessed increased investments as global engineering
giants have started outsourcing from India and have started to establish their
manufacturing facilities based in India. This led to a spurt in demand for
machine tools in India. Now the Indian machine tool industry is in a position
to export the general purpose and standard machine tools to even industrially
advanced countries.
The recessionary pressure of 2012-13 have severely impacted the
industrial activity within India and as a result the growth of the Indian machine
tools industry was hampered. However the recent revival in the index of
industrial production can be construed as a harbinger of growth for the Indian
machine tools industry.
OUTLOOK
Globally India is recognised as a cost-effective manufacturing hub
for engineering goods. The government is also implementing measures to increase
the share of manufacturing in GDP to boost employment. The Company’s policy of continuous
research and development gives it the ability to respond to market
requirements.
FOUNDRY DIVISION
INDUSTRIAL OVERVIEW
The Indian foundry industry consists of 4,600 units capable of
manufacturing nine million tonnes of castings per year. Recently, the foundry
industry has been facing hurdles like inadequate power supply, non availability
of skilled manpower, lack of government support towards pollution control
measures among others. The general economic slowdown has also impacted the
Foundry Industry.
OUTLOOK
Government’s commitment to improve infrastructural facilities to
attract more foreign direct investment, undertaking of metro rail projects in
all major cities, compulsion to install new power projects would all boost the
demand for heavy castings.
Adoption of world-class manufacturing technology, introduction of
a LEAN manufacturing programme, internal augmentation plan in the heavy
moulding area, focused approach on customers in both the domestic and export
markets will enable this division to perform well during FY 2013-14.
CONTINGENT
LIABILITIES:
|
Particular |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Bills discounted with banks |
0.000 |
50.975 |
|
Letters of Credit |
314.741 |
218.000 |
|
Bank
Guarantee |
147.169 |
203.067 |
|
Central
Excise Demand |
44.399 |
38.559 |
|
Disputed
tax dues are appealed before concerned appellate authorities. The Company is
advised that the cases are likely to be disposed off in favour of the Company
and hence no provision is considered necessary therefor |
|
|
|
Estimated
balance of committed share subscription to wholly owned subsidiary company,
LMW Textile Machinery (Suzhou) Company Limited [USD 7.50 million]; (previous
year USD 7.50 million) |
234.361 |
390.602 |
|
Estimated
amount of contracts remaining to be executed on capital account not provided
for |
52.980 |
128.200 |
UNAUDITED FINANCIAL RESULTS FOR THE PERIOD ENDED 30TH
SEPTEMBER 2013
(Rs. In Millions)
|
SI. No. |
PARTICULARS |
Quarter Ended |
Half Year Ended |
|
|
30.09.2013 (Unudited) |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
||
|
1 |
a) Net
Sales / Income from Operations (Net of Excise Duty) |
5410.539 |
4022.564 |
9433.103 |
|
|
b) Other
Operating Income |
200.017 |
145.866 |
345.883 |
|
|
Total Income from operations (net) |
5610.556 |
4166.430 |
97778.986 |
|
2 |
Expenses |
|
|
|
|
|
a. Cost of
Material Consumed |
3473.911 |
2582.129 |
6056.040 |
|
|
b.
Purchase of Stock-in-trade |
0.000 |
0.000 |
0.000 |
|
|
c. Changes in inventories of finished goods,
work-in-progress and stock -in-trade |
(115.376) |
(135.377) |
(250.753) |
|
|
d.
Employee benefits expense |
621.772 |
478.353 |
1100.125 |
|
|
e.
Depreciation and Amortisation expense |
253.103 |
243.455 |
496.558 |
|
|
f. Other Expenses |
870.982 |
786.927 |
1657.909 |
|
|
Total Expenses |
54104.392 |
3955.487 |
9059.879 |
|
3 |
Profit from Operations before other income, finance costs
and exceptional items |
506.164 |
212.943 |
719.107 |
|
4 |
Other
Income |
264.822 |
231.846 |
496.668 |
|
5 |
Profit
from ordinary activities before finance costs and exceptional Items |
770.986 |
444.789 |
1215.775 |
|
6 |
Finance
Costs |
2.666 |
0.609 |
3.275 |
|
7 |
Profit from ordinary activities after finance costs
but before exceptional Items |
768.320 |
444.180 |
1212.500 |
|
8 |
Exceptional
Items |
2.908 |
60.365 |
63.273 |
|
9 |
Profit
from Ordinary Activities before tax |
765.412 |
383.815 |
1149.227 |
|
10 |
Tax
Expense |
243.300 |
130.100 |
373.400 |
|
11 |
Net Profit
from Ordinary Activities after tax |
522.112 |
253.715 |
775.827 |
|
12 |
Extraordinary
items (Net of Tax expense) |
0.000 |
0.000 |
0.000 |
|
13 |
Net Profit
for the period |
522.112 |
253.715 |
775.827 |
|
14 |
Paid-up
Equity Share Capital (Face Value Rs. 10/- each) |
112.665 |
112.665 |
112.665 |
|
15 |
Reserves Excluding Revaluation Reserves as per
Balance Sheet of previous accounting year |
-- |
-- |
-- |
|
16 |
Earnings Per
Share (before extraordinary items)(of Rs. 10 each) |
|
|
|
|
|
(a) Basic |
46.34 |
22.52 |
68.86 |
|
|
(b)
Diluted |
46.34 |
22.52 |
68.86 |
|
17 |
Earnings
Per Share (after extraordinary items)(of Rs. 10 each) |
|
|
|
|
|
(a) Basic |
46.34 |
22.52 |
68.86 |
|
|
(b)
Diluted
|
46.34 |
22.52 |
68.86 |
|
SI. No. |
PARTICULARS |
Quarter Ended |
Half Year Ended |
|
|
30.09.2013 (Unudited) |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
||
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
Public Share
Holding - Number of Shares |
8073699 |
8073760 |
8073699 |
|
|
- Percentage of Shareholding |
71.66% |
71.66% |
71.66% |
|
2 |
Promoters and Promoter
Group Shareholding a) Pledaed / Encumbered |
|
|
|
|
|
-Number of Shares |
- |
- |
- |
|
|
- Percentage of Shareholding (as a % of the total shareholding of promoter and promoter group) |
- |
- |
- |
|
|
- Percentage of Shares (as a % of total share capital of the Company) |
- |
- |
- |
|
|
b) Non - Encumbered |
|
|
|
|
|
- Number of Shares |
3192805 |
3192744 |
3192805 |
|
|
- Percentage of Shares (as a % of total shareholding of promoter and promoters group) |
100.00% |
100.00% |
100.00% |
|
|
- Percentage of Shares (as a % of total share capital of the Company) |
28.34% |
28.34% |
28.34% |
|
|
PARTICULARS |
3 months
ended 30.09.2013 |
|
B |
INVESTOR COMPLAINTS (Nos.) |
|
|
1 |
Pending at
the beginning of the quarter |
NIL |
|
2 |
Received
during the quarter |
2 |
|
3 |
Disposed
of during the quarter |
2 |
|
4 |
Remaining
unresolved at the end of the quarter |
NIL |
NOTES :
1. The above results were reviewed by the Audit Committee and approved by the Board of directors at their meeting.
2. Exceptional item represents Compensation towards Voluntary Retirement Scheme opted by Employees.
3. Figures for the previous year/quarter have been regrouped /rearranged wherever necessary. Figures for the quarter ended 30th September, 2012 are recast to include the figures of LMW Machinery Limited which was amalgamated with the Company with effect from 01.04.2012.
SEGMENT WISE REVENUE, RESULT AND CAPITAL EMPLOYED FOR THE PERIOD ENDED
30TH JUNE, 2013
(Rs. In millions)
|
SI. No. |
PARTICULARS |
Quarter Ended |
Half Year Ended |
||
|
30.09.2013 (Unudited) |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
|||
|
1 |
Segment
Revenue a )Textjle Machinery Division b)Machine Tool and Foundry Divisions c)Advanced Technology Centre |
5130.614 571.661 17.368 |
3789.511 446.417 8.932 |
8920.126 1018.078 26.300 |
|
|
|
Total |
5719.643 |
4244.860 |
9964.504 |
|
|
|
Less: Inter-segment revenue |
34.701 |
27.442 |
62.143 |
|
|
|
Net
Sales/Income from Operations |
5684.942 |
4217.418 |
9902.361 |
|
|
|
|
|
|
|
|
|
2 |
Segment
Results (Profit
before Interest and tax) a)Textile Machinery Division b)Machine Tool and Foundry Divisions c)Advanced Technology Centre |
602.397 17.184 (20.112) |
251.942 6.169 (40.091) |
854.339 23.353 (60.203) |
|
|
|
Total |
599.469 |
218.020 |
817.489 |
|
|
|
Add : Other un-allocable income net of Unallocable expenditure |
165.943 |
165.795 |
331.738 |
|
|
|
Total
Profit Before Tax |
765.412 |
383.815 |
1149.227 |
|
|
|
|
|
|
|
|
|
3 |
Capital
Employed (Segment
Assets-Segment Liabilities) a )Textile Machinery Division b)Machine Tool and Foundry Divisions c)Advanced Technology Centre |
7816.678 1433.753 38.944 1089.329 |
7337.533 1417.900 51.890 1049.273 |
7816.678 1433.753 38.944 1089.329 |
|
STANDALONE STATEMENT OF ASSETS AND LIABILITIES AS AT 30TH SEPTEMBER
2013
(Rs. In Millions)
|
Particular |
30.09.2013 |
|
EQUITY AND
LIABILITIES |
|
|
Shareholders’
funds |
|
|
(a) Share capital |
112.665 |
|
(b) Reserves and surplus |
10266.041 |
|
Sub-total
- Shareholders' funds |
10378.706 |
|
|
|
|
Non-current
liabilities |
|
|
(a) Deferred Tax Liabilities (Net) |
91.931 |
|
(b) Other Long term liabilities |
2898.285 |
|
Sub-total
- Non-current liabilities |
2990.216 |
|
|
|
|
Current
liabilities |
|
|
(a) Trade payables |
2731.347 |
|
(b) Other current liabilities |
3348.564 |
|
(c) Short-term provision |
75.025 |
|
Sub-total - Current
liabilities |
6154.936 |
|
TOTAL - EQUITY AND
LIABILITIES |
|
|
|
|
|
ASSETS |
|
|
Non-current
assets |
|
|
(a) Fixed assets |
4128.005 |
|
(b) Non-current investments |
1288.293 |
|
(c) Long-term loans and advances |
894.093 |
|
Sub-total
- Non-current assets |
6310.391 |
|
Current assets |
|
|
(a) Inventories |
2928.826 |
|
(b) Trade receivables |
1706.856 |
|
(c) Cash and cash equivalents |
7951.184 |
|
(d) Short-term loans and advances |
122.184 |
|
(e) Other current assets |
504.417 |
|
Sub-total
- Current assets |
13213.467 |
|
TOTAL
- ASSETS |
|
FIXED ASSETS
Ø
Tangible
Assets
Land
Buildings
Plant and Equipment
Furniture and Fixtures
Office Equipments
Vehicles
Ø
Intangible Assets
Technical Knowhow
Software
PRESS RELEASE
LAKSHMI MACHINE WORKS TO EXPAND CAPACITY
Chennai/ Bangalore
January 27,2011
Lakshmi Machine Works Limited (LMW), the Coimbatore-based a textile machines and machine tools manufacturer, is on an expansion mode. The company is set to expand its machine tool manufacturing capacity by 25-30 per cent to 150 machines per month from March this year to meet the growing demand.
“The demand for machine tools is increasingly from automobile and general engineering sectors to aerospace, defence and railways this year. Recently, we invested Rs 220.000 Millions to double our capacity to 120 machines per month. But this is not enough as we have got huge orders for the next one-year. So, we are planning to increase the capacity further,” I N Bhattacharya, deputy general manager - marketing and sales, LMW LIMITED, said.
LMW manufactures CNC lathes and machining centers for automobile companies, auto component manufacturers as well as Tier 1 and Tier 2 manufacturers of component conversion industry. The company, recently added mother machines in its portfolio and revamped its foundries to churn out castings faster, he said.
LMW is focusing on aerospace, defence and railways in a big way. Hindustan Aeronautics Limited (HAL) is one of the big customers from the aerospace sector for LMW. Its customers from the automobile sector includes Maruti Suzuki, Ashok Leyland, TVS Motors, Sundaram Fastners, Amalgamation Group, Tata Motors, Bosch and other Tier1 and Tier 2 suppliers.
Bhattacharya said the company’s order book position for CNC lathes is very strong currently and it has over Rs 1200.000 Millions worth of orders in hand, for which it would take seven months to deliver. The company is likely to close the current fiscal with a total turnover of Rs 1850.000 Millions, a growth of 91 per cent over the last year. During the next fiscal it is aiming at a growth of close to 50 per cent. “We witnessed the worst period during the year 2008-09, when our turnover was in the range of Rs 650.000 Millions. Last year was a good year, but this year, we are getting huge orders for CNC lathes from the automobile sector,” he said.
He said LMW has launched seven new machines including horizontal machining center and high speed turning center to cater to the huge demand from the automotive industry. It is also coming out with large machines with common applications for sectors like railway, defence and automobile for launch during the next fiscal.
The company would also provide end-to-end solutions in association with its sister concern, Quatro, he added.
CCI
DROPS CASE AGAINST LAKSHMI MACHINE WORKS
New Delhi, Feb
20:
Fair trade regulator CCI has closed the case against textile machine
maker Lakshmi Machine for alleged abuse of dominant position in the market for
“sale of spinning machinery for textiles”.
“ ... despite the fact that the opposite party (Lakshmi Machine Works)
was a dominant player in the relevant market, mere increase in prices by the
opposite party for valid economic reasons for all of its customers cannot
amount to imposing of unfair or discriminatory conditions in purchase or sale
of goods or services,” the Competition Commission of India (CCI) said in its
order dated February 15.
In a complaint filed by Shahi Exports, it was alleged that Lakshmi
Machine Works had increased the price of textile machineries it had ordered.
According to the order, during the arbitration proceedings with the
complainant, Lakshmi Machine Works had submitted that the increase in price was
due to increase in cost of inputs such as raw materials and labour, among
others.
CCI noted that Lakshmi Machine Works had been “increasing the price of
its products at regular intervals and it was not discriminating with any of its
customers but had increased the prices for all of its customers alike”.
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.61.87 |
|
|
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.84.65 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
75 |
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.