MIRA INFORM REPORT
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Report Date : |
01.02.2013 |
IDENTIFICATION DETAILS
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Name : |
KIRLOSKAR ELECTRIC COMPANY LIMITED |
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Registered
Office : |
Industrial Suburb, Rajaji Nagar, Bangalore – 560 010, Karnataka |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
26.07.1946 |
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Com. Reg. No.: |
08-000415 |
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Capital
Investment / Paid-up Capital : |
Rs. 505.214 Millions |
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CIN No.: [Company Identification
No.] |
L85110KA1946PLC000415 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRK03363D BLRK02944E BLRK01454F BLRK02375C BLRK04661G BLRK00238A |
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PAN No.: [Permanent Account No.] |
AABCK2721Q |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturers of Electrical and Power Equipment. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (52) |
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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 7000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and a reputed company having fine track
record. Financial position of the company appear to be sound. Trade relations
are reported as fair. Business is active. Payments are reported to be regular
and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country’s growth, which has averaged more than 7% per
year since 1997. India’s diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India’s output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis – in large part because of strong domestic demand – and growth
exceeded 8% year-on-year in real terms. However, India’s economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government’s fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India’s medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
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Source
: CIA |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE |
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Rating |
Short Term Bank Facilities: A3 |
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Rating Explanation |
Moderate degree of safety and higher credit risk |
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Date |
25.04.2012 |
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Rating Agency Name |
CARE |
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Rating |
Long Term Bank Facilities: BBB- |
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Rating Explanation |
Moderate degree of safety and moderate credit risk |
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Date |
25.04.2012 |
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 has been found enlisted as a
defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’
list as of 31-03-2012.
INFORMATION DENIED
Management Non Co-operative (91-80-23378735)
LOCATIONS
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Registered Office : |
Industrial Suburb, Rajaji Nagar, |
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Tel. No.: |
91-80-2332 2111 / 2332 2771 |
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Fax No.: |
91-80-2332 2469 |
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E-Mail : |
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Website : |
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Corporate Office : |
Post Box
No. 5555, Malleswaram West, |
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Tel. No.: |
91-80-2332 2111 / 2332 2771/ 23374865/ 23378735 |
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Fax No.: |
91-80-2332 2469/ 23372448/ 23377706 |
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Factory 1 : |
Belvadi Industrial Area, Mysore, Gokul Road, Hubli - 580 030, Karnataka, India |
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Tel. No.: |
91-821-2402522 / 2402540-3 |
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Fax No.: |
91-821-2402266 |
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Factory 2 : |
Post Box No. 112, Gokul Road, Hubli - 580 030, Karnataka, India |
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Tel. No.: |
91-836-2332771-3 |
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Fax No.: |
91-836-2331433 |
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Factory 3 : |
Plot No. 6, Hirehalli Industrial Area, Tumkur - 572 168, Karnataka, India |
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Tel. No.: |
91-816-23152-4 / 23104 |
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Fax No.: |
91-816-23105 |
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Factory 4 : |
Survey No. 16, Govenahalli,.Thyamagondlu, Bangalore – 562 123, Karnataka India |
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Factory 5 : |
Gate No. 309, 315, 317 and 318, Opposite Government Milk Dairy, Khondhapuri, Pune – 412 209, Maharashtra, India |
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Factory 6 : |
Nagar Road, Pune – 411 014, Maharashtra, India |
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Factory 7 : |
Kachenahalli, Nelamangala Taluk, Bangalore, Karnataka, India |
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Factory 8 : |
J D Royalite, Tumkur Road, Bangalore – 560 022, Karnataka, India |
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Factory 9 : |
Sy. No. 16/1, Gabbur Village, P B Road, Hubli, India |
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Factory 10 : |
Jaladulagarh, Kolkata, West Bengal, India |
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Factory 11: |
42D, Type, HSIDC, Sheds Sector-37, Udyog Vihar, Gurgaon - 122 001, Haryana, India |
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Factory 12: |
UB MEC Road, Industrial Suburb, Yeshwanthpur, Bangalore – 560 022, Karnataka, India |
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Overseas Office 1 : |
12 A – 1 and 2, jalan 4 / 109 E, Desa Business Park, Off.
Jalan Desa – 58100, |
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Tel No.: |
60-3-79840800 |
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Fax No.: |
60-3-79840801 |
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E-mail : |
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Overseas Office 2 : |
20, |
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Tel No.: |
65-67383732 /
6567384544 |
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Fax No.: |
65-67383731 |
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E-mail : |
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Overseas Office 3 : |
16G-20, Hamriyah Free Zone,Po Box No
42519,Sharjah-UAE |
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Tel No.: |
971-4-817304 |
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Fax No.: |
971-4-817305 |
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E-mail : |
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Branch Office : |
Located at : v
v
v Kualalumpur v v Ahmedabad v v Bhuvaneshwar v Chennai v v v Durg v Guwahati v v v Jaipur v v Kolkata v v v v Mumbai
v v Hubli v v Govenahalli |
DIRECTORS
As on: 31.03.2012
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Name : |
Mr. Vijay R. Kirloskar |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. A. S. Lakshmanan |
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Designation : |
Director |
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Name : |
Mr. S. N. Agarwal |
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Designation : |
Director |
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Name : |
Mr. Anil Kumar Bhandari |
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Designation : |
Director |
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Name : |
Mr. Sarosh J. Ghandy |
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Designation : |
Director |
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Name : |
Mr. V. P. Mahendra |
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Designation : |
Director |
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Name : |
Mr. Anuj Pattanaik |
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Designation : |
Deputy Managing Director |
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Name : |
Mr. Kamlesh Gandhi |
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Designation : |
Director |
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Name : |
Mr. Berthold Groeneveld |
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Designation : |
Director |
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Name : |
Mr. Devenrda D. Singh |
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Designation : |
Director |
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Name : |
Mrs. Meena Kirloskar |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. P Y Mahajan |
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Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.12.2012
|
Category of
Shareholder |
Number of Shares |
Percentage |
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A) Shareholding of
Promoter and Promoter Group |
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4115886 |
8.15 |
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20787860 |
41.15 |
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24903746 |
49.29 |
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Total shareholding
of Promoter and Promoter Group (A) |
24903746 |
49.29 |
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(B) Public
Shareholding |
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822206 |
1.63 |
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3263824 |
6.46 |
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850 |
0.00 |
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4086880 |
8.09 |
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3870119 |
7.66 |
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7274533 |
14.40 |
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2228791 |
4.41 |
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8157298 |
16.15 |
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77019 |
0.15 |
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1905401 |
3.77 |
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6174878 |
12.22 |
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21530741 |
42.62 |
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Total Public
shareholding (B) |
25617621 |
50.71 |
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Total (A)+(B) |
50521367 |
100.00 |
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(C) Shares held by
Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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Total (A)+(B)+(C) |
50521367 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Electrical and Power Equipment. |
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Products : |
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PRODUCTION STATUS As on 31.03.2011
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Motors/
Alternators/ Generators |
MW |
2806* |
2806* |
1933 |
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FHP Motors |
Nos. |
-- |
-- |
6859 |
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Engines |
Nos. |
-- |
-- |
3003 |
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Transformers |
Kva |
2060000 |
2060000 |
4725735# |
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Arc Welding and
Resistance Welding Equipments with Welding Aids and Accessories |
Nos. |
1800+ |
1800+ |
Nil |
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Controls for
Alternators/ Generating sets, Variable Speed Drive Controls, Static Exciters and
Inverters, Electronic Controls for Machine Tools, HV testers, Coolers, stud
Welders, Thermister Protection units and RF Induction Generators |
Units |
3000+ |
3000* |
1232 |
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Induction Heating
Equipment such as Induction Heaters and Welders, Die Electric Heaters and
Plastic Welders with associated handling equipment |
Nos. |
150* |
50* |
Nil |
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Vertical
Mechanical Comparator, Sigma size Electronic Gauging Indicator, Sigma flash electronic
column gauges, Sigmaster fixturing systems. |
Nos. |
1400 |
200 |
Nil |
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Micro and Mini
Computers |
Rs. in Millions |
100* |
80 |
Nil |
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Industrial
Electronic Voltage Regulators |
Nos. |
20000 |
8000 |
675 |
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Uninterruptible
Power Systems |
Nos. |
5000* |
500 |
468 |
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Metal Cutting
including Grinding Machines (**) |
Nos. |
300* |
150 |
Nil |
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Machine tool
accessories including digital readouts (**) |
Nos. |
550* |
550 |
Nil |
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Printed Circuit
Boards (**) |
Sq Mtrs |
2500* |
2500* |
Nil |
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Alternators |
Nos. |
191500 |
78000 |
Nil |
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D.G. Sets |
Nos. |
-- |
-- |
2944 |
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Circuit
Breakers/ Starters/ Contactors/ Switchboard* |
Nos. |
-- |
-- |
680 |
Notes:
1. (**) Registered
with DGTD (*) on maximum utilization (+) On single shift.
2. There is no
change in installed capacity as compared to the previous year.
3. (@) As
certified by the Managing Director and relied upon by auditors.
4. $ Standing in
the name of Kirloskar Systems Limited, whose switchgear business was taken over
by the Company in a prior year.
5. * As per letter
no.3/24/2000-PAB-IL from Department of Industrial Policy and Promotion, New
Delhi date December 1, 2004
6. # Includes
production at subcontractors facility.
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B. K. Ramadhyani and Company Chartered Accountants |
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Address : |
Bangalore, Karnataka, India |
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Subsidiaries : (Wholly Owned) |
Kirsons BV |
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Step down
Subsidiaries: |
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Associates : |
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Enterprises over which key management personnel and
their relatives are able to exercise significant influence : |
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CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
60000000 |
Equity Shares |
Rs.10/- each |
Rs. 600.000 Millions |
|
3000000 |
Preference Shares |
Rs. 100/- each |
Rs. 300.000 Millions |
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Total |
|
Rs. 900.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
|
Number of Shares |
Amount |
|
Equity shares of
Rs.10/- each |
|
|
|
At the beginning of the reporting period |
50521367 |
Rs. 505.214 Millions |
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At the close of the reporting period |
50521367 |
Rs. 505.214 Millions |
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|
|
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Preference shares
of Rs.100/- each |
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At the beginning of the reporting period |
773592 |
Rs. 77.359 Millions |
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Redeemed during the reporting period |
773592 |
Rs. 77.359 Millions |
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At the close of the reporting period |
- |
- |
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Total |
|
Rs. 505.214 Millions |
OTHER INFORMATION:
PREFERENCE SHARES:
a. The Company had issued cumulative preference shares of Rs 100/- each. The preference shareholders did not have voting rights.
b. Nil (as at March 31, 2011: 4,00,000) preference shares carry a cumulative dividend of 7% p.a. w.e.f October 1, 2001 payable cumulatively out of the profits of the Company. The rate of dividend can be increased to 9% p.a. by way of redemption premium subject to profitability and cashflows of the Company. These shares have been redeemed on November 9, 2011 without any premium.
c. Nil (as at March 31, 2011: 179,855) preference shares carry a cumulative dividend of 6.5% & Nil (as at March 31, 2011: 193737) preference shares carry a cumulative dividend of 8%. These preference shares have been redeemed on March 31, 2012.
d. 1,176,746 Preference shares (Value Rs 117.675 Millions) were allotted pursuant to a contract without consideration being received in cash. These preference shareholders were alloted to preference share holders of Kaytee Switchgear Limited as fully paid up pursuant to the Scheme of arrangement apporved by the Honourable High Court of Karnataka under sec 391 -394 of the Companies Act, 1956 without payment received in cash.
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Number |
Amount |
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Preference shares bought back during the five years immediately preceding the date of the balance sheet |
2376746 |
Rs. 237.675 Millions |
Particulars of
preference share holders holding more than 5% of the total number of preference
share capital
|
|
Number |
Percentage |
|
IDBI Bank |
- |
- |
|
Bank of India |
- |
- |
EQUITY SHARES:
a. The Company has only one class of equity shares having a par value of Rs 10/- each. Each holder of equity shares is entitled to one vote per share. In the event of liquidation of the Company, the holders of the equity shares will be entitled to receive the remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the equity shares held by the shareholder.
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Equity Shares of
Rs.10/- each includes: |
Number |
Amount (Millions) |
|
Equity shares include Shares allotted pursuant to a contract without consideration being received in cash. These shares were issued to shareholders of Kaytee Switchgear Limited and Kirloskar Power Equipments Limited as fully paid, pursuant to Scheme of arrangement approved by the Honourable High Court of Karnataka under sections 391 - 394 of the Companies Act, 1956. Equity shares so alloted includes 6,174,878 equity shares of Rs.10/- each alloted to KECL Investment Trust, sole beneficiary of which is the Company. |
17252550 |
172.526 |
|
Shares alloted during the year 2007-08 to the promoters group in terms of order June 29, 2007 of the Honourable High Court of Karnataka read with scheme of arrangement dated February 13, 2003 under sections 391 to 394 of The Companies Act, 1956. |
2000000 |
20.000 |
|
Shares allotted during the year 2003 - 04 to IDBI on conversion of Preference Share Capital at face value as per the scheme of arrangement approved by Honourable High Court of Karnataka. |
6000000 |
60.000 |
Particulars of equity
share holders holding more than 5% of the total number of equity share capital:
|
|
Number |
Percentage |
|
Abhiman Trading Company Private Limited |
8337857 |
16.50 |
|
Vijay Jyothi Investment and Agencies Private Limited |
6709325 |
13.28 |
|
KECL Investment Trust |
6174878 |
12.22 |
|
Vijay Ravindra Kirloskar |
3890711 |
7.70 |
|
Vijay Kirthi Investments and Agencies Private Limited |
274094 |
5.41 |
|
Life Insurance Corporation of India |
2576571 |
5.10 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
505.214 |
582.573 |
659.932 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1409.564 |
1313.882 |
1292.829 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1914.778 |
1896.455 |
1952.760 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
959.297 |
982.319 |
1041.117 |
|
|
2] Unsecured Loans |
439.875 |
442.603 |
361.122 |
|
|
TOTAL BORROWING |
1399.172 |
1424.922 |
1402.239 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3313.950 |
3321.377 |
3355.000 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1448.399 |
1614.193 |
1685.509 |
|
|
Capital work-in-progress |
39.516 |
20.382 |
73.209 |
|
|
|
|
|
|
|
|
INVESTMENT |
1270.358 |
1083.352 |
857.943 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
NON CURRENT ASSETS |
103.005 |
189.736 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1317.460
|
1161.719 |
912.182 |
|
|
Sundry Debtors |
1874.411
|
1957.353 |
2000.512 |
|
|
Cash & Bank Balances |
278.302
|
381.613 |
444.919 |
|
|
Other Current Assets |
230.322
|
163.404 |
0.000 |
|
|
Loans & Advances |
289.484
|
346.700 |
342.160 |
|
Total
Current Assets |
3989.979
|
4010.789 |
3699.773 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2484.536
|
2497.074 |
1909.744 |
|
|
Other Current Liabilities |
803.279
|
856.705 |
704.676 |
|
|
Provisions |
249.492
|
243.296 |
347.014 |
|
Total
Current Liabilities |
3537.307
|
3597.075 |
2961.434 |
|
|
Net Current Assets |
452.672
|
413.714 |
738.339 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
3313.950 |
3321.377 |
3355.000 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue From Operation |
8717.397 |
8238.754 |
8407.330 |
|
|
|
Other Income |
57.626 |
36.919 |
119.529 |
|
|
|
On sale of Fixed Assets |
0.000 |
0.000 |
0.040 |
|
|
|
TOTAL (A) |
8775.023 |
8275.673 |
8526.899 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
6661.243 |
6435.326 |
|
|
|
|
Purchases of stock in trade Changes in inventories of finished goods, work in progress and stock in trade |
(102.654) |
(104.440) |
7645.550 |
|
|
|
Employee benefits expense |
801.298 |
764.625 |
|
|
|
|
Other expenses |
748.120 |
680.463 |
|
|
|
|
Expenses Capitalised |
(0.809) |
(0.569) |
|
|
|
|
TOTAL (B) |
8107.198 |
7775.405 |
7645.550 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
667.825 |
500.268 |
881.349 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
383.046 |
317.107 |
225.674 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
284.779 |
183.161 |
655.675 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
183.889 |
161.881 |
174.716 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
100.890 |
21.280 |
480.959 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
5.208 |
0.227 |
105.031 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
95.682 |
21.053 |
375.928 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
901.293 |
957.599 |
718.453 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to Debenture Redemption Reserve |
NA |
0.000 |
16.466 |
|
|
|
Transfer to Capital Redemption Reserve |
NA |
77.359 |
120.316 |
|
|
|
Provision for Preference Dividend |
NA |
0.000 |
0.000 |
|
|
|
Tax on Dividend |
NA |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
901.293 |
957.599 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. value of
exports |
698.458 |
641.200 |
560.156 |
|
|
|
Remittances from
overseas offices |
62.664 |
24.000 |
53.383 |
|
|
|
Dividends
received |
0.607 |
0.400 |
0.137 |
|
|
|
Professional
services rendered |
3.659 |
3.900 |
5.012 |
|
|
TOTAL EARNINGS |
765.388 |
669.500 |
618.688 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
|
325.375 |
|
|
|
Components & Spares Parts |
|
|
232.839 |
|
|
|
Capital Goods |
22.627 |
3.400 |
0.000 |
|
|
TOTAL IMPORTS |
675.512 |
660.100 |
558.214 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.73 |
0.18 |
6.95 |
|
QUARTERLY /
SUMMARISED RESULTS
|
Particular |
|
30.06.02012 |
30.09.2012 |
|
|
|
Unaudited |
Unaudited |
|
|
|
1st Quarter |
2nd Quarter |
|
Net Sales |
|
1904.500 |
1960.500 |
|
Total Expenditure |
|
1768.00 |
1823.900 |
|
PBIDT (Excl OI) |
|
136.500 |
136.600 |
|
Other Income |
|
5.700 |
9.700 |
|
Operating Profit |
|
142.200 |
146.300 |
|
Interest |
|
82.200 |
87.800 |
|
Exceptional Items |
|
0000 |
000 |
|
PBDT |
|
60.000 |
58.500 |
|
Depreciation |
|
44.800 |
42.700 |
|
Profit Before Tax |
|
15.200 |
15.800 |
|
Tax |
|
3.000 |
6.400 |
|
Provisions and contingencies |
|
000 |
000 |
|
Profit After Tax |
|
12.200 |
9.400 |
|
Extraordinary Items |
|
000 |
000 |
|
Prior Period Expenses |
|
000 |
000 |
|
Other Adjustments |
|
000 |
000 |
|
Net Profit |
|
12.200 |
9.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.09
|
0.25
|
4.41 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.16
|
0.26
|
5.72 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.85
|
0.38
|
8.93 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.05
|
0.01
|
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.73
|
0.75
|
0.72 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.13
|
1.12
|
1.25 |
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 |
No |
|
6] |
Line of Business |
No |
|
7] |
Promoter's background |
No |
|
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 |
No |
|
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 |
(Rs in Millions)
|
Unsecured Loan |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Term Loans - from Banks |
0.000 |
36.372 |
|
Fixed Deposits |
250.942 |
265.644 |
|
|
250.942 |
302.016 |
|
Less: |
|
|
|
Current maturities |
129.102 |
68.412 |
|
|
121.840 |
233.604 |
|
Fixed Deposits |
13.692 |
50.550 |
|
SICOM Sales Tax Loan |
1.119 |
1.119 |
|
Inter corporate Deposits |
302.000 |
143.106 |
|
Other Loans and advances |
1.224 |
14.224 |
|
|
|
|
|
Total |
439.875 |
442.603 |
NOTE:
a) Fixed deposits are taken for a period of 24 and 36 months with interest rates ranging from 11.5% to 13.5%
b) Term loan taken was with a interest rate of 12 % p.a repayable in 25 monthly instalments of Rs 10.000 Millions each.
c) Fixed deposits are taken for a period of 12 months with interest rates ranging from 11.5% to 12%
d) Fixed deposits accepted from related parties amount to Rs.45 (as at March 31, 2011: Rs.35 )
e) ICDs are taken for periods ranging between 90 to 360 days with interest rates ranging from 13% to 16% per annum.
f) Fixed deposits include Rs.1.02 (as at March 31, 2011:
Rs.1.02) matured unclaimed deposits.
COMPANY PERFORMANCE
During the year, the Company has achieved a turnover (Gross) of Rs. 8.720 billion (previous year Rs. 8.240 billion). The operations have resulted in a net profit of Rs.95.700 millions (previous year Rs. 21.100 millions).
INDUSTRY OUTLOOK
Indian Economy performed relatively well against the backdrop of weak global atmosphere. Global economies appear to be going through a phase which is having greater share of volatility than that of stability. There are signs of inertia in Indian Economy as well. The Company has taken several steps to mitigate the impact of this, rather to have better results by stress upon actions oriented towards goals and performance which should enable the Company to do well, barring unforeseen circumstances.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
Industry
The Company is engaged in Electrical Industry, which has various groups such as Rotating Machines Group, Static Equipments Group, Switchgears Group, Transformers Group, Capacitors Group, Transmission Lines Group, etc. Each product group is having its different products within its broad range. The industry is further divided into Organised Sector and Unorganised Sector. The Company manufactures and deals in major products in the industry.
Segmentwise or
productwise performance
The Company has identified the reportable segments as Rotating Machines Group, Power Generation and Distribution Group and Others, taking into account the nature of products and services, the different risks and returns and the internal reporting systems.
The segment wise turnover of the Company is as follows: -
(Rs.
In Millions)
|
Products |
2011-2012 |
2010-2011 |
|
Rotating Machines Group |
6356.602 |
6401.652 |
|
Power Generation and Distribution Group |
4636.966 |
4646.760 |
|
Others |
691.669 |
535.905 |
|
TOTAL |
11685.237 |
11584.317 |
FUTURE OUTLOOK
Global economies appear to be going through a phase which is having greater share of volatility than that of stability. There are signs of inertia in Indian Economy as well. The Company has taken several steps to mitigate the impact of slowdown - rather to have better results by stress upon actions oriented towards goals and performance which should enable the Company to do better, barring unforeseen circumstances. The power deficit provides opportunity to share in the chain of power business.
CONTINGENT LIABILITIES:
(Rs in Millions)
|
Particular |
31.03.2012 |
31.03.2011 |
|
Claims against the Company not acknowledged as debts. The Company has made counter claim against one of the parties amounting to Rs 129 (as at the end of the previous reporting period Rs 129) |
268.309 |
256.491 |
|
Guarantees |
561.758 |
372.429 |
|
Letters of credit |
302.635 |
868.500 |
|
Bills discounted with Bank |
203.072 |
261.512 |
|
Penal damages levied by the Regional Provident Fund commissioner and subject to writ before the High Court of Karnataka, Bangalore. An amount of Rs. 4.618 Millions paid has been included in loans and advances |
9.154 |
9.154 |
|
Central excise and customs authorities have issued notices and raised certain demands, which are pending in appeal before various authorities, not acknowledged as debt by the Company |
18.352 |
6.209 |
|
Sales tax demanded under appeal. The Company has paid an aggregate amount of Rs. 70.194 Millions against the demand which has been included in Loans and advances |
223.780 |
212.194 |
|
Show cause notices raised by the Income Tax Department for short and non remittances of tax deduction at source – matter under examination |
4.599 |
4.599 |
|
Sales tax liabilities in respect of pending assessments - C forms have not been received from several customers. Continuing efforts are being made to obtain them. Significant progress has been made in the matter as compared to the previous year. |
Not Ascertainable |
Not Ascertainable |
|
Interest if any, on account of delays in payment to suppliers |
Not Ascertainable |
Not Ascertainable |
|
Sales tax on equipment procured on hire/ lease and on computer software charges is contested by the suppliers. Will be charged to revenue in the year of final claim. |
Not Ascertainable |
Not Ascertainable |
|
Certain industrial disputes are pending before various judicial authorities – not acknowledged by the Company |
Not Ascertainable |
Not Ascertainable |
|
Wage settlements of certain units have expired. However provision has been made on estimated basis and differences if any will be accounted on final settlement |
Not Ascertainable |
Not Ascertainable |
|
Income tax demands under appeal |
17.498 |
9.307 |
|
Guarantee given to ICICI Bank in consideration of stand by letter of credit opened by them in favour of ICICI Bank,Canada as security for loan granted issued by them to Kirsons BV. SBLC is secured by mortgage of certain immovable properties of the company and shares of Kirsons BV |
587.854 |
803.125 |
|
The Company had furnished a guarantee for the redemption of preference shares issued by Kirloskar Investment and Finance Limited to an extent of Rs. 20.000 Millions (as at the end of the previous reporting period Rs. 20.000 Millions) and had obtained counter guarantee from the said Company. The preference shareholder has claimed a sum of ` 20.000 Millions along with dividends in arrears of Rs. 20.560 Millions and interest from the Company. This claim has been upheld by the Debt Recovery Tribunal (DRT). The Company has preferred an appeal before the Debt Recovery Appellate Tribunal to set aside the orders passed by the DRT. The Company does not acknowledge this liability. |
40.560 |
40.560 |
|
Arrears of fixed cumulative dividends on preference shares (including tax thereon) |
115.482 |
107.174 |
FIXED ASSETS
- Land
- Building
- Plant and Equipment
- Tools and Jigs
- Electrical Installations
- Motor Vehicles
- Office Equipments
- Furniture and Fittings
- Leasehold Improvements
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. 53.29 |
|
|
1 |
Rs. 84.22 |
|
Euro |
1 |
Rs. 72.23 |
INFORMATION DETAILS
|
Information Gathered
by : |
JML |
|
|
|
|
Report Prepared
by : |
UDS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
|
TOTAL |
|
52 |
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.