MIRA
INFORM REPORT
|
Report Date : |
11.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
INTERNATIONAL COMBUSTION (INDIA) LIMITED |
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Registered
Office : |
Infinity Benchmark, 11th Floor, Plot No.G-1, Block EP and
GP, Sector – V, Salt Lake Electronics Complex, Kolkata – 700091, West Bengal |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
22.04.1936 |
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Com. Reg. No.: |
21-008588 |
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Capital
Investment / Paid-up Capital : |
Rs.23.903
Millions |
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CIN No.: [Company Identification
No.] |
L28131WB1936PLC008588 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALI00234D |
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PAN No.: [Permanent Account No.] |
AAACI6774J |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturers of Geared Motors and Gear Boxes, Vibrating
Screens, Bulk Material Handling Equipment, Screens and Dryers. |
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No. of Employees
: |
Information declined by the management
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RATING & COMMENTS
|
MIRA’s Rating : |
A (58) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 3600000 |
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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 well established company having good track. Company is spread
allows the world. Financially company’s performance is remarkable.
Fundamentals seems to be healthy and strong. Trade relations are reported to
be fair. Business is active. Payment are reported to be regular and as per
commitments. The company can be considered for good business dealing at usual trade
terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
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.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Rating: A |
|
Rating Explanation |
Having adequate degree of safety regarding timely servicing of financial
obligations, it carry low credit risk. |
|
Date |
December, 2011 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Rating: A1 |
|
Rating Explanation |
Having very strong degree of safety regarding timely payment of financial
obligation, it carry lowest credit risk. |
|
Date |
December, 2011 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management Non Co-operative [91-33-33153000]
LOCATIONS
|
Registered/ Corporate/ Branch Office : |
Infinity Benchmark, 11th Floor, Plot No.G-1, Block EP and
GP, Sector – V, Salt Lake Electronics Complex, Kolkata – 700091, West Bengal,
India |
|
Tel. No.: |
91-33-33153000/ 22261732 |
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Fax No.: |
91-33-23576653/ 22493713 |
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E-Mail : |
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Website : |
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Factory 1 : |
Baidyabati: 156
(371), G. T. Road, Baidyabati, District – Hooghly – 712222, West Bengal,
India |
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Factory 2 : |
Nagpur: L-7, MIDC,
Industrial Area, Hingna, Nagpur – 440016, Maharashtra, India |
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Factory 3 : |
Aurangabad: B-74/1, MIDC Waluj, P.O. Bajaj Nagar, Aurangabad – 431136,
Maharashtra, India |
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Regional /
Branch Offices : |
Aurangabad : B-74/1, MIDC Waluj,
P.O. Bajaj Nagar, Aurangabad – 431136, Maharashtra, India Bangalore : No. 547/3, 2nd
Floor, R. V. Road, Basavangudi, Bangalore – 560004, Karnataka, India Chennai : Modern Towers,
5th Floor, No. 23, West Cott Road, Royapettah Chennai – 600014, West Bengal,
India Hyderabad : Flat No.303,
Bhanu Enclave, 7-1- 638 to 643 Sundar Nagar, Hyderabad – 500038, Andhra
Pradesh, India Mumbai : Khanna
Construction House, 44, Dr. R. G. Thadani Marg, Worli, Mumbai – 400018,
Maharashtra, India Nagpur : L-7, MIDC
Industrial Area, Hingna, Nagpur – 440016, Maharashtra, India New Delhi : 2E/28,
Jhandewalan Extn., New Delhi – 110055, India Pune : D 407, Business
Court, Mukund Nagar, Pune – 411037, Maharashtra, India Vadodara : 508, Centre Point, R. C. Dutta Road, Alkapuri, Vadodara – 390020,
Gujarat, India |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. Sanjay Bagaria |
|
Designation : |
Chairman |
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Address : |
7, Ashoka Road, Kolkata – 700027, West Bengal, India |
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Date of Birth/Age : |
01.06.1962 |
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Qualification : |
B.Com |
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Experience : |
24 years’ Experience in Corporate Management |
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Date of Appointment : |
13.04.1989 |
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DIN No.: |
00233455 |
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Name : |
Mr. Indrajit Sen |
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Designation : |
Managing Director |
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Address : |
2-Bm Alpha Apartment, Block – P 717 New Alipore, Kolkata – 700053,
West Bengal, India |
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Date of Birth/Age : |
02.12.1939 |
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Qualification : |
B.E. (Mech.) |
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Experience : |
50 years experience in Engineering Industry and Corporate Management |
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Date of Appointment : |
15.04.1985 |
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DIN No.: |
00216190 |
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Name : |
Mr. Sanjoy Saha |
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Designation : |
Executive Director (Whole Time Director) |
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Address : |
9-A, Southern Avenue, Kolkata – 700026, West Bengal, India |
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Date of Birth/Age : |
16.08.1944 |
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Qualification : |
B.E. (Met.) |
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Experience : |
45 years experience in Engineering Industry and Corporate Management |
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Date of Appointment : |
16.11.1998 |
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DIN No.: |
00226685 |
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Name : |
Mr. Ratan Lal Gaggar |
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Designation : |
Director |
|
Address : |
11, Lansdown Road, Sarat Bose Road, Kolkata – 700020, West Bengal,
India |
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Date of Birth/Age : |
01.12.1932 |
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Qualification : |
B.A. (Hons.), LLB |
|
Experience : |
Solicitor and Advocate |
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Date of Appointment : |
11.01.1989 |
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DIN No.: |
00066068 |
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Name : |
Mr. Sukhendu Ray |
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Designation : |
Director |
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Address : |
6-B, Sonali, 8/2A Alipore Park Road, Kolkata – 700027, West Bengal,
India |
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Date of Birth/Age : |
29.11.1922 |
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Date of Appointment : |
29.08.2003 |
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DIN No.: |
00009110 |
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Name : |
Mr. Prasanta Kumar Mallik |
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Designation : |
Director |
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Address : |
14/140, Golf Club Road, Kolkata – 700033, West Bengal, India |
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Date of Birth/Age : |
01.01.1931 |
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Date of Appointment : |
29.04.2004 |
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DIN No.: |
00094697 |
KEY EXECUTIVES
|
Name : |
Mr. Suhas Chandra Saha |
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Designation : |
Vice President (Finance) and Company Secretary/ Compliance Officer |
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Address : |
HA8. Sector – III, Bidhan Nagar, Kolkata – 700097, West Bengal, India |
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Date of Birth/Age : |
11.10.1945 |
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Date of Appointment : |
12.01.1982 |
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PAN No.: |
AIRPS2197R |
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Audit Committee: |
·
Mr. S. Ray · Mr. Ratan Lal Gaggar · Mr. P. K. Mallik |
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Share Transfer/ Shareholders’ Grievance
Committee: |
·
Mr. S. Bagaria · Mr. I. Sen · Mr. S. Ray |
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Remuneration Committee: |
· Mr. Ratan Lal Gaggar · Mr. S. Ray · Mr. P. K. Mallik |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2012
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
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|
139600 |
5.84 |
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|
1125531 |
47.09 |
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|
1800 |
0.08 |
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|
1800 |
0.08 |
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|
1266931 |
53.00 |
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Total shareholding of Promoter and Promoter Group (A) |
1266931 |
53.00 |
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(B) Public Shareholding |
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|
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|
|
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|
251 |
0.01 |
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|
251 |
0.01 |
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|
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|
88001 |
3.68 |
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|
|
|
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|
936184 |
39.17 |
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|
50779 |
2.12 |
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|
48130 |
2.01 |
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|
39391 |
1.65 |
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|
1900 |
0.08 |
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|
6839 |
0.29 |
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|
1123094 |
46.99 |
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Total Public shareholding (B) |
1123345 |
47.00 |
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Total (A)+(B) |
2390276 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
2390276 |
0.00 |
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BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Geared Motors and Gear Boxes, Vibrating
Screens, Bulk Material Handling Equipment, Screens and Dryers. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Registered/ licensed Annual Capacity on Single
Shift Basis Nos. |
Installed/ Annual Capacity on Single Shift Basis
Nos. |
Actual Production |
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|
|
|
|
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|
Raymond Grinding Classifications and Drying Systems |
Nos. |
232 |
170 |
12 |
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Electromagnetic Vibrators/ Vibratory feeders |
Nos. |
1644 |
600 |
494 |
|
Mechanical Vibratory Screen/ Feeders/ Material Bulk Handling Equipment |
Nos. |
400 |
600 |
473 |
|
Omni Screen / Feeders |
Nos. |
120 |
40 |
9 |
|
Vacseal Pumps |
Nos. |
1008 |
600 |
30 |
|
Mogensen Sizers |
Nos. |
210 |
105 |
61 |
|
Gear Box and Geared Motor |
Nos. |
9000 |
9000 |
7923 |
NOTES:
1. Installed
annual capacities are on single shift basis and have been certified by
Company's Technical experts. Installed capacity has been determined considering
full utilization of the manufacturing infrastructure solely on single shift
basis.
2. Certain items
of similar categories have been grouped under broader categories of products as
per technical assessment.
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management
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Bankers : |
· UCO Bank MID Corporate Branch, 10, B. T. M. Sarani
(Brabourne Road), Kolkata - 700001, West Bengal, India · Axis Bank · IDBI Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Lodha and Company Chartered Accountants |
|
Address : |
14, Government place East Kolkata - 700069, West Bengal, India |
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PAN No.: |
AABFL1894Q |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2390276 |
Equity Shares |
Rs.10/- each |
Rs.23.903
Millions |
|
|
|
|
|
NOTE:
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, the equity shareholders are eligible to receive the remaining assets
of the company, after distribution of all preferential amounts in proportion of
their shareholding.
The dividend
proposed by the Board of Directors is subject to the approval of the
shareholders in the ensuing Annual General Meeting.
Reconciliation of
the number of shares outstanding at the beginning and at the end of the
reporting period.
|
Particulars |
Number of shares
|
Amount |
|
|
|
|
|
Number of shares
outstanding at the beginning of the year |
2390276 |
23.903 |
|
Add: Shares issued
during the year |
-- |
-- |
|
Less: Shares
bought back during the year |
-- |
-- |
|
Number of shares
outstanding at the end of the year |
2390276 |
23.903 |
Details of Shareholders holding more than 5% of the shares alongwith number
of shares held:
|
Name of the
shareholder |
As at 31st
March, 2012 No. of shares |
|
|
|
|
Tradelink Securities Limited |
343703 |
|
Stephen Court Limited |
279088 |
|
Woolworth Merchandise Private Limited |
170609 |
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 |
23.903 |
23.903 |
23.903 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
879.210 |
729.828 |
644.831 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
903.113 |
753.731 |
668.734 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
86.111 |
68.733 |
61.256 |
|
|
2] Unsecured Loans |
0.000 |
13.925 |
11.925 |
|
|
TOTAL BORROWING |
86.111 |
82.658 |
73.181 |
|
|
DEFERRED TAX LIABILITIES |
39.956 |
10.489 |
10.608 |
|
|
|
|
|
|
|
|
TOTAL |
1029.180 |
846.878 |
752.523 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
315.504 |
242.168 |
190.773 |
|
|
Capital work-in-progress |
40.477 |
34.867 |
1.256 |
|
|
|
|
|
|
|
|
INVESTMENT |
160.000 |
145.200 |
110.200 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
363.548
|
190.100 |
154.615 |
|
|
Sundry Debtors |
351.022
|
297.642 |
280.430 |
|
|
Cash & Bank Balances |
119.777
|
103.488 |
191.217 |
|
|
Other Current Assets |
5.073
|
18.982 |
17.992 |
|
|
Loans & Advances |
74.023
|
82.208 |
54.298 |
|
Total
Current Assets |
913.443
|
692.420 |
698.552 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
255.862
|
136.961 |
134.847 |
|
|
Other Current Liabilities |
121.163
|
103.955 |
86.671 |
|
|
Provisions |
23.219
|
26.861 |
26.740 |
|
Total
Current Liabilities |
400.244
|
267.777 |
248.258 |
|
|
Net Current Assets |
513.199
|
424.643 |
450.294 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1029.180 |
846.878 |
752.523 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1073.810 |
1062.668 |
969.927 |
|
|
|
Other Income |
22.292 |
18.195 |
33.941 |
|
|
|
TOTAL (A) |
1096.102 |
1080.863 |
1003.868 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
606.268 |
535.481 |
469.435 |
|
|
|
Purchase of
Stock-in-Trade Changes in inventories
of finished goods, work-in-progress and Stock-in-Trade |
(97.183) |
(13.438) |
0.000 |
|
|
|
Employee benefit Expenses |
196.297 |
191.210 |
0.000 |
|
|
|
Other Expenses |
212.856 |
187.116 |
321.589 |
|
|
|
Exceptional Items |
(98.884) |
(2.114) |
0.000 |
|
|
|
TOTAL (B) |
819.354 |
898.255 |
791.024 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
276.748 |
182.608 |
212.844 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
8.408 |
6.637 |
3.252 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
268.340 |
175.971 |
209.592 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
36.359 |
28.110 |
35.103 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
231.981 |
147.861 |
174.489 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
67.388 |
47.608 |
54.910 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
164.593 |
100.253 |
119.579 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
14.104 |
14.087 |
13.990 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
86.300 |
105.500 |
|
|
|
Proposed Dividend |
NA |
11.951 |
11.951 |
|
|
|
Tax on Proposed Dividend |
NA |
1.985 |
2.031 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
14.104 |
14.087 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
107.785 |
80.371 |
87.033 |
|
|
|
Other Earnings |
0.931 |
1.351 |
0.046 |
|
|
TOTAL EARNINGS |
108.716 |
81.722 |
87.079 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components and Spares |
45.884 |
40.829 |
26.477 |
|
|
|
Capital Goods |
15.294 |
63.883 |
7.414 |
|
|
TOTAL IMPORTS |
61.178 |
104.712 |
33.891 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
-
Basic |
68.86 |
41.94 |
50.03 |
|
|
|
-
Diluted |
68.86 |
41.94 |
50.03 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
Type |
1st Quarter |
2nd Quarter |
3rd Quarter |
|
Net Sales |
275.300 |
305.200 |
311.900 |
|
Total Expenditure |
247.600 |
268.000 |
298.700 |
|
PBIDT (Excl OI) |
27.700 |
37.200 |
13.200 |
|
Other Income |
5.100 |
1.000 |
4.400 |
|
Operating Profit |
32.800 |
37.300 |
17.600 |
|
Interest |
2.800 |
2.600 |
3.200 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
30.000 |
34.700 |
14.400 |
|
Depreciation |
9.800 |
10.000 |
10.100 |
|
Profit Before Tax |
20.200 |
24.700 |
4.300 |
|
Tax |
6.400 |
12.100 |
1.500 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
13.800 |
12.600 |
2.800 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
13.800 |
12.600 |
2.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
15.02
|
9.28 |
11.91 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
21.60
|
13.91 |
17.99 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.88
|
15.82 |
19.62 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.20 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.54
|
0.46 |
0.48 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.28
|
2.59 |
2.81 |
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 |
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 |
No |
|
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 |
No |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if
available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
OPERATIONS
The Company
achieved sales of Rs.1058.700 Millions during the year as compared to
Rs.1055.600 Millions for the previous year. The operating surplus declined to
Rs.133.100 Millions from the previous year’s earnings of Rs.145.700 Millions.
This impairment was primarily due to the impact of rising input costs and other
inflationary pressures. The deficit was more than made up by income generated
through exceptional items amounting to Rs. 98.900 Million as against Rs.2.100
Millions for the year before.
During the year
operations of the Company were adversely affected arising from certain
industrial relations issues at the Nagpur Plant for a prolonged period of over
five months. The directors are pleased to report that the issues under dispute
have been resolved and the plant has resumed normal production since the middle
of March, 2012.
The liquidity crunch
in the market had also impinged on the performance of the Company for the year.
An unfavourable outcome of this was the decision by a number of clients to
suspend acceptance of deliveries within March, 2012, even though the materials
in question were ready for dispatch in accordance with the client’s confirmed
delivery schedules. This situation, fortunately, is improving in the current
year.
The commercial
production of Jaw and Cone Crushers manufactured under license with Advance Engineering
Limited, Brazil commenced during the year at their Nagpur Plant and the Company
also received the first order for a Crushing and Screening Plant from Danieli
India for a project in Myanmar. This Project is under execution and is expected
to be completed shortly.
FUTURE OUTLOOK
The present
unstable condition in both international and domestic markets has not been
favourable for the growth of the capital goods industry. However, the high
level of technology and the reputation enjoyed by the products manufactured by
the Company are expected to keep the demand of Company’s products stable and
with some improvement in the current and the future years.
Recognizing the
difficult market situation, the company expanded the operation by introducing
new product line of Crushers and also Crushing and Screening Systems. This new
business area is expected to compensate to some extent the slowdown of the
capital goods market.
For manufacture of
the Crushers and also to augment the overall manufacturing capability, the
Company made new investments in Nagpur and Baidyabati Plants and also plans to
make further investments in phased manner to keep in pace with the future
business growth.
The interest in
the products of gear box and geared motor Division has been increasing steadily
in the last few years and with the capacity enhancement undertaken by the
Company in recent past is expected to support the business growth in this area.
CHANGE IN
REGISTERED OFFICE
The Registered
Office of the Company which was hitherto located at 107/1, Park Street, 4th
Floor, Kolkata – 700 016, was shifted to the Company’s new premises at Infinity
Benchmark, 11th Floor, Plot No. G-1, Block EP and GP, Sector – V, Salt Lake
Electronics Complex, Kolkata – 700 091, with effect from 13th October, 2011.
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRY OVERVIEW
The global
slowdown is expected to have some impact on the capital goods industry in
India. The low manufacturing cost in India is, however, expected to compensate
this to an extent even though the overall growth is expected to be marginal.
OUTLOOK
Recognizing the
difficult market situation, the company expanded the operation by introducing
two products - Crushers and Crushing and Screening Systems, which are synergic with
the screens manufactured by the Company. This would enable the Company to offer
Crushing and Screening Plants and Systems for mining, cement and various other
industrial applications.
The interest in
the products of Gear Box and Geared Motor Division has been increasing steadily
in the last few years and the capacity enhancement undertaken by the company in
recent past is expected to support the business growth in this area.
CONTINGENT LIABILITIES
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In
Millions) |
|
|
|
|
|
|
Outstanding Bank
Guarantees |
11.742 |
10.422 |
|
Bills discounted
under Letter of Credit |
-- |
21.316 |
|
Sales Tax demand
under appeal |
54.094 |
13.400 |
FORM 8:
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90252952 |
|
Corporate
identity number of the company |
L28131WB1936PLC008588 |
|
Name of the
company |
International
Combustion (India) Limited |
|
Address of the registered
office or of the principal place of
business in |
Infinity
Benchmark, 11th Floor, Plot No. G-1, Block EP and GP, Sec V, Salt Lake
Electronics Complex, Kolkata – 700091, West Bengal, India |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
UCO Bank (Lead
Bank) MID Corporate
Branch, 10, B. T. M. Sarani (Brabourne Road), Kolkata – 700001, West Bengal,
India |
|
Nature of
description of the instrument creating or modifying the charge |
No Instrument was
executed. However, the creation of an equitable mortgage by deposit of title deeds
by constructive delivery was recorded in a memorandum of entry dated
27/02/2012 in order to secure the below-mentioned working capital facilities. |
|
Date of
instrument Creating the charge |
27.02.2012 |
|
Amount secured by
the charge |
Rs.362.500 Millions
|
|
Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of Interest UCO : Base rate + 4.00% P.A. i.e Presently 14.75%
P.A. with monthly rests (Floating) AXIS : Base rate +
4.00% P.A. i.e. Presently 14.25% P.A. with monthly rests.(Floating) Terms of
Repayment Repayment on
demand Margin As applicable. Extent and
Operation of the charge Equitable
mortgage by way of first charge ranking pari passu with the charge created or
to be created in favour of the Axis Bank Limited under consortium without any
preference and priority of one over the other/others. |
|
Short particulars
of the property charged |
Equitable
mortgage by deposit of title deeds in respect of following immovable
properties of the company : (1) All that
piece and parcel of land admeasuring 44372 sq. meters situated at Plot No.
L-7, MIDC Industrial Area, Village Nildoh, Hingna, P. S. Nagpur, District
Nagpur, Maharashtra – 440016, [Deed No. 445 of 1982] (2) All that
piece and parcel of land admeasuring 9.96 acres situated at 156, G. T. Road,
Mouza. Baidyabati, J. L. No.5, R.S.907, P.S. Serampur, District Hooghly, West
Bengal [ Deed No. 3918 of 1961] and (3) All that
piece and parcel of Leasehold Land admeasuring about 36119 sq. mtr. situated
at B-74/1, Waluj Industrial Area, M.I.D.C. Aurangabad, P.O. Bajajnagar,
Maharashtra - 431136 [Deed No.1256 of 1995] Together with all
buildings, structures, shad etc. thereon. |
|
Date of latest
modification prior to the present modification |
30.11.2010 |
|
Particulars of
the present modification |
By this
modification the borrower has extended the equitable mortgage to secure the
enhanced Credit Facilities of Rs. 362.500 Millions comprising of UCO Bank :
Rs.182.500 Millions [Out of which Rs.30.000 Millions sanctioned by UCO Bank
as bill discounting limit under LC which is outside the consortium] Axis Bank
: Rs.180.000 Millions. All other terms and conditions remain unaltered. |
FIXED ASSETS:
· Land (Freehold- Leasehold)
· Building (Freehold- Leasehold)
· Plant and Equipment
· Furniture and Fixture
· Vehicles (Freehold- Leasehold)
· Office Equipment
· Electrical Installations
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 records 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.53.57 |
|
|
1 |
Rs.84.25 |
|
Euro |
1 |
Rs.71.79 |
INFORMATION DETAILS
|
Information
Gathered by : |
PJA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
58 |
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.