1. Summary Information
|
|
|
Country |
India |
|
Company Name |
KIRLOSKAR OIL
ENGINES LIMITED |
Principal Name 1 |
Mr. Atul Kirloskar |
|
Status |
Good |
Principal Name 2 |
Mr. Gautam Kulkarni |
|
|
|
Registration # |
11-133351 |
|
Street Address |
Laxmanrao Kirloskar Road, Khadki, Pune-411003, Maharashtra |
||
|
Established Date |
12.01.2009 |
SIC Code |
-- |
|
Telephone# |
91-20-25810341 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-20-25813208 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Diesel Engines |
|
|
# of employees |
Not Available |
Product Name 2 |
Diesel Generating Sets and Engine Bearings |
|
Paid up capital |
Rs.291,300,000/-
|
Product Name 3 |
Engine Valves |
|
Shareholders |
Shareholding of
Promoter and Promoter Group 67.36%, Public Shareholding 32.64% |
Banking |
State Bank of India |
|
Public Limited Corp. |
Yes |
Business Period |
3 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
A (65) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Fellow
Subsidiary |
-- |
Nasik Silk Industries Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
5,167,000,000 |
Current Liabilities |
4,740,800,000 |
|
Inventories |
1,322,300,000 |
Long-term Liabilities |
865,900,000 |
|
Fixed Assets |
5,824,200,000 |
Other Liabilities |
1,743,700,000 |
|
Deferred Assets |
000 |
Total Liabilities |
7,350,400,000 |
|
Invest& other Assets |
5,363,400,000 |
Retained Earnings |
10,035,200,000 |
|
|
|
Net Worth |
10,326,500,000 |
|
Total Assets |
17,676,900,000 |
Total Liab. & Equity |
17,676,900,000 |
|
Total Assets (Previous Year) |
17,333,100,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
23,260,300,000 |
Net Profit |
1,918,000,000 |
|
Sales(Previous yr) |
24,230,200,000 |
Net Profit(Prev.yr) |
1,737,300,000 |
MIRA
INFORM REPORT
|
Report Date : |
22.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
KIRLOSKAR OIL ENGINES LIMITED (w.e.f. 02.06.2010) |
|
|
|
|
Formerly Known
as : |
KIRLOSKAR ENGINES INDIA LIMITED |
|
|
|
|
Registered
Office : |
Laxmanrao Kirloskar Road, Khadki, Pune-411003, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
12.01.2009 |
|
|
|
|
Com. Reg. No.: |
11-133351 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.291.300
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U29120PN2009PLC133351 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEK05398B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACD3590P |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange |
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|
|
|
Line of Business
: |
Manufacturer of the wide range of Diesel Engines, Diesel Generating
Sets and Engine Bearings and Engine Valves. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
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 |
|
Maximum Credit Limit : |
USD 41300000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a well established and reputed company having fine track.
Financial position of the company appears to be sound. Directors are reported
as experienced, respectable and resourceful businessman. Trade relations 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
AA [Long Term] |
|
Rating Explanation |
Having high degree of safety regarding timely servicing of financial
obligation it carry very low credit risk. |
|
Date |
26.06.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A1+ [Short Term] |
|
Rating Explanation |
Having very strong degree of safety regarding timely payment of
financial obligation it carry lowest credit risk. |
|
Date |
26.06.2012 |
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 is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
Laxmanrao Kirloskar Road, Khadki, Pune-411003, Maharashtra, India |
|
Tel. No.: |
91-20-25810341 |
|
Fax No.: |
91-20-25813208 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
Located At : ·
Pune ·
Nashik ·
Ahmednagar ·
Kagal ·
Rajkot ·
Silvassa |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. Atul Kirloskar |
|
Designation : |
Executive Chairman [w.e.f. 26.01.2012] Managing Director [up to 25.01.2012] |
|
Address : |
Radha 453, |
|
Date of Birth/Age : |
13.02.1956 |
|
|
|
|
Name : |
Mr. Gautam Kulkarni |
|
Designation : |
Joint Managing Director [up to 25.01.2012] Executive Vice Chairman [w.e.f. 26.01.2012] |
|
Address : |
Yena 1, |
|
Date of Birth/Age : |
30.12.1957 |
|
|
|
|
Name : |
Mr. Rajendra Deshpande |
|
Designation : |
Executive Director |
|
Address : |
Flat No. 704, Tulip Society, Mahaganesh Colony, |
|
Date of Birth/Age : |
07.02.1954 |
|
Date of Appointment : |
12.01.2009 |
|
|
|
|
Name : |
Mr. Rahul Kirloskar |
|
Designation : |
Whole Time Director [up to 21.01.2012 and since then Non Executive
Director] |
|
Address : |
Lakaki Compound, Model Colony, Pune – 411016, |
|
Date of Birth/Age : |
07.07.1963 |
|
|
|
|
Name : |
Mr. Prataprao Pawar |
|
Designation : |
Director |
|
Address : |
Plot No.2, S. No. 131, , |
|
Date of Birth/Age : |
15.10.1944 |
|
Date of Appointment : |
30.03.2010 |
|
|
|
|
Name : |
Mr. Udipi V. Rao |
|
Designation : |
Director |
|
Address : |
3294, 12th A, |
|
Date of Birth/Age : |
04.12.2009 |
|
Date of Appointment : |
30.03.2010 |
|
|
|
|
Name : |
Mr. Rangarajan Srinivasan |
|
Designation : |
Director |
|
Address : |
Dhanya, 126, |
|
Date of Birth/Age : |
10.09.1941 |
|
Date of Appointment : |
30.03.2010 |
|
|
|
|
Name : |
Dr. Naushad Forbes |
|
Designation : |
Director |
|
Address : |
74, |
|
Date of Birth/Age : |
13.05.1960 |
|
Date of Appointment : |
30.03.2010 |
|
|
|
|
Name : |
Mr. Anil Alawani |
|
Designation : |
Director |
|
Address : |
Flat 5, Yashodeep C, Rambaug Colony, Navi Peth Pune – 411030,
Maharashtra, India |
|
Date of Birth/Age : |
24.08.1948 |
|
Date of Appointment : |
30.03.2010 |
|
|
|
|
Name : |
Mr. Lakshmi Narayan |
|
Designation : |
Director |
|
Address : |
133 4th Main Deference Colony, Indira Nagar, |
|
Date of Birth/Age : |
07.09.1946 |
|
Date of Appointment : |
30.03.2010 |
|
|
|
|
Name : |
Mr. Nihal Kulkarni |
|
Designation : |
Non Executive Director [up to 25.01.2012] Managing Director [w.e.f. 26.01.2012] |
|
Address : |
Yena 1 Adwait Nagar, |
|
Date of Birth/Age : |
07.06.1981 |
|
|
|
|
Name : |
Mr. Dattatraya R. Swar |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mrs. Smita Raichurkar |
|
Designation : |
Secretary |
|
Address : |
Flat No.303, Varnaz, |
|
Date of Birth/Age : |
21.04.1982 |
|
Date of Appointment : |
31.03.2010 |
|
|
|
|
Name : |
Mr. Sanjay D. Parande |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2012
|
Category of
Shareholder |
Total No. of
Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
17186375 |
11.88 |
|
|
80229859 |
55.48 |
|
|
97416234 |
67.36 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
97416234 |
67.36 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
4380230 |
3.03 |
|
|
3822935 |
2.64 |
|
|
4418557 |
3.06 |
|
|
17550766 |
12.14 |
|
|
30172488 |
20.86 |
|
|
|
|
|
|
1321501 |
0.91 |
|
|
|
|
|
|
12952274 |
8.96 |
|
|
2414243 |
1.67 |
|
|
337121 |
0.23 |
|
|
20995 |
0.01 |
|
|
315624 |
0.22 |
|
|
502 |
0.00 |
|
|
17025139 |
11.77 |
|
Total Public shareholding (B) |
47197627 |
32.64 |
|
Total (A)+(B) |
144613861 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
144613861 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of the wide range of Diesel Engines, Diesel Generating Sets
and Engine Bearings and Engine Valves. |
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Products : |
|
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Engines between 2.5 HP to 740 HP (a) |
Nos |
710100 |
213525[g] |
213525(g) |
|
Engines above 2400 HP to 10000 HP (a) |
Nos |
26 |
2 |
2 |
|
Generating Sets between 5 KVA to 600 KVA (a) |
Nos |
83800 |
8959 |
8959 |
|
Generating Sets between 1.6 MW to 4.4 MW(a) |
Nos |
14 |
- |
- |
|
Bimetal Bearings (a) , (e) and (f) |
Nos. (000’s) |
105650 |
48890 |
48890 |
|
Bimetal Strips - (a) and ( c) |
MT |
11981 |
3917 |
3917 |
|
Pump Sets (a) |
Nos |
210000 |
- |
- |
|
R Type Engines (d) |
Nos |
8000 |
8000 |
- |
|
Air Compressors up to 1000 cfm |
Nos |
500 |
500 |
- |
|
Diesel /Electric compressors 30 to 2500 cfm |
Nos |
500 |
500 |
- |
|
Garage compressors above 5 HP and parts |
Nos |
250 |
250 |
- |
|
Air receiver, inter coolers, heat exchangers and parts thereof |
Nos |
500 |
500 |
- |
|
Car lifts, washers and lubricants equipments |
Nos |
300 |
300 |
- |
|
Aluminum Castings |
MT |
NA |
300 |
- |
|
Agricultural Implements |
MT |
200 |
200 |
- |
|
Self Priming Pumps |
Nos |
3500 |
3500 |
- |
NOTE:
· Licensed capacity is given on the basis of IEM ( Industrial Entrepreneurs Memorandum) received by the company till FY 2010-11.
· Most of the plant and machinery being common for different products manufactured by the company and installed capacity being dependent on product mix, which in turn is decided by the actual demand for various products from time to time and also on availing of subcontracting facilities, it is not feasible for the Company to indicate the exact installed capacity. The Company has, however, indicated the installed capacity on the basis of year's Product mix as certified by the Technical Personnel and accepted by Auditors, as correct, being technical matter.
· Includes 3,756 MT for internal consumption. (Previous year - 3,530 MT) d Unit Closed.
· Production quantity represents number of components "meant for sale only" and includes components produced and kept on hold due to technical reason in earlier years and released after inspection which being a technical matter, is certified by technical personnel and accepted by auditors as correct.
· Includes 4,389 Nos.(000's) for internal consumption. (Previous year 4,203 Nos. (000's).
·
Includes 2,325 Nos. for Internal consumption.
(Previous year 2,235 Nos.).
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
· State Bank of India · Bank of Maharashtra · HDFC Bank Limited · ICICI Bank Limited ·
The HSBC Limited |
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Facilities : |
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
P.G. Bhagwat Chartered Accountants |
|
|
|
|
Holding Company : |
Kirloskar
Brothers Investments Limited (w.e.f 24 May 2011) |
|
|
|
|
Fellow Subsidiaries : |
·
Kirloskar Pneumatic Company Limited ·
Nasik Silk Industries Limited |
|
|
|
|
Related Parties : |
·
Achyut and Neeta Holdings and Finance Private
Limited ·
Alpak Investments Private Limited ·
Cees Investments and Consultants Private Limited ·
Green Tek Systems (India) Limited ·
Kirloskar Chillers Private Limited ·
Kirloskar Consultants Limited (Up to 23 December
2011) ·
Kirloskar Intergrated Technologies Limited ·
Navsai Investments Private Limited ·
Binaza Travels Private Limited ·
Cees Investments and Consultants Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000000 |
Equity Shares |
Rs.2/- each |
Rs.400.000 Millions |
Issued & Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
145629750 |
Equity Shares |
Rs.2/- each |
Rs.291.300
Millions |
Called up & Paid up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
145629285 |
Equity Shares |
Rs.2/- each |
Rs.291.300
Millions |
1. RECONCILIATION OF SHARES OUTSTANDING AT THE BEGINNING AND AT THE END
OF THE REPORTING PERIOD
|
Particular |
AS ON 31 MARCH
2012 |
|
|
|
NO. OF SHARES |
RS. IN MILLIONS |
|
At the beginning
of the period |
145629285 |
291.300 |
|
Issued/reduction
if any during the period |
-- |
-- |
|
Outstanding at
the end of the period |
145629285 |
291.300 |
2. TERMS/RIGHTS ATTACHED TO THE EQUITY SHARES
·
The Company has only one class of equity shares having
par value of Rs. 2/- each. Each equity holder is entitled to one vote per share
and have a right to receive dividend as recommended by Board of Directors
subject to the necessary approval from the shareholders.
·
The Board of Directors has recommended a dividend
of 200 % ( Rs. 4/- per share) for the financial year. In the event of
liquidation of the Company, the holders of equity shares will be entitled to
receive remaining assets of the Company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of equity shares
held by the shareholders.
3. SHARES HELD BY HOLDING/ULTIMATE HOLDING COMPANY AND/OR THEIR
SUBSIDIARIES/ASSOCIATES
HOLDING COMPANY
|
PARTICULAR |
AS ON 31 MARCH
2012 [RS. IN
MILLIONS] |
AS ON 31 MARCH
2011 [RS. IN
MILLIONS] |
|
Kirloskar Brothers Investment Limited |
|
|
|
75964859 (Nil) Equity Shares of Rs.2/- each |
151.900 |
-- |
|
Equity Share Holding Percentage |
52.16% |
-- |
As per Section 4(3)(b)(ii)
read with Section 4(3)(d) of the Companies Act, 1956, the Company has become a
subsidiary company of Kirloskar Brothers Investments Limited (KBIL) with effect
from 24 May 2011, considering total holding of KBIL along with holding of Pooja
Credits Private Limited (PCPL), a wholly owned subsidiary of KBIL.
Further,
1,27,51,567 equity shares of PCPL are transferred to KBIL pursuant to Scheme of
Amalgamation between PCPL and KBIL duly approved by Hon’ble High Court, Bombay
vide its order dated 18 November 2011 (effective from 5 December 2011).
Accordingly, KBIL holds 7,59,64,859 (52.16%) equity shares in the Company. As
per Section 4(3)(b)(ii) of the Companies Act, 1956, consequently, the Company
had become a subsidiary of KBIL with effect from 30 December 2011.
4. NUMBER OF
SHARES HELD BY EACH SHAREHOLDER HOLDING MORE THAN 5% SHARES IN THE COMPANY
|
Particular |
AS ON 31 MARCH
2012 |
|
|
|
NO. OF SHARES |
% of
Shareholding |
|
Kirloskar Brothers Investment Limited |
75964859 |
52.16 |
|
Pooja Credits Private Limited |
-- |
-- |
|
Nalanda India Fund Limited |
10896124 |
7.48 |
5. AGGREGATE
NUMBER OF BONUS SHARES ISSUED, SHARE ISSUED FOR CONSIDERATION OTHER THAN CASH AND
SHARES BOUGHT BACK DURING THE PERIOD OF FIVE YEARS IMMEDIATELY PRECEDING THE
REPORTING DATE:
Hon'ble High Court
of Judicature at Bombay vide its order dated 31 July 2009 read with its order
dated 19 March 2010 had approved the Scheme of Arrangement between Kirloskar
Oil Engines Limited (now known as Kirloskar Industries Limited – Demerged
Company) and Kirloskar Engines India Limited [now known as Kirloskar Oil
Engines Limited – Resulting Company (“Company”)] and their respective
shareholders and creditors. The appointed date was 1 April 2009 and the Scheme
has become effective from 31 March 2010. The Engines and Auto Components
business of Demerged Company was transferred and vested with the Company i.e.
Kirloskar Oil Engines Limited on the Scheme of Arrangement becoming effective
retrospectively with effect from 1 April 2009.
145,629,750 Equity
Shares of Rs. 2/- each were issued and allotted on April 30, 2010 (out of which
465 equity shares of Rs. 2/- each were kept in abeyance) for consideration
other than cash under the said Scheme, becoming effective from 31 March 2010,
sanctioned by the Honorable High Court of the Judicature of Bombay.
6. BUYBACK OF SHARES
The
Board of Directors in its meeting held on 25 January 2012, had approved a
buyback of fully paid up equity shares of the Company by way of open market
through stock exchange route at a maximum price of Rs. 170/- and the buyback
amount not exceeding Rs.736.250 Millions which represents 10% of total paid up
capital and free reserves as per latest audited balance sheet as on 31 March
2011. The buyback was commenced on 5 March 2012. The last date of buyback is 24
January 2013. [i.e. 12 months from the date of the resolution passed by the
Board approving the Buyback or when the Company completes the Buyback to the
extent of Rs.736.250 Millions, whichever is earlier, or at such earlier date as
may be determined by the Board, in the event the Minimum Offer Shares have been
purchased under the Buyback, even if the Maximum Buyback Size has not been reached,
by giving appropriate notice of such date and completing all formalities in
this regard as per relevant laws and regulations.]. As on 31 March 2012, the
Company has not bought back any equity shares.
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 |
291.300 |
291.300 |
291.260 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
10035.200 |
8602.800 |
6512.807 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
10326.500 |
8894.100 |
6804.067 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
865.900 |
1688.700 |
2695.633 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.436 |
|
|
TOTAL BORROWING |
865.900 |
1688.700 |
2696.069 |
|
|
DEFERRED TAX LIABILITIES |
380.200 |
323.300 |
323.303 |
|
|
|
|
|
|
|
|
TOTAL |
11572.600 |
10906.100 |
9823.439 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
5824.200 |
5906.500 |
5626.471 |
|
|
Capital work-in-progress |
89.100 |
85.700 |
124.029 |
|
|
|
|
|
|
|
|
INVESTMENT |
5274.300 |
2977.500 |
2000.922 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1322.300
|
1380.300 |
1402.961 |
|
|
Sundry Debtors |
2989.400
|
3817.000 |
3854.363 |
|
|
Cash & Bank Balances |
273.900
|
229.300 |
636.553 |
|
|
Other Current Assets |
613.900
|
1797.500 |
710.901 |
|
|
Loans & Advances |
1289.800
|
1139.300 |
1199.709 |
|
Total
Current Assets |
6489.300
|
8363.400 |
7804.487 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
2489.400
|
2725.800 |
3173.507 |
|
|
Other Current Liabilities |
2251.400
|
2084.100 |
1009.587 |
|
|
Provisions |
1363.500
|
1617.100 |
1549.376 |
|
Total
Current Liabilities |
6104.300
|
6427.000 |
5732.470 |
|
|
Net Current Assets |
385.000
|
1936.400 |
2072.017 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
11572.600 |
10906.100 |
9823.439 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
23260.300 |
24230.200 |
22609.433 |
|
|
|
Other Income |
361.300 |
123.600 |
82.289 |
|
|
|
TOTAL (A) |
23621.600 |
24353.800 |
22691.722 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
12765.900 |
13378.700 |
|
|
|
|
Purchases of stock-in-trade |
1046.500 |
902.300 |
|
|
|
|
Employee benefits expense |
1753.700 |
1789.200 |
|
|
|
|
Other expense |
4554.800 |
4786.400 |
19080.866 |
|
|
|
Exceptional items [income / (expenses)] |
(477.100) |
37.300 |
|
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
95.500 |
(24.300) |
|
|
|
|
TOTAL (B) |
19739.300 |
20869.600 |
19080.866 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3882.300 |
3484.200 |
3610.856 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
159.600 |
198.500 |
136.432 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3722.700 |
3285.700 |
3474.424 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
912.900 |
848.400 |
839.878 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
2809.800 |
2437.300 |
2634.546 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
891.800 |
700.000 |
994.419 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
1918.000 |
1737.300 |
1640.127 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
NA |
164.013 |
|
|
|
Proposed Dividend |
NA |
NA |
582.519 |
|
|
|
Tax on Proposed Dividend |
NA |
NA |
96.749 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
NA |
796.846 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1623.000 |
1461.664 |
1075.675 |
|
|
|
Other Earnings |
0.000 |
1.388 |
22.171 |
|
|
TOTAL EARNINGS |
1623 |
1463.052 |
1097.846 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
699.400 |
1027.780 |
1597.278 |
|
|
|
Capital Goods |
325.200 |
279.834 |
82.763 |
|
|
TOTAL IMPORTS |
1024.600 |
1307.614 |
1680.041 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
13.17 |
11.93 |
11.26 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2012 |
30.09.2012 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
6032.300 |
6137.600 |
|
Total Expenditure |
|
5150.700 |
5234.800 |
|
PBIDT (Excl OI) |
|
881.600 |
902.800 |
|
Other Income |
|
109.900 |
95.000 |
|
Operating Profit |
|
991.500 |
997.800 |
|
Interest |
|
23.000 |
(6.900) |
|
Exceptional Items |
|
(190.800) |
0.000 |
|
PBDT |
|
777.700 |
1004.700 |
|
Depreciation |
|
239.300 |
222.700 |
|
Profit Before Tax |
|
538.400 |
782.000 |
|
Tax |
|
146.700 |
225.500 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
391.700 |
556.500 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
391.700 |
556.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
8.12
|
7.13 |
7.23 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.07
|
10.05 |
11.87 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.82
|
17.08 |
19.61 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.27 |
0.39 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.67
|
0.91 |
1.24 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.06
|
1.30 |
1.36 |
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 |
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 |
No |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
MANAGEMENT
DISCUSSION AND ANALYSIS
GLOBAL ECONOMY
The global economy
grew at 3.8% in the calendar year 2011 as against 5.2% in 2010, according to the
World Economic Outlook released by the International Monetary Fund. The
slowdown during 2011 occurred mainly due to emerging and developing economies
experiencing slower growth than before which was compounded by increased
stringency of monetary policies. The growth is likely to slow down further to
3.3% during 2012.
There is a
possibility that the Euro regions may experience a mild recession in 2012. This
may emerge as a result of rise in sovereign yields, effects of bank
de-leveraging on the real economy and additional fiscal consolidation. Growth
in emerging and developing economies is also expected to slow down due to
worsening external environment and a weakening internal demand.
INDIAN ECONOMY
The Indian economy
grew robustly at around 8.4% in the two preceding financial years. In 2011-12,
it grew at the rate of 6.9%. The Wholesale Price Index (WPI) remained constant
at around 9% during the year. This slowdown is almost entirely, due to the
weakening of the country's industrial growth which is expected to grow at 3.9%
in Financial Year 2011-12. However, agriculture, its allied sectors and the
services sector, continued to perform well. The expected growth of these
sectors would be 2.5% and 9.4% respectively in Financial Year 2011-12.
Several global
factors contributed to India's economic slowdown. These include Euro region
crises, sluggish growth in some industrialized economies and rising global
commodity prices. The hardening of international crude oil prices also had a
significant impact on the national economy. Resultantly, commodity prices in
the domestic markets also saw a steep rise, which, along the tightening of
monetary policies to control inflation contributed to an environment of slowing
investment in the industrial sector.
FUTURE OUTLOOK
India's Economic
Survey for Financial Year 2011-12 projects the country's GDP growth to
accelerate to 7.6% in 2012-13 and 8.6% in 2013-14, along with falling inflation
and fiscal consolidation. The Global Economic Prospects published by the World
Bank more cautiously predict a continued slowdown in the Indian economy, with a
6% growth rate in 2012-13 that will rise to 7.3% over 2013-14.
INDUSTRY OVERVIEW
The Company's
performance is impacted by industrial growth in key business sectors. India's
construction sector was expected to grow at 4.8% during the Financial Year
2011-12 as against 8% during the Financial Year 2010-11. In Financial Year
2011-12, highway construction projects, 4,375 km in total length, were
commissioned. The Union Budget has set a target of completing highways
totalling 8,800 km in length under the National Highway Development Programme
(NHDP) in the Financial Year 2012-13. The power sector saw a growth of 8.6%
during April 2011 - January 2012 as compared to 5.2% during April 2010 –
January 2011. India's energy deficit decreased from 9.6% in 2006-07 to 7.9%
during April 2011-December 2011. Peak deficit declined from 13.8% to 10.6%
during the same period. Apart from financing related challenges, growth in this
sector is expected to be constrained by fuel shortages and issues regarding
environmental regulatory clearances.
COMPANY
PERFORMANCE
During the year,
the Company achieved sales of 22760.000 Millions (including sales of bearings
business of 620.000 Millions) as against 23640.000 Millions in the previous
year, (including sales of bearings business of 1230.000 Millions), showing a
marginal decline of 3.8%. The profit before tax is 2810.000 Millions (including
profit on sale of bearings business 480.000 Millions) in 2011-12 against
2440.000 Millions in the previous year 2010-11.
ENGINES BUSINESS
OPERATIONAL PERFORMANCE
The Company caters
to diverse customer needs across three key sectors of the economy viz.
agriculture, industry and services.
AGRICULTURE
ENGINES BUSINESS
The agriculture
sector witnessed a growth of 2.8 % in 2011. The Indian agriculture market for
engines below 20 hp witnessed 21% growth which was due to untimely monsoon and
grid power deficit in many regions of rural India. Government subsidy schemes
for pump sets also played a vital role in market growth. This was true,
especially for portable engines for pump set application below 5 hp. However,
the Company's Agriculture Business registered a negative growth of 6% on
account of the high price gap with respect to competitors (mainly Indian
unorganized sector) and Chinese imports. The Company is in the process of
formulating a strategy for growth to respond to these challenges and is
committed to improving its market presence.
INDUSTRIAL ENGINES
BUSINESS
The industrial
engines market grew by 14% during Financial Year 2011-12. The demand for the
Company's products in the industrial engines segment was dampened by the
tightening monetary policy of the Reserve Bank of India and rising inflation in
building material prices in the country. The Company's share in the domestic
market declined to 30% in Financial Year 2011-12 from 52% in the previous
fiscal. However, the Company continues to maintain a significant position in
the Indian industrial engines market.
During the Twelfth
Plan, investment in infrastructure is expected to be 50 lakh crores. The India
Infrastructure Finance Company Limited (IIFCL) has put in place a structure for
credit enhancement to ease access of credit to infrastructure projects. As mentioned
earlier, the government has indicated a target of covering 8,800 kms of roads
under the NHDP in Financial Year 2012-13. With these developments, the Indian
construction equipment industry is expected to grow by 19 – 20% over the next
few years.
POWER GENERATION
ENGINES BUSINESS
The Company's
power generation engines business addresses the telecom and other industrial
segments such as retail, banking and IT. At the macro level, the power
situation has improved with decline in the peak deficit from 13.8% in 2006-07
to 10.6% during the period April 2011 – December 2011, thereby affecting demand
for power generation sets.
Telecom operators
curtailed expansion plans in India in Financial Year 2011-12. In order to
remain competitive amidst an uncertain regulatory landscape, they increased
focus on tower sharing arrangements instead of new roll-outs, thereby
negatively impacting the demand for DG sets as compared to the previous year.
During Financial
Year 2011-12, the Company achieved a market share of 23% by value in this
segment. The Company is pursuing a sound risk management strategy through
product diversification (to include smaller KVA bracket 3000 RPM Gensets) and
enhanced focus on government business.
LARGE ENGINE
BUSINESS
During the year,
all engines manufactured and supplied within the Large Engine Business were for
Stationary Power Plant application, to provide emergency power using High Speed
Diesel (HSD) as fuel. The Company's engines are preferred by customers on
account of high proven reliability in such applications. In Financial Year
2011-12, the Company received an order of 396 Crores from the Nuclear Power
Corporation of India Limited (NPCIL) for supply, erection and commissioning of
16 Emergency DG sets each with a power rating of 4.2 MW. This order was
received under a global tender and is expected to be completed (up to
installation phase) in the next 3.5 years.
The Company
entered into a license agreement with Daihatsu Diesel Manufacturing Company
Limited, Japan, for manufacture, marketing and supply of diesel engines in
India in the 610KW to 2560 KW range. Daihatsu is an established manufacturer
and global supplier of diesel engines for marine and power plant applications.
These engines will cater to requirements of the commercial marine segment.
PROSPECTS FOR THE
CURRENT YEAR
For the current
financial year, the Company has a cautious outlook on the economy, considering
the anticipated rise in crude oil prices and inflationary pressures in the economy,
especially in Coke and Steel. The Government of India continues to put great
emphasis on infrastructure, especially the urban infrastructure and national
highways. The Union Budget 2012-13 envisages 8,800 kms of road constructions
with a total outlay of 25,000 crores. In the power generation segment, the
estimated demand and supply gap of around 8%, together with continuing
improvement in lifestyles will sustain the business growth. Growth in service
and manufacturing sectors is also expected to trigger the demand for generator
sets. Besides conventional power generation, the Government of India has
announced setting up of new nuclear power plants. The Company has already taken
a lead in this area by winning orders worth 396 crores to supply gensets to the
Nuclear Power Corporation of India over the next 3 years. The demand for DV
series engines is rising and this product segment is expected to perform better
in the current financial year.
CONTINGENT LIABILITIES NOT PROVIDED FOR:
|
Particulars |
31.03.2012 (Rs. in millions) |
31.03.2011 (Rs. in millions) |
|
Disputed Central Excise demands |
10.400 |
9.800 |
|
Disputed Sales Tax and Octroi Demands |
60.900 |
70.900 |
|
Disputed Customs Duty demands |
10.800 |
10.800 |
|
Disputed Income-Tax Liability - matter under appeal |
130.600 |
172.200 |
|
Claims against Company not acknowledged as debts |
821.800 |
790.600 |
|
Guarantees given on behalf of third parties |
143.800 |
488.900 |
|
TOTAL
|
1178.300 |
1543.200 |
FIXED ASSETS:
·
Freehold Land
·
Leasehold Land
·
Buildings
·
Plant and Machinery
·
Furniture and Fixtures
·
Vehicles
·
Aircraft
·
Office Equipments
·
Computers
·
Electrical Installation
·
Computer Software
·
Drawings and Designs
·
Technical Know-How
·
Development Expenditure
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND
SIX MONTHS ENDED 30TH SEPTEMBER 2012
Rs. in Millions
|
Sr. No. |
Particular |
Quarter Ended |
Half
Year Ended |
|
|
|
|
30.09.2012 (Unaudited) |
30.06.2012 (Unaudited) |
30.09.2012 (Unaudited) |
|
|
|
|
|
|
|
1. |
a) Net Sales/Income from Operations |
6051.600 |
5955.500 |
12007.100 |
|
|
b) Other Operation Income |
86.000 |
76.800 |
177.100 |
|
|
Total Income From Operations (Net) |
6137.600 |
6032.300 |
12184.200 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
a) Cost of
Materials Consumed |
3362.900 |
3620.100 |
6983.000 |
|
|
b) Purchase of Traded
Goods |
353.500 |
300.700 |
654.200 |
|
|
c) Changes in
Inventories of Finished Goods, Work-In-Progress and Stock-In-Trade |
56.800 |
(189.300) |
(132.500) |
|
|
d) Employee
Benefits Expenses |
396.700 |
406.300 |
803.000 |
|
|
e) Depreciation and
Amortization Expenses |
222.700 |
239.300 |
462.000 |
|
|
f) Other
Expenditure |
1064.900 |
1012.900 |
2092.100 |
|
|
g) Total |
5457.500 |
5390.000 |
10861.800 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
680.100 |
642.300 |
1322.400 |
|
|
|
|
|
|
|
4. |
Other
Income |
95.000 |
109.900 |
204.900 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
775.100 |
752.200 |
1527.300 |
|
|
|
|
|
|
|
6. |
Interest |
(6.900) |
23.000 |
16.100 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
782.000 |
729.200 |
1511.200 |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
-- |
(190.800) |
(190.800) |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
782.000 |
538.400 |
1320.400 |
|
|
|
|
|
|
|
10. |
Tax
Expense |
225.500 |
146.700 |
372.200 |
|
|
|
|
|
|
|
11. |
Net Profit
from Ordinary Activities after Tax (9-10) |
556.500 |
391.700 |
948.200 |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
556.500 |
391.700 |
948.200 |
|
|
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.10/- Each) |
289.700 |
290.000 |
289.700 |
|
|
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
16. |
Basic and Diluted Earnings Per
Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a)
Basic and diluted EPS before extraordinary items |
3.83 |
2.69 |
6.53 |
|
|
b)
Basic and diluted EPS after extraordinary items |
3.83 |
2.69 |
6.53 |
|
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
47426563 |
47604968 |
47426563 |
|
|
-
Percentage of Shareholding |
32.74 |
32.83 |
32.74 |
|
|
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
Nil |
Nil |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
Nil |
Nil |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
97416234 |
97416234 |
97416234 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and
Promoter Group) |
100.00 |
100.00 |
100.00 |
|
|
- Percentage
of Shares (as a % of the Total Share Capital of the Company) |
67.26 |
67.17 |
67.26 |
|
Investor Complaints |
3 Months Ended 30.09.2012 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
1 |
|
Disposed of during the quarter |
1 |
|
Remaining unresolved at the end of the
quarter |
Nil |
Rs. in Millions
|
PARTICULARS |
30.09.2012 Unaudited |
|
Equity and liabilities |
|
|
Shareholders' fund |
|
|
Share capital |
289.700 |
|
Reserve & surplus |
10991.100 |
|
Sub-total
- Shareholders' funds |
11280.800 |
|
Non - current liabilities |
|
|
Long term borrowings |
429.000 |
|
Deferred tax liability (net) |
357.800 |
|
Other long term liabilities |
395.800 |
|
Long term provisions |
243.500 |
|
Sub-total
- Non-current liabilities |
1426.100 |
|
Current liabilities |
|
|
Short term borrowings |
105.300 |
|
Trade payables |
2535.800 |
|
Other current liabilities |
1872.700 |
|
Short term provisions |
325.500 |
|
Sub-total
- Current liabilities |
4839.300 |
|
|
|
|
Total -
Equity & Liabilities |
17546.200 |
|
|
|
|
Assets |
|
|
Non-current assets |
|
|
Fixed assets |
5755.600 |
|
Non-current investment |
100.000 |
|
Long term loans & advances |
785.000 |
|
Other non-current assets |
253.100 |
|
Sub-total
- Non-current Assets |
6893.700 |
|
Current
assets |
|
|
Current investments |
4644.000 |
|
Inventories |
1568.000 |
|
Trade receivables |
2930.900 |
|
Cash & bank balances |
303.100 |
|
Short term loans & advances |
707.400 |
|
Other current assets |
499.100 |
|
Sub-total
- Current Assets |
10652.500 |
|
|
|
|
Total –
Assets |
17546.200 |
NOTES:
1.
The company has
exercised the option as per Ministry of Corporate Affairs notification dated
31st March 2009 in respect of AS 11. For the half year Rs. 126.700 Millions,
being eligible exchange difference loss has been adjusted in the cost of the
assets. In view of extension of applicability of the said notification vide
G.S.R. 913(E) dated 29th December 2011 and the clarification provided vide
Ministry of Corporate Affairs circular 25/2012 dated 9th August 2012.
2. During the year, the Company has implemented Voluntary Retirement Scheme
(VRS) for its workers. The total VRS compensation, amounting to Rs. 190.800
Millions is charged to the Profit and Loss account and the same is shown as
Exceptional Item of expense.
3. Figures for the quarter and half year ended 30th September 2012 are not
comparable with those of the corresponding periods of the previous year, since
the Bearings Business Division was sold with effect from 30th September 2011.
4. The Board of Directors of the Company approved the buyback of equity
shares for an aggregate amount not exceeding Rs. 736.250 Millions from the open
market through Stock Exchange(s), on 25th January 2012. The Company has bought
back 10,15,424 Equity shares of Rs. 2/- each (subject to the close out) till
18th October 2012. Out of this, 786,488 bought back equity shares are
extinguished till 30th September 2012.
5. The above results are reviewed and recommended by the Audit Committee and
approved by the Board of Directors of the Company in their respective meetings
held on 19th October 2012 and are subjected to a " Limited Review "
by the Statutory Auditors.
SEGMENT WISE REVENUE,
RESULTS AND CAPITAL EMPLOYED
Rs. in Millions
|
Sl. No. |
|
Particulars |
Quarter
Ended |
Half
Year Ended |
|
|
|
30.09.2012 |
30.06.2012 |
30.09.2012 |
||
|
|
Unaudited |
Unaudited |
Unaudited |
||
|
1 |
|
SEGMENT REVENUE |
|
|
|
|
|
|
Engines |
6130.900 |
6033.500 |
12164.400 |
|
|
|
Others |
6.700 |
13.000 |
19.800 |
|
|
|
Total |
6137.600 |
6046.500 |
12184.200 |
|
|
|
|
|
|
|
|
|
|
Less : Inter Segment Revenue (Net of Excise) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
Net Sales / Income
from Operation |
6137.600 |
6032.300 |
12184.200 |
|
|
|
|
|
|
|
|
2 |
|
SEGMENT RESULTS |
|
|
|
|
|
|
Profits (+) / Loss (-) before tax and interest from each segment |
|
|
|
|
|
|
Engines |
729.700 |
493.100 |
1222.800 |
|
|
|
Others |
0.000 |
0.000 |
0.000 |
|
|
|
Total |
729.700 |
493.100 |
1222.800 |
|
|
|
|
|
|
|
|
|
|
Less :Interest |
(6.900) |
23.000 |
16.100 |
|
|
|
Less : Other Unallocable
Expenses and Extra Ordinary Items Net of Unallocable Income |
(45.400) |
(68.300) |
(113.700) |
|
|
|
|
|
|
|
|
|
|
Net Profit (+) /
Loss(-) before Tax |
782.000 |
538.400 |
1320.400 |
|
|
|
|
|
|
|
|
3 |
|
CAPITAL EMPLOYED |
|
|
|
|
|
|
SEGMENT ASSETS –
SEGMENT LIABILITIES |
|
|
|
|
|
|
Engines |
7479.900 |
7160.900 |
7479.900 |
|
|
|
Others |
5551.100 |
5359.000 |
5551.100 |
|
|
|
Total |
13031.000 |
12519.900 |
13031.000 |
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.53.87 |
|
|
1 |
Rs.85.53 |
|
Euro |
1 |
Rs.71.77 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
65 |
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.