MIRA INFORM REPORT
|
Report Date : |
19.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
CUMMINS INDIA LIMITED |
|
|
|
|
Registered
Office : |
Kothrud, Pune – 411038, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
17.02.1962 |
|
|
|
|
Com. Reg. No.: |
11-012276 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 554.400
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29112PN1962PLC012276 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing of Diesel Engines and Filtration Equipments. |
|
|
|
|
No. of Employees
: |
3677 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
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 82000000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well established and a reputed company having good track record. Financial position of the company appears to be strong and healthy. Directors are reported as experienced and respectable businessmen. Fundamental of the company appears to be sound. Trade relations are fair. Business is active. Payments are regular and as per commitments. Fundamentals of the company are sound. The company can be considered good for normal business
dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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/ Corporate Office/ Factory 1 : |
Kothrud, Pune-411038, Maharashtra, India |
|
Tel. No.: |
91-20-25385435/ 25380240 |
|
Fax No.: |
91-20-25380125 |
|
E-Mail : |
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|
Website : |
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Factory 2 : |
Plot No. 19/25A, Silver Industrial Estate, Bhimpore, Daman 396210, India |
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Factory 3 : |
Plot No. 206/2, Off. Nagar Road, Haveli, Pune-411014, Maharashtra,
India |
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|
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|
Factory 4 : |
Gat No. 311/B&1B, Kasar Amboli, District Pune - 412111, Maharashtra,
India |
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|
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|
Factory 5 : |
35A/1/2 Erandwane, Pune - 411038, Maharashtra, India |
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|
|
|
Factory 6 : |
MIDC Phaltan, Village Survadi, District Satara, Maharashtra, India |
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. Anant Talaulicar |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. B. H. Reporter |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. James Kelly |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Dr. John Wall |
|
Designation : |
Director |
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|
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|
Name : |
Mr. M. A. Lavett |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Naseer Munjee |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Patrick Ward |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. P. S. Dasgupta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Rajeev Bakshi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Venu Srinivasan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. J. M. Barrowman |
|
Designation : |
Alternate Director to M. A. Lavett |
|
|
|
|
Name : |
Mr. Pradeep Bhargava |
|
Designation : |
Alternate Director to Patrick Ward |
|
|
|
|
Name : |
Mr. Sean Milloy |
|
Designation : |
Alternate Director to Dr. John Wall |
KEY EXECUTIVES
|
Name : |
Mr. Pradip Phansalkar |
|
Designation : |
Senior Manager, Secretarial |
|
|
|
|
Name : |
Mr. Amit Atre |
|
Designation : |
General Manager - Legal and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2013
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
683 |
0.00 |
|
|
|
683 |
0.00 |
|
|
|
|
|
|
|
|
141372000 |
51.00 |
|
|
|
141372000 |
51.00 |
|
|
Total shareholding of Promoter and Promoter Group (A) |
141372683 |
51.00 |
|
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
36421054 |
13.14 |
|
|
|
18554102 |
6.69 |
|
|
|
43002876 |
15.51 |
|
|
|
97978032 |
35.35 |
|
|
|
|
|
|
|
|
11385947 |
4.11 |
|
|
|
|
|
|
|
|
23289551 |
8.40 |
|
|
|
1731335 |
0.62 |
|
|
|
1442452 |
0.52 |
|
|
|
704287 |
0.25 |
|
|
|
382879 |
0.14 |
|
|
|
3420 |
0.00 |
|
|
|
345136 |
0.12 |
|
|
|
6730 |
0.00 |
|
|
|
37849285 |
13.65 |
|
|
Total Public shareholding (B) |
135827317 |
49.00 |
|
|
Total (A)+(B) |
277200000 |
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) |
277200000 |
0.00 |
|
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Diesel Engines and Filtration Equipments. |
GENERAL INFORMATION
|
No. of Employees : |
3677 (Approximately) |
|
|
|
|
Bankers : |
Ø State Bank of
India Ø HDFC Bank
Limited Ø
Citibank, N.A. Ø Bank of America |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered
Accountants |
|
Address : |
Mutha Towers, 5th Floor, Suite No. 8, Airport Road,
Yerwada, Pune – 411006, Maharashtra, India |
|
|
|
|
Holding Company
: |
Cummins Inc. |
|
|
|
|
Fellow
subsidiaries : |
Ø Cummins Engine
(China) Investment Company Limited Ø Cummins Adriatic Ø Cummins Asia
Pacific Pte. Limited Ø Cummins, Belgium Ø Cummins Brazil
Limited Ø Cummins
Commercializadora S. de R.L. de C.V. Ø Cummins De Los
Andes S.A. Ø Cummins
Deutschland GmbH Ø Cummins Diesel
Italia Spa Ø Cummins Diesel
N. V. Ø Cummins Diesel
Recon Ø Cummins Diesel
Sales Corporation, Singapore Ø Cummins DKSH
(Singapore) Pte. Limited Ø Cummins DKSH
(Thailand) Limited Ø Cummins DKSH
(Vietnam) LLC Ø Cummins East
Asia Research and Development Company Limited Ø Cummins Emission
Solutions Ø Cummins Engine
(Shanghai) Trading and Service Company Ø Cummins
Firepower Ø Cummins France,
S.A. Ø Cummins Fuel
Systems (Wuhan) Company Limited Ø Cummins
Filtration, Inc. Ø Cummins
Generator Technologies GmbH Ø Cummins Ghana
Limited Ø Cummins Japan
Limited Ø Cummins Limited,
UK Ø Cummins Middle
East Fze Ø Cummins Natural
Gas Engines, Inc. Ø Cummins Power
Generation (China) Company Limited Ø Cummins Power
Generation (S) Pte. Limited Ø Cummins Power
Generation Limited, Kent, UK Ø Cummins Power
Generation Inc. Ø Cummins Rocky
Mountain LLC Ø Cummins S De R L
De C V Ø Cummins Sales
& Service Philippines, Inc. Ø Cummins Sales
and Service Korea Company Limited Ø Cummins Sales
and Service Singapore Pte. Limited Ø Cummins
Serbomonte Ø Cummins South
Africa (Pty.) Limited Ø Cummins South
Pacific Pty. Limited Ø Cummins Spain
S.L. Ø Cummins
Technologies India Limited Ø Cummins Westport
Inc. Ø Distribuidora
Cummins S.A. Ø Distribuidora
Cummins Peru Ø Distribuidora
Cummins Chile S.A. Ø Distribuidora
Cummins Centro America Honduras S De Ø Dongfeng Cummins
Engine Company Ø Komatsu Cummins
Chile, Limited Ø OOO Cummins Ø Shanghai Cummins
Trade Company Limited Ø Wuxi Newage
Alternators Ø Zao Cummins Kama |
|
|
|
|
Associate : |
Ø Cummins
Generator Technologies India Limited |
|
|
|
|
Joint Venture : |
Ø Valvoline
Cummins Limited Ø Cummins SVAM
Sales and Service Limited Ø Cummins Reseach
and Technology India Limited Ø Cummins Exhaust
India Limited (upto April 29, 2011) |
|
|
|
|
Enterprise with
common Key Management Personnel : |
Tata Cummins Limited |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
400,000,000 |
Equity Shares |
Rs. 2/- each |
Rs. 800.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
277,200,000 |
Equity Share |
Rs. 2/- each |
Rs. 554.400
Millions |
|
|
|
|
|
a. Reconciliation of number of shares
(Rs. in millions)
|
Equity shares : |
No.
of Shares |
31.03.2012 |
|
Balance as at the beginning of the year |
198,000,000 |
396.000 |
|
Add : Bonus shares Issued during the year * |
79,200,000 |
158.400 |
|
Balance as at the end of the year |
277,200,000 |
554.400 |
* Equity shares allotted as fully paid bonus shares by capitalization of
General Reserves.
b. Rights,
preferences and restrictions attached to shares
The Company has
only one class of equity shares having a par value of Rs. 2 per share. Each
shareholder is entitled to one vote per share held. The dividend proposed by
the Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting, except in case of interim dividend. In the
event of liquidation of the Company, the equity shareholders are eligible to
receive remaining assets of the Company, after distribution of all preferential
amounts, in the proportion to their shareholding.
c. Of the above
equity shares, 141,372,000 (previous year 100,980,000) shares of Rs. 2 each are
held by the Holding Company, Cummins Inc. USA
d. Details of shareholders holding more than 5% of the aggregate shares
in the Company
|
|
Nos. |
% |
|
Equity shares of
Rs.2 each fully paid Cummins Inc., the holding company |
141,372,000 |
51.00% |
|
Life Insurance Corporation of India (Through various schemes) |
23,619,461 |
8.52% |
e. Shares allotted as fully paid up by way of bonus shares (during 5 years
immediately preceding March 31, 2012) :
|
Equity shares allotted as fully paid up bonus shares by capitalization
of Free Reserves |
Year |
No.
of Shares |
|
|
31 March 2012 |
79,200,000 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
554.400 |
396.000 |
|
(b) Reserves & Surplus |
|
19877.100 |
17666.700 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
|
0.000 |
0.000 |
|
|
|
|
|
|
(3) Non-current
liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c)
Other long term liabilities |
|
147.000 |
197.900 |
|
(d)
long-term provisions |
|
987.000 |
1004.800 |
|
|
|
|
|
|
(4)
Current liabilities |
|
|
|
|
(a)
Short term borrowings |
|
0.000 |
0.000 |
|
(b)
Trade payables |
|
5185.600 |
5694.300 |
|
(c)
Other current liabilities |
|
1516.600 |
1108.400 |
|
(d)
Short-term provisions |
|
2749.200 |
2588.500 |
|
TOTAL |
|
31016.900 |
28656.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
4589.500 |
3482.500 |
|
(ii) Intangible Assets |
|
59.600 |
81.200 |
|
(iii)
Capital work-in-progress |
|
496.700 |
646.700 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
755.100 |
586.500 |
|
(c) Deferred tax assets
(net) |
|
69.500 |
187.300 |
|
(d) Long-term Loan and Advances |
|
3429.400 |
1898.800 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
5220.400 |
6668.100 |
|
(b) Inventories |
|
5676.100 |
5189.600 |
|
(c) Trade receivables |
|
6783.400 |
7181.600 |
|
(d) Cash and cash
equivalents |
|
2235.000 |
1037.300 |
|
(e) Short-term loans and
advances |
|
1652.500 |
1677.200 |
|
(f) Other current assets |
|
49.700 |
19.800 |
|
TOTAL |
|
31016.900 |
28656.600 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
396.0000 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
15213.964 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
15609.964 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
86.238 |
|
|
2] Unsecured Loans |
|
|
0.133 |
|
|
TOTAL BORROWING |
|
|
86.371 |
|
|
DEFERRED TAX LIABILITIES |
|
|
329.522 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
16025.857 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
3336.586 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
7329.224 |
|
|
DEFERREX TAX ASSETS |
|
|
499.415 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
4096.685
|
|
|
Sundry Debtors |
|
|
5229.012
|
|
|
Cash & Bank Balances |
|
|
559.282
|
|
|
Other Current Assets |
|
|
92.655
|
|
|
Loans & Advances |
|
|
2694.940
|
|
Total
Current Assets |
|
|
12672.574 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
3799.687 |
|
|
Other Current Liabilities |
|
|
1409.480 |
|
|
Provisions |
|
|
2602.775 |
|
Total
Current Liabilities |
|
|
7811.942 |
|
|
Net Current Assets |
|
|
4860.632 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
16025.857 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
41172.200 |
40425.300 |
28448.704 |
|
|
|
Other Income |
1233.300 |
803.700 |
1217.531 |
|
|
|
TOTAL |
42405.500 |
41229.000 |
29666.235 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
24466.400 |
24020.600 |
|
|
|
|
Purchases of traded goods |
2576.800 |
2245.900 |
|
|
|
|
Change in inventories of finished goods, work-in-progress and traded
goods |
(589.000) |
(462.800) |
|
|
|
|
Employee benefits expense |
3039.400 |
2546.300 |
|
|
|
|
Other expenses |
4706.100 |
4441.400 |
|
|
|
|
TOTAL |
34199.700 |
32791.400 |
23175.780 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
8205.800 |
8437.600 |
6490.455 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
54.100 |
47.500 |
20.507 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
8151.700 |
8390.100 |
6469.948 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
419.800 |
366.400 |
360.801 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX |
7731.900 |
8023.700 |
6109.147 |
|
|
|
|
|
|
|
|
|
Less/ Add |
EXCEPTIONAL ITEMS |
514.400 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
8246.300 |
8023.700 |
6109.147 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
2333.600 |
2113.800 |
1670.475 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
5912.700 |
5909.900 |
4438.672 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
8036.500 |
6174.800 |
4955.127 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
591.300 |
591.000 |
443.867 |
|
|
|
Dividend |
3049.200 |
2970.000 |
2375.919 |
|
|
|
Tax on Dividend |
494.700 |
487.200 |
399.213 |
|
|
BALANCE CARRIED
TO THE B/S |
9814.000 |
8036.500 |
6174.800 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export on FOB basis |
11907.600 |
10604.300 |
5076.277 |
|
|
|
Other income |
454.000 |
293.200 |
0.000 |
|
|
TOTAL EARNINGS |
12361.600 |
10897.500 |
5076.277 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
576.500 |
1208.392 |
915.549 |
|
|
|
Components |
3942.800 |
4368.340 |
2219.318 |
|
|
|
Machinery spares |
11.200 |
10.035 |
8.674 |
|
|
|
Capital goods |
191.800 |
478.759 |
305.254 |
|
|
|
Tools, stores, etc. |
133.400 |
191.218 |
13.657 |
|
|
TOTAL IMPORTS |
4855.700 |
6256.744 |
3462.452 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
21.33 |
21.32 |
22.42 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
|
|
1st Quarter |
2nd Quarter |
3rd Quarter |
4th Quarter |
|
Sales Turnover |
12587.500 |
10869.000 |
10894.600 |
11542.800 |
|
Total Expenditure |
10262.600 |
8869.800 |
8808.400 |
9604.300 |
|
PBIDT (Excl
OI) |
2324.900 |
1999.200 |
2086.200 |
1938.500 |
|
Other Income |
384.900 |
338.200 |
661.300 |
823.700 |
|
Operating
Profit |
2709.800 |
2337.400 |
2747.500 |
2762.200 |
|
Interest |
13.500 |
12.900 |
8.500 |
11.200 |
|
Exceptional
Items |
0.000 |
0.000 |
475.000 |
0.000 |
|
PBDT |
2696.300 |
2324.500 |
3214.000 |
2751.000 |
|
Depreciation |
113.900 |
117.100 |
117.800 |
123.700 |
|
Profit
Before Tax |
2582.400 |
2207.400 |
3096.200 |
2627.300 |
|
Tax |
776.900 |
598.000 |
755.400 |
741.900 |
|
Provisions and Contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Reported PAT |
1805.500 |
1609.400 |
2340.800 |
1885.400 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
1805.500 |
1609.400 |
2340.800 |
1885.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
13.94 |
14.33 |
14.96 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
20.03 |
19.85 |
21.47 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
27.77 |
29.46 |
38.16 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.40 |
0.44 |
0.39 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.29 |
2.32 |
1.62 |
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 |
No |
|
8] |
No. of employees |
Yes |
|
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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
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 |
No |
LITIGATION
DETAILS:
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
STAMP NO: CAST/872/2000 FILING DATE: 13/01/2000 Reg. No.:-
CA/551/2000 Reg. Date:- 25/01/2000 |
|
Main Matter Stamp No.:- CRAST/39726/1999 Reg No.:- CRA/1437/1999 |
|
PETITIONER: UNIQUE COACHES AND ANR RESPONDENT: CUMMINS
INDIA LIMITED PETN.ADV: K.A. GARUD
Resp.Adv.:- C.R. DALVI DISTRICT: PUNE |
|
BENCH: SINGLE STATUS: PRE-ADMISSION
Category: MISCELLANEOUS Last Date: 13/10/2010
Stage: Last Coram: ACCORDING TO
SITTING LIST
|
|
Act: Other Act |
JOINT VENTURES:
a) Cummins
Research and Technology India Limited (CRTI):
The net revenue
from operations of Cummins Research and Technology India Limited (CRTI), a
50:50 joint venture between Cummins Inc., U.S.A. and the Company, for the year
ended March 31, 2012, was Rs. 655.000 Millions as compared to Rs. 467.600
Millions during the previous year (40% higher). CRTI has a Research and
Technology Center at Pune and is engaged in providing Information Technology
Enabled Mechanical Engineering Development Services to Cummins Inc., its
subsidiaries and joint ventures across the world.
b) Valvoline
Cummins Limited (VCL):
VCL is a 50:50
joint venture with Valvoline International Inc., U.S.A., a global leader in
lubricants and engine oils. The net revenue from operations of VCL for the year
ended March 31, 2012 was Rs. 8390.000 Millions as compared to Rs. 7036.400
Millions during the previous year (19% higher).
c) Cummins SVAM
Sales and Service Limited (CSSSL):
On January 17,
2012, a 50:50 Joint Venture company, namely Cummins SVAM Sales and Service
Limited was formed with a paid-up capital of Rs. 120.000 Millions with SVAM
Power Plants Private Limited (one of the existing Dealers of the Company). The
registered office of CSSSL is located at Delhi. CSSSL will concentrate its
efforts on sales and service of Cummins engines and generator sets in Northern
India.
INITIATIVES AT
PHALTAN:
The Company
continues with its expansion initiatives at the Megasite in Phaltan with the
following projects:
Ø The India Parts Distribution
Center (IPDC) has been established with an aim to enhance supply chain
efficiency in aftermarket parts distribution. Equipped with state-of-the-art
infrastructure, this Center will serve as a logistics hub to facilitate improve
inbound receiving and inventory management capabilities and enhance Cummins’
ability to serve its customers significantly. The IPDC has been in operation
since the third quarter of 2011-12.
Ø A facility for
Power Generation Business Unit to manufacture generator sets and generator
drive engines in the low and medium horse power range for export markets (with
a matured capacity of 51,000 units by 2016) is now expected to commence
operation during Q2 of 2013. This facility is being set up in the MIDC Special
Economic Zone.
Ø The B, C and L
series engine up fit facility is now expected to commence operations by end of
2012. This facility will have an annual capacity of 20,000 engines and shall
cater to the requirements of construction, compressor, marine and fire pump
sectors.
INDIA OFFICE
CAMPUS (IOC):
The Company has
entered into an Understanding for the purchase of an Office Campus at Balewadi,
Pune (India Office Campus / IOC). The IOC shall house all its exempt employees
located at various offices in Pune. The Company proposes to let out surplus
office space, if any, after housing all of its exempt employees to other
Cummins group companies for their exempt employees. This initiative would offer
the distinct advantage of co-locating all Cummins group professional employees at
one location to derive synergies of co-location. The total capital expenditure
for IOC shall be about Rs. 7300.000 Millions for the total space. The same is
expected to be ready for occupation in phases from April 2014.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
INDUSTRY STRUCTURE
AND DEVELOPMENTS
Economic Trends
and Implications
Ø Over the past five
years India’s economy has continued to grow at a moderate pace despite slowdown
in major global economies. The Indian economy grew at a rate of 8.2% in the Eleventh
Five Year Plan fuelled by strong domestic demand, increased investment in
infrastructure and strong capital inflows.
Ø However, in the
past year the growth rate has tapered off. In FY 2011-12, the GDP grew at 6.9%
as against 8.4% in FY 2010-11. The slowdown in GDP growth is attributed to
hikes in the lending rate by the Reserve Bank of India to control high
inflation (e.g. ~17% food inflation). As a result of this factor industrial
investment declined, as measured by the Industrial Index of Productivity (IIP),
to 2.8% as compared to 8% during the previous year. Additionally, the
devaluation in the currency to the lowest levels in history has also affected
the overall economic scenario in India.
Ø In the long term,
the growth story remains intact with India entering a phase of significant
demographic divide, rising urbanization, growing consumerism and increasing
infrastructure investment. Under the current scenario, the Twelfth Five Year
Plan (2012-17) is being developed to support a growth of 8%.
Ø Assuming normal
monsoons, robust industrial growth and resilient performance of the service
sector, GDP in FY 2012-13 is expected to grow about 7%. Focus on the
infrastructure sector by the Government is likely to continue to support the
overall growth.
OPPORTUNITIES AND
THREATS
Key Opportunities
Power Generation:
Ø Despite
significant investment on increasing power generation potential, Indian power
sector continues to witness an average energy deficit of 8% and a peak deficit
of 11.4%. The key challenges for reducing the deficit include the inability to
meet the power generation capacity projected by the government, lack of
availability of fuel, high transmission and distribution losses and the weak
health of a majority of the State Distribution Companies (DISCOMs). Overall,
the demand-supply gap will continue to spur the demand for captive power
options.
Ø Industrial growth
spurred by domestic demand is expected to continue thereby increasing demand
for backup power from most sectors such as manufacturing, infrastructure,
commercial and residential realty, IT and ITES and services.
Ø The next stage of
emission norms is slated to come into effect in July 2013, and will provide an
opportunity to introduce new, lower emissions diesel generator sets in the
market. This is likely to change the competitive dynamics in the industry
significantly.
Industrial:
Ø The increase in
budget allocated towards infrastructure and other measures announced will help
in infrastructure development. This implies that the construction equipment
industry will continue to grow with the market. The Company enjoys strong
business relationships with the domestic as well as global construction
equipment leaders and is well positioned to serve the needs of this segment.
Ø The Rail Budget
for FY 2012-13 proposes increased budget outlay with focus on safety,
modernization and expansion. This indicates a rise in demand for engines for
Diesel Electric Multiple Units (DEMU), Power Car and track maintenance
machinery applications, thus creating additional opportunities for the Company.
Ø The prevailing
demand-supply gap in the power sector and a growth in the steel and cement
sectors will fuel demand for mining of coal, iron ore and lignite. This will
not only increase the demand for mining equipment but also improve business
prospects for shunting and freight locomotives.
Ø India is the fifth
largest consumer of energy in the world. The population increase and GDP growth
is translating into increased demand for oil and gas. In the coming years, with
the Government’s increased focus on oil and gas exploration and production,
opportunities exist for the Company to explore demand for its engines in oil
and gas exploration, production and distribution applications.
Ø With the
International Maritime Organisation (IMO) Tier II emission norms being
applicable for Marine engines, demand for emission compliant engines will
increase, implying that the Company will have more opportunities to capture a
larger share in the Marine engine space with its indigenized Tier II compliant
engines.
Ø A large number of
Construction and Compressor OEMs plan to establish India as their equipment
manufacturing hub not only to serve the Indian market but also to serve the
Middle East, South East Asian and African markets. This will provide an
opportunity for the Company to leverage its global presence.
Ø The Company is
committed to strengthening its partnership with Industrial OEMs by working with
them in introducing new applications, driving a reduction in the TCO (Total
Cost of Ownership) of vehicles, enhancing their value proposition in terms of
cost efficiency, faster delivery, and improving lead time through Customer
Focused Six Sigma (CFSS) projects.
Automotive:
Ø The medium and
heavy commercial vehicle market (GVW >7.5 Ton) grew by 10% in FY 2011-12
over the previous year. The market outlook for the coming year is expected to
be driven principally by GDP growth resulting in freight demand.
Ø Additionally, with
expanding roadways, the market is moving towards higher tonnage commercial vehicles,
where the Company occupies a strong market share.
Ø The Company’s
product range, including both mechanical and electronic products, is available
for OEMs to meet their business and regulatory requirements. The Company is
expected to maintain its strong position in the market with its portfolio of
products.
Distribution:
Ø Emission
regulations (CPCB II norms in year 2013 for generator sets) and migration to
electronic engines is likely to improve the opportunities for the Distribution
Business.
Ø Increasing
customer expectations and outsourcing trends are likely to drive demand for
comprehensive maintenance contracts along with product purchases for industrial
and mining sectors.
Ø Improved customer
reach, enhanced network capabilities and continuous improvement of service
delivery and quality remains the key to drive profitable growth through
Customer Support Excellence.
Exports:
Ø The Exports
business has recorded a growth of 14% over the previous year primarily driven
by increased global demand for high horse power generator sets.
Ø Despite slow
growth in global GDP, there is upside opportunity for the demand for Power
Generation and Marine engines, especially with the weaker Rupee.
Ø New business
initiatives in place, for supplying Parts to other Cummins engine manufacturing
facilities and the Distribution Centers, would positively impact the Parts
business.
Key Threats
Ø Accompanying the
growth is a set of challenges. Continued risk on account of inflation and
increasing interest rates (to curb inflation) could dampen industrial activity
and thus counter India’s growth momentum. While all segments are likely to be
impacted, the demand in Construction, Commercial Marine and Auto segments are
likely to be the most affected.
Ø Margin pressures
are expected to continue with increased commodity cost and cost efficiency
drives by customers.
Ø The cyclical
downturn in the water-well market which began in first quarter of 2012 is
likely to continue for the rest of the year.
Ø Leading
international players are making their foray into India. Private players are
also entering PSU dominated sectors like mining and exploration which would
raise the intensity of the competitive landscape to higher levels.
SEGMENT-WISE AND
PRODUCT-WISE PERFORMANCE
Power Generation:
Ø High interest
rates and low investment in India adversely affected the Power Generation
business in 2011-12. Sales from domestic business in the FY 2011-12 declined by
6% as compared to 2010-11.
Ø Gas availability
and pricing were major areas of concern, causing a slowdown in the gas based
generator set business. Nonetheless, the Company is executing approximately 11
MW gas based power generation projects.
Ø Low Horse Power
export sales declined by 16% on account of global economic woes.
Industrial:
Ø Revenue in the
Industrial segment remained flat as compared to the previous year driven by
growth in Rail and Construction sectors offset by slowdown in Compressor and
Mining sectors.
Ø The Rail segment
grew by 45% over the previous year. This growth was boosted by execution of
major projects like Power Car, HHP DEMU and strong participation in 4-wheeler
and 8-wheeler car projects.
Ø The Construction
segment grew by 34% over last year, due to increased investment in the
infrastructure sector and gain in market share resulting from BS-III (CEV)
emission norms being mandated as well as penetration in new applications.
Automotive:
Ø The Company has
benefitted from increase in demand for heavy commercial vehicles and expansion
plans of some of its key automotive customers. The Company successfully
contributed to 50% growth of one of its key customers in FY 2011-12 by
supplying about 10,000 engines. The diesel engine volume for medium and heavy
commercial vehicle segment grew by 22% in FY 2011-12 over the previous
financial year, compensating the decline in demand for CNG engines.
Distribution:
Ø In FY 2011-12, the
Distribution Business Unit remained flat as compared to the previous year.
Exports:
Ø Effective
channelization of orders from Power Generation and Marine markets for engines
and parts strengthened the sales performance for the year.
NEW BUSINESS
INITIATIVES 2011-12
Power Generation:
Ø There was an
addition of two important ranges of diesel generator sets (40-75 kVA S3.8 Series
and 90-125 kVA 6BTA5.9 Series) for the global marketplace. Both new ranges
represent an exciting step forward for the Company in the international market.
Industrial:
Ø The Company was
able to gain a prototype order for the End-On-Generation Load for Rail Power
Car application. This will help the Railways improve their operational
efficiency and cost substantially.
Ø The Company
provided cost effective indigenous mechanical engine solutions meeting BS-III
(CEV) to the OEM partners to enable them to compete cost effectively in these
high growth potential segments.
Ø The Company
developed and offered indigenized IMO Tier II emission compliant marine value
propositions to the market.
Ø The Company
captured new business in the High Horse Power segments by positioning value
packages in Rail (AC DEMU), Marine and Pump segments.
Ø The Company was
also able to develop value propositions for new Construction applications such
as Concrete Pumps, Forklifts, Crushers and Screeners.
Automotive:
Ø The Company is
exploring business opportunities with new OEMs that are planning to enter the
Commercial Vehicle Market in India. The Company is also considering leveraging
relationships with its existing customers for new solutions.
Distribution:
Ø Towards improving
customer satisfaction levels, the Company’s Distribution Business formed a
50:50 Joint Venture Company titled - Cummins SVAM Sales and Service Limited
with one of its existing Dealers at Delhi. The formation of this JV will
enhance dealership capabilities and achieve operational efficiency for driving
growth.
ACHIEVEMENTS
Power Generation:
Ø The prestigious
inaugural Formula One (F1) Race, held in India in October 2011, was powered by
generator sets from the Company. Fifty-four generator sets, providing a cumulative
output of 20 MVA, supplied backup power to the F1 Grand Prix, allowing fans to
have a world-class experience.
Ø In March 2012, two
important ranges of diesel generator sets (40-75 kVA S3.8 Series and 90-125 kVA
6BTA5.9 Series) were added to the Power Generation product portfolio, focusing
on the markets overseas. The Distributors from Asia, Africa, Europe and South
America witnessed the offerings of the new product ranges at Pune and the
positive impact they will make in the low kVA markets.
Industrial:
Ø The Company
launched the cost effective indigenous 6B and 4B mechanical solutions in a
service friendly manner to enable the transition into BSIII (EU stage III-A)
CEV emission norms which will provide a competitive edge, leading to high
growth potential in the construction segment. This new platform helped the
Company to gain market share by capturing new OEMs in the Construction sector.
Ø The Company was
also able to gain repeat order from the Indian Railways for their prestigious
project, Self Propelled Accident Relief Train (SPART).
Ø The Company also
launched the IMO Tier II emission compliant Marine engines which will enhance
its presence in the Marine segment.
Ø A leading OEM in
the Compressor equipment sector has conferred a certificate of honor on the
Company for Customer Support Excellence during the year 2011.
Ø New packages in
the high pressure water well drilling segment were developed with the Company’s
14 Ltr. and 19 Ltr. engines to provide more value to the customers.
Automotive:
Ø The Company
partnered with one of the largest OEMs in India to successfully develop CNG
Series Hybrid engines. The said engines will also be used in Madrid, Spain.
Exports:
Ø QSK50G Tier 2
engine: To meet the Power Generation emission norms, the Company successfully developed
and launched the QSK50G engine that meets advanced Emissions Tier II norms. The
launch of this productenabled the Company to optimally utilize their new KV
engine plant capacity and position itself strongly in the emission compliant
markets. The Product was well received in the markets, and continues to
contribute significantly to export revenue.
Ø Parts and
Component Supplies: With the two-fold objective of effectively
utilizing capacity at the Company and maximizing benefits to the parent
company, the Company identified opportunities for supplying high value parts
like Cylinder Blocks, Cylinder Heads, Camshafts, etc. to the Cummins Engine
Business Units (EBUs) in Mexico, Brazil, Australia, UK and the Parts
Distribution Centers (PDCs) worldwide. This new business initiative helped achieve
record sales from parts in FY 2011-12.
Ø Awards and
Recognition: The Company received the prestigious ‘All India Export Performance
Award’ from the Engineering Export Promotion Council (EEPC) in the category
titled ‘STAR PERFORMER IN 2010-11 : Engines and Turbines and Parts : LARGE
ENTERPRISE’. The Company has received this Export award for the 23rd
consecutive year.
OUTLOOK AND
INITIATIVES FOR THE CURRENT YEAR AND THEREAFTER
Industrial:
Ø With growing
middle class base, favorable demographics, rising disposable income and
consumption levels, and growing corporate sector – including service and
industry, the outlook remains positive for the Industrial Business in the
medium to long term.
Ø The Government and
private investments will continue to grow in the infrastructure sector.
Ø The Company is in
a position to actively support and gain from Indian Railways’ focus on
increasing safety, improving maintenance fleets, and modernizing and
introducing high speed and high capacity equipment.
Ø The State of the
Art facility being set up at the Megasite, Phaltan for tailoring of B, C and L
series of engines will significantly enhance the Company’s ability to serve the
construction, compressor, marine and fire pump markets.
Distribution :
Ø In order to
provide faster response, better services and acquire new business
opportunities, the Company has initiated a project to integrate the Company and
the dealer information systems on pan India basis.
Ø A world class
Global Training Centre is planned at Noida in Association with one of the
Company’s Generator Original Equipment Manufacturers to impart training on the
growing imported as well as domestic engine and generator population. This will
help enhance the Company’s aftermarket support capabilities.
Exports:
Ø Demand forecast
from customers indicate an improvement for Power Generation and Marine engines
from most of the geographies, particularly with the weakening rupee. New
business initiatives for supplying Parts to EBUs and service parts to PDCs,
will position Parts business favorably this year.
Ø The outlook for
Export for FY 2012 -13 remains positive.
AUDITED
FINANCIAL RESULTS FOR THE YEAR ENDED MARCH 31, 2013
(Rs.
in Millions)
|
Particular |
Quarter Ended |
Quarter Ended |
Quarter Ended |
|
|
31.03.2013 |
31.12.2012 (Unaudited) |
31.03.2013 (Audited) |
|
Income from Operations |
|
|
|
|
Net
Sales/Income from Operations |
11280.000 |
10713.100 |
45090.000 |
|
Other
Operating Income |
262.800 |
181.500 |
803.800 |
|
Total Income from operations (net) |
11542.800 |
10894.600 |
45893.800 |
|
|
|
|
|
|
Expenses |
|
|
|
|
(a) Cost of
materials consumed |
7008.000 |
5814.300 |
27018.100 |
|
(b) Purchase of stock-in-trade |
388.100 |
628.700 |
1854.300 |
|
(c) Changes
in Inventories of Finished Goods, work in progress and stock in trade |
(120.500) |
386.600 |
1.900 |
|
(d) Employee
benefit expenses |
885.200 |
840.800 |
3386.200 |
|
(e)
Depreciation and amortization expenses |
123.700 |
117.800 |
472.500 |
|
(f) Other
Expenses |
1443.400 |
1138.000 |
5284.500 |
|
Total Expenses |
9727.900 |
8926.200 |
38017.500 |
|
Profit from
Operations before Other Income, Finance costs and Exceptional item |
1814.800 |
1968.400 |
7876.300 |
|
Other Income |
823.700 |
661.300 |
2067.200 |
|
Profit/ Loss
from Ordinary Activities before Finance costs and Exceptional item |
2638.500 |
2629.700 |
9943.500 |
|
Finance costs |
11.200 |
8.500 |
46.100 |
|
Profit/ Loss from
Ordinary Activities after Finance costs but Exceptional item |
2627.300 |
2621.200 |
9897.400 |
|
Exceptional
item |
- |
475.000 |
615.900 |
|
Profit/ Loss
from Ordinary Activities before tax |
2627.300 |
3096.200 |
10513.300 |
|
Tax Expenses |
741.900 |
755.400 |
2872.200 |
|
Net Profit/
Loss from Ordinary Activities after tax |
1885.400 |
2340.800 |
7641.100 |
|
Extraordinary
Items |
- |
- |
- |
|
Net Profit for the period |
1885.400 |
2340.800 |
7641.100 |
|
Paid- up
Equity Share Capital (Face value of
the share – Rs. 10) |
554.400 |
554.400 |
554.400 |
|
Reserves
excluding revaluation reserves as per balance sheet of Previous Accounting
Year |
|
|
23312.900 |
|
Earnings per share |
|
|
|
|
Basic and Diluted
Earnings per share (before extraordinary items) (of Rs. 10/- each) (not
annualized |
6.80 |
8.44 |
27.57 |
|
Basic and
Diluted Earnings per share (after extraordinary items) (of Rs. 10/- each)
(not annualized) |
6.80 |
8.44 |
27.57 |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. Public shareholding |
|
|
|
|
Number of
Shares |
135,827,317 |
135,827,317 |
135,827,317 |
|
Percentage of
Shareholding |
49% |
49% |
49% |
|
2. 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) |
NA |
NA |
NA |
|
- Percentage of Shares (as a % of the Total Share Capital of the
Company) |
NA |
NA |
NA |
|
|
|
|
|
|
Non -
encumbered |
|
|
|
|
- Number of
Shares |
141,372,683 |
141,372,683 |
141,372,683 |
|
- Percentage
of Shares (as a % of
the total shareholding of promoter and promoter
group) |
100% |
100% |
100% |
|
- Percentage of
Shares (as a % of
the total share capital of the company) |
51% |
51% |
51% |
|
|
Particulars |
Quarter ended March
31, 2013 |
|
B |
Investor
complaints [Nos.] |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
2 |
|
|
Disposed of during the quarter |
1 |
|
|
Remaining unresolved at the end of the quarter |
1 |
1.
Disclosure of Assets and Liabilities as per clause 41(l)(ea)
of the Listing Agreement
STATEMENT
OF ASSETS AND LIABILITIES
(Rs. in millions)
|
Particulars |
31.03.2013 |
|
|
(Audited) |
|
EQUITY
AND LIABILITIES |
|
|
Shareholders'
Funds |
|
|
Share
Capital |
554.400 |
|
Reserves
and Surplus |
23312.900 |
|
|
23867.300 |
|
Non-current
Liabilities |
|
|
Deferred
tax liabilities (Net) |
327.800 |
|
Long-term
Liabilities |
150.400 |
|
Long-term
Provisions |
1293.500 |
|
|
1771.700 |
|
Current
Liabilities |
|
|
Trade
Payables |
5765.200 |
|
Other
Current Liabilities |
1803.800 |
|
Short-term
Provisions |
3488.200 |
|
|
11057.200 |
|
TOTAL
EQUITY & LIABILITIES |
36696.200 |
|
ASSETS |
|
|
Non-current
Assets |
|
|
Fixed
Assets |
6142.200 |
|
Non-current
Investments |
533.900 |
|
Deferred
Tax Assets (net) |
- |
|
Long-term
Loans and Advances |
4726.300 |
|
|
11402.400 |
|
Current
Assets |
|
|
Current
Investments |
5741.700 |
|
Inventories |
5303.500 |
|
Trade
Receivables |
8549.900 |
|
Cash
and Bank Balances |
3546.500 |
|
Short-term
Loans and Advances |
2061.900 |
|
Other
Current Assets |
90.300 |
|
|
25293.800 |
|
TOTAL
ASSETS |
36696.200 |
2.
Previous period ('s) / year ('s) figures have been re-grouped
wherever necessary.
3.
Other Income for the quarter and year ended March 31, 2013
includes profit on sale of long term (non - trade) investments of Rs. 490.800
Millions, which is non - recurring.
4.
Exceptional Items represents profit on sale of long term
(trade) investments.
5.
The Company had in the previous years identified two separate
reportable business segments, namely 'Engine Business Segment' (manufacture and
sale of Internal combustion engines, gensets and parts thereof) and 'Others'
(Service solutions business). On a review of all the relevant aspects
including, in particular, the system of internal financial reporting to the
Board of Directors and Managing Director, the relative "risks and returns"
governing the operations and products and its related services, the Company has
now identified a single segment viz. 'Engine Business Segment' without
distinguishing between the products and its related services.
6.
The Board of Directors have recommended a final dividend of
Rs. 8/- per equity share of Rs. 2/- each fully paid up for the financial year
2012-13 in addition to the interim dividend of Rs. 5/- per share declared on
January 31, 2013
7.
The figures of the last quarter are the balancing figures
between the audited figures in respect of the full financial year and the
published year to date figures up to the third quarter of the current financial
year.
8.
The above financial results have been reviewed by the Audit
Committee and approved by the Board of Directors at their meeting held on May
10, 2013.
CONTINGENT LIABILITIES
(Rs. in millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
|
a. Bills discounted not matured |
26.500 |
32.600 |
|
b. Income tax matters |
873.500 |
565.800 |
|
c. Central excise duty/service tax matters |
45.600 |
28.600 |
|
d. Duty drawback demand pending in appeal (excludes interests, if any) |
481.600 |
260.400 |
|
e. Sales Tax Matters pending in appeal |
687.200 |
240.300 |
|
f. Claims against the Company not acknowledged as debts (excludes
interests, penalties if any, and claims which cannot be quantified) |
0.900 |
0.700 |
|
g. Civil liability / secondary civil liability in respect of suits
filed against the Company |
1.900 |
1.900 |
FIXED ASSETS
Tangible Assets:
Ø Freehold Land
Ø Leasehold Land
Ø Leasehold
Improvements
Ø Roads
Ø Buildings
Ø Plant and
machinery
Ø Furniture and
fittings
Ø Vehicles
Intangible Assets:
Ø Software
Ø Technical Knowhow
Ø Global Sourcing
Consideration
PRESS RELEASE
CUMMINS OPENS ITS
SECOND POWER GENERATION PLANT IN PHALTAN
The new plant
enhances exports capabilities
May 7, 2013
Phaltan, India: Today, Cummins, the leading manufacturer of engines, generator sets and related components and technologies, announced the opening of its new plant for manufacturing low horsepower generator sets in the Special Economic Zone at the Cummins Megasite in Phaltan.
This new unit enhances the Company’s ability to produce generators for international markets in Asia, China, Latin America, Africa and Eastern Europe. This is the second Power Generation plant to open and overall the 21st plant of the Cummins Group, in India.
“Our businesses in India have been growing significantly over the last decade and we expect this positive trend to continue in the future. Demand for exports will increase substantially with our cost competitive generators and as markets improve,” said Anant J. Talaulicar, Managing Director - Cummins Group in India. “The growing investment towards building capacities in India reinforces our confidence in the talent we have, our relatively low cost position and world class quality.”
The new plant, built with an investment of $ 17.5 million, spans 36 acres, and will manufacture open and enclosed low kilowatt generator sets. The plant will also add the capacity to manufacture an additional 23,000 units per year, in the initial phase, to the Company’s existing capacity of 38,000 units in its plant at Pirangut. The first plant of the Power Generation Business was commissioned in Pirangut in 2008 to manufacture generator sets from 7.5-160 kVA for both the domestic and overseas markets.
Tony Satterthwaite, President, Power Generation Business and Vice President, Cummins Inc., who is responsible for Cummins’ global power generation operations added, “We are thrilled to expand our capabilities in India. Our growth in India allows us to meet future demands of our customers throughout the world. Just as importantly, as Cummins expands in India, it means we are providing good jobs for local families and making a positive investment in the community.”
About Cummins Group
in India
Cummins in India, a power leader, is a group of complementary business units that design, manufacture, distribute and service engines and related technologies, including fuel systems, air handling, filtration, emission solutions and electrical power generation systems. Its technology and pioneering initiatives are bringing innovative solutions and dependable services at the best possible value to users across the country. Its high performance outlook is based on customer focus, integrity and capability of its people. Part of the US $17 billion Cummins Inc., Cummins in India is a Group of nine legal entities across 200 locations in the country with a combined turnover of Rs. 115600.000 Millions in 2012 and employing close to 14,500 individuals.
CUMMINS INAUGURATES
ITS MEGASITE; THREE PLANTS LAUNCHED
The three plants built on an investment of
Rs. 5000.000 Millions are the first of several forthcoming facilities at the
Megasite
January 14, Pune, 2011 - Cummins in India, the leading manufacturer of engines, generators and related technologies, inaugurated its 300-acre project at Phaltan today. The projects at this site that has been awarded ‘mega project’ status by the Government of Maharashtra, is designed to house ongoing and future expansions of the Cummins Group in India. Half of the acreage is set up as a Domestic Tariff Area and the other half as a Special Economic Zone for exports. The first three plants that were launched were the second manufacturing facility of Tata Cummins Limited producing engines for commercial vehicles, power generation and industrial markets, an engine rebuild center and a reconditioning facility for remanufacturing engines and components. The three new plants have been built on an investment of approximately Rs. 5000.000 Millions
Owing to the scale of investments on its expansion projects, MOUs were inked in 2008 between the Government of Maharashtra and the Cummins Group, towards financial incentives as well as assistance and support in the establishment of the mega projects at Phaltan. With the inauguration of the Megasite, the Cummins Group has become the first anchor tenant at the MIDC promoted SEZ. The Megasite was inaugurated at the hands of Shri. Sharad Pawar - Hon'ble Minister of Agriculture, Government of India, Shri. Prithviraj Chavan - Hon'ble Chief Minister of Maharashtra,Shri. Hassan Mushrif - Hon'ble Minister of Labour and Special Assistance, Smt. Supriya Sule - Hon'ble Member of Parliament, Shri. Ramraje Naik Nimbalkar - Hon'ble Minister of Water Resources, Krishna Valley Development Corporation, Mr. Tim Solso - Chairman and Chief Executive Officer of Cummins Inc. and Mr. Anant J Talaulicar - Managing Director of Cummins in India.
Mr. Tim Solso, Chairman and CEO, Cummins Inc. said at the inauguration, “Our association with India dates back nearly half a century. Particularly, over the last few years, our operations in India have expanded and grown multi-fold owing to several positive factors such as a rapidly growing economy, a vast talent pool and the investments we have been making in new products and services. Encouraged by these, the Megasite was conceived to house our future expansions. Furthermore, the concept of collocating our businesses at a common campus offers the advantage of scale and greater synergy to our operations. We believe a project of the scale of the Megasite involving investments of approximately US$300 million spanning the next few years, is a demonstration of our commitment to further strengthen our long and valued association with India.”
On the occasion, Mr. Anant Talaulicar, Managing Director of Cummins Group in India said, “We have significantly and profitably grown our businesses in India over the last few years and we expect this positive trend to continue in future. The expansions will cater to the increasing market demands and ensure that we continue to serve our customers well. The project will continue to generate significant employment opportunities for locals, and help develop ancillary industries in the Phaltan-Baramati area. Consistent with our core values, we are working closely with the local community to develop skilled workforce by sponsoring the local ITI, forming relationships with the colleges in Baramati and adopting nearby villages. We are working with the Government to develop the infrastructure to sustain industrial growth in and around Phaltan and I am delighted to say that we have received great support in these efforts. We are excited that besides supporting the Group’s future growth plans, the Megasite is geared to play a pivotal role in bringing a positive difference in the lives of the residents of Phaltan and those in neighboring towns and cities.”
About the Megasite
Over the last few years, the Cummins Group in India has been executing an aggressive growth plan involving all nine affiliated companies. The model of co-locating and operating from a single campus will offer significant synergies to the Cummins companies, besides reducing cost of operation owing to economies of scale. The second Tata Cummins Limited plant, The Cummins India Limited Rebuild Centre for High Horsepower engines and Cummins Technologies India Limited, ReCon plant are the first three of several forthcoming projects, to commence operations at the Megasite.
About Tata Cummins Limited
Tata Cummins Limited, one of the nine affiliated companies of the Cummins Group, is a joint venture between Cummins Inc. and Tata Motors Limited and was formed in 1993. The existing manufacturing plant of the joint venture at Jamshedpur produces the B series and ISB electronic engines for the commercial vehicle, power generation and industrial markets.
With the development of the road infrastructure and economic growth, the demand for engines meeting the newly regulated Bharat Stage III and Bharat Stage IV emissions standards is projected to grow significantly. The new plant at the Megasite will enable Cummins to meet this growing demand. The new plant will manufacture the B Series mechanical engine, a cost effective BS III compliant solution pioneered by Cummins for the Indian market and the ISB electronic engines for the BS IV norms and beyond.
The state-of-the-art facility set up over 25 acres of land has been designed to produce approximately 90,000 units annually, with extended capability of up to 120,000 units annually.
About HHP Rebuild Center
The Center will rebuild high horsepower engines from 19 liters (K19) up to 60 liters (QSK60 series) and also repair all other Cummins manufactured engine models. Built over 7 acres of land, the new, modular facility boasts of concepts such as lean manufacturing, state-of-the-art technology and processes that significantly improve engine rebuild and repair capabilities.
About ReCon India
The third facility, ReCon India introduces a relatively new concept of remanufacturing in India. The process of remanufacturing requires 85% lesser energy as compared to manufacturing the very same product from new parts. The ReCon India facility at the Megasite will offer professionally remanufactured, high quality engines and components built in accordance to stringent functional specifications of the original product. The business will offer the latest emissions capable products, covered under Cummins warranty.
CUMMINS INDIA LIMITED SALES FOR Q1 2012–13 GROW 21 PERCENT
NET PROFIT BEFORE TAX UP 6 PERCENT AT RS 2580.000 MILLIONS
Pune: August 02, 2012: Today, the Board of Directors of Cummins India Limited
took on record the unaudited financial results for the quarter ended June 30,
2012.
Net sales of the Company for the quarter ended June 30, 2012
were Rs. 12410.000 Millions, an increase of 21 percent over the same period
last year and 22 percent over the preceding quarter. Domestic sales grew 9
percent as compared to the same period last year and 18 percent over the
preceding quarter. Exports grew 56 percent as compared to the same period last
year and 29 percent over the preceding quarter. Net profit before tax for the
quarter was Rs. 2580.000 Millions, an increase of 6 percent as compared to the
same period last year and 26 percent compared to the preceding quarter.
The Company declared a final dividend of Rs. 6 per share of
Rs. 2 each (300 percent of share capital) at its 51st annual general meeting in
addition to the interim dividend of Rs. 5 per share (250 percent).
Anant J. Talaulicar, Chairman & Managing Director, Cummins India
Limited said, “The Company demonstrated strong sales growth compared to the
same quarter last year as well as sequentially. The sales increases were driven
largely by domestic power generation demand as well as exports which reached an
all time high this quarter. Margins improved over the previous quarter despite
continued input cost increases mainly due to volume leverage, favourable
exchange trends, and our continued focus on improving efficiencies. The Company
is well positioned to manage the market volatilities we are experiencing, and I
remain positive in our ability to sustain our industry leadership position,
long term profitable growth and deliver on our Brand Promise of Dependability
towards our stakeholders.
About Cummins India Limited
Cummins India Limited, headquartered in Pune since 1962, is the
country's leading manufacturer of diesel and natural gas engines for power
generation, industrial and automotive markets.
About Cummins in India
Cummins in India, a power leader, is a group of complementary business
units that design, manufacture, distribute and service engines and related
technologies, including fuel systems, air handling, filtration, emission
solutions and electrical power generation systems. Its technology and
pioneering initiatives are bringing innovative solutions and dependable
services at the best possible value to users across the country. Its high
performance outlook is based on customer focus, integrity and capability of its
people. Part of the US $18 billion Cummins Inc., Cummins in India is a Group of
eight legal entities across 200 locations in the country with a combined
turnover of Rs. 105000.000 Millions in 2011 and employing close to 14,500
individuals.
CUMMINS TURBO TECHNOLOGIES CELEBRATES ITS DIAMOND JUBILEE
·
Cummins Turbo Technologies (part of Cummins Inc.)
completes 60 years (1952 – 2012) of operations worldwide. Cummins Turbo
Technologies is a leading manufacturer of Turbochargers with presence in most
parts of the world.
·
In India, Cummins Turbo Technologies has its plants
and offices in Dewas, Pithampur, Rudrapur and Pune.
Pithampur - June 15, 2012: Cummins Turbo Technologies (CTT) is
celebrating its 60th anniversary this year. With sales of over US$1 billion,
CTT has grown to be a global company with operations in most parts of the
world. Technical Centres in UK, China, USA and India continue to develop air
handling technologies for global customers in diverse markets including
on-highway, commercial vehicle, industrial, construction, agriculture, marine
and power generation.
In India, CTT began as a JV with Tata Motors in Dewas in
1994. In 2007, the joint venture, Tata Holset Limited, became a wholly owned
subsidiary of Cummins and was renamed as Cummins Turbo Technologies.
The CTT plant at Dewas commenced operations in 1995 with
merely 15 employees. In line with Cummins‟ philosophy, the organization has
always focused on developing its people and their skills. The team based
work culture pioneered at Dewas, is now being practiced by over 900 employees
of CTT across all sites in India.
“There are many
examples within the organization that testify how employees have grown within
the Company. Several amongst those employees who joined the shop floor, are today
holding senior positions within the organization. This demonstrates the
organization’s commitment to nurturing talent and providing long-term
careers.”, as quoted by an employee who has been associated with Cummins Turbo
Technologies since the last 15 years
To boost the export business, CTT set up a new plant in
Pithampur in 2008. This plant is witnessing further expansion. In line with
Cummins‟
practice of truly partnering with its customers; CTT India commissioned an
entire assembly line at Rudrapur.
Being a technology partner, CTT upgraded the branch office that began
its operations in 2005 to the India Technical Center supporting international
and domestic projects. Today Cummins Turbo Technologies India employs nearly
900 employees including 136 specialist engineers.
Tracy Embree, President – Cummins Turbo Technologies
comments, “Our legacy and heritage have equipped us well for the challenges
ahead as we enter a new decade of accelerated global growth. While we continue
to partner with our customers to deliver the best products and technologies,
our commitment to the environment and the communities within which we live
remains at the heart of our business.”
CTT has not only grown its business but has also played a
significant role in corporate responsibility.
“We are very committed to our vision of „Making people’s lives better by
unleashing the Power of Cummins‟. We have been and
aim to be a good citizen of India. We look forward to strengthening our partners
and communities and continue to grow from strength to strength while staying
rooted to the Company’s vision, mission
and six core values of integrity, innovation, delivering superior results,
diversity, global involvement and corporate responsibility.” added Arun
Ramachandran, India Business Country Leader for Cummins Turbo Technologies.
Journey of Cummins Turbo Technologies in India:
1995 –
Signed the joint venture agreement to operate as Tata Holset Limited in India.
1996 –
Manufacturing operations started at the first plant in India. The existing Tata
plant was upgraded to the turbocharger plant at Dewas.
2005 –
Dewas plant expansion. The plant was built to world class standards to achieve
zero defects. To support the expanding business, a branch office was set up in
Pune.
2007 –
Tata Holset Limited became a wholly owned subsidiary of Cummins. Holset was
renamed as Cummins Turbo Technologies. Another important landmark was laying
the foundation stone of the Pithampur plant.
2008 –
The Pithampur plant began its operations. The Pithampur plant is one of the
best manufacturing facilities anywhere in the world.
2009 –
To support the growing domestic business, Cummins Turbo Technologies started
its operations in Rudrapur.
2010 – With increased business and engineering focus coming to India, the
India Technical Center was established in Pune. Currently the technical centre
has over 160 specialised design engineers who actively support domestic as well
international projects.
About Cummins Turbo Technologies
Cummins Turbo Technologies is the
world’s largest manufacturer of turbochargers for the medium-heavy duty diesel
engines market and has a reputation for bringing innovative and dependable
solutions to the specific product requirements of this key market sector. Its
Holset brand is the best known in the industry. The company has several
manufacturing facilities located in Brazil, India, UK, USA and its joint
venture in China ensuring support for engine and vehicle makers across the
world. For further information visit Cummins Turbo Technologies website at
www.cummins.com/turbos
About Cummins
Cummins Inc., a global power
leader, is a corporation of complementary business units that design,
manufacture, distribute and service engines and related technologies, including
fuel systems, controls, air handling, filtration, emission solutions and
electrical power generation systems. Headquartered in Columbus, Indiana, (USA)
Cummins employs approximately 44,000 people worldwide and serves customers in
approximately 190 countries and territories through a network of more than 600
company-owned and independent distributor locations and approximately 6,500
dealer locations. Cummins earned $1.85 billion on sales of $18.0 billion in 2011.
Press releases can be found on the Web at www.cummins.com.
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. 58.45 |
|
UK Pound |
1 |
Rs. 91.60 |
|
Euro |
1 |
Rs. 77.91 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
66 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.