MIRA INFORM REPORT
|
Report Date : |
04.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
BAJAJ ELECTRICALS LIMITED |
|
|
|
|
Registered
Office : |
45-47, Veer Nariman Road, Mumbai – 400023, Maharashtra |
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Country : |
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Financials (as on)
: |
31.03.2012 |
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|
Date of
Incorporation : |
14.07.1938 |
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|
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|
Com. Reg. No.: |
11-009887 |
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Capital
Investment / Paid-up Capital : |
Rs. 199.281 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L31500MH1938PLC009887 |
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|
|
|
TAN No.: [Tax Deduction and
Collection Account No.] |
MUMB01798G /
PNEB03717A / PNEB03465A / PNEB02841G |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACB2484Q /
AAACB2484R |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturer,
Trader and Importer of Lighting Appliances and Fans. |
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|
|
|
No. of Employees
: |
Not Available |
RATING and COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial and 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 27994000 |
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|
|
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Bajaj Group. It is a old and well established company having a good track record.
There appears slight dip in profitability during 2011-2012. However, general financial position seems to be good. Performance
capability is high. Liquidity position is good. Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitment. The company can be considered for normal business dealings at usual
trade terms and condition. |
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 |
ICRA |
|
Rating |
Long Term A+ |
|
Rating Explanation |
Having adequate degree of safety regarding
timely servicing of financial obligation. It carry moderate credit risk |
|
Date |
June, 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/corporate Office : |
45 – 47, |
|
Tel. No.: |
91-22-22823090 /
22043841 / 22045046 / 23765003 |
|
Fax No.: |
91-22-22828250 |
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E-Mail : |
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Website : |
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|
Location : |
Owned |
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|
|
|
Head Office : |
51, |
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Tel. No.: |
91-22-22043780 /
22875135 / 22043733 |
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Fax No.: |
91-22-22828250 |
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|
|
|
Corporate
Office 2 : |
Ground Floor, L – 9, Type Building, Rajalaxmi Commercial Complex, Mane
Farm House, Opposite Durgesh Park, Kalher Village, Bhiwandi, Thane – 421 302,
Maharashtra, India |
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|
|
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Plant 1: |
Chakan
Unit Mahalunge, |
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Plant 2: |
Wind
farm Village
Vankusawade, Taluka Patan, District Satara - 415 206, |
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Plant 3: |
Ranjangaon
unit Village Dhoksanghvi,
Taluka Shirur, Ranjangaon, District Pune - 412 210, |
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Depots : |
Located at: ·
·
Dehradun ·
·
Zirakhpur ·
Ranchi ·
Bhiwandi ·
Parwanoo |
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|
|
|
Showroom : |
‘World of Bajaj Electricals’
Bajaj Bhavan, Nariman Point, Mumbai – 400 021, |
|
Tel. No.: |
91-22-20236626 |
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|
|
|
Branches : |
Located at: ·
Ahmedabad ·
·
Bhubaneshwar ·
·
Chennai ·
·
·
Guwahati ·
·
·
Jaipur ·
Kolkata ·
kundil ·
Lucknow ·
Mumbai ·
·
Noida ·
·
Pune ·
|
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. Shekhar Bajaj |
|
Designation : |
Chairman and
Managing Director |
|
Date of Birth/Age : |
54 years |
|
Qualification : |
B.Sc. (Hons.),
M.B.A. |
|
Experience : |
32 years |
|
Date of Appointment : |
01.04.1980 |
|
|
|
|
Name : |
Mr. Harsh Vardhan
Goenka |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Ashok Jalan |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Ajit
Gulabchand |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. V. B.
Haribhakti |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Madhur Bajaj |
|
Designation : |
Director |
|
Date of Birth/Age : |
59 years |
|
Qualification : |
B.com, MBA |
|
Experience : |
29 years |
|
List of Directorship Held in The Company |
·
Bajaj
Auto Limited ·
Bajaj
Finance Limited ·
Maharashtra
Scooters Limited ·
Bajaj
Finserv Limited ·
Bajaj
Holding and Investment Limited |
|
|
|
|
Name : |
Mr. Anant Bajaj |
|
Designation : |
Joint Managing Director (wef.1.4.2012) |
|
|
|
|
Name : |
Dr.(Mrs.) Indu
Shahani |
|
Designation : |
Director |
|
Date of Birth/Age : |
60 years |
|
Qualification : |
Ph.D in Commerce |
|
List of Directorship Held in The Company |
·
Indian
Oil Corporation Limited ·
Euroka
Forbes Limited ·
Colgate
Palmolive (India) Limited |
|
|
|
|
Name : |
Mr. R.
Ramakrishnan |
|
Designation : |
Executive
Director (upto 29.02.2012) |
|
|
|
|
Name : |
Dr. R P Singh |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. L. K. Mehta |
|
Designation : |
Executive
Director (Not on Board) |
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|
|
|
Name : |
Mr. P. S. Tandon |
|
Designation : |
Executive
Director (Not on Board) |
KEY EXECUTIVES
|
Name : |
Mr. Mangesh Patil |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. A. S. Radhakrishna |
|
Designation : |
Executive Vice President and Head – Fans BU |
|
|
|
|
Name : |
Mr. C. G. S.Mani |
|
Designation : |
Executive Vice President and Head -Lighting BU |
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|
|
|
Name : |
Mr. Vivek Sharma |
|
Designation : |
Vice President and Business Head (Morphy Richards) |
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|
|
|
Name : |
Mr. Siddhartha Kanodia |
|
Designation : |
Vice President – Corporate Services |
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|
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|
Name : |
Mr. Prataprao S. Gharge |
|
Designation : |
Vice President and CIO |
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|
|
|
Name : |
Mr. R. Sundararajan |
|
Designation : |
Executive Vice President and Head Luminaires BU |
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|
Name : |
Mr. Atul Sharma |
|
Designation : |
Vice President - Human Resources and Administration |
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|
|
|
Name : |
Mr. Atul Pathak |
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Designation : |
Vice President and Head – Internal Audit |
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|
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|
Name : |
Mr. A.R. Sreedhar |
|
Designation : |
Vice President and Head – Branch Sales Support |
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|
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|
Name : |
Mr. A.M. Purandare |
|
Designation : |
Vice President and CFO |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2013
|
Category of
Shareholder |
Total No. of
Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
21873559 |
21.93 |
|
|
44043607 |
44.15 |
|
|
65917166 |
66.08 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
65917166 |
66.08 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3499536 |
3.51 |
|
|
962278 |
0.96 |
|
|
11474201 |
11.50 |
|
|
15936015 |
15.98 |
|
|
|
|
|
|
5498563 |
5.51 |
|
|
|
|
|
|
9673529 |
9.70 |
|
|
2155844 |
2.16 |
|
|
574214 |
0.58 |
|
|
93662 |
0.09 |
|
|
477084 |
0.48 |
|
|
3468 |
0.00 |
|
|
17902150 |
17.95 |
|
Total Public shareholding (B) |
33838165 |
33.92 |
|
Total (A)+(B) |
99755331 |
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) |
99755331 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer,
Trader and Importer of Lighting Appliances and Fans. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
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Note
:
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Dalal and Shah Chartered Accountant |
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Cost Auditors : |
R Nanabhoy and Company Cost Accountants |
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Relationships : |
|
|
|
|
|
Other related parties where control exists : |
Hind
Lamps Limited Bajaj
Ventures Limited Starlite Lighting Limited |
|
|
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|
Associates, Joint ventures, Investing Party : |
Jamnalal Sons Private Limited |
|
|
|
|
Relatives of Key Management Personnel and their
enterprises where transactions have taken place : |
Hind
Musafir Agency Limited Bajaj
Auto Limited Mukand
Limited Bajaj
International Private Limited Hindustan
Housing Company Limited. Bajaj
Allianz General Insurance Company Limited. Bajaj
Allianz Life Insurance Company Limited. Bajaj
Finance Limited Bajaj
Finserv Limited Bajaj
Financial Solutions Limited Hercules Hoists 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 and Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
99640329 |
Equity Shares |
Rs.2/- each |
Rs. 199.281
millions |
|
|
|
|
|
Reconciliation
of the number of shares outstanding is set out below :
|
Particulars |
31.03.2012 |
|
|
|
Nos. |
(Rs. In
millions) |
|
Equity
shares at the beginning of the year |
98,844,807 |
19769.000 |
|
Add
: Shares issued on exercise of Employee Stock Option |
795,522 |
159.100 |
|
Equity
shares at the end of the year |
99,640,329 |
19,928.100 |
The
Details of Shareholders holding more than 5% Shares :
|
Particulars |
31.03.2012 |
|
|
Name
of the Shareholder |
Nos. |
% Holding |
|
Jamnalal
Sons Private Limited |
22,402,830 |
22.48 |
|
Bajaj
Holdings and Investment Limited |
16,697,840 |
16.76 |
|
Mr.
Shekhar Bajaj 8,197, |
8,197, 135 |
8.23 |
The
Company has reserved issuance of 3,616,121 Equity Shares of Rs. 2/- each for offering
to eligible employees of the Company under Employees Stock Options Scheme.
During the year, the Company has granted 2,595,000 options to the eligible
employees which includes 2,455,000 options at a price of Rs. 164.85 per option
and 140,000 option at a price of Rs. 182.20 per option plus all applicable
taxes, as may be levied in this regard on the Company. The options would vest
over a maximum period of 4 years or such other period as may be decided by the
Remuneration and Compensation Committee from the date of Grant based on
specified criteria.
Terms/Rights
attached to equity shares
The
Company has only one class of equity shares having a par value of Rs. 2/- per
share. Each holder of equity shares is entitled to one vote per share. The
dividend proposed by the Board of Directors and approved by the shareholders in
the Annual General Meeting is paid in Indian rupees. 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.
For
the Period of Five years immediately preceding the date as at which the Balance
sheet is prepared
During
the Financial year 2007-08 Company issued 8,642,880/- Equity Shares of Rs. 10/-
each as Bonus shares in the ratio of 1:1 (43,214,400 equity shares of Rs. 2/-
each) by capitalising reserves.
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 |
199.281 |
197.690 |
195.089 |
|
|
2] Share Application Money |
0.000 |
0.000 |
1.620 |
|
|
3] Reserves and Surplus |
6799.292 |
5913.411 |
4747.016 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
6998.573 |
6111.101 |
4943.725 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
766.570 |
447.628 |
683.851 |
|
|
2] Unsecured Loans |
1104.988 |
674.025 |
834.481 |
|
|
TOTAL BORROWING |
1871.558 |
1121.653 |
1518.332 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8870.131 |
7232.754 |
6462.057 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1840.214 |
1532.792 |
1016.189 |
|
|
Capital work-in-progress |
29.625 |
0.000 |
0.899 |
|
|
|
|
|
|
|
|
INVESTMENT |
440.557 |
365.811 |
365.585 |
|
|
DEFERREX TAX ASSETS |
19.441 |
20.111 |
5.029 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS and ADVANCES |
|
|
|
|
|
|
Inventories |
3552.405
|
2946.377 |
2094.325
|
|
|
Sundry Debtors |
9218.073
|
9111.962 |
7506.892
|
|
|
Cash and Bank Balances |
536.439
|
485.505 |
612.376
|
|
|
Other Current Assets |
1864.130
|
1543.696 |
0.043
|
|
|
Loans and Advances |
2014.584
|
1651.011 |
1776.589
|
|
Total
Current Assets |
17185.631
|
15738.551 |
11990.225 |
|
|
Less : CURRENT
LIABILITIES and PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
8325.694
|
7699.892 |
2983.772
|
|
|
Other Current Liabilities |
1522.178
|
1993.940 |
3289.093
|
|
|
Provisions |
797.465
|
730.679 |
643.005
|
|
Total
Current Liabilities |
10645.337
|
10424.511 |
6915.870 |
|
|
Net Current Assets |
6540.294
|
5314.040 |
5074.355 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
8870.131 |
7232.754 |
6462.057 |
|
PROFIT and LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
30989.574 |
27413.508 |
22271.536 |
|
|
|
Other Income |
144.165 |
160.526 |
28.628 |
|
|
|
TOTAL (A) |
31133.739 |
27574.034 |
22314.896 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
2223.654 |
1735.665 |
|
|
|
|
Purchases of Trade Goods |
21753.015 |
19969.063 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(476.793) |
(772.309) |
|
|
|
|
Employee benefit |
1494.589 |
1245.666 |
|
|
|
|
Other expenses |
3692.401 |
2903.766 |
|
|
|
|
Transferred to Contract Work in Progress |
(68.310) |
(217.877) |
|
|
|
|
TOTAL (B) |
28618.556 |
24863.974 |
19902.180 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2515.183 |
2710.060 |
2412.716 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
630.510 |
366.474 |
314.487 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1884.673 |
2343.586 |
2098.229 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
125.219 |
108.006 |
91.995 |
|
|
|
|
|
|
|
|
|
Less |
PROVISION FOR
IRRECOVERABLE PORTION OF LOAN GIVEN TO A COMPANY |
0.000 |
50.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1759.454 |
2185.580 |
2006.234 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
580.670 |
747.671 |
753.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1178.784 |
1437.909 |
1252.734 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
434.732 |
320.183 |
217.304 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1000.000 |
1000.000 |
795.000 |
|
|
|
Dividend |
278.993 |
276.766 |
234.178 |
|
|
|
Tax on Dividend |
45.260 |
44.898 |
38.894 |
|
|
|
Dividend paid on exercise of Stock Option alongwith
Dividend Distribution Tax |
2.368 |
1.696 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
286.895 |
434.732 |
320.183 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
22.627 |
32.002 |
26.347 |
|
|
TOTAL EARNINGS |
22.627 |
32.002 |
26.347 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
157.255 |
69.374 |
|
|
|
|
Capital Goods |
121.164 |
30.281 |
|
|
|
|
Finished Goods |
2231.361 |
1539.391 |
|
|
|
|
Machinery Spares |
0.653 |
0.335 |
|
|
|
TOTAL IMPORTS |
2510.433 |
1639.381 |
666.129 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
11.58 |
14.63 |
NA |
|
|
|
Diluted |
11.73 |
14.40 |
NA |
|
QUARTERLY /
SUMMARISED RESULTS
|
|
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
PARTICULARS (Rs. Million) |
1st Quarter
|
2nd
Quarter |
3rd
Quarter |
|
Audited / UnAudited |
UnAudited |
UnAudited |
UnAudited |
|
Net Sales |
6661.900 |
7338.100 |
8730.300 |
|
Total Expenditure |
6316.100 |
7094.700 |
8371.100 |
|
PBIDT (Excl OI) |
345.800 |
243.400 |
359.200 |
|
Other Income |
32.900 |
36.000 |
26.900 |
|
Operating Profit |
378.700 |
279.400 |
386.100 |
|
Interest |
164.100 |
168.900 |
177.000 |
|
Exceptional Items |
0.000 |
246.800 |
00.400 |
|
PBDT |
214.600 |
357.300 |
209.500 |
|
Depreciation |
32.100 |
34.400 |
35.400 |
|
Profit Before Tax |
182.500 |
322.900 |
174.100 |
|
Tax |
62.700 |
53.700 |
57.300 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
119.800 |
269.200 |
116.800 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
119.800 |
269.200 |
116.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
3.79
|
5.21 |
5.61 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.68
|
7.97 |
9.01 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.25
|
12.65 |
15.42 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.36 |
0.41 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.27
|
0.18 |
0.31 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.61
|
1.51 |
1.73 |
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 |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN :
(Rs.
In Millions)
|
Particulars |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Sales Tax Deferral Liability/Loan |
352.534 |
359.025 |
|
Other Short Terms Loans |
315.000 |
315.000 |
|
Commercial Papers |
400.000 |
0.000 |
|
Foreign Currency Loans |
37.454 |
0.000 |
|
Total |
1104.988 |
674.025 |
CONTINGENT LIABILITIES :
(Rs.
In Millions)
|
|
2012 |
2011 |
|
Claims against the Company not acknowledged as debts |
1,360.55 |
1,155.00 |
|
Net of tax |
919.12 |
771.34 |
|
Guarantees / Letter of Comfort given on behalf of Companies |
10,950.00 |
5,200.00 |
|
Excise
and Customs demand - matters under dispute and Claims for refund of Excise Duty, if any, against Excise Duty Refund received
in the earlier yea |
32.74 |
32.74 |
|
Net
of tax |
22.12 |
21.86 |
|
Income Tax matters - Appeal by company |
443.19 |
478.42 |
|
Sales Tax matters under dispute |
791.54 |
725.93 |
|
Net of tax |
534.72 |
484.79 |
|
Penalty/damages/interest,
if any, due to non-fulfilment of any of the terms of works
contracts |
Liability unascertained |
Liability unascertained |
|
Letter of support given to Associate Company |
Liability unascertained |
Liability unascertained |
|
(ii) Uncalled liability in respect of partly paid Shares
held as investments |
7.20 |
7.20 |
RESULTS
OF OPERATIONS :
FY
2011-12 was a challenging year. The global economy witnessed lower economic growth
resulting primarily from high commodity and oil prices. Despite the challenging
environment, the Company performed reasonably well and the highlights of the
performance are as under :
Gross
Revenue from operations increased by 13.1% to Rs.31251.300 millions. PBDIT
decreased by 7.2% to Rs.2515.200 millions. PBT decreased by 21.3% to
Rs.1759.500 millions. Net Profit decreased by 18.0% to Rs.1178.800 millions.
LIGHTING
:
The
turnover of lighting products viz. Lamps, Tubes and Luminaires increased by about
21.1% at Rs.7650.000 millions during FY 2011-12 from Rs.6310.000 millions in
the previous financial year. The CFL (Compact Fluorescent Lamps) sales has
increased by 41% over last year and crossed Rs.2500.000 millions mark. During
the year, Lighting and Luminaires, both have seen improvement in their margins.
The thrust is on developing energy-efficient consumer luminaire and lighting
products based on LED and lighting control technologies which is a global
mandate to arrest global warming.
CONSUMER
DURABLES :
The
turnover of consumer durables, which include fans and small appliances,
increased by over 17.5 % at Rs.15000.000 millions during the year from
Rs.12770.000 millions in the previous year. The Company’s Morphy Richard brand
has emerged as the fastest growing brand in premium segment with a growth of
36% and a CAGR of 35%. The Company has continued to introduce new range of
products with varied models and improve the technology and quality in order to
gain a competitive advantage.
The
slowdown in the housing and real estate sector has adversely affected the fan
industry. For the first time since 2002-03, the industry, which has been
growing at 20-25% on a year-on-year basis for the last couple of years, has
recorded negative growth of about 6.16% in production and 6.18% in domestic
sales during the year.
The
production at Chakan Unit showed increased during the year under review with
production of 4,68,347 nos. of fans as against 4,28,259 nos. of fans in the
previous year.
ENGINEERING
AND PROJECTS :
During
the year, the top line performance of E and P BU was flat at Rs.8300.000
millions as compared to Rs.8320.000 millions in the previous year. The
Ranjangaon Unit produced 4,655 nos. of High masts and 53,279 nos. of Street
Lighting Poles as against 4200 nos. and 45,000 nos. respectively in the
previous year. The Unit also manufactured 24,035 MT of transmission line towers
as against 19,004 MT in the previous year. The BU’s order book position at the
end of the year 2011-12 stood at Rs.6040.000 millions. The year gone by was
tough for the BU as its performance was adversely impacted by slower order
inflow, increased competition, pressure on margins and time and cost overrun in
some of the projects.
The
infrastructure development continues to be the Government’s focus area.
Projects under Restructured- Accelerated Power Development and Reform Programme
(R-APDRP), new packages under Rajeev Gandhi Gramin Vidyutikaran Yojana and
Governments plan to add power generation capacity will give good opportunity to
this division to improve its growth and profitability in the future.
WIND
ENERGY :
The
2.8 MW Wind Farm at Village Vankusawade in Maharashtra generated 46,49,716
electrical units during the year under review
OVERALL
REVIEW :
Bajaj
Electricals Limited is a 74-year-old trusted Company, with diversified
interests in Lighting, Luminaires, Appliances, Fans, and Engineering and
Projects. The year was marked by slowdown in the Infrastructure Industry, low
consumer sentiments, higher input costs, rising interest rates, volatility in
foreign currency, etc. and therefore was a challenging year for the whole
industry. In the financial year 2011-12, overall profitability of the Company
has impacted mainly due to the sub-obtimal performance of Engineering and
Projects BU and Fans BU. However, the Lighting and other Consumer Durables
businesses helped the company to protect the overall margins to a reasonable
level
The
turnover of the Company has increased to Rs.31000.000 millions as against Rs.27410.000
millions last year, registering a growth of 13%. The Company, in order to
negate the impact of the intense competition and to be on the path of growth,
continued its focus on enhancing revenue growth through introduction of new
products at various price points /segments, expansion of the dealer and
retailer network, rural penetration along with good brand building efforts in
addition to the various other actions for effective cost control, value
engineering, competitive sourcing and improving credit discipline.
BUSINESS
REVIEW :
ENGINEERING
AND PROJECTS BUSINESS UNIT (E and P BU) :
The
turnover of E and P BU has been flat at Rs.8320.000millions during the year
under review. Special Project Division and TLT Division have crossed the
Rs.3000.000 millions each. The order book of the BU as on 1st April, 2012 stood
at around Rs.6040.000 millions.
The
year was extremely tough for this BU, due to slowdown in the infrastructure
Industry and intense competition from the new players in the highmast and street
lighting domain. Even in such adverse conditions, during the year, E and P BU
has been able to sell over 4,500 highmasts and over 54,000 street lighting
poles of different varieties and achieved over 34,000 tons of galvanizing.
However,
the overall margins for E and P BU during the year 2011-12 were depressed
because of abnormal increase in raw materials prices and increase in site
expenses due to overruns for want of Right of Way, etc.
E
and P BU is ISO 9001, ISO 14001 and now has got internationally recognized
OHSAS 18001 certificate for occupational health and safety management system
for manufacturing facilities at Ranjangaon.
The
BU has executed several landmark projects during the year and has received many
prestigious orders. Few noteworthy achievements of this BU for the year gone by
are :
i.
Received first 765-KV transmission line order from Power Grid Corporation of
India Limited. (PGCIL)
ii.
132-KV Monopoles line completed at Agra for Gangetic Hotels Private Limited.
iii.
Floodlighting of 9-hole Golf course for Ambience Island Gurgaon, Delhi
iv.
Lighting of Football stadium for the first time out of the country - Bhutan
v.
Completed the illumination of over 0.400 million BPL houses covering 10
districts of Chattisgarh, Orissa, West Bengal and Madhya Pradesh
Government
has planned to spend on infrastructure development through various programs
like R_APDRP, RGGVY, JNNURM to reduce the power deficit by adding around
1,00,000 MW power generation capacity in the 12th plan. This would result in spending
on Transmission and Distribution, which will offer better opportunity for
business to the BU
APPLIANCES
BU :
Appliances
BU has a wide range of domestic appliances including water heaters, mixers, food
processors, microwave ovens, air coolers, steam and dry irons, electric
kettles, water filters, toasters, rice cookers, oven-toaster-grillers,
juicer-mixer-grinders, hair dryers, chimneys, gas stoves, hobs, room heaters,
home ups, pressure cookers, Induction Cookers, water purifier etc., under its
portfolio.
The
BU continues to be on the path of aggressive growth and has achieved a turnover
of Rs.8380.000 millions with a growth of 23% and CAGR of 28% during the year
under reporting to remain a dominant No.1 player in Small Appliances Industry,
with leadership position in Irons, Water Heaters, Toasters and Grillers and
Mixers.
The
BU has set up 12 Exclusive Bajaj Showrooms named “Bajaj World” through
franchisees and has plans to set up 60 nos in current finance year in major
cities across India to make Bajaj Appliances and other products to have more
visibility. The BU will have a special focus on rural Marketing and has plans
to distribute various products through the outlets of BPCL, IOCL, Coremondel and
IRC Choupal.
Morphy
Richards (MR) has achieved sales of Rs.1430.000 millions, with a
growth of 37% and CAGR of 35%. It is the No.1 Indian brand in Kettles,
Toasters, Coffee Makers and Oven Toaster Grillers. Morphy Richards is the
fastest growing brand in the Indian small domestic appliances market, having
crossed Rs.1000.000 millions milestone in annualized sales in the eighth year
of its launch in the country. MR, being a preferred brand in the premium
segment of “Small Domestic Appliances” industry, is poised to clock sales of
over Rs.200.000 millions in FY 2012-13. Morphy Richards is preparing to launch
a new range of sophisticated and versatile food processors in the first half of
the current financial year and has plans to launch, a range of feature rich and
differentiated Induction Cookers with copper coils, a unique selling
proposition in the Indian market, in the second half of the year. During the
last financial year, the BU has introduced new products like Microwave Ovens,
Induction and Radiant cookers, deep fryers, steam mops and steam cleaners and
has plans to enter into new categories like Water Heaters and Fans in the next
financial year, for which it is conducting a survey and market research. MR is
also pushing for an increased retail reach to 14,000 retail outlets and
distribution coverage in the top 500 urban markets across the country.
FANS
BU :
The
Fans BU has a wide and attractive range of ceiling, portable, fresh air and
industrial air circulators and exhaust fans, in various sizes and colors,
manufactured in plants having ISO 9001 / 9002 quality certifications. Apart
from this the Fans BU has taken new initiatives by entering into Portable Water
lifting Pumps and Gas-Run Power Generators market.
The
BU has achieved Sales of Rs.5460.000 millions with growth of 6.7% and CAGR of
20.4%, as against the de-growth witnessed by the Industry. The BU has a market
share of about 17%. The BU has many successes to its credit in terms of
introduction of new models, gains in market and shop shares in key counters,
improved rural penetration, etc. Today, the most talked about CRM initiative in
the Fan industry is the highly appreciated Bajaj Fans Privilege Club and the
Bajaj Fans Star Club programs with over 350 dealers qualifying as members to these
prestigious Clubs.
Bajaj
Fans has introduced star rated ceiling fans and new models under the kids fan
category with Bajaj-Disney Brand, which have been received very well. The
introduction of many new models of air-circulators and a wide range of industrial
exhaust fans, pumps and motors and LPG run portable power generators will give
higher revenues to the BU in the coming years.
According
to Francis Kanoi Report 2012, Bajaj is the BEST Distributed Fans in India.
Bajaj fans are sold in almost 87,000 outlets across the country, – which
constitute 55% of all Fan Selling Counters in the country and of which around
25% counters are in rural areas and small towns with population less than
50,000. With an aggressive marketing and promotional strategy the BU is poised
to take advantage of its unique position in the industry in the coming years
too. Bajaj fans have unchallenged leadership in 12 major states in the country
and a dominant player in 6 states
Chakan
Unit of the Company produced over 4,68,000 fans for the BU and did innovative
work on new product development, value engineering initiatives, quality
improvement efforts, etc. during the year to protect its margins. The unit has
also sold nearly 4 Million ball bearings in 2011-12. Few newly designed fans
are ready for launch in July 2012.
LUMINAIRES
BU :
The
Luminaires BU markets a comprehensive range of luminaires (light fittings)
covering, commercial, industrial, flood lighting, street lighting, post-top
lighting luminaires besides special luminaires for flame proof and increased
safety applications. This BU is certified for ISO 9001 while the various
products are manufactured in plants conforming to ISO 9002 requirements. The
luminaires are offered to suit a wide variety of light sources ranging from
CFL, FTL to HID lamps of various types and ratings. The BU has a Lighting
Development Centre and LDMS to carry out scientific illumination layouts for
various applications and a well-equipped laboratory approved by the Department
of Science and Technology. At present, this BU is developing a new generation
of energy saving luminaires with LEDs and Induction lamps.
The
Luminaries BU has achieved a turnover of Rs.3580.000 millions with a Growth of
13.6% and a CAGR of 14.1%. The BU maintains clear No. 2 position in Luminaire
industry in India. The entire Luminaires industry in India went through a tough
phase, primarily due to the slowdown in key sectors like Municipal
Corporations, Infrastructure projects, IT, Retail, Construction and
Manufacturing.
The BU
is a clear leader in the Area and Road lighting with a turnover of Rs.2500.000
millions. Street Lighting segment, for the first time reached a turnover of
Rs.1000.000 millions. The BU has now planned to strengthen its presence in
Indoor commercial Lighting segment to gain the overall market share.
The
BU has identified “Green Building Technologies Solutions” as one of its major
initiatives to promote new products such as LED, Induction Lamps, Trilux, IBMS,
etc. It has conducted panel discussions in mega cities like Delhi, Mumbai and
Hyderabad and got an encouraging response to its Green Buildings initiatives.
An agreement with Leviton, USA was concluded in early Feb 2011 to promote their
latest Lighting control system products in India for modern work space, Retail
and Hospitality industry.
The
BU has entered into an agreement with Disano of Italy for offering an excellent
outdoor landscape and street lighting solutions for discerning customers. The
BU continues to promote the premium end Trilux Luminaires. Trilux business was
very successful last year with major orders from TCS, Weels Fargo, Invesco,
Steria, etc.
The
BU, with a view to have a better focus, has classified into two groups, Core
Group and Growth Group, The former will look after the traditional and
conventional Luminaires business and the latter will focus on commercial
lighting such as Lighting control system products in India for modern work
space, Retail and Hospitality industry. This would thus provide the required
thrust to the above Key Partner brands and improve the overall performance of
the BU.
In
keeping with Company’s commitment to protect the environment, the BU has
assisted its major vendors in obtaining ISO 14001 certification. The BU has
completed preliminary ground work in launching solar powered efficient street
lighting products and LED products, which is the future of the lighting
industry. The BU is also geared up to offer total energy management solutions
by starting an exclusive energy management cell. This BU is now fully equipped
to provide end-to-end solutions in total energy management, lighting and
controls of Buildings and facilities.
LIGHTING
BU :
The
Lighting BU markets a wide range of light sources and domestic luminaires. The
light sources include General Lighting Service (GLS) lamps, Fluorescent Tube
Lights (FTL), Compact Fluorescent Lamps (CFL) and special purpose lamps.
Keeping in line with the objective of the Company to lay special emphasis on
the green, environment – friendly technologies and products, the BU made a
major foray into LED based products through introduction of LED portable
lanterns, torches and decorative lights. A strong distribution network exists
for marketing these products both in urban and rural areas and the special
focus is on rural penetration.
The
manufacturing of GLS and FTL lamps is undertaken at Hind lamps, an associate of
the Company, located in U.P. The equity investment in Starlite Lighting, a CFL
manufacturer has added to the CFL marketing strength. The Starlite plant makes
world class products on one of its kind Swiss ‘Falma’ and GE Chains. The
introduction of T3 CFLs made on the world’s fastest GE chain at Starlite has
added teeth to the already robust sale of CFLs, since they are compact in size
and come with an aesthetic.
The
Lighting BU has done well despite intense competition and rapidly changing
market dynamics. It has achieved a turnover of Rs. 4070.000 millions with a
growth of 28.7% and a CAGR of about 25%. The CFL segment continues to register
a strong growth due to greater adoption of energy saving lamps by individuals
and the government bodies. The CFL sales, as a product segment, has exceeded
the Rs.2300.000 millions mark during the year. The consumer luminaires segment
has shown a strong growth of 16% year on- year
The
BU has continued to improve its retail presence by expanding its network and
reaching to over 3,40,000 outlets. The BU continues to strengthen its super
distributor structure to increase the reach in Tier III and Tier IV towns.
The
Lighting BU with its improved distribution network, wide product range, and
efficient sourcing strategies is poised for improved growth in the future.
FINANCIAL
REVIEW :
The
gross revenue from operatations and other income for the year ended 31st March,
2012 was Rs.31443.100 million, a growth of 13% over the previous year.PBDIT
(excluding the exceptional items) however decreased by 7.2% from Rs.2710.100
millions to Rs.2515.200 millions.
Interest
cost was higher by 72%, mainly on account of increase in borrowings levels as
also increase in the cost of borrowings. Finance costs increased from
Rs.366.500 millions to Rs.630.500 millions during the year under review.
Profit
after tax, including the exceptional items, was Rs.1178.800 million as against
Rs.1437.900 millions for the previous year, a decrease of 18%.
Earnings
Per Share (EPS) for the year was Rs.11.85.
The
Company expects to improve its focus further on all business segments to
achieve Profitable Growth in the year 2012-13.
OUTLOOK
:
For the
Indian economy, this was a year of unfulfilled expectations owing to both
domestic and external factors. India’s Gross Domestic Product (GDP) is
estimated to grow by 6.9% in FY 2011-12, after having grown at the rate of 8.4%
in each of the two preceding years. The growth is estimated to be 2.5% in
agriculture, 3.9% in industry and 9.4% in services. With agriculture and
services continuing to perform well, the slowdown can be attributed mostly to
weak industrial growth. Rising cost of credit prompted by an activist monetary
policy to check inflation added to the decline in the investment climate
arising out of governance issues.
The
Economic Survey 2012 has projected improvement in the growth rate of GDP from
6.9% in the current year to 7.6% in 2012- 13 and to 8.6% in the following year.
According to the Survey, “weakness in economic activity has bottomed out and a
gradual upswing is imminent”.
The
headline inflation remained high for most of the FY 2011-12. It was only
towards the end of Q3 that it started moderating with 8.3% in December 2011
followed by 6.5% in January 2012 and 6.9% each in February and March 2012.
Monthly food inflation turned negative in January 2012 but again rose to over
6% in February 2012 and almost touched double digit in March 2012. The monetary
and fiscal policy response during FY 2011-12 was geared towards taming domestic
inflationary pressures. A tight monetary policy impacted investment and
consumption growth. Fiscal conditions deteriorated during the year with key
deficit indicators crossing the budget targets of FY 2011-12. Apart from
sluggishness in tax revenues, Government’s non-plan expenditure, particularly
subsidies, increased sharply. The slippage in the fiscal deficit has added to
inflationary pressures.
This
year’s performance of the Indian economy has been disappointing when compared
with the trend. A belated policy rate cut by the RBI and subsequent cut in
interest rates by commercial banks in the beginning of FY 2012-13 seems
unlikely to reverse the deterioration in business sentiment by itself unless
the policy interface with the business concerns becomes more alert and
responsive than it seems to have been for the last two years.
The
consumer durables industry has always exhibited impressive growth despite strong
competition and constant price cutting. India’s rural consumer durable market
is expected to grow owing to the change in lifestyle and higher disposable
income of rural India. The market for consumer durables is estimated at Rs. 350
billion and is expected to reach Rs. 500 billion by 2015. The urban consumer
durables market is growing at an annual rate of 9 to 12%, the rural durables
market is growing at 30% annually.
The
Company will continue its focus on better cost management, reducing
inefficiency, improving supply chain and improving productivity so that it can
continue to gain market share, improve its operating performance and dominate
in all segments. The Company has a balanced business portfolio, which is both
consumer centric and infrastructure oriented and spread across various seasons.
The strong distribution network, a powerful brand, wide product portfolio,
large service infrastructure, excellent vendor base and dedicated employees
along with excellent channel partners continue to be the major areas of
strength for the Company.
FIXED ASSETS :
- Freehold and Leasehold Land
- Buildings
- Plant and Equipments
- Furniture and Fixtures
- Vehicles
- Offices Equipments
- Leasehold
Improvements
- Temporary
structure
- Roads and
Culverts
- Computers
- Dies and Jigs
- Plant and Machinery
- Goodwill
- Computers Software
- Trade Marks
UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER AND NINE MONTHS PERIOD ENDED
31ST DECEMBER, 2012
|
|
Particulars |
Quarter
Ended |
Nine
Months Ended |
|
|
|
31.12.2012 (Unaudited) |
30.09.2012 (Unaudited) |
31.12.2012 (Unaudited) |
|
|
1. |
Net Sales/Income
from Operations |
8721.200 |
7327.000 |
22687.900 |
|
|
Other operating
income |
9.100 |
11.100 |
42.400 |
|
|
Total Income |
8730.300 |
7338.100 |
22730.300 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost
of materials consumed |
508.200 |
340.900 |
1242.500 |
|
|
Purchase
of stock in trade |
6342.900 |
5536.200 |
17229.000 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
(246.400) |
(113.000) |
(903.100) |
|
|
Employee
benefits expenses |
396.200 |
527.100 |
1274.800 |
|
|
Depreciation
and amortization expenses |
35.400 |
34.400 |
101.900 |
|
|
Other
expenses |
1370.200 |
790.200 |
2920.000 |
|
|
Total Expenses |
8,06.500 |
7115.800 |
21865.100 |
|
0 |
|
|
|
|
|
3. |
Profit
From Operations before Other Income, finance costs and Exceptional Items
(1-2) |
323.800 |
222.300 |
865.200 |
|
|
|
|
|
|
|
4. |
Other
Income |
26.900 |
36.000 |
95.800 |
|
|
|
|
|
|
|
5. |
Profit
from Ordinary Activities Before Finance costs and Exceptional Items (3+4) |
50.700 |
258.300 |
961.000 |
|
|
|
|
|
|
|
6. |
Finance
costs |
177.000 |
182.200 |
528.700 |
|
|
|
|
|
|
|
7. |
Profit
from Ordinary Activities After Finance
costs Exceptional Items (5-6) |
173.700 |
76.100 |
432.300 |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
0.400 |
246.800 |
247.200 |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
174.100 |
322.900 |
679.500 |
|
|
|
|
|
|
|
10. |
Tax
Expense |
57.300 |
53.700 |
173.700 |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
116.800 |
269.200 |
505.800 |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
- |
- |
- |
|
|
|
|
|
|
|
13. |
Net Profit
for the period (11-12) |
116.800 |
269.200 |
505.800 |
|
|
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Re. 2/- Each) |
199.400 |
1,99.400 |
199.400 |
|
|
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
- |
- |
- |
|
|
|
|
|
|
|
16. |
EARNINGS PER SHARE (EPS) |
|
|
|
|
|
(a) Basic |
1.17 |
2.70 |
5.07 |
|
|
(b) Diluted |
1.14 |
2.68 |
5.01 |
|
Part II |
||||
|
A. |
Particular of Shareholding |
|
|
|
|
|
|
|
|
|
|
|
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
33,799.005 |
33,783,505 |
33,799,005 |
|
|
-
Percentage of Shareholding |
33.90 |
33.88 |
33.90 |
|
|
|
|
|
|
|
|
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
- |
- |
- |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
- |
- |
- |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
- |
- |
- |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
65,917,166 |
65,917,166 |
65,917,166 |
|
|
-
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) |
66.10 |
66.12 |
66.10 |
|
Particulars (Nos.) |
Quarter Ended 31.12.2012 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
3 |
|
Disposed of during the quarter |
3 |
|
Remaining unresolved at the end of the
quarter |
- |
SEGMENT-WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER AND
NINE MONTHS ENDED 31ST DECEMBER 2012
|
|
Particulars |
Quarter
Ended |
Nine
Months Ended |
|
|
|
31.12.2012 (Unaudited) |
30.09.2012 (Unaudited) |
31.12.2012 (Unaudited) |
|
|
1 |
Segment Revenue |
|
|
|
|
|
A) Lighting |
2214.700 |
2016.500 |
5755.300 |
|
|
B) Consumer Durables |
5043.800 |
3986.900 |
12934.900 |
|
|
C) Engineering and Projects |
1468.600 |
1327.100 |
4027.600 |
|
|
D) Others |
3.200 |
7.600 |
12.500 |
|
|
Sub-Total (A+B+C+D) |
8730.300 |
7338.100 |
22730.300 |
|
|
Less: Inter-Segment revenue |
- |
- |
- |
|
|
Net sales/Income from operations |
8730.300 |
7338.100 |
22730.300 |
|
|
|
|
|
|
|
2 |
Segment Results |
|
|
|
|
|
(Profit before Tax, Interest and Finance charges |
|
|
|
|
|
A) Lighting |
151.100 |
133.800 |
359.900 |
|
|
B) Consumer Durables |
597.600 |
377.400 |
1306.500 |
|
|
C) Engineering and Projects |
(400.500) |
(266.300) |
(736.700) |
|
|
D) Others |
4.00 |
5.100 |
4.400 |
|
|
Sub-Total (A+B+C+D) |
348.600 |
250.000 |
934.100 |
|
|
A) Finance Cost |
177.000 |
182.200 |
528.700 |
|
|
B) Other un-allocable expenditure
net of unallocable income |
(21.000) |
(8.300) |
(26.900) |
|
|
C) Exceptional Items |
(4.000) |
(246.800) |
(247.200) |
|
|
Operating Profit before Tax |
174.100 |
322.900 |
679.500 |
|
|
|
|
|
|
|
3 |
Capital Employed |
|
|
|
|
|
A) Lighting |
603.600 |
538.400 |
603.600 |
|
|
B) Consumer Durables |
759.000 |
1577.100 |
759.000 |
|
|
C) Engineering and Projects |
5730.900 |
5918.100 |
5730.900 |
|
|
D) Others |
36.600 |
44.900 |
36.600 |
|
|
E) Other Unallocable |
2147.500 |
2051.500 |
2147.500 |
|
|
Total (A+B+C+D+E) |
9277.600 |
10130.000 |
9277.600 |
Notes:
The Company has identified its Business
Segments as its Primary reportable segments, which comprise of Lighting, Consumer
Durables, Engineering and Projects and Others. 'Lighting' includes Lamps,
Tubes, Luminaires, Consumer Durables' includes Appliances and Fans,
'Engineering and Projects' includes Transmission Line Towers,
Telecommunications Towers, Highmasts, Poles and Special Projects including
Rural Electrification Projects and Others' includes Wind Energy.
During the quarter, the committee of the
Board of Directors of the Company allotted 15,500 Equity shares of Fts.2/- each
to the Stock Option Grantees, on their exercise of Growth Options under the
Company's 'Employee Stock Option Plan, 2011'.
The figures of the previous year / period
have been regrouped wherever necessary.
The above results have been reviewed by the Audit
Committee, approved by the Board of Directors of the Company at their meeting
held on 6th February, 2013 and subjected to a "Limited Review" by the
Statutory Auditors.
CMT REPORT (Corruption, Money Laundering and Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or investigation
registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 53.95 |
|
|
1 |
Rs. 83.81 |
|
Euro |
1 |
Rs. 70.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
ANK |
SCORE and RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--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 |
No |
|
--AFFILIATION |
YES/NO |
Yes |
|
--LISTED |
YES/NO |
Yes |
|
--OTHER MERIT FACTORS |
YES/NO |
Yes |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
No |
|
--EPF |
YES/NO |
No |
|
TOTAL |
|
63 |
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 and 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.