MIRA
INFORM REPORT
|
Report Date : |
28.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
DISA INDIA LIMITED |
|
|
|
|
Registered
Office : |
5th Floor, Kushal Garden Arcade, 1A, Peenya Industrial
Area, Peenya 2nd Phase, Bangalore – 560058, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation
: |
25.05.1984 |
|
|
|
|
Com. Reg. No.: |
08-006116 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.15.102 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L85110KA1984PLC006116 |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer of Foundry Machinery like Moulding Plants, Sand Plants
and Shot Blasting Machines. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
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 2500000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
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|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having a fine track record. The management has failed to file its financial information with
government department for the year 2013. As per available financial of 2012, there appears slight dip in sales
and profit of the company. However, net worth of the company appears to be strong and healthy.
There appears no external borrowing taken by the company, it is operating on
its own fund. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered for business dealing at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 |
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says the
latest India Development Update report released by the World Bank. The report
says that the adverse effects of rupee depreciation are likely to be offset by
the gains in the exports performance due to improved external competitiveness.
Since May this year, the local currency has depreciated substantially and fell
to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from January
1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces a
119 year old registration. The Securities and Exchange Board of India has
approved the trading of currency futures on the Bombay Stock Exchange. The
exchange plans to launch the currency futures platform with advanced trading
technology by the end of November.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office / Corporate Office : |
5th Floor, Kushal Garden Arcade, 1A, Peenya Industrial
Area, Peenya 2nd Phase, Bangalore – 560058, Karnataka, India |
|
Tel. No.: |
91-80-40201400 to 04 |
|
Fax No.: |
91-80-28391661 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
No. 28-32, Satyamangala Industrial Area, Tumkur – 572104, Karnataka, India |
|
Tel. No.: |
91-816-2211290 / 2211291 |
|
|
|
|
Factory 2 : |
Plot No.50, KIADB Industrial Area, Hosakote – 562114, Karnataka, India |
|
Tel. No.: |
91-80-27971310 / 27971516 |
|
|
|
|
Sales Office : |
Located at ·
New Delhi ·
Pune ·
Kolkata ·
RAjkot |
DIRECTORS
As on 31.12.2012
|
Name : |
Mr. Jan Johansen |
|
Designation : |
Director |
|
|
|
|
Name : |
Ms. Deepa Hingorani |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sanjay Arte |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Viraj Naidu |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Robert E Joyce JR (w.e.f 14.04.2012) |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Andrew Carmichael (w.e.f 14.04.2012) |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. S Mohan |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
1132653 |
75.00 |
|
|
1132653 |
75.00 |
|
Total shareholding of Promoter and Promoter Group (A) |
1132653 |
75.00 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
206251 |
13.66 |
|
|
559 |
0.04 |
|
|
10 |
0.00 |
|
|
206820 |
13.69 |
|
|
|
|
|
|
8245 |
0.55 |
|
|
|
|
|
|
159049 |
10.53 |
|
|
3438 |
0.23 |
|
|
479 |
0.03 |
|
|
2919 |
0.19 |
|
|
40 |
0.00 |
|
|
170732 |
11.31 |
|
Total Public shareholding (B) |
377552 |
25.00 |
|
Total (A)+(B) |
1510205 |
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) |
1510205 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Foundry Machinery like Moulding Plants, Sand Plants
and Shot Blasting Machines. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS
As on 31.12.2011
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
|
|
Foundry Moulding Shot Blasting Machine |
Nos. |
Not Available |
Not Available |
198 |
|
Mould handling system, Shot Blasting system, Sand conditioning plant, Sand Mixers/Slingers Special purpose material handling equipment |
Nos. |
Not Available |
Not Available |
* |
|
Dust Collectors |
Nos. |
Not Available |
Not Available |
133 |
|
|
|
|
|
|
Note:
*consist of systems/projects. Hence not quantified.
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
· Canara Bank · HDFC Bank Limited ·
Kotak Mahindra Bank Limited |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M.K. Dandeker and Company Chartered Accountants |
|
Address : |
Chennai, Tamilnadu, India |
|
|
|
|
Solicitors : |
|
|
Name : |
Chander Kumar and Associates |
|
Address : |
Bangalore, Karnataka, India |
|
|
|
|
Group Companies : |
·
Norican Holdings ApS (Denmark) ·
Norican Group ApS (Denmark) ·
DISA Holding A/S (Denmark) ·
DISA Holding II A/S (Denmark) ·
DISA Holding AG (Switzerland) ·
DISA Holding LLC (Michigan USA) ·
DISA Industries A/S (Denmark) ·
DISA Industrie AG (Switzerland) ·
DISA Industries, Inc. (Illinois,
USA) ·
DISA Industries s.r.o. (Czech
Republic) ·
DISA Industrienlagen GmbH (Germany) ·
DISA K K (Japan) ·
DISA Limited (Hong Kong) ·
DISA Machinery Limited (China) ·
DISA Trading (Shanghai) Company
Limited (China) ·
DISA Technologies Private Limited
(India) ·
Surface Preparation (Gibraltar)
Limited ·
WGH Holding Corp. (BVI) ·
WG Global LLC (Delaware, USA) ·
Wheelabrator Group, Inc. (Delaware,
USA) ·
Wheelabrator Group (Canada)
Limited, (Canada) ·
Castalloy, Inc. (Delaware, USA) ·
WGH UK Holdings Ltd. (UK) ·
WGH UK Limited (UK) ·
Wheelabrator Technologies (UK)
Limited (UK) ·
Wheelabrator Group SLU (Spain) ·
Wheelabrator Group Holding GmbH (Germany) ·
Wheelabrator Group GmbH (Germany) ·
Wheelabrator OFT GmbH (Germany) ·
Wheelabrator Group NV (Belgium) ·
Wheelabrator Group SAS (France) ·
Matrasur Composites SAS (France) ·
Wheelabrator Group Limited (UK) ·
Wheelabrator Schlick Sp. z o.o.
(Poland) ·
WG Plus de Mexico S de RL de CV
(Mexico) ·
DISA Management Services ApS
(Denmark) ·
WG Plus Servicios S de R, L
de CV (Mexico) |
CAPITAL STRUCTURE
As on 31.12.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1510205 |
Equity Shares |
Rs.10/- each |
Rs.15.102
Millions |
|
|
|
|
|
NOTE:
Rights,
preferences and restrictions in respect of equity shares:
The
Company has one class of Shares referred to as Equity Shares with par value of
Rs 10/-, each holder of Equity shares has one vote per share.
The
Equity Shareholders are entitled to receive dividend proposed by the Board of
Directors which is subject to the approval of the shareholders in the enusing
Annual General meeting, except in case of Interim Dividend.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.12.2012 |
31.12.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
15.102 |
15.102 |
|
(b) Reserves & Surplus |
|
600.374 |
416.385 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
615.476 |
431.487 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
1.909 |
2.927 |
|
(c) Other long term liabilities |
|
17.716 |
6.900 |
|
(d) long-term provisions |
|
10.323 |
12.137 |
|
Total Non-current Liabilities (3) |
|
29.948 |
21.964 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
0.000 |
0.000 |
|
(b) Trade payables |
|
204.002 |
211.344 |
|
(c) Other current liabilities |
|
362.347 |
250.440 |
|
(d) Short-term provisions |
|
19.676 |
375.223 |
|
Total Current Liabilities (4) |
|
586.025 |
837.007 |
|
|
|
|
|
|
TOTAL |
|
1231.449 |
1290.458 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
193.885 |
169.612 |
|
(ii) Intangible Assets |
|
16.626 |
0.000 |
|
(iii) Capital
work-in-progress |
|
14.672 |
32.486 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
10.870 |
12.653 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
236.053 |
214.751 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
318.949 |
288.957 |
|
(c) Trade receivables |
|
128.321 |
80.966 |
|
(d) Cash and cash equivalents |
|
436.804 |
599.154 |
|
(e) Short-term loans and
advances |
|
102.186 |
85.519 |
|
(f) Other current assets |
|
9.136 |
21.111 |
|
Total Current Assets |
|
995.396 |
1075.707 |
|
|
|
|
|
|
TOTAL |
|
1231.449 |
1290.458 |
|
SOURCES OF FUNDS |
|
|
31.12.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
15.102 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
540.767 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
555.869 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.035 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
0.035 |
|
|
DEFERRED TAX LIABILITIES |
|
|
2.146 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
558.050 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
121.691 |
|
|
Capital work-in-progress |
|
|
10.127 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
181.457 |
|
|
Sundry Debtors |
|
|
132.629 |
|
|
Cash & Bank Balances |
|
|
465.159 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
70.677 |
|
Total
Current Assets |
|
|
849.922 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
190.533 |
|
|
Other Current Liabilities |
|
|
212.427 |
|
|
Provisions |
|
|
20.730 |
|
Total
Current Liabilities |
|
|
423.690 |
|
|
Net Current Assets |
|
|
426.232 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
558.050 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1517.564 |
1543.671 |
1076.365 |
|
|
|
Other Income |
36.113 |
48.887 |
41.542 |
|
|
|
TOTAL (A) |
1553.677 |
1592.558 |
1117.907 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
837.426 |
878.950 |
|
|
|
|
Purchases of stock-in-trade |
26.616 |
19.909 |
|
|
|
|
Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(36.394) |
(42.437) |
|
|
|
|
Employee benefits expense |
210.614 |
182.974 |
|
|
|
|
Other expenses |
210.345 |
183.491 |
|
|
|
|
TOTAL (B) |
1248.607 |
1222.887 |
866.612 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
305.070 |
369.671 |
215.295 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
0.442 |
0.525 |
0.332 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
304.628 |
369.146 |
250.963 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
32.133 |
21.935 |
18.009 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
272.495 |
347.211 |
232.954 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
84.118 |
120.553 |
81.924 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
188.377 |
226.658 |
151.030 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
201.469 |
385.453 |
234.423 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Amount transferred to
General Reserves |
18.837 |
59.602 |
0.000 |
|
|
|
Proposed Dividend and Tax
thereon |
4.388 |
351.040 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
366.621 |
201.469 |
385.453 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Agency Commission/Others |
23.123 |
17.961 |
2.178 |
|
|
|
Exports / Advances |
180.519 |
142.374 |
108.967 |
|
|
TOTAL EARNINGS |
203.642 |
160.335 |
111.145 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
80.918 |
38.738 |
33.171 |
|
|
|
Components and spare parts |
115.669 |
82.454 |
43.624 |
|
|
|
Traded Goods |
23.982 |
18.738 |
0.000 |
|
|
|
Capital Goods |
23.863 |
17.032 |
0.000 |
|
|
TOTAL IMPORTS |
244.432 |
156.962 |
76.795 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
124.74 |
150.08 |
100.01 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2012 |
31.12.2011 |
31.12.2010 |
|
PAT / Total Income |
(%) |
12.12
|
14.23 |
13.51 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
17.96
|
22.49 |
21.64 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.39
|
27.60 |
23.98 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.44
|
0.80 |
0.42 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.70
|
1.29 |
2.01 |
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 |
No |
|
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 |
No |
PERFORMANCE OF THE COMPANY
After
the sharp recovery of the Indian Industry since the last quarter Y2009, and
subsequent acceleration in Y2010 and Y2011, the Company could clearly see the slowdown
hitting again from End Y2011. The major customer segment – foundries – ran at a
much lower capacity utilization levels throughout Y2012 and this still
continues in Q1-2013. The slump across the entire Automotive sector – with
severe drop in heavy trucks – is very significant. Capital Goods Industry –
like the Company – normally drops sharply in such a market situation, mainly
because the fresh capacity expansions slow down very suddenly. However, with
the continued focus of the Norican Group (the parent entity of DISA and
Wheelabrator Groups worldwide) on New Product Introductions through the local
company, the Company could still hold our topline sales in Y2012. Actually,
throughout the year the Company had sluggish pick up of ready equipment from the
customers, which were pushed out finally in the last quarter. Y2012 Revenues
thus ended at Rs. 1520.000 Millions, against Rs.1540.000 Millions of Y2011.
Operating Profit declined from Rs.320.000 Millions in Y2011 to Rs.270.000
Millions in Y2012 – mainly due to Inflation in Salaries and Expenses. Any major
Material Cost Inflation was however avoided by product mix and control.
Success
of the New Products / Markets focus is now evident in the fact that the Company
had the Record Highest Order Intake of Rs.1920.000 Millions in Y2012 - the
previous highest was Rs.1480.000 Millions in Y2011. Almost 1/3rd of the Order
Intake is on account of New Products / Markets introduced in the last 4-5
years. This also led to the Record Highest Opening Order Backlog of Rs.1050.000
Millions for Y2013 - up by nearly 60% on the previous year’s opening backlog of
Rs.660.000 Millions.
MANAGEMENT DISCUSSION AND ANALYSIS
REPORT
DISA
030 (Vertical Moulding Machine) – launched in Feb 2011 and thereafter Match
2024 (Horizontal Matchplate Moulding Machine) – launched in Feb’2012, now add
two popular products for the Company locally (as against the imports earlier).
Additionally, the whole range of Shot and Air Blasting products that the
Company has been introducing from the Wheelabrator Range of Global Products,
also gives new market access, which compensates heavily against the slowdown in
the Company’s traditional foundry markets.
Continuing
this journey, in Jan 2013, at IFEX Kolkata, the Company launched the New DISA
20FP Core Machine and also the Manipulator Type DS-1 Machine, which is the
first such technology to be localized by any company in India.
With
continuous introduction of such high end products, the Company remains
confident of leading the Indian Market growth in the coming years.
With
increasing focus of global competitors in India, the Company has further
enhanced its marketing push with frequent Customer Symposiums and ongoing PR.
In
January, 2013, the Company rebranded all the Legacy DISA Shot Blast Products and
Solutions under the Global W and A Brand “Wheelabrator”.
Management
continues to focus on scaling up for further growth. In Jan 2013, the Company
installed another two significant machines to further increase the machining
capacity in the Tumkur Plant.
A
further expansion of about 1100 sqm is also triggered in Tumkur Plant which
will be operational by Sep/Oct 2013. The Company has also leased additional
storage space near its Tumkur Plant and is currently planning on the longer
term Capacity requirement for the coming 5-7 years. The own premises at Tumkur
and Hosakote Land have very little expansion possibility left now and
therefore, the Company is looking for new site as long term planning.
To
counter inflationary pressures, Management has initiated a range of Focus
Projects on Cost Reduction and Efficiency Improvement.
In
March, 2012, the Company also went live on the New ERP System creating the
platform necessary for the continuing scaling.
The
Company has adequate internal control systems as part of the Management
Information System in place. Regular Audits are being conducted on all fronts
by the Statutory and Internal Auditors.
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10171455 |
10/10/2012 * |
365,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN
BHAVAN, 227,D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B61368064 |
|
2 |
90189340 |
15/10/1991 * |
6,000,000.00 |
KARNATAKA STATE FINANCIAL CORPORATION |
NO. 25, M.G.
ROAD, BANGALORE, KARNATAKA - 560001, |
- |
|
3 |
90190763 |
21/03/1991 |
6,000,000.00 |
KARNATAKA STATE FINANCIAL CORPORATION |
NO. 2, MAHATAMA GANDHI
ROAD, BANGALORE, KARNATAKA |
- |
|
4 |
90190749 |
23/10/1992 * |
2,500,000.00 |
BANK OF MAHARASHTRA |
BASAVANGUDI
BRANCH, BANGALORE, KARNATAKA - 560004, |
- |
|
5 |
90190717 |
15/10/1991 * |
930,000.00 |
KSIIDC LIMITED |
36, CUNNINGHAM
ROAD, BANGALORE, KARNATAKA - 560052, INDIA |
- |
|
6 |
90190226 |
11/10/1991 * |
2,500,000.00 |
BANK OF MAHARASHTRA |
BASAVANAGUDI
BRANCH, BANGALORE, KARNATAKA - 560004, INDIA |
- |
|
7 |
90189286 |
28/11/1986 |
1,300,000.00 |
GRINDLAYS BANK P.L.C. |
UNITY BUILDINGS,
BANGALORE, KARNATAKA - 560002, INDIA |
- |
|
8 |
90190100 |
15/10/1991 * |
1,300,000.00 |
ANZ GRINDLAYS BANK |
UNITY BUILDINGS,
MISSION ROAD, BANGALORE, KARNATAKA - 560002, INDIA |
- |
|
9 |
90196075 |
15/10/1991 * |
9,000,000.00 |
KSIIDC LIMITED |
36, CUNNINGHAM
ROAD, BANGALORE, KARNATAKA - 560052, INDIA |
- |
|
10 |
90190073 |
23/10/1992 * |
10,400,000.00 |
GRINDLAYS BANK P.L.C. |
BANGALORE,
BANGALORE, KARNATAKA, INDIA |
- |
Note: * Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. In Millions)
|
Particulars |
31.12.2012 |
31.12.2011 |
|
a) i) Guarantees given by Bank |
142.319 |
102.334 |
|
ii) LC issued by Bank |
0.000 |
13.220 |
|
iii) Corporate Guarantees given |
18.290 |
2.370 |
|
b) Estimated amount of contracts remaining to be executed on capital account and not provided for |
4.483 |
11.648 |
|
c) Claims against company not acknowledged as debt : |
|
|
|
-- Income tax |
0.000 |
1.910 |
|
-- Service tax |
1.026 |
0.645 |
|
-- CST |
1.832 |
0.000 |
|
-- Excise Dusty |
0.248 |
0.000 |
FIXED ASSETS
TANGIBLE
ASSETS
·
Land
·
Buildings
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office equipment
·
Patterns, Tools , Jigs and Fixtures
·
Others - Computers
INTANGIBLE
ASSETS
·
Computer software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.36 |
|
|
1 |
Rs.101.11 |
|
Euro |
1 |
Rs.84.68 |
INFORMATION DETAILS
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.