MIRA
INFORM REPORT
|
Report Date : |
15.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
BATLIBOI LIMITED |
|
|
|
|
Registered
Office : |
Bharat House, 5th Floor, 104, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
06.12.1941 |
|
|
|
|
Com. Reg. No.: |
11-003494 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.212.661
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L52320MH1941PLC003494 |
|
|
|
|
IEC No.: |
0388097167 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMBI2649A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACB44082 |
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|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
Line of Business
: |
The company is involved in Machine Tools, Textile Air Engineering, Textile Machinery, Air Conditioning, Environmental Engineering, Wind Energy, Electrical Engineering, and International Marketing and Logistics. |
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|
|
|
No. of Employees
: |
510 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. Profitability of a company appears to be continuously low. However, trade relations are reported as fair. Business is active.
Payments are reported to be slow but correct. The company can be considered for business dealings with some
caution. |
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
We are living in a
world where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another megatrend happening. The World order is changing as economic
power shifts from West to East. According to McKinsey study, it took Britain
more than 100 years to double its economic output per person during its
industrial revolution and the US later took more than 50 years to do the same.
More than a century later, China and India have doubled their GDP per capital
in 12 and 18 years respectively. By 2020, emerging Asia will become the world’s
largest consuming block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in agriculture,
industry and services. Dampening sentiment led to a cut-back in investment as
well as private consumption expenditure. Inflation remained at high
levels fuelled by the pressure from the food and fuel sectors. The large fiscal
and current account deficit s continued to cause grave concern. It is
imperative that India regains its growth trajectory of 8-9 % sooner than later.
This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management Non-Cooperative (91-22-66378200)
LOCATIONS
|
Registered Office/ Corporate Office/ International Division : |
Bharat House, 5th Floor, 104, |
|
Tel. No.: |
91-22-66378200 |
|
Fax No.: |
91-22-22644430/ 22675601 |
|
E-Mail : |
|
|
Website : |
|
|
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|
Factory 1: |
P.O. Fateh Nagar, |
|
Tel No.: |
91-261-2890551/ 2890435 |
|
Fax No.: |
91-261-2890832 |
|
E-Mail : |
|
|
Location : |
Owned |
|
|
|
|
Factory 2: |
Plot No.24, III Main, Veerasandra Industrial
Area, |
|
Tel No.: |
91-80-27833216/ 27834203 |
|
Fax No.: |
91-80-27833218 |
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E-Mail : |
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Overseas office : |
Mukarovska 26, 100 00 |
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Tel No.: |
+420 777272222 |
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E-Mail : |
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Sales and
Service Offices : |
Located at: ·
Ludhiana ·
New Delhi ·
Kanpur ·
Kolkata ·
Ahmadabad ·
Indore ·
Surat ·
Pune ·
Kolhapur ·
Hyderabad ·
Guntur ·
Belgaum ·
Bangalore ·
Chennai ·
Tirupur ·
Trichy ·
Coimbatore ·
Madurai |
|
|
|
|
Tech Centre : |
Located at: ·
Faridabad |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Pratap Bhogilal |
|
Designation : |
Chairman Emeritus |
|
|
|
|
Name : |
Mr. Nirmal Bhogilal |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/ Age : |
61 Years |
|
Recognition or
awards : |
B. Sc. (Engg), Chemical Engg
( Committee Member – CII National Council |
|
|
|
|
Name : |
Mr. Vijay R. Kirloskar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Subodh
Bhargava |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. E.A. Kshirsagar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ameet Hariani |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ulrich Duden |
|
Designation : |
Director |
|
Date of Appointment : |
28.07.2007 |
|
|
|
|
Name : |
Mr. George Verghese |
|
Designation : |
Executive Director |
KEY EXECUTIVES
|
Corporate Management : |
|
|
Name : |
Mr. Nirmal Bogilal |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Edwyn Rodrigues |
|
Designation : |
Chief Executive Officer Textile Machinery Group |
|
|
|
|
Name : |
Mr. Milind Kulkarni |
|
Designation : |
Chief Executive Officer Machine Tool Business Group (Joined on 06/07/12) |
|
|
|
|
Name : |
Mr. Daniel Vaz |
|
Designation : |
Chief Operating Officer Textile Air Engineering Group |
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|
|
|
Name : |
Mr. Pradeep Pradhan |
|
Designation : |
Chief Executive Officer Air Conditioning and Refrigeration Group |
|
|
|
|
Name : |
Mr. Sanjiv Joshi |
|
Designation : |
Chief Executive Officer Environmental Engineering Group |
|
|
|
|
Name : |
Mr. Vineet Goel |
|
Designation : |
Chief Financial Officer |
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|
|
|
Name : |
Mr. Gaurang Shah |
|
Designation : |
Chief Corporate Counsel and Company Secretary |
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|
|
|
Name : |
Mr. Ashok Joshi |
|
Designation : |
Chief Human Resource Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.06.2013
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
21983567 |
76.64 |
|
|
1459000 |
5.09 |
|
|
23442567 |
81.73 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
23442567 |
81.73 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
900 |
0.00 |
|
|
350 |
0.00 |
|
|
600 |
0.00 |
|
|
1850 |
0.01 |
|
|
|
|
|
|
731272 |
2.55 |
|
|
|
|
|
|
3191792 |
11.13 |
|
|
401365 |
1.40 |
|
|
913704 |
3.19 |
|
|
66734 |
0.23 |
|
|
846970 |
2.95 |
|
|
5238133 |
18.26 |
|
Total Public shareholding (B) |
5238133 |
18.27 |
|
Total (A)+(B) |
28682550 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
28682550 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 million BUSINESS DETAILS
|
Line of Business : |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
510 (Approximately) |
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Bankers : |
· Bank of Baroda · Punjab National Bank · Canara Bank · State Bank of India · INDUSIND Bank Limited · The Shamrao Vithal Co-operative Bank Limited ·
Royal Bank of Scotland |
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||||||||||||||||||||||||
|
Facilities : |
(Rs. In Millions)
|
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
V. Sankar Aiyar
and Company Chartered Accountants |
|
Address : |
2-C, Court Chambers, 35 New Marine Lines, Mumbai – 400 020, |
|
Tel. No.: |
91-22-22004465/ 22067440 |
|
Fax No.: |
91-22-22000649 |
|
E-Mail : |
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|
PAN No.: |
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Entities in which
management personnel are trustees : |
· Bhogilal Leherchand Foundation · Leherchand Uttamchand Trust Fund ·
Shekhama Family
Trust |
|
|
|
|
Subsidiary
Companies: |
· Queen Projects (Mauritius) Limited – Mauritius · Vanderama Holdings Limited – Cyprus · Pilatus View Holdings AG – Switzerland · Quickmill Inc. – Canada · Aesa Air Engineering SA – France · Aesa Air Engineering SPA – Italy · Aesa Air Engineering Pte Limited. – Singapore · Aesa Air Engineering Limited. – Hong Kong · Aesa Air Engineering Limited. – China · Aesa Air Engineering Private Limited – India ·
760 Rye Street Inc. – Canada |
|
|
|
|
Entities over which
key management personnel are able to exercise significant influence: |
· Batliboi Environmental Engineering Limited. · Batliboi International Limited · Batliboi Impex Limited. · Batliboi Enxco Private Limited · Sustime Pharma Limited. · Spartan Electricals · Bhagmal Investments Private Limited · Delish Gourment Private Limited · Hitco Investments Private Limited · Nirbhag Investments Private Limited ·
Pramaya Shares and
Securities Private Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
46170400 |
Equity Shares |
Rs.5/- each |
Rs.230.852 millions |
|
692480 |
Preference Shares |
Rs.100/- each |
Rs.69.248 millions |
|
|
Total
|
|
Rs.300.100
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
28682550 |
Equity Shares |
Rs.5/- each |
Rs.143.413 Millions |
|
692480 |
5% - 5 Year Redeemable Non-cumulative Preference shares |
Rs.100/- each |
Rs.69.248 Millions |
|
|
Total |
|
Rs. 212.661 Millions |
Equity Shares
Rs.5/-
each w.e.f.
The
face value of Equity Shares of the company of ?10/- each has been sub-divided into
Equity Shares of 4th October' 2007.
The reconciliation of the
number of shares outstanding at the beginning and at the end of year is as
under:
|
Particulars |
2012-13 |
2011-12 |
|
Opening
Number of Equity Shares |
2,86,82,550 |
2,86,82,550 |
|
Add:
Fresh Equity Shares issued during the year |
— |
— |
|
Closing Number of Equity Shares |
2,86,82,550 |
2,86,82,550 |
The details of Share holder
holding more than 5% Equity Shares is as under:
|
Name of Share holder |
No. of Shares |
No. of Shares |
|
Mr.
Nirmal Bhogilal |
2,02,48,844 |
2,02,48,844 |
|
%
Shareholding |
70.59% |
70.59% |
The
details of Shares issued for consideration other than cash in the last 5 years
are as under:
16,80,000
Equity Shares of ? 5/- each were issued as fully paid up in 2009 to the
shareholders of earstwhile Batliboi
SPM Private Limited
as per the Scheme of Amalgamation.
Preference Shares
6,92,480
5% Non Cumulative Preference Shares of ? 100 each (4,78,000 redeemable on 27th
March, 2016 and 2,14,480 redeemable on 19th June, 2016).
The reconciliation of the
number of shares outstanding at the beginning and at the end of year is as
under:
|
Particulars |
2012-13 |
2011-12 |
|
Opening
Number of Preferance Shares |
6,92,480 |
4,78,000 |
|
Add:
Fresh Preference Shares issued during the year |
— |
2,14,480 |
|
Closing
Number of Preference Shares |
6,92,480 |
6,92,480 |
Details of Share holder
holding more than 5% Preference Shares are as under:
|
Name of Share holder |
No. of Shares |
No. of Shares |
|
Mr.
Pratap Bhogilal |
6,92,480 |
6,92,480 |
|
%
Shareholding |
100% |
100% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
212.661 |
212.661 |
191.213 |
|
(b) Reserves & Surplus |
374.322 |
369.721 |
366.692 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
11.400 |
|
Total
Shareholders’ Funds (1) + (2) |
586.983 |
582.382 |
569.305 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
68.947 |
125.945 |
115.680 |
|
(b) Deferred tax liabilities (Net) |
5.900 |
3.800 |
0.000 |
|
(c) Other long term liabilities |
70.402 |
68.988 |
98.888 |
|
(d) long-term provisions |
60.254 |
65.322 |
68.712 |
|
Total Non-current Liabilities (3) |
205.503 |
264.055 |
283.280 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
203.767 |
212.865 |
156.984 |
|
(b) Trade payables |
241.303 |
251.502 |
295.094 |
|
(c) Other current
liabilities |
234.500 |
275.413 |
286.853 |
|
(d) Short-term provisions |
9.464 |
4.382 |
7.736 |
|
Total Current Liabilities (4) |
689.034 |
744.162 |
746.667 |
|
|
|
|
|
|
TOTAL |
1481.520 |
1590.599 |
1599.252 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
518.027 |
499.748 |
479.021 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
28.118 |
28.103 |
33.310 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
330.382 |
332.373 |
297.846 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
18.384 |
23.341 |
11.789 |
|
(e) Other Non-current assets |
22.335 |
35.647 |
66.152 |
|
Total Non-Current Assets |
917.246 |
919.212 |
888.118 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
198.430 |
291.152 |
294.140 |
|
(c) Trade receivables |
299.969 |
279.802 |
328.535 |
|
(d) Cash and cash
equivalents |
15.324 |
26.376 |
8.195 |
|
(e) Short-term loans and
advances |
50.551 |
74.057 |
80.264 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
564.274 |
671.387 |
711.134 |
|
|
|
|
|
|
TOTAL |
1481.520 |
1590.599 |
1599.252 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1204.513 |
1238.785 |
1274.659 |
|
|
|
Other Income |
31.555 |
74.437 |
39.887 |
|
|
|
TOTAL (A) |
1236.068 |
1313.222 |
1314.546 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
538.669 |
594.467 |
631.154 |
|
|
|
Purchases of Stock in Trade |
157.615 |
144.856 |
129.100 |
|
|
|
Changes in Inventories of Finished goods, Work in progress & Stock in Trade |
32.538 |
1.624 |
(41.008) |
|
|
|
Employee Benefit Expenses |
246.945 |
243.415 |
227.439 |
|
|
|
Other Expenses |
274.613 |
245.510 |
241.944 |
|
|
|
Exceptional Items |
(101.161) |
0.000 |
(8.098) |
|
|
|
TOTAL (B) |
1149.219 |
1229.872 |
1180.531 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
86.849 |
83.350 |
134.015 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
62.459 |
60.845 |
64.270 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
24.390 |
22.505 |
69.745 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
18.274 |
15.447 |
15.590 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
6.116 |
7.058 |
54.155 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
1.307 |
3.800 |
1.075 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
4.809 |
3.258 |
53.080 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
141.804 |
141.546 |
98.026 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
3.500 |
3.000 |
9.560 |
|
|
BALANCE CARRIED
TO THE B/S |
143.113 |
141.804 |
141.546 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Commission/ Other Income |
79.787 |
83.357 |
58.432 |
|
|
TOTAL EARNINGS |
79.787 |
83.357 |
58.432 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Components |
46.636 |
64.579 |
59.883 |
|
|
|
Purchases for Trading |
5.808 |
2.267 |
3.402 |
|
|
|
Capital Goods |
0.000 |
0.000 |
5.202 |
|
|
TOTAL IMPORTS |
52.444 |
66.846 |
68.487 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.17 |
0.11 |
1.85 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2013 |
|
Type |
|
|
1st
Quarter |
|
Net Sales |
|
|
266.800 |
|
Total Expenditure |
|
|
278.500 |
|
PBIDT (Excl OI) |
|
|
(11.600) |
|
Other Income |
|
|
34.300 |
|
Operating Profit |
|
|
22.700 |
|
Interest |
|
|
13.800 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
8.800 |
|
Depreciation |
|
|
4.400 |
|
Profit Before Tax |
|
|
4.500 |
|
Tax |
|
|
1.500 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
3.000 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
3.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.39
|
0.25 |
4.04 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.51
|
0.57 |
4.24 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.38
|
0.42 |
3.24 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01
|
0.01 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.23
|
0.43 |
0.41 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.82
|
0.90 |
0.95 |
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 |
---------------------- |
|
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 |
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 |
UNSECURED LOAN
Rs. In
Millions
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
Long Term Borrowings |
|
|
|
Loans & Advances from Related Parties Loan from Director |
10.170 |
8.300 |
|
Repayment Terms Repayable after one year |
35.401 |
59.400 |
|
Short Term
Borrowing |
|
|
|
Inter Corporate Deposits |
40.148 |
34.800 |
|
Total |
85.719 |
102.500 |
BUSINESS REPORT
The company has classified its business into four major segments:
a) Machine Tool Business Group, which handles manufacturing and marketing (including trading and agency business) of machine tool and components e.g. CNC and GPM machines, machine castings, machine carcasses, cranes etc.
b) Textile Engineering Group, which deals in manufacturing and marketing of textile air-engineering systems range i.e. Humidification, waste recovery and auto control systems, besides marketing (including trading and agency business) of textile machinery e.g. circular knitting, spinning, and flat-knitting machines etc.
c) Air-conditioning and Refrigeration division, which covers manufacturing, marketing, commissioning and servicing of packaged air-conditioners and chillers etc.
d) Others, which covers remaining business i.e., agro-industrial products (e.g. pumps/motors), air and water treatment jobs etc.
REVIEW OF OPERATIONS
AND OUTLOOK
The business operations were adversely impacted during the year on account of declining industrial production and consequential sluggish demand for Capital Goods and related industries of which the Company is part of. Machine Tool industry witnessed a sharp decline in demand for General Purpose Machines (GPMs) and Special Purpose Machines (SPMs), which impacted off take and revenues. Textile industry, however witnessed improved business environment with the upsurge in global demand and demand from the eastern region. Opening of new sectors in home textile also contributed positively for the Textile Machinery trading division. However, slow implementation of projects by customers, increase in power tariff and shortage of power in southern region, affected the revenue and bookings of the Textile Air Engineering division.
On standalone basis, the gross turnover including indirect sales was lower by 11% over the previous year. Operations resulted in losses due to reduced turnover and increased overheads and other costs. However, the Company posted higher profit after tax of Rs.4.809 Millions as against Rs.3.258 Millions for the previous year, on account of exceptional items.
The foreign subsidiaries registered improved performance with Quickmill Inc. posting improved results on the strength of renewed demand from various sectors and increased orders from the North American markets. AESA SA also recovered by posting marginal profits riding on the intensified efforts to increase sales and to reduce cost and overheads. The consolidated turnover was marginally lower over the previous year and after the exceptional items, the operations resulted in profit after tax of Rs.24.401 Millions as against loss of Rs.5.282 Millions for the previous year.
Improvement in industrial production is not in sight. However, with the healthy order backlog both for Machine Tools and Textile engineering and strong enquiry levels for green field projects and expansions from spinning and weaving sector, the outlook is optimistic. The Company has also taken several measures viz. organizational changes in the Machine Tool business, launching of new products, increased R and D activities, penetration into non textile sector, in order to scale up the production and volumes and to reduce costs.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
A. SEGMENTWISE
PERFORMANCE AND OUTLOOK
(I) Batliboi Machine Tool Group (BMTG)
Business structure
The Machine Tool Group manufactures and trades various types of machine tools.
Manufacturing: The range includes General Purpose Conventional and CNC Machines (GPMs) and Special Purpose Machines (SPMs). GPMs include Radial Drilling Machines from 32 mm drill to 100 mm drills, Milling Machines of size I, II and III. CNC machines include CNC Turning centers, Vertical Machining centers, Drilling centers and double column moving table milling and drilling machine.
SPMs are custom built machines to meet specific needs of mass producers like automobile industry for milling, boring, facing, centering and drilling application as per the specific needs of the customers.
Trading: The Company represents as agents of various foreign companies from Czech Republic, Belgium, Italy, Germany, South Korea, China and Taiwan and for metal cutting and metal forming machine tools in India.
Developments and
Performance
The Machine tool industry in general was impacted during the year due to contracting industrial production and the consequent sluggishness in demand for the Capital Goods and other industries.
As per the data available from the Indian Machine Tool Manufacturers Association, demand for GPMs decreased by 25% and for CNCs by 27%. This adversely impacted the output and revenues of MTU and SPM units.
Performance of trading division was also subdued due to low execution during the year. Resultantly, there was a drop of 27% in the billing revenues compared to last year. The order booking position though was encouraging and above the budgeted expectations.
Opportunities,
Threats and Outlook
Machine Tools Udhna (MTU)
Growth in defence, automobile, infrastructure and vocational training market will continue to be the key drivers in the current year. New products are being added for automobile, infrastructure and power industry to cater the industry requirements. Low cost products are also being developed for Education sector. Range of turning, milling and drilling machines is also being expanded for augmenting volumes.
It seems that sluggishness in the Capital Goods industry and lower industrial production will continue in the current year too; however, with the healthy order backlog and market potential for the new products, the division is expected to perform better. Necessary organizational changes have also been put in place to gear up for mobilizing the volumes and revenue.
Special Purpose Machines, Bangalore
High growth in power generating and auto sector would be key drivers for growth of SPM in the current year.
Although manufacturing companies are moving into lean manufacturing and the shop floor is moving away from SPMs to standard machines, SPM division is targeting various machines/assemblies suitable for assembly line, low cost automation, testing SPMs, which will augment higher revenue and profitability.
Outlook for the current year is optimistic as the division has a fairly good order book and a positive level of enquiries from various new sectors.
Machine Tool Trading
The division largely caters to the Power and General Fabrication industry segment which was under severe pressure during the year. Many projects were delayed largely due to policy inertia, tight liquidity, high inflation and equally high interest rates. The general investment sentiment continues to be lackluster as the power sector may take some more time to recover. Efforts are therefore directed in other sectors where some business is foreseeable. The continued high value of European currency is also a deterrent for some customer considering machinery procurement. Some Chinese and South Korean principals have been developed for catering to price conscious customers.
(II) Batliboi Textile Engineering Group
Business Structure
The Textile Engineering Group comprises of Textile Machinery and Textile Air Engineering.
In Textile Air Engineering the Company is foremost and leading manufacturer of complete systems for humidification and waste collection for textile spinning, weaving and knitting plants.
In the Textile Machinery business the Company represents as Agents of International Textile Machinery manufacturers covering a range of spinning, knitting, processing and garmenting machinery.
Developments and Performance
Textile Air Engineering Group (TAE)
Indian textile industry is witnessing an improved environment despite the issues of increase in power tariff and shortage of power especially in southern region. However, due to slow implementation of projects by the customers and sluggish demand in the South Indian textile industry, where the division has a higher market share, the division did not achieve the budgeted booking and billing during the year
Textile Machinery Division (TMD)
The year began with almost a recession like situation for Spinning Sector with large inventories and mills working only to about 40% capacity on account of poor international demand for yarn. This situation changed with pick up in global market which enabled the division to improve upon its projections and market share. The results could have been better, had the power situation in Tamil Nadu and Andhra Pradesh improved.
As regards Knitting Sector, despite a good scenario at the beginning of the year, the situation rapidly deteriorated in the main market, Tirupur. However Eastern Region made up the shortfall with significant rise in machine sales and margins. Opening of new sector in home textile where the margins were much higher also improved the performance. All these contributed to increased sales and improved margins for the Knitting division during the year.
For most of the year Processing Sector displayed continued difficulties on account of pollution control restrictions and other uncertainties. However sales were maintained on account of projects finalized for two of the division new suppliers of Yarn Dyeing Machines and Fabric Dyeing Machines respectively.
With the above, the division posted higher than budgeted profits.
Opportunities,
Threats and Outlook
TAE
The continuation of TUF (Technology up gradation fund), favorable state Government policies for investment in textile sector and increasing demand of yarn will lead to further investments in spinning sector during 2013-14.
However the challenges in front of Industry are higher labour attrition rate, increasing power tariffs, adverse power situation in South, aggressive competition and slower implementation of projects.
The division is expected to do better considering the increase in the enquiry level for proposed green field projects, expansion in spinning and weaving sector, order backlog and overall positive market scenario. The new focused approach in applications for non textile sector will also offer growth opportunities for the division in the coming years.
TMD
The buoyant situation in the international yarn market is a big opportunity for Spinning Sector. After a slow down, capacities are being added in Andhra Pradesh and new projects are being finalized particularly in North India, Gujarat and M.P which will be new areas of growth opportunities. Poor power situation in southern region continues and is the only factor which prevents projects from taking off.
The new markets for Circular Knitting Sector opened up will help to increase sales. Their supplier has also come up with Circular Knitting Machines which are reliable and addressing the Indian market needs. This sector will show a modest growth in coming years.
While Processing Sector continues to be most challenging, it also has maximum opportunities. Investors have realized the importance of Effluent Control System and this will enable the industry to re-open their earlier planned projects. The division has added a few more international reputed suppliers in Fabric Dyeing and Finishing with orders likely to be concluded in the first quarter itself. The new products being added in the current year will themselves contribute more than 50% of this sectors turnover.
(III)
Air-conditioning and Refrigeration Group (ACR)
Business Structure,
developments and Performance
The group provides turnkey solutions to large industries in manufacturing and service field. The division continued its focus on completing the ongoing projects. Barring couple of projects, all the pending contracts have been successfully completed by the division during the year.
Opportunities,
Threats and Outlook
Being a highly differentiated market segment with scores of small and large, organized and unorganized entities crowding the field, the division has restricted its operations in a niche area apart from service and maintenance field to guard its returns.
(IV) Quickmill Inc.
Business Structure,
Developments and Performance
The Company’s wholly owned subsidiary is head quartered in Peterborough, Canada and is engaged in manufacture and sale of large size Gantry Drilling and Milling Machines. Its customers are mainly from energy and component manufacturing sectors.
The Company posted impressive results over the previous year contributed mainly by North America, with increased sales in the Power sector, oil and gas, off road equipment and steel processing industries. However, South America and Middle East did not contribute as expected due to slowdown in their economies and contribution from India was lower than expected with major boiler and other industrial equipment projects put on hold.
Opportunities,
Threats and Outlook
The company will continue its focus to explore the Russian, German, South American, and South East Asian market to augment sales. The North American markets continue to remain strong on account of the resurgence in the oil and gas sectors and the focus on manufacturing.
Competition from the Taiwanese Machine Tool manufactures will continue to be stiff; however Their continued focus on cost reduction and offering full turnkey solutions would give us an edge over the competition.
With the increased demand and strong enquiry levels, the outlook is optimistic. The Company plans to launch the new Quickdrill 3 product this year.
(V) AESA Air
Engineering SA
Business Structure,
Developments and Performance
The Company’s subsidiary AESA SA is head quartered in France with subsidiaries in China, Singapore and India. It is engaged in the business of Air Conditioning and filtration in textile, tobacco, non woven and glass industries.
After a negative result in 2011-12, this subsidiary is back to a marginal profit in 2012-2013, despite the prevailing global economic situation. This was possible mainly by extensive and selective sales activity to secure contracts, though markets were under pressure because of fierce competition. The implemented changes in the company structure at the offices situated in France, China, Singapore and India also contributed positively.
Opportunities,
Threats and Outlook
Markets in India and Indonesia are active and the prospects are good. Also in other Asian countries like Thailand,
Bangladesh, Pakistan market activity exists. The business volume in China has improved and is expected to develop further. However, margins in the business will continue to remain under severe pressure. Greater focus is also expected on the development of the market for spare parts and business services.
The focus of the RandD activities is on energy and man-power efficient systems.
With the Company adjusting to the market requirements and venturing into new activities the year ahead looks promising.
CONTINGENT
LIABILITIES NOT PROVIDED FOR IN RESPECT OF: (As on 31.03.2013)
a. Claims against the company not acknowledged as debts: Rs.27.644 Millions
b. Disputed sales tax/Excise demands under appeal Rs.7.630 Millions.
c. Corporate Guarantees given to banks and financial institutions for credit facilities/performance guarantees extended by them to Batliboi Environmental Engineering Limited (BEEL), a related party: Rs.2.390 Millions. Balance outstanding as on 31st March, 2013: Rs.215.550 Millions.
d. Guarantees given on behalf of the Company by its bankers and outstanding Rs.127.823 Millions (Previous year: Rs.137.941 Millions). Out of the above, Guarantees of Rs.11.612 Millions given by Company’s bankers and outstanding in respect of contracts of Batliboi Environmental Engineering Limited (BEEL), a related party.
e. In respect of guarantees given by the company to the bankers of Batliboi Environmental Engineering Limited (BEEL), a related party, BEEL has given counter guarantees on behalf of the Company.
f. Company has given Corporate Guarantee to others on behalf of its step down subsidiary Quickmill Inc amounting to CAD 0.739 Million equivalent to Rs.39.441 Millions
UNAUDITED STANDALONE
FINANCIAL RESULTS FOR THE QUARTER ENDED 30th JUNE, 2013
Rs. In Millions
|
|
Quarter Ended |
|
Particulars |
30.06.2013 (Un-Audited) |
|
INCOME FROM OPERATIONS Net Sales / Income from Operations |
266.825 |
|
(Net of Excise duty) |
|
|
TOTAL INCOME FROM
OPERATIONS (NET) |
266.825 |
|
EXPENSES |
|
|
(a) Cost of Materials Consumed |
120.465 |
|
(b) Purchase of Stock in Trade |
33.424 |
|
(c) Changes in inventories of finished goods, work in progress and stock in trade |
4.098 |
|
(d) Employees benefits expenses |
60.802 |
|
(e) Depreciation & Amortisation expenses |
4.349 |
|
(f) Other expenses |
59.658 |
|
TOTAL EXPENSES |
282.796 |
|
|
|
|
PROFIT / (LOSS)
FROM OPERATIONS BEFORE OTHER INCOME, FINANCE COST & EXCEPTIONAL ITEMS |
(15.972) |
|
Other Income |
34.285 |
|
|
|
|
PROFIT / (LOSS)
FROM ORDINARY ACTIVITIES BEFORE FINANCE COSTS & EXCEPTIONAL ITEMS |
18.313 |
|
Finance Costs |
13.841 |
|
|
|
|
PROFIT / (LOSS)
FROM ORDINARY ACTIVITIES AFTER FINANCE COSTS BUT BEFORE EXCEPTIONAL ITEMS |
4.472 |
|
Exceptional Items - (Expense)/Income |
|
|
|
|
|
PROFIT / (LOSS)
FROM ORDINARY ACTIVITIES BEFORE TAX |
4.472 |
|
Tax Expenses |
1.500 |
|
|
|
|
NET PROFIT / (LOSS)
FROM ORDINARY ACTIVITIES AFTER TAX |
2.972 |
|
Extraordinary Items |
|
|
|
|
|
NET PROFIT / (LOSS)
FOR THE PERIOD |
2.972 |
|
Paid-up Equity Share Capital (Face Value Rs.5/- per share) |
143.413 |
|
|
|
|
Reserves Excldg. Revaluation Reserves (As per Balance Sheet of Previous Accounting period) |
|
|
Basic & Diluted EPS for the Period (Rs. Per Share) (not annualized for the quarter) |
0.10 |
|
|
|
|
PARTICULARS OF
SHAREHOLDING |
|
|
Aggregate of Public
shareholding: |
|
|
a)Nos. of Shares |
52,39,060 |
|
b)Percentage of Shareholding |
18.27% |
|
|
|
|
Promoters and
promoter group Shareholding |
|
|
a) Pledged /
Encumbered |
NIL |
|
- 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 shareholding of the company) |
|
|
b) Non-Encumbered |
|
|
- Number of Shares |
2,34,43,490 |
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
100.00% |
|
- Percentage of shares (as a % of the total shareholding of the company) |
81.73% |
|
|
|
|
INVESTOR COMPLAINTS |
|
|
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 |
NIL |
SEGMENT WISE REVENUE,
RESULTS AND CAPITAL EMPLOYED
Rs. In Millions
|
Particulars |
30.06.2013 (Un-Audited) |
|
1. Segment Revenue |
|
|
Textile Engineering |
123.909 |
|
Machine Tools |
134.339 |
|
Other unallocable Sales & Income |
8.577 |
|
Net Sales/Income
from Operations |
266.825 |
|
|
|
|
2. Segment Results |
|
|
Profit / (Loss) before interest and tax |
|
|
Textile Engineering |
16.651 |
|
Machine Tools |
(38.081) |
|
Total Segment Results |
(21.429) |
|
Less: Finance Cost |
(13.841) |
|
Add: Other unallocable Income net of un-allocable expenses |
39.742 |
|
Total Profit /
(Loss) before Tax |
4.472 |
|
|
|
|
3. Segment wise
Capital Employed (Segment Assets
Less Segment Liabilities) |
|
|
Textile Engineering |
33.981 |
|
Machine Tools |
280.247 |
|
Unallocable assets less unallocable liabilities |
275.681 |
|
Net Capital
Employed in Company |
589.910 |
Note:
Rs. In Millions
|
Particular |
Quarter Ended |
|
|
30.06.2013 (Un-Audited) |
|
Gross Value of Total Business Handled (Including Agency Business) |
813.361 |
2) Provision for Taxation has been made u/s 115JB of the Income Tax Act, 1961 (MAT).
3) Other Income includes exchange difference gain of Rs. 25.578 Millions on restatement of foreign currency investment and profit on sale of property of Rs.6.551 Millions.
4) Tax expenses include Current tax and deferred tax and are net of refund.
5) Figures of the previous periods have been regrouped and reclassified wherever necessary and feasible, in order to make them comparable.
6) The above results have been reviewed by the Audit Committee and approved and taken on record by the Board of Directors of the Compan at its meeting held on 6th August, 2013.
7) Standalone results have been reviewed by the Statutory Auditors.
8) Consolidated Results (For Information)
|
|
Quarter Ended |
|
Particulars |
30.06.2013 (Un-Audited) |
|
Income from Operations |
640.869 |
|
Profit Before Tax |
18.029 |
|
Profit After Tax |
13.689 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10331782 |
29/12/2011 |
70,000,000.00 |
SHAMRAO VITHAL CO-OPERATIVE BANK LIMITED |
SVC TOWER, NEHRU ROAD, VAKOLA, SANTACRUZ (EAST), MUMBAI, MAHARASHTRA - 400055, INDIA |
B30560619 |
|
2 |
10182944 |
13/08/2013 * |
1,086,500,000.00 |
BANK OF BARODA |
CORPORATE FINANCIAL SERVICES BRANCH, FORT, MUMBAI SAMACHAR MARG, MUMBAI, MAHARASHTRA - 400023, INDIA |
B86151883 |
|
3 |
10180771 |
25/08/2009 |
23,000,000.00 |
CANARA BANK |
TOWN HALL BRANCH, J C ROAD, STOCK EXCHANGE TOWERS, BANGALORE, KARNATAKA - 560027, INDIA |
A70946017 |
|
4 |
10126778 |
17/03/2010 * |
98,740,000.00 |
INDUSIND BANK LIMITED |
MAKER CHAMBER IV, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A82933367 |
|
5 |
10106130 |
19/04/2008 |
109,000,000.00 |
PUNJAB NATIONAL BANK LIMITED |
PNB HOUSE, SIR PM ROAD, FORT, MUMBAI, MAHARASHTRA |
A39604178 |
|
6 |
10094478 |
07/03/2008 |
75,000,000.00 |
INDUSIND BANK LIMITED |
MAKER CHANBER IV, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A35014323 |
|
7 |
10049200 |
02/04/2007 |
200,000,000.00 |
ABN AMRO BANK N.V. |
SAKHAR BHAWAN, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A13892997 |
|
8 |
10025387 |
30/10/2006 |
353,500,000.00 |
BANK OF BARODA |
INDUSTRIAL FINANCE BRANCH, CAWASJI PATEL STREET, |
A06414874 |
|
9 |
10025674 |
27/10/2006 |
61,500,000.00 |
THE SHAMRAO VITHAL CO-OP. BANK LIMITED. |
B/2, SARASWAT BLDG., DR. KASHIBAI NAVRANGE MARG, |
A06223721 |
|
10 |
80028460 |
11/09/2007 * |
70,000,000.00 |
ABN AMRO BANK N. V. |
74, SAKHAR BHAVAN, 7TH FLOOR, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A24037558 |
|
11 |
90229922 |
13/12/2003 |
26,000,000.00 |
CORPORATION BANK |
104; BHARAT HOUSE; BOMBAY SAMACHAR MARG, FORT, BOMBAY, MAHARASHTRA - 400001, INDIA |
- |
|
12 |
90229826 |
19/07/2007 * |
382,500,000.00 |
BANK OF BARODA |
CORPORATE FINANCIAL SERVICES BRANCH, MUMBAI SAMACHAR MARG,
FORT, MUMBAI, MAHARASHTRA - 400023, INDI |
A20035473 |
|
13 |
90227031 |
26/04/2002 |
678,162,000.00 |
BANK OF BARODA |
INDUSTRIAL FINANCE BRANCH, CAWASJI PATEL STREET, |
- |
|
14 |
90229776 |
05/12/2006 * |
552,962,000.00 |
BANK OF BARODA |
INDUSTRIAL FINANCE BRANCH, CAWASJI PATEL STREET, |
- |
|
15 |
90244008 |
09/05/2008 * |
1,008,300,000.00 |
BANK OF BARODA |
CORPORATE FINANCIAL SERVICES BRANCH, FORT, MUMBAI SAMACHAR MARG, MUMBAI, MAHARASHTRA - 400023, INDIA |
A39488531 |
|
16 |
90229033 |
18/01/1996 |
90,400,000.00 |
DENA BANK |
INDUSTRIAL FINANCE BRANCH, MAKERS TOWERS; CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
- |
|
17 |
90228933 |
06/08/1998 * |
647,900,000.00 |
BANK OF BARODA |
MUMBAI MAIN OFFICE, CP STREET, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
18 |
90228584 |
13/10/1992 |
40,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI TOWER; CUFFE PARADE, BOMBAY, MAHARASHTRA - 400005, INDIA |
- |
|
19 |
90228571 |
12/08/1992 |
5,000,000.00 |
THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF |
163; BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
|
20 |
90228568 |
01/08/1992 |
10,000,000.00 |
THE INDUSTRIAL CREDIT AND INVESTMENT CORPORATION OF |
163; BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
* Date of charge modification
FIXED ASSETS:
· Land (Freehold)
· Land (Leasehold)
· Buildings
· On Freehold Land
· On Leasehold Land
· Plant and Machinery
· Office Equipments/ Computers etc.
· Furniture, Fixtures, Fans and Electrical Fittings
· Vehicles
· Intangible Assets -Technical Know how
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.61.30 |
|
|
1 |
Rs.97.99 |
|
Euro |
1 |
Rs.83.15 |
INFORMATION DETAILS
|
Information Gathered
by : |
PLK |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
NO |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
30 |
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.