MIRA INFORM REPORT
|
Report Date : |
22.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
HERCULES HOISTS LIMITED |
|
|
|
|
Registered
Office : |
Bajaj Bhawan, 2nd Floor, 226, Jamnalal Bajaj Marg, Nariman Point, Mumbai – 400021, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
15.06.1962 |
|
|
|
|
Com. Reg. No.: |
11-012385 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 32.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L45400MH1962PLC012385 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMH07341F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACH2706d |
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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
: |
Manufacturer, Exporter and Importer of Material Handing Equipments. |
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|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 6390000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects healthy financial risk profile marked by adequate liquidity
position and decent profitability of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
US investment bank Goldman
Sachs has upgraded its outlook on Indian markets as it expects positive
impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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 (Tel. No.: 91-2192-274601)
LOCATIONS
|
Registered Office : |
Bajaj Bhawan, 2nd Floor, 226, Jamnalal Bajaj Marg, Nariman Point, Mumbai – 400021, Maharashtra, India |
|
Tel. No.: |
91-22-22023626 |
|
Fax No.: |
91-22-22025160 |
|
E-Mail : |
indef@indef.com cjp@indeb.com |
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Administrative/ Corporate/ Head
Office/ Factory 1 : |
Survey Nos. 43/2B, 43/5, 45/2, Kharpada-Savroli Road, At Village Dhamani, Taluka-Khalapur, Khopoli, District Raigad - 410202, Maharashtra, India |
|
Tel. No.: |
91-2192-274601/ 274136 /
274087/ 274135/ 274036 |
|
Fax No.: |
91-2192-274125/ 325 |
|
|
|
|
Factory 2 : |
110, Minerva Industrial Estate, Mulund (West), Mumbai - 400080,
Maharashtra, India |
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|
|
Windfarm : |
(i) Windmill Nos. K-41 and 42 - Village Khori-Titane, Taluka, Sakri,
Dhule District, Maharashtra, India (ii) Windmill No. K-265 - Village Amkhel, Taluka Sakri, Dhule
District, Maharashtra, India (iii) Windmill No. J-06 - Village Phophade, Taluka Sakri, Dhule
District, Maharashtra, India |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Shekhar
Bajaj |
|
Designation : |
Chairman |
|
Date of Birth/Age : |
65 Years |
|
Qualification : |
B.Sc.(Pune), MBA (New York University) |
|
Date of Appointment : |
12.02.1989 |
|
|
|
|
Name : |
Mr. Klaus Carl Uebel |
|
Designation : |
Director |
|
Date of Birth/Age : |
79 Years |
|
Qualification : |
Industrialist and Business Diploma (Minerva Business School Studies, Zurich) |
|
Date of Appointment : |
15.06.1962 |
|
|
|
|
Name : |
Mr. Naresh Chandra |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Ms. Vinaya L Mehrotra |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr.
Kishorilal F. Jhunjhunwala |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Mukul
M. Upadhyaya |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Gaurav
V. Nevatia |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Tushar
P. Shah |
|
Designation : |
Director |
|
Date of Birth/Age : |
70 Years |
|
Qualification : |
BE (Mech.), MS (Univ. of Florida, USA) |
|
Date of Appointment : |
30.01.2007 |
|
|
|
|
Name : |
Mr.
Shailesh V. Haribhakti |
|
Designation : |
Alternate Director to Mr. K. C. Uebel |
|
|
|
|
Name : |
Mr. H. A.
Nevatia |
|
Designation : |
Whole Time
Director |
|
Qualification : |
B.Sc. (Hons.) |
|
Date of Appointment : |
27.01.1976 |
KEY EXECUTIVES
|
CORPORATE
MANAGEMENT TEAM |
|
|
|
|
|
Name : |
Mr. Prakash Subramaniam |
|
Designation : |
President and CEO |
|
|
|
|
Name : |
Mr. Harbhajan Singh Bindra |
|
Designation : |
Vice President – Operations |
|
|
|
|
Name : |
Mr. Vivek Mahendru |
|
Designation : |
Vice President-Marketing |
|
|
|
|
Name : |
Mr. Vijay Singh |
|
Designation : |
General Manager - Finance and Accounts |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
8342730 |
26.07 |
|
|
13906000 |
43.46 |
|
|
22248730 |
69.53 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
22248730 |
69.53 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
21185 |
0.07 |
|
|
21185 |
0.07 |
|
|
|
|
|
|
537408 |
1.68 |
|
|
|
|
|
|
4114632 |
12.86 |
|
|
2417649 |
7.56 |
|
|
2660396 |
8.31 |
|
|
88182 |
0.28 |
|
|
1652631 |
5.16 |
|
|
25314 |
0.08 |
|
|
894269 |
2.79 |
|
|
9730085 |
30.41 |
|
Total Public shareholding (B) |
9751270 |
30.47 |
|
Total (A)+(B) |
32000000 |
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) |
32000000 |
0.00 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Promoter and Promoter Group
|
Sl.No. |
Name of the
Shareholder |
Details of Shares held |
|
|
No. of Shares held |
As a % |
||
|
1 |
Anant Bajaj |
16,64,000 |
5.20 |
|
2 |
Kiran Bajaj |
5,80,000 |
1.81 |
|
3 |
Kumud Bajaj |
9,14,000 |
2.86 |
|
4 |
Madhur Bajaj |
4,40,000 |
1.38 |
|
5 |
Niraj Bajaj |
9,28,000 |
2.90 |
|
6 |
Niraj Bajaj Trust |
5,52,000 |
1.73 |
|
7 |
Rahulkumar Bajaj |
14,640 |
0.05 |
|
8 |
Sanjivnayan Bajaj |
2,400 |
0.01 |
|
9 |
Shekhar Bajaj |
7,49,005 |
2.34 |
|
10 |
Shekhar Bajaj |
2,415 |
0.01 |
|
11 |
Shekhar Bajaj |
2,654 |
0.01 |
|
12 |
Shekhar Bajaj |
1,860 |
0.01 |
|
13 |
Shekhar Bajaj |
2,076 |
0.01 |
|
14 |
Shekhar Bajaj HUF |
4,99,200 |
1.56 |
|
15 |
Sunaina Kejriwal |
19,90,480 |
6.22 |
|
16 |
Bachhraj Factories Private Limited |
12,35,280 |
3.86 |
|
17 |
Bajaj Holdings and Investment Limited |
62,51,040 |
19.53 |
|
18 |
Bajaj Sevashram Private Limited |
18,68,000 |
5.84 |
|
19 |
Jamnalal Sons Private Limited |
41,51,680 |
12.97 |
|
20 |
Shekhar Holdings Private Limited |
4,00,000 |
1.25 |
|
|
Total |
2,22,48,730 |
69.53 |
Shareholding of securities (including shares, warrants, convertible securities)
of persons belonging to the category Public and holding more than 1% of the
total number of shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % |
|
|
1 |
Pramodkumar S Nevatia |
776480 |
2.43 |
|
|
2 |
Kishorilal F Jhunjhunwala |
880000 |
2.75 |
|
|
3 |
Nirmal P Jhunjhunwala |
1194000 |
3.73 |
|
|
4 |
Heinrich De Fries Gmbh |
1600000 |
5.00 |
|
|
|
Total |
4450480 |
13.91 |
|
Shareholding of securities (including shares, warrants, convertible securities)
of persons (together with PAC) belonging to the category “Public” and holding
more than 5% of the total number of shares of the company
|
Sl. No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % |
|
|
1 |
Heinrich De Fries Gmbh |
1600000 |
5.00 |
|
|
|
Total |
1600000 |
5.00 |
|
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of Material Handing Equipments. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Material Handling Equipments |
Nos. |
N.A. |
60000 |
53461 |
|
Wind Mill Power |
KWH |
N.A. |
5 MW |
5 MW |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
· Axis Bank Limited · HDFC Bank Limited · ICICI Bank Limited · Bank of Maharashtra ·
Yes Bank Limited |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|||||||||||||||
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M. L. Bhuwania and Company Chartered Accountants |
|
|
|
|
Cost
Auditor: |
|
|
Name : |
R Nanabhoy and Company Cost Accountants |
|
|
|
|
Related Parties : |
· Bajaj Electricals Limited · Bajaj Finserv Limited · Hind Lamps Limited · Hind Musafir Agency Limited · Hindustan Housing Company Limited · Baroda Industries Private Limited · Mukand Limited · Bajaj Allianz General Insurance Company Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40,000,000 |
Equity Shares |
Re.1/- each |
Rs. 40.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
32,000,000 |
Equity Shares |
Re.1/- each |
Rs. 32.000 Millions |
|
|
|
|
|
The reconciliation of
the number of shares outstanding at the beginning and at the end of reporting
period 31-03-2013:
|
Particulars |
As at 31st March, 2013 |
|
Number of shares at the beginning |
16,000,000 |
|
Add: Bonus Shares issued during the year* |
16,000,000 |
|
Less : Shares bought back (if any) |
- |
|
Number of shares at the end |
32,000,000 |
* During the year, the Company has issued Bonus Shares in the ratio of 1:1 by capitalisation of General Reserve.
Terms/rights attached
to equity shares
(A) The company has only one class of equity shares having a par value of Re. 1 per share. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
(B) The amount of per share dividend of Rs. 1.75 (Previous Year Rs. 3.50) has been proposed to be distributed to equity shareholders for the year ended 31/03/2013. The total amount of dividend shall be Rs. 65.517 Millions Including Dividend Distribution Tax Rs. 9.517 Millions (Previous Year Dividend of Rs. 65.085 Millions (Including Dividend Distribution Tax Rs. 9.085 Millions).
(C) 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.
Aggregate number of
bonus shares issued and sub-division of shares during the period of five years
immediately preceding the reporting date:
(A) In the Financial Year 2008-09, 1,600,000 Equity Shares of Rs.10 each fully paid were sub-divided into 16000000 Equity Sharesof Re.1 each fully paid up.
The details of
shareholders holding more than 5% shares in the company :
|
Particulars |
As at 31st March, 2013 |
|
|
No. of shares held |
% held |
|
|
Bajaj Holdings and Investment Limited |
6,251,040 |
19.53 |
|
Jamnalal Sons Private Limited |
5,221,680 |
16.32 |
|
Sunaina Kejriwal |
1,990,480 |
6.22 |
|
Bajaj Sevashram Private Limited |
1,868,000 |
5.84 |
|
Anant Bajaj |
1,664,000 |
5.20 |
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 |
32.000 |
16.000 |
16.000 |
|
(b) Reserves & Surplus |
1566.550 |
1362.757 |
1118.676 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
1598.550 |
1378.757 |
1134.676 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
46.031 |
40.817 |
36.660 |
|
(c) Other long term
liabilities |
3.102 |
2.353 |
2.202 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
49.133 |
43.170 |
38.862 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
5.478 |
41.227 |
0.842 |
|
(b) Trade payables |
139.774 |
70.458 |
115.492 |
|
(c) Other
current liabilities |
26.230 |
26.097 |
40.429 |
|
(d) Short-term
provisions |
69.660 |
70.648 |
64.961 |
|
Total Current
Liabilities (4) |
241.142 |
208.430 |
221.724 |
|
|
|
|
|
|
TOTAL |
1888.825 |
1630.357 |
1395.262 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
283.567 |
290.930 |
327.400 |
|
(ii)
Intangible Assets |
0.655 |
1.127 |
1.668 |
|
(iii) Capital
work-in-progress |
0.425 |
5.627 |
7.127 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
242.795 |
225.927 |
245.727 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
91.591 |
48.993 |
31.294 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
619.033 |
572.604 |
613.216 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
252.310 |
209.682 |
235.509 |
|
(c) Trade
receivables |
251.755 |
221.211 |
214.190 |
|
(d) Cash
and cash equivalents |
378.257 |
250.981 |
176.315 |
|
(e)
Short-term loans and advances |
331.378 |
323.238 |
125.850 |
|
(f) Other
current assets |
56.092 |
52.641 |
30.182 |
|
Total
Current Assets |
1269.792 |
1057.753 |
782.046 |
|
|
|
|
|
|
TOTAL |
1888.825 |
1630.357 |
1395.262 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1236.626 |
1210.014 |
1193.585 |
|
|
|
Other Income |
114.188 |
92.051 |
48.293 |
|
|
|
TOTAL (A) |
1350.814 |
1302.065 |
1241.878 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
664.512 |
600.592 |
552.814 |
|
|
|
Purchases of Stock-in-Trade |
1.994 |
3.325 |
28.332 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(14.651) |
6.886 |
(12.392) |
|
|
|
Employees benefits expense |
72.708 |
58.439 |
50.016 |
|
|
|
Other expenses |
195.373 |
169.276 |
162.902 |
|
|
|
TOTAL (B) |
919.936 |
838.518 |
781.672 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
430.878 |
463.547 |
460.206 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.011 |
0.551 |
2.429 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
429.867 |
462.996 |
457.777 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
20.179 |
20.332 |
20.265 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
409.688 |
442.664 |
437.512 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
124.378 |
133.498 |
138.416 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
285.310 |
309.166 |
299.096 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
15.000 |
15.000 |
15.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
184.793 |
244.082 |
243.309 |
|
|
|
Proposed Dividend |
56.000 |
56.000 |
48.000 |
|
|
|
Tax on Dividend |
9.517 |
9.084 |
7.787 |
|
|
BALANCE CARRIED
TO THE B/S |
50.000 |
15.000 |
15.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports (on F.O.B. Basis) |
4.071 |
12.466 |
9.096 |
|
|
|
Freight |
0.381 |
0.073 |
0.000 |
|
|
|
Insurance |
0.001 |
0.001 |
0.000 |
|
|
TOTAL EARNINGS |
4.453 |
12.540 |
9.096 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials & Components |
37.633 |
24.493 |
20.020 |
|
|
TOTAL IMPORTS |
37.633 |
24.493 |
20.020 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
8.92 |
19.32 |
18.70 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
175.600 |
302.900 |
289.100 |
|
Total Expenditure |
143.300 |
219.400 |
224.300 |
|
PBIDT (Excl OI) |
32.300 |
83.600 |
64.800 |
|
Other Income |
30.600 |
36.800 |
18.600 |
|
Operating Profit |
62.900 |
120.300 |
83.400 |
|
Interest |
0.000 |
0.000 |
0.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
62.900 |
120.300 |
83.400 |
|
Depreciation |
5.100 |
4.800 |
5.000 |
|
Profit Before Tax |
57.800 |
115.500 |
78.300 |
|
Tax |
14.30 |
30.700 |
27.500 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
43.500 |
84.800 |
50.800 |
|
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 |
43.500 |
84.800 |
50.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
21.12 |
23.74 |
24.08 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
33.13 |
36.58 |
36.66 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
24.90 |
31.65 |
38.30 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26 |
0.32 |
0.39 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.03 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.27 |
5.07 |
3.53 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
16.000 |
16.000 |
32.000 |
|
Reserves & Surplus |
1118.676 |
1362.757 |
1566.550 |
|
Net
worth |
1134.676 |
1378.757 |
1598.550 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.842 |
41.227 |
5.478 |
|
Total
borrowings |
0.842 |
41.227 |
5.478 |
|
Debt/Equity
ratio |
0.001 |
0.030 |
0.003 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1193.585 |
1210.014 |
1236.626 |
|
|
|
1.376 |
2.199 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1193.585 |
1210.014 |
1236.626 |
|
Profit |
299.096 |
309.166 |
285.310 |
|
|
25.06% |
25.55% |
23.07% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF LONG TERM DEBTS
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
|
|
|
|
|
Current Maturities of Long Term Debt |
NA |
0.000 |
5.949 |
|
|
|
|
|
|
NOTE (A) The above Long Term Debt is secured. (i) Secured by first charge on the windmills at location no. K41, K42, K265 & J06, situated at Dhulia. (ii) Also secured by parri passu charge on all the present and future movable and immovable properties of the Company. (B) The above Long Term Debt (Term Loan) was taken in F.Y. 2006-07 and the same was repayable in 6 years (including Moratorium period of 12 months). |
|||
|
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 |
Yes |
|
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 |
No |
LITIGATION DETAILS
|
HIGH COURT OF BOMBAY |
||||||
|
CASE DETAILS |
||||||
|
BENCH:- BOMBAY |
||||||
|
PRESENTATION DATE:- 13/02/2014 |
||||||
|
STAMP NO:- ITXAL/421/2014 |
FAILING DATE:- 12.02.2014 |
REG. NO.: ITXA/707/2014 |
REG. DATE: 03/04/2014 |
|||
|
PETITIONER:- |
COMMISSIONER OF INCOME TAX |
RESPONDENT:- |
HERCULES HOISTS LTD. |
|||
|
PETN.ADV:- |
ARVIND PINTO |
|
||||
|
DISTRICT:- |
MUMBAI |
|||||
|
BENCH:- |
DIVISION |
|||||
|
STATUS:- |
PRE-ADMISSION |
CATEGORY:- |
TAX APPEALS |
|||
|
LAST DATE:- |
15/04/2014 |
STAGE:- |
||||
|
LAST CORAM:- |
ACCODING TO SITTING LIST ACCODING TO SITTING LIST |
|||||
|
ACT:- |
INCOME TAX ACT, 1961 |
|||||
|
UNDER SECTION:- |
260A |
|||||
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10417010 |
11/03/2013 |
50,000,000.00 |
AXIS BANK LIMITED |
CORPORATE BANKING BRANCH,GR.FL,
AXIS HOUSE BOMBAY, |
B72353022 |
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENT:
Wherever loads have to be moved, some material handling equipment is required. The material handling covers a vast range of product from very big to very small. The Company manufactures Manual Hoists (Chain Pulley Blocks), Electric Chain and Wire Rope Hoists, Traveling Trolleys, Storage and Retrieval Cranes, H.O.T./E.O.T./Jib Cranes, Roll-Out Racks, Ratchet Hoists, Light Profile Crane Systems.
The Company has modern production / assembly lines and testing facilities. Strict Quality Control is maintained through raw-materials, in line and finished product inspection. The Company is supported by well qualified vendors and ancillary workshops. The Company continues to have ISO-9001 accreditation from TUV NORD of Germany since May, 1997. TUV NORD has issued a statement of compliance to the relevant European Machinery Directives thereby allowing “CE” marking on “Spur Gear type hand Operated Chain Pully Blocks” which is beneficial for export. The Company’s Products are marketed through out India by a network of 44 dealers, representatives and liaison agents.
The Company has installed 4 Windmills of 1.25 M.W. each in District Dhule of Maharashtra between the year 2005 and 2006.
The Company has been developing new range of products as per customers needs like Safe Chain Pulley Blocks with load limiter, new series of Compact Intelligent Chain Electric Hoists upto 20 tons capacity, Crane kits, Automated Storage and Retrieval Solutions, High Speed mini loader for logistic and warehousing applications, new range of compact Wire Rope Hoists, improved Ratchet Hoists and Pulling and Lifting machines.
FINANCIAL REVIEW /
SEGMENT WISE PERFORMANCE:
The revenue from operations of the Company at Rs.1236.600 Millions are 2.20% higher compared to last year’s revenue from operations of Rs.1210.000 Millions. The net profit of Rs.28.53 Crores is 7.73% lower, as compared to last year’s net profit of Rs.309.200 Millions.
BUSINESS OUT-LOOK:
Economic situation continues to be uncertain and new investment not forthcoming. However, the demand should pick up on basis of improvement in creation of infrastructure and capital goods therein. The Company is also trying to increase its market share through focus on cost management, enhancing efficiency in supply chain and introducing new product range.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / NINE MONTHS ENDED 31ST
DECEMBER, 2013
PART: I
Rs. in Millions (Except EPS)
|
Sr. No. |
Particulars |
Quarter Ended |
Nine Months Ended |
||
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|||
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
|
1 |
Income from
operations |
||||
|
(a) Net Sales/Income from Operations (Net of excise duty) |
288.596 |
302.545 |
766.684 |
||
|
(b) Other Operating Income |
0.503 |
0.395 |
0.923 |
||
|
Total Income from
operations (net) |
289.099 |
302.94 |
767.607 |
||
|
2 |
Expenditure |
|
|
|
|
|
(a) Cost of Materials Consumed |
158.115 |
152.982 |
393.916 |
||
|
(b) Purchase of stock-in-trade |
9.659 |
3.576 |
28.515 |
||
|
(c) Changes in Inventories of finished goods and work- in-progress |
(9.637) |
2.580 |
(12.233) |
||
|
(d) Employees benefits expenses |
20.585 |
19.407 |
58.184 |
||
|
(e) Depreciation & amortisation expense |
5.026 |
4.793 |
14.962 |
||
|
(f) Other Expenses |
45.592 |
40.839 |
118.339 |
||
|
Total Expenditure |
229.339 |
224.178 |
601.685 |
||
|
3 |
Profit / (Loss)
from Operations before Other Income, finance costs and exceptional item (1-2) |
59.760 |
78.762 |
165.922 |
|
|
4 |
Other Income |
18.580 |
36.750 |
85.682 |
|
|
5 |
Profit / (Loss)
from ordinary activites before finance costs and Exceptional items (3+4) |
78.340 |
115.512 |
251.604 |
|
|
6 |
Finance Costs |
-- |
-- |
-- |
|
|
7 |
Profit / (Loss)
from ordinary activites after finance costs but before Exceptional items (5-6) |
78.340 |
115.512 |
251.604 |
|
|
8 |
Exceptional Items |
-- |
-- |
-- |
|
|
9 |
Profit / (Loss)
from Ordinary Activities before tax (7 + 8) |
78.340 |
115.512 |
251.604 |
|
|
10 |
Tax Expense |
27.502 |
30.739 |
72.504 |
|
|
11 |
Net Profit / (Loss)
from Ordinary Activities after tax (9-10) |
50.839 |
84.774 |
179.100 |
|
|
12 |
Extraordinary Items (net of tax expense) |
-- |
-- |
-- |
|
|
13 |
Net Profit / (Loss)
for the period (11-12) |
50.839 |
84.774 |
179.100 |
|
|
14 |
Paid-up Equity Share Capital (Face Value Re. 1 each) |
32.000 |
32.000 |
32.000 |
|
|
15 |
Reserve excluding Revaluation Reserve as per Balance Sheet |
|
|
|
|
|
16(1) |
Earnings Per Share (Befofre Extraordinary items) (a) Basic (b) Diluted |
1.59 1.59 |
2.65 2.65 |
5.60 5.60 |
|
|
16(h) |
Earnings Per Share (After Extraordinary items) (a) Basic (b) Diluted |
1.59 1.59 |
2.65 2.65 |
5.60 5.60 |
|
|
Information for the Quarter / Nine Months ended 31-12-2013 |
|
|
|
||
|
|
|
|
|
|
|
|
PART II |
|
|
|
||
|
A |
Particulars
of shareholding |
|
|
|
|
|
Public
Shareholding |
|
|
|
||
|
- Number of Shares |
9751270 |
9751270 |
9751270 |
||
|
- Percentage of Shareholding |
30.47% |
30.47% |
30.47% |
||
|
2 |
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 |
22248730 |
22248730 |
22248730 |
||
|
- 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) |
69.53% |
69.53% |
69.53% |
||
|
|
Particular |
Quarter Ended
31.12.2013 |
|
B |
INVESTOR COMPLAINTS |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
Nil |
|
|
Disposed of during the quarter |
Nil |
|
|
Remaining unresolved at the end of the quarter |
Nil |
SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED, UNDER CLAUSE 41 OF
THE LISTING AGREEMENT
(Rs. In Millions)
|
Sr. No. |
Particulars |
Quarter Ended |
Nine Months Ended |
||
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|||
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
|
1 |
Segment Revenue
(Net Sales and Income) |
||||
|
(a) Material Handling Equipment |
287.604 |
289.206 |
739.536 |
||
|
(b) Windmill Power |
1.494 |
13.734 |
28.070 |
||
|
|
Net sales/Income
from Operations |
289.098 |
302.940 |
767.606 |
|
|
2 |
Segment Results |
|
|
|
|
|
(a) Material Handling Equipment |
63.568 |
84.373 |
173.858 |
||
|
(b) Windmill Power |
(3.167) |
8.444 |
13.320 |
||
|
|
Total |
60.401 |
92.817 |
187.178 |
|
|
|
Finance Cost |
-- |
-- |
-- |
|
|
Other Un-allocable Corporate Expenditure net off Unallocable Income |
17.939 |
22.695 |
64.426 |
||
|
|
Total Profit (+)/Loss
(-) before Tax and extra ordinary items |
78.340 |
115.512 |
251.604 |
|
|
3 |
Capital Employed
(Segment Assets Less Liabilities) |
|
|
|
|
|
|
(a) Material Handling Equipment |
566.131 |
512.533 |
566.131 |
|
|
|
(b) Windmill Power |
152.505 |
172.100 |
152.505 |
|
|
|
(c) Unallocated |
1059.015 |
1042.180 |
1059.015 |
|
|
|
Total Capital
Employed in the Company |
1777.650 |
1726.813 |
177.650 |
|
Notes :-
1. The above unaudited results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 6th February, 2014.
2. The Statutory Auditors of the Company have carried out limited review of the above results.
3. Segment Revenue, Result and Capital Employed figures include the respective amounts identifiable to each of the segments. Other allocable expenditure mainly includes expenses incurred on common services.
4. Revenues and Operating Profits for the nine months ended Dec. 31, 2013 were affected due to the agitation by the workmen.
5. Previous period figures have been regrouped / rearranged wherever necessary to make them comparable with those of the current period.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Disputed Income Tax Liability |
122.765 |
122.144 |
|
Disputed Excise Duty Liability |
15.501 |
13.385 |
|
Indemnity Bonds issued under Export Promotion Capital Goods (EPCG) Scheme |
0.508 |
0.508 |
|
Claims against the company not acknowledged as debts |
0.732 |
0.732 |
|
Sales Tax Liabilities related to pending C Form |
44.395 |
47.952 |
|
|
183.901 |
184.721 |
FIXED ASSETS
Tangibles Assets
· Freehold Land
· Leasehold Land
· Buildings
· Plant and Machinery
· Machine Accessories
· Electrical Installations
· Windmill Plant
· Furniture and Fixtures
· Factory Fixtures
· Jigs and Fixtures
· Dies and Patterns
· Vehicles
· Office Equipments
· Computers
Intangibles 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 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.60.34 |
|
|
1 |
Rs.101.41 |
|
Euro |
1 |
Rs.83.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
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.