MIRA INFORM REPORT
|
Report Date : |
22.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
K S B PUMPS LIMITED |
|
|
|
|
Registered
Office : |
126, Maker Chambers – III, Nariman Point, Mumbai – 400021, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.12.2013 |
|
|
|
|
Date of
Incorporation : |
11.04.1960 |
|
|
|
|
Com. Reg. No.: |
11-011635 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.348.080
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29120MH1960PLC011635 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMK11971B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACK5918J |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Power Driven Pumps and
Industrial Valves. |
|
|
|
|
No. of Employees
: |
13300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
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 18000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a well-established company having fine track record. The rating reflects established market position and well-diversified
product portfolio spanning the entire pumps and valves industry marked by adequate
liquidity position and fair 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.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term – fund based limits : AA |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
July 16, 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term – fund based limits : A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
July 16, 2013 |
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 PARTED BY
|
Name : |
Ms. Anna Philip |
|
Designation : |
Export Department |
|
Contact No.: |
91-20-27101000 |
|
Date : |
24.03.2014 |
LOCATIONS
|
Registered Office : |
126, Maker Chambers III, Nariman Point, Mumbai – 400021, Maharashtra,
India |
|
Tel. No.: |
91-22-66588787 |
|
Fax No.: |
91-22-66588788 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Branch Office : |
30, Circus Avenue, 2nd floor, Kolkata – 700017, West
Bengal, India |
|
|
|
|
Zonal Offices : |
|
|
North : |
Noida |
|
Offices : |
· Chandigarh · Jaipur · Lucknow |
|
|
|
|
East : |
Kolkata |
|
Offices : |
· Bhubaneshwar · Jamshedpur · Raipur |
|
|
|
|
West : |
Mumbai |
|
Offices : |
· Ahmedabad · Aurangabad · Baroda · Indore · Nagpur · Pune |
|
|
|
|
South : |
Chennai |
|
Offices : |
· Bangalore · Secunderabad |
|
|
|
|
Factory 1 : |
Pimpri, Pune - 411018, Maharashtra, India |
|
|
|
|
Factory 2 : |
D II Block, MIDC, Chinchwad, Pune - 411019, Maharashtra, India |
|
|
|
|
Factory 3 : |
Vambori, District Ahmednagar - 413704, Maharashtra, India |
|
|
|
|
Factory 4 : |
151, Mettupalayam Road, NSN Palayam, Coimbatore - 641031, Tamilnadu,
India |
|
|
|
|
Factory 5 : |
Plot No. E3 and E4, MIDC, Sinnar (Malegaon), Nashik - 422103, Maharashtra,
India |
|
|
|
|
Irrigation and
Process Division (IPD) : |
Mumbai-Pune Road, Pimpri, Pune – 411018, Maharashtra, India |
DIRECTORS
AS ON 31.12.2013
|
Name : |
Mr. G. Swarup |
|
Designation : |
Chairman |
|
|
|
|
Name : |
W. Spiegel |
|
Designation : |
Managing Director |
|
Date of Birth/ Age : |
61 Years |
|
Qualification |
Graduate Mechanical Engineer |
|
Experience : |
47 Years |
|
Date of Appointment : |
01.01.2002 |
|
|
|
|
Name : |
Mr. A.R. Broacha |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. D.N. Damania |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. N.N. Kampani |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Stephan Bross |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. W. Schmitt |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Pradip Shah |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Ms. Anna Philip |
|
Designation : |
Export Department |
SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of Shareholders |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
Individuals / Hindu Undivided Family |
153458 |
0.44 |
|
|
8855752 |
25.44 |
|
|
9009210 |
25.88 |
|
|
|
|
|
|
14110848 |
40.54 |
|
|
14110848 |
40.54 |
|
Total shareholding of Promoter and Promoter Group (A) |
23120058 |
66.42 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3423097 |
9.83 |
|
|
2134 |
0.01 |
|
|
862621 |
2.48 |
|
|
410857 |
1.18 |
|
|
2816 |
0.01 |
|
|
1000 |
0.00 |
|
|
1816 |
0.01 |
|
|
4701525 |
13.51 |
|
|
|
|
|
|
2007824 |
5.77 |
|
|
|
|
|
|
3887223 |
11.17 |
|
|
826987 |
2.38 |
|
|
264227 |
0.76 |
|
|
27138 |
0.08 |
|
|
202385 |
0.58 |
|
|
34200 |
0.10 |
|
|
504 |
0.00 |
|
|
6986261 |
20.07 |
|
Total Public shareholding (B) |
11687786 |
33.58 |
|
Total (A)+(B) |
34807844 |
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) |
34807844 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Power Driven Pumps and
Industrial Valves. |
||||||||
|
|
|
||||||||
|
Products/ Services : |
|
||||||||
|
|
|
||||||||
|
Exports : |
|
||||||||
|
Products : |
Finished Goods |
||||||||
|
Countries : |
· Germany · Indonesia |
||||||||
|
|
|
||||||||
|
Terms : |
|
||||||||
|
Selling : |
L/C and Credit |
||||||||
|
|
|
||||||||
|
Purchasing : |
L/C and Credit |
PRODUCTION STATUS (AS ON 31.12.2011)
|
Particulars |
Unit |
Licensed Capacity on the basis of maximum
utilisation of plant and machinery |
Installed Capacity (on triple shift basis) as certified
by the Management and not verified by the auditors as this is a technical
matter |
Actual Production Qty. Nos. |
|
Power Driven Pumps |
Nos. |
Not applicable * |
150,500 |
165,785 |
|
Industrial Valves |
Nos. |
Not applicable * |
186,000 |
163,907 |
|
Carbon Steel, Alloy Steel, and Alloy Iron Castings |
Tonnes |
Tonnes 9000 ** |
9,000 |
123,714 kgs |
|
Non Ferrous Castings |
Tonnes |
Tonnes 200 ** |
200 |
-- |
NOTES:
* Under a
notification dated July 25, 1991 issued by the Ministry of Industry, the Company’s
industrial undertakings are exempt from the licensing provisions of the
Industries (Development and Regulation) Act, 1951. In accordance with the said
notification memoranda have been filed with the Department of Industrial
Development (Secretariat of Industrial Approvals).
** Represents registered capacity, with the Department of Industrial
Development.
GENERAL INFORMATION
|
Customers : |
End Users |
|||||||||||||||
|
|
|
|||||||||||||||
|
No. of Employees : |
13300 (Approximately) |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
· Central Bank of India · Standard Chartered Bank · Deutsche Bank AG |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
|
|
|
Cost Auditors : |
|
|
Name : |
Dhananjay V. Joshi and Associates Cost Accountants |
|
|
|
|
Collaborators : |
KSB Aktiengesellschaft, Germany |
|
|
|
|
Controlling
Company : |
· KSB AG · Canadian Kay Pump Limited · Klein Pumpen GmbH |
|
|
|
|
Subsidiary
Company : |
Pofran Sales and Agency Limited |
|
|
|
|
Associate
Company : |
MIL Controls Limited |
|
|
|
|
Common
Control : |
· KSB S.A. · KSB Inc., USA · KSB Pumps (S.A.) (Pty.) Limited, South Africa · KSB Australia · KSB Chile S.A. · KSB Singapore (Asia Pacific) PTE Limited, Singapore · KSB Limited, Hongkong · KSB Pumps Company Limited, Thailand · P.T. KSB., Indonesia · KSB Taiwan Company Limited · KSB Limited, Tokyo · KSB Brazil · KSB Korea · KSB Mexico · KSB Nederland · DP Industries B.V., Nederland · KSB Pumps Arabia Limited · KSB Limited, U.K. · KSB Italia S.p.A., Italy · KSB Pompa Turkey · KSB Shanghai Pump Company Limited, China · KSB Valves (Shanghai) Company Limited, China · Mercantile-KSB Oy AB, Finland · KSB Pakistan · Delian KSB Amri Valves Company Limited, China · Bombas ITUR S.A., Spain · KSB TESMA S.A., Griechenland · KSB Tech. Private Limited, India · GIW Industries Inc., USA · KSB Middle East FZE, Dubai · KSB Pumpy + Armatury spol. sr. o, Czech · KSB Service LLC · KSB Pompy Armatura Poland · KSB Compania Sudamericana · KSB Belgium SA · KSB China · KSB Pumps and Valves Malaysia · KSB Finanz SA · KSB AMV SA Spain · KSB Finland · KSB Mork AB, Sweden · KSB Lindflaten, Norway · KSB Oesterreich, Austria · KSB Pompes ET Robintteries Sarl, Morocco · KSB Argentina · KSB Service GMBH · KSB Canada · KSB New Zeland · Rotary Equipment · KSB OOO, Russia · KSB Valvulas Limited., Brazil |
|
|
|
|
Enterprises over which individuals having
significant influence over the reporting enterprise exercise significant
influence : |
· The Industrial and Prudential Investment Company Limited · New Holding and Trading Company Limited · Paharpur Cooling Towers Limited |
CAPITAL STRUCTURE
AS ON 31.12.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
34807844 |
Equity Shares |
Rs.10/- each |
Rs.348.078 Millions |
|
|
|
|
|
(i) Reconciliation of the number of shares
outstanding at the beginning and at the end of the year:
|
|
31.12.2013 |
|
|
No. of shares
outstanding at the beginning |
Number of shares |
Rs. in Millions |
|
- Equity shares |
34,807,844 |
348.080 |
|
Add: Additional shares issued |
|
|
|
- Equity shares (Bonus issue) |
-- |
-- |
|
Less: Shares forfeited/Bought back |
|
|
|
- Equity shares |
-- |
-- |
|
No. of shares outstanding at the end |
|
|
|
- Equity shares |
34,807,844 |
348.080 |
(ii) The Company
has only one class of shares referred to as equity shares having a par value of
Rs.10/-. Each shareholder of equity shares is entitled to one vote per share.
(iii) Aggregate
number of equity shares allotted as fully paid-up by way of bonus shares for
the period of five years immediately preceding the Balance Sheet date -
17,403,922
(iv) Number of shares held by each shareholder holding more than 5%
shares in the Company are as follows:
|
Particulars |
31.12.2013 |
|
|
|
Number of shares |
% of shares held |
|
Canadian Kay Pump Limited |
14,110,848 |
40.54 |
|
The Industrial and
Prudential Investment Company Limited |
7,140,000 |
20.51 |
|
Reliance Capital
Trustee Company Limited (held in Reliance Infrastructure Fund and Reliance
Tax Saver (ELSS) Fund) |
2,655,080 |
7.63 |
(v) The Company declares
and pays dividends in Indian rupees. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting. In the event of liquidation of the Company, the holders of
equity shares will be entitled to receive any of the remaining assets of the
Company, after distribution of all preferential amounts. However, no such
preferential amount exists currently. The distribution will be in proportion to
the number of equity shares held by the shareholders.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
348.080 |
348.080 |
348.080 |
|
(b) Reserves & Surplus |
4284.390 |
3910.790 |
3553.140 |
|
(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) |
4632.470 |
4258.870 |
3901.220 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.030 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
60.440 |
56.040 |
53.020 |
|
(d)
long-term provisions |
232.680 |
227.650 |
183.710 |
|
Total
Non-current Liabilities (3) |
293.120 |
283.690 |
236.760 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
31.850 |
168.520 |
631.550 |
|
(b)
Trade payables |
1210.070 |
1226.470 |
1294.680 |
|
(c)
Other current liabilities |
1045.460 |
838.190 |
775.930 |
|
(d)
Short-term provisions |
291.280 |
346.470 |
261.730 |
|
Total
Current Liabilities (4) |
2578.660 |
2579.650 |
2963.890 |
|
|
|
|
|
|
TOTAL |
7504.250 |
7122.210 |
7101.870 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1795.440 |
1566.740 |
1513.150 |
|
(ii)
Intangible Assets |
17.030 |
17.900 |
14.380 |
|
(iii)
Capital work-in-progress |
82.420 |
267.060 |
69.660 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
63.150 |
63.560 |
63.560 |
|
(c) Deferred tax assets
(net) |
77.750 |
74.580 |
52.330 |
|
(d) Long-term Loan
and Advances |
564.750 |
486.960 |
421.480 |
|
(e)
Other Non-current assets |
0.000 |
8.610 |
48.030 |
|
Total
Non-Current Assets |
2600.540 |
2485.410 |
2182.590 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1833.020 |
1935.350 |
1980.190 |
|
(c)
Trade receivables |
1260.160 |
1453.080 |
1822.470 |
|
(d)
Cash and cash equivalents |
1546.340 |
1002.070 |
817.390 |
|
(e)
Short-term loans and advances |
230.690 |
218.680 |
272.960 |
|
(f)
Other current assets |
33.500 |
27.620 |
26.270 |
|
Total
Current Assets |
4903.710 |
4636.800 |
4919.280 |
|
|
|
|
|
|
TOTAL |
7504.250 |
7122.210 |
7101.870 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations (net) |
7313.430 |
7137.680 |
7495.430 |
|
|
|
Other Income |
161.550 |
181.140 |
145.890 |
|
|
|
TOTAL (A) |
7474.980 |
7318.820 |
7641.320 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
3325.930 |
3415.150 |
4147.910 |
|
|
|
Purchases of stock-in-trade |
74.820 |
108.170 |
112.400 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
42.570 |
58.100 |
(276.800) |
|
|
|
Employee benefits expense |
1100.600 |
1036.300 |
1044.170 |
|
|
|
Other expenses |
1774.380 |
1615.510 |
1756.710 |
|
|
|
Expenditure transferred to capital account |
(10.600) |
(8.780) |
(12.720) |
|
|
|
TOTAL (B) |
6307.700 |
6224.450 |
6771.670 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1167.280 |
1094.370 |
869.650 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
25.940 |
52.400 |
27.760 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1141.340 |
1041.970 |
841.890 |
|
|
|
|
|
|
|
|
|
Less/ hAdd |
DEPRECIATION/
AMORTISATION (F) |
265.290 |
235.390 |
218.950 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
876.050 |
806.580 |
622.940 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
278.460 |
226.420 |
193.120 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
597.590 |
580.160 |
429.820 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
2949.260 |
2651.161 |
2428.610 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Dividend |
34.810 |
191.450 |
139.232 |
|
|
|
Tax on interim dividend |
32.540 |
31.060 |
5.647 |
|
|
|
Tax on proposed final dividend |
156.640 |
0.000 |
16.940 |
|
|
|
Transfer to General Reserve |
61.000 |
60.000 |
45.000 |
|
|
BALANCE CARRIED
TO THE B/S |
3261.860 |
2949.260 |
2651.161 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports at FOB value |
1067.490 |
1033.560 |
700.690 |
|
|
|
Recovery of packing and forwarding charges |
5.440 |
5.580 |
3.770 |
|
|
|
Service charges |
18.330 |
18.400 |
18.800 |
|
|
|
Technical services |
13.470 |
13.310 |
11.470 |
|
|
|
Commission |
30.160 |
35.100 |
35.590 |
|
|
|
Others |
1.810 |
0.000 |
13.050 |
|
|
TOTAL EARNINGS |
1136.700 |
1105.950 |
783.370 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw materials and components |
130.370 |
152.540 |
201.650 |
|
|
|
Stores, spares and tools |
4.970 |
6.910 |
5.420 |
|
|
|
Capital Goods |
39.580 |
92.150 |
44.140 |
|
|
|
Items imported for resale |
73.100 |
93.750 |
89.790 |
|
|
TOTAL IMPORTS |
248.020 |
345.350 |
341.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
17.17 |
16.67 |
12.35 |
|
KEY RATIOS
|
PARTICULARS |
|
31.12.2013 |
31.12.2012 |
31.12.2011 |
|
PAT / Total Income |
(%) |
7.99 |
7.93 |
5.62 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.98 |
11.30 |
8.31 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.03 |
12.01 |
9.01 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19 |
0.19 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.01 |
0.04 |
0.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.90 |
1.80 |
1.66 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
348.080 |
348.080 |
348.080 |
|
Reserves & Surplus |
3553.140 |
3910.790 |
4284.390 |
|
Net
worth |
3901.220 |
4258.870 |
4632.470 |
|
|
|
|
|
|
long-term borrowings |
0.030 |
0.000 |
0.000 |
|
Short term borrowings |
631.550 |
168.520 |
31.850 |
|
Total
borrowings |
631.580 |
168.520 |
31.850 |
|
Debt/Equity
ratio |
0.162 |
0.040 |
0.007 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
7495.430 |
7137.680 |
7313.430 |
|
|
|
(4.773) |
2.462 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.12.2011 |
31.12.2012 |
31.12.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
7495.430 |
7137.680 |
7313.430 |
|
Profit |
429.820 |
580.160 |
597.590 |
|
|
5.73% |
8.13% |
8.17% |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
Yes |
UNSECURED LOAN:
|
Particulars |
31.12.2013 Rs.
In Millions |
31.12.2012 Rs.
In Millions |
|
Short Term
Borrowings |
|
|
|
Book Overdraft |
0.000 |
16.800 |
|
|
|
|
|
Total |
0.000 |
16.800 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
90163701 |
27/09/2011
* |
1,967,500,000.00 |
CENTRAL
BANK OF INDIA |
CORPORATE
FINANCE BRANCH, M G ROAD, MUMBAI, MAHARASHTRA - 400023, INDIA |
B23205172 |
* Date of charge modification
LITIGATION DETAILS:
|
HIGH
COURT OF BOMBAY
|
FIXED ASSETS:
Tangible Assets
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office equipment
· Development of Property
Intangible Assets
· Computer software
· Copyrights, patents and other intellectual property rights, services and operating rights
GENERAL
REVIEW
WORKING:
During
the year subject has earned higher profit before tax compared to the previous year
due to various cost reduction and efficiency improvement measures. The overall
economic slowdown and delay in project execution continued in 2013. Hence,
situation of heavy pressure on margin continued in the year.
Export
increased by Rs.34.000 Million from Rs.1034.000 Million last year to
Rs.1068.000 Million. Subject continues with its efforts to maintain growth even
during the economic downturn and face new challenges.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
INTRODUCTION:
Subject
is engaged in the business of manufacture of power driven pumps and industrial
valves. Castings are mainly produced for captive consumption.
INDUSTRY
STRUCTURE AND DEVELOPMENT
GENERAL:
In the
year 2013, the global growth continued to remain moderate, with an uneven
recovery across industrial countries. Activity in major emerging market
economies barring China has decelerated on account of weak domestic demand,
notwithstanding some improvement in export performance.
In
India, the increase in real GDP growth in mid of 2013, though modest, was
driven largely by robust growth of agricultural activity, supported by an
improvement in net exports. However, the weakness in industrial activity
persisting into end of 2013, lackluster lead indicators of services and subdued
domestic consumption demand suggest continuing headwinds to growth. The
manufacturing sector, where the Company is operating, in fact, contracted
during 2013. Tightening government spending in early 2014 to meet budget
projections will add to these headwinds. In this context, the revival of
investment, especially in the infrastructure projects cleared by the
government, will be critical.
Retail
inflation has risen unrelentingly during the year, pushed up by the upturn in
vegetable prices, housing inflation and increased levels of inflation in the
non-food and non-fuel categories. High inflation at both wholesale and retail
levels risks entrenching inflation expectations at unacceptably elevated
levels, posing a threat to growth, financial stability and exchange rate
stability.
The
narrowing of the trade deficit since June through November, due to positive
export growth and contraction in both oil and non-oil imports, should bring the
current account deficit down to a more sustainable level for the fiscal year as
a whole.
PUMPS
AND VALVES INDUSTRIES
Global
revenue growth in the machinery sector declined in 2013. The backdrop to this
was underutilization of production capacities in many countries limiting the need
for investments in new plants. Due to subdued domestic demand, the project
business of pumps and valves therefore remained difficult, while the general
business with standard products for building services and industrial segment
offered comparatively better prospects.
SEGMENTWISE
PERFORMANCE
During
the year, pumps worth Rs.5082.000 Million (previous year Rs.4797.000 Million
Million) and valves worth Rs.1182.000 Million (previous year Rs.1415.000
Million) were sold.
Out of
the above, export of pumps and valves in terms of value were Rs.1068.000
Million (previous year Rs.1034.000 Million).
OUTLOOK
Subject
expects the market for pumps and services to grow moderately. The market for
valves is expected to be sluggish, primarily due to poor demand from the power
sector. Company is taking effective steps to improve earning before income tax
in current year.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts, India Prisons Service, Interpol, etc.
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 |
|
UK Pound |
1 |
Rs.101.41 |
|
Euro |
1 |
Rs.83.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
64 |
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.