MIRA INFORM REPORT
|
Report Date : |
22.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
WPIL LIMITED |
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
26.02.1952 |
|
|
|
|
Com. Reg. No.: |
21-020274 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.79.671 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L36900WB1952PLC020274 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in the business of water handling – from supply
of pumps to turnkey project execution. |
|
|
|
|
No. of Employees
: |
432 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3354000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well-established company which was incorporated by
“Johnston Pump Company Inc”, USA, and currently belongs to Mr. Prakash
Agarwal of Kolkata. It is having fine track record. The company possesses a favorable financial profile marked by adequate
networth base. Moreover, the impressive client portfolio and the benefits expected to
be derived from recent acquisitions may further support the business profile
during 2013. The ratings also take into consideration the exposure to volatility in
raw material prices and working capital intensive nature of the business
operations. However, trade relations are fair. Business is active. Payment terms
are reported as regular and as per commitments. In view of long track record, the subject can be considered for
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 |
CARE |
|
Rating |
Long term bank facilities A- |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
March 31, 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities A1 |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
March 31, 2014 |
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 DENIED
MANAGEMENT NON CO-OPERATIVE (91-33-30216800)
LOCATIONS
|
Registered Office : |
|
|
Tel. No.: |
91-33-30216800/ 30216808 |
|
Mobile No.: |
91-33-30216835 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Eastern Region Office : |
6, Old Post, |
|
|
|
|
Western Region Office : |
10 and 11, Bhagtani Enclave, |
|
|
|
|
Southern Region Office 1 : |
1B, 1st Floor, Mandira Apartment, 23-A, Dr. B N Road, T
Nagar, Chennai-600017, Tamilnadu, India |
|
|
|
|
Southern Region Office 2 : |
Chamber4, 1st Floor, Opposite L B Stadium, K.L.K Estate, 5-9-62,
Fateh Maidan Road, Hyderabad-500001, Andhra Pradesh, India |
|
|
|
|
Northern Region Office/ Factory 1 : |
A-5, Sector 22, Meerut Road, Ghaziabad-201003, |
|
Tel. No.: |
91-120-2718916/ 2109/2116/2722042 |
|
Fax No.: |
91-120 -2713341 |
|
|
|
|
Factory 2 : |
22, |
|
Tel. No.: |
91-33-2553 1872 /3034/
2905/ 2563 /3089 |
|
Fax No.: |
91-33-2553 1276 / 2583
3459 |
|
|
|
|
Factory 3 : |
180/176, Upen |
|
|
|
|
Factory 4 : |
Biren Roy Road (West), Ganipur, Maheshtala 24 Parganas South 743352,
West Bengal, India |
|
|
|
|
Sales Network : |
Located At:
|
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. P Agarwal |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. K K Ganeriwala |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. V N Agarwal |
|
Designation : |
Director |
|
Date of Birth/Age : |
15.01.1939 |
|
Qualification : |
B.E. |
|
Date of Appointment : |
26. 04. 2001 |
|
Other Directorship : |
|
|
|
|
|
Name : |
Mr. Samarendra Nath Roy |
|
Designation : |
Director |
|
Date of Birth/Age : |
21.06.1943 |
|
Qualification : |
B.Tech. (Hons) ins Electrical Engineering From IIT Kharagpur |
|
Date of Appointment : |
23.05.2005 |
|
|
|
|
Name : |
Mr. Shyamal Mitra |
|
Designation : |
Director |
|
Date of Birth/Age : |
03.12.1937 |
|
Qualification : |
M.Com, FCA |
|
Date of Appointment : |
21.07.2006 |
|
Other Directorship: |
Barua Associates Limited |
|
|
|
|
Name : |
Mrs. Binaya Kapoor |
|
Designation : |
Director |
|
Date of Birth/Age : |
05. 07. 1935 |
|
Qualification : |
B. Tech. (Hons) |
|
Date of Appointment : |
21. 07. 2006 |
|
Other Directorship : |
|
KEY EXECUTIVES
|
Name : |
Mr. U Chakravarty |
|
Designation : |
General Manager (Finance) and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2014
|
Category of
Shareholder |
Total No. of
Shares |
% of Total No.
of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
196442 |
2.47 |
|
|
5768309 |
72.40 |
|
|
5964751 |
74.87 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
5964751 |
74.87 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
150 |
0.00 |
|
|
566 |
0.01 |
|
|
716 |
0.01 |
|
|
|
|
|
|
676916 |
8.50 |
|
|
|
|
|
|
789538 |
9.91 |
|
|
518037 |
6.50 |
|
|
17122 |
0.21 |
|
|
17122 |
0.21 |
|
|
2001613 |
25.12 |
|
Total Public shareholding (B) |
2002329 |
25.13 |
|
Total (A)+(B) |
7967080 |
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) |
7967080 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of water handling – from
supply of pumps to turnkey project execution. |
GENERAL INFORMATION
|
No. of Employees : |
432 (Approximately) |
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||
|
Facilities : |
NOTE: LONG TERM
BORROWINGS Note A -
Represents four vehicle loans repayable as under :
Note B -
Represents two Term Loans amounting to Rs 150.000 millions each, repayable as
under :
SHORT TERM
BORROWINGS *
Includes Foreign Currency Loan of USD 20,00,000 equivalent to Rs.
10,88,60,000 repayable in six months |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
V Singhi and Associates Chartered Accountants |
|
|
|
|
Joint Venture : |
˛ Clyde Pump India Private Limited (Clyde) |
|
|
|
|
Subsidiaries : |
˛ Sterling Pumps Pty Limited - Australia (Sterling) ˛ WPIL International Ltd. - Singapore (WPIL-Sing.) ˛ Mody Industries (F.C.) Private Limited (Mody) |
|
|
|
|
Stepdown
Subsidiaries : |
˛ Mathers Foundry Limited, Manchester, U.K. (Mathers) ˛ WPIL SA Holding Pty Limited ˛ APE Pumps Pty Limited ˛ Mather and Platt (SA) Pty Limited ˛ PSV Services Pty Limited ˛ PSV Properties 2 Pty Limited ˛ PSV Zambia Limited (Zambia) ˛ Global Pumps Services (FZE) |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9860000 |
Equity Shares |
Rs.10/- each |
Rs.98.600 Millions |
|
14000 |
11% Redeemable Cumulative Preference Shares of |
Rs.100/- each |
Rs.1.400 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.100.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7967080 |
Equity Shares |
Rs.10/- each |
Rs.79.671 Millions |
|
|
|
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
79.671 |
79.671 |
|
(b) Reserves & Surplus |
|
758.982 |
590.344 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
838.653 |
670.015 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
301.722 |
380.956 |
|
(b) Deferred tax liabilities (Net) |
|
29.469 |
27.222 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
7.047 |
6.295 |
|
Total Non-current
Liabilities (3) |
|
338.238 |
414.473 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
578.868 |
433.298 |
|
(b) Trade
payables |
|
644.785 |
713.262 |
|
(c) Other
current liabilities |
|
564.266 |
248.375 |
|
(d) Short-term
provisions |
|
29.507 |
29.579 |
|
Total Current
Liabilities (4) |
|
1817.426 |
1424.514 |
|
|
|
|
|
|
TOTAL |
|
2994.317 |
2509.002 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
|
280.333 |
293.396 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
17.034 |
0.000 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
378.923 |
82.765 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
51.610 |
51.577 |
|
(e) Other Non-current
assets |
|
|
|
|
Total Non-Current
Assets |
|
727.900 |
427.738 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
257.457 |
298.874 |
|
(c) Trade
receivables |
|
1745.969 |
1592.002 |
|
(d) Cash
and cash equivalents |
|
24.166 |
17.813 |
|
(e)
Short-term loans and advances |
|
234.067 |
170.956 |
|
(f) Other
current assets |
|
4.758 |
1.619 |
|
Total
Current Assets |
|
2266.417 |
2081.264 |
|
|
|
|
|
|
TOTAL |
|
2994.317 |
2509.002 |
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
79.671 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
410.549 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
490.220 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
398.039 |
|
|
2] Unsecured Loans |
|
|
129.104 |
|
|
TOTAL BORROWING |
|
|
527.143 |
|
|
DEFERRED TAX LIABILITIES |
|
|
22.663 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1040.026 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
250.148 |
|
|
Capital work-in-progress |
|
|
11.636 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
4.016 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
143.267 |
|
|
Sundry Debtors |
|
|
1201.628 |
|
|
Cash & Bank Balances |
|
|
10.722 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
172.915 |
|
Total
Current Assets |
|
|
1528.532 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
595.349 |
|
|
Other Current Liabilities |
|
|
125.251 |
|
|
Provisions |
|
|
33.706 |
|
Total
Current Liabilities |
|
|
754.306 |
|
|
Net Current Assets |
|
|
774.226 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1040.026 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2686.834 |
3006.599 |
2134.259 |
|
|
|
Other Income |
7.766 |
23.664 |
65.795 |
|
|
|
TOTAL |
2694.600 |
3030.263 |
2200.054 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1736.546 |
2056.564 |
|
|
|
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(25.016) |
(36.135) |
|
|
|
|
Employees benefits expense |
182.269 |
171.822 |
|
|
|
|
Other expenses |
384.198 |
396.688 |
|
|
|
|
TOTAL |
2277.997 |
2588.939 |
1909.285 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
416.603 |
441.324 |
290.769 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
124.240 |
125.195 |
42.880 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
292.363 |
316.129 |
247.889 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
20.456 |
19.749 |
17.069 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
271.907 |
296.380 |
230.820 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
84.407 |
97.906 |
73.489 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
187.500 |
198.474 |
157.331 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
239.686 |
209.669 |
170.918 |
|
|
|
|
|
|
|
|
|
Add |
Excess provision for Tax on Dividend for
the year 2011 written back |
0.000 |
0.062 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
156.285 |
150.000 |
100.000 |
|
|
|
Dividend |
15.934 |
15.934 |
15.934 |
|
|
|
Tax on Dividend |
2.708 |
2.585 |
2.646 |
|
|
BALANCE CARRIED
TO THE B/S |
252.259 |
239.686 |
209.669 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B Value of Export |
449.370 |
265.265 |
113.867 |
|
|
|
Interest Income |
3.881 |
1.366 |
0.000 |
|
|
|
Other |
8.339 |
1.704 |
1.685 |
|
|
TOTAL EARNINGS |
461.590 |
268.335 |
115.552 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
125.053 |
74.579 |
48.453 |
|
|
|
Machinery |
12.206 |
9.711 |
0.000 |
|
|
|
|
0.000 |
0.000 |
10.257 |
|
|
TOTAL IMPORTS |
137.259 |
84.290 |
58.710 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
23.53 |
24.91 |
19.75 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
6.96 |
6.55 |
7.15 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.12 |
9.86 |
10.81 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.46 |
12.22 |
12.98 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32 |
0.44 |
0.47 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.05 |
1.22 |
1.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.25 |
1.46 |
2.03 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
79.671 |
79.671 |
|
Reserves & Surplus |
590.344 |
758.982 |
|
Net
worth |
670.015 |
838.653 |
|
|
|
|
|
long-term borrowings |
380.956 |
301.722 |
|
Short term borrowings |
433.298 |
578.868 |
|
Total
borrowings |
814.254 |
880.590 |
|
Debt/Equity
ratio |
1.215 |
1.050 |
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 |
2134.259 |
3006.599 |
2686.834 |
|
|
|
40.873 |
(10.635) |
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 |
2134.259 |
3006.599 |
2686.834 |
|
Profit |
157.331 |
198.474 |
187.500 |
|
|
7.37% |
6.60% |
6.98% |
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 |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
From Corporate Bodies |
200.000 |
80.000 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Term loans
from |
|
|
|
** Bank |
92.660 |
97.322 |
|
|
|
|
|
Total |
292.660 |
177.322 |
NOTE:
** Represents Foreign Currency Loan of JPY 16,05,90,113
equivalent to Rs. 92.660 millions repayable on 21.08.2013
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10347520 |
16/03/2012 |
150,000,000.00 |
TATA CAPITAL FINANCIAL SERVICES LIMITED |
One Forbes,, Dr. V. B. Gandhi Marg, Fort, Mumbai, |
B36958189 |
|
2 |
10353533 |
16/03/2012 |
200,000,000.00 |
TATA CAPITAL FINANCIAL SERVICES LIMITED |
One Forbes,, Dr. V. B. Gandhi Marg, Fort, Mumbai, |
B38878575 |
|
3 |
10226338 |
29/06/2010 |
83,500,000.00 |
Central Bank of India |
Kolkata Main Branch, 33, N.S. Road, Kolkata, West |
A88368600 |
|
4 |
10221162 |
14/06/2013 * |
659,600,000.00 |
STATE BANK OF INDIA |
Commercial Branch, Kolkata, 24, Park Street, Kolkata, West Bengal -
700016, INDIA |
B78023660 |
|
5 |
10148965 |
28/06/2013 * |
2,675,000,000.00 |
STATE BANK OF BIKANER AND JAIPUR |
CNW Park Street Branch, 20B, Park Street, Kolkata, West Bengal -
700016, INDIA |
B81330920 |
|
6 |
10120548 |
13/12/2010 * |
650,000,000.00 |
IDBI Bank Limited |
Kolkata Main Branch(MCG), IDBI House, 44 Shakespeare Sarani, Kolkata,
West Bengal - 700017, INDIA |
B02922698 |
|
7 |
10120756 |
06/11/2012 * |
180,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD,
WORLI, MUMBAI, Maharashtra - 400018, INDIA |
B65075822 |
|
8 |
10097302 |
16/01/2008 |
212,500,000.00 |
ALLAHABAD BANK |
INDUSTRIAL FINANCE BRANCH, 17, R. N.
MUKHERJEE ROAD, 4TH FLOOR, KOLKATA, West Bengal - 700001, INDIA |
A35586791 |
|
9 |
80031404 |
22/12/2010 * |
1,079,000,000.00 |
STATE BANK OF BIKANER & JAIPUR |
Ballygunge Branch, 204, Rashbehari Avenue, Kolkata, West Bengal -
700029, INDIA |
B03612850 |
* Date of charge modification
OPERATIONS
The operational activities of the Company continues to be consistent and balanced during the year amidst slow economic activities and down trend of domestic business environment. The turnover registered marginal drop compared to last year due to conscientious monitoring and withholding of dispatch to certain customers for delay in execution and clearing dues following liquidity tightness. The major focus is to build up new business domestically and internationally and thereby increase inherent strength within the sphere of its traditional area of business in manufacturing pumps and spares and providing pumping system to its domain markets of power, irrigation, municipal and Industries. The recent acquisition of Mody Pumps will allow the Company to have an access in the field of dewatering sewage submersible which will further strengthen its product offering in the market place. With its ever increasing capabilities, including strong track record, cutting-edge technologies, world class partner and tremendous domain expertise, the Company is very well positioned today to manufacture and offer large pumps with superior technologies that meets the global standard. Further with the acquisition of technology from globally reputed Company, strong order book, and increased availability of infrastructural resources, the Company stands committed to lay emphasis to enhance its market shares and further strengthen its offerings on conscious monitoring on both quality and cost front. The decline in profit over the last year is primarily attributable to the drop in turnover due to deterioration of domestic business environment for capital goods combined with credit crisis which necessitated imposition of restriction on supplies and increase in other items of cost.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
As required by the Clause 49 of the Listing Agreement with Stock Exchanges, the Management discussion and analysis report during the year is appended below:-
BUSINESS
The Company is engaged in the business of water handling – from supply of pumps to turnkey project execution. This includes supply of pumps of various types to the power sector/ irrigation sector / water supply sector and industrial sector. Besides this, the Company provides turnkey execution for water handling projects in all the above sectors by leveraging its tremendous engineering capability and vast experience in the above fields.
BUSINESS ENVIRONMENT
Year 2012-13 was another difficult year wherein the business environment globally deteriorated even further and in India the effect has been even more pronounced. The Indian GDP growth rate is now below 5% and there is great pressure on the Indian economy because of this lack of growth, depreciating currency and uncontrolled inflation. Due to the above scenario interest rates remain high and there is uncertainty in the business climate as a result of which they find that Industrial investments have nearly stopped. The power sector continues to struggle with its fuel supply issues and a large number of projects lie closed at various stages of completion. Similarly, with the falling GDP, Government projects in both Municipal and Irrigation sectors have been slow. In this uncertain environment the Company re-focused its business to focus on exports and judiciously approached domestic sales to protect margin and recover dues. The Company’s strength and product superiority allowed it to wither the situation and achieve good results with a marginal fall in revenue and profit. Further, the focus on its International business yielded good results and allowed the Company to achieve sales of Rs.534 Crores on a consolidated basis. The Company aims to continue its focus on export and development of its International business to protect it from the vagaries of the domestic market.
OPERATIONAL REVIEW
Performance of the Company was balanced across all divisions with good growth in exports. The order book remained robust and balanced across all product segments and further the Company intends to evenly spread its sales across the business segments of power, irrigation, municipal, industry etc., to de-risk the business. Some of the notable achievements have been successful commissioning of subject‘s first concrete volute pumps at NTPC Barh, successful commissioning of subject CW pumps at Reliance Sasan Project (6 x 660 MW) (one of the largest pumps in India), successful commissioning of Avanta project’s complete CW system including pump house, pipelines, and successful commissioning of MPGCL Satpura project’s complete CW system. These achievements are bound to keep the Company in good stead in the future.
ENGINEERED PUMP DIVISION
This division achieved good success with the commissioning of the above mentioned large projects creating good future opportunities for growth. The division continues to have a strong order book and good revenue visibility going forward. Further, the new facility at Nagpur is in advance stage of completion. The pump manufacturing facility will be commissioned by September, 2013 and work has started on a large test facility. The completion of this facility would further supplement the manufacturing capability of the division allowing it to continue its growth.
STANDARD PUMP DIVISION
This division again achieved huge growth in revenue while dispatching large number of critical pump supplies for various power plants and offshore applications. The division continues to enhance its capabilities and is slowly beginning to dominate the market in its product range. The order book remains strong allowing consistent growth in revenue and profit. The foundry modification at the division has been complete with the addition of new furnaces which will allow reduction in pollution level by 80% whilst drastically improving quality standards.
INFRASTRUCTURE DIVISION
The focus of the division was to complete and commission the projects in hand and this was successfully executed as a large number of projects were completed and handed over. Most of the other projects are commissioned and in the process of handing over. This focus on project completion will allow the division to recover its retention money and provide customer satisfaction while building credibility in the industry. It has indeed been an achievement to complete and deliver a plethora of water handling projects across the sectors. This has built up good competencies in various areas.
The major achievement for the division was the booking of large water handling project at Malawi along with its international subsidiary and a major lift irrigation project in Andhra Pradesh. These orders along with others provide revenue visibility going forward and are in line with the continued focus of doing large projects at fewer sites. The outlook for the division remains very positive.
WPIL INTERNATIONAL
The focus on the International business of the Company has proved successful with the growth in business and enhancement of opportunities across the globe. The various subsidiaries continue to do well and in line with expectations. The major acquisition in the financial year was subject South Africa and its business of APE Pumps, Mather and Platt and PSV Zambia. This acquisition allows subject to establish strong presence in the African continent which is rapidly growing providing major prospects for the water industry.
The acquisition of the South African business is a major achievement by subject as it opens up the opportunities in Africa and Middle East. The business has various divisions which are well positioned in projects, large engineered pumps and standard pumps to supplement subject’s existing business. APE Pumps, Mather and Platt, South Africa along with its Zambian subsidiary are well established in Africa for more than 50 years, having good acceptance of its products and services across the continent. This acceptability complimented by Subject’s product range and manufacturing capability should make this business a major player in the African pump business.
Mathers Foundry had an average performance in line with the expectations and achieved major cost cutting advantages by setting up AOD furnace. The business is at the forefront in technology as a supplier of high end castings to the nuclear and oil and gas sectors and remains the foundry of choice for its growing clientele. They expect the business to grow well as the market grows.
Sterling pumps had a good financial year and continues to grow its business and expand its presence across Australia and Asia Pacific. The Company is expanding its facility and setting up new test capabilities to cater the business growth. The Company expects its growth to continue in the coming year.
The joint venture of subject Thailand is now fully established and has drastically grown its sales in the first 6 months of the year and expects the momentum to continue going forward. The major focus remains the industrial, irrigation and municipal sectors where the Company’s products are achieving greater penetration regularly which should result in enhanced market share going forward.
FUTURE OUTLOOK
The Company being one of the leaders in the pump industry foresees good growth in both domestic and international operations and continues to strengthen its business by diversifying across geographies and product categories to both de-risk and grow business. All divisions are well equipped to deal with their growing order book and provide good quality and delivery of products to continue enhanced market share. The Company feels it has achieved a good balance by developing its international business and the acquisition of Mody. These two areas of the business should enhance margin and profit suitably going forward. WPIL looks to cement its position in the various geographies and market going forward.
FIXED ASSETS
œ Land : Freehold
œ Buildings
œ Plant and Machinery
œ Factory Equipment
œ Patterns and Moulds
œ Electrical Installation
œ Furniture and Fittings
œ Motor Vehicles
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER / NINE MONTHS ENDED 31ST DECEMBER, 2013
|
|
|
Particulars |
Quarter Ended |
Nine
Month |
|
|
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
1 |
a) Net
Sales/Income from Operations (net of excise duty) |
560.491 |
649.595 |
1636.691 |
|
|
|
b) Other Operating
Income |
4.455 |
11.549 |
22.355 |
|
|
|
Total Income from Operations (Net) |
564.946 |
661.144 |
1659.046 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
(Increase)/ Decrease in the inventory of Finished Goods and Work in Progress |
4.600 |
2.676 |
(5.534) |
|
|
b) |
Cost of
Materials consumed |
321.781 |
390.306 |
970.617 |
|
|
c) |
Employee
benefit expenses |
46.497 |
41.983 |
133.564 |
|
|
d) |
Depreciation
and amortization expense |
5.499 |
5.356 |
15.905 |
|
|
e) |
Other
expenses |
112.505 |
98.916 |
276.836 |
|
|
Total Expenses |
490.882 |
539.237 |
1391.388 |
|
|
3 |
|
Profit /(Loss) from operations before other
income, finance costs and exceptional items (1-2) |
74.064 |
121.907 |
267.658 |
|
4 |
Other
Income |
0.945 |
5.803 |
10.490 |
|
|
5 |
|
Profit /(Loss) from
ordinary activities before finance costs and exceptional items (3+4) |
75.009 |
127.710 |
278.148 |
|
6 |
Finance
Costs |
35.759 |
71.355 |
153.393 |
|
|
7 |
|
Profit /(Loss) from ordinary activities after
finance costs but before exceptional items (5-6) |
39.250 |
56.355 |
124.755 |
|
8 |
Profit
/(Loss) from ordinary activities before tax |
|
|
|
|
|
9 |
Tax
Expense |
|
|
|
|
|
|
|
Current
Tax |
11.500 |
17.500 |
38.500 |
|
|
|
Deferred
Tax |
0.894 |
0.816 |
1.830 |
|
10 |
Net Profit /(Loss) for the period |
26.856 |
38.039 |
84.425 |
|
|
11 |
Paid up
equity share capital (Eq. shares of
Rs.10/- each) |
79.671 |
79.671 |
79.671 |
|
|
|
Reserve
excluding revaluation reserves |
|
|
|
|
|
12 |
|
Earnings
per share (before/after extraordinary items) of Rs.10/- each |
3.38 |
4.78 |
10.60 |
|
|
|||||
|
A |
|
Particulars
of shareholding |
|
|
|
|
1 |
|
Public Shareholding |
|
|
|
|
|
|
- No. of
Shares |
2002329 |
2002329 |
2002329 |
|
|
|
- Percentage
of Shareholding |
25.13 |
25.13 |
25.13 |
|
2 |
|
Promoters and promoter group shareholding |
|
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
|
- Number
of shares |
-- |
-- |
-- |
|
|
|
- Percentage
of shares ( as a % of the total shareholding of the promoter and promoter
group) |
-- |
-- |
-- |
|
|
|
-
Percentage of shares (as a % of the total share capital of the Company) |
-- |
-- |
-- |
|
|
|
b) Non- encumbered |
|
|
|
|
|
|
- Number
of shares |
5964751 |
5964751 |
5964751 |
|
|
|
-
Percentage of shares ( as a % of the total shareholding of the promoter and
promoter group) |
100.00 |
100.00 |
100.00 |
|
|
|
- Percentage
of shares (as a % of the total share capital of the Company) |
74.87 |
74.87 |
74.87 |
|
|
Particulars |
Quarter
ended 31.12.2013 |
|
|
B |
|
Investor
Complaints |
|
|
|
|
Pending at
the beginning of the quarter |
0 |
|
|
|
Received
during the quarter |
2 |
|
|
|
Disposed
during the quarter |
2 |
|
|
|
Remaining
unresolved at the end of the quarter |
0 |
NOTE:
- Segment reporting as defined in Accounting Standard - 17 is not applicable, since the operation of the Company relates to a single primary business segment, i.e. Pumps.
- Figures for the previous period / year have been re-arranged / re-grouped wherever found necessary.
- The Statutory Auditors' have conducted a Limited Review of the above result as required by the Listing Agreements with Stock Exchanges.
- The foregoing statement of Unaudited Financial Results have been taken on record and approved by the Audit Committee and by the Board of Directors of the Company at their respective meetings held on 30th January, 2014.
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.60.33 |
|
|
1 |
Rs.101.40 |
|
Euro |
1 |
Rs.83.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
ANK |
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 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
52 |
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.