MIRA
INFORM REPORT
|
Report Date : |
02.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
VOLTAS LIMITED |
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Registered
Office : |
Voltas House,
"A", |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
06.09.1954 |
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Com. Reg. No.: |
11-009371 |
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Capital
Investment / Paid-up Capital : |
Rs. 330.746
Millions |
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CIN No.: [Company Identification
No.] |
L29308MH1954PLC009371 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMV07842C MUMV07713G NGPV00559G MUMV04539D |
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PAN No.: [Permanent Account No.] |
AAACV2809D |
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Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
The Business of Engineering Product Services for Mining, Water Management And Treatment, Construction Equipments and Textile Industry. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a part of TATA Group. It is a well established and reputed
company having good track record. The general financial position of the company seems to be strong.
Liquidity of the company is good. Performance capacity of the company seems
to be high. Subject gets good support from its holding company. Trade relations are reported to be fair. Business is active. Payments
terms are reported to be regular and as per commitment. The company can be considered for business dealings usual trade terms
and condition. |
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
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets including
equities, gold, fixed deposits, G-Secs and real estate since 1991. Real estate
outperformed every other asset classes during the 23-year period with an
annualized return of 20 % ! Equities came in second with annualized return of
15.5 % ! However, while these returns may seem mouthwatering, the fact is that
the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund Based Limit = AA |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
March 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non Fund Based Limit = A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest credit
risk. |
|
Date |
March 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
31-03-2014.
INFORMATION DECLINED BY
Management non-cooperative (Tel. No.: 91-22-66656666)
LOCATIONS
|
Registered Office : |
Voltas House,
"A", Dr. Babasaheb Ambedkar Road, Chinchpokli, Mumbai - 400033,
Maharashtra, India |
|
Tel. No.: |
91-22-56656666/
46102000/ 22618131 |
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Fax No.: |
91-22-56656311/
22/ 46102331/ 22618504 |
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E-Mail : |
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Website : |
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Factory 1 : |
Thane Plant: 2nd |
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Tel. No.: |
91-22-67920111 |
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Fax No.: |
91-22-25343258 |
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Factory 2 : |
Uttarakhand
Plant (EM AND RBG) Plot No.1, Sector 8,, I.I.E. Pant Nagar Industrial Area, District |
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Tel. No.: |
91-5944-250006 / 8 |
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Factory 3 : |
Dadra Plant (EM
AND RBG) Shreenath Industrial Estate, C Building, Survey No.197, Near Dadra
Check Post, Dadra – 396 230, |
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Tel. No.: |
91-260-6619999 / 2669648 |
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Fax No.: |
91-260-2669647 |
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Factory 4 : |
Uttarakhand
Plant (UPBG) Plot Nos.2-5, Sector 8 I.I.E. Pantnagar Industrial Area, District
Udham Singh Nagar, Rudrapur - 263 145, |
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Tel. No.: |
91-5944-250009 |
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Overseas Office 1 : |
Tata Limited
(UK) 18, |
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Tel. No.: |
44-207-2358281 / 8 (Board Line) |
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Fax No.: |
44-207-2358727 |
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E-Mail : |
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Overseas Office 2 : |
Voltas Limited
(Abu Dhabi - U.A.E.) |
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Tel. No.: |
00971 (0) 2 6504511 (Board Line) |
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Fax No.: |
00971 (0) 2 6504341/ 00971 (0) 2 6504361 |
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E-Mail : |
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Overseas Office 3 : |
Saudi Ensas
Company for Engineering Services WLL P O Box No. 8292, Salama Centre, Tower 5B, 3rd Floor, Prince Sultan Street, Jeddah 21482 Kingdom
of Saudi Arabia |
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Tel. No.: |
9662 6831466, 6165957 / 8 / 9 (Board Line) |
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Fax No.: |
9662 69115400 |
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E-Mail : |
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Overseas Office 4 : |
Voltas Limited
(KINGDOM OF BAHRAIN) 4th Floor, Zayani House 419, Road 1705, Diplomatic Area, |
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Tel. No.: |
9731-7581979 |
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Fax No.: |
9731-7581320 |
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E-Mail : |
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Overseas Office 5 : |
Voltas Limited
(Doha - QATAR) Al |
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Tel. No.: |
974 44569941 / 6 / 7 (Board Line) |
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Fax No.: |
974 44551268 |
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E-Mail : |
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Overseas Office 6 : |
Voltas Limited
(Kingdom of Saudi Arabia) |
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Tel. No.: |
+ 966 2 6831466 |
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Overseas Office 7 : |
Voltas Limited
(SINGAPORE) |
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Tel. No.: |
65 - 63366778 (Board Line) |
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Fax No.: |
65 - 63366766 |
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E-Mail : |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. Ishaat
Hussain |
|
Designation : |
Chairman cum
Managing Director |
|
Date of Birth |
02.09.1947 |
|
Qualification |
Chartered
Accountant, |
|
Date of
Joining |
26.04.1999 |
|
Other
Directorship |
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|
Name : |
Mr. Sanjay Johri |
|
Designation : |
Managing Director |
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Date of Birth |
10.02.1953 |
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Qualification |
Masters in Economics – Delhi School of Economics |
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Date of
Joining |
23.04.2010 |
|
Other
Directorship |
Simto Investment Company Limited |
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|
|
|
Name : |
Mr. Nasser Munjee |
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Designation : |
Director |
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Date of Birth: |
18.11.1952 |
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Qualification: |
Masters in Economics – London School of Economics, U.K. |
|
Date of
Appointment: |
29.12.1997 |
|
List of other
public limited companies in which Directorship held as on 20th May, 2013 |
· ABB Limited · Ambuja Cements Limited · Britannia Industries Limited · Cummins India Limited · Development Credit Bank Limited · HDFC Limited · HUDCO Limited · Go Airlines (India) Limited · Reid and Taylor (India) Limited · Shipping Corporation of India Limited · Tata Chemicals Limited · Tata Motors Limited · Tata Motors Finance Limited · Unichem Laboratories Limited |
|
Chairman/Member of
the Committees of the Board across all public companies of which he is a
Director as on 20th May, 2013 |
·
ABB
Limited Audit Committee – Chairman ·
Britannia
Industries Limited Audit Committee – Chairman ·
Cummins
India Limited Audit Committee – Chairman ·
Tata
Chemicals Limited Audit Committee – Chairman ·
Tata
Motors Limited Audit Committee – Chairman ·
Ambuja
Cements Limited Audit Committee – Member ·
HUDCO
Limited Audit Committee – Member ·
Unichem
Laboratories Limited Audit Committee – Member ·
Voltas
Limited Audit Committee – Member |
|
|
|
|
Name : |
Mr. N.N Tata |
|
Designation : |
Director |
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|
Name : |
Mr. S.N. Menon |
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Designation : |
Director |
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Date of Birth |
20.09.1946 |
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Qualification |
M.A. (History), Delhi University Hubert H. Humphery North-South Fellowship under the Fulbright Programme – University of Minnesota, USA |
|
Date of
Joining |
22.09.2008 |
|
Other
Directorship |
· West Bengal State Electricity Distribution Company Limited · Mcleod Russel India Limited · Tayo Rolls Limited · Nicco Parks and Resorts Limited · Bengal Peerless Housing Development Company Limited · Fullerton India Credit Company Limited |
|
|
|
|
Name : |
Mr. Nani Javeri |
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Designation : |
Director |
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Date of Birth: |
04.04.1946 |
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Qualification: |
B.A. History (Hons.) |
|
Date of
Appointment: |
29.10.2009 |
|
List of other
public limited companies in which Directorship held as on 20th May, 2013 |
· ARI Consolidated Investments Limited · Inarco Limited · Universal Comfort Products Limited |
|
Chairman/Member of
the Committees of the Board across all public companies of which he is a
Director as on 20th May, 2013 |
·
Voltas
Limited Audit Committee – Chairman ·
Universal
Comfort Products Limited Audit Committee – Member |
|
|
|
|
Name : |
Mr. R.N. Mukhija |
|
Designation : |
Director |
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|
Name : |
Mr. Vinayak Deshpande |
|
Designation : |
Director |
|
Date of Birth |
21.07.1957 |
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Qualification |
B.Tech (Chemical Engineering) IIT, Kharagpur |
|
Date of Joining |
14.02.2012 |
|
Other
Directorship |
· Tata Projects Limited · Artson Engineering Limited · Nelco Limited · Kennametal India Limited |
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|
|
|
Name : |
Mr. Thomas T. Mathew |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. V. P.
Malhotra |
|
Designation : |
General Manager –
Taxation and Company Secretary |
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Audit
Committee : |
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Remuneration Committee : |
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Shareholders/
Investors Grievance Committee : |
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Corporate
Management : |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.06.2014
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
100253480 |
30.30 |
|
|
100253480 |
30.30 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
100253480 |
30.30 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
38131106 |
11.52 |
|
|
620940 |
0.19 |
|
|
57779949 |
17.46 |
|
|
61591857 |
18.61 |
|
|
158123852 |
47.79 |
|
|
|
|
|
|
14821207 |
4.48 |
|
|
|
|
|
|
51858457 |
15.67 |
|
|
710050 |
0.21 |
|
|
5117694 |
1.55 |
|
|
89850 |
0.03 |
|
|
2512133 |
0.76 |
|
|
2513928 |
0.76 |
|
|
1783 |
0.00 |
|
|
72507408 |
21.91 |
|
Total Public
shareholding (B) |
230631260 |
69.70 |
|
Total (A)+(B) |
330884740 |
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) |
330884740 |
0.00 |
Shareholding belonging to the category
"Promoter and Promoter Group"
|
Sl. No. |
Name of the
Shareholder |
Details of Shares held |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
|||
|
1 |
Tata Sons Limited |
8,81,31,780 |
26.64 |
26.64 |
|
2 |
Tata Investment Corporation Limited |
99,62,330 |
3.01 |
3.01 |
|
3 |
Ewart Investments Limited |
19,25,950 |
0.58 |
0.58 |
|
4 |
Tata Power Company Limited |
2,33,420 |
0.07 |
0.07 |
|
|
Total |
10,02,53,480 |
30.30 |
30.30 |
Shareholding belonging to the category
"Public" and holding more than 1% of the Total No. of Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
Total shares (including
underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
1 |
Life Insurance Corporation of India |
25411176 |
7.68 |
7.68 |
|
2 |
Government Pension Fund Global |
11981212 |
3.62 |
3.62 |
|
3 |
Vidya invetments and Trading Company Private Limited |
5645741 |
1.71 |
1.71 |
|
4 |
Hdfc Trustee Company Ltd-A/C Hdfc mid Cap Opportunities Fund |
5550000 |
1.68 |
1.68 |
|
5 |
Icici Prudential Value Discovery Fund |
5250000 |
1.59 |
1.59 |
|
6 |
Bajaj Allianz Life Insurance Company Limited |
4912427 |
1.48 |
1.48 |
|
7 |
Reliance Capital Trustee Company Limited A/c Reliance Equity Opportunities fund |
4000000 |
1.21 |
1.21 |
|
8 |
Life insurance Corporation of India P&GS Fund |
3776218 |
1.14 |
1.14 |
|
9 |
New India Assurance Company Limited |
3623682 |
1.10 |
1.10 |
|
10 |
British Columbia Investment Management Corporation A/c Emerging Markets Equity Fund |
3433425 |
1.04 |
1.04 |
|
|
Total |
73583881 |
22.24 |
22.24 |
Shareholding belonging to the category
"Public" and holding more than 5% of the Total No. of Shares
|
Sl. No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of
Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
1 |
Life Insurance Corporation of India |
33906078 |
10.25 |
10.25 |
|
|
Total |
33906078 |
10.25 |
10.25 |
BUSINESS DETAILS
|
Line of Business : |
The Business of Engineering Product Services for Mining, Water Management And Treatment, Construction Equipments and Textile Industry. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
· State Bank of India · Bank of India · Punjab National Bank · Citibank N. A. · BNP Paribas · Export - Import Bank of India · The Royal Bank of Scotland N.V. ·
Credit Agricole Corporate and Investment Bank Overseas
|
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Facilities : |
(Rs.
In Millions)
|
||||||||||||||||||
|
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Messrs Deloitte
Haskins and Sells Chartered Accountants |
|
|
|
|
Associates : |
·
Brihat Trading Private Limited ·
Voltas Material Handling Private Limited (w.e.f.
1-5-2011 and 2.11.2012) |
|
|
|
|
Subsidiaries : |
|
|
|
|
|
Joint Ventures : |
·
Universal Voltas L.L.C. ·
Naba Diganta Water Management Limited ·
Olayan Voltas Contracting Company Limited (w.e.f.
8-2-2012) ·
Universal Weathermaker Factory L.L.C. · Voltas Qatar W.L.L. (w.e.f. 2.4.2012) ·
AVCO Marine S.a.S. (Under liquidation) ·
Agrotech Industries Limited (Under closure) |
|
|
|
|
Promoter holding together with its subsidiary more than 20% |
·
Tata Sons Limited |
CAPITAL STRUCTURE
As on: 31.03.2014
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs.330.700 Millions
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
600000000 |
Equity Shares |
Re.1/- each |
Rs.600.000
millions |
|
4000000 |
Preference Share |
Rs.100/- each |
Rs.400.000
millions |
|
|
Total |
|
Rs.1000.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
330884740 |
Equity Shares |
Re.1/- each |
Rs.330.885
millions |
|
|
Less: Calls in Arrears |
|
Rs.0.139 million |
|
|
Total |
|
Rs.330.746 Millions |
(a) Equity Shares: The Company has one class of equity shares having a par value of Rs.1 per share. Each shareholder is eligible for one vote per share held. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding and are subject to preferential rights of the Preference shares (if issued).
(b) A reconciliation
of the number of shares outstanding at the beginning and at the end of the
reporting period:
|
Particulars |
Numbers |
Rs. In Millions |
|
Shares outstanding at the beginning of the year |
33,08,84,740 |
330.885 |
|
Shares outstanding at the end of the year |
33,08,84,740 |
330.885 |
(c) Shares in the
Company held by each shareholder holding more than 5 percent shares specifying
the number of shares held in the Company:
|
Particulars |
No. of Shares held |
% of Holding |
|
Tata Sons Limited |
8,81,31,780 |
26.64% |
|
Life Insurance Corporation of India |
2,96,72,394 |
8.97% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
330.700 |
330.746 |
330.744 |
|
(b) Reserves & Surplus |
15648.700 |
14495.337 |
13305.944 |
|
(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) |
15979.400 |
14826.083 |
13636.688 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
290.700 |
274.916 |
191.570 |
|
(d) long-term provisions |
769.000 |
774.479 |
743.538 |
|
Total Non-current Liabilities (3) |
1059.700 |
1049.395 |
935.108 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1933.800 |
2119.676 |
1777.941 |
|
(b) Trade payables |
14610.300 |
15257.646 |
13522.275 |
|
(c) Other current liabilities |
5732.800 |
5469.198 |
6119.081 |
|
(d) Short-term provisions |
1780.200 |
1751.053 |
1741.992 |
|
Total Current Liabilities (4) |
24057.100 |
24597.573 |
23161.289 |
|
|
|
|
|
|
TOTAL |
41096.200 |
40473.051 |
37733.085 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1764.600 |
1682.942 |
1533.108 |
|
(ii) Intangible Assets |
0.000 |
77.975 |
106.411 |
|
(iii) Capital work-in-progress |
0.000 |
0.052 |
40.330 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
2987.000 |
2417.982 |
2460.749 |
|
(c) Deferred tax assets (net) |
258.700 |
244.577 |
261.463 |
|
(d) Long-term Loan and Advances |
1462.300 |
1531.644 |
1078.015 |
|
(e) Other Non-current assets |
1183.900 |
853.135 |
1035.755 |
|
Total Non-Current Assets |
7656.500 |
6808.307 |
6515.831 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
5927.100 |
3180.443 |
2213.334 |
|
(b) Inventories |
7153.300 |
8327.377 |
7537.651 |
|
(c) Trade receivables |
10590.600 |
11682.619 |
10073.126 |
|
(d) Cash and cash equivalents |
2085.100 |
2585.854 |
2053.815 |
|
(e) Short-term loans and advances |
1730.300 |
1703.311 |
1971.492 |
|
(f) Other current assets |
5953.300 |
6185.140 |
7367.836 |
|
Total Current Assets |
33439.700 |
33664.744 |
31217.254 |
|
|
|
|
|
|
TOTAL |
41096.200 |
40473.051 |
37733.085 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
51513.600 |
55654.318 |
51697.633 |
|
|
|
Other Income |
1314.600 |
969.649 |
1108.064 |
|
|
|
TOTAL (A) |
52828.200 |
56623.967 |
52805.697 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption of raw materials, cost of jobs and services |
19717.100 |
26820.413 |
24913.211 |
|
|
|
Purchase of traded goods |
19526.100 |
17350.522 |
14271.714 |
|
|
|
(Increase) / Decrease in finished goods, work-in-progress and stock-in-trade |
1158.000 |
(429.142) |
(195.270) |
|
|
|
Employee benefits expenses |
4837.700 |
5670.372 |
5519.692 |
|
|
|
Other expenses |
4637.500 |
4308.014 |
4168.585 |
|
|
|
Exceptional Items |
34.100 |
(83.184) |
1509.527 |
|
|
|
TOTAL (B) |
49910.500 |
53636.995 |
50187.459 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2917.700 |
2986.972 |
2618.238 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
159.900 |
339.126 |
259.040 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2757.800 |
2647.846 |
2359.198 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
189.600 |
222.101 |
285.733 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2568.200 |
2425.745 |
2073.465 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
753.400 |
625.006 |
554.759 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1814.800 |
1800.739 |
1518.706 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2571.517 |
1590.168 |
886.762 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
NA |
200.000 |
200.000 |
|
|
|
Dividend |
NA |
529.416 |
529.416 |
|
|
|
Tax on Dividend |
NA |
89.974 |
85.884 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
2571.517 |
1590.168 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. value of Export |
NA |
318.753 |
264.486 |
|
|
|
Commission Earnings |
NA |
49.916 |
71.920 |
|
|
|
Other Earnings |
NA |
72.806 |
98.526 |
|
|
TOTAL EARNINGS |
NA |
441.475 |
434.932 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
115.522 |
353.658 |
|
|
|
Finished Goods |
NA |
4553.940 |
7742.867 |
|
|
|
Stores & Spares |
NA |
3536.269 |
4632.956 |
|
|
|
Capital Goods |
NA |
26.709 |
26.228 |
|
|
TOTAL IMPORTS |
NA |
8232.440 |
12755.709 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.48 |
5.44 |
4.59 |
|
Notes:
1. Segment 'C' is seasonal in nature with sales being highest in the first quarter.
2. Segment Results after Onerous Contract and Other exceptional Items
|
|
Segment - A |
(6.100) |
(372.700) |
(378.800) |
|
|
Segment • B |
275.400 |
308.800 |
584.200 |
|
|
Segment - C |
286.100 |
485.800 |
771.900 |
|
|
Unallocated Income 1(Expenses) - Net |
117.800 |
188.100 |
305.900 |
|
|
Interest |
(37.200) |
(164.400) |
(201.600) |
|
|
Total |
636.000 |
445.600 |
1081.600 |
These results have been reviewed by the Board Audit Committee and approved by the Board of Directors at its Meeting held on 6th November, 2013.
The Company has opted to publish consolidated financial results, pursuant to option made available as per Clause 41 of the Listing Agreements. The consolidated financial results are available on the Company's website viz. www.voltas.com and on the websites of BSE (www.bseindia.com) and NSE (www.nseindia.com).
In the previous years, due to significant upward revision in estimated cost of a major project in Qatar, Sidra Medical and Research Centre, the Company accounted for the estimated costs on the project in accordance with the requirement of Accounting Standard (AS) 7 and in line with the revised completion schedule, including the integrated testing and commissioning. The cost to come for the extended duration of the project along with the possible enhancement of revenue from variations have been estimated based on current technical data. Uncertainties in the process of approval of variations and complexities in nature of the project continue, nevertheless the Company is pursuing its entitlements vigorously.
Other exceptional Items - Net:
For the quarter ended 30th September, 2013 (quarter ended 30th September, 2012) comprises:
Profit on sale of properties - Nil (Rs. 2.800 millions), Profit on sale of shares of a subsidiary company (Simto) - Nil (Rs. 276.300 millions) and Charge of Voluntary Retirement Scheme / Early Separation Scheme - Nil (Rs. 0.900 millions).
For the quarter ended 30th June, 2013 comprises:
Charge of Voluntary Retirement Scheme / Early Separation Scheme - Rs. 0.800 millions.
For the six months ended 30th September, 2013 (six months ended 30th September, 2012) comprises:
Profit on sale of properties - Nil (Rs. 14.400 millions), Profit on sale of shares of a subsidiary company (Simto) - Nil (Rs. 276.300 millions) and Charge of Voluntary Retirement Scheme / Early Separation Scheme – 0.800 millions (Rs. 1.400 millions).
For the year ended 31''' March, 2013 comprises:
Profit on sale of properties - Rs. 474.800 millions, Profit on sale of shares of a subsidiary company (Simto) - Rs. 276.300 millions, Profit on sale of investments - 5795 millions, Provision for diminution in value of investments – 170.000 millions and Charge of Voluntary Retirement Scheme / Early Separation Scheme - Rs. 121.900 millions.
The Company has on 14th October, 2013 purchased the balance 16.33% shareholding of Rohini Industrial Electricals Limited (RIEL) from the Promoters comprising 298211 equity shares of Rs. 10 each. Accordingly, the Company's shareholding in RIEL stands increased to 1825782 equity shares, representing 100% of its equity share capital. RIEL has, therefore, become a wholly-owned subsidiary of the Company with effect from 14th October, 2013.
The Statutory Auditors of the Company have conducted a "Limited Review" of the aforesaid financial results.
Figures for previous period / year have been regrouped, wherever necessary.
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total
Income |
(%) |
3.44 |
3.18 |
2.88 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.99 |
4.36 |
4.01 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.79 |
6.42 |
5.93 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.16 |
0.16 |
0.15 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.12 |
0.14 |
0.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.39 |
1.37 |
1.35 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
330.744 |
330.746 |
330.700 |
|
Reserves & Surplus |
13305.944 |
14495.337 |
15648.700 |
|
Net worth |
13636.688 |
14826.083 |
15979.400 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
1777.941 |
2119.676 |
1933.800 |
|
Total borrowings |
1777.941 |
2119.676 |
1933.800 |
|
Debt/Equity ratio |
0.130 |
0.143 |
0.121 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
51697.633 |
55654.318 |
51513.600 |
|
|
|
7.654 |
(7.440) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
51697.633 |
55654.318 |
51513.600 |
|
Profit |
1518.706 |
1800.739 |
1814.800 |
|
|
2.94% |
3.24% |
3.52% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: NOT AVAILABLE
|
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 |
Yes |
DETAILS OF LITIGATION
|
Stamp No.:- |
NMSL/60/2014 |
Filing Date:- |
10/01/2014 |
|
Lodging No.: |
SL/287/2013 |
Reg. No.: |
S/863/2013 |
|
Petitioner:- |
NEW INDIA MOSAIC AND MARBLE COMPANY PRIVATE LIMITED |
Respondent:- |
VOLTAS LIMITED AND 10 ORS |
|
Petn.Adv.:- |
KALPESH JOSHI (I2553) |
|
|
|
District:- |
Thane |
|
|
|
Bench:- |
Single |
|
|
|
Status:- |
Pre-Admission |
Category: |
Notice of Motion |
|
Last Date:- |
17/01/2014 |
Stage: |
|
|
Last Coram:- |
According to Sitting List |
|
|
|
Act :- |
Code of Civil Procedure 1908 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
90244391 |
01/04/2005 |
48,000,000.00 |
BANK OF BARODA |
WALCHAND HIRACHAND MARG, BOMBAY, Maharashtra - 400 |
- |
|
2 |
90243287 |
27/06/1996 |
5,000,000.00 |
UNITED BANK OF INDIA |
25 SIR P M ROAD FORT, BOMBAY, Maharashtra - 400001, INDIA |
- |
|
3 |
90240235 |
27/06/1996 |
21,000,000.00 |
UNITED BANK OF INDIA |
25 SIR P M ROAD FORT, BOMBAY, Maharashtra - 400001, INDIA |
- |
|
4 |
90240223 |
22/05/1996 |
143,400,000.00 |
AMERICAN EXPRESS BANK LTD |
DR D N ROAD, BOMBAY, Maharashtra - 400001, INDIA |
- |
|
5 |
90240218 |
08/05/1996 |
72,500,000.00 |
THE STATE BANK OF BIKANER AND JAIPUR |
D N ROAD BOSE, BOMBAY, Maharashtra - 400001, INDIA |
- |
|
6 |
90243279 |
08/05/1996 |
124,000,000.00 |
STATE BANK OF BIKANER AND JAIPUR |
D N ROAD BOSE, BOMBAY, Maharashtra - 400001, INDIA |
- |
|
7 |
90244219 |
02/06/1992 |
11,978,400.00 |
CENTRAL BANK OF INDIA |
CHANDER MUKHI, NARIMAN POINT, BOMBAY, Maharashtra |
- |
|
8 |
90239689 |
07/01/1992 |
650,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI TOWER CUFFE PARADE, BOMBAY, Maharashtra - 400005, INDIA |
- |
|
9 |
90239556 |
16/11/1990 |
8,700,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI TOWER CUFFE PARADE, BOMBAY, Maharashtra - 400005, INDIA |
- |
|
10 |
90239460 |
04/01/1990 |
10,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI TOWER CUFFE PARADE COLABA, BOMBAY, Maharashtra - 400005, INDIA |
- |
|
11 |
90239375 |
28/07/1997 * |
1,057,130,000.00 |
STATE BANK OF INDIA |
NARIMAN POINT, BOMBAY, Maharashtra - 400021, INDIA |
- |
|
12 |
90239297 |
26/04/1988 |
2,600,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
NARIMAN POINT, BOMBAY, Maharashtra - 400021, INDIA |
- |
|
13 |
90239158 |
02/09/1986 |
7,200,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
NARIMAN POINT, BOMBAY, Maharashtra - 400021, INDIA |
- |
|
14 |
90239130 |
24/06/2011 * |
10,970,000,000.00 |
STATE BANK OF INDIA |
CORPORATE ACCOUNTS GROUP - MUMBAI, NEVILLE HOUSE,3RD FLOOR, J N HEREDIA MARG, MUMBAI, Maharashtra- 400033, INDIA |
B15073190 |
|
15 |
90242927 |
12/03/1986 |
1,057,120,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, BOMBAY, Maharashtra - 400023, INDIA |
- |
|
16 |
90244163 |
09/12/1985 |
50,000,000.00 |
THE INVESTMENT CORPORATION OF INDIA LTD |
HOMI MODY STREET, BOMBAY, Maharashtra - 400023, IN |
- |
|
17 |
90238210 |
26/06/1985 * |
90,000,000.00 |
THE INVESTMENT CORPORATION OF INDIA LTD |
HOMI MODY STREET, BOMBAY, Maharashtra - 400023, INDIA |
- |
|
18 |
90238209 |
26/06/1986 * |
50,000,000.00 |
THE INVESTMENT CORPORATION OF INDIA LTD |
HOMI MODY STREET, BOMBAY, Maharashtra - 400023, INDIA |
- |
|
19 |
90239114 |
27/11/1985 |
35,429,000.00 |
UNITED BANK OF INDIA |
25 SIR P M ROAD, BOMBAY, Maharashtra - 400001, INDIA |
- |
|
20 |
90244141 |
08/08/1983 |
30,000,000.00 |
THE INVESTMENT CORPORATION OF INDIA LTD |
ROMI MODY STREET, BOMBAY, Maharashtra - 400023, INDIA |
- |
|
21 |
90241814 |
28/07/1997 * |
50,000,000.00 |
THE ENTRAL BANK EXECUTOR AND TRUSTEE CO LTD |
51 M G ROAD, BOMBAY, Maharashtra - 400001, INDIA |
- |
|
22 |
90244130 |
10/07/1981 |
20,000,000.00 |
THE INVESTMENT CORPORATION OF INDIA LTD |
HOMI MODY STREET, BOMBAY, Maharashtra - 400023, INDIA |
- |
|
23 |
90244127 |
02/01/1981 |
50,000,000.00 |
THE INVESTMENT CORPORATION |
ROMI MODY STREET, BOMBAY, Maharashtra - 400023, INDIA |
- |
|
24 |
90238820 |
22/08/1977 |
2,500,000.00 |
UNITED BANK OF INDIA |
25 P M ROAD, BOMBAY, Maharashtra - 400001, INDIA |
- |
|
25 |
90244072 |
23/03/1967 |
10,000,000.00 |
MR MANI ARDESHIR PALKHIVELA |
181 NETAJI SUBHAS ROAD, BOMBAY, Maharashtra - 400001, INDIA |
- |
|
26 |
90238687 |
10/02/1967 |
10,000,000.00 |
STATE BANK OF BIKANER AND JAIPUR |
D NOWROJI ROAD, BOMBAY, Maharashtra - 400001, INDIA |
- |
|
27 |
90238685 |
23/01/1967 |
5,000,000.00 |
BANK OF AMERICA |
18 BRUSE STREET FORT, BOMBAY, Maharashtra - 400001 |
- |
|
28 |
90238679 |
21/04/1966 |
2,500,000.00 |
BANK OF AMERICA |
M G ROAD FORT, BOMBAY, Maharashtra - 400001, INDIA |
- |
|
29 |
90244068 |
19/02/1964 |
10,000,000.00 |
SHRI NANI ARDESHIR PAIKHIVALA |
BOMBAY HOUSE, BOMBAY, Maharashtra, INDIA |
- |
FIXED ASSETS:
· Leasehold Land
· Freehold Land
· Building
· Plant and Machinery
· Furniture and Fittings
· Vehicles
· Intangible Assets: Manufacturing Rights and Technical Know-how
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 60.85 |
|
|
1 |
Rs. 102.69 |
|
Euro |
1 |
Rs. 81.46 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared by
: |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
60 |
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.