MIRA INFORM REPORT
|
Report Date : |
01.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
KIRLOSKAR OIL ENGINES LIMITED (w.e.f. 02.06.2010) |
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Formerly Known
As : |
KIRLOSKAR ENGINES INDIA LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
12.01.2009 |
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Com. Reg. No.: |
11-133351 |
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Capital
Investment / Paid-up Capital : |
Rs.289.200
Millions |
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CIN No.: [Company
Identification No.] |
L29120PN2009PLC133351 |
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TAN No.: [Tax Deduction
& Collection Account No.] |
PNEK00016C / PNEK09057G / PNEK05174B |
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PAN No.: [Permanent
Account No.] |
AAACP3590P / AADCK5714H |
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Legal Form : |
A Public Limited Liability Company.
The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturer of Internal Combustion Engines, Gensets and
Parts. |
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No. of Employees
: |
2428 (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 |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a Kirloskar Group Company. It is an established company having good track record. Financial position of the company is sound. Fundamentals of the
company are healthy. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitment. The company can be considered normal 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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 |
CRISIL |
|
Rating |
Long Term Rating = AA |
|
Rating Explanation |
High degree of safety and very low credit
risk |
|
Date |
22.08.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk |
|
Date |
22.08.2013 |
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 DENIED
Management Non Co-Operative (Tel No.: 91-20-25810341)
LOCATIONS
|
Registered Office/ Factory 1 : |
Laxmanrao Kirloskar Road, Khadki, Pune-411003, Maharashtra, India |
|
Tel. No.: |
91-20-25810341 |
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Fax No.: |
91-20-25813208 |
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E-Mail : |
smita.raichurkar@kirloskar.com |
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Website : |
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Factories : |
·
NASIK A-11/1, MIDC, Ambad, Nashik – 422010, Maharashtra, India ·
KAGAL ·
Plant
I Plot No. D-1, Kagal-Hatkanangale 5 Star Industrial Area, At post Talandage,
Tal – Hatkanangale, District Kolhapur – 416202, Maharashtra, India ·
Plant
II Plot No. A / 262, Phase – I, Kagal-Hatkanangale 5 Star Industrial
Area, At post – Talandage, Tal – Hatkanangale, District Kolhapur – 416202,
Maharashtra, India ·
Plant
III Plot No. E -18, Opposite Soktas India Limited, Kagal- Hatkanangale 5
Star Industrial Area, District Kolhapur, Maharashtra, India ·
Spares
Parts - Plot No. A / 262, Phase – III, Kagal-Hatkanangale 5 Star Industrial
Area, At post – Talandage, Tal – Hatkanangale, District Kolhapur – 416202,
Maharashtra, India ·
RAJKOT ·
Engines
Division - Plot No. 2315/16, 2330/31, GIDC, Lodhika Industrial Estate, D4
Almighty Gate Road, Village Metoda, Rajkot – 360035, Gujarat, India ·
Spares
Parts – Plot No. 2320/2/A, GIDC, Lodhika Industrial Estate, D4 Almighty Gate
Road, Village Metoda, Rajkot – 360035, Gujarat, India |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Atul Kirloskar |
|
Designation : |
Executive Chairman |
|
Address : |
Radha 453, |
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Date of Birth/Age : |
13.02.1956 |
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Name : |
Mr. Gautam Kulkarni |
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Designation : |
Executive Vice Chairman |
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Address : |
Yena 1, |
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Date of Birth/Age : |
30.12.1957 |
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Name : |
Mr. Nihal Kulkarni |
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Designation : |
Managing Director |
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Address : |
Yena 1 Adwait Nagar, |
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Date of Birth/Age : |
07.06.1981 |
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Name : |
Mr. Rajendra Deshpande |
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Designation : |
Executive Director |
|
Address : |
Flat No. 704, Tulip Society, Mahaganesh Colony, |
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Date of Birth/Age : |
07.02.1954 |
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Date of Appointment : |
12.01.2009 |
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Name : |
Mr. Rahul C. Kirloskar |
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Designation : |
Whole Time Director (up to 21.01.2012 and since then Non-Executive
Director) |
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Address : |
Lakaki Compound, Model Colony, Pune – 411016, |
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Date of Birth/Age : |
07.07.1963 |
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Name : |
Mr. Udipi V. Rao |
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Designation : |
Director |
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Address : |
3294, 12th A, |
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Date of Birth/Age : |
04.12.2009 |
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Date of Appointment : |
30.03.2010 |
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Name : |
Mr. Prataprao Pawar |
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Designation : |
Director |
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Address : |
Plot No.2, S. No. 131, , |
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Date of Birth/Age : |
15.10.1944 |
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Date of Appointment : |
30.03.2010 |
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Name : |
Mr. Rangarajan Srinivasan |
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Designation : |
Director |
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Address : |
Dhanya, 126, |
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Date of Birth/Age : |
10.09.1941 |
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Date of Appointment : |
30.03.2010 |
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|
Name : |
Dr. Naushad Forbes |
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Designation : |
Director |
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Address : |
74, |
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Date of Birth/Age : |
13.05.1960 |
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Date of Appointment : |
30.03.2010 |
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Name : |
Mr. Lakshmi Narayan |
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Designation : |
Director |
|
Address : |
133 4th Main Deference Colony, Indira Nagar, |
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Date of Birth/Age : |
07.09.1946 |
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Date of Appointment : |
30.03.2010 |
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Name : |
Mr. Anil Alawani |
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Designation : |
Director (upto 11 June 2014) |
|
Address : |
Flat 5, Yashodeep C, Rambaug Colony, Navi Peth Pune – 411030,
Maharashtra, India |
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Date of Birth/Age : |
24.08.1948 |
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Date of Appointment : |
30.03.2010 |
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|
Name : |
Mr. Dattatraya R. Swar |
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Designation : |
Director (upto 11 June 2014) |
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Name : |
Mr. Mahesh R. Chhabria |
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Designation : |
Director (with effect from 17 June 2014) |
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Name : |
Mrs. Gauri Kirloskar |
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Designation : |
Director (with effect from 17 June 2014) |
KEY EXECUTIVES
|
Name : |
Mrs. Smita Raichurkar |
|
Designation : |
Assistant Company Secretary |
|
Address : |
Flat No.303, Varnaz, |
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Date of Birth/Age : |
21.04.1982 |
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Date of Appointment : |
31.03.2010 |
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|
Name : |
Mr. T. Vinodkumar |
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Designation : |
Chief Financial Officer |
SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
19266863 |
13.32 |
|
|
85883363 |
59.39 |
|
|
105150226 |
72.71 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
105150226 |
72.71 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1115074 |
0.77 |
|
|
3826687 |
2.65 |
|
|
3745576 |
2.59 |
|
|
15167697 |
10.49 |
|
|
23855034 |
16.50 |
|
|
|
|
|
|
1039998 |
0.72 |
|
|
|
|
|
|
12022697 |
8.31 |
|
|
2164454 |
1.50 |
|
|
381452 |
0.26 |
|
|
120743 |
0.08 |
|
|
260709 |
0.18 |
|
|
15608601 |
10.79 |
|
Total Public shareholding (B) |
39463635 |
27.29 |
|
Total (A)+(B) |
144613861 |
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) |
144613861 |
100.00 |
Individual shareholders holding nominal
share capital up to Rs.0.100 million
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Internal Combustion Engines, Gensets and
Parts. |
||||||||
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
2428 (Approximately) |
|
|
|
|
Bankers : |
·
State Bank of India ·
Bank of Maharashtra ·
HDFC Bank Limited ·
ICICI Bank Limited ·
The HSBC Limited |
|
|
|
|
Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
P. G. Bhagwat Chartered Accountants |
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|
|
|
Holding Company : |
·
Kirloskar Brothers Investments
Limited |
|
|
|
|
Fellow
Subsidiary Companies : |
·
Kirloskar Pneumatic Company Limited ·
Nasik Silk Industries Limited ·
Kirloskar Road Railer Limited
(Subsidiary of Kirloskar Pneumatic Company Limited ) |
|
|
·
|
|
Enterprises over which Key Management
Personnel exercise control/significant Influence
: |
·
Achyut and Neeta Holdings and
Finance Private Limited ·
Kirloskar Integrated Technologies
Limited ·
Navsai Investments Private Limited |
|
|
|
|
Enterprises over which relatives of
Key Management Personnel exercise control/ significant influence : |
·
Alpak Investments Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200000000 |
Equity Shares |
Rs.2/- each |
Rs.400.000 Millions |
Issued and Subscribed Share
Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14614326 |
Equity Shares |
Rs.2/- each |
Rs.289.200
Millions |
Subscribed and Fully Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
144,613,861 |
Equity Shares |
Rs.2/- each |
Rs.289.200
Millions |
|
465 |
Share capital suspense account Equity Shares of
Rs.2 each to be issued and allotted to shareholders of erstwhile Shivaji Works
Limited on amalgamation according to scheme sanctioned by BIFR, are kept in
abeyance as per the Scheme of Arrangement.. |
|
-- |
|
|
Total |
|
Rs.289.200 Millions |
1.
Reconciliation of shares outstanding (excluding share
capital suspense account) at the beginning and at the end of the Reporting
period
|
Equity Shares |
No. of Shares |
Rs. in Millions |
|
At the beginning of the period |
144613861 |
289.200 |
|
Reduction if any during the period |
- |
- |
|
Outstanding at the end of the period |
144613861 |
289.200 |
2.
Terms/Rights attached to the equity shares
The Company has
only one class of equity shares having par value of Rs.2/- each. Each equity shareholder
is entitled to one vote per share and has a right to receive dividend as
recommended by Board of Directors subject to the necessary approval from the
shareholders.
The Board of Directors
has recommended a dividend of 250% (Rs.5/- per share) for the financial year.
In the event of
liquidation of the Company, the holders of equity shares will be entitled to
receive remaining assets of the Company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of equity shares
held by the shareholders.
3.
Shares held by holding/ultimate holding Company
and/or their subsidiaries/associates
Holding Company as per Section 4(3) (b) (ii) of the Companies Act, 1956
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Kirloskar
Brothers Investments Limited |
|
|
|
Equity shares of
Rs.2 each |
80376844 |
160.800 |
|
Equity share holding percentage |
|
555.800 |
4.
Number of Shares held by each shareholder holding
more than 5% Shares in the company
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Kirloskar Brothers Investments Limited |
80376844 |
55.58 |
|
Nalanda India Fund Limited |
10896124 |
7.53 |
5.
Aggregate number of bonus shares issued, share
issued for consideration other than cash and shares bought back during the
period of five years immediately preceding the reporting date:
a.
Hon’ble High Court of Judicature at Bombay vide its
order dated 31 July 2009 read with its order dated 19 March 2010 had approved
the Scheme of Arrangement between Kirloskar Oil Engines Limited (now known as
Kirloskar Industries Limited – Demerged Company) and Kirloskar Engines India
Limited [now known as Kirloskar Oil Engines Limited – Resulting Company
(“Company”)] and their respective shareholders and creditors. The appointed
date was 1 April 2009 and the Scheme has become effective from 31 March 2010.
The Engines and Auto Components business of Demerged Company was transferred
and vested with the Company i.e. Kirloskar Oil Engines Limited on the Scheme of
Arrangement becoming effective retrospectively with effect from 1 April 2009.
145629750 Equity Shares of Rs.2 each were issued and allotted on April
30, 2010 (out of which 465 equity shares of Rs.2/- each were kept in abeyance)
for consideration other than cash under the said Scheme becoming effective from
31 March 2010, sanctioned by the Hon’ble High Court of the Judicature of
Bombay.
b.
The Board of Directors in its meeting held on 25
January 2012, had approved a buyback of fully paid up equity shares of the
Company by way of open market purchase through stock exchange route at a
maximum price of Rs.170/- per share and the cumulative buyback value not
exceeding Rs.736.250 Millions which represents 10% of total paid up capital and
free reserves computed as per the latest available audited balance sheet as on
31 Marc 2011. The buyback commenced on 5 March 2012. As per the terms of the
Public Announcement dated 16 February 2012, the Corrigendum to the said Public
Announcement dated 1 March 2012 and the Post Offer Public Advertisement dated
24 January 2013 issued in relation to the completion of buyback, the buyback
was closed on 24 January 2013.
The Company has bought back and extinguished 1015424 equity shares of
Rs.2/- each for Rs.15.67 Crs, at an average price of Rs.154.34 under the
Buyback Scheme, upto 24 January 2013.
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 |
289.200 |
289.200 |
291.300 |
|
(b) Reserves & Surplus |
12,383.100 |
11,253.300 |
10,035.200 |
|
(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) |
12,672.300 |
11,542.500 |
10,326.500 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
782.000 |
|
(b) Deferred tax liabilities (Net) |
302.700 |
341.000 |
380.200 |
|
(c) Other long term liabilities |
130.700 |
299.800 |
460.200 |
|
(d) long-term provisions |
246.400 |
215.000 |
311.600 |
|
Total Non-current Liabilities (3) |
679.800 |
855.800 |
1,934.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
83.900 |
|
(b) Trade payables |
3,124.300 |
2,843.100 |
2,489.400 |
|
(c) Other current
liabilities |
1,015.200 |
1,097.200 |
1,791.200 |
|
(d) Short-term provisions |
1,018.200 |
1,094.700 |
1,051.900 |
|
Total Current Liabilities (4) |
5,157.700 |
5,035.000 |
5,416.400 |
|
|
|
|
|
|
TOTAL |
18,509.800 |
17,433.300 |
17,676.900 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
5,377.900 |
5,860.500 |
5,698.200 |
|
(ii) Intangible Assets |
52.200 |
54.300 |
59.900 |
|
(iii) Capital
work-in-progress |
195.500 |
136.200 |
89.100 |
|
(iv)
Intangible assets under development |
224.200 |
132.600 |
66.100 |
|
(b) Non-current Investments |
100.000 |
100.000 |
100.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
956.600 |
663.100 |
724.700 |
|
(e) Other Non-current assets |
290.400 |
257.800 |
102.900 |
|
Total Non-Current Assets |
7,196.800 |
7,204.500 |
6,840.900 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
5,977.100 |
4,076.100 |
5,174.300 |
|
(b) Inventories |
1,668.200 |
1,885.400 |
1,322.300 |
|
(c) Trade receivables |
1,773.600 |
2,886.600 |
2,989.400 |
|
(d) Cash and cash
equivalents |
524.300 |
247.800 |
273.900 |
|
(e) Short-term loans and
advances |
1,017.200 |
927.700 |
565.100 |
|
(f) Other current assets |
352.600 |
205.200 |
511.000 |
|
Total Current Assets |
11,313.000 |
10,228.800 |
10,836.000 |
|
|
|
|
|
|
TOTAL |
18,509.800 |
17,433.300 |
17,676.900 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
23,200.000 |
23,573.300 |
23,264.100 |
|
|
|
Other Income |
378.000 |
395.000 |
361.300 |
|
|
|
TOTAL (A) |
23,578.000 |
23,968.300 |
23,625.400 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
12,557.900 |
13,385.500 |
12,765.600 |
|
|
|
Purchases of stock-in-trade |
1,862.600 |
1,323.900 |
1,046.500 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
14.600 |
(250.900) |
95.500 |
|
|
|
Employee benefits expense |
1,625.800 |
1,543.800 |
1,753.700 |
|
|
|
Other expense |
4,121.700 |
4,135.000 |
4,561.600 |
|
|
|
Expenses capitalised |
(26.300 |
(12.500) |
0.000 |
|
|
|
Exceptional items |
0.000 |
190.800 |
(477.100) |
|
|
|
TOTAL (B) |
20,156.300 |
20,315.600 |
19,745.800 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3,421.700 |
3,652.700 |
3,879.600 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
4.200 |
18.700 |
159.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3,417.500 |
3,634.000 |
3,720.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
983.100 |
925.500 |
912.900 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2,434.400 |
2,708.500 |
2,807.100 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
649.900 |
720.100 |
889.100 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1,784.500 |
1,988.400 |
1,918.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3679.100 |
2732.500 |
1683.300 |
|
|
|
|
|
|
|
|
|
Add |
Write back of
dividend provision on shares brought back |
0.000 |
2.600 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
Write back of dividend
tax provision on shares brought back |
0.000 |
0.400 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
178.500 |
198.800 |
191.800 |
|
|
|
Proposed Dividend |
723.100 |
723.100 |
582.500 |
|
|
|
Tax on Dividend |
122.900 |
122.900 |
94.500 |
|
|
BALANCE CARRIED
TO THE B/S |
4439.100 |
3679.100 |
2732.500 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1983.500 |
1678.400 |
1623.000 |
|
|
TOTAL EARNINGS |
1983.500 |
1678.400 |
1623.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials (including
components, goods in transit, material in bonded warehouse) |
1304.400 |
1151.300 |
699.400 |
|
|
|
Capital Goods |
30.500 |
131.300 |
325.200 |
|
|
TOTAL IMPORTS |
1334.900 |
1282.600 |
1024.600 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
12.34 |
13.72 |
13.17 |
|
QUARTERLY RESULTS
|
Particulars |
|
|
30.06.2014 (Unaudited) |
|
|
|
|
1st Quarter |
|
Net Sales |
|
|
6390.900 |
|
Total Expenditure |
|
|
5637.000 |
|
PBIDT (Excl OI) |
|
|
753.900 |
|
Other Income |
|
|
137.500 |
|
Operating Profit |
|
|
891.400 |
|
Interest |
|
|
0.900 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
890.500 |
|
Depreciation |
|
|
243.800 |
|
Profit Before Tax |
|
|
646.700 |
|
Tax |
|
|
173.900 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
472.800 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
472.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
7.57 |
8.30 |
8.12 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.49 |
11.49 |
12.07 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.53 |
15.87 |
16.11 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19 |
0.23 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.19 |
2.03 |
2.00 |
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 |
291.300 |
289.200 |
289.200 |
|
Reserves & Surplus |
10035.200 |
11253.300 |
12383.100 |
|
Net
worth |
10326.500 |
11542.500 |
12672.300 |
|
|
|
|
|
|
long-term borrowings |
782.000 |
0.000 |
0.000 |
|
Short term borrowings |
83.900 |
0.000 |
0.000 |
|
Total
borrowings |
865.900 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.084 |
0.000 |
0.000 |
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 |
23,264.100 |
23,573.300 |
23,200.000 |
|
|
|
1.329 |
-1.584 |
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
|
23,264.100 |
23,573.300 |
23,200.000 |
|
Profit |
1,918.000 |
1,988.400 |
1,784.500 |
|
|
8.24% |
8.43% |
7.69% |
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 |
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 |
LITIGATION DETAILS
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Presentation
Date: 21.08.2013 |
|
Stamp No: CAWST/23132//2013 Filing
Date: 21.08.2013 Reg. No.: CAW/2838/2013 Reg. Date: 21.11.2013 |
|
Main Matter Stamp No.: WPST/22875/2013 Reg. No.:
WP/10449/2013 |
|
Petitioner: MEERA AND COMPANY LIMITED Respondent: KIRLOSKAR
OIL ENGINES LIMITED Petn. Adv : NEGANDHI, SHAH AND HIMAYATULLAH District: PUNE |
|
Bench: SINGLE Status: Pre-Admission Next Date: 15.01.2014
Stage: FOR ORDERS [CIVIL SIDE MATTERS] Coram: HON’BLE SHRI JUSTICE R.M. SAVANT |
|
Act: C.P.C.- (Interlocutory Order) |
FINANCIAL PERFORMANCE
The
financial year has been yet another challenging one. For the first time in 20
years, the country is witnessing two successive years of sub 5% growth. Rarely have
we seen a slowdown of such length and depth. High inflation, low industrial
output, high rates of interest and rupee depreciation continued to plague the
country’s economy. This, together with delayed and excessive monsoon affected
the performance of almost all business segments in which the Company operates.
The
net revenue from operations of the Company witnessed a marginal dip from Rs.2320 crores to Rs.22870.000 Millions.
Profit from operations (before exceptional items) was Rs.2430.000 Millions as
against Rs.2900.000 Millions in the previous year. The Profit after Tax was Rs.1780.000 Millions as
against Rs.1990.000 Millions in the previous year.
COMPANY OVERVIEW
The
Company’s domestic agri business primarily comprises diesel-pumpsets, although
the Company also supplies engines used in other products /applications such as
concrete mixer, aerators etc. The Company is the market leader in
dieselpumpsets with 17% market share. The Company competes with both domestic
manufacturers (both organized and unorganized) as well as Chinese imports.
Apart from a strong brand, the Company’s key competitive advantage lies in its
extensive reach across the far corners of the country. The
Company’s
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE 2014
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
30.06.2014 |
|
1.
Income from operations |
|
|
a) Net sales/ Income from operation (net of excise duty) |
6290.800 |
|
b) Other operating income |
100.100 |
|
Total
income from Operations(net) |
6390.900 |
|
2.Expendite |
|
|
a) Cost of material consumed |
3134.800 |
|
b) Purchases of stock in trade |
1028.200 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(4.300) |
|
d) Employees benefit expenses |
457.900 |
|
e) Depreciation and amortization expenses |
243.800 |
|
f) Other expenditure |
1020.400 |
|
Total expenses |
5880.800 |
|
3. Profit from operations before other income and
financial costs |
510.100 |
|
4. Other income |
137.500 |
|
5. Profit from ordinary activities before finance costs |
647.600 |
|
6. Finance costs |
0.900 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
646.700 |
|
8. Exceptional item |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
646.700 |
|
10.Tax expenses |
173.900 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
472.800 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
472.800 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
289.200 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
16.i) Earnings per share (before and after
extraordinary items) of Rs.10/- each) (not annualised): |
3.27 |
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
30.06.2014 |
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
|
|
- Percentage of shareholding |
39463635 |
|
2. Promoters and Promoters group Shareholding- |
27.29 |
|
a) Pledged /Encumbered |
|
|
Number of shares |
Nil |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
Nil |
|
Percentage of shares (as a % of total share capital of the
company) |
Nil |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
105150226 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
72.71 |
|
|
|
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
Nil |
|
Receiving during the quarter |
4 |
|
Disposed of during the quarter |
4 |
|
Remaining unreserved at the end of the quarter |
Nil |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10227030 |
25/03/2011 * |
3,100,000,000.00 |
STATE BANK OF INDIA |
Tara Chambers, Wakdewadi, Old Mumbai-Pune Road, Pune, Maharashtra - 411003, India |
B10206225 |
FIXED ASSETS:
· Land Freehold
Land
Leasehold
Buildings
Plant
and Equipment
Furniture
and Fixture
Vehicles
Aircraft
Office
Equipment
Computers
Electrical
Installation
PRESS RELEASES
KIRLOSKAR OIL
ENGINES TO INVEST RS 1000.000 MILLIONS OVER TWO YEARS
Company looks to enter new geographies over the next 2 years
November 21, 2013
Kirloskar Oil Engines is all set to invest Rs.1000.000 Millions in
capacity building and technology as it eyes to become an end-to-end products
provider and enter new geographies over the next two years, said senior
officials.
"By 2025 we want to be a global player. As a part of this we want to
increase your export revenues and also become a provider of end-to-end products
and solutions provider, and will be beyond our generating sets business,"
said R R Deshpande, executive director, Kirloskar Oil Engines (KOE).
Deshpande further added that the company is already working on the end-to-end
products and have also developed a prototype. However, he declined to give any
further details on what these products will be and for which segments. "In
agri business end-to-end product would mean tractors and power tiller," he
added.
The company clocked a revenue of Rs.2357 for FY13, of this international
revenues were about 8-10 per cent of the total sales of the company. Over the
next two years the company plans to at least double it.
"Other than adding products and getting into high end Gensets we also have
targeted to increase our international presence in four new geographies,"
added Deshpande.
So far the company has presence in Middle East and South Africa. KOE has
started ground work to enter into geographies like South East Asia and even
developed markets of Europe and North America.
The company has presence in segments of diesel engines, agricultural pump sets
and generating sets. Of this power gensets contribute 50 per cent to the firms
revenue.
The genset business of the company has a market share of 30-35 per cent for Pan
India and around 40-45 per cent in Maharashtra.
The company also added that its manufacturing units in India will be able to
cater to its expansion plans as well. "We have units in Kagal (Kolhapur),
Pune, Rajkot and Nashik. While the Nashi unit focuses on large engines and to
clients such as Indian Navy, NPC among others and the Rajkot unit is focused on
pump sets. You will see major activity in our Kagal unit. Both Kagal and Pune
cater to the genset and industrial power gensets. With Kagal becoming a major
unit, Pune's share will eventually come down from the current 25 per cent to
10-15 per cent," added Deshpande.
Meanwhile in order to continue its leading position in the genset business the
company today announced a 10 year free service promise under its customer
benefit programme.
As a part of this programme, on purchase of all new Kirloskar Green Diesel
gensets above 15 kVA capacity-- the company will take care of labour services
for routine maintenance and incidental breakdowns services for 10 years.
KIRLOSKAR OIL ENGINES
LIMITED ANNOUNCES THE TEN YEAR SERVICE PROMISE
Pune, November 21 2013: Kirloskar Oil
Engines Limited (KOEL), India’s leading diesel generating set manufacturer
today introduced the Ten Years Free
Service Promise, (Power of 10), a first of its kind Customer Benefit
Programme in Power Generation Industry in India. As a part of this programme,
on purchase of all new Kirloskar Green Diesel Generator Sets above 15 kVA
capacity – the company will take care of labour services for routine
maintenance and incidental breakdown services for 10 years from the date of
sales.
This benefit not only ensures that the DG set is looked after by KOEL
trained personnel, but insulates the customer from any cost impact on account
of labour services for a decade.
Speaking on the occasion, Mr. Sanjeev Nimkar, Vice President Power
Generation business said, “Kirloskar Green DG sets are among the most trusted
names in the power generation industry. With more than 100 years of rich
engineering heritage and an undisputed product performance backed up by a wide
spread service network has enabled KOEL to offer this promise. This promise not
only ensures a long lasting generating set for the customers, but also future
proofs their incremental costs on labour.”
A network of 450 well equipped service outlets and more than 4500 KOEL
trained service engineers ensures that no customer is more than 80km away from
a service outlet anywhere in the country. This network is backed up by a 24 X 7
Customer Care Centre equipped with more than 45 Relationship Managers.
To avail this benefit, customers need to register their new DG set
details on the KOEL website or with the KOEL Care Centre. Routine services will
be carried out by KOEL service team as required, and in case of any other
concerns the customer simply needs to call the Customer Care Centre and
register the request.
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.60.47 |
|
UK Pound |
1 |
Rs.100.15 |
|
Euro |
1 |
Rs.79.65 |
INFORMATION DETAILS
|
Information Gathered
by : |
HNA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
VNT |
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 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
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 |
|
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.