MIRA INFORM REPORT
|
Report Date : |
01.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
KIRLOSKAR PNEUMATIC COMPANY LIMITED |
|
|
|
|
Registered
Office : |
Hadapsar
Industrial Estate, Pune – 411 013, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
08.11.1974 |
|
|
|
|
Com. Reg. No.: |
11-110307 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.128.443
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29120PN1974PLC110307 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer
and Exporter of Pneumatic Systems viz. compressed air, air conditioning, refrigeration
and hydraulic power transmission equipment. |
|
|
|
|
No. of Employees
: |
1017 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (70) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavorable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a part of “Kirloskar Group of Companies”. It is a
well-established and reputed company having fine track. The company possesses a healthy profile marked by decent networth base
along with ample liquidity and comfortable capital structure. Management has maintained its healthy profitability during 2014. The ratings also take into consideration the moderate susceptibility
of its operating profitability to volatility in input prices. Trade relations are fair. Business is active. Payment terms are
reported as regular and as per commitments. In view of experienced promoters and reputed parent, 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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
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 |
Having high degree of safety regarding timely servicing of financial obligation
it carry very low credit risk. |
|
Date |
27.05.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating=A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
27.05.2014 |
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
31-03-2014.
|
ENTITY |
PERSON |
COMPETENT AUTHORITY |
REGULATORY
CHARGES |
REGULATORY
ACTION(S) / DATE OF ORDER |
FURTHER
DEVELOPMENTS |
|
Kirloskar Pneumatic Company Limited |
-- |
EPFO |
Exempted and unexempted establishments defaulted with EPFO including provident fund, pension and edli contribution, administration charges and penal damages of Rs.1.899 Millions |
among other actions, names of defaulters put on the epfo
website |
-- |
INFORMATION DENIED BY
Management Non Co-Operative (91-20-26727000)
LOCATIONS
|
Registered Office : |
Hadapsar Industrial Estate, Pune 411013, |
|
Tel. No.: |
91-20-26727000/ 6870133/ 6870341 |
|
Fax No.: |
91-20-26870297 / 634 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Plant locations: |
·
Hadapsar Industrial Estate, Pune 411013, ·
Saswad, Purandar, Pune, ·
Thermal Power Station Road, Nashik Road, Nashik |
DIRECTORS
As on: 31.03.2014
|
Name : |
Mr.
Sanjay C. Kirloskar |
|
Designation : |
Chairman (up to 23rd April, 2014) |
|
|
|
|
Name: |
Mr.D.R.Swar |
|
Designation: |
Director
|
|
Date of
appointment: |
25.04.2009 |
|
|
|
|
Name: |
Mr.
Atul C. Kirloskar |
|
Designation: |
Director
|
|
|
|
|
Name: |
Mr.
Rahul C. Kirloskar |
|
Designation: |
Executive Chairman |
|
Experience: |
16
Years |
|
|
|
|
Name: |
Mr.
Vikram S. Kirloskar |
|
Designation: |
Director |
|
Qualification: |
Bachelor of
Science in Mechanical Engineering |
|
|
|
|
Name: |
Mr.
J. Y. Tekawade |
|
Designation: |
Director |
|
|
|
|
Name: |
Mr.
A. C. Mukherji |
|
Designation: |
Director |
|
|
|
|
Name: |
Mr.
P. S. Jawadekar |
|
Designation: |
Director |
|
|
|
|
Name: |
Mr.
G. Krishna Rao |
|
Designation: |
Director
( Nominee GIC) |
|
|
|
|
Name: |
Mr. Aditya
Kowshik |
|
Designation: |
Managing Director
|
|
Date of
appointment: |
24.10.2008 |
|
|
|
|
Name: |
Mr. Sunil Shah Singh |
|
Designation: |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Jitendra R. Shah |
|
Designation : |
Company Secretary
|
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 |
|
|
|
|
|
|
|
|
537157 |
4.18 |
|
|
8182967 |
63.71 |
|
|
8720124 |
67.89 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
8720124 |
67.89 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2105887 |
16.40 |
|
|
946 |
0.01 |
|
|
65633 |
0.51 |
|
|
2172466 |
16.91 |
|
|
|
|
|
|
485780 |
3.78 |
|
|
|
|
|
|
1175697 |
9.15 |
|
|
254842 |
1.98 |
|
|
35429 |
0.28 |
|
|
3314 |
0.03 |
|
|
32114 |
0.25 |
|
|
1 |
0.00 |
|
|
1951748 |
15.20 |
|
Total Public shareholding (B) |
4124214 |
32.11 |
|
Total (A)+(B) |
12844338 |
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) |
12844338 |
100.00 |
(1) Indian
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
and Exporter of Pneumatic Systems viz. compressed air, air conditioning, refrigeration
and hydraulic power transmission equipment. |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Compressors |
Nos |
9,846 |
5,854 |
2,514 |
|
Transmission Equipment and Gear Boxes |
Nos |
4,300 |
210 |
210 |
* Note: Installed Capacity
Most of the Plant and Machinery being common for different products manufactured by the Company and installed capacity being dependent on Product Mix, which in turn is decided by the actual demand for various products from time to time and also on availing of subcontracting facilities, it is not ascertainable for the Company to indicate the exact installed capacity. The Company has, however, indicated the installed capacity on the basis of year’s Products Mix as certified by the Executive Director of company and being a technical matter, accepted by the Auditors as correct.
GENERAL INFORMATION
|
No. of Employees : |
1017 (Approximately) |
|
|
|
|
Bankers : |
·
Bank of ·
Bank of ·
Union Bank of ·
ICICI Bank Limited ·
HDFC Bank Limited |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
P. G. Bhagwat Chartered Accountants |
|
Address : |
Pune, Maharashtra, India |
|
Tel. No.: |
91-20-27291772 |
|
Fax No.: |
91-20-27290774 |
|
|
|
|
Holding Company
: |
Kirloskar Brothers Investments Limited |
|
|
|
|
Fellow
Subsidiary : |
·
Kirloskar Oil Engines Limited ·
Nashik Silk Industries Limited |
|
|
|
|
Subsidiary
Company : |
Kirloskar Road Railer Limited |
|
|
|
|
Associate
Company : |
Kirloskar Chilliers Private Limited |
CAPITAL STRUCTURE
As on: 31.03.2014
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
128443380 |
Equity Shares |
Rs.10/- each |
Rs.128.443
Millions |
|
|
|
|
|
Rights attached to Equity
Shares:
The Company has only one class of
share capital, i.e. equity shares having face value of Rs.10/- per share.
Each holder of equity share is entitled
to one vote per share.
Share Holding Details:
|
Share Holding Details : |
Nos. |
|
Shareholder holding more than 5% |
|
|
Kirloskar Brothers Investments
Limited (Holding Company w.e.f. 20th May
2011) |
6994176 |
|
(54.45%) |
|
|
Kirloskar industries limited |
1186866 |
|
(9.24) |
|
|
Reliance Capital Trustee Company
Limited A/c Reliance Diversified Power
Sector Fund |
1043284 |
|
(8.12%) |
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 |
128.443 |
128.443 |
128.443 |
|
(b) Reserves & Surplus |
2697.655 |
2459.627 |
2168.978 |
|
(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) |
2826.098 |
2588.070 |
2297.421 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
0.000 |
0.000 |
62.549 |
|
(b) Deferred tax liabilities (Net) |
5.408 |
1.057 |
4.274 |
|
(c) Other long
term liabilities |
9.669 |
11.007 |
13.174 |
|
(d) long-term
provisions |
43.451 |
38.381 |
26.501 |
|
Total Non-current
Liabilities (3) |
58.528 |
50.445 |
106.498 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b)
Trade payables |
741.171 |
852.248 |
1077.945 |
|
(c) Other
current liabilities |
707.689 |
890.983 |
862.109 |
|
(d) Short-term
provisions |
366.326 |
429.128 |
488.123 |
|
Total Current
Liabilities (4) |
1815.186 |
2172.359 |
2428.177 |
|
|
|
|
|
|
TOTAL |
4699.812 |
4810.874 |
4832.096 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1004.198 |
895.375 |
780.577 |
|
(ii)
Intangible Assets |
134.870 |
125.002 |
125.276 |
|
(iii)
Capital work-in-progress |
0.000 |
2.135 |
20.424 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
29.582 |
79.582 |
30.713 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
57.537 |
80.333 |
45.171 |
|
(e) Other
Non-current assets |
5.115 |
14.073 |
28.466 |
|
Total Non-Current
Assets |
1231.302 |
1196.500 |
1030.627 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
1178.500 |
1050.000 |
1000.000 |
|
(b)
Inventories |
418.030 |
723.846 |
821.740 |
|
(c)
Trade receivables |
1428.618 |
1320.671 |
1350.411 |
|
(d) Cash
and cash equivalents |
130.885 |
158.848 |
251.346 |
|
(e)
Short-term loans and advances |
110.438 |
87.690 |
84.054 |
|
(f)
Other current assets |
202.039 |
273.319 |
293.918 |
|
Total
Current Assets |
3468.510 |
3614.374 |
3801.469 |
|
|
|
|
|
|
TOTAL |
4699.812 |
4810.874 |
4832.096 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
5099.269 |
5488.091 |
6666.141 |
|
|
|
|
Other Income |
160.527 |
135.938 |
135.609 |
|
|
|
|
TOTAL (A) |
5259.796 |
5624.029 |
6801.750 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
2443.377 |
2967.852 |
3716.010 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
189.502 |
(121.271) |
202.677 |
|
|
|
|
Employees benefits expense |
808.839 |
802.784 |
705.085 |
|
|
|
|
Other expenses |
1067.803 |
1138.862 |
1160.742 |
|
|
|
|
TOTAL (B) |
4509.521 |
4788.227 |
5784.514 |
|
|
|
|
|
|
|
||
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
750.275 |
835.802 |
1017.236 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
3.484 |
13.139 |
11.947 |
||
|
|
|
|
|
|
||
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
746.791 |
822.663 |
1005.289 |
||
|
|
|
|
|
|
||
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
132.140 |
114.905 |
120.572 |
||
|
|
|
|
|
|
||
|
|
PROFIT BEFORE
TAX (E-F) (G) |
614.651 |
707.758 |
884.717 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
226.351 |
236.782 |
265.572 |
||
|
|
|
|
|
|
||
|
|
PROFIT AFTER TAX
(G-H) (I) |
388.300 |
470.976 |
619.145 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
207.781 |
217.132 |
177.123 |
||
|
|
|
|
|
|
||
|
Less |
APPROPRIATIONS |
|
|
|
||
|
|
|
Transfer to General Reserve |
250.000 |
300.000 |
400.000 |
|
|
|
|
Dividend |
128.443 |
154.132 |
154.132 |
|
|
|
|
Tax on Dividend |
21.829 |
26.195 |
25.004 |
|
|
|
BALANCE CARRIED
TO THE B/S |
195.809 |
207.781 |
217.132 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
Export Earnings |
244.884 |
164.450 |
318.534 |
|
|
|
|
Other Earnings |
0.691 |
0.540 |
0.315 |
|
|
|
TOTAL EARNINGS |
245.575 |
164.990 |
318.849 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
332.193 |
507.210 |
910.337 |
|
|
|
|
Stores & Spares |
52.130 |
33.952 |
23.286 |
|
|
|
|
Capital Goods |
147.646 |
6.245 |
0.000 |
|
|
|
TOTAL IMPORTS |
531.969 |
547.407 |
933.623 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
30.23 |
36.67 |
48.20 |
||
QUARTERLY /
SUMMARISED RESULTS
|
Particulars (Rs
.Cr) |
Jun 2014 |
|
Audited / UnAudited |
UnAudited |
|
Net Sales |
733.100 |
|
Total Expenditure |
797.200 |
|
PBIDT (Excl OI) |
(64.100) |
|
Other Income |
71.500 |
|
Operating Profit |
07.400 |
|
Interest |
0.000 |
|
Exceptional Items |
0.000 |
|
PBDT |
07.400 |
|
Depreciation |
45.300 |
|
Profit Before Tax |
(37.900) |
|
Tax |
(35.400) |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
(2.500) |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
(2.500) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
7.38 |
8.37 |
9.10 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.05 |
12.90 |
13.27 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.16 |
14.97 |
18.51 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22 |
0.27 |
0.39 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.91 |
1.66 |
1.57 |
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 |
128.443 |
128.443 |
128.443 |
|
Reserves & Surplus |
2168.978 |
2459.627 |
2697.655 |
|
Net worth |
2297.421 |
2588.070 |
2826.098 |
|
|
|
|
|
|
long-term borrowings |
62.549 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
62.549 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.027 |
0.000 |
0.000 |
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 |
6666.141 |
5488.091 |
5099.269 |
|
|
|
(17.672) |
(7.085) |
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 |
6666.141 |
5488.091 |
5099.269 |
|
Profit |
619.145 |
470.976 |
388.300 |
|
|
9.29% |
8.58% |
7.61% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
LITIGATION DETAILS:
|
HIGH
COURT OF BOMBAY
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
UNAUDITED FINANCIAL RESULTS (PROVISIONAL) FOR THE QUARTER
30.06.2014.
(Rs. In Millions)
|
Particulars |
Quarter Ended |
|
|
30.06.2014 (UnAudited) |
|
1.
Income from operations |
|
|
a) Net sales/ Income from operation (net of excise duty) |
717.200 |
|
b) Other operating income |
15.900 |
|
Total
income from Operations(net) |
733.100 |
|
2.Expenditure |
|
|
a) Cost of material consumed |
372.500 |
|
b) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(26.100) |
|
d) Employees benefit expenses |
221.400 |
|
e) Depreciation and amortization expenses |
45.300 |
|
f) Other expenditure |
229.400 |
|
Total expenses |
842.500 |
|
3. Profit from operations before other income and
financial costs |
(109.400) |
|
4. Other income |
71.500 |
|
5. Profit from ordinary activities before finance costs |
(37.900) |
|
6. Finance costs |
-- |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
(37.900) |
|
8.
Exceptional item |
-- |
|
9. Profit from ordinary activities before tax
Expense: |
(37.900) |
|
10.Tax expenses |
(35.400) |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
(2.500) |
|
12.Extraordinary Items (net of tax expense) |
-- |
|
13.Net Profit / (Loss) for the period (11 -12) |
(2.500) |
|
14.Paid-up
equity share capital (Nominal value Rs.10/- per share) |
128.400 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
-- |
|
16.i) Earnings per share (before extraordinary
items) of Rs.10/- each) (not annualised): |
|
|
(a) Basic and diluted |
(0.20) |
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
4124214 |
|
- Percentage of shareholding |
32.11% |
|
2. Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
-- |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
-- |
|
Percentage of shares (as a % of total share capital of the
company) |
|
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
8720124 |
|
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) |
67.89% |
|
B.
Investor Complaints |
3
Months ended 30.06.2014 |
|
Pending at the beginning of the quarter |
Nil |
|
Receiving during the quarter |
1 |
|
Disposed of during the quarter |
1 |
|
Remaining unreserved at the end of the quarter |
Nil |
UNAUDITED SEGMENT WIE
REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In
Millions)
|
Particulars |
Quarter
Ended (
Unaudited) |
|
|
30.06.2014 |
|
1.
Segment Revenue |
|
|
a Compression Systems |
684.900 |
|
b Transmission Products |
132.300 |
|
c Other |
-- |
|
Total |
717.200 |
|
Less : Inter Segment Revenue |
-- |
|
Net
Sales |
717.200 |
|
|
|
|
2.
Segment Result (Profit
before Interest and Tax) |
|
|
a Compression Systems |
(1.100) |
|
b Transmission Products |
(20.400) |
|
Total |
(21.500) |
|
|
|
|
Less
: (i) Interest |
-- |
|
(ii) Other un-allocable
expenditure net off un-allocable income. |
16.400 |
|
|
|
|
Profit
before Tax |
(37.900) |
|
3.
Capital Employed |
|
|
a Compression Systems |
674.800 |
|
b Transmission Products |
304.600 |
|
Total |
979.400 |
|
Add:
Unallocable corporate assets |
1814.200 |
|
Total
Capital Employed in the company |
2793.600 |
Notes:
1.
The credit for the
quarter in tax expense is on account of recognition of deferred tax asset which
is expected to get reversed in subsequent quarters upon company earning
profits.
2.
The above results have
been reviewed and recommended by the Audit Committee and approved by the Board
of Directors at its Meeting held on 23rd July, 2014. The statutory
auditors have conducted ‘Limited Review’ of the Financial Results.
3.
Previous periods
figures are regrouped, wherever necessary to make them comparable with those of
the current year.
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10344629 |
27/03/2012 |
5,360,000,000.00 |
THE BANK OF INDIA CONSORTIUM |
8A COYAJI ROAD, CAMP, PUNE - 411001, MAHARASHTRA, INDIA |
B35910744 |
OPERATIONS
The Indian economic growth rate has slowed down for the past couple of years and recovery is still some time away. The complex world of global economics and its volatility have affected India’s growth also.
The manufacturing sector has been the worst affected and the capital goods market has been hit the hardest. High fiscal deficit, high inflation, a volatile currency and the political environment have all contributed to uncertainty in the economy which in turn has caused the Company’s revenue to drop for the year 2013-14.
The net revenue of your company for the year ended was Rs. 5,099 Million against Rs. 5,488 Million of last year. The revenue of the compression segment was Rs. 4,159 Million as against Rs. 4,484 Million in 2012-13.
The compression segment was affected mainly due to very low investments in the Oil and Gas sector. Capital expenditure for expansion/up-gradation of refineries was also very low and this affected our business of Refrigeration and Gas Compression Systems. The CNG business was affected due to various infrastructural and gas availability issues. Our thrust into the export business has resulted in your Company booking the first export order for a CNG system.
The revenue of the Transmission segment was Rs. 679 Million as against Rs. 1005 Million in 2012-13. The Transmission segment was affected mainly due to stagnation of growth and high stock levels in the Indian Railways. The wind turbine market also went down substantially due to lack of clarity in Government policies.
During the year, your company has successfully completed the Emergency Brake Distance Test (EBD) of one Road Railer Rake which is a pre-requisite for the running of this train. Your Company is now awaiting the final certification from the concerned Railway authorities.
Cost reduction measures and the WoW (war on waste) initiative helped your company to generally maintain its profitability for the year despite a severe downturn in the economy.
MANAGEMENT
DISCUSSIONS AND ANALYSIS
INDUSTRY OVERVIEW
The Company serves various sectors viz. Oil and Gas, Infrastructure, Cement, Steel and Power, Food and Beverage and Railways. Over couple of years, the stagnation in the growth of the manufacturing sector has adversely impacted revenues of the company.
Both domestic and international factors have adversely impacted the Indian economy and the GDP growth for the year 2013-14 is around 5%. The Index of Industrial Production (IIP) showed no increase during April-January 2013-14 as compared to 7.8% during the year 2010-11. The GDP growth for the year 2014-15 is not expected to be any better than 2013-14. In fact this has resulted in a contraction in production of capital goods.
CORPORATE GOVERNANCE
The Company conforms to the norms of Corporate Governance as envisaged in the Listing Agreement with the Bombay Stock Exchange Limited. A separate report on Corporate Governance, along with Statutory Auditors’ Certificate on the Compliance, Management Discussions and Analysis, is attached and forms part of the Annual Report.
PROSPECTS
The Company believes that the economic potential of the country may remain subdued for this year too. With the new Government in place it is hoped that the year 2015-16 will see a boost in investments in sectors that the Company is involved in. The uncertain political climate has led to many projects in the Oil and Gas sector being postponed or dropped. This has impacted the revenue of the Compression segment in 2013-14. It is expected that some of these projects in the Oil and Gas sector will be cleared for implementation in 2014-15 which will help the Companies’ revenue from 2015-16 onwards. Our drive for exports of hydro carbon based refrigeration systems and gas compression systems has resulted in the Company receiving some export orders and we expect to take this initiative forward in this year too. With the Government of India reintroducing generation based incentive and launching of a new initiative to double the production of renewable energy by 2017, (upto 55000 MW) opportunities in the Transmission division should grow in the year 2015-16. After receipt of the EBD certificate from the Railway Authorities and after setting up the terminals near Delhi and Chennai, the Company has a plan to manufacture and sell one more RoadRailer Rake this year.
FIXED ASSETS:
·
Land
·
Building
·
Water Tanks and Pipelines
·
Plant and Machinery (Including Equipments)
·
Electrical Installations
·
Furniture and Fixture
·
Vehicles
·
Leased Assets (Plant and Machinery)
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 judgment 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 records 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 |
|
|
1 |
Rs.100.35 |
|
Euro |
1 |
Rs.79.86 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
JAY |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
YES |
|
TOTAL |
|
|
|
|
|
70 |
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.