MIRA INFORM REPORT
|
Report Date : |
15.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
KIRLOSKAR INDUSTRIES LIMITED |
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Registered
Office : |
13/A, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
13.06.1978 |
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Com. Reg. No.: |
11-088972 |
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Capital
Investment / Paid-up Capital : |
Rs. 97.087 Millions |
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|
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|
CIN No.: [Company Identification
No.] |
L29112PN1978PLC088972 |
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|
IEC No.: |
Not Divulged |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEK09451B |
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PAN No.: [Permanent Account No.] |
AAACP3590P |
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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
: |
Subject is engaged in wind-power generation. |
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No. of Employees
: |
8 (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 : |
Clear |
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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.
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 (91-20-25452721)
LOCATIONS
|
Registered Office : |
13/A, |
|
Tel. No.: |
91-20-25452721 |
|
Fax No.: |
91-20-25454723 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Windmills : |
|
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Atul C. Kirloskar |
|
Designation : |
Chairman |
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|
Name : |
Ms. Aditi V. Chirmule |
|
Designation : |
Executive Director |
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|
Name : |
Mr. Anil N. Alawani |
|
Designation : |
Director |
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|
Name : |
Mr. Nihal G. Kulkarni |
|
Designation : |
Director |
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|
Name : |
Ms. Gauri A. Kirloskar |
|
Designation : |
Director |
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|
Name : |
Mr. Shrikrishna N. Inamdar |
|
Designation : |
Director |
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|
Name : |
Mr. Anant R. Sathe |
|
Designation : |
Director (Resigned w.e.f. 17 July 2014) |
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|
Name : |
Mr. Vijay K. Bajhal |
|
Designation : |
Director |
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|
Name : |
Mr. Vijay Shirke |
|
Designation : |
Additional Director (co-opted w.e.f. 18 July 2014) |
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|
Name : |
Mrs. Priyamvada A. Ranade |
|
Designation : |
Additional Director ((co-opted w.e.f. 18 July 2014) |
KEY EXECUTIVES
|
Name : |
Mrs. Ashwini V. Mali |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
7051534 |
72.63 |
|
|
500 |
0.01 |
|
|
7052034 |
72.64 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
7052034 |
72.64 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2949 |
0.03 |
|
|
343768 |
3.54 |
|
|
118176 |
1.22 |
|
|
943916 |
9.72 |
|
|
1408809 |
14.51 |
|
|
|
|
|
|
81332 |
79888 |
|
|
|
|
|
|
1010913 |
10.41 |
|
|
132365 |
1.36 |
|
|
23166 |
20065 |
|
|
8046 |
0.08 |
|
|
15120 |
0.16 |
|
|
1247776 |
12.85 |
|
Total Public shareholding (B) |
2656585 |
27.36 |
|
Total (A)+(B) |
9708619 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0.00 |
0.00 |
|
|
0.00 |
0.00 |
|
|
0.00 |
0.00 |
|
Total (A)+(B)+(C) |
9708619 |
0.00 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Promoter and Promoter Group
|
Sl. No. |
Name of the
Shareholder |
No.
of Shares held |
As
a % of grand total |
Total shares (including underlying shares
assuming full conversion of warrants and convertible securities) as a % of
diluted share capital |
|
1 |
Atul Chandrakant Kirloskar |
1452138 |
14.96 |
14.96 |
|
2 |
Rahul Chandrakant Kirloskar |
1438578 |
14.82 |
14.82 |
|
3 |
Sanjay Chandrakant Kirloskar |
2626 |
0.03 |
0.03 |
|
4 |
Kirloskar Vikram Shreekant |
4632 |
0.05 |
0.05 |
|
5 |
Gautam Achyut Kulkarni |
1447789 |
14.91 |
14.91 |
|
6 |
Kirloskar Brothers Investments Limited |
200 |
0.00 |
0.00 |
|
7 |
Mrinalini Shreekant Kirloskar |
5856 |
0.06 |
0.06 |
|
8 |
Suman Chandrakant Kirloskar |
3558 |
0.04 |
0.04 |
|
9 |
Roopa Jayant Gupta |
1392 |
0.01 |
0.01 |
|
10 |
Geetanjali Vikram Kirloskar |
2 |
0.00 |
0.00 |
|
11 |
Neeta Achyut Kulkarni |
28 |
0.00 |
0.00 |
|
12 |
Jyostna Gautam Kulkarni |
726798 |
7.49 |
7.49 |
|
13 |
Arti A Kirloskar |
709648 |
7.31 |
7.31 |
|
14 |
Alpana R Kirloskar |
709648 |
7.31 |
7.31 |
|
15 |
Navsai Investment Private Limited |
100 |
0.00 |
0.00 |
|
16 |
Alpak Investment Private Limited |
100 |
0.00 |
0.00 |
|
17 |
Achut and Neeta Holdings and Finance Private Limited |
100 |
0.00 |
0.00 |
|
|
Total |
6503193 |
66.98 |
66.98 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Public and holding more than
1% of the total number 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 |
India Capital Fund |
943439 |
9.72 |
9.72 |
|
|
2 |
India Capital Opportunities 1 Limited |
512223 |
5.28 |
5.28 |
|
|
3 |
Oriental Insurance Company Limited |
150477 |
1.55 |
1.55 |
|
|
4 |
New India Assurance Company Limited |
133813 |
1.38 |
1.38 |
|
|
5 |
General Insurance Corporation of India |
118176 |
1.22 |
1.22 |
|
|
|
Total |
1858128 |
19.14 |
19.14 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons (together with PAC) belonging to the category “Public” and
holding more than 5% of the total number of shares of the company
|
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 |
India Capital Fund |
943439 |
9.72 |
9.72 |
|
|
2 |
India Capital Opportunities 1 Limited |
512223 |
5.28 |
5.28 |
|
|
|
Total |
1455662 |
14.99 |
14.99 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in wind-power generation. |
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Products : |
Not Divulged |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS (AS ON 31.03.2014):
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity ## |
Production meant for sale |
|
Wind- power units |
Kilowatt hours
KwH (in Lakhs) |
N.A. |
112.00 |
96.08 |
## Capacity is based on plant load factor, as advised by the Company's
technical consultant.
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
8 (Approximately) |
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Bankers : |
HDFC Bank Limited, Khadki Branch, Pune, Maharashtra, India |
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Auditors : |
|
|
Name : |
G.D. Apte and Company Chartered Accountants |
|
Address : |
Pune, Maharashtra, India |
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Memberships : |
----- |
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Collaborators : |
----- |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs.500.000 millions |
|
|
|
|
|
Issued and Subscribed Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9708650 |
Equity Shares |
Rs.10/- each
|
Rs.97.087
millions |
|
|
|
|
|
Called-up & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9708619 |
Equity Shares |
Rs.10/- each
|
Rs.97.087
millions |
|
|
Share Capital
Suspense Account* |
|
|
|
31 |
Equity Shares |
Rs.10/- each
|
-- |
|
|
Total |
|
Rs.97.087 millions |
* 31 Equity Shares
of Rs.10/- each aggregating to Rs.310/- to be issued to shareholders of
erstwhile Shivaji Works Limited on amalgamation as per Scheme sanctioned by
Board for Industrial and Financial Reconstruction, are kept in abeyance on the
directions of Special Court.
Reconciliation of number of Equity Shares Outstanding at the beginning
and at the end of the year:
|
Particulars
|
As at 31st March, 2014 |
|
|
No. of Shares |
Amount (Rs. in
millions) |
|
|
Shares outstanding at the beginning of the year |
9708650 |
97.087 |
|
Add: Shares Issued during the year |
-- |
-- |
|
Less: Shares bought back during the year |
-- |
-- |
|
Shares outstanding at the end of the year |
9708650 |
97.087 |
Equity shares in the Company held by each shareholder holding more than 5%
shares:
|
Name of Shareholder |
As at 31st March, 2014 |
|
|
No. of Shares held |
% of Holding |
|
|
India Capital Fund Limited |
943439 |
9.72% |
|
Atul Chandrakant Kirloskar # |
1553298 |
16.00% |
|
Rahul Chandrakant Kirloskar # # |
1539721 |
15.86% |
|
Gautam Achyut Kulkarni # # # |
1548269 |
15.95% |
|
Arti Atul Kirloskar |
709648 |
7.31% |
|
Jyostna Gautam Kulkarni |
726798 |
7.49% |
|
Alpana Rahul Kirloskar |
709648 |
7.31% |
# Out of these, 1553273
equity shares are held in the individual capacity and 25 equity shares are held
as a Trustee of C. S. Kirloskar Testamentary Trust.
# # Out of these,
1539492 equity shares are held in the individual capacity and 229 equity shares
are held as a Trustee of C. S. Kirloskar Testamentary Trust.
# # # 310 equity
shares have been acquired on 28 March 2013. However, the said shares are not
reflected in the holding mentioned above since the actual credit of shares has
taken place after 31 March 2013.
Each holder of
equity share is entitled to one vote per share and to receive interim / final
dividend as and when declared by the Board of Directors / at the Annual General
Meeting. In the event of liquidation of the Company, the holder of equity
shares will be entitled to receive any of the 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.
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 |
97.087 |
97.087 |
97.087 |
|
(b) Reserves & Surplus |
6594.097 |
6159.917 |
5843.962 |
|
(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) |
6691.184 |
6257.004 |
5941.049 |
|
|
|
|
|
|
(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 |
111.164 |
113.619 |
91.423 |
|
(d) long-term provisions |
4.715 |
4.758 |
4.565 |
|
Total
Non-current Liabilities (3) |
115.879 |
118.377 |
95.988 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
0.758 |
0.407 |
0.102 |
|
(c) Other current liabilities |
19.460 |
16.693 |
26.304 |
|
(d) Short-term provisions |
45.289 |
53.176 |
55.508 |
|
Total
Current Liabilities (4) |
65.507 |
70.276 |
81.914 |
|
|
|
|
|
|
TOTAL |
6872.570 |
6445.657 |
6118.951 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
69.994 |
98.320 |
127.082 |
|
(ii) Intangible Assets |
0.029 |
0.047 |
0.065 |
|
(iii) Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
5979.126 |
5420.954 |
5186.862 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
79.851 |
63.706 |
73.209 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
6129.000 |
5583.027 |
5387.218 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
0.218 |
0.136 |
0.009 |
|
(c) Trade receivables |
0.000 |
2.857 |
7.416 |
|
(d) Cash and cash equivalents |
658.551 |
828.980 |
697.674 |
|
(e) Short-term loans and
advances |
5.123 |
3.733 |
2.963 |
|
(f) Other current assets |
79.678 |
26.924 |
23.671 |
|
Total
Current Assets |
743.570 |
862.630 |
731.733 |
|
|
|
|
|
|
TOTAL |
6872.570 |
6445.657 |
6118.951 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
133.757 |
130.627 |
138.112 |
|
|
Other Income |
504.033 |
387.357 |
648.233 |
|
|
TOTAL
|
637.790 |
517.984 |
786.345 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
0.450 |
0.158 |
0.461 |
|
|
Employees benefits expense |
8.964 |
9.209 |
19.752 |
|
|
Other expenses |
56.966 |
47.840 |
42.266 |
|
|
TOTAL |
66.380 |
57.207 |
62.479 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
571.410 |
460.777 |
723.866 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
30.660 |
31.187 |
31.656 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
540.750 |
429.590 |
692.210 |
|
|
|
|
|
|
|
Less |
TAX |
74.035 |
68.500 |
17.65 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
466.715 |
361.090 |
674.560 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2980.398 |
2700.552 |
2138.583 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
46.672 |
36.109 |
67.456 |
|
|
Dividend |
38.835 |
38.835 |
38.835 |
|
|
Tax on Dividend |
0.000 |
6.300 |
6.300 |
|
|
Total
(M) |
85.507 |
81.244 |
112.591 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
3361.606 |
2980.398 |
2700.552 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
48.06 |
37.19 |
69.48 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
348.93 |
276.43 |
488.42 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
60.52 |
41.92 |
74.26 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.07 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
11.35 |
12.27 |
8.93 |
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 |
97.087 |
97.087 |
97.087 |
|
Reserves & Surplus |
5843.962 |
6159.917 |
6594.097 |
|
Net
worth |
5941.049 |
6257.004 |
6691.184 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
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 |
138.112 |
130.627 |
133.757 |
|
|
|
(5.420) |
2.396 |
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 |
138.112 |
130.627 |
133.757 |
|
Profit |
674.560 |
361.090 |
466.715 |
|
|
488.42% |
276.43% |
348.93% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT: 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 |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
No |
|
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 |
No |
|
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 |
No |
CORPORATE
INFORMATION:
Kirloskar
Industries Limited is a public company incorporated under the provisions of the
Companies Act, 1956. Its shares are listed on two stock exchanges in India,
namely the BSE Limited (BSE) and the National Stock Exchange of India Limited
(NSE). The Company is engaged in wind-power generation. The Company has seven
windmills in Maharashtra with total installed capacity of 5.6 Mega Watt (MW).
The windmills are located at Tirade Village, Tal. - Akole, Dist. – Ahmednagar.
The Company sells wind power units generated, to third party as per the
approval from the Maharashtra State Electricity Distribution Company Limited
(MSEDCL).
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT:
Operations of the
Company:
Windmills:
The Company has
seven windmills in Maharashtra with total installed capacity of 5.6 Megawatt
(MW). The windmills are located at Tirade Village, Tal- Akole, Dist. –
Ahmednagar. The windmills have generated net wind energy of 10.543 Millions
units of electricity in the year under review as against Rs. 9.608 Millions
units of electricity in the previous year showing an increase of 9.73% over the
previous year.
The Company is an Open
Access Generator of Electricity as defined by Maharashtra State Electricity
Distribution Company Limited (MSEDCL) and sells units of electricity generated,
to open access consumers, as per the permission received from MSEDCL.
Though the
windmills have generated Rs.0.935 Millions units more over the previous year,
the revenue from sale of these units has not increased, as approximately Rs.
1.172 Millions units remained unutilized. The Customers did not utilize the
units generated during the night hours (Zone A) as they were not working during
the night shifts. Moreover, the transmission and wheeling charges were
substantially increased. Both these factors resulted in lower margins and lower
profits.
All the seven
windmills are registered with the National Load Dispatch Centre (NLDC) and are
eligible for the Renewable Energy Certificates (RECs). During the year, the
Company has sold 5,220 RECs as against 2,531 RECs in the previous year. This
has resulted in revenue of Rs. 7.830 Millions (previous year Rs. 3.796
Millions) during the year. The Company is having 9,863 RECs units as on 31
March 2014. Certification of units generated from July 2013 up to January 2014
is in process.
Others:
The Company owns
lands and buildings thereon and apartments and offices in Pune, Bangalore, New
Delhi and Jaipur. The Company has granted these lands and buildings and offices
on leave and license basis to group and other companies. The Company has
disposed off the vacant apartments at Pune and the office at Mumbai during the
Financial Year 2013-14.
Kirloskar Ferrous
Industries Limited (KFIL) has become a subsidiary of the Company during the
year under review. As on 31 March 2014, your Company holds 51.43% of the total
paid up capital of KFIL.
The Company also
made further investments in equity shares of Kirloskar Pneumatics Company
Limited (KPC) and in equity shares of Kirloskar Oil Engines Limited
UNAUDITED SEGMENT WIE REVENUE, RESULTS AND
CAPITAL EMPLOYED FOR THE YEAR ENDED 31 MARCH 2014
(Rs. In Millions)
|
Particulars |
Year
Ended |
|
|
31.03.2014 |
|
a.
Information about Primary Business Segments |
|
|
1.
Segment Revenue |
|
|
Wind power generation |
68.007 |
|
Investments (Securities and Properties) |
567.567 |
|
Net Sales / Income from Operations |
635.574 |
|
2 Segment
Results |
|
|
Profit (+) / Loss (-) before tax and
interest from each segment |
|
|
- Wind power generation |
21.072 |
|
- Investments (Securities and Properties) |
518.430 |
|
Total |
539.502 |
|
Add / (Less): |
|
|
Unallocable Income / (expenditure) net off |
|
|
unallocable (expenditure) / Income |
1.248 |
|
Total Profit
Before Tax |
540.750 |
|
Total
carrying amount of segment / corporate assets |
|
|
A
- Wind power generation |
117.186 |
|
B
- Investments (Securities and Properties) |
6667.477 |
|
C - Unallocable corporate assets |
87.907 |
|
Total Assets |
6872.570 |
|
4 Total amount of segment /
corporate liabilities |
|
|
A - Wind power generation |
7.382 |
|
B
- Investments (Securities and Properties) |
124.461 |
|
C
- Unallocable corporate liabilities |
49.542 |
|
Total
Liabilities |
|
|
5
Capital Employed |
|
|
(Segment
Assets - Segment Liabilities) |
|
|
A
- Wind power generation |
109.804 |
|
B
- Investments (Securities and Properties) |
6543.016 |
|
C
- Unallocable corporate assets less liabilities |
38.365 |
|
Total
Capital Employed in the Company |
6691.185 |
|
Total cost
incurred during the year to acquire segment assets that are expected
to be used during more than one period |
|
|
A
- Wind power generation |
-- |
|
B
- Investments (Securities and Properties) |
-- |
|
C
- Unallocable corporate assets |
0.155 |
|
Total
Assets Acquired |
0.155 |
|
7
Depreciation & Amortization |
|
|
A
- Wind power generation |
27.191 |
|
B
- Investments (Securities and Properties) |
2.296 |
|
C
- Unallocable corporate depreciation |
1.173 |
|
Total
Depreciation and Amortization |
30.660 |
INDEX OF CHARGES: NO
CHARGES EXIST FOR THE COMPANY
FIXED ASSETS:
- Plant and
Equipment
- Wind Power
Generators
- Diesel Generator Set
- Furniture and
Fixtures
- Vehicles
- Office
Equipment
- Computers and
Peripherals
- Electrical
Installations
- Computer Software
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. 62.44 |
|
|
1 |
Rs. 98.15 |
|
Euro |
1 |
Rs. 77.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ART |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
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.