MIRA INFORM REPORT
|
Report Date : |
16.12.2014 |
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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IEC No.: |
Not Available |
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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
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
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Rating |
Long Term Rating (AA/ STABLE) |
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Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
October 13, 2014 |
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Rating Agency Name |
CRISIL |
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Rating |
Short Term Rating (A1+) |
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Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
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Date |
October 13, 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.
INFORMATION DECLINED
Management non co-operative (91-20-25810341)
LOCATIONS
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Registered Office / Factory 1 : |
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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 : |
A-11/1, MIDC, Ambad, Nashik – 422010,
Plot No. D-1, Kagal-Hatkanangale 5 Star Industrial Area, At post Talandage,
Tal – Hatkanangale, District Kolhapur – 416202, Maharashtra, India
Plot No. A / 262, Phase – I, Kagal-Hatkanangale 5 Star Industrial
Area, At post – Talandage, Tal – Hatkanangale, District Kolhapur – 416202,
Maharashtra, India
Plot No. E -18, Opposite Soktas India Limited, Kagal- Hatkanangale 5
Star Industrial Area, District Kolhapur, Maharashtra, India
Plot No. A / 262, Phase – III, Kagal-Hatkanangale 5 Star Industrial
Area, At post – Talandage, Tal – Hatkanangale, District Kolhapur – 416202,
Maharashtra, India
Plot No. 2315/16, 2330/31, GIDC, Lodhika Industrial Estate, D4
Almighty Gate Road, Village Metoda, Rajkot – 360035, Gujarat, India
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 |
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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 |
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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 |
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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) |
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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 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
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|
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|
19266963 |
13.32 |
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|
85895033 |
59.40 |
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|
105161996 |
72.72 |
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Total shareholding of Promoter and Promoter Group (A) |
105161996 |
72.72 |
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(B) Public Shareholding |
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|
1332891 |
0.92 |
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|
3831493 |
2.65 |
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|
3635723 |
2.51 |
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|
14979049 |
10.36 |
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|
23779156 |
16.44 |
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|
|
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|
1157962 |
0.80 |
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|
|
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|
12097756 |
8.37 |
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|
2080589 |
1.44 |
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|
336402 |
0.23 |
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|
95068 |
0.07 |
|
|
241334 |
0.17 |
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|
15672709 |
10.84 |
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Total Public shareholding (B) |
39451865 |
27.28 |
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Total (A)+(B) |
144613861 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
144613861 |
0.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Internal Combustion Engines, Gensets and
Parts. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
GENERAL INFORMATION
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Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
Not Divulged |
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Bankers : |
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Auditors : |
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Name : |
P. G. Bhagwat Chartered Accountants |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding Company : |
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Fellow Subsidiary Companies : |
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Enterprises over which Key Management Personnel exercise
control/significant Influence : |
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Enterprises over which relatives of Key Management Personnel exercise
control/ significant influence : |
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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 |
|
|
|
|
|
|
144,614,326 |
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 |
- 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 |
- 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.
- 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 |
- 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 |
- 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 /
SUMMARISED 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 |
|
Net Profit Margin (PAT/Sales) |
(%) |
7.69 |
8.43 |
8.24 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
14.75 |
15.50 |
16.68 |
|
|
|
|
|
|
|
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 |
|
Loading No: ITXAL/408/2012 Filing Dte: 18.02.2012 Reg. No.: ITXAL/408/2012 Reg. Date: 10.01.2013 |
|
Petitioner:- COMMISSIONER OF INCOME TAX – V-
Respondent: KIRLOSKAR OIL ENGINES LIMITED Petn. Adv : TEJVEER SINGH () Resp.
Adv:- MIHIR NANIWADEKAR District: PUNE |
|
Bench: DIVISON Status: Pre-Admission Category:-
TAX APPEALS
Next Date: 18.12.2014 Stage: FOR
ADMISSION Coram: HON’BLE SHRI
JUSTICE S. C. DHARMADHIKARI HON’BLE SHRI JUSTIVE A. A.
SAYED |
|
Act: Income Tax Act, 1961 Under Section :- 260A |
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.23200.000 Millions 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
AWARDS, RECOGNITIONS AND CERTIFICATIONS
The Company
consciously strives towards excellence with the objective of offering best in class
products and services, suited to its customer needs. Some of the recognitions
received for our relentless efforts of quality delivery and operational
excellence:
- The Engineering Export Promotion Council (EEPC) conferred the ‘Star
Performer Award’ to the Company for the fifth consecutive year. The award
was presented by Mr. P. K. Dash, Additional Chief Secretary Govt. of
Madhya Pradesh.
- The Company’s Agri and allied business unit has been awarded for
‘Best Integrated Rural Marketing campaign’ for its Varsha CNC pumpset
campaign across India. This award was presented at the Asia Retail
Congress held at Mumbai.
- The Company’s Pune Plant I Crank shaft Descent Quality Circle won
the ‘Excellence Category Award’ at the International quality Contest which
was held at Taipei Taiwan.
- Akshay Lean Quality Circle (Pune Plant) bagged the Best of the Best
Award at the State level annual Quality Circle Forum of India (QCFI)
competition.
- The maintenance team’s (Pune Plant II) KAIZEN, won the 2nd prize at
National level in INDIZEN 2013 contest.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10227030 |
12/09/2014 * |
4,100,000,000.00 |
State Bank of India |
Tara Chambers,
Wakdewadi, Old Mumbai-Pune Road,
Pune, Maharashtra - 411003, INDIA |
C24680142 |
* Date of charge modification
STATEMENT OF STANDLONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED AND SIXMONTHS ENDED 30TH
SEPTEMBER 2014
|
Particulars |
Quarter Ended (Unaudited) |
Quarter Ended (Unaudited) |
Half Year Ended (Unaudited) |
|
|
30.09.2014 |
30.06.2014 |
31.09.2014 |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
6225.100 |
6290.800 |
12515.900 |
|
b) Other operating income |
54.000 |
100.100 |
154.100 |
|
Total
income from Operations(net) |
6279.100 |
6390.900 |
12670.000 |
|
2.Expendite |
|
|
|
|
a) Cost of material consumed |
3339.600 |
3134.800 |
6474.400 |
|
b) Purchases of stock in trade |
881.400 |
1028.200 |
1909.600 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(128.700) |
(4.300) |
(133.000) |
|
d) Employees benefit expenses |
484.700 |
457.900 |
942.600 |
|
e) Depreciation and amortization expenses |
257.100 |
243.800 |
500.900 |
|
f) Other expenditure |
1064.300 |
1020.400 |
2084.700 |
|
Total expenses |
5898.400 |
5880.800 |
11779.200 |
|
3. Profit from operations before other income and
financial costs |
380.700 |
510.100 |
890.800 |
|
4. Other income |
121.400 |
137.500 |
258.900 |
|
5. Profit from ordinary activities before finance costs |
502.100 |
647.600 |
1149.700 |
|
6. Finance costs |
1.500 |
0.900 |
2.400 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
500.600 |
646.700 |
1147.300 |
|
8. Exceptional item |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary activities before tax Expense: |
500.600 |
646.700 |
1147.300 |
|
10.Tax expenses |
147.300 |
173.900 |
321.200 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
353.300 |
472.800 |
826.100 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
353.300 |
472.800 |
826.100 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
289.200 |
289.200 |
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): |
2.44 |
3.27 |
5.71 |
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
- No. of shares |
39451865 |
39463635 |
39451865 |
|
|
- Percentage of shareholding |
27.28 |
27.29 |
27.28 |
|
0 |
Promoter &
Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
NIL |
NIL |
NIL |
|
|
- No. of shares |
NIL |
NIL |
NIL |
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
NIL |
NIL |
NIL |
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
NIL |
NIL |
NIL |
|
|
b) Non-encumbered |
|
|
|
|
|
- No. of shares |
105161996 |
105150226 |
105161996 |
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
72.72 |
72.71 |
72.72 |
|
|
Particulars |
Quarter ended 30.09.2014 |
|
B |
Investor Complaints |
|
|
|
Pending at the beginning of the quarter |
NIL |
|
|
Received during the quarter |
NIL |
|
|
Disposed of during the quarter |
NIL |
|
|
Remaining unresolved at the end of the
quarter |
NIL |
DISCLOSURE OF STANDALONE STATEMENT OF ASSETS AND LIABILITIES
|
SOURCES OF FUNDS |
|
|
Quarter ended
30.09.2014 (Unaudited) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
|
|
289.200 |
|
(b) Reserves & Surplus |
|
|
13241.200 |
|
Sub-total
Shareholders' Funds |
|
|
13530.400 |
|
|
|
|
|
|
(2)
Minority Interest |
|
|
-- |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
-- |
|
(b) Deferred tax liabilities (Net) |
|
|
312.200 |
|
(c) Other long term
liabilities |
|
|
154.300 |
|
(d) long-term
provisions |
|
|
221.500 |
|
Sub-total
Non-Current Liabilities |
|
|
688.000 |
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
|
|
-- |
|
(b) Trade
payables |
|
|
3124.300 |
|
(c) Other
current liabilities |
|
|
1015.200 |
|
(d) Short-term
provisions |
|
|
1018.200 |
|
Sub Total- Current
Liabilities |
|
|
5157.700 |
|
|
|
|
|
|
TOTAL- EQUITY AND LIABILITIES |
|
|
18697.500 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
5473.300 |
|
(b)Goodwill
on Consolidation |
|
|
0.000 |
|
(c) Non-current Investments |
|
|
56.700 |
|
(d) Deferred tax assets (net) |
|
|
0.000 |
|
(e) Long-term Loan and Advances |
|
|
1030.900 |
|
(f) Other
Non-current assets |
|
|
211.300 |
|
Sub
Total- Non-current
assets |
|
|
6772.200 |
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
|
6991.600 |
|
(b)
Inventories |
|
|
2141.000 |
|
(c) Trade
receivables |
|
|
1157.600 |
|
(d) Cash
and cash equivalents |
|
|
258.800 |
|
(e)
Short-term loans and advances |
|
|
1071.000 |
|
(f) Other
current assets |
|
|
305.300 |
|
Sub Total- Current
assets |
|
|
11925.300 |
|
|
|
|
|
|
TOTAL
ASSETS |
|
|
18697.500 |
FIXED ASSETS:
· Land Freehold
· Land Leasehold
· Buildings
· Plant and Equipment
· Furniture and Fixture
· Vehicles
· Aircraft
· Office Equipment
· Computers
·
Electrical Installation
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.62.65 |
|
|
1 |
Rs.98.53 |
|
Euro |
1 |
Rs.78.05 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
KLS |
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 |
|
--PROFITABILITY |
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.