MIRA INFORM REPORT
|
Report Date : |
20.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
LAKSHMI MACHINE WORKS LIMITED |
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Registered
Office : |
Perianaickenpalayam, SRK Vidyalaya Post, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
14.09.1962 |
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Com. Reg. No.: |
18-000463 |
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Capital
Investment / Paid-up Capital : |
Rs.112.665 Millions |
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TIN No.: |
Not Available |
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IEC No.: |
Not Available |
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CIN No.: [Company Identification
No.] |
L29269TZ1962PLC000463 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
CMBL03078F |
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PAN No.: [Permanent Account No.] |
AAACL5244N |
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Legal Form : |
A Public Limited Liability Company.
The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
The company is engaged in the manufacturing and selling of textile
spinning machinery, CNC Machine Tools, Heavy castings and parts and
components. |
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No. of Employees
: |
3495 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-stablished company having fine track record. The rating reflects company’s heathy financial risk profile marked by
adequate liquidity position and decent profitability levels of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for normal 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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
NOT AVAILABLE
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED
Management Non Co-Operative (Tel No.: 91-422-6612255)
LOCATIONS
|
Registered Office / Marketing Department - Textile Machinery Division: |
Perianaickenpalayam, SRK Vidyalaya Post, |
|
Tel. No.: |
91-422-2692371-379 / 2892371-79 / 6612263 / 6612551/ 3022255/ 6612216/
6612207 |
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Fax No.: |
91-422-2692541/ 542/ 543/ 2892541 / 42 |
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E-Mail : |
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Website : |
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Location: |
Owned |
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Corporate Office : |
34-A, |
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Tel. No.: |
91-422-2221680/ 82-87/ 3028100 |
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Fax No.: |
91-422-2220912 |
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E-Mail : |
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Factory 1: |
Perianaickenpalayam, |
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Factory 2: |
Kaniyur, |
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Tel. No.: |
91-421-3983000 |
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Fax No.: |
91-421-2333270 |
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Factory 3: |
Muthugoundenpudur, |
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Factory 4: |
Wind Mill Division
Udumalpet (TK), Tirupur
District, |
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Factory 5: |
Machine Tool Division, Foundry Division and Machine
Shop
Arasur, |
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Tel No: |
91-421-3021300 / 3022537 / 3983000/ 3022553/ 3022511
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|
Fax No.: |
91-421-2360029 / 3022577
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E mail: |
mtd_markteting@lmw.co.in
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Factory 6: |
Advanced Technology Centre and Basic Training
Division Ganapathy, |
DIRECTORS
As on 31.03.2014
As on 31.03.2014
|
Name : |
Mr. Sanjay Jayavarthanavelu |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/Age : |
44 Years |
|
Qualification : |
MBA |
|
Experience : |
19
Years |
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Date of Appointment : |
03.06.1994 |
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Name : |
Mr. M.V. Subbiah |
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Designation : |
Director |
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Name : |
Mr. S. Pathy |
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Designation : |
Director |
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Name : |
Mr. Basavaraju |
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Designation : |
Nominee Director of LIC |
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Name : |
Mr. Aditya Himatsingka |
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Designation : |
Director |
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Name : |
Dr. Mukund Govind Rajan |
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Designation : |
Director |
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Name : |
Mr. V. Sathyakumar |
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Designation : |
Nominee Director of LIC |
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Name : |
Mr. R. Rajendran |
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Designation : |
Director Finance |
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Date of Birth/Age : |
68 Years |
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Qualification : |
B.Com; A C A |
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Experience : |
42 Years |
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Date of Appointment : |
01.04.1971 |
KEY EXECUTIVES
|
Name : |
Mr. K. Duraisami |
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Designation : |
Company Secretary |
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|
Name : |
Ms. Nivetha |
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Designation : |
Accounts Executive |
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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|
302247 |
2.68 |
|
|
2891378 |
25.66 |
|
|
3193625 |
28.35 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
3193625 |
28.35 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
1271740 |
11.29 |
|
|
3181 |
0.03 |
|
|
1406203 |
12.48 |
|
|
188214 |
1.67 |
|
|
2869338 |
25.47 |
|
|
|
|
|
|
2248413 |
19.96 |
|
|
|
|
|
|
1456890 |
12.93 |
|
|
848069 |
7.53 |
|
|
650169 |
5.77 |
|
|
7000 |
0.06 |
|
|
4500 |
0.04 |
|
|
240 |
0.00 |
|
|
76453 |
0.68 |
|
|
16010 |
0.14 |
|
|
545966 |
4.85 |
|
|
5203541 |
46.19 |
|
Total
Public shareholding (B) |
8072879 |
71.65 |
|
Total
(A)+(B) |
11266504 |
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) |
11266504 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in the manufacturing and selling of textile
spinning machinery, CNC Machine Tools, Heavy castings and parts and components.
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Products : |
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Brand Names : |
-- |
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Agencies Held : |
-- |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS – NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
Not Divulged |
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Customers : |
Not Divulged |
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No. of Employees : |
3495 (Approximately) |
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|
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Bankers : |
·
Indian
Bank, Tel. No.: 91-422-2397758 ·
Bank
of ·
Citibank
N.A. ·
HDFC
Bank ·
IDBI
Bank ·
Standard
Chartered Bank ·
Bank
of |
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|
Facilities : |
-- |
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Banking
Relations : |
-- |
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Statutory Auditor 1 : |
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|
Name : |
M.S.
Jagannathan and Visvanathan Chartered Accountants |
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Address : |
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Statutory Auditor 2 : |
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Name : |
Subbachar
and Srinivasan Chartered Accountants |
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Address : |
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Wholly Owned Subsidiary: |
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Other related parties-Associates |
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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, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11266504 |
Equity Shares |
Rs.10/- each |
Rs.112.665
Millions |
1102746
equity shares of Rs.10 each were bought back
during the financial year 2010-11
Reconciliation of number
of shares
|
Equity Shares |
Number
of Shares |
|
Shares outstanding at the beginning of the year |
1102746 |
|
Shares issued during the year |
-- |
|
Shares
outstanding at the end of the year |
1102746 |
Shareholders holding more
than 5 percent Equity shares
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Lakshmi
Cargo Company Limited |
1024218 |
9.09% |
|
Life
Insurance Corporation of |
956783 |
8.49% |
|
Lakshmi
Technology and Engineering Industries Limited |
66090 |
8.92% |
|
Voltas
Limited |
600000 |
5.33% |
|
The
Lakshmi Mills Company Limited |
520000 |
4.62% |
The Company has issued only one class of Equity share having
a par value of Rs.10 per share. Each holder of
Equity share is entitled to one vote per share. The Company declares dividends
in Indian Rupees. The dividend proposed by the Board of Directors is subject to
approval by the shareholders at the Annual General Meeting
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 |
112.665 |
112.665 |
112.665 |
|
(b) Reserves & Surplus |
10,931.700 |
9,490.213 |
8,872.405 |
|
(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) |
11,044.365 |
9,602.878 |
8,985.070 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
26.443 |
129.019 |
228.706 |
|
(c) Other long term
liabilities |
2,231.731 |
2,340.351 |
2,664.453 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
2,258.174 |
2,469.370 |
2,893.159 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade
payables |
2,921.432 |
2,537.651 |
2,625.423 |
|
(c) Other
current liabilities |
3,538.971 |
3,040.438 |
3,632.371 |
|
(d) Short-term
provisions |
463.305 |
297.777 |
696.805 |
|
Total Current
Liabilities (4) |
6,923.708 |
5,875.866 |
6,954.599 |
|
|
|
|
|
|
TOTAL |
20,226.247 |
17,948.114 |
18,832.828 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
3,798.745 |
4,305.036 |
4,946.772 |
|
(ii)
Intangible Assets |
30.696 |
60.869 |
28.846 |
|
(iii)
Capital work-in-progress |
27.318 |
132.097 |
103.074 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1,288.293 |
1,038.250 |
1,540.730 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
223.783 |
249.491 |
321.195 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
170.239 |
|
Total Non-Current
Assets |
5,368.835 |
5,785.743 |
7,110.856 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2,806.269 |
2,257.027 |
2,153.218 |
|
(c) Trade
receivables |
1,827.895 |
1,200.081 |
1,292.968 |
|
(d) Cash
and cash equivalents |
8,793.924 |
7,496.945 |
6,923.456 |
|
(e)
Short-term loans and advances |
927.639 |
864.130 |
1,071.200 |
|
(f) Other
current assets |
501.685 |
344.188 |
281.130 |
|
Total
Current Assets |
14,857.412 |
12,162.371 |
11,721.972 |
|
|
|
|
|
|
TOTAL |
20,226.247 |
17,948.114 |
18,832.828 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
22,416.230 |
19,171.301 |
21,134.524 |
|
|
|
Other Income |
1,154.845 |
787.156 |
845.077 |
|
|
|
TOTAL (A) |
23,571.075 |
19,958.457 |
21,979.601 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
14,216.298 |
12,014.973 |
13,051.096 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(269.580) |
(226.181) |
58.188 |
|
|
|
Employees benefits expense |
2,269.155 |
1,795.704 |
1,735.024 |
|
|
|
Other expenses |
3,636.683 |
3,486.198 |
3,711.751 |
|
|
|
Exceptional
item- Voluntary retirement scheme payments |
81.591 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
19,934.147 |
17,070.694 |
18,556.059 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3,636.928 |
2,887.763 |
3,423.542 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
5.598 |
3.660 |
50.073 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3,631.330 |
2,884.103 |
3,373.469 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1,025.122 |
1,177.206 |
1,139.529 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2,606.208 |
1,706.897 |
2,233.940 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
769.284 |
532.102 |
863.764 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1,836.924 |
1,174.795 |
1,370.176 |
|
|
|
|
|
|
|
|
|
Less/ Add |
INVESTMENT FLUCTUATION
RESERVE |
155.675 |
(14.494) |
(200.453) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
8846.508 |
8069.832 |
7694.820 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
185.000 |
120.000 |
140.000 |
|
|
|
Dividend |
337.995 |
225.330 |
563.326 |
|
|
|
Tax on Dividend |
57.442 |
38.295 |
91.385 |
|
|
BALANCE CARRIED
TO THE B/S |
10258.670 |
8846.508 |
8069.832 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on FOB basis |
4755.906 |
2311.133 |
3214.996 |
|
|
|
Technical
Knowhow / Royalty income |
33.835 |
18.867 |
0.000 |
|
|
TOTAL EARNINGS |
4789.741 |
2330.000 |
3214.996 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
486.314 |
482.814 |
602.367 |
|
|
|
Components and Spares Parts |
2226.462 |
1619.691 |
2104.773 |
|
|
|
Capital Goods |
64.497 |
134.354 |
631.209 |
|
|
TOTAL IMPORTS |
2777.273 |
2236.859 |
3338.349 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
163.04 |
104.27 |
121.62 |
|
QUARTERLY RESULTS
|
Particulars |
|
30.06.2014 (Unaudited) |
30.09.2014 (Unaudited) |
|
|
|
1st Quarter |
2nd Quarter |
|
Net Sales |
|
5715.100 |
5893.100 |
|
Total Expenditure |
|
5054.400 |
5121.400 |
|
PBIDT (Excl OI) |
|
660.600 |
771.700 |
|
Other Income |
|
269.100 |
262.700 |
|
Operating Profit |
|
929.700 |
1034.400 |
|
Interest |
|
1.200 |
02.500 |
|
Exceptional Items |
|
(9.000) |
(65.800) |
|
PBDT |
|
919.600 |
966.200 |
|
Depreciation |
|
241.700 |
233.000 |
|
Profit Before Tax |
|
677.900 |
733.200 |
|
Tax |
|
192.200 |
264.700 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
485.700 |
468.500 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
485700 |
468.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
8.19 |
6.13 |
6.48 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
105.15 |
104.11 |
104.00 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
124.64 |
118.96 |
127.87 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
2.13 |
2.08 |
2.45 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.15 |
2.07 |
1.69 |
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 |
112.665 |
112.665 |
112.665 |
|
Reserves & Surplus |
8872.405 |
9490.213 |
10931.700 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
8985.070 |
9602.878 |
11044.365 |
|
|
|
|
|
|
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 |
21,134.524 |
19,171.301 |
22,416.230 |
|
|
|
(9.289) |
16.926 |
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
|
21,134.524 |
19,171.301 |
22,416.230 |
|
Profit |
1,370.176 |
1,174.795 |
1,836.924 |
|
|
6.48% |
6.13% |
8.19% |
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 DEAILS
|
|
CORPORATE
INFORMATION
Subject is a public company domiciled in
OPERATIONS
During the year,
the Company has recorded a turnover of Rs.21651.815 Millions (2012-13:
Rs.18643.275 Millions) resulting in a Net Profit of Rs.2606.208 Millions before
tax (2012-13: Rs.1706.897 Millions). Increase in demand for textile machinery
in domestic and international markets, stability in commodity prices,
favourable foreign exchange rates and other input costs have contributed to the
increased turnover and profits respectively.
AWARDS
During 2013-14 the Company has bagged the following Awards:
1)
R and D Awards for the year 2012-13 given by
Textile Machinery Manufacturers Association.
2)
Central Excise Award for making the highest payment
of excise duty and service tax in Coimbatore and an award for being the leading
exporter in Coimbatore for the year 2013-14.
UNAUDITED FINANCIAL RESULTS FOR THE THREE QUARTER ENDED 30TH SEPTEMBER 2014
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Half Year Ended ( Unaudited) |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
5690.915 |
5530.826 |
11221.741 |
|
b) Other operating income |
202.206 |
184.240 |
386.446 |
|
Total
income from Operations(net) |
5893.121 |
5715.066 |
11608.187 |
|
2.Expenditure |
|
|
|
|
a. Cost of Material Consumed |
3622.363 |
3832.883 |
7455.246 |
|
b. Purchase of Stock-in-trade |
0.000 |
0.000 |
0.000 |
|
c. Changes in inventories of
finished goods, work-in-progress and stock -in-trade |
(7.637) |
(231.115) |
(300.752) |
|
d. Employee benefits expense |
574.343 |
586.498 |
1160.841 |
|
e. Depreciation and Amortisation expense |
232.961 |
241.710 |
474.671 |
|
f. Other
Expenses |
932.337 |
928.175 |
1860.512 |
|
Total expenses |
5354.367 |
5358.151 |
10650.518 |
|
3. Profit from operations before other income and
financial costs |
538.754 |
418.915 |
957.669 |
|
4. Other income |
262.726 |
209.062 |
531.788 |
|
5. Profit from ordinary activities before finance costs |
801.480 |
687.977 |
1489.457 |
|
6. Finance costs |
2.484 |
1.146 |
3.630 |
|
7. Net profit/(loss) from ordinary activities after
finance costs but before exceptional items |
798.996 |
686.831 |
1485.827 |
|
8. Exceptional item |
65.808 |
8.981 |
74.789 |
|
9. Profit from ordinary activities before tax
Expense: |
733.188 |
677.850 |
1411.038 |
|
10.Tax expenses |
264.739 |
192.161 |
456.900 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
468.449 |
845.689 |
954.138 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
468.449 |
485.689 |
954.138 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
122.665 |
112.665 |
112.665 |
|
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 |
41.58 |
43.11 |
84.69 |
|
(b) Diluted |
41.58 |
43.11 |
84.69 |
|
ii) Earnings per share (after extraordinary items) |
|
|
|
|
(a) Basic |
41.58 |
43.11 |
84.69 |
|
(b) Diluted |
41.58 |
43.11 |
84.69 |
|
Particulars |
Quarter Ended ( Unaudited) |
Quarter Ended ( Unaudited) |
Half Year Ended ( Unaudited) |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
8072879 |
8072879 |
8072879 |
|
- Percentage of shareholding |
71.66% |
71.66% |
71.66% |
|
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 |
3193625 |
3193625 |
3193625 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
Percentage of shares (as a % of total share capital of the
company) |
28.35% |
28.35% |
28.35% |
|
|
|
|
|
|
B.
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
|
Nil |
|
|
Receiving during the quarter |
|
Nil |
|
|
Disposed of during the quarter |
|
Nil |
|
|
Remaining unreserved at the end of the quarter |
|
Nil |
|
UNAUDITED SEGMENT
WIE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In
Millions)
|
Particulars |
Quarter
Ended (
Unaudited) |
Quarter
Ended (
Unaudited) |
Half
Year Ended (Unaudited) |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
1.
Segment Revenue |
|
|
|
|
a )Textjle Machinery
Division |
5182.591 |
5266.778 |
10449.369 |
|
b)Machine Tool and
Foundry Divisions |
758.474 |
515.762 |
1274.236 |
|
c)Advanced Technology
Centre |
46.175 |
29.613 |
75.788 |
|
Total |
5987.240 |
58121.153 |
11799.393 |
|
Less: Inter-segment revenue |
37.086 |
29.829 |
63.915 |
|
Net Sales/Income from Operations |
5950.154 |
5785.324 |
11735.478 |
|
|
|
|
|
|
2. Segment
Result (Profit before Interest and Tax) |
|
|
|
|
a )Textjle Machinery
Division |
508.573 |
511.975 |
1020.548 |
|
b)Machine Tool and
Foundry Divisions |
82.055 |
31.114 |
113.169 |
|
c)Advanced Technology
Centre |
(37.613) |
(42.292) |
(79.905) |
|
Total |
553.015 |
500.797 |
1053.812 |
|
Add : Other un-allocable income net of
Unallocable expenditure |
180.173 |
177.053 |
357.226 |
|
Total Profit Before Tax |
733.188 |
677.850 |
1411.038 |
|
|
|
|
|
|
Profit
before Tax |
|
|
|
|
3. Capital
Employed |
|
|
|
|
a )Textjle Machinery
Division |
8256.935 |
8584.926 |
8256.935 |
|
b)Machine Tool and
Foundry Divisions |
2260.103 |
2096.303 |
2260.103 |
|
c)Advanced Technology
Centre |
57.887 |
31.999 |
57.887 |
|
d) Unallocated |
1423.577 |
816.765 |
1423.577 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
90008971 |
28/03/2002 |
22,174,000.00 |
The South Indian Bank Limited |
Raja Street, Coimbatore, Tamilnadu, India |
- |
|
2 |
90005083 |
15/06/1998 |
3,847,108.00 |
Lloyods Finance Limited |
53; Thiruvenkataswamy Road, R.S. Puram, Coimbatore, Tamil Nadu - 641002, India |
- |
|
3 |
90003230 |
25/02/1998 |
1,000,000.00 |
India Cements Capital Finance Limited |
39 ; State ; Sterling Road, Chennai, Tamil Nadu - 600034, India |
- |
|
4 |
90005072 |
12/12/1997 |
25,000,000.00 |
VIJAYA BANK |
Oppanakkara Street, Coimbatore Branch, Coimbatore, Tamilnadu, India |
- |
|
5 |
90005060 |
19/06/1997 * |
80,000,000.00 |
Industrial Development Bank Of India |
IDBI Tower, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
- |
|
6 |
90008418 |
29/06/1998 * |
32,000,000.00 |
Syndicate Bank |
Oppanakara Street, Coimbatore, Tamilnadu - 641001 , India |
- |
|
7 |
90005042 |
07/09/1996 |
5,500,000.00 |
ELGI Finance Limited |
ELGI House, Trichy Road, Coimbatore, Tamil Nadu - 641045, India |
- |
|
8 |
90005033 |
21/12/1995 |
100,000,000.00 |
Industrial Development Bank Of India |
IDBI Tower, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
- |
|
9 |
90005022 |
16/08/1995 |
5,500,000.00 |
ELGI Finance Limited |
ELGI House, Trichy Road, Coimbatore, Tamil Nadu - 641045, India |
- |
|
10 |
90008261 |
13/08/1996 * |
40,000,000.00 |
Syndicate Bank |
Oppanakara Street, Coimbatore, Tamil Nadu - 641001, India |
- |
|
11 |
90005005 |
19/06/1997 * |
3,713,000.00 |
The Tamilnadu Industrial Investment Corporation Limited |
94; Dr. Nanjappa Road, Coimbatore, Tamil Nadu - 641018, India |
- |
|
12 |
90004998 |
06/04/1994 |
9,000,000.00 |
Industrial Development Bank Of India |
IDBI Tower, Cuffe Parade, Mumbai, Maharashtra - 400005, India |
- |
|
13 |
90004976 |
28/03/1992 |
779,160.00 |
Indian Equipment Leasing Limited |
21; Patullos Road, Mumbai, Maharashtra - 400005, India |
- |
|
14 |
90004975 |
25/03/1992 |
584,200.00 |
Indian Equipment Leasing Limited |
21; Patullos Road, Mumbai, Maharashtra - 400005, India |
- |
|
15 |
90004914 |
14/06/1988 * |
58,800,000.00 |
State Bank of India |
Main Branch, Coimbatore, Tamil Nadu - 641018, India |
- |
|
16 |
90004911 |
31/03/1988 * |
50,000,000.00 |
State Bank of India |
Main Branch, Coimbatore, Tamil Nadu - 641018, India |
- |
|
17 |
90004884 |
28/01/1987 * |
46,000,000.00 |
State Bank of India |
Main Branch, Coimbatore, Tamil Nadu - 641018, India |
- |
|
18 |
90002205 |
11/07/1995 * |
990,000.00 |
State Bank of India |
C and I Division, Coimbatore, Tamil Nadu - 641018, India |
- |
|
19 |
90007715 |
19/04/1986 |
630,800.00 |
Syndicate Bank |
Oppanakara Street, Coimbatore, Tamil Nadu - 641001, India |
- |
|
20 |
90007682 |
21/08/1985 |
21,000,000.00 |
Syndicate Bank |
Oppanakara Street, Coimbatore, Tamil Nadu - 641001, India |
- |
|
21 |
90007600 |
18/05/1984 |
194,199.00 |
Syndicate Bank |
Oppanakara Street, Coimbatore, Tamil Nadu - 641001, India |
- |
|
22 |
90002136 |
08/01/1984 |
14,200,000.00 |
State Bank of India |
Coimbatore, Coimbatore, Tamil Nadu - 641018, India |
- |
|
23 |
90007558 |
28/06/1983 |
3,254,000.00 |
Syndicate Bank |
Oppanakara Street, Coimbatore, Tamil Nadu - 641001, India |
- |
|
24 |
90002126 |
09/05/1983 |
490,000.00 |
State Bank of India |
Coimbatore, Coimbatore, Tamil Nadu - 641018, India |
- |
|
25 |
90004820 |
14/03/1983 |
500,000.00 |
State Bank of India |
Coimbatore, Coimbatore, Tamil Nadu - 641018, India |
- |
|
26 |
90007546 |
11/03/1983 |
635,000.00 |
Syndicate Bank |
Oppanakara Street, Coimbatore, Tamil Nadu - 641001, India |
- |
|
27 |
90007517 |
26/11/1982 |
2,500,000.00 |
Life Insurance Corporation Of India |
Yogakshema Jeevan Bima Marg, Bombay, Maharashtra - 400021, India |
- |
|
28 |
90007481 |
23/09/1981 |
2,500,000.00 |
Life Insurance Corporation Of India |
Yogakshema Jeevan Bima Marg, Bombay, Maharashtra - 400021, India |
- |
|
21 |
90007600 |
18/05/1984 |
194,199.00 |
Syndicate Bank |
Oppanakara Street, Coimbatore, Tamil Nadu - 641001, India |
- |
|
22 |
90002136 |
08/01/1984 |
14,200,000.00 |
State Bank of India |
Coimbatore, Coimbatore, Tamil Nadu - 641018, India |
- |
|
23 |
90007558 |
28/06/1983 |
3,254,000.00 |
Syndicate Bank |
Oppanakara Street, Coimbatore, Tamil Nadu - 641001, India |
- |
|
24 |
90002126 |
09/05/1983 |
490,000.00 |
State Bank of India |
Coimbatore, Coimbatore, Tamil Nadu - 641018, India |
- |
|
25 |
90004820 |
14/03/1983 |
500,000.00 |
Syndicate Bank |
Oppanakara Street, Coimbatore, Tamil Nadu - 641001, India |
- |
|
26 |
90007546 |
11/03/1983 |
635,000.00 |
Syndicate Bank |
Oppanakara Street, Coimbatore, Tamil Nadu - 641001, India |
- |
|
27 |
90007517 |
26/11/1982 |
2,500,000.00 |
Life Insurance Corporation Of India |
Yogakshema Jeevan Bima Marg, Bombay, Maharashtra - 400021, India |
- |
|
28 |
90007481 |
23/09/1981 |
2,500,000.00 |
Life Insurance Corporation Of India |
Yogakshema Jeevan Bima Marg, Bombay, Maharashtra - 400021, India |
- |
FIXED ASSETS:
·
Land
·
Buildings
·
Plant
and Equipment
·
Furniture
and Fixtures
·
Office
Equipments
·
Vehicles
·
Technical
Knowhow
·
Software
PRESS
RELEASE
LAKSHMI MACHINE WORKS TO EXPAND CAPACITY
Chennai/ Bangalore
January 27, 2011
Lakshmi Machine Works Limited (LMW), the Coimbatore-based a textile machines and machine tools manufacturer, is on an expansion mode. The company is set to expand its machine tool manufacturing capacity by 25-30 per cent to 150 machines per month from March this year to meet the growing demand.
“The demand for machine tools is increasingly from automobile and general engineering sectors to aerospace, defence and railways this year. Recently, we invested Rs 220.000 Millions to double our capacity to 120 machines per month. But this is not enough as we have got huge orders for the next one-year. So, we are planning to increase the capacity further,” I N Bhattacharya, deputy general manager - marketing and sales, LMW LIMITED, said.
LMW manufactures CNC lathes and machining centers for automobile companies, auto component manufacturers as well as Tier 1 and Tier 2 manufacturers of component conversion industry. The company, recently added mother machines in its portfolio and revamped its foundries to churn out castings faster, he said.
LMW is focusing on aerospace, defence and railways in a big way. Hindustan Aeronautics Limited (HAL) is one of the big customers from the aerospace sector for LMW. Its customers from the automobile sector includes Maruti Suzuki, Ashok Leyland, TVS Motors, Sundaram Fastners, Amalgamation Group, Tata Motors, Bosch and other Tier1 and Tier 2 suppliers.
Bhattacharya said the company’s order book position for CNC lathes is very strong currently and it has over Rs 1200.000 Millions worth of orders in hand, for which it would take seven months to deliver. The company is likely to close the current fiscal with a total turnover of Rs 1850.000 Millions, a growth of 91 per cent over the last year. During the next fiscal it is aiming at a growth of close to 50 per cent. “We witnessed the worst period during the year 2008-09, when our turnover was in the range of Rs.650.000 Millions. Last year was a good year, but this year, we are getting huge orders for CNC lathes from the automobile sector,” he said.
He said LMW has launched seven new machines including horizontal machining center and high speed turning center to cater to the huge demand from the automotive industry. It is also coming out with large machines with common applications for sectors like railway, defence and automobile for launch during the next fiscal.
The company would also provide end-to-end solutions in association with its sister concern, Quatro, he added.
CCI
DROPS CASE AGAINST LAKSHMI MACHINE WORKS
New Delhi,
February 20:
Fair trade regulator CCI has closed the case against textile machine
maker Lakshmi Machine for alleged abuse of dominant position in the market for
“sale of spinning machinery for textiles”.
“... despite the fact that the opposite party (Lakshmi Machine Works)
was a dominant player in the relevant market, mere increase in prices by the
opposite party for valid economic reasons for all of its customers cannot
amount to imposing of unfair or discriminatory conditions in purchase or sale
of goods or services,” the Competition Commission of India (CCI) said in its
order dated February 15.
In a complaint filed by Shahi Exports, it was alleged that Lakshmi
Machine Works had increased the price of textile machineries it had ordered.
According to the order, during the arbitration proceedings with the complainant,
Lakshmi Machine Works had submitted that the increase in price was due to
increase in cost of inputs such as raw materials and labour, among others.
CCI noted that Lakshmi Machine Works had been “increasing the price of
its products at regular intervals and it was not discriminating with any of its
customers but had increased the prices for all of its customers alike”.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions between
a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.07 |
|
UK Pound |
1 |
Rs.98.73 |
|
Euro |
1 |
Rs.77.46 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--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.