MIRA
INFORM REPORT
|
Report Date : |
03.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
KIRLOSKAR OIL ENGINES LIMITED (w.e.f. 02.06.2010) |
|
|
|
|
Formerly Known
As : |
KIRLOSKAR ENGINES INDIA LIMITED |
|
|
|
|
Registered
Office : |
Laxmanrao Kirloskar Road, Khadki, Pune - 411003, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
12.01.2009 |
|
|
|
|
Com. Reg. No.: |
11-133351 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.289.200
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29120PN2009PLC133351 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEK00016C / PNEK09057G / PNEK05174B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP3590P / AADCK5714H |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Internal Combustion Engines, Gensets and
Parts. |
|
|
|
|
No. of Employees
: |
2376 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
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 |
|
Maximum Credit Limit : |
USD 46170000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a well-established and reputed company having fine track.
Financial position of the company appears to be sound. Directors are reported
as experienced, respectable and resourceful businessman. Trade relations are
reported to be regular and as per commitments. 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The services sector, the largest contributor to India’s GDP, contracted
for the sixth consecutive month in December, as orders dipped. However, hiring
has risen. Direct tax collections rose 12.3 % during the April – December
period of the current financial year. The government has decided to
retain 100 per cent foreign direct investment in both greenfield (new) and
brown field (existing) pharmaceutical companies, despite concerns over genetic
drugs going out of production, if multi-national companies take over domestic
ones. In M&A deals, a non compete clause would not be allowed, except in
special circumstances. The Department of Industrial Policy and Promotion plans
to release the next edition of its consolidated foreign direct investment
policy document on March 31, incorporating changes made in the past year. DIPP
compiles all policies related to India’s FDI regime into a single document to
make it easy for investors to understand. 185 million estimated number of
mobile internet users in India by June 2014, according to a report by the
Internet & Mobile Association of India and IMRB International. India
had 110 million mobile internet users with 25 million in rural areas. $3.77 tn
estimated global IT spending in 2014, according to research firm Gartner Inc.
The growth forecast for this year is cut to 3.1 %from the earlier estimate of
3.5 %. The spending growth forecast for telecom services – a segment that
accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per
cent is the main reason for this overall IT cut. A Reserve Bank of India
committee has recommended setting up a special category of lenders who would
cater to small businesses and households, to expand the number of customers
with access to banking services. These banks would focus onproviding payment
services and deposit products. Indian banks want the free use of
automated teller machines to be capped at five transactions in a month
including that of the bank in which the account is active. This follows state
government order to banks to install security guards at ATM booths after a
woman banker was assaulted in Bangalore. The government is likely to present a
vote on Account in mid-February. The annual Economic Survey will be tabled
later in Parliament along with the full Budget. A full Budget for 2014/15 is
likely to be present in July by the new government formed after the General
Election. The government will soon launch an internet spy system, called Netra,
to detect malafide messages. Security agency will deploy the system to capture
dubious voice traffic on applications such as Skype and Google Talk, as well as
tweeters.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
AA [Long Term] |
|
Rating Explanation |
Having high degree of safety regarding timely
servicing of financial obligation it carry very low credit risk. |
|
Date |
22.08.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A1+ [Short Term] |
|
Rating Explanation |
Having very strong degree of safety regarding
timely payment of financial obligation it carry lowest credit risk. |
|
Date |
22.08.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office/ Factory 1 : |
Laxmanrao Kirloskar Road, Khadki, Pune-411003, Maharashtra, India |
|
Tel. No.: |
91-20-25810341 |
|
Fax No.: |
91-20-25813208 |
|
E-Mail : |
smita.raichurkar@kirloskar.com |
|
Website : |
|
|
|
|
|
Factories : |
NASIK A-11/1, MIDC,
Ambad, Nashik – 422010, Maharashtra, India KAGAL Plant I Plot No. D-1,
Kagal-Hatkanangale 5 Star Industrial Area, At post Talandage, Tal –
Hatkanangale, District Kolhapur – 416202, Maharashtra, India Plant II Plot No. A / 262,
Phase – I, Kagal-Hatkanangale 5 Star Industrial Area, At post – Talandage,
Tal – Hatkanangale, District Kolhapur – 416202, Maharashtra, India Plant III Plot No. E -18,
Opposite Soktas India Limited, Kagal- Hatkanangale 5 Star Industrial Area,
District Kolhapur, Maharashtra, India Spares Parts - Plot No. A / 262,
Phase – III, Kagal-Hatkanangale 5 Star Industrial Area, At post – Talandage,
Tal – Hatkanangale, District Kolhapur – 416202, Maharashtra, India RAJKOT Engines
Division - Plot No. 2315/16,
2330/31, GIDC, Lodhika Industrial Estate, D4 Almighty Gate Road, Village
Metoda, Rajkot – 360035, Gujarat, India Spares Parts – Plot No.
2320/2/A, GIDC, Lodhika Industrial Estate, D4 Almighty Gate Road, Village
Metoda, Rajkot – 360035, Gujarat, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Atul Kirloskar |
|
Designation : |
Executive Chairman |
|
Address : |
Radha 453, |
|
Date of Birth/Age : |
13.02.1956 |
|
|
|
|
Name : |
Mr. Gautam Kulkarni |
|
Designation : |
Executive Vice Chairman |
|
Address : |
Yena 1, |
|
Date of Birth/Age : |
30.12.1957 |
|
|
|
|
Name : |
Mr. Nihal Kulkarni |
|
Designation : |
Managing Director |
|
Address : |
Yena 1 Adwait Nagar, |
|
Date of Birth/Age : |
07.06.1981 |
|
|
|
|
Name : |
Mr. Rajendra Deshpande |
|
Designation : |
Executive Director |
|
Address : |
Flat No. 704, Tulip Society, Mahaganesh Colony, |
|
Date of Birth/Age : |
07.02.1954 |
|
Date of Appointment : |
12.01.2009 |
|
|
|
|
Name : |
Mr. Rahul C. Kirloskar |
|
Designation : |
Whole Time Director [up to 21.01.2012 and since then Non Executive
Director] |
|
Address : |
Lakaki Compound, Model Colony, Pune – 411016, |
|
Date of Birth/Age : |
07.07.1963 |
|
|
|
|
Name : |
Mr. Udipi V. Rao |
|
Designation : |
Director |
|
Address : |
3294, 12th A, |
|
Date of Birth/Age : |
04.12.2009 |
|
Date of Appointment : |
30.03.2010 |
|
|
|
|
Name : |
Mr. Prataprao Pawar |
|
Designation : |
Director |
|
Address : |
Plot No.2, S. No. 131, , |
|
Date of Birth/Age : |
15.10.1944 |
|
Date of Appointment : |
30.03.2010 |
|
|
|
|
Name : |
Mr. Rangarajan Srinivasan |
|
Designation : |
Director |
|
Address : |
Dhanya, 126, |
|
Date of Birth/Age : |
10.09.1941 |
|
Date of Appointment : |
30.03.2010 |
|
|
|
|
Name : |
Dr. Naushad Forbes |
|
Designation : |
Director |
|
Address : |
74, |
|
Date of Birth/Age : |
13.05.1960 |
|
Date of Appointment : |
30.03.2010 |
|
|
|
|
Name : |
Mr. Lakshmi Narayan |
|
Designation : |
Director |
|
Address : |
133 4th Main Deference Colony, Indira Nagar, |
|
Date of Birth/Age : |
07.09.1946 |
|
Date of Appointment : |
30.03.2010 |
|
|
|
|
Name : |
Mr. Anil Alawani |
|
Designation : |
Director |
|
Address : |
Flat 5, Yashodeep C, Rambaug Colony, Navi Peth Pune – 411030,
Maharashtra, India |
|
Date of Birth/Age : |
24.08.1948 |
|
Date of Appointment : |
30.03.2010 |
|
|
|
|
Name : |
Mr. Dattatraya R. Swar |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mrs. Smita Raichurkar |
|
Designation : |
Secretary |
|
Address : |
Flat No.303, Varnaz, |
|
Date of Birth/Age : |
21.04.1982 |
|
Date of Appointment : |
31.03.2010 |
|
|
|
|
Name : |
Mr. T. Vinodkumar |
|
Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of
Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
(1) Indian |
|
|
|
|
19266863 |
13.32 |
|
|
85883363 |
59.39 |
|
|
105150226 |
72.71 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
105150226 |
72.71 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
663413 |
0.46 |
|
|
3820277 |
2.64 |
|
|
4216949 |
2.92 |
|
|
14832123 |
10.26 |
|
|
23532762 |
16.27 |
|
|
|
|
|
|
782826 |
0.54 |
|
|
|
|
|
|
12450746 |
8.61 |
|
|
2415357 |
1.67 |
|
|
281944 |
0.19 |
|
|
27561 |
0.02 |
|
|
254383 |
0.18 |
|
|
15930873 |
11.02 |
|
Total Public
shareholding (B) |
39463635 |
27.29 |
|
Total (A)+(B) |
144613861 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
144613861 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Internal Combustion Engines, Gensets and
Parts. |
||||||||
|
|
|
||||||||
|
Products/ Services : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Engines between 2.5 HP to 740 HP (a) |
Nos |
710100 |
213525[g] |
213525(g) |
|
Engines above 2400 HP to 10000 HP (a) |
Nos |
26 |
2 |
2 |
|
Generating Sets between 5 KVA to 600 KVA (a) |
Nos |
83800 |
8959 |
8959 |
|
Generating Sets between 1.6 MW to 4.4 MW(a) |
Nos |
14 |
- |
- |
|
Bimetal Bearings (a) , (e) and (f) |
Nos. (000’s) |
105650 |
48890 |
48890 |
|
Bimetal Strips - (a) and ( c) |
MT |
11981 |
3917 |
3917 |
|
Pump Sets (a) |
Nos |
210000 |
- |
- |
|
R Type Engines (d) |
Nos |
8000 |
8000 |
- |
|
Air Compressors up to 1000 cfm |
Nos |
500 |
500 |
- |
|
Diesel /Electric compressors 30 to 2500 cfm |
Nos |
500 |
500 |
- |
|
Garage compressors above 5 HP and parts |
Nos |
250 |
250 |
- |
|
Air receiver, inter coolers, heat exchangers and parts thereof |
Nos |
500 |
500 |
- |
|
Car lifts, washers and lubricants equipments |
Nos |
300 |
300 |
- |
|
Aluminum Castings |
MT |
NA |
300 |
- |
|
Agricultural Implements |
MT |
200 |
200 |
- |
|
Self Priming Pumps |
Nos |
3500 |
3500 |
- |
NOTE:
· Licensed capacity is given on the basis of IEM (Industrial Entrepreneurs Memorandum) received by the company till FY 2010-11.
· Most of the plant and machinery being common for different products manufactured by the company and installed capacity being dependent on product mix, which in turn is decided by the actual demand for various products from time to time and also on availing of subcontracting facilities, it is not feasible for the Company to indicate the exact installed capacity. The Company has, however, indicated the installed capacity on the basis of year's Product mix as certified by the Technical Personnel and accepted by Auditors, as correct, being technical matter.
· Includes 3,756 MT for internal consumption. (Previous year - 3,530 MT) d Unit Closed.
· Production quantity represents number of components "meant for sale only" and includes components produced and kept on hold due to technical reason in earlier years and released after inspection which being a technical matter, is certified by technical personnel and accepted by auditors as correct.
· Includes 4,389 Nos. (000's) for internal consumption. (Previous year 4,203 Nos. (000's).
·
Includes 2,325 Nos. for Internal consumption.
(Previous year 2,235 Nos.).
GENERAL INFORMATION
|
No. of Employees : |
2376 (Approximately) |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
· State Bank of India Bank
of Maharashtra HDFC
Bank Limited ICICI
Bank Limited The
HSBC Limited |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
P. G. Bhagwat Chartered Accountants |
|
|
|
|
Holding Company : |
Kirloskar Brothers Investments Limited |
|
|
|
|
Fellow Subsidiary
Companies : |
· Kirloskar Pneumatic Company Limited Nasik
Silk Industries Limited Kirloskar
Road Railer Limited (Subsidiary of
Kirloskar Pneumatic Company Limited) |
|
|
|
|
Enterprises over
which Key Management Personnel exercise control/significant influence : |
· Achyut and Neeta Holdings and Finance Private Limited Kirloskar
Integrated Technologies Limited Navsai
Investments Private Limited |
|
|
|
|
Enterprises over
which relatives of Key Management Personnel exercise control/ significant
influence : |
Alpak Investments Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
200,000,000 |
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 Rs.2 each to be issued and
allotted to shareholders of erstwhile Shivaji Works Limited on amalgamation
according to scheme sanctioned by BIFR, are kept in abeyance as per the
Scheme of Arrangement. |
|
-- |
|
|
Total |
|
Rs.289.200 Millions |
1 Reconciliation of
shares outstanding (excluding share capital suspense account) at the beginning
and at the end of the Reporting period
|
PARTICULARS |
31.03.2013 |
|
|
|
No. of shares |
Rs. in Millions |
|
At the beginning of the period |
145,629,285 |
291.300 |
|
Reduction if any during the period** |
1,015,424 |
2.000 |
|
Outstanding at the end of the period |
144,613,861 |
289.200 |
2 Terms/Rights
attached to the equity shares
The Company has only
one class of equity shares having par value of Rs.2/- each. Each equity
shareholder is entitled to one vote per share and has a right to receive
dividend as recommended by Board of Directors subject to the necessary approval
from the shareholders.
The Board of
Directors has recommended a dividend of 250% (Rs. 5/- per share) for the
financial year.
In the event of
liquidation of the Company, the holders of equity shares will be entitled to receive
remaining assets of the Company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of equity shares
held by the shareholders.
3 Shares held by
holding/ultimate holding Company and/or their subsidiaries/associates
Holding Company as per Section 4(3)(b)(ii) of the Companies Act, 1956
|
PARTICULARS |
31.03.2013 |
|
|
|
No. of shares |
Rs. in Millions |
|
Kirloskar Brothers Investments Limited |
|
|
|
Equity shares of Rs. 2 each |
76,850,154 |
153.700 |
|
Equity share holding percentage |
|
53.14 |
4 Number of Shares held by each shareholder holding more than 5% Shares
in the company
|
Name of the shareholder |
31.03.2013 |
|
|
|
No. of shares |
% of shareholding |
|
Kirloskar Brothers Investments Limited |
76,850,154 |
53.14 |
|
Nalanda India Fund Limited |
10,896,124 |
7.53 |
5 Aggregate number
of bonus shares issued, share issued for consideration other than cash and shares
bought back during the period of five years immediately preceding the reporting
date:
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.
6 Buyback of
shares
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 March 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.
156.700 Millions, at an average price of Rs. 1543.400 under the Buyback Scheme,
upto 24 January 2013.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
289.200 |
291.300 |
291.300 |
|
(b) Reserves & Surplus |
11253.300 |
10035.200 |
8602.800 |
|
(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) |
11542.500 |
10326.500 |
8894.100 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
782.000 |
1688.700 |
|
(b) Deferred tax liabilities (Net) |
341.000 |
380.200 |
323.300 |
|
(c) Other long term liabilities |
299.800 |
460.200 |
184.500 |
|
(d) long-term provisions |
215.000 |
311.600 |
480.900 |
|
Total Non-current Liabilities (3) |
855.800 |
1934.000 |
2677.400 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
0.000 |
83.900 |
0.000 |
|
(b) Trade payables |
2843.100 |
2489.400 |
2725.800 |
|
(c) Other current
liabilities |
1097.200 |
1791.200 |
1899.600 |
|
(d) Short-term provisions |
1094.700 |
1051.900 |
1136.200 |
|
Total Current Liabilities (4) |
5035.000 |
5416.400 |
5761.600 |
|
|
|
|
|
|
TOTAL |
17433.300 |
17676.900 |
17333.100 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
5860.500 |
5698.200 |
5831.500 |
|
(ii) Intangible Assets |
54.300 |
59.900 |
75.000 |
|
(iii) Capital
work-in-progress |
136.200 |
89.100 |
85.700 |
|
(iv)
Intangible assets under development |
132.600 |
66.100 |
0.000 |
|
(b) Non-current Investments |
100.000 |
100.000 |
30.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
663.100 |
724.700 |
877.400 |
|
(e) Other Non-current assets |
257.800 |
102.900 |
255.700 |
|
Total Non-Current Assets |
7204.500 |
6840.900 |
7155.300 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
4076.100 |
5174.300 |
2947.500 |
|
(b) Inventories |
1885.400 |
1322.300 |
1380.300 |
|
(c) Trade receivables |
2886.600 |
2989.400 |
3817.000 |
|
(d) Cash and cash
equivalents |
247.800 |
273.900 |
229.300 |
|
(e) Short-term loans
and advances |
927.700 |
565.100 |
261.900 |
|
(f) Other current
assets |
205.200 |
511.000 |
1541.800 |
|
Total Current Assets |
10228.800 |
10836.000 |
10177.800 |
|
|
|
|
|
|
TOTAL |
17433.300 |
17676.900 |
17333.100 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Net Revenue from operations |
23569.800 |
23264.100 |
24230.200 |
|
|
|
Other Income |
395.000 |
361.300 |
123.600 |
|
|
|
TOTAL |
23964.800 |
23625.400 |
24353.800 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
13362.700 |
12765.600 |
13378.700 |
|
|
|
Purchases of stock-in-trade |
1323.900 |
1046.500 |
902.300 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
(250.900) |
95.500 |
(24.300) |
|
|
|
Employee benefits expense |
1543.800 |
1753.700 |
1789.200 |
|
|
|
Other expense |
4130.800 |
4561.600 |
4786.400 |
|
|
|
TOTAL |
20110.300 |
20222.900 |
20832.300 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
3854.500 |
3402.500 |
3521.500 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
29.700 |
159.600 |
198.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
3824.800 |
3242.900 |
3323.000 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
925.500 |
912.900 |
848.400 |
|
|
|
|
|
|
|
|
|
|
EXCEPTIONAL ITEMS |
(190.800) |
477.100 |
(37.300) |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
2708.500 |
2807.100 |
2437.300 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
720.100 |
889.100 |
700.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
1988.400 |
1918.000 |
1737.300 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of exports |
1678.400 |
1623.000 |
1461.664 |
|
|
|
Other Earnings |
0.000 |
0.000 |
1.388 |
|
|
TOTAL EARNINGS |
1678.400 |
1623.000 |
1463.052 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials (including
components, goods in transit, material in bonded warehouse) |
1151.300 |
699.400 |
1027.780 |
|
|
|
Capital Goods |
131.300 |
325.200 |
279.834 |
|
|
TOTAL IMPORTS |
1282.600 |
1024.600 |
1307.614 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
13.72 |
13.17 |
11.93 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2013 |
30.09.2013 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
5908.400 |
5173.300 |
|
Total Expenditure |
|
5073.300 |
4574.300 |
|
PBIDT (Excl OI) |
|
835.100 |
599.000 |
|
Other Income |
|
129.900 |
66.600 |
|
Operating Profit |
|
965.000 |
665.600 |
|
Interest |
|
4.300 |
4.200 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
960.700 |
661.400 |
|
Depreciation |
|
245.300 |
244.800 |
|
Profit Before Tax |
|
715.400 |
416.600 |
|
Tax |
|
186.500 |
109.900 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
528.900 |
306.700 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
528.900 |
306.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
8.30
|
8.12 |
7.13 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.49
|
12.07 |
10.06 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.87
|
16.11 |
14.16 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.27 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.08 |
0.19 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.03
|
2.00 |
1.77 |
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: |
|
Stamp No: CAWST/23132//2013 Filing
Date: 21.08.2013 Reg. No.: CAW/2838/2013 Reg. Date: 21.11.2013 |
|
Main Matter Stamp No.: WPST/22875/2013 Reg.
No.: WP/10449/2013 |
|
Petitioner: MEERA AND COMPANY LIMITED Respondent: KIRLOSKAR OIL
ENGINES LIMITED Petn. Adv : NEGANDHI, SHAH AND HIMAYATULLAH District: PUNE |
|
Bench: SINGLE Status: Pre-Admission
Next Date: 15.01.2014
Stage: FOR ORDERS [CIVIL SIDE MATTERS] Coram: HON’BLE SHRI JUSTICE R.M. SAVANT |
|
Act: C.P.C.- (Interlocutory Order) |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10227030 |
25/03/2011 * |
3,100,000,000.00 |
STATE BANK OF INDIA |
TARA CHAMBERS, WAKDEWADI, OLD MUMBAI-PUNE ROAD, PUNE - 411003, MAHARASHTRA, INDIA |
B10206225 |
* Date of charge modification
FINANCIAL
PERFORMANCE
In an increasingly challenging environment and continuing material cost
inflation, while sales increased marginally from Rs.22760.000 Millions to
Rs.23190.000 Millions, the profit from operations (excluding exceptional items)
rose from Rs.233 Millions to Rs.2900.000 Millions, registering a good increase
of 24%. This was made possible through a combination of rigorous cost
restructuring and efficiency improvement programs that yielded good results and
helped the Company maintain profitable growth in an otherwise difficult
economic scenario.
BUYBACK OF EQUITY
SHARES
The Board of Directors, in their meeting held on 25 January 2012, had
approved a buyback of fully paid equity shares of the Company by open market
purchases through the stock exchange route at a maximum price of Rs.170 per
equity share, with the aggregate buyback amount not exceeding Rs.736.250
Millions. This represents 10% of the total paid up capital and free reserves as
per the latest audited balance sheet on 31 March 2011.
The Company has closed the buyback on 24 January 2013, after buying back
1015424 equity shares for a total consideration of Rs.156.700 Millions
(exclusive of transaction and other related costs), at an average price of
Rs.1543.400 per Equity Share.
AWARDS,
RECOGNITIONS AND CERTIFICATIONS
The manufacturing operations of the Company have always been recognized
for its quality delivery and operational excellence. In recognition,
· The Engineering Export Promotion Council (EEPC) conferred the “Star Performer Award” to the Company for the fourth consecutive time. The award was presented by Hon’ble Chief Minister of Goa, Shri Manohar Parrikar in October 2012.
The
Company’s Digvijay Quality Circle (Kagal Plant) won the Three Star award while
the Lakshya and Utkarsh Quality Circles (Nashik plant) won the Two Star awards,
conferred at an international level competition organized by the Malaysian
Productivity Corporation, in Kula Lumpur.
The
Vijayshree Quality circle Team (Pune Plant) bagged the 2nd runner up prize at
the INDIZEN-2013. INDIZEN2013 was the 4th National convention on operational
excellence, which was organized by the Indian Business unit of the Kaizen
institute, who are the global leader in operational excellence.
MANAGEMENT
DISCUSSION and ANALYSIS
SOCIO ECONOMIC
ENVIRONMENT
The global economic environment continued to be a matter of concern
during the year 2012. Countries which are in severe sovereign debt distress
moved deeper into recession. The downward spiral of high unemployment and weak
aggregate demand compounded by fiscal austerity, high public debt burdens and
financial sector fragility.
The fallout has been that the economic woes of the developed countries
appear to spill over a country like India through weaker demand for exports and
heightened volatility in capital flows and commodity prices. In turn, the
slowing down of the economy in the developing countries may have implications
for poverty reduction and narrowing of fiscal space for investments in critical
areas of human development such as education, health, basic sanitation and
other areas needed for accelerating the progress to achieve the Millennium
Development Goals.
India’s economic growth rate in the last fiscal is estimated to be
sharply lower at 5%, the lowest in a decade, on account of poor performance of
manufacturing, agriculture and services sectors. A weak monsoon affected
performance of the agricultural sector. Policy constraints, infrastructure
bottlenecks and lack of sufficient demand resulted in a further slowdown in
growth of industrial sector. The subdued growth of other sectors, coupled with
continued weak external demand pulled down the growth momentum of the service
sector. Going forward, the key to growth is incredible and sustained
implementation of economic reforms.
The boost to consumption, coupled with supply side constraints led to
higher inflation. Despite slowdown in other inflation indices, food inflation
continued to be higher than overall inflation. The sticky food inflation puts pressure
on the Consumer Price Index inflation, which continues to be close to double
digits. As a result, RBI continued to follow a policy of monetary tightening,
which has also impacted GDP growth, which is expected to be 5% for the FY
2012-13.
FUTURE OUTLOOK
Overall, the global economic environment continues to be fragile,
although the balance of risks is now less skewed to the downside than it has
been in recent years. Global growth is expected to be 2.4% during 2013 before
strengthening to 3.1% in 2014.
The overall investor sentiment has been poor on account of continuing
delays from Government in ensuring timely project clearances, availability of
funds for the various infrastructure projects and the various irregularities in
the telecom and mining sector. While announcement of measures to reign in the
fiscal and current account deficits have been made, it would take a lot more
effort on the part of the Government, for the growth momentum in the Indian
Economy to improve in the short to medium term.
COMPANY
PERFORMANCE
During the year 2012-13, the Company achieved sales of Rs.23190.000
Millions as against Rs.22760.000 Millions for the previous FY showing a
marginal growth of 1.9%. However, a sizable reduction in finance costs together
with cost optimization and efficiency improvement programs ensured a healthy
improvement of 24% of net profit from operations (before exceptional items).
The operating profit before tax and exceptional items in the current FY is
Rs.2900.000 Millions as against Rs.2330.000 Millions in the previous year.
BUSINESS
PERFORMANCE
The Company caters to diverse customer needs across three key sectors of
economy viz. agriculture, industry and services.
1. AGRI AND ALLIED
BUSINESS
The share of Agriculture and Allied sector in India’s GDP declined to
about 13.6% during FY 2012-13 on account of higher growth in the non-farm
sectors. Major crop production fell by 3.5% in FY 2012-13 after record setting
achievements in the previous year. Poor precipitation and drought like situation
in some parts of Maharashtra, Gujarat, Rajasthan and Karnataka limited the
production of both food and non-food crops.
However, despite the difficult environment, the Company’s Agri and
Allied Business posted a healthy top line growth of 23 % in FY 2012-13 as
compared to the previous year. This growth was an outcome of aggressive
retailer appointment drive and prospect based marketing taken up by the field
team.
Competition in this sector is expected to remain tough and while the
Company face severe price competition from the unorganized players who sell at
deep discounted prices, the real concern is in the portable pump set segment
where low cost Chinese imports will pose a threat if the unabated dumping
continues.
With the increase in area under irrigation, the opportunities and scope
for growth in the coming years look promising.
Though 94% of Indian villages are electrified, non–availability of power
continues to drive the demand for Engine driven pump-sets.
A normal monsoon remains a vital necessity for the agricultural sector.
Drought ridden situations and a poor Rabi season have resulted in a slowdown
and stock accumulation in the Agri sector. Hence, a good Kharif season in FY
2013-14 is imperative to lift the sentiments of the farming community and boost
overall demand in this sector.
2. INDUSTRIAL
ENGINES BUSINESS
The overall slump in the economy, took its toll on the Industrial
sector, where the overall market witnessed a sizeable drop of 20% compared to
the previous year. From FY 2011-12 market size of 80,000 engines (Rs.12010.000
Millions) it dropped down to 64,000 engines (Rs.10880.000 Millions). While the
Company also lost volumes and revenue drop in this sector was 23% as compared
to the previous year, aggressive marketing and good customer relationships
ensured that we retained market share in terms of number of engines sold in FY
2012-13 as compared to FY 2011-12.
Due to the economic slowdown major OEMs were saddled with finished goods
inventory in first half of FY 2012-13 and had accordingly tapered their engine
off take. In the second half of FY 2012-13, the Company worked closely with
each OEM in ensuring that pipeline stocks were consumed, receivables were on
track and fresh supplies were resumed thereby restoring an overall sense of
discipline.
For the short term, the Company is working with various OEMs, to ensure
that the existing engine builds, fetch us additional volumes. We are also
exploring the bazaar sale segment through various Industrial Equipment Dealers.
As a long term opportunity the Company is focusing on excavator, tractor and
crane segment to increase Company’s engine volumes.
3. POWER
GENERATION ENGINES BUSINESS
Despite shrinkage in the Telecom segment by 13% as compared to FY
2011-12, this segment registered a revenue growth of 9.4% as compared to the
previous year. This was a result of the surge in retail and Institutional sales
in Tamil Nadu and Andhra Pradesh (other than Telecom). The major factors that
have had/likely to have an impact on this segment are :
· Overall slowdown in the economy which impacted the infrastructure segment consumption of DG sets
DGS
and D off take was very low due to non-closure of Rate Contracts on time
Continued
power shortage in states like Andhra Pradesh and Tamil Nadu resulting in higher
sale of DG sets
Relatively
low entry barriers, permit automobile manufactures to foray into this market
with their engines at deep discounted prices
The
demand in high stable power situation market is shifting to high end inverters
or renewable energy sources like solar
Telecom
is shifting to “Green sites” in some urban markets and has adverse impact on DG
consumption
During the fiscal, the sales and marketing team have worked on several
initiatives that include re-organizing and optimizing markets and territories,
improving reach, moving to consumption based supplies, improving product
availability, enhancing the brand ownership and consequently the value of
“Kirloskar Green” brand. As part of the new product introduction, Kirloskar
Chhota Chilli, a 5 kVA portable genset was launched in May 2012. The product
has met with good response in the market and the Company is now prepared to
ramp up sales. All these initiatives have helped in the top line growth of 9.4%
as compared to the previous year. Going forward, the Company will further
consolidate on these initiatives.
4. LARGE ENGINE
BUSINESS
In the FY 2011-12, the Company had received an order of Rs.396 Millions from
the Nuclear Power Corporation of India (NPCIL) for supply, erection and
commissioning of 16 emergency DG sets. During the year, the Company
successfully completed all critical type tests of Institute of Electrical and
Electronics Engineer (IEEE) at Nashik plant on the first of these DG set
powered with 18PA6V engine. Of the total 16 DG sets, two DG sets were
manufactured and dispatched to NPCIL in the financial year.
Given the Company’s good track record and proven reliability in specific
applications like Stationary Power Plant, the Company has also manufactured and
supplied one X 16PA6V engine based DG set to provide emergency power using High
Speed Diesel (HSD) as fuel for a refinery project.
The Company successfully commissioned first ship of naval OPV class at
Goa Shipyard Ltd, which is powered with 2 X20PA6B STC engines.
The continued upward spiraling of fuel prices has resulted in a steady
shrinkage of Heavy fuel Oil based DG sets.
Existing Heavy fuel Oil DG set customers prefer to keep their sets on
standby.
The Commercial marine segment has been adversely affected on account of
the global economic slowdown which has also had an adverse impact on the Indian
ship building industry.
5. CUSTOMER
SUPPORT
The Company’s commitment to provide quality service to all its customers
continued unabated. An extensive network of 105 trained service dealers and 359
well equipped service outlets spread across India ensured prompt and timely
after sales service to all Company’s customers.
To ensure that Company’s high service standards are maintained and
further improved, regular audits were carried out at the premises of service
dealers followed by training to bridge gaps, if any. The Company also conducted
295 service training programs for its channel partners where approximately
4,000 technicians were covered. As a step towards further improving customer
service and to further minimize any downtime experienced by customers, the
Company has introduced Kirloskar remote monitoring for DV series and this facility
is expected to grow in the future.
Despite Company’s best efforts to curb proliferation of spurious spares,
much of it through education of their channel partners and customers, these
continue to be freely available and this together with freelancer service
activities, continue to put pressure on Company’s service and spares. However,
with organised customers opting for AMC, the Company sees a continuing
opportunity to provide quality service with optimum lead time to repair.
Retaining quality manpower at service dealer level remains a key
challenge for this business segment and given an informed customer group with
high service expectations, quality service and quick response time will be a
minimum expectation. The Company however remains committed to its customers and
will deploy a multi-pronged strategy which would include innovative solutions
in both spares and service thereby ensuring high quality service at competitive
rates.
6. EXPORTS
On a Year on Year basis, export revenue in the current fiscal showed a
marginal increase of 2.4%. While there was substantial growth of 43% in the
power generation segment, the Industrial segment remained flat and the
agriculture witnessed a dip.
The Company’s exports to markets like Saudi Arabia, South Africa, Nigeria,
Sri Lanka, Zambia, Kenya, Tanzania, and Nepal grew by over 20% in the FY
2012-13. This was a result of focused efforts and initiatives including working
closely with the distributors.
Market instability in some of the Middle East and African countries has
affected the performance in those markets and political stability is expected
to return to these countries in the coming FY. Iran market was the most
affected by the US sanctions and is expected to continue to underperform during
the coming year.
Exports contributed 7.4% of total Company revenues during the FY
2012-13. Sustained and focused efforts will be made to ensure that the share of
export revenue increases.
IT AND
INFRASTRUCTURE
The Company is making continuous investments in Business Process
Automation and Information Technology. Infrastructure capacity, data security,
data centralization and business process controls are all high areas of focus.
The Company’s IT strategy is focused towards improving efficiency and providing
a platform for a decision support system that will provide for a competitive
sustainable advantage and all this while ensuring the highest level of data
integrity and security.
Work flow systems have not merely helped systematize work and helped in
improved audit trails but also helped move towards a paperless office
environment.
STATEMENT OF
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND SIX MONTHS ENDED
30.09.2013
(RS.
IN MILLIONS)
|
Sr. No. |
Particulars |
Quarter Ended |
Half
Year Ended |
|
|
|
|
30.09.2013 (Unaudited) |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
|
|
|
|
|
|
|
1. |
a) Net Sales/Income from Operations |
5088.800 |
5834.300 |
10923.100 |
|
|
b) Other Operation Income |
84.500 |
74.100 |
158.600 |
|
|
Total Income From Operations (Net) |
5173.300 |
5908.400 |
11081.700 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
a) Cost of
Materials Consumed |
3087.000 |
3441.100 |
6528.100 |
|
|
b) Purchase of Traded
Goods |
278.200 |
397.000 |
675.200 |
|
|
c) Changes in
Inventories of Finished Goods, Work-In-Progress and Stock-In-Trade |
(206.900) |
(212.300) |
(419.200) |
|
|
d) Employee
Benefits Expenses |
434.300 |
412.100 |
846.400 |
|
|
e) Depreciation and
Amortization Expenses |
244.800 |
245.300 |
490.100 |
|
|
f) Other
Expenditure |
981.700 |
1035.400 |
2017.100 |
|
|
g) Total |
4819.100 |
5318.600 |
10137.700 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
354.200 |
589.800 |
944.000 |
|
|
|
|
|
|
|
4. |
Other
Income |
66.600 |
129.900 |
196.500 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
420.800 |
719.700 |
1140.500 |
|
|
|
|
|
|
|
6. |
Interest |
4.200 |
4.300 |
8.500 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
416.600 |
715.400 |
1132.000 |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
416.600 |
715.400 |
1132.000 |
|
|
|
|
|
|
|
10. |
Tax
Expense |
109.900 |
186.500 |
296.400 |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
306.700 |
528.900 |
835.600 |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
306.700 |
528.900 |
835.600 |
|
|
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.10/- Each) |
289.200 |
289.200 |
289.200 |
|
|
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
|
|
|
|
|
|
|
|
|
|
16. |
Basic and Diluted Earnings Per
Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a)
Basic and diluted EPS before extraordinary items |
2.12 |
3.66 |
5.78 |
|
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
42763635 |
44836274 |
42763635 |
|
|
-
Percentage of Shareholding |
29.57 |
31.00 |
29.57 |
|
|
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
Nil |
Nil |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
Nil |
Nil |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
101850226 |
99777587 |
101850226 |
|
|
- Percentage
of Shares (as a % of the Total Shareholding of Promoter and Promoter Group) |
100.00 |
100.00 |
100.00 |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
70.43 |
69.00 |
70.43 |
|
Investor Complaints (Nos.) |
3 Months Ended 30.09.2013 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
1 |
|
Disposed of during the quarter |
1 |
|
Remaining unresolved at the end of the
quarter |
Nil |
NOTES:
1. Disclosure of
standalone statement of assets and liabilities as per clause 41 (i) (ea) of the
listing agreement for the half year ended 30.09.2013
|
PARTICULARS |
Half year ended |
|
|
30.09.2013 Unaudited |
|
Equity and liabilities |
|
|
Shareholders' fund |
|
|
Share capital |
289.200 |
|
Reserve & surplus |
12184.800 |
|
Sub-total
- Shareholders' funds |
12474.000 |
|
Non - current liabilities |
|
|
Long term borrowings |
-- |
|
Deferred tax liability (net) |
318.100 |
|
Other long term liabilities |
266.400 |
|
Long term provisions |
208.800 |
|
Sub-total
- Non-current liabilities |
793.300 |
|
Current liabilities |
|
|
Short term borrowings |
97.500 |
|
Trade payables |
2385.000 |
|
Other current liabilities |
1097.400 |
|
Short term provisions |
322.700 |
|
Sub-total
- Current liabilities |
3902.600 |
|
|
|
|
Total -
Equity & Liabilities |
17169.900 |
|
|
|
|
Assets |
|
|
Non-current assets |
|
|
Fixed assets |
6010.400 |
|
Non-current investment |
100.000 |
|
Long term loans & advances |
721.000 |
|
Other non-current assets |
346.300 |
|
Sub-total
- Non-current Assets |
7177.700 |
|
Current
assets |
|
|
Current investments |
4084.600 |
|
Inventories |
2373.000 |
|
Trade receivables |
2407.700 |
|
Cash & bank balances |
52.200 |
|
Short term loans & advances |
852.800 |
|
Other current assets |
221.900 |
|
Sub-total
- Current Assets |
9992.200 |
|
|
|
|
Total –
Assets |
17169.900 |
2.
The
Company had, until March 2013, reported Segmental information under
"Engines" and "Other" business segments. The
"Other" comprised of bearings business and revenue related to non-engine
activity. In view of the disposal of bearings business and with due
consideration given to the criteria for reportable business segments as per AS
17 ("Segmental Reporting"), the segmental information earlier
reported, is not given.
3.
Figures
for the previous periods have been regrouped wherever required to make them
comparable with those of the current period.
4.
The
above results are reviewed and recommended by the Audit Committee and approved
by the Board of Directors of the Company in their respective meetings held on
25th October 2013 and are subjected to a " Limited Review " by the
Statutory Auditors.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
(A) Contingent Liabilities not provided for |
|
|
|
(a) Disputed Central Excise demands |
33.200 |
10.400 |
|
(b) Disputed Sales Tax and Octroi demands |
62.100 |
60.900 |
|
(c) Disputed Customs Duty demands |
10.800 |
10.800 |
|
(d) Disputed Income-Tax Liability - matter under appeal |
227.000 |
130.600 |
|
(e) Claims against Company not acknowledged as debts |
828.600 |
821.800 |
|
(f) Guarantees given on behalf of third parties |
0.000 |
143.800 |
|
|
|
|
|
Total |
1161.700 |
1178.300 |
|
(B)
The Company has imported Capital Goods under the Export Promotion Capital
Goods Scheme of the Government of India, at concessional rates of duty on an undertaking
to fulfill quantified exports against which, remaining future obligations
aggregates USD 66.46 millions (previous year USD 64.20 millions). Non
fulfillment of the balance of such future obligations, if any, entails
options/rights to the Government to confiscate capital goods imported under
the said licenses and other penalties under the above-referred scheme.
Minimum Export obligation to be fulfilled by the company under the said
scheme, by 31 March 2013 - has been fulfilled. |
|
|
|
Estimated
amount of Contracts remaining to be executed on capital account and not
provided for ( Net of advances) |
146.500 |
175.700 |
|
Other
Commitments Purchase
of Bearings from KSPG Automotive India Private Limited on a non-exclusive
basis |
1180.000 |
1180.000 |
|
Charge
of Hypothecation referred to in Note No 7 for working capital facilities
extends to letters of credit issued and guarantees given by the Company's
Bankers Aggregate
value of such letters of credit outstanding |
362.100 |
478.100 |
|
Aggregate value of such guarantees outstanding |
1429.100 |
1516.800 |
FIXED ASSETS:
· Land Freehold
Land
Leasehold
Buildings
Plant
and Equipment
Furniture
and Fixture
Vehicles
Aircraft
Office
Equipment
Computers
Electrical
Installation
PRESS RELEASES
KIRLOSKAR OIL
ENGINES TO INVEST RS 1000.000 MILLIONS OVER TWO YEARS
Company looks to enter new geographies over the next 2 years
November 21, 2013
Kirloskar Oil Engines is all set to invest Rs 1000.000 Millions in
capacity building and technology as it eyes to become an end-to-end products
provider and enter new geographies over the next two years, said senior
officials.
"By 2025 we want to be a global player. As a part of this we want to
increase your export revenues and also become a provider of end-to-end products
and solutions provider, and will be beyond our generating sets business,"
said R R Deshpande, executive director, Kirloskar Oil Engines (KOE).
Deshpande further added that the company is already working on the end-to-end
products and have also developed a prototype. However, he declined to give any
further details on what these products will be and for which segments. "In
agri business end-to-end product would mean tractors and power tiller," he
added.
The company clocked a revenue of Rs.2357 for FY13, of this international
revenues were about 8-10 per cent of the total sales of the company. Over the
next two years the company plans to at least double it.
"Other than adding products and getting into high end Gensets we also have
targeted to increase our international presence in four new geographies,"
added Deshpande.
So far the company has presence in Middle East and South Africa. KOE has
started ground work to enter into geographies like South East Asia and even
developed markets of Europe and North America.
The company has presence in segments of diesel engines, agricultural pump sets
and generating sets. Of this power gensets contribute 50 per cent to the firms
revenue.
The genset business of the company has a market share of 30-35 per cent for Pan
India and around 40-45 per cent in Maharashtra.
The company also added that its manufacturing units in India will be able to
cater to its expansion plans as well. "We have units in Kagal (Kolhapur),
Pune, Rajkot and Nashik. While the Nashi unit focuses on large engines and to
clients such as Indian Navy, NPC among others and the Rajkot unit is focused on
pump sets. You will see major activity in our Kagal unit. Both Kagal and Pune
cater to the genset and industrial power gensets. With Kagal becoming a major
unit, Pune's share will eventually come down from the current 25 per cent to
10-15 per cent," added Deshpande.
Meanwhile in order to continue its leading position in the genset business the
company today announced a 10 year free service promise under its customer
benefit programme.
As a part of this programme, on purchase of all new Kirloskar Green Diesel
gensets above 15 kVA capacity-- the company will take care of labour services
for routine maintenance and incidental breakdowns services for 10 years.
KIRLOSKAR OIL
ENGINES LIMITED ANNOUNCES THE TEN YEAR SERVICE PROMISE
Pune, November 21 2013: Kirloskar Oil Engines Limited (KOEL), India’s
leading diesel generating set manufacturer today introduced the Ten Years
Free Service Promise, (Power of 10), a first of its kind Customer Benefit
Programme in Power Generation Industry in India. As a part of this programme,
on purchase of all new Kirloskar Green Diesel Generator Sets above 15 kVA
capacity – the company will take care of labour services for routine
maintenance and incidental breakdown services for 10 years from the date of
sales.
This benefit not only ensures that the DG set is looked after by KOEL
trained personnel, but insulates the customer from any cost impact on account
of labour services for a decade.
Speaking on the occasion, Mr. Sanjeev Nimkar, Vice President Power
Generation business said, “Kirloskar Green DG sets are among the most trusted
names in the power generation industry. With more than 100 years of rich
engineering heritage and an undisputed product performance backed up by a wide
spread service network has enabled KOEL to offer this promise. This promise not
only ensures a long lasting generating set for the customers, but also future proofs
their incremental costs on labour.”
A network of 450 well equipped service outlets and more than 4500 KOEL
trained service engineers ensures that no customer is more than 80km away from
a service outlet anywhere in the country. This network is backed up by a 24 X 7
Customer Care Centre equipped with more than 45 Relationship Managers.
To avail this benefit, customers need to register their new DG set
details on the KOEL website or with the KOEL Care Centre. Routine services will
be carried out by KOEL service team as required, and in case of any other
concerns the customer simply needs to call the Customer Care Centre and
register the request.
About Kirloskar Oil Engines Limited: Incorporated in 1946, KOEL is the flagship company
of the Kirloskar group. We have four state-of-the-art manufacturing units in
India that offer world-class products. The company has a sizable presence in
international markets, with offices in Dubai, South Africa, and Kenya, and
representatives in Nigeria. KOEL also has a strong distribution network
throughout the Middle East and Africa. Today KOEL is an acknowledged leader in
the manufacturing of diesel engines, agricultural pump sets and generating
sets. KOEL specialises in the manufacture of both air-cooled and liquid-cooled
diesel engines and generating sets across a wide range of power output from
5kVA to 3000kVA. We also offer engines operating on alternative fuels such as
bio-diesel, natural gas, biogas and straight vegetable oil (SVO). The “Kirloskar
Green Genset” is amongst the market leader and most preferred brand among
customers in the power generation industry in India.
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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or investigation
registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws, regulations
or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.48 |
|
|
1 |
Rs. 102.95 |
|
Euro |
1 |
Rs. 84.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
65 |
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.