MIRA INFORM REPORT
|
Report Date : |
25.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
INGERSOLL-RAND ( |
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Registered
Office : |
Plot No. 35, KIADB Industrial Area, Bidadi – 562109, Karnataka |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
01.12.1921 |
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Com. Reg. No.: |
08-036321 |
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Capital
Investment / Paid-up Capital : |
Rs.315.680 Millions |
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CIN No.: [Company Identification
No.] |
L05190KA1921PLC036321 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUM105042C |
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PAN No.: [Permanent Account No.] |
AAAC13099Q |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Engaged in the business of Manufacturing and Sales of Industrial
Air Compressors of Various Capacities. |
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|
No. of Employees
: |
600 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (72) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 35000000 |
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|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a part of Ingersoll Rand Co, USA. It is a well-established company
having a fine track record. Financial position of the company appears to be strong. Directors are
reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. |
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, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
India |
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 |
INDIAN ECONOMIC OVERVIEW
India’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million estimated
losses suffered by India due to phishing attacks during the third quarter,
according to a study by RSA. India ranks fourth in the list of nations hit by
phishing attacks. The US remained at the top of the charts. Phishing is the
process of acquiring information such as user names, passwords and credit card
details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating: AA+ |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
15.01.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating: A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
15.01.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
MANAGEMENT NON CO-OPERATIVE
Contact No.: 91-79-22820323
LOCATIONS
|
Registered/ Corporate Office: : |
Plot No. 35, KIADB Industrial Area, Bidadi – 562109, Karnataka, India |
|
Tel. No.: |
91- 80 -2216 6000 |
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Fax No.: |
91- 80 -2216 6022 |
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E-Mail : |
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Factory 1 : |
22-29/293/187, GIDC Estate, Naroda, Ahmedabad – 382330, Gujarat, India |
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Tel. No.: |
91- 79- 22820323/ 22820123 |
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Fax No.: |
91- 79 -22821003/ 22821256 |
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Factory 2 : |
Plot No. 61, 8th Avenue, 1st Cross Road, Mahindra World
City, Chengalpattu Taluk, Kancheepuram District - 603 002, Tamilnadu, India |
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|
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|
Regional and Other Offices : |
Located At: ·
Ahmedabad ·
·
·
Chennai ·
·
·
·
·
Kolkata ·
Mumbai ·
·
·
Pune ·
Secunderabad ·
|
DIRECTORS
(AS ON 31.03.2013)
|
Name : |
Mr. Venkatesh
Valluri |
|
Designation : |
Chairman |
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|
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|
Name : |
Mr. Hemraj C. Asher |
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Designation : |
Chairman and President |
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Address : |
32, Mody Street, Mumbai-400001, |
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Date of Birth/Age : |
02.01.1934 |
|
Date of Appointment : |
27.11.1989 |
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|
|
|
Name : |
Mr. Darius C. Shroff |
|
Designation : |
Chairman and President |
|
Address : |
Moonlight Flat 8, |
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Date of Birth/Age : |
08.08.1944 |
|
Date of Appointment : |
23.12.2005 |
KEY EXECUTIVES
|
Name : |
Mr. Prasad Y Naik |
|
Designation : |
Vice President – Information Technology |
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|
Name : |
Mr. B. Jayaraman |
|
Designation : |
Vice President - Finance |
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Name : |
Mr. Amar Kaul |
|
Designation : |
Vice President and General Manager - Air Solutions (Manager under Companies Act, 1956) |
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|
Name : |
Mr. P. R. Shubhakar |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 31.12.2013)
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
|
|
|
|
23360000 |
74.00 |
|
|
23360000 |
74.00 |
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|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
23360000 |
74.00 |
|
|
|
|
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
763281 |
2.42 |
|
|
5488 |
0.02 |
|
|
1204394 |
3.82 |
|
|
440917 |
1.40 |
|
|
2414080 |
7.65 |
|
|
|
|
|
|
|
|
|
|
698025 |
2.21 |
|
|
|
|
|
|
|
|
|
|
4438270 |
14.06 |
|
|
655228 |
2.08 |
|
|
2397 |
0.01 |
|
|
2397 |
0.01 |
|
|
5793920 |
18.35 |
|
|
|
|
|
Total Public
shareholding (B) |
8208000 |
26.00 |
|
|
|
|
|
Total (A)+(B) |
31568000 |
100.00 |
|
|
|
|
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
|
|
|
Total (A)+(B)+(C) |
31568000 |
100.00 |
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Individual shareholders holding nominal
share capital up to Rs.0.100 MillionsBUSINESS DETAILS
|
Line of Business : |
Engaged in the business of Manufacturing and Sales of Industrial
Air Compressors of Various Capacities. |
GENERAL INFORMATION
|
No. of Employees : |
600 (Approximately) |
|
|
|
|
Bankers : |
·
Bank of ·
Bank of · Citibank N. A. ·
Central Bank of · Standard Chartered Bank |
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|
|
|
Facilities : |
-- |
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|
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|
Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Price Waterhouse Chartered Accountant |
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Address : |
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Solicitors : |
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|
Name : |
Crawford Bayley and Company |
|
Address : |
Mumbai, |
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Ultimate Holding
Company: |
Ingersoll - Rand plc, Ireland |
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Substantial Interest in Voting Power of the Company (holds 74% of
equity share capital as at 31st March, 2013) |
Ingersoll - Rand Company, New Jersey, U.S.A. |
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Fellow Subsidiaries : |
· Thermo King India Private Limited, India · Reftrans SA, Spain · Ingersoll-Rand Industrial Products Private Limited, India · Schlage Lock Division LLC, USA · Ingersoll-Rand International (India) Limited, India · Thermoking Corporation, U.S.A. · GHH-Rand Schraubenkompressoren GmbH, Germany · Trane Exports LLC, USA · Ingersoll-Rand CZ s.r.o, Czech Republic · Trane India Private Limited, India · Hibon Inc.,Canada · Trane India Limited, USA · Ingersoll-Rand (Chang Zhou) Tools Company Limited, China · Thermo King Services Limited, Ireland · Ingersoll-Rand Air Solutions Hibon Sarl, France · Service First Aircon Private Limited, India (Now known as Ingersoll-Rand Climate Solutions Private Limited, India) · Ingersoll-Rand Company South Africa (Pty) Limited, South Africa · Ingersoll-Rand (China) Industrial Equipment Manufacturing Company Limited, China · Ingersoll-Rand Machinery (Shanghai) Company Limited, China · Ingersoll-Rand International Limited, Ireland · Ingersoll-Rand European Sales Limited, United Kingdom · Ingersoll-Rand Malaysia Co. Sdn. Bhd., Malaysia · Nanjing Ingersoll-Rand Compressor Company Limited, China · Officina Meccaniche Industriali SRL, Italy · Plurifiter D.O.O, Slovenia |
CAPITAL STRUCTURE
(AS ON 31.03.2013)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
32000000 |
Equity Shares |
Rs.10/- each |
Rs.320.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
31568000 |
Equity Shares |
Rs.10/- each |
Rs.315.680 Millions |
|
|
|
|
|
Note:
[The above includes 31,301,500 (March 31, 2011: 31,301,500) shares
allotted as fully paid-up by way of bonus shares by capitalization of Share
Premium and General Reserves. The Company had last issued bonus shares in the financial
year ended March 31, 1992.]
Reconciliation of
number of shares
|
|
As on 31.03.2013 |
|
|
Particular |
Number of shares |
Rs. In Millions |
|
Balance as at the beginning of the year Movement during the year |
31,568,000 -- |
315.680 -- |
|
Balance as at
the end of the year |
31,568,000 |
315.680 |
(b) Rights,
preferences and restrictions attached to shares
Equity Shares: The Company has only one class of equity shares having a par
value of Rs.10 per share. Each shareholder is eligible for one vote per share
held. The dividend proposed by the Board of Directors, if any, is subject to
the approval of the shareholders in the ensuing Annual General Meeting, except
in case of interim dividend. In the event of liquidation, the equity
shareholders are eligible to receive the remaining assets of the Company after
distribution of all preferential amounts, if any, in proportion to their
shareholding.
|
Shares held by
holding company |
As on 31.03.2013 (Rs. In Millions) |
|
Equity Shares: 23,360,000 shares (March 31, 2012: 23,360,000 shares) held by
Ingersoll-Rand Company, New Jersey, U.S.A. the holding company |
233.600 |
|
Details of shares
held by shareholders holding more than 5% of the aggregate shares in the
Company |
As on 31.03.2013 |
|
Number of Equity Shares: |
23360000 |
|
Ingersoll-Rand Company, |
(74%) |
(e) Shares reserved
for issue under options
There are no shares reserved for issue under any option.
(f) Shares
allotted as fully paid up by way of bonus shares / pursuant to contract(s)
without payment being received in cash (during 5 years immediately preceding March
31, 2013):
During the period of five years immediately preceding Mach 31, 2013, no
shares are allotted as fully paid up by way of bonus shares or pursuant to
contract(s) without payment being received in cash.
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 |
315.680 |
315.680 |
315.680 |
|
(b) Reserves & Surplus |
8382.390 |
7823.830 |
7876.750 |
|
(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) |
8698.070 |
8139.510 |
8192.430 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
30.530 |
48.170 |
61.500 |
|
Total Non-current Liabilities (3) |
30.530 |
48.170 |
61.500 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
1031.650 |
848.840 |
993.360 |
|
(c) Other current
liabilities |
252.100 |
195.040 |
194.010 |
|
(d) Short-term provisions |
183.570 |
221.240 |
170.300 |
|
Total Current Liabilities (4) |
1467.320 |
1265.120 |
1357.670 |
|
|
|
|
|
|
TOTAL |
10195.920 |
9452.800 |
9611.600 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
499.720 |
442.040 |
252.600 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
520.560 |
11.720 |
1.020 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
50.960 |
47.580 |
41.390 |
|
(d) Long-term Loan and Advances |
1679.610 |
193.960 |
115.460 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
2750.850 |
695.300 |
410.470 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
914.410 |
1085.280 |
1091.430 |
|
(c) Trade receivables |
1402.390 |
1331.850 |
992.850 |
|
(d) Cash and cash equivalents |
4730.040 |
4506.100 |
5361.570 |
|
(e) Short-term loans and
advances |
346.630 |
1723.930 |
1716.650 |
|
(f) Other current assets |
51.600 |
110.340 |
38.630 |
|
Total Current Assets |
7445.070 |
8757.500 |
9201.130 |
|
|
|
|
|
|
TOTAL |
10195.920 |
9452.800 |
9611.600 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5813.690 |
5920.220 |
4927.450 |
|
|
|
Other Income |
678.710 |
690.090 |
496.120 |
|
|
|
TOTAL (A) |
6492.400 |
6610.310 |
5423.570 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
3676.910 |
4054.280 |
3317.940 |
|
|
|
Employee benefits expense |
611.750 |
558.910 |
458.920 |
|
|
|
Other expenses |
974.920 |
727.590 |
621.430 |
|
|
|
Changes in inventories of finished goods and
work-in-progress |
54.670 |
(17.980) |
46.250 |
|
|
|
TOTAL (B) |
5318.250 |
5322.800 |
4352.040 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1174.150 |
1287.510 |
1071.530 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
10.900 |
4.710 |
5.340 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1163.250 |
1282.800 |
1066.190 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
51.760 |
50.360 |
47.530 |
|
|
|
|
|
|
|
|
|
Less |
Extraordinary and
prior period items |
0.000 |
0.000 |
7.130 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1111.490 |
1232.440 |
1011.530 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
332.060 |
404.810 |
325.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
779.430 |
827.630 |
686.230 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4938.640 |
5074.560 |
4677.830 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
78.000 |
83.000 |
69.000 |
|
|
|
Interim Dividend |
110.070 |
770.480 |
110.430 |
|
|
|
Proposed Dividend |
110.800 |
110.070 |
110.070 |
|
|
BALANCE CARRIED
TO THE B/S |
5419.200 |
4938.640 |
5074.560 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1194.650 |
1174.530 |
949.660 |
|
|
|
Freight and Insurances on Exports |
0.120 |
0.790 |
1.660 |
|
|
|
Services Income Recovery of Expenses |
21.210 |
17.490 |
26.270 |
|
|
TOTAL EARNINGS |
1215.980 |
1192.810 |
977.590 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials, Components and Spares Parts |
1250.040 |
1551.330 |
1470.920 |
|
|
|
Capital Goods |
27.490 |
0.920 |
0.090 |
|
|
TOTAL IMPORTS |
1277.530 |
1552.250 |
1471.010 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
24.69 |
26.22 |
21.96 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
12.01
|
12.52 |
12.65 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
19.12
|
20.82 |
20.53 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.55
|
13.12 |
10.57 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.15 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00
|
0.00
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.07
|
6.92 |
6.78 |
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 |
No |
|
25] |
Conduct of the banking account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
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 |
-----------------------------------------------------------------------------------------------------------------------------
CASE
DETAILS
|
High Court of Karnataka
– Bangalore Bench |
ITA 16/2011 |
|
Petitioner/
Appnt. Name |
The commissioner
of Income Tax |
Respondent/
Defnt. Name |
M/S Ingersoll Rand (India) Limited |
|
|
|
|
|
|
Petnr. /Appnt.
Advocate |
K V Aravind |
Respnt. /Defnt.
Advocate |
M/S King and Partridge |
|
|
|
|
|
|
Date
Filed |
06/01/2011/ Classification |
District |
Bangalore City |
|
Stage |
Pending for
Admission |
Last Posted For |
Admission |
|
|
|
|
|
|
|
|
Last Action
Taken |
ADMIT/RULE |
Last Date of
Action |
31/01/2012 |
Next Hearing Date |
|
|
|
|
|
|
|
Latest Order |
2 Weeks |
|||
|
|
|
|||
|
Before Hon'ble Judge/s |
D. V. SHYLENDRA KUMAR H. S. KEMPANNA |
|||
Lower
Court Details [Appeal from below case.]
|
Case No |
Court Name |
Disposal Dt |
|
ITA 3952/2005 |
ITAT BANGALORE
BENCH BANGALORE |
30/08/2010 |
-----------------------------------------------------------------------------------------------------------------------------
NOTE:
The registered office of the company has been shifted from 106/10-11-12, Amruthhalli, Byatarayan, Bellary Road, Bangalore-560092, Karnataka, India to the present address w.e.f. 22.08.2008.
MANAGEMENT
DISCUSSION AND ANALYSIS
Industry Structure
and Development:
The Indian economy
growth has been slow through the year 2012-13 owing to various factors
including lack of policy initiatives and high inflation restricting the scope
for Central Bank to soften interest rates. The year was marked by overall
sluggishness in the economy.
The Company’s
products are primarily sold to industries in the automotive, metals,
pharmaceutical and textile sectors and the lack of or negative growth in these
sectors has impacted the revenue growth this year. Efforts to manage the costs
especially material costs yielded good results and hence, there was no
significant reduction in the profitability.
SEGMENT-WISE
OPERATIONAL PERFORMANCE:
Air Solutions
continues to be the major segment in the company’s operations. The gross
revenues of Air Solutions business this year were lower by 1% at Rs.6,015
million as against Rs.6,097 million last year. Despite the difficult economic
environment, the company continues to focus on increasing the local
manufacturing content, innovation and market centric product development for
the emerging markets.
The gross revenue
from contract manufacturing of bus air-conditioners was marginally higher at
Rs.182 million as against Rs.171 million in the previous financial year.
The profit before
tax is Rs.1,111 million as against Rs.1,232 million in the previous year.
OUTLOOK:
The US economy is
showing signs of moderate growth and this augurs well. However, Asia continues
to show problems of growth. The forecast of GDP growth in India is around 6%
and with general elections in 2014, there may not be any major policy
initiatives taken to spur growth. The company is focusing on specific sectors
like power, pharmaceuticals and textiles to grow the revenues through value
added services. Cost reduction will continue to be a focus area to ensure
profitability. With the Chennai plant expected to be operational by May of this
year, the revenues are expected to grow during the coming year.
EXPORTS
Exports for the
year have increased to Rs.1,195 million as against Rs.1,175 million in the
previous year, a marginal increase of 2%. The parent company continues to
source bare compressors and reciprocating compressors from India and this
augurs well for your Company’s growth. The range of products being exported is
steadily increasing.
GENERAL INFORMATION
The company is a
public limited company incorporated in 1921 under provisions of Companies Act,
1913 and existing under the provisions of Companies Act, 1956. The Company has
a manufacturing plant in Naroda, Gujarat and is primarily engaged in the
business of manufacturing and sales of Industrial air compressors of various
capacities. The Company also manufactures Air Conditioner package for buses
under contract manufacturing arrangement for its fellow subsidiary in India.
The Company sells air compressors primarily in India and also exports to other
SAARC countries and United States. The Company is in the process of
constructing a new manufacturing plant at Chennai, Tamil Nadu for manufacture
of Heating, Ventilation and Air Conditioning (HVAC) equipment and Transport
Refrigeration products in Phase 1. The equity shares of the Company are listed
on the Bombay Stock Exchange Limited, National Stock Exchange of India Limited
and Ahmedabad Stock Exchange Limited.
CONTINGENT LIABILITIES
|
Particulars |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In
Millions) |
|
|
|
|
|
|
(a) Claims
against the Company not acknowledged as debts (Claims filed against the Company
by customers/vendors/employees claiming damages for non-performance of
contractual obligation/ defective supply of products/termination of
employment) |
54.770 |
44.100 |
|
(b) Value added
tax/Central excise matters in dispute (Relates to adjustment
on account of levy of additional duty and other matters made by the
VAT/Excise department which is disputed by the Company and are lying under
appeal before various forums. The Company has: (1) Paid Rs.3.400 "under
protest"; and (2) Furnished a Bank guarantee of Rs.4.870. This does not
include one bank account with the balance of Rs.5.550 which the Company is
not permitted to operate till such time the litigation is resolved) |
134.460 |
162.880 |
|
(c) Bank
guarantees/corporate guarantees [Guarantees
issued by Banks on behalf of Company guaranteeing performance of products
sold or timely completion of contractual obligations by the Company. This
does not include bank guarantees for Rs.4.870 furnished in favor of the VAT
authorities. |
424.310 |
487.810 |
|
(d) Income Tax
matters [Relates to
transfer pricing and other adjustments made by the Income Tax Department for
the assessment years 2003-04 to 2009-10, which is disputed and the matters
are lying under appeal before various forums. The Company has paid 'under
protest' Rs.129.540 to the Income
Tax Department in this regard] |
150.550 |
107.600 |
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10414566 |
11/03/2013 |
200,000,000.00 |
Central Bank of
India |
Peenya
Industrial Area Branch, Peenya, Bangalore, |
B71735963 |
|
2 |
10318880 |
28/10/2011 |
300,000,000.00 |
Bank of India |
Mid Corporate
Branch, No.11, K G Road, Bangalore, Karnataka - 560009, India |
B25745985 |
FIXED ASSETS:
· Land – Leasehold
· Building
· Leasehold Improvements
· Plant and Machinery
· Electrical Installations
· Vehicles
· Furniture, Fixture and Equipment
· Office Equipment
· Small Tools
NEWS RELEASE
INGERSOLL RAND
LAUNCHES MID TORQUE CORDLESS IMPACT WRENCHES AND DRILL DRIVERS IN INDIA
Ingersoll Rand, a world leader in creating and sustaining safe, comfortable and efficient environments has launched recently their mid torque 160-175ftlb range cordless impact wrenches and ˝″ Drill/Driver.
The “W5000 Series” impact wrenches are the latest additions to the IQV20 Series that has been introduced over the course of the last several months, starting with the W7150 1/2" 20V High-Torque Impact tool. These are available in both industrial (continuous duty) and professional (intermittent duty) versions.
New D5140 ˝″ 20V Drill/Driver is designed specifically
for professionals who require hard-working, long-lasting, multipurpose tools to
power through tough jobs. It comes with 16position clutch for a wide variety of
fastening applications. It can deliver 700 in-lb of torque for faster and
easier operation.
These cordless tools features have high power, long life motor, high durability, light in weight, variable speed switch and ergonomic grip. These are ideal for non-precision assembly and maintenance applications.
The IQV20 Series of cordless tools now includes the world’s leading 1/2" high-torque cordless impact, along with “professional” and “industrial” grade a mid-torque cordless impacts, drill/driver, ratchets and task light.
About Ingersoll Rand in India
Ingersoll Rand is
committed to India and is implementing strategies for product innovation and
design for Industrial Technologies; Security; Food Safety; Energy Efficiency
and Sustainability. The company is based out of 18 locations in the country.
Ingersoll Rand believes that Innovation for emerging economies is critical for products to succeed in these markets. The company has three world class manufacturing facilities at Naroda, Sahibabad and Chennai; and two Engineering and Technology Centers at Bangalore and Chennai. Ingersoll–Rand (India) Limited is listed on the National Stock Exchange of India and the Bombay Stock Exchange.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON DESIGNATED
PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.18 |
|
|
1 |
Rs.103.38 |
|
Euro |
1 |
Rs.85.09 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
NIT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
72 |
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.