MIRA INFORM REPORT
|
Report Date : |
04.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
KIRLOSKAR ELECTRIC COMPANY LIMITED |
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Registered
Office : |
Industrial Suburb, Rajaji Nagar, Bangalore – 560 010, Karnataka |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
26.07.1946 |
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Com. Reg. No.: |
08-000415 |
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Capital
Investment / Paid-up Capital : |
Rs.505.214
millions |
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CIN No.: [Company Identification
No.] |
L85110KA1946PLC000415 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BLRK03363D BLRK02944E BLRK01454F BLRK02375C BLRK04661G BLRK00238A |
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PAN No.: [Permanent Account No.] |
AABCK2721Q |
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Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Subject
is engaged in the manufacture and selling of electric motors, alternators,
generators, transformers, switchgear, DG sets etc. |
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No. of Employees
: |
1742
(Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (35) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having moderate track. The company possesses a moderate financial profile marked by an acceptable
networth base along with increasing external borrowings as well as working
capital intensive operations during FY 13. Management has seen a dip in its sales volume as well as net
profitability during FY 13, whereas as per the latest reports reported from
the indirect source the company has witnessed a drastic dip in its sales
volume and has recorded a net loss incurred from its operations during FY 14.
The rating also take into consideration the intense competition in the
industry, raw materials price volatility and significant investment in
subsidiaries. However, trade relations are fair. Business is active. Payment terms
are reported as slow but correct. In view of long standing established track record and brand image, rich
business experience of the promoters and strategic technical collaborations
with the global leaders, the subject can be considered for business dealings
with some caution. |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Rating: BBB- (Suspended) |
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Rating Explanation |
Moderate degree of safety and moderate credit risk. |
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Date |
March 28, 2014 |
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Rating Agency Name |
CARE |
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Rating |
Short Term Rating: A3 (Suspended) |
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Rating Explanation |
Moderate degree of safety and higher credit risk. |
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Date |
March 28, 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 has been found enlisted as a
defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’
list as of 31-03-2012.
|
ENTITY |
PERSON |
COMPETENT AUTHORITY |
REGULATORY CHARGES |
REGULATORY ACTION(S) / DATE OF ORDER |
FURTHER DEVELOPMENTS |
|
KIRLOSKAR ELECTRIC COMPANY LIMITED |
EPFO |
Exempted and unexempted establishments defaulted with EPFO including provident
fund, pension and EDLI contribution, administration charges and penal damages
of Rs.5.260 millions |
Among other actions, names of defaulters put on the EPFO website |
INFORMATION DECLINED
Management non-cooperative
(Tel. No.: 91-80-23374865)
LOCATIONS
|
Registered Office : |
Industrial Suburb, Rajaji Nagar, Bangalore – 560 010, Karnataka, India
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Tel. No.: |
91-80-23374865/ 23322111/ 23322771 |
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Fax No.: |
91-80-23377706/ 23322469 |
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E-Mail : |
investors@kirloskar-electric.com |
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Website : |
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Corporate Office: |
P. B. No.5555, Malleswaram West, Bangalore – 560 055, Karnataka, India
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Tel No.: |
91-80-23374865/ 23377727 |
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Fax No.: |
91-80-23377706 |
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Factory 1 : |
Survey No.16, Govenahalli, Thyamagondlu, Nelamangala Taluk, Bangalore
Rural District – 562 123, Karnataka India |
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Factory 2 : |
Gokul Road, Hubli – 580 030, Karnataka, India |
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Tel. No.: |
91-836-2332771-3 |
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Fax No.: |
91-836-2331433 |
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Factory 3 : |
Belavdi Industrial Area, Mysore – 570 018, Karnataka, India |
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Tel. No.: |
91-821-2402522 / 2402540-3 |
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Fax No.: |
91-821-2402266 |
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Factory 4 : |
Survey No.81/3, Kachenahalli, Budhihal, Nelamangala Taluk, Bangalore
Rural – 562 123, Karnataka, India |
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Factory 5 : |
Plot No.6, Hirehalli Industrial Area, Tumkur Road, Tumkur – 572 168,
Karnataka, India |
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Tel. No.: |
91-816-23152-4 / 23104 |
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Fax No.: |
91-816-23105 |
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Factory 6 : |
Sy. No.16/1, Gabbur Village, P.B. Road, Hubli – 580 028, Karnataka,
India |
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Factory 7 : |
J.D. Royalite, Tumkur Road, Bangalore – 560 022, Karnataka, India |
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Factory 8 : |
Gat No.309, 315, 317 and 318, Opposite Government Milk Dairy,
Khondhapuri, District Pune – 412 209, Maharashtra, India |
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Factory 9 : |
5/4, Nagar Road, Pune – 411 014, Maharashtra, India |
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Factory 10 : |
Cal-Mumbai Truck Terminal Limited, East Wing - 14, Jala Dhulagori,
Sankrail, Andul Mauri, Howrah – 711 302, West Bengal, India |
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Factory 11: |
42D, Type, HSIDC, Sheds Sector-37, Udyog Vihar, Phase VI, Gurgaon –
122 001, Haryana, India |
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Service Centre : |
No.13/9,
1st Floor, Unity Building, M Block, J.C. Road, Bangalore – 560
002, Karnataka, India |
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Tel. No.: |
91-80-22227375/
22234022/ 22234023/ 22270076 |
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Fax No.: |
91-80-22270075/
22270076 |
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Regional Office : |
Located at: · Ahmedabad · Chennai · Kolkata · Mumbai · New Delhi |
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Branch Office : |
Located at: · Bhubaneswar · Coimbatore · Dehradun · Ernakulam · Guwahati · Indore · Jaipur · Jamshedpur · Lucknow · Ludhiana · Madurai · Nagpur · Raipur · Surat |
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Overseas Office : |
Located at: ·
Germany ·
Malaysia ·
Sharjah ·
Michigan ·
Singapore |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Vijay R. Kirloskar |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. Alok Kumar Gupta |
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Designation : |
Joint Managing Director |
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Name : |
Mr. A. S. Lakshmanan |
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Designation : |
Director |
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Name : |
Mr. S. N. Agarwal |
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Designation : |
Director |
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Name : |
Mr. Anil Kumar Bhandari |
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Designation : |
Director |
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Name : |
Mr. Sarosh J. Ghandy |
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Designation : |
Director |
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Name : |
Mr. V. P. Mahendra |
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Designation : |
Director |
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Name : |
Mr. Kamlesh Gandhi |
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Designation : |
Director |
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Name : |
Mr. Anuj Pattanaik |
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Designation : |
Deputy Managing Director (upto 28.02.2013) |
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Name : |
Mr. Berthold Groeneveld |
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Designation : |
Director (upto 23.05.2013) |
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Name : |
Mr. D. Devender Singh |
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Designation : |
LIC Representative (upto 19.05.2013) |
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Name : |
Mrs. Meena Kirloskar |
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Designation : |
Director |
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Name : |
Mr. Ram J. Shahaney |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
K.S. Swapna Latha |
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Designation : |
Assistant Company Secretary and Compliance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category of
Shareholders |
Number of Shares |
Percentage |
|
(A)
Shareholding of Promoter and Promoter Group |
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|
4138648 |
8.19 |
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|
20788360 |
41.15 |
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|
24927008 |
49.34 |
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Total
shareholding of Promoter and Promoter Group (A) |
24927008 |
49.34 |
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(B)
Public Shareholding |
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|
|
|
|
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|
819227 |
1.62 |
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|
3253824 |
6.44 |
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|
450 |
0.00 |
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|
4073501 |
8.06 |
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|
|
|
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|
3552410 |
7.03 |
|
|
|
|
|
|
6553805 |
12.97 |
|
|
2721037 |
5.39 |
|
|
8693606 |
17.21 |
|
|
349931 |
0.69 |
|
|
1896044 |
3.75 |
|
|
6174936 |
12.22 |
|
|
272695 |
0.54 |
|
|
21520858 |
42.60 |
|
Total
Public shareholding (B) |
25594359 |
50.66 |
|
Total
(A)+(B) |
50521367 |
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) |
50521367 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject
is engaged in the manufacture and selling of electric motors, alternators,
generators, transformers, switchgear, DG sets etc. |
PRODUCTION STATUS (AS ON 31.03.2011):
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Motors/
Alternators/ Generators |
MW |
2806* |
2806* |
1933 |
|
FHP Motors |
Nos. |
-- |
-- |
6859 |
|
Engines |
Nos. |
-- |
-- |
3003 |
|
Transformers |
Kva |
2060000 |
2060000 |
4725735# |
|
Arc Welding and
Resistance Welding Equipments with Welding Aids and Accessories |
Nos. |
1800+ |
1800+ |
Nil |
|
Controls for Alternators/
Generating sets, Variable Speed Drive Controls, Static Exciters and
Inverters, Electronic Controls for Machine Tools, HV testers, Coolers, stud
Welders, Thermister Protection units and RF Induction Generators |
Units |
3000+ |
3000* |
1232 |
|
Induction
Heating Equipment such as Induction Heaters and Welders, Die Electric Heaters
and Plastic Welders with associated handling equipment |
Nos. |
150* |
50* |
Nil |
|
Vertical
Mechanical Comparator, Sigma size Electronic Gauging Indicator, Sigma flash
electronic column gauges, Sigmaster fixturing systems. |
Nos. |
1400 |
200 |
Nil |
|
Micro and Mini
Computers |
Rs. in Millions |
100* |
80 |
Nil |
|
Industrial
Electronic Voltage Regulators |
Nos. |
20000 |
8000 |
675 |
|
Uninterruptible
Power Systems |
Nos. |
5000* |
500 |
468 |
|
Metal Cutting
including Grinding Machines (**) |
Nos. |
300* |
150 |
Nil |
|
Machine tool
accessories including digital readouts (**) |
Nos. |
550* |
550 |
Nil |
|
Printed Circuit
Boards (**) |
Sq Mtrs |
2500* |
2500* |
Nil |
|
Alternators |
Nos. |
191500 |
78000 |
Nil |
|
D.G. Sets |
Nos. |
-- |
-- |
2944 |
|
Circuit
Breakers/ Starters/ Contactors/ Switchboard* |
Nos. |
-- |
-- |
680 |
Notes:
1. (**) Registered
with DGTD (*) on maximum utilization (+) On single shift.
2. There is no
change in installed capacity as compared to the previous year.
3. (@) As
certified by the Managing Director and relied upon by auditors.
4. $ Standing in
the name of Kirloskar Systems Limited, whose switchgear business was taken over
by the Company in a prior year.
5. * As per letter
no.3/24/2000-PAB-IL from Department of Industrial Policy and Promotion, New
Delhi date December 1, 2004
6. # Includes
production at subcontractors facility.
GENERAL INFORMATION
|
No. of Employees : |
1742
(Approximately) |
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Bankers : |
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Facilities : |
Notes: LONG
TERM BORROWING: 1) Details of security for secured loans:
2) Terms of repayment of
term loans and others a) Finance lease Finance lease relate to
Plant and Machinery taken for a period of five years. Interest on such lease
is ranging between 13% to 14% p.a. Average equated monthly instalment is Rs.1.840 millions per month. b) Car Loans: Car loans are for a
period of three to five years and interest rate is about 10% p.a. Average
equated monthly instalment is about Rs.0.230 million per month 1)
Details of security for secured loans
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
B.K. Ramadhyani and Company Chartered Accountants |
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Address : |
Bangalore, Karnataka, India |
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Subsidiary (Wholly Owned): |
Kirsons BV |
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Step down Subsidiaries: |
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Associates : |
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Enterprises over which key management personnel and their relatives
are able to exercise significant influence : |
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CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
60000000 |
Equity Shares |
Rs.10/- each |
Rs.600.000 millions |
|
3000000 |
Preference Shares |
Rs.100/- each |
Rs.300.000 millions |
|
|
Total |
|
Rs.900.000
millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50521367 |
Equity Shares |
Rs.10/- each |
Rs.505.214
millions |
|
|
|
|
|
Other Information:
I. Preference shares:
a. The Company had issued cumulative
preference shares of Rs.100/- each. The preference shareholders did not have voting rights.
b. 1176746 Preference
shares (value Rs.117.675 millions) were allotted pursuant to a contract without
consideration being received in cash. These preference shareholders were
allotted to preference shareholders of Kaytee Switchgear Limited as fully paid
up pursuant to the Scheme of arrangement approved by the Honourable High Court
of Karnataka under sec 391-394 of the Companies Act, 1956 without payment being
received in cash.
|
|
As at 31.03.2013 |
|
|
Number |
Amount (Rs.
in millions |
|
|
Preference shares bought back during the five years immediately
preceding the date of the balance sheet |
2376746 |
237.675 |
2.
Equity shares:
a. The Company has only one
class of equity shares having a par value of Rs.10/- each. Each holder of
equity shares is entitled to one vote per share. In the event of liquidation of
the Company, the holders of the equity shares will be entitled to receive the
remaining assets of the Company, after distribution of all preferential
amounts. The distribution will be in proportion to the equity shares held by
the shareholder.
b. Equity Shares of Rs.10/- each includes:
immediately preceding the date of the balance sheet
|
|
As at 31.03.2013 |
|
|
Number |
Amount (Rs.
in millions |
|
|
(i) Equity shares include
Shares allotted pursuant to a contract without consideration being received
in cash. These shares were issued to shareholders of Kaytee Switchgear Limited
and Kirloskar Power Equipments Limited as fully paid, pursuant to Scheme of
arrangement approved by the Honourable High Court of Karnataka under sections
391 - 394 of the Companies Act, 1956. Equity shares so allotted includes
6,174,878 equity shares of Rs.10/- each allotted to
KECL Investment Trust, sole beneficiary of which is the Company. |
17252550 |
172.526 |
|
(ii) Shares allotted
during the year 2007-08 to the promoters group in terms of order September 29,
2007 of the Honourable High Court of Karnataka read with scheme of
arrangement dated February 13, 2003 under sections 391 to 394 of The
Companies Act, 1956. |
2000000 |
20.000 |
|
(iii) Shares allotted
during the year 2003 - 04 to IDBI on conversion of Preference Share Capital
at face value as per the scheme of arrangement approved by honourable High
Court of Karnataka. |
6000000 |
60.000 |
c.
Particulars of equity shareholders holding more than 5% of the total number of
equity share capital:
|
Particulars |
As at 31.03.2013 |
|
|
Number |
Percentage |
|
|
a. Abhiman Trading
Company Private Limited |
5217063 |
10.33 |
|
b. Vijayjyothi
Investments and Agencies Private Limited |
4257682 |
8.43 |
|
c. KECL Investment Trust |
6174878 |
12.22 |
|
d. Vijay Ravindra
Kirloskar |
3890711 |
7.70 |
|
e. Vijaykirti Investments
and Agencies Private Limited |
3064094 |
6.06 |
|
f. Life Insurance
Corporation of India |
2576571 |
5.10 |
|
g. Vijay Farms Private
Limited |
3540807 |
7.01 |
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 |
505.214 |
505.214 |
582.573 |
|
(b) Reserves & Surplus |
1451.167 |
1409.564 |
1313.882 |
|
(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) |
1956.381 |
1914.778 |
1896.455 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
202.641 |
129.430 |
260.557 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
71.500 |
69.045 |
66.330 |
|
(d)
Long-term provisions |
126.554 |
107.134 |
130.806 |
|
Total
Non-current Liabilities (3) |
400.695 |
305.609 |
457.693 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1517.467 |
1269.742 |
1164.365 |
|
(b)
Trade payables |
2406.356 |
2270.496 |
2497.074 |
|
(c)
Other current liabilities |
642.237 |
948.274 |
790.375 |
|
(d)
Short-term provisions |
118.641 |
142.358 |
112.490 |
|
Total
Current Liabilities (4) |
4684.701 |
4630.870 |
4564.304 |
|
|
|
|
|
|
TOTAL |
7041.777 |
6851.257 |
6918.452 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
1299.101 |
1431.017 |
1591.462 |
|
(ii)
Intangible Assets |
6.311 |
17.382 |
22.731 |
|
(iii)
Capital work-in-progress |
42.933 |
39.516 |
20.382 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
1551.399 |
1270.358 |
1083.352 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
170.420 |
144.960 |
158.481 |
|
(e)
Other Non-current assets |
12.411 |
31.113 |
189.736 |
|
Total
Non-Current Assets |
3082.575 |
2934.346 |
3066.144 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1350.040 |
1317.460 |
1161.719 |
|
(c)
Trade receivables |
1951.278 |
1874.411 |
1957.353 |
|
(d)
Cash and cash equivalents |
269.311 |
341.864 |
381.613 |
|
(e)
Short-term loans and advances |
151.731 |
152.854 |
188.219 |
|
(f)
Other current assets |
236.842 |
230.322 |
163.404 |
|
Total
Current Assets |
3959.202 |
3916.911 |
3852.308 |
|
|
|
|
|
|
TOTAL |
7041.777 |
6851.257 |
6918.452 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
8019.427 |
8717.397 |
8238.754 |
|
|
|
Other Income |
90.183 |
57.626 |
36.919 |
|
|
|
TOTAL (A) |
8109.610 |
8775.023 |
8275.673 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
6173.959 |
6661.243 |
6435.326 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-
in-trade |
(261.784) |
(102.654) |
(104.440) |
|
|
|
Employee benefit expenses |
829.686 |
801.298 |
764.625 |
|
|
|
Other expenses |
806.356 |
748.120 |
680.463 |
|
|
|
Expenses capitalized |
(2.105) |
(0.809) |
(0.569) |
|
|
|
TOTAL (B) |
7546.112 |
8107.198 |
7775.405 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
563.498 |
667.825 |
500.268 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
335.792 |
383.046 |
317.107 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
227.706 |
284.779 |
183.161 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
170.329 |
183.889 |
161.881 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
57.377 |
100.890 |
21.280 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
15.774 |
5.208 |
0.227 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
41.603 |
95.682 |
21.053 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods
calculated on FOB basis (net) (inclusive of sales
within India eligible for export incentives) |
671.030 |
698.458 |
641.200 |
|
|
|
Royalty, Knowhow,
professional and consultancy fees |
11.375 |
3.659 |
3.900 |
|
|
|
Dividends
received |
0.542 |
0.607 |
0.400 |
|
|
|
Remittances from
overseas offices (Net) |
46.014 |
62.664 |
24.000 |
|
|
TOTAL EARNINGS |
728.961 |
765.388 |
669.500 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials, Components and Spares Parts |
545.378 |
652.885 |
656.700 |
|
|
|
Capital Goods |
0.790 |
22.627 |
3.400 |
|
|
TOTAL IMPORTS |
546.168 |
675.512 |
660.100 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
0.82 |
1.73 |
0.18 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.51 |
1.09 |
0.25 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.72 |
1.16 |
0.26 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.05 |
1.82 |
0.37 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03 |
0.05 |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.88 |
0.73 |
0.75 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.85 |
0.85 |
0.84 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
582.573 |
505.214 |
505.214 |
|
Reserves & Surplus |
1313.882 |
1409.564 |
1451.167 |
|
Net worth |
1896.455 |
1914.778 |
1956.381 |
|
|
|
|
|
|
Long-term borrowings |
260.557 |
129.430 |
202.641 |
|
Short term borrowings |
1164.365 |
1269.742 |
1517.467 |
|
Total borrowings |
1424.922 |
1399.172 |
1720.108 |
|
Debt/Equity ratio |
0.751 |
0.731 |
0.879 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations |
8238.754 |
8717.397 |
8019.427 |
|
|
|
5.810 |
(8.007) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations |
8238.754 |
8717.397 |
8019.427 |
|
Profit |
21.053 |
95.682 |
41.603 |
|
|
0.26% |
1.10% |
0.52% |
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 |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
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 |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10491051 |
28/03/2014 |
300,000,000.00 |
OTHERS |
CORPORATION BANK,
BANGALORE, BANGALORE, KARNATAKA - 560080, INDIA |
C02926285 |
|
2 |
10341775 |
08/03/2012 * |
3,350,000,000.00 |
BANK OF INDIA |
BANGALORE MAIN BRANCH,
NO.11 KG ROAD, BANGALORE, |
B35826015 |
|
3 |
10252669 |
02/11/2010 |
440,000,000.00 |
STATE BANK OF HYDERABAD |
INDUSTRIAL FINANCE
BRANCH, "SHERIFF HOUSE", NO.85, RICHMOND ROAD, BANGALORE, KARNATAKA
- 560025, INDIA |
B00229625 |
|
4 |
10197950 |
18/01/2010 |
421,800,000.00 |
THE BANK OF RAJASTHAN
LIMITED |
11-C MITTAL TOWER M G
ROAD, BANGALORE, KARNATAKA - 560001, INDIA |
A77049229 |
|
5 |
10160264 |
09/06/2009 |
250,000,000.00 |
THE BANK OF RAJASTHAN
LIMITED |
VISHAL HALL COMPLEX,
ANDHERI KURLA ROAD, ANDHERI-EAST, MUMBAI, MAHARASHTRA - 400069, INDIA |
A63326664 |
|
6 |
10124543 |
17/09/2008 |
1,250,000,000.00 |
AXIS BANK LIMITED |
1ST FLOOR, NO.8, NITESH TIMES
SQUARE, M.G. ROAD, BANGALORE, KARNATAKA - 560001, INDIA |
A47536313 |
|
7 |
10131788 |
06/12/2013 * |
286,465,640.00 |
3I INFOTECH TRUSTEESHIP
SERVICES LIMITED |
3RD TO 6TH FLOOR,
INTERNATIONAL INFOTECH PARK, TOWER NO.5, VASHI RAILWAY STATION COMPLEX,
VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA |
B91230185 |
|
8 |
10108491 |
17/04/2008 |
228,500,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE
BRANCH, RESIDENCY PLAZA RESIDENCY ROAD, BANGALORE, KARNATAKA - 560025, INDIA |
A40694598 |
|
9 |
10105064 |
26/12/2007 |
135,300,000.00 |
STATE BANK OF MYSORE |
2ND CROSS SAMPIGE ROAD,
MALLESWARAM, BANGALORE, KARNATAKA - 560003, INDIA |
A39173398 |
|
10 |
10077535 |
17/10/2007 |
22,300,000.00 |
STATE BANK OF MYSORE |
2ND CROSS, SAMPIGE ROAD, NO.11,
MALLESWARAM, BANGALORE, KARNATAKA - 560003, INDIA |
A27629534 |
|
11 |
10070191 |
21/09/2007 |
50,600,000.00 |
STATE BANK OF MYSORE |
2ND CROSS, SAMPIGE ROAD,
MALLESWARAM, BANGALORE, KARNATAKA - 560003, INDIA |
A24642829 |
|
12 |
80027260 |
15/03/2007 * |
51,448,000.00 |
STATE BANK OF INDIA |
STRESSED ASSETS
MANAGEMENT GROUP BANGALORE BRANCH, NO.61, 4TH FLOOR RESIDENCY ROAD,
BANGALORE, KARNATAKA - 560025, INDIA |
- |
|
13 |
80048482 |
28/04/2004 |
49,400,000.00 |
IDBI TRUTEESHIP SERVICES
LIMITED |
NARIMAN POINT, MUMBAI,
MAHARASHTRA - 400021, INDIA |
- |
* Date of charge modification
|
Unsecured Loans |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG TERM BORROWING |
|
|
|
Fixed Deposits |
320.482 |
250.942 |
|
Less:
Current Maturities |
(119.742) |
(129.102) |
|
SHORT TERM BORROWINGS |
|
|
|
a) Fixed Deposits |
48.202 |
13.692 |
|
b) SICOM Sales Tax Loan |
0.000 |
1.119 |
|
c) Inter corporate
Deposits |
402.000 |
302.000 |
|
d) Other Loans and
advances |
0.000 |
1.224 |
|
Total
|
650.942 |
439.875 |
Notes:
LONG TERM BORROWING:
a) Fixed deposits are taken
for a period of 24 and 36 months with interest rates ranging from 12% to 13%
SHORT TERM BORROWINGS:
a) Fixed deposits are taken
for a period of 12 months with interest rate of 11.5%
b) Fixed deposits accepted
from related parties amount to Rs.4.500 millions (as at March 31, 2012: Rs.4.500 millions)
c) ICDs are taken for
periods ranging between 90 to 360 days with interest rates averaging to 16% per
annum.
d)
Fixed deposits include Rs.0.302 million (as at March 31, 2012: Rs.0.202 million) matured
unclaimed deposits.
BACKGROUND:
The Company was
incorporated in 1946 and is a company engaged in the manufacture and selling of
electric motors, alternators, generators, transformers, switchgear, DG sets
etc.
Company Performance
During the year, the
Company has achieved a turnover of Rs.8019.427 millions (previous year Rs.8717.397 millions). The
operations have resulted in a net profit of Rs.41.603 millions (previous
year Rs.95.682 millions).
Industry Outlook
The market for the company
products remains subdued. The present manufacturing capacity in India is in far
excess of the existing demand. This has lead to very aggressive competition and
subsequent negative pressure on the prices of products. The Company has taken
several steps to mitigate the impact of this by taking several measures for
optimizing the capacity utilization market reach and performance.
Subsidiary – Kirsons B.V.
The operations of Kirsons
B.V. the subsidiary have resulted in net loss of € 1.04 lakhs (Previous year €
0.71 lakhs).
Subsidiary Companies
The Company as of March 31,
2013 had one subsidiary, viz., Kirsons B.V., Netherlands (Kirsons). Kirsons is having
two subsidiaries – Lloyd Dynamowerke GmbH and Co. KG, Germany and Lloyd
Beteiligungs-GmbH, Germany.
Lloyd Dynamowerke GmbH and
Co. KG, Germany (LDW)
The Company holds 94.89%
shares in Lloyd Dynamowerke GmbH and Co. KG, Germany and the entire shareholding
in Lloyd Beteiligungs-GmbH, Germany through its subsidiary in The Netherlands –
Kirsons B.V. Lloyd Dynamowerke GmbH and Co. KG, Germany is a limited
partnership existing in accordance with the Laws of Germany which owns an
electrical machine manufacturing plant at Bremen. During the year ended 31st
March, 2013 Lloyd Dynamowerke GmbH and Co. KG, had turnover of € 399.57 lakhs (Rs.2794.200 millions)
{Previous year € 333.33 lakhs (Rs.2206.600 millions)} with a net loss after tax
of € 64.60 lakhs (Rs.449.600 millions) {Previous year net loss € 5.50 lakhs (Rs.31.100 millions)}.
Rotating Machines Group
During the year the sales
under Rotating Machines Group amounted to Rs.6993.588 millions as
against Rs.6356.602 millions in
2011-12.
Power Generation and Distribution
Group
During the year the sales
under Power Generation and Distribution Group amounted to Rs.4086.121 millions as
against Rs.4636.966 millions in
2011-12.
Others
During
the year the sale of other Electrical Products amounted to Rs.471.932 millions as against
Rs.691.669 millions in
2011-12.
MANAGEMENT DISCUSSION AND
ANALYSIS REPORT
Industry
The Company is engaged in
Electrical Industry, which has various groups such as Rotating Machines Group,
Static Equipments Group, Switchgears Group, Transformers Group, Capacitors
Group, Transmission Lines Group, etc., Each product group is having its
different products within its broad range.
Performance Overview
During the year the Company
has achieved a turnover of Rs.8019.427 millions as against Rs.8717.397 millions in the
previous year. The profit before tax for the year is Rs.41.603 millions as against
a profit of Rs.95.682 millions in the previous year.
SEGMENT WISE OR PRODUCT
WISE PERFORMANCE
The Company has identified
the reportable segments as Rotating Machines Group, Power Generation and
Distribution Group and Others, taking into account the nature of products and
services, the different risks and returns and the internal reporting systems.
The
segment wise turnover of the Company is as follows: -
|
Products |
2012-13 (Rs.
in Millions) |
2011-12 (Rs.
in Millions) |
|
Rotating
Machines Group |
6993.588 |
6356.602 |
|
Power
Generation and Distribution Group |
4086.121 |
4636.966 |
|
Others |
471.932 |
691.669 |
|
Total |
11551.641 |
11685.237 |
FUTURE OUTLOOK
The market for the company
products has been challenging. The aggressive competition and raising cost have
put pressure on margins. The Company is ready for upcoming growth opportunities
and it has taken several measures to optimize capacity utlitlaization, market
reach and performance.
CONTINGENT LIABILITIES:
|
Particular |
31.03.2013 (Rs in Millions) |
31.03.2012 (Rs in Millions) |
|
Claims against the Company not acknowledged as debts. The Company has made counter claim against one of the parties amounting to Rs.12.900 millions (as at the end of the previous reporting period Rs.12.900 millions) |
268.482 |
272.044 |
|
Guarantees |
497.374 |
561.758 |
|
Letters of credit |
1726.089 |
1016.048 |
|
Bills discounted with Bank |
188.236 |
203.072 |
|
Penal damages levied by the Regional Provident Fund commissioner and subject to writ before the High Court of Karnataka, Bangalore. An amount of Rs.4.618 millions paid has been included in loans and advances |
9.154 |
9.154 |
|
Central excise and customs authorities have issued notices and raised certain demands, which are pending in appeal before various authorities, not acknowledged as debt by the Company |
22.660 |
18.352 |
|
Sales tax demanded under appeal.
The Company has paid an aggregate amount
of Rs.93.079 millions (as at
March 31, 2012 Rs.70.194 millions) against
the demand which has been included in disputed statutory dues |
268.400 |
223.780 |
|
Show cause notices raised by the Income Tax Department for short and non-remittances of tax deduction at source – matter under examination |
4.599 |
4.599 |
|
Sales tax liabilities in respect of pending assessments - C forms have not been received from several customers. Continuing efforts are being made to obtain them. Significant progress has been made in the matter as compared to the previous year. |
Not Ascertainable |
Not Ascertainable |
|
Interest if any, on account of delays in payment to suppliers |
Not Ascertainable |
Not Ascertainable |
|
Sales tax on equipment procured on hire/ lease and on computer software charges is contested by the suppliers. Will be charged to revenue in the year of final claim. |
Not Ascertainable |
Not Ascertainable |
|
Certain industrial disputes are pending before various judicial authorities – not acknowledged by the Company |
Not Ascertainable |
Not Ascertainable |
|
Wage settlements of certain units have expired. However provision has been made on estimated basis and differences if any will be accounted on final settlement |
Not Ascertainable |
Not Ascertainable |
|
Income tax demands under appeal |
1.556 |
17.498 |
|
Guarantee given to ICICI Bank in consideration of stand by letter of credit opened by them in favour of ICICI Bank, Canada as security for loan granted issued by them to Kirsons BV. SBLC is secured by mortgage of certain immovable properties of the company and shares of Kirsons BV |
357.365 |
587.854 |
|
The Company had furnished
a guarantee for the redemption of preference shares issued by Kirloskar
Investment and Finance Limited to an extent of Rs.20.000 millions (as at
March 31, 2012 Rs.20.000 millions) and had
obtained counter guarantee from the said Company. The preference shareholder
has claimed a sum of Rs.20.000 millions along
with dividends in arrears of Rs.20.560 millions and
interest from the Company. This claim has been upheld by the Debt Recovery Tribunal
(DRT). The Company has preferred an appeal before the Debt Recovery Appellate
Tribunal to set aside the orders passed by the DRT. The Company does not
acknowledge this liability. |
40.560 |
40.560 |
|
Arrears of fixed cumulative dividends on preference shares (including tax thereon) |
116.249 |
115.482 |
In respect of items above,
future cash outflows in respect of contingent liabilities is determinable only
on receipt of judgements pending at various forums / settlement of matter. The management
believes, based on internal assessment and / or legal advice, that the
probability of an ultimate adverse decision and outflow of resources of the
Company is not probable and accordingly, no provision for the same is
considered necessary.
STANDALONE AUDITED FINANCIAL RESULTS FOR
THE QUARTER AND YEAR ENDED MARCH 31, 2014
(Rs. in millions)
|
Sr. No |
Particulars |
Standalone |
||
|
Three Months ended 31.03.2014 |
Preceding Three Months ended 31.12.2013 |
Year to date figures for current year
ended 31.03.2014 |
||
|
Audited |
Reviewed |
Audited |
||
|
1 a |
Gross Sales |
1616.100 |
1693.800 |
7484.100 |
|
|
Less: Excise Duty |
139.300 |
149.000 |
685.700 |
|
|
Net Sales/ Income
from operations |
1476.800 |
1544.800 |
6798.400 |
|
b. |
Other Operating Income |
-- |
-- |
-- |
|
2 |
Expenditure |
|
|
|
|
a |
Cost of Materials consumed |
1422.100 |
1213.000 |
5482.300 |
|
b |
Change in Inventories of finished goods, work in progress and stock in trade |
(207.900) |
21.900 |
(220.100) |
|
c |
Employee benefit expenses |
195.500 |
201.600 |
788.800 |
|
d |
Depreciation and Amortisation Expenses |
11.600 |
33.400 |
117.100 |
|
e |
Other expenditure |
232.900 |
159.900 |
793.000 |
|
f |
Total |
1654.200 |
1629.800 |
6961.100 |
|
3 |
Profit from Operations before other income, Interest and exceptional items (1 - 2f) |
(177.400) |
(85.000) |
(162.700) |
|
4 |
Other Income |
147.700 |
(3.100) |
172.000 |
|
5 |
Profit before interest and exceptional items (3+4) |
(29.700) |
(88.100) |
9.300 |
|
6 |
Finance Costs |
114.700 |
107.300 |
419.400 |
|
7 |
Profit after interest but before exceptional items (5-6) |
(144.400) |
(195.400) |
(410.100) |
|
8 |
Exceptional Items (Net) |
-- |
-- |
-- |
|
9 |
Profit from ordinary activities before tax (7- 8) |
(144.400) |
(195.400) |
(410.100) |
|
10 |
Tax expense |
-- |
-- |
-- |
|
11 |
Net profit from
ordinary activities after tax (9-10) |
(144.400) |
(195.400) |
(410.100) |
|
12 |
Extraordinary Item (net of tax expense) |
-- |
-- |
-- |
|
13 |
Net profit for the
period (11+12) |
(144.400) |
(195.400) |
(410.100) |
|
14 |
Paid up Equity Share Capital (face value of Rs.10/-) |
505.200 |
505.200 |
505.200 |
|
15 |
Reserves excluding revaluation reserves (As per balance sheet of previous accounting year) |
NA |
NA |
993.000 |
|
16 |
Earnings Per Share (EPS) |
|
|
|
|
a |
Basic and Diluted EPS before extraordinary items (not annualised) |
(2.86) |
(3.87) |
(8.12) |
|
b |
Basic and Diluted EPS after extra ordinary items (not annualised) |
(2.86) |
(3.87) |
(8.12) |
|
17 |
Aggregate of non-promoters shareholding |
-- |
-- |
-- |
|
|
|
|
|
|
|
A |
Particulars of
Share Holding |
|
|
|
|
1 |
Public Share Holding |
|
|
|
|
|
-Number of Shares |
25594359 |
25594859 |
25594359 |
|
|
-Percentage of Share Holding |
50.66% |
50.66% |
50.66% |
|
18 |
Promoters and Promoter group shareholding |
|
|
|
|
a |
Pledged/Encumbered |
|
|
|
|
|
-Number of Shares |
-- |
-- |
-- |
|
|
-Percentage of Shares (as a % of the total shareholding of promoter and promoter group) |
-- |
-- |
-- |
|
|
-Percentage of Shares (as a % of the total share capital of the company) |
-- |
-- |
-- |
|
b |
Non-Encumbered |
|
|
|
|
|
-Number of Shares |
24927008 |
24926508 |
24927008 |
|
|
-Percentage of Shares (as a % of the total shareholding of promoter and promoter group) |
100% |
100% |
100% |
|
|
-Percentage of Shares (as a % of the total share capital of the company) |
49.34% |
49.34% |
49.34% |
|
B |
INVESTOR COMPLAINTS |
Quarter ended
March 31, 2014 |
|
|
|
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
Nil |
|
|
Disposed of during the quarter |
Nil |
|
|
Remaining unresolved at the end of the quarter |
Nil |
REVENUES, RESULTS AND
CAPITAL EMPLOYED FOR THE SEGMENTS FOR THE QUARTER AND YEAR ENDED MARCH 31,
2014
(Rs. in millions)
|
Sr. No |
Particulars |
Standalone |
||
|
Three Months ended 31.03.2014 |
Preceding Three Months ended 31.12.2013 |
Year to date figures for current year
ended 31.03.2014 |
||
|
Audited |
Reviewed |
Audited |
||
|
1 |
Segment Revenues |
|
|
|
|
|
Power generation/ distribution |
653.100 |
771.100 |
3230.700 |
|
|
Rotating machines |
923.900 |
866.200 |
3905.100 |
|
|
Others |
93.800 |
84.400 |
538.700 |
|
|
Total |
1670.800 |
1721.700 |
7674.500 |
|
|
Less: Inter segment revenues |
54.700 |
27.900 |
190.400 |
|
|
Sales / Income from operations |
1616.100 |
1693.800 |
7484.100 |
|
|
|
|
|
|
|
2 |
Segment Results |
|
|
|
|
|
Profit before interest, depreciation and tax expense |
|
|
|
|
|
Power generation/ distribution |
0.300 |
7.900 |
61.700 |
|
|
Rotating machines |
(16.300) |
(25.200) |
160.300 |
|
|
Others |
17.400 |
35.300 |
142.800 |
|
|
Total |
1.400 |
18.000 |
364.800 |
|
|
Less: Interest |
114.700 |
107.300 |
419.400 |
|
|
Less: Other unallowable expenditure (net off unallocable Income) |
31.100 |
106.100 |
355.500 |
|
|
Total profit before tax expense & after extraordinary item |
(144.400) |
(195.400) |
(410.100) |
|
|
|
|
|
|
|
3 |
Capital Employed
(Segment Assets-Segment Liabilities) |
|
|
|
|
|
Power generation/ distribution |
72.800 |
155.100 |
72.800 |
|
|
Rotating machines |
1348.100 |
1636.600 |
1348.100 |
|
|
Others |
83.400 |
320.600 |
83.400 |
|
|
Total capital
employed in segments |
1504.300 |
2112.300 |
1504.300 |
|
|
Add: Unallocable |
42.000 |
(421.600) |
42.000 |
|
|
Total Capital
employed |
1546.300 |
1690.700 |
1546.300 |
STATEMENT OF
ASSETS AND LIABILITIES AS AT MARCH 31, 2014
(Rs. in millions)
|
SOURCES OF FUNDS |
|
|
31.03.2014 (Audited) |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
505.200 |
|
(b) Reserves & Surplus |
|
|
1041.100 |
|
|
|
|
1546.300 |
|
(2)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
|
653.200 |
|
(b)
Other long term liabilities |
|
|
133.400 |
|
(c)
Long-term provisions |
|
|
135.100 |
|
|
|
|
921.700 |
|
(3) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
|
1367.300 |
|
(b)
Trade payables |
|
|
2792.000 |
|
(c)
Other current liabilities |
|
|
673.700 |
|
(d)
Short-term provisions |
|
|
73.700 |
|
|
|
|
4906.700 |
|
|
|
|
|
|
TOTAL |
|
|
7374.700 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
|
1189.900 |
|
(ii)
Intangible Assets |
|
|
5.700 |
|
(iii)
Capital work-in-progress |
|
|
16.600 |
|
(b) Non-current
Investments |
|
|
1914.200 |
|
(c) Long-term Loan and
Advances |
|
|
177.300 |
|
(d) Other
Non-current assets |
|
|
15.200 |
|
|
|
|
3318.900 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Inventories |
|
|
1541.100 |
|
(b)
Trade receivables |
|
|
1566.400 |
|
(c)
Cash and cash equivalents |
|
|
512.300 |
|
(d)
Short-term loans and advances |
|
|
145.600 |
|
(e)
Other current assets |
|
|
290.400 |
|
|
|
|
4055.800 |
|
|
|
|
|
|
TOTAL |
|
|
7374.700 |
FIXED ASSETS:
Tangible Assets
· Land
· Building
· Plant and Equipment
· Tools and Jigs
· Electrical Installations
· Motor Vehicles
· Office Equipments
· Furniture and Fittings
·
Leasehold Improvements
Intangible Assets
·
Goodwill
·
Computer Software
·
Technical Knowhow and Product Development
WEBSITE DETAILS:
NEWS/ ARTICLE:
KIRLOSKAR ELECTRIC
COMPANY REPORTS NET LOSS OF RS.144.400 MILLIONS IN THE MARCH 2014 QUARTER
May 29, 2014
Sales decline 31.50% to Rs.1476.800 millions
Net loss of Kirloskar Electric Company reported to Rs.144.400 millions in the quarter ended March 2014 as against net profit of Rs.8.500 millions during the previous quarter ended March 2013. Sales declined 31.50% to Rs.1476.800 millions in the quarter ended March 2014 as against Rs.2156.000 millions during the previous quarter ended March 2013.
For the full year, net loss reported to Rs.410.100 millions in the year ended March 2014 as against net profit of Rs.41.600 millions during the previous year ended March 2013. Sales declined 15.23% to Rs.6798.400 millions in the year ended March 2014 as against Rs.8019.400 millions during the previous year ended March 2013.
KIRLOSKAR ELECTRIC
EXTENDS LAY-OFF AT MYSORE UNIT TILL JANUARY 24, 2014
With reference to the earlier announcement regarding the
lay-off declared by the Company at Electronics unit situated at Mysore w.e.f.
November 25, 2013 till December 24, 2013, Kirloskar Electric Company Limited
has now informed BSE that the lay-off at the above unit has been extended till
January 24, 2014.
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.59.21 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.80.56 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
YES |
|
TOTAL |
|
35 |
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.