MIRA
INFORM REPORT
|
Report Date : |
05.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
BLUE STAR LIMITED |
|
|
|
|
Formerly Known
As : |
BLUE STAR ENGINEERING COMPANY (BOMBAY) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Kasturi Building,
Jamshedji Tata Road, Mumbai – 400020, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
20.01.1949 |
|
|
|
|
Com. Reg. No.: |
11-006870 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 179.872 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L28920MH1949PLC006870 |
|
|
|
|
IEC No.: |
0388021454 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB11714D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACB4487D |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Subject is into the business of central air conditioning and commercial refrigeration and also into distribution and maintenance of imported professional electronics and industrial systems. |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 19800000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a well-established and reputed company having fine track
record. It has incurred some loss from operation during 2012. The company possesses a favourable financial profile marked by decent
networth, low gearing and the improvement in debt coverage indicators during
F.Y. 2013. Further, the management has reported a profit against a previous year
loss. However, has witnessed a slight moderation in its liquidity profile due
to consistently high debtors outstanding as well as a drastic deterioration
in its cash reserves. The ratings also takes into consideration the pan India presence along
with wide marketing and dealers network. Trade relations are fair. Business is active. Payment terms are
reported as regular and as per commitments. In view of proven track and dominant position in the industry, the
subject can be considered good for business dealings at usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 |
Commercial Paper : A1+ |
|
Rating Explanation |
Strong degree of safety and lowest credit risk. |
|
Date |
16.01.2014 |
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 DENIED BY
|
Name : |
Mr. Phalgunan Kumaran |
|
Designation : |
Office Executive |
|
Contact No.: |
91-22-66544000 |
|
Date : |
02.05.2014 |
LOCATIONS
|
Registered Office/ Head Office/ Corporate
Office : |
Kasturi
Building, Jamshedji Tata Road, Mumbai
– 400020, Maharashtra, India |
|
Tel. No.: |
91-22-66654000 |
|
Mobile No.: |
91-9820045298 (Mr. S. S. Basisth) |
|
Fax No.: |
91-22-66654151 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
2nd Pokhran Road, Majiwada, Thane – 400601, Maharashtra,
India |
|
Tel. No.: |
91-22-25346265 |
|
Fax No.: |
91-22-25345525 |
|
|
|
|
Factory 2 : |
Plot Nos. 4 and
5, GIDC Industrial Estate, Narmada Nagar Post, Bharuch - 392 015, Gujarat,
India |
|
Tel. No.: |
91-2642-246116 |
|
Fax No.: |
91-2642-246026 |
|
|
|
|
Factory 3 : |
Survey No. 265/2,
Demni Road, Dadra - 396 191, Union Territory of Dadra and Nagar Haveli, India |
|
Tel. No.: |
91-260-2648617 /
618 |
|
Fax No.: |
91-260-2648503 |
|
|
|
|
Factory 4 : |
Nahan Road,
Rampur Jattan Kala Amb, District Sirmour, Himachal Pradesh 173030, India |
|
|
|
|
Factory 5 : |
Village Vasuri
Khurd Khanivali Road Po: Khupari Taluka: Wada Dist: Thane – 421 312,
Maharashtra, India |
|
|
|
|
Factory 6: |
Survey No. 265/2, Demni Road, U. T. of Dadra and Nagar Haveli – 396 193, India |
|
|
|
|
Factory 7: |
501/3, 503/2, Tejpur Road, Sarkhej Baula Highway, Changodar, Ahmedabad - 382 213, Gujarat, India |
|
|
|
|
Regional Office: |
Ø Blue Star House, 9A, Ghatkopar Link Road,
Sakinaka, Mumbai – 400072, Maharashtra, India Tel No. 91-22-28523600 Fax No. 91-22-28522988 Ø Block 2-A, DLF Corporate Park, DLF Qutab
Enclave, Phase III, Gurgaon - 122
002, Haryana, India Tel. No. 91-124-26359001-20 Fax No. 91-124-26359220 Ø 7, Hare Street, Kolkata - 700 001, West
Bengal, India Tel. No. 91-33-22480131 Fax No. 91-33-22481599 Ø 133, Kodambakkam High Road, Chennai - 600
034, Tamilnadu, India Tel. No. 91-44-28272056 Fax No. 91-44-28253121 |
|
|
|
|
Overseas
Office : |
·
Malaysia ·
U.A.E. ·
U.S.A. |
|
|
|
|
Sales &
Services Offices: |
Ø
Sahas,
414/2 Veer Savarkar Marg, Prabhadevi, Mumbai 400025, Maharashtra, India Tel. No 91-22-56664000 Fax. No. 91-22-56664001 Location: Owned Ø
59 Forbes Street, Mumbai 400
001, Maharashtra Tel: 91-22-22843873 Ø
Unit G-2, Shalimar Industrial
Estate, Dharavi Road, Matunga, Mumbai 400 019, Maharashtra Tel. No 91-22-24075356/57 Fax. No 91-22-24024644 Ø
Unit 1 Prabhadevi Industrial
Estate, Prabhadevi, Mumbai 400025, Maharashtra Tel. No 91-22-24227305 Fax. No 91-22-24376041 Ø
201/A, Nityanand Complex,
247/A Bund Garden Road, Pune 411011, Maharashtra Tel. No 91-20-26127230 Fax. No 91-20-26121342 Ø
Ramkrishna Chambers,
Productivity Road, Alkapuri, Vadodara, Gujarat Tel. No 91-265-2332022 Fax. No 91-265-2337516 Ø
219 Bajaj Nagar, 1st Floor,
South Ambazari Road, Nagpur 440010, Maharashtra Tel. No. 91-712-2249301 / 2249304 Ø
"Star Arcade", 2nd
Floor, Plot No. 165A and 166, Zone - I, Maharana Pratap Nagar, Bhopal - 462
011, Madhya Pradesh Tel. No 91-755-25273378 Ø
1st Floor, Flat No.1, Vaibhav
Apartment, Vidyanagar Colony, Miramar, Panjim, Goa 403 001 Tel. No. 91-832-2462756 Ø
E-44/12, Okhla Industrial
Area, Phase II, New Delhi 110 020 Tel. No 91-11-51494000 Fax. No 91-11-51494004 Ø
T.C.IX/1490, Chandrika,
Sasthamangalam, Thiruvananthapuram - 695 010, Kerala Tel. No. 91-471-2720025 Ø
1, Madhya Marg, Sector 26,
Chandigarh - 160 019 Tel. No 91-172-2791101/2792934 Fax. No 91-172-2791101 Ø
B-140, Nirala Nagar, Lucknow
226 007, Uttar Pradesh Tel. No 91-522-2789172 Ø
A-19, First Floor, Main
Sahakar Path, Nr. Sahakar Bhavan, Jaipur, Rajasthan Tel. No 91-141-5179359/60 Ø
2nd Floor, New Star
Freeze Building, Opposite Kunjalata Bibah Bhawan, G S Road, Guwahati –
781005, Assam Tel. No. 91-361-2340619 Ø
3A, Satya Nagar, 2nd Floor,
Bhubaneswar 751 007, Orissa Tel. No 91-674-2508239 / 2508270 Ø
5 Bazullah Road, T Nagar,
Chennai 600 017, Tamilnadu Tel. No 91-44-28235531 / 28235534 Fax. No. 91-44-28235667 Ø
11 A Magarath Road, Bangalore
560 025, Karnataka Tel. No 91-80-25584728 Fax. No. 91-80-25584599 Ø
Meenakshi Mandiram,
XXXIX/4080, M.G. Road, Kochi – 682016, Kerala Tel. No. 91-484-2361282 / 2367843 Ø
207 Sikh Road, Bantia Estate,
Secunderabad 500 003, Andhra Pradesh Tel. No. 91-40-27842057 /
27842058 Fax. No. 91-40-27841445 Ø
47-12-6/7, 2nd Floor,
Amaravathi Complex, Dwarakanagar, Visakhapatnam, Andhra Pradesh, India Tel. No. 91-891-2748433 Fax. No. 91-891-2701041 |
|
|
|
|
Branch Office: |
No. 46, Garuda Buildings,
Cathedral Road, Chennai – 600 086, Tamilnadu, India |
|
Tel No.: |
91-44-42444250 |
|
Fax No.: |
91-44-42444190 |
|
Email: |
|
|
Location: |
Rented |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. Ashok Mohan
Advani |
|
Designation : |
Chairman |
|
Address : |
105, Samudra Mahal, Dr. Annie Besant Road, Mumbai – 400018,
Maharashtra, India |
|
Date of Birth/Age : |
17.11.1941 |
|
Qualification : |
B. Sc., SB, MBA |
|
Date of Appointment : |
01.08.1979 |
|
DIN No.: |
00001372 |
|
|
|
|
Name : |
Mr. Suneel M.
Advani |
|
Designation : |
Executive Vice Chairman |
|
Address : |
232, Urvashi, 23rd Floor, Petit Hall Complex, Nepeansea Road,
Mumbai -400006, Maharashtra, India |
|
Date of Birth/Age : |
23.02.1944 |
|
Qualification : |
SB, SB, LL.B., |
|
Date of Appointment : |
03.03.1983 |
|
DIN No.: |
00001709 |
|
|
|
|
Name : |
Mr. Vir S Advani |
|
Designation : |
President - Electro Mechanical Projects Group and Executive Director |
|
Address : |
232, Urvshi, Patit Hall Complex, Napeansea Road, Mumbai – 400006,
Maharashtra, India |
|
Date of Birth/Age : |
20.08.1975 |
|
Date of Appointment : |
01.07.2010 |
|
DIN No.: |
01571278 |
|
|
|
|
Name : |
Mr. Shailesh
Haribhakti |
|
Designation : |
Director |
|
Address : |
228, Kalpataru Habitat, B Wing, Dr. S S Rao Road, Parel, Mumbai –
400012, Maharashtra, India |
|
Date of Birth/Age : |
12.03.1956 |
|
Date of Appointment : |
31.10.2005 |
|
DIN No.: |
00007347 |
|
|
|
|
Name : |
Mr. Pradeep
Mallick |
|
Designation : |
Director |
|
Address : |
A/2, Pallonji House, 43 Cuffe Parde, Mumbai – 400005, Maharashtra,
India |
|
Date of Birth/Age : |
20.11.1942 |
|
Date of Appointment : |
29.01.2003 |
|
DIN No.: |
00061256 |
|
|
|
|
Name : |
Mr. Gurdeep Singh |
|
Designation : |
Director |
|
Address : |
178, Vasant Vihar, Vasant Marg, New Delhi – 100057, India |
|
Date of Birth/Age : |
23.07.1944 |
|
Date of Appointment : |
23.05.2003 |
|
DIN No.: |
00036922 |
|
|
|
|
Name : |
Mr. Suresh N.
Talwar |
|
Designation : |
Director |
|
Address : |
10 Shivshanti Bhavan, 146 Mahrshikarve Road, Backbay Reclamation,
Mumbai – 400020, Maharashtra, India |
|
Date of Birth/Age : |
21.11.1937 |
|
Date of Appointment : |
17.06.1986 |
|
DIN No.: |
00001456 |
|
Name : |
Mr. B Thiagarajan |
|
Designation : |
President - Airconditioning and Refrigeration Products Business (w.e.f. 13.05.2013) |
|
Name : |
Mr. M K Sharma |
|
Designation : |
Director (w.e.f. 13.05.2013) |
|
|
|
|
Name : |
Mr. Satish Jamdar |
|
Designation : |
Managing Director |
KEY EXECUTIVES
|
Name : |
Mr. Satish Jamdar |
|
Designation : |
Managing Director |
|
Name : |
Mr. Sangameshwar Iyer |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Suneel M Advani |
|
Designation : |
Executive Vice Chairman |
|
|
|
|
Name : |
Mr. Vir S Advani |
|
Designation : |
President - Electro Mechanical Projects Group and Executive Director |
|
|
|
|
Name : |
Mr. B Thiagarajan |
|
Designation : |
President - Airconditioning and Refrigeration Products Business |
|
|
|
|
Name : |
Mr. J M Bhambure |
|
Designation : |
Executive Vice President – R and D and Technology |
|
|
|
|
Name : |
Mr. Tojo Jose |
|
Designation : |
Executive Vice President - Human Resources |
|
|
|
|
Name : |
Mr. Manek Kalyaniwala |
|
Designation : |
Executive Vice President - Finance |
|
|
|
|
Name : |
Mr. Arun Khorana |
|
Designation : |
Executive Vice President - Professional Electronics and Industrial Systems |
|
|
|
|
Name : |
Mr. P Venkat Rao |
|
Designation : |
Executive Vice President- Central and Packaged Airconditioning Products |
|
|
|
|
Name : |
Mr. G Anandkumar |
|
Designation : |
Vice President - Plumbing Projects Division |
|
|
|
|
Name : |
Mr. R Aravindan |
|
Designation : |
Vice President - Airconditioning Projects Division, Southern Region |
|
|
|
|
Name : |
Mr. Sujan Chatterjee |
|
Designation : |
Vice President - Corporate Financial Services |
|
|
|
|
Name : |
Mr. R G Devnani |
|
Designation : |
Vice President - Thane, Wada, Dadra & Bharuch Plants |
|
|
|
|
Name : |
Mr. C P Mukundan Menon |
|
Designation : |
Vice President- Room Airconditioners and Refrigeration Products & Systems |
|
|
|
|
Name : |
Mr. D H Roy |
|
Designation : |
Vice President - Himachal Plants |
|
|
|
|
Name : |
Mr. K P Sukumar |
|
Designation : |
Vice President- Corporate Programmes |
|
|
|
|
Name : |
Mr. Rajendra Verma |
|
Designation : |
Vice President - Airconditioning Projects Division, Northern and Western Regions |
|
Name : |
Mr. V V Lanka |
|
Designation : |
Vice President – Electrical Projects Division |
|
Name : |
Mr. Phalgunan Kumaran |
|
Designation : |
Office Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.03.2014
|
Category of Shareholder |
Total No. of Shares |
Total
Shareholding as a % of Total No. of Shares |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
21468354 |
23.87 |
|
|
21731 |
0.02 |
|
|
13635511 |
15.16 |
|
|
13635511 |
15.16 |
|
|
35125596 |
39.06 |
|
|
|
|
|
|
543075 |
0.60 |
|
|
543075 |
0.60 |
|
Total
shareholding of Promoter and Promoter Group (A) |
35668671 |
39.66 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
15664031 |
17.42 |
|
|
55601 |
0.06 |
|
|
1174005 |
1.31 |
|
|
6068962 |
6.75 |
|
|
257931 |
0.29 |
|
|
257931 |
0.29 |
|
|
23220530 |
25.82 |
|
|
|
|
|
|
2301599 |
2.56 |
|
|
|
|
|
|
18568051 |
20.65 |
|
|
9093538 |
10.11 |
|
|
1083716 |
1.20 |
|
|
184749 |
0.21 |
|
|
375 |
0.00 |
|
|
3283 |
0.00 |
|
|
894009 |
0.99 |
|
|
1300 |
0.00 |
|
|
31046904 |
34.52 |
|
Total Public shareholding
(B) |
54267434 |
60.34 |
|
Total (A)+(B) |
89936105 |
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) |
89936105 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Trusts
Shareholding
belonging to the category "Promoter and Promoter Group"
|
Sr. No. |
Name of the Shareholder |
Details of Shares held |
|
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
||
|
1 |
IL and FS Trust Company
Limited |
74,58,354 |
8.29 |
|
2 |
IL and FS Trust Company
Limited |
35,54,722 |
3.95 |
|
3 |
JT Advani Finance Private
Limited |
21,731 |
0.02 |
|
4 |
Ashok Mohan Advani |
1,04,92,281 |
11.67 |
|
5 |
Suneel Mohan Advani |
53,25,948 |
5.92 |
|
6 |
Vir S Advani |
50,000 |
0.06 |
|
7 |
Nargis Suneel Advani |
27,20,695 |
3.03 |
|
8 |
Suneeta Nanik Advani |
21,41,770 |
2.38 |
|
9 |
Rohina Lulla |
11,16,885 |
1.24 |
|
10 |
Anissa Khanna |
10,76,630 |
1.20 |
|
11 |
Nanik Ramchand Vaswani |
9,45,095 |
1.05 |
|
12 |
Armaan Sandeep Murthy |
50,000 |
0.06 |
|
13 |
Uday Vir Advani |
50,000 |
0.06 |
|
14 |
Sunaina S Advani |
50,000 |
0.06 |
|
15 |
Sumer Sandeep Murhty |
50,000 |
0.06 |
|
16 |
Anita Advani |
30,000 |
0.03 |
|
17 |
Dev Khanna |
18,750 |
0.02 |
|
18 |
Rana Rajiv Lulla |
18,750 |
0.02 |
|
19 |
Iman Rajiv Lulla |
18,750 |
0.02 |
|
20 |
Suneel Mohan Advani |
4,78,310 |
0.53 |
|
|
Total |
3,56,68,671 |
39.66 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
|
Sr. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
|
|
1 |
HDFC Trustee Company Limited -
HDFC Mid Copopportunities Fund |
5020457 |
5.58 |
|
|
2 |
SBI Contra Fund |
3730733 |
4.15 |
|
|
3 |
ICICI Prudential Discovery
Fund |
4868769 |
5.41 |
|
|
4 |
Oriental Insurance Company
Limited |
1174005 |
1.31 |
|
|
5 |
Saif Advisor Mauritius Limited
A/C Saif India IV FII Holdings Limited |
4731983 |
5.26 |
|
|
6 |
UTI Top 100 Fund |
943442 |
1.05 |
|
|
|
Total |
20469389 |
22.76 |
Shareholding belonging to the category
"Public" and holding more than 5% of the Total No. of Shares
|
Sr. No. |
Name(s) of the shareholder(s) and the
Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of Total No. of Shares |
|
|
1 |
HDFC Trustee Company Limited -
HDFC Mid Copopportunities Fund |
5020457 |
5.58 |
|
|
2 |
ICICI Prudential Discovery
Fund |
4868769 |
5.41 |
|
|
3 |
Saif Advisor Mauritius Limited
A/C Saif India IV FII Holdings Limited |
4731983 |
5.26 |
|
|
|
Total |
14621209 |
16.26 |
BUSINESS DETAILS
|
Line of Business : |
Subject is into the business of central air conditioning
and commercial refrigeration and also into distribution and maintenance of
imported professional electronics and industrial systems. |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Installed Capacity * |
Actual Production |
|
|
|
|
|
|
Refrigeration and
Air conditioning Equipment |
Nos. |
893320 |
286425 |
|
Packaged Air
Conditioning |
Nos. |
144180 |
53620 |
|
Industrial
packaged chillers |
Nos. |
1872 |
1480 |
|
Air handling
units |
Nos. |
12912 |
5223 |
* As certified by the Management and relied upon by the Auditors being
technical matter.
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
· The Hongkong and Shanghai Banking Corporation Limited · State Bank of India · Oriental Bank of Commerce · The Royal Bank of Scotland · BNP Paribas |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
Note : Cash credit and Buyers Credit from banks is secured by hypothecation
of stock-in-trade and trade receivables. The cash credit carries average
interest @ 10.11% p.a (31 March 2012: 10% p.a.) and Buyers credit carries
average interest @ Libor plus 1.25%. Cash credit are repayable on demand and
Buyers’ Credit are availed for imports payables and are repayable within
maximum tenure of 360 days from the date of shipment. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S R Batliboi and
Associates LLP Chartered
Accountants |
|
|
|
|
Joint Ventures : |
· Blue Star Qatar- WLL · Blue Star M and E Engineering (Sdn) Bhd ·
Blue Star Design and Engineering Limited |
|
|
|
|
Associate : |
Blue Star Infotech Limited |
|
|
|
|
Subsidiary : |
Blue Star Electro Mechanical Limited |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Convertible Preference Shares |
Rs.100/- each |
Rs. 1.000 Million |
|
148700000 |
Equity Shares |
Rs. 2/- each |
Rs. 297.400 Millions |
|
16000 |
Unclassified Shares |
Rs.100/- each |
Rs. 1.600 Millions |
|
|
Total |
|
Rs. 300.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
89936105 |
Equity Shares |
Rs.2/- each |
Rs. 179.872
Millions |
a) There is no movement in the shares outstanding at the beginning and at the end of the reporting period.
b) Terms/rights attached to equity shares
The company has only one class of equity shares having par value of Rs.2 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
During the year ended 31 March, 2013 the amount of per share dividend proposed as distribution to the equity shareholders is Rs.3 (31 March, 2012: Rs.1)
c) Details of shareholders
holding more than 5% shares in the Company
|
Particular |
Number of Shares |
% of Holding |
|
Equity shares of Rs. 2 each fully paid |
|
|
|
Ashok Mohan Advani |
10857481 |
12.07 |
|
IL and FS Trust Company Limited # |
11013076 |
12.24 |
|
Suneel Mohan Advani |
5804258 |
6.45 |
|
HDFC Trustee Company Limited - HDFC Capital Builder Fund |
4659324 |
5.18 |
# These shares are held in Trust for the Promoter group who are the
beneficial owners.
As per of the company, including its register
of shareholders/members and other declarations received from shareholders
regarding beneficial interest, the above shareholding represents both legal and
beneficial ownerships of shares.
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 |
179.872 |
179.872 |
179.872 |
|
(b) Reserves & Surplus |
4,763.842 |
4,559.122 |
5,555.112 |
|
(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) |
4,943.714 |
4,738.994 |
5,734.984 |
|
|
|
|
|
|
(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 |
33.576 |
29.476 |
30.522 |
|
Total
Non-current Liabilities (3) |
33.576 |
29.476 |
30.522 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
3,726.725 |
3,432.114 |
4,183.772 |
|
(b) Trade payables |
7,527.452 |
7,029.968 |
6,890.463 |
|
(c) Other current liabilities |
4,134.390 |
4,772.582 |
4,705.149 |
|
(d) Short-term provisions |
632.639 |
503.097 |
1,046.553 |
|
Total
Current Liabilities (4) |
16,021.206 |
15,737.761 |
16,825.937 |
|
|
|
|
|
|
TOTAL |
20,998.496 |
20,506.231 |
22,591.443 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2,020.431 |
1,985.642 |
1,853.888 |
|
(ii) Intangible Assets |
209.099 |
72.506 |
76.896 |
|
(iii) Capital work-in-progress |
30.788 |
190.147 |
193.197 |
|
(iv) Intangible assets under
development |
45.829 |
125.184 |
60.219 |
|
(b) Non-current Investments |
1,213.579 |
1,213.579 |
1,018.379 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
6.984 |
|
(d) Trade receivables |
805.914 |
514.553 |
394.178 |
|
(e) Long-term Loan and Advances |
1,113.569 |
776.079 |
62.668 |
|
(f) Other Non-current assets |
0.750 |
0.695 |
0.000 |
|
Total
Non-Current Assets |
5,439.959 |
4,878.385 |
3,666.409 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
5,088.230 |
4,371.552 |
4,945.074 |
|
(c) Trade receivables |
6,490.538 |
6,420.609 |
7,723.234 |
|
(d) Cash and cash equivalents |
109.778 |
508.062 |
464.889 |
|
(e) Short-term loans and
advances |
920.293 |
916.512 |
1,033.326 |
|
(f) Other current assets |
2,949.698 |
3,411.111 |
4,758.511 |
|
Total
Current Assets |
15,558.537 |
15,627.846 |
18,925.034 |
|
|
|
|
|
|
TOTAL |
20,998.496 |
20,506.231 |
22,591.443 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
27670.598 |
27008.308 |
28589.178 |
|
|
|
Other Income |
363.100 |
237.600 |
339.959 |
|
|
|
TOTAL (A) |
28033.698 |
27245.908 |
28929.137 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw material and components consumed and Project related cost |
15972.630 |
16639.154 |
19406.204 |
|
|
|
Purchase of traded goods |
4694.482 |
3693.793 |
3039.891 |
|
|
|
(Increase)/decrease in inventories of finished goods, work-in-progress and traded goods |
(288.630) |
525.399 |
(2013.848) |
|
|
|
Employee benefits expense |
2155.037 |
2069.171 |
2061.383 |
|
|
|
Other expenses |
4146.739 |
4185.878 |
3609.708 |
|
|
|
Exceptional items - Profit on sale of Investments |
0.000 |
0.000 |
(4.293) |
|
|
|
TOTAL (B) |
26680.258 |
27113.395 |
26099.045 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1353.440 |
132.513 |
2830.092 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
498.528 |
702.541 |
243.623 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
854.912 |
(570.028) |
2586.469 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
328.977 |
314.452 |
317.108 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
525.935 |
(884.480) |
2269.361 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
8.553 |
6.984 |
719.382 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
517.382 |
(891.464) |
1549.979 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1801.700 |
2797.700 |
2134.400 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
55.000 |
0.000 |
155.000 |
|
|
|
Proposed Dividend |
269.800 |
89.900 |
629.600 |
|
|
|
Corporate Tax Dividend |
45.900 |
14.600 |
102.100 |
|
|
BALANCE CARRIED
TO THE B/S |
1948.400 |
1801.700 |
2797.700 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on F.O.B. basis |
1310.430 |
1149.663 |
1307.638 |
|
|
|
Royalty, Know-how, Professional and Consultation fees |
40.795 |
43.811 |
35.910 |
|
|
|
Commission |
218.658 |
282.971 |
246.585 |
|
|
|
Other Earnings |
15.855 |
18.115 |
13.064 |
|
|
TOTAL EARNINGS |
1585.738 |
1494.560 |
1603.197 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
4293.709 |
3491.942 |
3953.224 |
|
|
|
Stores & Spares |
47.160 |
142.188 |
87.451 |
|
|
|
Capital Goods |
442.505 |
339.902 |
7.667 |
|
|
|
Finished Goods |
1792.521 |
1419.164 |
1517.495 |
|
|
|
Others |
0.127 |
0.105 |
1.034 |
|
|
TOTAL IMPORTS |
6576.022 |
5393.301 |
5566.871 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.75 |
(9.91) |
17.23 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.85
|
(3.27)
|
5.36 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.90
|
(3.27)
|
7.94 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.78
|
(4.79)
|
10.85 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.18
|
0.39 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.75
|
0.72
|
0.73 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.97
|
0.99
|
1.12 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
179.872 |
179.872 |
179.872 |
|
Reserves & Surplus |
5,555.112 |
4,559.122 |
4,763.842 |
|
Net
worth |
5,734.984 |
4,738.994 |
4,943.714 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
4,183.772 |
3,432.114 |
3,726.725 |
|
Total
borrowings |
4,183.772 |
3,432.114 |
3,726.725 |
|
Debt/Equity
ratio |
0.730 |
0.724 |
0.754 |
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) |
|
Sales |
28589.178 |
27008.308 |
27670.598 |
|
|
|
(5.530) |
2.452 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
28589.178 |
27008.308 |
27670.598 |
|
Profit After Tax |
1549.979 |
(891.464) |
517.382 |
|
|
5.42% |
(3.30%) |
1.87% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT
MATURITIES OF LONG TERM BORROWINGS
(Rs.
In Millions)
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current maturities of long
term borrowings (Foreign Currency Loan) unsecured |
0.000 |
303.649 |
0.000 |
|
|
|
|
|
|
Total |
0.000 |
303.649 |
0.000 |
|
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 |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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
|
LITIGATION DETAILS |
||||||||
|
Bench:- Bombay |
|
|||||||
|
Lodging No:- |
ITXAL/2803/2009 |
Failing Date:- |
08.12.2009 |
Reg. No.:- |
ITXA/240/2010 |
Reg. Date:- |
12.01.2010 |
|
|
|
||||||||
|
Petitioner:- |
THE COMMISSIONER OF INCOME TAX |
Respondent:- |
BLUE STAR LIMITED |
|||||
|
Petn.Adv:- |
VIMAL GUPTA (0) |
Resp.Adv.:- |
RAJESH SHAH AND COMPANY (2) (0) |
|||||
|
District:- |
MUMBAI |
|||||||
|
|
||||||||
|
Bench:- |
DIVISION |
|||||||
|
Status:- |
Admitted (Unready) |
Category:- |
TAX APPEALS |
|||||
|
Last Date : - |
04.08.2011 |
Stage:- |
FOR ADMISSION – AFTER NOTICE (HIGH ON BOARD) |
|||||
|
Last Coram:- |
HON’BLE SHRI JUSTICE J.P. DEV ADHAR HON’BLE SHRI JUSTICE A.A. SAYED |
|||||||
|
|
||||||||
|
Act:- |
Income Tax Act, 1961 |
Under Section:- |
260A |
|||||
CORPORATE INFORMATION
The
Company is into the business of central air conditioning and commercial
refrigeration. The Company is also into distribution and maintenance of
imported professional electronics and industrial systems.
OPERATING
PERFORMANCE
Total
Revenue of the Company rose to Rs.28033.7000 Millions for the year ended March
31, 2013 from Rs.27245.900 Millions in the previous year. Operating Profit
before Interest, Tax, Depreciation and Amortisation increased substantially
from Rs.132.500 Millions in 2011-12 to Rs.1353.400 Millions in 2012-13. Total
Segment Result showed a huge improvement from Rs.546.500 Millions to
Rs.1825.200 Millions.
The
major improvement in profit was in Segment I i.e. Electro Mechnical Projects
and Packaged Airconditioning Systems, where the Segment Result turne d around
from a loss of Rs.850.900 Millions to a profit of Rs.723.300 Millions. This was
the result of a number of corrective actions such as control of cost overruns,
faster closure of jobs and focus on more profitable business areas.
Cooling
Products showed a modest increase in Revenue to Rs.9651.500 Millions, but a
decline in Segment Result from Rs.874.500 Millions to Rs.803.500 Millions.
Professional Electronics and Industrial Systems had a difficult year with
decline in Revenue to Rs.1822.900 Millions, while the Segment Result reduced to
Rs. 298.400 Millions mainly due to the industrial slowdown.
FINANCIAL PERFORMANCE
There
was a significant reduction in finance costs which declined from Rs.702.500
Millions to Rs.498.500 Millions. Focus on cash flow to reduce borrowing and
lower foreign exchange loss succeeded in improving the financial position and
reducing the finance cost.
MANAGEMENT
DISCUSSION AND ANALYSIS
INTRODUCTION
Blue
Star is India’s leading airconditioning and commercial refrigeration company
with seven decades of experience in providing expert cooling solutions. It
fulfills the cooling requirements of a large number of corporate, commercial as
well as residential customers. It also offers expertise in allied contracting
activities such as electrical, plumbing and fire-fighting services, in order to
provide a comprehensive solution. Blue Star’s other businesses include
marketing and maintenance of imported professional electronic and industrial systems,
and execution of industrial projects.
BUSINESS SEGMENTS
In
accordance with the nature of products and markets, business drivers, and
competitive positioning, the lines of business of Blue Star can be segmented as
follows:
ELECTRO MECHANICAL PROJECTS AND PACKAGED
AIRCONDITIONING SYSTEMS
This
business segment covers the design, manufacturing, installation, commissioning
and maintenance of central airconditioning plants, packaged/ducted systems and
variable refrigerant flow (VRF) systems, as well as contracting services in
electrification, plumbing and fire-fighting. After-sales services such as
revamp, retrofit and upgrades are also included in this segment.
COOLING PRODUCTS
Blue
Star offers a wide variety of modern stylish room airconditioners for both
residential as well as commercial applications. It also manufactures and
markets a comprehensive range of commercial refrigeration products and cold
chain equipment.
PROFESSIONAL
ELECTRONICS AND INDUSTRIAL SYSTEMS
For
nearly six decades, Blue Star has been the exclusive distributor in India for
many internationally renowned manufacturers of professional electronic
equipment and services, as well as industrial products and systems. The Company
is also in the business of specialised industrial projects.
INDUSTRY STRUCTURE
AND DEVELOPMENTS
AIRCONDITIONING
In
2012-13, the estimated total market size for airconditioning in India was
around Rs.137000.000 Millions. Of this, the market for central airconditioning,
including central plants, packaged/ducted systems, VRF systems and other
ancillary equipment, was about Rs.69000.000 Millions, while the market for room
airconditioners comprised the balance Rs.68000.000 Millions.
During
the year, owing to the uncertain economic environment, the pace of inflow of
orders as well as execution of projects in the central airconditioning segment
was sluggish. While several enquiries were floated, the rate of finalisation of
orders was adversely impacted. While the commercial construction sector
continued to be affected; healthcare, education, IT/ITeS, industrial and
manufacturing segments performed well. Even in the room airconditioners
business, which is largely driven by the residential segment, the market
witnessed a second consecutive year of negative growth in volume terms and a
marginal growth in value terms. This was mainly due to a relatively soft summer
in most parts of the country as well as reduced consumer spending on account of
rising interest rates and inflationary pressures. Further, the implementation
of Bureau of Energy Efficiency (BEE) Table 2.2 in January 2012 necessitated an
upward revision in energy efficiency for the same star-rating. This, coupled
with appreciation of the US Dollar, increased the product prices contributing
to sluggish sales and erosion of margins. However, the current penetration
level of airconditioners in the country is a mere 3%, and this presents
significant opportunities to the players in the room airconditioners business,
when the economic as well as geographic climate is favourable.
COMMERCIAL REFRIGERATION
The
commercial refrigeration segment includes a wide range of products such as cold
storages, water coolers, bottled water dispensers, deep freezers, milk coolers,
bottle coolers and ice cubers. During the year, these segments performed well
with demand from the ice cream, dairy and fast food segments. The Ministry of
Agriculture in co-ordination with CII has been taking initiatives to boost the
cold chain infrastructure in the country to enhance agricultural produce and
contain food inflation. These initiatives are expected to significantly enhance
demand for cold chain equipment in the country.
CORPORATE OUTLOOK
The
Company’s effort to drive margins through price increases, value engineering,
prudent working capital management and cost control, coupled with a focus on
improving the quality of new orders, helped it return to profitability during
the year.
While
the electro mechanical projects business will continue to be under pressure
over the next few quarters due to the challenging and uncertain business
environment, the cooling products business is likely to perform well during the
summer season. The corrective steps taken by the Company in the previous year
have shown results, and the Company intends to further enhance these efforts in
order to sustain this performance over the current year as well.
UNSECURED LOAN
(Rs in Millions)
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
Buyers credit |
991.927 |
884.965 |
|
Commercial Papers from Banks |
500.000 |
100.000 |
|
Commercial Papers from Others |
500.000 |
1210.000 |
|
Term Loans from Banks - |
|
|
|
Foreign Currency loan |
0.000 |
84.838 |
|
|
|
|
|
Total |
1991.927 |
2279.803 |
NOTE:
Commercial Papers carry average interest rate @ 8.97% p.a. for the current year (31 March 2012: 9.80% p.a.). These are repayable within 45 days to 365 days from the date of drawdown.
Foreign Currency Loan carry average interest @ 7% p.a. for the current year (31 March 2012: 7% p.a.). The loan is repayable within one year from the date of its origination.
CONTINGENT
LIABILITIES
(Rs in Millions)
|
Particular |
31.03.2013 |
31.03.2012 |
|
Claims against the Company not acknowledged as debts |
7.076 |
7.176 |
|
Sales Tax matters |
726.740 |
535.393 |
|
Excise Duty matters |
10.525 |
10.525 |
|
Service Tax matters |
67.244 |
48.343 |
|
Income Tax matters |
176.329 |
283.704 |
|
Corporate Guarantee given on behalf of Joint Ventures |
634.739 |
108.425 |
|
Corporate Guarantee given on behalf of Subsidiary and
others |
695.676 |
723.449 |
Future
cash outflows in respect of above matters are determinable only on receipt of judgments/decisions
pending at various forums/authorities. The management does not expect these
claims to succeed and accordingly, no provision for the contingent liability
has been recognized in the financial statements.
FIXED ASSETS
· Land Freehold
· Land Leasehold
· Building
· Pant And Equipments
· Furniture And Fixtures
· Vehicles
· Computers
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED DECEMBER 31, 2013
(Rs in Millions)
|
Sr. No. |
Particular |
Quarter Ended (Unaudited) |
Nine Months Ended (Unaudited) |
|
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
1 |
Income from
Operations |
|
|
|
|
|
a) Net Sales / Income from Operations (Net of Excise Duty) |
5411.000 |
5810.200 |
18880.500 |
|
|
b) Other Operating Income |
48.000 |
39.600 |
136.500 |
|
|
Total Income from
Operations (Net) |
5459.000 |
5849.800 |
19017.000 |
|
2 |
Expenses |
|
|
|
|
a) Cost of materials consumed (including direct project cost) |
3494.000 |
3495.200 |
10779.000 |
|
|
|
b) Purchase of Stock in trade |
522.200 |
961.800 |
2627.900 |
|
|
c) Changes in Inventories of Finished Goods, Work-in-progress and Stock-in-Trade |
(199.700) |
(340.500) |
35.000 |
|
|
d) Employee Benefits Expense |
54.300 |
591.900 |
1717.700 |
|
|
e) Depreciation and Amortisation Expense |
85.300 |
83.500 |
252.200 |
|
|
f) Other Expenses |
949.900 |
915.400 |
3098.200 |
|
|
Total Expenses |
5395.400 |
5707.300 |
18510.000 |
|
3 |
Profit / (Loss)
from Operations before Other Income, Finance Cost and Exceptional Items (1-2) |
63.600 |
142.500 |
507.000 |
|
4 |
Other Income |
90.500 |
60.700 |
195.000 |
|
5 |
Profit / (Loss)
before Finance Cost and Exceptional Items (3+4) |
154.100 |
203.200 |
702.000 |
|
6 |
Finance Costs |
126.000 |
128.000 |
371.000 |
|
7 |
Profit / (Loss) after
Finance cost but before Exceptional Items (5-6) |
28.100 |
75.200 |
331.000 |
|
8 |
Exceptional Items |
--- |
-- |
-- |
|
9 |
Profit / (Loss)
before Tax (7+8) |
28.100 |
75.200 |
331.000 |
|
10 |
Tax Expense |
--- |
-- |
-- |
|
11 |
Net Profit / (Loss)
after Tax (9-10) |
28.100 |
75.200 |
331.000 |
|
12 |
Extraordinary Items (net of tax expense) |
--- |
-- |
-- |
|
13 |
Net Profit / (Loss)
for the Period (11-12) |
28.100 |
75.200 |
331.000 |
|
14 |
Paid Up Equity Share Capital (Face Value of the share – Rs. 2/- each) |
179.900 |
179.900 |
179.900 |
|
15 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting year |
|
|
|
|
16 |
Earnings Per Share (EPS) (in Rs.) |
|
|
|
|
|
a) Basic |
0.31 |
0.84 |
3.68 |
|
|
b) Diluted |
0.31 |
0.84 |
3.68 |
SELECT INFORMATION FOR THE QUARTER ENDED DECEMBER 31, 2013
|
Sr. No. |
Particular |
Quarter Ended (Unaudited) |
Nine Months Ended (Unaudited) |
|
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
- Number of Shares |
53902234 |
53902234 |
53902234 |
|
|
- Percentage of Shareholding |
59.93 |
59.93 |
59.93 |
|
2 |
Promoters and
Promoter Group Shareholding |
|
|
|
|
|
a) Pledged /
Encumbered |
|
|
|
|
|
- Number of Shares |
600000 |
600000 |
600000 |
|
|
- Percentage of Shares (as a % of total shareholding of promoter and promoter group) |
1.67 |
1.67 |
1.67 |
|
|
- Percentage of Shares (as a % of total share Capital of the Company) |
0.67 |
0.67 |
0.67 |
|
|
b) Non-Encumbered |
|
|
|
|
|
- Number of Shares |
35433871 |
35433871 |
35433871 |
|
|
- Percentage of Shares (as a % of total shareholding of promoter and promoter group) |
98.33 |
98.33 |
98.33 |
|
|
- Percentage of Shares (as a % of total share Capital of the Company) |
39.40 |
39.40 |
39.40 |
INVESTOR COMPLAINTS QUARTER ENDED 31.12.2013
|
Pending at the beginning of the quarter |
Received during the quarter |
Disposed during the quarter |
Remaining unresolved at the end of the quarter |
|
-- |
6 |
6 |
-- |
UNAUDITED SEGMENT WISE REVENUE, RESULTS & CAPITAL EMPLOYED FOR THE QUARTER
ENDED DECEMBER 31, 2013
(Rs in Millions)
|
Sr. No. |
Particular |
Quarter Ended (Unaudited) |
Nine Months Ended (Unaudited) |
|
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
I |
SEGMENTREVENUE |
|
|
|
|
|
a) Electro Mechanical Projects and Packaged Air-conditioning Systems |
3487.700 |
3736.500 |
10649.100 |
|
|
b) Cooling Products |
1554.200 |
1688.1400 |
7204.900 |
|
|
c) Professional Electronics and Industrial Systems |
417.100 |
425.200 |
1163.000 |
|
|
TOTAL SEGMENT
REVENUE |
5459.00 |
5849.800 |
19017.000 |
|
|
Less: Inter - Segment Revenue |
-- |
-- |
-- |
|
|
Total Income from
Operations (Net) |
5459.00 |
5849.800 |
19017.000 |
|
II |
SEGMENT RESULT PROFIT / (LOSS)
BEFORE INTEREST & TAX |
|
|
|
|
|
a) Electro Mechanical Projects and Packaged Airconditioning Systems |
181.100 |
200.000 |
582.600 |
|
|
b) Cooling Products |
45.800 |
81.500 |
550.500 |
|
|
c) Professional Electronics and Industrial Systems |
86.100 |
83.200 |
203.000 |
|
|
TOTAL SEGMENT
RESULT |
313.000 |
364.700 |
1336.100 |
|
|
Less: i) Interest and Other Financial Charges |
126.000 |
128.000 |
371.000 |
|
|
ii) Un-allocable Expenditure |
158.900 |
161.500 |
634.100 |
|
|
TOTAL PROFIT BEFORE
TAXATION AND EXCEPTIONAL ITEM |
28.100 |
75.200 |
331.000 |
|
|
Exceptional item |
-- |
-- |
-- |
|
|
PROFIT BEFORE
TAXATION |
28.100 |
75.200 |
331.000 |
|
III |
CAPITAL EMPLOYED (Segment Assets -
Segment Liabilities) |
|
|
|
|
|
a) Electro Mechanical Projects and Packaged Airconditioning Systems |
4735.500 |
4871.100 |
4735.500 |
|
|
b) Cooling Products |
2045.200 |
1737.800 |
2045.200 |
|
|
c) Professional Electronics and Industrial Systems |
820.800 |
777.200 |
820.800 |
|
|
TOTAL CAPITAL
EMPLOYED IN SEGMENTS |
7601.500 |
7386.100 |
7601.500 |
|
|
Add: Un-allocable Corporate Assets less Liabilities |
(2326.800) |
(2139.500) |
(2326.800) |
|
|
TOTAL CAPITAL
EMPLOYED IN THE COMPANY |
5274.700 |
5246.600 |
5274.700 |
NOTES:
1 The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on January 23, 2014 and have been subjected to Limited Review by the Statutory Auditors.
The company has recognized MAT credit entitlement during the
quarter, as the company believes there would be sufficient taxable profit in
future.
WEBSITE DETAILS
The new iconic Terminal 2 at Mumbai. Airconditioning and Plumbing by
Blue Star.
Place: Mumbai
Date: February 12, 2014.
Central airconditioning and commercial
refrigeration major, Blue
Star Limited has successfully executed the airconditioning as well as plumbing
works of the
integrated Terminal Building,Terminal 2 of the Chhatrapati Shivaji
International Airport (CSIA), Mumbai. Terminal 2, also known as T2 has
commenced operations today.
CSIA is one of India's busiest airports with
passenger traffic of over 30 million per year. CSIA has three domestic
terminals at Santa Cruz and two international terminals at Sahar in operation.
Mumbai
International Airport Private Limited (MIAL), a joint venture between the GVK
led consortium (74%) and Airports Authority of India (26%), was awarded the mandate of modernising and upgrading
Mumbai's Chhatrapati Shivaji International Airport (CSIA) in 2006.
MIAL's master plan was to build the integrated
terminal with a vision and framework to modernise this airport as one of the
best airports in the world. The separate international and domestic facilities
have been merged into the new integrated terminal building, T2. T2 is spread across 4.4 million
sq feet and is equipped to cater to 40 million passengers per annum.
The works of the new integrated Terminal
Building was split into two phases. While Blue Star was awarded the contract to
aircondition the South West Pier in early 2010, it later won the contract to
execute airconditioning as well as plumbing works of T2 valued at about Rs
1500.000 Millions.
Blue Star's scope of work comprised supply,
installation, testing, commissioning, handover, training, maintenance and
warranty of all airconditioning as well as the plumbing services. The equipment
supplied included air handling units, cooling towers, pumps, ducting, piping,
insulation, ventilation fans, and electrical panels and building management
systems.
Vir
S Advani, Executive Director
& President- Electro Mechanical Projects Business adds, "Blue
Star is proud to be part of this momentous occasion wherein the Company has
played a role in the transformation of CSIA to one of the best airports in the
world. Blue Star's seamless turnkey MEP solutions, superior project management
skills and impressive track-record of on-time completion have been the key to
this achievement."
The other airport projects that Blue Star has
airconditioned till date include Aurangabad, Ahmedabad, Thiruvananthapuram,
Mangalore, Nagpur, Jaipur, Amritsar, Madurai, Dehradun, Varanasi, Raipur, Goa
and Pune."
For additional information,
please contact: B Thiagarajan, Executive Director & President, AC&R
Products Business, Blue Star Limited, Bandbox House, 254D, Dr Annie Besant
Road, Worli, Mumbai – 400 030 email: bthiagarajan@bluestarindia.com Telephone: 09821078098.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records 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. 60.23 |
|
UK Pound |
1 |
Rs. 101.68 |
|
Euro |
1 |
Rs. 83.46 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
68 |
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.