MIRA INFORM REPORT
|
Report Date : |
06.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
KULKARNI POWER TOOLS LIMITED |
|
|
|
|
Registered
Office : |
At and Post Shirol, District Kolhapur, Shirol – 416 103, Maharashtra |
|
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|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
30.07.1976 |
|
|
|
|
Com. Reg. No.: |
11-019147 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 17.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29130MH1976PLC019147 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
KLPK01344A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACK7368Q |
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|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Precision Industrial Blowers and Power
Tools. |
|
|
|
|
No. of Employees
: |
300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1100000 |
|
|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow but correct |
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|
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Litigation : |
Exist |
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Comments : |
Subject is an established company having a moderate track record. The rating takes into consideration the expected deterioration in its continued
capital expenditure and a stretch in its working capital cycle. However, trade relations are fair. Business is active. Payments are
reported to be slow but correct. The company 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 |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
CRISIL |
|
Rating |
Long term Rating = B+ |
|
Rating Explanation |
Having high risk of default |
|
Date |
19.12.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term Rating = A4 |
|
Rating Explanation |
Having minimal degree of safety and carry very high credit risk. |
|
Date |
19.12.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Anil Suri |
|
Designation : |
General Manager and Sales Marketing |
|
Contact No.: |
91-9225838960 |
|
Date : |
08.04.2014 |
LOCATIONS
|
Registered Office / Factory : |
At and Post Shirol, District Kolhapur, Shirol – 416 103, Maharashtra,
India |
|
Tel. No.: |
91-23-22-661500 |
|
Mobile No.: |
91-9225838960 (Mr. Anil Suri) |
|
Fax No.: |
91-23-22-661546 |
|
E-Mail : |
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|
Website : |
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|
|
|
|
Corporate Office : |
No. 5/302, Rhea Apartments, Opposite
LIC Office Aundh Road, Pune – 411020, Maharashtra, India |
|
Tel. No.: |
91-770-9356666 |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. P. D. Gune |
|
Designation : |
Chairman Emeritus |
|
|
|
|
Name : |
Mr. S.N. Inamdar |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Prakash A. Kulkarni |
|
Designation : |
Vice Chairman and Managing Director |
|
Address : |
CS No. 8795, |
|
Date of Birth/Age : |
16.07.1942 |
|
Date of Appointment : |
30.07.1976 |
|
|
|
|
Name : |
Mr. Madhav L Apte |
|
Designation : |
Director |
|
Address : |
24B, Woodland Apartment, |
|
Date of Birth/Age : |
05.10.1932 |
|
Date of Appointment : |
26.08.1976 |
|
|
|
|
Name : |
Mr. Darius C Shroff |
|
Designation : |
Director |
|
Address : |
Moonlight Flat No.8 158 M, |
|
Date of Birth/Age : |
08.08.1944 |
|
Date of Appointment : |
30.03.1995 |
|
|
|
|
Name : |
Mr. Shishir S Shirgaokar |
|
Designation : |
Director |
|
Address : |
12, Kostka House, |
|
Date of Birth/Age : |
25.01.1945 |
|
Date of Appointment : |
29.09.2001 |
|
|
|
|
Name : |
Mr. Sanjay C. Kirloskar |
|
Designation : |
Director |
|
Address : |
33 Suyojana Co. Operative Society Scheme No.II Koregaonpark, Pune –
411001, Maharashtra, India |
|
Date of Birth/Age : |
22.03.1957 |
|
Date of Appointment : |
30.09.2009 |
|
|
|
|
Name : |
Mr. Dilip Kulkarni |
|
Designation : |
Executive Director |
|
Address : |
CS 14A, 1A East Side, Vishalgadkar Compound, |
|
Date of Birth/Age : |
14.06.1949 |
|
Date of Appointment : |
26.07.2007 |
KEY EXECUTIVES
|
Name : |
Mr. Anil Suri |
|
Designation : |
General Manager and Sales Marketing |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2013
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
259456 |
7.63 |
|
|
778812 |
22.91 |
|
|
324000 |
9.53 |
|
|
324000 |
9.53 |
|
|
1362268 |
40.07 |
|
|
|
|
|
|
127012 |
3.74 |
|
|
127012 |
3.74 |
|
Total shareholding of Promoter and Promoter Group (A) |
1489280 |
43.80 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
200 |
0.01 |
|
|
200 |
0.01 |
|
|
|
|
|
|
231293 |
6.80 |
|
|
|
|
|
|
1471882 |
43.29 |
|
|
178000 |
5.24 |
|
|
29345 |
0.86 |
|
|
4546 |
0.13 |
|
|
24799 |
0.73 |
|
|
1910520 |
56.19 |
|
Total Public shareholding (B) |
1910720 |
56.20 |
|
Total (A)+(B) |
3400000 |
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) |
3400000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Precision Industrial Blowers and Power
Tools. |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
POSTMASTER |
|
|
|
|
Exports : |
|
|
Products : |
Precision Industrial Blowers and Power Tools. |
|
Countries : |
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|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
|
|
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Terms : |
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|
Selling : |
Cash / Credit |
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|
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Purchasing : |
Cash / Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
300 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
P G Bhagwat Chartered Accountants |
|
Address : |
Suite No. 101-102, “Orchard”, Dr. Pai Marg, Baner, Pune – 411 045, |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.5/- each |
Rs. 50.000 Millions |
|
3000000 |
Preference Shares |
Rs.10/- each |
Rs. 30.000 Millions |
|
|
Total |
|
Rs. 80.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3400000 |
Equity Shares |
Rs.5/- each |
Rs. 17.000
Millions |
|
|
|
|
|
NOTES :
Reconciliation of number of equity shares outstanding at the beginning
and at the end of the year
|
Number of shares
outstanding as at the beginning of the year |
3,400,000 |
3,400,000 |
|
Add: |
|
|
|
Number of shares allotted as fully paid up bonus shares during the year |
-- |
-- |
|
Number of shares allotted during the year as fully paid-up pursuant to a contract without payment being received in cash |
-- |
-- |
|
Number of shares allotted to employees pursuant to ESOPs/ ESPs |
-- |
-- |
|
Number of shares allotted for cash pursuant to public issue |
-- |
-- |
|
Less: |
|
|
|
Number of shares brought back during the year |
-- |
-- |
|
Number of shares outstanding
as at the end of the year |
3,400,000 |
3,400,000 |
Rights of equity
shareholders
The Company has
only one class of equity shares, having par value of ` 5/- per share. Each holder
of equity share is entitled for one vote per share and has a right to receive
dividend as recommended by the Board of Directors, subject to the necessary
approval from the shareholders. In the event of liquidation of the Company, the
holders of equity shares will be entitled to receive remaining assets of the
Company after distribution of all preferential amounts. The distribution will
be in proportion to the number of equity shares held by the shareholders.
Shares in the Company held by each shareholder holding more than 5%
shares
|
Name of the
shareholder |
Number of shares held in the Company |
|
|
|
2013 |
2012 |
|
Suvina Engineers Private Limited |
778,812 |
778,812 |
|
Kulkarni Power
Tools Employees Welfare Trust |
324,000 |
324,000 |
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 |
17.000 |
17.000 |
17.000 |
|
(b) Reserves & Surplus |
262.910 |
252.953 |
241.773 |
|
(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) |
279.910 |
269.953 |
258.773 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
134.243 |
176.976 |
186.377 |
|
(b) Deferred tax liabilities (Net) |
36.383 |
41.515 |
41.669 |
|
(c) Other long term
liabilities |
3.044 |
2.759 |
2.419 |
|
(d) long-term
provisions |
10.106 |
8.055 |
10.264 |
|
Total Non-current
Liabilities (3) |
183.776 |
229.305 |
240.729 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
230.504 |
203.500 |
189.245 |
|
(b) Trade
payables |
120.560 |
114.779 |
131.137 |
|
(c) Other
current liabilities |
101.607 |
95.483 |
86.281 |
|
(d) Short-term
provisions |
15.672 |
10.467 |
18.933 |
|
Total Current
Liabilities (4) |
468.343 |
424.229 |
425.596 |
|
|
|
|
|
|
TOTAL |
932.029 |
923.487 |
925.098 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
397.525 |
418.441 |
395.282 |
|
(ii)
Intangible Assets |
0.710 |
0.614 |
1.512 |
|
(iii) Capital
work-in-progress |
1.319 |
2.737 |
0.873 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.710 |
0.710 |
0.710 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
6.317 |
6.965 |
8.429 |
|
(e) Other
Non-current assets |
0.000 |
5.893 |
2.300 |
|
Total Non-Current
Assets |
406.581 |
435.360 |
409.106 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
228.192 |
185.114 |
225.544 |
|
(c) Trade
receivables |
243.326 |
238.125 |
231.608 |
|
(d) Cash
and cash equivalents |
22.458 |
23.112 |
22.500 |
|
(e)
Short-term loans and advances |
30.572 |
40.477 |
35.361 |
|
(f) Other current
assets |
0.900 |
1.299 |
0.979 |
|
Total
Current Assets |
525.448 |
488.127 |
515.992 |
|
|
|
|
|
|
TOTAL |
932.029 |
923.487 |
925.098 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
869.356 |
904.862 |
888.222 |
|
|
|
Other Income |
2.050 |
1.907 |
0.980 |
|
|
|
TOTAL (A) |
871.406 (Due
to Market Recession) |
906.769 |
889.202 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
428.436 |
396.013 |
477.925 |
|
|
|
Purchases of Stock-in-Trade |
100.354 |
91.189 |
31.698 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(49.808) |
22.508 |
(34.064) |
|
|
|
Employees benefits expense |
87.725 |
80.769 |
74.932 |
|
|
|
Exceptional items |
4.706 |
13.184 |
(2.102) |
|
|
|
Other expenses |
202.569 |
203.635 |
209.640 |
|
|
|
TOTAL (B) |
773.982 |
807.298 |
758.029 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
97.424 |
99.471 |
131.173 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
39.929 |
40.928 |
38.404 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
57.495 |
58.543 |
92.769 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
38.779 |
38.442 |
35.733 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
18.716 |
20.101 |
57.036 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
4.781 |
6.451 |
18.222 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
13.935 |
13.650 |
38.814 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
29.926 |
25.746 |
24.835 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
1.100 |
7.000 |
30.000 |
|
|
|
Dividend |
3.400 |
2.125 |
6.800 |
|
|
|
Tax on Dividend |
0.577 |
0.345 |
1.103 |
|
|
BALANCE CARRIED TO
THE B/S |
38.784 |
29.926 |
25.746 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of exports |
131.425 |
124.156 |
104.934 |
|
|
TOTAL EARNINGS |
131.425 |
124.156 |
104.934 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials, components and Spares |
205.443 |
122.284 |
169.282 |
|
|
|
Capital Goods |
0.000 |
10.175 |
2.444 |
|
|
TOTAL IMPORTS |
205.443 |
132.459 |
171.726 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
4.10 |
4.00 |
11.42 |
|
Expected Sales (2013-14) : Rs. 1000.000 Millions
The above information has been parted by Mr. Anil Suri
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.60 |
1.51 |
4.37 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.15 |
2.22 |
6.42 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.01 |
2.18 |
6.18 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07 |
0.07 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
230.98 |
204.16 |
189.97 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.12 |
1.15 |
1.21 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
17.000 |
17.000 |
17.000 |
|
Reserves & Surplus |
241.773 |
252.953 |
262.910 |
|
Net
worth |
258.773 |
269.953 |
279.910 |
|
|
|
|
|
|
long-term borrowings |
186.377 |
176.976 |
134.243 |
|
Short term borrowings |
189.245 |
203.500 |
230.504 |
|
Total
borrowings |
375.622 |
380.476 |
364.747 |
|
Debt/Equity
ratio |
1.452 |
1.409 |
1.303 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
888.222 |
904.862 |
869.356 |
|
|
|
1.873 |
(3.924) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
888.222 |
904.862 |
869.356 |
|
Profit |
38.814 |
13.650 |
13.935 |
|
|
4.37% |
1.51% |
1.60% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
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% |
Yes |
|
14] |
Estimation for coming financial year |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
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 |
|||||||
|
Bench:- Bombay |
|||||||
|
Lodging No. : |
NMAL/22/2011 |
Failing Date:- |
06/01/2011 |
Reg. No.:- |
NMA/22/2011 |
Reg. Date:- |
06/01/2011 |
|
Main Matter |
|||||||
|
Lodging No. : |
CROLI/27/2011 |
Reg. No.:- |
CROL/2011 |
||||
|
Petitioner:- |
KRAFT SALES AND SERVICES (INDIA) LIMITED |
Respondent:- |
KULKARNI POWER TOOLS LIMITED |
||||
|
Petn.Adv:- |
GAURANG R. MEHTA (0) |
|
|
||||
|
District:- |
PUNE |
||||||
|
Bench:- |
DIVISION |
Category:- |
NOTICE OF MOTION (APPEL) |
||||
|
Status:- |
Pre-Admission |
Stage:- |
NOTICE OF MOTION FOR HEARING (ORIGINAL SIDE MATTERS) |
||||
|
Last Date:- |
28/06/2012 |
||||||
|
Last Coram:- |
HON’BLE SHRI JUSTICE DR. D.Y. CHANDRACHUD HON’BLE SHRI JUSTICE R.D. DHANUKA |
||||||
GENERAL INFORMATION
Subject is a Public Limited Company incorporated on 30th July,1976, under the provisions of Companies Act, 1956. Its shares are listed on the Bombay Stock Exchange. The Company is engaged in manufacturing of Electric Power Tools and Twin Lobe Blowers for a wide variety of applications. Subject exports its products to United Kingdom, Middle East, East Africa, Nigeria and South Africa, South East Asia and SAARC countries.
MANAGEMENT REVIEW:
Understanding the evolving need of the markets for both Power Tools and Blowers, the Company has taken many steps to address the product gaps. We expect the visibility of the result of all such steps by the current year end.
During the year, Industrial relations continued to be harmonious. The Company is following transparency and good corporate governance practices in all its operations.
The FOB value of exports during the year is Rs.131.425 Millions which was Rs.124.156 Millions in the previous year.
UNSECURED LOAN
Rs. In Millions
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
LONG-TERM
BORROWINGS |
|
|
|
PUBLIC DEPOSITS |
15.225 |
14.554 |
|
SHORT-TERM
BORROWINGS |
|
|
|
INTEREST FREE SALES
TAX DEFERRED PAYMENT LIABILITY i) Liability of Rs.26.107 Millions to be repaid after 10 years from the year in which the Sales Tax is collected. The repayment starts from March, 2012 to March, 2019. ii) Liability of Rs.2.940 Millions to be repaid in five yearly equal instalments of Rs.0.588 Million after 10 years from March, 2018. iii) Liability of Rs.35.625 Millions to be repaid after 10 years from the year in which Sales Tax is collected. The repayment starts from March, 2014 to March, 2023. |
59.607 |
63.292 |
|
Loan from Finance Companies |
12.090 |
15.000 |
|
Total |
86.922 |
92.846 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10450401 |
06/09/2013 |
22,500,000.00 |
SHRI MAHALAXMI CO OP BANK LIMITED |
HEAD OFFICE - SHREE BHAVAN, 167-B MANGALWAR PETH, KOLHAPUR, MAHARASHTRA - 416012, INDIA |
B85511079 |
|
2 |
10366287 |
26/06/2012 |
400,000.00 |
AXIS BANK LIMITED |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA |
B44077097 |
|
3 |
10358598 |
17/05/2012 |
584,000.00 |
AXIS BANK LIMITED |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA |
B40811713 |
|
4 |
10354938 |
26/04/2012 |
375,000.00 |
AXIS BANK LIMITED |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA |
B39398946 |
|
5 |
10354981 |
21/04/2012 |
660,000.00 |
AXIS BANK LIMITED |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA |
B39409677 |
|
6 |
10354952 |
19/04/2012 |
360,000.00 |
AXIS BANK LIMITED |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA |
B39403332 |
|
7 |
10317591 |
22/10/2011 |
260,000.00 |
TATA CAPITAL LIMITED |
ONE FORBES, DR V B GANDHI MARG, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B25278490 |
|
8 |
10310645 |
23/09/2011 |
45,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B22731632 |
|
9 |
10293980 |
07/06/2011 |
260,000.00 |
TATA CAPITAL LIMITED |
ONE FORBES, DR V B GANDHI MARG,FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B15715519 |
|
10 |
10293984 |
07/06/2011 |
260,000.00 |
TATA CAPITAL LIMITED |
ONE FORBES, DR V B GANDHI MARG,FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B15717077 |
* Date of charge modification
FIXED ASSETS
- Buildings
- Plant and Machinery
- Furniture and Fixtures
- Vehicles
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31st DECEMBER, 2013
Rs. In Millions
|
|
Particulars |
Quarter
Ended |
Nine
Months Ended |
|
|
|
31.12.2013 (Unaudited) |
30.09.2013 (Unaudited) |
31.12.2013 (Unaudited) |
|
|
1. |
Net Sales/Income
from Operations |
216.300 |
216.200 |
639.400 |
|
|
Other operating
income |
1.500 |
1.800 |
5.300 |
|
|
Total Income |
217.800 |
218.000 |
644.700 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost
of materials consumed |
101.800 |
96.700 |
295.000 |
|
|
Purchase
of stock in trade |
17.100 |
30.300 |
63.900 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
14.300 |
2.000 |
24.500 |
|
|
Employee
benefits expenses |
24.400 |
23.900 |
73.100 |
|
|
Depreciation
and amortization expenses |
9.800 |
9.900 |
29.400 |
|
|
Other
expenses |
46.500 |
47.100 |
137.200 |
|
|
Total Expenses |
213.900 |
209.900 |
623.100 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
3.900 |
8.100 |
21.600 |
|
|
|
|
|
|
|
4. |
Other
Income |
0.300 |
0.300 |
1.100 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
4.200 |
8.400 |
22.700 |
|
|
|
|
|
|
|
6. |
Interest |
9.500 |
9.700 |
28.800 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
(5.300) |
(1.300) |
(6.100) |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
0.200 |
(0.600) |
(3.200) |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
(5.100) |
(1.900) |
(9.300) |
|
|
|
|
|
|
|
10. |
Tax
Expense |
0.400 |
(0.900) |
(1.400) |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
(5.500) |
(1.000) |
(7.900) |
|
|
|
|
|
|
|
12. |
Paid-up
Equity Share Capital (Face Value of Re. 1/- Each) |
17.000 |
17.000 |
17.000 |
|
|
|
|
|
|
|
13. |
Reserves
Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
14. |
EARNINGS PER SHARE (EPS) |
|
|
|
|
|
(a) Reserves excluding Revaluation Reserve as per Balance Sheet of previous
Accounting Year |
-- |
-- |
-- |
|
|
(a) Basic and diluted EPS for the year to date & for
the previous year (Not Annualized) |
(1.62) |
(0.29) |
(2.32) |
|
|
|
|
|
|
|
15. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
1910720 |
1910720 |
1910720 |
|
|
-
Percentage of Shareholding |
56.20% |
56.20% |
56.20% |
|
|
|
|
|
|
|
16. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
Nil |
Nil |
Nil |
|
|
- Percentage
of Shares (as a % of the Total Shareholding of promoter and promoter group) |
Nil |
Nil |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
1489280 |
1489280 |
1489280 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and
Promoter Group) |
100.00% |
100.00% |
100.00% |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
43.80% |
43.80% |
43.80% |
SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs.
In Millions)
|
particulars |
Quarter Ended On |
Nine Months
Ended |
|
|
|
31.12.2013 (Unaudited) |
30.09.2013 (Unaudited) |
31.12.2013 (Unaudited) |
|
|
|||
|
1. Segment Revenue |
|
|
|
|
a) Power Tools |
183.800 |
189.700 |
551.200 |
|
b) Blowers |
32.400 |
23.200 |
80.000 |
|
c) Windmills |
0.100 |
3.300 |
8.200 |
|
Total |
216.300 |
216.200 |
639.400 |
|
Less: Inter Segment Revenue |
-- |
-- |
-- |
|
Net Sales / Income from Operation |
216.300 |
216.200 |
639.400 |
|
2. Segment Results -Profit /(Loss) before tax and interest from each segment |
|
|
|
|
a) Power Tools |
8.600 |
8.200 |
25.700 |
|
b) Blowers |
1.300 |
3.400 |
7.300 |
|
c) Windmills |
(2.100) |
1.500 |
2.200 |
|
Total |
7.800 |
13.100 |
35.200 |
|
I) Interest |
9.500 |
9.700 |
28.800 |
|
II) Other un-allocable expenditure net of un- allocable income |
3.600 |
4.700 |
12.500 |
|
Profit Before Exceptional Item |
(5.300) |
(1.300) |
(6.100) |
|
Exceptional Item-Foreign Exchange gain/(Loss) |
0.200 |
(0.600) |
(3.200) |
|
Profit Before Tax |
(5.100) |
(1.900) |
(9.300) |
|
3. Capital Employed (Segment Assets -Segment Liabilities) |
|
|
|
|
a) Power Tools |
507.400 |
522.800 |
507.400 |
|
b) Blowers |
100.700 |
99.400 |
100.700 |
|
c) Windmills |
54.100 |
58.600 |
54.100 |
|
d) Unallocated assets less liabilities |
52.300 |
54.200 |
52.300 |
|
Total |
714.500 |
735.000 |
714.500 |
Notes:
1. These results were approved and taken on record by the Board of Directors at their meeting held on 6th February, 2014.
2. During the quarter, no investor complaint was received. There was no complaint pending for redressal at the beginning / end of the quarter.
3. The Limited Review of the financial results for the quarter ended 31st December, 2013 has been carried out by the Statutory Auditors.
4. Figures for previous year / period have been regrouped where necessary.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.05 |
|
|
1 |
Rs.101.32 |
|
Euro |
1 |
Rs.83.34 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
32 |
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.