MIRA
INFORM REPORT
|
Report Date : |
13.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
INTERNATIONAL
COMBUSTION ( |
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Registered
Office : |
Infinity Benchmark, 11th Floor, Plot No.G-1, Block EP and GP,
Sector – V, Salt |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
22.04.1936 |
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Com. Reg. No.: |
21-008588 |
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Capital Investment
/ Paid-up Capital : |
Rs.23.903 Millions |
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CIN No.: [Company Identification
No.] |
L28131WB1936PLC008588 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALI00234D |
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PAN No.: [Permanent Account No.] |
AAACI6774J |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of Mineral and material Processing and Handling Equipment
(MHE) and Gear Box and Geared Motor Drive Systems (Gears). |
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No. of Employees
: |
506 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established company having fine track record. There appears sharp dip in profitability of the company during
financial year 2013. However, the rating reflects n ICIL’s established and proven track
record in the engineering/material handling equipment marked by fair
liquidity position and sound general financial position of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
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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 |
ICRA |
|
Rating |
Fund based limit A |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
March 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Fund based sub limits A1 |
|
Rating Explanation |
Very strong degree od safety and lowest
credit risk. |
|
Date |
March 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
MANAGEMENT NON CO-OPERATIVE (91-33-3153000)
LOCATIONS
|
Registered / Corporate / Branch Office : |
Infinity Benchmark, 11th Floor, Plot No.G-1, Block EP and
GP, Sector – V, Salt Lake Electronics Complex, Kolkata – 700091, West Bengal,
India |
|
Tel. No.: |
91-33-33153000/ 22261732 |
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Fax No.: |
91-33-23576653/ 22493713 |
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E-Mail : |
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Website : |
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Factory 1 : |
Baidyabati: 156
(371), G. T. Road, Baidyabati, District – Hooghly – 712222, West Bengal,
India |
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Factory 2 : |
Nagpur: L-7, MIDC,
Industrial Area, Hingna, Nagpur – 440016, Maharashtra, India |
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Factory 3 : |
Aurangabad: B-74/1, MIDC Waluj, P.O. Bajaj Nagar, Aurangabad – 431136,
Maharashtra, India |
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Regional /
Branch Offices : |
Aurangabad : B-74/1, MIDC Waluj,
P.O. Bajaj Nagar, Aurangabad – 431136, Maharashtra, India Bangalore : No. 547/3, 2nd
Floor, R. V. Road, Basavangudi, Bangalore – 560004, Karnataka, India Chennai : Modern Towers,
5th Floor, No. 23, West Cott Road, Royapettah Chennai – 600014, West Bengal,
India Hyderabad : Flat No.303,
Bhanu Enclave, 7-1- 638 to 643 Sundar Nagar, Hyderabad – 500038, Andhra
Pradesh, India Mumbai : Khanna
Construction House, 44, Dr. R. G. Thadani Marg, Worli, Mumbai – 400018,
Maharashtra, India Nagpur : L-7, MIDC
Industrial Area, Hingna, Nagpur – 440016, Maharashtra, India New Delhi : 2E/28,
Jhandewalan Extn., New Delhi – 110055, India Pune : D 407, Business
Court, Mukund Nagar, Pune – 411037, Maharashtra, India Vadodara : 508, Centre Point, R. C. Dutta Road, Alkapuri, Vadodara – 390020,
Gujarat, India |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Sanjay Bagaria |
|
Designation : |
Chairman |
|
Address : |
7, Ashoka Road, Kolkata – 700027, West Bengal, India |
|
Date of Birth/Age : |
01.06.1962 |
|
Qualification : |
B.Com |
|
Experience : |
24 years’ Experience in Corporate Management |
|
Date of Appointment : |
13.04.1989 |
|
DIN No.: |
00233455 |
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|
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|
Name : |
Mr. Indrajit Sen |
|
Designation : |
Managing Director |
|
Address : |
2-Bm Alpha Apartment, Block – P 717 New Alipore, Kolkata – 700053,
West Bengal, India |
|
Date of Birth/Age : |
02.12.1939 |
|
Qualification : |
B.E. (Mech.) |
|
Experience : |
50 years’ experience in Engineering Industry and Corporate Management |
|
Date of Appointment : |
15.04.1985 |
|
DIN No.: |
00216190 |
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|
|
|
Name : |
Mr. Sanjoy Saha |
|
Designation : |
Executive Director (Whole Time Director) |
|
Address : |
9-A, Southern Avenue, Kolkata – 700026, West Bengal, India |
|
Date of Birth/Age : |
16.08.1944 |
|
Qualification : |
B.E. (Met.) |
|
Experience : |
45 years’ experience in Engineering Industry and Corporate Management |
|
Date of Appointment : |
16.11.1998 |
|
DIN No.: |
00226685 |
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|
|
|
Name : |
Mr. Ratan Lal Gaggar |
|
Designation : |
Director |
|
Address : |
11, Lansdown Road, Sarat Bose Road, Kolkata – 700020, West Bengal,
India |
|
Date of Birth/Age : |
01.12.1932 |
|
Qualification : |
B.A. (Hons.), LLB |
|
Experience : |
Solicitor and Advocate |
|
Date of Appointment : |
11.01.1989 |
|
DIN No.: |
00066068 |
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Name : |
Mr. Sukhendu Ray |
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Designation : |
Director |
|
Address : |
6-B, Sonali, 8/2A Alipore Park Road, Kolkata – 700027, West Bengal,
India |
|
Date of Birth/Age : |
29.11.1922 |
|
Date of Appointment : |
29.08.2003 |
|
DIN No.: |
00009110 |
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|
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|
Name : |
Mr. Prasanta Kumar Mallik |
|
Designation : |
Director |
|
Address : |
14/140, Golf Club Road, Kolkata – 700033, West Bengal, India |
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Date of Birth/Age : |
01.01.1931 |
|
Date of Appointment : |
29.04.2004 |
|
DIN No.: |
00094697 |
KEY EXECUTIVES
|
Name : |
Mr. Suhas Chandra Saha |
|
Designation : |
Vice President (Finance) and Company Secretary/ Compliance Officer |
|
Address : |
HA8. Sector – III, Bidhan Nagar, Kolkata – 700097, West Bengal, India |
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Date of Birth/Age : |
11.10.1945 |
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Date of Appointment : |
12.01.1982 |
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PAN No.: |
AIRPS2197R |
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Audit Committee: |
·
Mr. S. Ray · Mr. Ratan Lal Gaggar · Mr. P. K. Mallik |
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|
Share Transfer/ Shareholders’ Grievance
Committee: |
·
Mr. S. Bagaria · Mr. I. Sen · Mr. S. Ray |
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|
Remuneration Committee: |
· Mr. Ratan Lal Gaggar · Mr. S. Ray · Mr. P. K. Mallik |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2014
|
Category of
Shareholder |
Total No. of
Shares |
% of Total No.
of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
139600 |
5.84 |
|
|
1125531 |
47.09 |
|
|
1800 |
0.08 |
|
|
1800 |
0.08 |
|
|
1266931 |
53.00 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
1266931 |
53.00 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
251 |
0.01 |
|
|
251 |
0.01 |
|
|
|
|
|
|
30482 |
1.28 |
|
|
|
|
|
|
959544 |
40.14 |
|
|
82933 |
3.47 |
|
|
50135 |
2.10 |
|
|
43495 |
1.82 |
|
|
1900 |
0.08 |
|
|
4740 |
0.20 |
|
|
1123094 |
46.99 |
|
Total Public shareholding (B) |
1123345 |
47.00 |
|
Total (A)+(B) |
2390276 |
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) |
2390276 |
0.00 |
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BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Mineral and material Processing and Handling Equipment
(MHE) and Gear Box and Geared Motor Drive Systems (Gears). |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Registered/ licensed Annual Capacity on Single Shift
Basis Nos. |
Installed/ Annual Capacity on Single Shift Basis
Nos. |
Actual Production |
|
|
|
|
|
|
|
Raymond Grinding Classifications and Drying Systems |
Nos. |
232 |
170 |
12 |
|
Electromagnetic Vibrators/ Vibratory feeders |
Nos. |
1644 |
600 |
494 |
|
Mechanical Vibratory Screen/ Feeders/ Material Bulk Handling Equipment |
Nos. |
400 |
600 |
473 |
|
Omni Screen / Feeders |
Nos. |
120 |
40 |
9 |
|
Vacseal Pumps |
Nos. |
1008 |
600 |
30 |
|
Mogensen Sizers |
Nos. |
210 |
105 |
61 |
|
Gear Box and Geared Motor |
Nos. |
9000 |
9000 |
7923 |
NOTES:
1. Installed
annual capacities are on single shift basis and have been certified by
Company's Technical experts. Installed capacity has been determined considering
full utilization of the manufacturing infrastructure solely on single shift
basis.
2. Certain items
of similar categories have been grouped under broader categories of products as
per technical assessment.
GENERAL INFORMATION
|
No. of Employees : |
506 (Approximately) |
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Bankers : |
¨ UCO Bank ¨ Axis Bank ¨ IDBI Bank ¨ ICICI Bank |
||||||||||||||||||||||||||||||
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|
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|
Facilities : |
NOTE: SHORT TERM
BORROWINGS Cash Credit from
UCO Bank and Axis Bank are secured by hypothecation of stock of raw
materials, work-in-progress, finished goods, stores and spares, book debts
and other current assets of the Company and all moveable assets and by
equitable mortgage by deposit of title deeds of immoveable properties
comprising of land and buildings at the Company’s factories situated at
Baidyabati, Nagpur and Aurangabad. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Lodha and Company Chartered Accountants |
|
Address : |
14, Government place East Kolkata - 700069, West Bengal, India |
|
Tel No. : |
91-33-22481111 / 1507 / 6962 |
|
Fax No. : |
91-33-22486960 |
|
Email : |
|
|
PAN
No. : |
AABFL1894Q |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2390276 |
Equity Shares |
Rs.10/- each |
Rs.23.903 Millions |
|
|
|
|
|
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 |
23.903 |
23.903 |
23.903 |
|
(b) Reserves & Surplus |
909.583 |
879.210 |
729.828 |
|
(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) |
933.486 |
903.113 |
753.731 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.613 |
1.362 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
34.531 |
39.956 |
10.489 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.577 |
|
(d) long-term provisions |
5.229 |
4.992 |
7.816 |
|
Total Non-current Liabilities (3) |
40.373 |
46.310 |
18.882 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
66.448 |
84.749 |
82.658 |
|
(b) Trade payables |
208.101 |
255.703 |
136.962 |
|
(c) Other current
liabilities |
83.668 |
121.163 |
103.378 |
|
(d) Short-term provisions |
23.187 |
18.386 |
19.045 |
|
Total Current Liabilities (4) |
381.404 |
480.001 |
342.043 |
|
|
|
|
|
|
TOTAL |
1355.263 |
1429.424 |
1114.656 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
308.645 |
296.708 |
218.713 |
|
(ii) Intangible Assets |
14.365 |
18.796 |
23.455 |
|
(iii) Capital
work-in-progress |
0.509 |
40.477 |
34.868 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
6.303 |
7.378 |
7.517 |
|
(e) Other Non-current assets |
23.480 |
5.073 |
13.617 |
|
Total Non-Current Assets |
353.302 |
368.432 |
298.170 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
210.000 |
160.000 |
145.200 |
|
(b) Inventories |
308.222 |
363.548 |
190.100 |
|
(c) Trade receivables |
384.877 |
351.022 |
297.642 |
|
(d) Cash and cash
equivalents |
38.156 |
119.777 |
103.488 |
|
(e) Short-term loans and
advances |
60.030 |
65.969 |
74.691 |
|
(f) Other current assets |
0.676 |
0.676 |
5.365 |
|
Total Current Assets |
1001.961 |
1060.992 |
816.486 |
|
|
|
|
|
|
TOTAL |
1355.263 |
1429.424 |
1114.656 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1196.691 |
1073.810 |
1062.668 |
|
|
|
Other Income |
10.051 |
22.292 |
18.195 |
|
|
|
TOTAL |
1206.742 |
1096.102 |
1080.863 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
613.352 |
606.268 |
535.481 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
16.843 |
(97.183) |
(13.438) |
|
|
|
Employees benefits expense |
241.637 |
196.297 |
191.210 |
|
|
|
Exceptional Item |
0.000 |
(98.884) |
(2.114) |
|
|
|
Other expenses |
209.317 |
212.856 |
187.116 |
|
|
|
TOTAL |
1081.149 |
819.354 |
898.255 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
125.593 |
276.748 |
182.608 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
12.177 |
8.408 |
6.637 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
113.416 |
268.340 |
175.971 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
40.322 |
36.359 |
28.110 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
73.094 |
231.981 |
147.861 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
28.298 |
67.388 |
47.608 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
44.796 |
164.593 |
100.253 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
14.807 |
14.104 |
14.087 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
31.191 |
150.000 |
86.300 |
|
|
|
Dividend |
11.951 |
11.951 |
11.951 |
|
|
|
Tax on Dividend |
2.031 |
1.939 |
1.985 |
|
|
BALANCE CARRIED
TO THE B/S |
14.130 |
14.807 |
14.104 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
100.603 |
107.785 |
80.371 |
|
|
|
Other Earnings |
0.025 |
0.931 |
1.351 |
|
|
TOTAL EARNINGS |
100.628 |
108.716 |
81.722 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Components and Spares |
30.909 |
45.884 |
40.829 |
|
|
|
Capital Goods |
0.000 |
15.294 |
63.883 |
|
|
TOTAL IMPORTS |
30.909 |
61.178 |
104.712 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
18.74 |
68.86 |
41.94 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
Type |
1st Quarter |
2nd Quarter |
3rd Quarter |
|
Net Sales |
204.900 |
283.100 |
210.000 |
|
Total Expenditure |
204.500 |
288.400 |
201.400 |
|
PBIDT (Excl OI) |
0.400 |
(5.300) |
8.600 |
|
Other Income |
9.800 |
2.700 |
7.100 |
|
Operating Profit |
10.200 |
(2.600) |
15.700 |
|
Interest |
2.000 |
1.400 |
2.400 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
8.20 |
(4.000) |
13.300 |
|
Depreciation |
9.800 |
11.700 |
10.000 |
|
Profit Before Tax |
(1.600) |
(15.700) |
3.300 |
|
Tax |
0.000 |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(1.600) |
(15.700) |
3.300 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(1.600) |
(15.700) |
3.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.71 |
15.02 |
9.28 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.11 |
21.60 |
13.91 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.40 |
16.70 |
13.69 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.26 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.07 |
0.10 |
0.11 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.63 |
2.21 |
2.39 |
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 |
23.903 |
23.903 |
23.903 |
|
Reserves & Surplus |
729.828 |
879.210 |
909.583 |
|
Net
worth |
753.731 |
903.113 |
933.486 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
1.362 |
0.613 |
|
Short term borrowings |
82.658 |
84.749 |
66.448 |
|
Total
borrowings |
82.658 |
86.111 |
67.061 |
|
Debt/Equity
ratio |
0.110 |
0.095 |
0.072 |
%20LIMITED%20-%20266866%2013-May-2014_files/image008.gif)
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 |
1062.668 |
1073.810 |
1196.691 |
|
|
|
1.048 |
11.443 |
%20LIMITED%20-%20266866%2013-May-2014_files/image010.gif)
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 |
1062.668 |
1073.810 |
1196.691 |
|
Profit |
100.253 |
164.593 |
44.796 |
|
|
9.43% |
15.33% |
3.74% |
%20LIMITED%20-%20266866%2013-May-2014_files/image012.gif)
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
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:
CALCUTTA
HIGH COURT
CASE STATUS INFORMATION SYSTEM
|
Case Status:
Pending Status of
CIVIL SUITS (CS)
352 of
2013 ENVIIRO BULKK HANDLING SYSTEMS PRIVATE LIMITED Vs. INTERNATIONAL COMBUSTION (INDIA) LIMITED Pet's Adv. : AMBARNATH
BANERJI
Res's
Adv.: Court No. : 8
Last Listed On : No Date Mentioned Category :
MONEY CLAIMS/COMPENSATION/DAMAGES/MESNE PROFITS
Case Updated on:
Thursday, September 26, 2013 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10202956 |
12/02/2010 * |
180,000,000.00 |
AXIS BANK LIMITED |
CREDIT MANAGEMENT CENTRE (CMC), 1, SHAKESPEARE SARANI, AC MARKET, 3RD
FLOOR, KOLKATA, West Bengal - 700071, INDIA |
A80435357 |
|
2 |
10025981 |
27/02/2012 * |
332,500,000.00 |
UCO BANK (LEAD BANK) |
MID CORPORATE BRANCH, 10, B. T. M. SARANI (BRABOU |
B35615368 |
|
3 |
90252952 |
27/02/2012 * |
362,500,000.00 |
UCO BANK (LEAD BANK) |
MID CORPORATE BRANCH, 10, B. T. M. SARANI (BRABOU |
B35616044 |
|
4 |
80012012 |
10/10/2006 * |
225,000,000.00 |
UTI BANK LIMITED |
KOLKATA MAIN BRANCH, 7, SHAKESPEARE SARANI, KOLKATA, West Bengal - 700071,
INDIA |
- |
|
5 |
90254294 |
29/11/2012 * |
30,000,000.00 |
UCO BANK |
MCU, KOLKATA MAIN BRANCH, 10, B. T. M. SARANI, 1ST FLOOR, KOLKATA,
West Bengal - 700001, INDIA |
B64033228 |
* Date of charge modification
OPERATIONS
The Company achieved
sales of Rs. 1184.300 millions during the year
as compared to Rs. 1058.700 millions for the previous year. The
operating surplus for the year was Rs. 73.100 millions as compared to previous
year’s earnings of Rs. 133.100 millions.
The year was marked with unabated industrial downturn
especially in the capital goods sector, where the growth declined to 0.9% as
against 3.7% of the previous year. Further, insufficient demand led to
aggressive market competition and unfavourable price.
The demand for
Sugar Sizers, which contributes substantially to the performance of the
Company, dropped sharply during the year because of inadequate production of
sugarcane.
The export of
components to the collaborators also declined during the year by over 20% as a
consequence of the overall global industrial downturn.
Other factors
which affected performance was the continued increase in the input costs,
transportation cost and power cost.
On account of the
above unfavourable conditions, the operating surplus for the year declined in
comparison with that of previous year.
MANAGEMENT DISCUSSION AND ANALYSIS
INDUSTRY OVERVIEW
The unabated
industrial downturn particularly in the capital goods sector, where the growth
declined to 0.9% as against 3.7% of the previous year, had a negative impact on
Company’s business.
FUTURE OUTLOOK
To circumvent the
market downturn, the Company decided to expand its product range and entered
into an agreement with Allgaier Werke GmbH, Germany for manufacture and
marketing of sophisticated Rotary Dryers and Coolers. This product finds a wide
range of application in the mineral, chemical, fertilizer and other industries.
Allgaier
manufactures these equipment under brand name of ‘Mozer’ who are considered to
be the technology leader in this product segment. The technology of Allgaier
Process Technology is far advanced than the Rotary Dryers technology currently
available in India.
This agreement is
in two parts –
1.
A license agreement between the Company and
Allgaier Process Technology Limited for manufacture of Rotary Dryers and
Coolers.
2.
Forming a marketing Joint Venture Company with
50:50 equity participation between the Company and Allgaier Werke GmbH for
marketing of Rotary Dryers and Coolers manufactured by the Company under
license as mentioned above.
These products are
also synergic to other equipment manufactured by the Company such as Screens,
Feeders, etc. as they work in tandem.
CONTINGENT LIABILITIES
|
Particulars |
31.03.2013 (Rs. In
Millions) |
31.03.2012 (Rs. In
Millions) |
|
|
|
|
|
Outstanding Bank
Guarantees |
11.742 |
10.422 |
|
Sales Tax demand
under appeal |
54.094 |
13.400 |
|
Estimated amount
of contracts remaining to be executed on capital account |
1.362 |
5.874 |
FIXED ASSETS
œ Land (Freehold- Leasehold)
œ Building (Freehold- Leasehold)
œ Plant and Equipment
œ Furniture and Fixture
œ Vehicles (Freehold- Leasehold)
œ Office Equipment
œ Electrical Installations
STATEMENT OF
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / NINE MONTHS ENDED
31ST
DECEMBER, 2013
|
|
|
Particulars |
Quarter Ended |
Nine
Month |
|
|
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
1 |
Income from Operations |
|
|
|
|
|
|
a) Net Sales/Income from
Operations (net of excise duty) |
206.300 |
277.400 |
685.100 |
|
|
|
b) Other Operating Income |
3.700 |
5.700 |
12.900 |
|
|
|
Total Income from Operations (Net) |
210.000 |
283.100 |
698.000 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
Cost of Materials
consumed |
114.700 |
140.600 |
378.300 |
|
|
b) |
Purchase of stock
in-trade |
-- |
-- |
-- |
|
|
c) |
Changes in inventories of
finished goods, work-in-progress and stock-in-trade |
(16.500) |
28.700 |
(5.500) |
|
|
d) |
Employee benefit expenses |
63.600 |
66.600 |
191.100 |
|
|
e) |
Depreciation and
amortization expense |
10.000 |
11.700 |
31.500 |
|
|
f) |
Other expenses |
39.600 |
52.500 |
130.400 |
|
|
Total Expenses |
211.400 |
300.100 |
725.800 |
|
|
3 |
|
Profit /(Loss) from
operations before other income, finance costs and exceptional items (1-2) |
(1.400) |
(17.000) |
(27.800) |
|
4 |
Other Income |
7.100 |
2.700 |
19.600 |
|
|
5 |
|
Profit /(Loss) from
ordinary activities before finance costs and exceptional items (3+4) |
5.700 |
(14.300) |
(8.200) |
|
6 |
Finance Costs |
2.400 |
1.400 |
5.800 |
|
|
7 |
|
Profit /(Loss) from
ordinary activities after finance costs but before exceptional items (5-6) |
3.300 |
(15.700) |
(14.000) |
|
8 |
Exceptional Items |
-- |
-- |
-- |
|
|
9 |
Profit /(Loss) from
ordinary activities before tax |
3.300 |
(15.700) |
(14.000) |
|
|
10 |
Tax Expense |
-- |
-- |
-- |
|
|
11 |
Net Profit /(Loss) from
ordinary activities after tax (9-10) |
3.300 |
(15.700) |
(14.000) |
|
|
12 |
Extraordinary items (net
of tax expense) |
-- |
-- |
-- |
|
|
13 |
Net Profit /(Loss) for
the period (11-12) |
3.300 |
(15.700) |
(14.000) |
|
|
14 |
Paid up equity share
capital (Eq. shares of Rs.10/- each) |
23.900 |
23.900 |
23.900 |
|
|
15 |
Reserve excluding
revaluation reserves |
|
|
|
|
|
16 |
|
Earnings per share
(before/after extraordinary items) of
Rs.10/- each |
|
|
|
|
|
|
Basic |
1.37 |
(6.56) |
(5.85) |
|
|
|
Diluted |
1.37 |
(6.56) |
(5.85) |
|
|
|||||
|
A |
|
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
|
Public Shareholding |
|
|
|
|
|
|
- No. of Shares |
1123345 |
1123345 |
1123345 |
|
|
|
- Percentage of
Shareholding |
47% |
47% |
47% |
|
2 |
|
Promoters and promoter group shareholding |
|
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
|
- Number of shares |
Nil |
Nil |
Nil |
|
|
|
- Percentage of shares (
as a % of the total shareholding of the 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 |
1266931 |
1266931 |
1266931 |
|
|
|
- Percentage of shares (
as a % of the total shareholding of the promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
|
|
- Percentage of shares
(as a % of the total share capital of the Company) |
53% |
53% |
53% |
|
|
Particulars |
Quarter
ended 31.12.2013 |
|
|
B |
|
Investor Complaints |
|
|
|
|
Pending at the beginning
of the quarter |
Nil |
|
|
|
Received during the
quarter |
Nil |
|
|
|
Disposed during the
quarter |
Nil |
|
|
|
Remaining unresolved at
the end of the quarter |
Nil |
SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE THIRD QUARTER AND NINE MONTHS' PERIOD ENDED 31" DECEMBER, 2013
|
|
Particulars |
Quarter Ended |
Nine Month |
|
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
|
Segment Revenue (Sales and Other Operating
Income) |
|
|
|
|
a) |
Mineral &
Material Processing & Handling Equipment |
127.800 |
204.400 |
472.900 |
|
b) |
Geared Motor
& Gear Box |
86.200 |
97.100 |
262.300 |
|
|
Net Sales / Income and interdivisional transfers |
214.000 |
301.500 |
735.200 |
|
|
Less: Inter-segment transfers |
4.000 |
18.400 |
37.200 |
|
|
Net Sales / Income from operation |
210.000 |
283.100 |
698.000 |
|
|
Segment Results: |
|
|
|
|
|
[Profit/ (Loss)
before tax and interest from each segment] |
|
|
|
|
a) |
Mineral &
Material Processing & Handling Equipment |
36.500 |
25.400 |
85.200 |
|
b) |
Geared Motor
& Gear Box |
(2.400) |
(0.600) |
2.000 |
|
|
TOTAL |
34.100 |
24.800 |
87.200 |
|
|
Less: Financial Cost |
2.400 |
1.400 |
5.800 |
|
|
Other
unallocable expenditure, net of unallocable income |
28.400 |
39.100 |
95.400 |
|
|
Total Profit/
Loss –before tax |
3.300 |
(15.700) |
(14.000) |
|
|
Capital Employed: |
|
|
|
|
a) |
Mineral &
Material Processing & Handling Equipment |
325.200 |
345.000 |
325.200 |
|
b) |
Geared Motor
& Gear Box |
281.100 |
268.700 |
281.100 |
|
c) |
Other (being unallocated)
|
378.800 |
373.000 |
378.800 |
|
|
TOTAL |
985.100 |
986.700 |
985.100 |
NOTES:
1. The aforesaid results were reviewed by the Audit Committee of the Board and subsequently approved by the Board of Directors of the Company at their respective meetings held on 22nd January, 2014.
2. Limited review as required under Clause 41 of the Listing Agreement has been carried out by the Statutory Auditors and these results are accompanied by the Limited Review Report.
3. Previous years / period’s figures have been regrouped / rearranged wherever 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.59.73 |
|
|
1 |
Rs.100.82 |
|
Euro |
1 |
Rs.82.22 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
52 |
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.