MIRA INFORM REPORT
|
Report Date : |
24.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
KIRLOSKAR PNEUMATIC COMPANY LIMITED |
|
|
|
|
Registered
Office : |
Hadapsar
Industrial Estate, Pune – 411 013, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
08.11.1974 |
|
|
|
|
Com. Reg. No.: |
11-110307 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.128.443
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29120PN1974PLC110307 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer
and Exporter of Pneumatic Systems viz. compressed air, air conditioning,
refrigeration and hydraulic power transmission equipment. |
|
|
|
|
No. of Employees
: |
1017 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (70) |
|
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 10300000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a part of “Kirloskar Group of Companies”. It is a
well-established and reputed company having fine track. The company possesses a healthy profile marked by decent networth base
along with ample liquidity and comfortable capital structure. Management has maintained its healthy profitability during 2013. The ratings also take into consideration the moderate susceptibility
of its operating profitability to volatility in input prices. Trade relations are fair. Business is active. Payment terms are
reported as regular and as per commitments. In view of experienced promoters. And reputed parent, the subject can
be considered 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 |
CRISIL |
|
Rating |
Long Term Rating=AA- |
|
Rating Explanation |
Having high degree of safety regarding
timely servicing of financial obligation it carry very low credit risk. |
|
Date |
14.03.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating=A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
14.03.2013 |
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.
|
ENTITY |
PERSON |
COMPETENT AUTHORITY |
REGULATORY
CHARGES |
REGULATORY
ACTION(S) / DATE OF ORDER |
FURTHER
DEVELOPMENTS |
|
Kirloskar Pneumatic Company Limited |
-- |
EPFO |
Exempted and unexempted establishments defaulted with EPFO including provident fund, pension and edli contribution, administration charges and penal damages of Rs.1.899 Millions |
among other actions, names of defaulters put on the epfo
website |
-- |
INFORMATION DENIED
Management Non Co-Operative (91-20-26727000)
LOCATIONS
|
Registered Office : |
Hadapsar Industrial Estate, Pune 411013, |
|
Tel. No.: |
91-20-26727000/ 6870133/ 6870341 |
|
Fax No.: |
91-20-26870297 / 634 |
|
E-Mail : |
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|
Website : |
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|
|
|
|
Plant locations: |
·
Hadapsar Industrial Estate, Pune 411013, ·
Saswad, Purandar, Pune, |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr.
Sanjay C. Kirloskar |
|
Designation : |
Chairman
|
|
|
|
|
Name: |
Mr.D.R.Swar |
|
Designation: |
Director
|
|
Date of
appointment: |
25.04.2009 |
|
|
|
|
Name: |
Mr.
Atul C. Kirloskar |
|
Designation: |
Director
|
|
|
|
|
Name: |
Mr.
Rahul C. Kirloskar |
|
Designation: |
Executive Chairman (w.e.f. January 23,2012) |
|
Experience: |
15
Years |
|
|
|
|
Name: |
Mr.
Vikram S. Kirloskar |
|
Designation: |
Director |
|
Qualification: |
Bachelor of
Science in Mechanical Engineering |
|
|
|
|
Name: |
Mr.
J. Y. Tekawade |
|
Designation: |
Director |
|
|
|
|
Name: |
Mr.
A. C. Mukherji |
|
Designation: |
Director |
|
|
|
|
Name: |
Mr.
P. S. Jawadekar |
|
Designation: |
Director |
|
|
|
|
Name: |
Mr.
G. Krishna Rao |
|
Designation: |
Director
( Nominee GIC) |
|
|
|
|
Name: |
Mr. Aditya
Kowshik |
|
Designation: |
Managing Director
|
|
Date of
appointment: |
24.10.2008 |
|
|
|
|
Name: |
Mr. Sunil Shah Singh |
|
Designation: |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Jitendra R. Shah |
|
Designation : |
Company Secretary
|
SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category of Shareholders |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
537157 |
4.18 |
|
|
8182967 |
63.71 |
|
|
8720124 |
67.89 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
8720124 |
67.89 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2104496 |
16.38 |
|
|
946 |
0.01 |
|
|
71064 |
0.55 |
|
|
2176506 |
16.95 |
|
|
|
|
|
|
468394 |
3.65 |
|
|
|
|
|
|
1216896 |
9.47 |
|
|
225342 |
1.75 |
|
|
37076 |
0.29 |
|
|
1860 |
0.01 |
|
|
35215 |
0.27 |
|
|
1 |
0.00 |
|
|
1947708 |
15.16 |
|
Total Public shareholding (B) |
4124214 |
32.11 |
|
Total (A)+(B) |
12844338 |
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) |
12844338 |
0.00 |
(1) Indian
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Category of Shareholders |
No. of Shares |
Percentage
of Holding |
|
Kirloskar Brothers Investments Limited |
69,94,176 |
54.45 |
|
Kirloskar Industries Limited |
11,86,866 |
9.24 |
|
Gautam Achyut Kulkarni |
1,35,522 |
1.06 |
|
Rahul C Kirloskar |
1,15,309 |
0.90 |
|
Atul C Kirloskar |
1,14,330 |
0.89 |
|
Alpana Rahul Kirloskar |
93,754 |
0.73 |
|
Arti Atul Kirloskar |
40,000 |
0.31 |
|
Jyotsna Gautam Kulkarni |
25,125 |
0.20 |
|
Alika Rahul Kirloskar |
12,152 |
0.09 |
|
Cees Investments & Consultants Private Limited |
1,350 |
0.01 |
|
Alpana Rahul Kirloskar |
537 |
0.00 |
|
Hematic Motors Private Limited |
425 |
0.00 |
|
Rahul C Kirloskar |
270 |
0.00 |
|
Rama Sanjay Kirloskar |
125 |
0.00 |
|
Alpak Investments Private Limited |
50 |
0.00 |
|
Navsai Investments Private Limited |
50 |
0.00 |
|
Achyut and Neeta Holdings and Finance Private Limited |
50 |
0.00 |
|
Gauri Atul Kirloskar |
33 |
0.00 |
|
Total |
87,20,124 |
67.89 |
(*) The term encumbrance has the same meaning
as assigned to it in regulation 28(3) of the SAST Regulations, 2011.
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number of shares
|
Category of Shareholders |
No. of Shares |
Percentage
of Holding |
|
Reliance Capital Trustee Capital Ltd A/c Reliance
Diversified Power Sector Fund & Reliance Small Cap Fund & Reliance
Dual Advantage FTF III Plan B |
1043284 |
8.12 |
|
HDFC Trustee Company Limited A/c HDFC Tax Saver Fund &
HDFC Indes Fund Sensex Plus Plan |
638706 |
4.97 |
|
IDFC Sterling Equity Fund |
414367 |
3.23 |
|
Reliance Capital Limited |
145000 |
1.13 |
|
Total |
2241357 |
17.45 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons (together with PAC) belonging to the
category “Public” and holding more than 5% of the total number of shares of the
company
|
Category of Shareholders |
No. of Shares |
Percentage
of Holding |
|
Reliance Capital Trustee Capital Limited A/c Reliance
Diversified Power Sector Fund |
828217 |
6.45 |
|
Reliance Capital Trustee Capital Limited A/c Reliance
Small Cap Fund |
202444 |
1.58 |
|
Reliance Capital Trustee Capital Limited A/c Reliance Dual
Advantage FTF III Plan B |
12623 |
0.10 |
|
Total |
1043284 |
8.12 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
and Exporter of Pneumatic Systems viz. compressed air, air conditioning,
refrigeration and hydraulic power transmission equipment. |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Compressors |
Nos |
9,846 |
5,854 |
2,514 |
|
Transmission Equipment and Gear Boxes |
Nos |
4,300 |
210 |
210 |
* Note: Installed Capacity
Most of the Plant and Machinery being common for different products manufactured by the Company and installed capacity being dependent on Product Mix, which in turn is decided by the actual demand for various products from time to time and also on availing of subcontracting facilities, it is not ascertainable for the Company to indicate the exact installed capacity. The Company has, however, indicated the installed capacity on the basis of year’s Products Mix as certified by the Executive Director of company and being a technical matter, accepted by the Auditors as correct.
GENERAL INFORMATION
|
No. of Employees : |
1017 (Approximately) |
|||||||||||||||
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|
|
|||||||||||||||
|
Bankers : |
·
Bank of ·
Bank of ·
Union Bank of ·
ICICI Bank Limited ·
HDFC Bank Limited |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
NOTES: LONG
TERM BORROWINGS a)
External Commercial Borrowing of US$
5,500,000 from Bank of India, UK, is secured by hypothecation of Plant and
Machinery amounting to Rs.402.854 Millions purchased out of the said loan. b)
Terms of repayment - Eight equal half
yearly installments w.e.f June 2010 |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
P. G. Bhagwat Chartered Accountants |
|
Address : |
Pune, Maharashtra, India |
|
|
|
|
Holding Company : |
Kirloskar Brothers Investments Limited |
|
|
|
|
Fellow Subsidiary : |
·
Kirloskar Oil Engines Limited ·
Nashik Silk Industries Limited |
|
|
|
|
Subsidiary Company
: |
Kirloskar Road Railer Limited |
|
|
|
|
Associate Company : |
Kirloskar Chilliers Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12844338 |
Equity Shares |
Rs.10/- each |
Rs.128.443
Millions |
|
|
|
|
|
Rights attached to Equity
Shares:
The Company has only one class of
share capital, i.e. equity shares having face value of Rs.10/- per share.
Each holder of equity share is
entitled to one vote per share.
Share Holding Details:
|
Share Holding Details : |
Nos. |
|
Shareholder holding more than 5% |
|
|
Kirloskar Brothers Investments
Limited (Holding Company w.e.f. 20th May
2011) |
6994176 (54.45%) |
|
Reliance Capital Trustee Company
Limited A/c Reliance Diversified Power
Sector Fund |
1122320 (8.74%) |
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 |
128.443 |
128.443 |
128.443 |
|
(b) Reserves & Surplus |
2,459.627 |
2,168.978 |
1,739.123 |
|
(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) |
2,588.070 |
2,297.421 |
1,867.566 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
62.549 |
123.255 |
|
(b) Deferred tax liabilities (Net) |
1.057 |
4.274 |
15.703 |
|
(c) Other long term liabilities |
11.007 |
13.174 |
13.853 |
|
(d) long-term provisions |
38.381 |
26.501 |
15.098 |
|
Total Non-current Liabilities (3) |
50.445 |
106.498 |
167.909 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
852.249 |
1,077.945 |
1,012.951 |
|
(c) Other current
liabilities |
890.983 |
862.109 |
1,091.558 |
|
(d) Short-term provisions |
429.128 |
488.123 |
433.211 |
|
Total Current Liabilities (4) |
2,172.360 |
2,428.177 |
2,537.720 |
|
|
|
|
|
|
TOTAL |
4,810.875 |
4,832.096 |
4,573.195 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
895.376 |
780.577 |
726.578 |
|
(ii) Intangible Assets |
125.002 |
125.276 |
121.243 |
|
(iii) Capital
work-in-progress |
21.135 |
20.424 |
43.915 |
|
(iv) Intangible
assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
79.582 |
30.713 |
29.708 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
61.333 |
45.171 |
29.167 |
|
(e) Other Non-current assets |
14.073 |
28.466 |
28.466 |
|
Total Non-Current Assets |
1,196.501 |
1,030.627 |
979.077 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
1,050.000 |
1,000.000 |
578.899 |
|
(b) Inventories |
723.846 |
821.740 |
824.221 |
|
(c) Trade receivables |
1,320.671 |
1,350.411 |
1,437.381 |
|
(d) Cash and cash
equivalents |
158.849 |
251.346 |
274.224 |
|
(e) Short-term loans and
advances |
87.689 |
84.054 |
270.823 |
|
(f) Other current assets |
273.319 |
293.918 |
208.570 |
|
Total Current Assets |
3,614.374 |
3,801.469 |
3,594.118 |
|
|
|
|
|
|
TOTAL |
4,810.875 |
4,832.096 |
4,573.195 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5,488.091 |
6666.141 |
4917.315 |
|
|
|
Other Income |
135.938 |
135.609 |
97.675 |
|
|
|
TOTAL (A) |
5,624.029 |
6801.750 |
5014.990 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2,967.852 |
3716.010 |
2785.601 |
|
|
|
Changes in Inventories of Finished Goods, Work-in-Progress and Stock-in-Trade |
(121.271) |
202.677 |
(62.415) |
|
|
|
Employee Benefits Expenses |
802.784 |
705.085 |
612.174 |
|
|
|
Other Expenses |
1,138.862 |
1160.742 |
888.936 |
|
|
|
TOTAL (B) |
4,788.227 |
5784.514 |
4224.296 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
835.802 |
1017.236 |
790.694 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
13.139 |
11.947 |
18.952 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
822.663 |
1005.289 |
771.852 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
114.904 |
120.572 |
117.512 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
707.759 |
884.717 |
654.230 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
236.782 |
265.572 |
215.103 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
470.977 |
619.145 |
439.127 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
217.132 |
177.123 |
167.131 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
300.000 |
400.000 |
250.000 |
|
|
|
Dividend |
154.132 |
154.132 |
154.132 |
|
|
|
Tax on Dividend |
26.195 |
25.004 |
25.004 |
|
|
BALANCE CARRIED
TO THE B/S |
207.782 |
217.132 |
177.123 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
164.450 |
318.534 |
129.268 |
|
|
|
Dividend Received |
0.540 |
0.315 |
0.395 |
|
|
TOTAL EARNINGS |
164.990 |
318.849 |
129.663 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
507.210 |
910.337 |
468.880 |
|
|
|
Stores & Spares |
33.952 |
23.286 |
16.919 |
|
|
|
Capital Goods |
6.245 |
0.000 |
41.070 |
|
|
TOTAL IMPORTS |
547.407 |
933.623 |
526.869 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
36.67 |
48.20 |
34.19 |
|
QUARTERLY RESULTS
(Rs.
In Millions)
|
Particulars |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
31.12.2013 (Unaudited) |
31.03.2014 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net sales |
1211.400 |
1391.200 |
915.800 |
1652.300 |
|
Total Expenditure |
1045.100 |
1223.400 |
868.900 |
1372.100 |
|
PBIDT (Excluding Other Income) |
166.300 |
167.800 |
46.900 |
280.200 |
|
Other income |
39.700 |
9.500 |
10.700 |
29.200 |
|
Operating Profit |
206.000 |
177.300 |
57.600 |
309.400 |
|
Interest |
1.300 |
0.700 |
0.600 |
0.900 |
|
PBDT |
204.700 |
176.600 |
57.000 |
308.500 |
|
Depreciation |
30.800 |
32.200 |
32.600 |
36.500 |
|
Profit Before Tax |
173.900 |
144.400 |
24.400 |
272.000 |
|
Tax |
56.000 |
57.900 |
5.600 |
106.900 |
|
Profit after tax |
117.900 |
86.500 |
18.800 |
165.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
8.37 |
9.10 |
8.76 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.90 |
13.27 |
13.30 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.03 |
18.51 |
14.54 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27 |
0.39 |
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.03 |
0.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.66 |
1.57 |
1.42 |
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 |
128.443 |
128.443 |
128.443 |
|
Reserves & Surplus |
1739.123 |
2168.978 |
2459.627 |
|
Net
worth |
1867.566 |
2297.421 |
2588.070 |
|
|
|
|
|
|
long-term borrowings |
123.255 |
62.549 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
123.255 |
62.549 |
0.000 |
|
Debt/Equity
ratio |
0.066 |
0.027 |
0.000 |
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 |
4,917.315 |
6,666.141 |
5,488.091 |
|
|
|
35.565 |
(17.672) |
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
|
4,917.315 |
6,666.141 |
5,488.091 |
|
Profit |
439.127 |
619.145 |
470.977 |
|
|
8.93% |
9.29% |
8.58% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT
(Rs.
In Millions)
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current maturities of long-term debt |
62.549 |
62.549 |
61.628 |
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
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 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10344629 |
27/03/2012 |
5,360,000,000.00 |
THE
BANK OF INDIA CONSORTIUM |
8A
COYAJI ROAD, CAMP, PUNE, MAHARASHTRA - 411001, INDIA |
B35910744 |
OPERATIONS:
Uncertainty
in the Indian economy contributed to a drop in your Company’s revenues in the
year 2012-13. The market sentiment was affected due to rise in the foreign exchange
rate, inflation and high interest rates. The rise in crude oil prices also
contributed to this uncertainty in India.
The
net revenue of the Company for the year ended review was 5,488 million against
Rs.6,666 million of last year. The revenue of the Compression Segment was Rs.
4,484 million as against Rs.5,781 million in 2011-12.
The
Compression Segment was affected mainly due to very low investments in the Oil
and Gas Sector. Capital expenditure for expansion/up-gradation of refineries
was also very low and this affected our business of Refrigeration and Gas
Compression Systems.
The
CNG segment did not grow as anticipated due to various infrastructural and gas
availability issues. Revenue of the Transmission segment was Rs. 1,005 million
as against Rs. 885 million of the last year. Inspite of the manufacturing
sector not growing in the last year, the Company has generally maintained its
profitability in the year.
This
was the result of the many cost reduction measures undertaken by the company. This
included value engineering products, re-engineering of our processes, improving
efficiencies and reducing throughput time.
The
Company launched a WoW (War on Waste) initiative last year and employees
consciously contributed to eliminating/ reducing all kinds of waste.
MANAGEMENT
DISCUSSIONS AND ANALYSIS
INDUSTRY
OVERVIEW:
The
Indian economy is passing through a challenging phase. Domestic as well as
global factors have adversely impacted GDP growth and has fallen to the
decade’s lowest level. Growth in Index of Industrial Production (IIP) was below
1% during FY’13 as compared to 6.8% during FY’11. Capital goods sector has
shown faster deceleration.
The
Company serves various sectors viz. Oil and Gas, Infrastructure, Cement, Steel
and Power, Food and Beverage and Railways. Regulatory challenges coupled with
lack of new project clearances have adversely impacted demand levels.
OUTLOOK:
The
government during the recent budget, has announced some policy measures to
mobilize funds in the infrastructure investment. The Cabinet Committee on
Investment has been set up and decisions have been taken in respect of a number
of gas, power and coal projects. The Government is expected to announce a
policy to encourage exploration and exploitation of shale gas. However in short
term, the outlook is challenging. Focus on excellent customer service and cost
management will continue to be of prime importance for the Company to tide over
these difficult times.
FIXED ASSETS:
·
Land
·
Building
·
Water Tanks and Pipelines
·
Plant and Machinery (Including Equipments)
·
Electrical Installations
·
Furniture and Fixture
·
Vehicles
·
Leased Assets (Plant and Machinery)
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER
AND FINANCIAL YEAR ENDED 31.03.2014
(Rs. In Millions)
|
Particulars |
Quarter Ended |
Year Ended |
|
|
|
31.03.2014 (Audited) |
31.12.2013 (Unaudited) |
31.03.2014 ( Audited) |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
1627.200 |
887.900 |
5099.300 |
|
b) Other operating income |
25.100 |
27.900 |
71.400 |
|
Total
income from Operations(net) |
1652.300 |
915.800 |
5170.700 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
730.500 |
427.300 |
2443.400 |
|
b) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
140.900 |
2.800 |
189.500 |
|
d) Employees benefit expenses |
183.700 |
204.900 |
808.800 |
|
e) Depreciation and amortization expenses |
36.500 |
32.600 |
132.100 |
|
f) Other expenditure |
317.000 |
233.900 |
1067.800 |
|
Total expenses |
1408.600 |
901.600 |
4641.600 |
|
3. Profit from operations before other income and
financial costs |
243.700 |
14.300 |
529.100 |
|
4. Other income |
29.200 |
10.700 |
89.100 |
|
5. Profit from ordinary activities before finance costs |
272.900 |
25.000 |
618.200 |
|
6. Finance costs |
0.900 |
0.600 |
3.500 |
|
7. Net profit/(loss) from ordinary activities after
finance costs but before exceptional items |
272.000 |
24.400 |
614.700 |
|
8. Exceptional item |
-- |
-- |
-- |
|
9. Profit from ordinary activities before tax
Expense: |
272.000 |
24.400 |
614.700 |
|
10.Tax expenses |
106.900 |
5.600 |
226.400 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
166.100 |
18.800 |
388.300 |
|
12.Extraordinary Items (net of tax expense) |
-- |
-- |
-- |
|
13.Net Profit / (Loss) for the period (11 -12) |
166.100 |
18.800 |
388.300 |
|
14.Paid-up
equity share capital (Nominal value Rs.10/- per share) |
128.400 |
128.400 |
128.400 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
16.i) Earnings per share (before extraordinary items)
of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic and diluted |
12.86 |
1.46 |
30.24 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
4124214 |
4124214 |
4124214 |
|
- Percentage of shareholding |
32.11 |
32.11 |
32.11 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
-- |
-- |
-- |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
-- |
-- |
-- |
|
Percentage of shares (as a % of total share capital of the
company) |
-- |
-- |
-- |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
8720124 |
8720124 |
6720124 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
67.89 |
67.89 |
67.89 |
|
B.
Investor Complaints |
3 Months
ended 31.03.2014 |
|
Pending at the beginning of the quarter |
Nil |
|
Receiving during the quarter |
4 |
|
Disposed of during the quarter |
4 |
|
Remaining unreserved at the end of the quarter |
Nil |
UNAUDITED SEGMENT WIE
REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In
Millions)
|
Particulars |
Quarter
Ended (
Unaudited) |
Year
Ended (
Unaudited) |
|
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
1.
Segment Revenue |
|
|
|
|
a Compression Systems |
1227.400 |
799.700 |
4158.800 |
|
b Transmission Products |
138.600 |
-- |
679.300 |
|
c Other |
261.200 |
-- |
261.200 |
|
Total |
1627.200 |
887.900 |
5099.300 |
|
Less : Inter Segment Revenue |
-- |
-- |
-- |
|
Net
Sales |
1627.200 |
887.900 |
5099.300 |
|
|
|
|
|
|
2. Segment
Result (Profit
before Interest and Tax) |
|
|
|
|
a Compression Systems |
285.300 |
127.900 |
819.400 |
|
b Transmission Products |
(29.700) |
(36.800) |
(12.900) |
|
Total |
255.600 |
91.100 |
806.500 |
|
|
|
|
|
|
Less
: (i) Interest |
0.900 |
0.600 |
3.500 |
|
(ii) Other un-allocable
expenditure net off un-allocable income. |
(17.300) |
66.100 |
188.300 |
|
|
|
|
|
|
Profit
before Tax |
272.000 |
24.400 |
614.700 |
|
3.
Capital Employed |
|
|
|
|
a Compression Systems |
874.000 |
874.900 |
874.000 |
|
b Transmission Products |
393.200 |
450.500 |
393.200 |
|
Total |
1267.200 |
1325.400 |
1267.200 |
|
Add:
Unallocable corporate assets |
1564.300 |
1487.100 |
1564.300 |
|
Total
Capital Employed in the company |
2831.600 |
2812.500 |
2831.500 |
Notes:
1.
The above Results have
been reviewed and recommended by the Audit Committee & approved by the
Board of Directors at its Meeting held on April 23, 2014.
2.
The figures for the quarter
ended March 31, 2014 are the balancing figures between the audited figures in
respect of the full financial year ended March 31, 2014 and the published year
to date figures up to the third quarter ended December 31, 2013.
3.
Previous periods'
figures are regrouped, wherever necessary to make them comparable with those of
the current year.
4.
The Board is pleased
to recommended dividend @ 100% (Rs.10/- per share)
STANDALONE STATEMENT OF ASSETS AND
LIABILITIES
(Rs. In Millions)
|
SOURCES OF FUNDS |
31.03.2014 |
|
I.
EQUITY
AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
128.400 |
|
(b) Reserves & Surplus |
2697.700 |
|
Total
Shareholders’ Funds |
2826.100 |
|
|
|
|
(2)
Non-Current Liabilities |
|
|
(a) long-term borrowings |
0.000 |
|
(b) Deferred tax liabilities (Net) |
5.400 |
|
(c) Other long term liabilities |
9.700 |
|
(d) long-term provisions |
43.400 |
|
Total Non-current Liabilities (3) |
58.500 |
|
|
|
|
(3) Current Liabilities |
|
|
(a) Short term borrowings |
0.000 |
|
(b) Trade payables |
741.200 |
|
(c) Other current
liabilities |
707.700 |
|
(d) Short-term provisions |
366.300 |
|
Total Current Liabilities (4) |
1815.200 |
|
|
|
|
TOTAL |
4699.800 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
1139.100 |
|
(b) Non-current Investments |
29.600 |
|
(c) Deferred tax assets (net) |
0.000 |
|
(d) Long-term Loan and Advances |
57.500 |
|
(e) Other Non-current assets |
5.100 |
|
Total Non-Current Assets |
1231.300 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
1178.500 |
|
(b) Inventories |
418.000 |
|
(c) Trade receivables |
1428.600 |
|
(d) Cash and cash
equivalents |
130.900 |
|
(e) Short-term loans and
advances |
110.400 |
|
(f) Other current assets |
202.100 |
|
Total Current Assets |
3468.500 |
|
|
|
|
TOTAL |
4699.800 |
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 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.58.48 |
|
UK Pound |
1 |
Rs.98.67 |
|
Euro |
1 |
Rs.79.81 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
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 |
YES |
|
|
|
|
|
TOTAL |
|
70 |
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.