MIRA
INFORM REPORT
|
Report Date : |
26.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
LAKSHMI MACHINE WORKS LIMITED |
|
|
|
|
Registered
Office : |
Perianaickenpalayam, SRK Vidyalaya Post, Coimbatore – 641020,
Tamilnadu |
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|
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|
Country : |
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|
|
|
Financials (as
on) : |
31.03.2013 |
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|
|
|
Date of
Incorporation : |
14.09.1962 |
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Com. Reg. No.: |
18-000463 |
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|
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Capital
Investment / Paid-up Capital : |
Rs. 112.665 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29269TZ1962PLC000463 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CMBL03078F |
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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
: |
Manufacturing
and Selling of Textile Spinning Machinery, CNC Machine Tools, Heavy Castings
and parts and components for Aerospace industry. |
|
|
|
|
No. of Employees
: |
3755 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
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 |
|
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 and reputed company having fine track
record. The rating reflects healthy financial risk profile marked by adequate
liquidity position and fair profitability of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and 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 |
|
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
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 : |
Ms. Nivetha |
|
Designation : |
Accounts Executive |
|
Contact No.: |
91-422-6612255 |
LOCATIONS
|
Registered Office / Marketing Dept - Textile Machinery Division : |
Perianaickenpalayam, SRK Vidyalaya Post, |
|
Tel. No.: |
91-422-2692371-379 / 2892371-79 / 6612263 / 6612551/ 3022255/
6612216/ 6612207 |
|
Fax No.: |
-422-2692541/ 542/ 543/ 2892541-42 |
|
E-Mail : |
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|
Website : |
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|
Location: |
Owned |
|
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|
Corporate Office : |
34-A, |
|
Tel. No.: |
91-422-2221680/ 82-87/ 3028100 |
|
Fax No.: |
91-422-2220912 |
|
E-Mail : |
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Factory 1: |
Perianaickenpalayam, Coimbatore – 641020, Tamilnadu, India |
|
|
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Factory 2: |
Kaniyur, Coimbatore – 641658, Tamilnadu, India |
|
Tel. No.: |
91-421-3983000 |
|
Fax No.: |
91-421-2333270 |
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|
|
|
Factory 3: |
Muthugoundenpudur, Coimbatore - 641406, Tamilnadu, India |
|
|
|
|
Factory 4: |
wind mill
division
Udumalpet
(TK), Tirupur District, |
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|
|
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Factory 5: |
MACHINE TOOL DIVISION, FOUNDRY DIVISION AND MACHINE SHOP
Arasur, |
|
Tel No: |
91-421-3021300/ 3022537 /
3983000/ 3022553/ 3022511
|
|
Fax No.: |
91-421-2360029/ 3022577
|
|
E mail: |
mtd_markteting@lmw.co.in
|
|
|
|
|
Factory 6: |
ADVANCED TECHNOLOGY CENTRE
AND BASIC TRAINING DIVISION Ganapathy, Coimbatore - 641006, |
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|
|
|
Zone Office: |
West Zone Office: 2,3, Neeta Towers, Opposite Sandvik Asia, Mumbai-Pune Road, Dapodi,
Pune - 411012, Maharashtra, India Located at: · Mumbai · Kolhapur · Nashik · Vadodara · Ahmedabad · Indore South Zone Office: · Chennai · Hyderabad · Bengaluru ·
Hosur East Zone Office: Kolkata North Zone Office: ·
Delhi ·
Ludhiana ·
Rohtak
· Chandigarh |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Sanjay Jayavarthanavelu |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/Age : |
44 Years |
|
Qualification : |
MBA |
|
Experience : |
19
Years |
|
Date of Appointment : |
03.06.1994 |
|
|
|
|
Name : |
Mr. M.V. Subbiah |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. S. Pathy |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R. Satagopan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Basavaraju |
|
Designation : |
Nominee Director of LIC |
|
|
|
|
Name : |
Mr. Aditya Himatsingka |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Mukund Govind Rajan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. V. Sathyakumar |
|
Designation : |
Nominee Director of LIC |
|
|
|
|
Name : |
Mr. R. Rajendran |
|
Designation : |
Director Finance |
|
Date of Birth/Age : |
68 Years |
|
Qualification : |
B.Com; A C A |
|
Experience : |
42 Years |
|
Date of Appointment : |
01.04.1971 |
KEY EXECUTIVES
|
Name : |
Mr. K. Duraisami |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Ms. Nivetha |
|
Designation : |
Accounts Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
302247 |
2.68 |
|
|
2891378 |
25.66 |
|
|
3193625 |
28.35 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
3193625 |
28.35 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1164385 |
10.33 |
|
|
3240 |
0.03 |
|
|
1429925 |
12.69 |
|
|
218626 |
1.94 |
|
|
2816176 |
25.00 |
|
|
|
|
|
|
2226487 |
19.76 |
|
|
|
|
|
|
1448792 |
12.86 |
|
|
926569 |
8.22 |
|
|
654855 |
5.81 |
|
|
7000 |
0.06 |
|
|
4500 |
0.04 |
|
|
240 |
0.00 |
|
|
72061 |
0.64 |
|
|
18315 |
0.16 |
|
|
552739 |
4.91 |
|
|
5256703 |
46.66 |
|
Total Public shareholding (B) |
8072879 |
71.65 |
|
Total (A)+(B) |
11266504 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
11266504 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
and Selling of Textile Spinning Machinery, CNC Machine Tools, Heavy Castings
and parts and components for Aero space industry. |
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Products : |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
· Indonesia China
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Terms : |
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Selling : |
L/C and Credit |
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Purchasing : |
L/C and Credit |
GENERAL INFORMATION
|
Customers : |
End
Users |
|
|
|
|
No. of Employees : |
3755 (Approximately) |
|
|
|
|
Bankers : |
·
Indian
Bank, Coimbatore Main Branch, Tamilnadu, India Tel.
No.: 91-422-2397758 Bank of Baroda Citibank N.A. HDFC Bank IDBI Bank Standard Chartered Bank Bank of Nova Scotia |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
M.S.
Jagannathan and Visvanathan Chartered Accountants |
|
Address : |
Coimbatore, Tamilnadu, India |
|
|
|
|
Name : |
Subbachar
and Srinivasan Chartered Accountants |
|
Address : |
Coimbatore, Tamilnadu, India |
|
|
|
|
Cost Auditor : |
|
|
Name : |
Mr. A.N. Raman Cost Accountant |
|
Address : |
Chennai, Tamilnadu, India |
|
|
|
|
Wholly Owned
Subsidiaries: |
·
LMW
Textile Machinery (Suzhou) Company Limited LMW Machinery Limited [from
16.8.2011 to 31.3.2012] |
|
|
|
|
Other Related
Parties-Associates : |
·
Eshaan
Enterprises Limited Lakshmi Vignesh Corporate
Services Limited Harshini Textiles Limited Mahalakshmi Engineering Holdings
Limited Hermes Academy of Training
Limited Quattro Engineering India Limited Integrated Electrical Controls
Limited Revantha Holdings Limited Lakshmi Cargo Company Limited Revantha Builders Private Limited LCC Cargo Holdings Limited Sri Kamakoti Kamakshi Textiles
Private Limited Lakshmi Electrical Drives Limited
Sri Lakshmi Vishnu Plastics Lakshmi Technology and Engg.
Industries Limited Super Sales India Limited Lakshmi Ring Travellers (CBE)
Limited Starline Travels Limited Lakshmi Electrical Control
Systems Limited Titan Paints and Chemicals
Limited Lakshmi Precision Tools Limited Venkatavaradha Agencies Limited Lakshmi Life Sciences Limited Walzer Hotels Limited Note : Related party relationships are as identified by the
Management |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares * |
Rs.10/- each |
Rs.250.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11266504 |
Equity Shares |
Rs.10/- each |
Rs.112.665
millions |
|
|
|
|
|
*Including
2,50,00,000 equity shares of Rs. 10 each of erstwhile wholly owned subsidiary
LMW Machinery Limited as per Scheme of Amalgamation approved by the High Court
|
Particular |
31.03.2013 |
|
No. of Shares |
|
|
Aggregate Number of equity shares bought back in the preceding five year period preceding the balance sheet date ( In financial year 2010-11) |
1,12,66,504 |
Reconciliation of
number of shares
|
Particular |
31.03.2013 |
|
No. of Shares |
|
|
Number of Equity shares at the beginning |
1,12,66,504 |
|
Less : Equity Shares bought back during the year |
-- |
|
Number
of Equity shares at the end |
1,12,66,504 |
Shareholders holding
more than 5 percent Equity shares
|
Particular |
31.03.2013 |
|
|
No. of shares held |
% of Holding |
|
|
Life Insurance Corporation of India |
1093481 |
9.71% |
|
Lakshmi Cargo Company Limited |
9,23,718 |
7.31% |
|
Lakshmi Technology and Engineering Industries Limited |
6,67,090 |
5.92% |
|
The Lakshmi Mills Company Limited |
6,20,000 |
6.39% |
|
Voltas
Limited |
6,00,000 |
5.33% |
The Company has issued only one class of Equity share having a par value of Rs.10 per share. Each holder of Equity share is entitled to one vote per share. The Company declares dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to approval by the shareholders at the Annual General Meeting.
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 |
112.665 |
112.665 |
112.665 |
|
(b) Reserves & Surplus |
9490.213 |
8872.405 |
8156.940 |
|
(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) |
9602.878 |
8985.070 |
8269.605 |
|
|
|
|
|
|
(3) Non-current liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
129.019 |
228.706 |
276.042 |
|
(c) Other long term liabilities |
2340.351 |
2664.453 |
3369.240 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
2469.370 |
2893.159 |
3645.282 |
|
|
|
|
|
|
(4) Current liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
2537.651 |
2625.423 |
2670.273 |
|
(c) Other current liabilities |
3040.438 |
3632.371 |
3178.559 |
|
(d) Short-term provisions |
297.777 |
696.805 |
446.392 |
|
Total Current Liabilities (4) |
5875.866 |
6954.599 |
6295.224 |
|
|
|
|
|
|
TOTAL |
17948.114 |
18832.828 |
18210.111 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
4305.036 |
4946.772 |
4228.564 |
|
(ii) Intangible Assets |
60.869 |
28.846 |
31.479 |
|
(iii) Capital work-in-progress |
132.097 |
103.074 |
104.027 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1038.250 |
1540.730 |
1000.730 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
249.491 |
321.195 |
414.747 |
|
(e) Other Non-current assets |
0.000 |
170.239 |
100.175 |
|
Total Non-Current Assets |
5785.743 |
7110.856 |
5879.722 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2257.027 |
2153.218 |
2511.425 |
|
(c) Trade receivables |
1200.081 |
1292.968 |
1119.507 |
|
(d) Cash and cash equivalents |
7496.945 |
6923.456 |
7289.588 |
|
(e) Short-term loans and advances |
864.130 |
1071.200 |
1156.342 |
|
(f) Other current assets |
344.188 |
281.130 |
253.527 |
|
Total Current Assets |
12162.371 |
11721.972 |
12330.389 |
|
|
|
|
|
|
TOTAL |
17948.114 |
18832.828 |
18210.111 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
19171.301 |
21134.524 |
18037.477 |
|
|
|
Other Income |
787.156 |
845.077 |
796.568 |
|
|
|
TOTAL (A) |
19958.457 |
21979.601 |
18834.045 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
12014.973 |
13051.096 |
11103.208 |
|
|
|
Employee
benefits expense |
1795.704 |
1735.024 |
1668.253 |
|
|
|
Other expenses |
3486.198 |
3711.751 |
3013.096 |
|
|
|
Changes in inventories of finished goods and work-in-progress and Stock-in-Trade |
(226.181) |
58.188 |
(383.036) |
|
|
|
TOTAL (B) |
17070.694 |
18556.059 |
15401.521 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2887.763 |
3423.542 |
3432.524 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
3.660 |
50.073 |
13.018 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2884.103 |
3373.469 |
3419.506 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1177.206 |
1139.529 |
1041.084 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
1706.897 |
2233.940 |
2378.422 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
532.102 |
863.764 |
718.625 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1174.795 |
1370.176 |
1659.797 |
|
|
|
|
|
|
|
|
|
Less/ Add |
Investment Fluctuation
Reserve |
(14.494) |
(200.453) |
25.589 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
8069.832 |
7694.820 |
6572.260 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
120.000 |
140.000 |
170.000 |
|
|
|
Proposed Dividend |
225.330 |
563.326 |
337.995 |
|
|
|
Tax on Dividend |
38.295 |
91.385 |
54.831 |
|
|
BALANCE CARRIED
TO THE B/S |
8846.508 |
8069.832 |
7694.820 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export of goods on FOB basis |
2311.133 |
3214.996 |
2514.138 |
|
|
|
Technical
Know how / Royalty income |
18.867 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
2330.000 |
3214.969 |
2514.138 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
482.814 |
602.367 |
502.756 |
|
|
|
Components and Spares Parts |
1619.691 |
2104.773 |
1766.839 |
|
|
|
Capital Goods |
134.354 |
631.209 |
701.216 |
|
|
TOTAL IMPORTS |
2236.859 |
3338.349 |
2970.811 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
104.27 |
121.62 |
134.95 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
4168.400 |
5610.600 |
6296.400 |
|
Total Expenditure |
3712.000 |
4851.300 |
5462.700 |
|
PBIDT (Excl OI) |
456.400 |
759.300 |
833.700 |
|
Other Income |
231.900 |
264.800 |
205.600 |
|
Operating Profit |
688.300 |
1024.100 |
1039.300 |
|
Interest |
0.600 |
2.700 |
1.700 |
|
Exceptional Items |
(60.400) |
(2.900) |
(3.300) |
|
PBDT |
627.300 |
1018.500 |
1034.400 |
|
Depreciation |
243.500 |
253.100 |
260.700 |
|
Profit Before Tax |
383.800 |
765.400 |
773.700 |
|
Tax |
130.100 |
243.300 |
249.600 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
253.700 |
522.100 |
524.100 |
|
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 |
253.700 |
522.100 |
524.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
5.89
|
6.23
|
8.81 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.90
|
10.57
|
13.19 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.17
|
13.00
|
13.90 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.25
|
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00
|
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.07
|
1.69
|
1.96 |
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 |
112.665 |
112.665 |
112.665 |
|
Reserves & Surplus |
8156.940 |
8872.405 |
9490.213 |
|
Net
worth |
8,269.605 |
8,985.070 |
9,602.878 |
|
|
|
|
|
|
Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
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 |
18037.477 |
21134.524 |
19171.301 |
|
|
|
17.170 |
(9.289) |
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 |
18037.477 |
21134.524 |
19171.301 |
|
Profit |
1659.797 |
1370.176 |
1174.795 |
|
|
9.20% |
6.48% |
6.13% |
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% |
----- |
|
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 |
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 |
No |
LITIGATION DEAILS
CHENNAI COURT
CASE STATUS INFORMATION SYSTEM
|
Case Status: |
Pending |
|
Status Of: |
TAX CASES |
|
Case No.: |
3 |
|
Year : |
2012 |
|
Petitioner : |
THE STATE OF TN |
|
Respondent : |
M/S LAKSHMI MACHINE WORKS LTD |
|
Pet's Advocate : |
SSC Taxes |
|
Res's Advocate : |
|
|
Category : |
NO CATEGORY MENTIONED |
|
|
Last Listed on: No Date Mentioned |
|
Case Updated on : |
Feb 27 2012 |
INDEX OF CHARGES
|
S.NO. |
CHARGE
ID |
DATE
OF CHARGE CREATION/MODIFICATION |
CHARGE
AMOUNT SECURED |
CHARGE
HOLDER |
ADDRESS |
SERVICE
REQUEST NUMBER (SRN) |
|
1 |
90008971 |
28/03/2002 |
22,174,000.00 |
THE SOUTH INDIAN BANK LIMITED |
RAJA STREET, COIMBATORE, TAMILNADU, INDIA |
-
|
|
2 |
90005094 |
23/12/1999 * |
75,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI TOWER, CUFFE PARADE, MUMBAI - 400005,
MAHARASHTRA, INDIA |
-
|
|
3 |
90005093 |
27/03/1999 |
20,000,000.00 |
ICICI LIMITED |
C-23; G-BLOCK, BANDRA KURLA COMPLEX;
BANDRA(E), MUMBAI - 400051, MAHARASHTRA, INDIA |
-
|
|
4 |
90005083 |
15/06/1998 |
3,847,108.00 |
LLOYODS FINANCE LIMITED |
53; THIRUVENKATASWAMY ROAD, R.S. PURAM,
COIMBATORE - 641002, TAMILNADU, INDIA |
-
|
|
5 |
90003230 |
25/02/1998 |
1,000,000.00 |
INDIA CEMENTS CAPITAL FINANCE LIMITED |
39 ; STATE ; STERLING ROAD, CHENNAI - |
-
|
|
6 |
90005072 |
12/12/1997 |
25,000,000.00 |
VIJAYA BANK |
OPPANAKKARA STREET, COIMBATORE BRANCH,
COIMBATORE, TAMILNADU, INDIA |
-
|
|
7 |
90005060 |
19/06/1997 * |
80,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI TOWER, CUFFE PARADE, MUMBAI - 400005,
MAHARASHTRA, INDIA |
-
|
|
8 |
90005055 |
07/03/1997 |
12,000,000.00 |
LLYODS FINANCE LIMITED |
53-A; THIRUVENKATASAMY ROAD, R.S. PURAM,
COIMBATORE - 641002, TAMILNADU, INDIA |
-
|
|
9 |
90005048 |
01/11/1996 |
4,000,000.00 |
LLOYODS FINANCE LIMITED |
53; THIRUVENKATASWAMY ROAD, R.S. PURAM,
COIMBATORE - 641002, TAMILNADU, INDIA |
-
|
|
10 |
90008418 |
29/06/1998 * |
32,000,000.00 |
SYNDICATE BANK |
OPPANAKARA STREET, COIMBATORE - 641001, TAMILNADU,
INDIA |
-
|
|
11 |
90005043 |
04/07/1997 * |
5,000,000.00 |
GLOBAL TRUST BANK LIMITED |
AVINASHI ROAD, COIMBATORE - 641018,
TAMILNADU, INDIA |
-
|
|
12 |
90005042 |
07/09/1996 |
5,500,000.00 |
ELGI FINANCE LIMITED |
ELGI HOUSE, TRICHY ROAD, COIMBATORE - |
-
|
|
13 |
90005035 |
23/12/1999 * |
29,000,877.00 |
ICICI LIMITED |
C-23; G-BLOCK, BANDRA KURLA COMPLEX;
BANDRA(EAST), MUMBAI - 400051, MAHARASHTRA, INDIA |
-
|
|
14 |
90005034 |
28/12/1995 |
39,360,000.00 |
INDIAN RENEWABLE ENERGY DEVLOMENT AGENCY
LIMITED |
CORE-4A; EAST COURT, I-FLOOR; INDIA HABITA
CENTRE, LODI ROAD, NEW DELHI - 110003, INDIA |
-
|
|
15 |
90005033 |
21/12/1995 |
100,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI TOWER, CUFFE PARADE, MUMBAI - 400005,
MAHARASHTRA, INDIA |
-
|
|
16 |
90005022 |
16/08/1995 |
5,500,000.00 |
ELGI FINANCE LIMITED |
ELGI HOUSE, TRICHY ROAD, COIMBATORE - |
-
|
|
17 |
90008261 |
13/08/1996 * |
40,000,000.00 |
SYNDICATE BANK |
OPPANAKARA STREET, COIMBATORE, TAMILNADU -
641001, INDIA |
-
|
|
18 |
90005005 |
19/06/1997 * |
3,713,000.00 |
THE TAMILNADU INDUSTRIAL INVESTMENT
CORPOTATION LIMITED |
94; DR. NANJAPPA ROAD, COIMBATORE -
641018, TAMILNADU, INDIA |
-
|
|
19 |
90004998 |
06/04/1994 |
9,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI TOWER, CUFFE PARADE, MUMBAI - 400005,
MAHARASHTRA, INDIA |
-
|
|
20 |
90004988 |
12/08/1993 |
810,000.00 |
THE TAMILNADU INDUSTRIAL INVESTMENT
CORPORATION LIMITED |
94; DR. NANJAPPA ROAD, COIMBATORE -
641018, TAMILNADU, INDIA |
-
|
|
21 |
90004976 |
28/03/1992 |
779,160.00 |
INDIAN EQUIPMENT LEASING LIMITED |
21; PATULLOS ROAD, MUMBAI, MAHARASHTRA -
400005, INDIA |
-
|
|
22 |
90004975 |
25/03/1992 |
584,200.00 |
INDIAN EQUIPMENT LEASING LIMITED |
21; PATULLOS ROAD, MADRAS, TAMILNADU,
INDIA |
-
|
|
23 |
90004914 |
14/06/1988 * |
58,800,000.00 |
STATE BANK OF INDIA |
MAIN BRANCH, COIMBATORE - 641018,
TAMILNADU, INDIA |
-
|
|
24 |
90004911 |
31/03/1988 * |
50,000,000.00 |
STATE BANK OF INDIA |
MAIN BRANCH, COIMBATORE - 641018,
TAMILNADU, INDIA |
-
|
|
25 |
90004884 |
28/01/1987 * |
46,000,000.00 |
STATE BANK OF INDIA |
MAIN BRANCH, COIMBATORE - 641018,
TAMILNADU, INDIA |
-
|
|
26 |
90002205 |
11/07/1995 * |
990,000.00 |
STATE BANK OF INDIA |
C AND I DIVISION, COIMBATORE, TAMILNADU -
641018, INDIA |
-
|
|
27 |
90007715 |
19/04/1986 |
630,800.00 |
SYNDICATE BANK |
OPPANAKARA STREET, COIMBATORE, TAMILNADU -
641001, INDIA |
-
|
|
28 |
90007682 |
21/08/1985 |
21,000,000.00 |
SYNDICATE BANK |
OPPANAKARA STREET, COIMBATORE - 641001,
TAMILNADU, INDIA |
-
|
|
29 |
90007600 |
18/05/1984 |
194,199.00 |
SYNDICATE BANK |
OPPANAKARA STREET, COIMBATORE - 641001,
TAMILNADU, INDIA |
-
|
|
30 |
90002136 |
08/01/1984 |
14,200,000.00 |
STATE BANK OF INDIA |
COIMBATORE, COIMBATORE - 641018,
TAMILNADU, INDIA |
-
|
|
31 |
90007558 |
28/06/1983 |
3,254,000.00 |
SYNDICATE BANK |
OPPANAKARA STREET, COIMBATORE - 641001,
TAMILNADU, INDIA |
-
|
|
32 |
90002126 |
09/05/1983 |
490,000.00 |
STATE BANK OF INDIA |
COIMBATORE, COIMBATORE - 641018,
TAMILNADU, INDIA |
-
|
|
33 |
90004820 |
14/03/1983 |
500,000.00 |
STATE BANK OF INDIA |
COIMBATORE, COIMBATORE, TAMILNADU, INDIA |
-
|
|
34 |
90007546 |
11/03/1983 |
635,000.00 |
SYNDICATE BANK |
OPPANAKARA STREET, COIMBATORE, TAMILNADU -
641001, INDIA |
-
|
|
35 |
90007517 |
26/11/1982 |
2,500,000.00 |
LIFE INSURANCE CORPORATION OF INDIA |
YOGAKSHEMA JEEVAN BIMA MARG, BOMBAY - |
-
|
|
36 |
90007481 |
23/09/1981 |
2,500,000.00 |
LIFE INSURANCE CORPORATION OF INDIA |
YOGAKSHEMA JEEVAN BIMA MARG, BOMBAY - |
-
|
* Date of charge modification
CORPORATE INFORMATION
Subject is a public company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on three stock exchanges in India. The company is engaged in the manufacturing and selling of Textile Spinning Machinery, CNC Machine Tools, Heavy Castings and parts and components for Aerospace industry. The company caters to both domestic and international markets.
OPERATIONS
During
the year, the Company has recorded a turnover of Rs.18643.275
Millions (2011-12: Rs.20724.919 Millions)
resulting in a Net Profit of Rs.1706.897 Millions before tax
(2011-12: Rs.2233.940 Millions).
During
the year the turnover has decreased by 10.04% over the previous year and
consequently the profit has decreased by 23.59%. Increase in commodity prices,
power and fuel expenses and under absorption of fixed costs has affected the
profitability.
TEXTILE MACHINERY
DIVISION
The
Textile Machinery Division of the Company, during the year, has recorded a
turnover of Rs.16287.957 Millions as
against Rs.17532.951 Millions achieved
during previous year. This represents a decrease of 7.10% over the previous
year.
The
Indian Textile Industry has experienced difficult conditions during 2012-13.
Traditional markets for Indian textiles namely, USA and Europe are yet to
recover from the effects of global financial crisis. More worrying is the fact
that these important markets show no signs of any improvement in their economic
status despite economic stimulus measures. Within India, all round industrial
slow down and a growing inflation has affected growth in domestic demand. Acute
power shortage, non availability of trained manpower and lack of clarity in
Government policies and support has added to further woes.
In
view of the prevailing uncertainty, Textile mills in India and abroad preferred
to defer their capacity addition/modernization plans resulting in lower growth.
High cost of self generated power, increase in commodity prices and under
utilisation of capacity has contributed to the down trend.
However,
the second half of the year witnessed an increased demand for yarn from China
due to a change in the Yarn Import Policy of that country. As China meets with
nearly 40% of the global garment requirements, exports of yarn from India are
likely to increase in the near future. During the year despite the odds, stable
cotton prices and increased yarn exports to china has improved the
profitability of many textile mills in India.
The
Union Budget for 2013-14 has given an impetus to the Indian Textile Industry in
the form of continuation of the Technology Upgradation Fund Scheme during the 12th
Five Year Plan period, removal of excise duty for readymade garments, sanction
of additional funds for textile parks, extension of interest subvention
schemes, inclusion of textiles under the Focus Product Scheme etc. These
measures are expected to aid the recovery and growth of the Indian Textile
Industry. Also it is encouraging to note that various State Governments in
India have announced attractive schemes for establishment of Textile Spinning
units as green field projects.
MACHINE TOOL DIVISION
During
the year, this division has achieved a turnover of Rs.1444.264 Millions as against the turnover of Rs.2274.917 Millions recorded during the previous year showing
a decrease of 36.51 % over last year.
Decline
in turnover is due to the slowdown of industrial activity in the country
particularly in the automotive, infrastructure, heavy engineering and
construction industries. Competition from low cost unorganised Machine Tool
manufacturers, import of second hand machinery and stiff competition from high
tech overseas Machine Tool manufacturers have also led to a fall in volume.
During
the year, this division has introduced 10new machines/variants of the existing
product range. New products were displayed at exhibitions like IMTEX-2013,
Bangalore, AMTEX -13 New Delhi and ACMEE-13 at Chennai and were well received.
It is expected that when economic activity picks up in India, demand for these
new products alongwith existing products is set to increase.
FOUNDRY DIVISION
Foundry
Division has achieved a turnover of Rs.905.332
Millions as against Rs.917.007 Millions recorded
during the previous year showing a marginal decrease of 1.27% over the previous
year. This Division has exported castings worth Rs.652.262
Millions as against Rs.524.770 Millions made during
the previous year. The export turnover constitutes 72.05% of the division’s
turnover. The growth in exports is mainly on account of growing demand for
locomotive castings due to the growth of railway locomotive business in North
America and Europe.
Commencement
of infrastructure projects like metro rail in major cities of the country,
constant growth of renewal
energy
segment, setting up of factories and/or International Procurement Offices (IPO)
in India by MNCs manufacturing OE equipments, will give fillip to Foundry
industry in India.
WIND ENERGY DIVISION
As
a responsible corporate citizen, the Company continues to tap the non
conventional and renewable resources of energy namely Wind Power. In an era of
acute power shortage, wind energy occupies the centre stage in the energy
policy of the Company. So far the Company has installed 28 wind mills with a
total installed capacity of 36.80 MW. During the year this division has
generated 945 lakh units as against 647 lakh units during the previous year.
ADVANCED TECHNOLOGY
CENTRE
The
Company has established the Advanced Technology Centre to manufacture and
supply high precision parts and components required for the Aerospace Industry.
For this purpose, the Company has created infrastructure and capabilities that
are accredited with the AS 9100 Rev B certification and the NADCAP approvals.
During
the year this division has commenced commercial production and has achieved a
maiden turnover of Rs.57.21 Millions. Product
supply agreements have been concluded with leading original equipment
manufacturers / sourcing intermediaries. A number of products are currently
under customer validation process. These products are expected to bring more
volume of business for this division in the years to come.
REAL ESTATE ACTIVITY
Directorate
of Town and Country Planning has already approved the Real Estate project of
the Company. Now, few more approvals are awaited and on receipt of the same the
real estate project will be launched at an appropriate time.
AWARDS
During
the year 2012-13 the Company has bagged the following Awards:
1)
Star Performer Award for 2011-12 from Engineering Export Promotion Council of
India.
2)
Apex Export Award from the Textile Machinery Manufacturers Association of
India.
3) Award
for Research and Development from Textile Machinery Manufacturers Association
of India.
MERGER OF LMW
MACHINERY LIMITED
With
the acquisition of the 50% stake held by Rieter Machine Works Limited in the
erstwhile joint venture company Rieter- LMW Machinery Limited (RLM), RLM became
a wholly owned subsidiary of the Company effective from 16th August, 2011. The
name of the said company has been changed to “LMW Machinery Limited” (LMWML)
with effect from 2nd September, 2011 and was functioning as a separate company.
LMWML has surrendered its 100% EOU license and has filed an IEM to manufacture
and sell textile machinery in India and abroad.
As
LMW and LMWML were pursuing the same line of business Management felt that it
was appropriate to merge LMWML with LMW to achieve synergy in operations and to
reduce overhead expenses. A petition to this effect, was filed before the
Hon’ble High Court of Judicature at Madras praying for the merger of LMWML with
LMW. The Hon’ble High Court of Judicature at Madras by an order dated 26th
April, 2013 under CP No:33/2013 has approved the merger of LMWML with LMW
effective from 1st April, 2012.
The
standalone financial statements of the Company for the year 2012-13 include the
performance of the erstwhile LMWML also.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
ECONOMIC OVERVIEW:
The Indian economy has logged a GDP growth rate of 5.0% during 2012-13 as against the growth rate of 6.50% recorded during 2011-12.
Both
external and domestic factors have contributed to this trend. Large global
economies continue to languish in recession leading to a slowdown in exports
going out of India. Meanwhile, within India a lot has happened during 2012-13.
Damage control measures were undertaken earlier by the Government to mitigate
the effects of a global financial crisis leading to a stronger economic growth
during 2009- 10 and 2010-11. Though consumption expanded, unexpectedly
inflationary pressures also climbed. Threatened with an adverse public reaction
to the increasing cost of living, the Reserve Bank of India had started to
tighten its monetary policy. This in turn directly stunted the economy’s
ability to grow during 2012-13. It is notable that this downturn has been felt
uniformly across all industrial and service-based segments. During the same
period India’s current account deficit has also widened due to higher oil
prices and also due to increased import of gold.
In
response to these conditions, the Government has tried to spur domestic growth
momentum by increasing liquidity availability through measures such as
catalysing investment and by curtailing subsidy outgo. Recently, the government
has initiated numerous measures like allowing foreign direct investment in
multi brand retail, aviation and broadcasting. It has opened up the pension
sector for foreign investment and has raised the FDI cap in the insurance
sector. It has also hiked the diesel prices and has reduced subsidy for
petroleum products.
RBI
is widely expected to start easing policy rates considering the moderation in
inflation and also due to greater than anticipated slowdown in the growth rate.
Consequentially, the presence of a huge domestic consumption market and easy
liquidity conditions, private investment sentiment and corporate activity is expected
to pick up shortly. This will boost efforts at infrastructure building and
capacity creation within the country.
TEXTILE MACHINERY
DIVISION
INDUSTRIAL OVERVIEW
The Indian textile industry is one among the leading textile industries
of the world. In equal measure, it has an overwhelming presence in the economic
life of the country. The textile industry not only provides with one of the
basic necessities of life but also plays a vital economic role by contributing
towards industrial output, employment
generation and forex generation through exports.
This sector contributes to about 14% of industrial production and
17% to India’s export earnings. This industry provides direct employment to
about 35 million people. The textile sector is the second largest employer
within India after agriculture. Growth and development of this industry has a
direct bearing on the well-being of the Indian economy. Though the Indian
textile industry has had a long tradition and heritage it was largely
unorganized till a few decades back. Economic reforms of 1991 and the removal
of the quota system in 2005 has changed this scenario completely. It is
encouraging to note that the Indian textile industry today is characterised by
the presence of both the volume and niche players.
Recently, yarn exports from India have improved due to a change in
yarn import policy in China. Traditional markets like the US, the EU and Japan
despite being constrained by economic recession continue to be important
destinations for Indian textiles. The Indian textile industry is also blessed
with a huge domestic market. However fundamental issues like inadequate power,
shortage of manpower, reluctance to upgrade to contemporary technology, lack of
clarity in governmental policy continue to plague the industry
OUTLOOK
Moderation in inflation rates, the expectation of a normal monsoon, removal of excise duty on the spun yarn and readymade garments would stimulate domestic demand. Growth in traditional markets and China is expected to boost external demand for the Indian textile industry augurs well for the Company.
MACHINE TOOL DIVISION
INDUSTRIAL OVERVIEW
India is the 18th largest manufacturer of machine tools in the
world. The Indian machine tool industry consists of about 450 manufacturing
units of which 150 are in the organised sector. Domestic manufacturers account
for about 45% of consumption within the Indian machine tools market.
Since 2002, the Indian engineering sector especially the auto and
auto ancillary sector has witnessed increased investments as global engineering
giants have started outsourcing from India and have started to establish their
manufacturing facilities based in India. This led to a spurt in demand for
machine tools in India. Now the Indian machine tool industry is in a position
to export the general purpose and standard machine tools to even industrially
advanced countries.
The recessionary pressure of 2012-13 have severely impacted the
industrial activity within India and as a result the growth of the Indian machine
tools industry was hampered. However the recent revival in the index of
industrial production can be construed as a harbinger of growth for the Indian
machine tools industry.
OUTLOOK
Globally India is recognised as a cost-effective manufacturing hub
for engineering goods. The government is also implementing measures to increase
the share of manufacturing in GDP to boost employment. The Company’s policy of
continuous research and development gives it the ability to respond to market
requirements.
FOUNDRY DIVISION
INDUSTRIAL OVERVIEW
The Indian foundry industry consists of 4,600 units capable of
manufacturing nine million tonnes of castings per year. Recently, the foundry
industry has been facing hurdles like inadequate power supply, non-availability
of skilled manpower, lack of government support towards pollution control
measures among others. The general economic slowdown has also impacted the
Foundry Industry.
OUTLOOK
Government’s commitment to improve infrastructural facilities to
attract more foreign direct investment, undertaking of metro rail projects in
all major cities, compulsion to install new power projects would all boost the
demand for heavy castings.
Adoption of world-class manufacturing technology, introduction of
a LEAN manufacturing programme, internal augmentation plan in the heavy
moulding area, focused approach on customers in both the domestic and export
markets will enable this division to perform well during FY 2013-14.
CONTINGENT
LIABILITIES:
|
Particular |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Bills discounted with banks |
0.000 |
50.975 |
|
Letters of Credit |
314.741 |
218.000 |
|
Bank
Guarantee |
147.169 |
203.067 |
|
Central
Excise Demand |
44.399 |
38.559 |
|
Disputed
tax dues are appealed before concerned appellate authorities. The Company is
advised that the cases are likely to be disposed off in favour of the Company
and hence no provision is considered necessary therefor |
|
|
|
Estimated
balance of committed share subscription to wholly owned subsidiary company,
LMW Textile Machinery (Suzhou) Company Limited [USD 7.50 million]; (previous
year USD 7.50 million) |
234.361 |
390.602 |
|
Estimated
amount of contracts remaining to be executed on capital account not provided
for |
52.980 |
128.200 |
UNAUDITED FINANCIAL RESULTS FOR THE PERIOD ENDED 31ST
DECEMBER 2013
(Rs. In Millions)
|
SI. No. |
PARTICULARS |
Quarter Ended |
Period Ended |
||
|
31.12.2013 (Unaudited) |
30.09.2013 (Unaudited) |
31.12.2013 (Unaudited) |
|||
|
1 |
a) Net
Sales / Income from Operations (Net of Excise Duty) |
6086.574 |
5410.539 |
15519.677 |
|
|
|
b) Other
Operating Income |
209.819 |
200.017 |
555.702 |
|
|
|
Total Income from operations (net) |
6296.393 |
5610.556 |
16075.379 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a. Cost of
Material Consumed |
3827.383 |
3473.911 |
9883.423 |
|
|
|
b.
Purchase of Stock-in-trade |
0.000 |
0.000 |
0.000 |
|
|
|
c. Changes in inventories of finished goods,
work-in-progress and stock -in-trade |
47.666 |
(115.376) |
(203.087) |
|
|
|
d.
Employee benefits expense |
584.683 |
621.772 |
1684.808 |
|
|
|
e.
Depreciation and Amortisation expense |
260.724 |
253.103 |
757.282 |
|
|
|
f. Other Expenses |
1002.972 |
870.982 |
2660.881 |
|
|
|
Total Expenses |
5723.428 |
5104.392 |
14783.307 |
|
|
3 |
Profit from Operations before other income, finance costs
and exceptional items |
572.965 |
506.164 |
1292.072 |
|
|
4 |
Other
Income |
205.637 |
264.822 |
702.305 |
|
|
5 |
Profit
from ordinary activities before finance costs and exceptional Items |
778.602 |
770.986 |
1994.377 |
|
|
6 |
Finance
Costs |
1.686 |
2.666 |
4.961 |
|
|
7 |
Profit from ordinary activities after finance costs
but before exceptional Items |
776.916 |
768.320 |
1989.416 |
|
|
8 |
Exceptional
Items |
3.267 |
2.908 |
66.540 |
|
|
9 |
Profit
from Ordinary Activities before tax |
773.649 |
765.412 |
1922.876 |
|
|
10 |
Tax
Expense |
249.600 |
243.300 |
623.000 |
|
|
11 |
Net Profit
from Ordinary Activities after tax |
524.049 |
522.112 |
1299.876 |
|
|
12 |
Extraordinary
items (Net of Tax expense) |
0.000 |
0.000 |
0.000 |
|
|
13 |
Net Profit
for the period |
524.049 |
522.112 |
1299.876 |
|
|
14 |
Paid-up
Equity Share Capital (Face Value Rs. 10/- each) |
112.665 |
112.665 |
112.665 |
|
|
15 |
Reserves Excluding Revaluation Reserves as per
Balance Sheet of previous accounting year |
-- |
-- |
-- |
|
|
16 |
Earnings Per
Share (before extraordinary items)(of Rs. 10 each) |
|
|
|
|
|
|
(a) Basic |
46.51 |
46.34 |
115.38 |
|
|
|
(b)
Diluted |
46.51 |
46.34 |
115.38 |
|
|
17 |
Earnings
Per Share (after extraordinary items)(of Rs. 10 each) |
|
|
|
|
|
|
(a) Basic |
46.51 |
46.34 |
115.38 |
|
|
|
(b)
Diluted
|
46.51 |
46.34 |
115.38 |
|
|
SI. No. |
PARTICULARS |
Quarter Ended |
Half Year Ended |
||
|
30.09.2013 (Unudited) |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
|||
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
1 |
Public Share
Holding - Number of Shares |
8073199 |
8073699 |
8073199 |
|
|
|
- Percentage of Shareholding |
71.66% |
71.66% |
71.66% |
|
|
2 |
Promoters and
Promoter Group Shareholding a) Pledaed / Encumbered |
|
|
|
|
|
|
-Number of Shares |
-- |
-- |
-- |
|
|
|
- Percentage of Shareholding (as a % of the total shareholding of promoter and promoter group) |
-- |
-- |
-- |
|
|
|
- Percentage of Shares (as a % of total share capital of the Company) |
-- |
-- |
-- |
|
|
|
b) Non - Encumbered |
|
|
|
|
|
|
- Number of Shares |
3193305 |
3192805 |
3193305 |
|
|
|
- Percentage of Shares (as a % of total shareholding of promoter and promoters group) |
100.00% |
100.00% |
100.00% |
|
|
|
- Percentage of Shares (as a % of total share capital of the Company) |
28.34% |
28.34% |
28.34% |
|
|
|
PARTICULARS |
3 months
ended 31.12.2013 |
|
B |
INVESTOR COMPLAINTS (Nos.) |
|
|
1 |
Pending at
the beginning of the quarter |
NIL |
|
2 |
Received
during the quarter |
3 |
|
3 |
Disposed
of during the quarter |
3 |
|
4 |
Remaining
unresolved at the end of the quarter |
NIL |
SEGMENT WISE REVENUE, RESULT AND CAPITAL EMPLOYED FOR THE PERIOD ENDED
31ST DECEMBER, 2013
(Rs. In millions)
|
SI. No. |
PARTICULARS |
Quarter Ended |
Period Ended |
||
|
31.12.2013 (Unaudited) |
30.09.2013 (Unudited) |
31.12.2013 (Unaudited) |
|||
|
1 |
Segment
Revenue a )Textjle Machinery Division b)Machine Tool and Foundry Divisions c)Advanced Technology Centre |
5682.918 578.112 72.340 |
5130.608 571.669 17.368 |
14603.043 1596.190 98.640 |
|
|
|
Total |
6333.370 |
5719.645 |
16297.873 |
|
|
|
Less: Inter-segment revenue |
36.889 |
34.701 |
99.032 |
|
|
|
Net
Sales/Income from Operations |
6296.481 |
5684.944 |
16198.841 |
|
|
|
|
|
|
|
|
|
2 |
Segment
Results (Profit
before Interest and tax) a)Textile Machinery Division b)Machine Tool and Foundry Divisions c)Advanced Technology Centre |
575.792 40.083 (30.14) |
602.397 17.184 (20.112) |
1440.131 63.436 (90.347) |
|
|
|
Total |
595.731 |
599.469 |
1413.220 |
|
|
|
Add : Other un-allocable income net of Unallocable
expenditure |
177.918 |
165.943 |
509.656 |
|
|
|
Total
Profit Before Tax |
773.649 |
765.412 |
1922.876 |
|
|
|
|
|
|
|
|
|
3 |
Capital
Employed (Segment
Assets-Segment Liabilities) a )Textile Machinery Division b)Machine Tool and Foundry Divisions c)Advanced Technology Centre |
7968.570 1776.683 66.912 1090.590 |
7816.678 1433.753 38.944 1089.329 |
7968.570 1776.683 66.912 1090.590 |
|
|
|
TOTAL
|
10902.755 |
10378.702 |
10902.755 |
|
NOTES :
1. The above results were reviewed by the Audit Committee and approved by the Board of directors at their meeting held on 20th January, 2014. Statutory Auditors have carried out limited review of the above results.
2. Exceptional item represents Compensation paid to those employees who opted for Voluntary Retirement Scheme.
3. Figures for the previous period have been regrouped /rearranged wherever necessary. Figures for the quarter/half year ended 30th December, 2012 are recast to include the figures of LMW Machinery Limited which was amalgamated with the Company with effect from 01.04.2012.
FIXED ASSETS
Ø
Tangible
Assets
Land
Buildings
Plant and Equipment
Furniture and Fixtures
Office Equipments
Vehicles
Ø
Intangible Assets
Technical Knowhow
Software
PRESS RELEASE
LAKSHMI MACHINE WORKS TO EXPAND CAPACITY
Chennai/ Bangalore
January 27, 2011
Lakshmi Machine Works Limited (LMW), the Coimbatore-based a textile machines and machine tools manufacturer, is on an expansion mode. The company is set to expand its machine tool manufacturing capacity by 25-30 per cent to 150 machines per month from March this year to meet the growing demand.
“The demand for machine tools is increasingly from automobile and general engineering sectors to aerospace, defence and railways this year. Recently, we invested Rs 220.000 Millions to double our capacity to 120 machines per month. But this is not enough as we have got huge orders for the next one-year. So, we are planning to increase the capacity further,” I N Bhattacharya, deputy general manager - marketing and sales, LMW LIMITED, said.
LMW manufactures CNC lathes and machining centers for automobile companies, auto component manufacturers as well as Tier 1 and Tier 2 manufacturers of component conversion industry. The company, recently added mother machines in its portfolio and revamped its foundries to churn out castings faster, he said.
LMW is focusing on aerospace, defence and railways in a big way. Hindustan Aeronautics Limited (HAL) is one of the big customers from the aerospace sector for LMW. Its customers from the automobile sector includes Maruti Suzuki, Ashok Leyland, TVS Motors, Sundaram Fastners, Amalgamation Group, Tata Motors, Bosch and other Tier1 and Tier 2 suppliers.
Bhattacharya said the company’s order book position for CNC lathes is very strong currently and it has over Rs 1200.000 Millions worth of orders in hand, for which it would take seven months to deliver. The company is likely to close the current fiscal with a total turnover of Rs 1850.000 Millions, a growth of 91 per cent over the last year. During the next fiscal it is aiming at a growth of close to 50 per cent. “We witnessed the worst period during the year 2008-09, when our turnover was in the range of Rs 650.000 Millions. Last year was a good year, but this year, we are getting huge orders for CNC lathes from the automobile sector,” he said.
He said LMW has launched seven new machines including horizontal machining center and high speed turning center to cater to the huge demand from the automotive industry. It is also coming out with large machines with common applications for sectors like railway, defence and automobile for launch during the next fiscal.
The company would also provide end-to-end solutions in association with its sister concern, Quatro, he added.
CCI
DROPS CASE AGAINST LAKSHMI MACHINE WORKS
New Delhi,
February 20:
Fair trade regulator CCI has closed the case against textile machine
maker Lakshmi Machine for alleged abuse of dominant position in the market for
“sale of spinning machinery for textiles”.
“ ... despite the fact that the opposite party (Lakshmi Machine Works) was
a dominant player in the relevant market, mere increase in prices by the
opposite party for valid economic reasons for all of its customers cannot
amount to imposing of unfair or discriminatory conditions in purchase or sale
of goods or services,” the Competition Commission of India (CCI) said in its
order dated February 15.
In a complaint filed by Shahi Exports, it was alleged that Lakshmi
Machine Works had increased the price of textile machineries it had ordered.
According to the order, during the arbitration proceedings with the
complainant, Lakshmi Machine Works had submitted that the increase in price was
due to increase in cost of inputs such as raw materials and labour, among
others.
CCI noted that Lakshmi Machine Works had been “increasing the price of
its products at regular intervals and it was not discriminating with any of its
customers but had increased the prices for all of its customers alike”.
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.58.48 |
|
|
1 |
Rs.98.67 |
|
Euro |
1 |
Rs.79.81 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
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.