MIRA
INFORM REPORT
|
Report Date : |
09.10.2014 |
IDENTIFICATION DETAILS
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Name : |
BLUE STAR LIMITED |
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Formerly Known
As : |
BLUE STAR ENGINEERING COMPANY ( |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
20.01.1949 |
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Com. Reg. No.: |
11-006870 |
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Capital
Investment / Paid-up Capital : |
Rs. 179.872 Millions |
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CIN No.: [Company Identification
No.] |
L28920MH1949PLC006870 |
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IEC No.: |
0388021454 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB11714D |
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PAN No.: [Permanent Account No.] |
AAACB4487D |
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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
: |
Subject is into the business of central air conditioning and commercial refrigeration and also into distribution and maintenance of imported professional electronics and industrial systems. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
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MIRA’s Rating : |
A (68) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 21200000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established and reputed company having fine track
record. Financial position of the company seems to be decent. Trade relations are fair. Business is active. Payment terms are
reported as regular and as per commitments. The subject 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks over
coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would take
a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE |
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Rating |
Commercial Paper : A1+ |
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Rating Explanation |
Strong degree of safety and lowest credit risk. |
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Date |
16.01.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED BY
|
Name : |
Mr. Bijoy Mukherjee |
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Designation : |
Not Divulged |
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Contact No.: |
91-22-66544000 / 66684000 |
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Date : |
08.10.2014 |
LOCATIONS
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Registered Office/ Head Office/ Corporate
Office : |
Kasturi
Building, Jamshedji Tata Road, Mumbai
– 400020, Maharashtra, India |
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Tel. No.: |
91-22-66654000 |
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Mobile No.: |
91-9820045298 (Mr. S. S. Basisth) |
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Fax No.: |
91-22-66654151 |
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E-Mail : |
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Website : |
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Factory 1 : |
2nd Pokhran Road, Majiwada, Thane – 400601, Maharashtra,
India |
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Tel. No.: |
91-22-25346265 |
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Fax No.: |
91-22-25345525 |
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Factory 2 : |
Plot Nos. 4 and
5, GIDC Industrial Estate, Narmada Nagar Post, Bharuch - 392 015, Gujarat,
India |
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Tel. No.: |
91-2642-246116 |
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Fax No.: |
91-2642-246026 |
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Factory 3 : |
Survey No. 265/2,
Demni Road, Dadra - 396 191, Union Territory of Dadra and Nagar Haveli, India |
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Tel. No.: |
91-260-2648617 /
618 |
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Fax No.: |
91-260-2648503 |
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Factory 4 : |
Nahan Road, Rampur
Jattan Kala Amb, District Sirmour, Himachal Pradesh 173030, India |
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Factory 5 : |
Village Vasuri
Khurd Khanivali Road Po: Khupari Taluka: Wada Dist: Thane – 421 312,
Maharashtra, India |
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Factory 6: |
Survey No. 265/2, Demni Road, U. T. of Dadra and Nagar Haveli – 396 193, India |
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Factory 7: |
501/3, 503/2, Tejpur Road, Sarkhej Baula Highway, Changodar, Ahmedabad - 382 213, Gujarat, India |
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Regional Office: |
Ø Blue Star House, 9A, Ghatkopar Link Road,
Sakinaka, Mumbai – 400072, Maharashtra, India Tel No. 91-22-28523600 Fax No. 91-22-28522988 Ø Block 2-A, DLF Corporate Park, DLF Qutab
Enclave, Phase III, Gurgaon - 122
002, Haryana, India Tel. No. 91-124-26359001-20 Fax No. 91-124-26359220 Ø 7, Hare Street, Kolkata - 700 001, West
Bengal, India Tel. No. 91-33-22480131 Fax No. 91-33-22481599 Ø 133, Kodambakkam High Road, Chennai - 600
034, Tamilnadu, India Tel. No. 91-44-28272056 Fax No. 91-44-28253121 |
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Overseas
Office : |
·
Malaysia ·
U.A.E. ·
U.S.A. |
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Sales &
Services Offices: |
Ø
Sahas,
414/2 Veer Savarkar Marg, Prabhadevi, Mumbai 400025, Maharashtra, India Tel. No 91-22-56664000
Fax. No. 91-22-56664001 Location: Owned Ø
59 Forbes Street, Mumbai 400
001, Maharashtra Tel: 91-22-22843873 Ø
Unit G-2, Shalimar Industrial
Estate, Dharavi Road, Matunga, Mumbai 400 019, Maharashtra Tel. No 91-22-24075356/57 Fax. No 91-22-24024644 Ø
Unit 1 Prabhadevi Industrial
Estate, Prabhadevi, Mumbai 400025, Maharashtra Tel. No 91-22-24227305 Fax. No 91-22-24376041 Ø
201/A, Nityanand Complex,
247/A Bund Garden Road, Pune 411011, Maharashtra Tel. No 91-20-26127230 Fax. No 91-20-26121342 Ø
Ramkrishna Chambers,
Productivity Road, Alkapuri, Vadodara, Gujarat Tel. No 91-265-2332022 Fax. No 91-265-2337516 Ø
219 Bajaj Nagar, 1st Floor,
South Ambazari Road, Nagpur 440010, Maharashtra Tel. No. 91-712-2249301 / 2249304 Ø
"Star Arcade", 2nd
Floor, Plot No. 165A and 166, Zone - I, Maharana Pratap Nagar, Bhopal - 462
011, Madhya Pradesh Tel. No 91-755-25273378 Ø
1st Floor, Flat No.1, Vaibhav
Apartment, Vidyanagar Colony, Miramar, Panjim, Goa 403 001 Tel. No. 91-832-2462756 Ø
E-44/12, Okhla Industrial
Area, Phase II, New Delhi 110 020 Tel. No 91-11-51494000 Fax. No 91-11-51494004 Ø
T.C.IX/1490, Chandrika,
Sasthamangalam, Thiruvananthapuram - 695 010, Kerala Tel. No. 91-471-2720025 Ø
1, Madhya Marg, Sector 26,
Chandigarh - 160 019 Tel. No 91-172-2791101/2792934 Fax. No 91-172-2791101 Ø
B-140, Nirala Nagar, Lucknow
226 007, Uttar Pradesh Tel. No 91-522-2789172 Ø
A-19, First Floor, Main
Sahakar Path, Nr. Sahakar Bhavan, Jaipur, Rajasthan Tel. No 91-141-5179359/60 Ø
2nd Floor, New
Star Freeze Building, Opposite Kunjalata Bibah Bhawan, G S Road, Guwahati –
781005, Assam Tel. No. 91-361-2340619 Ø
3A, Satya Nagar, 2nd Floor, Bhubaneswar
751 007, Orissa Tel. No 91-674-2508239 / 2508270 Ø
5 Bazullah Road, T Nagar,
Chennai 600 017, Tamilnadu Tel. No 91-44-28235531 / 28235534 Fax. No. 91-44-28235667 Ø
11 A Magarath Road, Bangalore
560 025, Karnataka Tel. No 91-80-25584728 Fax. No. 91-80-25584599 Ø
Meenakshi Mandiram,
XXXIX/4080, M.G. Road, Kochi – 682016, Kerala Tel. No. 91-484-2361282 / 2367843 Ø
207 Sikh Road, Bantia Estate,
Secunderabad 500 003, Andhra Pradesh Tel. No. 91-40-27842057 /
27842058 Fax. No. 91-40-27841445 Ø
47-12-6/7, 2nd Floor,
Amaravathi Complex, Dwarakanagar, Visakhapatnam, Andhra Pradesh, India Tel. No. 91-891-2748433 Fax. No. 91-891-2701041 |
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Branch Office: |
No. 46, Garuda
Buildings, Cathedral Road, Chennai – 600 086, Tamilnadu, India |
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Tel No.: |
91-44-42444250 |
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Fax No.: |
91-44-42444190 |
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Email: |
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Location: |
Rented |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Ashok Mohan
Advani |
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Designation : |
Chairman |
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Address : |
105, Samudra Mahal, Dr. Annie Besant Road, Mumbai – 400018,
Maharashtra, India |
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Date of Birth/Age : |
17.11.1941 |
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Qualification : |
B. Sc., SB, MBA |
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Date of Appointment : |
01.08.1979 |
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DIN No.: |
00001372 |
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Name : |
Mr. Suneel M.
Advani |
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Designation : |
Executive Vice Chairman |
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Address : |
232, Urvashi, 23rd Floor, Petit Hall Complex, Nepeansea
Road, Mumbai -400006, Maharashtra, India |
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Date of Birth/Age : |
23.02.1944 |
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Qualification : |
SB, SB, LL.B., |
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Date of Appointment : |
03.03.1983 |
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DIN No.: |
00001709 |
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Name : |
Mr. Vir S Advani |
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Designation : |
President - Electro Mechanical Projects Group and Executive Director |
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Address : |
232, Urvshi, Patit Hall Complex, Napeansea Road, Mumbai – 400006, Maharashtra,
India |
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Date of Birth/Age : |
20.08.1975 |
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Date of Appointment : |
01.07.2010 |
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DIN No.: |
01571278 |
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Name : |
Mr. Shailesh
Haribhakti |
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Designation : |
Director |
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Address : |
228, Kalpataru Habitat, B Wing, Dr. S S Rao Road, Parel, Mumbai –
400012, Maharashtra, India |
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Date of Birth/Age : |
12.03.1956 |
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Date of Appointment : |
31.10.2005 |
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DIN No.: |
00007347 |
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Name : |
Mr. Pradeep
Mallick |
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Designation : |
Director |
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Address : |
A/2, Pallonji House, 43 Cuffe Parde, Mumbai – 400005, Maharashtra,
India |
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Date of Birth/Age : |
20.11.1942 |
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Date of Appointment : |
29.01.2003 |
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DIN No.: |
00061256 |
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Name : |
Mr. Gurdeep Singh |
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Designation : |
Director |
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Address : |
178, Vasant Vihar, Vasant Marg, New Delhi – 100057, India |
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Date of Birth/Age : |
23.07.1944 |
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Date of Appointment : |
23.05.2003 |
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DIN No.: |
00036922 |
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Name : |
Mr. Satish Jamdar |
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Designation : |
Managing Director
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Name : |
Ms. Shobana
Kamineni |
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Designation : |
Director (w.e.f.
30.05.2014) |
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Name : |
Mr. M K Sharma |
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Designation : |
Director |
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KEY EXECUTIVES
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Name : |
Mr. Sangameshwar Iyer |
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Designation : |
Company Secretary |
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Name : |
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Designation : |
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Name : |
Mr. Vir S Advani |
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Designation : |
President - Electro Mechanical Projects Group and Executive Director |
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Name : |
Mr. B Thiagarajan |
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Designation : |
President - Airconditioning and Refrigeration Products Business |
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Name : |
Mr. J M Bhambure |
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Designation : |
Executive Vice President – R and D and Technology |
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Name : |
Mr. Tojo Jose |
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Designation : |
Executive Vice President - Human Resources |
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Name : |
Mr. Manek Kalyaniwala |
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Designation : |
Executive Vice President - Finance |
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Name : |
Mr. C P Mukundan Menon |
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Designation : |
Executive Vice President – Unitary Cooling Products |
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Name : |
Mr. Anirudha Keskar |
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Designation : |
Vice President – Electrical Projects division |
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Name : |
Mr. G Anandkumar |
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Designation : |
Vice President - Plumbing Projects Division |
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Name : |
Mr. R Aravindan |
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Designation : |
Vice President - Airconditioning Projects Division, Southern Region |
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Name : |
Mr. Sujan Chatterjee |
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Designation : |
Vice President - Corporate Financial Services |
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Name : |
Mr. R G Devnani |
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Designation : |
Vice President - Thane, Wada, Dadra & Bharuch Plants |
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Name : |
Mr. V V Lanka |
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Designation : |
Vice President – Electrical Project Division |
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Name : |
Mr. D H Roy |
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Designation : |
Vice President - Himachal Plants |
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Name : |
Mr. Rajendra Verma |
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Designation : |
Vice President And Joint Head Of Operations – Electro Mechanical Project Group |
SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding
as a % of Total No. of Shares |
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(A) Shareholding of
Promoter and Promoter Group |
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|
21468354 |
23.87 |
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|
21731 |
0.02 |
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|
13465837 |
14.97 |
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|
13465837 |
14.97 |
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|
34955922 |
38.87 |
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|
543075 |
0.60 |
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|
543075 |
0.60 |
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Total shareholding
of Promoter and Promoter Group (A) |
35498997 |
39.47 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
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|
16112686 |
17.92 |
|
|
80488 |
0.09 |
|
|
956949 |
1.06 |
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|
5241301 |
5.83 |
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|
268439 |
0.30 |
|
|
268439 |
0.30 |
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|
22659863 |
25.20 |
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|
|
|
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|
3736260 |
4.15 |
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|
|
|
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|
18129918 |
20.16 |
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|
8798654 |
9.78 |
|
|
1112413 |
1.24 |
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|
199770 |
0.22 |
|
|
375 |
0.00 |
|
|
876 |
0.00 |
|
|
911092 |
1.01 |
|
|
300 |
0.00 |
|
|
31777245 |
35.33 |
|
Total Public
shareholding (B) |
54437108 |
60.53 |
|
Total (A)+(B) |
89936105 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
89936105 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is into the business of central air conditioning and commercial refrigeration and also into distribution and maintenance of imported professional electronics and industrial systems. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
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Bankers : |
· The Hongkong and Shanghai Banking Corporation Limited · State Bank of India · Oriental Bank of Commerce · The Royal Bank of Scotland · BNP Paribas |
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Facilities : |
a. Outstanding Loans carry an average interest rate of 10.12 % (31 March 2013: 10.23%). b. Outstanding Loans is secured by hypothecation of stock-in-trade and trade receivables. c. Buyers’ Credit are availed for imports payables and are repayable within maximum tenure of 360 days from the date of shipment and carried an average interest @ Libor plus 1.15%. d. Commercial Papers carry average interest rate @ 9.62 % p.a. for the current year (31 March 2013: 8.97 % p.a.). These are repayable within 50 days to 90 days from the date of drawdown. |
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Banking
Relations : |
--- |
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Auditors : |
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|
Name : |
S R Batliboi and
Associates LLP Chartered
Accountants |
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Joint Ventures : |
·
Blue
Star Qatar- WLL ·
Blue
Star M and E Engineering (Sdn) Bhd |
|
|
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Associate : |
Blue Star
Infotech Limited |
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Subsidiary : |
·
Blue
Star Electro Mechanical Limited ·
Blue Star Design and Engineering Limited
(w.e.f. 01.04.2012) |
CAPITAL STRUCTURE
As on: 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
Convertible Preference Shares |
Rs.100/- each |
Rs. 1.000 Million |
|
148700000 |
Equity Shares |
Rs. 2/- each |
Rs. 297.400 Millions |
|
16000 |
Unclassified Shares |
Rs.100/- each |
Rs. 1.600 Millions |
|
|
Total |
|
Rs. 300.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
89936105 |
Equity Shares |
Rs.2/- each |
Rs. 179.872
Millions |
a) There is no movement in the shares outstanding at the beginning and at the end of the reporting period.
b) Terms/rights attached to equity shares
The company has only one class of equity shares having par value of Rs.2 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
During the year ended 31 March, 2014 the amount of per share dividend proposed as distribution to the equity shareholders is Rs.4 (31 March, 2012: Rs.3)
c) Details of shareholders
holding more than 5% shares in the Company
|
Particular |
Number of Shares |
% of Holding |
|
Equity shares of Rs. 2 each fully paid |
|
|
|
IL And FS Trust Company Limited # |
11013076 |
12.25 |
|
Ashok Mohan Advani |
10492281 |
11.67 |
|
Suneel Mohan Advani |
5325948 |
5.92 |
|
HDFC Trustee Company Limited - Hdfc Capital Builder Fund |
5020457 |
5.58 |
|
ICICI Prudential Discovery Fund |
4868769 |
5.41 |
|
Saif Advisor Mauritius Limited. A/C Saif India IV FII Holdings Limited |
4731983 |
5.26 |
# These shares are held in Trust for the Promoter group who are the
beneficial owners.
As per of the company, including its register
of shareholders/members and other declarations received from shareholders regarding
beneficial interest, the above shareholding represents both legal and
beneficial ownerships of shares.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
179.872 |
179.872 |
179.872 |
|
(b) Reserves & Surplus |
5116.005 |
4763.842 |
4559.122 |
|
(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) |
5295.877 |
4943.714 |
4738.994 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
28.112 |
33.576 |
29.476 |
|
Total Non-current Liabilities (3) |
28.112 |
33.576 |
29.476 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
4308.816 |
3726.725 |
3432.114 |
|
(b) Trade payables |
7892.996 |
7527.452 |
7029.968 |
|
(c) Other current
liabilities |
4159.892 |
4134.390 |
4772.582 |
|
(d) Short-term provisions |
665.404 |
632.639 |
503.097 |
|
Total Current Liabilities (4) |
17027.108 |
16021.206 |
15737.761 |
|
|
|
|
|
|
TOTAL |
22351.097 |
20998.496 |
20506.231 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1960.743 |
2020.431 |
1985.642 |
|
(ii) Intangible Assets |
192.628 |
209.099 |
72.506 |
|
(iii) Capital
work-in-progress |
11.401 |
30.788 |
190.147 |
|
(iv)
Intangible assets under development |
143.242 |
45.829 |
125.184 |
|
(b) Non-current Investments |
1213.579 |
1213.579 |
1213.579 |
|
(C) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(c) Trade receivables |
527.507 |
805.914 |
514.553 |
|
(d) Long-term Loan and Advances |
1143.465 |
1113.569 |
776.079 |
|
(e) Other Non-current assets |
8.412 |
0.750 |
0.695 |
|
Total Non-Current Assets |
5200.977 |
5439.959 |
4878.385 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
5813.980 |
5088.230 |
4371.552 |
|
(c) Trade receivables |
6801.118 |
6490.538 |
6420.609 |
|
(d) Cash and cash
equivalents |
472.575 |
109.778 |
508.062 |
|
(e) Short-term loans and
advances |
1306.323 |
920.293 |
916.512 |
|
(f) Other current assets |
2756.124 |
2949.698 |
3411.111 |
|
Total Current Assets |
17150.120 |
15558.537 |
15627.846 |
|
|
|
|
|
|
TOTAL |
22351.097 |
20998.496 |
20506.231 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
27703.841 |
27670.598 |
27008.308 |
|
|
|
Other Income |
545.135 |
365.289 |
237.600 |
|
|
|
TOTAL (A) |
28248.976 |
28035.887 |
27245.908 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
16534.347 |
15972.630 |
16639.154 |
|
|
|
Purchases of Stock-in-Trade |
3834.471 |
4694.482 |
3693.793 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(622.525) |
(288.630) |
525.399 |
|
|
|
Employees benefits expense |
2340.365 |
2155.037 |
2069.171 |
|
|
|
Other expenses |
4559.982 |
4148.928 |
4185.878 |
|
|
|
TOTAL (B) |
26646.640 |
26682.447 |
27113.395 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1602.336 |
1353.440 |
132.513 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
496.446 |
498.528 |
702.541 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1105.890 |
854.912 |
(570.028) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
346.929 |
328.977 |
314.452 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
758.961 |
525.935 |
(884.480) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
8.553 |
6.984 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
758.961 |
517.382 |
(891.464) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1948.400 |
1801.700 |
2797.700 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.760 |
55.000 |
0.000 |
|
|
|
Proposed Dividend |
3.597 |
269.800 |
89.900 |
|
|
|
Corporate Tax Dividend |
0.471 |
45.900 |
14.600 |
|
|
BALANCE CARRIED
TO THE B/S |
2224.600 |
1948.400 |
1801.700 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
18087.310 |
1585.738 |
1494.560 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
4397.108 |
4293.709 |
3491.942 |
|
|
|
Stores & Spares |
493.863 |
47.160 |
142.188 |
|
|
|
Capital Goods |
103.494 |
442.505 |
339.902 |
|
|
|
Finished Goods |
2290.873 |
1792.521 |
1419.164 |
|
|
|
Others |
0.310 |
0.127 |
0.105 |
|
|
TOTAL IMPORTS |
7285.648 |
6576.022 |
5393.301 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
8.44 |
5.75 |
(9.91) |
|
QUARTERLY /
SUMMARISED RESULTS
|
Particulars (Rs.
Millions) |
|
|
|
Jun 2014 |
|
Audited / UnAudited |
|
|
|
UnAudited |
|
Net Sales |
|
|
|
8454.800 |
|
Total Expenditure |
|
|
|
7924.000 |
|
PBIDT (Excl OI) |
|
|
|
530.800 |
|
Other Income |
|
|
|
35.400 |
|
Operating Profit |
|
|
|
566.200 |
|
Interest |
|
|
|
110.400 |
|
Exceptional Items |
|
|
|
0.000 |
|
PBDT |
|
|
|
455.800 |
|
Depreciation |
|
|
|
94.100 |
|
Profit Before Tax |
|
|
|
361.700 |
|
Tax |
|
|
|
51.600 |
|
Provisions and contingencies |
|
|
|
0.000 |
|
Profit After Tax |
|
|
|
310.100 |
|
Extraordinary Items |
|
|
|
0.000 |
|
Prior Period Expenses |
|
|
|
0.000 |
|
Other Adjustments |
|
|
|
0.000 |
|
Net Profit |
|
|
|
310.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
2.69 |
1.85
|
(3.27)
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.74 |
1.90
|
(3.27)
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.71 |
2.78
|
(4.79)
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.11
|
0.18
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.81 |
0.75
|
0.72
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.01 |
0.97
|
0.99
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
179.872 |
179.872 |
179.872 |
|
Reserves & Surplus |
4559.122 |
4763.842 |
5116.005 |
|
Net worth |
4738.994 |
4943.714 |
5295.877 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
3432.114 |
3726.725 |
4308.816 |
|
Total borrowings |
3432.114 |
3726.725 |
4308.816 |
|
Debt/Equity ratio |
0.724 |
0.754 |
0.814 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
27008.308 |
27670.598 |
27703.841 |
|
|
|
2.452 |
0.120 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
27008.308 |
27670.598 |
27703.841 |
|
Profit |
(891.464) |
517.382 |
758.961 |
|
|
(3.30%) |
1.87% |
2.74% |
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 |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
LITIGATION DETAILS
|
LITIGATION DETAILS |
||||||||
|
Bench:- Bombay |
|
|||||||
|
Lodging No:- |
ITXAL/2803/2009 |
Failing Date:- |
08.12.2009 |
Reg. No.:- |
ITXA/240/2010 |
Reg. Date:- |
12.01.2010 |
|
|
|
||||||||
|
Petitioner:- |
THE COMMISSIONER OF INCOME TAX |
Respondent:- |
BLUE STAR LIMITED |
|||||
|
Petn.Adv:- |
VIMAL GUPTA (0) |
Resp.Adv.:- |
RAJESH SHAH AND COMPANY (2) (0) |
|||||
|
District:- |
MUMBAI |
|||||||
|
|
||||||||
|
Bench:- |
DIVISION |
|||||||
|
Status:- |
Admitted (Unready) |
Category:- |
TAX APPEALS |
|||||
|
Last Date : - |
04.08.2011 |
Stage:- |
FOR ADMISSION – AFTER NOTICE (HIGH ON BOARD) |
|||||
|
Last Coram:- |
HON’BLE SHRI JUSTICE J.P. DEV ADHAR HON’BLE SHRI JUSTICE A.A. SAYED |
|||||||
|
|
||||||||
|
Act:- |
Income Tax Act, 1961 |
Under Section:- |
260A |
|||||
UNSECURED LOAN
|
Particulars |
As on 31.03.2013 |
As on 31.03.2012 |
|
|
(Rs. In Millions) |
|
|
SHORT TERM
BORROWINGS: |
|
|
|
Buyers credit |
493.661 |
991.927 |
|
Commercial papers from banks |
1000.000 |
500.000 |
|
Commercial papers from others |
1600.000 |
500.000 |
|
Total |
3093.661 |
1991.927 |
OPERATING PERFORMANCE
Total Revenue of the Company for the year was practically flat at Rs. 28249.000 Millions as compared to Rs. 28035.800 Millions, on account of the challenging external environment. However, as a result of sharp focus on costs and efficiencies, the Operating Profit before Tax, Depreciation and Amortization went up by 18.4% to Rs. 1602.300 Millions as compared to Rs. 1353.400 Millions in the previous year. The Segment Result for Electro Mechanical Projects & Packaged Air conditioning Systems saw a small decline from Rs. 723.300 Millions in the previous year to Rs. 671.500 Millions, primarily on account of sluggish execution of projects by customers. Cooling Products recorded a healthy increase of 18% in its Segment Result from Rs. 803.500 Millions to Rs. 947.700 Millions, with an 11% increase in its Segment Revenue from Rs. 9651.600 Millions to Rs. 10755.100 Millions. The Revenue of Professional Electronics & Industrial Systems declined marginally by 3% from Rs. 1822.900 Millions to Rs. 1767.300 Millions, whilst the Segment Result remained unchanged at Rs. 298.400 Millions.
MANAGEMENT DISCUSSION
AND ANALYSIS
BUSINESS SEGMENTS
In accordance with the nature of products and markets addressed, business drivers, and competitive positioning, the lines of business of Blue Star can be segmented as follows:
ELECTRO MECHANICAL
PROJECTS AND PACKAGED AIRCONDITIONING SYSTEMS
This business segment covers the design, manufacturing, installation, commissioning and maintenance of central air conditioning plants, packaged/ducted systems and variable refrigerant flow (VRF) systems, as well as contracting services in electrification, plumbing and fire-fighting. After-sales services such as revamp retrofit and upgrades are also included in this segment.
COOLING PRODUCTS
Blue Star offers a wide variety of contemporary and energy-efficient room air conditioners for both residential as well as commercial applications. It also manufactures and markets a comprehensive range of commercial refrigeration products and cold chain equipment.
PROFESSIONAL
ELECTRONICS AND INDUSTRIAL SYSTEMS
For over six decades, Blue Star has been the exclusive distributor in India for many internationally renowned manufacturers of professional electronic equipment and services, as well as industrial products and systems. The Company is also in the business of specialized industrial projects.
INDUSTRY STRUCTURE
AND DEVELOPMENTS
AIRCONDITIONING
In 2013-14, the estimated total market size for airconditioning in India was around Rs. 137500.000 Millions. Of this, the market for central airconditioning, including central plants, packaged/ducted systems, VRF systems and other ancillary equipment, was about Rs. 62500.000 Millions, while the market for room air conditioners comprised the balance Rs. 75000 Millions. During the year, the macro economic environment continued to be challenging with negligible large investments in the commercial real estate segment. The pre-election impasse coupled with high inflation and interest rates, as well as volatility in forex rates adversely impacted demand. While there was an improvement in enquiry generation during the latter part of the year, the rate of order finalization through the year was sluggish. In the room air conditioners business, which is largely driven by the residential segment, the market witnessed a modest growth, after two consecutive years of negative growth. This was mainly due to a relatively strong summer in most parts of the country. However, post summer of 2013, the price increase linked to the depreciation of the Rupee adversely affected the demand. Further, the implementation of Bureau of Energy Efficiency (BEE) Table 2.3 in January 2014 necessitated an upward revision in energy efficiency, resulting in an additional increase in prices for the same star-rating. However, the current penetration level of air conditioners in the country is a mere 3%, and this presents significant opportunities to the players in the room air conditioners business.
COMMERCIAL
REFRIGERATION
The commercial refrigeration segment includes a wide range of products such as deep freezers, water coolers, bottled water dispensers, cold rooms, milk coolers, bottle coolers and ice cubers. During the year, these segments performed well with demand from the ice cream, dairy and fast food segments. The Ministry of Agriculture, the Ministry of Food Processing Industries and various State Governments, in co-ordination with industry bodies such as CII, have been taking initiatives to boost the cold chain infrastructure in the country to reduce wastage of perishables and contain food inflation. These initiatives are expected to significantly enhance demand for cold chain equipment in the country.
SEGMENT-WISE ANALYSIS
ELECTRO MECHANICAL
PROJECTS AND PACKAGED AIRCONDITIONING SYSTEMS
Electro Mechanical Projects and Packaged Air conditioning Systems continued to be the largest segment, accounting for 55% of the Company’s Total Segment Revenue. In the electro mechanical projects business, there was demand from metro rail, hospitality, residential, healthcare and mixed-use development projects during the year. There was a concerted effort on improving the quality of new orders, in terms of margins as well as commercial terms. The Company focused on enhancing multi-service orders (mechanical, electrical, plumbing and fire-fighting) and orders of over Rs. 4000.000 Millions were booked in this domain during the review period. It also intends to selectively target high-rise residential towers being built by established developers for its multi-service business. The electrical projects business focused on opportunities available in the infrastructure and power sector during the review period. The Company enhanced its capabilities in the areas of construction and engineering, in order to handle large value industrial and power sector orders independently. Significant orders received in the electro mechanical projects business during the year included Oasis Realty, Mumbai; Delhi Metro Rail Corporation-Phase 3; Danfoss Industries, Chennai; Apollo Hospitals, Visakhapatnam and Mumbai; Centenary Mall, Jamshedpur; Noida One, Noida; Maruti, Gurgaon; JCB, Rajasthan; GIFT City, Ahmedabad; BSES Rajdhani, Delhi; ESIC Hospital, Delhi; RMZ, Bengaluru and Tech Mahindra, Secunderabad; amongst several others. In the central plant equipment segment, the Company offers a range of screw and scroll chillers as well as air distribution products. The innovative water cooled centrifugal chiller with magnetic bearings, which was launched a few years ago, continued to perform well, registering significant growth despite a flat trend in the centrifugal chillers category. The Company also maintained its leadership position in scroll chillers while the screw chiller segment recorded marginal growth. The Company actively pursued consultants as well as independent contracting companies to enhance its base. It has also set up a network of channel partners to aggressively target potential segments including industrial, hospitality and healthcare. Some of the notable orders won during the year were from Taj Krishna Hotel, Secunderabad; ABL More, Bengaluru; Velammal Medical College, Madurai; Hindustan Aeronautics, Bengaluru; Divis Lab, Secunderabad; OPAL, Dahej; Ashoka University, Chandigarh; Mahindra & Mahindra, Pune; Optimus Generic, Secunderabad; Hotel Amber Palace, Bhopal and Nemcare Hospital, Guwahati.
Blue Star’s ducted systems range comprises packaged airconditioners, ducted split airconditioners and variable refrigerant flow (VRF) systems. While the market for ducted systems declined marginally, the Company registered a modest growth retaining its market leadership position in the segment. The range of VRF airconditioning systems performed well with the Company further consolidating its position by aggressively marketing its solutions amongst customers, consultants, architects and interior designers through product launches, technical handbooks and mailers. The Company also launched a new product category of free match inverters, and the initial response to this category is encouraging. Prestigious orders won in the packaged airconditioning business during the year were from L&T, Chennai; Jai Bhuvan Builders, Goa; Dalmia Cements, Midnapur and Belgaum; Marg Construction (for Police HQ), Delhi; Euro Star, Mumbai; Income Tax Office, Mysore; Paramount Projects (for Moser Baer), New Delhi; Banaras Hindu University, Varanasi; Thermax (for Visakhapatnam Steel Plant), Visakhapatnam and Xavier Institute of Management, Bhubaneswar; amongst others.
COOLING PRODUCTS
This business segment includes room airconditioners, apart from commercial refrigeration products and systems.
During the year, the room airconditioners business of the Company grew faster than the market, thereby increasing its market share. It launched a new range of contemporary and stylish room airconditioners for the residential segment which were available in a large number of retail channels across the country, including several new Tier 3 and 4 towns. It also enhanced its advertising budgets to build brand salience. The above initiatives helped the Company make deep inroads into the residential segment during the year. However, the appreciation of the dollar coupled with the implementation of the new energy efficiency norms had an adverse impact on the pricing as well as margins. During the year, the Company also added several new customers in its national accounts business. Continued efforts in corporate and light commercial segments yielded results by way of large orders received from reputed institutions. In the commercial refrigeration products segment, the appreciation of the dollar impacted the pricing of imported products such as chest freezers and bottled water dispensers, thereby affecting the overall profitability of the business. Sales of chest freezers and coolers grew well, with enhanced demand from the ice cream and dairy segments. The Company received large orders from Vadilal, Amul, Havmor, Ramani’s, Cream Bell, Hatsun, Karnataka Milk and Lazza. The market also witnessed
enhanced demand for glass-top freezers. Sales of storage water coolers were flat due to a slack in demand while off-take of bottled water dispensers also marginally declined. In the cold chain segment, Blue Star offers a wide range of equipment. During the year, traditional segments like pharma and ice cream contributed significantly with several leading players investing in cold rooms, as part of their capital expansion plans. The Company’s customer list includes prominent pharmaceutical players like Sun Pharma, Gland Pharma, Biocon, Mylan, Hestor Bio, Roche Pharma and Dr Reddy’s, as well as ice cream majors such as Amul, Vadilal, Kwality Walls, Cream Bell and Mother Dairy. The quick service restaurants segment witnessed significant growth with several multi-national chains entering Tier 2 towns. Blue Star continues to enjoy the preferred partner status with most of these food chains. The processed foods segment, driven by changing consumption habits, working youth and rising income levels, holds good promise for the cold chain business.
PROFESSIONAL
ELECTRONICS AND INDUSTRIAL SYSTEMS
This segment comprises several strategic business units namely Industrial Projects, Industrial Products and Systems, Material Testing Equipment and Systems (Destructive / Non Destructive), Data Communication Products & Services, Test and Measuring Instruments and Healthcare Systems. Over the years, the Company has changed its business model from being only a distributor of leading global manufacturers to that of a system integrator and value added reseller, thereby moving up the value chain. During the review period, the demand for hi-technology imported equipment was sluggish due to the appreciation of foreign currencies. In the Industrial Projects business, the Company’s focus is predominantly in the steel segment, but due to the uncertain market conditions, high cost of capital and restrictions in mining, all major projects were either put on hold or deferred. The Industrial Products business was also affected due to the sluggish movement of projects in power, oil and gas, fertilisers, pulp and paper, mining and mineral processing segments. The Material Testing segment received several orders for This segment comprises several strategic business units namely Industrial Projects, Industrial Products and Systems, Material Testing Equipment and Systems (Destructive / Non Destructive), Data Communication Products & Services, Test and Measuring Instruments and Healthcare Systems. Over the years, the Company has changed its business model from being only a distributor of leading global manufacturers to that of a system integrator and value added reseller, thereby moving up the value chain.
During the review period, the demand for hi-technology imported equipment was sluggish due to the appreciation of foreign currencies. In the Industrial Projects business, the Company’s focus is predominantly in the steel segment, but due to the uncertain market conditions, high cost of capital and restrictions in mining, all major projects were either put on hold or deferred. The Industrial Products business was also affected due to the sluggish movement of projects in power, oil and gas, fertilisers, pulp and paper, mining and mineral processing segments.
CORPORATE OUTLOOK
With the formation of a stable Government, the Company is hopeful of a revival in the investment climate of the country. Enhanced capital investments as well as a recovery in the commercial construction segment will benefit the electro mechanical projects as well as the professional electronics and industrial systems businesses. The cooling products business continues to perform well mainly due to the superior brand image that the Company enjoys. Blue Star, which was traditionally strong in the corporate and commercial segment, forayed into the residential segment a few years ago with its room air conditioners. Thereafter, the business has grown considerably, outperforming the market year on year. Considering the low penetration levels in the country and the Company’s premium brand perception, the cooling products business offers significant potential in the long-term.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
90244315 |
28/03/2002 |
195,000,000.00 |
ICICI LTD |
ICICI TOWERS; BANDRA KURLA COMPLEX, MUMBAI, MAHARASHTRA - 400051, INDIA |
- |
|
2 |
90231041 |
22/12/1999 |
200,000,000.00 |
CRAWFORD BAYLEY &CO |
STATE BANK BUILDING, NGN VAIDYA, MUMBAI, MADHYA PRADESH - 400023, INDIA |
- |
|
3 |
90231015 |
31/03/1999 |
74,000,000.00 |
HOUDING DEVELOPMENT FINANCE CORPORATION |
RAMON HOUDE, 163 BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA - 400020, INDIA |
- |
|
4 |
90231007 |
01/03/1999 |
50,000,000.00 |
BANQUE NATIONAL DE PARIS FRENCH BANK |
62 HOMJI STREET, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
|
5 |
90230985 |
31/03/1998 |
30,000,000.00 |
ABN AMRO BANK |
NV NETHERLANDS THRU
ABN AMRO BANK, 14 VEER NARI |
- |
|
6 |
90230983 |
22/06/1999 * |
50,000,000.00 |
STATA BANK OF INDIA |
COMMERCIAL BRANCH, MUMBAI, MAHARASHTRA - 400023, INDIA |
- |
|
7 |
90230981 |
26/03/1998 |
10,000,000.00 |
BANK OF BARODA |
BACKAY RECLAMATION,
RAM HAHEL DINDH VACHHA ROAD, |
- |
|
8 |
90230913 |
28/11/1996 |
101,000,000.00 |
HOUSING DEVELOPMENT FINANCE CORPORATION |
RAMON HOUSE, 169 BACKBAY RECLAMATION, MUMBAI, MAHARASHTRA - 400020, INDIA |
- |
|
9 |
90230815 |
30/08/1994 |
85,000,000.00 |
BANK OF BARODA |
RECLAMATION BRANCH, JAMSHEDJI CHURCHGATE, MUMBAI, MAHARASHTRA - 400020, INDIA |
- |
|
10 |
90230646 |
14/12/1995 * |
50,000.00 |
STATE BANK OF INDIA |
BOMBAY SAMACHAR MRAG, MUMBAI, MAHARASHTRA - 400023, INDIA |
- |
|
11 |
90230561 |
17/12/1988 |
170,000,000.00 |
THE HONGKONG & SHANGAPUR BNKING CORPORATION |
52/60 MAHATMA GANDHI ROAD, MUMBAI, MAHARASHTRA - 400023, INDIA |
- |
|
12 |
90230555 |
14/02/1995 * |
400,000.00 |
STATE BANK O F INDIA |
BOMBAY SAACHER
MARG, MUMBAI, MAHARASHTRA - 400023, |
- |
|
13 |
90230518 |
10/05/2013 * |
5,600,000,000.00 |
THE HONGKONG AND SHANGHAI
BANKING CORPORATION LIMI |
52/60, MAHATMA GANDHI ROAD, FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
B75047332 |
|
14 |
90230481 |
15/01/1987 |
2,500,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, JUSTICE GN VAIDYA MARG, MUMBAI, MAHARASHTRA - 400023, INDIA |
- |
|
15 |
90230475 |
17/12/1986 |
3,600,000.00 |
THE HONGKONG & SHNGHAT BANKING CORPORATION |
52/60 MAHATMA GANDHI ROAD, MUMBAI, MAHARASHTRA - 400020, INDIA |
- |
|
16 |
90230466 |
29/09/1986 |
4,000,000.00 |
MODERN HOME LIMITED |
ANIL HARBOARD COMPOUND KANJUR VILLGSE RAOD, MUMBAI, MAHARASHTRA - 400025, INDIA |
- |
|
17 |
90230443 |
22/11/1985 |
10,000,000.00 |
THE HONGKONG &SHANGHAI BARMING CORPORATION |
52/60 MAHATAM GANDHI ROAD, MUMBAI, MADHYA PRADESH - 400023, INDIA |
- |
|
18 |
90230430 |
19/12/1986 * |
5,000,000.00 |
THE HONGKONG A7 SHANGHI BANKING CORPORATION |
52/60 MAHATMA GANDHI ROAD, MUMBAI, MAHARASHTRA - 400023, INDIA |
- |
|
19 |
90230338 |
14/12/1981 |
200,000.00 |
GUJARAT INDUSTRIAL &INVESTAMENT CORPORATION |
4 TH FLOOOR NATRAJ
CHAMBARD, AHMEDABAD, GUJARAT - |
- |
|
20 |
90230326 |
17/05/1981 |
5,000,000.00 |
MEROANTIL BANK |
PRIVATE LTD, 52/60 MAHATMA GANDHI ROAD, MUMBAI, MADHYA PRADESH - 400023, INDIA |
- |
|
21 |
90230317 |
26/09/1980 |
2,000,000.00 |
THE ANDHRA BANK LIMITED |
MOUNT RAOD, MADRAS, TAMIL NADU, INDIA |
- |
|
22 |
90230310 |
30/05/1980 |
4,600,000.00 |
GUJARAT INDUSTRIAL &INVESTAMENT CORPORATION |
4 TH FLOOOR NATRAJ CHAMBARD, AHMEDABAD, GUJARAT - 380009, INDIA |
- |
|
23 |
90230303 |
02/01/1980 |
1,025,287.00 |
MESSRSMISHRA DHATU NIGAM LIMITED |
DMRL KONCHAN BAGH, HYDERABAD, ANDHRA PRADESH, INDIA |
- |
|
24 |
90230290 |
18/10/1978 |
483,200.00 |
BOKAROA STEEL LIMITED |
MAIN ADMINISTATIVE BUILDING, BOKARO STEEL CITY, DHANBED, BIHAR, INDIA |
- |
|
25 |
90230287 |
13/09/1978 |
52,561.00 |
MERCANTILE BANK LIMITED |
BOMBAY FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
|
26 |
90230275 |
31/12/1984 * |
33,500,000.00 |
THE HONKONG &SHINGHAI BNKING CORPORATION |
52/60 MAHATMA GANDHI ROAD, MUMBAI, MAHARASHTRA - 400023, INDIA |
- |
|
27 |
90230270 |
24/12/1976 |
450,000.00 |
UNTED COMMERCIAL BANK |
CENTURY BHUVAN MRAG, MUMBAI, MAHARASHTRA - 400025, INDIA |
- |
|
28 |
90230264 |
18/02/2000 * |
52,192.00 |
MERAENTIL BANK LIMITED |
52/60 MAHATMA GANDHI ROAD, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
|
31 |
90230240 |
25/05/1973 |
2,954,240.00 |
MERCANRILE BANK LTD |
BOMBAY, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
|
32 |
90230231 |
23/10/1972 |
63,600.00 |
BOKARO STEEL LTD |
BOKARO STEEL CITY, DHANBAD, BIHAR, INDIA |
- |
|
33 |
90230230 |
20/09/1972 |
14,915.00 |
MERCANTILE BANK LIMITED |
BOMBAY FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
|
34 |
90230228 |
22/08/1972 |
28,587.00 |
MEROANTILE BANK LIMITED |
BOMBAY FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2014
|
Sr. No. |
Particulars |
Rs in Millions |
||
|
Quarter ended |
||||
|
as on 30.06.2014 |
||||
|
(Unaudited) |
||||
|
1 |
(a) Net Sales/Income from Operations |
8419.8 |
||
|
|
(b)Other Operating Income |
35.000 |
||
|
|
Total Income
From Operations (Net) |
8454.800 |
||
|
2 |
Expenditure |
|
||
|
|
(a) |
Cost of Materials Consumed |
4060.200 |
|
|
|
(b) |
Purchases of Stock-in-Trade |
955.100 |
|
|
|
(c) |
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
878.300 |
|
|
|
(d) |
Employees benefits expense |
609.100 |
|
|
|
(e) |
Depreciation and amortization expense |
94.100 |
|
|
|
(f ) |
Other expenses |
1421.300 |
|
|
|
|
TOTAL (B) |
8018.100 |
|
|
|
|
|
||
|
3 |
Profit from
operation before other income, interest and other exceptional items(1-2) |
436.700 |
||
|
4 |
Other Income |
35.400 |
||
|
5 |
profit before
interest and exceptional items(3+4) |
472.100 |
||
|
6 |
Interest |
110.400 |
||
|
7 |
Profit after interest but before exceptional items(5-6) |
361.700 |
||
|
8 |
Exceptional Items |
-- |
||
|
9 |
Profit(+)/Loss(-) from Ordinary Activities before tax (7-8) |
361.700 |
||
|
10 |
Tax Expenses |
51.600 |
||
|
11 |
Net Profit(+)/Loss(-) from Ordinary Activities after tax( 9-10) |
310.100 |
||
|
12 |
Extra Ordinary Items |
-- |
||
|
13 |
Net Profit(+)/Loss(-) for the period (1112) |
310.100 |
||
|
14 |
Paid-up Equity Share Capital Rs.2/ per share |
179.900 |
||
|
15 |
Reserves excluding revaluation reserves |
-- |
||
|
16 |
Earning Per
Share |
|
||
|
(a) |
Basic and diluted EPS before Extraordinary items for the period, for
the year to date and for the previous year(not to be annualised) |
3.45 |
||
|
(b) |
Basic and diluted EPS after
Extraordinary items for the period, for the year to date and for the previous
year(not to be annualised) |
3.45 |
||
|
17 |
Public
Shareholding |
|
||
|
|
Number of Shares |
54379108 |
||
|
|
Percentage of Shareholding |
60.46 |
||
|
18 |
Promoters and Promoter group |
|
||
|
|
a) Pledged/Encumbered |
|
||
|
|
Number of shares |
600000 |
||
|
|
Percentage of Shares (as a % of the total shareholding of promoter and
promoter group) |
1.69 |
||
|
|
Percentage of Shares (as a % of the total share capital of the
Company) |
0.67 |
||
|
|
b) Non-encumbered |
|
||
|
|
Number of shares |
34956997 |
||
|
|
Percentage of Shares (as a % of the total shareholding of promoter and
promoter group) |
98.31 |
||
|
|
Percentage of Shares (as a % of the total share capital of the
Company) |
38.87 |
||
|
|
Particulars |
3 months ended 30.06.2014 |
||
|
|
INVESTOR
COMPLAINTS |
|
||
|
|
Pending at the beginning of the quarter |
NIL |
||
|
|
Received during the quarter |
10 |
||
|
|
Disposed off during the quarter |
9 |
||
|
|
Remaining unresolved at the end of the quarter |
1 |
||
|
Notes: |
|
1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on July 28, 2014 and has been subjected to Limited Review by the statutory auditors who have issued an unqualified report. 2. During the Quarter, the Company has revised depreciation rate on certain fixed assets as per the useful life specified in the Schedule II of the Companies Act, 2013. Consequently depreciation expense for the quarter is higher by Rs. 13.200 Millions.
|
UNAUDITED SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE
QUARTER ENDED JUNE 30, 2014
|
Sr. No. |
Particular |
Quarter ended (unaudited) 30.06.2014 |
|
|
|
|
|
I |
SEGMENTREVENUE |
|
|
|
a) Electro Mechanical Projects and Packaged Air-conditioning Systems |
3354.300 |
|
|
b) Cooling Products |
4839.200 |
|
|
c) Professional Electronics and Industrial Systems |
261.300 |
|
|
TOTAL SEGMENT
REVENUE |
8454.800 |
|
|
Less: Inter - Segment Revenue |
-- |
|
|
Total Income from Operations
(Net) |
8454.800 |
|
II |
SEGMENT RESULT PROFIT / (LOSS)
BEFORE INTEREST & TAX |
|
|
|
a) Electro Mechanical Projects and Packaged Air conditioning Systems |
54.200 |
|
|
b) Cooling Products |
705.900 |
|
|
c) Professional Electronics and Industrial Systems |
42.700 |
|
|
TOTAL SEGMENT
RESULT |
802.800 |
|
|
Less: i) Interest and Other Financial Charges |
110.400 |
|
|
ii) Un-allocable Expenditure |
330.700 |
|
|
TOTAL PROFIT BEFORE
TAXATION AND EXCEPTIONAL ITEM |
361.700 |
|
|
Exceptional item |
-- |
|
|
PROFIT BEFORE
TAXATION |
361.700 |
|
III |
CAPITAL EMPLOYED (Segment Assets -
Segment Liabilities) |
|
|
|
a) Electro Mechanical Projects and Packaged air conditioning Systems |
4940.800 |
|
|
b) Cooling Products |
1864.800 |
|
|
c) Professional Electronics and Industrial Systems |
266.400 |
|
|
TOTAL CAPITAL
EMPLOYED IN SEGMENTS |
7072.000 |
|
|
Add: Un-allocable Corporate Assets less Liabilities |
(1495.300) |
|
|
TOTAL CAPITAL EMPLOYED
IN THE COMPANY |
5576.700 |
FIXED ASSETS
· Land Freehold
· Land Leasehold
· Building
· Pant And Equipments
· Furniture And Fixtures
· Vehicles
· Computers
PRESS RELEASE:
BLUE STAR Q1 NET
PROFIT GROWS 36% TO RS 31 CRORES
Place: Mumbai
Date: July 28, 2014.
Air conditioning and commercial refrigeration major, Blue Star Limited reported Total Operating Income of Rs 8454.800 Millions for the quarter ended June 30, 2014, as compared to Rs 7708.200 Millions in Q1FY14, representing an increase of 10%. Operating Profit (PBIDT excluding Other Non-Operating Income) for the quarter increased 37% to Rs 530.800 Millions from Rs 386.200 Millions in Q1FY14. During the quarter, Other Income declined 15% to Rs 35.400 Millions as compared to Rs 41.800 Millions during the same period last year. Financial Expenses for the quarter declined marginally by 6% to Rs 110.400 Millions from Rs 117.000 Millions in Q1FY14. Tax expense for the quarter was Rs 51.600 Millions as compared to no expense in the same period last year. Consequently, Net Profit grew 36% from Rs 227.700 Millions in Q1FY14 to Rs 310.100 Millions during the quarter. Earnings per share for the quarter (Face value of Rs 2.00) stood at Rs 3.45 vis-à-vis Rs 2.53 in the corresponding quarter of the previous year. The Electro Mechanical Projects and Packaged Air conditioning Systems business, accounting for 40% of the total revenues in the quarter, declined 4% while segment results registered a sharp decline of 70% to Rs 54.200 Millions. The decrease in profitability was mainly due to slower execution of projects resulting in lower billings coupled with cost overruns in specific legacy projects. However, such legacy projects now form a small base of the total order book and the margin of this business is likely to improve over the next few quarters since the rest of the order book comprises projects with healthy margins. Cooling Products revenue comprised 57% of the total revenues of the Company during the quarter. The segment registered a growth of 22% driven by enhanced sales of room air conditioners and refrigeration products due to an extended summer and superior brand perception. Segment results grew significantly by 67% to Rs 705.900 Millions over the same period mainly due to higher manufacturing capacity utilisation due to indigenisation, stable foreign exchange and higher price realisation. The Professional Electronics and Industrial Systems segment revenues increased by a marginal 2%, while segment results declined 24% to Rs 42.700 Millions, owing to the unfavourable business climate. Carry Forward Order Book as on June 30, 2014 increased by 9% to Rs 15720.000 Millions as compared to Rs 14380.000 Millions as at June 30, 2013. Outlook The economic environment is showing signs of improvement with the formation of a stable Government. While the electro mechanical projects business continues to be adversely impacted mainly due to significant correction in project estimates of specific legacy orders, the performance is likely to improve in the medium term with the revival of the commercial construction segment. The cooling products business, driven by the residential segment, has been performing better than the industry owing to superior brand equity, wider distribution reach and impressive product range. The Company intends to continue to focus on prudent cost control and fiscal management in order to sustain this performance for the rest of the year.
SHOBANA KAMINENI
APPOINTED TO THE BOARD OF BLUE STAR LIMITED
Place: Mumbai
Date: June 10, 2014.
Air conditioning and commercial refrigeration major, Blue Star Limited has announced the appointment of Shobana Kamineni as an Additional Director of the Company, with effect from May 30, 2014. Shobana Kamineni holds a Bachelors Degree in Economics, and has an Accelerated Diploma in Hospital Administration from Columbia University, New York. As a member of the founding family of the Apollo Hospital Group, she has been instrumental in catalyzing several of the Group's ambitious projects, right from their early days. Shobana spearheads Apollo Pharmacy - India's largest pharma retailer. In 2008, she was at the helm of Apollo's foray into Health Insurance in collaboration with Munich Re, named Apollo Munich Health Insurance. She has also nurtured Apollo Health Education and Research Foundation's emergence as a milestone institution in clinical research in the South. Shobana is the Vice Chairperson of the KEI Group, a Member of the Executive Council and Finance Committee of Osmania University, Hyderabad as well as a Member on the Advisory Committee of NCC. She is the Chairperson of CII National Public Health Committee, and a past Chairperson of CII- Southern Region. Shobana Kamineni, with her brilliant professional accomplishments, proudly assumes the position of the first-ever woman Director on the Board of Blue Star.
BLUE
STAR FY14 NET PROFIT GROWS 47% TO RS 75.90 CRORES
Place: Mumbai
Date: May 30, 2014.
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 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.61.46 |
|
|
1 |
Rs.98.77 |
|
Euro |
1 |
Rs.77.65 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
JAY |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
68 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.