MIRA INFORM REPORT

 

 

Report No. :

310260

Report Date :

08.04.2015

 

IDENTIFICATION DETAILS

 

Name :

KULKARNI POWER TOOLS LIMITED

 

 

Registered Office :

AT and Post Shiroldist Kolhapur, Shirol - 416103 Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2014

 

 

Date of Incorporation :

30.07.1976

 

 

Com. Reg. No.:

11-019147

 

 

Capital Investment / Paid-up Capital :

Rs. 17.000 Million

 

 

CIN No.:

[Company Identification No.]

L29130MH1976PLC019147

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

KLPK01344A

 

 

PAN No.:

[Permanent Account No.]

AAACK7368Q

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Manufacturer, Exporter and importers of precision Industrial blowers and Power tools

 

 

No. of Employees :

300 (Approximately)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B (28)

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

USD 800000

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow But Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having a moderate track record.

 

Profitability of the company seems to be low during 2014.

 

However, trade relations are fair. Business is active. Payments are reported to be slow but correct.

 

The company can be considered for business dealings with some caution.

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

EXTERNAL AGENCY RATING

 

 

Rating Agency Name

CARE

Rating

Long Term Bank Facilities = BB-

Rating Explanation

Have Moderate risk of default

Date

30.12.2014

 

Rating Agency Name

CARE

Rating

Short Term Bank Facilities = A4

Rating Explanation

Have minimal degree of safety and carry very high credit risk.

Date

30.12.2014

 

 

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 PARTED BY

 

Name :

Mr. Anil Suri

Designation :

General Manager

Contact No.:

91-9225838960

Date :

17.03.2015

 

 

LOCATIONS

 

Registered Office/ Factory :

At and Post Shirol, District Kolhapur, Shirol – 416 103, Maharashtra, India

Tel. No.:

91-23-22-661500

Mobile No.:

91-9225838960 (Mr. Anil Suri)

Fax No.:

91-23-22-661546

E-Mail :

a.suri@kpt.co.in

kptl@sancharnet.in

kptho@vsnl.net

support@kpt.co.in

Website :

www.kpt.co.in

 

 

Division / Marketing Office :

KPT BLOWERS

 

Flat no. 201, Runwal Shaarvari, Adj. Talwalkars Gym., Baner, Pune – 411045, Maharashtra, India

 

 

DIRECTORS

 

As on 27.09.2014

 

Name :

Mr. Prakash A. Kulkarni

Designation :

Vice Chairman and Managing Director

Address :

CS No. 8795, Sangli Miraj Road, Vishrambag Sangli, Maharashtra – 416415, India

Date of Birth/Age :

16.07.1942

 

 

Name :

Mr. P D Gune

Designation :

Chairman Emeritus

 

 

Name :

Mr. Madhav L Apte

Designation :

Director

Address :

24B, Woodland Apartment, Peddar Road, Mumbai – 400026, Maharashtra, India

Date of Birth/Age :

05.10.1932

Date of Appointment :

26.08.1976

 

 

Name :

Mr. Darius C Shroff

Designation :

Director

Address :

Moonlight Flat No.8 158 M, Karve Road, Mumbai – 400020, Maharashtra, India

Date of Birth/Age :

08.08.1944

Date of Appointment :

30.03.1995

 

 

Name :

Mr. Shishir S Shirgaokar

Designation :

Director

Address :

12, Kostka House, 31 Pali Road Bandra West, Mumbai – 400050, Maharashtra, India

Date of Birth/Age :

25.01.1945

Date of Appointment :

29.09.2001

 

 

Name :

Mr. Sanjay C. Kirloskar

Designation :

Director

Address :

33 Suyojana Co. Operative Society Scheme No.II Koregaonpark, Pune – 411001, Maharashtra, India

Date of Birth/Age :

22.03.1957

Date of Appointment :

30.09.2009

 

 

Name :

Mr. Dilip Kulkarni

Designation :

Executive Director

Address :

CS 14A, 1A East Side, Vishalgadkar Compound, Kolhapur, Mumbai – 416003, Maharashtra, India

Date of Birth/Age :

14.06.1949

Date of Appointment :

26.07.2007

 

 

KEY EXECUTIVES

 

Name :

Mr. Anil Suri

Designation :

General Manager

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 31.12.2014

 

Category of Shareholder

No. of Shares

Percentage of Holding As a % of (A+B)

 

 

 

(A) Shareholding of Promoter and Promoter Group

 

 

http://www.bseindia.com/include/images/clear.gif(1) Indian

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals / Hindu Undivided Family

259456

7.63

http://www.bseindia.com/include/images/clear.gifBodies Corporate

778812

22.91

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

324000

9.53

http://www.bseindia.com/include/images/clear.gifTrusts

324000

9.53

http://www.bseindia.com/include/images/clear.gifSub Total

1362268

40.07

http://www.bseindia.com/include/images/clear.gif(2) Foreign

 

 

http://www.bseindia.com/include/images/clear.gifIndividuals (Non-Residents Individuals / Foreign Individuals)

127012

3.74

http://www.bseindia.com/include/images/clear.gifSub Total

127012

3.74

Total shareholding of Promoter and Promoter Group (A)

1489280

43.80

(B) Public Shareholding

 

 

http://www.bseindia.com/include/images/clear.gif(1) Institutions

 

 

http://www.bseindia.com/include/images/clear.gifFinancial Institutions / Banks

200

0.01

http://www.bseindia.com/include/images/clear.gifSub Total

200

0.01

http://www.bseindia.com/include/images/clear.gif(2) Non-Institutions

 

 

http://www.bseindia.com/include/images/clear.gifBodies Corporate

277926

8.17

http://www.bseindia.com/include/images/clear.gifIndividuals

 

 

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital up to Rs. 0.100 Million

1428149

42.00

http://www.bseindia.com/include/images/clear.gifIndividual shareholders holding nominal share capital in excess of Rs. 0.100 Million

144000

4.24

http://www.bseindia.com/include/images/clear.gifAny Others (Specify)

60445

1.78

http://www.bseindia.com/include/images/clear.gifClearing Members

35001

1.03

http://www.bseindia.com/include/images/clear.gifNon Resident Indians

25444

0.75

http://www.bseindia.com/include/images/clear.gifSub Total

1910520

56.19

Total Public shareholding (B)

1910720

56.20

Total (A)+(B)

3400000

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

0

0.00

http://www.bseindia.com/include/images/clear.gif(1) Promoter and Promoter Group

0

0.00

http://www.bseindia.com/include/images/clear.gif(2) Public

0

0.00

http://www.bseindia.com/include/images/clear.gifSub Total

0

0.00

Total (A)+(B)+(C)

3400000

0.00

 

 

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, Exporter and importers of precision Industrial blowers and Power tools

 

 

Products :
  • Blowers
  • Twin Lobe Blowers
  • Twin Lobe Roots Blowers
  • Tri Lobe Blowers
  • Gass Blowers
  • Vehicle Blowers
  • Power Tools
  • Spares and Control Motors Etc

 

 

Brand Names :

POSTMASTER

 

 

Agencies Held :

Not Divulged

 

 

Exports :

 

Products :

Precision Industrial Blowers and Power Tools.

Countries :
  • UK
  • South Africa
  • Middle East
  • South East Asia

 

 

Imports :

 

Products :

Raw Material

Countries :
  • China
  • Taiwan

 

 

Terms :

 

Selling :

Cash / Credit

 

 

Purchasing :

Cash / Credit

 

 

PRODUCTION STATUS NOT AVAILABLE

 

 

GENERAL INFORMATION

 

Suppliers :

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

Customers :

Retailers

Reference :

Not Divulged

Name of the Person :

Not Divulged

Contact No.:

Not Divulged

Since How Long Known :

Not Divulged

Maximum Limit Dealt :

Not Divulged

Experience :

Not Divulged

Remark:

Not Divulged

 

 

No. of Employees :

300 (Approximately)

 

 

Bankers :
  • Bank of Maharashtra, Sangli, Maharashtra, India
  • IDBI Bank Limited, Sangli, Maharashtra, India

 

 

Facilities :

Secured Loan

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term Borrowings

 

 

(A) Term Loans From Banks

 

 

Term Loan from IDBI Bank Limited.,(interest @ base rate + 2.5%, secured by hypothecation of machineries and mortgage of

immovable property) (Part of the loan constituting original Rupee Term Loan repayable in 17 quarterly instalments starting from

31st July, 2010 and remaining part constituting conversion of Buyers

Credit into Rupee Term Loan repayable in 16 quarterly instalments Starting from 30th June, 2013).

 

15.015

29.110

Term Loan from Bank of Maharashtra (interest @ base rate +

2.5%, secured by hypothecation of dies, moulds and machineries and mortgage of immovable property. Repayable in 20 quarterly instalments starting from 31st March, 2010).

 

2.709

6.561

Term Loan from Shree Mahalaxmi Co-Op. Bank Limited.,(interest @ 12.50%, secured by mortgage of immovable property. Repayable in 60 monthly instalments starting from 25th March, 2010).

0.000

3.900

Term Loan from Shree Mahalaxmi Co-Op. Bank Limited.,(interest @ 12.50%, secured by mortgage of immovable property. Repayable in 60 monthly instalments starting from 25th October, 2013).

17.382

0.000

Term Loan from Samarth Sahakari Bank Limited.,(interest @ 13.25%,

Secured by mortgage of immovable property. Repayable in 60 monthly instalments starting from 20th January, 2010).

0.000

2.028

Buyers Credit from Bank of Maharashtra,(interest @ Libor + 2%,secured by hypothecation of machinery and mortgage of immovable property. Repayable after three years from the date of availment).

0.000

7.272

Term loan from IDBI Bank Limited,(interest @ base rate + 2.5%, secured by hypothecation of machineries and mortgage of immovable property. Repayable in 60 monthly instalments starting from 1st April, 2012).

6.622

9.447

 

 

 

Term loan from HDFC Bank Limited, (interest @ 11.25%, secured by Hypothecation of Vehicles acquired out of the loan. Repayable in 36 monthly instalments).

0.000

0.052

Term loan from Axis Bank Limited, (interest @ 11.10%, secured by Hypothecation of Vehicles acquired out of the loan. Repayable in 36 monthly instalments).

0.121

0.992

TERM LOAN FROM OTHERS

Term loan from Tata Capital Services Limited(interest @ 12%, secured by hypothecation of vehicles acquired out of the loan. Repayable in 36 monthly instalments.)

0.000

0.050

SHORT-TERM BORROWINGS

 

 

LOANS REPAYABLE ON DEMAND FROM BANKS

Working Capital Loans repayable on demand (secured against hypothecation of stocks and book debts and mortgage of immovable property)

229.234

218.413

Total

271.083

277.825

 

Auditors :

 

Name :

P. G. Bhagwat

Chartered Accountants

Address :

Suit No.101-102, Orchard, Dr. Pai Marg, Baner, Pune – 411045, Maharashtra, India

 

 

Memberships :

--

 

 

Collaborators :

--

 

 

Associates/Subsidiaries :

--

 

 

CAPITAL STRUCTURE

 

As on 31.03.2014

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

10,000,000

Equity Shares

Rs.5/- each

Rs.50.000 Million

3,000,000

Preference Shares

Rs. 10/- each

Rs. 30.000 Million

 

Total

 

Rs. 80.000 Million

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

3,400,000

Equity Shares

Rs.5/- each

Rs.17.000 Million

 

 

 

 

 

NOTES:

 

Reconciliation of number of equity shares outstanding at the beginning and at the end of the year

 

Number of shares outstanding as at the beginning of the year

3,400,000

3,400,000

Add:

 

 

Number of shares allotted as fully paid up bonus shares during the year

--

--

Number of shares allotted during the year as fully paid-up pursuant to a contract without payment being received in cash

--

--

Number of shares allotted to employees pursuant to ESOPs/ ESPs

--

--

Number of shares allotted for cash pursuant to public issue

--

--

Less:

 

 

Number of shares brought back during the year

--

--

Number of shares outstanding as at the end of the year

3,400,000

3,400,000

 

Rights of equity shareholders

 

The Company has only one class of equity shares, having par value of Rs. 5/- per share. Each holder of equity share is entitled for one vote per share and has a right to receive dividend as recommended by the Board of Directors, subject to the necessary approval from the shareholders. In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.

 

For the year 2013-14, the Directors have recommended dividend @ 10% (i.e. Rs. 0.50 per Equity Share of Rs. 5/– each) [Previous year 20% (i.e. Rs.1.00 per equity share of Rs.5/– each)]. The amount Of dividend including corporate dividend tax works out to ` 1,988,915 [Previous year Rs. 3.977 Million].

 

 

 

Shares in the Company held by each shareholder holding more than 5% shares

 

Name of the shareholder

Number of shares held

in the Company

 

 

2014

Suvina Engineers Private Limited

778,812

Kulkarni Power Tools Employees Welfare Trust

324,000

 

 

 

FINANCIAL DATA

[all figures are in Rupees Million]

 

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

17.000

17.000

17.000

(b) Reserves & Surplus

263.581

262.910

252.953

(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)

280.581

279.910

269.953

 

 

 

 

(3) Non-Current Liabilities

 

 

 

(a) long-term borrowings

95.410

121.913

176.976

(b) Deferred tax liabilities (Net)

33.747

36.383

41.515

(c) Other long term liabilities

2.078

3.044

2.759

(d) long-term provisions

10.789

10.106

8.055

Total Non-current Liabilities (3)

142.024

171.446

229.305

 

 

 

 

(4) Current Liabilities

 

 

 

(a) Short term borrowings

247.775

230.504

176.976

(b) Trade payables

123.167

120.560

41.515

(c) Other current liabilities

104.276

113.936

2.759

(d) Short-term provisions

8.622

15.672

8.055

Total Current Liabilities (4)

483.840

480.672

229.305

 

 

 

 

TOTAL

906.445

932.028

923.487

 

 

 

 

II.          ASSETS

 

 

 

(1) Non-current assets

 

 

 

(a) Fixed Assets

 

 

 

(i) Tangible assets

365.511

418.441

418.441

(ii) Intangible Assets

0.601

0.614

0.614

(iii) Capital work-in-progress

1.305

2.737

2.737

(iv) Intangible assets under development

0.000

0.000

0.000

(b) Non-current Investments

0.880

0.710

0.71

(c) Deferred tax assets (net)

0.000

0.000

0.000

(d)  Long-term Loan and Advances

8.136

6.965

6.965

(e) Other Non-current assets

0.000

5.893

5.893

Total Non-Current Assets

376.433

435.360

435.360

 

 

 

 

(2) Current assets

 

 

 

(a) Current investments

0.000

0.000

0.000

(b) Inventories

186.254

228.192

185.114

(c) Trade receivables

272.246

243.326

238.125

(d) Cash and cash equivalents

21.861

22.458

23.112

(e) Short-term loans and advances

48.111

29.832

40.477

(f) Other current assets

1.540

0.899

1.299

Total Current Assets

530.012

524.707

488.127

 

 

 

 

TOTAL

906.445

932.028

923.487

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2014

31.03.2013

31.03.2012

 

SALES

 

 

 

 

Income

900.291

869.355

904.862

 

Other Income

5.512

2.050

1.907

 

TOTAL (A)

905.803

871.405

906.769

 

 

 

 

 

Less

EXPENSES

 

 

 

 

Cost of Materials Consumed

400.119

428.436

396.013

 

Purchases of Stock-in-Trade

95.303

100.354

91.189

 

Changes in inventories of finished goods, work-in-progress and Stock-in-Trade

42.274

(49.807)

22.508

 

Employees benefits expense

97.162

87.725

80.769

 

Exceptional items

1.888

4.705

13.184

 

Other expenses

191.011

202.569

203.635

 

TOTAL (B)

827.757

773.982

807.298

 

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (C)

78.046

97.423

99.471

Less

 

 

 

 

 

FINANCIAL EXPENSES (D)

38.133

39.928

40.928

Less

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)

39.913

57.495

58.543

 

 

 

 

 

 

DEPRECIATION/ AMORTISATION (F)

38.867

38.779

38.442

Less/ Add

 

 

 

 

 

PROFIT/ (LOSS)  BEFORE TAX (E-F)   (G)

1.046

18.716

20.101

 

 

 

 

 

 

TAX (I)

(1.613)

4.781

6.451

Less

 

 

 

 

 

PROFIT/ (LOSS)  AFTER TAX  (G-I)   (J)

2.659

13.935

13.650

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD 

38.784

29.926

25.746

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

Transfer to General Reserve

0.000

1.100

7.000

 

Dividend

1.700

3.400

2.125

 

Tax on Dividend

0.289

0.577

0.345

 

Balance Carried to the B/S

39.454

38.784

29.926

 

 

 

 

 

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

F.O.B. Value of Exports

161.575

131.425

124.156

 

TOTAL EARNINGS

161.575

131.425

124.156

 

 

 

 

 

 

IMPORTS

 

 

 

 

Raw Materials

208.973

205.443

122.284

 

Capital Goods

0.759

0.000

10.175

 

TOTAL IMPORTS

209.732

205.443

132.459

 

 

 

 

 

 

Earnings / (Loss) Per Share (Rs.)

0.78

4.10

4.00

 

 

Expected Sales (2014-2015): Rs.100.000 Million

 

The above information has been parted by Mr. Anil Suri

 

QUARTERLY RESULTS

 

Particulars

30.06.2014

1st Quarter

30.09.2014

2nd Quarter

31.12.2014

3rd Quarter

Audited / UnAudited

UnAudited

UnAudited

UnAudited

Net Sales

177.500

248.200

220.000

Total Expenditure

169.400

218.800

199.000

PBIDT (Excl OI)

8.100

29.400

21.000

Other Income

1.800

1.200

0.300

Operating Profit

9.900

30.600

21.300

Interest

9.900

11.200

11.700

Exceptional Items

0.000

0.000

0.000

PBDT

0.000

19.400

9.600

Depreciation

9.500

9.600

9.400

Profit Before Tax

(9.500)

9.800

0.200

Tax

(1.100)

(1.100)

(1.700)

Provisions and contingencies

0.000

0.000

0.000

Profit After Tax

(8.400)

10.900

1.900

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

(8.400)

10.900

1.900

 

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2014

31.03.2013

31.03.2012

Net Profit Margin

(PAT / Sales)

(%)

0.30

1.60

1.51

 

 

 

 

 

Operating Profit Margin

(PBIDT/Sales)

(%)

8.67

11.21

10.99

 

 

 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)

0.12

2.01

2.18

 

 

 

 

 

Return on Investment (ROI)

(PBT/Networth)

 

0.00

0.07

0.07

 

 

 

 

 

Debt Equity Ratio

(Total Debt /Networth)

 

1.22

1.26

1.41

 

 

 

 

 

Current Ratio

(Current Asset/Current Liability)

 

1.10

1.09

1.15

 

 

 

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

 

DEBT EQUITY RATIO

 

Particular

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Share Capital

17.000

17.000

17.000

Reserves & Surplus

252.953

262.910

263.581

Net worth

269.953

279.910

280.581

 

 

 

 

long-term borrowings

176.976

121.913

95.410

Short term borrowings

203.500

230.504

247.775

Total borrowings

380.476

352.417

343.185

Debt/Equity ratio

1.409

1.259

1.223

 

 

 

 

YEAR-ON-YEAR GROWTH

 

Year on Year Growth

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

904.862

869.355

900.291

 

 

(3.924)

3.559

 

 

 

NET PROFIT MARGIN

 

Net Profit Margin

31.03.2012

31.03.2013

31.03.2014

 

(Rs. In Million)

(Rs. In Million)

(Rs. In Million)

Sales

904.862

869.355

900.291

Profit

13.650

13.935

2.659

 

1.51%

1.60%

0.30%

 

 

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

Yes

15]

Capital in the business

Yes

16]

Details of sister concerns

No

17]

Major suppliers

No

18]

Major customers

No

19]

Payments terms

Yes

20]

Export / Import details (if applicable)

Yes

21]

Market information

--

22]

Litigations that the firm / promoter involved in

--

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

 

MANAGEMENT REVIEW:

 

The unprecedented slowdown of the Indian economy and the cash crunch in the market, have been the main

Reasons for the low performance.

 

Most of the steps undertaken by the Company to support the needs of the market are completed. It is expected

That the Company shall be appropriately benefited, in near future.

 

During the year, industrial relations continued to be harmonious. The Company is following Transparency and good corporate governance practices in all its operations.

 

The FOB value of exports during the year is Rs.16157.500 Million which was Rs. 13142.500 Million in the previous year.

 

GENERAL INFORMATION

 

Subject is a Public Limited Company incorporated on 30th July,1976, under the provisions of Companies Act, 1956. Its shares are listed on the Bombay Stock Exchange. The Company is engaged in manufacturing of Electric Power Tools and Twin Lobe Blowers for a wide variety of applications. Subject exports its products to United Kingdom, Middle East, East Africa, Nigeria and South Africa, South East Asia and SAARC countries.

 

 

 

UNSECURED LOAN

 

PARTICULARS

31.03.2014

(Rs. in Million)

31.03.2013

(Rs. in Million)

Long-term Borrowings

 

 

PUBLIC DEPOSIT

0.400

2.895

INTEREST FREE SALES TAX DEFERRED PAYMENT LIABILITY

i) Liability of Rs.26.107 Million to be repaid after 10 years from the year in which the Sales Tax is collected. The repayment starts from March, 2012 to March, 2019.

ii) Liability of Rs.2.940 Million to be repaid in five yearly equal instalments of Rs.0.588 Million after 10 years from March, 2018.

iii) Liability of Rs.35.625 Million to be repaid after 10 years from the year in which Sales Tax is collected. The repayment starts from March, 2014 to March, 2023.

53.160

59.606

Short-term borrowings

 

 

Other Loans

 

 

Loans From Finance Companies

17.591

12.091

Public Deposit

0.951

0.000

Total

72.102

74.592

 

INDEX OF CHARGES

 

S.NO.

CHARGE ID

DATE OF CHARGE CREATION/MODIFICATION

CHARGE AMOUNT SECURED

CHARGE HOLDER

ADDRESS

SERVICE REQUEST NUMBER (SRN)

1

10516837

18/07/2014

40,000,000.00

DOMBIVALI NAGAR SAHAKARI BANK LTD.

MADHUKUNJ, PLOT NO.P/52, MIDC PHASE 2, KALYAN-SHIL ROAD, SONPADA, DOMBIVALI – 421204 MAHARASHTRA, 
INDIA

C18379644

2

10502851

28/05/2014

15,000,000.00

SHRI MAHALAXMI CO OP BANK LTD

HEAD OFFICE - SHREE BHAVAN, 167-B MANGALWAR PETH, KOLHAPUR, MAHARASHTRA - 416012, INDIA

C06569149

3

10450401

06/09/2013

22,500,000.00

SHRI MAHALAXMI CO OP BANK LTD

HEAD OFFICE -SHREE BHAVAN, 167-B MANGALWAR PETH, 
KOLHAPUR, MAHARASHTRA - 416012, INDIA

B85511079

4

10366287

26/06/2012

400,000.00

AXIS BANK LIMITED

TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA

B44077097

5

10358598

17/05/2012

584,000.00

AXIS BANK LIMITED

TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA

B40811713

6

10354938

26/04/2012

375,000.00

AXIS BANK LIMITED

TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA

B39398946

7

10354981

21/04/2012

660,000.00

AXIS BANK LIMITED

TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD-380006, GUJARAT -, INDIA

B39409677

8

10354952

19/04/2012

360,000.00

AXIS BANK LIMITED

TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD-380006, GUJARAT , INDIA

B39403332

9

10317591

22/10/2011

260,000.00

TATA CAPITAL LIMITED

ONE FORBES, DR V B GANDHI MARG,FORT, MUMBAI-400001, MAHARASHTRA, INDIA

B25278490

10

10310645

23/09/2011

45,000,000.00

IDBI BANK LIMITED

IDBI TOWERWTC COMPLEX, CUFFE PARADE, MUMBAI- 400005, MAHARASHTRA, INDIA

B22731632

 

 

FIXED ASSETS

 

Tangible Assets

 

  • Freehold  Land
  • Leasehold Land
  • Buildings
  • Plant and Machinery
  • Dies, Moulds and Patterns
  • Furniture and Fixtures
  • Vehicles

 

Intangible Assets

 

  • Computer Software

 

 

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31st DECEMBER, 2014

(Rs. In Million)

 

 

Particulars

Quarter Ended

Nine Months Ended

 

31.12.2014

(Unaudited)

30.09.2014

(Unaudited)

31.12.2014

(Unaudited)

1.

Net Sales/Income from Operations

218.000

246.700

641.000

 

Other operating income

2.000

1.500

4.700

 

Total Income

220.000

248.200

645.700

 

 

 

 

 

2.

Expenditure

 

 

 

 

Cost of materials consumed

103.300

87.400

275.000

 

Purchase of stock in trade

42.100

87.400

172.100

 

Changes in inventories of finished goods, work in progress and stock in trade

(18.300)

(25.600)

(66.100)

 

Employee benefits expenses

24.100

24.600

72.400

 

Depreciation and amortization expenses

9.400

9.600

28.500

 

Other expenses

47.800

45.000

131.900

 

Total Expenses

208.400

228.400

613.800

 

 

 

 

 

3.

Profit/ (Loss) From Operations before Other Income, finance cost and Exceptional Items (1-2)

 

11.600

19.800

 

31.900

 

 

 

 

 

4.

Other Income

0.300

1.200

1.400

 

 

 

 

 

5.

Profit/(Loss) Before Finance Cost and Exceptional Items (3+4)

 

11.900

21.000

 

33.300

 

 

 

 

 

6.

Finance Cost

11.700

11.200

32.800

 

 

 

 

 

7.

Profit/(Loss)  After Finance Cost but before Exceptional Items (5-6)

 

0.200

 

9.800

 

0.500

 

 

 

 

 

8.

Exceptional Items

-

-

-

 

 

 

 

 

9.

Profit/(Loss) before Tax (7+8)

0.200

9.800

0.500

 

 

 

 

 

10.

Tax Expense

(1.700)

(1.100)

(3.900)

 

 

 

 

 

11.

Net Profit/(Loss)  after Tax (9-10)

1.900

10.900

4.400

 

 

 

 

 

12.

Paid-up Equity Share Capital (Face Value of Re. 5/- Each)

 

17.000

 

17.000

 

17.000

 

 

 

 

 

13.

Reserves Excluding Revaluation Reserve

As per Balance Sheet of previous accounting year

 

 

-

-

 

 

-

 

 

 

 

 

14.

EARNINGS PER SHARE (EPS)

 

 

 

 

(a) Basic and diluted EPS for the period to date & for the previous year (Not Annualized)

0.56

3.21

1.29

 

 

 

 

 

15.

Public Shareholding

 

 

 

 

-Number of Shares

191072.000

191072.000

191072.000

 

- Percentage of Shareholding

56.20

56.20

56.20

 

 

 

 

 

16.

Promoters and Promoter Group Shareholding

 

 

 

 

a) Pledged/Encumbered

 

 

 

 

- Number of Shares

Nil

Nil

Nil

 

- Percentage of Shares (as a % of the Total Shareholding of promoter and promoter group)

Nil

Nil

Nil

 

- Percentage of Shares (as a % of the Total Share Capital of the Company)

Nil

Nil

Nil

 

 

 

 

 

 

b) Non Encumbered

 

 

 

 

- Number of Shares

1489280

1489280

1489280

 

- Percentage of Shares (as a % of the Total Shareholding of Promoter and Promoter Group)

 

100

 

100

 

100

 

- Percentage of Shares (as a % of the Total Share Capital of the Company)

 

43.80

 

43.80

 

43.80

 

 

SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED

 

(Rs. In Million)

particulars

Quarter Ended On

Nine Months Ended

 

31.12.2014

(Unaudited)

30.09.2014

(Unaudited)

31.12.2014

(Unaudited)

 

1. Segment Revenue

 

 

 

a) Power Tools

179.400

203.100

530.500

b) Blowers

38.000

38.200

101.100

c) Windmills

0.500

4.400

9.400

    Total  

217.900

245.700

641.000

Less: Inter Segment Revenue

-

-

-

Net Sales / Income from Operation

217.900

245.700

641.000

2. Segment Results -Profit /(Loss) before tax and interest from each segment

 

 

 

 

a) Power Tools

10.300

15.100

26.900

b) Blowers

7.000

7.100

15.200

c) Windmills

(1.100)

2.700

4.300

Total

16.200

24.900

46.400

I)  Interest

11.700

11.200

32.800

II) Other un-allocable expenditure net of un- allocable income

4.300

3.900

13.100

Profit Before Exceptional Item

0.200

9.800

0.500

Exceptional Item-Foreign Exchange gain/(Loss)

-

-

-

Profit Before Tax

0.200

9.800

0.500

3. Capital Employed (Segment Assets -Segment Liabilities)

 

 

 

a) Power Tools

530.500

514.700

530.500

b) Blowers

103.800

99.700

103.800

c) Windmills

56.300

59.300

56.300

d) Unallocated assets less liabilities

52.200

50.600

52.200

Total

742.800

724.300

742.800

 

 

Notes:

 

  1. The above results have been reviewed by the Audit Committees in its meeting held on 8th February, 2015 and the same were approved and taken on record by the Board of Directors at its meeting held on 11th February, 2015.
  2. Tax Expenses includes Current Tax, Deferred Tax and MAT Credit Entitlement if any.
  3. During the quarter, no investor complaint was received. There was no complaint pending for redressal at the beginning / end of the quarter.
  4. The Limited Review of the financial results for the quarter ended 31st December, 2013 has been carried out by the Statutory Auditors.
  5. Figures for previous year / period have been regrouped where necessary.

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No 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.62.33

UK Pound

1

Rs.92.83

Euro

1

Rs.68.08

 

 

INFORMATION DETAILS

 

Information Gathered by :

NYA

 

 

Analysis Done by :

RAS

 

 

Report Prepared by :

KVT

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

3

--PROFITABILITY

1~10

2

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

4

--CREDIT LINES

1~10

3

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

YES

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

YES

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

YES

--OTHER MERIT FACTORS

YES/NO

YES

DEFAULTER

 

 

--RBI

YES/NO

NO

--EPF

YES/NO

NO

TOTAL

 

28

 

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

 

--

 

 

 

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.