MIRA INFORM REPORT
|
Report No. : |
337570 |
|
Report Date : |
22.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
L G BALAKRISHNAN AND BROS LIMITED |
|
|
|
|
Registered Office
: |
6/16/13, Krishnarayapuram Road, Ganapathy, Coimbatore -
641006, Tamilnadu |
|
Tel. No.: |
91-422-2532325 |
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|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
24.03.1956 |
|
|
|
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Com. Reg. No.: |
18-000257 |
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|
|
Capital
Investment / Paid-up Capital : |
Rs.156.962 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29191TZ1956PLC000257 |
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|
|
IEC No.: |
Not Available |
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|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of chains, sprockets and metal formed parts for automotive applications. |
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|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavorable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 10000000 |
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|
|
|
Status : |
Good |
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|
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Payment Behavior : |
Regular |
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|
|
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine a track. Financial position of the company seems to be decent. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitment. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 |
ICRA |
|
Rating |
Term Loans = AA- |
|
Rating Explanation |
Have high degree of safety and carry very low credit risk. |
|
Date |
April, 2015 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non-fund based facilities = A1+ |
|
Rating Explanation |
Have very strong degree of safety and carry lowest credit risk. |
|
Date |
April, 2015 |
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
31-03-2013.
INFORMATION DENIED
Management non-cooperative
Contact No. 91-422-2532325
LOCATIONS
|
Registered Office : |
6/16/13, Krishnarayapuram Road, Ganapathy, Coimbatore -
641006, Tamilnadu, India |
|
Tel. No.: |
91-422-2532325 |
|
Fax No.: |
91-422-2532333 |
|
E-Mail : |
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|
Website : |
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|
|
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|
Factory : |
Annur Ganesapuram, Kattampatti Post, Annur, Coimbatore – 641107, Tamilnadu,
India Mysore 24, Industrial Suburb, III Stage, Mysore South, Mysore – 570008,
Tamilnadu, India Vaiyampalayam Kottaipalayam Post, Coimbatore – 641110, Tamilnadu, India Karur Mochakottampalayam, Viswanathapuri Post, Karur – 639002, Tamilnadu,
India Bangalore A-4, Bommasandra Industrial Area, Anekal Taluka, Bangalore – 560009,
Karnataka, India Pongalur Sathy Road, Pongular Post, Coimbatore – 638459, Tamilnadu, India Kottaipalayam S. F. No. 195, Pillaiyar Kovil Street, Near Power House, Kottaipalayam
Post, Coimbatore – 641110, Tamilnadu, India Ganapathy 6/16/13, Krishnarayapuram Road, Ganapathy, Coimbatore – 641006,
Tamilnadu, India Gudalore Vedasenthur – Taluka, Dindugal District - 624620 |
DIRECTORS
AS ON 31.03.2015
|
Name : |
B. Vijayakumar |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
28,Kamaraj Road, Race Course, Coimbatore - 641018, Tamilnadu, India |
|
Date of Birth : |
22.01.1953 |
|
Qualification : |
B. Sc. |
|
Experience : |
More than 45 years |
|
Date of Appointment : |
01.01.2015 |
|
DIN No. |
00015583 |
|
|
|
|
Name : |
Sitharaman Sivakumar |
|
Designation : |
Directors |
|
Address : |
Old No.65, New No 46, Bharathi Park Road, Cross 7, Coimbatore - 641011, Tamilnadu, India |
|
Date of Appointment : |
28.06.1996 |
|
DIN No. |
00016040 |
|
|
|
|
Name : |
Purushothamanaidu Balasubramanian |
|
Designation : |
Directors |
|
Address : |
Old No 156 New No 215, Tea Estates,, Race Course Central Post, Coimbatore - 641018, Tamilnadu, India |
|
Date of Birth/Age : |
29.09.1937 |
|
Qualification : |
B.S. |
|
Experience : |
28 Years |
|
Date of Appointment : |
01.09.2014 |
|
DIN No. |
00018197 |
|
|
|
|
Name : |
Rajsri Vijayakumar |
|
Designation : |
Directors |
|
Address : |
'Vijay’, No 1 G D Naidu St, Race Course, Coimbatore - 641018, Tamil Nadu, India |
|
Date of Birth : |
11.09.1981 |
|
Qualification : |
B.B.A. |
|
Experience : |
More than 15 years |
|
Date of Appointment : |
24.09.2007 |
|
DIN No. |
00018244 |
|
|
|
|
Name : |
Thumala Balaji |
|
Designation : |
Directors |
|
Address : |
1996/1 Krishna Colony, Trichy Road, Coimbatore - 641005, Tamilnadu, India |
|
Date of Birth/Age : |
22.01.1947 |
|
Qualification : |
M.B., B.S., D.L.O |
|
Experience : |
28 Years |
|
Date of Appointment : |
09.07.2014 |
|
DIN No. |
00002755 |
|
|
|
|
Name : |
Ramani Vidhya Shankar |
|
Designation : |
Directors |
|
Address : |
152, Kalidas Road, Ramnagar, Coimbatore - 641009, Tamilnadu, India |
|
Date of Birth/Age : |
25.03.1970 |
|
Qualification : |
B.COM BL |
|
Experience : |
20 Years |
|
Date of Appointment : |
01.09.2014 |
|
DIN No. |
00002498 |
|
|
|
|
Name : |
Palanisamy Shanmugasundaram |
|
Designation : |
Director |
|
Address : |
4/178, Greenlands, Covai Road, Near Tansi, Karur Post, Karur - 639002, Tamilnadu, India |
|
Date of Birth/Age : |
10.08.1948 |
|
Qualification : |
B.S |
|
Experience : |
28 Years |
|
Date of Appointment : |
01.09.2014 |
|
DIN No. |
00119411 |
|
|
|
|
Name : |
Vijayakumar Rajvirdhan |
|
Designation : |
Director |
|
Address : |
No.28, Kamaraj Road, Race Course, Coimbatore - 641018, Tamilnadu, India |
|
Date of Birth/Age : |
05.09.1983 |
|
Qualification : |
B.SC., IME |
|
Experience : |
4 Years |
|
Date of Appointment : |
15.06.2011 |
|
DIN No. |
00156787 |
|
|
|
|
Name : |
Palanichamy Prabakaran |
|
Designation : |
Whole-Time Director |
|
Address : |
No.96, Bharathi Colony, Peelamedu, Coimbatore - 641004, Tamilnadu, India |
|
Date of Birth : |
01.02.1959 |
|
Qualification : |
B.E. |
|
Experience : |
More than 25 years |
|
Date of Appointment : |
01.06.2011 |
|
DIN No. |
01709564 |
|
|
|
|
Name : |
Venkatesalu Govindarajulu |
|
Designation : |
Director |
|
Address : |
60/A/49-H Sathy Road, Ganapathy, Coimbatore - 641006, Tamilnadu, India |
|
Date of Birth/Age : |
08.07.1956 |
|
Qualification : |
BE |
|
Experience : |
27 Years |
|
Date of Appointment
: |
01.09.2014 |
|
DIN No. |
00016108 |
KEY EXECUTIVES
|
Name : |
Mr. N. Rengaraj |
|
Designation : |
Chief Financial Officer |
|
Address : |
8B\22 Sri Masaniamman Avenue, Vadavalli, Coimbatore - 641041, Tamilnadu, India |
|
PAN No : |
AFMPR8119Q |
|
Date of Appointment
: |
01.08.2014 |
|
|
|
|
Name : |
Mr. M. Lakshmi Kanth Joshi |
|
Designation : |
General Manager Cum Company Secretary |
|
Address : |
"Sri Aruna" 15A Bhagath Singh Ro3, Velanoipalayam,, Coimbatore - 641025, Tamilnadu, India |
|
PAN No : |
AMPLI6939Q |
|
Date of Appointment
: |
29.05.200 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
|
||
|
(A) Shareholding of
Promoter and Promoter Group |
||
|
|
|
|
|
|
6013100 |
38.31 |
|
|
1327980 |
8.46 |
|
|
7341080 |
46.77 |
|
|
|
|
|
Total shareholding of
Promoter and Promoter Group (A) |
7341080 |
46.77 |
|
|
|
|
|
(B) Public Shareholding |
||
|
|
|
|
|
|
2014684 |
12.84 |
|
|
5097 |
0.03 |
|
|
6600 |
0.04 |
|
|
2026381 |
12.91 |
|
|
|
|
|
|
288663 |
1.84 |
|
|
|
|
|
Individual shareholders
holding nominal share capital up to Rs. 0.100 Million |
3681032 |
23.45 |
|
Individual shareholders holding
nominal share capital in excess of Rs. 0.100 Million |
1973728 |
12.57 |
|
|
385324 |
2.45 |
|
|
7645 |
0.05 |
|
|
213572 |
1.36 |
|
|
77095 |
0.49 |
|
|
3100 |
0.02 |
|
|
83912 |
0.53 |
|
|
6328747 |
40.32 |
|
Total Public shareholding
(B) |
8355128 |
53.23 |
|
|
|
|
|
Total (A)+(B) |
15696208 |
100.00 |
|
|
|
|
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
|
|
|
Total (A)+(B)+(C) |
15696208 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of chains, sprockets and metal formed parts for automotive applications. |
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|
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Products : |
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|
|
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|
Brand Names : |
“ROLON” |
|
|
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
Note : Long Term
Borrowings Details of Security for Long Term Borrowings: a) Term Loans from banks are secured by hypothecation of Plant and Machineries and are collaterally secured by equitable mortgage by deposit of title deeds of immovable properties of Chakkan Plant and Jalna Plant. b) Inerest rate relating to Term Loan from banks is in the range of 9.70% to 11.75% Short Term
Borrowings Details of security for short-term borrowings: a) Working capital loans from banks are primarily secured by hypothecation of inventories and book debts of the Company b) Interest rate relating to Short Term Borrowings from
Banks is in the range of 9.80% to 13.10% |
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Shanmuga Mandram,
41 Race Course, Coimbatore – 641018, Tamilnadu, India |
|
Tel No: |
91-422-4392801 |
|
|
|
|
Cost Auditor : |
|
|
Name : |
Dr. G.L. Sankaran Cost Accountants |
|
Address : |
82, EB Colony, Vadavalli, Coimbatore – 641 041, Tamilnadu,
India |
|
Tel No: |
91-422-2400767 |
|
|
|
|
Secretarial Auditor
: |
Sri. M.D. Selvaraj MDS & Associates Company Secretary in Practice |
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|
|
|
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Memberships : |
----- |
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Collaborators : |
----- |
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Enterprise over which
the Company may exercise significant influence : |
|
|
|
|
|
Associates: |
Renold Chain India Private Limited |
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Subsidiary Company: |
|
|
|
|
|
Step Down
Subsidiary Company : |
|
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20,000,000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Million |
Issued Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15,696,208 |
Equity Shares |
Rs.10/- each |
Rs.156.962 Million |
Reconciliation of the
number of shares and amount outstanding at the beginning and at the end of the reporting
year:
|
Particulars |
Opening balance |
Fresh Issue |
Bonus/ ESOP |
Conversion/ Buyback |
Closing balance |
|
Equity Shares with voting rights |
|
|
|
|
|
|
Year ended 31st March, 2015 |
|
|
|
|
|
|
Number of shares |
7,848,104 |
--- |
7,848,104 |
--- |
15,696,208 |
|
Amount (Rs. in Million) |
78.481 |
--- |
78.481 |
--- |
156.962 |
|
Year ended 31st March, 2014 |
|
|
|
|
|
|
Number of shares |
7,848,104 |
--- |
--- |
--- |
7,848,104 |
|
Amount (Rs. in Million ) |
78.481 |
--- |
--- |
--- |
78.481 |
Details of shares
held by each shareholder holding more than 5% shares:
|
Sl. No |
Name of the
Shareholder |
As at 31 March 2015 |
|
|
|
Equity Shares with
voting rights |
No. of Shares held |
% of Holding |
|
1 |
B. Vijayakumar |
2,507,000 |
15.97 |
|
2 |
V. Rajvirdhan |
2,198,586 |
14.01 |
|
3 |
V. Rajsri |
1,089,576 |
6.94 |
|
4 |
Reliance Capital Trustee Company Limited A/c. Reliance
Small Cap |
921,336 |
5.87 |
|
5 |
L.G.B. Educational Foundation |
--- |
--- |
FINANCIAL DATA
[All figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
156.962 |
78.481 |
78.481 |
|
(b) Reserves &
Surplus |
3352.517 |
2928.937 |
2495.678 |
|
(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) |
3509.479 |
3007.418 |
2574.159 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
826.389 |
532.930 |
825.462 |
|
(b) Deferred tax
liabilities (Net) |
172.100 |
177.756 |
182.954 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
998.489 |
710.686 |
1008.416 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
468.837 |
500.463 |
413.897 |
|
(b) Trade payables |
1463.424 |
1359.459 |
1104.041 |
|
(c) Other current
liabilities |
841.413 |
681.336 |
704.311 |
|
(d) Short-term provisions |
71.788 |
64.273 |
18.364 |
|
Total Current Liabilities
(4) |
2845.462 |
2605.531 |
2240.613 |
|
|
|
|
|
|
TOTAL |
7353.430 |
6323.635 |
5823.188 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2704.079 |
2180.777 |
2001.700 |
|
(ii) Intangible Assets |
32.298 |
29.730 |
28.725 |
|
(iii) Capital
work-in-progress |
305.774 |
90.403 |
34.928 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
369.067 |
356.633 |
339.988 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
239.087 |
283.385 |
209.263 |
|
(e) Other Non-current
assets |
3.783 |
3.783 |
3.992 |
|
Total Non-Current Assets |
3654.088 |
2944.711 |
2618.596 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
4.600 |
|
(b) Inventories |
2164.845 |
1945.617 |
1833.696 |
|
(c) Trade receivables |
1250.351 |
1251.106 |
1101.075 |
|
(d) Cash and cash
equivalents |
57.720 |
51.441 |
58.341 |
|
(e) Short-term loans and
advances |
214.075 |
127.292 |
186.417 |
|
(f) Other current assets |
12.351 |
3.468 |
20.463 |
|
Total Current Assets |
3699.342 |
3378.924 |
3204.592 |
|
|
|
|
|
|
TOTAL |
7353.430 |
6323.635 |
5823.188 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
10482.638 |
9879.227 |
9366.247 |
|
|
Other Income |
28.427 |
47.403 |
41.245 |
|
|
TOTAL |
10511.065 |
9926.630 |
9407.492 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
4396.887 |
4152.645 |
3589.256 |
|
|
Purchases of
Stock-in-Trade (traded goods) |
572.300 |
717.391 |
1338.037 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(107.905) |
(38.221) |
99.021 |
|
|
Exceptional items |
(66.080) |
0.000 |
0.000 |
|
|
Employees benefits
expense |
1297.593 |
1151.142 |
964.833 |
|
|
Other expenses |
3034.009 |
2775.519 |
2478.352 |
|
|
TOTAL |
9126.804 |
8758.476 |
8469.499 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
1384.261 |
1168.154 |
937.993 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
163.184 |
169.103 |
224.752 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
1221.077 |
999.051 |
713.241 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
373.368 |
313.712 |
291.122 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
847.709 |
685.339 |
422.119 |
|
|
|
|
|
|
|
Less |
TAX |
203.749 |
141.897 |
85.346 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX |
643.960 |
543.442 |
336.773 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General
Reserve |
488.320 |
400.000 |
250.000 |
|
|
Dividend |
109.874 |
94.178 |
58.861 |
|
|
Tax on Dividend |
22.186 |
16.004 |
9.670 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
23.580 |
33.260 |
18.242 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
981.178 |
908.589 |
753.572 |
|
|
TOTAL EARNINGS |
981.178 |
908.589 |
753.572 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
460.557 |
548.604 |
607.089 |
|
|
Components and Stores
parts |
16.533 |
13.211 |
36.902 |
|
|
Capital Goods |
423.313 |
59.100 |
56.674 |
|
|
TOTAL IMPORTS |
900.403 |
620.915 |
700.665 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
41.03 |
34.62 |
42.91 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current maturities of long-term debt |
|
|
|
|
For
the details of Securities Guarantee and repayment terms etc., |
|
|
|
|
Term Loan - Banks Secured |
|
|
|
|
Axix
Bank Limited |
0.000 |
35.000 |
140.000 |
|
The
Bank of Nova Scotia |
0.000 |
0.000 |
85.714 |
|
ICICI
Bank Limited |
150.000 |
112.500 |
0.000 |
|
HDFC
Bank Limited |
11.111 |
0.000 |
0.000 |
|
Fixed Deposits: |
|
|
|
|
From Related |
|
|
|
|
L.G.
Farm Products Private Limited |
0.000 |
4.000 |
0.000 |
|
Elgi
Automotive Services Private Limited |
0.000 |
2.000 |
0.000 |
|
L.G.B.Rolon
Chain Limited |
0.000 |
0.500 |
0.000 |
|
Minor.Samriddhi
Andal Rajiv |
0.000 |
4.900 |
0.000 |
|
Minor.Vidhur
Narayanan Rajiv |
0.000 |
8.200 |
0.000 |
|
Rajvirdhan
V |
0.000 |
4.000 |
4.000 |
|
Vijayakumar
B |
0.000 |
13.000 |
10.000 |
|
Rajsri
V |
0.000 |
4.000 |
3.000 |
|
Super
Transports (P) Ltd |
0.000 |
2.500 |
0.175 |
|
From
others |
0.000 |
7.195 |
1.325 |
|
Total |
161.111 |
197.795 |
244.214 |
|
Cash generated from operations |
1259.731 |
1147.603 |
905.710 |
|
Net Cash from operating activities |
1073.384 |
995.171 |
823.307 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
6.14 |
5.50 |
3.60 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
13.21 |
11.82 |
10.01 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.69 |
11.66 |
7.75 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24 |
0.23 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.41 |
0.41 |
0.58 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.30 |
1.30 |
1.43 |
STOCK
PRICES
|
Face Value |
Rs. 10.00/- |
|
Market Value |
Rs. 480.00/- |
FINANCIAL ANALYSIS
[All figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
78.481 |
78.481 |
156.962 |
|
Reserves & Surplus |
2495.678 |
2928.937 |
3352.517 |
|
Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
2574.159 |
3007.418 |
3509.479 |
|
|
|
|
|
|
long-term borrowings |
825.462 |
532.930 |
826.389 |
|
Short term borrowings |
413.897 |
500.463 |
468.837 |
|
Current maturities of
long-term debts |
244.214 |
197.795 |
161.111 |
|
Total borrowings |
1483.573 |
1231.188 |
1456.337 |
|
Debt/Equity ratio |
0.576 |
0.409 |
0.415 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
9366.247 |
9879.227 |
10482.638 |
|
|
|
5.477 |
6.108 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
9366.247 |
9879.227 |
10482.638 |
|
Profit |
336.773 |
543.442 |
643.960 |
|
|
3.60% |
5.50% |
6.14% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
---- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
No |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
--- |
|
33 |
Market information |
--- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
UNSECURED LOAN
|
PARTICULARS |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
Long-term
Borrowings |
|
|
|
Fixed Deposits From other
parties |
0.000 |
8.855 |
|
Fixed Deposits From related parties |
|
|
|
Elgi Automotive Services Private Limited |
0.000 |
6.000 |
|
L.G.B. Auto Products Private Limited |
0.000 |
7.500 |
|
Minor. Samriddhi Andal Rajiv |
0.000 |
14.100 |
|
Minor. Vidhur Narayanan Rajiv |
0.000 |
8.800 |
|
Rolon Fine Blank Limited |
0.000 |
0.175 |
|
Short-term
borrowings |
|
|
|
Loan repayable on
Demand From Banks |
|
|
|
Hongkong and Shanghai Banking Corporation Limited |
0.000 |
100.000 |
|
Loan from
financial institution Bajaj Finance Limited |
0.000 |
100.000 |
|
Loan from
directors |
|
|
|
B.Vijayakumar |
43.375 |
18.600 |
|
V.Rajvirdhan |
20.100 |
0.600 |
|
V.Rajsri |
51.100 |
4.800 |
|
Loan from inter
corporates |
|
|
|
Tribe Investments and Services Private Limited |
5.000 |
5.000 |
|
L.G. Farm Products Private Limited |
2.000 |
2.000 |
|
Elgi Automotive Services Private Limited |
17.500 |
19.000 |
|
L.G.B. Auto Products Private Limited |
16.000 |
8.500 |
|
L.G. Sports Limited |
0.000 |
2.500 |
|
Super Speeds Private Limited |
0.000 |
8.500 |
|
Total |
155.075 |
314.930 |
INDEX OF CHARGES:
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER
(SRN) |
|
1 |
10549532 |
06/02/2015 |
100,000,000.00 |
THE HONGKONG AND SHANGHAI
BANKING CORPORATION LIMITED |
NO 30,, RAJAJI SALAI, OPP
TO BEACH STATION, CHENNAI - 600001, TAMIL NADU, INDIA |
C43808153 |
|
2 |
10549537 |
06/02/2015 |
250,000,000.00 |
THE HONGKONG AND SHANGHAI
BANKING CORPORATION LIMITED |
NO 30,, RAJAJI SALAI, OPP
TO BEACH STATION, CHENNAI - 600001, TAMIL NADU, INDIA |
C43808872 |
|
3 |
10557338 |
12/01/2015 |
350,000,000.00 |
HDFC BANK LIMITED |
315, 316, METTUPALAYAM
ROAD, OPP MURUGAN MILLS, NEAR GANGA HOSPITAL, COIMBATORE, TAMIL NADU -
641043, INDIA |
C47881594 |
|
4 |
10363142 |
09/05/2012 |
100,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE,
DISCOVERY OF INDIA,, DR. |
B42688143 |
|
5 |
10351894 |
23/07/2014 * |
750,000,000.00 |
ICICI BANK LIMITED |
CHERAN PLAZA ! FLOOR, 1090
TRICHY ROAD, COIMBATORE - 641018, TAMIL NADU, INDIA |
C17040387 |
|
6 |
10000071 |
06/11/2014 * |
200,000,000.00 |
AXIS BANK LIMITED |
NO.1133, 1135 AND 1136,
AVANASHI ROAD,, PAPANAICKEN |
C34418483 |
|
7 |
80025947 |
21/12/2012 * |
150,000,000.00 |
THE BANK OF NOVA SCOTIA |
CLASSIC TOWERS, 1547,
TRICHY ROAD, COIMBATORE - 641018, TAMIL NADU, INDIA |
B65138422 |
|
8 |
80026758 |
23/08/2013 * |
250,000,000.00 |
ICICI BANK LIMITED |
1090 CHERAN PLAZA, TRICHY
ROAD, COIMBATORE - 641018, TAMIL NADU, INDIA |
B84390749 |
|
9 |
90007094 |
06/02/2015 * |
250,000,000.00 |
IDBI BANK LIMITED |
4TH FLOOR, EXCELLENCE
NO.104, RACE COURSE ROAD, COIMBATORE - 641018, TAMIL NADU, INDIA |
C45200201 |
|
10 |
90007082 |
12/01/2015 * |
150,000,000.00 |
HDFC BANK LIMITED |
315, 316, METTUPALAYAM
ROAD,, OPP MURUGAN MILLS, NEAR GANGA HOSPITAL, COIMBATORE - 641043,
TAMIL NADU, INDIA |
C51582054 |
* Date of charge modification
CONTINGENT LIABILITIES
AND COMMITMENTS (TO THE EXTENT NOT PROVIDED FOR):
|
PARTICULARS |
31.03.2015 (Rs.
in Million) |
31.03.2014 (Rs.
in Million) |
|
(i) Contingent liabilities: |
|
|
|
(a) Claims against the Company, not acknowledged as debt – disputed tax liability. |
|
|
|
|
|
|
|
62.428 |
53.880 |
|
40.836 |
40.836 |
|
1.002 |
2.141 |
|
45.433 |
28.981 |
|
Total |
149.699 |
125.838 |
|
|
|
|
|
Guarantee given by Bankers and outstanding |
3.836 |
8.588 |
|
Corporate guarantee given for others |
445.000 |
575.000 |
|
Estimated customs duty obligation on imports, if corresponding export obligation is not satisfied |
178.497 |
152.294 |
FINANCIAL RESULTS:
STANDALONE FINANCIALS
During the year, the Total Revenue stood at Rs.10511.065 Million as compared to Rs.9926.630 Million for the previous year, representing an increase of 5.89%; profit before tax stood at Rs.781.629 Million for the year as compared to Rs.685.339 Million for the previous year, representing an increase of 14.05%; profit after tax stood at Rs. 643.960 Million as compared to Rs. 543.442 Million for the previous year, representing an increase of 18.50%.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
INDUSTRY STRUCTURE
AND DEVELOPMNET
Their Company has performed well in all their products especially with our two wheeler account. It is excepted the trend will continue and any down turn will be temporary. They have invested heavily in the last three years and an
amount of almost Rs. 2150.000 Million have been spend in upgrading their existing facilities as well as in expanding capacity’s. They are confident that having geared their selves for the future, the future will not let them down and we shall continue their good performances.
HEALTH, SAFETY,
SECURITY ENVIRONMENT
The Company already has in place its own Safety System. Regular training is imparted to the workers and staff at all levels. The increased focus on safety has resulted in improved safety at all their Plants and thus has improved the working environment.
CORPORATE INFORMATION
Subject was founded in 1937 as a transport Company and has evolved today as a major manufacturer of chains, sprockets and metal formed parts for automotive applications. Its business segments include transmission, metal forming and others. Its transmission products include chains, sprockets, tensioners, belts and brake shoe. It also offers metal forming products consisting of fine blanking for precision sheet metal parts, machined components and wire drawing products for internal use as well as for other chain manufacturing plants, spring steel suppliers and umbrella manufacturers. The Company’s products are marketed under the “Rolon” brand. LGB has manufacturing units spread across Tamilnadu, Maharashtra, Uttrakhand, Karnataka and Haryana.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED AS ON 30.06.2015
(RS.
IN MILLION)
|
Particulars |
|
|
Year Ended |
|
|
|
|
30.06.2015 (Unaudited) |
|
Income from Operations |
|
|
|
|
(a) Net sates/income from operations (Net of excise duty) |
|
|
2339.242 |
|
(b) Other Operating Income |
|
|
129.267 |
|
Total income from
operations (net) |
|
|
2468.509 |
|
Expenses |
|
|
|
|
(a) Cost of materials consumed |
|
|
887.432 |
|
(b) Purchases of stock-in trade |
|
|
103.746 |
|
(c) Changes in inventories of finished goods. work-in-progress and stock
in trade |
|
|
108.317 |
|
(d) Employee benefits expense |
|
|
354.228 |
|
(e) Depreciation and Amortization Expenses |
|
|
94.710 |
|
(f) Other Expenses |
|
|
771.691 |
|
(g) Power and Fuel |
|
|
0.000 |
|
(h) Value of Wind Power |
|
|
0.000 |
|
Total expenses |
|
|
2320.124 |
|
Profit/ (Loss) from operations before other Income, finance costs and
exceptional Items (1-2) |
|
|
148.385 |
|
Other Income |
|
|
6.717 |
|
Profit/ (Loss) from operations before other income, finance costs and exceptional
items (3+4) |
|
|
155.102 |
|
Finance Costs |
|
|
42.877 |
|
Profit/ (Loss) from ordinary activities after finance cost but before
exceptional items (5-6) |
|
|
112.225 |
|
Exceptional items |
|
|
0.000 |
|
Profit/ (Loss) from ordinary activities before tax (7+8) |
|
|
112.225 |
|
Tax expenses |
|
|
22.101 |
|
Net Profit / (Loss) from ordinary activities after tax (9-10) |
|
|
90.124 |
|
Extraordinary item (net of tax expense) |
|
|
0.000 |
|
Net Profit / (Loss) for the period (11-12) |
|
|
90.124 |
|
Share of profit' (loss) of associates |
|
|
|
|
Minority Interest |
|
|
|
|
Net Profit/ (Loss) after taxes, minority interest and share of
profit/(loss) of associates (13+14+15) |
|
|
|
|
Paid up equity share capital (Face Value of Rs 10/-each) |
|
|
156.962 |
|
Reserve excluding Revaluation Reserve as per Balance Sheet of previous
accounting year |
|
|
|
|
Earnings per share (before extraordinary items) of Rs.10/- each (not annualized): |
|
|
|
|
(a) Basic |
|
|
5.74 |
|
(b) Diluted |
|
|
5.74 |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
A. Public Shareholding |
|
|
|
|
- Number of shares |
|
|
8355128 |
|
- Percentage of shareholding |
|
|
53.23 |
|
Promoters and Promoter group shareholding |
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
- Number of shares |
|
|
- |
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
|
|
- |
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
|
|
- |
|
b) Non Encumbered |
|
|
|
|
- Number of shares |
|
|
7341080 |
|
- Percentage of shares (as a % of the total shareholding of Promoter
& Promoter group) |
|
|
100.00 |
|
- Percentage of shares (as a % of the total Share Capital of the
Company) |
|
|
46.77 |
|
|
|
||
|
|
|
|
|
|
Investor Complaints |
|
|
3 month ended 30.06.2015 |
|
Pending
at the beginning of the quarter |
|
|
Nil |
|
Received
during the quarter |
|
|
Nil |
|
Disposed
of during the quarter |
|
|
Nil |
|
Remaining
unresolved at the end of the quarter |
|
|
Nil |
SEGEMENTWISE
REVEUNE, RESULTS AND CAPITAL EMPOLYED UNDER
CLAUSE 41 OF THE LISTING AGREEMENT
|
Particulars |
|
|
Year
Ended |
|
|
|
30.06.2015 (Unaudited) |
|
|
1.
Segment Revenue |
|
|
|
|
(Net
Sales/Income from Operations) |
|
|
|
|
Transmission |
|
|
1937.495 |
|
Metal Forming |
|
|
419.474 |
|
Others |
|
|
111.540 |
|
Total |
|
|
2468.509 |
|
Less : Inter Segment Revenue |
|
|
0.000 |
|
Net
Sales |
|
|
2468.509 |
|
|
|
|
|
|
2.
Segment Result |
|
|
|
|
(Profit/(loss) before tax and interest) |
|
|
|
|
Transmission |
|
|
133.792 |
|
Metal Forming |
|
|
31.082 |
|
Others |
|
|
(9.772) |
|
Total |
|
|
155.102 |
|
Less : (i)
Interest |
|
|
42.877 |
|
(ii) Other unallocable expenditure net off unallocable income |
|
|
0.000 |
|
Add: (iii) Unallocable Income |
|
|
0.000 |
|
Total
Profit/ (Loss) Before Tax |
|
|
112.225 |
|
|
|
|
|
|
3. Capital Employed (Segment Assets-Segment Liabilities) |
|
|
|
|
Transmission |
|
|
2126.922 |
|
Metal Forming |
|
|
1705.542 |
|
Others |
|
|
444.384 |
|
Unallocated |
|
|
(1277.245) |
|
Total |
|
|
3599.603 |
Note:
The standalone financial results of the company for the period ended 30th June, 2015 have been reviewed by the audit committee and have been approved by the board of directors at its meeting held on 30th July, 2015.
The standalone financial results of the company for the period ended 30th June, 2015 have been audited by the statutory auditors.
Pursuant to clause no. 41(1) (e) of the listing agreement, the company has opted to submit standalone results only.
Previous period/year figures have been regrouped/classified to make them comparable reclassified to make them comparable with those of current period/year.
FIXED ASSETS
Tangible assets
- Land
- Building
- Plant and equipment
- Furniture and fixtures
- Vehicles
- Office equipment
Intangible Assets
- Computer - Software
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 records 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.65.83 |
|
|
1 |
Rs.103.39 |
|
Euro |
1 |
Rs.74.27 |
INFORMATION DETAILS
|
Information
Gathered by : |
KMN |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILITY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
---- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--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 |
|
65 |
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
unfavorable 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.