MIRA INFORM REPORT
|
Report No. : |
309094 |
|
Report Date : |
23.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
BLUE STAR LIMITED |
|
|
|
|
Formerly Known
As : |
BLUE STAR ENGINEERING COMPANY (BOMBAY) PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
Kasturi Building,
Jamshedji Tata Road, Mumbai – 400020, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of Incorporation
: |
20.01.1949 |
|
|
|
|
Com. Reg. No.: |
11-006870 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 179.872 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L28920MH1949PLC006870 |
|
|
|
|
IEC No.: |
0388021454 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB11714D |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACB4487D |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
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. |
|
|
|
|
No. of Employees
: |
2540 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (75) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having excellent track record. Financial position of the company is sound. Fundamentals of the
company are healthy. The rating also takes into consideration company proven track record
and dominant market position in the central air-conditioning and cooling
products business. 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 good 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: “AA+” |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
04.11.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: “A1+” |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
04.11.2014 |
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 DECLINED BY
|
Name : |
Yogita |
|
Designation : |
Account Officer |
|
Contact No.: |
91-22-67924000 |
|
Date : |
20.02.2015 |
LOCATIONS
|
Registered / Head /
Corporate Office : |
Kasturi
Building, Jamshedji Tata Road, Mumbai
– 400020, Maharashtra, India |
|
Tel. No.: |
91-22-66654000 |
|
Mobile No.: |
91-9820045298 (Mr. S. S. Basisth) |
|
Fax No.: |
91-22-66654151 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
2nd Pokhran Road, Majiwada, Thane – 400601, Maharashtra,
India |
|
Tel. No.: |
91-22-25346265 |
|
Fax No.: |
91-22-25345525 |
|
|
|
|
Factory 2 : |
Plot Nos. 4 and
5, GIDC Industrial Estate, Narmada Nagar Post, Bharuch - 392 015, Gujarat,
India |
|
Tel. No.: |
91-2642-246116 |
|
Fax No.: |
91-2642-246026 |
|
|
|
|
Factory 3 : |
Nahan Road, Rampur
Jattan Kala Amb, District Sirmour, Himachal Pradesh 173030, India |
|
Tel. No.: |
91-1702-238760 |
|
Fax No.: |
91-1702-238461 |
|
|
|
|
Factory 4 : |
Nahar Road, Village Ogli, Kala Amb, District Sirmour – 173030,
Himachal Pradesh, India |
|
Fax No.: |
91-1702-238761s |
|
|
|
|
Factory 5 : |
Village Vasuri
Khurd Khanivali Road Po: Khupari Taluka: Wada Dist: Thane – 421312,
Maharashtra, India |
|
|
|
|
Factory 6: |
Survey No. 265/2, Demni Road, U. T. of Dadra and Nagar Haveli – 396193, India |
|
Tel. No.: |
91-260-2668617/ 2668618 |
|
Fax No.: |
91-260-2668503 |
|
|
|
|
Factory 7: |
501/3, 503/2, Tejpur Road, Sarkhej Baula Highway, Changodar, Ahmedabad - 382 213, Gujarat, India |
|
Tel No.:
|
91-2717-294490s |
|
|
|
|
Divisional Offices
: |
Chennai Mumbai Tel: 91-22-66544000 Fax: 91-22-66544001 |
|
|
|
|
Regional Offices: |
Ø
Blue Star House, 9A,
Ghatkopar Link Road, Sakinaka, Mumbai – 400072, Maharashtra, India Tel. No.: 91-22-66684000 Fax No.: 91-22-66684004 Ø Block 2-A, DLF Corporate Park, DLF Qutab Enclave,
Phase III, Gurgaon - 122002,
Haryana, India Tel. No.: 91-124-4094000 Fax No.: 91-124-4094004 Ø 7, Hare Street, Kolkata - 700 001, West
Bengal, India Tel. No.: 91-33-22134000 Fax No.: 91-33-22134102 Ø No.104,
Old No. 46, Garuda Buildings, Cathedral Road, Chennai – 600086, Tamilnadu,
India Tel. No.: 91-44-42444000 Fax No.: 91-44-42444190 |
|
|
|
|
Sales and
Services Offices: |
Located at · Ahmedabad · Bengaluru · Bhubaneswar · Chandigarh · Ghaziabad · Chennai · Goa · Guwahati · Indore · Jaipur · Jamshedpur · Kochi · Lucknow · Ludhiana · Mumbai · Nagpur · New Delhi · Patna · Pune ·
Raipur · Secunderabad · Thane · Thiruvananthapuram · Vadodara ·
Visakhapatnam |
|
|
|
|
Overseas
Office : |
Located at ·
Malaysia ·
U.A.E. ·
U.S.A. |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Ashok Mohan Advani |
|
Designation : |
Chairman |
|
Address : |
105, Samudra Mahal, Dr. Annie Besant Road, Mumbai – 400018,
Maharashtra, India |
|
Date of Birth/Age : |
17.11.1941 |
|
Qualification : |
B. Sc., SB, MBA |
|
Date of Appointment : |
01.08.1979 |
|
DIN No.: |
00001372 |
|
|
|
|
Name : |
Mr. Suneel M. Advani |
|
Designation : |
Vice Chairman |
|
Address : |
232, Urvashi, 23rd Floor, Petit Hall Complex, Nepeansea Road, Mumbai -400006, Maharashtra, India |
|
Date of Birth/Age : |
23.02.1944 |
|
Qualification : |
SB, SB, LL.B., |
|
Date of Appointment : |
03.03.1983 |
|
DIN No.: |
00001709 |
|
|
|
|
Name : |
Mr. Satish Jamdar |
|
Designation : |
Managing Director |
|
Qualification : |
Mechanical Engineering graduate from IIT Bombay with additional qualifications in Systems Management from NIIT, and Management Studies from UK and USA |
|
|
|
|
Name : |
Mr. Vir S Advani |
|
Designation : |
Executive Director and President - Electro Mechanical Projects Business |
|
Address : |
232, Urvshi, Patit Hall Complex, Napeansea Road, Mumbai – 400006, Maharashtra, India |
|
Date of Birth/Age : |
20.08.1975 |
|
Qualification : |
BS degree in Systems Engineering and a BA degree in Economics from the University of Pennsylvania. He has also completed a comprehensive Executive Management Programme on Leadership Development at Harvard Business School. |
|
Date of Appointment : |
01.07.2010 |
|
DIN No.: |
01571278 |
|
|
|
|
Name : |
B Thiagarajan |
|
Designation : |
Executive Director and President - AC&R Products Business |
|
Qualification : |
Bachelor of Engineering in Electrical and Electronics from Madurai University. He has also completed the Senior Executive Program of London Business School. |
|
|
|
|
Name : |
Mr. Shailesh
Haribhakti |
|
Designation : |
Director |
|
Address : |
228, Kalpataru Habitat, B Wing, Dr. S S Rao Road, Parel, Mumbai – 400012,
Maharashtra, India |
|
Date of Birth/Age : |
12.03.1956 |
|
Qualification : |
Chartered and Cost Accountant, and a Certified Internal Auditor, Financial Planner and Fraud Examiner. |
|
Date of Appointment : |
31.10.2005 |
|
DIN No.: |
00007347 |
|
|
|
|
Name : |
Ms. Shobana
Kamineni |
|
Designation : |
Director |
|
Date of Appointment : |
30.05.2014 |
|
Qualification : |
Bachelors Degree in Economics and has an Accelerated Diploma in Hospital Administration from Columbia University, New York. |
|
|
|
|
Name : |
Mr. Pradeep
Mallick |
|
Designation : |
Director |
|
Address : |
A/2, Pallonji House, 43 Cuffe Parde, Mumbai – 400005, Maharashtra,
India |
|
Date of Birth/Age : |
20.11.1942 |
|
Qualification : |
B Tech from IIT Madras and Diploma holder in Business Management from UK. He is also a Chartered Engineer. |
|
Date of Appointment : |
29.01.2003 |
|
DIN No.: |
00061256 |
|
|
|
|
Name : |
Mr. M K Sharma |
|
Designation : |
Director |
|
Qualification : |
Bachelors Degrees in Arts and Law, and Post Graduate Diplomas in Personnel Management and Labour Laws. |
|
|
|
|
Name : |
Mr. Gurdeep Singh |
|
Designation : |
Director |
|
Address : |
178, Vasant Vihar, Vasant Marg, New Delhi – 100057, India |
|
Date of Birth/Age : |
23.07.1944 |
|
Qualification : |
Chemical Engineering Graduate from IIT Delhi. |
|
Date of Appointment : |
23.05.2003 |
|
DIN No.: |
00036922 |
KEY EXECUTIVES
|
Name : |
Mr. Sangameshwar Iyer |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Yogita |
|
Designation : |
Account Officer |
|
|
|
|
Name : |
Mr. J M Bhambure |
|
Designation : |
Executive Vice President – R and D and Technology |
|
|
|
|
Name : |
Mr. Tojo Jose |
|
Designation : |
Executive Vice President - Human Resources |
|
|
|
|
Name : |
Mr. Manek Kalyaniwala |
|
Designation : |
Executive Vice President - Finance |
|
|
|
|
Name : |
Mr. C P Mukundan Menon |
|
Designation : |
Executive Vice President – Unitary Cooling Products |
|
|
|
|
Name : |
Mr. G Anandkumar |
|
Designation : |
Vice President - Plumbing Projects Division |
|
|
|
|
Name : |
Mr. R Aravindan |
|
Designation : |
Vice President - Airconditioning Projects Division, Southern Region |
|
|
|
|
Name : |
Mr. Sujan Chatterjee |
|
Designation : |
Vice President - Corporate Financial Services |
|
|
|
|
Name : |
Mr. R G Devnani |
|
Designation : |
Vice President - Thane, Wada, Dadra and Bharuch Plants |
|
|
|
|
Name : |
Mr. Anirudha Keskar |
|
Designation : |
Vice President - Procurement and Supply Chain |
|
|
|
|
Name : |
Mr. V V Lanka |
|
Designation : |
Vice President – Electrical Project Division |
|
|
|
|
Name : |
Mr. D H Roy |
|
Designation : |
Vice President - Himachal Plants |
|
|
|
|
Name : |
Mr. Rajendra Verma |
|
Designation : |
Vice President And Joint Head Of Operations – Electro Mechanical Project Group |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
|
21468354 |
23.87 |
|
|
21731 |
0.02 |
|
|
13458337 |
14.96 |
|
|
13458337 |
14.96 |
|
|
34948422 |
38.86 |
|
|
|
|
|
|
543075 |
0.60 |
|
|
543075 |
0.60 |
|
Total shareholding of Promoter and Promoter
Group (A) |
35491497 |
39.46 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
15959137 |
17.74 |
|
|
69510 |
0.08 |
|
|
956949 |
1.06 |
|
|
5455520 |
6.07 |
|
|
319513 |
0.36 |
|
|
319513 |
0.36 |
|
|
22760629 |
25.31 |
|
|
|
|
|
|
3917432 |
4.36 |
|
|
|
|
|
|
18121843 |
20.15 |
|
|
8836295 |
9.83 |
|
|
808409 |
0.90 |
|
|
69611 |
0.08 |
|
|
375 |
0.00 |
|
|
877 |
0.00 |
|
|
735696 |
0.82 |
|
|
300 |
0.00 |
|
|
1550 |
0.00 |
|
|
31683979 |
35.23 |
|
Total Public shareholding (B) |
54444608 |
60.54 |
|
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 |
|
Total (A)+(B)+(C) |
89936105 |
0.00 |
Shareholding of securities (including shares,
warrants, convertible securities) of persons belonging to the category Promoter
and Promoter Group
|
Sl.No. |
Name of the Shareholder |
Details of Shares held |
|
|
No. of Shares held |
As a % |
||
|
1 |
Ashok Mohan Advani |
1,03,15,107 |
11.47 |
|
2 |
IL& FS Trust Company Limited |
74,58,354 |
8.29 |
|
3 |
Suneel Mohan Advani |
53,25,948 |
5.92 |
|
4 |
IL& FS Trust Company Limited |
35,54,722 |
3.95 |
|
5 |
Nargis Suneel Advani |
27,20,695 |
3.03 |
|
6 |
Suneeta Nanik Vasvani |
21,41,770 |
2.38 |
|
7 |
Rohina Lulla |
11,16,885 |
1.24 |
|
8 |
Anissa Khanna |
10,76,630 |
1.20 |
|
9 |
Nanik Ramchand Vaswani |
9,45,095 |
1.05 |
|
10 |
Suneel Mohan Advani |
4,78,310 |
0.53 |
|
11 |
Vir S Advani |
50,000 |
0.06 |
|
12 |
Armaan Sandeep Murthy |
50,000 |
0.06 |
|
13 |
Sumer Sandeep Murthy |
50,000 |
0.06 |
|
14 |
Sunaina S Advani |
50,000 |
0.06 |
|
15 |
Uday Vir Advani |
50,000 |
0.06 |
|
16 |
Anita Ashok Advani |
30,000 |
0.03 |
|
17 |
JT Advani Finance Private Limited |
21,731 |
0.02 |
|
18 |
Dev Khanna |
18,750 |
0.02 |
|
19 |
Iman Rajiv Lulla |
18,750 |
0.02 |
|
20 |
Rana Rajiv Lulla |
18,750 |
0.02 |
|
|
Total |
3,54,91,497 |
39.46 |
Shareholding of securities (including shares,
warrants, convertible securities) of persons belonging to the category Public
and holding more than 1% of the total number of shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % |
|
|
1 |
HDFC Trustee Company Limited - HDFC Mid
Capopp |
6808573 |
7.57 |
|
|
2 |
Saif Advisor Mauritius Limited A/C Saif
India IV FII |
4731983 |
5.26 |
|
|
3 |
Reliance Capital Trustee Co. Limited A/c
Relainceequ |
2981992 |
3.32 |
|
|
4 |
ICICI Prudential Value dissovery Fund |
2722537 |
3.03 |
|
|
5 |
UTI Infrastructure Fund |
1379521 |
1.53 |
|
|
6 |
The Oriental Insurance Company Limited |
956949 |
1.06 |
|
|
7 |
L and T Mutual Fund Trustee Limited L And T
Tax Adv |
919711 |
1.02 |
|
|
|
Total |
20501266 |
22.80 |
|
Shareholding of securities (including shares,
warrants, convertible securities) of persons (together with PAC) belonging to
the category “Public” and holding more than 5% of the total number of shares of
the company
|
Sl. No. |
Name(s) of the shareholder(s) and the
Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % |
|
|
1 |
HDFC Trustee Company Limited A/c HDFC Mid
Capopp |
6808573 |
7.57 |
|
|
2 |
Saif Advisor Mauritius Limited A/C Saif
India IV |
4731983 |
5.26 |
|
|
|
Total |
11540556 |
12.83 |
|
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. |
|
|
|
|
Brand Names : |
-- |
|
|
|
|
Agencies Held : |
-- |
|
|
|
|
Exports : |
-- |
|
|
|
|
Imports : |
-- |
|
|
|
|
Terms : |
-- |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
|||||||||||||||
|
|
|
|||||||||||||||
|
Customers : |
|
|||||||||||||||
|
|
|
|||||||||||||||
|
No. of Employees : |
2540 (Approximately) |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
· The Hongkong and Shanghai Banking Corporation Limited · State Bank of India · Oriental Bank of Commerce · The Royal Bank of Scotland · BNP Paribas |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
NOTE: 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. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
S R Batliboi and Associates LLP Chartered Accountants |
|
Address : |
14th Floor, The Ruby, 29, Senapati Bapat Marg, Dadar (West), Mumbai – 400028, Maharashtra, India |
|
Tel. No. : |
91-22-61920000 |
|
Fax No. : |
91-22-61921000 |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Subsidiaries : |
· Blue Star Electro Mechanical Limited · Blue Star Design and Engineering Limited ( w.e.f : 1.04.12 ) |
|
|
|
|
Associate : |
Blue Star Infotech Limited |
|
|
|
|
Joint Ventures : |
· Blue Star Qatar- WLL · Blue Star M & E Engineering (Sdn) Bhd |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
7.8% Cumulative 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 |
NOTE
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 |
As at 31 March 2014 |
|
|
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 |
|
(d) Long-term Loan and Advances |
1143.465 |
1113.569 |
776.079 |
|
(e) Trade Receivable |
527.507 |
805.914 |
514.553 |
|
(f) 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 raw material and components consumed and Project related cost |
16534.347 |
15972.630 |
16639.154 |
|
|
|
Purchase of traded goods |
3834.471 |
4694.482 |
3693.793 |
|
|
|
(Increase)/decrease in inventories of Finished goods, work-in-progress and traded goods |
(622.525) |
(288.630) |
525.399 |
|
|
|
Employee benefits expense |
2340.365 |
2155.037 |
2069.171 |
|
|
|
Other expenses |
4559.982 |
4148.928 |
4185.878 |
|
|
|
TOTAL (B) |
26646.640 |
26682.447 |
27113.395 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) 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
/ (LOSS) 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/
(LOSS) BEFORE TAX (E-F) (G) |
758.961 |
525.935 |
(884.480) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.000 |
8.553 |
6.984 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
758.961 |
517.382 |
(891.464) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1948.405 |
1801.685 |
2797.675 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed final equity dividend (amount per share Rs. 4 (31 March 2013: Rs. 3)) |
359.744 |
269.808 |
89.936 |
|
|
|
Tax on proposed equity dividend |
47.054 |
45.854 |
14.590 |
|
|
|
Transfer to general reserve |
76.000 |
55.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
2224.568 |
1948.405 |
1801.685 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on F.O.B. basis |
1594.099 |
1310.430 |
1149.663 |
|
|
|
Royalty, Know-how, Professional and Consultation fees |
45.670 |
40.795 |
43.811 |
|
|
|
Other Income: |
|
|
|
|
|
|
Commission |
149.252 |
218.658 |
282.971 |
|
|
|
Others |
19.710 |
15.855 |
18.115 |
|
|
TOTAL EARNINGS |
1808.731 |
1585.738 |
1494.560 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Components |
4397.108 |
4293.709 |
3491.942 |
|
|
|
Capital goods |
103.494 |
47.160 |
142.188 |
|
|
|
Spares |
493.863 |
442.505 |
339.902 |
|
|
|
Traded Goods |
2290.873 |
1792.521 |
1419.164 |
|
|
|
Others |
0.310 |
0.127 |
0.105 |
|
|
TOTAL IMPORTS |
7285.648 |
6576.022 |
5393.301 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
8.44 |
5.75 |
(9.91) |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2014 |
30.09.2014 |
31.12.2014 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
8454.800 |
6379.700 |
5907.500 |
|
Total Expenditure |
7924.000 |
6173.600 |
5884.700 |
|
PBIDT (Excl OI) |
530.800 |
206.100 |
22.800 |
|
Other Income |
35.400 |
81.600 |
86.400 |
|
Operating Profit |
566.200 |
287.700 |
109.200 |
|
Interest |
110.400 |
105.700 |
105.100 |
|
Exceptional Items |
0.000 |
0.000 |
183.300 |
|
PBDT |
455.800 |
182.000 |
187.400 |
|
Depreciation |
94.100 |
91.300 |
103.400 |
|
Profit Before Tax |
361.700 |
90.700 |
84.000 |
|
Tax |
51.600 |
0.200 |
21.000 |
|
Provisions and
contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
310.100 |
90.500 |
63.000 |
|
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 |
310.100 |
90.500 |
63.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
2.74 |
1.87 |
(3.30) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
5.78 |
4.89 |
0.49 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.71 |
2.78 |
(4.79) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.11 |
(0.19) |
|
|
|
|
|
|
|
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
CURRENT MATURITIES
OF LONG TERM DEBTS
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
|
|
|
|
|
Current maturities of long term borrowings (Foreign Currency Loan) |
NA |
0.000 |
303.649 |
|
|
|
|
|
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming financial
year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
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
|
BENCH:- BOMBAY PRESENTATION DATE: 19/12/2014 |
||||||||
|
Lodging No:- |
CEXAL/409/2014 |
Failing Date:- |
19/12/2014 |
|
|
|
|
|
|
Petitioner:- |
THE COMMISSIONER OF CENTRAL EXCISE |
Respondent:- |
BLUE STAR LIMITED |
|||||
|
Petn.Adv:- |
JITENDRA BRIJBHUSHAN MISHRA (I2937) |
|
|
|||||
|
District:- |
MUMBAI |
|||||||
|
Bench:- |
SINGLE |
|||||||
|
Status:- |
Pre-Admission |
Category:- |
CENTRAL EXCISE APPEAL (CEXA) |
|||||
|
Last Date : - |
05/02/2015 |
Stage:- |
FOR REJECTION [ORIGINAL SIDE MATTERS] |
|||||
|
Last Coram:- |
REGISTRAR (OS)/PROTHONOTARY AND SR. MASTER |
|||||||
|
|
||||||||
|
Act:- |
CENTRAL EXCISE AND SALT ACT |
Under Section:- |
35(G) |
|||||
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
90231007 |
01/03/1999 |
50,000,000.00 |
BANQUE NATIONAL DE PARIS FRENCH BANK |
62 HOMJI STREET, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
|
2 |
90230983 |
22/06/1999 * |
50,000,000.00 |
STATA BANK OF INDIA |
COMMERCIAL BRANCH, MUMBAI, MAHARASHTRA - 400023, INDIA |
- |
|
3 |
90230981 |
26/03/1998 |
10,000,000.00 |
BANK OF BARODA |
BACKAY RECLAMATION,
RAM HAHEL DINDH VACHHA ROAD, |
- |
|
4 |
90230815 |
30/08/1994 |
85,000,000.00 |
BANK OF BARODA |
RECLAMATION BRANCH, JAMSHEDJI CHURCHGATE, MUMBAI, MAHARASHTRA - 400020, INDIA |
- |
|
5 |
90230646 |
14/12/1995 * |
50,000.00 |
STATE BANK OF INDIA |
BOMBAY SAMACHAR MRAG, MUMBAI, MAHARASHTRA - 400023, INDIA |
- |
|
6 |
90230555 |
14/02/1995 * |
400,000.00 |
STATE BANK O F INDIA |
BOMBAY SAACHER
MARG, MUMBAI, MAHARASHTRA - 400023, |
- |
|
7 |
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 |
|
8 |
90230430 |
19/12/1986 * |
5,000,000.00 |
THE HONGKONG A7 SHANGHI BANKING CORPORATION |
52/60 MAHATMA GANDHI ROAD, MUMBAI, MAHARASHTRA - 400023, INDIA |
- |
|
9 |
90230326 |
17/05/1981 |
5,000,000.00 |
MEROANTIL BANK |
PRIVATE LTD, 52/60 MAHATMA GANDHI ROAD, MUMBAI, MADHYA PRADESH - 400023, INDIA |
- |
|
10 |
90230317 |
26/09/1980 |
2,000,000.00 |
THE ANDHRA BANK LIMITED |
MOUNT RAOD, MADRAS, TAMILNADU, INDIA |
- |
|
11 |
90230310 |
30/05/1980 |
4,600,000.00 |
GUJARAT INDUSTRIAL &INVESTAMENT CORPORATION |
4 TH FLOOOR NATRAJ
CHAMBARD, AHMEDABAD, GUJARAT - |
- |
|
12 |
90230303 |
02/01/1980 |
1,025,287.00 |
MESSRSMISHRA DHATU NIGAM LIMITED |
DMRL KONCHAN BAGH, HYDERABAD, ANDHRA PRADESH, INDIA |
- |
|
13 |
90230290 |
18/10/1978 |
483,200.00 |
BOKAROA STEEL LIMITED |
MAIN ADMINISTATIVE BUILDING, BOKARO STEEL CITY, DHANBED, BIHAR, INDIA |
- |
|
14 |
90230287 |
13/09/1978 |
52,561.00 |
MERCANTILE BANK LIMITED |
BOMBAY FORT, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
|
15 |
90230270 |
24/12/1976 |
450,000.00 |
UNTED COMMERCIAL BANK |
CENTURY BHUVAN MRAG, MUMBAI, MAHARASHTRA - 400025, INDIA |
- |
|
16 |
90230255 |
13/01/1975 |
7,500,000.00 |
THE NEW BANK OF INDIA |
BRADY HOUSE, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (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 |
CORPORATE INFORMATION
The Company is into the business of central air conditioning and commercial refrigeration. The Company is also into distribution and maintenance of imported professional electronics and industrial systems.
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.
FINANCIAL
PERFORMANCE
Finance costs for the year were held at Rs. 496.400 Millions as compared to Rs.498.600 Millions, due to a sustained focus on cash flow and tight control on borrowing levels.
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 air conditioners, apart from commercial refrigeration products and systems.
During the year, the room air conditioners 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 key system integration in ultrasonic inspection as well as for universal testing machines. While the lack lustre performance of the financial sector adversely impacted the host security modules business in the Data Communication segment, video surveillance and integrated building management systems offer good potential. The Test and Measuring Instruments business which mainly deals with radio frequency, microwave and avionics test and measuring equipment in defence, space, PSUs and paramilitary forces, took several initiatives which paid dividends. In the Healthcare Systems business, the Company did well in the refurbished MRI segment as well as in bone densitometers and patient monitoring.
EXPORTS
The main focus of product exports is on the Middle East, North Africa and SAARC markets. The airconditioning market in the Middle East is doing well due to the revival in commercial construction and return of private investments. Growing consumer awareness on energy conservation, environmental concerns and indoor air quality is expected to drive the market. During the review period, the exports business in the Middle East performed very well, registering record growth. The Company is also making steady progress in developing the market in North Africa, and is in discussions with possible distributors mainly from South Sudan, Tanzania, Nigeria, Kenya and Ghana. In addition, the Company is also making inroads in SAARC countries, and tied up with distributors in Sri Lanka, Bangladesh, Nepal, Vietnam, Maldives and Bhutan during the year.
As far as international projects are concerned, the Company has joint ventures in Qatar as well as in Malaysia. During the year, the Company executed large orders from Qatar University, Kahramaa substations and Qatar Petroleum.
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 airconditioners. 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.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
Claims against the Company not acknowledged as debts |
6.716 |
7.076 |
|
Sales Tax matters |
680.945 |
726.740 |
|
Excise Duty matters |
10.525 |
10.525 |
|
Service Tax matters |
101.728 |
67.244 |
|
Income Tax matters |
250.500 |
176.329 |
|
Corporate Guarantee given on behalf of Joint Ventures |
560.503 |
634.739 |
|
Corporate Guarantee given on behalf of Subsidiary and others |
579.750 |
695.676 |
|
NOTE Future cash outflows in respect of above matters are
determinable only on receipt of judgments/decisions pending at various
forums/ authorities. The management does not expect these claims to succeed
and accordingly, no provision for the contingent liability has been
recognized in the financial statements. |
||
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER ENDED DECEMBER 31, 2014
(Rs.
in Millions)
|
Particulars |
Quarter Ended |
Nine Months Ended |
|
|
31.12.2014 |
31.09.2014 |
31.12.2014 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
1.
Income from operations |
|
|
|
|
a) Net sales (net of excise duty) |
5867.000 |
6333.400 |
20620.200 |
|
b) Other operating Income |
40.500 |
46.300 |
121.800 |
|
Total
income from Operations(net) |
5907.500 |
6379.700 |
20742.000 |
|
2.Expenses |
|
|
|
|
Cost of material consumed (Including direct project cost) |
3456.300 |
3469.000 |
10985.500 |
|
Purchase of stock in trade |
800.300 |
770.200 |
2525.600 |
|
Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
(260.000) |
151.700 |
770.000 |
|
Employees benefit expenses |
634.300 |
638.800 |
1882.200 |
|
Depreciation and amortization expenses |
103.400 |
91.300 |
288.800 |
|
Other Expenses |
1253.800 |
1143.900 |
3819.000 |
|
Total expenses |
5988.100 |
6264.900 |
20271.100 |
|
3. Profit/ (Loss) from operations before other income,
financial costs and Exceptional items (1-2) |
(80.600) |
114.800 |
470.900 |
|
4. Other income |
86.400 |
81.600 |
203.400 |
|
5. Profit/ (Loss) before finance costs and Exceptional
items (3+4) |
5.800 |
196.400 |
674.300 |
|
6. Finance costs |
105.100 |
105.700 |
321.200 |
|
7. Net profit/(loss) after finance costs but before exceptional items and tax (5-6) |
(99.300) |
90.700 |
353.100 |
|
8. Exceptional item |
183.300 |
-- |
183.300 |
|
9. Profit/ (Loss) before tax (7+8) |
84.000 |
90.700 |
536.400 |
|
10.Tax expenses |
21.000 |
0.200 |
72.800 |
|
11.Net Profit / (Loss) after tax (9-10) |
63.000 |
90.500 |
463.600 |
|
13.Paid-up equity share capital (Face Value
of the Share Rs. 2/- each) |
179.900 |
179.900 |
179.900 |
|
14. Earnings Per Share (EPS) (IN Rs.) (Not
Annualised) |
|
|
|
|
a) Basic |
0.70 |
1.01 |
5.16 |
|
B) Diluted |
0.70 |
1.01 |
5.14 |
NOTE
1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on January 21, 2015 and have been subjected to Limited Review by the Statutory Auditors who have issued an unqualified report.
2. Minimum Alte4rnate Tax Provisions are applicable to the Company and it has
recognized MAT credit entitlement during the quarter ended December 31, 2014
since it believes that there would be sufficient taxable profit in future.
3. Exceptional items for the three months and nine months ended December 31, 2014 consist of :
a) Profit on sale of asset amounting to Rs. 224.800 Millions
b) Expenditure on compensation paid to employees amounting to Rs. 41.500 Millions pursuant to a scheme of Voluntary retirement.
4. The Board of Directors has, Subject to receipt of all statutory and regulatory approvals, approved transfer of the Companys Professional Electronics and Industrial Systems undertaking, to Blue Star Electro-Mechanical Limited (BSEML), a wholly owned subsidiary of the Company during the quarter ending March 31, 2015 at a fair value estimated at Rs. 1105.000 Millions. BSEML will discharge the consideration by issurance of equity shares to Blue Star Limited.
5. Previous period / year's figures have been regrouped/ rearranged wherever
necessary.
UNAUDITED SEGMENT
WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER ENDED DECEMBER 31,
2014
(Rs. in Millions)
|
Sr. No. |
Particulars |
Quarter Ended |
Nine Months Ended |
|
|
31.12.2014 |
31.09.2014 |
31.12.2014 |
||
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
||
|
|
|
|
|
|
|
I |
SEGMENTREVENUE |
|
|
|
|
|
a) Electro Mechanical Projects and Packaged Air-conditioning Systems |
3570.800 |
3961.300 |
10886.400 |
|
|
b) Cooling Products |
1964.600 |
2049.600 |
8853.400 |
|
|
c) Professional Electronics and Industrial Systems |
372.100 |
268.800 |
1002.200 |
|
|
TOTAL SEGMENT
REVENUE |
5907.500 |
6379.700 |
20742.000 |
|
|
Less: Inter - Segment Revenue |
-- |
-- |
-- |
|
|
Total Income from
Operations (Net) |
5907.500 |
6379.700 |
20742.000 |
|
II |
SEGMENT RESULT PROFIT / (LOSS)
BEFORE INTEREST & TAX |
|
|
|
|
|
a) Electro Mechanical Projects and Packaged Air conditioning Systems |
29.000 |
197.400 |
280.600 |
|
|
b) Cooling Products |
100.900 |
141.700 |
948.500 |
|
|
c) Professional Electronics and Industrial Systems |
70.000 |
87.600 |
200.300 |
|
|
TOTAL SEGMENT
RESULT |
199.900 |
426.700 |
1429.400 |
|
|
Less: i) Interest and Other Financial Charges |
105.100 |
105.700 |
321.200 |
|
|
ii) Un-allocable Expenditure |
194.100 |
230.300 |
755.100 |
|
|
TOTAL PROFIT BEFORE
TAXATION AND EXCEPTIONAL ITEM |
(99.300) |
90.700 |
353.100 |
|
|
Exceptional item |
183.300 |
-- |
183.300 |
|
|
PROFIT BEFORE
TAXATION |
84.000 |
90.700 |
536.400 |
|
III |
CAPITAL EMPLOYED (Segment Assets -
Segment Liabilities) |
|
|
|
|
|
a) Electro Mechanical Projects and Packaged ir conditioning Systems |
5136.600 |
4850.400 |
5136.600 |
|
|
b) Cooling Products |
1934.200 |
1919.900 |
1934.200 |
|
|
c) Professional Electronics and Industrial Systems |
230.200 |
262.200 |
230.200 |
|
|
TOTAL CAPITAL
EMPLOYED IN SEGMENTS |
7301.000 |
7032.500 |
7301.000 |
|
|
Add: Un-allocable Corporate Assets less Liabilities |
(1570.600) |
(1365.100) |
(1570.600) |
|
|
TOTAL CAPITAL
EMPLOYED IN THE COMPANY |
5730.400 |
5657.400 |
5730.400 |
SELECT INFORMATION
FOR THE QUARTER ENDED DECEMBER 31, 2014
|
Sr. No. |
Particulars |
Quarter Ended |
Nine Months Ended |
|
|
|
|
31.12.2014 |
31.09.2014 |
31.12.2014 |
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
A. |
PARTICULARS
OF SHARHOLDING |
|
|
|
|
1 |
Public
Shareholding |
|
|
|
|
|
Number of Shares |
54444608 |
54437108 |
54444608 |
|
|
Percentage of Shareholding |
60.54 |
60.53 |
60.54 |
|
2 |
Promoters
and Promoter group |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
Number of shares |
600000 |
600000 |
600000 |
|
|
Percentage of Shares (as a % of the total shareholding of promoter and promoter group) |
1.69 |
1.69 |
1.69 |
|
|
Percentage of Shares (as a % of the total share capital of the Company) |
0.67 |
0.67 |
0.67 |
|
|
b)
Non-encumbered |
|
|
|
|
|
Number of shares |
34891497 |
34898997 |
34891497 |
|
|
Percentage of Shares (as a % of the total shareholding of promoter and promoter group) |
98.31 |
98.31 |
98.31 |
|
|
Percentage of Shares (as a % of the total share capital of the Company) |
38.80 |
38.80 |
38.80 |
|
SR. NO. |
Particulars |
Quarter
ended
31.12.2014 |
|
B. |
INVESTOR
COMPLAINTS (Nos.) |
|
|
|
Pending at the beginning of the quarter |
-- |
|
|
Received during the quarter |
13 |
|
|
Disposed off during the quarter |
13 |
|
|
Remaining unresolved at the end of the quarter |
-- |
FIXED ASSETS
Tangible Assets
·
Land – Freehold
·
Land – Leasehold
·
Building Sheds and Road
·
Plant & Machinery
·
Furniture & Fixtures
·
Office Equipments
·
Vehicles
·
Computers
Intangible Assets
· Technical Knowhow
· 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 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.62.26 |
|
|
1 |
Rs.96.01 |
|
Euro |
1 |
Rs.70.72 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILITY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
NO |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
75 |
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.