MIRA INFORM REPORT
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Report No. : |
310884 |
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Report Date : |
07.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
GMM PFAUDLER LIMITED |
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Formerly Known
As : |
GUJARAT MACHINERY MANUFACTURERES LIMITED |
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Registered
Office : |
Vithal Udyognagar, Anand - Sojitra Road, Karamsad- 388325,
Gujarat |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
17.11.1962 |
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Com. Reg. No.: |
04-001171 |
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Capital
Investment / Paid-up Capital : |
Rs. 29.230 Million |
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CIN No.: [Company Identification
No.] |
L29199GJ1962PLC001171 |
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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
: |
Subject is engaged
in manufacture of corrosion resistant glass-lined equipment used primarily in
the chemical, pharmaceutical and allied industries. The Company also
manufactures flouro-polymer products and other chemical process equipment
such as agitated nutsche filters, filter driers, wiped film evaporators and
mixing systems. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a “PFAUDLER INC”. It is a well-established company having
fine track record. The rating reflect GMM Pfaudler’s adequate market position supported
by leadership in the glass-lined equipment (GLE) market and decent financial
base of the company. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for normal business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating = AA- |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
February 26, 2015 |
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Rating Agency Name |
CRISIL |
|
Rating |
Short term rating = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk. |
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Date |
February 26, 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
31-03-2014.
INFORMATION DENIED BY
|
Name : |
Mr. Chandrakant Patel |
|
Designation : |
Finance Head |
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Contact No.: |
91-2692-230416 |
|
Date : |
04.03.2015 |
LOCATIONS
|
Registered Office / Factory : |
Vithal Udyognagar, Anand - Sojitra Road, Karamsad- 388325,
Gujarat, India |
|
Tel. No. : |
91-2692-230516/ 230367/ 230416/
661700 |
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Fax No. : |
91-2692-661888/ 236467 |
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E-Mail : |
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Website : |
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Corporate / Mumbai Sales Office |
1001, Peninsula Towers, Peninsula Corporate Park,
Ganpatrao Kadam Marg, |
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Tel. No. : |
91-22-66503900 |
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Fax No. : |
91-22-66503939 |
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E-Mail : |
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Regional Sales
Offices: |
New
Delhi Tel: 91-11-25721566 Fax: 91-11-25814913 Tel: 91-44-28157906 Fax: 91-44-28158249 Tel: 91-79-27546822/ 27546824/ 27546924 Fax: 91-79-27546894 Tel: 91-40-23150222/ 40055058 Fax: 91-40-23150261 Tel: 91-80-22225208 Fax: 91-80-22234339 Tel: 91-265-2354790 Fax: 91-265-2311482 |
|
Tel. No. : |
91-2692-230516/ 230367/ 230416/
661700 |
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Fax No. : |
91-2692-661888/ 236467 |
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E-Mail : |
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Website : |
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Corporate / Mumbai Sales Office |
1001, Peninsula Towers, Peninsula Corporate Park,
Ganpatrao Kadam Marg, |
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Tel. No. : |
91-22-66503900 |
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Fax No. : |
91-22-66503939 |
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E-Mail : |
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Regional Sales
Offices: |
New
Delhi Tel: 91-11-25721566 Fax: 91-11-25814913 Tel: 91-44-28157906 Fax: 91-44-28158249 Tel: 91-79-27546822/ 27546824/ 27546924 Fax: 91-79-27546894 Tel: 91-40-23150222/ 40055058 Fax: 91-40-23150261 Tel: 91-265-2354790 Fax: 91-265-2311482 |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. P. Krishnamurthy |
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Designation : |
Chairman |
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Date of Birth/Age : |
66 Years |
|
Experience : |
25 Years |
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Name : |
Mr. Ashok J. Patel |
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Designation : |
Director |
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Date of Birth/Age : |
70 Years |
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Name : |
Dr. S. Sivaram |
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Designation : |
Director |
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Date of Birth/Age : |
68 Years |
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Name : |
Mr. Darius C. Shroff |
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Designation : |
Director |
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Date of Birth/Age : |
70 Years |
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Name : |
Mr. Tarak A. Patel |
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Designation : |
Director |
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Date of Birth/Age : |
38 Years |
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Name : |
Mr. Michael C. Reed |
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Designation : |
Director |
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Date of Birth/Age : |
49 Years |
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Name : |
Mr. Sudipta Sengupta |
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Designation : |
Director |
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Date of Birth/Age : |
52 Years |
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Name : |
Dr. Amrita Patel |
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Designation : |
Independent Director |
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Date of Birth/Age : |
71 Years |
KEY EXECUTIVES
|
Name : |
Ms. Mittal Mehta |
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Designation : |
Company Secretary |
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Name : |
Mr. Amar Nath Mohanty |
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Designation : |
Financial Controller |
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Name : |
Mr. Ashok C. Pillai |
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Designation : |
Chief Operating Officer |
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|
Name : |
Mr. Chandrakant Patel |
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Designation : |
Finance Head |
SHAREHOLDING PATTERN
As on 31.12.2014
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1301045 |
8.90 |
|
|
2036480 |
13.93 |
|
|
253125 |
1.73 |
|
|
253125 |
1.73 |
|
|
3590650 |
24.56 |
|
|
|
|
|
|
7372475 |
50.44 |
|
|
7372475 |
50.44 |
|
Total
shareholding of Promoter and Promoter Group (A) |
10963125 |
75.00 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
72148 |
0.49 |
|
|
658 |
0.00 |
|
|
54448 |
0.37 |
|
|
127254 |
0.87 |
|
|
|
|
|
|
520812 |
3.56 |
|
|
|
|
|
|
2549596 |
17.44 |
|
|
321044 |
2.20 |
|
|
135669 |
0.93 |
|
|
76491 |
0.52 |
|
|
59103 |
0.40 |
|
|
75 |
0.00 |
|
|
3527121 |
24.13 |
|
Total Public
shareholding (B) |
3654375 |
25.00 |
|
Total (A)+(B) |
14617500 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
14617500 |
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 % of grand total |
||
|
1 |
Pfaudler Inc |
7372475 |
50.44 |
|
2 |
Millars Machinery Company Private Limited |
1625595 |
11.12 |
|
3 |
Ashok Jethabhai Patel |
498120 |
3.41 |
|
4 |
Uttarak Enterprises Private Limited |
406875 |
2.78 |
|
5 |
A J Patel HUF |
277235 |
1.90 |
|
6 |
Ashok J Patel ( A J Patel Ch Trust ) |
253125 |
1.73 |
|
7 |
Patel Tarak Ashok |
173960 |
1.19 |
|
8 |
Uttara A Patel |
166995 |
1.14 |
|
9 |
Urmi Ashok Patel |
133625 |
0.91 |
|
10 |
Panna Sailendra Patel |
33750 |
0.23 |
|
11 |
Pragna Satish Patel |
16160 |
0.11 |
|
12 |
Skyline Millars Limited |
4010 |
0.03 |
|
13 |
Palomita Sailendra Patel |
1200 |
0.01 |
|
|
Total |
10963125 |
75.00 |
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 % of Total No. of Shares |
|
|
1 |
Chandler and Price India Private Limited |
351555 |
2.41 |
|
|
|
Total |
351555 |
2.41 |
BUSINESS DETAILS
|
Line of Business : |
Subject is
engaged in manufacture of corrosion resistant glass-lined equipment used
primarily in the chemical, pharmaceutical and allied industries. The Company also
manufactures flouro-polymer products and other chemical process equipment
such as agitated nutsche filters, filter driers, wiped film evaporators and
mixing systems. |
|
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management. |
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Bankers : |
State Bank of India, Jaylaxmi Plaza, Ganesh Cross, Anand - 388001, Gujarat, India |
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Auditors : |
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|
Name : |
Kalyaniwalla and Mistry Chartered Accountants |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Ultimate Holding
Company : |
National Oilwell Varco Inc. |
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|
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Holding Company : |
Pfaudler Inc. |
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Subsidiary Companies : |
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Fellow Subsidiaries : |
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Enterprises over which key managerial
personnel have significant influence : |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.2/- each |
Rs.50.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14617500 |
Equity Shares |
Rs.2/- each |
Rs.29.230
Million |
Reconciliation of
equity shares outstanding at the beginning and end of the reporting year
|
Equity Shares: |
31.03.2014 |
|
|
In Numbers |
Rs. in Million |
|
|
At the Beginning of the year |
14617500 |
29.230 |
|
Issued during the year |
-- |
-- |
|
Outstanding as at
the end of the year |
14617500 |
29.230 |
Terms/rights attached
to equity shares
The company has
only one class of equity shares having a par value Rs. 2 per share. Each holder
of equity shares is entitled to one vote per share. The dividend proposed by
the Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting.
In the event
of liquidation of the company, the holders of equity shares will be entitled to
receive remaining assets of the company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of equity shares
held by the shareholders.
Details of
sharehoders holding more than 5% shares in the company
|
Equity Shares: |
31.03.2014 |
|
|
In Numbers |
% holding |
|
|
Pfaudler Inc (Holding Company) |
7614947 |
52.09% |
|
Millars Machinery Company Private Limited |
1625595 |
11.12% |
Buyback of Shares,
Bonus Shares and Shares issued for Consideration other than cash.
The company
has not boughtback any shares, neither has it issued bonus shares nor has it issued
shares for consideration other than cash in the past five years.
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
29.230 |
29.230 |
29.230 |
|
(b) Reserves &
Surplus |
1138.260 |
1046.790 |
996.030 |
|
(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) |
1167.490 |
1076.020 |
1025.260 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
35.940 |
46.500 |
51.280 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.290 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
35.940 |
46.500 |
51.570 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
253.480 |
203.210 |
213.700 |
|
(c) Other current
liabilities |
363.420 |
269.840 |
294.950 |
|
(d) Short-term provisions |
37.760 |
22.030 |
30.340 |
|
Total Current Liabilities
(4) |
654.660 |
495.080 |
538.990 |
|
|
|
|
|
|
TOTAL |
1858.090 |
1617.600 |
1615.820 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
346.460 |
389.200 |
370.330 |
|
(ii) Intangible Assets |
20.140 |
23.780 |
0.940 |
|
(iii) Capital
work-in-progress |
16.400 |
8.810 |
28.840 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
9.570 |
|
(b) Non-current
Investments |
226.820 |
226.820 |
245.410 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
46.920 |
42.810 |
23.930 |
|
(e) Other Non-current
assets |
0.000 |
6.050 |
0.000 |
|
Total Non-Current Assets |
656.740 |
697.470 |
679.020 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
109.640 |
103.420 |
50.460 |
|
(b) Inventories |
586.310 |
465.490 |
515.780 |
|
(c) Trade receivables |
318.290 |
254.100 |
269.860 |
|
(d) Cash and cash
equivalents |
139.850 |
46.010 |
66.680 |
|
(e) Short-term loans and
advances |
35.290 |
26.370 |
22.770 |
|
(f) Other current assets |
11.970 |
24.740 |
11.250 |
|
Total Current Assets |
1201.350 |
920.130 |
936.800 |
|
|
|
|
|
|
TOTAL |
1858.090 |
1617.600 |
1615.820 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
2005.110 |
1675.010 |
2018.130 |
|
|
Other Income |
29.270 |
52.300 |
28.800 |
|
|
TOTAL |
2034.380 |
1727.310 |
2046.930 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
1045.540 |
847.150 |
1178.320 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(81.040) |
39.970 |
45.590 |
|
|
Employees benefits
expense |
231.760 |
198.990 |
193.130 |
|
|
Other expenses |
540.090 |
445.870 |
438.980 |
|
|
TOTAL |
1736.350 |
1531.980 |
1856.020 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
298.030 |
195.330 |
190.910 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
10.550 |
7.280 |
11.650 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
287.480 |
188.050 |
179.260 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
70.810 |
55.930 |
49.100 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
216.670 |
132.120 |
130.160 |
|
|
|
|
|
|
|
Less |
TAX |
73.810 |
35.460 |
38.750 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
142.860 |
96.660 |
91.410 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
717.210 |
676.120 |
641.740 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General
Reserve |
14.490 |
9.670 |
9.140 |
|
|
Interim Dividend |
30.700 |
30.700 |
30.700 |
|
|
Dividend |
13.160 |
10.230 |
10.230 |
|
|
Tax on Dividend |
7.530 |
4.970 |
6.960 |
|
|
Total (M) |
65.880 |
55.570 |
57.030 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
794.190 |
717.210 |
676.120 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
429.800 |
102.560 |
154.380 |
|
|
Commisson |
4.370 |
11.330 |
8.470 |
|
|
TOTAL EARNINGS |
434.170 |
113.890 |
162.850 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
154.190 |
65.680 |
123.150 |
|
|
Components and Stores
parts |
1.340 |
5.710 |
8.550 |
|
|
TOTAL IMPORTS |
155.530 |
71.390 |
131.700 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
9.77 |
6.61 |
6.25 |
QUARTERLY RESULTS
|
Particulars (Rs.
In Million) |
30.06.2014 1st Quarter |
30.09.2014 2nd Quarter |
31.12.2014 3rd Quarter |
|
Unaudited |
|
|
|
|
Net Sales |
470.300 |
574.900 |
595.500 |
|
Total Expenditure |
407.700 |
480.600 |
514.800 |
|
PBIDT (Excl OI) |
62.600 |
94.300 |
80.700 |
|
Other Income |
15.000 |
5.900 |
5.500 |
|
Operating Profit |
77.600 |
100.100 |
86.200 |
|
Interest |
1.700 |
1.100 |
0.900 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
75.900 |
99.000 |
85.300 |
|
Depreciation |
23.200 |
20.100 |
18.500 |
|
Profit Before Tax |
52.700 |
78.900 |
66.800 |
|
Tax |
20.200 |
25.000 |
21.500 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
32.500 |
53.900 |
45.300 |
|
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 |
32.500 |
53.900 |
45.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin PAT / Sales |
(%) |
4.53 |
5.77 |
7.12 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
9.46 |
11.66 |
14.86 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.77 |
9.56 |
13.42 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13 |
0.12 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.74 |
1.86 |
1.84 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
29.230 |
29.230 |
29.230 |
|
Reserves & Surplus |
996.030 |
1046.790 |
1138.260 |
|
Net worth |
1025.260 |
1076.020 |
1167.490 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
2018.130 |
1675.010 |
2005.110 |
|
|
|
(17.002) |
19.707 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
2018.130 |
1675.010 |
2005.110 |
|
Profit |
91.410 |
96.660 |
142.860 |
|
|
4.53% |
5.77% |
7.12% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS = NOT AVAILABLE
|
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 |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
---------------------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------------------- |
|
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 |
No |
|
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 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10171518 |
17/02/2014 * |
700,000,000.00 |
STATE BANK OF INDIA |
Jaylaxmi Plaza, Ganesh Cross, Anand, Gujarat - 388001, INDIA |
B98875214 |
* Date of charge modification
FINANCIAL REVIEW
The
performance of the Company for the year improved significantly due to healthy opening
order backlog and substantial exports sales both in glassine and nonglassine
products. Sales and Other Operating income for the year of Rs.2,005.110 Million
grew by 20% over the previous year. Export sales were 21% of sales compared to
6% in the previous year. Sales of glass line products increased by 15% and
sales of non-glassline products increased by 35% over previous year. Orders
receipts improved by 11% over previous year. Overall, 2013-14 was a good year.
Profit before
tax for the year of Rs.216.670 Million was 64% above Rs.132.320 Million in the
previous year and Profit after tax increased by 48% to rs.142.860 Million from
Rs.96.86 Million in the previous year. Earnings per share increased by 48% to
Rs.9.77 per share as compared to Rs.6.61 of the previous year.
Performance of
the Company’s
Swiss subsidiary, Mavag AG also showed significant improvement during the year.
Sales for the year of Rs.875.880 Million was 88% above Rs.465.750 Million in the
previous year. Profit after tax for the year increased by 976% to Rs.48.750
Million, as compared to Rs.4.530 Million in the previous year.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
COMPANY OVERVIEW
The Company
which was established in the year 1962, has a state of the art manufacturing
facility spread over a 17 acre plot of land located at Karamsad in Gujarat
State, about 45 km from Vadodara. The Company enjoys the leadership position in
design, manufacture and marketing of glass-lined reactor vessels, storage
tanks, valves and pipe and fittings. The Company also undertakes design and
fabrication of specialized chemical process equipment in Alloy steel. It has
created for itself a niche position in the chemical process equipment market
for proprietary products manufactured by it such as Agitated Nutsche Filters
and Filter Dryers, Wiped Film Evaporators, EconoMix Mixing Systems, Thermal
Control Units and PTFE lined pipes and fittings. Its access to the Mavag’s high
end technology for top driven Spherical Dryers, Agitated Nutsche Filters and
Filter Dryers for sterile applications and Magnetic Drive Agitators has
complemented the Company’s
position as a complete
process
solution provider for pharmaceuticals, bio pharmaceuticals, chemicals and
allied segments.
OUTLOOK
In line with
the overall slowdown in the economy, the demand for some of the Company’s products have
been volatile.
However, the
Company is taking steps to focus on promoting additional value added features
in Glassline product as well as high technology Mavag products.
CORPORATE INFORMATION
GMM Pfaudler
Limited, formerly Gujarat Machinery Manufacturers Limited, (“the Company”) was incorporated
in India on November 17, 1962. The Company’s manufacturing unit is located at
Karamsad, Gujarat. The Company’s principal activity is the manufacture
of corrosion resistant glass-lined equipment used primarily in the chemical,
pharmaceutical and allied industries. The Company also manufactures
flouro-polymer products and other chemical process equipment such as agitated
nutsche filters, filter driers, wiped film evaporators and mixing systems.
The Company
has entered into an investment and technical know-how agreement with Pfaudler
Inc. USA ("Pfaudler‟) a Company incorporated in the United States of America, which owns
52.09 percent of the total issued share capital of the Company. The Company’s ultimate holding
Company Robbins and Myers Inc, USA, merged with National Oilwell Varco
Inc.(NOV) USA on February 20, 2013. By virtue of this merger NOV has become the
ultimate holding company from February 21, 2013.
UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER/ NINE MONTHS
ENDED DECEMBER 31, 2014
(Rs. in Million)
|
|
Standalone |
|||
|
Sr. No. |
Particulars |
Quarter ended |
Nine Months Ended |
|
|
31.12.2014 (Unaudited) |
30.09.2014 (Unaudited) |
31.12.2014 (Unaudited) |
||
|
1 |
lncome from
operations |
|
|
|
|
|
a) Net Sales Income from operations |
591.700 |
567.620 |
1620.760 |
|
|
b) Other Operating Income |
3.790 |
7.240 |
19.870 |
|
|
Total Income from
operations (net) |
595.490 |
574.860 |
1640.630 |
|
|
|
|
|
|
|
2 |
Expenses : |
|
|
|
|
|
a) Cost of materials consumed |
253.030 |
254.570 |
777.100 |
|
|
b) Changes in inventories of finished goods and work-in-progress |
36.350 |
7.510 |
(22.200) |
|
|
c) Employee benefits expense |
68.000 |
68.540 |
202.550 |
|
|
d) Depreciation & amortization expenses |
18.470 |
20.140 |
61.810 |
|
|
e) Labour Charges |
44.540 |
45.040 |
133.640 |
|
|
f) Power and Fuel Cost |
45.200 |
40.170 |
122.440 |
|
|
g) Other Expenditure |
67.660 |
64.030 |
188.120 |
|
|
Total |
533.250 |
500.000 |
1463.460 |
|
3 |
Profit from
Operation before Other income, lnterest and Exceptional Items |
62.240 |
74.860 |
177.170 |
|
4 |
Other Income |
5.480 |
5.130 |
24.940 |
|
5 |
Profit before
Interest and Exceptional Items |
67.720 |
79.990 |
202.110 |
|
6 |
Interest & Financial Charges |
0.930 |
1.090 |
3.700 |
|
7 |
Profit I (Loss)
from Ordinary Activities before tax |
66.790 |
78.900 |
198.410 |
|
8 |
Tax Expense |
|
|
|
|
|
- Current |
23.820 |
27.320 |
69.580 |
|
|
- Deferred |
(2.310) |
(2.290) |
(2.860) |
|
9 |
Net Profit I (Loss)
after tax |
45.280 |
53.870 |
131.690 |
|
10 |
Paid-up Equity Share Capital (Face Value Rs. 2/-) |
29.230 |
29.230 |
29.230 |
|
11 |
Reserves (as per Balance Sheet of previous Accounting Year) |
--- |
--- |
--- |
|
12 |
Basic and Diluted Earning Per Share (Rs.) |
3.10 |
3.69 |
9.01 |
|
|
|
|
|
|
|
13 |
Public Shareholding |
|
|
|
|
|
a) Number of Shares |
3654375 |
3411903 |
3654375 |
|
|
b) Percentage of Shareholding |
25.00% |
23.34% |
25.00% |
|
|
Promoters and
Promoter group Shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
-Number of Shares |
Nil |
Nil |
Nil |
|
|
-Percentage of Share (as a % of the total shareholding of promoter & promoter group) |
Nil |
Nil |
Nil |
|
|
-Percentage of Share (as a % of the total share capital of the Company) |
Nil |
Nil |
Nil |
|
|
b) Non-encumbered |
|
|
|
|
|
-Number of Shares |
10963125 |
11205597 |
10963125 |
|
|
-Percentage of Share (as a % of the total shareholding of promoter & promoter group) |
100% |
100% |
100% |
|
|
-Percentage of Share (as a % of the total share capital of the Company) |
75.00% |
76.66% |
76.66% |
Notes:
- The above unaudited results have been reviewed by the Audit Committee and approved by the Board of Directors in their meetings held on February 12, 2015.
- The above results have been reviewed by the Statutory Auditors of the Company.
- The Board of Directors have announced a third interim dividend Rs. 0.70/- per share for the current financial year 2014-15. The record date for the payment of the said dividend has been fixed on February 18, 2015.
- Consequent to sate of shares by Pfaudler Inc, the Company has complied with Clause 40 A of the Listing Agreement with regard to 25% Minimum Public Shareholding.
- The Petition filed by Pfaudler Inc. in the Company Law Board against the Company under section 397 & 398 of the Companies Act, 1956 has been voluntarily withdrawn by them on 27.11.2014.
- A Detailed Public Statement dated 07.01.2015 has been made by Pfaudler US Inc ("Acquirer") along with Pfaudler Holding S.a r.l. and Pfaudler Inc., as the persons acting in concert ("PAC") with the Acquirer, in connection with an Open offer, for acquisition of up to 3,654,375 fully paid-up equity shares of face value of INR 2 (Indian Rupees Two) each, representing 25% of the total share capital of GMM Pfaudler Ltd in accordance with SEBI (Substantial Acquisition of Shares and Takeovers) Regulations. 2011.
- Figures for the earlier periods have been re-grouped / re-arranged where ever necessary.
SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. in Million)
|
|
Standalone |
|||
|
Particulars |
Quarter ended |
Nine Months Ended |
|
|
|
31.12.2014 (Unaudited) |
30.09.2014 (Unaudited) |
31.12.2014 (Unaudited) |
|
|
|
1) Segment Revenue |
|
|
|
|
|
a) Chemical Process Equipment |
511.160 |
474.190 |
1381.200 |
|
|
b) Mixing Systems |
46.810 |
35.720 |
107.580 |
|
|
c) Filtration / Separation Equipment & Others |
37.520 |
64.950 |
151.850 |
|
|
Net sales I Income
from Operation |
595.490 |
574.860 |
1640.630 |
|
|
2) Segment Result: |
|
|
|
|
|
Profit I (Loss)
before Tax and Interest |
|
|
|
|
|
a) Chemical Process Equipment |
76.640 |
76.090 |
209.380 |
|
|
b) Mixing Systems |
7.400 |
4.390 |
10.270 |
|
|
c) Filtration / Separation Equipment and Others |
1.680 |
8.333 |
11.470 |
|
|
Total |
85.720 |
88.810 |
231.120 |
|
|
|
|
|
|
|
|
Less : Interest |
0.930 |
1.100 |
3.700 |
|
|
|
|
|
|
|
|
Less: Other Unallocable Expense net of Unallocable Income |
18.000 |
8.810 |
29.010 |
|
|
|
|
|
|
|
|
Total Profit before
Tax |
66.790 |
78.900 |
198.410 |
|
|
|
|
|
|
|
|
3) Capital
Employed: |
|
|
|
|
|
a) Chemical Process Equipment |
556.870 |
563.220 |
556.870 |
|
|
b) Mixing Systems |
27.230 |
25.960 |
27.230 |
|
|
c) Filtration I Separation Equipment & Others |
94.480 |
89.700 |
94.480 |
|
|
Unallocable Net Asset I (Net Liabilities) |
591.630 |
558.330 |
591.630 |
|
|
Total |
1270.210 |
1237.210 |
1270.210 |
|
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Million) |
31.03.2013 (Rs.
In Million) |
|
a) Claim against the Company not acknowledged as debts |
|
|
|
i) Dispute relating to Cenvat and Sales tax |
8.700 |
8.320 |
|
ii) Dispute relating to tax demand |
24.070 |
15.490 |
|
b) Guarantee issued by bank |
241.980 |
239.140 |
FIXED ASSETS
- Freehold land
- Leasehold land
- Lease improvement
- Buildings
- Plant and machinery
- Office Equipment
- Furniture and Fixtures
- Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair and
reasonable and comparable to compensation paid to others for similar services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.20 |
|
|
1 |
Rs.94.71 |
|
Euro |
1 |
Rs.68.60 |
INFORMATION DETAILS
|
Information Gathered
by : |
PPT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
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 |
|
64 |
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.