IRA INFORM REPORT
|
Report No. : |
323679 |
|
Report Date : |
22.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
KIRLOSKAR PNEUMATIC COMPANY LIMITED |
|
|
|
|
Registered
Office : |
Hadapsar
Industrial Estate, Pune – 411 013, Maharashtra |
|
Tel. No.: |
91-20-26727000/ 6870133/ 6870341 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
08.11.1974 |
|
|
|
|
Com. Reg. No.: |
11-110307 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.128.400 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29120PN1974PLC110307 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
Not Available |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer
and Exporter of Pneumatic Systems viz. compressed air, air conditioning, refrigeration
and hydraulic power transmission equipment. |
|
|
|
|
No. of Employees
: |
970 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavorable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a part of “Kirloskar Group of Companies”. It is a
well-established and reputed company having fine track. The company possesses a healthy profile marked by decent networth base
along with ample liquidity and comfortable capital structure. Management has maintained its healthy profitability during 2014. The ratings also take into consideration the moderate susceptibility
of its operating profitability to volatility in input prices. Trade relations are fair. Business is active. Payment terms are
reported as regular and as per commitments. In view of experienced promoters and reputed parent, the subject can
be considered for business dealings at usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating=AA- |
|
Rating Explanation |
Having high degree of safety and carry very low credit risk. |
|
Date |
02.03.2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating=A1+ |
|
Rating Explanation |
Very strong degree of safety and carry very lowest credit risk. |
|
Date |
02.03.2015 |
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 DECLINED
|
Name : |
Mr. Gogate |
|
Designation : |
HR |
|
Contact No.: |
91-20-26727000 |
|
Date : |
20.05.2015 |
LOCATIONS
|
Registered Office : |
Hadapsar Industrial Estate, Pune 411013, |
|
Tel. No.: |
91-20-26727000/ 6870133/ 6870341 |
|
Fax No.: |
91-20-26870297 / 634 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Plant locations: |
·
Hadapsar Industrial Estate, Pune 411013, ·
Saswad, Purandar, Pune, ·
Thermal Power Station Road, Nashik Road, Nashik |
DIRECTORS
As on: 31.03.2014
|
Name : |
Mr.
Sanjay C. Kirloskar |
|
Designation : |
Chairman (up to 23rd April, 2014) |
|
|
|
|
Name: |
Mr.D.R.Swar |
|
Designation: |
Director
|
|
Date of
appointment: |
25.04.2009 |
|
|
|
|
Name: |
Mr.
Atul C. Kirloskar |
|
Designation: |
Director
|
|
|
|
|
Name: |
Mr.
Rahul C. Kirloskar |
|
Designation: |
Executive Chairman |
|
Experience: |
16
Years |
|
|
|
|
Name: |
Mr.
Vikram S. Kirloskar |
|
Designation: |
Director |
|
Qualification: |
Bachelor of
Science in Mechanical Engineering |
|
|
|
|
Name: |
Mr.
J. Y. Tekawade |
|
Designation: |
Director |
|
|
|
|
Name: |
Mr.
A. C. Mukherji |
|
Designation: |
Director |
|
|
|
|
Name: |
Mr.
P. S. Jawadekar |
|
Designation: |
Director |
|
|
|
|
Name: |
Mr.
G. Krishna Rao |
|
Designation: |
Director
( Nominee GIC) |
|
|
|
|
Name: |
Mr. Aditya Kowshik |
|
Designation: |
Managing Director
|
|
Date of
appointment: |
24.10.2008 |
|
|
|
|
Name: |
Mr. Sunil Shah Singh |
|
Designation: |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Jitendra R. Shah |
|
Designation : |
Company Secretary
|
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.03.2015
|
Category of Shareholders |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
537157 |
4.18 |
|
|
8182967 |
63.71 |
|
|
8720124 |
67.89 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
8720124 |
67.89 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2283992 |
17.78 |
|
|
946 |
0.01 |
|
|
84402 |
0.66 |
|
|
2369340 |
18.45 |
|
|
|
|
|
|
367465 |
2.86 |
|
|
|
|
|
|
1136624 |
8.85 |
|
|
212163 |
1.65 |
|
|
38622 |
0.30 |
|
|
2566 |
0.02 |
|
|
36055 |
0.28 |
|
|
1 |
0.00 |
|
|
1754874 |
13.66 |
|
Total Public shareholding (B) |
4124214 |
32.11 |
|
Total (A)+(B) |
12844338 |
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) |
12844338 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
S. No. |
Name Of The Shareholder |
Details Of
Shares Held |
|
|
No. Of Shares
Held |
As A % Of Grand
Total |
||
|
1 |
Kirloskar Brothers Investments Limited |
69,94,176 |
54.45 |
|
2 |
Kirloskar Industries Limited |
11,86,866 |
9.24 |
|
3 |
Gautam Achyut Kulkarni |
1,35,522 |
1.06 |
|
4 |
Rahul C Kirloskar |
1,15,309 |
0.90 |
|
5 |
Atul C Kirloskar |
1,14,330 |
0.89 |
|
6 |
Alpana Rahul Kirloskar |
93,754 |
0.73 |
|
7 |
Arti Atul Kirloskar |
40,000 |
0.31 |
|
8 |
Jyotsna Gautam Kulkarni |
25,125 |
0.20 |
|
9 |
Alika Rahul Kirloskar |
12,152 |
0.09 |
|
10 |
Cees Investments & Consultants Private Limited |
1,350 |
0.01 |
|
11 |
Alpana Rahul Kirloskar Master Aman Rahul Kirloskar U/G
Rahul C Kirloskar |
537 |
0.00 |
|
12 |
Karad Projects & Motors Limited |
425 |
0.00 |
|
13 |
Rahul C Kirloskar Master Aman Rahul Kirloskar U/G Rahul C
Kirloskar |
270 |
0.00 |
|
14 |
Rama Sanjay Kirloskar / Sanjay C Kirloskar |
125 |
0.00 |
|
15 |
Alpak Investments Private Limited |
50 |
0.00 |
|
16 |
Navsai Investments Private Limited |
50 |
0.00 |
|
17 |
Achyut and Neeta Holdings and Finance Private Limited |
50 |
0.00 |
|
18 |
Gauri Atul Kirloskar |
33 |
0.00 |
|
|
Total |
87,20,124 |
67.89 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
|
|
1 |
Reliace Capital Trustee Co Limited A/c |
1115294 |
8.68 |
|
|
2 |
HDFC Trustee Company Limited A/c |
746863 |
5.81 |
|
|
3 |
IDFC Premier Equity Fund |
414367 |
3.23 |
|
|
|
Total |
2276524 |
17.72 |
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 of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
|
|
1 |
Reliance Capital Trustee Co Limited |
1115294 |
8.68 |
|
|
2 |
HDFC Trustee Company Limited |
746863 |
5.81 |
|
|
|
Total |
1862157 |
14.50 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
and Exporter of Pneumatic Systems viz. compressed air, air conditioning,
refrigeration and hydraulic power transmission equipment. |
|
|
|
|
Products : |
Not Available |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||
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|
|
||||||||||||
|
Customers : |
|
||||||||||||
|
|
|
||||||||||||
|
No. of Employees : |
970 (Approximately) |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
·
Bank of ·
Bank of ·
Union Bank of ·
ICICI Bank Limited ·
HDFC Bank Limited |
|
Auditors : |
|
|
Name : |
P. G. Bhagwat Chartered Accountants |
|
Address : |
Pune, Maharashtra, India |
|
Tel. No.: |
91-20-27291772 |
|
Fax No.: |
91-20-27290774 |
|
|
|
|
Holding Company
: |
Kirloskar Brothers Investments Limited |
|
|
|
|
Fellow
Subsidiary : |
·
Kirloskar Oil Engines Limited ·
Nashik Silk Industries Limited |
|
|
|
|
Subsidiary
Company : |
Kirloskar Road Railer Limited |
|
|
|
|
Associate
Company : |
Kirloskar Chilliers Private Limited |
CAPITAL STRUCTURE
As on: 31.03.2015
Authorized Capital: Not Available
Issued, Subscribed & Paid-up Capital: Rs.128.400
Million
As on: 31.03.2014
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12844338 |
Equity Shares |
Rs.10/- each |
Rs.128.443
Million |
|
|
|
|
|
Rights attached to Equity
Shares:
The Company has only one class of share capital, i.e. equity shares having face value of Rs.10/- per share.
Each holder of equity share is entitled to one vote per share.
|
Particulars |
As at 31.03.2014 |
|
|
Number |
Percentage |
|
|
Kirloskar Brothers Investments Limited |
6994176 |
54.45 |
|
Kirloskar Industries Limited |
1186866 |
9.24 |
|
Reliance Capital Trustee Company Limited |
1043284 |
8.12 |
FINANCIAL DATA
[All figures are
in Rupees Million]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
128.400 |
128.443 |
128.443 |
|
(b) Reserves & Surplus |
2831.200 |
2697.655 |
2459.627 |
|
(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) |
2959.600 |
2826.098 |
2588.070 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
5.408 |
1.057 |
|
(c) Other long term
liabilities |
6.600 |
9.669 |
11.007 |
|
(d) long-term
provisions |
44.900 |
43.451 |
38.381 |
|
Total Non-current
Liabilities (3) |
51.500 |
58.528 |
50.445 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
955.100 |
741.171 |
852.248 |
|
(c) Other current
liabilities |
811.800 |
707.689 |
890.984 |
|
(d) Short-term
provisions |
180.200 |
366.326 |
429.128 |
|
Total Current
Liabilities (4) |
1947.100 |
1815.186 |
2172.360 |
|
|
|
|
|
|
TOTAL |
4958.200 |
4699.812 |
4810.875 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
977.000 |
1004.198 |
895.375 |
|
(ii) Intangible Assets |
0.000 |
134.870 |
125.002 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
2.135 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
73.300 |
29.582 |
79.582 |
|
(c) Deferred tax
assets (net) |
8.500 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
33.900 |
57.537 |
80.333 |
|
(e) Other
Non-current assets |
3.200 |
5.115 |
14.073 |
|
Total Non-Current
Assets |
1095.900 |
1231.302 |
1196.500 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
1080.900 |
1178.500 |
1050.000 |
|
(b) Inventories |
578.400 |
418.030 |
723.846 |
|
(c) Trade receivables |
1769.300 |
1428.618 |
1320.671 |
|
(d) Cash and cash
equivalents |
192.800 |
130.885 |
158.849 |
|
(e) Short-term loans
and advances |
129.100 |
110.438 |
87.690 |
|
(f) Other current
assets |
111.800 |
202.039 |
273.319 |
|
Total Current Assets |
3862.300 |
3468.510 |
3614.375 |
|
|
|
|
|
|
TOTAL |
4958.200 |
4699.812 |
4810.875 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
4409.600 |
5099.269 |
5488.091 |
|
|
|
|
Other Income |
191.800 |
160.527 |
135.938 |
|
|
|
|
TOTAL (A) |
4601.400 |
5259.796 |
5624.029 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
2281.700 |
2443.377 |
2967.852 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(26.100) |
189.502 |
(121.271) |
|
|
|
|
Employees benefits expense |
822.300 |
808.839 |
802.784 |
|
|
|
|
Other expenses |
1050.100 |
1067.803 |
1138.862 |
|
|
|
|
TOTAL (B) |
4128.000 |
4509.521 |
4788.227 |
|
|
|
|
|
|
|
||
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
473.400 |
750.275 |
835.802 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
0.200 |
3.484 |
13.139 |
||
|
|
|
|
|
|
||
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
473.200 |
746.791 |
822.663 |
||
|
|
|
|
|
|
||
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
189.000 |
132.140 |
114.905 |
||
|
|
|
|
|
|
||
|
|
PROFIT BEFORE
TAX (E-F) (G) |
284.200 |
614.651 |
707.758 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
58.400 |
226.351 |
236.782 |
||
|
|
|
|
|
|
||
|
|
PROFIT AFTER TAX
(G-H) (I) |
225.800 |
388.300 |
470.976 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
195.809 |
207.781 |
217.132 |
||
|
|
|
|
|
|
||
|
Less |
APPROPRIATIONS |
|
|
|
||
|
|
|
Transfer to General Reserve |
NA |
250.000 |
300.000 |
|
|
|
|
Dividend |
NA |
128.443 |
154.132 |
|
|
|
|
Tax on Dividend |
NA |
21.829 |
26.195 |
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
195.809 |
207.781 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
Export Earnings |
NA |
244.884 |
164.450 |
|
|
|
|
Other Earnings |
NA |
0.691 |
0.540 |
|
|
|
TOTAL EARNINGS |
NA |
245.575 |
164.990 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
NA |
332.193 |
507.210 |
|
|
|
|
Stores & Spares |
NA |
52.130 |
33.952 |
|
|
|
|
Capital Goods |
NA |
147.646 |
6.245 |
|
|
|
TOTAL IMPORTS |
NA |
531.969 |
547.407 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
17.57 |
30.23 |
36.67 |
||
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
NA |
NA |
62.548 |
|
Cash generated from operations |
NA |
NA |
NA |
KEY RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT/Sales) |
(%) |
5.12 |
7.61 |
8.58 |
|
|
|
|
|
|
|
Operating Profit Margin (PBITD/Sales) |
(%) |
10.74 |
14.71 |
15.23 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.83 |
13.16 |
14.97 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.22 |
0.27 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.98 |
1.91 |
1.66 |
STOCK PRICES
|
Face Value |
Rs.10/- |
|
Market Value |
Rs.515/- |
FINANCIAL ANALYSIS
[All figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
128.443 |
128.443 |
128.400 |
|
Reserves & Surplus |
2459.627 |
2697.655 |
2831.200 |
|
Net
worth |
2588.070 |
2826.098 |
2959.600 |
|
|
|
|
|
|
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 |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
5488.091 |
5099.269 |
4409.600 |
|
|
|
(7.085) |
(13.525) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
5488.091 |
5099.269 |
4409.600 |
|
Profit |
470.976 |
388.300 |
225.800 |
|
|
8.58% |
7.61% |
5.12% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of establishment |
Yes |
|
2] |
Constitution of the entity Incorporation
details |
Yes |
|
3] |
Locality of the entity |
Yes |
|
4] |
Premises details |
No |
|
5] |
Buyer visit details |
-- |
|
6] |
Contact numbers |
Yes |
|
7] |
Name of the person contacted |
Yes |
|
8] |
Designation of contact person |
Yes |
|
9] |
Promoter’s background |
No |
|
10] |
Date of Birth of Proprietor / Partners /
Directors |
No |
|
11] |
Pan Card No. of Proprietor / Partners |
No |
|
12] |
Voter Id Card No. of Proprietor / Partners |
No |
|
13] |
Type of business |
Yes |
|
14] |
Line of Business |
Yes |
|
15] |
Export/import details (if applicable) |
No |
|
16] |
No. of employees |
Yes |
|
17] |
Details of sister concerns |
Yes |
|
18] |
Major suppliers |
No |
|
19] |
Major customers |
No |
|
20] |
Banking Details |
Yes |
|
21] |
Banking facility details |
No |
|
22] |
Conduct of the banking account |
-- |
|
23] |
Financials, if provided |
Yes |
|
24] |
Capital in the business |
Yes |
|
25] |
Last accounts filed at ROC, if applicable |
Yes |
|
26] |
Turnover of firm for last three years |
Yes |
|
27] |
Reasons for variation <> 20% |
-- |
|
28] |
Estimation for coming financial year |
No |
|
29] |
Profitability for last three years |
Yes |
|
30] |
Major shareholders, if available |
Yes |
|
31] |
External Agency Rating, if available |
Yes |
|
32] |
Litigations that the firm/promoter
involved in |
Yes |
|
33] |
Market information |
-- |
|
34] |
Payments terms |
No |
|
35] |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS:
|
HIGH
COURT OF BOMBAY
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10344629 |
27/03/2012 |
5,360,000,000.00 |
THE BANK OF INDIA CONSORTIUM |
8A COYAJI ROAD, CAMP, PUNE, Maharashtra - 411001, INDIA |
B35910744 |
OPERATIONS (As on
31.03.2014)
The Indian economic growth rate has slowed down for the past couple of years and recovery is still some time away. The complex world of global economics and its volatility have affected India’s growth also.
The manufacturing sector has been the worst affected and the capital goods market has been hit the hardest. High fiscal deficit, high inflation, a volatile currency and the political environment have all contributed to uncertainty in the economy which in turn has caused the Company’s revenue to drop for the year 2013-14.
The net revenue of your company for the year ended was Rs. 5,099 Million against Rs. 5,488 Million of last year. The revenue of the compression segment was Rs. 4,159 Million as against Rs. 4,484 Million in 2012-13.
The compression segment was affected mainly due to very low investments in the Oil and Gas sector. Capital expenditure for expansion/up-gradation of refineries was also very low and this affected our business of Refrigeration and Gas Compression Systems. The CNG business was affected due to various infrastructural and gas availability issues. Our thrust into the export business has resulted in your Company booking the first export order for a CNG system.
The revenue of the Transmission segment was Rs. 679 Million as against Rs. 1005 Million in 2012-13. The Transmission segment was affected mainly due to stagnation of growth and high stock levels in the Indian Railways. The wind turbine market also went down substantially due to lack of clarity in Government policies.
During the year, your company has successfully completed the Emergency Brake Distance Test (EBD) of one Road Railer Rake which is a pre-requisite for the running of this train. Your Company is now awaiting the final certification from the concerned Railway authorities.
Cost reduction measures and the WoW (war on waste) initiative helped your company to generally maintain its profitability for the year despite a severe downturn in the economy.
MANAGEMENT
DISCUSSIONS AND ANALYSIS (As on 31.03.2014)
INDUSTRY OVERVIEW
The Company serves various sectors viz. Oil and Gas, Infrastructure, Cement, Steel and Power, Food and Beverage and Railways. Over couple of years, the stagnation in the growth of the manufacturing sector has adversely impacted revenues of the company.
Both domestic and international factors have adversely impacted the Indian economy and the GDP growth for the year 2013-14 is around 5%. The Index of Industrial Production (IIP) showed no increase during April-January 2013-14 as compared to 7.8% during the year 2010-11. The GDP growth for the year 2014-15 is not expected to be any better than 2013-14. In fact this has resulted in a contraction in production of capital goods.
CORPORATE GOVERNANCE
The Company conforms to the norms of Corporate Governance as envisaged in the Listing Agreement with the Bombay Stock Exchange Limited. A separate report on Corporate Governance, along with Statutory Auditors’ Certificate on the Compliance, Management Discussions and Analysis, is attached and forms part of the Annual Report.
PROSPECTS
The Company believes that the economic potential of the country may remain subdued for this year too. With the new Government in place it is hoped that the year 2015-16 will see a boost in investments in sectors that the Company is involved in. The uncertain political climate has led to many projects in the Oil and Gas sector being postponed or dropped. This has impacted the revenue of the Compression segment in 2013-14. It is expected that some of these projects in the Oil and Gas sector will be cleared for implementation in 2014-15 which will help the Companies’ revenue from 2015-16 onwards. Our drive for exports of hydro carbon based refrigeration systems and gas compression systems has resulted in the Company receiving some export orders and we expect to take this initiative forward in this year too. With the Government of India reintroducing generation based incentive and launching of a new initiative to double the production of renewable energy by 2017, (upto 55000 MW) opportunities in the Transmission division should grow in the year 2015-16. After receipt of the EBD certificate from the Railway Authorities and after setting up the terminals near Delhi and Chennai, the Company has a plan to manufacture and sell one more RoadRailer Rake this year.
FIXED ASSETS:
·
Land
·
Building
·
Water Tanks and Pipelines
·
Plant and Machinery (Including Equipments)
·
Electrical Installations
·
Furniture and Fixture
·
Vehicles
·
Leased Assets (Plant and Machinery)
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 judgment 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. 63.63 |
|
|
1 |
Rs.98.97 |
|
Euro |
1 |
Rs.77.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
MNJ |
|
|
|
|
Analysis Done by
: |
RSM |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--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
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
YES |
|
TOTAL |
|
|
|
|
|
66 |
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.