MIRA INFORM REPORT
|
Report No. : |
349756 |
|
Report Date : |
17.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
ELGI EQUIPMENTS LIMITED |
|
|
|
|
Registered
Office : |
ELGI Industrial Complex III, Trichy Road, Singanallur, Coimbatore
– 641005, Tamilnadu |
|
Tel. No.: |
91-422-2589555/ 2574691 to 2574695 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
14.03.1960 |
|
|
|
|
Com. Reg. No.: |
18-000351 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs. 158.450 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29120TZ1960PLC000351 |
|
|
|
|
IEC No.: |
0488015871 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CMBE03062D |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACE4784E |
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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 manufacturing of air compressors and automobile service
staton equipment. |
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|
|
|
No. of Employees
: |
1980 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
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 |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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|
Comments : |
It is well-established company incorporated in the year 1960 having
fine track. It is one of India’s prominent air compressor manufacturers. The
company manufacturers a range of reciprocating compressors, screw
compressors, and centrifugal compressors. The rating takes into consideration the benefits that the Elgi group
derives from its established market position and strong brand presence in the
air compressors industry along with its good operating capabilities. Moreover, the company possesses strong financial risk profile with
decent liquidity position along with healthy net worth base, good
profitability and sizeable cash balance. These rating strengths are partially offset by the Elgi group’s
susceptibility to competition in the air compressors industry and cyclical
demand from end user industries. Trade relations are fair. Business is active. Payments are reported to
be regular and as per commitments. In view of good and long track record of operations, strong brand
presence in the air compressors industry and experienced promoters, the
subject can be considered normal for business dealings at usual trade terms
and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Bank facilities = AA |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
20.05.2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Bank Facilities = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk |
|
Date |
20.05.2015 |
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
31-03-2015.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Kirit Kumar |
|
Designation : |
Area Manager |
|
Contact No.: |
91-9724326709 |
LOCATIONS
|
Registered Office/Factory: |
ELGI Industrial Complex III, Trichy Road, Singanallur,
Coimbatore – 641005, Tamilnadu, India |
|
Tel. No.: |
91-422-2589555/ 2574691 to 2574695 |
|
Mobile No.: |
91-9724326709 (Mr. Kirit Kumar) |
|
Fax No.: |
91-422-2573697/ 2576849 |
|
E-Mail : |
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|
Website : |
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Branch Office 1 : |
H.No:12-13-188,IInd Floor, StreetNo.2, Taranaka, Hyderabad-500017, Telanagana, India |
|
Tel. No.: |
91-40-27000435, 27000437, 27000439, 27000431 |
|
Fax No.: |
91-4027000438 |
|
|
|
|
Branch Office 2: |
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Overseas Offices: |
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Overseas Production
Centre: |
Elgi Equipments (Zhejiang) Limited, No. 4 Building, No.466
Yunhai Road, JiaXing, ZheJiang, P.R. China 314001 |
|
Tel. No.: |
|
|
Fax No.: |
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E-mail: |
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Global Support Centre: |
Sf No221,221/2 and 221/3, Kothavadiroad, Kodangipalayam Village, Singarampalayam(Po), Kinathukkadavutaluk, Coimbatore, Tamilnadu, India |
|
|
|
|
Elgi Equipments
Limited Air Compressor Plant: |
SFNO221/1to3,4pt,5,222/1B,2,223/1pt.2,225/1,2,226/1,2C,227/1,2A,2B,2C1,228/1,2A,
229/B1,B2,B3,232/B1,B2,234/B1,264/B1and264/B2. Kothavadi Road,Kodangipalayam
Village,Singarampalayam(Po), Kinathukkadavutaluk, Coimbatoren – 642109 –
Tamilnadu, India |
DIRECTORS
As on 31.03.2015
|
Name : |
Dr. Jairam Varadaraj |
|
Designation : |
Managing Director |
|
Age : |
51 Years |
|
Qualification : |
B. Com., M.B.A., Ph.D.(USA) |
|
Experience : |
21 Years |
|
Date Of Appointment : |
29.05.1992 |
|
|
|
|
Name : |
Dr. T. Balaji Naidu |
|
Designation : |
Director |
|
Date of Birth |
22-01-1947 |
|
Qulification: |
M.B.B.S.,D.L.O |
|
Experience: |
30 Years |
|
DIN No.: |
00002755 |
|
|
|
|
Name : |
Dr. Ganesh Devaraj |
|
Designation : |
Director |
|
Qualification : |
B.E. (Electronic and Comm.), M.S (Electrical Engg.), Ph. D (USA) |
|
Experience : |
13 years as Industrialist |
|
Directorship held : |
Soliton Technologies Private Limited |
|
|
|
|
Name : |
Mr. N. Mohan Nambiar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. M. Ramprasad |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sudarsan Varadaraj |
|
Designation : |
Director |
|
Qualification : |
B.E. (Hons), M.S (Mechanical Engg.) |
|
Experience : |
23 Years as Industrialist |
|
|
|
|
Name : |
Mr. B. Vijayakumar |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Madhavi Gopinath |
|
Designation : |
Director |
|
Date of Birth |
01-03-1966 |
|
Qulification: |
M.B.B.S.,M.Phil |
|
Experience: |
20 years |
|
DIN No.: |
00096061 |
|
|
|
|
Name : |
Mr. Harjeet Singh Wahan |
|
Designation : |
Director |
|
Date of Birth |
06-11-1948 |
|
Qulification: |
BE.,(Elec),BM |
|
Experience: |
30years |
|
DIN No.: |
00003358 |
KEY EXECUTIVES
|
Name : |
Mr. Kirit Kumar |
|
Designation : |
Area Manager |
|
|
|
|
Name : |
Mr. S. Sriram |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mrs. Vaishnavi PM |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2015
|
(A) Shareholding of Promoter and Promoter Group |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
|
|
|
|
|
17693324 |
11.17 |
|
|
31602386 |
19.94 |
|
|
1253920 |
0.79 |
|
|
1253920 |
0.79 |
|
|
50549630 |
31.90 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
50549630 |
31.90 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
21164807 |
13.36 |
|
|
153839 |
0.10 |
|
|
21061781 |
13.29 |
|
|
122832 |
0.08 |
|
|
122832 |
0.08 |
|
|
42503259 |
26.82 |
|
|
|
|
|
|
16946290 |
10.69 |
|
|
|
|
|
|
19872355 |
12.54 |
|
|
26501245 |
16.72 |
|
|
2081729 |
1.31 |
|
|
12935 |
0.01 |
|
|
637 |
0.00 |
|
|
402142 |
0.25 |
|
|
1252147 |
0.79 |
|
|
200 |
0.00 |
|
|
413668 |
0.26 |
|
|
65401619 |
41.27 |
|
Total Public shareholding (B) |
107904878 |
68.10 |
|
Total (A)+(B) |
158454508 |
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) |
158454508 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacturing of air compressors and automobile
service staton equipment. |
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Products/Services : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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Terms : |
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 : |
1980 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
STATUTORY
AUDITORS RJC Associates Chartered Accountants |
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SECRETARIAL
AUDITOR: |
Mr. M.D Selvaraj |
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|
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|
Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Holding Company: |
Elgi Equipments Limited |
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Fellow
Subsidiaries: |
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Other Companies
Firms in which Directors are nterested: |
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CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
300000000 |
Equity Shares |
Re.1/- each |
Rs. 300.000 Million |
|
|
|
|
|
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
158454508 |
Equity Shares |
Re.10/- each |
Rs. 158.450 Million |
|
|
|
|
|
|
|
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|
Terms Rights attached to Equity Shares
The Company has one class of equity shares having a par value of`Re.
1/-per share. Each shareholder is eligible for one vote per Share held. The dividend proposed by the
Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting,
exceptincase of interim dividend. In the event of liquidation, the
equityshareholders are eligible to Receive the remaining assets of the Company
after distribution of all preferential amounts, in proportion to their
shareholding. During the year ended
March 31, 2015, the amount of dividend pershare recognized as
distributions to equity shareholders isRe.1/- (March31, 2014:Re.1 /-).
Reconciliation of
the shares at the beginning and at the end of the reporting period:
|
Particulars |
Number of Shares |
|
Number of equity shares at the beginning of the year |
15,84,54,508 |
|
Number of equity shares at the end of the year |
15,84,54,508 |
Number
of shares held by shareholders holding more than 5% of total shares
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Dark Horse Portfolio
Investment Limited |
2,51,90,940 |
15.90 |
|
SBI Emerging Business Fund |
1,42,20,736 |
8.97 |
|
Jalram Varadaraj |
1,23,24,928 |
7.78 |
|
Pari Washington Company P.
Limited |
81,90,892 |
5.17 |
|
Gagandeep Credit Capital
Private Limited |
81,52,575 |
5.15 |
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 |
158.450 |
158.450 |
158.450 |
|
(b) Reserves & Surplus |
5171.460 |
4802.010 |
4204.740 |
|
(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) |
5329.910 |
4960.460 |
4363.190 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
135.540 |
100.130 |
48.240 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
135.540 |
100.130 |
48.240 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1093.400 |
923.680 |
198.340 |
|
(b) Trade
payables |
996.550 |
1204.320 |
1092.940 |
|
(c) Other
current liabilities |
356.150 |
296.100 |
318.400 |
|
(d) Short-term
provisions |
388.180 |
471.230 |
488.270 |
|
Total Current
Liabilities (4) |
2834.280 |
2895.330 |
2097.950 |
|
|
|
|
|
|
TOTAL |
8299.730 |
7955.920 |
6509.380 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2575.040 |
1566.370 |
935.560 |
|
(ii)
Intangible Assets |
5.660 |
2.820 |
3.310 |
|
(iii)
Capital work-in-progress |
63.460 |
847.950 |
749.230 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1175.930 |
868.930 |
850.920 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
48.300 |
221.760 |
244.690 |
|
(e) Other
Non-current assets |
3.750 |
2.000 |
1.610 |
|
Total Non-Current
Assets |
3872.140 |
3509.830 |
2785.320 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1129.780 |
1051.930 |
993.010 |
|
(c) Trade
receivables |
1663.830 |
1784.080 |
1494.950 |
|
(d) Cash
and cash equivalents |
227.340 |
219.140 |
236.390 |
|
(e)
Short-term loans and advances |
1399.780 |
1385.770 |
995.530 |
|
(f) Other
current assets |
6.860 |
5.170 |
4.180 |
|
Total
Current Assets |
4427.590 |
4446.090 |
3724.060 |
|
|
|
|
|
|
TOTAL |
8299.730 |
7955.920 |
6509.380 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
7759.310 |
8283.300 |
8165.390 |
|
|
Other Income |
123.620 |
57.650 |
129.870 |
|
|
TOTAL
|
7882.930 |
8340.950 |
8295.260 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
3649.940 |
3936.260 |
3885.010 |
|
|
Purchases of Stock-in-Trade |
872.200 |
991.190 |
959.170 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(6.460) |
(30.990) |
15.600 |
|
|
Employees benefits expense |
1000.960 |
908.500 |
935.690 |
|
|
Other expenses |
1351.130 |
1262.020 |
1384.950 |
|
|
TOTAL
|
6867.770 |
7066.980 |
7180.420 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
1015.160 |
1273.970 |
1114.840 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
37.070 |
7.770 |
1.470 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
978.090 |
1266.200 |
1113.370 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
291.360 |
177.600 |
142.700 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
686.730 |
1,088.600 |
970.670 |
|
|
|
|
|
|
|
Less |
TAX |
130.520 |
305.950 |
258.030 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
556.210 |
782.650 |
712.640 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3144.540 |
2625.570 |
2169.610 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
55.600 |
78.300 |
71.300 |
|
|
Dividend |
158.450 |
158.450 |
158.450 |
|
|
Tax on Dividend |
32.260 |
26.930 |
26.930 |
|
|
Total
|
246.310 |
263.680 |
256.680 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
3454.440 |
3144.540 |
2625.570 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Earnings from Direct
Exports |
1627.660 |
1645.640 |
76.187 |
|
|
TOTAL
EARNINGS |
1627.660 |
1645.640 |
76.187 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
592.250 |
595.530 |
476.120 |
|
|
Machinery Spares |
12.540 |
8.070 |
3.300 |
|
|
Capital Goods |
18.000 |
26.010 |
90.600 |
|
|
Trader Goods |
173.140 |
195.040 |
205.290 |
|
|
TOTAL
IMPORTS |
795.930 |
824.650 |
775.310 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
3.04 |
2.87 |
3.80 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
N.A |
327.400 |
0.000 |
|
Cash generated from operations |
930.740 |
649.140 |
265.340 |
|
Net Cash from Operating Activities |
788.240 |
404.140 |
20.340 |
QUARTERLY
RESULTS
|
Particulars |
|
30.06.2015 (Unaudited) |
30.09.2015 (Unaudited) |
|
|
|
1st Quarter |
2ndt Quarter |
|
Net Sales |
|
1864.470 |
1943.350 |
|
Total Expenditure |
|
1619.530 |
1666.880 |
|
PBIDT (Excl OI) |
|
244.940 |
276.470 |
|
Other Income |
|
22.860 |
66.520 |
|
Operating Profit |
|
267.800 |
342.990 |
|
Interest |
|
10.170 |
11.360 |
|
Exceptional Items |
|
NA |
NA |
|
PBDT |
|
257.630 |
331.630 |
|
Depreciation |
|
84.520 |
88.360 |
|
Profit Before Tax |
|
173.110 |
243.270 |
|
Tax |
|
51.340 |
28.460 |
|
Provisions and
contingencies |
|
NA |
NA |
|
Profit After Tax |
|
121.770 |
214.810 |
|
Extraordinary Items |
|
NA |
NA |
|
Prior Period Expenses |
|
NA |
NA |
|
Other Adjustments |
|
NA |
NA |
|
Net Profit |
|
121.770 |
214.810 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
7.17 |
9.45 |
8.73 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
13.08 |
15.38 |
13.65 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.73 |
17.45 |
19.77 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13 |
0.22 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.21 |
0.19 |
0.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.56 |
1.54 |
1.78 |
STOCK
PRICES
|
Face Value |
Rs.1.00/- |
|
Market Value |
Rs. 133.85/- |
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 |
158.450 |
158.450 |
158.450 |
|
Reserves & Surplus |
4204.740 |
4802.010 |
5171.460 |
|
Net
worth |
4363.190 |
4960.460 |
5329.910 |
|
|
|
|
|
|
Long Term borrowings |
0.000 |
0.000 |
0.000 |
|
Short Term borrowings |
198.340 |
923.680 |
1093.400 |
|
Total
borrowings |
198.340 |
923.680 |
1093.400 |
|
Debt/Equity
ratio |
0.045 |
0.186 |
0.205 |
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 |
8165.390 |
8283.300 |
7759.310 |
|
|
|
1.444 |
(6.326) |
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 |
8165.390 |
8283.300 |
7759.310 |
|
Profit |
712.640 |
782.650 |
556.210 |
|
|
8.73% |
9.45% |
7.17% |
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 |
No |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
Yes |
|
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 |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
Yes |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
--- |
|
33 |
Market information |
--- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
REVIEW OF BUSINESS
OPERATIONS
The Company ended with net sales of Rs 7759.310 Million as against Rs
8283.300 Million in 2013-14. The details of division wise performance and other
operational details are discussed at length in the Management Discussion and
Analysis section.
PERFORMANCE:
The Indian market remained sluggish during the year. Large projects were
kept in the back burner and new projects were
postponed due to uncertainty.While inflation was tamed to a large extent, high interest rates further added
to the sluggish investment conditions. All these factors affected the sale of units.
This was partly compensated by focus on the after market and the attendant
improved revenues from this segment.
In the developed markets of the US, France and Italy, the products of
the company have been well received by
distributorsand customers. The
growth in sales of industrial compressors in these markets have been veryg
good.The high cost of operating in these markets depressed profitability, but
judging from the growth, there isconfidence that within a short period the
operations will reach revenue levels that would turn these markets to
profitable ones.
The company continued to perform well in the Middle East and African
markets, especially with
smart growth in industrial
compressors.The oil prices partly depressed the market and also put a squeeze on the prices. The latter
put some pressure on the profitability
but the company
has now developed
alternative strategies and is confident of good performance.
The company has grown its business in industrial compressors in the South East Asian and Oceanic
countries.The nascent stage of market entry combined with high entry costs,
keptthe profits lower than normal. The
sales of portable compressors were lower than the previous year and this
further depressed the profitability. The
conditions contributing to this have been largely overcome and the company
looks forward with confidence in these markets.
The Chinese operations
continue to be
a challenge . After trying multiple strategies it is clear that
there is a need for a China-specific strategy, including a new
product range.The company has initiated steps to put together a
new program for China. It is expected
that results will be visible only in the medium terms of the next 3-4 years. In the mean time, the company is
taking active steps to reign in costs and substantially reduce the losses.
During the year the company's manufacturing
facility at the new site has become fully operational. This has been achieved
with little disturbance to regular production and at least cost.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10389825 |
13/02/2014 * |
1,885,500,000.00 |
THE HONGKONG AND
SHANGHAI BANKING CORPORATION LIMITED |
NO 30 RAJAJI
SALAI, CHENNAI, TAMILNADU - 600001, |
B96678883 |
|
2 |
10380306 |
24/08/2012 |
142,680,000.00 |
STANDARD CHARTERED
BANK |
19, RAJAJI
SALAI, CHENNAI, TAMINADU - 600001, INDIA |
B59585737 |
|
3 |
80026380 |
08/04/2013 * |
235,000,000.00 |
CENTRAL BANK OF
INDIA |
14&15
VARIETY HALL ROAD, COIMBATORE, TAMILNADU - 641001, INDIA |
B76396431 |
|
4 |
80026384 |
08/04/2013 * |
970,000,000.00 |
THE STATE BANK
OF INDIA |
COMMERCIAL
BRANCH, TRICHY ROAD, COIMBATORE, TAMILNADU - 641018, INDIA |
B76395896 |
CONTINGENT
LIABILITIES:
(Rs. in million)
|
PARTICULARS |
31.03.2015 |
|
Guarantees and Letter of credit |
334.710 |
|
Estimated amount of contracts remaining to be executed
on capital account |
14.150 |
STANDALONE
AUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH SEPTEMBER, 2015
Standalone statement of profit and loss
(Rs. In Million)
|
Sr. No |
Particulars |
Standalone |
|||
|
Quarter Ended |
Six Month Ended |
||||
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|||
|
Unaudited |
Unaudited |
Unaudited |
|||
|
1 |
Income From
Operations |
|
|
|
|
|
|
a. Net Sales/ Income from Operations (Net of Excise Duty) |
2044.839 |
1964.661 |
4009.500 |
|
|
|
b. Other Operating Income |
114.790 |
112.704 |
227.494 |
|
|
|
Total Income from
Operations (Net) |
1930.049 |
1851.957 |
3782.006 |
|
|
2 |
Expenditure |
|
|
|
|
|
|
a. Cost of material Consumed |
924.867 |
862.365 |
1787.232 |
|
|
|
b. Purchase of Stock-in trade |
185.070 |
202.372 |
387.442 |
|
|
|
c. Changes in inventory of finished Goods, work- in-progress and Stock-in-trade |
(6.027) |
(3.865) |
(9.892) |
|
|
|
d. Employees Benefit Expenses |
272.139 |
269.694 |
541.833 |
|
|
|
e. Depreciation and Amortisation Expenses |
88.356 |
84.522 |
172.878 |
|
|
|
f. Other expenses |
290.838 |
288.956 |
579.794 |
|
|
|
Total Expenses |
1755.243 |
1704.044 |
3459.287 |
|
|
3 |
Profit/(Loss) from
Operations before Other Income, Interest and Exceptional Items |
188.106 |
160.424 |
348.530 |
|
|
4 |
Other Income |
66.520 |
22.859 |
89.379 |
|
|
5 |
Profit/(Loss) from ordinary activities before finance
cost & exceptional items |
254.626 |
183.283 |
437.909 |
|
|
6 |
Finance Costs |
11.360 |
10.174 |
21.534 |
|
|
7 |
Profit/(Loss) from ordinary activities after finance
costs & exceptional items |
243.266 |
173.109 |
416.375 |
|
|
8 |
Exceptional items |
- |
- |
- |
|
|
9 |
Profit/(Loss) from ordinary activities before tax |
243.266 |
173.109 |
416.375 |
|
|
10 |
Tax Expense |
28.460 |
51.340 |
79.800 |
|
|
11 |
Net Profit/(Loss)
from ordinary activity after tax |
214.806 |
121.769 |
336.575 |
|
|
12 |
Extraordinary Items |
- |
- |
- |
|
|
13 |
Net
Profit/(Loss) After Tax |
214.806 |
121.769 |
336.575 |
|
|
14 |
Paid-up equity share capital (face value of Re.1 per share) |
158.455 |
158.455 |
158.455 |
|
|
15 |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting Year |
|
|
|
|
|
16 |
Earning Per Share (before extraordinary items) |
1.36 |
0.77 |
2.12 |
|
|
|
Basic EPS |
1.36 |
0.77 |
2.12 |
|
|
|
Diluted EPS |
|
|
|
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
|
17 |
Public Shareholding |
|
|
|
|
|
|
- No. of shares |
107904878 |
107904878 |
107904878 |
|
|
|
- Percentage of shareholding |
68.10% |
68.10% |
68.10% |
|
|
18 |
Promoter &
Promoter Group Shareholding |
|
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
|
- No. of shares |
- |
- |
- |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
- |
- |
- |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
- |
- |
- |
|
|
|
b) Non-encumbered |
|
|
|
|
|
|
- No. of shares |
50549630 |
50549630 |
50549630 |
|
|
|
- Percentage of shareholding (as a % of the total shareholding of promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
|
|
- Percentage of shareholding (as a % of the total share capital of the company) |
31.90% |
31.90% |
31.90% |
|
|
|
Particulars |
Quarter ended 30.09.2015 |
|
B |
Investor Complaints |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
11 |
|
|
Disposed off during the quarter |
11 |
|
|
Remaining unresolved at the end of the
quarter |
Nil |
SEGMENT WISE REVENUE, RESULTS AND CAPITAL
EMPLOYED
(Rs. In Million)
|
Particulars |
Quarter
Ended (
Unaudited) |
Six
Ended (
Unaudited) |
|
|
|
30.09.2015 |
30.06.2015 |
30.09.2015 |
|
Unaudited |
Unaudited |
Unaudited |
|
|
1.
Segment Revenue (Sales and income from Services) |
|
|
|
|
Compressors |
2791.840 |
2816.020 |
5607.860 |
|
Automotive
Equipment |
356.860 |
322.400 |
679.260 |
|
Other |
99.370 |
126.630 |
226.000 |
|
Total
Segment Revenue |
3248.070 |
3265.050 |
6513.120 |
|
Less : Inter Segment Revenue |
- |
- |
- |
|
Net
Sales/ Income from operations |
3248.070 |
3265.050 |
6513.120 |
|
|
|
|
|
|
2.
Segment Result |
|
|
|
|
Compressors |
109.230 |
189.790 |
299.030 |
|
Automotive
Equipment |
24.340 |
20.570 |
299.030 |
|
Total |
133.570 |
210.360 |
343.930 |
|
Less : |
|
|
|
|
i) Interest Expenses |
29.380 |
34.560 |
63.940 |
|
ii)
un-allocable expenditure Net of other income |
21.950 |
(27.650) |
(5.700) |
|
(Total Profit / (Loss) before tax |
82.2500 |
203.450 |
285.700 |
|
|
|
|
|
|
3. Capital Employed (Segment
Assets-Segment Less Segment) |
|
|
|
|
Compressors |
5815.260 |
5867.230 |
5815.260 |
|
Automotive
Equipment |
721.650 |
697.990 |
721.650 |
|
Other |
17.680 |
20.100 |
17.680 |
|
Total
Segment Revenue |
6554.580 |
6585.320 |
6554.580 |
|
b.
Information about Secondary Business Segments |
|
|
|
|
Add: Unallocable Corporate
Assest less Corporate Liabilities |
283.790 |
277.280 |
283.790 |
|
Total Capital Employed in Company |
6838.370 |
6862.600 |
6838.370 |
FIXED ASSETS
·
Land
·
Buildings
·
Plant and Machinery
·
Electrical Fittings and Furniture
·
Office Equipments
·
Motor Vehicle
·
Canteen Equipments
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No 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.64.00 |
|
UK Pound |
1 |
Rs.99.83 |
|
Euro |
1 |
Rs.70.16 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
SAN |
|
|
|
|
Report Prepared
by : |
RKI |
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 |
YES |
|
--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.