MIRA INFORM REPORT
|
Report No. : |
346731 |
|
Report Date : |
24.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
KIRLOSKAR BROTHERS LIMITED |
|
|
|
|
Registered
Office : |
Udyog Bhavan, Tilak Road, Pune – 411002, Maharashtra |
|
Tel. No.: |
91-20-24440770 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
15.01.1920 |
|
|
|
|
Com. Reg. No.: |
11-000670 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 158.776
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29113PN1920PLC000670 |
|
|
|
|
IEC No.: |
0388032944 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEK0011E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACK7300E |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Centrifugal Pumps and Valves like Engineered Pumps, Industrial Pumps, Agriculture and Domestic Pumps, Valves, Motors and Hydro turbines and also Providing Global Fluid Management Solutions. |
|
|
|
|
No. of Employees
: |
2342 (Staff 1344 and Bargainable 998) (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (66) |
|
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 |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
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|
|
|
Comments : |
Kirloskar Brothers Limited, a part “Kirloskar Group”, incorporated on
15th January 1920 and it is India’s largest manufacturer and
exporter of pumps. It is well-established company having a fine track record. During FY2015, the company reported marginal decline in its sale
turnover as well as profit margin. However rating derives strength on company has shown sound profit
margin and overall good financial during year under review. Rating also takes
into consideration, companies diversified revenue profile, adequate gearing
and liquidity. Trade relations are fair. Business is active. Payment terms are
reported as regular and as per commitments. 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.
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 Rating = AA- |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
21.01.2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
21.01.2015 |
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 DECLINED
MANAGEMENT NON-COOPERATIVE
(CONTACT NO.: 91-20-27214444)
LOCATIONS
|
Registered Office : |
Udyog Bhavan, Tilak Road, Pune – 411002, Maharashtra, India |
|
Tel. No.: |
91-20-24440770 |
|
Fax No.: |
91-20-24402083 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Global Headquarters/ Corporate Office : |
“YAMUNA”,
Survey No.98 (3-7), Baner, Pune – 411045, Maharashtra, India |
|
Tel. No.: |
91-20-27214444 |
|
Fax No.: |
91-20-27211136 |
|
|
|
|
Factory 1 : |
District Sangli - 416308, Maharashtra, India |
|
Tel. No.: |
91-2346-222301 to 222305/ 222361 to 222365 |
|
Fax No.: |
91-2346-222311 |
|
|
|
|
Factory 2 : |
Gat No. 117, Shindevadi, Tal. Khandala, District Satara - 412801, Maharashtra, India |
|
Tel. No.: |
91-2169-244360/ 244370/ 244322 |
|
Fax No.: |
91-2169-244165 |
|
|
|
|
Factory 3 : |
Pune Bangalore Highway, Shiroli (Pulachi), Tal. Hatkanangale, District Kolhapur - 416122 Maharashtra, India |
|
Tel. No.: |
91-230-2468061/ 62/ 63 |
|
Fax No.: |
91-230-2468761 |
|
|
|
|
Factory 4 : |
254/1 Chharodi Village, Sanand, Ahmedabad Viramgam Highway, Ahmedabad - 382170, Gujarat, India |
|
|
|
|
Factory 5 : |
Station Road, Dewas - 455001, Madhya Pradesh, India |
|
Tel. No.: |
91-7272-227397/ 227401/ 405/ 409 |
|
Fax No.: |
91-7272-228747 |
|
|
|
|
Factory 6 : |
Gat No. 252/2 + 254/2, Kondhapuri, Taluka Shirur, District Pune - 412208, Maharashtra, India |
|
Tel. No.: |
91-2137-240021/ 240030/ 240025/ 240022 |
|
|
|
|
Factory 7 : |
S. F. No. 324/1 - Moperipalayam Road, Thattampudur, Kaniyur Village, Karumathampatti Post, Coimbatore - 641659, Tamilnadu, India |
|
|
|
|
Regional Sales Offices : |
Located at: · Ahmedabad · Bangalore · Bhopal · Bhubaneshwar · Chennai · Jaipur · Kochi · Kolkata · Lucknow · Mumbai · Nagpur · New Delhi · Pune · Jamshedpur ·
Secunderabad |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Sanjay Kirloskar |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/Age : |
56 Years |
|
Qualifications : |
Bachelor of Science (M.E), Illinois Inst. of Tech. USA |
|
|
|
|
Name : |
Mr. S. N. Inamdar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. P. S. Jawadekar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mrs. Lalita D. Gupte |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Pratap B. Shirke |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Alok S. Kirloskar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Kishor A. Chaukar |
|
Designation : |
Additional Director |
|
Date of Appointment : |
27.04.2015 |
KEY EXECUTIVES
|
Name : |
Mr. Sandeep Phadnis |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Avinash Wamanrao Purandare |
|
Designation : |
Vice President and Head |
|
Date of Birth/Age : |
54 Years |
|
Qualification : |
B.E.-Electrical |
|
Experience : |
33.5 Years |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2015
|
Category of Shareholder |
Total No. of Shares |
As a % |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
30965589 |
39.00 |
|
|
19329956 |
24.34 |
|
|
50295545 |
63.34 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
50295545 |
63.34 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
4038357 |
5.09 |
|
|
3576891 |
4.50 |
|
|
6060204 |
7.63 |
|
|
50000 |
0.06 |
|
|
13725452 |
17.28 |
|
|
|
|
|
|
3042361 |
3.83 |
|
|
|
|
|
|
10381396 |
13.07 |
|
|
1698403 |
2.14 |
|
|
265769 |
0.33 |
|
|
229920 |
0.29 |
|
|
35849 |
0.05 |
|
|
15387929 |
19.38 |
|
Total
Public shareholding (B) |
29113381 |
36.66 |
|
Total
(A)+(B) |
79408926 |
100.00 |
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
79408926 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Centrifugal Pumps and Valves like Engineered Pumps, Industrial Pumps, Agriculture and Domestic Pumps, Valves, Motors and Hydro turbines and also Providing Global Fluid Management Solutions. |
|
|
|
|
Brand Names : |
-- |
|
|
|
|
Agencies Held : |
-- |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
2342 (Staff 1344 and Bargainable 998) (Approximately) |
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|
||||||||||||||||||||||||
|
Bankers : |
· Bank of India · Canara Bank · HDFC Bank Limited · Citibank N.A. ·
Credit Agricole, Corporate and Investment Bank |
||||||||||||||||||||||||
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|
||||||||||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
P. G. Bhagwat Chartered Accountants |
|
Address : |
Pune, Maharashtra, India |
|
|
|
|
Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
|
|
|
|
Subsidiary Company : |
·
Karad Projects and Motors Limited ·
The Kolhapur Steel Limited ·
Kirloskar Systech Limited ·
Kirloskar Corrocoat Private Limited ·
Kirloskar Brothers International B V |
|
|
|
|
Subsidiary of
Kirloskar Brothers International B.V. : |
·
SPP Pumps Limited ·
Kirloskar Brothers (Thailand) Limited ·
SPP Pumps (MENA) L.L.C. ·
Kirloskar Pompen B.V (erstwhile Kirloskar
Brothers Europe B V) ·
Micawber 784 (Proprietary Limited) ·
Kirloskar Brothers International PTY
Limited |
|
|
|
|
Subsidiary of SPP
Pumps Limited : |
·
SPP Pumps France EURL ·
Certified Engines Limited |
|
|
|
|
Subsidiary of
Kirloskar Brothers International PTY Limited : |
·
SPP Pumps (South Africa Pty.) Limited ·
Braybar Pumps (Proprietary) Limited |
|
|
|
|
Subsidiary of SPP
Pumps Limited : |
·
SPP Pumps Holdings LLC ·
SPP Pumps Management LLC ·
SPP France S A S |
|
|
|
|
Owned by Partnership
firm of SPP Pumps Holding LLC and SPP Pumps Management LLC : |
SPP Pumps LP,(doing business as SPP Pumps Inc) |
|
|
|
|
Owned by SPP Pumps
LP : |
·
SPP Pumps Real Estate LLC ·
SyncroFlo Inc. |
|
|
|
|
Joint Venture : |
Kirloskar Ebara Pumps Limited |
|
|
|
|
Enterprises over
which key managerial personnel or their relatives exercise significant
influence : |
Kirloskar Proprietary Limited |
CAPITAL STRUCTURE
AFTER 25.09.2014
Authorised Capital : Rs. 500.000 Million
Issued, Subscribed & Paid-up Capital : Rs. 158.818
Million
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250,000,000 |
Equity Shares |
Rs. 2/- each |
Rs. 500.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
79,388,176 |
Equity Shares |
Rs. 2/- each |
Rs. 158.776
Million |
|
|
|
|
|
a) Reconciliation of share capital
|
Particulars |
March 31, 2015 |
|
|
|
Number |
Amount in Million |
|
Shares
outstanding at the beginning of the year |
79,358,451 |
158.717 |
|
Shares
Issued during the year under ESOS |
29,725 |
0.059 |
|
Shares
outstanding at the end of the year |
79,388,176 |
158.776 |
b) Rights of equity shareholder
The
company has only one class of equity shares, having par value of 2/- per share.
Each holder of equity share is entitled to one vote per share and has a right
to receive dividend as recommended by the Board of Directors subject to the
necessary approval from the shareholders. 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.
For
the year ended March 31, 2015 the Board of Directors have proposed dividend of
0.50 (2.50) per share subject to shareholders’ approval.
c) Details of share holders holding more than
5% shares
|
Name of the shareholders |
March 31, 2015 |
|
|
|
Number |
% |
|
Kirloskar
Industries Limited |
18,988,038 |
23.92 |
|
Mr.
Sanjay Chandrakant Kirloskar * |
15,863,335 |
19.98 |
|
Mrs.
Pratima Sanjay Kirloskar |
13,754,056 |
17.33 |
|
Amansa
Capital Pte. Limited |
4,809,712 |
6.06 |
*
includes 1624615 (1624615), 2% (2%) shares held in the capacity of a trustee.
d) Shares reserved for Employee Stock Option
Scheme (ESOS)
|
Particulars |
March 31, 2015 |
|
|
|
No. of Shares |
Amount in Million |
|
|
|
|
|
Shares
reserved for ESOS scheme |
5,182,590 |
10.365 |
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 |
158.776 |
158.717 |
158.717 |
|
(b) Reserves & Surplus |
7804.284 |
7841.921 |
7626.859 |
|
(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) |
7963.060 |
8000.638 |
7785.576 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
31.730 |
40.191 |
49.684 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c)
Other long term liabilities |
1112.762 |
1034.598 |
810.965 |
|
(d)
long-term provisions |
126.025 |
120.745 |
157.650 |
|
Total
Non-current Liabilities (3) |
1270.517 |
1195.534 |
1018.299 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
2341.936 |
2192.718 |
2233.364 |
|
(b)
Trade payables |
4050.160 |
3753.820 |
4522.467 |
|
(c)
Other current liabilities |
3317.700 |
3651.727 |
3107.268 |
|
(d)
Short-term provisions |
338.287 |
502.433 |
414.804 |
|
Total
Current Liabilities (4) |
10048.083 |
10100.698 |
10277.903 |
|
|
|
|
|
|
TOTAL |
19281.660 |
19296.870 |
19081.778 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
3090.979 |
3090.487 |
3070.444 |
|
(ii)
Intangible Assets |
14.071 |
12.492 |
19.726 |
|
(iii)
Capital work-in-progress |
70.657 |
28.760 |
74.258 |
|
(iv) Intangible assets under development |
0.000 |
4.716 |
0.000 |
|
(b) Non-current
Investments |
2334.094 |
2149.448 |
2149.437 |
|
(c) Deferred tax assets
(net) |
109.888 |
30.823 |
40.994 |
|
(d) Long-term Loan
and Advances |
1503.735 |
1706.268 |
1415.645 |
|
(e)
Other Non-current assets |
938.275 |
714.571 |
595.487 |
|
Total
Non-Current Assets |
8061.699 |
7737.565 |
7365.991 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1876.566 |
1320.734 |
1833.056 |
|
(c)
Trade receivables |
3946.739 |
3414.415 |
3552.749 |
|
(d)
Cash and cash equivalents |
142.527 |
209.444 |
175.234 |
|
(e)
Short-term loans and advances |
1220.744 |
1683.263 |
2113.274 |
|
(f)
Other current assets |
4033.385 |
4931.449 |
4041.474 |
|
Total
Current Assets |
11219.961 |
11559.305 |
11715.787 |
|
|
|
|
|
|
TOTAL |
19281.660 |
19296.870 |
19081.778 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
16257.051 |
17598.053 |
18723.979 |
|
|
|
Other Income |
112.715 |
53.149 |
69.995 |
|
|
|
TOTAL |
16369.766 |
17651.202 |
18793.974 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
8063.682 |
7615.636 |
8895.404 |
|
|
|
Purchases of Stock-in-Trade |
2841.880 |
3674.892 |
3968.532 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(434.735) |
405.433 |
340.490 |
|
|
|
Employees benefits expense |
1702.295 |
1523.749 |
1496.764 |
|
|
|
Other expenses |
3231.413 |
2979.236 |
2550.990 |
|
|
|
TOTAL |
15404.535 |
16198.946 |
17252.180 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
965.231 |
1452.256 |
1541.794 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
413.176 |
408.541 |
442.722 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
552.055 |
1043.715 |
1099.072 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
496.765 |
346.170 |
320.462 |
|
|
|
|
|
|
|
|
|
Less |
EXCEPTIONAL
ITEMS |
0.000 |
0.000 |
59.132 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
55.290 |
697.545 |
719.478 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(29.579) |
220.670 |
285.001 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
84.869 |
476.875 |
434.477 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of goods exported |
1056.073 |
854.480 |
803.793 |
|
|
|
Services rendered / Civil work |
58.016 |
61.979 |
129.166 |
|
|
|
Others |
165.368 |
267.043 |
611.489 |
|
|
TOTAL EARNINGS |
1279.457 |
1183.502 |
1544.448 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Components |
369.754 |
610.495 |
410.198 |
|
|
|
Capital Goods |
154.234 |
60.440 |
62.670 |
|
|
TOTAL IMPORTS |
523.988 |
670.935 |
472.868 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.07 |
6.01 |
5.47 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Long term debt |
8.461 |
6.862 |
401.463 |
|
|
|
|
|
|
Cash Generated from operations |
1195.800 |
1359.884 |
2032.283 |
|
|
|
|
|
|
Net Cash from operating activities |
1085.028 |
1138.573 |
1731.646 |
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2015 |
|
Type |
1st
Quarter |
|
Net Sales |
3689.840 |
|
Total Expenditure |
3554.530 |
|
PBIDT (Excl OI) |
135.310 |
|
Other Income |
108.860 |
|
Operating Profit |
244.170 |
|
Interest |
86.070 |
|
Exceptional Items |
0.000 |
|
PBDT |
158.100 |
|
Depreciation |
101.400 |
|
Profit Before Tax |
56.700 |
|
Tax |
(16.600) |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
73.300 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
73.300 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
0.52 |
2.71 |
2.32 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
5.94 |
8.25 |
8.23 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.33 |
4.08 |
4.28 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.01 |
0.09 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.30 |
0.28 |
0.34 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.12 |
1.14 |
1.14 |
STOCK
PRICES
|
Face Value |
Rs. 2.00/- |
|
|
|
|
Market Value |
Rs. 187.50/- |
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 |
158.717 |
158.717 |
158.776 |
|
Reserves & Surplus |
7626.859 |
7841.921 |
7804.284 |
|
Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
7785.576 |
8000.638 |
7963.060 |
|
|
|
|
|
|
Long-term borrowings |
49.684 |
40.191 |
31.730 |
|
Short term borrowings |
2233.364 |
2192.718 |
2341.936 |
|
CURRENT MATURITIES OF LONG-TERM DEBTS |
401.463 |
6.862 |
8.461 |
|
Total
borrowings |
2684.511 |
2239.771 |
2382.127 |
|
Debt/Equity ratio |
0.345 |
0.280 |
0.299 |
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 |
18723.979 |
17598.053 |
16257.051 |
|
|
|
-6.013 |
-7.620 |
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 |
18723.979 |
17598.053 |
16257.051 |
|
Profit |
434.477 |
476.875 |
84.869 |
|
|
2.32% |
2.71% |
0.52% |
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 |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
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 |
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 |
|
CASE DETAILS BENCH: BOMBAY |
|
Presentation
Date: 27/04/2015 |
|
Lodging No: ITXAL/537/2015 Filing Date: 27/04/2015 |
|
Petitioner: THE
COMMISSIONER OF INCOME TAX -6 Respondent: KIRLOSKAR BROTHERS LIMITED Petn. Adv : SHAM V WALVE
(I3200) District: PUNE |
|
Bench: DIVISION Status: Pre-Admission
Category: TAX APPEALS Last Date: 05/05/2015
Stage: Last Coram: REGISTRAR (OS)/ PROTHONOTARY AND SR. MASTER |
|
Act: Income Tax Act, 1961 UNDER SECTION: 260A |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10050248 |
30/03/2007 |
218,100,000.00 |
CANARA BANK |
INDUSTRIAL FINANCE BRANCH, MG ROAD, CAMP,
PUNE, |
A15042278 |
|
2 |
90087290 |
14/05/2005 |
500,000,000.00 |
CANARA BANK |
INDUSTRIAL FINANCE BRANCH, CAMP, PUNE,
MAHARASHTRA - 411001, INDIA |
- |
|
3 |
90087149 |
11/02/2005 |
2,000,000.00 |
EXPORT -IMPORT BANK OF INDIA |
CENTRE ONE BUILDING; FLOOR 21, WORLD TRADE
CENTRE |
- |
|
4 |
80022457 |
12/12/2011 * |
18,000,000,000.00 |
BANK OF INDIA |
1162/6, SHIVAJI NAGAR, UNIVERSITY ROAD,
NEAR OBS ERVATORY, PUNE, MAHARASHTRA - 411005, INDIA |
B29196706 |
|
5 |
90086854 |
26/06/2004 |
250,000,000.00 |
CANARA BANK |
INDUSTRIAL FINANCE BRANCH, CAMP, PUNE,
MAHARASHTRA - 411001, INDIA |
- |
|
6 |
90086670 |
14/02/2004 |
400,000,000.00 |
CANARA BANK |
INDUSTRIAL FINANCE BRANCH, CAMP, PUNE,
MAHARASHTRA - 411001, INDIA |
- |
|
7 |
90086486 |
07/08/2003 |
30,100,000.00 |
CANARA BANK |
INDUSTRIAL FINANCE BRANCH, CAMP, PUNE, MAHARASHTRA
- 411001, INDIA |
- |
|
8 |
90086417 |
05/06/2003 |
8,900,000.00 |
CANARA BANK |
INDUSTRIA L FINANCE BRANCH, CAMP, PUNE,
MAHARASHTRA - 411001, INDIA |
- |
|
9 |
90086041 |
14/03/2002 |
256,300,000.00 |
CANARA BANK |
INDUSTRTIAL FINANCE BRANCH, PUNE,
MAHARASHTRA - 411001, INDIA |
- |
|
10 |
90085875 |
12/09/2001 |
7,000,000.00 |
CANARA BANK |
INDUSTRTIAL FINANCE BRANCH, PUNE,
MAHARASHTRA - 411001, INDIA |
- |
|
11 |
90088243 |
05/01/2000 |
5,000,000.00 |
CANARA BANK |
INDUSTRIAL FINANCE BRANCH, CAMP, PUNE,
MAHARASHTRA - 411001, INDIA |
- |
|
12 |
90088125 |
30/07/1998 |
70,000,000.00 |
BANK OF INDIA |
70/80; M.G. ROAD, FORT, BOMBAY, MAHARASHTRA
- 400023, INDIA |
- |
|
13 |
90084766 |
21/01/1998 |
1,012,000,000.00 |
CANARA BANK |
LAXMI ROAD BRANCH, CAMP, PUNE, MAHARASHTRA
- 411030, INDIA |
- |
|
14 |
90084670 |
06/08/1997 |
70,000,000.00 |
THE INDUSTRIAL CREDIT AND INVESTMENT CORPO.
OF INDIA |
163; BACKBAY RECLAMATION, BOMBAY,
MAHARASHTRA - 400020, INDIA |
- |
|
15 |
90084596 |
25/11/1997 * |
60,000,000.00 |
THE INDUSTRIAL CREDIT AND INVESTMENT CORPO.
OF INDIA |
163; BACKBAY RECLAMATION, BOMBAY,
MAHARASHTRA - 400020, INDIA |
- |
|
16 |
90084393 |
16/02/1996 |
3,515,400.00 |
CANARA BANK |
LAXMI ROAD BRANCH, CAMP, PUNE, MAHARASHTRA
- 4110 |
- |
|
17 |
90084294 |
19/07/1995 |
10,000,000.00 |
CANARA BANK |
LAXMI ROAD BRANCH, PUNE, MAHARASHTRA -
411030, INDIA |
- |
|
18 |
90084224 |
31/01/1996 * |
40,000,000.00 |
THE INDUSTRIAL CREDIT AND INVESTMENT CORPO.
OF INDIA |
163; BACKBAY RECLAMATION, BOMBAY,
MAHARASHTRA - 400020, INDIA |
- |
|
19 |
90084221 |
12/01/1996 * |
40,000,000.00 |
THE INDUSTRIAL CREDIT AND INVESTMENT CORPO.
OF INDIA |
163; BACKBAY RECLAMATION, BOMBAY,
MAHARASHTRA - 400020, INDIA |
- |
|
20 |
90083915 |
03/11/1992 |
19,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIA L FINANCE BRANCH, TARA CHAMBERS;
BOMBAY |
- |
|
21 |
90083913 |
29/10/1992 |
45,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIA L FINANCE BRANCH, TARA CHAMBERS;
BOMBAY |
- |
|
22 |
90083888 |
21/08/1992 |
1,654,500.00 |
CANARA BANK |
LAXMI ROAD BRANCH, CAMP, PUNE, MAHARASHTRA
- 4110 |
- |
|
23 |
90083880 |
31/07/1992 |
3,000,000.00 |
CANARA BANK |
LAXMI ROAD BRANCH, PUNE, MAHARASHTRA -
411002, INDIA |
- |
|
24 |
90083864 |
01/02/1993 * |
40,000,000.00 |
THE INDUSTRIAL CREDIT AND INVESTMENT CORPO.
OF INDIA |
163; BACKBAY RECLAMATION, BOMBAY,
MAHARASHTRA - 400020, INDIA |
- |
|
25 |
90083863 |
04/11/1992 * |
40,000,000.00 |
THE INDUSTRIAL CREDIT AND INVES. CORP. OF
INDIA LIMITED |
163; BACKBAY RECLAMATION, BOMBAY,
MAHARASHTRA - 400020, INDIA |
- |
|
26 |
90083841 |
07/09/1992 * |
40,000,000.00 |
THE INDUSTRIAL CREDIT AND INVESTMENT CORPO.
OF INDIA |
163; BACKBAY RECLAMATION, BOMBAY,
MAHARASHTRA - 400020, INDIA |
- |
|
27 |
90083823 |
27/01/1992 |
212,200.00 |
CANARA BANK |
LAXMI ROAD BRANCH, CAMP, PUNE, MAHARASHTRA
- 411002, INDIA |
- |
|
28 |
90083808 |
17/12/1991 |
175,700.00 |
CANARA BANK |
LAXMI ROAD BRANCH, PUNE, MAHARASHTRA -
411002, INDIA |
- |
|
29 |
90083799 |
28/10/1991 |
2,500,000.00 |
THE INDUSTRIAL CREDIT AND INVESTMENT CORPO.
OF INDIA |
163; BACKBAY RECLAMATION, BOMBAY,
MAHARASHTRA - 400020, INDIA |
- |
|
30 |
90083783 |
31/08/1991 |
731,300.00 |
CANARA BANK |
LAXMI ROAD BRANCH, PUNE, MAHARASHTRA -
41102, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
LONG-TERM BORROWINGS |
|
|
|
Deferred payment liabilities Interest free loans under sales tax
deferral scheme Terms of loans: Rs.2.579
Million to be repaid in 5 equal yearly instalments of Rs.0.516
Million starting from March 2010 and Rs.52.883 Million to be
repaid in 9 yearly instalments starting form April
2013. |
31.930 |
40.191 |
|
SHORT TERM BORROWINGS |
|
|
|
Rupee short term loans and advances from
banks Citi
Bank NA Terms
of loans: Loan carries interest @ 10 %per annum. |
300.000 |
0.000 |
|
Citi
Financial Consumer Finance India Limited Terms
of loans: Loan carries interest @ 11.2% per annum. |
0.000 |
1000.000 |
|
Bank
of India Terms
of loans: Loan carries interest @ 10.7% per annum. |
0.000 |
500.000 |
|
Credit
Agricole Corporate and Investment Bank Terms
of loans: Loan carries interest @ 10.1% per annum. |
350.000 |
200.000 |
|
Loans and advances from
related parties Loan
from subsidiary company Terms
of loans: Loan carries interest @ 10% per annum. |
0.000 |
15.000 |
|
|
|
|
|
Total |
681.930 |
1755.191 |
CORPORATE INFORMATION
Kirloskar Brothers Limited (KBL)
is a public company domiciled in India and incorporated under the provisions of
the Companies Act, 1956. KBL is engaged in providing global fluid management
solutions and is the largest manufacturer and exporter of centrifugal pumps and
valves from India. The core products of the company are Engineered Pumps,
Industrial Pumps, Agriculture and Domestic Pumps, Valves, Motors and Hydro
turbines.
STATE OF AFFAIRS OF THE COMPANY
The revenue from operations
for the year is Rs.16260.000 Million, which is less than 7.61% compared to the
previous year. Drop in sales is mainly due to lower sales of project sectors,
partly attributable to liquidity issue in the market and non-receipt of
dispatch clearances from the customers.
The economic condition of
the country continued to be sluggish throughout the year. The Company continued
its focus of being selective in accepting orders depending on customers’
financial position. There was concentrated effort towards improvement of
marketing initiatives and brand presence. Overall efforts were made to improve
the efficiencies at all plants.
For project business, the
Company continues to focus on closure of old projects and recovery of retention
money. The main reasons for major drop in sales of project sectors was due to
non receipt of advances / L/C from customers, delay in engineering and civil
work by few clients and non receipt of dues from few customers.
The Company has launched
towards the year end, highly-advanced “i-CAN” series of pumps, designed to
reduce maintenance time and total cost of ownership (TCO) for the small scale
industries.
Endorsing the Prime
Minister’s “Make in India” call, the Company has also launched another product
“i-NS” pump, which has been developed entirely with domestic technology. The
new innovative features make the “i-NS” series pump ideal for dewatering
function in the Water and Wastewater Treatment industries, Sewage, Building and
Construction and other allied segments.
Kirloskarvadi plant received
the National Energy Management Award. Kondhapuri plant developed and dispatched
1800 mm Sluice Valves (Largest size so far) and 2400 mm Turbine Inlet valves
were manufactured and completed testing and inspection and received orders from
State Water Supply and Sewerage Boards for various types of valves. Dewas plant
was recognized by CII for “Significant achievement on the journey towards
Business Excellence”, was awarded TCM Level 4 by CII and produced all time
highest DB pumps in the month of December 2014. Kaniyur plant received th
“Merit Award” for 5S by CII. Sanand plant received “Energy efficient unit”
award in 15 CII national award for excellence in energy management 2014 and was
recognized by CII for Greenco “Silver” certification.
There were no material
changes or commitments to report which affect the financial position of the
Company that has occurred between the end of financial year and the date of
this report.
MANAGEMENT DISCUSSION AND ANALYSIS 2014-15
WORLD ECONOMY
World Bank reports that the
global economy grew by 2.6 percent in 2014 compared to 2.5 percent in 2013. The
growth was lower in comparison to initial projections. Business in the United
States and the United Kingdom gathered momentum on account of favourable labour
markets and easy monetary policy. Growth in other developing countries
exhibited poor external demand because of conservative domestic policy,
political uncertainties and supply constraints.
The factors that will drive
the economic outlook in 2015 are soft commodity prices, low interest rates
along with increasingly divergent financial policies across large economies and
deficient world trade. The notable decline in oil prices mid-year may support
international activity and remove some impediments to growth in oil importing
developing nations.
A collapse of the Euro
seems to have been averted at least in the short term. The region is suffering
from stagnation, low inflation, unemployment and debt. European Union relations
with Russia have rapidly deteriorated which may lead to serious economic
repercussions. China, the world’s second largest economy grew 7.4 percent in
2014, missing its official 7.5 percent target but still the slowest since
1990.The Chinese economy grew at its slowest pace in 24 years in 2014 as
property prices dropped. Government took steps to avoid a steep decline in
growth rates. The end use industries, notably mining and oil and gas suffered
heavily in the situation. Prominent raw material suppliers to China such as
Australia, Brazil, Indonesia, Chile and South Africa may need to change their
production plan so as to address the emerging demand scenario. Germany may get
affected by the Chinese slowdown because of its leading position in the
country’s capital goods market.
The World economy is
forecast to grow at 3.0 percent in 2015. High income economies may witness a
growth of 2.2 percent in 2015, up from 1.8 percent in 2014. The factors
contributing towards the progress in these economies are recovering labour
markets, fiscal consolidation and low financing costs. Growth is expected to
pick up steadily from 4.4 percent in 2014 to 4.8 percent in 2015 in developing
countries.
INDIAN ECONOMY
Manufacturing activity
momentum accelerated to a two year high in December 2014, led by an increase in
new orders from the domestic and international markets. Foreign direct
investments witnessed their strongest inflow since April 2011. Cost pressures
eased to their lowest level in more than five and a half years. A further push
to development will be provided by declining oil prices and monetary easing
facilitated by ongoing moderation in inflation. Subsequently, with the trend of
deflation gaining ground, the RBI may find room for interest rate cuts in 2015.
Activities which recorded
noteworthy growth in 2014-15 in comparison to the fiscal 2013-14 are
Electricity, Natural Gas and Water supply at 8.7%, Construction at 4.6%,
Community, Social and Personal Services at 9.6% and Financing, Insurance,
Real-Estate and Business Services at 9.5%. Economic growth in India is expected
to be in the range of 6.2 - 6.4% in 2015. Future growth will increasingly
depend on strong investment and export performance.
GLOBAL PUMP MARKET OUTLOOK
The European Industrial
Foundation forecasts the world pump market to be around $ 45 billion. The
centrifugal pump market is around $ 26 billion. The global pump market is
estimated to grow at a compounded annual growth rate of nearly 7 percent for
the period 2014-19.
Increasing demand for water
pumps is a consequence of massive urbanization and industrialization being
witnessed in developing countries. According to the UN Medium Population
Projections, more than 2.8 billion people in 48 countries will face water
stress by 2025. Of these countries, 40 are in West Asia, North Africa or sub-
Saharan Africa. Among the
countries likely to run short of water in the next 25 years are Ethiopia,
India, Kenya, Nigeria and Peru. Parts of other large countries such as China,
already face chronic water problems. Bahrain, Kuwait, Saudi Arabia and the
United Arab Emirates have resorted to desalinization of seawater from the Gulf.
Water shortage is one of the key factors driving the demand for water pumps as
governments across the globe are pushing industries towards recycle and reuse
of water. Therefore, water and waste water, encompassing industrial and
municipal segments together account for 33% of the world pump market in 2014
and is expected to maintain this position in the time to come.
Rising awareness about
energy efficiency norms and benefits are driving pump manufacturers to develop
energy efficient products. In 2015, European Union introduced stricter
regulations pertaining to the minimum efficiency values for the Energy-related
Products (ErP) which consists of water pumps and motors. Electric motors from
7.5 kW up to 375 kW that are delivered within the European Union (EU) need to
comply with efficiency class IE3 regulations. In the mentioned kW range and
area, IE2 motors can only be used when driven via a frequency inverter.
The resurgence of economic
activities in North America and the Asia-Pacific (APAC) augurs well for pump
manufacturers. Developing countries are expected to witness the highest growth
owing to flourishing chemicals industry. Manufacturers are shifting emphasis
away from developed economies. Asia-Pacific contributes around 46 % of chemical
sales worldwide and may attract significant interest with investment from large
corporations and successful merger and acquisition activities in the industry.
Analysis from Frost and Sullivan of the Global Pumps
Market in the Chemicals
Industry found that the market earned revenues of more than $ 4 billion in 2013
and estimates this to cross $5 billion in 2020.
INDIAN PUMP INDUSTRY
The organised pump market
in India in 2014 was Rs.105320.000 Million and is expected to reach 134190.000
Million in 2018 at a compounded annual growth rate of 5%. Major segments in the
market driving pump demand are Agriculture, Water and Wastewater and Building
Services industries. Solar driven water pump may see a good order flow because
of government financed schemes.
An upswing in 2015 has been
predicted because of initiatives by the government for solving policy logjams.
Investments in Infrastructure (Airports, Ports and Water and Wastewater),
Cement, Power and Oil Refineries will boost pump demand in the country.
INTERNATIONAL BUSINESS STRATEGY
The exports business
inclusive of Information Technology (IT) Services was Rs.1200.000 Million, a
rise of 24% over last fiscal. Aggressive marketing approach with major project
order dispatches helped achieve higher sales. Augmenting resources with
international offices helped spread market reach. The initiatives in Africa
showed good results with orders received from Mechanical and Electrical
Division (MED) Egypt and Honeywell for their project located at Ghana.
The company took part in
Latin America Mine Water Conference in Peru. A Memorandum of Understanding
(MoU) with the National Water Authority of Peru (“ANA”) was signed to help them
in the management of their water resources.
AWARDS AND ACCOLADES
·
India’s Most Ethical Company in the Industrial
Manufacturing award by World CSR Congress 2014
·
Coimbatore plant received the Best Employer Brand
Award towards Women Talent Management at the fifth Asia Employer Brand Awards
2014 held in Singapore
·
Best Overall CSR Practices 2015, World CSR Congress
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER ENDED JUNE 30, 2015
RS.
IN MILLION)
|
SR. NO. |
PARTICULARS |
30.06.2015 UNAUDITED
|
|
|
|
|
|
1 |
Income from Operations |
|
|
|
Net Sales/Income from Operations |
3662.227 |
|
|
Other Operating Income |
27.610 |
|
|
|
|
|
|
Total Income from operations (net) |
3689.837 |
|
|
|
|
|
2 |
Expenses |
|
|
|
(a) Cost of materials consumed |
1775.937 |
|
|
(b) Purchase of stock in trade |
642.472 |
|
|
(c) Changes in inventories of finished goods, work in
progress and stock in trade |
(102.144) |
|
|
(d) Employee benefit expenses |
446.135 |
|
|
(e) Depreciation and amortization expenses |
101.395 |
|
|
(f) Other Expenses |
792.130 |
|
|
Total Expenses |
3655.925 |
|
|
|
|
|
3 |
Profit from Operations
before Other Income, Finance costs and Exceptional item |
33.912 |
|
4 |
Other Income |
108.855 |
|
5 |
Profit/ Loss from
Ordinary Activities before Finance costs and Exceptional item |
142.767 |
|
6 |
Finance costs |
86.072 |
|
7 |
Profit/ Loss from
Ordinary Activities after Finance costs but Exceptional item |
56.695 |
|
8 |
Exceptional
item |
0.000 |
|
9 |
Profit/ Loss from Ordinary Activities
before tax |
56.695 |
|
10 |
Tax Expenses |
(16.600) |
|
11 |
Net Profit/ Loss from Ordinary Activities
after tax |
73.295 |
|
12 |
Extraordinary
Items |
0.000 |
|
13 |
Net Profit for the period |
73.295 |
|
|
|
|
|
14 |
Paid- up
Equity Share Capital (Face value
of the share – Rs. 2/- each) |
158.818 |
|
|
|
|
|
15 |
Reserves
excluding revaluation reserves as per balance sheet of Previous Accounting
Year |
-- |
|
|
|
|
|
16 |
Earnings per
share (before extraordinary items) (of Rs. 2/- each) (not annualized) - Basic |
0.92 |
|
|
- Diluted |
0.92 |
|
|
Earnings per
share (after extraordinary items) (of Rs. 2/- each) (not annualized) - Basic |
0.92 |
|
|
- Diluted |
0.92 |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
1 |
Public shareholding |
|
|
|
- Number of
Shares |
29113181 |
|
|
- Percentage of Shareholding |
36.66 |
|
|
|
|
|
2 |
Promoters and promoter group shareholding |
|
|
|
a)
Pledged/Encumbered |
|
|
|
- Number of Shares |
-- |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
-- |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
-- |
|
|
|
|
|
|
Non - encumbered |
|
|
|
- Number of
Shares |
50295545 |
|
|
- Percentage
of Shares (as a % of
the total shareholding of promoter and promoter group) |
100.00 |
|
|
- Percentage
of Shares (as a % of
the total share capital of the company) |
63.34 |
|
|
Particulars |
3 months
ended 30.06.2015 |
|
B |
Investor
complaints (Nos.) |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
1 |
|
|
Disposed of during the quarter |
1 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
NOTES:
1)
The above results have been reviewed by the Audit
Committee and approved by the Board of Directors at their respective meetings
held on July 27, 2015.
2)
The Limited review of the financial results for the
quarter ended June 2015, pursuant to clause 41 of the listing agreement, has
been carried out by the statutory auditors.
3)
During the quarter, the Management noticed certain
instances of deviations from standard operating procedures. This may involve
cases of breach of trust, dereliction of duty or irresponsibility in
discharging duties. A pointed and thorough investigation is under progress and
the Company has taken and will be taking stern and appropriate actions on
ascertaining full facts. However this does not affect the financial results.
4)
Figures have been regrouped wherever necessary.
SEGMENT – WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED
|
Particulars |
3 Months ended
30.06.2015 |
|
|
Unaudited |
|
1. Segment Revenue |
|
|
a. Pumps |
3468.859 |
|
b. Others |
221.434 |
|
Total |
3690.293 |
|
Less: Inter segment revenue |
28.068 |
|
Total income from operations (net) |
3662.227 |
|
|
|
|
2. Segment Results |
|
|
Profit/ (loss) before tax and interest |
|
|
a. Pumps |
324.489 |
|
b. Others |
18.672 |
|
Total |
343.161 |
|
Less: Finance Costs |
86.072 |
|
Other un-allocable expenditure net off
un-allocable other operating income |
200.394 |
|
Total Profit Before Tax |
56.695 |
|
|
|
|
3. Capital Employed |
|
|
(Segment Assets – Segment Liabilities) |
|
|
a. Pumps |
5083.267 |
|
b. Others |
345.729 |
|
c. Unallocated Corporate Assets |
4866.831 |
|
Total |
10295.827 |
CONTINGENT
LIABILITIES (AS ON 31.03.2015):
a) Claims against
the company not acknowledged as debts
Alstom (Switzerland) Limited a foreign customer of KBL, has invoked
Arbitration clause as per contractual provisions and issued notice of
arbitration demanding a payment of EUR 5,295,000/- (Rs.359.080 Million) and GBP 3,215,000/- (Rs.297.516 Million) over quality
issues. KBL’s contention is that the pumps were supplied as per technical
specifications. KBL has replied to the Alstom’s notice of arbitration and made
a counter claim of EUR 1,161,688/- (Rs.78.780 Million). Both parties have appointed their respective
arbitrators and the arbitrators are yet to appoint the presiding arbitrator.
Once the arbitral tribunal is constituted, arbitration proceedings will
commence.
|
Particulars |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
b) Guarantees: |
|
|
|
By the company to Citi
Bank N.A. on behalf of SPP Pumps Limited, UK USD- 10,500,000 |
658.035 |
629.055 |
|
By the company to Indian
Overseas Bank Limited on behalf of Karad Projects and Motors Limited |
500.000 |
500.000 |
|
By the company to Citi
Bank N.A. on behalf of Kirloskar Brothers (Thailand) Limited, USD- 3,000,000 |
188.010 |
179.730 |
|
By the company to Citi
Bank N.A. on behalf of Kirloskar Pompen B V USD- 5,000,000 |
313.350 |
299.550 |
|
By the company to Citi Bank
N.A. on behalf of Braybar Pumps (Proprietary) Limited USD- 2,000,000 |
125.340 |
119.820 |
|
By the company to Citi
Bank N.A. on behalf of Karad Projects and Motors Ltd. USD- 6,000,000 |
0.000 |
359.460 |
|
By the company to Weatherford
Oil Tool Middle East Limited on behalf of SPP Pumps Limited, UK GBP- 89,785 |
8.308 |
8.934 |
|
By the company to
Secretary of Business of State, London, on behalf of SPP
Pumps Limited, UK GBP- 1,120,000 |
103.640 |
0.000 |
|
|
|
|
|
c) Other money for which the company is
contingently liable for |
|
|
|
i)
Central Excise and Service tax (Matter Subjudice) |
1017.697 |
1104.102 |
|
ii)
Sales Tax (Matter Subjudice) |
205.419 |
193.553 |
|
iii)
Income Tax (Matter Subjudice) |
740.452 |
738.708 |
|
iv)
Labour Matters (Matter Subjudice) |
48.933 |
48.119 |
|
v)
Other Legal Cases ( Matter Subjudice) |
162.665 |
72.590 |
FIXED ASSETS:
· Land Free Hold
· Land Lease Hold
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Office Equipments
· Vehicles
· Railway Siding
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. 64.88 |
|
|
1 |
Rs. 99.89 |
|
Euro |
1 |
Rs. 72.06 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
BVA |
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 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
NO |
|
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.