MIRA INFORM REPORT
|
Report No. : |
347708 |
|
Report Date : |
30.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
BLUE STAR LIMITED |
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|
|
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Formerly Known
As : |
BLUE STAR ENGINEERING COMPANY (BOMBAY) PRIVATE LIMITED |
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|
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Registered
Office : |
Kasturi Building,
Jamshedji Tata Road, Mumbai – 400020, Maharashtra |
|
Tel. No.: |
91-22-66654000 |
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Country : |
India |
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Financials (as
on) : |
31.03.2015 |
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Date of
Incorporation : |
20.01.1949 |
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Com. Reg. No.: |
11-006870 |
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Capital
Investment / Paid-up Capital : |
Rs.179.872 Million |
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CIN No.: [Company Identification
No.] |
L28920MH1949PLC006870 |
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|
|
|
IEC No.: |
0388021454 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB11714D |
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PAN No.: [Permanent Account No.] |
AAACB4487D |
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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 principally engaged in the field of mechanical, electrical and plumbing contracting, which include operation and maintenance of heating, ventilation and air conditioning systems. |
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No. of Employees
: |
2508 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (76) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is an old and well-established company incorporated during the
year 1949 having excellent track. As per FY 2015, the company possesses sound financial position along
with healthy net worth base and strong debt protection metrics. Further, rating also takes into consideration company’s proven track
record and dominant market position in the central air-conditioning and
cooling products business reputed client base and dealers network. Moreover, company’s board of directors are reported to be qualified
and well-experienced businessman. Trade relations are reported to be trustworthy. Business is active.
Payment terms are reported to be regular and as per commitments. In view of long track record and established market position, the
company can be considered good for business dealings at usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 |
CARE |
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Rating |
Long term bank facilities = AA+ |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
November 04, 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
November 04, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2015.
INFORMATION DECLINED
Management Non-Cooperative (Tel No.: 91-22-66544000 / 66654000)
LOCATIONS
|
Registered / Head /
Corporate Office : |
Kasturi
Building, Jamshedji Tata Road, Mumbai
– 400020, Maharashtra, India |
|
Tel. No.: |
91-22-66654000 |
|
Mobile No.: |
91-9820045298 (Mr. S. S. Basisth) |
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Fax No.: |
91-22-66654151 |
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E-Mail : |
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Website : |
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Factory 1 : |
2nd Pokhran Road, Majiwada, Thane – 400601, Maharashtra,
India |
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Tel. No.: |
91-22-25346265 |
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Fax No.: |
91-22-25345525 |
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|
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Factory 2 : |
Plot Nos. 4 and
5, GIDC Industrial Estate, Narmada Nagar Post, Bharuch - 392 015, Gujarat,
India |
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Tel. No.: |
91-2642-246116 |
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Fax No.: |
91-2642-246026 |
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Factory 3 : |
Nahan Road,
Rampur Jattan Kala Amb, District Sirmour, Himachal Pradesh 173030, India |
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Tel. No.: |
91-1702-238760 |
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Fax No.: |
91-1702-238461 |
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Factory 4 : |
Nahar Road, Village Ogli, Kala Amb, District Sirmour – 173030, Himachal
Pradesh, India |
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Fax No.: |
91-1702-238761s |
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Factory 5 : |
Village Vasuri
Khurd Khanivali Road Po: Khupari Taluka: Wada Dist: Thane – 421312,
Maharashtra, India |
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Factory 6: |
Survey No. 265/2, Demni Road, U. T. of Dadra and Nagar Haveli – 396193, India |
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Tel. No.: |
91-260-2668617/ 2668618 |
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Fax No.: |
91-260-2668503 |
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Factory 7: |
501/3, 503/2, Tejpur Road, Sarkhej Baula Highway, Changodar, Ahmedabad - 382 213, Gujarat, India |
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Tel No.:
|
91-2717-294490s |
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Branch Office : |
Anjuman Kayaar Towers, No 28, Ward 27, Mission Road - 560027, Bangalore, India |
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Divisional Offices
: |
Chennai Mumbai Tel: 91-22-66544000 Fax: 91-22-66544001 |
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Regional Offices: |
Ø
Blue Star House, 9A,
Ghatkopar Link Road, Sakinaka, Mumbai – 400072, Maharashtra, India Tel. No.: 91-22-66684000 Fax No.: 91-22-66684004 Ø Block 2-A, DLF Corporate Park, DLF Qutab
Enclave, Phase III, Gurgaon - 122002,
Haryana, India Tel. No.: 91-124-4094000 Fax No.: 91-124-4094004 Ø 7, Hare Street, Kolkata - 700 001, West
Bengal, India Tel. No.: 91-33-22134000 Fax No.: 91-33-22134102 Ø No.104,
Old No. 46, Garuda Buildings, Cathedral Road, Chennai – 600086, Tamilnadu,
India Tel. No.: 91-44-42444000 Fax No.: 91-44-42444190 |
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Sales and
Services Offices: |
Located at · Ahmedabad · Bengaluru · Bhubaneswar · Chandigarh · Ghaziabad · Chennai · Goa · Guwahati · Indore · Jaipur · Jamshedpur · Kochi · Lucknow · Ludhiana · Mumbai · Nagpur · New Delhi · Patna · Pune ·
Raipur · Secunderabad · Thane · Thiruvananthapuram · Vadodara ·
Visakhapatnam |
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|
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Overseas
Office : |
Located at · Malaysia · U.A.E. ·
U.S.A. |
DIRECTORS
As on 31.03.2015
|
Name : |
Mr. Ashok M Advani |
|
Designation : |
Chairman |
|
Address : |
105 - Samudra Mahal, Dr. Annie Besant Road, Worli, Mumbai - 400018, Maharashtra, India |
|
Date of Appointment : |
01.08.1979 |
|
DIN No.: |
00001372 |
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|
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Name : |
Mr. Suneel M Advani |
|
Designation : |
Vice Chairman |
|
Address : |
232, Urvashi, Petit Hall Complex,, Nepeansea Road, Gamdevi, Mumbai - 400006, Maharashtra, India |
|
Date of Appointment : |
03.03.1983 |
|
DIN No.: |
00001709 |
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|
|
|
Name : |
Mr. Satish Jamdar |
|
Designation : |
Managing Director |
|
Address : |
32,Orchid, 73, Nargis Dutt Road, Pali Hill, Bandra, Mumbai - 400050, Maharashtra, India |
|
Date of Appointment : |
01.11.2003 |
|
DIN No.: |
00036653 |
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|
|
|
Name : |
Mr. Vir Suneel Advani |
|
Designation : |
Executive Director And President - Electro Mechanical Projects Business |
|
Address : |
232, Urvashi, Petit Hall, Nepeansea Road, Mumbai - 400006, Maharashtra, India |
|
Date of Appointment : |
01.07.2010 |
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DIN No.: |
01571278 |
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|
|
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Name : |
Mr. Balasubramanian Thiagarajan |
|
Designation : |
Executive Director And President - AC&R Products Business |
|
Address : |
201, Lightbridge, Hiranandani Medows, Mrs. Glady's Alvares Road, Thane - 400601, Maharashtra, India |
|
Date of Appointment : |
13.05.2013 |
|
DIN No.: |
01790498 |
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Name : |
Mr. Shailesh Haribhakti |
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Designation : |
Director |
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Address : |
10 and 11 Sahil Apartment, S K Barodawala Road, 14 Altamount Road, Cumballa Hill, Mumbai - 400026, Maharashtra, India |
|
Date of Appointment : |
31.10.2005 |
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DIN No.: |
00007347 |
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Name : |
Shobana Kamineni |
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Designation : |
Director |
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Address : |
10-3-316/A, Masab Tank, Hyderabad - 500028, Telangana, India |
|
Date of Appointment : |
30.05.2014 |
|
DIN No.: |
00003836 |
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|
Name : |
Mr. Pradeep Mallick |
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DIN No.: |
Director |
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Address : |
A/2, Pallonji Mansion, 43, Cuffe Parade, Mumbai - 400005, Maharashtra, India |
|
Date of Appointment : |
29.01.2003 |
|
DIN No.: |
00061256 |
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|
|
|
Name : |
Mr. Mahendra Kumar Sharma |
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Designation : |
Director |
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Address : |
192 Centrum Towers Barkhat Ali Road, Near Wadala Flyover Wadala East, Mumbai - 400037, Maharashtra, India |
|
Date of Appointment : |
13.05.2013 |
|
DIN No.: |
00327684 |
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|
Name : |
Mr. Gurdeep Singh |
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Designation : |
Director |
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Address : |
M-1, Breach Candy Apartments, Bhulabhai Desai Road, Mumbai - 400026, Maharashtra, India |
|
Date of Appointment : |
23.05.2003 |
|
DIN No.: |
00036922 |
KEY EXECUTIVES
|
Name : |
Mr. Vijay Devadiga (w.e.f. June 01, 2015) |
|
Designation : |
Company Secretary |
|
Address : |
A/403, RNA Regency Park Co-Op HSG Society Limited, Kandivali (West), Mumbai - 400067, Maharashtra, India |
|
Date of Appointment : |
01.06.2015 |
|
PAN No.: |
BAHPD7201A |
|
|
|
|
Name : |
Mr. Neeraj Basur |
|
Designation : |
Chief Financial Officer |
|
Address : |
5501, ATS Green II, Sector, Sector 50, Noida, Gautam Budha Nagar, Noida - 201307, Uttar Pradesh, India |
|
Date of Appointment : |
01.08.2014 |
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PAN No.: |
ABLPB1589P |
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CORPORATE
MANAGEMENT : |
|
|
Name : |
Mr. Satish Jamdar |
|
Designation : |
Managing Director |
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|
|
|
Name : |
Mr. Vir S Advani |
|
Designation : |
Executive Director & President - Electro Mechanical Projects Business |
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|
Name : |
B Thiagarajan |
|
Designation : |
Executive Director & President - Ac&R Products Business |
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|
Name : |
R Aravindan |
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Designation : |
Executive Vice President - Electro Mechanical Projects Group |
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|
Name : |
Mr. Neeraj Basur |
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Designation : |
Chief Financial Officer |
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Name : |
J M Bhambure |
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Designation : |
Executive Vice President - R&D And Technology |
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Name : |
R G Devnani |
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Designation : |
Executive Vice President - Manufacturing |
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Name : |
Tojo Jose |
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Designation : |
Executive Vice President - Human Resources |
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Name : |
C P Mukundan Menon |
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Designation : |
Executive Vice President - Airconditioning & Refrigeration Products Sales Group |
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Name : |
V S Ashok |
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Designation : |
Vice President - Airconditioning & Refrigeration Service Group |
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Name : |
Sujan Chatterjee |
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Designation : |
Vice President - Corporate Financial Services |
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Name : |
V V Lanka |
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Designation : |
Vice President - Large Projects & Industrial Projects |
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Name : |
D H Roy |
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Designation : |
Vice President - Procurement & Supply Chain |
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|
Name : |
Mr. Rajendra Verma |
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Designation : |
Vice President - International Business Group |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a %
of Total No. of Shares |
|
|
||
|
(A)
Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
21468354 |
23.87 |
|
|
21731 |
0.02 |
|
|
13458337 |
14.96 |
|
|
13458337 |
14.96 |
|
|
34948422 |
38.86 |
|
|
|
|
|
|
543075 |
0.60 |
|
|
543075 |
0.60 |
|
Total
shareholding of Promoter and Promoter Group (A) |
35491497 |
39.46 |
|
(B) Public
Shareholding |
||
|
|
|
|
|
|
17644063 |
19.62 |
|
|
22130 |
0.02 |
|
|
864311 |
0.96 |
|
|
6074873 |
6.75 |
|
|
442521 |
0.49 |
|
|
442521 |
0.49 |
|
|
25047898 |
27.85 |
|
|
|
|
|
|
2924795 |
3.25 |
|
|
|
|
|
|
16803436 |
18.68 |
|
|
8166749 |
9.08 |
|
|
1501730 |
1.67 |
|
|
36398 |
0.04 |
|
|
4517 |
0.01 |
|
|
675755 |
0.75 |
|
|
2159 |
0.00 |
|
|
782526 |
0.87 |
|
|
375 |
0.00 |
|
|
29396710 |
32.69 |
|
Total Public
shareholding (B) |
54444608 |
60.54 |
|
Total (A)+(B) |
89936105 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
89936105 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is principally engaged in the field of mechanical, electrical and plumbing contracting, which include operation and maintenance of heating, ventilation and air conditioning systems. |
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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 : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
2508 (Approximately) |
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Bankers : |
· The Hongkong and Shanghai Banking Corporation Limited · State Bank of India · Oriental Bank of Commerce · The Royal Bank of Scotland · BNP Paribas · Kotak Mahindra Bank · IDBI Bank |
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Facilities : |
NOTE: a. Outstanding Loans carry an average interest rate of 10.26 % (31 March 2014: 10.23%). b. Outstanding Loans is secured by hypothecation of stock-in-trade and trade receivables. c. Buyers’ Credit are availed for imports payables and are repayable within maximum tenure of 360 days from the date of shipment and carried an average interest @ Libor plus 0.95%. d. Commercial Papers carry average interest rate @ 8.75 %
p.a. for the current year (31 March 2014: 9.62 % p.a.). These are repayable
within 50 days to 90 days from the date of drawdown. |
|
Auditors : |
|
|
Name : |
S R B C and Company LLP Chartered Accountants |
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Memberships : |
Not Available |
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Collaborators : |
Not Available |
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Subsidiaries : |
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Associate : |
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Joint Ventures : |
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CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
7.8% Cumulative Convertible Preference Shares |
Rs.100/- each |
Rs. 1.000 Million |
|
148700000 |
Equity Shares |
Rs. 2/- each |
Rs. 297.400 Million |
|
16000 |
Unclassified Shares |
Rs.100/- each |
Rs. 1.600 Million |
|
|
Total |
|
Rs. 300.000 Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
89936105 |
Equity Shares |
Rs.2/- each |
Rs. 179.872
Million |
|
|
|
|
|
NOTE
a) There is no movement in the shares outstanding at the beginning and at the end of the reporting period.
b) Terms/rights attached to equity shares
The company has only one class of equity shares having par value of Rs.2 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
During the year ended 31 March, 2015 the amount of per share dividend proposed as distribution to the equity shareholders is Rs.5 (31 March, 2014: Rs. 4)
c) Details of shareholders
holding more than 5% shares in the Company
|
Particular |
As at 31 March 2015 |
|
|
Number of Shares |
% of Holding |
|
|
Equity shares of Rs. 2 each fully paid |
|
|
|
IL and FS Trust Company Limited # |
11013076 |
12.25 |
|
Ashok Mohan Advani |
10,315,107 |
11.47 |
|
HDFC Trustee Company Limited |
6,828,673 |
7.59 |
|
Suneel Mohan Advani |
5,325,948 |
5.92 |
|
Saif Advisor Mauritius Ltd. A/C Saif India IV FII holdings Limited |
4,731,983 |
5.26 |
# These shares are held in Trust for the Promoter group who are the
beneficial owners.
As per records of the company, including its
register of shareholders/members and other declarations received from
shareholders regarding beneficial interest, the above shareholding represents
both legal and beneficial ownerships of shares.
FINANCIAL DATA
[all figures are
in Rupees 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 |
179.872 |
179.872 |
179.872 |
|
(b) Reserves & Surplus |
6070.974 |
5116.005 |
4763.842 |
|
(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) |
6250.846 |
5295.877 |
4943.714 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
44.898 |
28.112 |
33.576 |
|
Total
Non-current Liabilities (3) |
44.898 |
28.112 |
33.576 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
3319.182 |
4465.647 |
3726.725 |
|
(b) Trade payables |
8408.307 |
7892.996 |
7527.452 |
|
(c) Other current liabilities |
3112.415 |
4159.892 |
4134.390 |
|
(d) Short-term provisions |
790.010 |
665.404 |
632.639 |
|
Total
Current Liabilities (4) |
15629.914 |
17183.939 |
16021.206 |
|
|
|
|
|
|
TOTAL |
21925.658 |
22507.928 |
20998.496 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1958.170 |
1960.743 |
2020.431 |
|
(ii) Intangible Assets |
216.824 |
192.628 |
209.099 |
|
(iii) Capital work-in-progress |
24.754 |
11.401 |
30.788 |
|
(iv) Intangible assets under
development |
199.351 |
143.242 |
45.829 |
|
(b) Non-current Investments |
2318.579 |
1213.579 |
1213.579 |
|
(c) Deferred tax assets (net) |
164.652 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1331.021 |
1143.465 |
1113.569 |
|
(e) Other Non-current assets |
10.849 |
8.412 |
0.750 |
|
Total
Non-Current Assets |
6224.200 |
4673.470 |
4634.045 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
4628.287 |
4656.327 |
5088.230 |
|
(c) Trade receivables |
7081.092 |
7328.625 |
7296.452 |
|
(d) Cash and cash equivalents |
363.349 |
629.406 |
109.778 |
|
(e) Short-term loans and
advances |
1054.315 |
1306.323 |
920.293 |
|
(f) Other current assets |
2574.415 |
3913.777 |
2949.698 |
|
Total
Current Assets |
15701.458 |
17834.458 |
16364.451 |
|
|
|
|
|
|
TOTAL |
21925.658 |
22507.928 |
20998.496 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Revenue from Operations |
30807.944 |
27895.136 |
27670.598 |
|
|
Other Income |
101.433 |
264.140 |
365.289 |
|
|
TOTAL
(A) |
30909.377 |
28159.276 |
28035.887 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed and
components consumed and projected related cost |
17119.335 |
16538.657 |
15972.630 |
|
|
Purchases of Stock-in-Trade |
4299.626 |
3834.471 |
4694.482 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
(83.507) |
(795.435) |
(288.630) |
|
|
Employees benefits expense |
2568.438 |
2340.365 |
2155.037 |
|
|
Exceptional items |
-419.026 |
168.600 |
0.000 |
|
|
Other expenses |
5168.188 |
4470.282 |
4148.928 |
|
|
TOTAL
(B) |
28653.054 |
26556.940 |
26682.447 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
2256.323 |
1602.336 |
1353.440 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
434.732 |
496.446 |
498.528 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1821.591 |
1105.890 |
854.912 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
393.360 |
346.929 |
328.977 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
1428.231 |
758.961 |
525.935 |
|
|
|
|
|
|
|
Less |
TAX (H) |
(97.051) |
0.000 |
8.553 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
1525.282 |
758.961 |
517.382 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD (K) |
2224.600 |
1948.439 |
1801.757 |
|
|
|
|
|
|
|
Less
|
Adjustment
to WDV of assets fully depreciated
pursuant to Sch II of Companies Act, 2013 |
29.100 |
0.000 |
0.000 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
152.500 |
76.000 |
55.000 |
|
|
Proposed Dividend |
449.700 |
359.700 |
269.800 |
|
|
Corporate Dividend Tax |
91.600 |
47.100 |
45.900 |
|
|
Total
(M) |
722.900 |
482.800 |
370.700 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S (J+K+L-M) |
3026.982 |
2224.600 |
1948.439 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
1794.933 |
1594.099 |
1310.430 |
|
|
Royalty, Know-how,
Professional & Consultation fees |
39.222 |
45.670 |
40.795 |
|
|
Dividend |
13.586 |
19.708 |
0.000 |
|
|
Interest |
0.000 |
0.003 |
0.000 |
|
|
Other
Income: |
|
|
|
|
|
Commission |
116.094 |
149.252 |
218.658 |
|
|
Others |
7.654 |
5.605 |
15.855 |
|
|
TOTAL
EARNINGS |
1971.489 |
1814.337 |
1585.738 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials & Components |
5477.031 |
4637.336 |
4293.709 |
|
|
Capital goods |
134.539 |
103.494 |
47.160 |
|
|
Spares |
154.270 |
104.673 |
442.505 |
|
|
Traded Goods |
2779.013 |
2440.144 |
1792.521 |
|
|
Others |
0.000 |
0.000 |
0.127 |
|
|
TOTAL
IMPORTS |
8544.853 |
7285.647 |
6576.022 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
14.79 |
6.02 |
5.75 |
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 |
NA |
|
Cash generated from operations |
2157.231 |
972.366 |
686.651 |
|
Net cash flow from operating activity |
1922.127 |
841.181 |
400.050 |
QUARTERLY RESULTS
|
Particulars |
June 2015 |
September 2015 |
|
Audited / Unaudited |
Unaudited |
Unaudited |
|
Net Sales |
9085.800 |
7166.600 |
|
Total Expenditure |
8428.400 |
6896.600 |
|
PBIDT (Excl OI) |
657.400 |
270.000 |
|
Other Income |
4.400 |
19.700 |
|
Operating Profit |
661.800 |
289.700 |
|
Interest |
82.900 |
93.100 |
|
Exceptional Items |
NA |
(158.000) |
|
PBDT |
578.900 |
38.600 |
|
Depreciation |
90.600 |
115.400 |
|
Profit Before Tax |
488.300 |
(76.800) |
|
Tax |
97.900 |
(18.900) |
|
Provisions and contingencies |
NA |
NA |
|
Profit After Tax |
390.400 |
(57.900) |
|
Extraordinary Items |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
|
Other Adjustments |
NA |
NA |
|
Net Profit |
390.400 |
(57.900) |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
4.95 |
2.72 |
1.87 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
7.32 |
5.74 |
4.89 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.43 |
3.59 |
2.67 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23 |
0.14 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.53 |
0.84 |
0.75 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.00 |
1.04 |
1.02 |
STOCK
PRICES
|
Face Value |
Rs.2/- |
|
Market Value |
Rs.380.30/- |
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 |
179.872 |
179.872 |
179.872 |
|
Reserves & Surplus |
4763.842 |
5116.005 |
6070.974 |
|
Net
worth |
4943.714 |
5295.877 |
6250.846 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
3726.725 |
4465.647 |
3319.182 |
|
Total
borrowings |
3726.725 |
4465.647 |
3319.182 |
|
Debt/Equity
ratio |
0.754 |
0.843 |
0.531 |
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 |
27670.598 |
27895.136 |
30807.944 |
|
|
|
0.811 |
10.442 |
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 |
27670.598 |
27895.136 |
30807.944 |
|
Profit |
517.382 |
758.961 |
1525.282 |
|
|
1.87% |
2.72% |
4.95% |
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 |
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 |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
PRESS RELEASE
Blue Star Q1FY16 Net
Profit grows 26% to Rs 39 crores on a standalone basis Standalone Financial
Performance for Q1FY16
• Airconditioning and commercial refrigeration major, Blue Star Limited reported Total Operating Income of Rs 908.58 crores for the quarter ended June 30, 2015, as compared to Rs 837.61 crores in Q1FY15, representing an increase of 8%.
• Operating Profit (PBIDT excluding Exceptional Items and Other Non-Operating Income) for the quarter increased 9% to Rs 65.74 crores from Rs 6016 crores in Q1FY15.
• During the quarter, Other Income was Rs 0.44 crores as compared to Rs 1.62 crores during the same period last year.
• Financial Expenses for the quarter declined by 25% to Rs 8.29 crores from Rs 11.04 crores in Q1FY15, mainly due to lower forex volatility and tight control in management of forex exposure.
• There was no exceptional gain/loss during the quarter as compared an exceptional loss of Rs 5.16 crores during Q1FY15.
• Tax expense for the quarter was Rs 9.79 crores as compared to Rs 5.16 crores in the same period last year.
• Consequently, Net Profit grew 26% to Rs 39.04 crores from Rs 31.10 crores in Q1FY15.
• Earnings per share for the quarter (Face value of Rs 2.00) stood at Rs 4.34 vis-à-vis Rs 3.45 in the corresponding quarter of the previous year.
• Carry Forward Order Book as on June 30, 2015 declined by 5% to Rs 1493 crores compared to Rs 1572 crores as at June 30, 2014.
Segment-wise
performance for Q1FY16
• The revenues of the Electro Mechanical Projects and Packaged Airconditioning Systems business, declined marginally by 3%, while segment results registered a decline of 17% to Rs 8.76 crores. The decrease in profitability was mainly due to sluggish execution of projects resulting in lower billings with a higher cost structure along with cost overruns in specific legacy projects.
• Cooling Products, comprising 61% of the total revenues of the Company during the quarter, registered a growth of 17%. Segment results grew 12% to Rs 79.01 crores. Despite the fact that the summer was not harsh with rains in several parts of the country in April and May, the business did much better than the industry mainly due to the Company’s strong brand equity coupled with an enhanced product portfolio and distribution.
• The Professional Electronics and Industrial Systems business had been transferred to its subsidiary, Blue Star E&E Ltd with effect from April 1, 2015. During Q1, due to commercial considerations, certain contracts were executed by Blue Star Limited. Thus, the revenues and profit for this business during the quarter were split between the parent Company and its subsidiary. On a combined basis, the business recorded a revenue growth of 59%, while the results grew 72% to Rs 7.36 crores. These combined figures are based on management accounts, and have not been subjected to audit or a limited review by the auditors.
Outlook
A normal monsoon will result in enhanced demand for cooling products. Though the commercial construction cycle is yet to pick up, the Company is confident that its expertise and credentials will hold it in good stead when the growth opportunities revive. During the rest of the year, while the Company is expected to sustain this performance, a normal monsoon coupled with enhanced commercial construction activities will enable it to register significant growth.
LITIGATION
DETAILS
|
BENCH:- BOMBAY PRESENTATION DATE: 23.09.2015 |
||||
|
Lodging No:- |
CEXAL/194/2015 |
Failing Date:- |
23/09/2015 |
|
|
Petitioner:- |
THE COMMISSIONER OF SERVICES TAX - VII |
Respondent:- |
BLUE STAR LIMITED |
|
|
Petn.Adv:- |
JITENDRA BRIJBHUSHAN MISHRA (I2937) |
|
|
|
|
District:- |
MUMBAI |
|||
|
Bench:- |
DIVISION |
|||
|
Status:- |
Pre-Admission |
Category:- |
CENTRAL EXCISE APPEARL (CEXA) |
|
|
|
||||
|
Act:- |
Central Excise and Salt Act |
Under Section:- |
35(G) |
|
OPERATING PERFORMANCE
Total Revenue of the Company increased by 10% to Rs. 30909.400 Million during the year. Better control of input costs and expenses enabled Profit from operations before Other Income, Financing Costs and Exceptional Items to go up by 16% to Rs.1342.500 Million from Rs.1159.900 Million in the previous year.
Segment-wise performance showed a mixed picture. Revenue from Electro Mechanical Projects and Packaged Air conditioning Systems remained virtually stagnant at Rs. 16024.100 Million due to prolonged sluggishness in the projects business. This led to a decline in the Segment Result to Rs. 647.100 Million.
The decline was more than made up by 24% growth in revenue in Cooling Products from Rs. 10768.100 Million to Rs. 13317.200 Million. Cooling Products’ results climbed by 55% from Rs. 947.700 Million to Rs. 1468.300 Million, which is a significant achievement.
Professional Electronics and Industrial Systems’ revenues grew by 18% from Rs.1240.400 Million to Rs. 1466.600 Million, while results increased from Rs. 217.500 Million to Rs. 312.000 Million, a growth of 43%.
MANAGEMENT DISCUSSION
AND ANALYSIS
PREPARING FOR THE
FUTURE
Blue Star is India’s leading air conditioning and commercial refrigeration company with over seven decades of experience in providing expert cooling solutions. It fulfills the cooling requirements of a large number of corporate, commercial as well as residential customers. It also offers expertise in allied contracting activities such as electrical, plumbing and fire-fighting services, in order to offer turnkey solutions, apart from execution of specialised industrial projects. Blue Star’s other businesses include marketing and maintenance of imported professional electronics and industrial products and systems. This business stands transferred to a wholly owned subsidiary of the Company called Blue Star Engineering & Electronics Limited, with effect from March 31, 2015.
Blue Star’s integrated business model of a Manufacturer; Engineering, Procurement and Construction (EPC) solutions provider; and After-sales service provider enables it to offer an end-to-end solution to its customers, which has proved to be a significant differentiator in the market place. The Company’s credentials and unmatched expertise help it to enjoy a preferred partnership status with most of corporate and commercial India. In fact, every third commercial building in the country has a Blue Star product installed. Blue Star has over 300 large National Account customers who award significant repeat orders to the Company on a regular basis. Blue Star also entered the residential segment a few years ago and has made deep inroads in the segment with a market share of 9.5%. It has an installed base of over a million units of room air conditioners. Blue Star products are now sold by over 2000 dealers, and are available in 3500 outlets in more than 650 towns across the country. Blue Star is also the largest after-sales AC&R service provider in India, maintaining around 2 million TR of equipment and handling over 1 million service calls a year. The Company has a manufacturing footprint of about 1 lakh sq m, manufacturing over 300 models across 25 product lines worth `1500 crores every year. There are about 2500 direct employees and over 20,000 indirect employees engaged in Blue Star’s activities with around 20,000 man days of training imparted each year
With the economic climate showing signs of improvement, the Company anticipates significant growth opportunities in the long-term and is preparing for the future. Increase in disposable income of the burgeoning middle class is likely to boost several sectors in the commercial space. Increase in capex spends by companies will improve office expansion as well as industrial and infrastructure spends. Moreover, the penetration of room air conditioners in the residential market is a mere 3%, and given the harsh climate, especially during the summer season, coupled with enhanced affordability of consumers, this segment is expected to grow notably in the future. As regards to commercial refrigeration, considering that post-harvest losses in the country are extensive, coupled with food scarcity and population expansion, food preservation is of utmost importance. Thus, the demand for cold chain and other commercial refrigeration products is anticipated to be sizeable. Blue Star’s strong brand equity, credentials and unmatched expertise will enable it to leverage the exciting growth prospects.
Blue Star, being a leader in the air conditioning and commercial refrigeration industry, is conscious about the fact that it has to be a trendsetter in areas related to sustainability and climate change. Climate change and global warming are a serious concern and a growing threat to the world’s ecosystem, and given India’s large population, the country has a critical part to play in taking initiatives to reduce power consumption and using non-ozone depleting refrigerants with low global warming potential. The Company’s mainstay of product development and R&D has been energy efficiency, coupled with eco-friendly and sustainable products.
The Company is also preparing to rationalise its manufacturing footprint vide a focused exercise which will involve demand assessment, revalidation of make/buy strategy and manufacturing capability assessment to ensure that Blue Star is future ready.
In the contracting business, the Indian economy is showing signs of improvement and the macroeconomic indicators are encouraging. The Company expects a revival of the commercial construction cycle in the near-term, which will give it the much needed impetus in the electro mechanical contracting space. The trend of combining multiple MEP services (HVAC, Electrical, Plumbing, Fire-fighting and Low Voltage systems) is gaining acceptance in the country. While the contracting space in India is rapidly changing and the customer needs are far more challenging, Blue Star has built its capabilities in MEP contracting in a systematic way, through a judicious mix of acquisitions and capability building.
Recently, it appointed The Boston Consulting Group to develop a strategy and action plan for profitable growth of its projects business. The key objectives included identification of attractive customer segments, acquiring higher share of business from target customer segments, and developing a best-in-class delivery model. The strategic review has been completed and the key elements of the business growth strategy have been identified. These include internal reorganisation to better serve the integrated MEP requirements in the market; focusing on profitable market segments; and investing in building stronger engineering capabilities as well as in offering design-build solutions. The Company has identified multiple initiatives for stronger project management and procurement practices and plans to institutionalise modern site practices based on manufacturing principles to ensure a differentiated delivery experience. It will also IT enable its business processes while judiciously investing in construction technologies with the objective of driving productivity and consistency in its deliverables.
While Blue Star has done exceedingly well in the domestic business with its integrated model of a Manufacturer,
EPC solutions provider and After-sales service provider, it is now keen on aggressively expanding its international footprint by taking forward these unique capabilities globally. It is in the process of identifying new opportunities for its air conditioning and commercial refrigeration products, MEP projects, after-sales service and system integration in global markets. The markets identified are Middle East, North Africa, SAARC and ASEAN regions and as the business matures, more markets will be added. This initiative would help in significantly enhancing the Blue Star brand beyond India, while providing growth opportunities for its businesses, and will go a long way in establishing Blue Star as a true global player.
BUSINESS SEGMENTS
In accordance with the nature of products and markets addressed, business drivers, and competitive positioning, the lines of business of Blue Star can be segmented as follows:
ELECTRO MECHANICAL
PROJECTS AND PACKAGED AIRCONDITIONING SYSTEMS
This business segment covers the design, manufacturing, installation, commissioning and maintenance of central air conditioning plants, packaged/ducted systems and variable refrigerant flow (VRF) systems, as well as contracting services in electrification, plumbing and fire-fighting. After-sales services such as revamp, retrofit and upgrades also form part of this segment.
COOLING PRODUCTS
Blue Star offers a wide variety of stylish, contemporary and energy-efficient room air conditioners for both residential as well as commercial applications. It also manufactures and markets a comprehensive range of commercial refrigeration products and cold chain equipment.
PROFESSIONAL
ELECTRONICS AND INDUSTRIAL SYSTEMS
For over six decades, Blue Star has been the exclusive distributor in India for many internationally renowned manufacturers of professional electronic equipment and services, as well as industrial products and systems. This business is managed by the Company’s wholly owned subsidiary, Blue Star Engineering and Electronics Limited.
INDUSTRY STRUCTURE
AND DEVELOPMENTS
AIRCONDITIONING
In 2014-15, the estimated total market size for air conditioning in India was around Rs. 147500.000 Million. of this, the market for central air conditioning, including central plants, packaged/ducted systems, VRF systems and other ancillary equipment, was about Rs. 57500.000 Million, while the market for room air conditioners comprised the balance Rs. 90000.000 Million.
During the year, though the macroeconomic indicators were positive and the environment improved, the corporate and commercial market continued to be sluggish as the revival of the commercial construction cycle is taking longer than expected. Segments such as integrated commercial complexes, power and utility, and healthcare witnessed some demand during the year.
On the other hand, the room air conditioners market grew significantly, driven by the residential business. The increase in disposable incomes of the growing middle-class consumers, enhanced demand from Tier 3/4/5 markets as well as an extended summer in several parts of the country contributed to growth during the review period. Further, steady foreign exchange rates as well as commodity prices ensured that the prices were stable.
COMMERCIAL
REFRIGERATION
The commercial refrigeration segment includes a wide range of products such as deep freezers, water coolers, bottled water dispensers, cold rooms, bottle coolers and ice cubers. Rapid changes in consumption patterns of the new and aware consumer fuelled by modern trade, along with the growing food, dairy and pharmaceutical industries are contributing to the growth in this segment.
During the year, the commercial refrigeration market grew well with demand from the ice cream, quick service restaurants and the pharmaceutical segments. Many initiatives are being undertaken by the Ministry of Agriculture, the Ministry of Food Processing Industries and various State Governments, in co-ordination with industry bodies such as CII to reduce wastage and loss of value of perishables, thereby containing food inflation. These initiatives are expected to significantly enhance demand for cold chain equipment in the country.
FINANCIAL PERFORMANCE
The analysis of the financial year performance for the year ended March 31, 2015, in comparison to the previous year on a stand-alone basis is as under:
1. INCOME
For the year, Total Income from Operations (net of excise duty) was Rs. 30807.900 Million as compared to Rs. 27895.100 Million in the previous year, an increase of 10.4%.
2. COST OF SALES,
WORK BILLS AND SERVICES
The cost of sales, work bills and services during the year was Rs. 21335.400 Million as compared to Rs. 19577.600 Million in the previous year. This cost was 69.3% of the Total revenue from Operations (net) as compared to 70.2% in the previous year.
3. EMPLOYEE
REMUNERATION AND BENEFITS
Employee cost for the year at Rs. 2568.400 Million increased by 9.7% as compared to Rs. 2340.400 Million in the previous year. The employee cost was 8.3% of the Total Income as compared to 8.4% in the previous year.
4. OPERATING AND
GENERAL EXPENSES
Operating and General expenses increased to Rs. 5168.200 Million from Rs. 4470.200 Million in the previous year. As a percentage of Total Income, the Operating and General expenses for the year were at 16.8% as compared to 16.0% in the previous year.
5. FINANCIAL EXPENSES
Financial cost for the year was lower at Rs. 434.700 Million as compared to Rs. 496.400 Million in the previous year. The financial cost for the year reduced to 1.4% of the Total Income as compared to 1.8% in the previous year.
6. DEPRECIATION
Depreciation charge for the year increased to Rs. 393.400 Million as compared to Rs. 346.900 Million in the previous year.
7. EXCEPTIONAL ITEMS
Exceptional items for the year were a gain of Rs. 419.000 Million as compared to a loss of Rs. 168.600 Million in FY14. The Exceptional items in FY15 include cost update on major contracts of Rs. 582.500 Million (FY14 – Rs. 168.600 Million); surplus on transfer of Professional Electronics and Industrial Systems business to Blue Star Engineering and Electronics Limited (erstwhile Blue Star Electro-Mechanical Ltd) of Rs. 833.400 Million; surplus on sale of assets of Rs. 224.800 Million; and cost of voluntary retirement schemes of Rs. 56.700 Million.
8. TAXATION
For FY15, net tax benefit was Rs. 97.000 Million as compared to ‘nil’ for FY14. Till FY14, carry forward tax losses of earlier years were adjusted against the taxable income and therefore no provision for tax was required and also no deferred tax asset could be recognised. In FY15, the entire taxable income has been subjected to normal tax provisions since carry forward losses have been fully adjusted. Further, deferred tax asset of Rs. 150.000 Million was recognised at the year-end, resulting in a net tax benefit.
9. NET PROFIT
Net Profit for the year increased by 101.0% to Rs. 1525.300 Million as compared to Rs. 759.000 Million in the previous year. Net Profit was 5.0% of the Total Income as compared to 2.7% in the previous year.
10. CAPITAL
EXPENDITURE
Capital expenditure incurred by the Company during the year was Rs. 509.900 Million as compared to Rs. 288.300 Million in the previous year. Main additions in fixed assets relate to investment in a new Cyclopentane facility in Wada, besides other routine replacement capital expenses.
CORPORATE OUTLOOK
The economic climate is improving and the macro-economic indicators are encouraging. The residential and light commercial segments are registering a healthy growth with enhanced spends by consumers. While the revival in the commercial construction cycle is taking longer than anticipated, some activity is expected in this sector during FY16 which will benefit several businesses of Blue Star, especially the electro mechanical projects business which has been under severe pressure over the last few years. The Company intends to continue to make investments in manufacturing, marketing, brand building, product development as well as human resources in the next few quarters in order to capitalise on the imminent growth opportunities.
UNSECURED LOAN
|
PARTICULAR |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
SHORT TERM
BORROWINGS |
|
|
|
Buyers credit |
976.863 |
493.661 |
|
Commercial papers from banks |
1000.000 |
1000.000 |
|
Commercial papers from others |
1000.000 |
1600.000 |
|
Total |
2976.863 |
3093.661 |
INDEX
OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
90231007 |
01/03/1999 |
50,000,000.00 |
BANQUE NATIONAL DE PARIS FRENCH BANK |
62 HOMJI STREET, MUMBAI, Maharashtra - 400001, INDIA |
- |
|
2 |
90230983 |
22/06/1999 * |
50,000,000.00 |
STATA BANK OF INDIA |
COMMERCIAL BRANCH, MUMBAI, Maharashtra - 400023, INDIA |
- |
|
3 |
90230981 |
26/03/1998 |
10,000,000.00 |
BANK OF BARODA |
BACKAY RECLAMATION, RAM HAHEL DINDH VACHHA ROAD, |
- |
|
4 |
90230815 |
30/08/1994 |
85,000,000.00 |
BANK OF BARODA |
RECLAMATION BRANCH, JAMSHEDJI CHURCHGATE, MUMBAI, Maharashtra -
400020, INDIA |
- |
|
5 |
90230646 |
14/12/1995 * |
50,000.00 |
STATE BANK OF INDIA |
BOMBAY SAMACHAR MRAG, MUMBAI, Maharashtra - 400023, INDIA |
- |
|
6 |
90230555 |
14/02/1995 * |
400,000.00 |
STATE BANK O F INDIA |
BOMBAY SAACHER MARG, MUMBAI, Maharashtra - 400023, |
- |
|
7 |
90230518 |
10/05/2013 * |
5,600,000,000.00 |
The Hongkong and Shanghai Banking Corporation Limited |
52/60, MAHATMA GANDHI ROAD, FORT, MUMBAI, Maharashtra - 400001, INDIA |
B75047332 |
|
8 |
90230430 |
19/12/1986 * |
5,000,000.00 |
THE HONGKONG A7 SHANGHI BANKING CORPORATION |
52/60 MAHATMA GANDHI ROAD, MUMBAI, Maharashtra - 400023, INDIA |
- |
|
9 |
90230326 |
17/05/1981 |
5,000,000.00 |
MEROANTIL BANK |
PRIVATE LTD, 52/60 MAHATMA GANDHI ROAD, MUMBAI, Madhya Pradesh -
400023, INDIA |
- |
|
10 |
90230317 |
26/09/1980 |
2,000,000.00 |
THE ANDHRA BANK LIMITED |
MOUNT RAOD, MADRAS, Tamil Nadu, INDIA |
- |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2015 (Rs.
In Million) |
31.03.2014 (Rs.
In Million) |
|
Claims against the Company not acknowledged as debts |
7.218 |
6.716 |
|
Sales Tax matters |
1204.884 |
680.945 |
|
Excise Duty matters |
12.757 |
10.525 |
|
Service Tax matters |
181.479 |
101.728 |
|
Income Tax matters |
474.021 |
250.500 |
|
Corporate Guarantee given on behalf of Joint Ventures |
762.500 |
560.503 |
|
Corporate Guarantee given on behalf of Subsidiary and others |
475.300 |
579.750 |
|
NOTE Future cash outflows in respect of above matters are determinable only on receipt of judgments/decisions pending at various forums/authorities. The management does not expect these claims to succeed and accordingly, no provision for the contingent liability has been recognized in the financial statements. The Company’s pending litigations comprise of claims against the Company primarily by the customers and proceedings pending with tax authorities. The Company has reviewed all its pending litigations and proceedings and has adequately provided for where provisions are required and disclosed contingent liabilities where applicable, in its financial statements. The Company does not expect the outcome of these proceedings to have a material adverse effect on the financial statements. |
||
FIXED ASSETS
Tangible Assets
·
Land – Freehold
·
Land – Leasehold
·
Building Sheds and Road
·
Plant & Machinery
·
Furniture & Fixtures
·
Office Equipments
·
Vehicles
·
Computers
Intangible Assets
· Technical Knowhow
· Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records 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.65.95 |
|
|
1 |
Rs.99.73 |
|
Euro |
1 |
Rs.71.84 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRP |
|
|
|
|
Analysis Done by
: |
HNA |
|
|
|
|
Report Prepared
by : |
SUJ |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILITY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--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 |
|
76 |
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.