MIRA
INFORM REPORT
|
Report No. : |
347895 |
|
Report Date : |
31.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
LAKSHMI MACHINE WORKS LIMITED |
|
|
|
|
Registered
Office : |
Perianaickenpalayam, SRK Vidyalaya Post, |
|
Tel. No.: |
91-422-2692371/72/3022255 |
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Country : |
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Financials (as
on) : |
31.03.2015 |
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|
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|
Date of
Incorporation : |
14.09.1962 |
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Com. Reg. No.: |
18-000463 |
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Capital Investment
/ Paid-up Capital : |
Rs.112.665 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29269TZ1962PLC000463 |
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|
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IEC No.: |
0488001544 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
CMBL03078F |
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PAN No.: [Permanent Account No.] |
AAACL5244N |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject
is engaged in the manufacturing and selling of textile spinning machinery,
CNC Machine Tools, Heavy castings and parts and components for Aero space
industry. |
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|
|
|
No. of Employees
: |
3333 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Aaa (86) |
|
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 |
|
Status : |
Excellent |
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Payment Behavior : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1962 and it is engaged in the
manufacturing and selling of textile spinning machinery and CNC Machinery tools
and components. Subject is a well-established company having excellent track
record. Fundamentals are strong and healthy. For the financial year ended 2015, company has reported healthy
operational performance and it has maintained decent profitability margins at
8.70%. Rating takes into consideration company’s healthy operating
efficiencies supported by well-established track record of business
operations and extensive industry experience of promoters in machinery
segment. Rating also takes into account of its strong financial risk profile
backed by adequate networth base along with zero debt balance sheet and
healthy liquidity position of the company. Trade relations are reported as fair. Payments are reported to be
regular and as per commitment. The company can be regarded as promising business partner in a medium
to long term business dealings and it can also be regarded undoubtful for any
large credit lines. |
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 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
NOT AVAILABLE
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 DENIED
MANAGEMENT NON-COOPERATIVE
Contact No.: 91-422-3022255
LOCATIONS
|
Registered Office/ Factory 1 : |
Perianaickenpalayam, SRK Vidyalaya Post, Coimbatore – 641020,
Tamilnadu, India |
|
Tel. No.: |
91-422-2692371/72/3022255 |
|
Fax No.: |
91-422-2692541/42 |
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E-Mail : |
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Website : |
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Corporate Office : |
34-A, Kamaraj Road, Coimbatore – 641018, Tamilnadu, India |
|
Tel. No.: |
91-422-2221680/ 82-87/ 3028100 |
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Fax No.: |
91-422-2220912 |
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E-Mail : |
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Factory 2: |
Kaniyur, Coimbatore – 641658, Tamilnadu, India |
|
Tel. No.: |
91-421-3983000 |
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Fax No.: |
91-421-2333270 |
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Factory 3: |
Muthugoundenpudur, Coimbatore
- 641406, Tamilnadu, India |
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Factory 4: |
Wind Mill Division
Udumalpet (TK), Tirupur District, Tamilnadu,
India |
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Factory 5: |
Machine Tool Division, Foundry Division and Machine Shop
Arasur, Coimbatore – 641407, Tamilnadu, India |
|
Tel No: |
91-421-3021300 / 3022537 /
3983000/ 3022553/ 3022511
|
|
Fax No.: |
91-421-2360029 / 3022577
|
|
E mail: |
mtd_markteting@lmw.co.in
|
|
|
|
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Factory 6: |
Advanced Technology Centre and Basic Training
Division Ganapathy, Coimbatore - 641006, Tamilnadu, India |
DIRECTORS
AS ON 31.03.2015
|
Name : |
Mr. Sanjay Jayavarthanavelu |
|
Designation : |
Chairman and Managing Director |
|
|
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|
Name : |
Mr. M.V. Subbiah |
|
Designation : |
Director |
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|
Name : |
Mr. S. Pathy |
|
Designation : |
Director |
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|
Name : |
Mr. Basavaraju |
|
Designation : |
Director |
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|
Name : |
Mr. Aditya Himatsingka |
|
Designation : |
Director |
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|
Name : |
Dr. Mukund Govind Rajan |
|
Designation : |
Director |
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|
Name : |
Mr. V. Sathyakumar |
|
Designation : |
Nominee Director of LIC |
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Name : |
Mr. R. Rajendran |
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Designation : |
Director Finance |
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Name : |
Mrs. Chitra Venkataraman (Retd.), |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. K. Duraisami |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
AS ON 30.09.2015
|
Category of
Shareholder |
Total No. of
Shares |
% of Total No.
of Shares |
|
|
|
|
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
302247 |
2.68 |
|
|
2891628 |
25.67 |
|
|
3193875 |
28.35 |
|
|
|
|
|
Total shareholding of
Promoter and Promoter Group (A) |
3193875 |
28.35 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1605813 |
14.25 |
|
|
2649 |
0.02 |
|
|
1353237 |
12.01 |
|
|
93646 |
0.83 |
|
|
204102 |
1.81 |
|
|
204102 |
1.81 |
|
|
3259447 |
28.93 |
|
|
|
|
|
|
2204003 |
19.56 |
|
|
|
|
|
|
1376995 |
12.22 |
|
|
645271 |
5.73 |
|
|
586913 |
5.21 |
|
|
7000 |
0.06 |
|
|
73273 |
0.65 |
|
|
12911 |
0.11 |
|
|
488889 |
4.34 |
|
|
240 |
0.00 |
|
|
4600 |
0.04 |
|
|
4813182 |
42.72 |
|
Total Public shareholding
(B) |
8072629 |
71.65 |
|
Total (A)+(B) |
11266504 |
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) |
11266504 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Foreign Portfolio Investments Corporation
BUSINESS DETAILS
|
Line of Business : |
Subject
is engaged in the manufacturing and selling of textile spinning machinery,
CNC Machine Tools, Heavy castings and parts and components for Aero space
industry. |
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Products/Services : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS: NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
3333 (Approximately) |
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Bankers : |
·
Indian Bank, Coimbatore Main Branch, Tamilnadu,
India ·
Bank of Baroda ·
Citibank N.A. ·
HDFC Bank Limited ·
IDBI Bank ·
Standard Chartered
Bank ·
Indian Overseas
Bank |
|
Statutory Auditor 1 : |
|
|
Name : |
M.S.
Jagannathan and Visvanathan Chartered Accountants |
|
Address : |
Coimbatore, Tamilnadu, India |
|
|
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|
Statutory Auditor 2 : |
|
|
|
|
|
Name : |
Subbachar
and Srinivasan Chartered Accountants |
|
Address : |
Coimbatore, Tamilnadu, India |
|
|
|
|
Cost Auditor : |
|
|
Name : |
A.N.
Raman Practicing Cost Accountant |
|
Address : |
Chennai, Tamilnadu, India |
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|
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|
Secretarial Auditor |
|
|
Name : |
M.D.
Selvaraj Practicing Company Secretary |
|
Address : |
Coimbatore, Tamilnadu, India |
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|
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Memberships : |
-- |
|
|
|
|
Collaborators : |
-- |
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Wholly Owned Subsidiary: |
LMW Textile
Machinery (Suzhou) Company Limited |
|
|
|
|
Other related parties-Associates |
·
Alamphara Hotels and Resorts Private Limited ·
Mahalakshmi Engineering Holdings Limited ·
Dhanuprabha Agro Private Limited ·
Quattro Engineering India Limited ·
Eshaan Enterprises Limited ·
Rajalakshmi Engineering ·
Harshini Textiles Limited ·
Revantha Holdings Limited ·
Hermes Academy of Training Limited ·
Revantha Builders Limited ·
Lakshmi Card Clothing Mfg. Company Private Limited ·
Revantha Agro Farms Private Limited ·
Lakshmi Cargo Company Limited ·
Sowbarnika Enterprises Limited ·
LCC Cargo Holdings Limited ·
Sowbarniha Resorts Private Limited ·
Lakshmi Caipo Industries Limited ·
Sri Kamakoti Kamakshi Textiles Private Limited ·
Lakshmi Energy and Environmental Designs Limited ·
Sri Lakshmi Vishnu Plastics ·
Lakshmi Electrical Drives Limited ·
Sudhasruti Agro Private Limited ·
Lakshmi Technology and Engineering Industries Limited ·
Super Sales India Limited ·
Lakshmi Ring Travellers (CBE) Limited ·
Supreme Dairy Products India Limited ·
Lakshmi Electrical Control Systems Limited ·
Starline Travels Limited ·
Lakshmi Precision Tools Limited ·
Titan Paints and Chemicals Limited ·
Venkatavaradha
Agencies Private Limited ·
The Lakshmi Mills Company Limited ·
Lakshmi Life Sciences Limited ·
Vedhika Eco Farms Private Limited ·
Lakshmi Vignesh Corporate Services Limited ·
Walzer Hotels Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2015
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000000 |
Equity Shares |
Rs.10/- each |
Rs. 500.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
11266504 |
Equity Shares |
Rs.10/- each |
Rs.112.665
Million |
|
|
|
|
|
1102746
equity shares of Rs.10 each were bought back
during the financial year 2010-11
Reconciliation of number
of shares
|
Equity Shares |
Number
of Shares |
|
Number of Equity shares at the beginning |
11266504 |
|
Number of Equity shares at the end |
11266504 |
Shareholders holding
more than 5 percent Equity shares
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Lakshmi
Cargo Company Limited |
1024468 |
9.09% |
|
Life
Insurance Corporation of India |
1023669 |
9.09% |
|
Lakshmi
Technology and Engineering Industries Limited |
667090 |
5.92% |
|
Reliance
Capital Trustee Co. Limited |
656532 |
5.83% |
|
Voltas
Limited |
600000 |
5.33% |
The
Company has issued only one class of Equity share having a par value of Rs.10
per share. Each holder of Equity share is entitled to one vote per share. The Company
declares dividends in Indian Rupees. The dividend proposed by the Board of
Directors is subject to approval by the shareholders at the Annual General
Meeting.
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 |
112.665 |
112.665 |
112.665 |
|
(b) Reserves & Surplus |
12492.020 |
10931.700 |
9490.213 |
|
(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) |
12604.685 |
11044.365 |
9602.878 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities
(Net) |
0.000 |
26.443 |
129.019 |
|
(c) Other long term
liabilities |
1344.791 |
2231.731 |
2340.351 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
1344.791 |
2258.174 |
2469.370 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
3092.019 |
2921.432 |
2537.651 |
|
(c) Other current liabilities |
4073.998 |
3538.971 |
3040.438 |
|
(d) Short-term provisions |
603.049 |
463.305 |
297.777 |
|
Total
Current Liabilities (4) |
7769.066 |
6923.708 |
5875.866 |
|
|
|
|
|
|
TOTAL |
21718.542 |
20226.247 |
17948.114 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3660.815 |
3798.745 |
4305.036 |
|
(ii) Intangible Assets |
80.253 |
30.696 |
60.869 |
|
(iii) Capital work-in-progress |
31.011 |
27.318 |
132.097 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1288.293 |
1288.293 |
1038.250 |
|
(c) Deferred tax assets (net) |
97.304 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
236.367 |
228.013 |
249.491 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
5394.043 |
5373.065 |
5785.743 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2886.587 |
2806.269 |
2257.027 |
|
(c) Trade receivables |
2205.753 |
1827.895 |
1200.081 |
|
(d) Cash and cash equivalents |
9416.206 |
8793.924 |
7496.945 |
|
(e) Short-term loans and advances |
1386.144 |
923.409 |
864.130 |
|
(f) Other current assets |
429.809 |
501.685 |
344.188 |
|
Total
Current Assets |
16324.499 |
14853.182 |
12162.371 |
|
|
|
|
|
|
TOTAL |
21718.542 |
20226.247 |
17948.114 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
SALES |
|
|
|
|
|
Income |
23848.206 |
22416.230 |
19171.301 |
|
|
Other Income |
1063.328 |
1154.845 |
787.156 |
|
|
TOTAL
|
24911.534 |
23571.075 |
19958.457 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
14761.118 |
14216.298 |
12,014.973 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(93.065) |
(269.580) |
(226.181) |
|
|
Employees benefits expense |
2277.335 |
2269.155 |
1,795.704 |
|
|
Other expenses |
4019.884 |
3636.683 |
3486.198 |
|
|
Exceptional item- Voluntary
retirement scheme payments |
94.894 |
81.591 |
0.000 |
|
|
TOTAL
|
21060.166 |
19934.147 |
17070.694 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
3851.368 |
3636.928 |
2887.763 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
6.344 |
5.598 |
3.660 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
3845.024 |
3631.330 |
2,884.103 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
965.031 |
1025.122 |
1177.206 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
2879.993 |
2606.208 |
1706.897 |
|
|
|
|
|
|
|
Less |
TAX |
805.484 |
769.284 |
532.102 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
2074.509 |
1836.924 |
1174.795 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
10258.670 |
8846.508 |
8069.832 |
|
|
|
|
|
|
|
Less |
INVESTMENT FLUCTUATION
RESERVE |
(53.996) |
155.675 |
(14.494) |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
210.000 |
185.000 |
120.000 |
|
|
Dividend |
422.494 |
337.995 |
225.330 |
|
|
Tax on Dividend |
86.020 |
57.442 |
38.295 |
|
|
Total
|
718.514 |
580.437 |
383.625 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
11560.669 |
10258.670 |
8846.508 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
Export of goods on
FOB basis |
4941.020 |
4755.906 |
2311.133 |
|
|
Technical Knowhow
/ Royalty income |
31.297 |
33.835 |
18.867 |
|
|
TOTAL
EARNINGS |
4972.317 |
4789.741 |
2330.000 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
564.411 |
486.314 |
482.814 |
|
|
Components and Stores parts |
1865.125 |
2226.462 |
1619.691 |
|
|
Capital Goods |
150.249 |
64.497 |
134.354 |
|
|
TOTAL
IMPORTS |
2579.785 |
2777.273 |
2236.859 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
184.13 |
163.04 |
104.27 |
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 |
1937.759 |
2114.229 |
1635.831 |
|
Net Cash from Operating activities |
1032.358 |
1251.126 |
985.638 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
8.70 |
8.19 |
6.13 |
|
|
|
|
|
|
|
Operating Profit Margin (PBIDT/Sales) |
(%) |
16.15 |
16.22 |
15.06 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.19 |
13.78 |
10.17 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23 |
0.24 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.10 |
2.15 |
2.07 |
STOCK
PRICES
|
Face Value |
Rs.10.00/- |
|
Market Value |
Rs.3514.00/- |
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2015 |
|
Unaudited |
|
|
1st Quarter |
|
Net Sales |
|
|
5641.920 |
|
Total Expenditure |
|
|
4985.940 |
|
PBIDT (Excl OI) |
|
|
655.980 |
|
Other Income |
|
|
240.570 |
|
Operating Profit |
|
|
896.550 |
|
Interest |
|
|
0.150 |
|
Exceptional Items |
|
|
(4.280) |
|
PBDT |
|
|
892.130 |
|
Depreciation |
|
|
231.650 |
|
Profit Before Tax |
|
|
660.480 |
|
Tax |
|
|
221.900 |
|
Provisions and contingencies |
|
|
NA |
|
Profit After Tax |
|
|
438.580 |
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 |
112.665 |
112.665 |
112.665 |
|
Reserves & Surplus |
9490.213 |
10931.700 |
12492.020 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
9602.878 |
11044.365 |
12604.685 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
19171.301 |
22416.230 |
23848.206 |
|
|
|
16.926 |
6.388 |
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 |
19171.301 |
22416.230 |
23848.206 |
|
Profit |
1174.795 |
1836.924 |
2074.509 |
|
|
6.13% |
8.19% |
8.70% |
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 |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
CORPORATE INFORMATION
Subject
is a public company domiciled in India and incorporated under the provisions of
the Companies Act, 1956. Its shares are listed on three stock exchanges in India.
The Company is engaged in the manufacturing and selling of textile spinning
machinery, CNC Machine Tools, Heavy castings and parts and components for Aero
space industry. The Company caters to both domestic and international markets.
MANAGEMENT DISCUSSION AND
ANALYSIS REPORT
Economy Overview:
The
Central Statistical Organisation (CSO) estimates India’s economy to have grown
during 2014-15 at the rate of 7.4% per annum. For 2015-16 Government estimates
the Indian economy to grow by 8%.
The
Index of Industrial Production (IIP) indicates that industrial growth within
the country has risen to a nine month high of 5% in February 2015 on better
performance of the manufacturing sector and with higher offtake of consumer as
well as capital goods. The manufacturing sector, which constitutes 75% of the
index of industrial production, grew by 5.2% in February against a contraction
of 3.9% in the same month a year ago. The consumer and capital goods offtake
grew by 5.2% and 8.8% respectively. The growth in capital goods offtake is an
indicator of investment activity improving on account of positive business
sentiment. However, these numbers seem to have slipped during March, 2015. But
given the resolve of the government to boost manufacturing activity in the country,
industrial activity is expected to consolidate and grow further in the months
to come.
During
the year India’s consumer price index dipped to 5.17% year on year in March,
2015 from 5.37% a month earlier and from 8.25% during March 2014. Inflation outlook
at this stage suggests an average of 5.8% rate during 2015-16. Stability in
inflation rates would prompt the Reserve Bank of India to further cut interest
rates and provide the necessary fiscal stimulus to economic activity. Lower Oil
prices have immensely benefited the Indian economy. What used to be an annual
oil import bill of USD 125 billion is now only USD 60-70 billion. The resultant
savings of USD 55-65 billion will enable the country to not only bridge the
trade gap but also ensure the stability of the Indian Rupee. Meanwhile the
Government has initiated several policy measures aimed at improving the ease of
doing business and to support the Make in India campaign. Some of the measures
like full implementation of GST from April, 2016 onwards, investment in
infrastructure, implementation of novel schemes like Pradhan Mantri Jan Dhan
Yojana, creation of MUDRA Bank- a MSME financial institution, Gold Monetisation
Scheme, a rational Foreign Trade Policy etc. is expected to provide the
necessary impetus for the growth of industry, services, trade and employment
opportunities within India.
OUTLOOK
The
US and EU are the dominant export markets for Indian Textile and Garment
products. However the government has recently taken steps under the Focus Market
Scheme to develop new destinations for Indian exports. Under the scheme, duty
credit scrip is now available to textile exporters on export to 26 additional
countries.
The
Government has also recently passed the Textile Undertakings (Nationalisation) Laws
(Amendment and Validation) Bill, 2014 to provide impetus to the revival of sick
textile units. In this year’s Union Budget, a sum of Rs. 5000.000 Million has
been allocated for developing textile mega-clusters at six locations across the
country. Also a sum Rs. 100.000 Million has been allocated for setting up of a
Trade Facilitation Centre to promote handloom products.
Also
the ‘Make in India’ campaign launched by the
government intends to provide a further boost to the Indian textile industry
and enable it to achieve 20% growth in exports and sustain a 12% growth rate in
domestic market till 2024-25. Various policy initiatives taken by the Central
and State Governments are also expected to provide a boost to the textile
industry. Recent developments in the global market provide for encouraging
signals towards increased global demand for textile products.
These
developments augur well and present the Company with growth opportunities in
future. The company has augmented and strengthened its Research and
Development, Manufacturing and Marketing efforts and is in a position to take
advantage of the evolving opportunities.
SEGMENT INFORMATION:
The
Company has four major product segments namely, the Textile Machinery Division (TMD),
Machine Tools Division (MTD), Foundry Division and the Advanced Technology
Centre. Besides these divisions, the Company has a Wind Energy Division. All
these divisions are located in and around Coimbatore, Tamilnadu, India.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30th JUNE 2015
(Rs. In Million)
|
Particulars |
Quarter Ended (Unaudited) |
|
|
30.06.2015 |
|
1.
Income from operations |
|
|
a) Net sales/ Income from operation (net of excise duty) |
5459.698 |
|
b) Other operating income |
182.225 |
|
Total
income from Operations(net) |
5641.923 |
|
2.Expenditure |
|
|
a. Cost of Material Consumed |
3742.132 |
|
b. Purchase of Stock-in-trade |
- |
|
c. Changes in inventories of finished
goods, work-in-progress and stock -in-trade |
(399.709) |
|
d. Employee benefits expense |
564.595 |
|
e. Depreciation and Amortisation expense |
231.648 |
|
f. Other
Expenses |
1078.920 |
|
Total expenses |
5217.586 |
|
3. Profit
from operations before other income and financial costs |
424.337 |
|
4. Other income |
240.569 |
|
5.
Profit from ordinary activities before finance costs |
664.906 |
|
6. Finance costs |
0.146 |
|
7. Net profit/(loss) from ordinary
activities after finance costs but before exceptional items |
664.760 |
|
8. Exceptional item |
4.278 |
|
9. Profit from ordinary
activities before tax Expense: |
660.482 |
|
10.Tax expenses |
221.900 |
|
11.Net Profit / (Loss) from ordinary activities
after tax (9-10) |
438.582 |
|
12.Extraordinary Items (net of tax expense) |
- |
|
13.Net Profit / (Loss) for
the period (11 -12) |
438.582 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
1126.65 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
16.i) Earnings per share (before extraordinary
items) of Rs.10/- each) (not annualized): |
|
|
(a) Basic |
38.93 |
|
(b) Diluted |
38.93 |
|
ii) Earnings per share (after extraordinary items) |
|
|
(a) Basic |
38.93 |
|
(b) Diluted |
38.93 |
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
30.06.2015 |
|
A.
Particulars of shareholding |
|
|
1.
Public Shareholding |
|
|
- Number of shares |
8072629 |
|
- Percentage of shareholding |
71.65% |
|
2. Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
-- |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
-- |
|
Percentage of shares (as a % of total share capital of the
company) |
-- |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
3193875 |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
100.00% |
|
Percentage of shares (as a % of total share capital of the
company) |
28.35% |
|
|
|
|
B. Investor Complaints |
3 months ended 30.06.2015 |
|
Pending at the beginning of the quarter |
Nil |
|
Receiving during the quarter |
Nil |
|
Disposed of during the quarter |
Nil |
|
Remaining unreserved at the end of the quarter |
Nil |
SEGMENT
WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER ENDED 30TH
JUNE 2015
(Rs. In Million)
|
Particulars |
Quarter
Ended (Unaudited) |
|
|
30.06.2015 |
|
1.
Segment Revenue |
|
|
a) Textile Machinery Division |
5069.113 |
|
b) Machine Tool and Foundry Divisions |
557.984 |
|
c) Advanced Technology Centre |
72.001 |
|
Total |
5699.098 |
|
Less: Inter-segment revenue |
33.396 |
|
Net Sales/Income from Operations |
5665.702 |
|
|
|
|
2. Segment Result (Profit before Interest and Tax) |
|
|
a) Textile Machinery Division |
434.763 |
|
b) Machine Tool and Foundry Divisions |
43.395 |
|
c) Advanced Technology Centre |
(13.095) |
|
Total |
465.063 |
|
Add : Other un-allocable income net of Unallocable expenditure |
195.419 |
|
Total Profit Before Tax |
660.482 |
|
|
|
|
3. Capital Employed |
|
|
a) Textile Machinery Division |
9777.957 |
|
b) Machine Tool and Foundry Divisions |
2364.672 |
|
c) Advanced Technology Centre |
66.757 |
|
d) Unallocated |
833.881 |
Notes:
1.
The above results were
reviewed by the Audit Committee and approved by the Board of Directors at their
meeting held on 10 August 2015.
2. Exceptional item represents compensation towards Voluntary
Retirement Scheme opted by Employees Rs 4.278 Million (Previous quarter Rs
8.981 Million).
3. Figures for the previous year / quarter have been regrouped /
rearranged wherever necessary.
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
90008971 |
28/03/2002 |
22,174,000.00 |
THE SOUTH INDIAN BANK LIMITED |
RAJA STREET, COIMBATORE, Tamil Nadu, INDIA |
- |
|
2 |
90005083 |
15/06/1998 |
3,847,108.00 |
LLOYODS FINANCE LIMITED |
53; THIRUVENKATASWAMY ROAD, R.S. PURAM, COIMBATORE, Tamil Nadu - 641002, INDIA |
- |
|
3 |
90003230 |
25/02/1998 |
1,000,000.00 |
INDIA CEMENTS CAPITAL FINANCE LIMITED |
39 ; STATE ;
STERLING ROAD, CHENNAI, Tamil Nadu - |
- |
|
4 |
90005072 |
12/12/1997 |
25,000,000.00 |
VIJAYA BANK |
OPPANAKKARA STREET, COIMBATORE BRANCH, COIMBATORE, Tamil Nadu, INDIA |
- |
|
5 |
90005060 |
19/06/1997 * |
80,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI TOWER, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA |
- |
|
6 |
90008418 |
29/06/1998 * |
32,000,000.00 |
SYNDICATE BANK |
OPPANAKARA STREET, COIMBATORE, Tamil Nadu - 641001, INDIA |
- |
|
7 |
90005042 |
07/09/1996 |
5,500,000.00 |
ELGI FINANCE LIMITED |
ELGI HOUSE, TRICHY
ROAD, COIMBATORE, Tamil Nadu - |
- |
|
8 |
90005033 |
21/12/1995 |
100,000,000.00 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
IDBI TOWER, CUFFE PARADE, MUMBAI, Maharashtra - 400005, INDIA |
- |
|
9 |
90005022 |
16/08/1995 |
5,500,000.00 |
ELGI FINANCE LIMITED |
ELGI HOUSE, TRICHY
ROAD, COIMBATORE, Tamil Nadu - |
- |
|
10 |
90008261 |
13/08/1996 * |
40,000,000.00 |
SYNDICATE BANK |
OPPANAKARA STREET, COIMBATORE, Tamil Nadu - 641001, INDIA |
- |
*Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. in Million)
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
|
Contingent Liabilities and Commitments, to the extent not provided for |
140.653 |
272.262 |
|
Letters of Credit |
161.462 |
168.705 |
|
Bank Guarantee |
175.548 |
47.263 |
|
Income Tax Demand |
147.171 |
65.326 |
|
Estimated
amount of contracts remaining to be executed on capital account not provided for |
130.156 |
43.660 |
FIXED ASSETS
Tangible Assets:
·
Land
Buildings
Plant and Equipment
Furniture and Fixtures
Office Equipments
Vehicles
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 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. 65.22 |
|
|
1 |
Rs. 99.93 |
|
Euro |
1 |
Rs. 71.67 |
INFORMATION DETAILS
|
Information
Gathered by : |
SUP |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SANS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
10 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
10 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
10 |
|
--PROFITABILITY |
1~10 |
9 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
10 |
|
--CREDIT LINES |
1~10 |
10 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
86 |
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.