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|
|
%20LIMITED%20-%20505071%2021-Apr-2018_files/image002.jpg){kind=small}
%20LIMITED%20-%20505071%2021-Apr-2018_files/image004.jpg)
%20LIMITED%20-%20505071%2021-Apr-2018_files/image005.gif)
MIRA INFORM REPORT
|
Report No. : |
505071 |
|
Report Date : |
21.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
INGERSOLL-RAND (INDIA) LIMITED |
|
|
|
|
Registered
Office : |
8th Floor, Tower D, IBC Knowledge Park, No. 4/1, Bannerghatta
Main Road, Bangalore – 560029, Karnataka |
|
Tel No.: |
91-80-22166001/ 22166022 / 22166000 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
01.12.1921 |
|
|
|
|
Com. Reg. No.: |
08-036321 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 315.680 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L05190KA1921PLC036321 |
|
|
|
|
IEC No.: [Import-Export Code No.] |
0388001747 |
|
|
|
|
TIN No.: |
24075200461 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI3099Q |
|
|
|
|
GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges |
|
|
|
|
Line of Business
: |
It is
primarily engaged in the business of manufacturing and sales of industrial
air compressors of various capacities and related services. [Registered
Activity] |
|
|
|
|
No. of Employees
: |
688 (Approximately) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A++ |
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
Maximum Credit Limit : |
USD 30000000 |
|
|
|
|
Status : |
Excellent |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company incorporated in the year 1921 and it is having excellent track. For the financial year 2017, the company has increased in its revenue from operations as compared to previous year and maintained decent profitability margin of 12.19%. Rating takes into consideration strong financial profile of the company marked by healthy networth base along with debt free structure. Rating continue to derive strength from company’s established position with strong brands in the domestic compressor manufacturing segment backed by the technological and operational support from its parent entity. Share price are quoted high on stock exchange (Share Price of INR 817 with face value of INR 10). However, rating strengths are partially offset by the company’s exposure to risks related to cyclical demand from its end-user segments and the moderate susceptibility of profitability to volatile raw material prices. Trade relations are reported as fair. Payments are reported to be regular and as per commitment. In view of aforesaid, the company can be considered good
for normal business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating - AA+ |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
23.03.2018 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short-term rating - A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
23.03.2018 |
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
31-03-2018.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 21.04.2018
IBBI (Insolvency and Bankruptcy Board of India) LISTING STATUS
Subject’s name is not listed in the publicly
available IBBI (Insolvency and Bankruptcy Board of India) list as of report
date.
INFORMATION DENIED
Management Non-Cooperative (Tel No.:91- 80-22166001)
LOCATIONS
|
Registered Office Corporate Office : : |
8th Floor, Tower D, IBC Knowledge Park, No. 4/1,
Bannerghatta Main Road, Bangalore – 560029, Karnataka, India |
|
Tel. No.: |
91-80-22166001/ 22166022 / 22166000 |
|
Fax No.: |
91-80-22166022 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory : |
21-30, G.I.D.C. Estate, Naroda, Ahmedabad – 382330, Gujarat, India |
|
|
|
|
Regional Offices : |
Located at: ·
Ahmedabad
·
Bangalore ·
Chandigarh ·
Chennai ·
Coimbatore ·
Ghaziabad ·
Gurgaon ·
Indore ·
Jamshedpur ·
Kolkata ·
Mumbai ·
Nagpur ·
Pune ·
Secunderabad
·
Surat |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Amar Kaul |
|
Designation : |
Managing Director |
|
Address : |
Flat No. 1610A |
|
Date of Birth/Age : |
48 Years |
|
Qualification : |
B.Tech, Enggg Business Management |
|
Experience : |
24 Years |
|
Date of Appointment : |
05.08.2016 |
|
DIN No.: |
07574081 |
|
|
|
|
Name : |
Mr. Hemraj Chaturnhuj Asher |
|
Designation : |
Director |
|
Address : |
32, Mody Street, Fort, Mumbai – 400001, Maharashtra, India |
|
Date of Appointment : |
20.07.2005 |
|
DIN No.: |
00024863 |
|
|
|
|
Name : |
Mr. Darius Cavasji Shroff |
|
Designation : |
Director |
|
Address : |
Moonlight, Flat No. 8, Maharishi Karve Road, Mumbai – 400020,
Maharashtra, India |
|
Date of Appointment : |
23.12.2005 |
|
DIN No.: |
00170680 |
|
|
|
|
Name : |
Mr. Shekar Natarajan |
|
Designation : |
Director |
|
Address : |
No. 17, Gauri Giridhar Road, No. 2, Pestom Sagar, Chembur, Mumbai
-400089, Maharashtra, India |
|
Date of Appointment : |
27.07.2016 |
|
DIN No.: |
01031445 |
|
|
|
|
Name : |
Mr. Jayantika Dave Burman |
|
Designation : |
Director |
|
Address : |
12, Empire Estate, Sultanpur, Mehrauli, Gurgaon Road, New Delhi –
110030, India |
|
Date of Appointment : |
12.09.2014 |
|
DIN No.: |
01585850 |
KEY EXECUTIVES
|
Name : |
Mr. Vikas Goel |
|
Designation : |
Chief Finance Officer |
|
Address : |
B-201, Sattva Gold Summit, Gubbi Cross Kothanur Post, Hennur Bagalur Road Bangalore - 560077, Karnataka, India |
|
Date of Appointment : |
08.11.2017 |
|
PAN No.: |
AAGPG4241D |
|
|
|
|
Name : |
Mr. Shubhakar Rarajam Payyadi |
|
Designation : |
Company Secretary |
|
Address : |
Flat No. 3, Paresh Apartment, 4th Main Malleswaram,
Bangalore – 560003, Karnataka, India |
|
Date of Appointment : |
24.10.2000 |
|
PAN No.: |
AESPS5832A |
|
|
|
|
Name : |
Mr. Prasad Y. Naik |
|
Designation : |
Vice President |
SHAREHOLDING PATTERN
AS ON March, 2018
|
category of
shareholder |
Total nos. shares
held |
Shareholding as a %
of total no. of shares (calculated as per SCRR, 1957)As a % of |
|
|
Promoter & Promoter Group |
23360000 |
74.00 |
|
|
Public |
8208000 |
26.00 |
|
|
Grand Total |
31568000 |
100.00 |
|
%20LIMITED%20-%20505071%2021-Apr-2018_files/image006.gif)
Statement Showing Shareholding Pattern Of The Promoter
And Promoter Group
|
Category of
shareholder |
Total nos. shares
held |
Shareholding as a %
of total no. of shares (calculated as per SCRR, 1957)As a % of |
|
|
A1) Indian |
|
||
|
A2) Foreign |
0.00 |
||
|
Any Other (specify) |
23360000 |
74.00 |
|
|
INGERSOLL-RAND COMPANY |
23360000 |
74.00 |
|
|
Sub Total A2 |
23360000 |
74.00 |
|
|
A=A1+A2 |
23360000 |
74.00 |
Statement Showing Shareholding Pattern Of The Public
Shareholder
|
Category & Name of the Shareholders |
Total no. shares held |
Shareholding % calculated as per SCRR, 1957 As a % |
|
|
B1) Institutions |
|
||
|
Mutual Funds/ |
883611 |
2.80 |
|
|
IDFC PREMIER EQUITY FUND |
530084 |
1.68 |
|
|
Foreign Portfolio Investors |
298522 |
0.95 |
|
|
Financial Institutions/ Banks |
17129 |
0.05 |
|
|
Insurance Companies |
1364145 |
4.32 |
|
|
GENERAL INSURANCE CORPORATION OF INDIA |
542024 |
1.72 |
|
|
BAJAJ ALLIANZ LIFE INSURANCE COMPANY LTD. |
530548 |
1.68 |
|
|
Sub Total B1 |
2563407 |
8.12 |
|
|
B2) Central Government/ State
Government(s)/ President of India |
0.00 |
||
|
B3) Non-Institutions |
0.00 |
||
|
Individual share capital upto INR 0.200
million |
4263463 |
13.51 |
|
|
Individual share capital in excess of INR
0.200 million |
261810 |
0.83 |
|
|
NBFCs registered with RBI |
1495 |
0.00 |
|
|
Any Other (specify) |
1117825 |
3.54 |
|
|
Non-Resident Indian (NRI) |
124800 |
0.40 |
|
|
Trusts |
1740 |
0.01 |
|
|
IEPF |
28101 |
0.09 |
|
|
HUF |
196435 |
0.62 |
|
|
Clearing Members |
142458 |
0.45 |
|
|
Director or Director's Relatives |
76200 |
0.24 |
|
|
Bodies Corporate |
470690 |
1.49 |
|
|
LLP |
77401 |
0.25 |
|
|
Sub Total B3 |
5644593 |
17.88 |
|
|
B=B1+B2+B3 |
8208000 |
26.00 |
BUSINESS DETAILS
|
Line of Business : |
It is
primarily engaged in the business of manufacturing and sales of industrial air
compressors of various capacities and related services. [Registered Activity] |
||||
|
|
|
||||
|
Products / Services
: |
|
||||
|
|
|
||||
|
Brand Names : |
Not Available |
||||
|
|
|
||||
|
Agencies Held : |
Not Available |
||||
|
|
|
||||
|
Exports : |
Not Divulged |
||||
|
|
|
||||
|
Imports : |
Not Divulged |
||||
|
|
|
||||
|
Terms : |
Not Divulged |
PRODUCTION STATUS – (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
688 (Approximately) |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
|
|
Auditors : |
|
|
Name : |
Price Waterhouse and Company LLP Chartered Accountants |
|
Address : |
5th Floor, Tower D, The Millenia, 1 and 2 Murphy Road,
Ulsoor, Bangalore – 560008, Karnataka, India |
|
Tel. No.: |
91-80-40795000 |
|
Fax No.: |
91-80-40795222 |
|
|
|
|
Solicitors : |
|
|
Name : |
Crawford Bayley and Company |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Ultimate Holding Company : |
·
Ingersoll-Rand Plc, Ireland |
|
|
|
|
Immediate Holding Company : |
·
Ingersoll-Rand Company, New Jersey, USA |
|
|
|
|
Fellow Subsidiaries
: |
· GHH - Rand Schraubenkompressoren GmbH, Germany · Ingersoll-Rand South East Asia (Pte.) Limited, Singapore · Hibon Inc., Canada · Ingersoll-Rand Technologies and Services Private Limited, India · Ingersoll Rand (China) Investment Company Limited, China · Nanjing Ingersoll-Rand Compressor Co. Limited, China · Ingersoll Rand Italiana S.P.A., Italy · Officine Meccaniche Industriali SRL, Italy · Ingersoll Rand S.A. De C.V., Mexico · Plurifiter D.O.O, Slovenia · Ingersoll-Rand (Chang Zhou) Tools Co., Limited, China · Reftrans, S.A., Spain · Ingersoll-Rand (China) Industrial Equipment Manufacturing Co. Limited, China · Shanghai Ingersoll Rand Compressor Limited, China · Ingersoll-Rand Air Solutions Hibon Sarl, France · Société Trane SAS, France · Ingersoll-Rand Climate Solutions Private Limited, India · Thermo King European Manufacturing Limited, Ireland · Ingersoll-Rand Company South Africa (Pty) Limited, South Africa · Thermo King India Private Limited, India · Ingersoll-Rand CZ s.r.o, Czech Republic · Thermoking Corporation, USA · Ingersoll-Rand European Sales Limited, UK · Trane Air Conditioning Systems (China) Co., Limited, China · Ingersoll-Rand Global Holding Company Limited, USA · Trane BVBA, Belgium · Ingersoll-Rand International (India) Private Limited, India · Trane Exports LLC, USA · Ingersoll-Rand International Limited, Ireland · Trane India Limited, USA · Ingersoll-Rand Malaysia Co. Sdn. Bhd., Malaysia · Trane U.S. Inc., USA |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares (INR in Million) |
Type |
Value |
Amount |
|
|
|
|
|
|
32.00 |
Equity Shares |
INR 10/- each |
INR 320.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares (INR in Million) |
Type |
Value |
Amount |
|
|
|
|
|
|
31.57 |
Equity Shares |
INR 10/- each |
INR 315.680 Million |
|
|
|
|
|
Terms and rights
attached to equity shares
Equity shares have a par value of Rs.10. They entitle the holder to participate in dividends, and to share in the proceeds of winding up of the Company in proportion to the number of and amounts paid on the shares held. Every holder of equity shares present at a meeting in person or by proxy, is entitled to one vote, and upon a poll each share is entitled to one vote.
|
Particulars |
31.03.2017 (INR
in Million) |
|
Equity shares held by holding company Ingersoll-Rand Company, New Jersey, USA, the immediate holding company |
233.60 |
|
Total |
233.60 |
|
Details of shares held by shareholders holding more than 5% of the aggregate shares in the Company |
|
|
Number of Equity Shares |
|
|
|
|
|
Ingersoll-Rand Company, New Jersey, USA, the immediate holding company |
23360000 |
|
Percentage of holding |
74% |
a) Shares reserved for issue under options
There are no shares reserved for issue under any option.
b) Aggregate number of shares allotted as fully paid up by way of bonus shares/pursuant to contract(s) without payment being received in cash
During the period of five years immediately preceding March 31, 2017, no shares are allotted as fully paid up by way of bonus shares or pursuant to contract(s) without payment being received in cash.
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
315.680 |
315.68 |
315.680 |
|
(b) Reserves &
Surplus |
10299.930 |
9760.92 |
9256.510 |
|
(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) |
10615.610 |
10076.600 |
9572.190 |
|
|
|
|
|
|
(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 |
39.430 |
18.340 |
0.000 |
|
(d) long-term provisions |
55.980 |
43.07 |
25.230 |
|
Total Non-current
Liabilities (3) |
95.410 |
61.410 |
25.230 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
936.500 |
1050.230 |
1310.030 |
|
(c) Other current
liabilities |
379.210 |
374.64 |
226.690 |
|
(d) Short-term provisions |
30.370 |
45.45 |
177.380 |
|
Total Current Liabilities
(4) |
1346.080 |
1470.320 |
1714.100 |
|
|
|
|
|
|
TOTAL |
12057.100 |
11608.330 |
11311.520 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1261.470 |
775.490 |
1093.080 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
18.970 |
349.990 |
456.410 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
82.950 |
92.780 |
33.320 |
|
(d) Long-term Loan and Advances |
1391.280 |
1464.610 |
1790.320 |
|
(e) Other Non-current
assets |
177.080 |
177.030 |
0.000 |
|
Total Non-Current Assets |
2931.750 |
2859.900 |
3373.130 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
873.790 |
952.000 |
1124.370 |
|
(c) Trade receivables |
935.190 |
1363.340 |
1784.000 |
|
(d) Cash and cash
equivalents |
6730.210 |
4764.080 |
4175.970 |
|
(e) Short-term loans and
advances |
0.000 |
0.000 |
550.470 |
|
(f) Other current assets |
586.160 |
1669.010 |
303.580 |
|
Total Current Assets |
9125.350 |
8748.430 |
7938.390 |
|
|
|
|
|
|
TOTAL |
12057.100 |
11608.330 |
11311.520 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
6336.520 |
6211.220 |
6555.320 |
|
|
Other Income |
587.730 |
477.970 |
604.080 |
|
|
TOTAL |
6924.250 |
6689.190 |
7159.400 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
3754.190 |
3875.480 |
4285.960 |
|
|
Purchases of
Stock-in-Trade |
135.570 |
121.420 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(67.020) |
13.220 |
136.480 |
|
|
Employees benefits
expense |
937.420 |
854.580 |
772.420 |
|
|
Other expenses |
894.340 |
925.680 |
915.060 |
|
|
Exceptional Item |
0.000 |
0.000 |
(96.350) |
|
|
TOTAL |
5654.500 |
5790.380 |
6013.570 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
1269.750 |
898.810 |
1145.830 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
7.880 |
4.670 |
20.780 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
1261.870 |
894.140 |
1125.050 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
118.000 |
97.760 |
115.590 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
1143.870 |
796.380 |
1009.460 |
|
|
|
|
|
|
|
Less |
TAX |
371.140 |
203.260 |
348.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
772.730 |
593.120 |
661.460 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share (INR) |
24.48 |
18.79 |
20.95 |
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
1523.740 |
993.850 |
666.340 |
|
Net cash flow from (used in) operating Activities |
1214.740 |
667.700 |
292.870 |
QUARTERLY
RESULTS
|
Particulars |
30.06.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
1st
Quarter |
2nd Quarter |
3rd Quarter |
|
Net sales |
1601.200 |
1611.400 |
1711.100 |
|
Total Expenditure |
1492.300 |
1436.800 |
1490.800 |
|
PBIDT (Excluding Other Income) |
108.900 |
174.600 |
220.300 |
|
Other income |
135.600 |
184.600 |
178.600 |
|
Operating Profit |
244.500 |
359.200 |
398.900 |
|
Interest |
1.100 |
1.200 |
1.000 |
|
Exceptional Items |
NA |
NA |
NA |
|
PBDT |
243.400 |
358.000 |
397.900 |
|
Depreciation |
35.000 |
31.400 |
30.300 |
|
Profit Before Tax |
208.400 |
326.600 |
367.600 |
|
Tax |
73.100 |
106.300 |
99.200 |
|
Provisions and
contingencies |
NA |
NA |
NA |
|
Profit after tax |
135.300 |
220.300 |
268.400 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
135.300 |
220.300 |
268.400 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry Debtors /Income * 365 Days) |
53.87 |
80.12 |
99.33 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
6.78 |
4.56 |
3.67 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors
/ Purchases * 365 Days) |
87.88 |
95.91 |
111.56 |
|
|
|
|
|
|
Inventory Turnover (Operating Income
/ Inventories) |
1.45 |
0.94 |
1.02 |
|
|
|
|
|
|
Asset Turnover (Operating Income
/ Net Fixed Assets) |
0.99 |
0.80 |
0.74 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing + Current Liabilities) / Total
Assets) |
0.11 |
0.13 |
0.15 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability
/ Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current
Liabilities / Net Worth) |
0.13 |
0.15 |
0.18 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets
/ Networth) |
0.12 |
0.11 |
0.16 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial
Charges) |
161.14 |
192.46 |
55.14 |
PROFITABILITY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
|
|
PAT to Sales [(PAT/Sales) * 100) |
% |
12.19 |
9.55 |
10.09 |
|
|
|
|
|
|
|
Return on Total Assets [(PAT / Total Assets) *
100] |
% |
6.41 |
5.11 |
5.85 |
|
|
|
|
|
|
|
Return on Investment
(ROI) [(PAT / NetWorth) * 100] |
% |
7.28 |
5.89 |
6.91 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current Assets / Current Liabilities) |
6.78 |
5.95 |
4.63 |
|
|
|
|
|
|
Quick Ratio ((Current Assets
– Inventories) / Current Liabilities) |
6.13 |
5.30 |
3.98 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total
Assets) |
0.88 |
0.87 |
0.85 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity
Capital) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current
Assets / Total Current Liabilities) |
6.78 |
5.95 |
4.63 |
Total Liability = Short-term Debt + Long-term
Debt + Current Maturities of Long-term debts
STOCK
PRICES
|
Face Value |
INR 10/- |
|
Market Value |
INR 679/- |
FINANCIAL ANALYSIS
[all figures are
INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Share Capital |
315.680 |
315.680 |
315.680 |
|
Reserves & Surplus |
9256.510 |
9760.920 |
10299.930 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
9572.190 |
10076.600 |
10615.610 |
|
|
|
|
|
|
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 |
%20LIMITED%20-%20505071%2021-Apr-2018_files/image007.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
6555.320 |
6211.220 |
6336.520 |
|
|
|
(5.249) |
2.017 |
%20LIMITED%20-%20505071%2021-Apr-2018_files/image008.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
6555.320 |
6211.220 |
6336.520 |
|
Profit |
661.460 |
593.120 |
772.730 |
|
|
10.09% |
9.55% |
12.19% |
%20LIMITED%20-%20505071%2021-Apr-2018_files/image009.gif)
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
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 |
GENERAL INFORMATION
The public limited company incorporated in 1921 under
provisions of the Companies Act, 1913 and existing under the provisions of the
Companies Act, 1956/ 2013. The Company’s registered office is at Bangalore and
its principal place of business and manufacturing plant is located at Naroda,
Ahmedabad. It is primarily engaged in the business of manufacturing and sales
of industrial air compressors of various capacities and related services. The
Company sells air compressors primarily in India and also exports the products
to American, Asian and European countries. During the prior year, the Company
also manufactured air conditioner package under contract manufacturing
arrangement for a fellow subsidiary in India from a plant at Chennai, the
business of which has since been discontinued. The equity shares of the Company
are listed on the Bombay Stock Exchange Limited, the National Stock Exchange of
India Limited and the Ahmedabad Stock Exchange Limited.
MANAGEMENT DISCUSSION AND ANALYSIS
Industry Structure and Development:
The Economic Survey of India reports the India GDP growth for fiscal 2016-17 at 7.5% making it the fastest growing economy in the World. The rise in growth can be credited to several factors including structural reforms and higher investment, higher discretionary demand on Pay Commission wage hike, low inflation, high corporate profitability, ongoing implementation of public capex and an accommodative monetary policy stance. The effect of gradual implementation of structural reforms is also expected to contribute to higher growth despite lack of progress on big ticket reforms including Land Acquisition Amendment Bill and the Goods and Services Tax. The Make in India campaign has successfully built a positive sentiment for the investors and positioned India well for attracting Foreign Direct Investment (FDI) and boosting industrial progress within the country. Company’s products are primarily sold to industries in the automotive, metals, pharmaceutical and textile sectors and these sectors have shown positive growth improving the revenue growth this year.
Segment-wise operational performance:
Air Solutions is the only continuing segment in the Company’s operations. The gross revenue of Air Solutions business in the year under review was INR 6772 million as against INR 6658 million in the previous financial year. The Company continues to focus on local innovation and developing products ‘for India and by India’.
The Company had set up a manufacturing facility at Mahindra World City in Chennai for manufacture of refrigeration products and to be sold exclusively to Ingersoll Rand Climate Solutions Private Limited (IRCSPL). At a meeting of the Board of Directors held on 21st September 2015, the Directors decided to discontinue the operations at the Company’s plant in Chennai on account of lack of future orders from IRCSPL and entered into a termination agreement for terminating the supply agreement with IRCSPL.
OUTLOOK:
The Indian economy is slated to grow at a healthy 7.50% in the fiscal year 2017-18. As per a report by CMIE (Centre for Monitoring Indian Economy), the slow but steady improvement in size of the Indian economy is likely to continue in 2017-18. The Company will continue to move on its path of sustained growth through differentiated product offerings and providing great service to its customers.
INDEX OF CHARGE:
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of
Modification |
Date of
Satisfaction |
Amount |
Address |
|
1 |
G70532932 |
10414566 |
Central Bank of India |
11/03/2013 |
22/11/2017 |
- |
300000000.0 |
AVE MARIA COMPLEX, NO.24, 1ST FLOOR, 100FT ROAD JALAHALLI CORSS, PEENYA INDUSTRIAL AREA, BANGALORE KARNATAKA INDIA |
|
2 |
B25745985 |
10318880 |
Bank of India |
28/10/2011 |
- |
- |
300000000.0 |
MID CORPORATE BRANCH,NO.11, K G ROAD, BANGALORE-560009 KARNATAKA INDIA |
CONTINGENT
LIABILITIES:
(INR in million)
|
Particulars |
31.03.2017 INR
In Million |
31.03.2016 INR
In Million |
|
(a) Claims against the Company not acknowledged as debts (Claims filed against the Company by customers/vendors/employees
claiming damages for non-performance of contractual obligation/defective
supply of products/termination of employment, which is disputed by the
Company and the matters are lying under appeal with various forums) |
34.750 |
34.390 |
|
(b) Value added tax/Sales tax matters in dispute [Relates to demand on account of non-submission of statutory forms to the
department authorities substantiating the levy of concessional tax rate to
customers. In connection with a dispute, the Company has furnished a Bank
guarantee of INR 7.400 Million (March 31, 2015: INR 7.670 Million)] |
33.020 |
44.790 |
|
(c) Central Excise matters in dispute (Relates to adjustment on account of levy of additional duty and
related demands made by the Excise department / Service tax department, which
is disputed by the Company and are lying under appeal with various forums) |
223.360 |
313.140 |
|
(d) Service tax matters in dispute (Relates to demand on account of input credits denied by the Service
tax department, which is disputed by the Company and is lying under appeal
with Custom Excise and Service Tax Appellate Tribunal) |
131.220 |
39.250 |
|
(e) Income Tax matters [Relates to transfer pricing and other adjustments made by the Income
Tax Department for the assessment years 2003-04 to 2007-08 and 2009-10 to
2012-13, which is disputed by the Company, the matters are lying under appeal
with various forums and certain final orders are awaited. The Company has
paid ‘under protest’ INR 76.410 Million (March 31, 2015: INR 117.780 Million)
to the Income Tax Department in this regard] |
159.060 |
175.180 |
|
NOTES: (i) Considering the very nature of the disputes and the dependency on
decisions pending with various forums, it is not practicable for the Company
to estimate the timing of the cash outflows at this stage with respect to the
above contingent liabilities. |
||
UNAUDITED
FINNACIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2017
|
PARTICULARS |
Quarter Ended
|
9 Months |
|
|
|
31.12.2017 |
30.09.2017 |
31.03.2017 |
|
|
[Unaudited] |
[Unaudited] |
[Unaudited] |
|
1. Income from Operations |
|
|
|
|
Net Sales/income from
operations |
1711.100 |
1611.400 |
4889.700 |
|
Other Operating Income |
178.600 |
184.600 |
532.800 |
|
Total income from operations (net) |
1889.700 |
1796.000 |
5422.500 |
|
|
|
|
|
|
Expenses |
|
|
|
|
Cost of materials consumed |
930.400 |
854.800 |
2729.700 |
|
Purchases of stock-in trade |
30.600 |
26.500 |
78.600 |
|
Changes in inventories of finished goods. work-in-progress and stock
in trade |
40.700 |
51.700 |
23.900 |
|
Employee benefits expense |
259.100 |
267.400 |
787.400 |
|
Depreciation and Amortization Expenses |
30.300 |
31.400 |
96.700 |
|
Other Expenses |
230.000 |
236.400 |
695.700 |
|
Finance Costs |
1.000 |
1.200 |
3.300 |
|
Excise Duty |
0.000 |
0.000 |
104.600 |
|
Total expenses |
1522.100 |
1469.400 |
4519.900 |
|
Profit/ (Loss) from ordinary activities before tax |
367.600 |
326.600 |
902.600 |
|
Tax expenses |
99.200 |
106.300 |
278.600 |
|
Net Profit / (Loss) for the period |
268.400 |
220.300 |
624.000 |
|
Paid up equity share capital (Face Value of INR 10/-each) |
315.700 |
315.700 |
315.700 |
|
Earnings per share (before extraordinary items) of INR 10/- each (not
annualized): |
|
|
|
|
(a) Basic |
8.50 |
6.98 |
19.77 |
|
(b) Diluted |
8.50 |
6.98 |
19.77 |
FIXED ASSETS:
·
Land-Leasehold
·
Buildings
·
Leasehold Improvements
·
Plant and Machinery
·
Computer Systems
·
Electrical Installations
·
Furniture, Fixtures and Equipment
·
Vehicles
·
Small Tools
·
Office Equipment
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
|
INR |
|
US Dollar |
1 |
INR 65.22 |
|
|
1 |
INR 92.77 |
|
Euro |
1 |
INR 80.34 |
INFORMATION DETAILS
|
Information
Gathered by : |
KAM |
|
|
|
|
Analysis Done by
: |
PSD |
|
|
|
|
Report Prepared
by : |
RKI |
SCORE FACTORS
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
NT |
New Trace |
No recommendation can be
done as the business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.