|
|
|
MIRA INFORM REPORT
|
Report No. : |
493695 |
|
Report Date : |
22.02.2018 |
IDENTIFICATION DETAILS
|
Name : |
LAKSHMI MACHINE WORKS LIMITED |
|
|
|
|
Registered
Office : |
Perianaickenpalayam, SRK Vidyalaya Post, Coimbatore – 641020, Tamilnadu |
|
Mobile No.: |
91-9894306126 (Mr. Parthiban) |
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|
|
|
Country : |
India |
|
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|
|
Financials (as
on) : |
31.03.2017 |
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|
|
|
Date of
Incorporation : |
14.09.1962 |
|
|
|
|
Com. Reg. No.: |
18-000463 |
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|
|
|
Capital Investment
/ Paid-up Capital : |
INR 109.555 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29269TZ1962PLC000463 |
|
|
|
|
IEC No.: |
0488001544 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACL5244N |
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|
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|
GSTN : [Goods & Service Tax
Registration No.] |
Not Divulged |
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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. (Registered Activity) |
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|
|
|
No. of Employees
: |
3400 (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 |
|
Status : |
Excellent |
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|
|
|
Payment Behaviour : |
Regular |
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|
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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. For the financial year 2017, the company has marginal decreased its
revenue from operations as compared to previous year and maintained decent
profit margin of 7.84%. Rating takes into consideration strong financial profile of the company
marked by healthy networth base along with zero debt structure. The ratings draw strength from its well-established track record of
business operations and extensive industry experience of promoters in
machinery segment. Share price are quoted high on stock exchange (Share Price of INR 6000
with Face Value of INR 10). Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. In view of established market position, 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 |
Not Available |
|
Rating |
Not Available |
|
Rating Explanation |
Not Available |
|
Date |
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
31-03-2016.
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 22.02.2018
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 BY
|
Name : |
Mr. Parthiban |
|
Designation : |
Finance Department |
|
Contact No.: |
91-9894306126 |
(Tel No.:91-422-3022255 – Number is continuously ringing)
LOCATIONS
|
Registered Office/ Textile
Machinery Division- Unit – I: : |
Perianaickenpalayam, SRK Vidyalaya Post, Coimbatore – 641020,
Tamilnadu, India |
|
Tel. No.: |
91-422-2692371/72/ 3022255/ 3021300 |
|
Mobile No.: |
91-9894306126 (Mr. Parthiban) |
|
Fax No.: |
91-422-2692541/42 |
|
E-Mail : |
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|
Website : |
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|
Locality : |
Commercial cum Industrial |
|
|
|
|
Corporate Office : |
34-A, Kamaraj Road, Coimbatore – 641018, Tamilnadu, India |
|
Tel. No.: |
91-422-2221680/ 82-87/ 3028100 |
|
Fax No.: |
91-422-2220912 |
|
|
|
|
Textile Machinery
Division: |
|
|
Unit – II: |
Kaniyur, Coimbatore – 641659, Tamilnadu, India |
|
|
|
|
Unit –III: |
Muthugoundenpudur, Coimbatore
- 641406, Tamilnadu, India |
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|
|
|
Other Divisions: |
Machine Tool
Division: Arasur, Coimbatore - 641 407, Tamilnadu, India Foundry Division: Arasur, Coimbatore - 641 407, Tamilnadu, India Foundry and Machine
Shop: Arasur, Coimbatore 641 407, Tamilnadu, India Advanced Technology
Centre: Ganapathy, Coimbatore – 641 006, Tamilnadu, India Wind Mill Division: Udumalpet (TK), Tirupur District:, Tamilnadu, India |
DIRECTORS
As on 31.03.2017
|
Name : |
Mr. Sanjay Jayavarthanavelu |
|
Designation : |
Managing Director |
|
Address : |
"Shell House", No.695, Avanashi Road, Coimbatore – 641037, Tamilnadu, India |
|
Date of Appointment : |
10.09.2010 |
|
DIN No.: |
00004505 |
|
|
|
|
Name : |
Mr. Kandaswamy Soundhar Rajhan |
|
Designation : |
Whole-time Director |
|
Address : |
12, North End Road, Krishnaswamy Nagar, Ramanathapuram, Coimbaotre – 641045, Tamilnadu, India |
|
Date of Appointment : |
21.12.2017 |
|
DIN No.: |
07594186 |
|
|
|
|
Name : |
Mr. Pathy Sundaram |
|
Designation : |
Director |
|
Address : |
Rasakondalu Circuit House Road, Coimbatore – 641018, Tamilnadu, India |
|
Date of Appointment : |
21.03.1973 |
|
DIN No.: |
00013899 |
|
|
|
|
Name : |
Mr. Aditya Himatsingka |
|
Designation : |
Director |
|
Address : |
129, 10th Main Road , 6th A Cross, RMV Extension, Bangalore – 560080, Karnataka, India |
|
Date of Appointment : |
25.10.2010 |
|
DIN No.: |
00138970 |
|
|
|
|
Name : |
Mr. Mukund Govind Rajan |
|
Designation : |
Director |
|
Address : |
202 A, Baktavar Lower Colaba Road, Mumbai – 400005, Maharashtra, India |
|
Date of Appointment : |
10.08.2011 |
|
DIN No.: |
00141258 |
|
|
|
|
Name : |
Mr. Arun Alagappan |
|
Designation : |
Director |
|
Address : |
17, Chittaranjan Road, Teynampet, Chennai – 600018, Tamilnadu, India |
|
Date of Birth/ Age : |
19.07.1976 |
|
Date of Appointment : |
07.08.2017 |
|
DIN No.: |
00291361 |
|
|
|
|
Name : |
Mr. Basavaraju |
|
Designation : |
Director |
|
Address : |
# 2,Old No 9,2nd Cross Shanakarapuram, Basavanagudi, Bangalore – 560004, Karnataka, India |
|
Date of Appointment : |
05.08.2013 |
|
DIN No.: |
01252772 |
|
|
|
|
Name : |
Ms. Chitra Venkataraman |
|
Designation : |
Director |
|
Address : |
Old No.17-B, New No.31, 4th Main Road, R.A. Puram, Chennai – 600028, Tamilnadu, India |
|
Date of Appointment : |
10.08.2015 |
|
DIN No.: |
07044099 |
|
|
|
|
Name : |
Mr. Sathyakumar Veeraraghavan |
|
Designation : |
Nominee Director |
|
Address : |
B.3, Jeevan Asha, LIC Officers QTRS, Mission Hospital Road, Udupi – 576101, Karnataka, India |
|
Date of Birth/ Age : |
30.10.1959 |
|
Date of Appointment : |
25.01.2013 |
|
DIN No.: |
06477636 |
KEY EXECUTIVES
|
Name : |
Coimbatore Ramanathan Shivkumaran |
|
Designation : |
Company Secretary |
|
Address : |
New No.33/8, Old No.16/8, Ramhari Apartment, 5th Trust Cross St., Mandavelipakkam, Chennai – 600028, Tamilnadu, India |
|
Date of Appointment : |
04.11.2016 |
|
PAN No.: |
ADQPK6039E |
|
|
|
|
Name : |
Mr. Balasubramaniam Chandrasekar |
|
Designation : |
Chief Financial Officer |
|
Address : |
117-A, Sathyamoorthy Street, Coimbatore North, Coimbatore – 641009, Tamilnadu, India |
|
Date of Appointment : |
20.08.2015 |
|
PAN No.: |
AAIPC9346H |
|
|
|
|
Name : |
Mr. Parthiban |
|
Designation : |
Finance Department |
SHAREHOLDING PATTERN
As on 31.12.2017
|
Category of
shareholder |
No. of fully
paid up equity shares held |
Shareholding as
a % of total no. of shares (calculated as per SCRR, 1957)As a % of |
|
|
(A) Promoter and Promoter
Group |
3293955 |
30.07 |
|
|
(B) Public |
7661549 |
69.93 |
|
|
Grand
Total |
10955504 |
100.00 |
Statement showing
shareholding pattern of the Promoter and Promoter Group
|
Category of
shareholder |
No. of fully
paid up equity shares held |
Shareholding as a
% of total no. of shares (calculated as per SCRR, 1957)As a % of |
|
|
A1) Indian |
0.00 |
||
|
Individuals/Hindu
undivided Family |
302327 |
2.76 |
|
|
D THAYARAMMAL |
7920 |
0.07 |
|
|
UTTARA R |
44290 |
0.40 |
|
|
S PATHY |
1420 |
0.01 |
|
|
NETHRA J S KUMAR |
720 |
0.01 |
|
|
J RAJYALAKSHMI |
97980 |
0.89 |
|
|
RAVI SAM |
5866 |
0.05 |
|
|
K SUNDARAM |
1220 |
0.01 |
|
|
SANJAY JAYAVARTHANAVELU |
142291 |
1.30 |
|
|
D. SENTHILKUMAR |
160 |
0.00 |
|
|
JAIDEV JAYAVARTHANAVELU |
460 |
0.00 |
|
|
Any Other (specify) |
2991628 |
27.31 |
|
|
ESHAAN ENTERPRISES
LIMITED |
127110 |
1.16 |
|
|
LAKSHMI PRECISION TOOLS
LIMITED |
15000 |
0.14 |
|
|
LAKSHMI RING TRAVELLERS
(CBE) LIMITED |
252180 |
2.30 |
|
|
LAKSHMI ELECTRICAL
CONTROL SYSTEMS |
88800 |
0.81 |
|
|
LAKSHMI CARGO COMPANY
LIMITED |
1074468 |
9.81 |
|
|
LAKSHMI TECHNOLOGY AND
ENGINEERING |
667090 |
6.09 |
|
|
LAKSHMI ELECTRICAL DRIVES
LIMITED |
17500 |
0.16 |
|
|
THE LAKSHMI MILLS COMPANY
LIMITED |
520000 |
4.75 |
|
|
SUPER SALES INDIA LIMITED |
229480 |
2.09 |
|
|
Sub Total A1 |
3293955 |
30.07 |
|
|
A2) Foreign |
0.00 |
||
|
A=A1+A2 |
3293955 |
30.07 |
Statement showing
shareholding pattern of the Public shareholder
|
Category &
Name of the Shareholders |
No. of fully
paid up equity shares held |
Shareholding %
calculated as per SCRR, 1957 As a % of |
Number of equity
shares held in dematerialized form(Not Applicable) |
|
|
B1) Institutions |
0 |
0.00 |
||
|
Mutual Funds/ |
1012907 |
9.25 |
1012557 |
|
|
HDFC TRUSTEE COMPANY
LIMITED - A/C HDFC MID |
388690 |
3.55 |
388690 |
|
|
FRANKLIN INDIA SMALLER
COMPANIES FUND |
143060 |
1.31 |
143060 |
|
|
L AND T MUTUAL FUND
TRUSTEE LTD-L AND T |
340283 |
3.11 |
340283 |
|
|
Financial Institutions/
Banks |
12740 |
0.12 |
12540 |
|
|
Insurance Companies |
1208983 |
11.04 |
1208983 |
|
|
LIFE INSURANCE
CORPORATION OF INDIA |
784414 |
7.16 |
784414 |
|
|
THE NEW INDIA ASSURANCE
COMPANY LIMITED |
367341 |
3.35 |
367341 |
|
|
Any Other (specify) |
615332 |
5.62 |
615232 |
|
|
Foreign Financial
Institutions |
300 |
0.00 |
200 |
|
|
Foreign Portfolio Investment-Corporates |
615032 |
5.61 |
615032 |
|
|
PINEBRIDGE INVESTMENTS GF
MAURITIUS |
451519 |
4.12 |
451519 |
|
|
Sub Total B1 |
2849962 |
26.01 |
2849312 |
|
|
B2) Central Government/
State Government(s)/ President of India |
0 |
0.00 |
||
|
Central Government/ State
Government(s)/ President of India |
22194 |
0.20 |
22194 |
|
|
Sub Total B2 |
22194 |
0.20 |
22194 |
|
|
B3) Non-Institutions |
0 |
0.00 |
||
|
Individual share capital
upto INR 0.200 Million |
1663796 |
15.19 |
1574271 |
|
|
Individual share capital
in excess of INR 0.200 Million |
931655 |
8.50 |
931655 |
|
|
NEMISH S SHAH |
534673 |
4.88 |
534673 |
|
|
REKHA N SHAH |
157014 |
1.43 |
157014 |
|
|
Any Other (specify) |
2193942 |
20.03 |
2191422 |
|
|
Bodies Corporate |
1542142 |
14.08 |
1540202 |
|
|
ICICI PRUDENTIAL LIFE
INSURANCE COMPANY |
265817 |
2.43 |
265817 |
|
|
GAGANDEEP CREDIT CAPITAL
PRIVATE LIMITED |
157800 |
1.44 |
157800 |
|
|
VOLTAS LIMITED |
579672 |
5.29 |
579672 |
|
|
CLARICENT ADVISORY
SERVICES LLP |
141890 |
1.30 |
141890 |
|
|
Trusts |
7200 |
0.07 |
7200 |
|
|
Foreign Individuals |
240 |
0.00 |
||
|
NRI – Non- Repat |
51881 |
0.47 |
51541 |
|
|
NRI – Repat |
69357 |
0.63 |
69357 |
|
|
Clearing Members |
27807 |
0.25 |
27807 |
|
|
HUF |
495315 |
4.52 |
495315 |
|
|
NEMISH S SHAH |
354200 |
3.23 |
354200 |
|
|
Sub Total B3 |
4789393 |
43.72 |
4697348 |
|
|
B=B1+B2+B3 |
7661549 |
69.93 |
7568854 |
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. (Registered Activity) |
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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
|
Suppliers : |
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Customers : |
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No. of Employees : |
3400 (Approximately) |
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Bankers : |
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|
|
Statutory Auditor 1 : |
|
|
Name : |
S. Krishnamoorthy and Company Chartered Accountants |
|
Address : |
Coimbatore, Tamilnadu, India |
|
|
|
|
Statutory Auditor 2 : |
|
|
Name : |
Subbachar and Srinivasan Chartered Accountants |
|
Address : |
Coimbatore, Tamilnadu, India |
|
|
|
|
Cost Auditor : |
|
|
Name : |
Sri A. N. Raman Chartered Accountant |
|
Address : |
Coimbatore, Tamilnadu, India |
|
|
|
|
Secretarial Auditor |
|
|
Name : |
M.D. Selvaraj Practicing Company Secretary |
|
Address : |
Coimbatore, Tamilnadu, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Wholly
Owned Subsidiary: |
LMW
Textile Machinery (Suzhou) Company Limited |
|
|
|
|
Other Related
Parties : |
|
CAPITAL STRUCTURE
As on 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
INR 10/- each |
INR 500.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10955504 |
Equity Shares |
INR 10/- each |
INR 109.555 Million |
|
|
|
|
|
The Company has issued only one class of Equity share having a par value of INR 10 per share. They entitle the holder to participate in dividends, and to share in the proceeds of winding up 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.
311000 equity shares of C10 each (representing 2.76% of the total number of paid up equity shares of the company) was bought back from the shareholders of the company on proportionate basis by way of tender offer at the price of C4450 per share for an aggregate amount of INR 1383.950 Million, in accordance with the provisions of the Companies Act. 2013 and SEBI (Buyback of Securities) Regulations, 1998.The shares bought back in the current year were cancelled immediately.
Shareholders holding
more than 5% Equity shares
|
Particulars |
31.03.2017 |
|
|
Lakshmi
Cargo Company Limited |
1049468 |
9.57% |
|
Life
Insurance Corporation of India |
884414 |
8.07% |
|
Lakshmi
Technology and Engineering Industries Limited |
667090 |
6.08% |
|
Voltas Limited |
579672 |
5.29% |
FINANCIAL DATA
[all figures are
INR Million]
ABRIDGED
BALANCE SHEET (STANDALONE)
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
109.555 |
112.665 |
112.665 |
|
(b) Reserves &
Surplus |
15274.713 |
14920.781 |
12492.02 |
|
(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) |
15384.268 |
15033.446 |
12604.685 |
|
|
|
|
|
|
(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 |
1002.129 |
1013.449 |
1344.791 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
1002.129 |
1013.449 |
1344.791 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
3270.881 |
2949.879 |
3092.019 |
|
(c) Other current
liabilities |
3396.567 |
4015.913 |
4073.998 |
|
(d) Short-term provisions |
67.400 |
69.488 |
603.049 |
|
Total Current Liabilities
(4) |
6734.848 |
7035.280 |
7769.066 |
|
|
|
|
|
|
TOTAL |
23121.245 |
23082.175 |
21718.542 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
4535.917 |
3924.557 |
3660.815 |
|
(ii) Intangible Assets |
86.601 |
84.412 |
80.253 |
|
(iii) Capital
work-in-progress |
33.420 |
75.640 |
31.011 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
1262.431 |
1527.603 |
1288.293 |
|
(c) Deferred tax assets
(net) |
129.731 |
130.903 |
97.304 |
|
(d) Long-term Loan and Advances |
0.000 |
0.000 |
236.367 |
|
(e) Other Non-current
assets |
1357.282 |
901.533 |
0.000 |
|
Total Non-Current Assets |
7405.382 |
6644.648 |
5394.043 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
3317.801 |
2993.475 |
2886.587 |
|
(c) Trade receivables |
1950.933 |
2079.563 |
2205.753 |
|
(d) Cash and cash
equivalents |
9069.734 |
9558.092 |
9416.206 |
|
(e) Short-term loans and
advances |
0.000 |
0.000 |
1386.144 |
|
(f) Other current assets |
1377.395 |
1806.397 |
429.809 |
|
Total Current Assets |
15715.863 |
16437.527 |
16324.499 |
|
|
|
|
|
|
TOTAL |
23121.245 |
23082.175 |
21718.542 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
24322.571 |
27530.181 |
23848.206 |
|
|
Other Income |
906.025 |
983.697 |
1063.328 |
|
|
TOTAL |
25228.596 |
28513.878 |
24911.534 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
15132.631 |
17468.443 |
14761.118 |
|
|
Purchases of Stock-in-Trade |
0.000 |
0.000 |
0.000 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
68.107 |
(99.278) |
(93.065) |
|
|
Employees benefits
expense |
2407.450 |
2392.430 |
2277.335 |
|
|
Exceptional items |
47.014 |
49.837 |
94.894 |
|
|
Impairment loss on financial assets |
23.237 |
6.750 |
0.000 |
|
|
Other expenses |
4135.934 |
4576.206 |
4019.884 |
|
|
TOTAL |
21814.373 |
24394.388 |
21060.166 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
3414.223 |
4119.490 |
3851.368 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
3.769 |
8.695 |
6.344 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
3410.454 |
4110.795 |
3845.024 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
747.326 |
828.911 |
965.031 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
2663.128 |
3281.884 |
2879.993 |
|
|
|
|
|
|
|
Less |
TAX |
757.087 |
1080.646 |
805.484 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
1906.041 |
2201.238 |
2074.509 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
Export
of goods on FOB basis |
3465.386 |
5515.102 |
4941.020 |
|
|
Royalty
income |
0.000 |
42.388 |
31.297 |
|
|
TOTAL EARNINGS |
3465.386 |
5557.490 |
4972.317 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw
Materials |
NA |
607.406 |
564.411 |
|
|
Components
and Stores parts |
NA |
1825.976 |
1865.125 |
|
|
Capital
Goods |
NA |
115.506 |
150.249 |
|
|
TOTAL IMPORTS |
NA |
2548.888 |
2579.785 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
170.26 |
195.38 |
184.13 |
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 |
2204.043 |
2126.897 |
1937.759 |
|
Net cash flow from (used in) operations |
1323.818 |
1003.431 |
1032.358 |
QUARTERLY
RESULTS
|
PARTICULARS |
30.06.2017 1st
Quarter |
30.09.2017 2nd
Quarter |
31.12.2017 3rd
Quarter |
|
Unaudited |
|
|
|
|
Net Sales |
6961.410 |
5730.380 |
5424.210 |
|
Total Expenditure |
6253.960 |
5098.660 |
4776.200 |
|
PBIDT (Excl OI) |
707.450 |
631.720 |
648.010 |
|
Other Income |
214.930 |
201.700 |
327.150 |
|
Operating Profit |
922.380 |
833.420 |
975.160 |
|
Interest |
0.030 |
3.190 |
2.310 |
|
Exceptional Items |
(4.000) |
(0.170) |
(2.740) |
|
PBDT |
918.340 |
830.070 |
970.110 |
|
Depreciation |
217.960 |
182.320 |
141.570 |
|
Profit Before Tax |
700.380 |
647.750 |
828.540 |
|
Tax |
224.120 |
185.570 |
265.080 |
|
Provisions and contingencies |
NA |
NA |
NA |
|
Profit After Tax |
476.260 |
462.180 |
563.470 |
|
Extraordinary Items |
NA |
NA |
NA |
|
Prior Period Expenses |
NA |
NA |
NA |
|
Other Adjustments |
NA |
NA |
NA |
|
Net Profit |
476.260 |
462.180 |
563.470 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
29.28 |
27.57 |
33.76 |
|
|
|
|
|
|
Account Receivables Turnover ( Income / Sundry Debtors) |
12.47 |
13.24 |
10.81 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
78.89 |
61.64 |
76.46 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
1.03 |
1.38 |
1.33 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.73 |
1.01 |
1.02 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.29 |
0.30 |
0.36 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
0.44 |
0.47 |
0.62 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.30 |
0.27 |
0.30 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
905.87 |
473.78 |
607.09 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales)
* 100] |
% |
7.84 |
8.00 |
8.70 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
8.24 |
9.54 |
9.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
12.39 |
14.64 |
16.46 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
2.33 |
2.34 |
2.10 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
1.84 |
1.91 |
1.73 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.67 |
0.65 |
0.58 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
2.33 |
2.34 |
2.10 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10/- |
|
Market Value |
INR 6000/- |
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 |
112.665 |
112.665 |
109.555 |
|
Reserves & Surplus |
12492.020 |
14920.781 |
15274.713 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
12604.685 |
15033.446 |
15384.268 |
|
|
|
|
|
|
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 |
31.03.2015 |
31.03.2016 |
31.03.2017 |
|
|
INR
In Million |
INR
In Million |
INR
In Million |
|
Sales
|
23848.206 |
27530.181 |
24322.571 |
|
|
|
15.439 |
(11.651) |
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
|
23848.206 |
27530.181 |
24322.571 |
|
Profit |
2074.509 |
2201.238 |
1906.041 |
|
|
8.70% |
8.00% |
7.84% |
ABRIDGED
BALANCE SHEET (CONSOLIDATED)
|
SOURCES OF FUNDS |
|
31.03.2017 |
31.03.2016 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
109.555 |
112.665 |
|
(b) Reserves &
Surplus |
|
15474.458 |
15231.977 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
|
15584.013 |
15344.642 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax
liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
1002.129 |
1013.449 |
|
Total Non-current
Liabilities (3) |
|
1002.129 |
1013.449 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
0.000 |
0.000 |
|
(b) Trade payables |
|
3449.691 |
3328.428 |
|
(c) Other current
liabilities |
|
3564.859 |
4216.873 |
|
(d) Short-term provisions |
|
67.400 |
69.488 |
|
Total Current Liabilities
(4) |
|
7081.950 |
7614.789 |
|
|
|
|
|
|
TOTAL |
|
23668.092 |
23972.880 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
5113.857 |
4552.531 |
|
(ii) Intangible Assets |
|
86.601 |
84.412 |
|
(iii) Capital
work-in-progress |
|
55.448 |
76.856 |
|
(iv) Intangible assets
under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
|
129.731 |
130.903 |
|
(d) Long-term Loan and Advances |
|
0.000 |
0.000 |
|
(e) Other Non-current
assets |
|
2103.474 |
1849.011 |
|
Total Non-Current Assets |
|
7489.111 |
6693.713 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
3639.603 |
3387.112 |
|
(c) Trade receivables |
|
1900.697 |
2364.476 |
|
(d) Cash and cash
equivalents |
|
9229.506 |
9675.137 |
|
(e) Short-term loans and
advances |
|
0.000 |
0.000 |
|
(f) Other current assets |
|
1409.175 |
1852.442 |
|
Total Current Assets |
|
16178.981 |
17279.167 |
|
|
|
|
|
|
TOTAL |
|
23668.092 |
23972.880 |
PROFIT
& LOSS ACCOUNT (CONSOLIDATED)
|
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
|
|
SALES |
|
|
|
|
|
Income |
|
24992.062 |
28630.699 |
|
|
Other Income |
|
884.521 |
932.650 |
|
|
TOTAL |
|
25876.583 |
29563.349 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
|
15579.692 |
18145.935 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
|
88.023 |
(152.921) |
|
|
Employees benefits
expense |
|
2516.645 |
2525.849 |
|
|
Exceptional Items |
|
47.014 |
49.836 |
|
|
Other expenses |
|
4217.81 |
4734.776 |
|
|
TOTAL |
|
22449.184 |
25303.475 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
|
3427.399 |
4259.874 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
|
4.194 |
10.212 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION |
|
3423.205 |
4249.662 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
|
798.738 |
881.091 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
|
2624.467 |
3368.571 |
|
|
|
|
|
|
|
Less |
TAX |
|
760.390 |
1095.212 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
|
1864.077 |
2273.359 |
|
|
|
|
|
|
|
|
OTHER COMPREHENSIVE INCOME |
|
|
|
|
|
ITEMS THAT WILL NOT BE RECLASSIFIED TO
PROFIT AND LOSS |
|
|
|
|
|
CHANGES IN FAIR VALUE OF FVTOCI EQUITY
INSTRUMENTS |
|
141.124 |
231.253 |
|
|
PROFIT ON REALISATION OF EQUITY INSTRUMENTS |
|
241.428 |
0.000 |
|
|
REMEASUREMENT OF POST-EMPLOYMENT DEFINED
BENEFIT PLANS |
|
(16.775) |
(8.501) |
|
|
INCOME-TAX RELATING TO THESE ITEMS |
|
5.368 |
2.720 |
|
|
ITEMS THAT WILL BE RECLASSIFIED TO PROFIT
AND LOSS |
|
0.000 |
0.000 |
|
|
TOTAL OTHER COMPREHENSIVE INCOME TO OWNERS
OF EQUITY |
|
371.145 |
225.472 |
|
|
TOTAL COMPREHENSIVE INCOME FOR THE YEAR TO
OWNERS OF EQUITY |
|
2235.222 |
2498.831 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (INR) |
|
166.51 |
201.78 |
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 |
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. The address of its registered office and principal place of business are disclosed in the introduction to the Annual report. Its shares are listed on two stock exchanges in India, the National Stock Exchange of India [NSE] and the Bombay Stock Exchange [BSE]. 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. The financial statements are approved for issue by the Company’s Board of Directors on 22nd May 2017.
MANAGEMENT DISCUSSION
AND ANALYSIS
GLOBAL ECONOMY:
Global GDP growth fell short of expectations in 2016, slowing marginally to 3.1% year-on-year, as deceleration in key emerging and developing economies overshadowed a modest recovery in major developed countries. This deceleration was accompanied by modest increase in commodity prices, subdued global trade, bouts of financial market volatility, and weakening capital flows. Global industrial production (IP) growth slowed to 1.5% year-on-year in 2016, after growing by 1.8% in 2015. IP in Organisation for Economic Co-operation and Development (“OECD”) countries eased to just 0.3% year-on-year in 2016, after growing by 0.8% in 2015.
INDIAN ECONOMY
With a GDP at US$2.25 tr (nominal, 2016), India’s economy ranks as the 7th largest in the world.
The Indian economy has been growing at an accelerated pace since 2014, supported by favorable government reforms and stringent fiscal regime that reigned in inflation. The Economic Survey 2017 describes India’s stand in the world as ‘haven of stability’ and positions it as ‘an outpost of opportunity’.
In 2016-17, India’s GDP growth has been pegged at 7.1% down from 7.9% recorded in the previous financial year –largely owing to policy initiatives like demonetisation
TEXTILE MACHINERY
DIVISION
The Textile Machinery Division of the Company, during the year, has recorded a turnover of INR 19633.474 Million as against INR 23891.671 Million achieved during the last year, recording a decrease of 18% over the previous year.
THE INDIAN TEXTILE
INDUSTRY
Textiles being a basic necessity product, the Indian Textile industry has benefitted from growth in demand for textile products in India and from across the globe. Equally, Government's emphasis to modernise and develop various segments of the textile value chain has presented the Indian Spinning Industry with opportunities to grow further.
During the year demand for textile machinery decelerated as the spinning sector – the key user of the Company’s products remained adversely impacted by factors such as:
• Fluctuation in raw
material availability and price.
• Overall sentiment of financial institutions/banks for lending to
spinning sector had remained negative for major part of the year. However this
perception has undergone a marginal positive change towards the close of the
financial year.
• Yarn exports have reduced consequent to a fall in China's demand for
the commodity. Despite this aberration, the government’s thrust on
strengthening the growth momentum of the textile industry remained unwavering
primarily due to the sector’s role in contributing to economic growth and
providing employment. The Government has taken important steps in this
direction like:
• The government has notified the Amended Technology Upgradation Fund
Scheme (A-TUFS) to provide a one-time capital subsidy for investments in
employment-and technology intensive segments of the textile sector, a move
aimed at promoting exports and import substitution.
• A INR 60000.000 Million special
package for textiles and apparel sector was rolled out in June 2016, which is
expected to create one crore new jobs in three years, attract investments of
US$11 billion and generate US$30 billion in exports.
In addition, the Government is working on unveiling the National Textile Policy in the FY18. The policy aims to achieve US$300 billion (over `20 Lakh crore) worth of textile exports by 2024-25 and create an additional 35 million jobs. This policy holds the potential to infuse fresh momentum into the sector as it could make Indian garments more competitive in international markets by reducing the cost of production.
These measures are expected to catalyse investment across the textile value chain cascading to an increase in demand for textile spinning machinery.
As a de-risking initiative, the Company remains focused on widening its global presence by strengthening its presence in existing geographies and entering new textile hubs across the world.
Internally the Company has undertaken various measures aimed at boosting productivity and controlling overall cost. These initiatives would enable the Company to respond positively to any developing market opportunity.
MACHINE TOOL DIVISION
Turnover of the Machine Tool Division during the year was INR 3188.559 Million as against INR 2155.394 Million recorded during the last year showing an increase of 48% over the previous year.
Factory output improved significantly owing to improved systems and processes aligned to global–best practices. The Company partnered with renowned Japanese consultants for system and process realignment which improved the accuracy and efficiency of mother machines. In addition, the Company worked on improving assembling efficiencies by implementing solutions to the manufacturing excellence drive findings.
The Company launched new machines and variants which offer efficient and accurate operations to customers. The Company also launched machines targeting the tools and dies sector – widening its opportunity canvass.
The Government's flagship programmes like Make in India, its thrust on raising India’s ranking in the World Bank’s Ease of Doing Business list and the increasing focus on localizing defence equipment manufacture provide optimism for the healthy growth of the machine tool industry in India over the coming years.
The Company continues with its focus on Innovation and emulation/adoption of best of practices in manufacturing. This would enable this division to respond positively to any emerging opportunity.
FOUNDRY DIVISION
Foundry Division has achieved a turnover of INR 593.731 Million as against INR 725.860 Million recorded during the previous year showing a decrease of 18% over the previous year. The export turnover constitutes 24% of the division's turnover.
During the year, the Company consolidated operations of its foundry units catering to its Textile Machinery Division. In addition to this, standard operating procedures aligned with global best-practices has been created, this is expected to facilitate increase in productivity, controlling costs, improving quality and reducing environment pollution. All of this is expected to enhance its global competitiveness.
The Government’s thrust on the infrastructure sector, the ‘Make in India’ initiative and increasing defence partnerships (leading to growing defence offset programmes), demand for castings is expected to increase over the coming years.
WIND ENERGY DIVISION
The Company has a policy of tapping non-conventional and renewable resources of energy namely wind power to meet with its energy requirements.
As on 31st March, 2017 the Company has installed 28 WEGs with a total capacity of 36.80 MW. This division has generated 937 Lakh units of power during 2016-17. About 88% of the wind power generated has been captively consumed by the manufacturing units within the Company and thereby helped to reduce the power cost.
ADVANCED TECHNOLOGY
CENTRE
Advanced Technology Centre has achieved a turnover of INR 143.023 Million during the current financial year as against INR 142.119 Million achieved during the same period last year. Job work income earned during the year amounted to INR 126.487 Million as against INR 104.530 Million during the same period last year.
The division has made significant progress in establishing its credibility in the global aerospace sector. Besides receiving prestigious orders from national and international aerospace OEMs, this division is also emerging as a key partner for OEMs in their future development plans. To strengthen business prospects, the Company is focusing on moving up the valuechain by graduating from components to sub-assemblies. The Company expects to generate increasing business as it focuses on increasing man-machine capabilities to widen its opportunity canvass.
REAL ESTATE ACTIVITY
The Elan Project at Parasakthi Nagar, Ganapathy, Coimbatore promoted by LMW in association with M/s Sobha Limited is progressing. Spread over 4.76 acres of land this project is for construction of 236 residential apartments consisting of 1 BHK, 2 BHK and 3 BHK. The Company has a revenue share of 30% in the project. As on date about 67 units have been sold resulting in a revenue of `1,141.89 Lakhs for the Company
RESEARCH AND
DEVELOPMENT
The
Research and Development efforts of the Company are
1.
Developing eco-friendly, sustainable, energy efficient, low carbon foot print
technology.
2.
Developing technology for production of innovative machinery.
3.
Developing end-products at optimal cost.
Separate Research and
Development units have been established for the development of Textile
Machinery and CNC Machine Tools. Both these facilities have been recognised by
the Department of Science and Technology, Government of India as in-house
R&D facilities.
During
the year the Company has filed applications for 5 new patents.
AWARDS
During the year 2016-17 the Company has bagged the following Awards:
1.
Star Performer Award for the year 2014-15 at the 47th EEPC India National
Award.
2.
Star Performer Award for the year 2015-16 at the 48th EEPC India National
Award.
3.
TMMA’s APEX Export Award for Textile Machinery and Parts during 2015-16.
INDUSTRIAL RELATIONS
Relationship with employees was cordial throughout the year.
BUYBACK OF SHARES:
In terms of the Resolution passed by the Board of Directors at their meeting held on 26th October, 2016 and after receiving necessary comments from Securities and Exchange Board of India (SEBI) and after complying with necessary requirements, the offer of the Company to buyback 311000 equity shares of face value of INR 10/- each on a proportionate basis from all the existing shareholders/beneficiary owners excluding the promoter/promoter group at a price of INR 4450/- per equity share for an aggregate maximum amount of INR 1383.950 Million remained open from 13th December, 2016 to 26th December, 2016. Shares offered in the buyback was more than the offer size and hence the Company bought back the intended 311000 equity shares, which were extinguished on 6th January, 2017. As a result the issued and paid-up share capital of the Company as on 31st March, 2017 reduced to 10955504 equity shares of INR 10 each.
INDEX OF CHARGES
|
Charges Registered |
|||||||
|
SNo |
SRN |
Charge Id |
Charge Holder Name |
Date of Creation |
Date of Modification |
Amount |
Address |
|
1 |
Y10088141 |
90008971 |
THE SOUTH INDIAN BANK LTD. |
28/03/2002 |
- |
22174000.0 |
RAJA STREET COIMBATORE TAMILNADU INDIA |
|
2 |
Y10084161 |
90005083 |
LLOYODS FINANCE LTD. |
15/06/1998 |
- |
3847108.0 |
53; THIRUVENKATASWAMY ROADR.S. PURAM COIMBATORE TAMILNADU 641002 INDIA |
|
3 |
Y10082308 |
90003230 |
INDIA CEMENTS CAPITAL FINANCE LTD. |
25/02/1998 |
- |
1000000.0 |
39 ; STATE ; STERLING ROAD CHENNAI TAMILNADU 600034 INDIA |
|
4 |
Y10084150 |
90005072 |
VIJAYA BANK |
12/12/1997 |
- |
25000000.0 |
OPP ANAKKARA STREET COIMBATORE BRANCH COIMBATORE TAMILNADU INDIA |
|
5 |
Y10084138 |
90005060 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
13/06/1997 |
19/06/1997 |
80000000.0 |
IDBI TOWERCUFFE PARADE MUMBAI MAHARASHTRA 400005 INDIA |
|
6 |
Y10087588 |
90008418 |
SYNDICATE BANK |
23/09/1996 |
29/06/1998 |
32000000.0 |
OPPANAKARA STREET COIMBATORE TAMILNADU 641001 INDIA |
|
7 |
Y10084120 |
90005042 |
ELGI FINANCE LTD. |
07/09/1996 |
- |
5500000.0 |
ELGI HOUSETRICHY ROAD COIMBATORE TAMILNADU 641045 INDIA |
|
8 |
Y10084111 |
90005033 |
INDUSTRIAL DEVELOPMENT BANK OF INDIA |
21/12/1995 |
- |
100000000.0 |
IDBI TOWERCUFFE PARADE MUMBAI MAHARASHTRA 400005 INDIA |
|
9 |
Y10084100 |
90005022 |
ELGI FINANCE LTD. |
16/08/1995 |
- |
5500000.0 |
ELGI HOUSETRICHY ROAD COIMBATORE TAMILNADU 641045 INDIA |
|
10 |
Y10087431 |
90008261 |
SYNDICATE BANK |
18/03/1995 |
13/08/1996 |
40000000.0 |
OPPANAKARA STREET COIMBATORE TAMILNADU 641001 INDIA |
CONTINGENT
LIABILITIES:
(INR in million)
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
|
Claims against the
company not acknowledged as debt |
|
|
|
Central Excise Demand |
269.083 |
151.828 |
|
Income Tax Demand |
147.171 |
147.171 |
|
Other money for which
the company is contingently liable |
|
|
|
Letters of Credit |
311.394 |
260.994 |
|
Bank and other guarantees |
573.318 |
179.305 |
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 31.12.2017
(INR in
million)
|
Particulars |
Quarter ended |
Period Ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
INCOME FROM OPERATIONS |
|
|
|
|
Revenue From Operations |
5424.212 |
5730.384 |
18116.006 |
|
Other Income |
327.146 |
201.701 |
743.774 |
|
Total
Income from Operations |
5751.358 |
5932.085 |
18859.780 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of materials consumed |
3137.698 |
3289.063 |
11130.018 |
|
Purchase of Stock in Trade |
0.000 |
0.000 |
0.000 |
|
Changes in inventories of finished goods and
work-in-progress |
(59.829) |
246.644 |
(142.783) |
|
Employee benefits expense |
617.713 |
615.671 |
1882.704 |
|
Finance Cost |
2.311 |
3.185 |
5.524 |
|
Depreciation and Amortization expenses |
141.567 |
182.321 |
541.850 |
|
Other Expenditure |
1080.616 |
947.285 |
3258.887 |
|
Total
Expenses |
4920.076 |
5284.169 |
16676.200 |
|
|
|
|
|
|
Profit/(Loss)
before exceptional items and Extraordinary Items |
831.282 |
647.916 |
2183.580 |
|
Exceptional Items |
2.742 |
0.169 |
6.913 |
|
Profit
/ (Loss) before Tax |
828.540 |
647.747 |
217.667 |
|
Tax
Expense |
265.075 |
185.570 |
674.767 |
|
Profit
/ (Loss) after Tax |
563.465 |
462.177 |
1501.900 |
|
Other Comprehensive Income |
|
|
|
|
Items that will not be reclassified to profit or loss |
137.320 |
(24.343) |
182.877 |
|
Items that will be reclassified to profit or loss |
0.000 |
0.000 |
0.000 |
|
Total
Comprehensive Income |
700.785 |
437.834 |
1684.777 |
|
Paid-up Equity Share Capital (Face value INR 10/- per
share) |
109.555 |
109.555 |
109.555 |
|
Reserves (excluding Revaluation Reserve) |
|
|
|
|
Earnings per Share (EPS) - INR |
|
|
|
|
Basic
|
51.43 |
42.19 |
137.09 |
|
Diluted |
51.43 |
42.19 |
137.09 |
SEGMENT –WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER ENDED 31.12.2017
(INR in
million)
|
Particulars |
(Quarter Ended) |
Period Ended |
|
|
|
31.12.2017 (Unaudited) |
30.09.2017 (Unaudited) |
31.12.2017 (Unaudited) |
|
|
|
|
|
a)
Textile machinery division |
3910.871 |
4554.655 |
14494.808 |
|
b)
Machine tool & foundry division |
1432.131 |
1354.556 |
3892.875 |
|
c)
Advanced technology centre |
256.163 |
46.439 |
343.831 |
|
Total
|
5599.165 |
5955.650 |
18731.514 |
|
Less : Inter Segment revenue |
75.082 |
185.356 |
428.685 |
|
Total |
5524.083 |
5770.294 |
18302.829 |
|
|
|
|
|
|
|
|
|
|
Profit Before tax and Interest from each segment |
|
|
|
|
a)
Textile machinery division |
346.128 |
429.817 |
1231.559 |
|
b)
Machine tool & foundry division |
241.015 |
154.782 |
518.132 |
|
c)
Advanced technology centre |
68.223 |
(30.987) |
4.032 |
|
Total |
655.366 |
553.612 |
1753.723 |
|
Add : Other un-allocable income net of unallocable |
|
|
|
|
Expenditure |
173.174 |
94.135 |
422.944 |
|
Total
Profit Before Tax |
828.540 |
647.747 |
2176.667 |
|
|
|
|
|
|
|
|
|
|
a)
Textile machinery division |
18095.638 |
18231.966 |
18095.638 |
|
b)
Machine tool & foundry division |
4480.587 |
4154.022 |
4480.587 |
|
c)
Advanced technology centre |
160.344 |
102.912 |
160.344 |
|
d)
Unallocated |
1719.635 |
1667.326 |
1719.635 |
|
Total |
24456.204 |
24156.226 |
24456.204 |
|
|
|
|
|
|
Segment Liabilities |
|
|
|
|
a)
Textile machinery division |
6776.760 |
7213.985 |
6776.760 |
|
b)
Machine tool & foundry division |
1021.080 |
973.040 |
1021.080 |
|
c)
Advanced technology centre |
38.466 |
55.827 |
38.466 |
|
d)
Unallocated |
12.365 |
6.624 |
12.365 |
|
Total |
7848.671 |
8249.476 |
7848.671 |
|
|
|
|
|
|
e)
Capital
Employed |
|
|
|
|
(segment
Assets – Segment Liabilities) |
|
|
|
|
a)
Textile machinery division |
11318.878 |
11017.981 |
11318.878 |
|
b)
Machine tool & foundry division |
3459.507 |
3180.982 |
3459.507 |
|
c)
Advanced technology centre |
121.878 |
47.085 |
121.878 |
|
d)
Unallocated |
1707.270 |
1660.702 |
1707.270 |
|
Total |
16607.533 |
15906.750 |
16607.533 |
Notes:
- Revenue from operations is not comparable with corresponding previous periods. Income from operations for the quarter ended 31.12.2017 is net of Goods and Service Tax (GST).
- Revenue from operations for the period ended 31.12.2017 includes Excise duty of INR 619.886 Million for the first quarter, Excise duty for the quarter ended 31.12.2016 was at INR 514.337 Million and for period ended 31.12.2016 was at INR 1570.670 Million.
- The above results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 29.01.2018. Statutory Auditor have carried out limited review of the above results.
- Exceptional item represents Compensation towards Voluntary Retirement scheme opted by Employees.
- Figures of the previous periods regrouped / rearranged wherever necessary.
FIXED ASSETS
Tangible Assets:
·
Land
·
Buildings
·
Plant
and Equipment
·
Furniture
and Fixtures
·
Office
Equipment’s
·
Vehicles
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 64.81 |
|
|
1 |
INR 90.65 |
|
Euro |
1 |
INR 79.94 |
INFORMATION DETAILS
|
Analysis Done by
: |
PSD |
|
|
|
|
Report Prepared
by : |
SUD |
SCORE FACTORS
|
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 |
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 |
No 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.