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|
MIRA INFORM REPORT
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Report No. : |
484940 |
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Report Date : |
09.01.2018 |
IDENTIFICATION DETAILS
|
Name : |
BLUE STAR LIMITED |
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|
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Formerly Known
As : |
BLUE STAR ENGINEERING COMPANY (BOMBAY) PRIVATE LIMITED |
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Registered
Office : |
Kasturi Building,
Mahant Advani Chowk, Jamshedji Tata Road, Mumbai – 400020, Maharashtra |
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Tel. No.: |
91-22-66654000 |
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Country : |
India |
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Financials (as
on) : |
31.03.2017 |
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Date of
Incorporation : |
20.01.1949 |
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Com. Reg. No.: |
11-006870 |
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Capital
Investment / Paid-up Capital : |
INR 191.141 Million |
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|
|
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CIN No.: [Company Identification
No.] |
L28920MH1949PLC006870 |
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IEC No.: |
0388021454 |
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GST No.: |
27AAACB4487D1ZS |
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TIN No.: |
27140000065 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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|
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PAN No.: [Permanent Account No.] |
AAACB4487D |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
The Company’s business segments are organised around product lines as under: a. Electro Mechanical Projects and Packaged Air-conditioning Systems includes central air-conditioning projects, Electrical Contracting business and Packaged air-conditioning businesses including manufacturing and after sales service. b. Unitary Products includes cooling appliances, cold storage products, including manufacturing and after sales service. c. Professional Electronics and Industrial Systems includes trading and services for testing machines, medical, analytical, test & measuring, data communications, industrial products and systems (divested as on March 31, 2015). (Registered Activity) |
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No. of Employees
: |
2498 (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 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject was incorporated in the year 1949 and based in Mumbai. It is India’s leading central air-conditioning and commercial refrigeration company fulfilling the cooling requirements and providing end-to-end solutions as a manufacturer, contractor and after-sales service provider to corporate, commercial, residential and institutional customers. The operations of the company are categorized into three segments Electro Mechanical Projects and Packaged Air-conditioning systems segment, cooling products segment and professional electronics and industrial systems segment. As per financial year 2017, the company has registered a growth of 17.49% in its revenue as compared to its previous year’s revenue and has reported average profit margin of 2.70% under review. Rating takes into consideration the company’s established track record of business operations marked by healthy net worth along with low debt balance sheet and good liquidity position. Rating also takes into account the strong market domination position in the air-conditioning and cooling products and highest market share of its segments. Share are quoted are very high on Stock Exchanges. (Share are traded at a price of INR 819.50 against its face value of INR 20 on BSE.) However, rating strength is partially offset by high working capital intensity, inherent to the nature of business and inherent risk involved in execution of large/mid-sized orders. As per quarterly financials of September 2017, the company has achieved a sound revenue of INR 8357.1 million and has reported average profit margin of 2.49%. Payments are reported to be regular as per commitment. In view of aforesaid, the company can be considered good for business dealings at normal 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 (30.06.2017) |
Current Rating (30.09.2017) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term rating = AA+ |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
23.11.2017 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term rating = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
23.11.2017 |
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 09.01.2018.
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 DECLINED
MANAGEMENT NON-COOPERATIVE
[Contact No: 91-22-66654000]
LOCATIONS
|
Registered/
Corporate Office : |
Kasturi Building,
Mahant Advani Chowk, Jamshedji Tata Road, Mumbai – 400020, Maharashtra, India |
|
Tel. No.: |
91-22-66654000 |
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Fax No.: |
91-22-66654151/
66654152 |
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E-Mail : |
sangameshwar@bluestarindia.com |
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Website : |
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|
|
|
|
Head Office: |
Block 2A, DLF Corporate Park DLF Qutub Enclave, Phase-III, Mehrauli
Gururam Road, Gurgaon-122022, Haryana, India |
|
|
|
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Factory 1 : |
Nahan Road, Rampur
Jattan Kala Amb, District Sirmour, Himachal Pradesh 173030, India |
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Tel. No.: |
91-1702-238760 |
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Fax No.: |
91-1702-238461 |
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Factory 2 : |
Nahan Road, Village
Ogli, Kala Amb, District Sirmour – 173030, Himachal Pradesh, India |
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Fax No.: |
91-1702-238761 |
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Factory 3 : |
Village Vasuri
Khurd Khanivali Road Po: Khupari Taluka: Wada Dist: Thane – 421312,
Maharashtra, India |
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Factory 4: |
Survey No. 265/2, Demni Road, U. T. of Dadra and Nagar Haveli – 396193, India |
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Tel. No.: |
91-260-2668617/ 2668618 |
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Fax No.: |
91-260-2668503 |
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Factory 5: |
501/3, 503/2, Tejpur Road, Sarkhej Baula Highway, Changodar, Ahmedabad - 382 213, Gujarat, India |
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Tel No.:
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91-2717-294490 |
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Branch Office : |
Anjuman Kayaar Towers, No 28, Ward 27, Mission Road, Bangalore - 560027, Karnataka, India |
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Divisional Offices
: |
Chennai Mumbai Tel: 91-22-66544000 Fax: 91-22-66544001 |
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Regional Offices: |
· Abhishree Avenue, 3rd Floor, Near Nehru Nagar, Cross Roads, Ambawadi Road, Ahmedabad – 380015, Gujarat, India · Blue Star House, 9A, Ghatkopar Link Road, Sakinaka, Mumbai – 400072, Maharashtra, India Tel. No.: 91-22-66684000 Fax No.: 91-22-66684004 · Block 2-A, DLF Corporate Park, DLF Qutab Enclave, Phase III, Gurgaon -122002, Haryana, India Tel. No.:
91-124-4094000 Fax No.: 91-124-4094004 · 7, Hare Street, Kolkata - 700 001, West Bengal, India Tel. No.: 91-33-22134000 Fax No.: 91-33-22134102 ·
No.104, Old No. 46, Garuda Buildings,
Cathedral Road, Chennai – 600086, Tamilnadu, India Tel. No.:
91-44-42444000 Fax No.: 91-44-42444190 |
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Sales and
Services Offices: |
Located at · Ahmedabad · Bengaluru · Bhubaneswar · Chandigarh · Ghaziabad · Chennai · Goa · Guwahati · Indore · Jaipur · Jamshedpur · Kochi · Lucknow · Ludhiana · Mumbai · Nagpur · New Delhi · Patna · Pune ·
Raipur · Secunderabad · Thane · Thiruvananthapuram · Vadodara ·
Visakhapatnam |
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|
|
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Overseas
Offices : |
Located at · Malaysia · U.A.E. ·
U.S.A. |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Balasubramanian Thiagarajan |
|
Designation : |
Managing Director |
|
Address : |
201, Lightbridge, Hiranandani Medows, Mrs. Glady's Alvares Road, Thane - 400601, Maharashtra, India |
|
Brief Profile : |
B Thiagarajan is a Bachelor of Engineering in Electrical and Electronics from Madurai University. He has also completed the Senior Executive Program of London Business School. He has over three decades of experience, having worked for reputed companies such as Larsen & Toubro Ltd, BPL Systems Ltd and Voltas Ltd, prior to joining Blue Star in 1998. Thiagarajan has handled various assignments in the Service business, Corporate Communications & Marketing and Corporate Affairs & Planning before he was promoted as President - AC&R Products Group in 2009. Under his leadership, the AC&R products business of the Company grew significantly. In 2013, Thiagarajan was elevated as Executive Director & President - AC&R Products Business. He was appointed as Joint Managing Director in 2016, and currently oversees Sales, Marketing, Supply Chain and Service Operations pertaining to the Products Business; Manufacturing and R&D; Corporate Communications; Public Relations; Corporate Marketing Services as well as Human Resources. Thiagarajan plays an active role in various industry fora, and is the Past President of RAMA. He is a nominated member of the CII National Council, Co-chairperson of the CII Agriculture Council, and Vice Chairman of CII Maharashtra State Council. |
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Date of Appointment : |
13.05.2013 |
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DIN No.: |
01790498 |
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|
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Name : |
Mr. Vir Suneel Advani |
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Designation : |
Managing Director |
|
Address : |
232, Urvashi, Petit Hall, Nepeansea Road, Mumbai - 400006, Maharashtra, India |
|
Brief Profile : |
Vir S Advani holds Bachelors Degrees in Systems Engineering and in Economics from the University of Pennsylvania. He has also completed a comprehensive Executive Management Program on Leadership Development at Harvard Business School. Vir, after a 2-year working stint in private equity in New York, joined Blue Star Infotech Ltd in 2000 and then founded Blue Star Design & Engineering Ltd in 2003, designated as its Chief Executive Officer. In 2007, he moved to Blue Star as Vice President - Corporate Affairs, where he made valuable contributions in a profit improvement programme as well as in electro-mechanical projects. He was promoted as Executive Vice President in 2008; President - Corporate Affairs & Special Projects in 2009 and Executive Director in 2010. In April 2016, Vir was appointed as the Managing Director of the Company, and currently oversees the Electro-Mechanical Projects business, the International Business Group, Corporate Financial Services, Corporate Planning and Investor Relations, apart from Blue Star Engineering & Electronics Ltd. Vir is a Director of Blue Star Engineering & Electronics Ltd. He is a member of the CII International Council as well as a member of two CII National Committees; namely Exports as well as Real Estate and Building Technology. |
|
Date of Appointment : |
01.07.2016 |
|
DIN No.: |
01571278 |
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|
|
|
Name : |
Mr. Dinesh Nanik Vaswani |
|
Designation : |
Additional Director |
|
Address : |
7th Floor, B/13, Sterling 38, Peddar Road, Mumbai - 400026, Maharashtra, India |
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Brief Profile : |
Dinesh N Vaswani is the Founder and Managing Director of Acuitas Capital Advisors, a multi-family investment office focused on advising families on their investment portfolios in India. He has over three decades of experience in both investing in operating companies in India and the US. He holds an MBA from the Wharton School of Business and a BBA cum laude from the University of Texas at Austin. Dinesh was a Managing Director at Temasek Holdings, established Bessemer Venture Partners’ operations in India, and was CEO of Blue Star Infotech USA. He has served on a number of Boards of public and private companies including Firstsource, Mindtree, Venture Infotech, and Borosil. |
|
Date of Appointment : |
01.12.2016 |
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DIN No.: |
00306990 |
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|
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Name : |
Mr. Suneel M Advani |
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Designation : |
Vice Chairman |
|
Address : |
232, Urvashi, Petit Hall Complex,, Nepeansea Road, Gamdevi, Mumbai - 400006, Maharashtra, India |
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Brief Profile : |
Suneel M Advani is a double graduate in Electrical Engineering and Economics from MIT, USA. He also holds an LLB degree from Mumbai University. Suneel spent his entire working career in Blue Star, joining as a Management Trainee in 1969 and moving up steadily to President and Vice Chairman in 1984. He retired from his executive position in 2014, and was designated as Vice Chairman of the Board. He has been elevated as the Chairman of the Board from December 2016. Suneel established Blue Star’s presence in computer software development and export, and when this division was spun off to become Blue Star Infotech Ltd in 2000, he assumed the position of Chairman there and later, Managing Director as well, in addition to his responsibilities in Blue Star. In the span of his career, Suneel formed many joint ventures with global majors such as HP, Motorola and Stork-Comprimo in the hi-tech area, and with smaller Indian entities in the air conditioning field. For Blue Star and Blue Star Infotech, he conceived and completed several corporate acquisitions. Over the years, he served on the managing councils of several industry and trade bodies, such as CII, and is the founder and a Past President of Refrigeration and Air Conditioning Manufacturers’ Association (RAMA). |
|
Date of Appointment : |
03.03.1983 |
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DIN No.: |
00001709 |
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|
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|
Name : |
Mrs. Shobana Kamineni |
|
Designation : |
Director |
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Address : |
10-3-316/A, Masab Tank, Hyderabad - 500028, Telangana, India |
|
Brief Profile : |
Shobana Kamineni holds a Bachelor’s Degree in Economics and has an Accelerated Diploma in Hospital Administration from Columbia University, New York. She is Executive Vice Chairperson of Apollo Hospitals Enterprise Ltd, and a member of its founding family. Shobana is at the helm of Apollo Global Projects Consultancy that steers the planning, design and execution of new projects. She spearheads Apollo Pharmacy - India’s largest pharmacy chain. She is the founder and a Wholetime Director on the Board of Apollo Munich Health Insurance. Shobana joined the Board of Blue Star in 2014. She is Vice Chairperson of the KEI Group; an Independent Director on the Board of Hero MotoCorp Ltd; Advisor to the External Board of CISCO India; and on the Advisory Council of the National Cadet Corp. As an active member of CII, Shobana was elected as President for 2017-18. She has been a recipient of prestigious national awards for Entrepreneurship and Leadership. |
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Date of Appointment : |
30.05.2014 |
|
DIN No.: |
00003836 |
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|
|
|
Name : |
Mr. Shailesh Haribhakti |
|
Designation : |
Director |
|
Address : |
10 and 11 Sahil Apartment, S K Barodawala Road, 14 Altamount Road, Cumballa Hill, Mumbai - 400026, Maharashtra, India |
|
Brief Profile : |
Shailesh Haribhakti is Chairman of Haribhakti & Co LLP (Chartered Accountants), New Haribhakti Business Services LLP, and Mentorcap Management Pvt Ltd. Evolving from a background in Audit, Tax and Consulting, Shailesh seeks to create enduring value for companies and organisations he is involved in by being a deeply-engaged Independent Director. His strong belief is that good governance creates a sustainable competitive advantage. He is a strong supporter of a clean and green environment, and is pioneering the concept of ‘innovating to zero’ in the social context. Shailesh is currently Chairman & Trustee of the National Pension Scheme Trust; member of Pension Advisory Committee of Pension Fund Regulatory & Development Authority; Chairman of L&T Finance Holdings Ltd; and Chairman of Future Lifestyle Fashions Ltd. He serves on several Boards of multinational as well as Indian companies, and is also a member of many Advisory Boards. He is an associate with IIM-Ahmedabad and several other management institutions as well as industry and professional forums. |
|
Date of Appointment : |
31.10.2005 |
|
DIN No.: |
00007347 |
|
|
|
|
Name : |
Mr. Gurdeep Singh |
|
Designation : |
Director |
|
Address : |
M-1, Breach Candy Apartments, Bhulabhai Desai Road, Mumbai - 400026, Maharashtra, India |
|
Brief Profile : |
Gurdeep Singh is a Chemical Engineering Graduate from IIT Delhi and has attended the Advanced Management Program at Harvard Business School. After graduation, he joined Hindustan Unilever Ltd as a Management Trainee. He held various senior positions in the company, including Vice President - Technical, before he was expatriated to Brazil as Technical Director of the Unilever Detergents business. Gurdeep returned to Hindustan Unilever Ltd in 1998 as Director - Human Resources, Corporate Affairs and Technology, and retired from the company in 2003. He joined the Board of Blue Star in 2003. He is also on the Boards of several leading companies including Kloeckner Pentaplast India Pvt Ltd, Tecnova India Ltd, and Gateway Rail Freight Ltd. |
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Date of Appointment : |
23.05.2003 |
|
DIN No.: |
00036922 |
|
|
|
|
Name : |
Mr. Sam Baman Balsara |
|
DIN No.: |
Director |
|
Address : |
47, Malcolm Baug S. V. Road, Jogeshwari (West), Mumbai-400102, Maharashtra, India |
|
Brief Profile : |
Sam Balsara is Chairman & Managing Director of Madison World, which is amongst India’s largest media buying and communication agencies. He holds a Bachelor’s degree in Commerce and a post graduate diploma from Jamnalal Bajaj Institute of Management Studies. He has over 45 years of extensive experience in marketing, advertising and media. Sam started his career at Sarabhai’s in 1972, and held various stints in Cadbury India Ltd, Contract Advertising Company (WPP) and Mudra Communications, before founding Madison World in 1988. Sam has won many accolades such as ‘ The Most Influential Person in Media’ by Economic Times-Brand Equity for the last 10 consecutive years; recipient of IAA Leadership Award for Media Agency Professional of the Year, 2013; recipient of ‘Lifetime Achievement Award’ in 2009 from Advertising Agencies Association of India; and jury member at the International Festival of Advertising in Cannes in 2005 as well as 2014; to name a few. He has held prestigious positions in several associations such as Past President of AAAI of which he continues to be an Executive Committee Member; Past Chairman of The Advertising Standards Council of India 2000-2001 and presently its Advisor; amongst several others. Sam joined the Blue Star Board in June 2017. |
|
Date of Appointment : |
20.06.2017 |
|
DIN No.: |
00076942 |
|
|
|
|
Name : |
Mr. Anil Harish |
|
Designation : |
Additional Director |
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Address : |
13, C.C.I. Chambers, 1st Floor, Dinshaw Wacha Road, Mumbai-400020, Maharashtra, India |
|
Date of Appointment : |
22.11.2017 |
|
DIN No.: |
00001685 |
|
|
|
|
Name : |
Mr. Rajiv Lulla |
|
Designation : |
Additional Director |
|
Address : |
3503 A, Vivarea Sane Guru Ji Marg, Jacob Circle, Mumbai - 400011, Maharashtra, India |
|
Brief Profile : |
Rajiv R Lulla is a Senior Advisor at Voltaire Capital (UK), and the Founder of Voltaire Capital (India), a technology-enabled trading firm operating in the UK, US and recently in India. He holds a Bachelor’s Degree in Mechanical Engineering with Electronics from King’s College, London, and an MBA from Imperial College, London. Rajiv has nearly 25 years of experience primarily as an investment banker engaged in merger advisory and corporate finance, and has completed transactions representing a combined value in excess of USD 220 billion. He has held a variety of senior leadership roles at Merrill Lynch, the Credit Agricole Group, and Deutsche Bank, based in New York, London, Paris and Hong Kong. |
|
Date of Appointment : |
01.12.2016 |
|
DIN No.: |
06384402 |
KEY EXECUTIVES
|
Name : |
Mr. Vijay Devadiga |
|
Designation : |
Company Secretary |
|
Address : |
A/403, RNA Regency Park Co-Op HSG Society Limited, Kandivali (West),
Mumbai - 400067, Maharashtra, India |
|
Date of Appointment : |
01.06.2015 |
|
PAN No.: |
BAHPD7201A |
|
|
|
|
Name : |
Mr. Neeraj Basur |
|
Designation : |
Chief Financial Officer |
|
Address : |
5501, ATS Green II, Sector, Sector 50, Noida, Gautam Budha Nagar,
Noida - 201307, Uttar Pradesh, India |
|
Date of Appointment : |
01.08.2014 |
|
PAN No.: |
ABLPB1589P |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2017
|
Names of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Promoter & Promoter
Group |
37329043 |
38.96 |
|
(B) Public |
58496045 |
61.04 |
|
|
|
|
|
Grand Total |
95825088 |
100.00 |
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
(A+B+C2) |
|
|
A1) Indian |
0.00 |
|
|
|
Individuals/Hindu
undivided Family |
1,44,47,356 |
15.08 |
|
|
SUNEEL MOHAN ADVANI |
56,26,827 |
5.87 |
|
|
NARGIS SUNEEL ADVANI |
28,36,936 |
2.96 |
|
|
SUNEETA NANIK VASWANI |
22,44,482 |
2.34 |
|
|
ROHINA LULLA |
11,68,594 |
1.22 |
|
|
ANISSA KHANNA |
11,26,787 |
1.18 |
|
|
SUNEEL MOHAN ADVANI (HUF) |
5,39,669 |
0.56 |
|
|
NANIK RAMCHAND VASWANI |
4,24,761 |
0.44 |
|
|
SANJAY N VASWANI |
1,05,775 |
0.11 |
|
|
SUNAINA S ADVANI |
72,525 |
0.08 |
|
|
VIR S ADVANI |
74,625 |
0.08 |
|
|
ARMAAN SANDEEP MURTHY |
50,000 |
0.05 |
|
|
SUMER SANDEEP MURTHY |
50,000 |
0.05 |
|
|
UDAY VIR ADVANI |
50,000 |
0.05 |
|
|
ANITA ASHOK ADVANI |
30,000 |
0.03 |
|
|
DINESH NANIK VASWANI |
26,750 |
0.03 |
|
|
DEV KHANNA |
19,625 |
0.02 |
|
|
Any Other
(specify) |
2,23,34,797 |
23.31 |
|
|
IL AND FS TRUST COMPANY LIMITED (ASHOK M
ADVANI FAMILY TRUST) |
1,19,55,601 |
12.48 |
|
|
IL AND FS TRUST COMPANY LIMITED (SUNEEL M
ADVANI FAMILY TRUST) |
77,19,930 |
8.06 |
|
|
ASHOK M ADVANI |
25,99,744 |
2.71 |
|
|
J T ADVANI FINANCE PRIVATE LIMIETD |
59,522 |
0.06 |
|
|
Sub Total A1 |
3,67,82,153 |
38.38 |
|
|
A2) Foreign |
0.00 |
|
|
|
Individuals
(NonResident Individuals/ Foreign Individuals) |
5,46,890 |
0.57 |
|
|
NANIK RANCHAND VASWANI |
5,07,640 |
0.53 |
|
|
IMAN RAJIV LULLA |
19,625 |
0.02 |
|
|
RANA RAJIV LULLA |
19,625 |
0.02 |
|
|
Sub Total A2 |
5,46,890 |
0.57 |
|
|
A=A1+A2 |
3,73,29,043 |
38.96 |
|
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 % of (A+B+C2) |
|
|
|||
|
|||
|
|||
|
B1) Institutions |
0.00 |
|
|
|
Mutual Funds/ |
1,77,95,004 |
18.57 |
|
|
HDFC TRUSTEE COMPANY LTD |
42,20,000 |
4.40 |
|
|
ICICI PRUDENTIAL VALUE DISCOVERY FUND |
18,78,581 |
1.96 |
|
|
BIRLA SUN LIFE TRUSTEE COMPANY PRIVATE LTD |
13,55,426 |
1.41 |
|
|
Alternate
Investment Funds |
5,75,178 |
0.60 |
|
|
Foreign
Portfolio Investors |
94,93,077 |
9.91 |
|
|
SAIF INDIA IV FII HOLDINGS LTD |
30,21,983 |
3.15 |
|
|
FIRST STATE INDIAN SUBCONTINENT FUND |
14,41,299 |
1.50 |
|
|
THE SCOTTISH ORIENTAL SMALLER COMPANIES
TRUST PLC |
10,83,106 |
1.13 |
|
|
Financial
Institutions/ Banks |
40,276 |
0.04 |
|
|
Insurance
Companies |
1,69,509 |
0.18 |
|
|
Any Other
(specify) |
4,57,557 |
0.48 |
|
|
Sub Total B1 |
2,85,30,601 |
29.77 |
|
|
B2) Central
Government/ State Government(s)/ President of India |
0.00 |
|
|
|
B3)
Non-Institutions |
0.00 |
|
|
|
Individual share
capital upto INR 0.200 Million |
1,94,36,320 |
20.28 |
|
|
Individual share
capital in excess of INR 0.200 Million |
62,98,907 |
6.57 |
|
|
Any Other
(specify) |
42,30,217 |
4.41 |
|
|
Trusts |
1,58,942 |
0.17 |
|
|
Foreign Individuals |
833 |
0.00 |
|
|
HUF |
3,45,567 |
0.36 |
|
|
Overseas corporate bodies |
392 |
0.00 |
|
|
NRI – Non- Repat |
12,08,058 |
1.26 |
|
|
Director or Director's Relatives |
36,200 |
0.04 |
|
|
NRI – Repat |
2,90,791 |
0.30 |
|
|
Clearing Members |
60,170 |
0.06 |
|
|
Market Maker |
1,114 |
0.00 |
|
|
Bodies Corporate |
21,28,150 |
2.22 |
|
|
Sub Total B3 |
2,99,65,444 |
31.27 |
|
|
B=B1+B2+B3 |
5,84,96,045 |
61.04 |
|
BUSINESS DETAILS
|
Line of Business : |
The Company’s business segments are organised around product lines as under: a. Electro Mechanical Projects and Packaged Air-conditioning Systems includes central air-conditioning projects, Electrical Contracting business and Packaged air-conditioning businesses including manufacturing and after sales service. b. Unitary Products includes cooling appliances, cold storage products, including manufacturing and after sales service. c. Professional Electronics and Industrial Systems includes trading and services for testing machines, medical, analytical, test & measuring, data communications, industrial products and systems (divested as on March 31, 2015). (Registered Activity) |
|
|
|
|
Brand Names : |
Not Divulged |
|
|
|
|
Agencies Held : |
Not Divulged |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
Not Divulged |
PRODUCTION STATUS (NOT AVAILABLE)
GENERAL INFORMATION
|
Suppliers : |
|
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|
|
|
|||||||||||||||||||||
|
Customers : |
|
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|
|
|
|||||||||||||||||||||
|
No. of Employees : |
2498 (Approximately) |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Bankers : |
· The Hong Kong and Shanghai Banking Corporation Limited · Corporation Limited · State Bank of India · Oriental Bank of Commerce · BNP Paribas · Kotak Mahindra Bank Limited · IDBI Bank Limited · IDFC Bank Limited · ICICI Bank Limited · DBS Bank Limited · Standard Chartered Bank |
|||||||||||||||||||||
|
|
|
|||||||||||||||||||||
|
Facilities : |
|
|
Auditors : |
|
|
Name : |
S R B C and Company LLP Chartered Accountants |
|
Address : |
14th Floor The Ruby 29 Senapati Bapat Marg, Dadar (West), Mumbai – 400028 Maharashtra India |
|
Tel No.: |
91-22-61920000 |
|
Fax No.: |
91-22-61921000 |
|
|
|
|
Internal Auditors : |
|
|
Name : |
Mahajan and Aibara Chartered Accountants |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Subsidiaries : |
·
Blue Star Engineering and Electronics Limited
(erstwhile Blue Star Electro-Mechanical Limited). ·
Blue Star Design and Engineering Limited (Up to January
31 2015) ·
Blue Star Qatar- WLL ·
Blue Star Infotech (UK) Limited (BSIUK) (April 1
2015 to December 31 2015) ·
Blue Star Infotech America Inc. (BSIA) (April 1
2015 to December 31 2015) ·
Blue Star Infotech (Singapore) Pte Limited
(BSISG) (April 1 2015 to December 31 2015) ·
Blue Star Infostack Solutions PTE. Limited
(subsidiary of BSISG) (April 1 2015 to December 31 2015) ·
Blue7 Solutions LLC USA (subsidiary of BSIA)
(April 1 2015 to December 31 2015) ·
Blue Star Infostack (Malaysia) SDN. Bhd.
(subsidiary of BSISG) (April 1 2015 to December 31 2015) |
|
|
|
|
Associate : |
Blue Star Infotech Limited (up to March 31 2015) |
|
|
|
|
Joint Ventures : |
·
Blue Star M & E Engineering (SDN) BHD ·
Blue Star Oman Electro-Mechanical Co. LLC |
|
|
|
|
Enterprises in which a Director is a member/director: |
·
KEIMED Private Limited ·
Apollo Munich Health Insurance Company Limited · Apollo Hospital Enterprises Limited · Pragati Leadership Institute Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000 |
7.8% Cumulative Convertible Preference Shares |
INR 100/- each |
INR 1.000 Million |
|
283600000 |
Equity Shares |
INR 2/- each |
INR 567.200 Million |
|
16000 |
Unclassified Shares |
INR 100/- each |
INR 1.600 Million |
|
520000 |
Cumulative
Compulsorily Convertible Preference Shares |
INR 10/- each |
INR 5.200 Million |
|
|
Total |
|
INR 575.000 Million |
Issued Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
95570388 |
Equity Shares |
INR 2/- each |
INR 191.141 Million |
|
|
|
|
|
During the year ended March 31, 2016, the authorized share capital was increased by INR 2,75.000 Million i.e., 13,49,00,000 Equity shares of INR 2 each, 5,20,000 Cummulative compulsorily convertible preference shares of INR 10 each. During the year, the increase in authorized share capital was pursuant to the merger of Blue Star Infotech Ltd (BSIL) and Blue Star Infotech Business Intelligence & Analytics Private Limited (BSIBIA) with Blue Star Infotech Ltd (BSIL).
Terms/Rights attached to Equity Shares
The company has one class of Equity Shares having par value of INR 2 per share. Each share holder is entitled to one vote per share. The company declares and pays dividend in Indian rupees. Dividend proposed by the Board of Directors is subject to approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in the proportion of number of equity shares held by the shareholders.
Terms/Rights attached
to 7.8% Cumulative Convertible Preference Shares
Each convertible preference share has a par value of INR 100 and is convertible at the option of the shareholders into Equity shares on the basis of one equity share for every three preference shares held.
Preference shares confer on the holders thereof the right to receive a fixed cumulative preferential dividend at the rate of 7.8% per annum. The preference shares shall rank for the dividend in priority to the shares of the company in the event of increase in share capital or winding up of the Company up to amount of dividend or any arrears of dividend. Preference shareholders will not have any further right to participate in the profits or assets of the company.
Terms/Rights attached
to Cumulative Compulsorily Convertible preference shares
Each Cumulative Compulsorily Convertible Preference Share has a par value of INR 10. These shares may be issued as per the terms approved by the Board of Directors subject to the applicable provisions of the Companies Act, 2013.
Details of shareholders
holding more than 5% shares in the Company Name of the shareholder
|
Equity and
Liabilities |
As at March 31, 2017 |
|
|
|
Numbers |
% holding |
|
IL and FS Trust Company Limited |
11403554 |
11.93% |
|
Ashok Mohan Advani |
10871721 |
11.38% |
|
HDFC Trustee Company Limited |
4737617 |
4.96% |
|
Suneel Mohan Advani |
5626827 |
5.89% |
|
Saif Advisor Mauritius Limited. A/C Saif India IV FII holdings Limited
|
4731983 |
4.95% |
Aggregate number of equity shares issued as bonus, shares issued for consideration
other than cash and shares bought back during the period of five years
immediately preceding the reporting date
|
Particular |
As at March 31 2017 |
|
53,91,383 equity
shares of INR 2 each of the company issued to the shareholders of Blue Star Infotech Ltd (BSIL) as per the
approved Scheme of merger of BSIL and BSIBIA with the Company, vide High
Court Order dated April 16, 2016 |
107.83 |
FINANCIAL DATA
[all figures are
in 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 |
191.141 |
179.902 |
179.872 |
|
(b) Reserves & Surplus |
8986.430 |
7826.087 |
6095.018 |
|
(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) |
9177.571 |
8005.989 |
6274.890 |
|
|
|
|
|
|
(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 |
40.477 |
50.773 |
44.382 |
|
(d)
long-term provisions |
107.699 |
83.958 |
44.898 |
|
Total
Non-current Liabilities (3) |
148.176 |
134.731 |
89.280 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1492.345 |
2856.700 |
3319.181 |
|
(b)
Trade payables |
11069.123 |
10346.592 |
8408.311 |
|
(c)
Other current liabilities |
3963.587 |
3677.308 |
3125.931 |
|
(d)
Short-term provisions |
347.852 |
306.222 |
248.783 |
|
Total
Current Liabilities (4) |
16872.907 |
17186.822 |
15102.206 |
|
|
|
|
|
|
TOTAL |
26198.654 |
25327.542 |
21466.376 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
2161.009 |
1923.157 |
1938.517 |
|
(ii)
Intangible Assets |
437.057 |
385.306 |
216.824 |
|
(iii)
Capital work-in-progress |
215.196 |
62.694 |
24.743 |
|
(iv) Intangible assets under development |
120.877 |
100.740 |
199.351 |
|
(b) Non-current
Investments |
2745.686 |
2771.098 |
2129.499 |
|
(c) Deferred tax assets
(net) |
1045.339 |
1053.958 |
979.244 |
|
(d) Long-term Loan and
Advances |
194.307 |
214.389 |
190.542 |
|
(e)
Other Non-current assets |
994.701 |
1413.571 |
952.882 |
|
Total
Non-Current Assets |
7914.172 |
7924.913 |
6631.602 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
1580.682 |
0.000 |
|
(b)
Inventories |
5804.496 |
5154.769 |
4628.287 |
|
(c)
Trade receivables |
8127.634 |
6895.226 |
6321.096 |
|
(d)
Cash and cash equivalents |
779.992 |
425.384 |
363.349 |
|
(e)
Short-term loans and advances |
54.125 |
36.961 |
75.379 |
|
(f)
Other current assets |
3518.235 |
3309.607 |
3446.663 |
|
Total
Current Assets |
18284.482 |
17402.629 |
14834.774 |
|
|
|
|
|
|
TOTAL |
26198.654 |
25327.542 |
21466.376 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Revenue from Operations |
41490.899 |
35619.720 |
30807.944 |
|
|
Other Income |
343.834 |
237.996 |
101.433 |
|
|
TOTAL
(A) |
41834.733 |
35857.716 |
30909.377 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed and
components consumed and projected related cost |
20690.311 |
18378.966 |
17119.335 |
|
|
Purchases of Stock-in-Trade |
8599.243 |
6508.563 |
4299.626 |
|
|
Changes in inventories of finished
goods work-in-progress and Stock-in-Trade |
(210.942) |
(612.921) |
(83.507) |
|
|
Employees benefits expense |
3097.841 |
3250.382 |
2568.438 |
|
|
Other expenses |
6949.684 |
5872.919 |
5168.188 |
|
|
Excise Duty on sale of
goods |
369.941 |
317.941 |
0.000 |
|
|
Exceptional items |
0.000 |
(300.772) |
(419.026) |
|
|
TOTAL
(B) |
39496.078 |
33415.078 |
28653.054 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST TAX
DEPRECIATION AND AMORTISATION (C) |
2338.655 |
2442.638 |
2256.323 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
306.112 |
361.345 |
434.732 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX DEPRECIATION AND AMORTISATION (C-D) (E) |
2032.543 |
2081.293 |
1821.591 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
549.717 |
550.084 |
393.360 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
1482.826 |
1531.209 |
1428.231 |
|
|
|
|
|
|
|
Less |
TAX (H) |
363.135 |
262.202 |
-97.051 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
1119.691 |
1269.007 |
1525.282 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
|
2416.508 |
1794.933 |
|
|
Royalty Know-how Professional
& Consultation fees |
|
13.092 |
39.222 |
|
|
Dividend |
|
18.170 |
13.586 |
|
|
Interest |
|
0.000 |
0.000 |
|
|
Software Services |
|
1043.054 |
0.000 |
|
|
Other
Income: |
|
|
|
|
|
Commission |
|
0.093 |
116.094 |
|
|
Others |
|
0.000 |
7.654 |
|
|
TOTAL
EARNINGS |
NA |
3490.917 |
1971.489 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials & Components |
|
5198.051 |
5477.031 |
|
|
Capital goods |
|
231.915 |
134.539 |
|
|
Spares |
|
119.540 |
154.270 |
|
|
Traded Goods |
|
3561.830 |
2779.013 |
|
|
TOTAL
IMPORTS |
|
9111.336 |
8544.853 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
|
|
|
|
|
Basic |
11.73 |
13.31 |
14.79 |
|
|
Diluted |
11.68 |
13.28 |
16.92 |
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/(used in) operations |
1248.981 |
3003.257 |
2157.231 |
|
|
|
|
|
|
Net cash flow from/(used in) operating activities |
1289.625 |
2707.732 |
1922.127 |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
71.50 |
70.66 |
74.89 |
|
|
|
|
|
|
Account Receivables Turnover (Income / Sundry Debtors) |
5.10 |
5.17 |
4.87 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
137.94 |
151.74 |
143.29 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.40 |
0.47 |
0.49 |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.80 |
0.99 |
0.95 |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.64 |
0.68 |
0.70 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.16 |
0.36 |
0.53 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.84 |
2.15 |
2.41 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
0.32 |
0.31 |
0.38 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
7.64 |
6.76 |
5.19 |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin ((PAT / Sales) * 100) |
% |
2.70 |
3.56 |
4.95 |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
4.27 |
5.01 |
7.11 |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
12.20 |
15.85 |
24.31 |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
1.08 |
1.01 |
0.98 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.74 |
0.71 |
0.68 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.35 |
0.32 |
0.29 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
7.81 |
15.88 |
18.45 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
1.08 |
1.01 |
0.98 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 2.00/- |
|
|
|
|
Market Value |
INR 819.50/- (BSE) |
FINANCIAL ANALYSIS
[all figures are
in 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 |
179.872 |
179.902 |
191.100 |
|
Reserves & Surplus |
6070.974 |
6557.112 |
8986.500 |
|
Share capital suspense account |
0.000 |
1725.728 |
0.000 |
|
Net
worth |
6250.846 |
8462.742 |
9177.600 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
3319.182 |
2856.682 |
1492.300 |
|
Total
borrowings |
3319.182 |
2856.682 |
1492.300 |
|
Debt/Equity
ratio |
0.531 |
0.338 |
0.163 |
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 |
30807.944 |
35315.037 |
41490.900 |
|
|
|
14.630 |
17.488 |
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 |
30807.944 |
35315.037 |
41490.900 |
|
Profit |
1525.282 |
1227.703 |
1119.700 |
|
|
4.95% |
3.48% |
2.70% |
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 |
No |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
Yes |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders if available |
Yes |
|
31 |
External Agency Rating if available |
Yes |
|
32 |
Litigations that the firm/promoter
involved in |
No |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
Yes |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
INDEX
OF CHARGES
|
CHARGES REGISTERED |
||||||||
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G37674579 |
90230518 |
THE HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
03/02/1988 |
10/02/2017 |
- |
5600000000.0 |
52/60 M G ROADFORTMUMBAIMH400001IN |
|
2 |
A24468159 |
90238557 |
BNP PARIBAS BANK |
26/10/2005 |
- |
18/09/2007 |
150000000.0 |
FRENCH BANK BUILDING, 62, HOMJI STREETFORTMUMBAIMH400001IN |
|
3 |
Y10351952 |
90244315 |
ICICI LTD |
28/03/2002 |
- |
10/08/2005 |
195000000.0 |
ICICI TOWERS; BANDRA KURLA COMPLEXMUMBAIMH400051IN |
|
4 |
Y10333806 |
90231015 |
HOUDING DEVELOPMENT FINANCE CORPORATION |
31/03/1999 |
- |
18/10/2001 |
74000000.0 |
RAMON HOUDE163 BACKBAY RECLAMATIONMUMBAIMH400020IN |
|
5 |
Y10333832 |
90231041 |
CRAWFORD BAYLEY &CO |
22/12/1999 |
- |
04/04/2001 |
200000000.0 |
STATE BANK BUILDINGNGN VAIDYAMUMBAIMH400023IN |
|
6 |
Y10333774 |
90230983 |
STATA BANK OF INDIA |
23/01/1991 |
14/02/1995 |
17/06/1999 |
50000000.0 |
COMMERCIAL BRANCHMUMBAIMH400023IN |
|
7 |
Y10333704 |
90230913 |
HOUSING DEVELOPMENT FINANCE CORPORATION |
28/11/1996 |
- |
10/11/1998 |
101000000.0 |
RAMON HOUSE169 BACKBAY RECLAMATIONMUMBAIMH400020IN |
|
8 |
Y10333776 |
90230985 |
ABN AMRO BANK |
31/03/1998 |
- |
20/05/1998 |
30000000.0 |
NV NETHERLANDS THRU ABN AMRO BANK14 VEER NARIMAN POINTMUMBAIMH400023IN |
|
9 |
Y10333117 |
90230326 |
MEROANTIL BANK |
17/05/1981 |
- |
02/11/1994 |
5000000.0 |
PRIVATE LTD52/60 MAHAMUMBAIMH400023IN |
|
10 |
Y10333266 |
90230475 |
THE HONGKONG & SHNGHAT BANKING CORPORATION |
17/12/1986 |
- |
11/02/1991 |
3600000.0 |
52/60 MAHATMA GANDHI ROADMUMBAIMH400020IN |
UNSECURED LOANS
|
PARTICULAR |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
SHORT TERM
BORROWINGS |
|
|
|
Buyers’ credit from banks |
0.000 |
698.052 |
|
Commercial papers from banks |
0.000 |
1000.000 |
|
Commercial papers from others |
500.000 |
0.000 |
|
|
|
|
|
Total |
500.000 |
1698.052 |
CORPORATE
INFORMATION
Blue Star Limited (“The Company”) is into the business of central air conditioning, commercial refrigeration and water purifiers. The Company is also into distribution and maintenance of imported professional electronics and industrial systems. The Company is a public company domiciled in India and is incorporated under the provisions of the Companies Act applicable in India. Its shares are listed on two recognised stock exchanges in India. The registered office of the Company is located at Kasturi Buildings, M T Advani Chowk, Jamshedji Tata Road, Churchgate, Mumbai - 400020, Maharashtra.
During the previous year, Blue Star Infotech Limited (BSIL) and Blue Star Infotech Business Intelligence & Analytics Private Limited (BSIBIA) were amalgamated with the Company w.e.f April 1, 2015. BSIL and BSIBIA were mainly engaged in the Information technology and software services business. The Company has subsequently sold its IT Business as explained in note 33 to the financial statements w.e.f January 1, 2016.
COMPANY OVERVIEW
The
Company is India’s leading air conditioning and commercial refrigeration
company with close to 75 years of experience in providing expert cooling
solutions, and has a network of 35 offices, 5 modern manufacturing facilities,
2200 dealers and 600 retailers. It fulfills the cooling requirements of a large
number of corporate, commercial as well as residential customers.
It
also offers expertise in allied contracting activities such as mechanical,
electrical, plumbing and fire-fighting services, in order to offer turnkey
solutions, apart from execution of specialised industrial projects. The
Company’s integrated business model of a manufacturer, contractor and
after-sales service provider enables it to offer an end-to-end solution to its
customers, which has proved to be a significant differentiator in the market
place. It has also recently forayed into the business of residential water
purifiers as well as air purifiers and air coolers.
OPERATING
PERFORMANCE
The
Company posted another year of splendid performance. On a standalone basis, the
Total Revenue of the Company increased by over 17% to INR 41834.700 Million
during the year as compared to INR 35857.700 Million in the previous year.
Further,
the Net Profit after Tax of your Company was INR 1119.700 Million as compared
to INR 1269.000 Million for the
financial year ended March 31, 2016.
On a
consolidated basis, the Company clocked a revenue of INR 44593.000 Million, a
growth of 16% over the previous year. Further, the Net Profit after Tax of your
Company was INR 1230.500 Million, registering a growth of over 17%.
the
Company operates in three key segments
(i)
Electro-Mechanical Projects and Packaged Air Conditioning Systems
(ii)
Unitary Products, and
(iii)
Professional Electronics and Industrial Systems.
The
performance of the Company in the above mentioned segments during the year is
as stated below:
(a) Electro-Mechanical Projects and
Packaged Air Conditioning Systems
The
revenue of the Electro-Mechanical Projects and Packaged Air Conditioning
Systems business increased by 18% to INR 21225.400 Million from INR 17974.800
Million. This segment witnessed adverse impact due to slowdown of the real
estate sector post demonetisation. However, the market witnessed modest growth
propelled by Government-funded infrastructure projects.
Segment
Results registered an increase of 26% from INR 757.900 Million in the previous year to INR 952.600 Million
in the year. The increase is mainly owing to higher billings of projects with
healthy margins and improved control on costs.
(b) Unitary Products
Unitary
Products’ revenue in the year grew by 27% to INR 20039.200 Million as against previous year’s revenue of
`1582.82 crores due to an early onset of summer in 2017. The performance of the
room air conditioner business was impressively driven by the wide range of
star-rated inverter split air conditioners. With a rise in preference for
inverter ACs, the Company continued to perform better in the category of
energy-efficient products. Further, commercial refrigeration products such as
water coolers, bottled water dispensers and glass top freezers witnessed
significant demand. Enhanced product penetration amongst the existing channels,
coupled with a comprehensive range of products and aggressive promotional
activities contributed to the growth and profitability in this segment. The
market continued to witness an increased demand for display freezers. Sales of
bottled water dispensers grew well as the Company engaged with more retailers
while storage water cooler sales also increased with enhanced demand from the
educational, Government and manufacturing segments.
The
Company extended its product range by introducing water purifiers, air
purifiers and air coolers. The results of this segment grew by 26% from INR
1651.300 Million in the previous year
to INR 2080.900 Million in the year.
(c) Professional Electronics and Industrial
Systems
The
Company had earlier transferred the business of Professional Electronics and
Industrial Systems to its subsidiary, Blue Star Engineering & Electronics
Limited. However, due to customer and contractual requirements, certain
contracts of this business needed to be executed by the Company. The revenue
generated by these contracts during the year was INR 226.300 Million.
NEW
INITIATIVES
IMPLEMENTATION
OF GOODS AND SERVICE TAX
While presenting the Union Budget 2017-18, the Central Government of India reaffirmed the Goods and Service Tax (GST) roll-out. To ensure seamless migration into the GST regime, a core team has been entrusted with earmarked work streams to drive and accomplish implementation within defined timelines. The Company is registered on the GST portal.
AWARDS AND
RECOGNITIONS
In
2016-2017, the Company was conferred multiple awards and recognitions, both
international and national, few of which are listed as follows:
· Blue Star was recognised as the ‘MEP Company of the Year’ at the Annual Metro Rail India Summit 2017.
· Blue Star Oman Electro-Mechanical Company LLC has won the ‘Most Promising MEP Contractor’ at the Dossier Construction’s Infrastructure Awards & Summit 2016.
· Blue Star received the Brand Excellence Award in FMCG sector (Consumer Durables) in 2016.
· Blue Star chillers were certified by the Air Conditioning, Heating, and Refrigeration Institute (AHRI) for achieving a 100% success rate in the performance testing of the air cooled as well as water cooled chillers in 2016.
· The Company won the Water Digest Awards 2017 for the ‘Best Domestic RO+UV Purifier’ in the country.
MANAGEMENT DISCUSSION
AND ANALYSIS
INTRODUCTION
Blue
Star is India’s leading air conditioning and commercial refrigeration company
with over seven decades of experience in providing expert cooling solutions.
Its credentials and unmatched expertise help it to enjoy a preferred
partnership status with most of corporate and commercial India. Blue Star’s
central air conditioning systems are part of landmark buildings and mega
structures such as airports, malls, hospitals and industrial establishments. In
fact, every third commercial building in the country has a Blue Star product
installed. The Company’s integrated business model of a Manufacturer;
Engineering, Procurement and Construction (EPC) services provider; and
After-sales service provider enables it to offer end-to-end solutions to its
customers across building, industrial and infrastructure segments. Its potent
blend of technical know-how, talented workforce, design expertise, exceptional
project execution capabilities and global footprint makes it the most preferred
choice for mechanical, electrical and plumbing projects.
Blue
Star offers India’s widest range of air conditioning and commercial
refrigeration products, as well as a comprehensive range of water purifiers,
air purifiers and air coolers. It entered the residential air conditioners
segment a few years ago, and has made deep inroads, with a market share of
11.5%. Blue Star is also the country’s largest after-sales air conditioning and
commercial refrigeration service provider with a spectrum of world-class
customer service solutions as well as value-added services. It has an extensive
network of exclusive, multi-brand and modern retail format channel partners as
well as service partners across the country. Blue Star’s modern manufacturing
facilities along with a proficient research and development team have given the
Company an edge over its competitors. The business processes have been
IT-enabled and the organization has judiciously invested in state-of-the-art
technologies with the objective of productivity and consistency across its
deliverables.
Blue
Star has joint ventures in Qatar, Malaysia and Oman which undertake MEP (mechanical,
electrical and plumbing) projects for residential, commercial and
infrastructure purposes. The Company exports to 17 countries in the Middle
East, Africa, SAARC and ASEAN regions, where its products stand the test of
time in some of the most difficult climatic conditions in the world. This has
helped enhance the Blue Star brand beyond India, while providing significant
growth opportunities for its business, going a long way in establishing Blue
Star as a true global player.
Blue
Star’s other businesses include marketing and maintenance of imported
professional electronic equipment and services, as well as industrial products
and systems, which is handled by Blue Star Engineering & Electronics, a
wholly owned subsidiary of the Company. It holds the repute of providing
advanced technology products as well as turnkey engineering solutions that
cater to several industries across the country.
BTHEMINESS
SEGMENTS
In
accordance with the nature of products and markets addressed, business drivers,
and competitive positioning, the lines of business of Blue Star are segmented
as follows:
ELECTRO-MECHANICAL PROJECTS AND PACKAGED
AIR CONDITIONING SYSTEMS
This
business segment covers the design, manufacturing, installation, commissioning and
maintenance of central air conditioning plants, packaged/ducted systems and
variable refrigerant flow (VRF) systems, as well as contracting services in
electrification, plumbing and fire-fighting. After-sales services such as
revamp, retrofit and upgrades also form part of this segment.
UNITARY PRODUCTS
Blue
Star offers a wide variety of stylish, contemporary and energy-efficient room
air conditioners for both residential as well as commercial applications. It
also manufactures and markets a comprehensive range of commercial refrigeration
products and cold chain equipment. The Company has recently added water
purifiers, air purifiers and air coolers to its product portfolio.
PROFESSIONAL
ELECTRONICS AND INDTHEMTRIAL SYSTEMS
For
over six decades, Blue Star has been the exclusive distributor in India for
many internationally renowned manufacturers of professional electronic
equipment and services, as well as industrial products and systems. This
business is managed by the Company’s wholly owned subsidiary, Blue Star
Engineering & Electronics Limited.
INDUSTRY STRUCTURE
AND DEVELOPMENTS
AIR CONDITIONING
In
FY17, the estimated total market size for air conditioning in India was around `18500
crores. Of this, the market for central air conditioning, including central
plants, packaged/ducted systems, VRF systems and other ancillary equipment, was
about `6500 crores, while the market for room air conditioners comprised the
balance `12000 crores.
During
the year, Government-funded infrastructure projects fuelled growth while
private investments stayed subdued, resulting in a sluggish market, especially
post demonetisation. Healthcare, education and metro segments benefitted from
Government investments. In the buildings segment, offices, hospitals and ITeS
gained some traction, but the factories segment remained tepid.
On
the other hand, the room air conditioners market grew significantly on account
of a harsh summer and increased demand during the festive season. The rise in
disposable incomes of the growing middle-class consumers and enhanced demand
from Tier 3/4/5 markets continued to drive growth. In spite of the effects of
demonetisation and relatively sluggish demand in the last quarter of the review
period, the industry registered a healthy growth of 20%, in terms of value. The
industry also faced margin pressures in the second half of the year under
review, on account of high inventory and increase in commodity prices.
COMMERCIAL REFRIGERATION
The
commercial refrigeration segment includes a wide range of products such as deep
freezers, water coolers, bottled water dispensers, visi coolers, reach-in as
well as under-counter chillers and freezers, ultra-low temperature freezers,
cold rooms, bottle coolers and ice machines. Rapid changes in consumption
patterns across customer segments, coupled with enhanced consumer awareness,
and the fast-growing segments such as food, dairy and pharmaceutical industries
contributed to the growth in this segment.
INFORMATION TECHNOLOGY
Blue
Star’s digital transformation programme, which was initiated in FY16, gained
significant momentum during the year. This programme endeavours to enable the
Company to become a true digital enterprise with physical products at the core,
which are augmented by digital interface and data-based, innovative services.
This will enable value addition for customers by providing product knowledge
and an overall enhanced customer experience, with considerable ease.
The Company’s
digital framework has incorporated the latest technologies such as cloud
computing, mobile devices, IoT (Internet of Things) platforms, location
detection technologies, intrusion detection, big data analytics, omni-channel
customer experiences and augmented reality. Blue Star is implementing a Product
Lifecycle Management (PLM) solution for the development and management of its
new products. An online vendor network platform has been deployed to automate
the factory procurement processes and vendor management through a single
system. Several customised solutions were developed for ease of frontline sales
functions. These include mobile apps for tracking sales activities and customer
visits; ecommerce through multiple channels such as Snapdeal, Amazon, Tata Cliq
and Flipkart; equipment selection software for the VRF system; heat load
calculation for cold rooms, and online analytics to track Blue Star’s presence
across all ecommerce channels.
On
the customer service front, service technicians have been equipped with mobile
apps to schedule, track and execute installation, preventive maintenance
service and breakdown service calls. A customer care app was also launched
which equips customers to log in service complaints.
CORPORATE OUTLOOK
The
electro-mechanical projects business was adversely impacted due to the slowdown
in the real estate sector post demonetisation. However, Government-funded
infrastructure projects continued to witness growth, driving some demand in
this business. The unitary products business has been performing impressively,
driven by the Company’s strong brand equity and enhanced distribution
footprint. Given the early onset of summer and the forecast of a normal monsoon
coupled with addition of new product lines such as water purifiers and air
purifiers, the prospects of the unitary products business look promising. GST
implementation from July 2017 will have implications for the products business.
Blue Star is geared up to consolidate its position in the central air
conditioning market with the extensive array of products. Overall, the Company
is confident of sustaining its growth momentum in FY18.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF
YEAR ENDED 30.09.2017
(INR IN MILLION)
|
|
Particulars |
Quarter Ended 30.09.2017 |
Quarter Ended 30.06.2017 |
Half Year Ended 30.09.2017 |
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
1. |
Income from operations |
|
|
|
|
|
Net
Sales/ Income from Operations |
7642.900 |
13959.700 |
21602.600 |
|
|
Other
Income |
29.000 |
46.600 |
75.600 |
|
|
Financial
Income |
10.600 |
38.400 |
49.000 |
|
|
Total Income from Operations |
7682.500 |
14044.700 |
21727.200 |
|
|
|
|
|
|
|
2. |
Expenses |
|
|
|
|
|
Cost
of materials consumed |
3680.100 |
5841.500 |
9521.600 |
|
|
Purchase
of traded goods |
912.400 |
2731.100 |
3643.500 |
|
|
Changes
in inventories of finished goods, work-in-progress
and traded goods |
306.000 |
1344.600 |
1650.600 |
|
|
Excise
Duty |
0.000 |
91.800 |
91.800 |
|
|
Employee
benefits expense |
903.000 |
807.400 |
1710.400 |
|
|
Depreciation
and amortisation expense |
145.400 |
132.100 |
277.500 |
|
|
Finance
Costs |
44.300 |
33.200 |
77.500 |
|
|
Other
expenses |
1430.200 |
2412.400 |
3842.600 |
|
|
Total Expenses |
7421.400 |
13394.100 |
20815.500 |
|
|
|
|
|
|
|
3. |
Profit from Operations before exceptional Items |
261.100 |
650.600 |
911.700 |
|
4. |
Exceptional
Items |
--- |
--- |
--- |
|
5. |
Profit before tax |
261.100 |
650.600 |
911.700 |
|
6. |
Tax
expense |
|
|
|
|
|
Current
tax |
84.400 |
181.900 |
266.300 |
|
|
Deferred
tax |
(3.400) |
0.100 |
(3.300) |
|
7. |
Net profit after tax |
180.100 |
468.600 |
648.700 |
|
|
Other
comprehensive Income |
|
|
|
|
|
Items that will not be reclassified to profit or loss |
(21.600) |
(11.300) |
(32.900) |
|
|
Income tax relating of items that will not be reclassified to profit or loss |
7.500 |
3.900 |
11.400 |
|
8. |
Other comprehensive Income, net of tax |
(14.100) |
(7.400) |
(21.500) |
|
9. |
Total comprehensive income for the
period |
166.000 |
461.200 |
627.200 |
|
10. |
Paid - up Equity Share Capital (Face value of INR per share) |
191.700 |
191.300 |
191.700 |
|
11. |
Reserve excluding revaluation reserve as per balance sheet of previous
accounting year |
|
|
|
|
12. |
Earnings Per Share (EPS) (not annualised) |
|
|
|
|
|
a) Basic |
1.88 |
4.90 |
6.78 |
|
|
b) diluted |
1.87 |
4.88 |
6.75 |
NOTES:
1. The above results have been reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on October 31, 2017 and have been subjected to limited review by the Statutory Auditors who have issued an unqualified report.
2. According to the requirements of SEB! (Listing Obligations and Disclosure
Requirements) Regulations 2015, revenue from operations for the quarter and
half year ended September 30, 2016, quarter ended June 30, 2017 and year ended
March 31, 2017 was reported inclusive of excise duty and other input taxes.
Goods and Services Tax ("GST") was implemented with effect from July
1, 2017, which replaced excise duty and other input taxes. As per Ind AS 18,
revenue from operations for the quarter ended September 30, 2017 is reported
net of GST. Therefore, revenue from operations for the current periods are not
comparable with the corresponding earlier periods. Comparable revenue from
operations (mentioned in note 3) has been computed by adjusting excise duty and
other input taxes from the revenue from operations of respective previous
periods, on a like-to-like basis.
3. Comparable revenue from operations (refer note 2) for the reported periods :
|
Quarter
ended 30.09.2017 |
Quarter
ended 30.06.2017 |
Half
Year Ended 30.09.2017 |
|
|
Comparable revenue from operations |
7642.900 |
12892.400 |
20535.300 |
4. Previous period / year's figures have been regrouped / rearranged wherever
necessary.
SEGMENT WISE REVENUE, RESULTS AND
CAPITAL EMPLOYED FOR THE QUARTER AND
HALF YEAR ENDED 30.09.2017
(INR IN MILLION)
|
Particulars |
Quarter Ended 30.09.2017 |
Quarter Ended 30.06.2017 |
Half Year Ended 30.09.2017 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Segment Revenue |
|
|
|
|
a. Electro mechanical projects and packaged air conditioning systems |
4690.500 |
5535.300 |
10225.800 |
|
b. Unitary products |
2950.700 |
8411.900 |
11362.600 |
|
c. Professional electronics and industrial systems |
1.700 |
12.500 |
14.200 |
|
Total segment
revenue |
7642.900 |
13959.700 |
21602.600 |
|
|
|
|
|
|
Segment Results |
|
|
|
|
Profit before
interest and tax |
|
|
|
|
a. Electro mechanical projects and packaged air conditioning systems |
382.600 |
154.000 |
536.600 |
|
b. Unitary products |
162.800 |
826.200 |
989.000 |
|
c. Professional electronics and industrial systems |
0.100 |
(1.200) |
(1.100) |
|
Total segment
result |
545.500 |
979.000 |
1524.500 |
|
|
|
|
|
|
Less: i) interest and other financial charges |
44.300 |
33.200 |
77.500 |
|
ii) Un-allocable expenditure |
240.100 |
295.200 |
535.300 |
|
Total profit before
taxation and exceptional item |
261.100 |
650.600 |
911.700 |
|
Exception items |
--- |
--- |
--- |
|
Profit before
taxation |
261.100 |
650.600 |
911.700 |
|
|
|
|
|
|
Segment Assets |
|
|
|
|
a. Electro mechanical projects and packaged air conditioning systems |
12922.900 |
13326.300 |
12922.900 |
|
b. Unitary products |
5613.300 |
6316.800 |
5613.300 |
|
c. Professional electronics and industrial systems |
44.600 |
57.400 |
44.600 |
|
d. Unallocable corporate assets |
5141.500 |
5299.200 |
5141.500 |
|
Total segment
assets |
23722.300 |
24999.700 |
23722.300 |
|
|
|
|
|
|
Segment Liabilities |
|
|
|
|
a. Electro mechanical projects and packaged air conditioning systems |
7920.800 |
8977.900 |
7920.800 |
|
b. Unitary products |
3270.600 |
4831.600 |
3270.600 |
|
c. Professional electronics and industrial systems |
18.300 |
39.900 |
18.300 |
|
d. Unallocable corporate liabilities |
3487.500 |
1480.900 |
3487.500 |
|
Total segment liabilities
|
14697.200 |
15330.300 |
14697.200 |
|
|
|
|
|
|
Capital Employed |
|
|
|
|
(Segment Assets – Segment Liabilities) |
|
|
|
|
a. Electro mechanical projects and packaged air conditioning systems |
5002.100 |
4348.400 |
5002.100 |
|
b. Unitary products |
2342.700 |
1485.200 |
2342.700 |
|
c. Professional electronics and industrial systems |
26.300 |
17.500 |
26.300 |
|
d. Unallocable corporate Assets less Liabilities |
1654.000 |
3818.300 |
1654.000 |
|
|
|
|
|
|
Total capital employed
in the company |
9025.100 |
9669.400 |
9025.100 |
STANDALONE
UNAUDITED STATEMENT OF ASSETS AND LIABILITIES
|
PARTICULARS
|
|
|
30.09.2017 |
|
|
|
|
(Unaudited) |
|
ASSETS |
|
|
|
|
Non-Current Assets |
|
|
|
|
Property Plant and equipment |
|
|
2125.400 |
|
Capital work in progress |
|
|
272.100 |
|
Investment Property |
|
|
577.800 |
|
Intangible assets |
|
|
461.800 |
|
Intangible assets under development |
|
|
144.800 |
|
Financial assets |
|
|
|
|
Investments |
|
|
2200.000 |
|
Trade receivables |
|
|
279.300 |
|
Loans |
|
|
210.400 |
|
Other Financial Assets |
|
|
37.600 |
|
Income Tax Assets (Net) |
|
|
299.500 |
|
Deferred Tax Assets |
|
|
1048.700 |
|
Other Non-Current Assets |
|
|
335.800 |
|
Total |
|
|
7993.200 |
|
|
|
|
|
|
CURRENT ASSETS |
|
|
|
|
(a) Inventories |
|
|
4078.500 |
|
(b) Financial assets |
|
|
|
|
Loans |
|
|
43.200 |
|
Trade receivables |
|
|
7279.300 |
|
Cash and cash equivalents |
|
|
735.000 |
|
Other financial assets |
|
|
2132.800 |
|
Other Current Assets |
|
|
1444.500 |
|
Asset held for sale |
|
|
16.000 |
|
Total |
|
|
15729.100 |
|
|
|
|
|
|
Total Assets |
|
|
23722.300 |
|
|
|
|
|
|
EQUITY AND LIABILITIES |
|
|
|
|
EQUITY |
|
|
|
|
(a) Equity Share Capital |
|
|
191.700 |
|
(b) Other Equity |
|
|
8833.400 |
|
Total |
|
|
9025.100 |
|
|
|
|
|
|
LIABILITIES |
|
|
|
|
Non-Current
Liabilities |
|
|
|
|
financial Liabilities |
|
|
|
|
Other financial Liabilities |
|
|
5.800 |
|
Provisions |
|
|
76.400 |
|
Government Grants |
|
|
32.200 |
|
Total |
|
|
114.400 |
|
|
|
|
|
|
Current
Liabilities |
|
|
|
|
financial Liabilities |
|
|
|
|
Borrowings |
|
|
3262.300 |
|
Trade payables |
|
|
7506.100 |
|
Other Payables |
|
|
14.800 |
|
Other Financial liabilities |
|
|
98.200 |
|
Government Grants |
|
|
5.900 |
|
Provisions |
|
|
343.400 |
|
Other Current liabilities |
|
|
3352.100 |
|
Total Current
Liabilities |
|
|
14582.800 |
|
|
|
|
|
|
Total Equity and
liabilities |
|
|
23722.300 |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Claims against the Company not acknowledged as debts |
2.465 |
7.218 |
|
Sales Tax matters |
442.976 |
907.000 |
|
Excise Duty matters |
64.568 |
34.129 |
|
Service Tax matters |
1514.253 |
1520.729 |
|
Income Tax matters |
616.992 |
511.598 |
FIXED ASSETS
Tangible Assets
·
Land – Freehold
·
Land – Leasehold
·
Building Sheds and Road
·
Plant & Machinery
·
Furniture & Fixtures
·
Office Equipments
·
Vehicles
·
Computers
Intangible Assets
· Technical Knowhow
· Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.35 |
|
|
1 |
INR 85.89 |
|
Euro |
1 |
INR 76.15 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
VIV |
|
|
|
|
Report Prepared
by : |
IND |
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 |
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.