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|
|
MIRA INFORM REPORT
|
Report No. : |
510115 |
|
Report Date : |
22.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
KIRLOSKAR ELECTRIC COMPANY LIMITED |
|
|
|
|
Registered
Office : |
Industrial Suburb, Rajaji Nagar, Bangalore – 560 010, Karnataka |
|
Tel. No.: |
91-80-23374865/ 23322111/ 23322771 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2017 |
|
|
|
|
Date of
Incorporation : |
26.07.1946 |
|
|
|
|
Com. Reg. No.: |
08-000415 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
INR 664.141
Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L31100KA1946PLC000415 |
|
|
|
|
IEC No.: |
0788000489 |
|
|
|
|
GSTN : [Goods & Service Tax Registration
No.] |
Not Divulged |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Divulged |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCK2721Q |
|
|
|
|
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, is engaged in the manufacture of various electrical equipment’s such as motors, alternators and generators, transformers, DG sets and etc. (Registered Activity) |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
C |
|
Credit Rating |
Explanation |
Rating Comments |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
Status : |
Poor |
|
|
|
|
Payment Behaviour : |
Slow and delayed |
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|
|
|
Litigation : |
Clear |
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|
Comments : |
Subject was incorporated in the year 1946 and has its base in Bangalore (Karnataka). It is a manufacturer of various Electrical Equipment’s such as Motors, Alternators, Generators and Transformers. As per the unaudited quarterly financials of December 2017, the company has achieved revenue of INR 829.2 million but has incurred operational loss. For the financial year 2017, the company has achieved a YOY growth of 5.07% (Approximately) but has incurred operational losses. Rating is constrained on account of delays various facilities rated, due to weak liquidity position of KECL. The company continues to face challenging business environment and limited pricing power owing to intense competition in the industry. Subject has been found under RBI defaulter’s list, the name of credit grantor is Unit Trust of India Limited and the amount charged is INR 317.2 million dated 31-12-2002 and Specified Undertaking of Unit Trust of India and the amount charged is INR 289.642 million dated 31-03-2005 and the same updated information about the same is not available. Payment seems to be slow and delayed. In view of aforesaid, the company can be considered for business dealings on fully and secured 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 |
CARE |
|
Rating |
Medium term instruments fixed deposit = D |
|
Rating Explanation |
Lowest-credit-quality and very low prospects of recovery |
|
Date |
03.04.2018 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name has been found enlisted as a
defaulter in the publicly available RBI Defaulters’ list and the details of the
same are as under:
Suit-filed accounts of INR 10.000 Million and above as on 18.05.2018
Borrowers details
|
BORROWER NAME |
KIRLOSKAR ELECTRIC CO. LIMITED |
|
ADDRESS |
INDUSTRIAL SUBURB,
RAJAJI NAGAR, BANGALORE-560010 KARNATAKA |
Name of Directors Reported by Credit Grantors Filing the Suit:
|
A S Akshmanan |
|
Anil Kumar Bhadari |
|
Brian E Crowther |
|
H L Shankarnrayana Rao |
|
K Kasturirangan |
|
P S Malik |
|
S Doreswamy |
|
S N Agaarwal |
|
Vijay R Kirloskar |
List of Credit Grantors to which KIRLOSKAR ELECTRIC CO. LIMITED is a
defaulter:
|
Names of Credit Grantors |
Branch |
Amount |
|
UNIT TRUST OF INDIA |
MUMBAI |
317.200 |
|
TOTAL |
317.200 |
Suit-filed accounts of INR 10.000 Million and above as on 18.05.2018
Borrowers details
|
BORROWER NAME |
KIRLOSKAR ELECTRIC CO. LIMITED |
|
ADDRESS |
INDUSTRIAL SUBURB,
RAJAJI NAGAR, BANGALORE-560010 KARNATAKA |
Name of Directors Reported by Credit Grantors Filing the Suit:
|
Sr.No. |
Directors Reported by Credit Grantors |
|
|
SPECIFIED UNDERTAKING OF UNIT TRUST OF INDIA |
|
1 |
VIJAY R KIRLOSKAR |
List of Credit Grantors to which KIRLOSKAR ELECTRIC CO. LIMITED is a
defaulter:
|
Names of Credit Grantors |
Branch |
Amount |
|
SPECIFIED UNDERTAKING OF UNIT TRUST OF INDIA |
MUMBAI |
289.642 |
|
TOTAL |
289.642 |
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2018.
BIFR (Board for Industrial & Financial Reconstruction) LISTING
STATUS
Subject’s name is not listed as a Sick Unit in
the publicly available BIFR (Board for Industrial & Financial
Reconstruction) list as of 21.05.2018.
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
|
Name : |
Mr. N Ansari |
|
Designation : |
Manager |
|
Contact No.: |
91-9717097541 |
|
Date : |
18.05.2018 |
(91-11-26233788/ 789/ 80-23374865)
Ringing
LOCATIONS
|
Registered Office : |
Industrial Suburb, Rajaji Nagar, Bangalore – 560 010, Karnataka, India
|
|
Tel. No.: |
91-80-23374865/ 23322111/ 23322771 |
|
Fax No.: |
91-80-23377706/ 23322469 |
|
E-Mail : |
investors@kirloskar-electric.com |
|
Website : |
|
|
|
|
|
Corporate Office: |
P. B. No.5555, Malleswaram West, Bangalore – 560 055, Karnataka, India
|
|
Tel No.: |
91-80-23374865/ 23377727 |
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Fax No.: |
91-80-23377706 |
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Factory 1 : |
Survey No.16, Govenahalli, Thyamagondlu, Nelamangala Taluk, Bangalore
Rural District – 562 123, Karnataka India |
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Factory 2 : |
R.S. No. 88 and 89 of Rayanal Taluka, Hubli – 580028,
Karnataka, India |
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Factory 3 : |
Survey No.81/3, Kachenahalli, Budhihal, Nelamangala Taluk, Bangalore
Rural – 562 123, Karnataka, India |
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Factory 4 : |
Survey No.16/1, Gabbur Village, P.B. Road, Hubli – 580028, Karnataka,
India |
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Factory 5 : |
Transformer
Division Survey No. 14-18, 22, 30, 31 and Part of 36 and 37 at Belawadi Industrial Area, Mysore – 570018, Karnataka, India |
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Factory 6 : |
Survey No. 120, Plot No. 6B1 Situated in Hire halli Industrial Area, Hirehalli Village, Urdagere Hobli, Tumkur, Karnataka, India |
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Factory 7 : |
Block No. 309/1, 319/2, 317, 318, 315 Situated at Kondapuri, Shirur, Pune, Maharashtra, India |
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Factory 8 : |
NH-6, Jaladhulagori P.O - Dhulagorl, PS – Sankrail, Howrah – 711302, West Bengal, India |
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Factory 9 : |
J.D. Royalite, Tumkur Road, Bangalore – 560 022, Karnataka, India |
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Factory 10 : |
Gate No.309, 315, 317 and 318, Opposite Government Milk Dairy,
Khondhapuri, District Pune – 412 209, Maharashtra, India |
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Factory 10 : |
5/4, Nagar Road, Pune – 411 014, Maharashtra, India |
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Factory 12 : |
Cal-Mumbai Truck Terminal Limited, East Wing - 14, Jala Dhulagori,
Sankrail, Andul Mauri, Howrah – 711 302, West Bengal, India |
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Factory 13: |
42D, Type, HSIDC, Sheds Sector-37, Udyog Vihar, Phase VI, Gurugram –
122 001, Haryana, India |
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Service Centre : |
No.13/9,
1st Floor, Unity Building, M Block, J.C. Road, Bangalore – 560
002, Karnataka, India |
|
Tel. No.: |
91-80-22227375/ 22234022/
22234023/ 22270076 |
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Fax No.: |
91-80-22270075/
22270076 |
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|
Regional Office : |
Also Located at: · Ahmedabad, Gujarat, India · Bangalore, Karnataka · Chennai, Tamilnadu, India · Hyderabad, Tamilnadu, India · Kolkata, West Bengal, India · Pune, Maharashtra, India |
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Branch Office 1 : |
312-L, Model Town, Ludhiana - 141 002, Punjab, India |
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Branch Office : |
Also Located at: · Bhubaneswar · Coimbatore, Tamilnadu, India · Dehradun · Ernakulam · Guwahati · Indore · Jaipur · Jamshedpur · Lucknow, Uttar Pradesh, India · Madurai · Nagpur · Raipur · Surat, Gujarat, India · Vishakapatnam, Telangana, India |
|
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Overseas Office : |
Located At: ·
Germany ·
Malaysia ·
Singapore ·
United Arab Emirates ·
Unites States of America |
DIRECTORS
AS ON 31.03.2017
|
Name : |
Mr. Vinayak Narayan Bapat |
|
Designation : |
Managing Director |
|
Address : |
A-33 Navaratna Apartment, 17th Cross,
Malleswaram West, Bangalore - 560055, Karnataka, India |
|
Date of Appointment : |
12.08.2014 |
|
DIN No.: |
06936639 |
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|
Name : |
Mr. Anand Balaramacharya Hunnur |
|
Designation : |
Managing Director |
|
Address : |
2A Second Floor Sangeetha Apartments, 18th
Cross Malleswaram (West), Bangalore, 560055, Karnataka, India |
|
Date of Appointment : |
12.08.2014 |
|
DIN No.: |
06650798 |
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|
Name : |
Mr. Vijay Ravindra Kirloskar |
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Designation : |
Whole-Time Director |
|
Address : |
No.22, 17th Cross,, Malleswaram (West),
Bangalore - 560055, Karnataka, India |
|
Date of Appointment : |
17.08.1985 |
|
DIN No.: |
00031253 |
|
|
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|
Name : |
Mr. Satyanarayan Agarwal |
|
Designation : |
Director |
|
Address : |
113, Nandi Durg Road, Bangalore - 560006,
Karnataka, India |
|
Date of Appointment : |
20.10.2000 |
|
DIN No.: |
00111187 |
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|
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|
Name : |
Mr. Anil Kumar Bhandari |
|
Designation : |
Director |
|
Address : |
No.12, Ali Asker Road, Bangalore - 560052,
Karnataka, India |
|
Date of Appointment : |
27.02.2002 |
|
DIN No.: |
00031194 |
|
|
|
|
Name : |
Sarosh Jehangir Ghandy |
|
Designation : |
Director |
|
Address : |
'Ushtana' Aparanta Enclave, Siddhapur, PO
Whitefield, Bangalore - 560068, Karnataka, India |
|
Date of Appointment : |
26.08.2003 |
|
DIN No.: |
00031237 |
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|
|
|
Name : |
Mr. Mahendra Vellore Padmanaban |
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Designation : |
Director |
|
Address : |
Lakshmi Vilas, Number : 5, Sankey Road,
High Grounds, Bangalore - 560052, Karnataka, India |
|
Date of Appointment : |
25.06.2007 |
|
DIN No.: |
00033270 |
|
|
|
|
Name : |
Mr. Kamlesh Suresh Gandhi |
|
Designation : |
Director |
|
Address : |
6, Palm Grove, 26, Pushpak Park, Aundh,
Pune - 411007, Maharashtra, India |
|
Date of Appointment : |
25.06.2007 |
|
DIN No.: |
00004969 |
|
|
|
|
Name : |
Ms. Meena Kirloskar |
|
Designation : |
Director |
|
Address : |
No.22, 17th Cross Road, Malleswaram, Bangalore
- 560055, Karnataka, India |
|
Date of Appointment : |
31.07.2009 |
|
DIN No.: |
00286774 |
|
|
|
|
Name : |
Mr. Ashok Misra |
|
Designation : |
Director |
|
Address : |
68, Adarsh Vista, Basanvan Nagar Main Road,
Vibhuthipura, Bangalore - 560037, Karnataka, India |
|
Date of Appointment : |
13.08.2015 |
|
DIN No.: |
00006051 |
|
|
|
|
Name : |
Krishnamurthy Ganesh |
|
Designation : |
Nominee Director |
|
Address : |
34 Jawahar
Nagar, 3rd Main Road, Jawahar Nagar, Chennai - 600082, Tamilnadu, India |
|
Date of Appointment : |
30.09.2013 |
|
DIN No.: |
05160176 |
|
|
|
|
Name : |
Shyamanta Bardoloi |
|
Designation : |
Additional Director |
|
Address : |
11 WC, Mani Karan 3B, Raja Ram Mohan Mullick Garden Lane, Kolkata -700010, West Bengal, India |
|
Date of Appointment : |
14.11.2016 |
|
DIN No.: |
01720375 |
KEY EXECUTIVES
|
Name : |
Mr. Sanjeev Kumar Shivappa |
|
Designation : |
Chief Finance Officer |
|
Address : |
#209, 4th Cross, 1st stage, KHB Colony, Basaveshwa, Bangalore – 560079, Karnataka, India |
|
Date of Appointment : |
10.08.2017 |
|
PAN No.: |
BJSPS3621M |
|
|
|
|
Name : |
Mr. Chinmoy Patnaik |
|
Designation : |
Company Secretary |
|
Address : |
Colony, Near Sai Gardens, Mallapur, Hyderabad - 500076, Telangana, India |
|
Date of Appointment : |
11.02.2016 |
|
PAN |
AGPPP9195G |
SHAREHOLDING PATTERN
AS ON 31.03.2018
|
Category of shareholder |
Total nos. shares held |
Shareholding as a % of total no. of
shares (calculated as per SCRR, 1957) As a % |
|
|
(A) Promoter & Promoter Group |
32827027 |
49.43 |
|
|
(B) Public |
33587044 |
50.57 |
|
|
Grand Total |
66414071 |
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 % |
|
|
A1) Indian |
|
||
|
Individuals/Hindu
undivided Family |
12025132 |
18.11 |
|
|
VIJAY RAVINDRA KIRLOSKAR |
11840618 |
17.83 |
|
|
MEENA V KIRLOSKAR |
184514 |
0.28 |
|
|
Any Other (specify) |
20801895 |
31.32 |
|
|
ABHIMAN TRADING COMPANY
PRIVATE LIMITED |
5217063 |
7.86 |
|
|
KIRLOSKAR BATTERIES
PRIVATE LIMITED |
186500 |
0.28 |
|
|
KIRLOSKAR POWER
EQUIMPMENTS LIMITED |
1141225 |
1.72 |
|
|
SRI VIJAYADURGA
INVESTMENTS AND AGENCIES PRIVATE LIMITED |
1774506 |
2.67 |
|
|
VIJAY FARMS PRIVATE
LIMITED |
3540807 |
5.33 |
|
|
VIJAYAJYOTHI INVESTMENTS
AND AGENCIES PRIVATE LIMITED |
4271217 |
6.43 |
|
|
VIJAYKIRTI INVESTMENTS
AND AGENCIES PRIVATE LIMITED |
3064094 |
4.61 |
|
|
VIMRAJ ENTERPRISES
PRIVATE LIMITED |
1606483 |
2.42 |
|
|
Sub Total A1 |
32827027 |
49.43 |
|
|
A2) Foreign |
|
||
|
A=A1+A2 |
32827027 |
49.43 |
STATEMENT SHOWING SHAREHOLDING PATTERN OF THE PUBLIC
SHAREHOLDER
|
Category & Name
of the Shareholders |
Total No. shares
held |
Shareholding %
calculated as per SCRR 1957 As a % |
|
|
B1) Institutions |
0.00 |
||
|
Foreign Portfolio
Investors |
1580148 |
2.38 |
|
|
Financial Institutions/
Banks |
429926 |
0.65 |
|
|
Insurance Companies |
3240824 |
4.88 |
|
|
LIFE INSURANCE
CORPORATION OF INDIA |
2576571 |
3.88 |
|
|
Sub Total B1 |
5250898 |
7.91 |
|
|
B2) Central Government/
State Government(s)/ President of India |
0.00 |
||
|
B3) Non-Institutions |
0.00 |
||
|
Individual share capital
upto INR 0.200 Million |
17585790 |
26.48 |
|
|
Individual share capital
in excess of INR 0.200 Million |
4527698 |
6.82 |
|
|
V RAJKUMARI |
720717 |
1.09 |
|
|
NBFCs registered with RBI |
850 |
0.00 |
|
|
Any Other (specify) |
6221808 |
9.37 |
|
|
Bodies Corporate |
3077548 |
4.63 |
|
|
Clearing Members |
1245270 |
1.88 |
|
|
Foreign Individuals |
1656 |
0.00 |
|
|
Trusts |
1058 |
0.00 |
|
|
Overseas corporate bodies |
1896044 |
2.85 |
|
|
M/S. HAWKER SIDDELEY
MANAGEMENT LIMITED |
1896044 |
2.85 |
|
|
Enemy Property |
232 |
0.00 |
|
|
Sub Total B3 |
28336146 |
42.67 |
|
|
B=B1+B2+B3 |
33587044 |
50.57 |
BUSINESS DETAILS
|
Line of Business : |
The
company, is engaged in the manufacture of various electrical equipment’s such
as motors, alternators and generators, transformers, DG sets and etc. (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 : |
Information denied by the management |
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Bankers : |
|
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Auditors : |
|
|
Name : |
B.K. Ramadhyani and Company Chartered Accountants |
|
Address : |
Bangalore, Karnataka, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Wholly Owned
Subsidiary: |
|
|
|
|
|
Step Down
Subsidiary: |
|
|
|
|
|
Associates: |
Kirloskar (Malaysia) Sdn. Bhd |
|
|
|
|
Enterprises which are
related parties as per section 2(76) of the Companies Act, 2013 : |
|
|
|
|
|
Enterprises over
which key management personnel and their relatives are able to exercise
significant influence : |
|
CAPITAL STRUCTURE
AS ON 31.03.2017
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
85000000 |
Equity Shares |
INR 10/- each |
INR 850.000 Million |
|
3000000 |
Preference Shares |
INR 100/- each |
INR 300.000 Million |
|
|
Total |
|
INR 1150.000
Million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
55733723 |
Equity Shares |
INR 10/- each |
INR 557.338
Million |
|
2688583 |
-by way of Conversion of Preference Shares |
|
INR 26.886 Million |
|
7991765 |
-by way of Qualified Institutional Placement |
|
INR 79.917 Million |
|
|
Total |
|
INR 664.141
Million |
FINANCIAL DATA
[all figures are
in 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 |
664.141 |
639.178 |
691.385 |
|
(b) Reserves &
Surplus |
2721.206 |
(468.042) |
(208.945) |
|
(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) |
3385.347 |
171.136 |
482.440 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
659.329 |
789.033 |
557.845 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
158.338 |
148.158 |
177.052 |
|
(d) long-term provisions |
190.319 |
167.755 |
154.744 |
|
Total Non-current
Liabilities (3) |
1007.986 |
1104.946 |
889.641 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1481.680 |
1442.209 |
1568.114 |
|
(b) Trade payables |
2040.711 |
1822.664 |
1894.459 |
|
(c) Other current
liabilities |
859.740 |
1042.311 |
777.178 |
|
(d) Short-term provisions |
250.268 |
295.044 |
253.865 |
|
Total Current Liabilities
(4) |
4632.399 |
4602.228 |
4493.616 |
|
|
|
|
|
|
TOTAL |
9025.732 |
5878.310 |
5865.697 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3896.085 |
841.953 |
886.436 |
|
(ii) Intangible Assets |
2.029 |
5.352 |
8.729 |
|
(iii) Capital
work-in-progress |
0.000 |
1.425 |
16.578 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
667.460 |
653.601 |
653.401 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
283.980 |
201.754 |
189.161 |
|
(e) Other Non-current
assets |
1382.223 |
1282.453 |
1396.03 |
|
Total Non-Current Assets |
6231.777 |
2986.538 |
3150.335 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
756.373 |
971.115 |
929.446 |
|
(c) Trade receivables |
1283.141 |
1044.970 |
827.287 |
|
(d) Cash and cash
equivalents |
222.722 |
314.754 |
198.31 |
|
(e) Short-term loans and
advances |
110.627 |
122.123 |
103.041 |
|
(f) Other current assets |
421.092 |
438.810 |
657.278 |
|
Total Current Assets |
2793.955 |
2891.772 |
2715.362 |
|
|
|
|
|
|
TOTAL |
9025.732 |
5878.310 |
5865.697 |
PROFIT
& LOSS ACCOUNT (STANDALONE)
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
5755.635 |
5477.515 |
5108.0320 |
|
|
Other Income |
99.565 |
35.373 |
33.070 |
|
|
TOTAL |
5855.200 |
5512.888 |
5141.102 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
4187.339 |
4059.693 |
3490.37 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
186.596 |
35.536 |
578.548 |
|
|
Employees benefits
expense |
721.561 |
751.743 |
755.725 |
|
|
Other expenses |
627.652 |
664.063 |
824.453 |
|
|
Expenses capitalized |
(2.379) |
0.000 |
(0.557) |
|
|
Exceptional item |
0.000 |
(215.518) |
238.331 |
|
|
TOTAL |
5720.769 |
5295.517 |
5886.870 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
134.431 |
217.371 |
(745.768) |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
319.501 |
418.568 |
441.314 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
(185.070) |
(201.197) |
(1187.082) |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
111.926 |
110.107 |
110.381 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(296.996) |
(311.304) |
(1297.463) |
|
|
|
|
|
|
|
Less |
TAX |
(0.677) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
(296.319) |
(311.304) |
(1297.463) |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
(910.597) |
(599.293) |
628.482 |
|
|
|
|
|
|
|
|
Companies Act, 2013 of assets where remaining useful life is NIL |
0.000 |
0.000 |
6.887 |
|
|
Transfer from revaluation
reserve |
0.000 |
0.000 |
(27.175) |
|
|
Transfer from debenture
redemption reserve |
0.000 |
0.000 |
(49.400) |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
(1206.916) |
(910.597) |
(599.293) |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
FOB value of goods exported (net) of sales within India eligible for export incentives |
324.418 |
388.724 |
433.683 |
|
|
Dividend on shares (net
of tax) |
0.000 |
0.852 |
0.652 |
|
|
Repatriation of Profit |
16.134 |
0.000 |
0.000 |
|
|
Others (Sale of
investment in Kirloskar Kenya Limited) |
3.344 |
90.245 |
28.942 |
|
|
TOTAL EARNINGS |
343.896 |
479.821 |
463.277 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw materials &
components and spare parts |
21.498 |
41.735 |
38.740 |
|
|
Components and Stores
parts |
0.000 |
0.000 |
0.000 |
|
|
Capital Goods |
5.971 |
1.378 |
0.953 |
|
|
TOTAL IMPORTS |
27.469 |
43.113 |
39.693 |
|
|
|
|
|
|
|
|
Earning per equity
share before exceptional item: |
|
|
|
|
|
Basic and diluted |
(4.80) |
(9.84) |
(20.95) |
|
|
Earning per equity
share after exceptional item: |
|
|
|
|
|
Basic and diluted |
(4.80) |
(5.82) |
(25.66) |
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current maturities of secured loan from bank |
NA |
218.500 |
191.610 |
|
|
|
|
|
|
Cash generated from operations |
NA |
NA |
NA |
|
|
|
|
|
|
Net cash flow from operating activity |
243.128 |
91.284 |
(148.916) |
KEY
RATIOS
EFFICIENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Average Collection Days (Sundry
Debtors / Income * 365 Days) |
81.37 |
69.63 |
59.11 |
|
|
|
|
|
|
Account Receivables Turnover ( Income / Sundry Debtors) |
4.49 |
5.24 |
6.17 |
|
|
|
|
|
|
Average Payment Days (Sundry Creditors / Purchases * 365 Days) |
177.88 |
163.87 |
198.11 |
|
|
|
|
|
|
Inventory Turnover (Operating Income / Inventories) |
0.18 |
0.22 |
(0.80) |
|
|
|
|
|
|
Asset Turnover (Operating Income / Net Fixed Assets) |
0.03 |
0.26 |
(0.82) |
LEVERAGE RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Debt Ratio ((Borrowing
+ Current Liabilities) / Total Assets) |
0.59 |
0.95 |
0.89 |
|
|
|
|
|
|
Debt Equity Ratio (Total Liability / Networth) |
0.63 |
14.31 |
4.80 |
|
|
|
|
|
|
Current Liabilities to Networth (Current Liabilities / Net Worth) |
1.37 |
26.89 |
9.31 |
|
|
|
|
|
|
Fixed Assets to Networth (Net Fixed Assets / Networth) |
1.15 |
4.96 |
1.89 |
|
|
|
|
|
|
Interest Coverage Ratio (PBIT / Financial Charges) |
0.42 |
0.52 |
(1.69) |
PROFITABILITY RATIOS
|
PARTICULARS |
|
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Net Profit Margin [(PAT / Sales)
* 100] |
% |
(5.15) |
(5.68) |
(25.40) |
|
|
|
|
|
|
|
Return on Total Assets ((PAT / Total Assets) * 100) |
% |
(3.28) |
(5.30) |
(22.12) |
|
|
|
|
|
|
|
Return on Investment (ROI) ((PAT / Networth) * 100) |
% |
(8.75) |
(181.90) |
(268.94) |
SOLVENCY RATIOS
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
Current Ratio (Current
Assets / Current Liabilities) |
0.60 |
0.63 |
0.60 |
|
|
|
|
|
|
Quick Ratio ((Current Assets – Inventories) / Current
Liabilities) |
0.44 |
0.42 |
0.40 |
|
|
|
|
|
|
G-Score Ratio Financial (Networth / Total Assets) |
0.38 |
0.03 |
0.08 |
|
|
|
|
|
|
G-Score Ratio Debt (Debts / Equity Capital) |
3.22 |
3.83 |
3.35 |
|
|
|
|
|
|
G-Score Ratio Liquidity (Total Current Assets / Total Current Liabilities) |
0.60 |
0.63 |
0.60 |
Total
Liability = Short-term Debt + Long-term Debt + Current Maturities of Long-term
debts
STOCK
PRICES
|
Face Value |
INR 10.00/- |
|
|
|
|
Market Value |
INR 25.55/- |
FINANCIAL ANALYSIS
[all figures are
in INR Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2014 |
31.03.2015 |
31.03.2016 |
|
|
INR In Million |
INR In Million |
INR In Million |
|
Share Capital |
691.385 |
639.178 |
664.141 |
|
Reserves & Surplus |
(208.945) |
(468.042) |
2721.206 |
|
Net worth |
482.440 |
171.136 |
3385.347 |
|
|
|
|
|
|
long-term borrowings |
557.845 |
789.033 |
659.329 |
|
Short term borrowings |
1568.114 |
1442.209 |
1481.680 |
|
Total borrowings |
2125.959 |
2231.242 |
2141.009 |
|
Debt/Equity ratio |
4.407 |
13.038 |
0.632 |
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 |
5108.032 |
5477.515 |
5755.635 |
|
|
|
7.233 |
5.077 |
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 |
5108.032 |
5477.515 |
5755.635 |
|
Profit/(Loss) |
(1297.463) |
(311.304) |
(296.319) |
|
|
(25.40%) |
(5.68%) |
(5.15%) |
ABRIDGED
BALANCE SHEET - CONSOLIDATED
|
SOURCES OF FUNDS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
664.141 |
639.178 |
691.385 |
|
(b) Reserves &
Surplus |
536.913 |
(2561.515) |
(2218.865) |
|
(c) Money received
against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Minority Interest |
0.400 |
0.400 |
0.300 |
|
Total Shareholders’ Funds
(1) + (2) |
1201.454 |
(1921.937) |
(1527.180) |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
659.329 |
1448.445 |
907.845 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
158.338 |
148.157 |
177.052 |
|
(d) long-term provisions |
190.319 |
167.755 |
154.744 |
|
Total Non-current
Liabilities (3) |
1007.986 |
1764.357 |
1239.641 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1481.680 |
1442.209 |
1568.114 |
|
(b) Trade payables |
2040.948 |
1836.717 |
1905.457 |
|
(c) Other current
liabilities |
1523.386 |
987.877 |
785.625 |
|
(d) Short-term provisions |
250.268 |
295.043 |
343.403 |
|
Total Current Liabilities
(4) |
5296.282 |
4561.846 |
4602.599 |
|
|
|
|
|
|
TOTAL |
7505.722 |
4404.266 |
4315.060 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3896.076 |
845.007 |
889.544 |
|
(ii) Intangible Assets |
64.652 |
78.411 |
92.221 |
|
(iii) Capital
work-in-progress |
0.000 |
1.425 |
16.578 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
24.996 |
8.109 |
8.109 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
270.952 |
197.185 |
206.429 |
|
(e) Other Non-current
assets |
100.101 |
45.050 |
29.201 |
|
Total Non-Current Assets |
4356.777 |
1175.187 |
1242.082 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
760.943 |
975.683 |
934.014 |
|
(c) Trade receivables |
1785.282 |
1683.279 |
1655.695 |
|
(d) Cash and cash
equivalents |
225.161 |
262.052 |
201.084 |
|
(e) Short-term loans and
advances |
143.422 |
122.284 |
103.184 |
|
(f) Other current assets |
234.137 |
185.781 |
179.001 |
|
Total Current Assets |
3148.945 |
3229.079 |
3072.978 |
|
|
|
|
|
|
TOTAL |
7505.722 |
4404.266 |
4315.060 |
PROFIT
& LOSS ACCOUNT - CONSOLIDATED
|
|
PARTICULARS |
31.03.2017 |
31.03.2016 |
31.03.2015 |
|
|
SALES |
|
|
|
|
|
Income |
5755.800 |
5477.515 |
5103.464 |
|
|
Other Income |
157.789 |
35.373 |
130.006 |
|
|
TOTAL |
5913.589 |
5512.888 |
5233.470 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
4187.339 |
4059.693 |
3004.889 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
186.596 |
35.537 |
1059.459 |
|
|
Employees benefits
expense |
721.561 |
751.746 |
755.725 |
|
|
Other expenses |
632.423 |
669.615 |
1088.708 |
|
|
Expenses capitalized |
(2.379) |
0.000 |
(0.557) |
|
|
Exceptional Items |
0.000 |
(215.518) |
1150.135 |
|
|
TOTAL |
5725.540 |
5301.073 |
7058.359 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION |
188.049 |
211.815 |
(1824.889) |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
453.121 |
486.077 |
454.665 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION |
(265.072) |
(274.262) |
(2279.554) |
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
122.362 |
120.595 |
120.834 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX |
(387.434) |
(394.857) |
(2400.388) |
|
|
|
|
|
|
|
Less |
TAX |
(0.295) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
|
(387.139) |
(394.857) |
(2400.388) |
|
|
|
|
|
|
|
|
Earning per equity
share before exceptional item: |
|
|
|
|
|
Basic and diluted |
(6.27) |
(11.40) |
(24.78) |
|
|
|
|
|
|
|
|
Earning per equity
share after exceptional item: |
|
|
|
|
|
Basic and diluted |
(6.27) |
(7.38) |
(47.53) |
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 |
No |
|
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 |
No |
|
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 |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
GENERAL
INFORMATION:
NATURE OF INDUSTRY:
The company was
incorporated on 26th July, 1946. Kirloskar, the company, is engaged in the
manufacture of various electrical equipments such as motors, alternators and
generators, transformers, DG sets and etc., The company has different product
groups such as transformer and distribution group, large machine group, low
voltage machine group, power generation group. Each product group is having
different products within its broad range. The company supplies to the core
economic sectors such as power generation, transmission and distribution,
transportation, sugar, cement, renewable energy and many key sectors. The
company is having ten (8) manufacturing locations and 20 sales offices, about
hundred (100) dealers and approximately two hundred (150) authorized service
providers spread across the country and three (3) branch offices in overseas,
JVs and Subsidiaries in Singapore, Malaysia and Netherland. Thus the company
has business operations spread across and at multiple locations.
The company is having a
large network of spare parts dealers and service centers. This enables the
company to provide premium products, exemplary systems and timely services at
competitive rates to the customers. Products are known for their high quality, durability
and reliability. The company adheres to international standards by acquiring
and adopting latest technologies along with in-house R&D.
The company’s products are
having good demand in domestic and overseas markets. As a renowned company, it
provides elite products and strives to fulfill the expectations of industries
and clients spread across the world.
Kirloskar Electric Company
is the only company in India which manufactures and supplies motors which are
used in electric vehicles. It also supplies DG Sets to Indian Railways for its
power cars.
The company provides tailor
made customized electrical equipments to its customers. The company’s valued
customers are who’s who in Indian industries includes Indian Railways, all
major industry houses including Tata, Reliance, Aditya Birla Group, Jindal
Group, GMR group, ESSAR, Mahindra & Mahindra and also leading PSUs such as
BHEL, NTPC, EIL, Nuclear power, NHPC, BPCL, HPCL, IOC and many more and EPCS
including L& T, NCC, Doosan and many more.
PERFORMANCE
REVIEW AND THE STATE OF COMPANY’S AFFAIRS
During the year, the
company achieved a turnover of INR 5855.200 Million (previous year INR 5512.888
Million). The operations have resulted in net loss of INR 296.319 Million
(previous year net loss was INR 311.304 Million). In view of the losses, the
directors do not recommend any dividend for the year.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
Industry
Outlook
Power is necessary fuel for
growing economy. Indian power sector is undergoing a significant change that
has redefined industry outlook. The demand for power in the country has
increased rapidly and is expected to rise further in the years to come.
Sustained economic growth continues to drive electricity demand in India. The
Government of India’s focus on attaining “Power for All” as accelerated
capacity addition in the country. At the same time, the competitive intensity
is increasing at both the market and supply sides (fuel, logistics, finance and
manpower).
The
Government of India has identified power sector and renewable energy, namely,
solar power and wind energy as key sectors of focus to promote industrial
growth.
The company is engaged in
the business within the electrical industry, which comprises of AC motors,
generators and DC machines etc.,
The present manufacturing
capacity in India is in fair excess of the existing demand. This has lead to
stiff competition and subsequent negative pressure on the prices of the
products.
The company has taken
several bold steps to remain competitive and to ensure survival by reducing
cost, rationalizing manpower and streamlining operations. The strong brand
image of the company’s products on account of their stress on quality puts us
in a advantageous position.
Future
Outlook
Global economies continue
to undergo through the phase which is having greater share of volatility than
that of stability. High interest costs, low corporate investments, high
inflation and trade deficits continue in this fiscal. More measures are
expected from the Government to kick-start the investment cycle growth.
Economic sluggishness continues unabated affecting India’s economic growth.
Low industrial growth,
unfavorable investment climate have resulted in the company’s domestic
performance reflecting sluggishness as in Fiscal 2016-17. Nevertheless, the
various core industries viz., power, sugar, cement, hydrocarbon, irrigation and
coal etc., to which the company caters are expected to do better and very soon
demand from them is expected to pick up.
In
view of the above, the company is very hopeful of recording improved operating
performance the current fiscal.
STATEMENT OF
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED December 31,
2017
(INR in Million)
|
Particulars |
Quarter Ended |
Nine months Ended |
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
[Unaudited] |
[Unaudited] |
[Unaudited] |
|
INCOME FROM OPERATIONS |
|
|
|
|
Revenue from operations
|
829.200 |
836.900 |
2698.900 |
|
Other Income |
33.200 |
36.100 |
116.600 |
|
Total
Income from Operations |
862.400 |
873.000 |
2815.500 |
|
|
|
|
|
|
EXPENSES |
|
|
|
|
Cost of materials consumed |
617.200 |
427.400 |
1934.900 |
|
Changes in inventories of finished goods and
work-in-progress |
35.500 |
223.400 |
122.700 |
|
Excise duty on sale of goods |
0.000 |
0.000 |
88.900 |
|
Employee benefits expense |
172.900 |
180.200 |
538.500 |
|
Finance Costs (net) |
81.100 |
83.800 |
243.300 |
|
Depreciation and Amortization expenses |
26.100 |
26.500 |
80.200 |
|
Other Expenditure |
131.400 |
163.400 |
479.400 |
|
Total
Expenses |
1064.200 |
1104.700 |
3487.900 |
|
|
|
|
|
|
Profit
/ (Loss) from ordinary activities before Exceptional items |
(201.800) |
(231.700) |
(672.400) |
|
Exceptional items |
0.000 |
0.000 |
0.000 |
|
Profit
/ (Loss) before Tax |
(201.800) |
(231.700) |
(672.400) |
|
Tax Expense |
0.000 |
0.000 |
0.000 |
|
Profit
/ (Loss) after Tax from continuing operations |
(201.800) |
(231.700) |
(672.400) |
|
Other
comprehensive income |
|
|
|
|
I) Items
that will be reclassified to profit or loss |
|
|
|
|
a) Remeasurements of the defined benefit plans |
(0.200) |
(0.200) |
(0.600) |
|
b) Taxes on above |
0.200 |
0.000 |
0.200 |
|
II)
Items that may be reclassified to profit or loss |
|
|
|
|
a) Mark to market of investments |
0.200 |
0.100 |
0.200 |
|
b) Taxes on above |
(0.100) |
0.000 |
(0.100) |
|
Total
Other comprehensive income |
0.100 |
(0.100) |
(0.300) |
|
|
|
|
|
|
Total
comprehensive income for the period |
(201.700) |
(231.800) |
(672.700) |
|
|
|
|
|
|
Paid-up Equity Share Capital (Face value INR 10/- per
share) |
664.100 |
664.100 |
664.100 |
|
|
|
|
|
|
Reserves (excluding Revaluation Reserve) |
|
|
|
|
Earnings
per Share (EPS) - INR |
|
|
|
|
Basic |
(3.04) |
(3.49) |
(10.12) |
|
Diluted
|
(3.04) |
(3.49) |
(10.12) |
SEGMENT WISE REVENUE, RESULTS, ASSETS AND LIABILITIES AND CAPITAL EMPLOYED
(INR in Million)
|
Sr. No |
Particulars |
Quarter Ended |
Nine months
Ended |
|
|
|
|
31.12.2017 |
30.09.2017 |
31.12.2017 |
|
|
|
[Unaudited] |
[Unaudited] |
[Unaudited] |
|
1 |
Segment Revenue |
|
|
|
|
|
Power generation/ distribution |
375.500 |
348.900 |
1310.800 |
|
|
Rotating machines |
425.800 |
475.900 |
1352.700 |
|
|
Others |
33.500 |
20.700 |
73.200 |
|
|
Total |
834.800 |
845.500 |
2736.700 |
|
|
Less :Inter Segment Revenue |
5.600 |
8.600 |
37.800 |
|
|
Net Sales / Income
from Operations |
829.200 |
836.900 |
2698.900 |
|
|
|
|
|
|
|
2. |
Segment Results
(Profit/Loss) before interest and tax expenses |
|
|
|
|
|
Power generation/ distribution |
(24.500) |
67.400) |
(69.500) |
|
|
Rotating machines |
(75.600) |
(123.700) |
(248.800) |
|
|
Others |
11.400 |
3.300 |
20.000 |
|
|
Total |
(88.700) |
(187.800) |
(298.300) |
|
|
Less : Finance Cost |
81.100 |
83.800 |
243.300 |
|
|
: Other Unallocable expenditure net of Income |
32.000 |
(39.900) |
130.800 |
|
|
Total Profit before
Tax |
(201.800) |
(231.700) |
(672.400) |
|
|
|
|
|
|
|
|
Segment Assets |
|
|
|
|
|
Power generation/ distribution |
1108.000 |
1180.200 |
1108.000 |
|
|
Rotating machines |
2866.700 |
3034.100 |
2866.700 |
|
|
Others |
710.600 |
723.500 |
710.600 |
|
|
Total |
4685.300 |
4937.800 |
4685.300 |
|
|
Less : Unallocable Assets |
2980.700 |
2865.500 |
2980.700 |
|
|
Total |
7666.000 |
7803.300 |
7666.000 |
|
|
|
|
|
|
|
|
Segment Liabilities |
|
|
|
|
|
Power generation/ distribution |
964.600 |
943.700 |
964.600 |
|
|
Rotating machines |
1097.500 |
1081.500 |
1097.500 |
|
|
Others |
47.800 |
49.700 |
47.800 |
|
|
Total |
2109.900 |
2074.900 |
2109.900 |
|
|
Less : Unallocable Liabilities |
3440.200 |
3410.900 |
3440.200 |
|
|
Total Liabilities |
5550.100 |
5485.800 |
5550.100 |
|
|
|
|
|
|
|
|
3. Capital Employed |
|
|
|
|
|
(Segment Assets – Segment Liabilities) |
|
|
|
|
|
Power generation/ distribution |
143.400 |
236.000 |
143.400 |
|
|
Rotating machines |
1769.100 |
1952.600 |
1769.100 |
|
|
Others |
662.800 |
673.800 |
662.800 |
|
|
Total Capital Employed |
2575.300 |
2862.900 |
2575.300 |
|
|
Add : Unallocable |
(459.400) |
(545.400) |
(459.400) |
|
|
|
|
|
|
|
|
Total Capital Employed |
2115.900 |
2317.5800 |
2115.900 |
INDEX OF CHARGE:
|
SNO |
SRN |
CHARGE ID |
CHARGE HOLDER NAME |
DATE OF CREATION |
DATE OF MODIFICATION |
DATE OF SATISFACTION |
AMOUNT |
ADDRESS |
|
1 |
G34775700 |
100075885 |
BANK OF INDIA |
27/01/2017 |
- |
- |
200000000.0 |
BANGALORE MAIN BRANCH, BANK OF INDIA BUILDING,NO.11 KEMPEGOWDA ROAD, BENGALURU – 560009, KARNATAKA, INDIA |
|
2 |
G19851757 |
100057979 |
CORPORATION BANK |
06/10/2016 |
- |
- |
18200000.0 |
NO.163, 9TH MAIN, RMV EXTENSION SADASHIVA NAGAR, BENGALURU – 560080, KARNATAKA, INDIA |
|
3 |
C69290252 |
10601113 |
BANK OF INDIA |
15/09/2015 |
- |
- |
3276400000.0 |
#11, KEMPEGOWDA ROAD, BANGALORE MAIN BRANCH, BANGALORE – 560009, KARNATAKA, INDIA |
|
4 |
C64145121 |
10590808 |
BANK OF INDIA |
14/08/2015 |
- |
- |
3276400000.0 |
11TH, K.G ROAD, BANGALORE MAIN BRANCH, BANGALORE – 560009, KARNATAKA, INDIA |
|
5 |
C51640985 |
10565389 |
AXIS BANK LIMITED |
31/03/2015 |
- |
- |
480000000.0 |
CORPORATE BANKING BRANCH EXPRESS BUILDING, SECOND FLOOR NO.1 QUEENS ROAD, BANGALORE – 560001, KARNATAKA, INDIA |
|
6 |
C02926285 |
10491051 |
CORPORATION BANK |
28/03/2014 |
- |
- |
300000000.0 |
CORPORATION BANK, BANGALORE – 560080, MAHARASHTRA, INDIA |
|
7 |
B35826015 |
10341775 |
BANK OF INDIA |
21/02/2012 |
08/03/2012 |
- |
3350000000.0 |
BANGALORE MAIN BRANCH NO.11 KG ROAD, BANGALORE – 560009, KARNATAKA, INDIA |
|
8 |
B00229625 |
10252669 |
STATE BANK OF HYDERABAD |
02/11/2010 |
- |
- |
440000000.0 |
INDUSTRIAL FINANCE BRANCH, "SHERIFF HOUSE"NO. 85, RICHMOND ROAD, BANGALORE – 560025, KARNATAKA, INDIA |
|
9 |
A77049229 |
10197950 |
THE BANK OF RAJASTHAN LIMITED |
18/01/2010 |
- |
- |
421800000.0 |
11-C MITTAL TOWER M G ROAD, BANGALORE – 560001, KARNATAKA, INDIA |
|
10 |
A63326664 |
10160264 |
THE BANK OF RAJASTHAN LIMITED |
09/06/2009 |
- |
- |
250000000.0 |
VISHAL HALL COMPLEX, ANDHERI KURLA ROAD, ANDHERI (EAST), MUMBAI – 400069, MAHARASHTRA, INDIA |
CONTINGENT LIABILITIES:
|
PARTICULARS |
31.03.2017 (INR
In Million) |
31.03.2016 (INR
In Million) |
|
Claims
against the Company not acknowledged as debts |
153.073 |
174.051 |
|
Guarantees |
280.165 |
287.921 |
|
Letters
of credit |
1155.966 |
823.920 |
|
Bills
discounted with Bank |
159.208 |
120.781 |
|
Penal damages levied by
the Regional Provident Fund commissioner. During a previous year High Court
of Karnataka, Bangalore quashed the demand and subsequently also quashed the
appeal made by the PF Authorities and referred the matter to the original
authority. An amount of INR 4.618 Million paid has been included in disputed
statutory dues and the Company is confident of receiving the refund from the
PF authorities. |
0.000 |
0.000 |
|
Central excise and customs
authorities have issued notices and raised certain demands, which are pending
in appeal before various authorities, not acknowledged as debt by the
Company. |
11.842 |
36.554 |
|
Sales tax demanded under
appeal (includes demand raised in respect of CST Act, 1956 amounting to INR
283.695 Million and Maharashtra Value Added Tax, 2002 amounting to INR 39.946
Million which are disputed by the Company before the Appellant authorities
for demand raised due to application of wrong rate, pending revision). The
Company has paid an aggregate amount of INR 69.465 Million (as at March 31,
2016 INR 65.888 Million) against the demand which has been included in
disputed statutory dues. |
554.725 |
526.965 |
|
Sales Tax Authorities have
disallowed certain input credit availed in the returns filed and also
disallowed certain sales returns, unfructified sales, labour charges and
service tax, in the reassessment for the year 2009-10. The Company has
disputed and challenged the same in writ petition before the Honorable High
Court of Karnataka and considers the said disallowances has been passed based on
incorrect interpretation of law. The operation of said re-assessment order
has been stayed by the Honorable High Court of Karnataka. |
89.300 |
0.000 |
|
“The Company has filed
before the Honorable Supreme Court, special leave petition in respect of
resale tax and sales tax penalty of INR 52.700 Million and INR 36.200 Million
respectively, on its erstwhile subsidiary Kaytee Switchgear Limited (since
merged with the Company) and confirmed by the honorable High Court of
Karnataka. The Company has paid an aggregate amount of INR 47.923 Million (as
at March 31, 2016 INR 47.923 Million) against the demand which has been
included in disputed statutory dues as reported in Note 17 to Financial
Statements. The Company also
approached the Karnataka Sales tax authorities seeking settlement of the
Sales tax penalty referred above under ‘Karasamadhana Scheme 2017’(Scheme)
which involves settlement of the matter by payment of 10% of the amount of
penalty and withdrawing the appeal before the Honorable Supreme Court.
However, the same could not be resolved due to certain interpretation issues
of the Scheme regarding applicability of Scheme for total amount of demand
and not considering pre-deposits made by the Company. Consequently the
Company has filed a writ petition in the Honorable High Court of Karnataka
challenging the Scheme on grounds of discrimination and seeking specific
reliefs. The Authorities have received the application under Scheme in
compliance to the directions contained in interim order of the Hon’ble High
Court of Karnataka. |
88.937 |
88.937 |
|
Income
tax deducted at source demand under the traces software for short and non remittances
of tax deduction at source – matter under examination. |
20.988 |
20.821 |
|
Sales
tax liabilities in respect of pending assessments - C forms have not been
received from several customers. Continuing efforts are being made to obtain
them. Significant progress has been made in the matter as compared to the
previous year. |
Not Ascertainable |
Not Ascertainable |
|
Interest
if any, on account of delays in payment to suppliers. |
Not Ascertainable |
Not Ascertainable |
|
Certain
industrial disputes are pending before various judicial authorities – not
acknowledged by the Company. Liability has been considered against those
cases for which is ascertainable, some cases are pending for it is not
possible to ascertain liability. |
1.765 |
0.090 |
|
Income
tax demands under appeal. The demands are consequential to certain amounts of
computed interests being deemed as capital expenditure and certain other
disallowances disputed by the Company. |
1.034 |
137.049 |
|
The Company had furnished
a guarantee for the redemption of preference shares issued by Kirloskar
Investment and Finance Limited to an extent of INR 20.000 Million (as at
March 31, 2016 INR 20.000 Million) and had obtained counter guarantee from
the said Company. The preference shareholder has claimed a sum of INR 20.000
Million along with dividends in arrears of INR 20.560 Million lakhs and
interest from the Company. This claim has been upheld by the Debt Recovery
Tribunal (DRT). The Company has preferred an appeal before the Debt Recovery
Appellate Tribunal(DRAT) to set aside the orders passed by the DRT. The
Company has deposited during the previous year INR 10.280 Million with DRAT
as directed by the Supreme Court of India and the matter stands re-posted for
hearing. The Company does not acknowledge this liability. |
40.560 |
40.560 |
|
Arrears
of fixed cumulative dividends on preference shares (including tax thereon) |
134.728 |
134.676 |
|
Corporate
Guarantee given to its wholly owned subsidiary |
663.268 |
659.412 |
|
Right
to recompense to the lending banks subject to profitability and cash flows of
the Company, approximate net present value of recompense as per Master
Restructuring Agreement (MRA). |
51.400 |
51.400 |
FIXED ASSETS:
Tangible Assets
· Land
· Building
· Plant and Equipment
· Tools and Jigs
· Electrical Installations
· Motor Vehicles
· Office Equipments
· Furniture and Fittings
·
Leasehold Improvements
Intangible Assets
·
Goodwill
·
Computer Software
·
Technical Knowhow and Product Development
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 68.09 |
|
|
1 |
INR 91.41 |
|
Euro |
1 |
INR 79.93 |
INFORMATION DETAILS
|
Information
Gathered by : |
SHI |
|
|
|
|
Analysis Done by
: |
VRS |
|
|
|
|
Report Prepared
by : |
ARC |
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.