MIRA
INFORM REPORT
|
Report Date : |
13.03.2007 |
IDENTIFICATION
DETAILS
|
Correct Name : |
IST LIMITED |
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Registered Office : |
Village Dundahera, Delhi Gurgaon Road, District Gurgaon, Haryana |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
09.08.1976 |
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Com. Reg. No.: |
05-8316 |
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CIN No.: [Company
Identification No.] |
L33301DL1976PLC008316 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RTK100477B |
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Legal Form : |
A Closely held Public Limited Liability Company. |
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Line of Business : |
Manufacturers of Precision Turned, Milled, Drilled Components and
stamping for industries. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
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Status : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having satisfactory track. Trade
relations are fair. Financial position is satisfactory. Payments are usually correct
and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. The company is doing well. Nothing adverse reported. |
LOCATIONS
|
Registered Office/ Factory : |
Village Dundahera, Delhi Gurgaon Road, District Gurgaon, Haryana,
India |
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Tel. No.: |
91-124-4005090, 4005091, 4005092 , 4005093, 4005094 |
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Fax No.: |
91-124-2360895 |
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E-Mail : |
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Website : |
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Head Office : |
A-23, New Office Complex, Defence Colony, New Delhi-24, India |
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Tel. No.: |
91-11-24694291/24694292/24617319 |
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Fax No.: |
91-11-24625694 |
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E-Mail : |
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Factory 1 : |
E-54, N.D.S.E. Part I, New Delhi, India |
DIRECTORS
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Name : |
Air Marshal (Retd.) D. Keelor |
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Designation : |
Chairman |
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Name : |
Brig. (Retd.) G.S. Sawhney |
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Designation : |
Director |
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Name : |
Mr. A. N. Mukherjee |
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Designation : |
Managing Director |
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Name : |
Mr. Mayur Gupta |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Sandeep Gupta |
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Designation : |
Company Secretary |
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Name : |
D. N. Tulshyan |
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Designation : |
General Manager (Finance) |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Indian Promoters |
2913221 |
49.95 |
|
Foreign Promoters (OCB) |
1716850 |
29.44 |
|
Banks/ Financial Institutions |
475 |
0.01 |
|
Corporate Bodies |
216392 |
3.71 |
|
Indian Public |
984668 |
16.88 |
|
NRIs |
450 |
0.01 |
|
Total |
5832056 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers of Precision Turned, Milled, Drilled Components and
stamping for industries. |
GENERAL
INFORMATION
|
Bankers : |
v State Bank of
India v ICICI Bank
Limited |
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Facilities : |
Secured Loans : From State Bank of India : Rs.10.314 millions Vehicles Loan : From ICICI Bank Limited : Rs.0.843 millions Unsecured Loans
: From Bodies Corporate : Rs.4.080 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
O.P. Dadu & Company Chartered Accountants |
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Associates : |
v GPC Technology Limited (Galaxy Power Cables Limited) v Delight Marketing Company Private Limited v Delux Investments Private Limited v Tarangani Investments Limited v Galaxy Mercantiles Limited v Lubetec India Limited v Antique Investment Company Limited v Galaxy International Hotels Limited v Eastern India Power & Mining Company Limited v 1ST Technology Infrastructure Private Limited v Gupta International Investment Company Limited v
1ST Steel & Power Limited. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
6027728 |
Equity Shares |
Rs.10/- each |
Rs.60.277
millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5832056 |
Equity Shares |
Rs.10/- each |
Rs.58.320
millions |
|
|
Add : Shares Forfeited |
|
Rs.0.147
millions |
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Total |
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Rs.58.467 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
58.467 |
58.467 |
58.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
26.672 |
14.104 |
4.600 |
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4] (Accumulated Losses) |
0.000 |
(0.506) |
0.000 |
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NETWORTH |
85.139 |
72.065 |
63.100 |
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LOAN FUNDS |
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1] Secured Loans |
11.157 |
10.715 |
20.400 |
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2] Unsecured Loans |
4.080 |
3.140 |
0.000 |
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TOTAL BORROWING |
15.237 |
13.855 |
20.400 |
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DEFERRED TAX LIABILITIES |
3.855 |
0.000 |
0.000 |
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TOTAL |
104.231 |
85.920 |
83.500 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
44.084 |
35.436 |
34.800 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
8.781 |
6.840 |
4.900 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
27.455
|
31.336 |
27.100 |
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Sundry Debtors |
71.096
|
29.054 |
15.500 |
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Cash & Bank Balances |
82.704
|
1.515 |
5.200 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
48.192
|
8.439 |
7.800 |
|
Total
Current Assets |
229.447
|
70.344 |
55.600 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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|
5.800 |
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Provisions |
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|
6.100 |
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Total
Current Liabilities |
178.081
|
26.700 |
11.900 |
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Net Current Assets |
51.366
|
43.644 |
43.700 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.100 |
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TOTAL |
104.231 |
85.920 |
83.500 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
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Sales Turnover |
246.017 |
161.874 |
130.300 |
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Other Income |
(1.259) |
2.247 |
4.900 |
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Total Income |
244.758 |
164.121 |
135.200 |
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Profit/(Loss) Before Tax |
24.583 |
14.001 |
0.700 |
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Provision for Taxation |
7.905 |
5.000 |
0.100 |
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Profit/(Loss) After Tax |
16.678 |
9.001 |
0.600 |
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Total Earnings |
19.006 |
23.126 |
NA |
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Imports : |
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Raw Materials |
3.905 |
4.149 |
NA |
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Stores & Spares |
0.881 |
0.532 |
NA |
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Capital Goods |
8.596 |
0.107 |
NA |
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Others |
87.415 |
0.000 |
NA |
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Total Imports |
100.797 |
4.788 |
NA |
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Expenditures : |
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Manufacturing Expenses |
13.287 |
9.872 |
4.900 |
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Administrative Expenses |
NA |
NA |
10.800 |
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Raw Material Consumed |
36.125 |
23.745 |
82.700 |
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Purchases made for re-sale |
87.415 |
55.352 |
NA |
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Salaries, Wages, Bonus, etc. |
34.897 |
28.246 |
21.200 |
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Miscellaneous Expenses |
NA |
NA |
2.900 |
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Finance Charges |
3.011 |
1.745 |
2.100 |
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Power and Fuel |
NA |
NA |
3.600 |
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Excise Duty |
12.741 |
7.006 |
3.500 |
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Depreciation & Amortization |
3.040 |
2.746 |
2.800 |
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Other Expenditure |
3.011 |
1.745 |
NA |
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Total Expenditure |
220.175 |
150.120 |
134.500 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2006 |
30.09.2006 |
31.12.2006 |
|
Sales
Turnover |
44.400 |
51.500 |
59.700 |
|
Other Income |
0.000 |
0.500 |
1.000 |
|
Total Income |
44.400 |
52.000 |
60.700 |
|
Total
Expenditure |
35.700 |
44.600 |
41.700 |
|
Operating
Profit |
8.700 |
7.400 |
19.000 |
|
Interest |
0.500 |
0.600 |
0.400 |
|
Gross Profit |
8.200 |
6.800 |
18.600 |
|
Depreciation |
0.800 |
1.300 |
1.400 |
|
Tax |
2.500 |
0.900 |
5..300 |
|
Reported PAT |
4.900 |
4.600 |
11.900 |
200606 Quarter 1
Notes
Expenditure Includes (Increase)/Decrease in stock in Trade Rs (9.352) million Consumption of Raw Material & Purchased Components Rs 17.373 million Other expenditure Rs 14.668 million General Administrative Expenses Rs 4.019 million Selling & Distribution expenses Rs 5.351 million Tax Includes Provision for Taxation/Earlier year Tax Rs 2.470 million Fringe Benefit Tax Rs 0.060 million Deferred for Deferred Tax Liability /Credit Rs(0.045) million EPS is Basic & Diluted Status of Investor Complaints for the quarter ended June 30, 2006 Complaints Pending at the beginning of the quarter Nil Complaints Received during the quarter 08 Complaints disposed off during the quarter 08 Complaints unresolved at the end of the quarter Nil 1. Total expenditure incurred on Staff is Rs 10.331 million. 2. Any Item of expenditure which exceeds 10% of the total expenditure is NIL. 3. Figures have been regrouped, wherever necessary. 4. The above results have been reviewed by Audit Committee and taken on record by the Board of Directors at their meeting held on July 31, 2006. The statutory auditors have carried out a limited review of the quarterly results.
200609 Quarter 2
Notes:
Expenditure Includes (Increase)/Decrease in stock in Trade Rs 0.981 million Consumption of Raw Material & Purchased Components Rs 19.521 million Other expenditure Rs 15.045 million General Administrative Expenses Rs 6.424 million Selling & Distribution expenses Rs 2.609 million Tax Includes Provision for Taxation / Earlier year Tax Rs 0.846 million Fringe Benefit Tax Rs 0.107 million EPS is Basic & Diluted Status of Investor Complaints for the quarter ended September 30, 2006 Complaints Pending at the beginning of the quarter Nil Complaints Received during the quarter 02 Complaints disposed off during the quarter 01 Complaints unresolved at the end of the quarter 01 1. Total expenditure incurred on Staff is Rs 9.471 million. 2. Any Item of expenditure which exceeds 10% of the total expenditure is NIL. 3. Figures have been regrouped, wherever necessary. 4. Deferred Tax Liability Rs 3.021 million for the half year ended September 30, 2006 has not been provided. Provision will be made at the close of the year. 5. The above results were reviewed by the Audit Committee and have been taken on record and approved by the Board of Directors at its meeting held on October 31, 2006. The Statutory Auditors have carried out a limited review of the quarterly results.
200612 Quarter 3
Notes
EPS is Basic & Diluted Status of Investor Complaints for the quarter ended December 31, 2006 Complaints Pending at the beginning of the quarter 01 Complaints Received during the quarter 08 Complaints disposed off during the quarter 09 Complaints unresolved at the end of the quarter Nil 1. Total expenditure incurred on Staff is Rs 10.559 million. 2. Any Item of expenditure which exceeds 10% of the total expenditure is NIL. 3. The above results have been reviewed by Audit Committee and have been taken on record and approved by the Board of Directors at its meeting held on January 31, 2007. 4. Figures have been regrouped, wherever necessary.
KEY RATIOS
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Debt-Equity Ratio |
0.18 |
0.25 |
0.24 |
|
Long Term Debt-Equity Ratio |
0.06 |
0.05 |
0.03 |
|
Current Ratio |
1.31 |
1.89 |
2.01 |
|
TURNOVER RATIOS |
|
|
|
|
Fixed Assets |
1.85 |
1.28 |
1.05 |
|
Inventory |
8.41 |
5.54 |
4.85 |
|
Debtors |
4.93 |
7.26 |
9.08 |
|
Interest Cover Ratio |
7.80 |
8.00 |
(0.14) |
|
Operating Profit Margin(%) |
10.70 |
10.13 |
1.92 |
|
Profit Before Interest And Tax Margin(%) |
9.48 |
8.40 |
(0.23) |
|
Cash Profit Margin(%) |
7.01 |
6.49 |
0.31 |
|
Adjusted Net Profit Margin(%) |
5.79 |
4.76 |
(1.84) |
|
Return On Capital Employed(%) |
25.07 |
15.17 |
(0.34) |
|
Return On Net Worth(%) |
18.14 |
10.61 |
(3.31) |
STOCK PRICES
|
Face Value |
Rs.10.00/- |
|
High |
Rs.(0.01)/- |
|
Low |
Rs.0.00 |
LOCAL AGENCY
FURTHER INFORMATION
Company’s fixed assets include Freehold Land, Building, Plant and Machinery,
Furniture and Office Equipments and Vehicles.
FINANCIAL
RESULTS
The Directors are pleased to report that the year under
review has ended in a net surplus of Rs.17.113 Millions (previous year Rs.8.983
Millions) after providing for income tax - Rs.76.00 Millions (previous year
Rs.5.00 Million). As a result, the carry forward losses of Rs. 0.506 Millions
have been completely absorbed.
The company has been able to achieve these results due to
the increase in sales and services from Rs.16.187 Millions in the previous year
to Rs. 2.460 Millions in the year under review. Increase in sales of Defence
components manufactured within plant has further contributed to the
profitability.
The efforts by the management towards cost control and diversifying
activities of the Company continue unabatedly.
The Company has received Industrial Licence for
manufacturing of fuzes, night vision devices and sensor based systems from
Department of Industrial Policy and Promotion, Ministry of Commerce and Industry,
Government of India, during the year under review.
The Company has also received "in-principal"
approval from Department of Commerce, Ministry of Commerce
and Industry, Government of India for setting up a sector
specific Special Economic Zone for IT/ITES sector at its factory land. The
feasilibiilty report of the project is being worked-out.
Website
Details :
v
High Precision manufacturing facilities ISO/TS
16949:2000 and ISO 14001 accreditation
from TUV Germany.
Variety of Turned, Milled, Drilled jobs and Stampings on Swiss and German plant
with in-house designing, tooling, surface and heat treatment
120000 sq. mtrs. (30 Acres) of lush green industrial estate 5 Kms. from New
Delhi International Airport.
12000 sq. mtrs. (120,000 SFT) covered area, mostly Air-Conditioned.
v
Connected Power Load 750 KW.
Self-Generation capacity for Power
600 KVA.
They are looking forward to
forward integration from components to end-use assemblies in existing products
Diversification through Collaborations, Joint Ventures or Technology Transfer
Agreements for new products.
Additional Infrastructure on 12 acres prime land at Dharuhera (Haryana), 50
kms. from Delhi on Delhi-Jaipur Highway available for ready use.
Products
:
v
Automotive Transmission Parts
v
Carburettor Parts
v
Fuel Injection Equipment &. Parts.
v
Precision Components & Assemblies for Communication
Equipment & Office Products.
Consumer Durable & White Goods
Oral Care Products
Instrumentation & Engineering Goods.
v
Dental & Orthopeadic Screws
They manufacture Precision Turned, Milled, Drilled Components and stampings for
the following Industries
Auto Component Industry
White Goods Industry
Consumer Goods Industry
Dentel & Orthopeadic Implants
They are exporting to
- USA
- Hungary
- Germany
- China
- Switzerland
- Hong Kong
Their Major Customers
General Motors, Powertrain
Division, Nao, Detroit, USA
Borg Warner , USA
Dana Corp , USA
Allision Transmission Power Train, USA
Gm-Opel, Hungary
Gimmeli Production Ag, Switzerland, Hong Kong & China
Escorts Limited, India
Ucal Fuel Systems (Mikuni), India
Keihin Fie, India
Siemens, India
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts, India Prisons Service, Interpol, etc.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.22 |
|
UK Pound |
1 |
Rs.85.51 |
|
Euro |
1 |
Rs.58.47 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|