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MIRA
INFORM REPORT
|
Report Date : |
22.08.2011 |
IDENTIFICATION DETAILS
|
Name : |
MODERN INSULATORS LIMITED GUJARAT POLYFILS (UNIT OF MODERN INSULATORS LIMITED) |
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Registered
Office : |
A-4, Vijay Path, Tilak Nagar, Jaipur – 302004, Rajasthan |
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Country : |
India |
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Financials (as
on) : |
30.09.2009 |
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Date of
Incorporation : |
01.05.1982 |
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Com. Reg. No.: |
17-002460 |
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Paid-up Capital
: |
Rs. 217.435 Millions |
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CIN No.: [Company Identification
No.] |
L31300RJ1982PLC002460 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
JDHM06250G JPRM00027G |
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PAN No.: [Permanent Account No.] |
AABCM0860G |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturer of Porcelain Insulators |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (52) |
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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 : |
USD 5000000 |
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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 fine track. The company
is doing well. Trade relations are reported as fair. Business is active. Payments
are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
LOCATIONS
|
Registered Office : |
A-4, Vijay Path, Tilak Nagar, Jaipur – 302004, Rajasthan, India |
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Tel. No.: |
91-141-2623431 |
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Fax No.: |
91-141-2621382 |
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E-Mail : |
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Website : |
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Factory/ Marketing Office : |
Talheti, Abu Road 307026, Rajasthan, India |
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Tel. No.: |
91-2974-228044 to 47 |
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Fax No.: |
91-2974-228043/221098 |
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E-Mail : |
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Corporate Office : |
68-69 Godavari, Poachkhanwala
Road, Worli, Mumbai - 400025, Maharashtra, India |
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Tel. No.: |
91-22-24973269/24920521 |
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Fax No.: |
91-22-24950962 |
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E-Mail : |
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Plant : |
Village Nana Borsara, Mangroi, Surat – 394125, Gujarat, India |
DIRECTORS
As On 31.03.2010
|
Name : |
Mr. Hari Singh Shankar Ranka |
|
Designation : |
Chairman |
|
Address : |
Siddharth, 10th Floor, R. G. Thadani Marg, Worli, Mumbai – 400018,
Maharashtra, India |
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Date of Birth/Age : |
03.11.1939 |
|
Date of Appointment : |
01.05.1982 |
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DIN No.: |
00335386 |
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Name : |
Mr. Ram Ratan Ladu Lal Maheshwari |
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Designation : |
Whole Time Director |
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Address : |
B-405 Ballerina, 3rd Cross lane, Lokhandwala Complex,
Andheri (West), Mumbai – 400053, Maharashtra, India |
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Date of Birth/Age : |
15.05.1946 |
|
Date of Appointment : |
08.02.2011 |
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DIN No.: |
00332293 |
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Name : |
Mr. Raj Kumar Bhagwatiprasad Ladia |
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Designation : |
Whole Time Director |
|
Address : |
Modern Insulators Limited, Office Colony, Abu Road 307206, Rajasthan,
India |
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Date of Birth/Age : |
26.01.1955 |
|
Date of Appointment : |
01.04.2010 |
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DIN No.: |
00742245 |
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Name : |
Mr. Sachin Ranka |
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Designation : |
Director |
|
Address : |
Siddharth, 9th Floor, R. G. Thadani Marg, Worli, Mumbai –
400018, Maharashtra, India |
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Date of Birth/Age : |
28.01.1963 |
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Date of Appointment : |
30.11.1992 |
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DIN No.: |
00335534 |
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Name : |
Mr. Hiralal Sharma |
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Designation : |
Whole Time Director |
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Address : |
605-A, Mansarowar Building Near Chincholi Crossing, Malad (West),
Mumbai – 400064, Maharashtra, India |
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Date of Birth/Age : |
03.01.1951 |
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Date of Appointment : |
23.06.1994 |
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DIN No.: |
00352410 |
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Name : |
Mr. Sardarshing Gopalsingh Karnavat |
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Designation : |
Director |
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Address : |
103, Pleasant Palace, 16, Narayan Dabholkar Road, Mumbai – 400006,
Maharashtra, India |
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Date of Birth/Age : |
09.04.1949 |
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Date of Appointment : |
29.06.1985 |
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DIN No.: |
00381580 |
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Name : |
Mr. Satya Bhushan Lal Jain |
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Designation : |
Director |
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Address : |
32, Uniara Garden, Near Police Memorial, Jaipur – 302004, Rajasthan,
India |
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Date of Birth/Age : |
16.09.1937 |
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Date of Appointment : |
31.03.1998 |
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DIN No.: |
00002582 |
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Name : |
Mr. Ramanand Goyal |
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Designation : |
Director |
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Address : |
C-94, Lal Kothi Scheme, Jaipur – 302015, Rajasthan, India |
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Date of Birth/Age : |
38.08.1955 |
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Date of Appointment : |
29.06.2000 |
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DIN No.: |
00364595 |
KEY EXECUTIVES
|
Name : |
Mr. Ram Ratan Ladu Lal Maheshwari |
|
Designation : |
Company Secretary |
|
Address : |
B-405 Ballerina, 3rd Cross lane, Lokhandwala Complex,
Andheri (West), Mumbai – 400053, Maharashtra, India |
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Date of Birth/Age : |
15.05.1946 |
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Date of Appointment : |
07.02.2011 |
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Pan No.: |
ACCPM1328B |
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|
Name : |
Sonu Tota Lakhani |
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Designation : |
Company Secretary |
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Address : |
B-285,286, Murlipura Scheme, Jaipur – 302013, Rajasthan, India |
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Date of Birth/Age : |
05.03.1986 |
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Date of Appointment : |
08.02.2011 |
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Pan No.: |
ADJPL5200B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
Not Available
As On 31.03.2010
|
Category |
Percentage |
|
Nationalized or
other banks |
0.01 |
|
Mutual funds |
4.60 |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident
Indian(s) or Overseas Corporate bodies or Others |
2.78 |
|
Bodies corporate |
55.57 |
|
Directors or relatives of Directors |
0.02 |
|
Other top fifty shareholders |
4.63 |
|
Others |
32.39 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Porcelain Insulators |
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Products : |
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PRODUCTION STATUS (As On 30.09.2009)
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Particulars |
|
Unit |
Licensed
Capacity |
Installed
Capacity |
|
High tension and other insulators and bushings |
|
MT |
NA |
16500 |
|
Yarn |
|
MT |
NA |
12500 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
·
Central Bank of India – Anand Bhawan, S. C. Road,
Jaipur- 302001, Rajasthan, India |
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Facilities : |
Note: -
Term loan from financial institution is secured
by i) First charge on all the immovable and movable fixed assets, present and
future (excluding the assets of yarn division) ranking pari-passu with the
charges created/ to be created in favour of existing bankers of the company
and by way of first charge on all the assets of Mobile Power Trade Private
Limited (subsidiary company); ii) Personal guarantee of one of directors iii)
Corporate guarantee from Motile Power Trade Private Limited and iv) Pledge of
all share of Motile Power Trade Private Limited. First charge by way of
mortgage of immovable fixed assets yet to be created. However, charge by way
of hypothecation of movable fixed assets has been created. -
Zero Coupon secured redeemable debentures/
advance subscription towards Zero Coupon Secured Redeemable Debentures are
secured by way of mortgage of all the immovable properties and hypothecation
of all movable properties (other than book debts) has been created and charge
by way of mortgage of immovable properties is yet to be created; redemption
to commence from 01.10.2011 quarterly installments still entire redemption is
completed on or before 30.09.2015. -
Borrowings for working capital are secured by
hypothecation of stocks, book debts and first charge on fixed assets
(excluding yarn division) and are personally guaranteed by some of the
directors.
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Banking
Relations : |
-- |
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Financial Institute : |
·
IFCI Limited – IFCI Tower, 61 Nehru Place, New
Delhi – 110019, Delhi, India |
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Auditors : |
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|
Name : |
S. S. Kothari and Company Chartered Accountant |
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Address : |
B-12, Bhagirath Colony, Chomu House, Jaipur – 302001, Rajasthan, India
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Pan No.: |
AAMFS2589L |
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Subsidiaries : |
·
Motile Power Trade Private Limited CIN: U51009MH2009PTC191078 |
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Associates/Subsidiaries : |
·
Modern Terry Towels Limited ·
Modern Threads India Limited ·
Shubham Corporate Advisory Services Private Limited
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CAPITAL STRUCTURE
As On 30.09.2009
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs. 10/- each |
Rs. 250.000 Millions |
|
500000 |
Preference Shares |
Rs. 100/- each |
Rs. 50.000 Millions |
|
|
Total |
|
Rs. 300.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
21743500 |
Equity Shares |
Rs. 10/- each |
Rs. 217.435
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.09.2009 (18
Months) |
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
217.435 |
217.435 |
217.435 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1055.616 |
602.085 |
431.726 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1273.051 |
819.520 |
649.161 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
751.693 |
319.197 |
142.994 |
|
|
2] Unsecured Loans |
0.000 |
30.000 |
50.000 |
|
|
TOTAL BORROWING |
751.693 |
349.197 |
192.994 |
|
|
DEFERRED TAX LIABILITIES |
118.860 |
84.708 |
79.701 |
|
|
|
|
|
|
|
|
TOTAL |
2143.604 |
1253.425 |
921.856 |
|
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|
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|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1009.130 |
565.481 |
508.720 |
|
|
Capital work-in-progress |
60.807 |
259.800 |
15.834 |
|
|
|
|
|
|
|
|
INVESTMENT |
11.711 |
0.001 |
0.001 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
388.169
|
279.699 |
222.511 |
|
|
Sundry Debtors |
546.073
|
418.132 |
279.391 |
|
|
Cash & Bank Balances |
263.895
|
39.058 |
143.840 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
308.824
|
95.343 |
74.886 |
|
Total
Current Assets |
1506.961
|
832.232 |
720.628 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
388.815
|
302.516 |
249.042 |
|
|
Other Current Liabilities |
84.500
|
8.231 |
5.086 |
|
|
Provisions |
47.740
|
93.342 |
69.199 |
|
Total
Current Liabilities |
445.005
|
404.089 |
323.327 |
|
|
Net Current Assets |
1061.956
|
428.143 |
397.301 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
2143.604 |
1253.425 |
921.856 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.09.2009 (18
Months) |
31.03.2008 |
31.03.2007 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4210.699 |
2190.553 |
1999.311 |
|
|
|
Other Income |
14.214 |
11.377 |
11.202 |
|
|
|
TOTAL (A) |
4224.913 |
2201.930 |
2010.513 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials Cost |
1520.768 |
618.261 |
463.753 |
|
|
|
Employees Cost |
241.482 |
123.948 |
97.455 |
|
|
|
Operational and Other Expenses |
2008.149 |
1201.149 |
1169.203 |
|
|
|
Increase/Decrease in Stock |
(37.968) |
(51.787) |
18.860 |
|
|
|
TOTAL (B) |
3732.431 |
1891.571 |
1749.271 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
492.482 |
310.359 |
261.242 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
492.482 |
310.359 |
261.242 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
87.039 |
39.427 |
34.757 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
405.443 |
270.932 |
226.485 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
35.250 |
98.660 |
79.925 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
370.193 |
172.272 |
146.560 |
|
|
|
|
|
|
|
|
|
Add |
TAXES IN RESPECT
OF EARLIER YEARS (NET) |
83.338 |
(1.913) |
(0.788) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
599.585 |
429.226 |
283.454 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
1053.116 |
599.585 |
429.226 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1374.851 |
956.391 |
1214.641 |
|
|
TOTAL EARNINGS |
1374.851 |
956.391 |
1214.641 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
117.160 |
36.310 |
26.821 |
|
|
|
Stores & Spares |
19.055 |
9.755 |
24.473 |
|
|
|
Capital Goods |
244.393 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
380.608 |
46.065 |
51.294 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
17.03 |
7.92 |
6.74 |
|
KEY RATIOS
|
PARTICULARS |
|
30.09.2009 (18
Months) |
31.03.2008 |
31.03.2007 |
|
PAT / Total Income |
(%) |
8.76 |
7.82 |
7.29 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.63
|
12.39 |
11.33 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
16.11
|
19.38 |
18.42 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.33 |
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.94
|
0.92 |
0.80 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.39
|
2.06 |
2.23 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS
The performance of the Company has been satisfactory.
Various factors have contributed for satisfactory performance of the company
inter alia includes balancing of plant and machinery, continuous efforts for
production of value added insulators and diversification into Textile
activities during the period. The gross
turnover during the period has been Rs.4470.000 millions as against Rs.2370.000
millions during 12 months in the previous year. The net profit for the period
is Rs.370.200 millions as compared to Rs. 172.300 millions during 12 months in
2007-08. Turnover and net profit for the period also includes turnover and net
profit of yarn division.
YARN
DIVISION
The Board of Directors of the Company had decided that it will
be beneficial to the Company, Lenders and to the Shareholders that the Company
diversify in textile sector which was booming in the post quota scenario and
India’s competitiveness in the world textile markets and huge demand growth in
domestic market for clothing India’s large
population. Accordingly Board of Directors of the Company had decided to
set up a separate division i.e. Yarn Division under name of Gujarat Polyfils
for the manufacture of Polyester Yam with capacity of 25000 tons per annum near
Surat in the State of Gujarat at the total investment cost of about Rs.1000.000
millions. The implementation of the first phase of the project with capacity of
12500 tons per annum is completed and commercial production has commenced from
September, 2008. The second phase of the project is under progress and likely
to be completed during current financial year.
Keeping in view the need to conserve the Company’s
resources for meeting the enhanced working capital and capital expenditure
requirements, the Directors deemed it prudent not to recommend any dividend for
the period.
FUTURE
PROSPECTS
With the thrust on power development world-wide, India
stands to gain and Company’s business is expected to increase in coming years.
Looking to the present scenario in. power sector, the business prospects for
insulator Industry are good. Company is putting all efforts to strengthen its
leadership both in domestic as well as global markets.
The Govt, of India has given emphasis on upgrading
transmission system along with plans for construction of new power transmission
grids in the country.
AMALGAMATION
OF MODERN TERRY TOWELS LIMITED WITH THE COMPANY
The Board of Directors of the Company has made a proposal
to Modern Terry Towels Limited for its amalgamation into the Company under the
aegis of BIFR which will have following advantages :-
a) The Company is exposed to high taxation due to
negligible tax shields, the amalgamation of Modern Terry Towels Limited with
the Company will provide tax breaks for the Company.
The amalgamation scheme envisages tax benefits under
Section 72A of the Income Tax Act, 1961 and the merged entity would be eligible
for substantial amount of Income Tax benefit under Section 72 A of the Income
Tax Act.
b) The amalgamation of Modern Terry Towels Limited with
the Company will also result in consolidation of two companies which would
result into savings in the administrative costs.
AUDITED FINANCIAL
RESULTS FOR THE PERIOD ENDED 31.03.2011
|
Particulars |
|
Period ended 31.03.2011 (18 months) |
|
a) Net Sales |
|
5397.393 |
|
b) Other Income |
|
14.829 |
|
Total Expenditure |
|
4775.920 |
|
Profit before Interest & Deprecation |
|
636.302 |
|
Interest |
|
166.774 |
|
Gross Profit |
|
469.528 |
|
Deprecation |
|
109.154 |
|
Profit before tax |
|
360.374 |
|
Provision for income tax |
|
19.368 |
|
Profit after tax |
|
341.006 |
|
Paid Up Equity Share Capital |
|
217.435 |
|
Reserves and Surplus |
|
1395.823 |
|
Basic/Diluted Earning per Share (Rs.) |
|
15.68 |
|
Public Share Holding |
|
|
|
- No of Shares |
|
9.869 |
|
- Percentage of Shareholding |
|
45.39% |
|
Promoters and Promoter Group Shareholding |
|
|
|
a) Pledged /
Encumbered |
|
|
|
- Number of Shares |
|
1.866 |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
|
15.71% |
|
- Percentage of shares(as a % of the total share capital of the company) |
|
8.58% |
|
b) Non-encumbered |
|
|
|
- Number of Shares |
|
10.009 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
|
84.29% |
|
- Percentage of Share (as a % of the total share capital of the company) |
|
46.03% |
|
Segment
Reporting |
Period ended 31.03.2011 (18 months) |
|
1.
Segment Revenue |
|
|
Insulators |
3340.412 |
|
Yarn (FDY) |
2056.981 |
|
Net Sales from
Operations |
5397.393 |
|
2.
Segment Results |
|
|
Profit before Interest and Tax – PBIT |
|
|
Insulators |
454.511 |
|
Yarn (FDY) |
72.637 |
|
Total |
527.148 |
|
Less: Interest |
166.774 |
|
Total profit
before Tax |
360.374 |
|
Capital Employed |
|
|
Insulators |
644.852 |
|
Yarn (FDY) |
968.406 |
|
Total |
1613.258 |
Note:
The current accounting period has been
extended from 30.09.2010 to 31.03.2011 hence the audited results are for 18
months period ended on 31.03.2011.
UNAUDITED
FINANCIAL RESULTS (PROVISIONAL) FOR THE QUARTER ENDED 30.09.2010
Rs. In Millions
|
Particulars |
Quarter ended 30.09.2010 |
Period ended 30.09.2010 (12 months) |
|
a) Net Sales |
925.411 |
3382.328 |
|
b) Other Income |
1.374 |
5.636 |
|
Total Expenditure |
824.887 |
2993.239 |
|
Profit before Interest & Deprecation |
101.898 |
394.725 |
|
Interest |
30.538 |
107.617 |
|
Gross Profit |
71.360 |
287.108 |
|
Deprecation |
21.714 |
76.935 |
|
Profit before tax |
49.646 |
210.173 |
|
Provision for income tax |
-- |
- |
|
Profit after tax |
49.646 |
210.173 |
|
Paid Up Equity Share Capital |
217.435 |
217.435 |
|
Reserves and Surplus |
1265.789 |
1265.789 |
|
Basic/Diluted Earning per Share (Rs.) |
2.28 |
9.67 |
|
Public Share Holding |
|
|
|
- No of Shares |
9.869 |
9.869 |
|
- Percentage of Shareholding |
45.39% |
45.39% |
|
Promoters and Promoter Group Shareholding |
|
|
|
a) Pledged /
Encumbered |
|
|
|
- Number of Shares |
1.866 |
1.866 |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
15.71% |
15.71% |
|
- Percentage of shares(as a % of the total share capital of the company) |
8.58% |
8.58% |
|
b) Non-encumbered |
|
|
|
- Number of Shares |
10.009 |
10.009 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
84.29% |
84.29% |
|
- Percentage of Share (as a % of the total share capital of the company) |
46.03% |
46.03% |
|
Segment
Reporting |
Quarter ended 30.09.2010 (3 months) |
Period ended 30.09.2010 (12 months) |
|
1.
Segment Revenue |
|
|
|
Insulators |
559.811 |
2186.828 |
|
Yarn (FDY) |
365.600 |
1195.500 |
|
Net Sales from
Operations |
925.411 |
3382.328 |
|
2.
Segment Results |
|
|
|
Profit before Interest and Tax – PBIT |
|
|
|
Insulators |
73.384 |
281.190 |
|
Yarn (FDY) |
6.800 |
36.600 |
|
Total |
80.184 |
317.790 |
|
Less: Interest |
30.538 |
107.617 |
|
Total profit
before Tax |
49.646 |
210.173 |
|
Capital Employed |
|
|
|
Insulators |
652.904 |
652.904 |
|
Yarn (FDY) |
834.520 |
834.520 |
|
Total |
1487.424 |
1487.424 |
Note:
1. Provision for taxation / deferred taxation as per accounting standard 22
relating to “Accounting for taxes on income” will be made by the company at the
year end.
2. The current accounting period has been extended from 30.09.2010 to
31.03.2011, hence the audited results will be available for 18 months period
ending on 31.03.2011.
Form 8:
|
Corporate identity number of the company |
L31300RJ1982PLC002460 |
||||||
|
Name of the company |
MODERN INSULATORS LIMITED |
||||||
|
Address of the registered office or of the
principal place of business in |
A-4,
Vijay Path, Tilak Nagar, Jaipur – 302004, Rajasthan, India |
||||||
|
This form is for |
Creation of charge |
||||||
|
Type of charge |
Immovable Property |
||||||
|
Particular of charge holder |
|
||||||
|
Nature of instrument creating charge |
1. Letter issued by IFCI Limited dated
05.05.2011 for creation of Parri-passu charge in favour of Central Bank of
India, Anand Bhawan, S.C.Road, Jaipur and Punjab National Bank, MID Corporate
Branch, Chamber Bhawan, M.I.Road jaipur. 2. Memorandum of Entry |
||||||
|
Date of instrument Creating the charge |
05.05.2011 |
||||||
|
Amount secured by the charge |
Rs. 640.000 Millions |
||||||
|
Brief of the principal terms an conditions
and extent and operation of the charge |
Rate of Interest - As per Joint Deed of
Hypothecation and working capital consortium agreement dated 11.12.2010. Terms of Repayment - As per Joint Deed of
Hypothecation and working capital consortium agreement dated 11.12.2010. Margin - As per Joint Deed of
Hypothecation and working capital consortium agreement dated 11.12.2010. Extent and Operation of the charge - The
Charge will operate in favour of Central Bank of India (CBI) for its working
capital facilities to the extent of Rs. 480.000 millions (Fund Based limit of
Rs.292.500 millions and Non Fund Based limit of Rs. 187.500 millions) and
Punjab National Bank (PNB) for its working capital facilities to the extent
of Rs.160.000 millions (Fund Based limit of Rs.97.500 millions and Non Fund
Based limit of Rs. 62.500 millions). |
||||||
|
Particulars of the property charged |
All the pieces and parcels of lease hold
land herditaments and premises admeasuring 160 Bighas and 02 Biswa (100-06
Acres) Comprised in Khasra Nos. 82, 83 min. 84 to 110, 112,115,127,133,140 to
162, 165 to 180, 184, 185 485/83 and 487/175 lying and situated at Village
Karoli, Tehsil Abu Road, Distt. Sirohi in the state of Rajasthan together
with all buildings and structure constructed/ to be constructed thereon and all
plant and machinery attached to the earth or permanently fastened to anything
attached to the earth, fixtures and fittings erected/installed or to be
erected/ installed thereon and every part thereof. |
Fixed Assets:
· Leasehold land
· Freehold land
· Buildings
· Plant and machinery
· Furniture and fixtures, computers and other office equipments
· Vehicles
AS PER WEBSITE DETAILS
PROFILE:
Modern Group is pioneer, in Textile and High Voltage Porcelain Insulators in India. The Group, emerged on the corporate scene in 1973, and is managed by a very dynamic and professional entrepreneur, Mr. H.S. Ranka and his dedicated team. Modern Group has five manufacturing units, with a manpower base of about 7000 employees, and sales turnover exceeding 300 Million US Dollars.
Subject, a flagship company of the group, was set up in 1985 in technical
collaboration with Siemens AG, Germany, for manufacture of High Voltage
Porcelain Insulators. Subject, now is the largest exporter in the country and
has been honoured with Top Export Award from Ministry of Commerce, for four
consecutive years. Subject is conferred with Special Export Award.
Subject manufactures Porcelain Insulators in the range of 33KV to 1200 KV. The
main product categories are:
-
Solidcore post insulators for Disconnectors and
substation requirements.
-
Hollow insulators for SF6 Circuit Breakers,
Lightning arrestors and Instruments transformers.
-
Longrod insulators for overhead Transmission
lines.
-
Railway insulators.
-
Linepost insulators for Distributions.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.61 |
|
|
1 |
Rs.75.32 |
|
Euro |
1 |
Rs.65.68 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
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 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
52 |
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 |
Capability to overcome financial difficulties seems comparatively below
average. |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.