Business
information report
1. Summary Information
|
|
|
Country |
India |
|
Company Name |
EVEREST INDUSTRIES LIMITED |
Principal Name 1 |
Mr. A. V. Somani |
|
Status |
Good |
Principal Name 2 |
Mr. Sandeep Junnarkar |
|
|
|
Registration # |
002093 |
|
Street Address |
Gat No. 152, Lakhmapur, Taluka Dindori, Nashik - 422 202, Maharashtra |
||
|
Established Date |
03.04.1934 |
SIC Code |
-- |
|
Telephone# |
91-2557-250375/462 |
Business Style 1 |
Providing of Building Solution Services like Roofing, Ceiling, Wall,
Flooring, Cladding, Door and Pre-engineered steel building for the
industrial, commercial and residential sectors. |
|
Fax # |
91-2557-250376 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
-- |
|
|
# of employees |
-- |
Product Name 2 |
-- |
|
Paid up capital |
Rs.150,841,000 |
Product Name 3 |
-- |
|
Shareholders |
Bodies Corporate - 49.83% |
Banking |
State Bank of India |
|
Public Limited Corp. |
-- |
Business Period |
77 years |
|
IPO |
-- |
International Ins. |
- |
|
Public |
-- |
Rating |
A (62) |
|
Related
Company |
|||
|
Relation - Holding Company |
Country
-- |
Company
Name |
Everest Finvest (India) Private Limited (till 25 March, 2010) |
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1,023,818,000 |
Current Liabilities |
1,235,175,000 |
|
Inventories |
1,535,453,000 |
Long-term Liabilities |
1,107,887,000 |
|
Fixed Assets |
2,149,382,000 |
Other Liabilities |
359,819,000 |
|
Deferred Assets |
0 |
Total Liabilities |
2,702,881,000 |
|
Invest& other Assets |
79,646,000 |
Retained Earnings |
1,934,187,000 |
|
|
|
Net Worth |
2,085,418,000 |
|
Total Assets |
4,788,299,000 |
Total Liab. & Equity |
4,788,299,000 |
|
Total Assets (Previous Year) |
5,371,732,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
7,215,877,000 |
Net Profit |
407,034,000 |
|
Sales(Previous yr) |
6,525,342,000 |
Net Profit(Prev.yr) |
300,127,000 |
MIRA
INFORM REPORT
|
Report Date : |
25.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
EVEREST INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
Gat No. 152, Lakhmapur, Taluka Dindori, Nashik - 422 202, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
03.04.1934 |
|
|
|
|
Com. Reg. No.: |
002093 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.150.841 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74999MH1934PLC002093 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNEE01437C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACE7550N |
|
|
|
|
Legal Form : |
Public Limited Liability Company, Company's Shares are Listed on Stock
Exchange |
|
|
|
|
Line of Business
: |
Providing of Building Solution Services like Roofing, Ceiling, Wall,
Flooring, Cladding, Door and Pre-engineered steel building for the
industrial, commercial and residential sectors. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 8341672 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an old and well established company having fine track.
Financial position of the company appears to be sound. Trade relations are
reported as fair. Business is active. Payments are reported to be regular and
as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
LOCATIONS
|
Registered Office /Factory: |
Gat No. 152, Lakhmapur, Taluka Dindori, Nashik - 422 202, Maharashtra |
|
Tel. No.: |
91-2557-250375/462 |
|
Fax No.: |
91-2557-250376 |
|
E-Mail : |
|
|
|
|
|
Head Office : |
Genesis A-32 Mohan Co-operative Industrial Estate Mathura Road New
Delhi - 110 044, India |
|
Tel. No.: |
91-11-41731951/52 |
|
Fax No.: |
91-11-46566370 |
|
|
|
|
Factories : |
Kymore Works Everest Nagar,
P.O.Kymore, Distt. Katni - 438 880 Madhya Pradesh, India Kolkata Works ‘Everest House’
1, Taratola Road, Garden Reach, Kolkata – 700 024, West Bengal, India Podanur Works Podanur P O., Coimbatore 641023, Tamilnadu, India Bhagwanpur Works Khasra Nos.158
and 159, Village Lakesari, Pargana Bhagwanpur, Tehsil Roorkee, Distt.
Haridwar – 247661, Uttarakhand, India |
DIRECTORS
AS ON 31.03.2011
|
Name : |
Mr. A. V. Somani |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Sandeep Junnarkar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. M. L. Narula |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Amitabh Das Mundhra |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. M. L. Gupta |
|
Designation : |
Vice Chairman |
|
|
|
|
Name : |
Mr. Manish Sanghi |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Mohanlal Bhandari |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Y. Srinivasa Rao |
|
Designation : |
Executive Director (Operations) |
KEY EXECUTIVES
|
Name : |
Mr. Neeraj Kohli |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.06.2011
|
Category of
Shareholder |
Total No. of
Shares |
% of total No. of Shares |
|
|
|
|
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
7,520,470 |
49.83 |
|
|
7,520,470 |
49.83 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
7,520,470 |
49.83 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
1,022,046 |
6.77 |
|
|
775 |
0.01 |
|
|
200 |
- |
|
|
742 |
- |
|
|
316,275 |
2.10 |
|
|
1,340,038 |
8.88 |
|
|
|
|
|
|
1,173,704 |
7.78 |
|
|
|
|
|
|
3,438,614 |
22.79 |
|
|
917,510 |
6.08 |
|
|
700,531 |
4.64 |
|
|
207,821 |
1.38 |
|
|
492,710 |
3.26 |
|
|
6,230,359 |
41.29 |
|
Total Public
shareholding (B) |
7,570,397 |
50.17 |
|
Total (A)+(B) |
15,090,867 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total
(A)+(B)+(C) |
15,090,867 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Providing of Building Solution Services like Roofing, Ceiling, Wall,
Flooring, Cladding, Door and Pre-engineered steel building for the
industrial, commercial and residential sectors. |
||||||||
|
|
|
||||||||
|
Products : |
|
PRODUCTION STATUS
AS ON 31.03.2011
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Buildings Products |
Tonnes |
710000 |
710000 |
|
Steel Buildings (certified by the management, being a technical matter) |
Tonnes |
30000 |
30000 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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|
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Bankers : |
·
State Bank of India ·
State Bank of Patiala ·
ICICI Bank Limited ·
Axis Bank Limited ·
HDFC Bank Limited |
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Facilities : |
Rs. In Millions
|
|||||||||||||||||||||||||||||||||
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountant |
|
Address : |
Gurgaon |
|
|
|
|
Holding Company: |
Everest Finvest (India) Private Limited (till 25 March, 2010) |
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|
|
|
Subsidiary Company: |
Everest Building Solutions Limited (till 13 April, 2010) |
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|
|
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Associates Company: |
Everest Building Solutions Limited (with effect from 14 April, 2010) |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17000000 |
Equity Shares |
Rs. 10 each |
Rs.170.000 millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15084174 |
Equity Shares |
Rs. 10 each |
Rs.150.841 millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15084174 |
Equity Shares |
Rs. 10 each |
Rs.150.841 millions |
Of the above:
a. 15,000
(previous year -15,000) equity shares are allotted as fully paid up pursuant to
a contract without payment being received in cash
b. 13,350,020
(previous year - 13,350,020) equity shares are alloted as fully paid up by way
of bonus shares by capitalization of general reserve
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
150.841 |
148.156 |
148.000 |
|
|
2] Share Application Money |
0.390 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1934.187 |
1588.785 |
1365.315 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2085.418 |
1736.941 |
1513.315 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1057.887 |
1198.867 |
1497.321 |
|
|
2] Unsecured Loans |
50.000 |
0.000 |
200.000 |
|
|
TOTAL BORROWING |
1107.887 |
1198.867 |
1697.321 |
|
|
DEFERRED TAX LIABILITIES |
240.845 |
247.940 |
180.265 |
|
|
STOCKISTS DEPOSITS (UNSECURED) |
118.974 |
82.974 |
45.728 |
|
|
|
|
|
|
|
|
TOTAL |
3553.124 |
3266.722 |
3436.629 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2149.382 |
2202.747 |
2345.827 |
|
|
Capital work-in-progress |
79.401 |
63.285 |
69.418 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.245 |
0.500 |
0.500 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1535.453
|
1233.232 |
1295.652 |
|
|
Sundry Debtors |
321.402
|
231.858 |
238.435 |
|
|
Cash & Bank Balances |
186.638
|
192.069 |
225.811 |
|
|
Other Current Assets |
0.375
|
0.273 |
0.259 |
|
|
Loans & Advances |
515.403
|
447.578 |
354.001 |
|
Total
Current Assets |
2559.271
|
2105.010 |
2114.158 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
666.410
|
613.350 |
707.105 |
|
|
Other Current Liabilities |
419.951
|
350.315 |
291.154 |
|
|
Provisions |
148.814
|
144.568 |
101.842 |
|
Total
Current Liabilities |
1235.175
|
1108.233 |
1100.101 |
|
|
Net Current Assets |
1324.096
|
996.777 |
1014.057 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
3.413 |
6.827 |
|
|
|
|
|
|
|
|
TOTAL |
3553.124 |
3266.722 |
3436.629 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
7215.877 |
6525.342 |
5294.516 |
|
|
|
Other Income |
131.559 |
96.273 |
47.925 |
|
|
|
TOTAL (A) |
7347.436 |
6621.615 |
5342.441 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing Expenses |
6712.612 |
6000.374 |
4891.749 |
|
|
|
Increase/(Decrease) in Finished Goods |
(139.847) |
(79.076) |
(86.642) |
|
|
|
TOTAL (B) |
6572.765 |
5921.298 |
4805.107 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
774.671 |
700.317 |
537.334 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
53.903 |
99.520 |
164.806 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
720.768 |
600.797 |
372.528 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
188.960 |
183.654 |
171.380 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
531.808 |
417.143 |
201.148 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
124.774 |
117.016 |
56.638 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
407.034 |
300.127 |
144.510 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
815.031 |
623.905 |
537.683 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
41.000 |
31.000 |
15.000 |
|
|
|
Dividend |
68.694 |
66.670 |
37.000 |
|
|
|
Tax on Dividend |
10.890 |
11.331 |
6.288 |
|
|
BALANCE CARRIED TO
THE B/S |
1101.481 |
815.031 |
58.288 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
483.562 |
387.545 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1600.994 |
1289.248 |
NA |
|
|
|
Stores & Spares |
6.268 |
1.638 |
NA |
|
|
|
Capital Goods |
52.985 |
21.854 |
NA |
|
|
|
Others |
34.584 |
23.736 |
NA |
|
|
TOTAL IMPORTS |
1694.831 |
1336.476 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
27.10 |
20.28 |
9.76 |
|
QUARTERLY RESULTS
|
Particulars (Rs in Millions) |
Jun 2011 |
|
|
1st Quarter |
|
Net Sales |
2443.600 |
|
Total Expenditure |
2154.900 |
|
PBIDT (Excl OI) |
288.700 |
|
Other Income |
121.600 |
|
Operating Profit |
410.300 |
|
Interest |
8.300 |
|
Exceptional Items |
0.000 |
|
PBDT |
402.000 |
|
Depreciation |
48.200 |
|
Profit Before Tax |
353.800 |
|
Tax |
91.600 |
|
Provisions and contingencies |
0.000 |
|
Profit After Tax |
262.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
5.53
|
4.53 |
2.70 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.36
|
6.39 |
3.79 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.29
|
9.68 |
4.51 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.24 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.29
|
1.51 |
1.99 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.07
|
1.90 |
1.92 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS REVIEW
Net Sales Turnover
was Rs. 7215.9 millions as compared to Rs.6525.3 millions during the previous year.
The profit after tax for during the year at Rs. 407.0 millions was higher as
compared to the previous year.
MANAGEMENT
DISCUSSION AND ANALYSIS
The Indian economy
has sustained its robust growth rate. The GDP grew by 8.60%* this year as
compared with 8% * in the previous year. The construction industry grew by 8%*
this year accounting for 8%* of India’s GDP. Industrial, Commercial and
Residential segments collectively account for 46%** of the construction
industry and the balance is the infrastructure spend. While the industrial
sector witnessed a growth of 10%* over the previous year, the construction
material and building products grew by 10%^. High inflation ranging from 15%*
during the start of the year to 8%* towards the end, caused prices of raw
materials, food and fuel to touch an all-time high. The building materials
industry too faced an increase in input prices and pressure on volumes from
price sensitive segments. The Government continued to provide an impetus to the
construction industry by ensuring inclusive and sustained growth. These
successful programs of the Government are likely to continue. Infrastructure
spends in the next 5 year plan as outlined by the Planning Commission indicate
that public construction activity will see sustained double digit growth.
Subject caters to
the demands of the construction industry with a strong portfolio of products
for industrial and commercial applications and rural housing. This year, the
Company’s turnover grew by 10.60%. Sustained demand for Fibre Cement Roofing
Sheets comes primarily from rural areas all over the country. Everest serves
over 100,000 villages and 600 citiesthrough 37 sales depots and 6000 retail
counters. The Everest brand and its assurance of quality continues to command a
price premium in the markets it serves. Exposure to global aesthetics and
modern construction techniques has expanded markets for their fibre cement
products, Everest Boards and Solid Wall Panels. The market for modern
ready-to-install products like acoustic ceilings, access flooring and dry
walling techniques is growing. The Company understands the needs of the Indian
construction market and has introduced new products to cater to this growing
demand. These emerging segments provide many opportunities. Exports of fibre
cement building material to various countries all over the globe continued to
grow and Everest has been recognised as a Star Export House.
Financial results
The Company’s
turnover increased to 7215.9 millions from 6525.3 millions in FY 10-11, a
growth of 10.60%. This was a result of value growth of 6.20% in the Building
Products division and 29.30% in the Steel Buildings division. The corresponding
volume growth was 4.10% in Building Products division and 7.20% in the Steel
Buildings division. Profit before Depreciation and Interest rose from 700.3
millions (10.70% of sales) to 774.7 millions (10.7% of Sales). PBT stood at
531.8 millions, an increase of 27.50%. PAT for the year is 407.0 millions, a
35.60% increase over last year. The return on Average Net Worth stood at 21.30%
as compared with 18.50% in the previous year.
FINANCIAL PERFORMANCE
The Balance Sheet
of Everest Industries Limited. Continued to strengthen in this financial year.
Net Worth of the Company stood at 2085.4 millions as on March 31, 2011 as
compared to 1736.9 millions a year before, a growth of 20% during the year.
Company’s Borrowings reduced from 1198.9 millions a year ago to 1107.9 millions
this year. The Debt Equity Ratio as on March 31, 2011 stood at 0.53 as compared
with 0.69 on March 31, 2010. Reduction in borrowing due to improved cash flows
during the year and optimisation of the sources of borrowing resulted in the
reduction of interest costs from 99.5 millions in the previous year to 53.9
millions in the current year. During the year, the Company sold a part of its
land situated at Peenya Industrial Area, Bengaluru for 74.6 millions resulting
in a capital gain of 69.4 millions. The Company entered into a few 'Principal
Only Swap' (POS) derivative transactions in the year 2007, to restate a part of
its External Commercial Borrowing from US Dollars (USD) to low interest bearing
Japanese Yen (JPY) denomination. Due to unprecedented strengthening of JPY/USD,
the Company incurred a cost of 46.3 millions in 2010-11. The total cost
incurred over the life of all POS derivative transactions stands at 144.1
millions. All POS derivative contracts stand extinguished and there will be no
further cost on this account in future. During the year, Raw Material costs
(including changes in inventory) stood at 3862.1 millions (53.50% of sales) as
compared to 3579.7 millions (54.90% of sales) in the previous year. Freight
cost increased from 453.7 millions (6.90% of sales) in 2009-10 to 571.4
millions (7.90% of sales) in 2010-11 as a result of rising diesel prices and
supply constraints of trucks in certain regions.
OPERATION
The fibre cement
industry in India has a capacity in excess of 5 million MT. There are 17 players
and Everest has a 14% market share, evenly spread across the nation. Everest
Roofing Sheets are produced at 5 locations - Bhagwanpur Works, Roorkee,
Uttarakhand (North), Lakhmapur Works, Nashik, Maharashtra (West), Kymore Works,
Katni, Madhya Pradesh (Central), Calcutta Works, Kolkata, West Bengal (East)
and Podanur Works, Coimbatore, Tamil Nadu (South). During the year, the Company
produced 508137 MT of roofing, an increase of 2.66% over last year. The
production of Roofing Sheet line at Bhagwanpur Works, Roorkee was disrupted due
to heavy rains for 28 days during September-October, 2010. Everest Fibre Cement
Boards are produced at Lakhmapur Works,
Nashik, Maharashtra (West), and Bhagwanpur Works, Roorkee, Uttarakhand (North).
There are four major players in the Fibre Cement Boards industry, and Everest
is a major player. Their installed capacity for Boards and Panels is 1,36,000
MT and markets are expanding. This year witnessed an 11.60% growth in the sales
of Boards over last year. The Solid Wall Panel sales grew by106 %. Cost of
goods sold increased on account of the increase in fibre prices (10%). Increase
in raw material costs was primarily on account of changes in product mix and
input costs. Manpower cost during the year was 693.6 millions (9.61% of sales)
as compared with 630.2 millions (9.66% of sales) in the previous year. Freight
stood at 571.4 millions (7.92% of sales) as compared with 453.7 millions (6.95%
of sales) in the previous year. All plants undertook initiatives to improve
productivity and reduce costs and rejections. During the year, upgradation of
Roofing Line was started at Kymore
works. The new
Roofing Line will be commissioned by Dec, 2011 and will improve quality and
productivity of the Line. Continuous process improvement and training of the
workmen has resulted in an increase of production volume upto as high as 18% on
some production lines. Overall the building products division registered a
revenue growth of 6.20%.
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.44.42 |
|
|
1 |
Rs.72.49 |
|
Euro |
1 |
Rs.63.86 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
62 |
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.