MIRA
INFORM REPORT
|
Report Date : |
02.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
APAR INDUSTRIES LIMITED (w.e.f
08.10.1999) |
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Formerly Known As : |
GUJARAT APAR POLYMER LIMITED |
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Registered Office : |
301 Panorama Complex, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
28.09.1989 |
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|
Com. Reg. No.: |
04-12802 |
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|
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Capital
Investment / Paid-up Capital : |
Rs.323.360
millions |
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|
|
|
CIN No.: [Company
Identification No.] |
L91110GJ1989PLC012802 |
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|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BRDA01335F /
BRDA01312D / BRDA00836D |
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Legal Form : |
A Public Limited
Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business : |
Manufacturer of oil well parts, fuel tank liners, fuel hoses,
gaskets, packing oil seals and other oil-resistant applications. |
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|
|
No. of Employees : |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
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 12000000 |
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|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and a reputed company having fine track.
Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INFORMATION DECLINED BY
|
Name : |
Ms. Urvashi |
|
Designation : |
Deputy Manager |
|
Date : |
31.05.2011 |
LOCATIONS
|
Registered
Office : |
301, Panorama
Complex, |
|
Tel. No.: |
91-265-2331935/ 2339906 |
|
Fax No.: |
91-265-2330309 |
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E-Mail : |
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|
Website : |
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Corporate
Office : |
Apar House,
Corporate Park, |
|
Tel. No.: |
91-22-25263400/67800400 |
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Fax No.: |
91-22-25246326 |
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E-Mail : |
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Administrative
Office: |
Village Dungi Taluka Valla Near Ankleshwar Baruch, |
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Factory 1: |
Special Oil Refinery 1. Dharmsinh
Desai Marg, Muhul Trombay, Mumbai – 400 074, 2. Silvassa, |
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Factory 2: |
A#18 TTC MIDC Industrial Area, Near Rabale Tel Exchange, |
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Factory 3: |
Polymers Division Village Dungri,
Taluka Valia, District Bharuch – 393 135, Gujarat Trombay, Mumbai, |
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Factory 4: |
Dharmsihn Desai Industrial Park, Dharmsinh Desai Marg, Opposite “D” Cabin, Chhani Road, Vadodara
– 390 002, Gujarat, India |
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Factory 5: |
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|
Speciality Oils
Manufacturing Facility |
Rabale – Navi Mumbai 18,TT.C.M.I.D.C.Indl.Area, Near Rabale Telephone.
Exchange, Tel. No.: 91-22 - 27694756; Email: apar_thane@apar.com Silvassa – D. and NH
Tel. No.: 91-260 - 2630193 / 2630194 / 2630282 / 2630961 Email: aparsil@apar.com |
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|
Aluminium Conductors Manufacturing Facility |
Nalagarh - HP Tel. No.: 91-1795 - 265389 / 200384 Email: apar_nalagarh@apar.com |
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Branches : |
Located At: ·
· Chennai ·
New · Kolkata ·
· Pune ·
·
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DIRECTORS
As on 31.03.2010
|
Name : |
Dr. Narendra D.
Desai |
|
Designation : |
Chairman and
Managing Director |
|
Date of
Birth/Age : |
62 Years |
|
Qualification
: |
B.Sc. (Hons), |
|
Experience : |
44 years |
|
Date of
Appointment : |
28.09.1989 |
|
|
|
|
Name : |
Mr. V. A. Gore |
|
Designation : |
Director (upto
01.12.2009)s |
|
|
|
|
Name : |
Mr. N. K.
Thingalaya |
|
Designation : |
Director |
|
Date of
Birth/Age : |
04.11.1937 |
|
Qualification
: |
Ph. D.
(Economics) |
|
Date of
Appointment : |
27.07.2001 |
|
Other Directorships:- |
Canbank
Investment Management Services Limited |
|
|
|
|
Name : |
Mr. F. B. Virani |
|
Designation : |
Director |
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Date of
Birth/Age : |
26.06.1945 |
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Qualification
: |
B. E. (Chemical
Engineering), M. S. (Chemical Engineering) ( |
|
Date of
Appointment : |
27.07.2001 |
|
Other Directorships:- |
Jaiprakash Hydro
Power Limited |
|
|
|
|
Name : |
Mr. Kushal N.
Desai |
|
Designation : |
Managing Director |
|
Date of
Birth/Age : |
36 years |
|
Qualification
: |
B.Sc. Hons.,
(Ele. Engg.) |
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Experience : |
13 years |
|
Date of
Appointment : |
24.03.1999 |
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|
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Name : |
Mr. C. N. Desai |
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Designation : |
Joint Managing
Director |
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Date of
Birth/Age : |
15.07.1971 |
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Qualification
: |
B.Sc (Hons.)
(Chem. Engg.) |
|
Experience : |
8 Years |
|
Date of
Appointment : |
29.05.1993 |
|
|
|
|
Name : |
Mr. H. N. Shah |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Gary Ng Jit
Meng |
|
Designation : |
Alternate to Ms. Josephine Price (upto 21.01.2010) |
KEY EXECUTIVES
|
Name : |
Mr. Sanjaya
Kunder |
|
Designation : |
Company Secretary
|
|
|
|
|
Audit
Committee: |
Mr. V A Gore,
Chairman (Upto 01.12.2009) Mr. H. N. Shah,
Member (w.e.f. 21.01.2010) Dr. N.K.
Thingalaya Mr. F.B. Virani Mr. Gary Ng Jit
Ment (Upto 21.01.2010) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2011
|
Category of
Shareholder |
Total No. of
Shares |
% of total No.
of Shares |
|
|
|
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
20,225,918 |
62.55 |
|
|
110,978 |
0.34 |
|
|
20,336,896 |
62.89 |
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Total shareholding of Promoter and Promoter Group (A) |
20,336,896 |
62.89 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
3,185,404 |
9.85 |
|
|
1,149 |
- |
|
|
2,055,595 |
6.36 |
|
|
5,242,148 |
16.21 |
|
|
|
|
|
|
3,447,467 |
10.66 |
|
|
|
|
|
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2,088,682 |
6.46 |
|
|
892,024 |
2.76 |
|
|
328,814 |
1.02 |
|
|
221,975 |
0.69 |
|
|
105,324 |
0.33 |
|
|
1,515 |
- |
|
|
6,756,987 |
20.90 |
|
Total Public shareholding (B) |
11,999,135 |
37.11 |
|
Total (A)+(B) |
32,336,031 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
32,336,031 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of oil well parts, fuel tank liners, fuel hoses,
gaskets, packing oil seals and other oil-resistant applications. |
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Products : |
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PRODUCTION STATUS As on 31.03.2009
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Synthetic Rubber (NBR/HSR), Lattices and Polybled |
MT |
(12000) |
(21763) |
(16930) |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
Not Divulged |
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Bankers : |
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Facilities : |
Note: A) The cash Credit/working capital demand loans/pre-shipment export finance from banks are
secured by: (i)
Hypothecation of specified stock, specified book
debts and movable plant and machinery at Nalagarh Unit. (ii)
First charge by way of equitable mortgage by
deposit of title deeds of certain immovable properties both present and
future. (iii)
First charge by way of equitable mortgage by
deposit of title deeds of certain immovable properties of Apar Corporation
Private Limited a related Party. (iv)
Out of the above an amount ofRs.269.460 Millions
is secured by lien on term deposits of Rs.290.000 Millions. B) The term loan is secured by hypothecation of specific machineries
acquired out of proceeds of the loan. The amount denotes charge created / to
be created.
Repayable within one year Rs.77.527 millions (Previous year 118.966
millions.) |
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Banking
Relations : |
- |
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Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountant |
|
Address : |
Mumbai. |
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Joint Venture : |
Apar Chematak Lubricants Limited |
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Enterprises over which significant influence is exercised by key
management personnel/ individuals having significant influence: |
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Subsidiaries: |
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CAPITAL STRUCTURE
As on 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
91998750 |
Equity Shares |
Rs.10/- each |
Rs.919.987 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
32336031 |
Equity Share |
Rs.10/- Each |
Rs.323.360
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
323.360 |
323.360 |
323.360 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
2606.478 |
2489.185 |
2436.110 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2929.838 |
2812.545 |
2759.470 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
574.547 |
376.325 |
685.525 |
|
|
2] Unsecured Loans |
302.508 |
392.845 |
204.429 |
|
|
TOTAL BORROWING |
877.055 |
769.170 |
889.954 |
|
|
DEFERRED TAX LIABILITIES |
80.320 |
85.782 |
55.836 |
|
|
|
|
|
|
|
|
TOTAL |
3887.213 |
3667.497 |
3705.260 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1198.778 |
1185.705 |
1066.138 |
|
|
FIXED ASSETS HELD FOR SALE/DISPOSAL |
0.732 |
0.731 |
0.731 |
|
|
Capital work-in-progress |
9.244 |
46.033 |
32.778 |
|
|
|
|
|
|
|
|
INVESTMENT |
317.509 |
884.096 |
413.017 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
3782.880
|
2974.903
|
2674.903 |
|
|
Sundry Debtors |
3784.270
|
4751.894
|
3879.087 |
|
|
Cash & Bank Balances |
4691.145
|
5996.983
|
4853.801 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
2047.919
|
1667.559
|
1255.360 |
|
Total
Current Assets |
14306.214
|
15391.339
|
12663.151 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
9437.888
|
11950.489 |
9350.862 |
|
|
Other Current Liabilities |
2297.855
|
1884.527
|
968.589 |
|
|
Provisions |
209.521
|
16.953
|
180.067 |
|
Total
Current Liabilities |
11945.264
|
13851.969
|
10499.518 |
|
|
Net Current Assets |
2360.950
|
1539.370
|
2163.633 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
11.562 |
28.963 |
|
|
|
|
|
|
|
|
TOTAL |
3887.213 |
3667.497 |
3705.260 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
19980.543 |
24634.127 |
17102.903 |
|
|
|
Other Income |
166.386 |
63.230 |
56.141 |
|
|
|
TOTAL (A) |
20146.929 |
24697.357 |
17159.044 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating and other expenses |
18974.104 |
24161.861 |
16172.509 |
|
|
|
Other Expenditure |
22.611 |
17.402 |
38.402 |
|
|
|
Increase/(Decrease) in Finished Goods |
(212.282) |
11.469 |
(186.197) |
|
|
|
TOTAL (B) |
18784.433 |
24190.732 |
16024.714 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1362.496 |
506.625 |
1134.330 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
195.599 |
312.489 |
355.745 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1166.897 |
194.136 |
778.585 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
118.792 |
109.926 |
138.909 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1048.105 |
84.210 |
639.676 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
742.277 |
31.135 |
107.998 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
305.828 |
53.075 |
531.678 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
998.166 |
945.091 |
NA |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
87.500 |
-- |
NA |
|
|
|
Proposed Dividend |
161.680 |
-- |
NA |
|
|
|
Tax on Dividend |
26.855 |
-- |
NA |
|
|
BALANCE CARRIED
TO THE B/S |
1027.959 |
998.166 |
NA |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
5022.529 |
6554.239 |
6184.371 |
|
|
|
Commission Earnings |
0.000 |
1.671 |
1.428 |
|
|
|
Other Earnings |
256.511 |
264.485 |
253.523 |
|
|
|
Deemed Exports |
861.682 |
1488.632 |
736.576 |
|
|
TOTAL EARNINGS |
6140.722 |
8309.027 |
7175.898 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
9694.131 |
14845.293 |
11295.970 |
|
|
|
Stores & Spares |
3.562 |
2.765 |
3.445 |
|
|
|
Capital Goods |
20.109 |
23.234 |
28.811 |
|
|
TOTAL IMPORTS |
9717.802 |
14871.292 |
11328.226 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
9.46 |
1.64 |
16.44 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2010 |
30.09.2010 |
31.12.2010 |
31.03.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
6248.990 |
6678.760 |
6493.690 |
7832.270 |
|
Total Expenditure |
5880.580 |
6159.980 |
6106.780 |
7406.210 |
|
PBIDT (Excl OI) |
368.410 |
518.780 |
386.910 |
426.060 |
|
Other Income |
0.340 |
4.900 |
0.500 |
27.810 |
|
Operating Profit |
368.750 |
523.680 |
387.410 |
453.870 |
|
Interest |
[1.540] |
0.000 |
0.000 |
1.540 |
|
Exceptional Items |
0.000 |
[1.970] |
0.000 |
0.000 |
|
PBDT |
370.290 |
521.710 |
387.410 |
452.330 |
|
Depreciation |
30.520 |
36.120 |
34.520 |
35.930 |
|
Profit Before Tax |
339.770 |
485.590 |
352.890 |
416.400 |
|
Tax |
99.6200 |
143.060 |
103.430 |
190.010 |
|
Provisions and contingencies |
0.000 |
0.0000 |
0.000 |
0.000 |
|
Profit After Tax |
240.150 |
342.530 |
249.460 |
226.390 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
240.150 |
342.530 |
249.460 |
226.390 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
4.28
|
0.21
|
3.10 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.25
|
0.34
|
3.74 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.76
|
0.51
|
4.66 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.36
|
0.03
|
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
4.38
|
5.20
|
4.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.20
|
1.11
|
1.21 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS
Rs. In Millions
|
Particulars
|
31.03.2010
|
31.03.2009 |
31.03.2008 |
|
|
|
|
|
|
Sundry Creditors |
9437.888
|
11950.489 |
9350.862 |
HISTORY:
Subject was formerly known as Gujarat Apar Polymers was
Promoted by subject, the flagship company of the Apar group, along with the
Gujarat Industrial Investment Corporation (GIIC), subject manufactures NBR (nitrile
rubber) and latex. It has a 6250-tpa facility for NBR, a special oil-resistant
synthetic rubber with good abrasion- and water-resistance.
NBR is used in the manufacture of oil well parts, fuel tank liners, fuel hoses,
gaskets, packing oil seals and other oil-resistant applications. The footwear
industry uses NBR for industrial and army boots. NBR latex is used in making
paper, non-woven fabrics, artificial leather and in finishing / water proofing
of real leather.
The company has signed a technical-collaboration agreement
with Goodyear Tire and Rubber Company, US, which will be valid for five years
from the commencement of production. Goodyear is one of the largest producers
of rubber and tyres besides being in the line of Speciality rubber, chemicals
and plastic products. There are about 12 NBR plants worldwide, of which five
operate on Goodyear technology. Goodyear is being paid a technical know-how fee
of US $ 750,000 in three equal installments, two being paid in advance to get
the technology, and a royalty of 2% on all sales of licensed products.
In Nov 2000 the captive plant for co-generation of power and steam has became
operational. The Ankleshwar plant which was modernised with latest know-how of
M/s Goodyear Tire and Rubber Co.,
Management discussion and analysis/ outlook
Industry
structure, development, opportunities, threats, outlook and risk and concerns The
Indian power sector continues to see substantial investment in the generation,
transmission and distribution segments. The power generation should increase by
about 50 KMW in the Eleventh Five Year Plan compared to 52.3 KMW in past 15
years. As a consequence, there will be a significant spending on the
Transmission and Distribution (TandD) segment to transmit and distribute the
power. The Twelfth Five Year Plan is expected to add about 100,000 MW
additionally. Given that the additions in the Eleventh Plan is back ended,
there is an expectation that TandD investment will accelerate over the next 5-7
years. The Company has two business segments, each of which continued to
maintain significant market share positions. The Company is deriving about 75%
of its revenue from power sector on the basis of use by the end customer.
Margins from the manufacturing activities during 2009-10 were substantially
improved to Rs. 1,385.11 million from Rs. 524.03 million in the previous year.
Qualified
institutional / private placement In order to meet the funds requirement and to
strengthen the financial position and capital base of the Company by augmenting
its long-term resources, the Company would need access to external funds at
different points of time in the future. It is proposed to seek an enabling
resolution of the members at the ensuing Annual General Meeting (AGM) and for
the purpose, appropriate resolutions with explanatory statement areincorporated
in the notice of AGM. The Board of Directors recommends the resolutions.
Operations of
subsidiaries Uniflex Cables Limited (UCL) and its wholly-owned subsidiary,
Marine Cables and Wires Private Limited (MCWPL) The Company got involved in day
to day management of UCL, since September 2008 and thereafter, it has taken several
steps in the area of productivity improvement, debottlenecking of manufacturing
facility, expansion of production lines and markets and strengthening of
managerial resources. This resulted in UCL being prepared for facing long term
challenges and steps taken during the year for improvement of operations were
reflected in its increased net sales during the last four month period
(December 2009 to March 2010) of Rs.876.1 million as against total net sales of
Rs. 930.08 million for the first eight months of the financial year 2009-10.
Accordingly net sales, during 2009-10, were Rs. 1,806.18 million against Rs.
1,278.59 million in the previous financial year 2008-09. Net loss in the last
quarter of FY 2009-10 were Rs. 51.49 million against the average loss per
quarter of Rs.74.32 million in the preceding three quarter of the financial
year 2009-10. However, this was not sufficient to break–even and UCL has
incurred a net loss of Rs. 274.58 million after tax as against a loss of Rs.
286.75 million for the previous year 2008-09.
UCL faced a very
competitive environment in which there was severe margin erosion in the face of
diminishing demand. However, in second half of FY10, the demand for power
cables improved considerably. This resulted in better sales and margins
improved to some extent, but still not fully recovered to the extent
pre-September 2008 levels. UCL, however, streamlined production, invested in
upgrading equipment, manpower and processes and expects to do over Rs.2,750
million in net sales in FY11, with a cash break-even level of profitability. On
account of losses incurred during the year and also with carried forward losses
of past years, the entire net worth of the UCL got eroded as at the end of the
financial year March 31, 2010. UCL is required under the provisions of Sick
Industrial Companies (Special Provisions) Act, 1985 (SICA) to make a reference
to the Board for Industrial and Financial Reconstruction (BIFR) for
determination whether the UCL is a sick industrial company or not and UCL will
shortly file the same. The Company shall provide required support for revival
of the unit.
The Company has an
equity investment of Rs.834.37 million in UCL as at March 31, 2010. Considering
the present net worth position of UCL the Company deems it prudent to provide
for impairment in the value of equity investment in UCL. Accordingly, the
Company provided (non-cash charge) Rs. 555.4 million in its 2009-10 accounts as
an extraordinary item. During the year ended March 31, 2010, MCWPL earned
profit of Rs. 6.62 million (before tax) as against loss of Rs.5.79 million in
the previous year. On account of brought forwarded losses of the previous
years, its entire net worth got eroded as at the end of financial year March
31, 2009 and MCWPL had filed required reference to BIFR in the month of October
2009. BIFR vide its order dated February 5, 2010 has declared MCWPL as sick
industrial company and directed MCWPL to submit Draft Rehabilitation Scheme
(DRS) for its revival which will be submitted shortly by MCWPL. The Company
shall provide required support for its revival and the Board authorised the
management to discuss the proposal to be submitted by MCWPL to BIFR for
amalgamation of MCWPL with the Company.
Contingent liabilities not provided for:
|
Particulars |
31.03.2010 Rs. In Millions |
|
a) Bills of exchange discounted |
1311.440 |
|
b) Taxation: Disputed demands of income tax |
-- |
|
c) i) Guarantee given by the company for
credit facilities enjoyed by Petroleum Specialities Pte Limited, a wholly owned
subsidiary |
673.650 |
|
ii) Guarantee given by the company for
credit facilities enjoyed by Uniflex Cable Limited, A Subsidiary |
1250.000 |
|
d) Claims against the company not
acknowledged as debts- |
|
|
i) Demand/ show cause- cum- demand notices received
and contested by the company with the relevant appeliate authorities: |
|
|
Excise Tax |
36.818 |
|
Custom Duty |
1.985 |
|
Sales Tax |
31.005 |
|
ii) Arbitration award regarding dispute of alleged
contractual non performance by the company, against which the company is in
appeal before Bombay High Court |
65.632 |
|
iii) Interest on delayed payment of Excise
duty, (which duty payment was revenue neutral) on certain Deemed exports as per
settlement commission ‘s order against which the Company is in appeal before
Bombay High Court |
[44.508] |
|
iv) Demand/ Charges levied by the Local
Authorities |
-- |
|
v) Labour matters |
16.431 |
Fixed Assets:
- Land Freehold
- Plant and Machinery
- Furniture and Fixture
- Motor Vehicles
- Intangible Assets
AUDITED FINANCIAL
RESULTS FOR THE YEAR ENDED 31.03.2011
(CONSOLIDATED
FINANCIALS)
|
Particulars |
31.03.2011 Rs. In Millions |
|
Income |
|
|
a) Net Sales / Income from Operations |
30283.000 |
|
b) Other Operating Income |
60.380 |
|
Total Operating Income |
30343.380 |
|
Expenditure |
|
|
(a) (Increase)/decrease in Stock in Trade |
(37.010) |
|
(b) Consumption of Raw Materials |
23171.140 |
|
(c) Purchase of traded goods |
809.840 |
|
(d) Employees Cost |
396.340 |
|
(e) Depreciation |
205.160 |
|
(f) Other Expenditure |
4126.300 |
|
Total Expenditure |
28671.770 |
|
Profit / (Loss) From Operations before other Income Interest & Exceptional Items |
1671.610 |
|
Other Income |
1.490 |
|
Profit/(Loss) before Interest and Exceptional items |
1673.100 |
|
Interest |
134.650 |
|
Profit / (Loss) after interest before Exceptional items |
1538.450 |
|
Exceptional Items |
-- |
|
Profit / (Loss) From
Ordinary activities before Tax |
1538.450 |
|
Provision for Taxation |
578.040 |
|
Net Profit/(Loss) From Ordinary activities after Tax |
960.410 |
|
Minority Interest (Profit)/ Loss |
(7.150) |
|
Net Profit/(Loss)
From Ordinary activities after Tax |
953.260 |
|
Extraordinary Items |
-- |
|
Net Profit/(Loss) for the period |
953.260 |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each ) |
323.360 |
|
Reserves (Excluding Revaluation Reserves) |
3190.850 |
|
Public Share
Holding |
|
|
Before Extraordinary
Items |
|
|
Basic and Diluted |
29.48 |
|
After Extraordinary Items |
|
|
Basic and Diluted |
29.48 |
|
Public Share Holding |
|
|
- Number of Shares |
11999135 |
|
- Percentage of shareholding |
37.11% |
|
Promoters and Promoter group share holding |
|
|
a) Pledged / Encumbered |
|
|
- Number of Shares |
Nil |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
Nil |
|
- Percentage of shares(as a % of the total share capital of the company) |
Nil |
|
b) Non-encumbered |
|
|
- Number of Shares |
20336896 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
100.00% |
|
- Percentage of Share (as a % of the total share capital of the company) |
62.89% |
News:
Apar was the first Indian
supplier of Transformer Oils to participate in the Tech Con Asia Pacific 2008, the
ninth annual conference for high voltage electrical industry at Sydney
Convention and Exhibition Centre – Darling Harbor, Sydney, held on the 1st and
2nd of April, 2008. In this reputed conference which is a platform for
knowledge and experience sharing from international electrical industry
experts, Apar presented a technical paper on insulating oils entitled “Emerging
trends in quality and performance standards, Challenges in production of high
quality insulating oils”, which was well received.
The paper stressed the importance of the selective
refining of mineral insulating oils to retain the right mix of non – corrosive
sulphur and aromatics in line with the new international standards of high
voltage transformers. Reflecting sophisticated technical knowledge, the data
presented were based on the experiments conducted by Apar on various types of
insulating oils. The forum was an excellent opportunity for Apar to showcase
its technical capabilities before a global audience, reinforcing its international
brand.
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.44.89 |
|
|
1 |
Rs.73.85 |
|
Euro |
1 |
Rs.64.76 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
65 |
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.