MIRA
INFORM REPORT
|
Report Date : |
02.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
SOLAR INDUSTRIES INDIA LIMITED (w.e.f. 17.02.2009) |
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Formerly Known
as: |
SOLAR EXPLOSIVES LIMITED |
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Registered
Office : |
11, Zade Layout, Bharat Nagar,
Nagpur – 440033, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
24.02.1995 |
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Com. Reg. No.: |
085878 |
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Capital Investment
/ Paid-up Capital : |
Rs.173.238 Millions |
|
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CIN No.: [Company Identification
No.] |
L74999MH1995PLC085878 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
NGPS01592D |
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PAN No.: [Permanent Account No.] |
AACCS2132E |
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Legal Form : |
Public Limited Liability Company, Company’s Shares are Listed on Stock
Exchange |
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Line of Business
: |
Manufacturer of Coal Mine |
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No. of Employees
: |
500 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
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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 |
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Maximum Credit Limit : |
USD 7692808 |
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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 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 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.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Ramesh |
|
Designation : |
Office Executive |
|
Contact No.: |
91-9561569999 |
|
Date : |
01.06.2011 |
LOCATIONS
|
Registered Office/Corporate Office : |
11, Zade Layout, Bharat Nagar,
Nagpur – 440033, Maharashtra, India |
|
Tel. No.: |
91-712-2560010 |
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Fax No.: |
91-712-2560202 |
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E-Mail : |
DIRECTORS
AS ON 23.08.2010
|
Name : |
Mr. Satyanarayan Nandlal Nuwal |
|
Designation : |
Director |
|
Address : |
37, Kachipura, Ramdaspeth, Nagpur – 440010, Maharashtra, India |
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Date of Birth/Age : |
25.07.1952 |
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Date of Appointment : |
24.02.1995 |
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|
Name : |
Mr. Manish Nuwal |
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Designation : |
Director |
|
Address : |
37, Kachipura, Ramdaspeth, Nagpur – 440010, Maharashtra, India |
|
Date of Birth/Age : |
12.03.1974 |
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Date of Appointment : |
25.10.2008 |
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|
Name : |
Mr. Kailash Chandra Nuwal |
|
Designation : |
Director |
|
Address : |
37, Kachipura, Ramdaspeth, Nagpur – 440010, Maharashtra, India |
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Date of Birth/Age : |
06.07.1957 |
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Date of Appointment : |
25.10.2005 |
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Name : |
Mr. Kundansingh Kanahailaji Talesra |
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Designation : |
Director |
|
Address : |
206, Jagat Towers, Amravati Road, Nagpur – 440010, Maharashtra, India |
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Date of Birth/Age : |
02.12.1944 |
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Date of Appointment : |
15.09.2000 |
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Name : |
Mr. Roomie Dara Vakil |
|
Designation : |
Director |
|
Address : |
C-23, Vikrampuri, Secundarabad – 500009, India |
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Date of Birth/Age : |
13.02.1943 |
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Date of Appointment : |
25.10.2005 |
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Name : |
Mr. Anantsagar Awasti |
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Designation : |
Director |
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Address : |
E-17, GK-III, New Delhi – 110048, A – 1055, Indira Nagar |
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Date of Birth/Age : |
14.01.1941 |
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Date of Appointment : |
25.10.2005 |
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|
Name : |
Mr. Ramesh Chandra Tripathi |
|
Designation : |
Director |
|
Address : |
Lekhraj Marg, Lucknow - 226016 |
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Date of Birth/Age : |
02.08.1939 |
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Date of Appointment : |
25.10.2005 |
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Date of Ceasing: |
27.01.2010 |
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|
Name : |
Mr. Rishi Narain Singh |
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Designation : |
Director |
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Address : |
Csir Uppal Road, Hyderabad – 500007, India |
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Date of Birth/Age : |
17.07.1943 |
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Date of Appointment : |
18.06.2008 |
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Name : |
Mr. Dilip Patel |
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Designation : |
Director |
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Address : |
15 Neel Shobha 52E, Sir M V Road, Andheri East, Mumbai - 400069 |
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Date of Birth/Age : |
20.10.1947 |
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Date of Appointment : |
18.06.2008 |
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Name : |
Mr. Satish Chander Gupta |
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Designation : |
Director |
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Address : |
A-1/135, Inderpur, New Delhi – 110012 |
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Date of Birth/Age : |
05.05.1945 |
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Date of Appointment : |
25.10.2008 |
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Name : |
Mr. Ajainigam |
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Designation : |
Director |
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Address : |
Flat No.202, Niramalpuja Apartment, 159, Shivaji Nagar, Nagpur –
440010, India |
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Date of Birth/Age : |
29.08.1949 |
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Date of Appointment : |
27.10.2009 |
KEY EXECUTIVES
|
Name : |
Mr. Ramesh |
|
Designation : |
Office Executive |
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|
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|
Name : |
Mrs. Khushboo Pasari |
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Designation : |
Secretary |
|
Address : |
57A, Asha Niketan, CA Road, Itwari, Nagpur - 440032 |
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Date of Birth/Age : |
15.03.1985 |
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Date of Appointment : |
10.10.2007 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2011
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of promoter
and Promoter Group |
|
|
|
1) Indian |
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|
a) Individuals / Hindu Undivided Family |
12923816 |
74.60 |
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2) Foreign |
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(B) Public Shareholdings |
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1) Institutions |
|
|
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a) Mutual Funds |
2576318 |
14.87 |
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b) Foreign Institutional Investors |
62248 |
0.36 |
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2) Non – Institution |
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a) Bodies corporate |
806381 |
4.65 |
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b) Individuals |
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i. Individual Shareholders holding nominal share capital upto Rs.0.100
Million |
559697 |
3.23 |
|
ii. Individual Shareholders holding nominal share capital in excess
Rs.0.100 Million |
340726 |
1.97 |
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|
|
|
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c) Any other |
|
|
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i) Clearing Member |
13412 |
0.08 |
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ii) NRI |
41018 |
0.24 |
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iii) Trust |
200 |
-- |
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|
|
|
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Total |
17323816 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Coal Mine |
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Cartridge Explosives |
Tones |
76600 |
76600 |
54070.121 |
|
Detonators |
Million Nos |
50 |
62.50 |
10.55 |
|
Detonating Fuse |
Million Mtrs |
39 |
39 |
29.68 |
|
PETN |
MT |
1100 |
1100 |
381.010 |
|
Cast Booster |
MT |
1500 |
1500 |
184.321 |
|
Specialty Chemicals |
MT |
1080 |
1080 |
1054.779 |
|
Site Mixed (Emulsion) Explosives |
MT |
174430 |
174430 |
57857.492 |
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GENERAL INFORMATION
|
No. of Employees : |
500 (Approximately) |
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Financial Institution : |
· Sicom Limited, Nirmal; 1st Floor, Nariman Point, Mumbai - 400021, Maharashtra, India · Citicorp Finance ( India ) Limited, 1st Floor, Thapar Enclave, 148, Ramdaspeth, Nagpur - 440010, Maharashtra, India |
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Bankers: |
State Bank of India, Industrial Finance Branch, 5, Sai Complex, Bharat Nagar, Amravati Road, Nagpur – 440033, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Gandhi Rathi and Company Chartered Accountant |
|
Address : |
Parekh Centre, 3rd Floor, Opposite Daga Hospital, Nagpur – 440002,
Maharashtra, India |
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|
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Subsidiaries : |
SOLAR MINES AND MINERALS LIMITED CIN NO.: U14101MH2006PLC165472 SOLAR MINING RESOURCES LIMITED CIN NO.: U14101MH2006PLC165471 SOLAR COMPONENTS PRIVATE LIMITED CIN NO.:
U29200MH1997PTC108735 ECONOMIC EXPLOSIVES LIMITED CIN NO.:
U24292MH1995PLC091808 NAVBHARAT COALFIELDS LIMITED CIN NO.: U10102CT1999PLC013498 |
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Overseas Subsidiaries : |
·
Solar Nitrochemicals Limited* ·
Solar Nigachem Nigeria Limited* ·
PT Solar Mining Resources* ·
Solar Recursos Minerals LDA* ·
Solar Industries Mocambique LDA* ·
Solar Agro Florestal LDA* ·
Solar overseas Mauritius Limited ·
Salar Overseas Netherlands Corporates UA Note: The company has
not Commenced any business operations, hence financial performance is not
available. |
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|
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|
Associates: |
·
Solar Synthetics Private Limited ·
Commercial Sales Corporation ·
Mahakal Infrastructures Private Limited ·
Nagpur
Infrastructure Private Limited ·
Solar Bhatgaon Extension Mines Private Limited ·
SMS Bhatgaon Mines Extension Private Limited ·
Bhatgaon Extension Mines Private Limited ·
Bhatgaon Mines Private Limited ·
Sunbeam Explosives Limited ·
Sunrise Explosives Limited ·
Solar Initiating Systems Limited ·
Madanpur North Coal Fields Limited ·
Solar Processors Limited ·
Solar Explochem Zambla Limited ·
Solar Mining Services Pty. Limited ·
Solar Overseas Singapore Pte Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
27000000 |
Equity Shares |
Rs.10/- each |
Rs.270.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
17323816 |
Equity Shares |
Rs.10/- each |
Rs.173.238
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 |
173.238 |
173.238 |
173.238 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1749.964 |
1579.188 |
1266.849 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1923.202 |
1752.426 |
1440.087 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
675.718 |
293.354 |
293.999 |
|
|
2] Unsecured Loans |
350.153 |
498.957 |
589.602 |
|
|
TOTAL BORROWING |
1025.871 |
792.311 |
883.601 |
|
|
DEFERRED TAX LIABILITIES |
101.924 |
88.691 |
57.348 |
|
|
|
|
|
|
|
|
TOTAL |
3050.997 |
2633.428 |
2381.036 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
884.891 |
877.575 |
430.898 |
|
|
Capital work-in-progress |
158.070 |
27.611 |
7.630 |
|
|
|
|
|
|
|
|
INVESTMENT |
356.237 |
249.105 |
344.309 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
315.666
|
201.811 |
200.229 |
|
|
Sundry Debtors |
761.069
|
881.862 |
236.742 |
|
|
Cash & Bank Balances |
738.146
|
683.353 |
635.052 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
1289.280
|
1087.680 |
651.488 |
|
Total
Current Assets |
3104.161
|
2854.706 |
1723.511 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1181.623
|
1191.337 |
54.761 |
|
|
Other Current Liabilities |
287.218
|
194.905 |
78.664 |
|
|
Provisions |
0.000
|
0.000 |
0.000 |
|
Total
Current Liabilities |
1468.841
|
1386.242 |
133.425 |
|
|
Net Current Assets |
1635.320
|
1468.464 |
1590.086 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
16.479 |
10.673 |
8.113 |
|
|
|
|
|
|
|
|
TOTAL |
3050.997 |
2633.428 |
2381.036 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4760.215 |
4213.368 |
1693.677 |
|
|
|
Other Income |
260.033 |
286.542 |
129.230 |
|
|
|
TOTAL (A) |
5020.248 |
4499.910 |
1822.907 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating Expenses |
4335.137 |
3846.959 |
1435.390 |
|
|
|
TOTAL (B) |
4335.137 |
3846.959 |
1435.390 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
685.111 |
652.951 |
387.517 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
130.003 |
230.302 |
80.448 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
555.108 |
422.649 |
307.069 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
63.199 |
48.939 |
28.365 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
491.909 |
373.710 |
278.704 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
179.256 |
121.665 |
98.507 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
312.653 |
252.045 |
180.197 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
280.573 |
219.734 |
170.341 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
60.633 |
0.000 |
25.985 |
|
|
|
Proposed Dividend |
60.633 |
77.957 |
25.986 |
|
|
|
Tax on Dividend |
20.609 |
13.249 |
8.832 |
|
|
|
Prior Period Adjustments |
0.000 |
0.000 |
0.000 |
|
|
|
General Reserve |
100.000 |
100.000 |
70.000 |
|
|
BALANCE CARRIED
TO THE B/S |
351.350 |
280.573 |
219.734 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
413.263 |
NA |
NA |
|
|
TOTAL EARNINGS |
413.263 |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1478.187 |
NA |
NA |
|
|
|
Capital Goods |
25.582 |
NA |
NA |
|
|
TOTAL IMPORTS |
1503.769 |
NA |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
18.05 |
14.55 |
-- |
|
QUARTERLY
|
PARTICULARS |
30.06.2010 |
31.09.2010 |
31.12.2010 |
31.03.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Sales Turnover |
1392.110 |
1152.340 |
1259.080 |
1536.540 |
|
Total Expenditure |
1208.630 |
1014.180 |
1089.900 |
1338.520 |
|
PBIDT (Excl
OI) |
183.480 |
138.160 |
169.180 |
198.020 |
|
Other Income |
22.050 |
134.340 |
39.870 |
49.000 |
|
Operating
Profit |
205.530 |
272.500 |
209.050 |
247.020 |
|
Interest |
27.950 |
10.180 |
19.360 |
53.160 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
177.580 |
262.320 |
189.690 |
193.860 |
|
Depreciation |
16.370 |
16.480 |
17.890 |
15.620 |
|
Profit
Before Tax |
161.210 |
245.840 |
171.810 |
178.240 |
|
Tax |
59.850 |
62.930 |
59.760 |
71.610 |
|
Reported PAT |
101.350 |
182.910 |
112.040 |
106.630 |
|
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 |
101.350 |
182.910 |
112.040 |
106.630 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
6.23 |
5.60 |
9.88 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.33
|
8.87 |
16.45 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.33
|
6.75 |
12.93 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.26
|
0.21 |
0.19 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.30
|
1.24 |
0.71 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.11
|
2.06 |
12.91 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
(Rs.
In Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Creditors for Goods |
1136.665 |
1133.551 |
42.926 |
|
Creditors for Transporter, Agent and Others |
38.102 |
49.511 |
11.106 |
|
Creditors for Fixed Assets |
6.855 |
8.275 |
0.729 |
FORM 8:
|
This form is for |
Modification of charge |
|
Charge identification number of the
modified |
90154352 |
|
Corporate identity number of the company |
L74999MH1995PLC085878 |
|
Name of the company |
SOLAR EXPLOSIVES LIMITED |
|
Address of the registered office or of the
principal place of business in |
11, Zade Layout, Bharat Nagar, Nagpur –
440002, Maharashtra, India |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of charge holder |
STATE BANK OF INDIA |
|
Nature of description of the instrument
creating or modifying the charge |
1. Supplemental Agreement Of Hypothecation
Of Goods And Assets For Increase In The Overall Limits. 2. Letter Regarding Grant Of Individual
Limits Within The Overall Limits. |
|
Date of instrument Creating the charge |
08/09/2008 |
|
Amount secured by the charge |
Rs.600.700 Millions |
|
Brief particulars of the principal terms
an conditions and extent and operation of the charge |
Rate of Interest Demand Cash Credit : At Present Effective
Rate 13.75% P.A. With Monthly Rests. Export Packing Credit Limit : As Per The
Bank's Extant Instructions. Letter Of Credit : Commission At Our
Standard Rate. For Term Loan - I : 2.00% Above Sbar.
Present Effective Rate Will Be 14.25% P.A. With Monthly Rests. Term Loan - Ii : 2.00% Above Sbar. Terms of Repayment Cash Credit : On Demand Term Loan : As Per Repayment Schedule. Margin Raw Material : 25% Stock-In-Process : 25% Finished Goods : 40% Consumables : 50% Receivable : 50% Letter Of Credit : 15% Bank Guarantee : 10% Extent and operation of the charge The Charge Operate As A Security on The
Properties of The Company. |
|
Short particulars of the property charged |
Hypothecation of Entire Stock of
Imported/Indigenous Raw Materials, Consumable Spares, Stock In Process, Finished
Goods, Packaging Material, Book Debts And Goods In Transit Etc, Book Debts,
Finished Assets of The Company, Plant and Machinery of The Company As Per
Annexure And Corporate Gurantee of Solar Components Private Limited |
|
Date of latest modification prior to the
present modification |
22/01/2008 |
|
Particulars of the present
modification |
By Present Modification Cash Credit Limit
Was Increased From Rs. 80.000 Millions To Rs. 290.000 Millions, Bank
Guarantee Limit Was Increased From Rs. 60.000 Millions To Rs. 200.000
Millions, Letter Of Credit Facilities Was Reduce From Rs. 200.000 Millions To
Rs. 60.000 Millions. Thus Total Credit Facilities Is Stand At Rs. 600.700
Millions. |
FIXED ASSETS:
·
Land
·
Plot
·
Office Building
·
Plant and Machinery
·
Furniture and Fixtures
·
Vehicles
·
Plantation
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 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
NO |
|
TOTAL |
|
60 |
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.