MIRA
INFORM REPORT
|
Report Date : |
04.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
SKYLINE MILLARS LIMITED (w.e.f. 23.10.2007) |
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Formerly Known
As : |
MILLARS INDIA LIMITED (w.e.f. 04.01.2002) ACME MANUFACTURING COMPANY LIMITED |
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Registered
Office : |
24, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
28.11.1919 |
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Com. Reg. No.: |
11-000640 |
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Capital
Investment / Paid-up Capital : |
Rs.40.224
Millions |
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|
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CIN No.: [Company Identification
No.] |
L63020MH1919PLC000640 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMM24145C |
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PAN No.: [Permanent Account No.] |
AAACT2755J |
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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 Batching Plant used for Real Estate. |
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|
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No. of Employees
: |
50 (Office 8, Factory 42) (Contract Workers 50) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1300000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. 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 – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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|
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
INFORMATION PARTED BY
|
Name : |
Mr. Hitesh |
|
Designation : |
Accounts Department |
LOCATIONS
|
Registered Office : |
24, Kurla-Kirol Road, P.B. No. 9208, Ghatkopar, Mumbai-400086,
Maharashtra, India |
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Tel. No.: |
91-22-22047470/ 22831375 |
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Fax No.: |
91-22-22049408d |
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E-Mail : |
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Website : |
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Area : |
Owned |
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|
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Corporate Office : |
4th Floor, Churchgate House, 32-34, |
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Tel. No.: |
91-22-22047470/ 22831375 |
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Fax No.: |
91-22-22049408 |
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E-Mail : |
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Factory 1 : |
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Tel. No.: |
91-2692-232017/ 237331 |
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Fax No.: |
91-2692-235914 |
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Area : |
Owned |
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Regional Marketing Office 1 : |
210, |
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Tel. No.: |
91-11-25721566/ 25814913 |
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Fax No.: |
91-11-25814913 |
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Regional Marketing Office 2 : |
City Centre 3, Ground Floor, No. 39, Thirumalai Pillai Road, T. Nagar,
Chennai-600017, Tamilnadu, India |
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Tel. No.: |
91-44-28157906 |
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Fax No.: |
91-44-28158249 |
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Regional Marketing Office 3 : |
B. Jaldhav Chambers, 3rd Floor, |
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Tel. No.: |
91-79-27546822/ 27546894 |
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Fax No.: |
91-79-27546894 |
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Branches: |
Located at: ·
·
Chennai ·
Ahmedabad ·
|
DIRECTORS
(AS ON 31.03.2010)
|
Name : |
Mr. Anand J. Vashi |
|
Designation : |
Independent Director and Chairman |
|
Address : |
D/5, Mehta Estate, 262, B Jaykar, Marg, Mumbai-400002, |
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Date of Birth/Age : |
06.04.1953 |
|
Date of Appointment : |
25.05.1993 |
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|
|
|
Name : |
Mr. Ashok J. Patel |
|
Designation : |
Non- Executive Director |
|
Address : |
32 Summerville, |
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Date of Birth/Age : |
06.09.1944 |
|
Date of Appointment : |
17.03.1972 |
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|
|
|
Name : |
Mr. Vinod N Joshi |
|
Designation : |
Independent Director |
|
Address : |
B-13, Srusthti Buglows, |
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Date of Birth/Age : |
12.11.1954 |
|
Date of Appointment : |
25.07.1997 |
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|
|
|
Name : |
Mr. Tarak A. Patel |
|
Designation : |
Non-Executive Director |
|
Address : |
32 Summerville, |
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Date of Birth/Age : |
28.12.1975 |
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Qualification : |
Bachelor of Economics from |
|
Date of Appointment : |
29.12.2003 |
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|
|
|
Name : |
Mr. Jatin V. Daisaria |
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Designation : |
Non-Executive Director |
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Address : |
501, Panchwati, M. |
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Date of Birth/Age : |
03.05.1964 |
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Qualification : |
B.Com |
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Date of Appointment : |
24.04.2007 |
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|
|
|
Name : |
Mr. Upen M. Doshi |
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Designation : |
Independent Director |
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Address : |
12 Bhaveshwar Chhaya, Rajawadi, Ghatkopar (East), Mumbai-400077, |
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Date of Appointment : |
28.04.2009 |
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|
|
|
Name : |
Mr. Jitendra M. Tater |
|
Designation : |
Director |
|
Address : |
801, Kaustubh Apartment, |
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Date of Birth/Age : |
12.07.1961 |
|
Date of Appointment : |
24.04.2007 |
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|
|
|
Name : |
Mr. Jaysingh A. Dave |
|
Designation : |
Director |
|
Address : |
Rohini B-14/205, Rajawadi Colony, Ghatkopar (East), Mumbai-400077, |
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Date of Birth/Age : |
03.11.1970 |
|
Date of Appointment : |
24.04.2007 |
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|
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|
ADDITIONAL DIRECTOR |
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|
|
|
|
Name : |
Mr. Shilpin K. Tater |
|
Designation : |
Additional Non-Executive Director
(w.e.f. 14.10.2009) |
|
Address : |
8th, Kaustubh Apartment, |
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Date of Birth/Age : |
05.05.1986 |
|
Qualification : |
B.E. (VJTI, Mumbai), MBA – Institute Management Technology (IMT) |
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Date of Appointment : |
14.10.2009 |
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|
|
|
Name : |
Mr. Maulik H. Dave |
|
Designation : |
Additional Non-Executive Director (w.e.f. 29.04.2010) |
|
Date of Birth/Age : |
08.11.1974 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
23.04.2010 |
KEY EXECUTIVES
|
Name : |
Mr. Hitesh |
|
Designation : |
Accounts Department |
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|
|
|
Name : |
Mr. Prem P Ramnani |
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Designation : |
Realty Head |
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|
|
|
Name : |
Mr. Dhawal J Vora |
|
Designation : |
Deputy General Manager in Finance and Company Secretary |
|
Address : |
2/11 Kwali Compund, N M Joshi Marg, Opposite W Rly Workshop, |
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Date of Birth/Age : |
06.04.1972 |
|
Date of Appointment : |
26.10.2006 |
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 |
|
|
|
|
|
|
|
|
1,946,340 |
4.84 |
|
|
25,980,490 |
64.59 |
|
|
791,301 |
1.97 |
|
|
791,301 |
1.97 |
|
|
28,718,131 |
71.40 |
|
|
|
|
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
28,718,131 |
71.40 |
|
|
|
|
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
1,000 |
- |
|
|
1,000 |
- |
|
|
|
|
|
|
|
|
|
|
1,386,974 |
3.45 |
|
|
|
|
|
|
|
|
|
|
8,310,503 |
20.66 |
|
|
1,709,300 |
4.25 |
|
|
98,342 |
0.24 |
|
|
18,028 |
0.04 |
|
|
80,314 |
0.20 |
|
|
11,505,119 |
28.60 |
|
Total
Public shareholding (B) |
11,506,119 |
28.60 |
|
|
|
|
|
Total
(A)+(B) |
40,224,250 |
100.00 |
|
|
|
|
|
(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
- |
- |
|
|
|
|
|
Total
(A)+(B)+(C) |
40,224,250 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Any OtherBUSINESS DETAILS
|
Line of Business : |
Manufacturer of Batching Plant used for Real Estate. |
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Products : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
|
|
|
|
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|
Diesle Engines |
No. |
2600 |
2000 |
-- |
|
Mechanical Lubiricants |
No. |
42000 |
42000 |
-- |
|
Engine Valves |
No. |
1800000 |
1800000 |
-- |
|
Push Rods |
No. |
600000 |
600000 |
-- |
|
Steel Storate Tanks Rollibng Shutters Bridges. Truses other general
structural fabrication work |
M/T |
3600 |
1800 |
-- |
|
Structural Fabrication |
M/T |
3600 |
3600 |
-- |
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E.O.T. Cranes General Hook Type ( 3 to 500 T Cap) |
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Flame Proof Version (upto 80 T) |
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Grabbing Cranes (upto 25 T) |
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Steel Mill Duty/ Hot Model/ Ladele/ E.O.T. Crane (Upto 80 T) |
|
72 |
100 |
-- |
|
Goliath Cranes Semi Goliath Cranes Gentyr Cranes including ‘C’ Frames
Type Deck Crane Winches and Hoists |
Nos. |
|
|
|
|
Wharf Cranes Level Luffing Cranes Ship and Shore Container Cranes
Transtainers/ Derrick Cranes from 3 T to 40 T Capacity |
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|
|
|
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Industrial Furances |
Nos. |
48 |
96 |
-- |
|
Gas Generators for Protective and Reactive Atmosphere |
Nos. |
15 |
15 |
-- |
|
Hydrogen Generating Plant |
Nos. |
15 |
15 |
-- |
|
Burners For above |
Nos. |
30 |
30 |
-- |
|
Rough Terrain Self Propelled Hydraulic Cranes |
Nos. |
50 |
-- |
-- |
|
Titing type Concrete Mixer |
Nos. |
300 |
720 |
-- |
|
Non-Tilt Concrete Mixer |
Nos. |
60 |
72 |
|
|
Roller Pan Mixer Asphlat Mixer |
Nos. |
Yet to be determined |
Yet to be determined |
3 |
|
Concrete Mixer |
Nos. |
-- |
1434 |
-- |
|
Concrete Batching Mixed Plant |
Nos. |
-- |
15 |
13 |
|
Asphlat Mixer |
Nos. |
-- |
432 |
-- |
|
Highway Combined Drying and Mixing Unit 10 |
Nos. |
72 |
48 |
-- |
|
Transit Mixer |
Nos. |
-- |
50 |
-- |
|
Concrete Pumps |
Nos. |
-- |
50 |
-- |
GENERAL INFORMATION
|
No. of Employees : |
50 (Office 8, Factory 42) (Contract Workers 50) |
|
|
|
|
Bankers : |
·
Axis Bank Limited Ghatkopar Branch, Mumbai, Maharashtra, India ·
Bank of Maharashtra Fort Branch, Mumbai, Maharashtra, India ·
IDBI Bank Limited ·
ICICI Bank Limited ·
Bank of India Mumbai Corporate Banking Branch, 70/80, M.B. Road, Mumbai-400023,
Maharashtra, India ·
Bank of Maharashtra Byculla Branch, Zaitun Apartment, E.S. Patanwala Marg, Bycuylla,
Mumbai-400027, Maharashtra, India |
|
|
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Banking
Relations : |
-- |
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|
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|
Auditors : |
|
|
Name : |
Shah and Company Chartered Accountant |
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|
|
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INTERNAL AUDITORS |
|
|
Name : |
Arvind and Company Chartered Accountant |
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|
|
|
Associates/Subsidiaries : |
·
GMM Pfaudler Limited ·
Pedershaab Millars India Private Limited ·
Glass Lines Equipments Company Limited ·
Skyling Residency Private Limited ·
J.V. Patel and Company (Finance) ·
Ankit Overseas ·
Elecon Engineering Company Limited |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Re. 1/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40224250 |
Equity Shares |
Re. 1/- each |
Rs.40.224
Millions |
|
|
|
|
|
Notes:
Out of the above:
a)
1000 Equity shares were
issued as fully paid up pursuant to a contract without payment being received
in cash.
b)
2100000 Equity share were
issued as fully paid up Bonus shares by capitalization of part of General
Reserve.
c)
4140150 Equity Shares
were allotted as fully paid up without payment being received in cash to the
shareholders of Khandelwal Udyog Limited, under the scheme of amalgamation
pursuant to the order of the High Court,
d)
9734100 Equity Shares
were allotted on conversion of 97341 – 14% Secured Redeemable Partly
Convertible Debenture of Rs.200 each.
e)
3510000 Equity Shares and
1350000 Fully Convertible Warrants were issued and allotted on preferential
basis as per section 81 (1A) of the Companies Act, 1956 and the approval of the
shareholders was taken in the Extra Ordinary General Meeting held on 2nd
January, 2007
f)
13500000 Equity Shares
were issued and allotted during the financial year 2007-2008 on Conversion of
1350000 Fully Convertible Warrants as approved by the Board of Directors in
their meeting held on 29th June, 2007.
g)
The Equity Shares of the
company have been sub-divided from Rs.10/- to Re. 1/- w.e.f. 6th
November, 2008.
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 |
40.224 |
40.224 |
40.224 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
306.454 |
273.485 |
239.573 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
346.678 |
313.709 |
279.797 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
346.678 |
313.709 |
279.797 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
18.974 |
20.858 |
22.485 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
2.629 |
2.628 |
2.627 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
34.036
|
50.411 |
32.002 |
|
|
Sundry Debtors |
29.407
|
28.100 |
18.934 |
|
|
Cash & Bank Balances |
116.366
|
62.742 |
135.480 |
|
|
Other Current Assets |
237.488
|
263.268 |
190.609 |
|
|
Loans & Advances |
74.564
|
62.625 |
42.859 |
|
Total
Current Assets |
491.861
|
467.146 |
419.884 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
14.813
|
21.542 |
25.675 |
|
|
Other Current Liabilities |
116.636
|
128.683 |
121.619 |
|
|
Provisions |
35.337
|
26.698 |
17.905 |
|
Total
Current Liabilities |
166.786
|
176.923 |
165.199 |
|
|
Net Current Assets |
325.075
|
290.223 |
254.685 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
346.678 |
313.709 |
279.797 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
223.453 |
153.904 |
210.263 |
|
|
|
Erection and Service Charges |
3.174 |
6.520 |
6.110 |
|
|
|
Other Income |
9.745 |
13.296 |
9.176 |
|
|
|
TOTAL (A) |
236.372 |
173.720 |
225.549 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Manufacturing and other
Expenses |
181.359 |
130.982 |
164.671 |
|
|
|
Increase / decrease in stock |
2.187 |
[10.941] |
[5.085] |
|
|
|
TOTAL (B) |
183.546 |
120.042 |
159.586 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
52.826 |
53.678 |
65.963 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES/ INTEREST (D) |
0.132 |
0.026 |
0.133 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
52.694 |
53.652 |
65.830 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.674 |
1.687 |
1.440 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
51.020 |
51.965 |
64.390 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
8.670 |
6.250 |
7.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
42.350 |
45.715 |
56.690 |
|
|
|
|
|
|
|
|
|
Less |
INCOME TAX FOR
PRIOR YEARS |
0.000 |
2.391 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
125.425 |
95.913 |
54.335 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
4.500 |
4.400 |
5.700 |
|
|
|
Interim Dividend |
0.000 |
0.000 |
4.022 |
|
|
|
Proposed Dividend |
8.045 |
8.045 |
4.022 |
|
|
|
Tax on Dividend |
1.336 |
1.367 |
1.367 |
|
|
BALANCE CARRIED
TO THE B/S |
153.894 |
125.425 |
95.914 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2.215 |
9.979 |
NA |
|
|
TOTAL IMPORTS |
2.215 |
9.979 |
NA |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
1.05 |
1.08 |
14.09 |
|
|
|
Diluted |
1.05 |
1.08 |
15.38 |
|
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 |
58.150 |
45.360 |
73.180 |
113.400 |
|
Total Expenditure |
48.110 |
40.020 |
60.820 |
103.210 |
|
PBIDT (Excl
OI) |
10.040 |
5.340 |
12.360 |
10.190 |
|
Other Income |
3.480 |
1.680 |
2.470 |
2.810 |
|
Operating
Profit |
13.520 |
7.020 |
14.830 |
13.000 |
|
Interest |
0.000 |
0.000 |
0.000 |
0.000 |
|
Exceptional
Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
13.520 |
7.020 |
14.830 |
13.000 |
|
Depreciation |
0.410 |
6.660 |
0.420 |
0.420 |
|
Profit
Before Tax |
13.110 |
6.600 |
14.410 |
12.580 |
|
Tax |
2.500 |
1.450 |
4.550 |
6.120 |
|
Reported PAT |
10.610 |
5.150 |
9.860 |
6.470 |
|
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 |
10.610 |
5.150 |
9.860 |
6.470 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
17.91
|
26.32 |
25.13 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
22.83
|
33.76 |
30.62 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.99
|
10.65 |
14.56 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.17 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.48
|
0.56 |
0.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.95
|
2.64 |
2.54 |
LOCAL AGENCY FURTHER INFORMATION
TRADE REFERENCES:
·
Gail India
·
NTPC
OPERATIONS
During the year the Company’s sales and other income
have increased from Rs.173.700 Millions in the previous year to Rs.236.300
Millions an increase of 36% compared to last year.
Income from Construction Equipment Division
has a decline of 1 6% from Rs.114.300 Millions to Rs.95.800 Millions in this financial
year and income from the Real Estate Division increased from Rs.46.200 Millions
to Rs.130.800 Millions.
The Company has booked Profit after Tax
(P.A.T.) Rs.42.300 Millions compared to Rs.43.300 Millions in the previous
year. The Earning per Share (EPS) of the Company has decreased from Re. 1.08/-
to Re. 1.05/- per share.
FINANCE
The company has investment in various
instrument as listed equity shares, mutual funds and fixed deposits in Banks
amounting to Rs.114.600 Millions
MANAGEMETN DISCUSSION AND ANALYSIS
OVERVIEW AND BUSINESS OUTLOOK
A. Industry Structure and Development
The financial crises which erupted in the
latter half of 2007, after the collapse of the U.S sub-prime mortgage market
transformed into one of the deepest global recessions in recent times affecting
output, trade and capital flows, employment and income generation, business and
consumer sentiment across the globe.
While the worst seems to be over as the Global
economic growth is turning positive Advance Countries are projected growth at 2
per cent and Developing Asian countries is projected a growth at 8.4 per cent
during 2010 . Developing and emerging markets have fared much better during the
crisis and emerged stronger after the recession.
Indian economy stands out among its peers in
the developing world, with large and vibrant domestic economy. India was
relatively insulated from the plummeting international trade and investments
flows; efficient regulations and well governed financial markets prevented deep
fissures and avoided excessive leveraging the system; and the extent of public
intervention was largely within the capacity of the government to stimulate
growth without affecting the medium and long term stability.
B. Segment Wise Operational Performance
During the financial year ended 31’ March,
2010 sales from the Construction Equipment Division amounted to Rs.95.800
Millions as against Rs.114.300 Millions during the previous year, a decline of
16%, Since some of the contractors were withholding their infrastructure
activities, which has affected the sales of Construction Equipment in the year.
Income from Real Estate Division during the
year ended 31 March, 2010 was Rs.130.800 Millions compared to Rs.46.200
Millions in the previous year, a recorded increase of 183 % due to progressive
completion of work of building no. 4 located at the Ghatkopar property and
profit before tax from the Real Estate Division was Rs.35.200 Millions compared
to previous year profit of Rs.26.500 Millions, an increase of 33%.
The Company during the year ended 31 4arch,
2010 has recorded a profit after tax of Rs.42.300 Millions compared to
Rs.43.300 Millions in the previous year.
C. Outlook, Threats and Concern Construction Equipment
The markets for the Company’s products continue
to be competitive and are highly dependent on the investments in infrastructure
projects in the country, which is on a rise due to implementation by Government
of
Real Estate
As far as the residential market is concerned,
the demand situation was encouraging, especially after the first quarter of the
year. At the macro economic level, the demand for residential units in India is
expected to remain strong as estimates shows huge deficits in the supply of
mass housing units continue.
Besides this, the fundamentals of the domestic
market continue to be encouraging mainly driven by strong and sustained growth
of the economy, disposable incomes are increasing at a significant pace and
with availability of home finance has brought down the average age of first
time buyer of residential property between 30 to 35 years mainly due to
affordable salary enabling them to repay the housing loan along with the added
advantage of tax benefit.
Given these trends, one would accept that as
the economic recovery gathers further momentum, the demand for residential real
estate in
CONTINGENT LIABILITIES NOT PROVIDED FOR:
a) Claims against the company not acknowledged
as debts Rs.31.472 Millions
D.G.B.R.: Rs.26.879 Millions
AVN Tube Limited: Rs.1.180 Millions
Other Customers : Rs.1.913 Millions
Employees : Rs.1.500 Millions
b) Bank Guarantee’s – Outstanding letter of Credit
Rs.1.879 Millions (Previous year Rs.2.583 Millions)
Bankers Charges
Report as per Registry
|
Name of the company |
THE ACME MANUFACTURNIG COMPANY LIMITED |
|
Presented By |
Bank of |
|
1) Date and description of instrument creating the change |
Dated 5.01.1999 Hypothecation of Agreement of tangible movable property. |
|
2) Amount secured by the charge/amount owing on the securities of charge |
Rs.241.470 Millions |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
All tangible movable assets of the company including in particulars all stocks, raw materials, book debts, monies receivables, stocks in trade goods in process, semi manufactured and manufactured goods consumables stores, spares, finished and semi-finished products such as structural as structural, Channals, flats, Rails, Casting and forging outstanding/ s money present and future. |
|
4) Gist of the terms and conditions and extent and operation of the charge. |
Hypothecation by way of first charge in favour of Bank of India and Bank of Maharashtra of all those the assets of the company as mentioned in items No. 3 above / or any other assets of the nature as described in item No. 3 above as are or may at any time be in possession of the company with power to the bank to saize and realize such assets on security for due repayment by the company on demand to the bank with all the balances due from time to time in cash credit account to extent of Rs.241.470 Millions |
|
5) Name and Address and description of the person entitled to the charge. |
·
Bank of ·
Bank of Maharashtra, Byculla Branch, Zaitun
Apartment, E.S. Patanwala Marg, Bycuylla, Mumbai-400027, |
|
6) Date and brief description of instrument modifying the charge |
Dated : 12.11.2001 Joint Deed of Hypothecation of Stocks and Book Debts |
|
7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
The original charge created on 05.01.1999 for Rs.241.470 Millions has now been modified and increased to Rs.195.880 Millions as shown hereunder |
FIXED ASSETS:
·
Building and Electric
Fittings
·
Residential Quarters
·
Plant and Machinery
·
Furniture, Fixture and Office
Equipments
·
Computers
·
Vehicles
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.44.85 |
|
|
1 |
Rs.73.29 |
|
Euro |
1 |
Rs.64.89 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
45 |
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.