MIRA INFORM REPORT

 

 

Report Date :

01.03.2011

 

IDENTIFICATION DETAILS

 

Name :

HINDUSTAN TIN WORKS LIMITED

 

 

Registered Office :

488, Bartan Market, Sadar Bazar, New Delhi – 110006, India

 

 

Country :

India

 

 

Financials (as on) :

31.03.2010

 

 

Date of Incorporation :

11.12.1958

 

 

Com. Reg. No.:

55-3006

 

 

CIN No.:

[Company Identification No.]

L27109DL1958PLC003006

 

 

TAN No.:

(Tax Deduction & Collection Account No.)

DELH03792F

 

 

Legal Form :

A Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges.

 

 

Line of Business :

Manufacturer and Trader of Tin Metal Containers and Tin Sheets

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba (47)

 

RATING

STATUS

 

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

USD 3000000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

Litigation :

Exists

 

 

Comments :

Subject is a well – 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)

India

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

LOCATIONS

 

Registered Office :

488, Bartan Market, Sadar Bazar, New Delhi – 110006, India

Tel. No.:

91-11-27773645/ 26231990/ 23679016

Fax No.:

91-11-23550405/ 27730405

E-Mail :

sbhatia@del2.vsnl.net.in

cs@hindustantin.co.in

Website :

http://www.hindustantin.com

 

 

Corporate Office :

Upper Ground Floor, Antriksh Bhawan, 22 Kasturba Gandhi Marg, New Delhi – 110001, India

Tel. No.:

91-11-23357275/23347276/ 23357277/23357278/23357279

Fax No.:

91-11-23357271/ 73

Email :

info@hindustantin.co.in

sales@hindustantin.co.in

 

 

Factory 1:

Village and Post Office, Bhigan, Dhatoori Road, Tehsil Gannaur, Dist. Murthal, Sonepat – 131001, Haryana

Tel No.:

91-130-2475771/ 73

Email :

info@hindustantin.co.in

Website :

http://www.hindustantin.biz

 

 

Factory 2:

Village Jharmajhri, Barotiwala, Dist. Solan, Himachal Pradesh, India

 

 

Factory 3:

A-10, Site IV, Sahibabad Industrial Area, Sahibabad, Dist. Ghaziabad, Uttar Pradesh, India

 

 

Mumbai Office:

618, Tulsiani Chambers, Nariman Point, Mumbai – 400021, Maharashtra, India

Tel. No.:

91-22-22871612/ 22823894/ 22842223/ 24

Fax No.:

91-22-22044202

E-Mail :

htw@bom3.vsnl.net.in

htw@vishwa.com

 

 

New Delhi Office :

KN/16 Gali No.10, Anand Parbat Industrial Area, New Delhi, India

 

 

DIRECTORS

 

As on 31.03.2010

 

Name :

Mr. Vijay Kumar Bhatia

Designation :

Chairman

 

 

Name :

Mr. Sanjay Bhatia

Designation :

Managing Director

Date of Birth/Age :

54 Years

Qualification :

B. Com, LLB

Experience :

29 Years

 

 

Name :

Mr. Ashok Kumar Bhatia

Designation :

Whole Time Director

 

 

Name :

Mr. N.P. Sahni

Designation :

Director

 

 

Name :

Mr. Beharl Lal Khurana

Designation :

Director

 

 

Name :

Mr. Ramesh Kumar Jian

Designation :

Director

 

 

Name :

Mr. M K Zutshi

Designation :

Director

 

 

Name :

Mr. Manoj Kumar Jian

Designation :

Whole Time Director

Date of Appointment :

29.01.2007

 

 

Name :

Mr. Deepak Pahwa

Designation :

Director

 

 

KEY EXECUTIVES

 

Name :

Mr. Rajat Pathak

Designation :

Vice Present (Finance) and Company Secretary

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 31.12.2010

 

Names of Shareholders

Total No. of Shares

Total Shareholding as a % of total No. of Shares

(A) Shareholding of Promoter and Promoter Group

 

 

(1) Indian

 

 

Any Others (Specify)

3,848,099

37.00

Directors/Promoters & their Relatives & Friends

3,848,099

37.00

Sub Total

3,848,099

37.00

(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

3,848,099

37.00

(B) Public Shareholding

 

 

(1) Institutions

 

 

Financial Institutions / Banks

1,023,579

9.84

Foreign Institutional Investors

53,236

0.51

Sub Total

1,076,815

10.35

(2) Non-Institutions

 

 

Bodies Corporate

1,896,307

18.23

Individuals

 

 

Individual shareholders holding nominal share capital up to Rs.0.100 Million

1,237,810

11.90

Individual shareholders holding nominal share capital in excess of Rs.0.100 Million 

1,208,881

11.62

Any Others (Specify)

1,131,771

10.88

Clearing Members

6,336

0.06

Non Resident Indians

64,273

0.62

Hindu Undivided Families

60,362

0.58

Foreign Corporate Bodies

1,000,800

9.62

Sub Total

5,474,769

52.64

Total Public shareholding (B)

6,551,584

63.00

Total (A)+(B)

10,399,683

100.00

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Trader of Tin Metal Containers and Tin Sheets

 

 

Products :

·         Metal Containers and Components - 900700

·         Tin Plates

·         Scrap Sale

·         Printed Sheets – 8007000

 

Products Description

Item Code No

Tin Containers

900700

Printed Sheets

8007000

 

PRODUCTION STATUS (AS ON 31.03.2010)

 

Particulars

Unit

Installed Capacity

Actual Production

Containers and Components

Nos.

2615

2072.69

Printed and Lacquered Sheets

M. Tons

3700

255.720

 

 

GENERAL INFORMATION

 

Suppliers :

·         Mayank Contitainers Private Limited

·         Rave Scans Private Limited

·         A P Polyplast Private Limited

·         Brajesh Packaging Private Limited

·         SHV Energy Private limited

·         Metallic Fabricators (Private) Limited

·         STJ Electronics Private Limited

·         Prototype Engineer and Fab

 

 

Bankers :

·         Punjab National Bank

·         State Bank of India

·         Standard Chartered Bank

 

 

Facilities :

Secured Loan

As on 31.03.2010

(Rs. in Millions)

As on 31.03.2009

(Rs. in Millions)

TERM LOANS

 

 

From Financial Institutions

 

 

Life Ins. Corpn. of India

6.833

3.666

Interest accrued thereon

0.051

0.028

From Banks

 

 

State Bank of India (60.000 Millions *)

0.000

15.000

Standard Chartered Bank (Ecb Loan in FC

71.122

56.249

State Bank of India (80.500 Millions *)

55.650

69.850

Punjab National Bank (105.000 Millions *)

35.559

58.891

Punjab National Bank (80.500 Millions * )

60.498

75.498

Punjab National Bank (33.500 Millions * )

9.672

0.000

State Bank of India (33.500 Millions *)

7.800

0.000

Interest Accrued Thereon

1.741

2.257

Auto Loan (PNB/ICICI/CITI FIN./TATA/ KOTAK/RELIANCE)

12.180

6.890

Working Capital Loan

 

 

Punjab National Bank

270.121

215.883

State Bank of India

116.628

84.549

Standard Chartered Bank

26.261

36.558

Interest accrued thereon

0.000

2.087

Total

674.116

627.406

 

 

 

Unsecured Loans

 

 

Sales Tax Def. Scheme

5.387

24.566

Inter Corporate Deposit

4.300

8.800

Interest accrued on I.C.D.

0.792

0.654

Total

10.479

34.020

 

Note:

 

1. Secured against Keyman policy of the company.

 

2 Secured by pari-passu first charge on gross block of Fixed Assets of the company both present and future except specific charge on fixed assets financed by Standard Chartered Bank and in addition by second charge on current assets of the company and guaranteed by the Directors namely S\Sh. Vijay Kumar Bhatia, Ashok Bhatia, and Sanjay Bhatia.

 

3. Secured against hypothecation of Vehicles.

 

4. Secured by pari-passu first charge on Current Assets of the company both present and future and in addition by second charge on fixed assets of the company and guaranteed by the Directors namely S\Sh. Vijay Kumar Bhatia, Ashok Bhatia, and Sanjay Bhatia.

 

5. Secured by specific charge on fixed assets of the company financed by Standard Chartered Bank and guaranteed by the Directors namely S/Sh. Vijay Kumar Bhatia, Ashok Bhatia and Sanjay Bhatia.

 

6. * Amount of loan sanctioned.

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

M. L. Puri and Company

Chartered Accountants

Address :

407, New Delhi House, Barakhamba Road, New Delhi – 110002, India

 

 

CAPITAL STRUCTURE

 

As on 31.03.2010

 

Authorised Capital :

No. of Shares

Type

Value

Amount

12250000

Equity Shares

Rs.10/- each

Rs. 122.500 Millions

250000

Preference Shares

Rs.10/- each

Rs. 2.500 Millions

 

Total

 

Rs. 125.000 Millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

10399683

Equity Shares

Rs.10/- each

Rs.103.996 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

103.996

103.996

103.997

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

650.024

558.489

512.322

4] (Accumulated Losses)

0.000

0.000

0.000

NETWORTH

754.020

662.485

616.319

LOAN FUNDS

 

 

 

1] Secured Loans

674.116

627.406

551.925

2] Unsecured Loans

10.479

34.020

32.925

TOTAL BORROWING

684.595

661.426

584.850

DEFERRED TAX LIABILITIES

54.745

43.599

41.769

 

 

 

 

TOTAL

1493.360

1367.510

1242.938

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

503.538

404.608

327.464

Capital work-in-progress

65.035

76.193

31.972

 

 

 

 

INVESTMENT

33.446

33.445

33.446

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
489.647

299.054
237.568

 

Sundry Debtors
723.987

648.306
549.681

 

Cash & Bank Balances
74.534

29.012
23.976

 

Other Current Assets
0.000

0.000
0.000

 

Loans & Advances
265.621

327.474
317.122

Total Current Assets
1553.789

1303.846

1128.347

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
253.475

71.012

 

Other Current Liabilities
385.777

358.773
258.730

 

Provisions
23.196

20.797
19.561

Total Current Liabilities
662.448

450.582
278.291

Net Current Assets
891.341

853.264
850.056

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

1493.360

1367.512

1242.938

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2010

31.03.2009

31.03.2008

 

SALES

 

 

 

 

 

Income

2848.584

2443.415

1852.579

 

 

Other Income

32.929

34.832

28.936

 

 

TOTAL                                     (A)

2881.513

2478.247

1881.515

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Manufacturing and Other Expenses

2606.382

2263.095

1763.739

 

 

Increase / Decrease in Stock of Finished Goods

(19.409)

(23.390)

(45.982)

 

 

TOTAL                                     (B)

2586.973

2239.705

1717.757

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

294.540

238.542

163.758

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

80.034

98.904

66.235

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

214.506

139.638

97.523

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

37.229

28.992

27.987

 

 

 

 

 

 

PROFIT BEFORE TAX (E-F)                               (G)

177.277

110.646

69.536

 

 

 

 

 

Less

TAX                                                                  (H)

62.701

43.795

26.470

 

 

 

 

 

 

PROFIT AFTER TAX (G-H)                                (I)

114.576

66.851

43.066

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

209.087

168.920

NA

 

 

 

 

 

Less

APPROPRIATIONS

 

 

 

 

 

Transfer to General Reserve

11.500

6.000

NA

 

 

Dividend

23.041

20.684

NA

 

BALANCE CARRIED TO THE B/S

289.122

209.087

NA

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

443.571

365.746

150.496

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

774.664

545.443

 

 

Stores & Spares

6.707

5.097

 

 

 

Capital Goods

13.640

109.380

 

 

TOTAL IMPORTS

795.011

659.920

564.841

 

 

 

 

 

 

Earnings Per Share (Rs.)

11.02

6.43

3.38

 

QUARTERLY RESULTS

 

PARTICULARS

 

30.06.2010

30.09.2010

31.12.2010

Type

1st Quarter

2nd Quarter

3rd Quarter

Net Sales

1004.110

741.150

576.830

Total Expenditure

912.260

672.500

509.160

PBIDT (Excl OI)

91.850

68.650

67.670

Other Income

2.380

1.710

4.140

Operating Profit

94.230

70.360

71.810

Interest

23.920

21.650

23.100

PBDT

70.310

48.710

48.710

Depreciation

9.960

9.960

11.040

Profit Before Tax

60.350

38.720

37.670

Tax

17.000

13.700

12.620

Profit After Tax

43.350

25.020

25.060

Net Profit

43.350

25.020

25.060

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2010

31.03.2009

31.03.2008

PAT / Total Income

(%)
3.98
2.70

2.29

 

 
 
 

 

Net Profit Margin

(PBT/Sales)

(%)
6.22
4.53

3.75

 

 
 
 

 

Return on Total Assets

(PBT/Total Assets}

(%)
8.62
6.48

4.78

 

 
 
 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.23
0.17

0.11

 

 
 
 

 

Debt Equity Ratio

(Total Liability/Networth)

 
1.79
1.68

1.40

 

 
 
 

 

Current Ratio

(Current Asset/Current Liability)

 
2.35
2.90

4.05

 

 

LOCAL AGENCY FURTHER INFORMATION

 

HISTORY:

 

Subject was incorporated Dec.'58 as a private limited company to trade in and manufacture tin metal containers and tin sheets. The company was converted into a public limited company in Dec.'93.  

 
The company's product range includes various types of tin/metal containers used in packaging baby foods, edible oils, paints, pure ghee, lubricants etc. The market leader in the industry, its clientele includes Nestle India, Heinz India (Private) Limited, Brooke Bond Lipton, Dalmia Industries, Indian Oil Corporation, HPCL, Asian Paints, etc. 

 
As a part of expansion-cum-modernisation, it undertook to expand the capacity from 6500 tpa to 16,754 tpa by setting up an additional unit at Sahibabad, UP. The project was part financed by a public issue in Mar.'95. It also implemented a printing project in 1994-95 to facilitate in-house printing facility, to reduce the printing cost.  

 
The company acquired a sophisticated plant to manufacture a wide range of cans of different diameters. This plant at Murthal (Sonepat district), Haryana, became operational in Mar.'96. During 1997-98, the company issued 27343 equity shares of Rs.10/- each to shareholders of erstwhile Conwel Cans India Limited in terms of merger as per BIFR order dated 9/12/96. 

 
Company has conferred award for export excellence by EEPC, also company taking lot of measures to improve the export business. 

 
The Company completed its restructuring exercise and has taken measures to upgrade machinery in terms of quality and speed in both the units.

 

OPERATIONS

 

The Company has achieved a turnover of Rs. 2848.584 Millions as against the previous year's turnover of Rs. 2443.416 Millions i.e. an increase of Rs. 405.168 Millions. The Company has been successful in increasing its export sales from Rs. 368.268 Millions in previous year to Rs. 443.679 Millions in current year i.e. an increase of Rs. 75.411 Millions.

 

JOINT VENTURE

 

The  Company entered into a joint venture Agreement (JV) on 1st August, 2006 with Rexam Beverage Can (India Holdings) Limited, U.K. a Rexam PLC, UK Group Company, the world leader in two piece Beverage Cans and also entered into other allied agreements. The JV, under the name and style of Rexam HTW Beverage Can (India) Limited, is first of its kind in India and it would benefit from the synergies of the JV Partners especially the technical and global best practices brought in by Rexam and the established capabilities of Hindustan Tin Works Limited in the domestic market. The JV is established to manufacture, distribute and market two piece cans and this would provide a strategic advantage to the JV and its Partners. The JV Company has received very good response from the market. The JV Company is under the process of updating its capacity to over 400 million cans per annum which is expected to be completed by next year.

 

In order to meet the financial requirements of the JV, it was proposed to induct equity of around Rs. 750.000 Millions. For maintaining same level of 49%, the Company had to contribute a huge investment. In view of the Company's fund position and its own growth plans, it was decided by the management not to invest any additional funds in JVC at this stage and thus Rexam (JV partner) had contributed the whole amount due to which the Company’s share was reduced to 15%.

 

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

 

According to the revised estimate released by Central Statistical Organization, the GDP growth for financial year 2009-2010 stood at 7.4% as against 7.2% in the Advance Estimates. Thus inspite of international financial crisis in 2009-10, Indian Economy performed better. The Indian Government had earlier projected that the Indian economy would grow by 8.5% in the current fiscal, up from 7.4% in 2009-10 but the International Monetary Fund (IMF) has recently revised India's GDP growth estimates to as high as 9.5% from its earlier projection of 8,8% in 2010. Thus the time ahead would also provide great opportunities for India. The GDP of manufacturing sector is now estimated at 10.8% for 2009-10 against the advance estimate growth rate of 8.9% as per Central Statistical Organization. The Company has also achieved a turnover of Rs. 2848.600 Millions as against the previous year's turnover of .Rs. 2443.400 Millions i.e. an increase (growth rate) of Rs. 405.200 Millions (17%).

 

The Company has been successful in increasing its export sales from Rs. 368.300 Millions  in previous year to Rs. 4437 Millions  in current year i.e. an increase of Rs. 75.400 Millions  (20%) and in dollar terms also the exports of the Company have increased by 20%.

 

OPPORTUNITIES

 

Their Company is a leading and established Company in tin packaging industry. They are keenly conscious of the emerging opportunities in the can-manufacturing sector in India as well as abroad and they shall endeavor to take benefit of every good opportunity in the very best interest of their members. Following are the opportunity and threats of their Company:

 

OPPORTUNITIES

 

1. Historical established performance.

2. Established customer profile and wide customer base.

3. Reputation for quality, well established brand.

4. Edge in raw material procurement.

5. Ability to expand and diversify.

6. Expansion in export market.

7. Professionally & technically qualified Human Resource.

8. Priority of the Government to promote Food Processing Industry.

9. Significant incentives in North India.

10. Innovation and new product development.

 

PRODUCT WISE PERFORMANCE

 

The performance of the Company has been satisfactory in the areas like Dairy Products, Processed Foods and Export. Their company is also successfully entering into non-food areas like paints, pesticides, shoe polish etc. The Company has entered into new markets of export and developed new products for domestic market during the year.

 

OUTLOOK

 

The outlook of the Company seems to be very progressive. The management of the Company is seriously engaged in the task of reducing overheads and other costs. Company has a vision to consolidate its position as leader in metal packaging segment

 

FINANCIAL PERFORMANCE WITH RESPECT TO OPERATIONAL PERFORMANCE

 

The Company has registered 17% increase in turnover during the year 2009-2010 as compared’ to the year 2008-2009. The Export Sales has increased by 20% as compared to the previous year, however in dollar terms the exports of the Company have increased by 20% due to Rupee, dollar parity.

 

FIXED ASSETS:

 

  • Land
  • Building
  • Plant and  Machinery
  • Office Equipment
  • Electrical Transfer
  • Furniture and Fixture
  • Vehicles
  • Pattern and Dies
  • Computer

 

UNAUDITED FINANCIAL RESULTS (PROVISIONAL) FOR THE QUARTER ENDED 31ST DECEMBER, 2010

 

Rs. In Millions

Particular

3 Months Ended

Year to Date Figures for the Current Period Ended

 

Unaudited

Unaudited

 

31.12.2010

31.12.2010

 

 

 

(a) Net Sales / Income from operations

576.829

2322.086

(b) Other Operating Income

0.000

0.000

Total Income

576.829

2322.086

Expenditure

 

 

a) (Increase) / Decrease in stock in trade and work in progress

27.557

171.859

b) Consumption of raw materials

216.889

1651.732

c) Purchase of traded goods

167.796

567.668

d) Employees cost

31.070

93.847

e) Depreciation

11.039

30.960

f) Other expenditure

65.836

206.941

Total

520.187

2124.907

Profit from operations before other income, interest and exceptional Items

56.642

197.179

Other income

4.135

8.225

Profit before interest and exceptional Items

60.777

205.404

Interest

23.104

68.670

Profit after Interest but before Exceptional Items

37.673

136.734

Exceptional Items

--

--

Profit (+)/Loss(-) from Ordinary Activities before tax

37.673

136.734

Tax expense

12.616

43.316

Net Profit (+)/Loss(-) from Ordinary Activities after

tax

25.057

93.418

Extra Ordinary items

--

--

Net Profit (+) / Loss (-) for the year period

25.057

93.418

Paid up equity share capital (Face value of Rs.10/- per share)

103.997

103.997

Reserves excluding revaluation reserves as per balance sheet of previous accounting year

--

--

Earning per share (EPS)

 

 

 (a) Basic and diluted EPS before Extraordinary items

for the period, for the year to date and for the

previous year (not to be annualised)

2.41

8.98

(a) Basic and diluted EPS before Extraordinary items

for the period, for the year to date and for the

previous year (not to be annualised)

2.41

8.98

Public shareholding

 

 

          Number of shares

6551584

6551584

          Percentage of shareholding

63

63

 

 

 

Promoters and Promoters group Shareholding-

 

 

a) Pledged /Encumbered

 

 

Number of shares

Nil

Nil

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

Nil

Nil

Percentage of shares (as a % of total share capital of the company)

Nil

Nil

 

 

 

b) Non  Encumbered

 

 

Number of shares

3848099

3848099

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

100.00

100.00

Percentage of shares (as a % of total share capital of the company)

37.00

37.00

 

 

 

Note:

 

  1. The above results have been reviewed by the audit committee and taken on record by the board of directors of the company its meeting held on 4th February, 2011.
  2. Limited review as required under clause 41 of the listing agreement has been carried out by the statutory auditors.
  3. Unclaimed dividend of the shareholders is lying with the bank in respective accounts; the shareholders are requested to collect their dividend.
  4. Every shareholder is requested to demit their shares so than the security of the company can be traded easily.
  5. Every shareholder of the company is requested to inform the register of transfer under intimation to the company about derail of their bank, account no. so that in future dividend can be directly transferred in their account.
  6. Tax expense is inclusive of deferred tax and wealth tax in the financial year ended 31st March, 2010 and for the quarter ended 31st December, 2010, the tax expenses is inclusive of deferred tax only.
  7. Previous years figures have been regrouped/ rearranged wherever necessary.
  8. Information on investors complaints for the quarter pending at the beginning 0, received 20, disposed 20, balance 0.
  9. The company operation comprises two segment i) primary segment business segment and ii) secondary segment geographical segment.

 

 

 

 

SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF THE LISTING AGREEMENT FOR THE QUARTER 31ST DECEMBER, 2010

 

Rs. In Millions

Particular

3 Months Ended

Year to Date Figures for the Current Period Ended

 

Unaudited

Unaudited

 

31.12.2010

31.12.2010

 

 

 

Segment Revenue

 

 

Primary Segment (Business)

 

 

Manufacturing

400.786

1738.146

Trading

176.043

583.940

Unallocated

4.136

8.225

Total net sales / income for operation

580.965

2330.311

 

 

 

Segment Results

 

 

Profit before interest and tax

 

 

Manufacturing

52.527

186.782

Trading

4.113

10.397

Unallocated

4.136

8.225

Total

60.776

205.404

Less:

 

 

Interest

23.103

68.670

Unallocable Income

4.136

8.225

Total profit before tax

33.537

128.509

 

 

 

Capital Employed

 

 

Segment assets – Segment liabilities

 

 

Primary Segment (Business)

 

 

Manufacturing

519.284

519.284

Trading

197.073

197.073

Unallocated

131.082

131.082

Total

847.439

847.439

 

 

 

Segment Revenue

 

 

Secondary Segment (Geographical 0

 

 

Domestic

407.409

1819.586

Export (Manufacturing)

169.420

502.500

Unallocated

4.136

8.225

Total net sales / income for operation

580.965

2330.311

 

 

 

Segment Results

 

 

Profit before interest and tax

 

 

Domestic

39.429

139.798

Export (Manufacturing)

17.211

57.381

Unallocated

4.136

8.225

Total

60.776

205.404

Less:

 

 

Interest

23.103

68.670

Unallocable Income

4.136

8.225

Total profit before tax

33.537

128.509

 

 

 

Capital Employed

 

 

(Segment assets – Segment liabilities )

 

 

Secondary Segment (Geographical)

 

 

Domestic

632.939

632.939

Export (Manufacturing)

83.418

83418

Unallocated

131.082

131082

Total

847.439

847.439

 

 

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                              None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                          None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                          None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.18

UK Pound

1

Rs.72.79

Euro

1

Rs.62.15

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

7

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

YES

--LITIGATION

YES/NO

YES

--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

 

47

 

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

-

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.