MIRA
INFORM REPORT
|
Report Date : |
26.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
CERA SANITARYWARE LIMITED (w.e.f. 20.01.2003) |
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Formerly Known
As : |
MADHUSUDAN OILS AND FATS LIMITED |
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Registered
Office : |
9, GIDC Industrial Estate, Kadi, Mehsana – 382 715, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
17.07.1998 |
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Com. Reg. No.: |
04-034400 |
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Capital
Investment / Paid-up Capital : |
Rs.63.274
millions |
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CIN No.: [Company Identification
No.] |
L26910GJ1998PLC034400 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMC01406G AHMC01156B |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturer of Ceramic Sinks, Wash Basins, Wash Basin Pedestals,
Baths, Bidets, Water Closet Pans, Flushing Cisterns, Urinals and similar
Sanitary fixtures. |
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|
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No. of Employees
: |
515 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
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 4460000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having fine track. General
Financial position is good. Trade relations are reported as fair. Business is
active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and 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
|
Name : |
Mr. Dinesh Gangdev |
|
Designation : |
Accounts Manager |
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Contact No.: |
91-8000857823 |
|
Date : |
24.09.2011 |
LOCATIONS
|
Registered Office/ Factory 1 : |
9, GIDC Industrial Estate, Kadi, Mehsana – 382 715, |
|
Tel. No.: |
91-2764-242329/ 262619/ 262638/ 263874/ 321949/ 242465 |
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Mobile No.: |
91-8000857823 (Mr. Dinesh Gangdev) |
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Fax No.: |
91-2764-242465 |
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E-Mail : |
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Website : |
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Location : |
Leased |
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Marketing Office (Ahmedabad) : |
Madhusudan House, Opposite Navrangpura Telephone
Exchange, Ahmedabad – 380 006, |
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Tel. No.: |
91-79-26449781/ 89/ 32205238 |
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Fax No.: |
91-79-26569259 |
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E-Mail : |
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Factory 2 : |
Wind Farms: a) Village Lamba
and Patelka, Taluka Kalyanpur, District b) Village and
Taluka Kalyanpur, District c) Village Kadoli, Taluka Abdasa, District Kutchh, |
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Regional Offices : |
Located at: · Bangalore · Chandigarh · Chennai · Cochin · Delhi · Hyderabad · Kolkata · Mumbai · Trivandrum · Calicut |
DIRECTORS
(AS ON 31.03.2011)
|
Name : |
Mr. Vikram Somany |
|
Designation : |
Chairman-cum-Managing Director |
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Date of Birth/ Age : |
61 years |
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Qualification : |
B.Sc., FCMI (U.K.) |
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Experience : |
37 years |
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|
Name : |
Mr. Sajan Kumar Pasari |
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Designation : |
Director |
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|
Name : |
Dr. K. N. Maiti |
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Designation : |
Director |
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Name : |
Mr. Ashok Chhajed |
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Designation : |
Director |
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Name : |
Mr. Shree Narayan Mohata |
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Designation : |
Director |
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Name : |
Mr. Vidush Somany |
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Designation : |
Executive Director |
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Date of Birth/ Age : |
30 years |
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Qualification : |
Bachelors Degree in Management Studies (U.S.A.) |
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Experience : |
6 years |
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|
Name : |
Mr. Govindbhai P. Patel |
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Designation : |
Director |
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Name : |
Mr. Mahendrakumar Bhandari |
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Designation : |
Director - Technical |
KEY EXECUTIVES
|
|
Works |
|
Name : |
Mr. S.K. Ghatak |
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Designation : |
President (Works) |
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|
Name : |
Mr. V.K. Jain |
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Designation : |
Joint Vice President (Quality Assurance) |
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Name : |
Mr. Anil Kumar Punjabi |
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Designation : |
Joint Vice President (Production) |
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Marketing and Sales |
|
Name : |
Mr. Atul Sanghvi |
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Designation : |
President (Sales and Marketing) |
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Marketing |
|
Name : |
Mr. P.K. Shashidharan |
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Designation : |
Vice President (Marketing) |
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Domestic Sales - West, East and North |
|
Name : |
Mr.
Parthiv Dave |
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Designation : |
Vice President (Sales) |
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Domestic Sales - South |
|
Name : |
Mr. Abbey Rodrigues |
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Designation : |
Vice President (Sales) |
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Export Sales |
|
Name : |
Mr. Gaurang Bhatt |
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Designation : |
General Manager (Export) |
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Sales Administration |
|
Name : |
Mr. B.K. Desai |
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Designation : |
Deputy General Manager (Sales Administration) |
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Finance and Company Affairs |
|
Name : |
Mr. Rajesh B. Shah |
|
Designation : |
President and Chief Financial Officer |
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|
Name : |
Mr. Narendra N. Patel |
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Designation : |
Vice President and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.06.2011)
|
Category of Shareholder |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2,720,309 |
21.50 |
|
|
4,239,871 |
33.50 |
|
|
6,960,180 |
55.00 |
|
|
|
|
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
6,960,180 |
55.00 |
|
|
|
|
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
650 |
0.01 |
|
|
5,450 |
0.04 |
|
|
258,705 |
2.04 |
|
|
264,805 |
2.09 |
|
|
|
|
|
|
|
|
|
|
602,720 |
4.76 |
|
|
|
|
|
|
|
|
|
|
2,345,903 |
18.54 |
|
|
2,030,934 |
16.05 |
|
|
|
|
|
|
450,332 |
3.56 |
|
|
320,120 |
2.53 |
|
|
129,087 |
1.02 |
|
|
1,125 |
0.01 |
|
|
5,429,889 |
42.91 |
|
|
|
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Total
Public shareholding (B) |
5,694,694 |
45.00 |
|
|
|
|
|
Total
(A)+(B) |
12,654,874 |
100.00 |
|
|
|
|
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(C) Shares
held by Custodians and against which Depository Receipts have been issued |
|
|
|
|
-- |
-- |
|
|
-- |
-- |
|
|
-- |
-- |
|
|
|
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|
Total
(A)+(B)+(C) |
12,654,874 |
100.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 MillionSHAREHOLDING BELONGING TO
THE CATEGORY
"PROMOTER AND
PROMOTER GROUP"
|
Name
of the Shareholder |
Total
Shares held |
|
|
|
Number |
As a
% of |
|
|
|
|
|
Vikram Investment Company Limited |
2,900,275 |
22.92 |
|
Vidush Somany |
1,366,520 |
10.80 |
|
Vikram Somany |
813,468 |
6.43 |
|
Vikram Somany |
46,425 |
0.37 |
|
Trisure Promotions and Trading Limited |
484,400 |
3.83 |
|
Rekha Commercial Limited |
473,008 |
3.74 |
|
Smiti Somany |
351,720 |
2.78 |
|
Suvinay Trading and Investment Company Limited |
166,000 |
1.31 |
|
Vikram Somany |
100,000 |
0.79 |
|
Suvinay Trading and Investment Company Limited |
93,420 |
0.74 |
|
Venugopal Holdings Limited |
63,388 |
0.50 |
|
Rekha Commercial Limited |
59,380 |
0.47 |
|
Deepshikha Khaitan |
39,116 |
0.31 |
|
Vikram Somany |
3,060 |
0.02 |
|
|
|
|
|
Total |
6,960,180 |
55.00 |
"PUBLIC"
AND HOLDING MORE THAN 1% OF THE TOTAL NO. OF SHARES
|
Name
of the Shareholder |
No.
of Shares |
Shares
as % of Total No. of Shares |
|
|
|
|
|
|
|
|
|
Vijay Kishanlal Kedia |
405,248 |
3.20 |
|
Sajan Kumar Pasari |
245,140 |
1.94 |
|
Harsha Hemang Dharmshi |
180,000 |
1.42 |
|
|
|
|
|
Total |
830,388 |
6.56 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Ceramic Sinks, Wash Basins, Wash Basin
Pedestals, Baths, Bidets, Water Closet Pans, Flushing Cisterns, Urinals and
similar Sanitary fixtures. |
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Products : |
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Brand Names : |
CERA |
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Exports : |
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Products : |
All Products of Manufacturing |
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Countries : |
· Bahrain · Oman |
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Imports : |
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Products : |
· Trading Items · Finished Goods |
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Countries : |
· China |
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Terms : |
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Selling : |
Credit and TT |
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Purchasing : |
L/C, Credit and TT |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
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|
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|
|
|
Vitreous |
M.T. |
24,000 |
24,000 |
24,474 |
|
Faucetware |
Nos. |
NA |
7,50,000 |
86,830 |
|
Non Conventional Energy (WTG) Actual Production – in Units |
M.W. |
NA |
4.975 M.W. |
* 43,81,473 |
|
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* Under Energy banking system, electricity produced is for use by
Ceramic Division at Kadi.
GENERAL INFORMATION
|
Suppliers : |
· Rakesh Metal Industry – Kadi |
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Customers : |
Dealers · A to Z Sanitarywale Private Limited – Kerala |
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No. of Employees : |
515 (Approximately) |
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Bankers : |
·
State Bank of India, Mehsana Branch ·
ICICI Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
H.V. Vasa and Company Chartered Accountants |
|
Address : |
B-2, "Usha
Kiran", Opposite Khanpur Gate, Ahmedabad - 380 001, |
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|
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Associates/Subsidiaries : |
·
Madhusudan Industries Limited ·
Madhusudan Fiscal Limited ·
Cera Foundation ·
Vikram Investment Company Limited ·
Madhusudan Holdings Limited ·
Swadeshi Fan Industries Limited |
CAPITAL STRUCTURE
(AS ON 31.03.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
20000000 |
Equity Shares |
Rs.5/- each |
Rs.100.000 millions |
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12654874 |
Equity Shares |
Rs.5/- each |
Rs.63.274
millions |
|
|
|
|
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|
Of the above 53,75,000 Equity Shares allotted as fully paid pursuant to the scheme of arrangement. 63,27,437 Equity Shares allotted as fully paid Bonus Shares by Capitalisation of Share Premium |
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|
NOTES:
# Options in force as of March 31, 2011 under the Employees
Stock Option Scheme 2007- 32 Shares
# Vested Options Exercisable @ Rs.61/- per share till
09.07.2011 - Nos. of Shares 32
# Options Exercised till March 31, 2011 - 1,42,423 Shares
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
63.274 |
31.449 |
31.054 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1052.295 |
853.700 |
675.137 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1115.569 |
885.149 |
706.191 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
376.478 |
256.378 |
336.727 |
|
|
2] Unsecured Loans |
2.447 |
15.752 |
18.856 |
|
|
TOTAL BORROWING |
378.925 |
272.130 |
355.583 |
|
|
DEFERRED TAX LIABILITIES |
138.540 |
131.935 |
136.654 |
|
|
|
|
|
|
|
|
TOTAL |
1633.034 |
1289.214 |
1198.428 |
|
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|
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|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
783.315 |
686.003 |
743.144 |
|
|
Capital work-in-progress |
61.171 |
21.573 |
2.113 |
|
|
|
|
|
|
|
|
INVESTMENT |
77.724 |
0.013 |
0.013 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
500.327
|
363.631
|
268.527 |
|
|
Sundry Debtors |
387.889
|
331.444
|
306.931 |
|
|
Cash & Bank Balances |
364.745
|
340.491
|
216.364 |
|
|
Other Current Assets |
6.908
|
10.930
|
5.892 |
|
|
Loans & Advances |
204.720
|
156.855
|
90.104 |
|
Total
Current Assets |
1464.589
|
1203.351
|
887.818 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
460.251
|
401.146
|
280.116 |
|
|
Other Current Liabilities |
66.609
|
51.471
|
46.748 |
|
|
Provisions |
227.308
|
169.737
|
108.649 |
|
Total
Current Liabilities |
754.168
|
622.354
|
435.513 |
|
|
Net Current Assets |
710.421
|
580.997
|
452.305 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.403 |
0.628 |
0.853 |
|
|
|
|
|
|
|
|
TOTAL |
1633.034 |
1289.214 |
1198.428 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2429.512 |
1913.645 |
1595.242 |
|
|
|
Other Income |
50.653 |
24.661 |
19.021 |
|
|
|
TOTAL (A) |
2480.165 |
1938.306 |
1614.263 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw materials consumed |
218.004 |
157.331 |
130.449 |
|
|
|
Purchases |
750.588 |
586.267 |
469.602 |
|
|
|
Payments to and provision for Employees |
322.961 |
254.699 |
236.479 |
|
|
|
Other Expenses |
785.128 |
631.500 |
472.429 |
|
|
|
Increase (Decrease) in Finished Goods and Work-in-process |
(104.219) |
(76.769) |
(8.994) |
|
|
|
Exceptional Item |
0.000 |
0.000 |
16.320 |
|
|
|
TOTAL (B) |
1972.462 |
1553.028 |
1316.285 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
507.703 |
385.278 |
297.978 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
27.185 |
25.275 |
39.659 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
480.518 |
360.003 |
258.319 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
65.303 |
61.031 |
59.281 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
415.215 |
298.972 |
199.038 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
149.807 |
102.861 |
67.952 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
265.408 |
196.111 |
131.086 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
90.000 |
80.000 |
60.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
31.637 |
15.725 |
12.422 |
|
|
|
Tax on Proposed Dividend |
5.132 |
2.672 |
2.111 |
|
|
|
Transfer to General Reserve |
208.639 |
167.714 |
96.553 |
|
|
BALANCE CARRIED
TO THE B/S |
110.000 |
90.000 |
80.000 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports of Goods on F.O.B. Basis |
29.563 |
36.641 |
42.169 |
|
|
TOTAL EARNINGS |
29.563 |
36.641 |
42.169 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Chemicals |
4.751 |
6.787 |
8.819 |
|
|
|
Stores & Spares Parts & Fittings |
3.209 |
6.586 |
1.669 |
|
|
|
Capital Goods |
8.065 |
0.000 |
0.000 |
|
|
|
Outsourced |
253.207 |
194.532 |
122.388 |
|
|
TOTAL IMPORTS |
269.232 |
207.905 |
132.876 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
- Basic |
21.02 |
15.75 |
21.15 |
|
|
|
- Diluted |
21.02 |
15.72 |
21.15 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2011 |
|
Type |
|
|
1st
Quarter |
|
Net Sales |
|
|
646.390 |
|
Total Expenditure |
|
|
525.110 |
|
PBIDT (Excl OI) |
|
|
121.280 |
|
Other Income |
|
|
9.360 |
|
Operating Profit |
|
|
130.640 |
|
Interest |
|
|
7.230 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
123.410 |
|
Depreciation |
|
|
18.840 |
|
Profit Before Tax |
|
|
104.570 |
|
Tax |
|
|
35.570 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
69.000 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
69.000 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
10.70
|
10.12
|
8.12 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
17.09
|
15.62
|
12.48 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.47
|
15.82
|
12.20 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.37
|
0.34
|
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.02
|
1.01
|
1.12 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.94
|
1.93
|
2.04 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
(Rs. In Millions) |
||
|
|
|
|
|
|
Due to Micro, Small and Medium Enterprises |
76.904 |
61.899 |
|
|
Due to Others |
383.347 |
339.247 |
|
|
|
|
|
|
|
Total |
460.251
|
401.146
|
280.116 |
|
Check list by info
Agents |
Available in Report (Yes/ No) |
|
|
|
|
Year of Establishment |
Yes |
|
Locality of the Firm |
Yes |
|
Constitution of the Firm |
Yes |
|
Premises details |
Yes |
|
Type of Business |
Yes |
|
Line of Business |
Yes |
|
Promoter’s Background |
------- |
|
No. of Employees |
Yes |
|
Name of Person Contacted |
Yes |
|
Designation of Contact person |
Yes |
|
Turnover of Firm for last three years |
Yes |
|
Profitability for last three years |
No |
|
Reasons for variation <> 20% |
No |
|
Estimation for coming financial year |
Yes |
|
Capital in the business |
NA |
|
Details of sister concerns |
Yes |
|
Major Suppliers |
Yes |
|
Major Customers |
Yes |
|
Payments Terms |
Yes |
|
Export/ Imports Details (If applicable) |
Yes |
|
Market Information |
------- |
|
Litigations that the firm/ Promoters Involved in |
------- |
|
Banking details |
Yes |
|
Banking Facility Details |
Yes |
|
Conduct of the Banking Account |
------- |
|
Buyer visit details |
------- |
|
Financials, if provided |
Yes |
|
Incorporation details is applicable |
------- |
|
Last Accounts filed at ROC |
------- |
|
Major Shareholders, if available |
------- |
BUSINESS
DESCRIPTION
Subject is an India-based company. The Company is engaged in
the manufacturing of sanitarywares, trading of bathroom accessories and captive
non conventional energy. Principal products/ services of the Company include
ceramic sinks, wash basins, wash basin pedestals, baths, bidets, water closet
pans, flushing cisterns, urinals and similar sanitary fixtures. The Company has
launched its Cera Bath Studios in Ahmedabad, Bangalore, Chandigarh, Kolkata,
Cochin and Hyderabad, Mumbai. The Company’s non-conventional wind power
generation during the fiscal year ended March 31, 2010 (fiscal 2010), was
56,76,843 kilowatt hour. The installed capacity of wind power unit of the
company is 4.975 megawatt. For the nine months ended 31 December 2010,
Subject’s revenues increased 26% to Rs1.7B. Net income increased 45% to
Rs193.2M. Revenues reflect an increase in sales and higher other income. Net
income also reflects improved gross profit margin. The Company manufactures
sanitary products and also trades in bathroom accessories in India. It markets
its products through distributors and retailers.
PERFORMANCE:
The
Company has continued to grow substantially due to brand building and
distribution initiatives. They are also supported by a buoyant construction
industry.
The
well-entrenched distribution network of the Company is getting a boost by
opening of CERA Bath Galleries in different towns. This helps CERA get high
visibility and top of mind recall among influencers and institutional buyers.
SANITARYWARE UNIT:
The
Company is expanding its production capacity, to meet the increasing demand.
When the expansion is completed, the production capacity will go up to 2.7
million pieces per annum from 2.0 million pieces.
FAUCETWARE UNIT: The
Company’s Faucetware plant has already gone on stream in September 2010. After
successful production of half-turn series and quarter turn series, the plant is
now producing high end single lever series. Automatic C N C machines shall be
installed, which will enable plant to produce more premium ranges.
BATHWARE UNIT: The
Company’s Faucetware plant has already gone on stream in September 2010. After
successful production of half-turn series and quarter turn series, the plant is
now producing high end single lever series. Automatic C N C machines shall be
installed, which will enable plant to produce more premium ranges. The Company
has also added other products like kitchen sinks, mirrors and sensor products
to its range under Bathware.
POWER UNIT: The
non-conventional wind power generation remained low in the year at 43,81,473
KWH against 56,76,843 KWH in the previous year due to Low wind, Heavy rain and
natural disturbances in Kutch and Saurashtra area in Gujarat where these Wind
Turbine Generators are situated. The installed capacity of wind power unit of
the company is 4.975 M.W.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT: INDUSTRY STRUCTURE AND DEVELOPMENTS:-
Despite
the advent of international brands, the Company is well-insulated in its turf
because of its continuous marketing activities ever since its inception in 1980
as can be seen from the healthy growth rate. Moreover their distribution system
is one of the best in the country.
The
Company has also done brand extension other related categories like showers,
faucets, PVC cistern – seat cover, etc. to capitalize on the strength of the
brand and also to accelerate the Company’s growth.
OUTLOOK: The
Company has a strong brand equity and loyal distribution network. The Company
has been making all out efforts to consistently increase the visibility of the
brand and product even in smaller towns, where there is huge untapped
potential.
The
Company is also fortifying its relationship with housing developers and
influencers like architects, interior designers and plumbing consultants. The
Company is confident of increasing the growth rate in the coming years.
The
Company’s growth continues to be much above the industry growth, year after
year, which is testimony to its product quality and marketing success.
The
successful display centre concept of The Company, introduced through CERA Bath
Studios in several cities, has now been extended in the form of CERA Bath
Galleries with its retail partners. Almost a dozen such CERA Bath Galleries are
already operational in different towns and soon more will follow.
BONUS SHARES: With the approval of the members at last
Annual General Meeting the directors have issued Bonus shares in the proportion
of 1(one) Bonus Share of Rs.5/- each for every existing 1(one) fully paid
equity share on 06.09.2010. The said Bonus Shares have been listed at BSE and
NSE.
FINANCE: The
Company repaid loans of Rs.99.808 Millions to Financial Institutions and Banks.
CONTINGENT
LIABILITY IN RESPECT OF:
|
Particulars |
31.03.2011 (Rs. in
millions) |
31.03.2010 (Rs. in
millions) |
|
|
|
|
|
a. Claims against the Company not acknowledged as debts. (Net of
Payments) |
11.353 |
3.568 |
|
b. Estimated
amount of contracts remaining to be executed on capital account not provided
for (Net of advance) |
3.851 |
1.147 |
|
c. Letters of Credit
opened and guarantees given by the Bank in favour of Parties and Government
Authorities. |
26.311 |
16.062 |
|
|
|
|
UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED 30TH JUNE, 2011
(RS. IN MILLIONS)
|
Particulars |
Quarter Ended |
|
(Unaudited) |
|
|
30.06.2011 |
|
|
|
|
|
1. a. Gross sales |
680.505 |
|
Less: Excise duty |
34.115 |
|
Net sales |
646.390 |
|
b. Other operating income |
0.000 |
|
Total Income |
646.390 |
|
|
|
|
Expenditure |
|
|
a) Increase/decrease in stock in trade and work in process |
(2.502) |
|
b) Consumption of raw materials |
72.140 |
|
c) Purchases (Outsourcing) |
174.189 |
|
d) Power and Fuel |
23.750 |
|
e) Employees cost |
92.954 |
|
f) Depreciation |
18.838 |
|
g) Other expenditure |
164.574 |
|
h) Total |
543.943 |
|
|
|
|
3. Profit from operations before other income, interest and tax (1-2) |
102.447 |
|
4. Other income |
9.358 |
|
5. Profit / (Loss) before interest and Exceptional items (3+4) |
111.805 |
|
6. Interest |
7.229 |
|
7. Profit / (Loss) after interest but before Exceptional items (5-6) |
104.576 |
|
8. Exceptional items |
0.000 |
|
9. Profit/ (Loss) from Ordinary Activities before tax (7-8) |
104.576 |
|
10. Tax Expenses |
35.574 |
|
11. Net Profit/ (Loss) from ordinary activities after tax (9-10) |
69.002 |
|
12. Extraordinary Item |
0.000 |
|
13. Net Profit/ (Loss) for the period (11-12) |
69.002 |
|
14. Operating Profit Before Exceptional Item |
130.643 |
|
15. Paid up equity share capital (Face value of Rs.5/- per share) |
63.274 |
|
16. Reserves excluding revaluation reserves |
-- |
|
|
|
|
17. Earnings Per Share (EPS in Rs.) |
|
|
Basic EPS Before Extraordinary items/ Exceptional items |
5.45 |
|
Diluted EPS Before Extraordinary items/ Exceptional items |
5.45 |
|
|
|
|
Basic EPS after Extraordinary items |
5.45 |
|
Diluted EPS after Extraordinary items |
5.45 |
|
|
|
|
Annualised Basic EPS before Extraordinary items/ Exceptional items |
21.81 |
|
|
|
|
18. Public
shareholding |
|
|
- Number of shares |
5694694 |
|
- Percentage of shareholding |
45.00 |
|
|
|
|
19. Promoter and Promoter Group Shareholding |
|
|
a) Pledged / Encumbered |
|
|
- Number of
Shares |
0 |
|
- Percentage of Shares
(as a % of total shareholding of promoter and promoter group) |
0.00 |
|
- Percentage of
Shares (as a % of total share capital of the Company) |
0.00 |
|
|
|
|
b) Non-Encumbered |
|
|
- Number of
Shares |
6960180 |
|
- Percentage of Shares
(as a % of total shareholding of promoter and promoter group) |
100.00 |
|
- Percentage of
Shares (as a % of total share capital of the Company) |
55.00% |
NOTES:
(1) The
above statement of Un-audited Financial Results were reviewed by the Audit
Committee and approved by the Board of Directors at its meeting held on
21.07.2011.
(2) Figures
have been regrouped wherever necessary.
(3) The
Company does not have more than one reportable segment. Accordingly, segmental
information is not required to be provided.
(4) The Statutory Auditors of the Company have
carried out a limited Review of the Unaudited Financial Results for the quarter
ended 30.06.2011.
(5) Status of Investors Complaints/Queries: Pending
as on 01.04.2011 - Nil, received during the quarter- 32, disposed off during
the quarter- 32 and pending as on 30.06.2011 -Nil.
TRADE REFERENCE:
· Rakesh Metal Industry – Kadi
· A to Z Sanitarywale Private Limited – Kerala
FIXED ASSETS:
·
·
·
Buildings
·
Plant and Machinery
·
Electric Plant and
Installation
·
Furniture, Fixtures and
Equipments
·
Vehicles
NEWS:
SHAREHOLDERS OF INDIA'S CERA
SANITARYWARE OKAY US$0.05 DIVIDEND
ASIA
PULSE BUSINESS WIRE
09 September 2011
[What
follows is the full text of the news story.]
NEW
DELHI, Sept 9Asia Pulse - India's Cera Sanitaryware (BSE: 532443) has said the
shareholders of the company have approved a dividend of Rs.2.50(US$0.05) per
equity share for the year 2010-11.
"The
members of the company have approved declaration of dividend of Rs.2.50 per
equity share (1,26,54,874 equity shares) for the year 2010-11," Cera
Sanitaryware said in a filing to the Bombay Stock Exchange (BSE).
Members
have also approved the reappointment of Vikram Somany as Chairman and Managing
Director of the company and of Vidush Somany as Executive Director for a period
of 3 years from July 01, 2011, the company added.
The
shareholders have also given nod for reappointment of S N Mohata and Shri Ashok
Chhajed as directors of the company, Cera Sanitaryware said.
CERA SANITARYWARE SHAREHOLDERS
APPROVE 2.50 DIVIDEND PER SHARE
PRESS
TRUST OF INDIA
05 September 2011
[What
follows is the full text of the news story.]
New
Delhi, September 06, 2011 (PTI): Cera Sanitaryware today said the shareholders
of the company have approved a dividend of Rs.2.50 per equity share for the
year 2010-11.
"The
members of the company have approved declaration of dividend of Rs.2.50 per
equity share (1,26,54,874 equity shares) for the year 2010-11," Cera
Sanitaryware said in a filing to the Bombay Stock Exchange (BSE).
Members
have also approved the reappointment of Vikram Somany as Chairman and Managing
Director of the company and of Vidush Somany as Executive Director for a period
of 3 years from July 01, 2011, the company added.
The
shareholders have also given nod for reappointment of S N Mohata and Shri Ashok
Chhajed as directors of the company, Cera Sanitaryware said.
Shares
of Cera Sanitaryware were today trading at Rs.215.10 on BSE, up 2.16 per cent
from its previous close. PTI AKT MR 09061713
AGM ON SEP 06, 2011
ACCORD
FINTECH (INDIA)
22 August 2011
[What
follows is the full text of the news story.]
India,
Aug. 22 -- Cera Sanitaryware Limited has informed BSE that the Annual General
Meeting (AGM) of the members of the Company will be held at 11.30 a.m. on
September 06, 2011, at the Register Office of the Company at 9, GIDC Industrial
Estate, Kadi-382 715, Dist- Mehsana. Published by HT Syndication with
permission from Accord Fintech BSE.
FIXES BOOK CLOSURE FOR DIVIDEND
ACCORD
FINTECH (INDIA)
23 July 2011
[What
follows is the full text of the news story.]
India,
July 23 -- Cera Sanitaryware Limited has informed BSE that the Register of
Members and Share Transfer Books of the Company will remain closed from August
16, 2011 to August 27, 2011 for the purpose of Payment of Dividend. Published
by HT Syndication with permission from Accord Fintech BSE.
BOOK CLOSURE
ACCORD
FINTECH (INDIA)
21 July 2011
[What
follows is the full text of the news story.]
India,
July 21 -- Cera Sanitaryware Limited has informed the Exchange that the
Register of Members and Share Transfer Books of the Company will remain closed
form August 16, 2011 to August 27, 2011 to determine the right of Shareholders
to receive dividend on Equity Shares for the year 2010-11. Published by HT Syndication
with permission from Accord Fintech.
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.49.67 |
|
|
1 |
Rs.76.51 |
|
Euro |
1 |
Rs.66.98 |
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 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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.