MIRA
INFORM REPORT
|
Report Date : |
07.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
GUJARAT FOILS LIMITED |
|
|
|
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Registered
Office : |
3436-3449, Chhatral GIDC, Phase-IV, Taluka Kalol, District
Gandhinagar-382 721, Gujarat |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
16.11.1992 |
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Com. Reg. No.: |
018570 |
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Capital
Investment / Paid-up Capital : |
Rs.439.418
Millions |
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|
|
|
CIN No.: [Company Identification
No.] |
L28999GJ1992PLC018570 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMG00263E |
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Legal Form : |
It is a Public Limited Liability Company. The company's shares are listed on the Stock Exchanges. |
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Line of Business
: |
Manufacture of Aluminium Rolled Products and Other Related
Products. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2400000 |
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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 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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
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/ Factory : |
3436-3449, Chhatral GIDC, Phase-IV, Taluka Kalol, District
Gandhinagar-382 721, Gujarat, India |
|
Tel. No.: |
91-2712-233656/233657 |
|
Fax No.: |
91-2712-233658 |
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E-Mail : |
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Website : |
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Corporate Office : |
308, 3rd Floor, Ceejay House, Dr Annie Besant Road, Worli,
Mumbai- 400018, Maharashtra, India |
|
Tel. No.: |
91-22-24812000 |
|
Fax No.: |
91-22-24812122 |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Abhay N Lodha |
|
Designation : |
Chairman |
|
Address : |
603, Vaitarna, |
|
Date of Birth / Age : |
01.06.1971 |
|
Date of Appointment : |
14.07.2008 |
|
|
|
|
Name : |
Mr. Pradeep Jagdish Saxena |
|
Designation : |
Additional Director |
|
Address : |
2, Rajjab Mahal, |
|
Date of Birth / Age : |
03.03.1948 |
|
Date of Appointment : |
14.07.2008 |
|
|
|
|
Name : |
Mr. Pramod H Jain |
|
Designation : |
Director |
|
Address : |
F – 29, Kotiyaknagar Shastri Baug, Vadodara, Gujarat, India |
|
Date of Birth / Age : |
12.08.1947 |
|
Date of Appointment : |
16.04.2003 |
|
|
|
|
Name : |
Mr. Satish Chander Gupta |
|
Designation : |
Independent Director |
|
Address : |
A – 1/135, Inder Puri, New Delhi – 110012, India |
|
Date of Birth / Age : |
05.05.1947 |
|
Date of Appointment : |
31.01.2009 |
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|
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|
Name : |
Mr. Vijay Gian Chand Chadha |
|
Designation : |
Director |
|
Address : |
Flat No. 602, B – Safal Pride, Plot No. 1, Sec – 25, Nerul, Navi
Mumbai, Maharashtra, India |
|
Date of Birth / Age : |
04.02.1947 |
|
Date of Appointment : |
12.07.2009 |
|
|
|
|
Name : |
Mr. Prasenjit Datta |
|
Designation : |
Director [Operation] |
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|
|
|
Name : |
Ms. Kanchan Murarka |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Ms. Richa N. Gole |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2011
|
Category of
Shareholder |
Total No. of
Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
4,041,310 |
49.27 |
|
|
792,876 |
9.67 |
|
|
4,834,186 |
58.94 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
4,834,186 |
58.94 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
912,407 |
11.12 |
|
|
|
|
|
|
349,888 |
4.27 |
|
|
1,867,407 |
22.77 |
|
|
237,922 |
2.90 |
|
|
231,997 |
2.83 |
|
|
5,925 |
0.07 |
|
|
3,367,624 |
41.06 |
|
Total Public shareholding (B) |
3,367,624 |
41.06 |
|
Total (A)+(B) |
8,201,810 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
8,201,810 |
- |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of Aluminium Rolled Products and Other Related
Products. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
NOTE: a. Term Loan
from State Bank of India, Mumbai has been secured by pari-passu charge on the
Land, Building, Plant and Machinery and other fixed assets of the company on
Plot No. 3436 to 3439 and 3442 to 3446 at Chhatral Industrial Area of GIDC,
Phase-IV, Tal: Kalol, District Gandhinagar, Gujarat and second pari-passu
charge on all the current assets with other working capital lenders. b. Term Loan
from Dena Bank, Mumbai has been secured by pari-passu charge on the Land,
Building, Plant and Machinery and other fixed assets of the company on Plot
No. 3436 to 3439 and 3442 to 3446 at Chhatral Industrial Area of GIDC,
Phase-IV, Tal: Kalol, District Gandhinagar, Gujarat and second pari passu
charge on all the current assets with other working capital lenders. c. Wind Mill
Term Loan from Allahabad Bank, IFB, New Delhi has been secured by exclusive
charge over land Plant and Machinery and other fixed assets of the wind mill
of the company. d. Term Loan
from Bank of India, Ahmedabad has been secured by exclusive equitable
mortgage/ hypothecation charge on fixed assets of Aluminium Pharma Foil
Project. e. Working
capital cash credit loan from Allahabad Bank, IFB, New Delhi, has been
secured by Hypothecation on first pari passu charge basis of entire stocks,
book debts and other current assets of the company ranking pari-passu with
other Working Capital Lenders. f. The loans at
(c) and (e) above are further secured by Second charge on Entire fixed assets
of the company except wind mill ranking pari-passu with other Working Capital
Lenders. g. Cash Credit
from Oriental Bank of Commerce, Mumbai, secured by first pari passu charge by
way of hypothecation of Stock of Raw Material, Stock in process, finished
goods, Stores and Spares and Receivables on pari-passu with other working
capital lenders. h. Working
capital cash credit from state bank of India, Back Bay reclamation Branch,
Mumbai has been secured by first charge on pari passu basis on entire current
assets of the company with other working capital lenders and second pari
passu charge on entire fixed assets of the company with Dena bank, Allahabad
Bank, and OBC. i. Working
capital cash credit from Dena Bank, Corporate business branch, Mumbai has
been secured by first pari passu charge by way of hypothecation of entire
current assets with other working capital lenders and second pari passu
charge on entire fixed assets of the company with SBI, Allahabad Bank, and
OBC. j. Working
capital cash credit from IDBI Bank, New Delhi has been secured by first pari
passu charge by way of hypothecation of entire current assets with other
working capital lenders and second pari passu charge on entire fixed assets
of the company with Dena Bank, SBI, Allahabad Bank, and OBC. k. Car loans have been secured by hypothecation of respective cars. |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
H.R. Agarwal and Associates Chartered Accountants |
|
Address : |
Kolkata, West Bengal, India |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
8201810 |
Equity Shares |
Rs.10/- each |
Rs.82.018
Millions |
|
|
Add: Share Application Money |
|
Rs.357.400
Millions |
|
|
Total |
|
Rs.439.418 Millions |
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 |
439.418 |
320.418 |
82.018 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
183.865 |
165.211 |
146.244 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
623.283 |
485.629 |
228.262 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1014.436 |
706.573 |
305.195 |
|
|
2] Unsecured Loans |
127.872 |
0.000 |
0.000 |
|
|
TOTAL BORROWING |
1142.308 |
706.573 |
305.195 |
|
|
DEFERRED TAX LIABILITIES |
40.732 |
27.026 |
13.139 |
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TOTAL |
1806.323 |
1219.228 |
546.596 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
861.040 |
763.535 |
55.077 |
|
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Capital work-in-progress |
284.415 |
43.812 |
273.381 |
|
|
|
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|
|
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INVESTMENT |
0.000 |
0.000 |
10.572 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
470.687
|
407.803
|
157.104
|
|
|
Sundry Debtors |
528.178
|
219.115
|
212.026
|
|
|
Cash & Bank Balances |
60.903
|
31.497
|
13.536
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
87.989
|
148.348
|
34.170
|
|
Total
Current Assets |
1147.757
|
806.763
|
416.836
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
405.487
|
332.721
|
182.153
|
|
|
Other Current Liabilities |
72.917
|
55.441
|
16.955
|
|
|
Provisions |
8.485
|
6.720
|
10.162
|
|
Total
Current Liabilities |
486.889
|
394.882
|
209.270
|
|
|
Net Current Assets |
660.868
|
411.881
|
207.566
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1806.323 |
1219.228 |
546.596 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2238.887 |
1308.350 |
745.466 |
|
|
|
Other Income |
12.466 |
1.245 |
16.367 |
|
|
|
TOTAL (A) |
2251.353 |
1309.595 |
761.833 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Materials |
1959.239 |
1217.867 |
684.644 |
|
|
|
Other Manufacturing Expenses |
168.542 |
95.022 |
35.652 |
|
|
|
Increase/(Decrease) in Finished Goods |
(98.332) |
(88.649) |
3.265 |
|
|
|
TOTAL (B) |
2029.449 |
1224.240 |
723.561 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
221.904 |
85.355 |
38.272 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
101.832 |
33.281 |
23.255 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
120.072 |
52.074 |
15.017 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
79.227 |
12.467 |
8.690 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
40.845 |
39.607 |
6.327 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
22.191 |
20.639 |
3.381 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
18.654 |
18.968 |
2.946 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
67.317 |
48.349 |
45.403 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
85.971 |
67.317 |
48.349 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
7.364 |
20.428 |
0.280 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
135.038 |
128.187 |
12.671 |
|
|
|
Capital Goods |
34.788 |
162.008 |
168.809 |
|
|
TOTAL IMPORTS |
169.826 |
290.195 |
181.480 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.27 |
2.31 |
0.43 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
511.600 |
495.590 |
513.570 |
|
Total Expenditure |
456.410 |
412.270 |
436.120 |
|
PBIDT (Excl OI) |
55.190 |
83.320 |
77.450 |
|
Operating Profit |
55.190 |
83.320 |
77.450 |
|
Interest |
30.420 |
50.300 |
42.840 |
|
PBDT |
24.770 |
33.020 |
34.610 |
|
Depreciation |
23.770 |
24.060 |
24.400 |
|
Profit Before Tax |
1.000 |
8.960 |
10.210 |
|
Profit After Tax |
1.000 |
6.460 |
9.210 |
|
Net Profit |
1.000 |
6.460 |
9.210 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.83
|
1.44
|
0.39
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.82
|
3.02
|
0.85
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.03
|
2.52
|
1.34
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.08
|
0.03
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.61
|
2.32
|
2.25
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.35
|
2.04
|
1.99
|
LOCAL AGENCY FURTHER INFORMATION
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
No |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
No |
OPERATIONS:
During the year,
the total income grew by 75% to Rs. 2408.100 Millions as compared to Rs.
1373.000 Millions for the year ended 31st March, 2010. PBDT has also improved
to Rs. 120.000 Millions as compared Rs. 52.000 Millions during the last
financial year. Net Profit after Tax stood at Rs.18.700 Millions on account of
higher depreciation and Interest cost for the project which got commenced
during the year.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
OVERALL INDUSTRY STRUCTURE
Aluminium Industry
in India is one of the leading Industries in the Indian economy. The growth of
the Aluminium metal industry in India would be sustained by the diversification
and exploration of new horizons for the Industry. India has huge deposits of
natural resources in the forms of minerals like copper, chromite, iron ore,
bauxite, gold etc. The Indian Aluminium Industry falls under the category of
non iron based which include the production of copper, tin, brass, lead, zinc
aluminium and manganese. The main operations of Indian aluminium industry is
mining of ores, refining of the ore, casting, alloying, sheet and rolling into
foils. India has to develop Research and development to assist production and
improve quality. The Indian aluminium industry has a bright future in the
global market to cater international need for aluminium which is used worldwide
for its several applications.
ALUMINIUM FOIL-
There are around 07 Major Aluminium Foil manufacturers in India with rolling
capacity of around 6000 tons per month to cater the total demand of around 8000
tons per month in different field mainly in pharmaceuticals and other packaging
industries. In the present scenario, market demand of the product is growing
with a rate of 12% p.a.
COMPANY AND BUSINESS OVERVIEW
The Company is
presently dealing in Manufacturing and supply of Aluminium Foils, Strips and
Containers for Food, Pharmaceuticals and Packaging Applications. Considering
the advantage of aluminium foil in preventing exposure to light, oxygen,
moisture, odors, flavors and specifically bacteria; the pharmaceutical industry
uses aluminium foil extensively and regularly for packaging of different
medicines such as tablets and capsules etc. They also form the seal under the
bottle top for several bottled medicinal mixtures in syrups or bundled pill
bottles. In view of shorter dosages and less recuperative time these days as
prescribed by doctors the importance of Aluminium based Foil Packaging is the
uppermost today. In order to achieve better value addition we have embarked
upon an expansion plan for in house conversion for supplies to the
Pharmaceutical industry. In order to gain a foothold in the direct pharma
industry GFL has set up a battery of Gravure Printing Machines for the printing
of the Aluminium Foils which are processed in the Laminators. These couples
with Surface Slitters as well as Doctoring/ Rewinding machines makes GFL a
prudent quantity supplier to the Pharmaceutical Industry. The above mentioned
facility with the availability of foil from the existing state of the art
Achenbach Mill which is in the same premises will ensure that GFL will be one
of the most preferred vendors to the Pharmaceutical Industry. Considering the
limited availability of such kind of facilities today in the country this will
enable GFL to considerably enrich the product mix and bring about better
realization for the Company.
FIXED ASSETS:
- Land and Leasehold
- Building and Site Development
- Plant and Machinery
- Other Fixed Assets
- Vehicles
- Furniture and Fixtures
UNAUDITED FINANCIAL RESULT
FOR THE QUARTER AND HALF YEAR ENDED ON 30.09.2011
Rs. in Millions
|
Particular |
Quarter Ended |
Half Year Ended |
|
|
30.09.2011 |
30.09.2011 |
|
|
|
|
|
(a)
Net Sales / Income from operations |
495.589 |
1007.187 |
|
(b) Other
Operating Income |
0.000 |
0.000 |
|
Total
Income |
495.589 |
1007.187 |
|
Expenditure |
|
|
|
(Increase)
/ Decrease in stock in trade and work in progress |
(111.808) |
(147.591) |
|
Consumption
of raw materials |
467.144 |
903.653 |
|
Employees
cost |
8.679 |
12.489 |
|
Depreciation |
24.058 |
47.829 |
|
Other
expenditure |
48.254 |
100.126 |
|
Total |
436.327 |
916.506 |
|
Profit
from operations before other income, interest and exceptional Items |
59.262 |
90.691 |
|
Other
income |
0.000 |
0.000 |
|
Profit
before interest and exceptional Items |
59.262 |
90.691 |
|
Interest |
50.297 |
80.717 |
|
Profit after Interest but
before Exceptional Items |
8.965 |
9.964 |
|
Exceptional
Items |
0.000 |
0.000 |
|
Profit (+)/Loss(-) from
Oridinary Activities before tax |
8.965 |
9.964 |
|
Tax
expense |
2.500 |
2.500 |
|
Net Profit (+)/Loss(-) from
Ordinary Activities after tax |
6.465 |
7.464 |
|
Extraordinary items |
0.000 |
0.000 |
|
Net Profit
(+) / Loss (-) for the year period |
6.465 |
7.464 |
|
Paid
up equity share capital (Face value of Rs.10/- per share) |
82.018 |
82.018 |
|
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) |
0.79 |
0.91 |
|
(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) |
0.79 |
0.91 |
|
Public
shareholding |
|
|
|
Number of shares |
3367624 |
3367624 |
|
Percentage of shareholding |
41.06 |
41.06 |
|
|
|
|
|
Promoters
and Promoters group Shareholding- |
|
|
|
a)
Pledged /Encumbered |
|
|
|
Number
of shares |
1214000 |
1214000 |
|
Percentage
of shares (as a % of total shareholding of the promoter and promoter group) |
25.11 |
25.11 |
|
Percentage
of shares (as a % of total share capital of the company) |
14.80 |
14.80 |
|
|
|
|
|
b)
Non Encumbered |
|
|
|
Number
of shares |
3620186 |
3620186 |
|
Percentage
of shares (as a % of total shareholding of the promoter and promoter group) |
74.89 |
74.89 |
|
Percentage
of shares (as a % of total share capital of the company) |
44.14 |
44.14 |
NOTE:
1.
The above financial results have been reviewed by the
Audit Committee and approved and taken on record by the Board of Directors in
their respective meetings held on November 14, 2011. The statutory auditors
have carried out limited review of the above results.
2.
The Company did not receive any investor complaint
during the quarter. Further there was no investor complaint pending at the
beginning and at the end of the quarter.
3.
Figures for previous periods/year have been
regrouped/reclassified/recast, wherever necessary.
4. The Company
operates only in single segment. There are no separate reportable segment as
per Accounting Standard on "Segment Reporting (AS-17)".
STATEMENT OF ASSETS AND
LIABILITIES
|
|
|
Rs in Millions |
|
Particulars |
As on 30.09.2011 |
|
|
(Unaudited) |
||
|
|
|
|
|
SHAREHOLDERS FUNDS |
|
|
|
Share Capital |
436.418 |
|
|
Reserves & Surplus |
191.329 |
|
|
|
|
|
|
Secured Loans |
1225.498 |
|
|
Unsecured Loans |
169.799 |
|
|
|
|
|
|
DEFERRED TAX
LIABILITIES |
40.732 |
|
|
|
|
|
|
TOTAL |
2063.776 |
|
|
|
|
|
|
FIXED ASSETS |
1161.085 |
|
|
|
|
|
|
INVESTMENT |
0.000 |
|
|
|
|
|
|
CURRENT ASSETS,
LOANS & ADVANCES |
|
|
|
Inventories |
536.867 |
|
|
Sundry Debtors |
552.155 |
|
|
Cash & Bank
Balances |
88.944 |
|
|
Other Current
Assets |
44.564 |
|
|
Loans &
Advances |
34.365 |
|
|
TOTAL |
1256.895 |
|
|
|
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
Other Current
Liabilities |
351.704 |
|
|
Provisions |
2.500 |
|
|
TOTAL |
354.204 |
|
|
|
|
|
|
Net
Current Assets |
902.691 |
|
|
|
|
|
|
TOTAL |
2063.776 |
|
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.51.05 |
|
|
1 |
Rs.81.09 |
|
Euro |
1 |
Rs.67.39 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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.