MIRA
INFORM REPORT
|
Report Date : |
28.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
GRP LIMITED (21st June, 2012) |
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Formerly Known
As : |
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Registered
Office : |
Plot No.8, G.I.D.C. Estate, Ankleshwar - 393 002, District: Bharuch, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
29.06.1974 |
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Com. Reg. No.: |
04-002555 |
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Capital Investment
/ Paid-up Capital : |
Rs.13.333
millions |
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|
|
CIN No.: [Company Identification
No.] |
L25191GJ1974PLC002555 |
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|
|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
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Line of Business
: |
Manufacturer and Exporter of reclaimed rubber. |
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No. of Employees
: |
Not Available |
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 |
|
Maximum Credit Limit : |
USD 2692000 |
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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 was
formerly known as ‘Gujarat Reclaim and Rubber Products Limited. It is a well
established and reputed company having fine track. It has achieved
an increase in its sales and profits during 2011. Financial position of the
company appears to be sound. Directors are reported to be well experienced
and knowledgeable businessmen. Trade relations
are reported as trustworthy. Business is active. Payments are reported to be
regular and as per commitments. The company can
be considered good for normal 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 – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
A- (Term Loan) |
|
Rating Explanation |
Adequate degree of safety and low credit risk |
|
Date |
November 29, 2011 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A- (Cash Credit) |
|
Rating Explanation |
Adequate degree of safety and low credit risk |
|
Date |
November 29, 2011 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office/ Factory 1 : |
Plot No.8, G.I.D.C. Estate, Ankleshwar - 393 002, District: Bharuch, |
|
Tel. No.: |
91-2646-250471/ 251204 |
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Fax No.: |
91-2646-251622 |
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E-Mail : |
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Website : |
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Head Office/ Corporate Office : |
510, "A" Wing, |
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Tel. No.: |
91-22-67082600/ 2500/ 67082641 |
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Fax No.: |
91-22-67969240/ 25004376 |
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Factory 2 : |
Plot No.C-10-1, M.I.D.C. Industrial Estate, |
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Factory 3 : |
Plot No.664/520, G.I.D.C. Estate, Panoli – 394 116, District: Bharuch,
State: |
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Kandathil M. Philip |
|
Designation : |
Chairman |
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Name : |
Mr. Rajendra V. Gandhi |
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Designation : |
Vice Chairman and Managing Director |
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Name : |
Mr. Mahesh V. Gandhi |
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Designation : |
Director |
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Name : |
Dr. Peter Philip |
|
Designation : |
Director |
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|
Name : |
Mr. Bhagwandas T. Doshi |
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Designation : |
Director |
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|
Name : |
Mr. Atul S. Desai |
|
Designation : |
Director |
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|
Name : |
Mr. Nikhil M. Desai |
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Designation : |
Director |
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Name : |
Mr. Harsh R. Gandhi |
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Designation : |
Executive Director |
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Name : |
Mr. Rajeev M. Pandia |
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Designation : |
Additional Director (w.e.f. 13.11.2010) |
KEY EXECUTIVES
|
Name : |
G.A. Ghangurde |
|
Designation : |
Vice President and Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2012
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
504,187 |
37.81 |
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|
115,760 |
8.68 |
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|
619,947 |
46.50 |
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|
|
|
Total shareholding of Promoter and Promoter Group (A) |
619,947 |
46.50 |
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(B) Public Shareholding |
|
|
|
|
|
|
|
|
50 |
- |
|
|
50 |
- |
|
|
|
|
|
|
32,025 |
2.40 |
|
|
|
|
|
|
421,965 |
31.65 |
|
|
235,717 |
17.68 |
|
|
23,629 |
1.77 |
|
|
4,158 |
0.31 |
|
|
19,471 |
1.46 |
|
|
713,336 |
53.50 |
|
Total Public shareholding (B) |
713,386 |
53.50 |
|
Total (A)+(B) |
1,333,333 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
1,333,333 |
- |
(1)
Indian
Individuals
/ Hindu Undivided Family
Individual
shareholders holding nominal share capital up to Rs.0.100 millionBUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of reclaimed rubber. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Reclaimed Rubber |
M.T. |
Not Applicable |
61,000 |
45,941 |
|
Crumb Rubber |
M.T. |
Not Applicable |
4,800 |
62 |
|
Punch and |
M.T. |
Not Applicable |
1,200 |
682 |
|
Thermo Plastic Elastomers |
M.T. |
Not Applicable |
1,200 |
102 |
|
Power - Wind Mill |
KW |
Not Applicable |
1,450,000 |
1,017,325 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
v
HDFC Bank Limited v
Citibank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
A.B. Modi and Associates Chartered Accountants |
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Address : |
Mumbai, |
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Subsidiary
Company : |
Grip Polymers
Limited (99.80% of total shareholdings held by the company) |
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Associate
Concern : |
Alphanso
Netsecure Private Limited (46% of total shareholdings held by the company) |
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Enterprises owned or significantly influenced by
Key Management Personnel or their relatives : |
v
Enarjee Investments Private Limited v
Industrial Development and Investment Company
Private Limited v
Ghatkopar Estate and Finance Corporation Private
Limited |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1333333 |
Equity Shares |
Rs.10/- each |
Rs.13.333
millions |
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|
|
|
|
(Of the above shares 250,000 shares are
allotted as fully paid up by way of bonus shares by capitalising general
reserves)
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 |
13.333 |
13.333 |
13.333 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
659.748 |
519.300 |
412.340 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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|
NETWORTH |
673.081 |
532.633 |
425.673 |
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|
LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
360.698 |
225.648 |
162.258 |
|
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2] Unsecured Loans |
43.507 |
17.893 |
15.666 |
|
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TOTAL BORROWING |
404.205 |
243.541 |
177.924 |
|
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DEFERRED TAX LIABILITIES |
100.705 |
89.274 |
85.259 |
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|
|
|
|
|
|
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TOTAL |
1177.991 |
865.448 |
688.856 |
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|
|
|
|
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APPLICATION OF FUNDS |
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|
|
|
|
|
|
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FIXED ASSETS [Net Block] |
687.201 |
485.528 |
380.965 |
|
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Capital work-in-progress |
102.928 |
54.668 |
5.222 |
|
|
Advances for Capital Expenditure |
14.037 |
19.827 |
45.496 |
|
|
|
|
|
|
|
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INVESTMENT |
3.403 |
3.403 |
3.404 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
151.031
|
123.859 |
86.607 |
|
|
Sundry Debtors |
309.608
|
277.981 |
235.480 |
|
|
Cash & Bank Balances |
33.582
|
8.805 |
11.673 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
55.480
|
37.022 |
37.965 |
|
Total
Current Assets |
549.701
|
447.667 |
371.725 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
138.789
|
111.438 |
88.220 |
|
|
Other Current Liabilities |
0.951
|
0.777 |
0.557 |
|
|
Provisions |
39.539
|
33.430 |
29.179 |
|
Total
Current Liabilities |
179.279
|
145.645 |
117.956 |
|
|
Net Current Assets |
370.422
|
302.022 |
253.769 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1177.991 |
865.448 |
688.856 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales (Net) |
1844.640 |
1406.710 |
1292.998 |
|
|
|
Income from Power Generation |
5.746 |
1.341 |
0.000 |
|
|
|
Other Income |
40.986 |
31.469 |
39.191 |
|
|
|
TOTAL (A) |
1891.372 |
1439.520 |
1332.189 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Variation in
Inventories |
(18.955) |
9.087 |
(7.287) |
|
|
|
Raw Materials
Consumed |
852.905 |
642.331 |
584.850 |
|
|
|
Power, Fuel
& Water Consumed |
206.954 |
165.345 |
135.318 |
|
|
|
Employees' Cost |
171.356 |
140.968 |
127.998 |
|
|
|
Packing and
Forwarding Expenses |
227.327 |
118.953 |
120.632 |
|
|
|
Stores & Spare
Parts Consumed |
23.491 |
21.352 |
31.504 |
|
|
|
Repairs and
Maintenance Expenses |
15.445 |
17.159 |
12.132 |
|
|
|
Administrative
and Other Expenses |
80.163 |
48.902 |
61.453 |
|
|
|
Variation in Excise duty on Stock of Finished Goods |
0.786 |
(0.304) |
(1.157) |
|
|
|
Amortisation of |
0.165 |
0.074 |
0.062 |
|
|
|
Discarded/ Impairment of Assets |
0.000 |
0.000 |
0.155 |
|
|
|
TOTAL (B) |
1559.637 |
1163.867 |
1065.660 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
331.735 |
275.653 |
266.529 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST &
FINANCIAL EXPENSES (D) |
22.980 |
18.482 |
17.830 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION (C-D) (E) |
308.755 |
257.171 |
248.699 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION (F) |
51.115 |
43.543 |
39.534 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
257.640 |
213.628 |
209.165 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
81.470 |
75.546 |
73.762 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
176.170 |
138.082 |
135.403 |
|
|
|
|
|
|
|
|
|
Add |
Excess Provision of Income-tax of Previous years (Net) |
0.038 |
0.000 |
(0.300) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
189.803 |
102.842 |
197.717 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
30.000 |
20.000 |
202.679 |
|
|
|
Interim Dividend |
9.333 |
6.667 |
6.667 |
|
|
|
Proposed Dividend |
21.333 |
19.999 |
16.667 |
|
|
|
Tax on Dividend |
5.094 |
4.455 |
3.965 |
|
|
BALANCE CARRIED
TO THE B/S |
300.250 |
189.803 |
102.842 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods (F.O.B. value) (On accrual basis) |
1136.364 |
748.084 |
736.216 |
|
|
TOTAL EARNINGS |
1136.364 |
748.084 |
736.216 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
3.508 |
2.042 |
18.616 |
|
|
|
Machinery |
34.508 |
8.785 |
0.000 |
|
|
TOTAL IMPORTS |
38.016 |
10.827 |
18.616 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
132.16 |
103.56 |
101.33 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 (1st
Quarter) |
30.09.2011 (2nd
Quarter) |
31.12.2011 (3rd
Quarter) |
31.03.2012 (4th
Quarter) |
30.06.2012 (5th
Quarter) |
|
Net Sales |
538.390 |
628.290 |
643.910 |
615.230 |
631.820 |
|
Total Expenditure |
433.680 |
504.280 |
491.600 |
563.440 |
524.500 |
|
PBIDT (Excl OI) |
104.710 |
124.010 |
152.310 |
51.790 |
107.320 |
|
Other Income |
14.570 |
18.550 |
(0.030) |
29.570 |
4.050 |
|
Operating Profit |
119.280 |
142.560 |
152.280 |
81.360 |
111.370 |
|
Interest |
9.400 |
9.470 |
10.500 |
10.910 |
14.980 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
(2.000) |
0.000 |
|
PBDT |
109.880 |
133.090 |
141.780 |
68.450 |
96.390 |
|
Depreciation |
15.520 |
16.500 |
16.940 |
19.770 |
23.580 |
|
Profit Before Tax |
94.360 |
116.580 |
124.840 |
48.680 |
72.810 |
|
Tax |
28.370 |
39.090 |
39.540 |
20.250 |
23.500 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
66.000 |
77.490 |
85.300 |
28.430 |
49.310 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
66.000 |
77.490 |
85.300 |
28.430 |
49.310 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
9.31
|
9.59 |
10.16 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.97
|
15.19 |
16.18 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
20.83
|
22.89 |
27.79 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.38
|
0.40 |
0.49 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.87
|
0.73 |
0.70 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.07
|
3.07 |
3.15 |
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 |
No |
|
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 |
Yes |
|
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 |
|
31)
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32)
PAN of Proprietor/Partner/Director, if available |
No |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
Yes |
CURRENT PERFORMANCE AND FUTURE OUTLOOK
The Company has consistently pursued its growth strategy during
financial year 2010-11 and has achieved turnover (net) of Rs.1844.600 millions
which grew by 31% against Rs.1406.700 millions of the previous year.
Profit after tax increased by 28% from Rs.138.100 millions in previous
year to Rs.176.200 millions in current year.
The export presence of the company continues to grow with exports
contributing a record 69% share in the total sale value of reclaim rubber. In
recognition of its export efforts, company has continued to receive during the
year awards from export promotion council and trade association.
The Company is expanding its operations by setting up plants at new
locations and by balancing of machineries at existing locations. This will enable
the Company to cater to the increased demands of existing customers as well as
to take the benefit of expanding markets both domestic and global.
In spite of increased borrowings for new project, the Company has
managed its funds well and has maintained\ interest cost at 1% of the turnover.
The Company has taken adequate steps to comply with the various
requirements of the Corporate Governance.
SUBSIDIARY AND ASSOCIATE
The Company holds 46% of the equity share capital of Alphanso Net Secure Private Limited, which is its only associate company.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
Industry Structure and Development
Major production of reclaim rubber continues to be from end of life
waste tyres and tubes. End of life tyres and rubber products have received
world wide attention, for their disposal has a negative impact on the
environment and is a major concern to society. Recycling is recovery of
resources. This prevents waste of essential resources and maintains
environmental balance. It has a green impact on the planet and helps in
combating global warming.
Today reclaim rubber has become the basic ingredient of rubber
formulations for the most of rubber products. While virgin rubber and oil
exhibit a volatile pricing, reclaim rubber offers the much needed price
stability in compounding. Other factors which are significant in increasing the
demand for reclaim rubber are, higher GDP growth, increasing road development,
replacement of aging four wheelers, graduating from two wheelers to four wheeler,
growing concept of second vehicle in urban areas.
Reclaim rubber is a preferred raw material for both tyre and non tyre
industry. Non tyre sector includes conveyer belt, automotive profile, hoses,
mats and flooring, roofing applications, hot melt adhesives, civil engineering.
According to International Rubber Study Group, the rubber consumption in ASIA
is expected to grow from 15 million MT in year 2010 to 20 million MT in year
2015 and in
Segment wise or Product wise performance
In accordance with the Accounting Standard - 17 notified by the
Companies (Accounting Standards) Rules, 2006, the Company has classified its
business into two reportable business segments based on nature of business.
Reclaim Rubber:
This segment comprises of recycled rubber sheets for tyre and non-tyre
rubber goods industries. The Company is the market leader in reclaim rubber. In
this year of all round economic growth, the Company has achieved credible
financial results. Their sales continued to develop very positively. The
Company focused on deeper customer relationships and improved its value
proposition to customers. The total sales under this segment of Rs.1852.574
millions for the year comprises of Rs.578.046 millions (31.20%) from domestic
and Rs.1274.528 millions (68.80%) from export sales.
Windmill:
The Company had invested in Windmill at Kuchhadi in
Outlook
Reclaim rubber is recognized as the third source of rubber after Natural
and Synthetic rubber. For sustainable growth challenges being faced by tyre
companies like environmental regulations like European and US countries and
economical growth (cost optimization), the use of Reclaim Rubber becomes
imperative. The usage of reclaim rubber is increasing due to inherent process
benefits and the price effectiveness. Currently
The Company is currently the largest manufacturer of reclaim rubber in
Due to its efforts, both in technology of manufacturing and market
development globally, the Company remains the leading supplier to leading tyre
companies worldwide.
Discussion on financial performance with respect to operational
performance
During the financial year 2010-11, the Company achieved a revenue growth
of 34% and production growth of 10% over the previous year. The increase in
profit after tax is 28%. The Company has registered a substantial growth in
sales. Of the total sales revenue of reclaim rubber of the Company for the
year, 69% is contributed by exports. During the year, all the plants had smooth
operations and the capacity utilisation was further improved as compared to
previous year.
CRISIL, a noted credit rating agency has assigned the Company,
'A-/Stable' rating for term loan borrowings and 'P2+' rating for working
capital borrowing facility. Both these ratings indicate good financial health
of the Company.
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2011 (Rs.
in millions) |
31.03.2010 (Rs.
in millions) |
|
(a) Guarantees by Banks not provided for (Net) |
12.773 |
11.389 |
|
(b) Claims
against the company (Including Sales tax, Excise duty, etc. ) not
acknowledged as debts |
|
|
|
- |
0.052 |
0.052 |
|
- Excise Duty |
12.030 |
3.609 |
|
- Income Tax
liability |
9.501 |
4.531 |
STATEMENT OF
STANDALONE AUDITED FINANCIAL RESULTS FOR THE QUARTER AND YEAR ENDED 31ST
MARCH, 2012
(Rs.
in millions)
|
Particulars |
Quarter Ended |
Year Ended |
|
|
31.03.2012 |
31.12.2011 |
31.03.2012 |
|
|
Unaudited |
Unaudited |
Audited |
|
|
(a)
Net Sales / Income from operations |
604.876 |
628.283 |
2402.803 |
|
(b) Other operation Income |
10.349 |
13.888 |
38.676 |
|
Total income
from operations (net) |
615.225 |
642.171 |
2441.479 |
|
Expenses |
|
|
|
|
a) Consumption
of Raw Materials |
285.463 |
282.956 |
1098.924 |
|
b) Changes in
inventories of finished goods, work-in-process |
(1.859) |
(15.061) |
(37.464) |
|
c) Employees
benefits expenses |
79.925 |
66.559 |
246.018 |
|
d) Power Fuel
& Water Cost |
84.584 |
76.375 |
295.244 |
|
e) Packing &
Forwarding Expenses |
70.410 |
61.605 |
256.814 |
|
f) Depreciation,
Other write offs and amortisation expense |
19.773 |
16.942 |
68.735 |
|
g) Other
expenses |
44.923 |
20.610 |
137.836 |
|
Total expenses |
583.219 |
509.986 |
2066.107 |
|
Profit from
operations before other income, finance costs and exceptional items |
32.006 |
132.185 |
375.372 |
|
Other income |
29.573 |
3.153 |
51.362 |
|
Profit from ordinary activities before finance
costs and exceptional items |
61.579 |
135.338 |
426.734 |
|
Finance costs |
10.905 |
10.496 |
40.271 |
|
Profit (+)/Loss(-) from ordinary
activities after finance costs but before exceptional items
|
50.674 |
124.842 |
386.463 |
|
Exceptional Items |
1.996 |
-- |
1.996 |
|
9. Profit (+)/Loss(-) from ordinary
activities before tax |
48.678 |
124.842 |
384.467 |
|
Tax expense |
|
|
|
|
Current Tax |
(17.700) |
33.800 |
78.300 |
|
Deferred Tax |
37.130 |
5.740 |
48.130 |
|
Profit (+)/Loss(-) from ordinary
activities after tax (9-10) |
29.248 |
85.302 |
258.037 |
|
Extraordinary
Items |
-- |
-- |
-- |
|
Net Profit/
(Loss) for the period |
29.248 |
85.302 |
258.037 |
|
Excess Provision of Income Tax (Net) |
0.820 |
-- |
0.820 |
|
Net Profit/
(Loss) for the period |
28.428 |
85.302 |
257.217 |
|
Paid-up equity
share capital (Face value - Rs.10/-) |
13.333 |
13.333 |
13.333 |
|
15. Reserves
excluding revaluation reserves as per Balance Sheet of previous accounting
year |
-- |
-- |
865.657 |
|
16. Basic and
Diluted Earnings Per Share (Rs.) (not annualised) |
21.32 |
63.98 |
192.91 |
|
A. Particulars
of Shareholding |
|
|
|
|
1. Public
Shareholding |
|
|
|
|
- Number of
shares |
713413 |
712245 |
713413 |
|
- Percentage of
shareholding |
53.51 |
53.42 |
53.51 |
|
2. Promoters and
Promoter group Shareholding |
|
|
|
|
a)
Pledged/encumbered |
|
|
|
|
-Number of
shares |
-- |
-- |
-- |
|
-Percentage of shares
(as a % of the total shareholding of promoter and promoter group) |
-- |
-- |
-- |
|
-Percentage of
shares (as a % of the total share capital of the Company) |
-- |
-- |
-- |
|
b)
Non-encumbered |
|
|
|
|
-Number of
shares |
619920 |
621088 |
619920 |
|
-Percentage of
shares (as a % of the total shareholding of promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
-Percentage of shares (as a % of the total share capital of the
Company) |
46.49 |
46.58 |
46.49 |
|
B. Particulars |
3 months ended
31.03.2012 |
|
INVESTOR
COMPLAINTS |
|
|
Pending at the
beginning of the quarter |
Nil |
|
Received during
the quarter |
Nil |
|
Disposed of
during the quarter |
Nil |
|
Remaining unresolved at the end of the quarter |
Nil |
STANDALONE
STATEMENT OF ASSETS AND LIABILITIES
(Rs.
in millions)
|
Particulars |
As at 31.03.2012 |
|
A. EQUITY AND
LIABILITIES |
|
|
|
|
|
1. Shareholders’
Funds |
|
|
(a) Share Capital |
13.333 |
|
(b) Reserves & Surplus |
865.657 |
|
Sub Total – Shareholder’s funds |
878.990 |
|
|
|
|
2. Non-current
liabilities |
|
|
(a) Long-term borrowings |
462.438 |
|
(b) Deferred tax liabilities (net) |
148.835 |
|
(c) Other long-term liabilities |
0.944 |
|
(d) Long-term provisions |
4.316 |
|
Sub Total – Non-current liabilities |
616.533 |
|
|
|
|
3. Current liabilities |
|
|
(a) Short-term borrowings |
238.307 |
|
(b) Trade payables |
176.682 |
|
(c) Other current liabilities |
153.100 |
|
(d) Short-term provisions |
41.907 |
|
Sub Total – Current liabilities |
609.996 |
|
|
|
|
TOTAL – EQUITY AND LIABILITIES |
2105.519 |
|
|
|
|
B. ASSETS |
|
|
|
|
|
1. Non-current
assets: |
|
|
(a) Fixed Assets |
1222.879 |
|
(b) Non-current investments |
1.400 |
|
(c) Long-term loans and advances |
43.524 |
|
Sub Total – Non-current assets |
1267.803 |
|
|
|
|
2. Current
assets: |
|
|
(a) Current investments |
0.008 |
|
(b) Inventories |
218.594 |
|
(c) Trade receivables |
418.948 |
|
(d) Cash and cash equivalents |
150.114 |
|
(e) Short-term loans and advances |
47.750 |
|
(f) Other current assets |
2.302 |
|
Sub Total – Current assets |
837.716 |
|
|
|
|
TOTAL
- ASSETS |
2105.519 |
SEGMENT
WISE REVENUE, RESULTS AND CAPITAL EMPLOYED AS PER CLAUSE 41 OF THE LISTING
AGREEMENT
(Rs.
in millions)
|
Particulars |
Quarter Ended |
Year Ended |
|
|
31.03.2012 |
31.12.2011 |
31.03.2012 |
|
|
Unaudited |
Unaudited |
Audited |
|
|
1. Segment
Revenue |
|
|
|
|
A. Reclaim Rubber |
589.520 |
616.479 |
2360.002 |
|
B. Wind Mill Power Generation |
1.604 |
0.883 |
7.141 |
|
C. Other |
13.752 |
10.921 |
35.660 |
|
Net Sales/ Income
from Operations |
604.876 |
628.283 |
2402.803 |
|
2. Segment
Results |
|
|
|
|
Profit/ (Loss) Before Tax and Interest from each segment |
|
|
|
|
A. Reclaim Rubber |
115.225 |
106.176 |
457.128 |
|
B. Wind Mill Power Generation |
3.636 |
0.338 |
3.720 |
|
C. Other |
(1.101) |
2.261 |
0.584 |
|
Total |
177.760 |
108.775 |
461.432 |
|
Less: Interest (Net) |
9.790 |
9.631 |
36.263 |
|
Less: Other unallocable expenses net of unallocable income |
59.292 |
(25.698) |
40.702 |
|
Total Profit
Before Tax |
48.678 |
124.842 |
384.467 |
|
3. Capital
Employed (Segment assets
– Segment liabilities) |
|
|
|
|
A. Reclaim Rubber |
1355.514 |
1052.488 |
1355.514 |
|
B. Wind Mill Power Generation |
4.117 |
1.971 |
4.117 |
|
C. Other |
(13.121) |
(11.175) |
(13.121) |
|
D. Unallocated capital employed |
(298.001) |
(140.569) |
(298.001) |
|
Total Capital
Employed |
1048.509 |
902.715 |
1048.509 |
FIXED ASSETS:
v
v
Buildings
v
Plant and Machinery
v
Furniture and
Fixtures
v
Office Equipments
v
Computers and Software
v
Vehicles
v
Capital Work in Progress
v
Roads
v
v
Plant and Machinery
WEBSITE DETAILS:
PROFILE:
It takes more than vision and determination to emerge as the
largest reclaim rubber producer in
Established in 1974, GRRP began producing with a modest capacity of only 2400 MT.
From then on, there was no looking back. GRRPL grew manifold and widened its
geographical presence in
GRRPL produces reclaim rubber from scrap of whole tyres, tread peelings, natural rubber tubes, butyl tubes, moulded rubber products for different applications in both, tyre and non tyre rubber products.
“In everything they do, they are always answerable to not only their stakeholders, but also to future generations and natural resources that are fast depleting.” It is this humane and moral consciousness that has driven them to surge ahead and contribute in a big way to the world's rubber industry.
Today, through steady growth and a strong vision, GRRP has emerged as the
largest manufacturer of reclaim rubber in the country and among the largest
globally.
ACHIEVEMENTS
They have set benchmarks for the industry and for theirselves:
v
Largest manufacturer and exporter of reclaimed rubber
in
v
Successfully offered technical collaboration (a
plant in
v
First to introduce a surface treated crumb
rubber manufacturing facility in
v
Punch and split products from used tyres were
manufactured for the first time in
v First to design and commission an air pollution control system.
v GRRP has in its portfolio the most number of grades of reclaim from synthetic rubbers such as Butyl, EPDM.
v GRRP has been an uninterrupted dividend paying company.
v Use of a gas based captive power plant at Ankleshwar and Panoli for continuous power supply, ensuring a clean environment. The company has also utilized waste heat from the process to use back in its processes.
v GRRP has implemented a SAP ERP to streamline its business processes, moving it from a people driven to a systems driven company.
v GRRP has been conferred a Star Export House status by the Government of India.
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.55.59 |
|
|
1 |
Rs.87.87 |
|
Euro |
1 |
Rs.69.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--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.