MIRA
INFORM REPORT
|
Report Date : |
08.12.2012 |
- Summary Information
|
|
|
Country |
|
|
Company Name |
ASHAPURA MINECHEM LIMITED |
Principal Name 1 |
Mr. Navnitlal R. Shah |
|
Status |
Moderate |
Principal Name 2 |
Mr. Chetan Shah |
|
|
|
Registration # |
11-026396 |
|
Street Address |
Jeevan Udyog
Building, 3rd Floor, 278 D. N. Road, G.P.O. Box No.912, Fort,
Mumbai - 400001, Maharashtra, India. |
||
|
Established Date |
19.02.1982 |
SIC Code |
-- |
|
Telephone# |
91-22-66221700 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-22-22079395/22074452 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Industrial Materials |
|
|
# of employees |
Not
Available |
Product Name 2 |
-- |
|
Paid up capital |
Rs.
157,972,000/- |
Product Name 3 |
-- |
|
Shareholders |
Promoters
and Non Promoters Group-44.38 % Public Shareholding -55.62 % |
Banking |
Bank
of India |
|
Public Limited Corp. |
Yes |
Business Period |
30 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
B (32) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiaries |
India |
Ashapura International Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
3266,264,000 |
Current Liabilities |
7,155,229,000 |
|
Inventories |
1363,991,000 |
Long-term Liabilities |
2,963,685,000 |
|
Fixed Assets |
1542,034,000 |
Other Liabilities |
14,473,000 |
|
Deferred Assets |
000 |
Total Liabilities |
10,133,387,000 |
|
Invest& other Assets |
486,93,000 |
Retained Earnings |
(3,632,136,000) |
|
|
|
Net Worth |
(3,474,164,000) |
|
Total Assets |
6,659,223,000 |
Total Liab. & Equity |
6,659,223,000 |
|
Total Assets (Previous Year) |
6,476,644,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
4276,422,000 |
Net Profit |
66,081,000 |
|
Sales(Previous yr) |
4,508,032,000 |
Net Profit/
loss(Prev.yr) |
(6,003,668,000) |
IDENTIFICATION DETAILS
|
Name : |
ASHAPURA MINECHEM LIMITED |
|
|
|
|
Registered
Office : |
|
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
19.02.1982 |
|
|
|
|
Com. Reg. No.: |
11-026396 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 157.972 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L14108MH1982PLC026396 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA05044E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACA0957F |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer of Bentonite
Processed Lumps and Bentonite Powder. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track. The financial
position of the company is under pressure. However, trade relations are reported as fair. Business is active.
Payments terms are slow but correct. The company can be considered for business dealings with some caution. |
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) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including industrial
deregulation, privatization of state-owned enterprises, and reduced controls on
foreign trade and investment, began in the early 1990s and has served to
accelerate the country's growth, which has averaged more than 7% per year since
1997. India's diverse economy encompasses traditional village farming, modern
agriculture, handicrafts, a wide range of modern industries, and a multitude of
services. Slightly more than half of the work force is in agriculture, but
services are the major source of economic growth, accounting for more than half
of India's output, with only one-third of its labor force. India has
capitalized on its large educated English-speaking population to become a major
exporter of information technology services and software workers. In 2010, the
Indian economy rebounded robustly from the global financial crisis - in large
part because of strong domestic demand - and growth exceeded 8% year-on-year in
real terms. However, India's economic growth in 2011 slowed because of persistently
high inflation and interest rates and little progress on economic reforms. High
international crude prices have exacerbated the government's fuel subsidy
expenditures contributing to a higher fiscal deficit, and a worsening current
account deficit. Little economic reform took place in 2011 largely due to
corruption scandals that have slowed legislative work. India's medium-term
growth outlook is positive due to a young population and corresponding low
dependency ratio, healthy savings and investment rates, and increasing
integration into the global economy. India has many long-term challenges that
it has not yet fully addressed, including widespread poverty, inadequate
physical and social infrastructure, limited non-agricultural employment
opportunities, scarce access to quality basic and higher education, and
accommodating rural-to-urban migration.
|
Source
: CIA |
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 : |
Jeevan Udyog
Building, 3rd Floor, 278 D. N. Road, G.P.O. Box No.912, Fort,
Mumbai - 400001, Maharashtra, India. |
|
Tel. No.: |
91-22-66221700 |
|
Fax No.: |
91-22-22079395/22074452 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factory 1 : |
Ler Village, Taluka Bhuj, District Kutch, Gujarat, India |
|
|
|
|
Factory 2 : |
236-239, G.I.D.C., Chitra Industrial Estate, Bhavnagar - 364 004, Gujarat, India. |
|
|
|
|
Factory 3 : |
Hamla Mines Plot No. 206, Opp. Kutch Dairy, Madhapar, Bhuj (Kutch), Gujarat, India |
|
|
|
|
Factory 4 : |
Baraya EOU Plot No. / Survey No. 256/3, Bhuj Mundra Highway, Village-Baraya, Kutch – 370 415, Gujarat, India |
|
|
|
|
Factory 5 : |
Jamnagar EOU Unit I Survey No. 195 and 198-P2, Village Ran, Taluka Jam-Kalyanpur, Jamnagar, Gujarat, India |
|
|
|
|
Factory 6 : |
Jamnagar EOU Unit II Survey No. 195 and 196-P1 and P2, Village Ran, Taluka Jam-Kalyanpur, Jamnagar, Gujarat, India |
|
|
|
|
Factory 7 : |
Survey No. 328/2, KINFRA Apparel Park, Menamkulam, Thiruvanthapuram – 695586, Kerala, India |
|
|
|
|
Factory 8 : |
Survey No. 447 and 448, Tandur Road, Dharur Village and Mandal – 501121, District – Ranga Raddy, Andhra Pradesh, India |
|
|
|
|
Factory 9 : |
Plot No. 182, Baikmpady Industrial Area, Baikmpadym, Near Mangalore – 575011, India |
|
|
|
|
Factory 10 : |
Jamnagar -
Dwarka Highway, Opp. Ashok Petrol Pump, Khambaliya, District - Jamnagar,
Gujarat – 361305, India |
|
Factory 1: |
Plot No. / Survey No. 256/3, Bhuj Mundra Highway, Village-Baraya, Kutch – 370 415, Gujarat, India |
|
|
|
|
Factory 7 : |
Survey No. 328/2, KINFRA Apparel Park, Menamkulam, Thiruvanthapuram – 695586, Kerala, India |
|
|
|
|
Factory 9 : |
Plot No. 182, Baikmpady Industrial Area, Baikmpadym, Near Mangalore – 575011, India |
|
|
|
|
Branches : |
|
|
|
|
|
Overseas
Offices : |
|
DIRECTORS
As on: 31.03.2012
|
Name : |
Mr. Navnitlal R. Shah |
|
Designation : |
Executive Chairman |
|
Qualification
: |
Entrepreneur |
|
Date of
Appointment : |
19.02.1982 |
|
|
|
|
Name : |
Mr. Chetan Shah |
|
Designation : |
Managing Director |
|
Qualification
: |
B. Com |
|
Date of
Appointment : |
19.02.1982 |
|
|
|
|
Name : |
Mr. Piyush A. Vora |
|
Designation : |
Non-Executive Director |
|
Date of Birth
: |
30.12.1961 |
|
Qualification
: |
B. Com |
|
Date of
Cession : |
Resigned as Executive Director w.e.f.
30.01.2007 |
|
|
|
|
Name : |
Mr. Ashok
Kadakia |
|
Designation : |
Non-Executive Directors |
|
|
|
|
Name : |
Mr. Abhilash Munsif |
|
Designation : |
Non-Executive Directors |
|
|
|
|
Name : |
Mr. Harish Motiwala |
|
Designation : |
Non-Executive Directors |
|
Date of Birth
: |
24.03.1945 |
|
Qualification
: |
CA Purchases of Stock-in-Trade |
|
|
|
|
Name : |
Mr. Rajendra Khanna |
|
Designation : |
Non-Executive Directors |
KEY EXECUTIVES
|
Name : |
Mr. Sachin Polke |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2012
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
34963741 |
44.27 |
|
|
93040 |
0.12 |
|
|
35056781 |
44.38 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
35056781 |
44.38 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
130000 |
0.16 |
|
|
21900 |
0.03 |
|
|
20000 |
0.03 |
|
|
171900 |
0.22 |
|
|
|
|
|
|
4676625 |
5.92 |
|
|
|
|
|
|
14443205 |
18.29 |
|
|
5584020 |
7.07 |
|
|
19053567 |
24.12 |
|
|
15714690 |
19.90 |
|
|
265699 |
0.34 |
|
|
92506 |
0.12 |
|
|
1546332 |
1.96 |
|
|
1434340 |
1.82 |
|
|
43757417 |
55.40 |
|
Total Public
shareholding (B) |
43929317 |
55.62 |
|
Total (A)+(B) |
78986098 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
78986098 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of
Bentonite Processed Lumps and Bentonite Powder |
|
|
|
|
Products : |
|
PRODUCTION STATUS AS ON 31.03.2012
|
Particulars |
|
|
Unit |
Actual
Production |
|
Bentonite Granules |
|
|
MTS |
22335 |
|
Bentonite Powder |
|
|
MTS |
185149 |
|
Bentonite Processed Lumps |
|
|
MTS |
358586 |
|
Bentonite Unactivated Lumps |
|
|
MTS |
88997 |
|
Bauxite Lumps |
|
|
MTS |
760197 |
|
Attapulgite Lumps |
|
|
MTS |
2853 |
|
Bleaching Clay |
|
|
MTS |
33623 |
|
China Clay |
|
|
MTS |
75108 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
Bank of India and Other Banks in the Consortium |
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Sanghavi and Company Chartered
Accountants |
|
Address : |
|
|
|
|
|
Subsidiaries : |
|
|
|
|
|
Associates / Joint Ventures : |
|
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
125000000 |
Equity Shares |
Rs. 2/- each |
Rs. 250.000 Millions |
|
6500000 |
|
Rs. 100/- each |
Rs. 650.000 Millions |
|
|
Total |
|
Rs. 900.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
78986098 |
Equity Shares |
Rs. 2/- each |
Rs. 157.972
Millions |
|
|
|
|
|
a. Of the total capital, 65,543,049 Equity Shares were issued as fully paid-up bonus Shares including 39,493,049 Equity Shares issued during the preceding five years.
Share Capital
Reconciliation:
|
Particulars |
Equity Shares |
Preferences Shares |
||
|
|
Number of Shares |
Amount |
Number of Shares |
Amount |
|
Shares outstanding at the beginning of the year |
78986098 |
157972196 |
- |
- |
|
Shares issued during the year |
- |
- |
- |
- |
|
Shares bought back during the year |
- |
- |
- |
- |
|
Shares outstanding at the end of the year |
78986098 |
157972196 |
- |
- |
Shares held by each
shareholder holding more than five percent shares:
|
Name of Shareholder |
31.03.2012 |
|
|
Number of Shares |
% of holding |
|
|
Volclay International Corporation |
15714690 |
19.90 |
|
Mr. Chetan Navnitlal Shah |
11543814 |
14.61 |
|
Mr. Navanitlal Ratanji Shah |
10619087 |
13.44 |
|
Mrs. Dina Chetan Shah |
7768020 |
9.83 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
157.972 |
157.972 |
157.972 |
|
|
2] Employee Stock
Option Outstanding |
0.000 |
0.000 |
7.109 |
|
|
3] Share Application
Money |
0.000 |
0.000 |
0.000 |
|
|
4] Reserves &
Surplus |
(3632.136) |
(3698.217) |
2296.842 |
|
|
5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
(3474.164) |
(3540.245) |
2461.923 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
2963.685 |
3001.362 |
3355.184 |
|
|
2] Unsecured Loans |
0.000 |
108.141 |
420.530 |
|
|
TOTAL BORROWING |
2963.685 |
3109.503 |
3775.714 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
(510.479) |
(430.742) |
6237.637 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1542.034 |
1569.353 |
1617.811 |
|
|
Capital work-in-progress |
51.883 |
81.494 |
18.887 |
|
|
|
|
|
|
|
|
INVESTMENT |
435.051 |
433.684 |
489.979 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
910.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1363.991
|
1536.065
|
1358.075
|
|
|
Sundry Debtors |
1371.368
|
933.636
|
1166.590
|
|
|
Cash & Bank Balances |
50.756
|
103.921
|
91.566
|
|
|
Other Current Assets |
0.000
|
0.000
|
0.000
|
|
|
Loans & Advances |
1844.140
|
1818.491
|
1827.284
|
|
Total
Current Assets |
4630.255
|
4392.113
|
4443.515
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
724.792
|
735.355
|
781.977
|
|
|
Other Current Liabilities |
6430.437
|
6159.669
|
448.149
|
|
|
Provisions |
14.473
|
12.362
|
12.429
|
|
Total
Current Liabilities |
7169.702
|
6907.386
|
1242.555
|
|
|
Net Current Assets |
(2539.447)
|
(2515.273)
|
3200.960
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
(510.479) |
(430.742) |
6237.637 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4276.422 |
4508.032 |
5030.649 |
|
|
|
Other Income |
133.385 |
109.028 |
59.869 |
|
|
|
TOTAL (A) |
4409.807 |
4617.060 |
5090.518 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
820.277 |
582.301 |
0.000 |
|
|
|
Purchases of Stock-in-Trade |
832.238 |
1360.095 |
0.000 |
|
|
|
Changes in Inventories |
99.895 |
(78.150) |
0.000 |
|
|
|
Employee Benefits Expenses |
198.121 |
172.972 |
0.000 |
|
|
|
Other Expenses |
1787.905 |
1956.250 |
0.000 |
|
|
|
Change in Inventory |
0.000 |
0.000 |
589.151 |
|
|
|
Materials, Mining and Manufacturing expenses |
0.000 |
0.000 |
1442.426 |
|
|
|
Selling and Distribution Expenses |
0.000 |
0.000 |
2227.100 |
|
|
|
Administrative and Other Expenses |
0.000 |
0.000 |
504.979 |
|
|
|
Foreign Currency Fluctuation |
0.000 |
0.000 |
251.919 |
|
|
|
Prior period adjustments |
0.000 |
0.000 |
5.167 |
|
|
|
Foreign currency derivatives loss written
bank |
0.000 |
0.000 |
(682.180) |
|
|
|
Excess provision of income tax written back |
0.000 |
0.000 |
(22.218) |
|
|
|
TOTAL (B) |
3738.436 |
3993.468 |
4316.344 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
671.371 |
623.592 |
774.174 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
473.984 |
453.107 |
554.989 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
197.387 |
170.485 |
219.185 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
109.123 |
107.228 |
98.023 |
|
|
|
|
|
|
|
|
|
|
PROFIT /
(LOSS) BEFORE EXCEPTIONAL AND EXTRAORDINARY
ITEMS AND TAX |
88.264 |
63.257 |
121.162 |
|
|
|
|
|
|
|
|
|
Less |
EXCEPTIONAL
ITEMS |
22.639 |
5120.288 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE EXTRAORDINARY ITEMS AND TAX |
65.625 |
(5057.031) |
121.162 |
|
|
|
|
|
|
|
|
|
Less |
EXTRAORDINARY
ITEMS |
0.000 |
21.473 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX |
65.625 |
(5078.504) |
121.162 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(0.456) |
(925.164) |
23.730 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
66.081 |
(6003.668) |
97.432 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(6903.646) |
(899.978) |
(997.410) |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
(6837.565) |
(6903.646) |
(899.978) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1913.974 |
1705.448 |
755.337 |
|
|
TOTAL EARNINGS |
1913.974 |
1705.448 |
755.337 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
0.000 |
0.000 |
17.589 |
|
|
|
Trading Purchase |
0.000 |
0.000 |
0.014 |
|
|
TOTAL IMPORTS |
0.000 |
0.000 |
17.603 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.12 |
(10.91) |
(7.40) |
|
QUARTERLY /
SUMMARISED RESULTS
(Rs
in Millions)
|
Particular |
30.06.2012 |
30.09.2012 |
|
|
1st Quarter |
2ND Quarter |
|
|
Unaudited |
Unaudited |
|
Net Sales |
863.920 |
653.160 |
|
Total Expenditure |
729.330 |
557.540 |
|
PBIDT (Excl OI) |
134.590 |
95.620 |
|
Other Income |
41.320 |
37.770 |
|
Operating Profit |
175.910 |
133.390 |
|
Interest |
102.440 |
102.920 |
|
Exceptional Items |
00 |
000 |
|
PBDT |
73.470 |
30.470 |
|
Depreciation |
25.670 |
25.960 |
|
Profit Before Tax |
47.800 |
4.510 |
|
Tax |
000 |
000 |
|
Provisions and contingencies |
000 |
000 |
|
Profit After Tax |
47.800 |
4.510 |
|
Extraordinary Items |
000 |
000 |
|
Prior Period Expenses |
000 |
000 |
|
Other Adjustments |
000 |
000 |
|
Net Profit |
47.800 |
4.510 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
1.49 |
(130.03) |
1.91 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.53 |
(112.65) |
2.41 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.06 |
(85.19) |
1.99 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.02) |
1.43 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
(2.92) |
(0.51) |
1.16 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.65 |
0.64 |
3.58 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
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 |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
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 |
No |
FINANCIAL RESULTS AND
PERFORMANCE:
During the year the Stand-alone Sales/Income from Operations for the year ended 31st March, 2012 stood at Rs. 4276.422 Millions as against Rs. 4508.032 Millions in year ended 31st March, 2011. The Net Profit of the Company stood at Rs. 66.081 Millions.
In respect of Consolidated Accounts, the Sales / Income from Operations stood at Rs. 6525.999 Millions and the Net Loss stood at Rs. 336.439 Millions for the year ended 31st March, 2012 which was mainly attributable to increase in Cost of Materials which stood at Rs. 1357.257 Millions as against Rs. 889.790 Millions for the year ended 31st March, 2011.
REVIEW OF OPERATIONS:
The standalone turnover for the year ended 31st March, 2012, stood at 4188.164 Millions as against 4519.835 Millions. The turnover for the entire Ashapura Group stood at 6280.967 Millions as against 6183.225 Millions in the previous year.
The Company has a unique a Muti-Mineral business model wherein each of the Company’s Minerals caters to a diverse set of industries. This diversity of users in turn helps spread the industrial and geographical risks associated with the business.
The demand for the Company’s Minerals was fairly resilient for a better part of the financial year. Bentonite which is an important constituent of the Company’s Mineral portfolio is very versatile in its applications; it is used in iron ore pellatization, foundries, oil well drilling, etc. Value added Bentonite is also used in manufacture of paper and cosmetics. The Company’s Bentonite business exhibited a fairly healthy growth over last year on a consolidated basis. Bauxite the other important constituent of the Company’s Mineral portfolio is the primary ore for making Aluminium metal. Bauxite is also used as an additive in the Cement industry. Despite the benign metal prices for the second half of the financial year, the prices for Bauxite remained firm.
Bentonite and Bauxite together account for more than two thirds of the Company’s revenue on a standalone basis.
The Company sources Barytes and Iron Ore in India and exports them to several countries. Global volatility in both demand and prices coupled with supply constrains restricted the Company’s growth in these segments.
Mining being a primary industry, there is generally a time lag between the reflection of an economic acceleration or deceleration on the order book of the Company.
SUBSIDIARIES:
a) Bombay Minerals
Limited
Bombay Minerals Limited is the wholly-owned subsidiary of the Company. The said Company reported a turnover of 119.338 Millions during the year as compared to 279.839 Millions in the previous year. The reduction in turnover resulted in net loss of 5.143 Millions as against net profit of 37.526 Millions in the previous year.
b) Ashapura
International Limited
Ashapura International Limited, the wholly-owned subsidiary of the Company, has performed well during the year the turnover of the said Company doubled during the year under review and stood at 1558.116 Millions as against a turnover of 770.596 Millions in the previous year. However, the expenditure also increased in the same proportion which resulted in minimal increase in net profit which stood at 48.325 Millions as against 45.191 Millions in the previous year.
c) Ashapura Aluminium
Limited
Ashapura Aluminium Limited is the wholly-owned subsidiary of the Company. The said Company is primarily engaged in creating a platform for setting up Alumina Refinery in the Kutch District of Gujarat, based on the in-principle approval received from the Government of Gujarat.
d) Ashapura Claytech
Limited
The Company owns 95.25 percent of the share capital of Ashapura Claytech Limited. The turnover of the said Company increased by approx. 42 percent and stood at Rs. 64.924 Millions as against turnover of Rs. 45.715 Millions in the previous year. The net profit of the said Company stood at Rs. 1.323 Millions as compared to Rs. 4.254 Millions in the previous year.
e) Ashapura Minechem
(UAE) FZE
Ashapura Minechem (UAE) FZE is the wholly-owned subsidiary of the Company established in United Arab Emirates (UAE) and is engaged in the business of import, export and distribution of industrial minerals and other related activities. The turnover of the said Company declined by approx. 52 percent and stood at 57.996 Millions (USD 1.215 Millions) as against turnover of approx. 114.980 Millions (USD 2.569 Millions) in the previous year. The net loss of the said Company stood at approx. 317.172 Millions (USD 6.645 Millions) as the Company provided for impairment of loss for investment in Joint Venture & advancing of loan to EMO Ashapura Energy and Mining Limited.
f) Ashapura Holdings
(UAE) FZE
The said Company is a wholly-owned subsidiary of Ashapura Minechem (UAE) FZE and a step down subsidiary of the Company. During the year there were no earnings in the said Company and the total expenditure incurred is considered as net loss which stood at approx Rs. 0.797 Million (USD 16,699).
g) Ashapura Maritime
FZE
The said Company is a wholly-owned subsidiary of Ashapura Holdings (UAE) FZE and a step down subsidiary of the Company. The said Company is engaged in ship management and operations and has currently leased a vessel from its 100 percent subsidiary – Asha Prestige Co, a Company incorporated in Marshall Islands. During the year, the Company earned an income of Rs. 129.594 Millions (USD 2.715 Millions). However, it incurred a net loss of approx. Rs. 257.837 Millions (USD 5.402 Millions) after providing for impairment on carrying value of vessel.
h) PT. Ashapura
Resources Indonesia
The said Company is subsidiary of Ashapura Minechem (UAE) FZE and a step down subsidiary of the Company. The said Company is incorporated with an object of tapping mining opportunities in Indonesia especially for minerals like Bauxite, Coal and Manganese Ore. During the year there was no operating income earned by the said Company and the expenditure incurred was considered as net loss which stood at approx. Rs. 11.216 Millions (USD Rs 0.235 Million).
The said Company is in the process of winding-up its operations in Indonesia and is exploring to look at other possible avenues in this industry.
JOINT VENTURES AND
ASSOCIATES:
i) Ashapura Volclay
Limited
Ashapura Volclay Limited is a 50:50 Joint Venture between the Company and M/s. Volclay International Corporation, USA. The said Company reported a turnover of Rs.1453.879 Millions as against a turnover of Rs.1261.408 Millions in the previous year. The net profit stood at Rs.136.293 Millions for the year as compared to Rs.93.586 Millions in the previous year.
During the year the said Company initiated the expansion process which will make its Bhuj facility the largest in the world for Acid Activated Bleaching Earth
j) Ashapura Midgulf
NV (previously known as “Ashapura Amcol NV”)
The Company together with its wholly-owned subsidiary – Ashapura Minechem (UAE) FZE owns 50 percent stake in Ashapura Midgulf NV (previously known as “Ashapura Amcol NV”), a Company incorporated in Belgium with an object of developing, trading, manufacturing and marketing of clay mineral products and such other connected therewith.
During the year, the said Company’s sales income stood at Rs.444.135 Millions (Euro Rs. 6.539 Millions) and the net profit stood at Rs.185.568 Millions (Euro 2.732 Millions). The said Company’s Income Statement also shows other income which comprised of write-back of loan liability on settlement reached between the Company and M/s. Amcol Minerals Europe.
k) Ashapura Arcadia
Logistics Private Limited
The Company holds 50 percent of Share Capital in Ashapura
Arcadia Logistics Private Limited. The said Company’s total income stood at
Rs.53.693 Millions as compared to income of 57.903 Millions in the previous
year. The net profit of the said Company stood at Rs.1.384 Milions as compared
to a net loss of Rs.5.565 Millions in the previous year.
MANAGEMENT DISCUSSION
AND ANALYSIS
CAUTIONARY STATEMENT:
Statements in this Management Discussion and Analysis describing the Company’s objectives, projections, estimates, expectations or predictions may be “forward looking statements” within the meaning of applicable laws and regulations. Forward looking statements are based on certain assumptions and expectations of future events. The Company’s actual results could differ materially from those expressed or implied. Important factors that could make a difference to the Company’s operations which among others include demand and supply of raw materials, energy and finished goods; cyclical changes in prices; significant changes in political and economic environment in India/ Abroad; changes in Government policies; tax regimes; exchange rate fluctuations; litigations; labour relations and acts of god.
The Management of Ashapura Minechem Limited presents the analysis of the performance of the Company during the year 2011-2012 and an outlook for the future, which is based on the assessment of the current business environment. The business environment may vary due to the future economic, political and other developments, both in India and Abroad.
ECONOMIC ENVIRONMENT:
The Indian economy grew at 6.5% in FY 2012 as compared to 8.4% in the FY 2011. Given the global headwinds and constraints within which the RBI has had to maneuver its monetary policy a sharpish deceleration seemed only natural. The illusion that the Indian economy would grow over 8% on autopilot has come apart, and the growing consensus is that India’s economy would need structural changes rather than fiscal or monetary band-aids to regain its momentum.
Globally, the state of the eurozone economies as a whole seems fragile from a growth perspective whereas the United States of America is unlikely to take any bold policy measures until the conclusion of its presidential elections. China hopefully isn’t running out of rabbits to pull out of its hat and would help balance the omnipresent gloom.
In conclusion, persistent weakness in the major developed countries over past few years has watered down the growth in demand for commodities and raw materials.
INDUSTRY SCENARIO:
Minerals are valuable natural resources being finite and non-renewable. On paper India has plentiful mineral reserves and has the potential to emerge as a global mineral and commodity powerhouse. Rationalization of the country’s regulatory framework for mining and energy sectors would propel growth in the economy as a whole and help the country reach its potential in mineral and commodity production and exports.
During the year, there was decline in mineral production due to various factors which among others were central and state government policies, restriction on exports, temporary discontinuance of mining for want of environmental clearance and such other. However, the Ministry of Mines has intended to undertake various measures under New National Mineral Policy which amongst other initiatives includes greater liberation, private sector involvement and nursing that the benefit of the economic activity in the mining sector flows equitably to the stakeholders. The said measures will bring uniformity in mineral administration across the country, ensures that the development of mineral resources keeps pace and is in consonance with the National goals.
OUTLOOK:
Global uncertainties have for the last couple of years impeded the growth in the demand for minerals; however the core demand base for minerals and ores remains fairly inelastic especially during downturns.
The Company’s two major mineral portfolios of Bentonite and Bauxite have continued to exhibit a healthy growth. Many of the downstream user industries such as iron ore pellatization, foundries, oil well drilling have thus far demonstrated exceptional demand resilience;
Benign freight rates and favorable foreign exchange rates have enhanced the competitiveness and value proposition of the Company’s mineral portfolio.
FINANCIAL
PERFORMANCE:
The Financial Statements for the year ended 31st March, 2012, have been prepared in accordance with the requirements of the Companies Act, 1956 and the Generally Accepted Accounting Principles (GAAP) in India and are based on the historical cost convention on an accrual basis.
During the financial year under review, the net sales / income from operations of the Company stood at Rs.4276.422 Millions as compared to Rs. 4508.032 Millions in the previous year. Even though the quantum of mineral sold by the Company increased there was decline in the total realisation on account of sales mix.
The Company achieved Earnings Before Interest Tax Depreciation and Amortisation (EBITDA) of Rs. 537.987 Millions (i.e. 12.58 % of revenue) as compared to the previous year’s EBITDA of Rs. 514.563 Millions (i.e. 11.41 % of revenue).
OPPORTUNITIES:
In a scenario of volatile metal and commodity prices, customers more than ever appreciate cost competitiveness, quality, consistency and punctuality. Over the years, the Company has established itself as a preferred and reliable raw materials supplier to many large companies and conglomerates world over, in uncertain economic environments reliability gets its due weightage. The Company’s ability to consistently ensure certainty of cost, quality and delivery for the customer in an uncertain business scenario is what makes it an outlier in the industry.
Many other mineral rich countries such as Indonesia are in the process of implementing policies that reduce the flow of minerals to global markets and such global supply imbalances may augur well for the Company.
INTERNAL CONTROL
SYSTEM AND ITS ADEQUACY:
The Company has a comprehensive system of internal controls designed to provide a high degree of assurance regarding the effectiveness and efficiency of operations, the adequacy of safeguards for assets, the reliability of financial controls and compliance with applicable laws and regulations.
The Company, with a view to encourage independent approach, has outsourced the function of internal auditors to qualified professionals, who conduct operational and system audits in accordance with an audit plan adopted by the audit committee.
Internal auditors as part of their assignment, evaluate and assess the adequacy and effectiveness of internal control measures and the compliance with policies, plans and statutory requirements. Recently upon recommendations of audit committee an initiative has been taken by senior management alongwith internal auditors to develop & document Standard Operating Procedures (SOP) for various departments of the Company for detecting deviations so that timely remedial measures can be taken without inviting any significant loss.
The internal audit reports are reviewed at audit committee meetings and appropriate action on the recommendations is initiated by the management.
FIXED ASSETS:
- Freehold Land
- Mine Lease
- Buildings
- Plant and Machinery
- Barges
- Vehicles
- Furniture and Fixture
- Office Equipment
CONTINGENT
LIABILITIES:
(Rs in Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
|
Guarantees to banks against credit facilities extended to Subsidiary Companies |
310.000 |
310.000 |
|
Guarantees to banks against credit facilities extended to Joint Venture and Associate Companies |
782.700 |
782.700 |
|
Guarantees given by the Company to various Government Authorities |
443.294 |
446.911 |
|
In respect of contracts remaining to be executed |
3.199 |
22.267 |
|
In respect of disputed Income Tax Matters |
0.000 |
26.978 |
|
In respect of Other Matters |
56.816 |
41.085 |
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER/ SIX MONTHS ENDED 30.09.2012
(Rs. In Millions)
|
|
Quarter Ended |
Six Month Ended |
|
|
Particular |
30.09.2012 |
30.06.2012 |
30.09.2012 |
|
Income from Operations |
|
|
|
|
(a) Net Sales / Income from Operations (Net of Excise Duty) |
6,51.183 |
8,35.403 |
14,86.586 |
|
(b) Other Operating Income |
1.984 |
28.517 |
30.501 |
|
Total Income from Operations |
653.167 |
8,63.920 |
15,17.087 |
|
Expenses |
|
|
|
|
(a) Cost of materials consumed |
1,33.230 |
1,68.947 |
3,02.177 |
|
(b) Purchase of stock-in-trade |
55.099 |
94.195 |
1,49.294 |
|
(c) Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(6.635) |
58.272 |
51.637 |
|
(d) Employee benefits expenses |
52.222 |
42.752 |
94.975 |
|
(e) Depreciation and amortisation expenses |
25.961 |
25.666 |
51.627 |
|
(f) Other expenses |
3,23.629 |
3,35.816 |
6,59.445 |
|
Total Expenses |
5,83.505 |
7,25.649 |
13,09.155 |
|
Profit/ (Loss) from operations before other income, finance costs |
|
|
|
|
exceptional items (1-2) |
69.662 |
1,38.270 |
2,07.932 |
|
Other Income |
21.680 |
41.322 |
63.002 |
|
Profit/ (Loss) from ordinary activities before finance costs |
|
|
|
|
exceptional items (3+4) |
91.342 |
1,79.592 |
2,70.934 |
|
Finance Cost |
102.918 |
1,02.443 |
2,05.361 |
|
Exchange Fluctuation (Gain) / Loss |
(16.088) |
29.339 |
13.251 |
|
Profit/ (Loss) from ordinary activities after finance costs but before |
|
|
|
|
exceptional items (5-6-7) |
4.511 |
47.810 |
52.321 |
|
Exceptional Items |
- |
- |
- |
|
Profit/ (Loss) from ordinary activities before tax (8-9) |
4.511 |
47.810 |
52.321 |
|
Tax Expenses |
- |
- |
- |
|
Net Profit/ (Loss) from ordinary activities (10-11) |
4.511 |
47.810 |
52.321 |
|
Extraordinary items |
- |
- |
- |
|
Net Profit/(Loss) for the period (12-13) |
4.511 |
47.810 |
52.321 |
|
Share of Profit/ (Loss) of associates |
- |
- |
- |
|
Minority Interest |
- |
- |
- |
|
Net Profit / (Loss) (14+15-16) |
4.511 |
47.810 |
52.321 |
|
Paid-up Equity Share Capital (78,986,098 Shares of Rs. 2/- each) |
157.972 |
1,57.972 |
1,57.972 |
|
Reserve excluding Revaluation Reserve |
|
|
|
|
Earnings Per Share (Before Exceptional and Extraordinary items) (in Rs.) |
|
|
|
|
Basic/Diluted |
0.06 |
0.61 |
0.66 |
|
Earnings Per Share (After Exceptional & Extraordinary items) (in Rs.) |
|
|
|
|
Basic/Diluted |
0.06 |
0.61 |
0.66 |
|
Particulars of Shareholding* |
|
|
|
|
i) Public Shareholding |
|
|
|
|
- Number of Shares |
43,929,317 |
43,924,317 |
43,929,317 |
|
- Percentage to Paid-up Capital (%) |
55.62 |
55.61 |
55.62 |
|
ii) Promoters & promoter group shareholding |
|
|
|
|
(a) Pledged/Encumbered |
|
|
|
|
- Number of Shares |
29,714,725 |
29,714,725 |
29,714,725 |
|
- Percentage of shares (as a % of the total shareholding of promoter & promoter group) |
84.76 |
84.75 |
84.76 |
|
- Percentage of shares (as a % of the total share capital of the Company) |
37.62 |
37.62 |
37.62 |
|
(b) Non-encumbered |
|
|
|
|
- Number of Shares |
5,342,056 |
5,347,056 |
5,342,056 |
|
- Percentage of shares (as a % of the total shareholding of promoter & promoter group) |
15.24 |
15.25 |
15.24 |
|
- Percentage of shares (as a % of the total share capital of the Company) |
6.76 |
6.77 |
6.76 |
SEGMENT
WISE REVENUE RESULTS AND CAPITAL EMPLOYED REPORTING FOR QUARTER ENDED
30.09.2012
|
PARTICULARS |
30-09-2012 |
30-06-2012 |
30-09-2012 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
Segment Revenue |
|
|
|
|
A. Minerals |
12,62.702 |
14,75.229 |
27,37.931 |
|
B. Shipping |
(0.684) |
26.224 |
25.540 |
|
Total |
12,62.017 |
15,01.453 |
27,63.470 |
|
Add: unallocated corporate income |
28.151 |
57.728 |
85.879 |
|
Net Sales/ Income
from Operations |
12,90.168 |
15,59.181 |
28,49.349 |
|
Segment Results |
|
|
|
|
(Profit before Finance cost and Tax) |
|
|
|
|
A. Minerals |
1,96.685 |
1,99.286 |
3,95.971 |
|
B. Shipping |
(18.620) |
(40.236) |
(58.856) |
|
Total |
1,78.066 |
1,59.050 |
3,37.115 |
|
Less: Finance Cost |
1,13.736 |
1,50.164 |
2,63.900 |
|
Less: Unallocable expenditure net off |
- |
- |
- |
|
Unallocable income |
|
|
|
|
Profit Before tax
and exceptional items |
64.330 |
8.886 |
73.215 |
|
Other information |
|
|
|
|
Segment Assets |
20.095 |
5,00.459 |
20.095 |
|
Total Assets |
83,26.748 |
87,68.254 |
83,26.748 |
|
Segment Liabilities |
8,17.683 |
12,70.918 |
8,17.683 |
|
Total Liabilities |
118,11.102 |
123,47.601 |
118,11.102 |
STATEMENT OF ASSETS AND LIABILITIES ASA ON 30.09.2012
(Rs In Millions)
|
|
PARTICULARS |
Six Months Ended |
|
|
|
30.09.2012 |
|
A |
EQUITY &
LIABILITIES |
|
|
1. |
Shareholders' funds |
|
|
|
(a) Share Capital |
1,57.972 |
|
|
(b) Reserves & Surplus |
(35,79.815) |
|
|
Sub-total -
Shareholders' funds |
(34,21.843) |
|
2. |
Minority Interest |
_ |
|
3. |
Non-Current
liabilities |
|
|
|
(a) Long-term borrowings |
96.977 |
|
|
(b) Deferred tax liabilities (net) |
0.000 |
|
|
(c) Other long-term liabilities |
0.000 |
|
|
(d) Long-term provisions |
63.03 |
|
|
Sub-total -
Non-current liabilities |
1,03.280 |
|
4. |
Current liabilities |
|
|
|
(a) Short-term borrowings |
27,31.745 |
|
|
(b) Trade payables |
5,82.937 |
|
|
(c) Other current liabilities |
67,44.827 |
|
|
(d) Short-term provisions |
11.123 |
|
|
Sub-total - Current
liabilities |
10070.632 |
|
|
TOTAL - EQUITY
& LIABILITIES |
6752.070 |
|
B |
ASSETS |
|
|
1. |
Non-current assets |
|
|
|
(a) Fixed assets |
15,73.877 |
|
|
(b) Goodwill on consolidation |
0.000 |
|
|
(c) Non-current investments |
4,34.696 |
|
|
(d) Long-term loans & advances |
9,74.687 |
|
|
(e) Other non-current assets |
0.000 |
|
|
Sub-total -
Non-current assets |
29,83.260 |
|
2. |
Current assets |
|
|
|
(a) Current Investment |
0.355 |
|
|
(b) Inventories |
1327.815 |
|
|
(c) Trade Receivales |
1444.280 |
|
|
(d) Cash and Cash equivalent |
119.354 |
|
|
(e) Short term loan and advance |
877.006 |
|
|
(f) Other current assets |
0.000 |
|
|
Sub-total Current
assets |
3768.810 |
|
|
Total-Assets |
6752.070 |
* Includes 15,714,690 Equity Shares (19.90%) held by Volclay International Corporation (Foreign Body Corporate) who is a party to the Shareholders Agreement with the Company.
Notes to Accounts:
1. The above financial results as reviewed by the Audit Committee were taken on record at the meeting of the Board of Directors held on 26" October, 2012.
2. The results for the quarter ended 30" September, 2012fortheparentCompany, Ashapura Minechem Limited have undergone "Limited Review" by Statutory Auditors of the Company.
3. The Company had, during previous years, written back certain loans aggregating to Rs.1533.450 millions and has not provided for the losses aggregating to Rs.28,02.753 Millions and interest, if any, accrued thereon in respect of certain foreign currency contracts since the same have been considered vohence unenforceable based on legal experts' advice. During the current period, the Company has not provided for foreign exchange contracts losses of Rs.3,71.801 Millions (including current quarter Rs.1,74.157 Millions) and also not provided for loss of Rs.70.860 Millions (Previous year Rs.313.120 Millions) on account of Mark to Market difference on pending foreign currency contracts as on 30th September, 2012. This has, in the opinion of the Auditors, resulted into overstatement of profit for the period by Rs.129.541 Millions (Net of current quarter gain Rs.23.753 Millions) and reserves and surplus by Rs.4465.743 Millions.
4. Based on the audited annual accounts for the year ended 31" March, 2011, the Board of Industrial and Financial Restructuring (BIFR) declared the Company as a sick Company vide its order dated 20" March, 2012. Further, in terms of the guidelines for preparation of Rehabilitation Scheme the Company has submitted the Draft Rehabilitation Scheme to Bank of India (Operating Agency).
5. In accordance with the provision of AS-17, the Company on standalone basis has one reportable primar segment consisting of processed minerals and other activities incidental thereto. Hence, segment reporting a defined is not applicable.
6. The Board has, subject to necessary approvals of various authorities and approval of the members u/s 81 (1A) of the Companies Act 1956, approved preferential allotment of equity Shares and/or Warrants up to Rs.400.000 Millions to one of the promoter group Companies.
7. The complaints received from investors/share holders for the quarter ended on 301* September, 2012: Received - 2, Disposed off - 2, Unresolved - Nil.
8. The Consolidated Financial Results for the quarter/six months ended on 30" September, 2012 have been prepared in accordance with AS-21, AS-23 and AS-27 as per Companies (Accounting Standards) Rules, 2006. It includes the results of its Subsidiaries, Joint Venture Companies and Associate Companies.
9. One of the overseas step-down subsidiary disposed off its shipping vessel during the quarter and incurred a loss of US $ 6.699 Millions. The corresponding liability of US $ 9.863 Millions on account of the term loan from a banker was settled for US $4.000 Millions as a final settlement of this liability. Based on the Letter of Comfort provided by the Parent Company, at he instance of the banker and subject to necessary approvals, the said liability of US $ 4.000 Millions has been included in the Draft Rehabilitation Scheme of the Parent Company to be submitted to the BIFR. Net effect of this two aggregating to Rs. 43.367 Millions are stated under Exceptional items in the consolidated financial results.
10. Previous period's figures have been regrouped, wherever necessary, to conform to current period's classification.
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 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. 54.20 |
|
|
1 |
Rs. 87.00 |
|
Euro |
1 |
Rs. 70.22 |
INFORMATION DETAILS
|
Report Prepared
by : |
UDS |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
32 |
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.