MIRA INFORM REPORT
|
Report Date : |
14.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
TECHNOCRAFT INDUSTRIES ( |
|
|
|
|
Registered
Office : |
"Technocraft House", A-25, MIDC, Marol Industrial Area, Road
No. 3, Opposite ESIS Hospital, Andheri (East), Mumbai- 400 093, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
28.10.1992 |
|
|
|
|
Com. Reg. No.: |
11-069252 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.315.268
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L28120MH1992PLC069252 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT09029G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT2724P |
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|
|
|
Legal Form : |
A Public Limited
Liability Company. The Company’s
Shares are Listed on the Stock Exchanges. |
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|
|
|
Line of Business
: |
Manufacturers and Exporter of Drum Closure, Yarn, Power and
Garments Pipe. |
|
|
|
|
No. of Employees
: |
2000 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
A (57) |
|
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 16900000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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|
|
|
Litigation : |
Clear |
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|
|
Comments : |
Subject is a part of Technocraft Group. It is well established company having fine track. There appears sharp
fall in profitability. However, general financial position seems good. Performance
capacity is high fundamental are healthy and strong. Trade relations are
reported to be regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
A+ [Letter of Credit] |
|
Rating Explanation |
Having adequate degree of safety regarding timely servicing of
financial obligation. It carry low credit risk. |
|
Date |
November 2012 |
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.
INFORMATION PARTED BY
|
Name : |
Mr. Rajesh |
|
Designation : |
DGM in Finance |
|
Contact No.: |
91-22-40982345 |
|
Date : |
13.12.2012 |
LOCATIONS
|
Registered Office : |
"Technocraft House", A-25, MIDC, Marol Industrial Area, Road
No. 3, Opposite ESIS Hospital, Andheri (East), Mumbai-400093, Maharashtra,
India |
|
Tel. No.: |
91-22-40982345 |
|
Fax No.: |
91-22-28356559 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
M-6, Additional MIDC, Murbad, District Thane – 421 401, |
|
Tel. No.: |
91-2524-222646/ 48 |
|
Fax No.: |
91-2524-222335 |
|
E-Mail : |
|
|
|
|
|
Factory 2: |
Drum Closure: Plot No. C-5, MIDC Murbad Industrial Area, District
Thane – 421 401, |
|
Tel. No.: |
91-2524-223220/ 222380/ 222278 |
|
Fax No.: |
91-2524-222378 |
|
E-Mail : |
|
|
|
|
|
Factory 3 : |
Pipe and Scaffoldings: Plot No. 4/1, MIDC Murbad, District Thane – 421
401, |
|
Tel. No.: |
91-2524-222823/ 222676/ 222678 |
|
Fax No.: |
91-2524-222013/ 224514 |
|
E-Mail : |
|
|
|
|
|
Factory 4 : |
Yarn, Power and Garment: Village Dhanivali, Murbad, District Thane –
421 401, |
|
Tel. No.: |
91-2524-222941 to 45 |
|
Fax No.: |
91-2524-222946 |
|
E-Mail : |
|
|
|
|
|
Overseas Office : |
Located At: ·
United Kingdom ·
Poland ·
·
·
|
DIRECTORS
AS ON 31.03.2012
|
Name : |
Mr. Madhoprasad Saraf |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Sharad Kumar Saraf |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. S.M. Saraf |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Atanu Choudhary |
|
Designation : |
Whole time Director |
|
|
|
|
Name : |
Mr. S.B. Agarwal |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Ganesh Kumar Gupta |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Anand Didwania |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Pankaj Toprani |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Navneet Kumar Saraf |
|
Designation : |
Chief Operating Officer |
|
Date of Birth/Age : |
31 Years |
|
Qualification : |
B.E.(Mech.) |
|
Experience : |
10 Years |
|
Date of Appointment : |
23.12.2006 |
|
|
|
|
Name : |
Mr. Ashish Kumar Saraf |
|
Designation : |
Chief Financial Officer |
|
Date of Birth/Age : |
28 Years |
|
Qualification : |
|
|
Experience : |
8 Years |
|
Date of Appointment : |
23.12.2006 |
|
|
|
|
Name : |
Mr. Subhash Khandelwal |
|
Designation : |
President Marketing |
|
|
|
|
Name : |
Mr. Manoj Jain |
|
Designation : |
Company Secretary and Compliance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2012
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
|
|
As a % of (A+B) |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
23636562 |
74.97 |
|
|
23636562 |
74.97 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
23636562 |
74.97 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
538745 |
1.71 |
|
|
17117 |
0.05 |
|
|
16383 |
0.05 |
|
|
90500 |
0.29 |
|
|
662745 |
2.10 |
|
|
|
|
|
|
1689170 |
5.36 |
|
|
|
|
|
|
2840073 |
9.01 |
|
|
2283054 |
7.24 |
|
|
415146 |
1.32 |
|
|
29571 |
0.09 |
|
|
385575 |
1.22 |
|
|
7227443 |
22.92 |
|
Total Public shareholding (B) |
7890188 |
25.03 |
|
Total (A)+(B) |
31526750 |
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) |
31526750 |
0.00 |
%20LIMITED%20-%20203795%2014-Dec-2012_files/image009.gif){kind=small}
%20LIMITED%20-%20203795%2014-Dec-2012_files/image010.gif){kind=small}
%20LIMITED%20-%20203795%2014-Dec-2012_files/image011.gif){kind=small}
SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE
SECURITIES) OF PERSONS BELONGING TO THE CATEGORY “PROMOTER AND PROMOTER GROUP”
|
Sl. |
Name of the
Shareholder |
Details of
Shares held |
|
|
|
|
No. of Shares
held |
As a % of |
|
|
|
|
|
|
1 |
Ashish Kumar Saraf |
70,742 |
0.22 |
|
2 |
Madhoprasad Saraf |
94,759 |
0.30 |
|
3 |
Madhoprasad Shantidevi Saraf HUF |
2,14,561 |
0.68 |
|
4 |
Navneet Kumar Saraf |
11,24,280 |
3.57 |
|
5 |
Nidhi Saraf |
56,494 |
0.18 |
|
6 |
Ritu Saraf |
73,605 |
0.23 |
|
7 |
Shakuntala Saraf |
67,39,512 |
21.38 |
|
8 |
Shanti Devi Saraf |
29,63,471 |
9.40 |
|
9 |
Sharad Kumar Saraf |
4,23,080 |
1.34 |
|
10 |
Sharad Kumar Madhoprasad Saraf HUF |
28,74,946 |
9.12 |
|
11 |
Sudarshan Kumar Saraf |
87,50,652 |
27.76 |
|
12 |
Sudarshan Kumar Madhoprasad Saraf HUF |
97,506 |
0.31 |
|
13 |
Suman Saraf |
1,52,954 |
0.49 |
|
|
Total |
2,36,36,562 |
74.97 |
SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE SECURITIES)
OF PERSONS BELONGING TO THE CATEGORY “PUBLIC” AND HOLDING MORE THAN 1% OF THE
TOTAL NUMBER OF SHARES
|
Sl. |
Name of the
Shareholder |
Details of
Shares held |
|
|
|
|
No. of Shares
held |
As a % of |
|
|
|
|
|
|
1 |
Minal B Patel |
576950 |
1.83 |
|
2 |
HDFC Trustee Company Limited A/c HDFC Gr |
538745 |
1.71 |
|
3 |
Inuit U S Holdings INC |
385575 |
1.22 |
|
4 |
Dipti Vinod Kumar Saboo |
336104 |
1.07 |
|
5 |
Anil Kumar Goel |
319200 |
1.01 |
|
|
Total |
2156574 |
6.84 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Exporter of Drum Closure, Yarn, Power
and Garments Pipe. |
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Products : |
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Exports : |
|
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Products : |
Yarn, Drum Closure, Pipe and Scaffolding |
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Countries : |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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|
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|
Purchasing : |
Cash and Credit |
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
|
Flanges and Bungs |
Pieces |
N.A |
100,000,000.00 |
|
Capseals |
Pieces |
N.A |
2,500,000.00 |
|
Clamps |
Pieces |
N.A |
20,000,000.00 |
|
Pipes |
M.T. |
N.A |
55,000.00 |
|
Yarn |
Spindles |
61,104.00 |
61,104.00 |
|
Garments (T-Shirts) |
Pieces |
100,000,000.00 |
100,000,000.00 |
|
Particulars |
Unit |
Actual Production |
|
Flanges |
Pieces |
43,418,842.00 |
|
Bungs |
Pieces |
39,037,007.00 |
|
Clamps |
Pieces |
561,435.00 |
|
Gasket |
Pieces |
2,956,150.00 |
|
Canseal Closures |
Pieces |
605,800.00 |
|
Bolt/Base Plate |
Pieces |
1,149,000.00 |
|
Plugs |
Pieces |
8,972,900.00 |
|
Pipes |
M.T. |
11,525.33 |
|
Yarn |
M.T. |
9,741.86 |
|
Garment (T-Shitrt) |
Pieces |
2,217,446.00 |
|
Fabric |
Kgs. |
547,589.00 |
GENERAL INFORMATION
|
Suppliers : |
|
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|
|
|
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|
Customers : |
Retailers and End Users |
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|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
2000 [Approximately] |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
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|
Bankers : |
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M.L. Sharma and Company Chartered Accountants |
|
Address : |
107, First Floor, Chartered House, 297/299, Dr. Cawasji Hormashi Street,
Marine Lines, Mumbai- 400 002, Maharashtra, India |
|
|
|
|
Associates |
|
|
|
|
|
Subsidiary Company / Fellow Subsidiary : |
|
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
31526750 |
Equity Shares |
Rs.10/- each
|
Rs.315.268
Millions |
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 |
315.268 |
315.268 |
315.268 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3925.792 |
3780.906 |
3523.983 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
4241.060 |
4096.174 |
3839.251 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
835.365 |
1047.756 |
605.683 |
|
|
2] Unsecured Loans |
0.000 |
500.000 |
700.000 |
|
|
TOTAL BORROWING |
835.365 |
1547.756 |
1305.683 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5076.425 |
5643.930 |
5144.934 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1310.768 |
1503.849 |
1098.620 |
|
|
Capital work-in-progress |
16.979 |
29.259 |
518.211 |
|
|
|
|
|
|
|
|
INVESTMENT |
575.971 |
820.878 |
725.558 |
|
|
DEFERREX TAX ASSETS |
44.081 |
28.214 |
22.700 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
915.733
|
1441.612 |
856.761 |
|
|
Sundry Debtors |
1365.186
|
1041.084 |
1004.774 |
|
|
Cash & Bank Balances |
105.658
|
520.750 |
539.412 |
|
|
Other Current Assets |
480.307
|
564.517 |
0.000 |
|
|
Loans & Advances |
884.679
|
111.526 |
1598.869 |
|
Total
Current Assets |
3751.563
|
3679.489 |
3999.816 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
276.895
|
191.635 |
285.738 |
|
|
Other Current Liabilities |
274.039
|
177.531 |
61.000 |
|
|
Provisions |
72.003
|
48.593 |
873.233 |
|
Total
Current Liabilities |
622.937
|
417.759 |
1219.971 |
|
|
Net Current Assets |
3128.626
|
3261.730 |
2779.845 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5076.425 |
5643.930 |
5144.934 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5532.238 |
4720.632 |
3793.974 |
|
|
|
Other Income |
197.496 |
169.410 |
289.185 |
|
|
|
TOTAL (A) |
5729.734 |
4890.042 |
4083.159 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
3039.219 |
|
|
|
|
|
Purchase For Trading |
155.194 |
52.418 |
|
|
|
|
Employees Benefit Expenses |
336.929 |
285.031 |
3363.855 |
|
|
|
Other Expenses |
1328.438 |
1178.100 |
|
|
|
|
Amortization of Goodwill |
12.192 |
12.192 |
|
|
|
|
Changes in Inventories of Stock |
199.674 |
(303.276) |
|
|
|
|
TOTAL (B) |
5071.646 |
3993.566 |
3363.855 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
658.088 |
896.476 |
719.304 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
72.233 |
78.963 |
56.682 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
585.855 |
817.513 |
662.622 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
292.044 |
351.550 |
215.162 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
293.811 |
465.963 |
447.460 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
110.765 |
131.593 |
151.431 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
183.046 |
334.370 |
296.029 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
496.434 |
245.938 |
325.240 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
8.000 |
320.000 |
|
|
|
Proposed Dividend |
31.527 |
31.527 |
47.290 |
|
|
|
Dividend Distribution Tax |
5.114 |
5.236 |
8.037 |
|
|
BALANCE CARRIED
TO THE B/S |
642.839 |
535.545 |
245.942 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
3951.932 |
3223.931 |
2955.612 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
37.909 |
77.159 |
345.175 |
|
|
|
Stores & Spares |
2.271 |
1.876 |
8.992 |
|
|
|
Packing Materials |
0.719 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
40.899 |
79.035 |
354.167 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
5.81 |
10.61 |
9.45 |
|
%20LIMITED%20-%20203795%2014-Dec-2012_files/image005.gif){kind=small}
Expected Sales (2012-13) : Rs.6500.000 Millions.
The above information has been parted by Mr. Rajesh.
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2012 |
30.09.2012 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
1672.110 |
1603.450 |
|
Total Expenditure |
|
1311.920 |
1308.510 |
|
PBIDT (Excl OI) |
|
360.190 |
294.940 |
|
Other Income |
|
49.740 |
39.750 |
|
Operating Profit |
|
409.940 |
334.6900 |
|
Interest |
|
18.350 |
14.950 |
|
Exceptional Items |
|
3.410 |
(13.010) |
|
PBDT |
|
394.980 |
306.730 |
|
Depreciation |
|
67.090 |
69.170 |
|
Profit Before Tax |
|
327.890 |
237.560 |
|
Tax |
|
106.310 |
74.250 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
221.570 |
163.310 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
221.570 |
163.310 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
3.19
|
6.84 |
7.25
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.31
|
9.87 |
11.79
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.80
|
8.99 |
8.78
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07
|
0.11 |
0.12
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.34
|
0.48 |
0.66
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
6.02
|
8.81 |
3.28
|
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS:
|
Particulars |
31.03.2012 (Rs. in millions) |
31.03.2011 (Rs. in millions) |
31.03.2010 (Rs. in millions) |
|
Sundry Creditors |
276.895
|
191.635 |
285.738 |
|
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
Yes |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth 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 |
PERFORMANCE
FY 2011-12 was a challenging year. The global economy, barely a year
after recession, witnessed lower economy growth, resulting primarily from the
euro zone debts crisis. The European economies stagnated and the US witnessed a
downgrade in its credit rating, while the growth engines of the global economy,
China and India were forced to tighten liquidity to tame rising inflation.
Despite these constraints and the challenging environment, the Company
performed reasonably well. The gross sale and other income for the financial
year were Rs. 5729.734 Millions against Rs.
4890.042 Millions for the previous
financial year. An increase of 17%. Total PAT for the year stood at Rs.183.046 Millions against Rs.334.370 Millions for the previous year. On
consolidation basis the gross sale and other income for the financial year were
Rs.6752.050 Millions against Rs.
5948.335 Millions for the previous
financial year. Total PAT for the year stood at Rs. 152.681 Millions against Rs. 333.446 Millions for the previous year.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
GLOBAL ECONOMIC CONDITIONS
FY 2012 was among the most challenging years. The policy and governance
environment impacted the economic scenario. Persistent inflation resulted in
the regulator raising the policy rates leading to a high interest rates
environment. The global environment remained weak for most part of the year
with many European nations sinking into recession, the US showing muted growth
and even China witnessing a slowdown from its consistent growth over the past
decade. On positive notes, many advance economies have made good progress in
designing and implementing strong medium terms fiscal consolidation programmes.
At the same time emerging and developing countries continue to have the benefit
to latent demand in their economies and need to continue with reform to
maintain growth. However problem could easily flare up again in the Euro area
and fiscal policy could tighten very abruptly in the United State in 2013.
Consequently, while there will be pockets of growth opportunities there is also
Considerable uncertainty in the global economies.
INDIAN ECONOMY AND OUTLOOK
Lower global demand, domestic policy uncertainty and the cumulative
impact of monetary tightening contributed to growth slowing down considerably
to the estimated level of 6.5% in 2011-12. All three sectors of the economy –
agriculture, industry and services – slowed down. Even though there was
moderation in agriculture growth, the year witnessed an all-time high
food-grains output. The services sector moderated primarily due to the slowdown
in construction, while the disappointing performance of mining and
manufacturing subsectors contributed to slackening of industrial growth. GDP
growth rates has been a fall in 2011-12 compared to 2010-11.
INDUSTRIAL STRUCTURE AND DEVELOPMENT
DRUM CLOSURE
The Drum Closure segment is continuously maintaining its growth. The
sale of the drum closure during the period was Rs.1710.700
Millions compare to Rs.1655.300
Millions. Almost 100% sales consist Export Sales. The increase of sale is due
to improvement in efficiency of Drum Closure manufacturing facilities and
addition of new market. The company is continuing maintaining position of world
leader in the segment.
SCAFFOLDINGS
The performance of Scaffolding segment tremendously improved during the
year compare to previous year. The turnover during the year was Rs 1289.200 Millions compare to previous year
of Rs.928.500 Millions. The
growth of 39% compare to previous year. The export turnover was Rs. 868.100 Millions and Domestic sales was Rs.
328.600 Millions.
TEXTILE
The Growth of Textiles has slow down compare to previous year due to
lack of demand. In 2011-12 total turnover of Textile segment of the Company was
Rs.2021.300 Millions compare to Rs. 2145.000 Millions in 2010-11. Company
export of textiles was 90% of total turnover. Apart from rising cost of raw
material, the textile and apparel industry is facing upward cost pressure from
other parameters as well. Major cost components like power and raw material
have been increasing significantly. Textile industry is a very labour intensive
industry. The primary reason why manufacturing jobs in this industry shifted
from developed to developing countries was the cost advantage offered by the
latter. But rising standard of living and inflations has pushed up labour costs
across the textile and manufacturing countries. India saw an average increase
of 10% to 15% in labour cost other countries like China and Cambodia saw
increase in labour cost ranging from 15% to 35%.
CONTINGENT LIABILITIES AND COMMITMENTS NOT PROVIDED FOR
|
Particulars |
31.03.2012 (Rs. in millions) |
31.03.2011 (Rs. in millions) |
|
Bank Guarantees aggregating to Euro 17,50,000 and USD 11,00,000 to
Banks on behalf of subsidiary Company in Poland. |
155.284 |
155.284 |
|
Liability in Respect of Trade Finance and Guarantees (UK) aggregating
to Pounds 25,00,000 for Technocraft International UK |
49.204 |
49.204 |
|
Bank Guarantee aggregating to USD 5,00,000 to Banks on behalf of
Fellow Subsidiary Company, Impact Engineering Pvt. Ltd. |
22.447 |
22.447 |
|
Income Tax and
Interest Demands For the |
|
|
|
A.Y.2002-2003 |
7.544 |
7.544 |
|
A.Y.2007 |
6.380 |
6.380 |
|
A.Y. 2008 |
1.550 |
0.000 |
|
Show-Cause Notice for duty issued by Central Excise Department-Rebate
of Excise duty paid on Exports goods by utilizing EOU’s duty. Duty Rebate Denied
(Order No. SB116and117) (Stay granted by Commissioner (Appeals) from the
Pre-Deposit of the dues adjudged during the pendency of these appeals) |
0.304 |
0.000 |
|
Show-Cause Notice for duty and Penalty issued by Central Excise Department-Clearance
of Cotton waste under Exemption Notification No. 6/97 and 23/03 denied and
apportioned Duty (30%) demanded. Duty and Penalty Involved in fuel and raw
cotton from Financial Year 1999-2002 to Sep 2008 (Stay Granted by CESTAT
from Pre – Deposit of the dues adjudged during the pendency of these appeals) |
111.566 |
0.000 |
|
Show-Cause Notice for duty and Penalty issued by Central Excise
Department – Rebate of Excise duty paid on Exports goods by utilizing EOU’s
Duty. Duty Rebate Denied in Unit I of Yarn Division (Stay Granted by
CESTAT from Pre – Deposit of the dues adjudged during the pendency of these
appeals) |
19.560 |
0.000 |
|
Show-Cause Notice for duty and Penalty issued by Central Excise Department
– Rebate of Excise duty paid on Exports goods by utilizing EOU’s Duty. Duty
Rebate Denied in Unit II of Yarn Division. (Stay Granted by CESTAT from
Pre – Deposit of the dues adjudged during the pendency of these appeals) |
26.677 |
0.000 |
|
Demand of Service Tax (including Penalty) on Commission paid to
foreign agents for Financial Year 2006-07 and 2007-08. |
0.303 |
0.000 |
|
Seven years Warranty beginning with the Financial year 2011-12 given
to Spanco Limited against the Erection of the Towers |
0.000 |
0.000 |
|
Total |
400.819 |
240.859 |
FIXED ASSETS:
·
Land and Building
·
Plant and Machinery
·
Furniture and fixtures
·
Navision Software
·
Computer Software
UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2012
Rs. in Millions
|
Sr. No. |
Particular |
Quarter Ended |
Year Ended |
|
|
|
|
30.09.2012 (Unaudited) |
30.06.2012 (Unaudited) |
30.09.2012 (Unaudited) |
|
|
|
|
|
|
|
1. |
Net Sales/Income from
Operations |
1432.712 |
1531.278 |
2963.990 |
|
|
Other operating
revenue |
170.740 |
140.826 |
311.566 |
|
|
Total Income |
1603.452 |
1672.104 |
3275.556 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost
of materials consumed |
814.936 |
833.382 |
1648.318 |
|
|
Purchase
of stock in trade |
67.215 |
34.578 |
101.793 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
28.232 |
5.430 |
33.662 |
|
|
Employee
benefits expenses |
77.584 |
84.279 |
161.863 |
|
|
Depreciation
and amortization expenses |
69.165 |
67.094 |
136.259 |
|
|
Other
expenses |
320.542 |
354.246 |
674.788 |
|
|
Total Expenses |
1377.674 |
1379.009 |
2756.683 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
225.778 |
293.095 |
518.873 |
|
|
|
|
|
|
|
4. |
Other
Income |
39.751 |
49.745 |
89.496 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
265.529 |
342.840 |
608.369 |
|
|
|
|
|
|
|
6. |
Interest |
14.953 |
18.363 |
33.316 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
250.576 |
324.477 |
575.053 |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
(13.012) |
3.409 |
(9.603) |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
237.564 |
327.886 |
565.450 |
|
|
|
|
|
|
|
10. |
Tax
Expense |
74.252 |
106.312 |
180.564 |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
163.312 |
221.574 |
384.886 |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
163.312 |
221.574 |
384.886 |
|
|
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.10/- Each) |
315.268 |
315.268 |
315.268 |
|
|
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
4286.460 |
4123.148 |
4286.460 |
|
|
|
|
|
|
|
16. |
Basic and Diluted Earning Per
Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a)
Basic and diluted EPS before extraordinary items |
5.18 |
7.03 |
12.21 |
|
|
b)
Basic and diluted EPS after extraordinary items |
5.18 |
7.03 |
12.21 |
|
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
7890188 |
7890188 |
7890188 |
|
|
-
Percentage of Shareholding |
25.03 |
25.03 |
25.03 |
|
|
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
Nil |
Nil |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
Nil |
Nil |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
23636562 |
23636562 |
23636562 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and
Promoter Group) |
100% |
100% |
100% |
|
|
- Percentage
of Shares (as a % of the Total Share Capital of the Company) |
74.97 |
74.97 |
74.97 |
|
Particulars |
30.09.2012 |
|
Pending at the beginning of the quarter |
0 |
|
Received during the quarter |
0 |
|
Disposed of during the quarter |
0 |
|
Remaining unresolved at the end of the
quarter |
0 |
SEGMENT WISE REVENUE,
RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER ENDED 30.09.2012
Rs. in Millions
|
Sl. No. |
|
Particulars |
Quarter Ended |
Year Ended |
|
|
|
30.09.2012 |
30.06.2012 |
30.09.2012 |
||
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
||
|
1 |
|
Segment Revenue |
|
|
|
|
|
|
a) Drum Closures Division |
562.253 |
516.987 |
1079.240 |
|
|
|
b) Scaffoldings Division |
461.176 |
412.305 |
873.481 |
|
|
|
c) Yarn Division |
450.052 |
503.716 |
953.768 |
|
|
|
d) Garment Division |
51.850 |
67.413 |
119.263 |
|
|
|
e) Power Division |
47.366 |
91.644 |
139.010 |
|
|
|
Total |
1572.697 |
1592.065 |
3164.762 |
|
|
|
|
|
|
|
|
|
|
Less : Inter Segment Revenue (Net of Excise) |
139.985 |
60.787 |
20.772 |
|
|
|
|
|
|
|
|
|
|
Net Sales /
Income from Operation |
1432.712 |
1531.278 |
2963.990 |
|
|
|
|
|
|
|
|
2 |
|
Segment Results |
|
|
|
|
|
|
Profit/(Loss)
after Depreciation but Before Finance Cost and Exceptional Items |
|
|
|
|
|
|
a) Drum Closures Division |
181.405 |
192.742 |
374.147 |
|
|
|
b) Scaffoldings Division |
33.764 |
35.840 |
69.604 |
|
|
|
c) Yarn Division |
40.891 |
95.251 |
136.142 |
|
|
|
d) Garment Division |
(5.752) |
10.247 |
4.495 |
|
|
|
e) Power Division |
(26.534) |
(2.161) |
(28.695) |
|
|
|
Total |
223.774 |
331.919 |
555.693 |
|
|
|
|
|
|
|
|
|
|
Less :Interest |
13.828 |
17.989 |
31.816 |
|
|
|
Other un-allocable expenditure net off un-allocable income |
(27.618) |
(13.956) |
(41.573) |
|
|
|
Net Profit (+) /
Loss(-) before Tax |
237.564 |
327.886 |
565.450 |
|
|
|
|
|
|
|
|
3 |
|
Capital Employed
|
|
|
|
|
|
|
a) Drum Closures Division |
664.237 |
689.101 |
664.237 |
|
|
|
b) Scaffoldings Division |
790.106 |
627.742 |
790.106 |
|
|
|
c) Yarn Division |
495.171 |
594.043 |
495.171 |
|
|
|
d) Garment Division |
83.768 |
87.773 |
83.768 |
|
|
|
e) Power Division |
420.849 |
405.556 |
420.849 |
|
|
|
Total |
2454.131 |
2404.215 |
2454.131 |
STATEMENT OF ASSETS AND
LIABILITIES
Rs. in Millions
|
PARTICULARS |
30.09.2012 |
|
Equity and liabilities |
|
|
Shareholders' fund |
|
|
Share capital |
315.268 |
|
Reserve & surplus |
4309.966 |
|
Sub-total
- Shareholders' funds |
4625.234 |
|
Non - current liabilities |
|
|
Long term borrowings |
60.455 |
|
Deferred tax liability (net) |
0.000 |
|
Other long-term liabilities |
10.412 |
|
Sub-total
- Non-current liabilities |
70.867 |
|
Current liabilities |
|
|
Short term borrowings |
977.773 |
|
Trade payables |
273.681 |
|
Other current liabilities |
277.789 |
|
Short term provisions |
34.208 |
|
Sub-total
- Current liabilities |
1563.451 |
|
|
|
|
Total -
Equity & Liabilities |
6259.552 |
|
|
|
|
Assets |
|
|
Non-current assets |
|
|
Fixed assets |
1232.526 |
|
Non-current investment |
538.172 |
|
Deferred tax assets |
57.997 |
|
Long term loans & advances |
25.132 |
|
Other non-current assets |
10.500 |
|
Sub-total
- Non-current Assets |
1864.327 |
|
Current
assets |
|
|
Current investment |
1211.012 |
|
Inventories |
888.104 |
|
Trade receivables |
1664.770 |
|
Cash & bank balances |
121.195 |
|
Short term loans & advances |
126.476 |
|
Other current assets |
383.668 |
|
Sub-total
- Current Assets |
4395.225 |
|
|
|
|
Total –
Assets |
6259.552 |
NOTES:
1. The above results
have been reviewed by the Audit Committee, and approved by the Board of
Directors in their meeting held on 7th November 2012.
2. The Statutory
Auditors of the Company have carried out a limited Review of the Unaudited
Financial Results for the quarter ended on 30th September 2012.
3. The Company is
engaged in 5 segments 1) Drum Closure Division 2) Scaffolding Division 3) Yarn
Division 4) Power Division 5) Garment Division
4. Board Approved
Interim Dividend of Rs.1/- per share for the Financial Year 2012-13.
5. Book value per
share as on 30.09.2012 is Rs.145.97
6. Previous Years figures have been regrouped wherever necessary to
bring in line with Revised Schedule VI.
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.54.23 |
|
|
1 |
Rs.87.53 |
|
Euro |
1 |
Rs.70.94 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
57 |
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.