MIRA INFORM REPORT
|
Report Date : |
20.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
BHORUKA ALUMINIUM LIMITED |
|
|
|
|
Registered
Office : |
No. 1, K.R.S. Road, Metagully, Mysore - 570016, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
09.01.1979 |
|
|
|
|
Com. Reg. No.: |
08-003442 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 261.841
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27203KA1979PLC003442 [New] |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRB02633B |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of Aluminum extruded products and Irrigation
Sprinkler Systems. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (27) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 3300000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record.
There appears huge accumulated loss in the current year recorded by the
company. However, trade relations are reported to be fair. Business is active.
Payments are reported to be slow but correct. The company can be considered normal for business dealings with some
cautions. |
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 |
|
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/ Factory : |
No. 1, K.R.S. Road, Metagully, Mysore - 570016, Karnataka, India |
|
Tel. No.: |
91-821-2582116/ 2582982/ 2582982 |
|
Fax No.: |
91-821-4286100/ 2582167 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
AS ON 31.03.2011
|
Name : |
Dr. Meda Kasturi Ranga Panduranga Setty |
|
Designation : |
Chairman cum Managing Director |
|
Address : |
14 Bull Temple Road, Basavanagudi, Bangalore - 560004, Karnataka,
India |
|
Date of Birth/Age : |
04.08.1933 |
|
Date of Appointment : |
27.05.1981 |
|
DIN No.: |
00151350 |
|
|
|
|
Name : |
Mr. Raj Kumar Chogmal Aggarwal |
|
Designation : |
Managing Director |
|
Address : |
1368, Double Road, Kuvempnu Nagar, Mysore - 570023, Karnataka, India |
|
Date of Birth/Age : |
02.01.1956 |
|
Date of Appointment : |
01.08.1984 |
|
DIN No.: |
01559120 |
|
|
|
|
Name : |
Dr. Bansi Lal Lachamandas Amla |
|
Designation : |
Director |
|
Address : |
426 Contour Road, Gokulam III Stage, Mysore - 570002, Karnataka, India |
|
Date of Birth/Age : |
01.01.1931 |
|
Date of Appointment : |
28.06.1991 |
|
DIN No.: |
00053417 |
|
|
|
|
Name : |
Mr. Prabir Durga Prasad Chakravarti |
|
Designation : |
Director |
|
Address : |
42A, Diamondharbour Road, Flat No. 2, Kolkata – 700038, West Bengal,
India |
|
Date of Birth/Age : |
30.04.1944 |
|
Qualification : |
B.A. (Hons) M.A.
(Economics) LL.B. (Kolkata University) M.B.A. (Queens University, Belfast,
U.K.) |
|
Date of Appointment : |
03.09.1990 |
|
DIN No.: |
00273523 |
|
|
|
|
Name : |
Mr. Rajat Rajkumar Agarwal |
|
Designation : |
Executive Director |
|
Address : |
1368, Double Road, Kuvempnu Nagar, Mysore - 570023, Karnataka, India |
|
Date of Birth/Age : |
12.09.1982 |
|
Date of Appointment : |
30.06.2007 |
|
DIN No.: |
01622198 |
|
|
|
|
Name : |
Mr. Akhilesh Kumar Pandey |
|
Designation : |
Wholetime Director |
|
Address : |
1655, 7th Cross, P and T Block, Anikethana Road, Kuvempunagar,
Mysore - 570023, Karnataka, India |
|
Date of Birth/Age : |
01.01.1965 |
|
Qualification : |
B.A. M.S.W |
|
Date of Appointment : |
01.11.2010 |
|
DIN No.: |
03325271 |
KEY EXECUTIVES
|
Name : |
Mr. Ajay Kumar Dalmia |
|
Designation : |
Chief Finance Officer |
|
|
|
|
Name : |
Mr. Pranaba Kumar Panigrahi |
|
Designation : |
Company Secretary |
|
Address : |
201, A 2nd Mani Devraj Mohalla
Metagalli Ext, Mysore - 570023, Karnataka, India |
|
Date of Birth/Age : |
07.05.1976 |
|
Date of Appointment : |
23.01.2010 |
|
PAN No.: |
AJCPP2041B |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 24.09.2011
SHAREHOLDING DETAILS FILE ATTACHED
AS ON 30.09.2012
|
Category
of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
13025162 |
25.04 |
|
|
5526376 |
10.62 |
|
|
18551538 |
35.66 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
18551538 |
35.66 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2158125 |
4.15 |
|
|
2158125 |
4.15 |
|
|
|
|
|
|
10152017 |
19.51 |
|
|
|
|
|
|
6991312 |
13.44 |
|
|
13663526 |
26.26 |
|
|
505624 |
0.97 |
|
|
184739 |
0.36 |
|
|
320885 |
0.62 |
|
|
31312479 |
60.19 |
|
Total Public shareholding (B) |
33470604 |
64.34 |
|
Total (A)+(B) |
52022142 |
100.00 |
|
© Shares held by Custodians and against which Depository Receipts have
been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
2920000 |
0.00 |
|
|
2920000 |
0.00 |
|
Total (A)+(B)+(C) |
54942142 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Aluminum extruded products and Irrigation
Sprinkler Systems. |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Aluminium Extrusions |
MT |
N.A. |
18,000 |
8,636 |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Bankers : |
State Bank of India |
|||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
|||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
R.S Agarwala and Company Chartered Accountants |
|
|
|
|
Associates : |
Ø Bhoruka Fabcons
Private Limited Ø Maverick Infotec
Private Limited |
CAPITAL STRUCTURE
AFTER 24.09.2011
Authorised Capital : Rs. 550.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 549.421
Millions
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
36000000 |
Equity Shares |
Rs. 10/- each |
Rs. 360.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
26184071 |
Equity Shares |
Rs.10/- each |
Rs. 261.841
Millions |
|
|
|
|
|
Notes:
a) 4,30,222 shares
were alloted at a premium of Rs 35/- per share on exercise of option of conversion
of warrants by the promoters on 14th Dec. 2010
b) 1,12,26,280
shares were alloted at a premium of Rs 31.10 in lieu of 11,22,628 GDR which got
listed with the Luxemburg Stock Exchange on 3rd Dec. 2010
c) 10,88,336
equity shares were alloted at a premium of Rs. 35 per share on preferential
basis on 14th Dec. 2010
d) 59,03,333
shares were allotted on 27th Jan. 2011 in the ratio of 28 shares for every 3
shares held by the shareholders of erstwhile Bhoruka Agro Greens Limited pursuant
to the scheme of amalgamation effective 1st April, 2010 sanctioned by the
Honourable High Court of Karnatka vide its order dated 15.12.2010. Amount
received other than Cash
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 |
261.841 |
75.359 |
45.417 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Share Warrants |
25.221 |
0.000 |
0.000 |
|
|
4] Reserves & Surplus |
554.871 |
82.562 |
16.587 |
|
|
5] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
841.933 |
157.921 |
62.004 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
487.672 |
512.963 |
588.218 |
|
|
2] Unsecured Loans |
82.623 |
160.268 |
92.479 |
|
|
TOTAL BORROWING |
570.295 |
673.231 |
680.697 |
|
|
DEFERRED TAX LIABILITIES |
14.544 |
13.999 |
11.140 |
|
|
|
|
|
|
|
|
TOTAL |
1426.772 |
845.151 |
753.841 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
627.251 |
562.908 |
538.343 |
|
|
Capital work-in-progress |
0.569 |
3.361 |
0.443 |
|
|
|
|
|
|
|
|
INVESTMENT |
122.093 |
10.964 |
10.964 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
443.464
|
367.052 |
283.031 |
|
|
Sundry Debtors |
286.934
|
328.730 |
151.473 |
|
|
Cash & Bank Balances |
392.521
|
41.020 |
36.791 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
32.337
|
21.531 |
39.570 |
|
Total
Current Assets |
1155.256
|
758.333 |
510.865 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
446.520
|
464.220 |
280.671 |
|
|
Other Current Liabilities |
3.386
|
0.152 |
1.063 |
|
|
Provisions |
28.491
|
26.043 |
25.040 |
|
Total
Current Liabilities |
478.397
|
490.415 |
306.774 |
|
|
Net Current Assets |
676.859
|
267.918 |
204.091 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1426.772 |
845.151 |
753.841 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1483.949 |
1266.476 |
1164.866 |
|
|
|
Other Income |
11.764 |
10.171 |
0.766 |
|
|
|
TOTAL (A) |
1495.713 |
1276.647 |
1165.632 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials consumed |
989.266 |
853.118 |
791.920 |
|
|
|
Increase/(Decrease) in Stock |
(13.341) |
(46.023) |
(9.682) |
|
|
|
Purchase of Traded Goods |
0.000 |
0.000 |
18.542 |
|
|
|
Manufacturing expenses |
183.833 |
159.649 |
149.699 |
|
|
|
Plantation Expenses |
0.943 |
0.000 |
0.000 |
|
|
|
Personnel expenses |
115.781 |
94.086 |
82.008 |
|
|
|
Selling & Administrative expenses |
76.223 |
68.352 |
68.335 |
|
|
|
TOTAL (B) |
1352.705 |
1129.182 |
1100.822 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
143.008 |
147.465 |
64.810 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
92.356 |
112.597 |
89.482 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
50.652 |
34.868 |
(24.672) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
35.739 |
24.225 |
15.907 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE
TAX (E-F) (G) |
14.913 |
10.643 |
(40.579) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.619 |
3.226 |
(0.779) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
14.294 |
7.417 |
(39.799) |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2.505 |
(4.912) |
34.887 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
16.799 |
2.505 |
(4.912) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export on FOB basis |
13.505 |
16.163 |
18.365 |
|
|
|
Others |
0.000 |
0.000 |
0.769 |
|
|
TOTAL EARNINGS |
13.505 |
16.163 |
19.134 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
0.000 |
40.629 |
214.703 |
|
|
|
Stores and Spares |
1.596 |
16.179 |
29.710 |
|
|
|
Finished goods |
0.000 |
0.000 |
18.542 |
|
|
|
Capital Equipments |
0.000 |
0.000 |
110.296 |
|
|
TOTAL IMPORTS |
1.596 |
56.808 |
373.251 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.55 |
0.98 |
(8.77) |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
31.03.2012 |
30.06.2012 |
30.09.2012 |
|
|
1st Quarter |
2nd Quarter |
3rd Quarter |
4th Quarter |
5th Quarter |
6th Quarter |
|
Sales Turnover |
396.620 |
350.180 |
215.610 |
174.170 |
178.680 |
140.330 |
|
Total Expenditure |
335.570 |
299.910 |
229.160 |
322.210 |
184.920 |
184.630 |
|
PBIDT (Excl
OI) |
61.050 |
50.270 |
(13.550) |
(148.040) |
(6.240) |
(44.300) |
|
Other Income |
0.000 |
0.000 |
0.000 |
4.630 |
0.390 |
35.120 |
|
Operating
Profit |
61.050 |
50.270 |
(13.550) |
(143.410) |
(5.850) |
(9.180) |
|
Interest |
39.490 |
44.120 |
51.910 |
55.920 |
48.890 |
0.000 |
|
Exceptional
Items |
0.000 |
0.000 |
(132.800) |
(43.580) |
(121.700) |
0.000 |
|
PBDT |
21.560 |
6.150 |
(198.260) |
(242.910) |
(176.440) |
(9.180) |
|
Depreciation |
10.370 |
10.960 |
10.850 |
9.610 |
9.310 |
9.330 |
|
Profit
Before Tax |
11.180 |
(4.820) |
(209.110) |
(252.520) |
(185.750) |
(18.520) |
|
Tax |
0.000 |
0.000 |
0.000 |
(13.370) |
0.000 |
0.000 |
|
Provision and Contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Reported PAT |
11.180 |
(4.820) |
(209.110) |
(239.150) |
(185.750) |
(18.520) |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
11.180 |
(4.820) |
(209.110) |
(239.150) |
(185.750) |
(18.520) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.96 |
0.58 |
(3.41) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.00 |
0.84 |
(3.48) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.84 |
0.81 |
(3.87) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02 |
0.07 |
(0.65) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.25 |
6.67 |
15.93 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.41 |
1.55 |
1.67 |
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 |
No |
|
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 |
OPERATIONS:
The economic
ambiguity over the last two years has been a difficult phase for any industry
in the world to sustain without any difficulty. Over the year, the economies of
several countries have returned to normalcy. The changes have been slow but
positive. Nevertheless, the Company has managed to adhere to its long term
strategies in consonance with the market conditions. In the coming years, the
Company expects to emerge as a Global Aluminium Extrusion Manufacturer.
In spite of rise
in input costs, petroleum products, cost of energy, labour cost, fluctuation in
foreign currency exchange and higher interest on commercial borrowings, during
the year, the gross turnover of the Company has increased by 18.82% from Rs.
1371.300 Millions to Rs.1629.400 Millions.
The net profit
after depreciation, finance cost and taxation has gone upto Rs.142.940 Millions
as compared to Rs.7.417 Millions during the preceding year, registering a
growth of 92.72%.
The Company has
taken measures to adopt innovative strategies to increase the turnover and
profitability of the Company. The Company is continuing its efforts to improve
productivity and curtail costs.
PROSPECTS:
While the global
recovery is still sluggish, the Indian emergence from the economic down turn
has been quite dramatic despite all fragilities. The Government of India is
giving thrust for development of Infrastructure, Power and Rural housing, which
will boost the demand for Aluminium extrusions from Construction Industry.
Since Aluminium has many properties and qualities explain the “Magic” surrounding
this metal and reason why its product designers who are constantly adding to
its already wide range of applications and explaining the reason for increasing
the demand and consumption for our products. The Directors hope that the demand
for Aluminium extrusion would continue to be stable in the coming years.
The Company's
brand is well established in the market and has gained high degree of customer
acceptance. Bhoruka Aluminium commands a premium which is result of elevated
customer's perception about the brand and its quality products. Focus on
quality and service, have been key drivers for enhancing customer satisfaction.
AMALGAMATION:
As approved by the
Hon'ble High Court of Karnataka, judicature at Bangalore vide its order dated
15th December, 2010 approving the Scheme of Amalgamation under section 391 to
394 of the Companies Act, 1956, the erstwhile Bhoruka Agro Greens Limited is
merged with the Company with effect from appointed date i.e. 1st April, 2010.
Pursuant to the said merger, the Board of Directors of the Company at their
meeting held on 27th January, 2011 has issued and allotted 5903333 Equity
shares of Rs. 10/- each of the Company to the shareholders of erstwhile Bhoruka
Agro Greens Limited.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
A. INDUSTRY STRUCTURE:
Fiscal 2011 was a
year of improved performance, recovery, consolidation and new exploration for
the industry which has emerged with remarkable rapidity from the slowdown
caused by the global financial crisis of 2007-09. The recovery from the
economic downturn has been slow but positive with continued momentum in
manufacturing. The surge in growth performance, changing dynamics of business
strategy and customer outlook, all these and more have redefined the industry.
While the global recovery is fairly tough and still sluggish, the India's
emergence from the slowdown of 2009 has been quite dramatic. Industry Sector
GDP which includes Gross Value Added of the construction sector has shown good
growth. India's economy continued on its high growth trajectory by registering
GDP grown at 8.6% in 2010-11 on the back spurt in economic activities.
In spite of high
inflation, rising input cost, growth in the industrial sector was positive
during the first two quarters of the current financial year. The manufacturing
sector is growing at rates of 12.6 per cent and 9.7 per cent respectively
during these two quarters compared to the peak growth of 16.8 per cent achieved
during the fourth quarter (January – March) of the last financial year.
The company could
sale 8581 MT during the
year ended 31st March, 2011 as compared to 7924 MT in the previous year. The Indian aluminium industry
continues on its expansion course and for the next few years, the Indian aluminium
industry expects a strong increase in consumption.
In the present
economic scenario, outlook for the Company remains bright in view of its
excellent quality products with brand image, timely delivery and focus on
customer satisfaction. Government of India's priority thrust on Infrastructure,
communication, construction, civil aviation, automobile and power sector
development gives fillip for the increasing demand of Aluminium Extrusion
domestically. Government has introduced many progressive measures to unlock the
potential of the real estate sector is a good bonanza.
OVER VIEW ON
FINANCIAL PERFORMANCE
Share Capital
At present, they
have only one class of shares i.e. Equity shares of par value Rs.10 each. Their
Authorised share capital is Rs. 360.000 Millions divided into 3,60,00,000
Equity shares of Rs.10 each.
The issued,
subscribed and paid up capital as at March 31, 2011 was Rs. 261.800 Millions.
During the year,
Company had made 1,86,48,171 Equity shares of Rs.10 each consisting of 10,88,336
Equity shares of Rs.10 each at a premium of Rs.35 per share and conversion of
4,30,222 warrants in equivalent number of Equity shares of Rs.10 each at a
premium of Rs.35/= per share consequent to exercise of conversion option by
promoters and others on preferential allotment, 1,12,26,280 Equity shares of
Rs.10 each underlying 11,22,628 Global Depository Receipts at a price USD 9.25
per GDR (1 GDR = 10 Equity shares of Rs.10 each) and 59,03,333 Equity shares to
the erstwhile shareholders of Bhoruka Agro Greens Limited in terms of the
scheme of amalgamation sanctioned by the Honourable High Court of Karnataka,
Bangalore) thereby the issued, subscribed and paid up capital increased by Rs.
186.400 Millions.
Operational
Results
The turnover for
the year ended 31st March, 2011 stood at Rs.1629.400 Millions as
compared to Rs. 1371.300 Millions
in the preceding year. The year ended with a net profit of Rs. 14.294 Millions after tax as against a net profit of Rs.7.417 Millions during the preceding
year.
Training and
Development
Realising the
potential of human capital, the Company has designed a progressive system of
training and development. It emphasises on developing individual potential of
employees and harnessing their skills on continuous basis to meet the
requirement of growing and complex business enviornment. Training needs at
different levels are identified through an Annual Performance Appraisal System
and need based training programmes are regularly organized for all levels of
employees. A number of job rotations were done to enhance employees skills as
well as to enrich their work experience culture.
SCHEME OF AMALGAMATION
In terms of Scheme
of Amalgamation as approved by members of the company at a court convened
meeting held on 1st September, 2010 and subsequently sanctioned by the Hon'ble
High Court of Karnataka, judicature at Bangalore vide its order dated 15th
December, 2010 approving the Scheme of Amalgamation under section 391 to 394 of
the Companies Act, 1956 the erstwhile Bhoruka Agro Greens Limited (BAGL) is
merged with the Company with effect from appointed date i.e. 1st April, 2010.
In accordance with the said scheme:
1. The Assets,
liabilities including contingent liabilities, reserves, rights and obligations
of BAGL have been vested in the Company w.e.f. 1st April, 2010 and have been
recorded at their respective book values under the pooling of interest method
of accounting for Amalgamation as prescribed by Accounting Standard – 14 issued
by the institute of Chartered Accountants of India after making adjustments to
ensure uniform accounting policy.
2. 5903333 Equity
shares of Rs. 10/- each of the Company allotted on 27th January,2011 as fully
paid up shares to the shareholder of erstwhile BAGL in ratio of 28 Equity
shares of the Company of Rs.10/- each for every 3 shares of BAGL of Rs. 10/-
each without payment being received in cash.
3. There is no
change in method of providing depreciation on fixed assets between the BAGL and
the Company.
AUDITED FINANCIAL RESULTS FOR THE QUARTER AND
18 MONTHS ENDED 30TH SEPTEMBER, 2012
(Rs.
in millions)
|
Particular |
For the Quarter
Ended |
18 Months ended |
||
|
|
30.09.2012 (Audited) |
30.06.2012 (Unaudited) |
30.09.2011 (Unaudited) |
30.09.2012 (Audited) |
|
Income from Operations |
|
|
|
|
|
Net Sales/Income from Operations |
140.325 |
178.681 |
348.965 |
1453.383 |
|
Other Operating Income |
-- |
-- |
-- |
-- |
|
Total Income from
operations (net) |
140.325 |
178.681 |
348.965 |
1453.383 |
|
|
|
|
|
|
|
Expenses |
|
|
|
|
|
(a) Consumption of raw material |
94.822 |
114.532 |
231.883 |
833.170 |
|
(b) Subsidiary -Purchase of stock in trade (foreign) |
-- |
-- |
-- |
-- |
|
(c) Changes in inventories of finished goods, work in
progress and stock in trade |
(6.530) |
10.845 |
(17.556) |
153.367 |
|
(d) Employee benefit expenses |
25.770 |
21.404 |
24.854 |
167.625 |
|
(e) Depreciation and amortization expenses |
9.332 |
9.311 |
10.959 |
60.427 |
|
(f) Other Expenses |
70.572 |
38.129 |
60.743 |
399.929 |
|
Total Expenses |
193.966 |
194.221 |
310.883 |
1614.518 |
|
Profit from Operations
before Other Income, Finance costs and Exceptional item |
(53.641) |
(15.540) |
38.082 |
(161.135) |
|
Other Income |
1.099 |
0.385 |
1.215 |
5.129 |
|
Profit/ Loss from Ordinary
Activities before Finance costs and Exceptional item |
(52.542) |
(15.155) |
38.297 |
(156.006) |
|
Finance costs |
(34.018) |
48.888 |
44.117 |
166.497 |
|
Profit/ Loss from
Ordinary Activities after Finance costs but Exceptional item |
(18.524) |
(64.043) |
(4.820) |
(322.503) |
|
Exceptional
item |
-- |
121.704 |
-- |
298.159 |
|
Profit/ Loss from Ordinary Activities
before tax |
(18.524) |
(185.747) |
(4.820) |
(620.662) |
|
Tax Expenses |
-- |
-- |
-- |
(13.338) |
|
Net Profit/ Loss from Ordinary Activities
after tax |
(18.524) |
(185.747) |
(4.820) |
(607.324) |
|
Extraordinary
Items |
-- |
-- |
-- |
-- |
|
Net Profit for the period |
(18.524) |
(185.747) |
(4.820) |
(607.324) |
|
Paid- up
Equity Share Capital (Face value
of the share – Rs. 10) |
549.421 |
549.421 |
274.711 |
549.421 |
|
Reserves
excluding revaluation reserves as per balance sheet of Previous Accounting
Year |
-- |
-- |
-- |
-- |
|
Earnings per
share (before extraordinary items) (of Rs. 10/- each)
(not annualized) -
Basic |
(0.34) |
(3.38) |
(0.18) |
(11.05) |
|
- Diluted |
-- |
-- |
-- |
-- |
|
Earnings per
share (after extraordinary items) (of Rs. 10/-
each) (not annualized) - Basic |
(0.34) |
(3.38) |
(0.18) |
(11.05) |
|
- Diluted |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
|
1. Public
shareholding |
|
|
|
|
|
Number of
Shares |
36390604 |
36390604 |
18195302 |
36390604 |
|
Percentage of Shareholding |
66.23 |
66.23 |
66.23 |
66.23 |
|
2. Promoters
and promoter group shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
Nil |
Nil |
41000000 |
Nil |
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
Nil |
Nil |
14.92 |
Nil |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
Nil |
Nil |
18.85 |
Nil |
|
|
|
|
|
|
|
Non - encumbered |
|
|
|
|
|
- Number of
Shares |
18551538 |
18551538 |
5175769 |
18551538 |
|
- Percentage of
Shares (as a % of
the total shareholding of promoter and promoter
group) |
100 |
100 |
33.77 |
100 |
|
- Percentage
of Shares (as a % of
the total share capital of the company) |
33.77 |
33.77 |
66.23 |
33.77 |
STANDALONE STATEMENT OF ASSETS AND LIABILITIES
(AUDITED)
(Rs. in Millions)
|
Particulars |
18 Months ended |
|
|
A. EQUITY AND LIABILITIES |
30.09.2012 |
|
|
1.
Shareholders Funds |
|
|
|
a] Share Capital |
549.421 |
|
|
b] Reserves and Surplus |
(282.244) |
|
|
Sub-total –
Shareholders’ funds |
267.177 |
|
|
|
|
|
|
2. Non-current
Liabilities |
|
|
|
a] Long term Borrowings |
64.328 |
|
|
b] Deferred Tax Liabilities |
-- |
|
|
c] Other long term liabilities |
-- |
|
|
d] Long term provisions |
30.884 |
|
|
Sub-total -
Non-current Liabilities |
95.212 |
|
|
|
|
|
|
3. Current Liabilities |
|
|
|
a] Short term Borrowings |
698.092 |
|
|
b] Trade Payables |
225.326 |
|
|
c] Other Current Liabilities |
276.336 |
|
|
d] Short Term Provisions |
1.966 |
|
|
Sub-total - Current Liabilities |
1201.720 |
|
|
TOTAL - EQUITY
AND LIABILITIES |
1564.109 |
|
|
|
|
|
|
B ASSETS |
|
|
|
1. Non-current assets |
|
|
|
a] Fixed assets |
|
|
|
Tangible Assets |
513.233 |
|
|
Intangible Assets |
2.055 |
|
|
Capital work in progress |
-- |
|
|
b] Non-current investment |
433.436 |
|
|
c] long Term loans and Advances |
283.333 |
|
|
Sub-total – Non- current assets |
1232.057 |
|
|
|
|
|
|
2.
CURRENT ASSETS |
|
|
|
|
Inventories |
249.436
|
|
|
Trade Receivables |
19.414
|
|
|
Cash & Bank Balances |
3.669
|
|
|
Other Current Assets |
59.533
|
|
Sub-total – Current Assets |
332.052
|
|
|
|
|
|
|
TOTAL - ASSETS |
1564.109 |
|
SEGMENT – WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In Millions)
|
Particulars |
For the Quarter
Ended |
18 Months ended |
||
|
|
30.09.2012 (Audited) |
30.06.2012 (Unaudited) |
30.09.2011 (Unaudited) |
30.09.2012 (Audited) |
|
1. Segment Revenue |
|
|
|
|
|
a. Aluminium Extrusion |
139.159 |
178.221 |
349.385 |
1449.310 |
|
b. Agricultural |
1.166 |
0.460 |
0.795 |
4.073 |
|
Total income from operations (net) |
140.325 |
178.681 |
350.180 |
1453.383 |
|
|
|
|
|
|
|
2. Segment Results |
|
|
|
|
|
a. Aluminium Extrusion |
(53.134) |
(15.033) |
39.097 |
(156.439) |
|
b. Agricultural |
0.592 |
(0.122) |
0.200 |
0.433 |
|
Total |
(52.542) |
(15.155) |
39.297 |
(156.060) |
|
Less: Finance Costs |
(34.018) |
48.888 |
44.117 |
166.497 |
|
Profit/(Loss) after interest but before
Exceptional Item |
(18.524) |
(64.043) |
(4.820) |
(322.503) |
|
Exceptional Item |
-- |
121.704 |
-- |
298.159 |
|
Total Profit Before Tax |
(18.524) |
(185.747) |
(4.820) |
(620.662) |
|
|
|
|
|
|
|
3. Capital Employed |
|
|
|
|
|
(Segment Assets – Segment Liabilities) |
|
|
|
|
|
a. Aluminium Extrusion |
245.029 |
368.313 |
860.622 |
245.029 |
|
b. Agricultural |
22.148 |
22.501 |
26.338 |
22.148 |
|
|
Particulars |
Quarter Ended
30.09.2012 |
|
B |
Investor
complaints |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
4 |
|
|
Disposed of during the quarter |
4 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
Notes:
1. The above Audited Financial
Results have been reviewed by the Audit Committee and approved by the Board of
Directors at their meeting held on 29th November, 2012.
2. The Company continues to be
adversely impacted of high input cost, shrinking of market demand, squeezed
margin, insufficient working capital and adverse business environment, which
have all impacted the working results.
3. Non-provision of interest on secured
loan to the extent of Rs.120.437 Millions since the account is NPA from 31st
December, 2011.
4. As reported earlier the
accounting year of the Company has been extended to end on 30th September, 2012
and as such figures for the financial period of 18 months ended on 30.09.12 and
previous year as of 12 months ended 31st March, 2011 and hence the same are not
com parable.
5. Annual General Meeting of the
Company will be held on or before 28th February, 2012 as per the approval
accorded by Registrar of Companies, Bangalore, vide letter dated 20.11.12.
6. Refer financial results as of
31.12.11, 31.03.12 and 30.06.12 the total charged off Rs.298.159 Millions
primarily due to error in inventory valuation and reconciliation of
receivables/payables.
CONTINGENT LIABILITIES NOT PROVIDED FOR IN RESPECT OF:
(Rs. in millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
Estimated amount of contracts remaining to be executed on capital
account |
0.000 |
0.000 |
|
Bills discounted with Banks |
173.984 |
200.837 |
|
Bank Guarantees outstanding |
2.750 |
5.238 |
|
R O R |
19.443 |
19.443 |
|
Service tax under dispute |
0.065 |
0.065 |
FIXED ASSETS:
Ø Land – Freehold
Ø Building
Ø Plant and
Machinery
Ø Electrical
installations
Ø Computers
Ø Office Equipments
Ø Furniture and
fixtures
Ø Motor vehicles
Ø Agricultural
Assets
WEBSITE DETAILS
PROFILE:
Established in 1979, Bhoruka Aluminium is today an ISO 9002 company with
a wide range of products catering to the needs of customers worldwide.
Foreseeing the vital role that Aluminium would play in the future, they
invested in technology and quality assurance, working towards a position of
undisputed leadership in Aluminium Extrusion. Their products are used in
diverse segments ranging from constructions to consumer durables, transport to
textiles, and irrigation to electrification. They have kept abreast of
technological advances being made in all application segments as well as the
changing nature of consumer needs. This has enabled them to offer quality
products meeting exact customer requirements at a competitive price.
The founders of Bhoruka began with a dream to provide clients quality products
at an affordable price, a dream that has now come true.
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 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. 54.74 |
|
|
1 |
Rs. 89.02 |
|
Euro |
1 |
Rs. 72.48 |
INFORMATION DETAILS
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--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 |
|
27 |
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.