MIRA
INFORM REPORT
|
Report Date : |
23.07.2012 |
IDENTIFICATION DETAILS
|
Name : |
SIGNET INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
308, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
29.01.1985 |
|
|
|
|
Com. Reg. No.: |
035202 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.291.870 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L51900MH1985PLC035202 |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer of Trip and Strinkler Systems, PVC Pipes, SWR
Pipes, PVC Pipe Fittings, Plastic Furniture Etc. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1500000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having moderate track record.
Profitability of the company appears to be low. However, trade relations are reported
to be fair. Business is active. Payments are reported to be 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 |
EXTERNAL AGENCY RATING
|
Agency Name |
Rating |
|
CRISIL |
BBB |
Rating Explanations
|
AAA (Highest Safety) |
Instruments with this
rating are considered to have the highest degree of safety regarding timely
servicing of financial obligations. Such instruments carry lowest credit
risk. |
|
AA (High Safety) |
Instruments with this
rating are considered to have high degree of safety regarding timely
servicing of financial obligations. Such instruments carry very low credit
risk. |
|
A (Adequate Safety) |
Instruments with this rating
are considered to have adequate degree of safety regarding timely servicing
of financial obligations. Such instruments carry low credit risk. |
|
BBB (Moderate Safety) |
Instruments with this
rating are considered to have moderate degree of safety regarding timely
servicing of financial obligations. Such instruments carry moderate credit
risk. |
|
BB (Moderate Risk) |
Instruments with this
rating are considered to have moderate risk of default regarding timely
servicing of financial obligations. |
|
B (High Risk) |
Instruments with this
rating are considered to have high risk of default regarding timely servicing
of financial obligations. |
|
C (Very High Risk) |
Instruments with this
rating are considered to have very high risk of default regarding timely
servicing of financial obligations. |
|
D (Default) |
Instruments with this
rating are in default or are expected to be in default soon. |
LOCATIONS
|
Registered Office : |
308, Acme Plaza, Opposite Sangam Cinema, Andheri Kurla Road,
Andheri (East), Mumbai – 400059, Maharashtra, India |
|
Tel. No.: |
91-22-32448061-64 |
|
Fax No.: |
91-22-56941567 |
|
E-Mail : |
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|
Website : |
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|
Administrative and Corporate Office : |
314/3, SDA Compound, Lasudia Mori, Dewas Naka, Indore – 452 010,
Madhya Pradesh, India |
|
Tel. No.: |
91-731-4217800 |
|
Fax No.: |
91-731-4217867 |
|
E-Mail : |
DIRECTORS
|
Name : |
Mr. Mukesh Sangla |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Saurabh Sangla |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Dipak Kalani |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Deepak Mehta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Murli Dhar Vashist |
|
Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2012
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
7,029,954 |
24.09 |
|
|
14,381,046 |
49.27 |
|
|
21,411,000 |
73.36 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
21,411,000 |
73.36 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
7,562,666 |
25.91 |
|
|
|
|
|
|
197,932 |
0.68 |
|
|
15,402 |
0.05 |
|
|
15,402 |
0.05 |
|
|
7,776,000 |
26.64 |
|
Total Public shareholding (B) |
7,776,000 |
26.64 |
|
Total (A)+(B) |
29,187,000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
-- |
-- |
|
|
-- |
-- |
|
|
-- |
-- |
|
|
-- |
-- |
|
Total (A)+(B)+(C) |
29,187,000 |
-- |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal
share capital up to Rs.0.100 Million
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Trip and Strinkler Systems, PVC Pipes, SWR
Pipes, PVC Pipe Fittings, Plastic Furniture Etc. |
|
|
|
|
Products : |
·
Polymers ·
Wind Power Generation |
PRODUCTION STATUS
As on 31.03.2011
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production * |
|
|
|
|
|
|
|
Polymers and Extruded Plastic Products |
(Mts) |
-- |
27600 |
4065.561 |
|
Wind Power |
(MW) / (KWH) |
-- |
1.4 (MW) |
3140611 (KWH) |
|
|
|
|
|
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||||||||||||||
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Bankers : |
·
Uco Bank ·
State Bank of India ·
Indian Overseas Bank ·
Dena Bank |
|||||||||||||||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||||||||||||||
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Facilities : |
Notes: I. a. Term loan from State Bank of India and UCO bank are secured by hypothecation by way of first charge over all plant and machinery, book debts and movable assets in respect of wind power generating unit at Jodha Dist. Jaselmer Rajasthan and Sangli Maharastra subject to first pari passu charge on wind mill at Jodha dist. Jaselmer Rajasthan in favour of the State Bank of Indore and personally guaranteed by Directors. Installment of term loan due within next twelve months Rs. 10.400 Millions (Pre. Year Rs. 9.600 Millions) b. Term Loans from UCO Bank and Indian Overseas Bank are secured by first pari passu Mortgage over the land & building, Plant and Machinery and other movable and immovable fixed assets of the company at Kelodhala, Dewas Naka, Indore with other term lending banks and institutions (both exsisting and future ) and second pari passu charge on entire current assets of the company with consortium banks and personally guaranteed by Directors. Installment of term loan due within next twelve months Rs. 8.000 Millions (Pre. Year 7.000 Millions). c. Term Loans from UCO Bank, Indian Overseas Bank and Dena Bank are secured by first pari passu Mortgage over the land and building, Plant and machinery and other movable and immovable fixed assets of the company at Plot No. 462-465 and 476 - 478, Sector 3, Industrial Area, Pithampur Dist. Dhar (M.P.) (both exsisting and future ), second charge on current assets of the company with consortium bank and extension of charge by way of equitable mortgage on properties situated at Kelodhala, Dewas Naka, Indore and personally guaranteed by Directors. Installment of term loan due within next twelve months Rs. 12.550 Millions (Pre. Year Nil Millions). II. Corporat Loan from Uco Bank is secured by way of extention of charge on etire current and fixed assets of the company and personally guranteed by Directors. Installment of term loan due within next twelve months Rs. Nil (Pre. Year Rs. 98.640 Millions) III. Working Capital Loans from Banks are secured against hypothecation of stock of raw materials, work in process, finished goods, other current assets and charge on book debts, second pari passu charge on the Fixed Assets (both present and future ) of the company, extension of equitable mortgage of the immovable properties situated at Industrial Area Pithumpur and Kelodhala, Dewas Naka, Indore and personally guaranteed by Directors. B. Loan taken from LIC of India is secured by lien/ assignement of Keyman Insurance policy. C. Other Loans (vehicle ) are secured by exclusive first charge on assets purchased under agreement and personal guarantee of Directors. Installment of other loan due within next twelve months Rs. 0.005 Millions (Pre. Year Rs. 0.304 Millions)
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Banking
Relations : |
-- |
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|
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|
Auditors : |
|
|
Name : |
Ashok Khasgiwala and Company Chartered Accountants |
|
Address : |
Indore – 452 001, Madhya Pradesh, India |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Millions |
|
5000000 |
5% Non Cumulative Redeemable Preference Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
Total
|
|
Rs.350.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
29187000 |
Equity Shares |
Rs.10/- each |
Rs.291.870
Millions |
|
|
|
|
|
Note:
1. 24322500 Equity Shares are issued as fully paid up bonus shares by capitalisation of Securities Premium and Surplus in Profit and Loss account respectively during the year 2010-11
2. 3243000 Equity Shares are issued as fully paid up bonus shares by capitalisation of Surplus in Profit and Loss account during the year 2009-10.
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 |
291.870 |
48.645 |
16.215 |
|
|
2] Share Application Money |
35.500 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
36.185 |
263.640 |
180.677 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
363.555 |
312.285 |
196.892 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
925.531 |
568.794 |
391.408 |
|
|
2] Unsecured Loans |
288.582 |
189.300 |
331.640 |
|
|
TOTAL BORROWING |
1214.113 |
758.094 |
723.048 |
|
|
DEFERRED TAX LIABILITIES |
57.827 |
42.526 |
39.715 |
|
|
|
|
|
|
|
|
TOTAL |
1635.495 |
1112.905 |
959.655 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
538.053 |
233.014 |
176.330 |
|
|
Capital work-in-progress |
54.029 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
77.081 |
62.081 |
62.892 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
540.408
|
127.522 |
132.639 |
|
|
Sundry Debtors |
1397.135
|
861.799 |
763.468 |
|
|
Cash & Bank Balances |
181.922
|
118.615 |
139.952 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
251.223
|
172.694 |
133.120 |
|
Total
Current Assets |
2370.688
|
1280.630 |
1169.179 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
1340.955
|
445.238 |
439.018 |
|
|
Other Current Liabilities |
19.034
|
7.663 |
4.857 |
|
|
Provisions |
44.367
|
9.919 |
4.871 |
|
Total
Current Liabilities |
1404.356
|
462.820 |
448.746 |
|
|
Net Current Assets |
966.332
|
817.810 |
720.433 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1635.495 |
1112.905 |
959.655 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4320.289 |
3607.692 |
3045.195 |
|
|
|
Other Income |
12.960 |
66.769 |
7.898 |
|
|
|
TOTAL (A) |
4333.249 |
3674.461 |
3053.093 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Materials |
4316.004 |
3321.780 |
2884.963 |
|
|
|
Expenses |
93.762 |
77.043 |
48.655 |
|
|
|
(Increase) / Decrease in Stock |
(311.545) |
9.872 |
(0.704) |
|
|
|
TOTAL (B) |
4098.221 |
3408.695 |
2932.914 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
235.028 |
265.766 |
120.179 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
118.567 |
101.253 |
74.350 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
116.461 |
164.513 |
45.829 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
24.647 |
18.303 |
13.662 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
91.814 |
146.210 |
32.167 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
33.501 |
30.611 |
11.782 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
58.313 |
115.599 |
20.385 |
|
|
|
|
|
|
|
|
|
Less |
PRIOR PERIOD ADJUSTMENTS |
0.000 |
0.206 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
10.000 |
0.000 |
0.000 |
|
|
|
Dividend |
36.484 |
0.000 |
0.000 |
|
|
|
Tax on Dividend |
6.059 |
0.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
5.770 |
115.393 |
20.385 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
0.000 |
0.000 |
0.048 |
|
|
|
Merchant Export |
0.000 |
0.000 |
1.085 |
|
|
TOTAL EARNINGS |
0.000 |
0.000 |
1.133 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1030.940 |
470.513 |
256.245 |
|
|
|
Capital Goods |
47.163 |
0.000 |
0.000 |
|
|
TOTAL IMPORTS |
1078.103 |
470.513 |
256.245 |
|
|
|
|
|
|
|
|
|
|
Earnings Per Share
(Rs.) |
2.00 |
3.96 |
12.57 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
31.03.2012 |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
1035.890 |
763.400 |
1339.490 |
1980.470 |
|
Total Expenditure |
954.180 |
684.280 |
1353.720 |
1801.890 |
|
PBIDT (Excl OI) |
81.710 |
79.120 |
(14.230) |
178.580 |
|
Other Income |
5.450 |
9.890 |
7.590 |
(18.570) |
|
Operating Profit |
87.160 |
89.010 |
(6.640) |
160.010 |
|
Interest |
36.850 |
56.140 |
52.770 |
58.090 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
50.310 |
32.870 |
(59.410) |
101.920 |
|
Depreciation |
10.550 |
12.480 |
11.880 |
10.290 |
|
Profit Before Tax |
39.760 |
20.390 |
(71.280) |
91.630 |
|
Tax |
8.100 |
4.220 |
(12.320) |
41.250 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
31.660 |
16.170 |
(58.960) |
50.380 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
31.660 |
16.170 |
(58.960) |
50.380 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
1.35
|
3.15 |
0.67 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.13
|
4.05 |
1.06 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.16
|
9.66 |
2.39 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.47 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
7.20
|
3.91 |
5.95 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.69
|
2.77 |
2.61 |
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 |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
No |
|
31] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
32] |
Passport No of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
BUSINESS REVIEW
Year proved to be turn around for the company in terms of Sales target of the Company. The revenue realization was Rs. 4644.794 Millions as compare to previous Year of Rs. 3664.589 Millions. The Company has earned net Profit for the year Rs. 58.313 Millions as compare to previous year figure of Rs. 115.598 Millions. Company has reported excellent sale during the year under review and accepted new challenges of new economic reforms and Global Markets.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
Industry Overview
INDIA- one of the fastest growing economies of the world, is all set to attain the premier status along with China. India is a favoured destination for overseas investors and offers the advantages of an open economy, increasing liberalization, a stable democratic political scenario, highly skilled work force with fluency in English. Various overseas players wish to explore the Indian market and invest in opportunities thrown open by the country, projected to be world number 3 in plastics consumption by 2010. This seems a very achievable position as since the past decade, the Indian plastics industry continues to grow at double digit figures.
The Petrochemical Department of the Government of India is in the process of setting up a development council to promote the development of downstream sectors in India. This clearly illustrates that the Government of India is quite positive and supportive to new investments in India.
Outlook
The Company is looking to expand its products portfolio. This will be executed through R and D as well as innovations. The Company has adopted the best and suitable technology to suit Indian needs. The Company aims to focus on getting more production done in house and expand its manufacturing base in India. The Company plans to step up raw material sourcing and focus on R and D activities to control costs.
CONTINGENT LIABILITY
(Rs. In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
a. Bank Guarantee |
21.150 |
10.350 |
|
b. Income Tax/ Sales tax / Excise Duty demand disputed in appeal (Net of amount paid ) |
5.105 |
3.141 |
|
c. Estimated amount of contracts remaining to be executed capital commitment (Net of Advance) |
60.753 |
0.000 |
FIXED ASSETS:
· Land
· Plant and Machinery
· Windmill
· Furniture and Fixtures
· Office Equipments
· Vehicle
· Computer
· Dyes and Moulds
· Factory Building
AUDITED FINANCIAL RESULTS FOR THE QUATRER & YEAR ENDED 31ST MARCH,
2012
(Rs. In Millions)
|
|
Particulars |
31.03.2012 |
31.12.2011 |
31.03.2012 |
|
|
|
Quarter
Ended |
Year Ended |
|
|
|
|
Unaudited |
Audited |
|
|
PART - I |
|
|
|
|
|
1. |
Income from Operation |
|
|
|
|
|
a. Sales/ Income from Operation |
1961.332 |
1339.494 |
5100.118 |
|
|
b. Other Operating Income |
19.136 |
0 |
19.136 |
|
|
Total Income from Operations (Net) |
1980.468 |
1339.494 |
5119.254 |
|
2. |
Expenses |
|
|
|
|
|
a. Cost of Material Consumed |
240.310 |
385.263 |
965.381 |
|
|
b. Purchase of traded goods |
1434.174 |
925.958 |
3596.822 |
|
|
c. Changes in inventories of
Finished Goods and Work-in-Progress |
-64.063 |
-17.768 |
-113.577 |
|
|
d. Employee Benefit Expenses |
26.604 |
12.899 |
59.536 |
|
|
e. Depreciation & other
amortisation Expenses |
10.285 |
11.878 |
45.191 |
|
|
f. Other Expenses |
164.873 |
47.366 |
285.911 |
|
|
Total Expenses |
1812.183 |
1365.596 |
4839.264 |
|
3. |
Profit from Operations before
other Income, Finance |
|
|
|
|
|
Cost and Exceptional Items. |
168.285 |
-26.102 |
279.990 |
|
4. |
Other Income/(Loss) |
-18.569 |
7.594 |
4.355 |
|
5. |
Profit/(Loss) from Operations
before Finance Cost and |
|
|
|
|
|
Exceptional Items. |
149.716 |
-18.508 |
284.345 |
|
6. |
Finance Cost |
58.085 |
52.770 |
203.841 |
|
7. |
Profit/(Loss) from operations
after Finance Cost but |
|
|
|
|
|
before Exceptional Items |
91.631 |
-71.278 |
80.504 |
|
8. |
Exceptional Items |
0 |
0 |
0 |
|
9. |
Profit/(Loss) from Ordinary
Activities before tax |
91.631 |
-71.278 |
80.504 |
|
10. |
Tax Expense |
-0.175 |
12.321 |
-0.175 |
|
11. |
Excess/Short Provision for earlier
years |
1.864 |
0 |
1.864 |
|
12. |
Deferred Tax |
-25.618 |
0 |
-25.618 |
|
13. |
Net Profit/(Loss) from ordinary
activities after tax |
50.377 |
-58.957 |
39.250 |
|
14. |
Extraordinary Item (Net of Tax
Expense) |
0 |
0 |
0 |
|
15. |
Net Profit/(Loss) for the period |
50.377 |
-58.957 |
39.250 |
|
16. |
Minority Interest |
0 |
0 |
0 |
|
17. |
Net Profit after tax and Minority
Interest |
50.377 |
-58.957 |
39.250 |
|
18. |
Paid up Equity Capital(Face Value
of Rs.10) |
29.187 |
291.870 |
291.87 |
|
19. |
Reserves excluding revaluation
reserves |
0 |
0 |
58.475 |
|
|
(As per last audited Balance
sheet) |
|
|
|
|
20. |
Basic & Diluted EPS (Not
annualised) |
1.73 |
-2.02 |
1.34 |
|
PART – II |
||||
|
A. |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. |
Public Shareholding |
|
|
|
|
|
No. of Shares |
7776000 |
7776000 |
7776000 |
|
|
% of Shares |
26.64 |
26.64 |
26.64 |
|
2. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
Pledged / Encumbered |
|
|
|
|
|
- Number of Shares |
0 |
0 |
0 |
|
|
- Percentage of shares as a % of
total Promote |
0 |
0 |
0 |
|
|
- Percentage of shares as a % of
total Share Ca |
0 |
0 |
0 |
|
|
Non-Encumbered |
|
|
|
|
|
- Number of shares |
21411000 |
21411000 |
21411000 |
|
|
- Percentage of shares as a % of
total Promote |
100 |
100 |
100 |
|
|
- Percentage of shares as a % of
total Share Ca |
73.36 |
73.36 |
73.36 |
|
B. |
INVESTOR COMPLAINTS |
|
|
|
|
|
Pending at the beginning of the
Quarter |
0 |
0 |
0 |
|
|
Received during the Quarter |
0 |
0 |
0 |
|
|
Disposed off during the Quarter |
0 |
0 |
0 |
|
|
Remaining Unresolved at the end of
the Quarter |
0 |
0 |
0 |
Notes:
· Previous period figures have been regrouped/ rearranged wherever necessary. The figures of the last quarter are the balancing figures between audited figures in respect of the full financial year and the published year to date figures up to the third quarter of the current financial year.
· The Board has recommended a dividend of Rs.0.50 (5% of paid up share capital of the Company) per equity share of face value of
· Rs.10/‐ each for the year ended on 31st March, 2012.
· The above results were reviewed by the Audit Committee and approved at the meeting of the Board of Directors held on 30th May, 2012.
·
No. of
complaints of the investor
Pending at the beginning of the quarter Nil
Received during the quarter Nil
Dispose off during the quarter Nil
Lying unresolved at the end of the quarter Nil
· The Company incurred foreign exchange loss of Rs.71.703 Millions on account of exchange fluctuations.
· Consignment sales of Rs.981.811 Millions for the year 2011‐12 is not included in the above sales.
SEGMENT‐WISE REVENUE RESULTS AND
CAPITAL EMPLOYED UNDER CLAUSE 41 OF LISTING AGREEMENT
(Rs. In Millions)
|
Particulars |
31.03.2012 |
31.12.2011 |
31.03.2012 |
|
|
Quarter
Ended |
Year Ended |
|
|
|
Unaudited |
Audited |
|
|
|
|
|
|
|
Segment
Revenue |
|
|
|
|
Poly
product |
1450.045 |
921.705 |
3584.618 |
|
Windmill |
5.929 |
4.127 |
19.673 |
|
Other
Trading |
524.494 |
424.609 |
1514.963 |
|
Unallocable |
0.000 |
-10.947 |
0.000 |
|
Total |
1980.468 |
1339.494 |
5119.254 |
|
Segment
Results |
|
|
|
|
Poly
product |
164.537 |
-12.603 |
293.703 |
|
Windmill |
1.370 |
1.858 |
10.152 |
|
Other
Trading |
-5.573 |
2.233 |
0.317 |
|
Unallocable |
-10.618 |
-9.996 |
-19.827 |
|
Total |
149.716 |
-18.508 |
284.345 |
|
Less: |
|
|
|
|
Interest |
58.085 |
52.77 |
203.841 |
|
Unallocable
Expenditure |
0.000 |
0.000 |
0.000 |
|
Total
Profit Before Tax |
91.631 |
-71.278 |
80.504 |
|
Capital
Employed |
|
|
|
|
(assets
less liabilities) |
|
|
|
|
Poly
products |
1214.490 |
1774.928 |
1214.490 |
|
Windmill |
97.308 |
99.549 |
97.308 |
|
Other
Trading |
4.616 |
147.491 |
4.616 |
|
Unallocable |
5.430 |
3.163 |
5.430 |
|
Total |
1321.844 |
2025.131 |
1321.844 |
STATEMENT OF
ASSETS AND LIABILITIES AS ON 31ST MARCH, 2012
(Rs. In
Millions)
|
Particulars |
31.03.2012 |
|
|
Audited |
|
EQUITY AND LIABILITIES |
|
|
SHAREHOLDERS' FUNDS: |
|
|
(a) Share Capital |
291.870 |
|
(b) Reserves & Surplus |
58.475 |
|
|
350.345 |
|
Share Application Money |
|
|
|
50.000 |
|
|
50.000 |
|
Non Current Liabilities |
|
|
a. Long Term Borrowing |
954.845 |
|
b. Deferred Tax Liabilities |
83.445 |
|
c. Trade Payable |
0 |
|
d. Other Long Term Liablities |
0 |
|
e. Long Term Provision |
1.129 |
|
|
1039.419 |
|
Current Liabilities |
|
|
a. Short Term Borrowing |
1419.154 |
|
b. Trade Payables |
1374.223 |
|
c. Other Current liabilities |
426.704 |
|
d. Short Term Provision |
17.031 |
|
|
3237.112 |
|
TOTAL |
4676.876 |
|
ASSETS |
|
|
Non-Current Assets |
|
|
a. Fixed Assets |
|
|
Tangible
Assets |
754.939 |
|
Intangible
Assets |
0 |
|
Capital
Work in Progress |
39.362 |
|
b. Non- Current Investments |
76.946 |
|
c. Long Term Loans & Advances |
58.004 |
|
|
929.251 |
|
Current Assets |
|
|
a. Inventory |
673.723 |
|
b. Trade Receivable |
1859.247 |
|
c. Cash & Cash Equivalents |
498.034 |
|
d. Short -Term Loans & Advances |
204723 |
|
e. Other Current Assets |
511.898 |
|
|
3747.625 |
|
TOTAL |
4676.876 |
WEBSITE DETAILS:
PROFILE:
Signet symbolizes a customer centric entity, driven with a vision to excel. What differentiates us from their contemporaries is the quality of efforts that goes into every facet of their business. Every Signet project is an outcome of meticulous planning, expert know how, fool-proof strategies, feasibility studies and intense innovation. By fostering the finesse of commitment at all organizational levels, they have successfully erected an unshakable business empire that has developed and diversified into a myriad of business activities.
Today, they are proud to be a USD 77million group with their roots firmly grounded in international trading, domestic distribution and manufacturing arenas, impressing customers and shareholders alike. And with an array of development and diversification plans heading towards the future, all that they can say is 'Their best is yet to come'
Business minus
Boundaries.......
The Signet work culture synchronizes a diverse plethora of talents towards one single goal- Success. Leveraging on the higher side of professional integrity and sound management, Signet has scripted many success stories, giving ambitious ventures the dimensions of reality. By giving complete freedom of thought and expression to all their members, they churn out the best in every individual, collectively cumulating to better results. Further more, they also give due weight age to risk management ensuring proper risk control at every stage of the business.
At Signet they
deliver:
High Quality Goods on time at the most competitive prices
A Personal touch to all business activities as a result of in-depth research and understanding of the business environment.
Reliable and up-to-date information on international and local markets and related advantages.
They achieve...
Sales leadership award for 10 years- DCW Limited
65% of the regional market share- Haldia Petrochemicals Limited
80% of the regional market share - South Asian Petrochem Limited.
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.55.15 |
|
|
1 |
Rs.86.58 |
|
Euro |
1 |
Rs.67.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
BSN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
36 |
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.