MIRA INFORM REPORT

 

 

Report Date :

05.03.2012

 

IDENTIFICATION DETAILS

 

Name :

SHREE RAMA MULTI -TECH LIMITED

 

 

Registered Office :

603, Shikhar, Shreemali Society, Near Vadilal House, Mithakhali, Navrangpura, Ahmedabad- 380 009, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

17.12.1993

 

 

Com. Reg. No.:

020880

 

 

Capital Investment / Paid-up Capital :

Rs.384.207 Millions

 

 

CIN No.:

[Company Identification No.]

L25200GJ1993PLC020880

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

AHMS02391E

 

 

PAN No.:

[Permanent Account No.]

AAJCS1563N

 

 

Legal Form :

A Public Limited Liability company. The company’s Share are Listed on the Stock Exchange.

 

 

Line of Business :

 Manufacturer of flexible packaging material

 

 

No. of Employees :

Not Divulged

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca (16)

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Moderate

 

 

Payment Behaviour :

Slow

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established company having moderate track. There appears huge accumulated losses recorded by the company. However, trade relations are reported as fair. Business is active. Payments are reported to be slow.  

 

The company can be considered for business dealing on a secured 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.

 

 

INFORMATION DECLINED BY 

 

Name :

Mr. Vipul

Designation :

Operation Head

Contact No.:

91-2764-281021 / 22

Date :

29.02.2012

 

 

LOCATIONS

 

Registered Office :

603, Shikhar, Shreemali Society, Near Vadilal House, Mithakhali, Navrangpura, Ahmedabad- 380 009, Gujarat

Tel. No.:

91-79-2656 9455 / 9855

Fax No.:

91-79-2656 2667

E-Mail :

cslegal@srmtl.com

Website :

www.srmtl.com

 

 

Factory / Corporate Office :

557, Motibhoyan, Kalol-Khatraj Road, Dist. Gandhinagar - 382 721, Gujarat, India.

Tel. No.:

91-2764-281021/22

Fax No.:

91-2764-281014

E-Mail :

motibhoyan@srmtl.com

info@srmtl.com

 

 

Factory  :

425, Kadi Sanand Thole Road, Dist: Mehsana, Gandhinagar – 382715, Gujarat

Tel. No.:

91-2764-285452 / 321131

Fax No.:

91-2764-285451 

E-Mail :

ambaliyara@srmtl.com

 

 

Branch Office :

Locate As

  • Mumbai
  • Bangalore
  • Delhi
  • Kolkata

 

 

DIRECTORS

 

As on 31.03.2011

 

Name :

Mr. R.S. Patel

Designation :

Chairman and Director

Date of Birth/Age :

69 Years

Qualification :

B.Com, LL.B, F.C.A.

Date of Appointment :

24.06.2005

 

 

Name :

Mr. Prahlad Shivram Patel

Designation :

Director

Date of Birth/Age :

48 Years

Qualification :

B.E.Civil

Date of Appointment :

19.03.2005

 

 

Name :

Mr. Vikram V. Bhatt

Designation :

Director

 

 

Name :

Mr. Pathik C. Shah

Designation :

Director

 

 

Name :

Mr. Ashutosh Rohatgi

Designation :

Nominee Director (JMF – ARC Private Limited)

 

 

KEY EXECUTIVES

 

Name :

Mr. R M Singhvi

Designation :

Chief Executive Officer.

 

 

Name :

Mr. Ankit Shah

Designation :

Deputy Chief Executive Officer.

 

 

Name :

Mr. Rajesh Modhwadia       

Designation :

GM, Marketing

 

 

Name :

Mr. D K Mahendru    

Designation :

Purchase Head.

 

 

Name :

Mr. Krunal Shah           

Designation :

Finance Controller

 

 

Name :

Mr. P C Behra   

Designation :

AGM, Production

 

 

Name :

Mr. K T Patel   

Designation :

Manager, Human Resources

 

 

Name :

Mr. Hemal Shah        

Designation :

Manager, Production

 

 

Name :

Mr. R G Bhatnagar    

Designation :

Manager, Fire & Safety

 

 

Name :

Mr. Palita    

Designation :

GM – QC

 

 

Name :

Mr. Nalin Jariwala    

Designation :

DGM- AMB Plant.

 

 

Name :

Mr. Vipul

Designation :

Operation Head

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

As on 31.12.2011

 

Category of Shareholder

No. of Shares

Percentage of Holding

 

 

 

(A) Shareholding of Promoter and Promoter Group

 

 

(1) Indian

 

 

Individuals / Hindu Undivided Family

--

--

Bodies Corporate

--

--

Sub Total

--

--

(2) Foreign

 

 

Total shareholding of Promoter and Promoter Group (A)

--

--

(B) Public Shareholding

 

 

(1) Institutions

 

 

Financial Institutions / Banks

262,236

0.41

Sub Total

262.236

0.41

(2) Non-Institutions

 

 

Bodies Corporate

23,203,403

36.56

Individuals

 

 

Individual shareholders holding nominal share capital up to Rs. 0.100 Million

17,878,908

28.17

Individual shareholders holding nominal share capital in excess of Rs. 0.100 Million

21,519,925

33.91

Any Others (Specify)

603,533

0.95

Non Resident Indians

455,289

0.72

Overseas Corporate Bodies

39,431

0.06

Trusts

50

--

           Clearing Member

108,763

0.17

Sub Total

63,205,769

99.59

Total Public shareholding (B)

63,468,005

100.00

Total (A)+(B)

63,468,005

100.00

(C) Shares held by Custodians and against which Depository Receipts have been issued

 

 

(1) Promoter and Promoter Group

--

--

(2) Public

--

--

Sub Total

--

--

Total (A)+(B)+(C)

63,468,005

100.00

 

DETAILS

 

Shareholding belonging to the category "Public" and holding more than 1% of the Total No. of Shares

 

Name of the Shareholder

No. of Shares held

Shares as % of Total No. of Shares

Nirma Industries Private Limited

14,288,700

22.51

Jayesh K Patel

2,905,555

4.58

Echolac Finvest Private Limited

1,843,517

2.90

Sureel Enterprise Private Limited

1,500,000

2.36

Patel Kantilal Dalichandbhai

1,500,000

2.36

Vinit Dayaljibhai Pate

1,400,00

2.21

Ajaybhai Jayantilal Shah

1,372,152

2.16

Alin Ajaykumar Shah

752,591

1.19

Varsha Sharad Shah

745,901

1.18

Kaushikbhai N Patel

687,686

1.08

Total

26,996,102

42.53

 

 

Shareholding belonging to the category "Public" and holding more than 5% of the Total No. of Shares

 

Name(s) of the shareholder(s) and the Persons Acting in Concert (PAC) with them

Number of shares

Shares as % of Total No. of Shares

Nirma Industries Private Limited

14,288,700

22.51

Total

14,288,700

22.51

 

 

BUSINESS DETAILS

 

Line of Business :

 Manufacturer of flexible packaging material

 

 

Products :
  • Multilayer Film
  • Extrusion Coating
  • Laminated Web
  • Printing
  • Laminated Tubes
  • Paper Cups

 

Product

ITC Code

Multilayer Film

0000392010

Laminated Webs

0039201001

Laminated Tubes

0003923100

Diamond (Cut and polished)

0000007102

 

 

PRODUCTION STATUS

 

Licensed Capacity:

 

New Industrial Policy exempts company’s products form licensing requirements

 

Installed Capacity

Particulars

Unit

31.03.2011

Multilayer Tubes *

Nos.

7196

Printed products including Labels / Stickers *

Sq. Mtrs

484

*

Nos.

128260

Specialty Packaging and Plastic Products

M.T.

17194

Extrusion Coating

Meters

1080

Diamond

Cts

14.33

 

Note:

  • Nos., Sq. Mtrs. Meters and carats are in lacs

 

Actual Production

                                                                                                     * Nos. is in Lacs

Particulars

Unit

31.03.2011

Multilayer Tubes *

Nos.

4391.64

Printed products including Labels / Stickers *

Sq. Mtrs

3238.09

Specialty Packaging and Plastic Products

M.T.

1121.27

Polished Diamonds

Cts

0.08

 

Above production figures do not include goods produced and used for captive consumption

 

 

 

GENERAL INFORMATION

 

Customers :
  • Hindustan Unilever Limited
  • Dabur
  • Emami
  • Vicco
  • Reckitt Benckiser

 

 

No. of Employees :

Not Divulged

 

 

Bankers :

Not Divulged

 

 

Facilities :

(Rs. In Millions)

Secured Loan

As on

31.03.2011

As on

31.03.2010

Debentures

 

 

[1833333] 16.5 % Secured Redeemable Non Convertible

Debentures of Rs.100/- each fully paid up

100.000

183.333

[25,00,000] 15.5 % Secured Redeemable Non Convertible Debentures of Rs.100/- each fully paid up.

250.000

250.000

[300] 13 % Secured Redeemable Non Convertible Debentures of Rs.1000000/- each fully paid up.

300.000

30.000

Term Loans

 

 

From Financial Institutions

1251.325

1251.325

Working Capital Loans

 

 

From Banks :-

Cash Credit Facilities

28.478

25.033

Financial Institutions

Demand Loans

1019.726

1019.726

Total

2949.529

3029.417

Notes :

Debentures :-

(1) 10,00,000 16.5 % Redeemable Non Convertible Debentures privately placed with Banks and Financial Institutions(Fls) are secured by mortgage of the present and future immovable assets and charge on movable assets of the Company in favour of a trustee, ranking pari passu with the charges created on the said assets for term loans from FIs.

 

(2) 25,00,000 15.5 % Redeemable Non Convertible Debentures privately placed with Banks and FIs are secured by mortgage of the present and future immovable assets and charges on movable assets of the Company in favour of a trustee, ranking pari passu with the charges created on the said assets for term loans from FIs.

 

(3) 300 13 % Redeemable Non-Convertible Debentures privately placed with Nirma Chemical Works Private Limited. are secured by mortage on the immovable assets and charge on movable assets of the Company, both present and future, in favour of a trustee, ranking pari passu with the charges created / to be created on the said assets for term loans from FIs.

 

(4) Term Loans :- Term Loans of FIs are Secured by first charge on all present and future assets of the Company's units at Moti Bhoyan, Karannagar, Ambaliara and Pondicherry ranking pari passu with the charges created / to be created in favour of a trustee for privately placed debentures and personal guarantee of some of the erstwhile directors.

 

(5) Working Capital Loans :- Working Capital Demand Loans and Cash Credit facilities from Banks and FIs are secured by hypothecation of stocks, book debts and second charge on fixed assets ranking pari passu with charges created on the said assets to the term loans from FIs and personal guarantee of some the erstwhile Directors. Working Capital loans from FIs includes Rs. 234.826 Millions from Nirma Chemical Works Private Limited against hypothecation of Machinery imported through their letter of credit. Bill discounting facility is secured by Mortgage of office premises situated at 601, Shikhar Building Near Vadilal House, Navrangpura, Ahmedabad.

 

(6) Bank of Bahrain and Kuwait, Axis Bank Limited Specified Undertaking of the Unit Trust of India (Suuti) and The Karnataka Bank Limited had assigned their dues and rights to JM Financial Asset Reconstruction Company Private. Limited (JM ARC), ARCIL and LIC to Nirma Chemical Works Private. Limited and GIC to Nirma Credit and Capital Private Limited and in current year, BNP Paribas has also assigned their dues and rights to JM Financial Asset Reconstruction Company Private. Llimited (JM ARC).

 

Unsecured Loan

As on

31.03.2011

As on

31.03.2010

Debentures

 

 

11.5% Unsecured Non Convertible Debentures of Rs.100/- each fully paid up

(Redeemable in three equal installment6s at the end of 11th, 12th, and 13th month form 19.12.2001)

70.685

70.685

14% Secured Redeemable Non Convertible Debentures of Rs.100/- each fully paid up.

300.000

300.000

Short Term Loans

 

 

Form NCWL

100.000

100.000

From Bank and Other Financial Institutions

204.963

204.963

Bill Discounting

74.113

74.113

Total

749.761

749.761

 

 

 

Banking Relations :

--

 

 

Auditors :

 

Name :

Mahendra N. Shah and Company

Chartered Accountants

Address :

Ahmedabad, India

 

 

Subsidiaries :

Shree Rama (Mauritius) Limited

 

 

CAPITAL STRUCTURE

 

As on 31.03.2011

 

Authorised Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

200000000

Equity Shares

Rs.5/- each

Rs.1000.000 Millions

5000000

15% Cumulative Redeemable Preference Shares

Rs.100/- each

Rs.500.000 Millions

 

Total

 

Rs.1500.000 Millions

 

Issued and Subscribed  Capital :

No. of Shares

Type

Value

Amount

 

 

 

 

63555555

Equity Shares

Rs.5/- each

Rs.317.778 Millions

 

 

 

 

 

Paid-up Capital:

 

EQUITY SHARES

No. of Shares

Type

Value

Amount

 

 

 

 

63468005

Equity Shares

Rs.5/- each

Rs.317.340 Millions

 

Forfeited Share

 

Rs.0.263 Million

666666

15% Cumulative Redeemable Preference Shares

Rs.100/- each

Rs.66.667 Millions

 

Total

 

Rs.384.270 Millions

 

Note

 

The Preference shares are redeemable in three equal installments at the end of third, fourth and fifth tear form the date of allotment i.e.30th March 1998

 

 

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

384.270

384.270

384.270

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

2722.318

2722.318

2722.318

4] (Accumulated Losses)

(4982.609)

(5170.680)

(5792.157)

NETWORTH

(1876.021)

(2064.092)

(2685.569)

LOAN FUNDS

 

 

 

1] Secured Loans

2949.529

3029.417

3029.417

2] Unsecured Loans

749.761

749.761

749.761

TOTAL BORROWING

3699.290

3779.178

3779.178

DEFERRED TAX LIABILITIES

293.160

413.752

457.417

 

 

 

 

TOTAL

2116.429

2128.838

1551.026

 

 

 

 

APPLICATION OF FUNDS

 

 

 

 

 

 

 

FIXED ASSETS [Net Block]

2046.076

2230.369

2419.913

Capital work-in-progress

48.924

16.175

43.246

 

 

 

 

INVESTMENT

0.066

0.066

0.072

DEFERREX TAX ASSETS

0.000

0.000

0.000

 

 

 

 

CURRENT ASSETS, LOANS & ADVANCES

 

 

 

 

Inventories
136.624

95.358

103.039

 

Sundry Debtors
104.999

128.575

141.573

 

Cash & Bank Balances
246.151

161.601

196.729

 

Other Current Assets
0.000

0.000

0.000

 

Loans & Advances
188.480

187.247

328.565

Total Current Assets
676.254

572.781

769.906

Less : CURRENT LIABILITIES & PROVISIONS
 

 

 

 

Sundry Creditors
58.592

48.167

43.729

 

Other Current Liabilities
490.830

488.122

1525.302

 

Provisions
105.469

154.264

113.080

Total Current Liabilities
654.891

690.553

1682.111

Net Current Assets
21.363

(117.772)

(912.205)

 

 

 

 

MISCELLANEOUS EXPENSES

0.000

0.000

0.000

 

 

 

 

TOTAL

2116.429

2128.838

1551.026

 

 

 

PROFIT & LOSS ACCOUNT

 

 

PARTICULARS

31.03.2011

31.03.2010

31.03.2009

 

SALES

 

 

 

 

 

Income

963.299

4289.212

672.285

 

 

Other Income

56.208

70.494

13.578

 

 

TOTAL                                     (A)

1019.507

4359.706

685.863

 

 

 

 

 

Less

EXPENSES

 

 

 

 

 

Materials Consumed

534.215

3916.116

517.762

 

 

Manufacturing, Administrative and Selling Expenses

306.342

400.401

 

 

 

Increase / (Decrease) in Stocks

(17.846)

3.296

(13.929)

 

 

TOTAL                                     (B)

822.711

4319.813

503.833

 

 

 

 

 

Less

PROFIT BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B)      (C)

196.796

39.893

182.030

 

 

 

 

 

Less

FINANCIAL EXPENSES                         (D)

1.083

1.968

70.147

 

 

 

 

 

 

PROFIT BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)                                       (E)

195.713

37.925

111.883

 

 

 

 

 

Less/ Add

DEPRECIATION/ AMORTISATION                     (F)

232.494

176.935

263.444

 

 

 

 

 

 

PROFIT / (LOSS) BEFORE TAX (E-F)                 (G)

(36.781)

(139.010)

(151.561)

 

 

 

 

 

Less

TAX                                                                  (H)

(120.592)

(43.665)

(32.016)

 

 

 

 

 

 

PROFIT / (LOSS) AFTER TAX (G-H)                  (I)

83.811

(95.345)

(119.545)

 

 

 

 

 

Less/ Add

Extra Ordinary Items (Net)

56.833

759.286

0.000

 

(Excess) / short provision of earlier years

46.872

(44.072)

0.000

 

Prior period adjustments

0.555

1.609

6.393

 

 

 

 

 

Add

PREVIOUS YEARS’ BALANCE BROUGHT FORWARD

(5362.467)

(5983.944)

(5679.005)

 

 

 

 

 

 

BALANCE CARRIED TO THE B/S

(5174.396)

(5362.467)

(5983.944)

 

 

 

 

 

 

EARNINGS IN FOREIGN CURRENCY

 

 

 

 

 

Export Earnings

201.999

3627.953

30.488

 

TOTAL EARNINGS

201.999

3627.953

30.488

 

 

 

 

 

 

IMPORTS

 

 

 

 

 

Raw Materials

83.939

1252.770

40.329

 

 

Stores & Spares

19.205

13.303

11.428

 

 

Capital Goods

56.570

59.314

65.909

 

TOTAL IMPORTS

159.714

1325.387

117.666

 

 

 

 

 

 

Earnings Per Share (Rs.)

2.96

9.79

(1.88)

 

QUARTERLY / SUMMARISED RESULTS

 

PARTICULARS

 

30.06.2011

1st Quarter

30.09.2011

2nd Quarter

31.12.2011

3rd Quarter

Net Sales

117.050

201.410

162.630

Total Expenditure

154.110

171.420

256.900

PBIDT (Excl OI)

22.940

29.990

(94.270)

Other Income

2.680

3.030

3.350

Operating Profit

25.620

33.020

(90.920)

Interest

0.000

0.000

0.000

Exceptional Items

(0.040)

(0.570)

0.350

PBDT

25.580

32.450

(90.570)

Depreciation

46.850

47.780

44.460

Profit Before Tax

(21.270)

(15.330)

(135.030)

Tax

(5.630)

(3.440)

(125.000)

Provisions and contingencies

0.000

0.000

0.000

Profit After Tax

(15.640)

(11.890)

(10.030)

Extraordinary Items

0.000

0.000

0.000

Prior Period Expenses

0.000

0.000

0.000

Other Adjustments

0.000

0.000

0.000

Net Profit

(15.640)

(11.890)

(10.030)

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2011

31.03.2010

31.03.2009

PAT / Total Income

(%)
8.22

(2.19)

(17.43)

 

 
 

 

 

Net Profit Margin

(PBT/Sales)

(%)
(3.81)

(3.24)

(22.54)

 

 
 

 

 

Return on Total Assets

(PBT/Total Assets}

(%)
(1.35)

(4.96)

(4.75)

 

 
 

 

 

Return on Investment (ROI)

(PBT/Networth)

 
0.02

0.07

0.06

 

 
 

 

 

Debt Equity Ratio

(Total Liability/Networth)

 
2.20

(2.17)

(2.03)

 

 
 

 

 

Current Ratio

(Current Asset/Current Liability)

 
1.03

0.83

0.46

 

 

 

LOCAL AGENCY FURTHER INFORMATION

 

DETAILS OF SUNDRY CREDITORS

(Rs. In Millions)

Particular

31.03.2011

31.03.2010

31.03.2009

Micro and Small Enterprises

0.620

0.559

0.289

Others

57.972

47.608

43.440

Total

58.592

48.167

43.729

 

OPERATIONS

 

The Company's operations are broadly divided into two Divisions i.e. Packaging Products Division and Diamond Division.

 

In Packaging Products Division the turn over grew from Rs.701.613 Millions to Rs.819.171 Millions i.e.  Increase of 16.76% during financial year 2010-2011 and the turnover of diamond division was Rs.144.128 Millions. Hence, the total turnover reached Rs.963.299 Millions during the year. The Company's effort to increase operational efficiency by optimizing consumption of materials and utilities have given positive results in terms of maintenance of margins despite cost escalations.

 

REFERENCE TO THE BOARD OF INDUSTRIAL AND FINANCIAL RECONSTRUCTION:

 

The Company's second reference for registration to Board for Industrial and Financial Reconstruction (BIFR) made on dated 05.08.2006 was registered by BIFR vide reference No.69 dated 21.08.2006. The said registration was cancelled by BIFR vide order dated 28.12.2006. The Company filed appeal against the said order in Appellate Authority for Industrial and Financial Reconstruction (AAIFR) which is decided in favour of the company vide order dated 4.12.2007. The matter therefore was remanded back to BIFR.

 

 

 

MANAGEMENT DISCUSSION AND ANALYSIS REPORT

 

 

·   INDUSTRY STRUCTURE AND DEVELOPMENTS:

 

Subject is an integrated High Technology packaging products Manufacturing Company for oral care, cosmetics, toiletries, food products and pharmaceuticals with focus on Laminated Tubes, Labels / Stickers, pressure sensitive labels, flexible laminates, plastic / paper cups. The packaging industry in India is growing at 15% per annum. SRMTL has also grown at 16.76 % in plastic packaging business during the year.

 

The Company has positioned itself to meet the multiple needs of its various customers. Its major customer source their different packaging requirements from the Company, which enables it to maintain long standing business relationships. The Company is currently servicing major Global Players viz. Hindustan Unilever, Dabur, Emami, Vicco, African Consumer - Nigeria, Chemi-Cotex-Tanzania, STS Pack Holding-Bulgaria, Macbertan-Sri Lanka to name a few.

 

The Company has undertaken diversified activity of Diamond Cutting and Polishing in order to boost export turnover and meet its EPCG obligations.

 

 

·   BUSINESS OUTLOOK:

There is growing demand and FMCG Markets offer interesting opportunities. The Company has adopted the strategy of Competitive Pricing, optimizing capacity utilization, cost control, servicing the customers with high quality and efficient deliveries and innovation in high structure in food packaging, which will be beneficial in improving its top line in long run.

 

·   DISCUSSION ON FINANCIAL PERFORMANCE WITH REFERENCE TO OPERATIONAL PERFORMANCE:

 

Financial Performance of Plastic Packaging Division has improved. However, The Management decided to act with caution for Diamond Business due to high volatility and fluctuations in international market which resulted in reduction in overall turnover. The Company has improved the productivity and cost efficiency but due to rising input costs, the margins are under pressure. The Company has also focused on servicing customer's efficiently by way of reduction in delivery time, improving logistics and speedy development of art works. This has led to greater customers' satisfaction.

 

 

 

UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE 2011

(Rs. In Millions)

 

Quarter Ended

Particulars

Three Months

Ended on 

30.06.2011

Unaudited

(a) Net Sales / Income from operations

174.752

(b) Other Operating Income

2.295

Total Income

177.047

 

 

Expenditure

 

a) (Increase) / Decrease in stock in trade and work in progress

(1.808)

b) Consumption of raw materials

93.894

c) Staff Cost

15.475

d) Power & Fuel

17.430

e) Other Expenditure

29.116

f) Depreciation

16.851

Total

200.958

 

 

Profit from operations before other income, interest and exceptional Items

(23.911)

Other income

2.041

Profit before interest and exceptional Items

(21.870)

Interest / Finance charges

(0.643)

Profit after Interest but before Exceptional Items

(21.227)

Exceptional Items

(0.038)

Profit (+)/Loss(-) from Oridinary Activities before tax

(21.265)

Tax expense

5.626

Net Profit (+)/Loss(-) from Ordinary Activities after

tax

(15.639)

Extraordinary Items (net of tax expenses)

0.000

Net Profit (+) / Loss (-) for the year period

(15.639)

Paid up equity share capital (Face value of Rs.2/- per share)

317.603

Reserves excluding revaluation reserves

--

Earnings per share (EPS)

 

 (a) Basic

(0.25)

 (b) diluted

(0.25)

Public shareholding

 

          Number of shares

63468005

          Percentage of shareholding

100.00%

 

 

Promoters and Promoters group Shareholding

 

a) Pledged /Encumbered

 

Number of shares

Nil

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

Nil

Percentage of shares (as a % of total share capital of the company)

Nil

b) Non  Encumbered

 

Number of shares

Nil

Percentage of shares (as a % of total shareholding of the promoter and promoter group)

Nil

Percentage of shares (as a % of total share capital of the company)

Nil

 

Notes:

[1] The above results have been reviewed by Audit Committee and thereafter approved by Board of Directors at meeting held on 30th July, 2011

[2]  The company has filed fresh Scheme of compromise and arrangement u/s 391 of The Companies Act, 1956 vide petition no. 401 of 2008 in Gujarat High Court and the same is in pending before Hon'ble High Court

[3] Previous period figures have been rearranged / regrouped wherever necessary.

[4] Information on Investors' complaints pursuant to Clause 41 of the Listing Agreement for the quarter ended on 30th June, 2011

 

 

CONTINGENT LIABILITIES:

 (Rs. In Millions)

Particulars

31.03.2011

31.03.2010

Dividend on 15% Redeemable Cumulative Preference Shares till date

95.000

85.000

Interest on Unpaid Dividend (Till Date)

94.000

75.000

Additional interest, Penal interest and liquidated damages on loans

505.365

527.805

Corporate guarantee given to the Banks for term loan of Rs.40.000 Millions each.

80.000

80.000

Bank Gurantee given to GEB against security of Bank Deposits

4.674

0.000

Suit filed by The Kalupar Comm. Co-.Operative Bank Limited in respect of bills payable.

18.536

16.260

Claims against the company not acknowledged as debts. Excise authorities have issued show-cause notices for various credits availed as well as rejecting the claims of the company which the company has disputed and no provision is made in the books.

16.198

17.833

Interest on above demands

0.000

11.151

Estimated amount of contracts remaining to be executed on Capital Account (Net of Advances)

38.782

6.533

Estimated amount of consultancy charges in respect of Diamond Division

0.000

7.000

 

 

 

FIXED ASSETS:

 

  • Land
  • Buildings including Tube Well
  • Plant and Machinery
  • Furniture and Fixtures
  • Electrical Installations
  • Office and other Equipments
  • Vehicles

CMT REPORT (Corruption, Money Laundering & Terrorism]

 

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

 

1]         INFORMATION ON DESIGNATED PARTY

No records exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

 

2]         Court Declaration :

No records exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

 

3]         Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

 

4]         Record on Financial Crime :

            Charges or conviction registered against subject:                                                  None

 

5]         Records on Violation of Anti-Corruption Laws :

            Charges or investigation registered against subject:                                                          None

 

6]         Records on Int’l Anti-Money Laundering Laws/Standards :

            Charges or investigation registered against subject:                                                          None

 

7]         Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

 

8]         Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

 

9]         Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

 

10]        Press Report :

            No press reports / filings exists on the subject.

 

 

CORPORATE GOVERNANCE

 

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

 

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

 

 

CONTRAVENTION

 

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.35

UK Pound

1

Rs.78.68

Euro

1

Rs.65.63

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

2

OPERATING SCALE

1~10

2

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

2

--PROFITABILIRY

1~10

--

--LIQUIDITY

1~10

2

--LEVERAGE

1~10

2

--RESERVES

1~10

3

--CREDIT LINES

1~10

--

--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

 

16

 

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

-

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.