MIRA
INFORM REPORT
|
Report Date : |
09.03.2012 |
IDENTIFICATION DETAILS
|
Name : |
TECHNOCRAFT INDUSTRIES ( |
|
|
|
|
Registered
Office : |
"Technocraft House", A-25, MIDC, Marol Industrial Area, Road
No. 3, Opposite ESIS Hospital, Andheri (East), Mumbai- 400 093, Maharashtra |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
28.10.1992 |
|
|
|
|
Com. Reg. No.: |
11-069252 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.315.268
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L28120MH1992PLC069252 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT09029G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT2724P |
|
|
|
|
Legal Form : |
A Public Limited
Liability Company. The Company’s
Shares are Listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturers, Exporter and Importer of Drum Closure |
|
|
|
|
No. of Employees
: |
2000 (Approximately) (In office + in
factory + in branches) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (57) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 16000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and a reputed company having fine track.
Financial position of the company appears to be sound. Trade relations are
reported as fair. Business is active. Payments are reported to be regular and
as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
|
A1 |
A1 |
|
|
|
|
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Rajesh |
|
Designation : |
DGM Finance |
|
Contact No.: |
91-22-40982345 |
LOCATIONS
|
Registered / Corporate Office : |
"Technocraft House", A-25, MIDC, Marol Industrial Area, Road
No. 3, Opposite ESIS Hospital, Andheri (East), Mumbai- 400 093, Maharashtra,
India |
|
Tel. No.: |
91-22-40982345/40982222 |
|
Fax No.: |
91-22-28356559 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
M-6, Additional MIDC, Murbad, District Thane – 421 401, |
|
Tel. No.: |
91-2524-222646/ 48 |
|
Fax No.: |
91-2524-222335 |
|
E-Mail : |
|
|
|
|
|
Factory 2: |
Drum Closure: Plot No. C-5,
MIDC Murbad Industrial Area, District Thane – 421 401, |
|
Tel. No.: |
91-2524-223220/ 222380/ 222278 |
|
Fax No.: |
91-2524-222378 |
|
E-Mail : |
|
|
|
|
|
Factory 3 : |
Pipe and Scaffoldings: Plot No. 4/1, MIDC Murbad, District Thane – 421
401, |
|
Tel. No.: |
91-2524-222823/ 222676/ 222678 |
|
Fax No.: |
91-2524-222013/ 224514 |
|
E-Mail : |
|
|
|
|
|
Factory 4 : |
Yarn, Power and Garment: Village Dhanivali, Murbad, District
Thane – 421 401, |
|
Tel. No.: |
91-2524-222941 to 45 |
|
Fax No.: |
91-2524-222946 |
|
E-Mail : |
|
|
|
|
|
Overseas Office : |
Located at: ·
United Kingdom ·
Poland ·
·
·
|
DIRECTORS
As on 31.03.2011
|
Name : |
Mr. Madhoprasad Saraf |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Sharad Kumar Saraf |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Sudarshan Kumar Saraf |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Atanu Choudhary |
|
Designation : |
Whole time Director |
|
|
|
|
Name : |
Mr. S.B. Agarwal |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Ganesh Kumar Gupta |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Anand Didwania |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Pankaj Toprani |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Navneet Kumar Saraf |
|
Designation : |
Chief Operating Officer |
|
Date of Birth/Age : |
31 Years |
|
Qualification : |
B.E.(Mech.) |
|
Experience : |
10 Years |
|
Date of Appointment : |
23.12.2006 |
|
|
|
|
Name : |
Mr. Ashish Kumar Saraf |
|
Designation : |
Chief Financial Officer |
|
Date of Birth/Age : |
28 Years |
|
Qualification : |
|
|
Experience : |
8 Years |
|
Date of Appointment : |
23.12.2006 |
|
|
|
|
Name : |
Mr. Subhash Khandelwal |
|
Designation : |
President Marketing |
|
|
|
|
Name : |
Mr. Manoj Jain |
|
Designation : |
Company Secretary and Compliance Officer |
|
|
|
|
Name : |
Mr. Shetal Mehta |
|
Designation : |
Manager (Drum Division) |
|
|
|
|
Name : |
Mr. Bihari Lal Sharma |
|
Designation : |
Factory Manager (Drum Division) |
|
|
|
|
Name : |
Mr. Neeraj Modi |
|
Designation : |
Factory Manager (Tubes and Scaffolding) |
|
|
|
|
Name : |
Mr. Ketan Oza |
|
Designation : |
Manager (Yarn Division) |
|
|
|
|
Name : |
Mr. V.P. Kavetkar |
|
Designation : |
Factory Manager (Yarn Division) |
|
|
|
|
Name : |
Mr. Vinod Gadodia |
|
Designation : |
Manager (Accounts) |
|
|
|
|
Name : |
Mr. Vikas Patangia |
|
Designation : |
Manager (Legal) |
|
|
|
|
Name : |
Mr. Anand Singh Yadav |
|
Designation : |
Manager (HR) |
|
|
|
|
Name : |
Mr. Satyendra Kumar
Pandey |
|
Designation : |
Manager (Pipe Division) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2011
|
Category of
Shareholder |
Total No. of
Shares |
Total
Shareholding as a % of total No. of Shares |
|
|
|
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
23,636,562 |
74.97 |
|
|
23,636,562 |
74.97 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
23,636,562 |
74.97 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
538,745 |
1.71 |
|
|
17,117 |
0.05 |
|
|
16,383 |
0.05 |
|
|
409,500 |
1.30 |
|
|
981,745 |
3.11 |
|
|
|
|
|
|
1,695,431 |
5.38 |
|
|
|
|
|
|
3,454,986 |
10.96 |
|
|
1,334,353 |
4.23 |
|
|
423,673 |
1.34 |
|
|
38,098 |
0.12 |
|
|
385,575 |
1.22 |
|
|
6,908,443 |
21.91 |
|
Total Public shareholding (B) |
7,890,188 |
25.03 |
|
Total (A)+(B) |
31,526,750 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
- |
- |
|
|
- |
- |
|
|
- |
- |
|
|
- |
- |
|
Total (A)+(B)+(C) |
31,526,750 |
- |
%20LIMITED%20-%20171927%2009-Mar-2012_files/image002.gif){kind=small}
%20LIMITED%20-%20171927%2009-Mar-2012_files/image003.gif){kind=small}
%20LIMITED%20-%20171927%2009-Mar-2012_files/image004.gif){kind=small}
BUSINESS DETAILS
|
Line of Business : |
Manufacturers, Exporter and Importer of Drum Closure |
||||||||||||||||
|
|
|
||||||||||||||||
|
Products : |
|
||||||||||||||||
|
|
|
||||||||||||||||
|
Exports : |
|
||||||||||||||||
|
Products : |
·
Drum Closure |
||||||||||||||||
|
Countries : |
·
USA ·
Asian Countries ·
European Countries |
||||||||||||||||
|
|
|
||||||||||||||||
|
Imports : |
|
||||||||||||||||
|
Products : |
·
Raw Material |
||||||||||||||||
|
Countries : |
·
China ·
Japan ·
Germany |
||||||||||||||||
|
|
|
||||||||||||||||
|
Terms : |
|
||||||||||||||||
|
Selling : |
L/C, Cash, Credit (30 days) |
||||||||||||||||
|
|
|
||||||||||||||||
|
Purchasing : |
L/C, Cash, Credit (30 days) |
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
|
Flanges and Bungs |
Pieces |
N.A |
100,000,000.00 |
|
Capseals |
Pieces |
N.A |
2,500,000.00 |
|
Clamps |
Pieces |
N.A |
20,000,000.00 |
|
Pipes |
M.T. |
N.A |
55,000.00 |
|
Yarn |
Spindles |
61,104.00 |
61,104.00 |
|
Garments (T-Shirts) |
Pieces |
100,000,000.00 |
100,000,000.00 |
|
Particulars |
Unit |
Actual Production |
|
Flanges |
Pieces |
43,418,842.00 |
|
Bungs |
Pieces |
39,037,007.00 |
|
Clamps |
Pieces |
561,435.00 |
|
Gasket |
Pieces |
2,956,150.00 |
|
Canseal Closures |
Pieces |
605,800.00 |
|
Bolt/Base Plate |
Pieces |
1,149,000.00 |
|
Plugs |
Pieces |
8,972,900.00 |
|
Pipes |
M.T. |
11,525.33 |
|
Yarn |
M.T. |
9,741.86 |
|
Garment (T-Shitrt) |
Pieces |
2,217,446.00 |
|
Fabric |
Kgs. |
547,589.00 |
GENERAL INFORMATION
|
No. of Employees : |
2000 (Approximately) (In office + in
factory + in branches) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
·
Bank of India, Andheri Branch ·
IDBI Bank Limited ·
HDFC Bank ·
CITI Bank NA |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M.L. Sharma and Company Chartered Accountants |
|
Address : |
107, First Floor, Chartered House, 297/299, Dr. Cawasji Hormashi
Street, Marine Lines, Mumbai- 400 002, Maharashtra, India |
|
|
|
|
Subsidiary
Company/ Fellow Subsidiary : |
·
Technocraft International Limited, ·
Technocraft Trading ·
Technocraft ( ·
Technocraft Australia Pty Limited ·
Technosoft Information Technologies ( ·
Impact Engineering Private Limited, USA ·
CAE Systems GMBH, Germany ·
Anhui Reliable Steel Technology Limited, China ·
Technocraft Tabla Formwork System Private Limited |
|
|
|
|
Associates : |
·
Ashrit Holdings Limited ·
B. M.S. Industries Limited ·
M.D .Saraf Securities Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4,00,00,000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,15,26,750 |
Equity Shares |
Rs.10/- each |
Rs.315.268
millions |
|
|
|
|
|
Of the above equity shares:-
a.
10,000 equity shares of Rs.10/- each were allotted
at the time of incorporation during the year 1992-93.
b.
622 equity shares of Rs.10/- each were allotted
pursuant to schemes of amalgamation without payment being received in cash.
c.
48,33,010 equity shares were allotted as bonus
shares by capitalization of general reserve and 9,55,980 equity share were
allotted as bonus by capitalization of revaluation reserve during the year
1994-95.
d.
8,30,888 equity shares of Rs.10/- each were
allotted at the time of right issue during the year 1997-98.
e.
6,63,050 equity shares of rs.10/- each bought back
during the year 2001-2002 and 8,97,554 equity shares of Rs.10/- each bought
back during the year 2002-2003 in accordance with sec.77a of the companies act,
1956.
f.
15,60,604 equity shares of Rs.10/- each were
allotted as bonus share by capitalization of capital redemption reserve during
the year 2002-03 .
g.
66,30,500 equity shares of Rs.10/- each were
allotted as bonus share by capitalization of general reserve during the year
2004-05 .
h.
99,45,750 equity shares of Rs.10/- each were
allotted as bonus share by capitalization of general reserve during the year
2005-06
i.
83,20,000 equity shares of Rs.10/- each were
allotted during the public issue made during the year 2006-07.
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 |
315.268 |
315.268 |
315.268 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
3780.907 |
3523.983 |
3285.024 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
4096.175 |
3839.251 |
3600.292 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1065.336 |
605.683 |
818.792 |
|
|
2] Unsecured Loans |
500.000 |
700.000 |
150.000 |
|
|
TOTAL BORROWING |
1565.336 |
1305.683 |
968.792 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
5661.511 |
5144.934 |
4569.084 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1503.849 |
1098.620 |
1122.668 |
|
|
Capital work-in-progress |
29.259 |
518.211 |
442.953 |
|
|
|
|
|
|
|
|
INVESTMENT |
820.879 |
725.558 |
773.918 |
|
|
DEFERREX TAX ASSETS |
28.214 |
22.700 |
6.862 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1441.612
|
856.761 |
675.055 |
|
|
Sundry Debtors |
1041.083
|
1004.774 |
869.701 |
|
|
Cash & Bank Balances |
623.755
|
539.412 |
291.503 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
1502.852
|
1598.869 |
1524.860 |
|
Total
Current Assets |
4609.302
|
3999.816 |
3361.119 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
302.689
|
285.738 |
274.676 |
|
|
Other Current Liabilities |
48.897
|
61.000 |
71.987 |
|
|
Provisions |
978.406
|
873.233 |
792.096 |
|
Total
Current Liabilities |
1329.992
|
1219.971 |
1138.759 |
|
|
Net Current Assets |
3279.310
|
2779.845 |
2222.360 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.323 |
|
|
|
|
|
|
|
|
TOTAL |
5661.511 |
5144.934 |
4569.084 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4566.597 |
3793.974 |
4160.967 |
|
|
|
Other Operative Income |
323.445 |
289.185 |
227.536 |
|
|
|
TOTAL (A) |
4890.042 |
4083.159 |
4388.503 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Increase/decrease in Stock |
(303.276) |
23.700 |
15.559 |
|
|
|
Cost of Material
Consumed, Manufacturing and Operating Expenses |
3530.484 |
2749.115 |
3162.987 |
|
|
|
Trading Purchase |
52.418 |
22.596 |
|
|
|
|
Selling and Other Establishment Expenses |
445.997 |
337.262 |
484.821 |
|
|
|
Payment to and Provision To Employees |
255.751 |
218.666 |
216.956 |
|
|
|
Amortisation of Goodwill |
12.192 |
12.192 |
11.215 |
|
|
|
Preliminary Expenses Written off |
0.000 |
0.324 |
0.324 |
|
|
|
TOTAL (B) |
3993.566 |
3363.855 |
3891.862 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
896.476 |
719.304 |
496.641 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST &
FINANCIAL EXPENSES (D) |
78.962 |
56.682 |
107.347 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
817.514 |
662.622 |
389.294 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
351.550 |
215.162 |
236.445 |
|
|
|
|
|
447.460 |
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
465.964 |
|
152.849 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
142.502 |
149.617 |
83.938 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
323.462 |
297.843 |
68.911 |
|
|
|
|
|
|
|
|
|
|
Add : Excess
Provision of Earlier Years |
10.909 |
1.211 |
-- |
|
|
|
Add : Refund Tax For
AY 1992-93 |
-- |
1.927 |
-- |
|
|
|
Less : Taxation of
Earlier Years |
-- |
4.952 |
0.074 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
245.938 |
325.240 |
298.322 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
31.527 |
47.290 |
15.763 |
|
|
|
Provision for Dividend Distribution Tax |
5.236 |
8.037 |
2.680 |
|
|
|
Amalgamation
Adjustment of Denube Fashion For Financial Year 2007-2008 |
0.000 |
0.000 |
23.467 |
|
|
|
Depreciation
07-08 |
0.000 |
0.000 |
0.010 |
|
|
|
Transferred to
General Reserves |
8.000 |
320.000 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
535.546 |
245.942 |
325.240 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
3223.931 |
2955.612 |
2913.442 |
|
|
TOTAL EARNINGS |
3223.931 |
2955.612 |
2913.442 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
77.159 |
345.175 |
813.827 |
|
|
|
Stores & Spares |
1.876 |
8.992 |
6.185 |
|
|
TOTAL IMPORTS |
79.035 |
354.167 |
820.012 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
10.26 |
9.45 |
2.19 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2011 |
30.09.2011 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
1215.920 |
1357.600 |
|
Total Expenditure |
|
1298.360 |
1289.790 |
|
PBIDT (Excl OI) |
|
(82.440) |
67.810 |
|
Other Income |
|
102.510 |
64.570 |
|
Operating Profit |
|
20.070 |
132.380 |
|
Interest |
|
20.530 |
28.520 |
|
Exceptional Items |
|
0.000 |
51.190 |
|
PBDT |
|
(0.460) |
155.050 |
|
Depreciation |
|
75.870 |
82.410 |
|
Profit Before Tax |
|
(76.330) |
72.630 |
|
Tax |
|
(3.100) |
0.920 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
(73.240) |
71.710 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
(73.240) |
71.710 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
8.09
|
7.29
|
1.57 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.20
|
11.79
|
3.67 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.62
|
8.78
|
3.41 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.12
|
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.70
|
0.66
|
0.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.46
|
3.28
|
2.95 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY:
Technocraft has incorporated on 1972 by two brothers Mr. S.K. Saraf and Mr.
S.M. Saraf. The brothers, who are IIT Graduates and Technologists, had started
with the aim of manufacturing high precision and sophisticated Drum Closures
Products. Until 1976 Technocraft focused on the domestic market.
PERFORMANCE
The gross sale and other income for the financial year were Rs. 4890.042
millions against Rs. 4083.159 millions for the previous financial year
registering an increase of 19%. Total PAT for the year stood at Rs. 323.462
millions against Rs. 297.843 millions for the previous yar registering an
increase of 8%.
The performance on a consolidated basis is also impressive and
registered an increase of 22% in gross income. Decrease in PAT is due to higer
depreciation of China’s project.
FIXED ASSETS:
·
Land and Building
·
Plant and Machinery
·
Furniture and fixtures
·
Navision Software
·
Computer Software
COMPANY PROFILE:
Subject is a government recognized 3 star Export House, is the second
largest producer of Drum Closures in the world, with a production of 40 million
sets of Drum Closures annually. The company has received ISO-9001:2000
Certificate for quality standards, thereby assuring its customers Drum Closures
of international standards. 95% of the company’s production is exported to
quality conscious markets such as EUROPE,
The product line of the group expands beyond Drum Closures into WELDED
STEEL TUBES AND SCAFFOLDING and 100% COTTON YARN. With the help of modern Semi-Automated
Mill the group manufactures tubes conforming to International standards like
BS1387 and BS1139 (British Standards). The Steel tube division of the group is
approved by the INDIAN STANDARD INSTITUTION.
The Cotton Yarn division use the most modern equipment to manufacture
its product assuring world-class quality to its customer. Subject is certified
ISO 9001:2000 for its Cotton Yarn division.
Subject Group is promoted, managed and has grown under dynamic
leadership and guidance of
Mr. S. K. SARAF (Managing Director- Commercial) and Mr. S. M. SARAF (Managing
Director - Engineering and Manufacturing Operations), both graduates from
Indian Institute of Technology, having 29 years of industrial and commercial
experience. The Subject family consists of more than 3000 skilled workmen,
technicians and technologists all working towards the common goal of giving the
best quality products to its customers, all over the world. The day-to-day
management of the company is looked after by a group of highly qualified
professionals.
The Group has manufacturing facilities at Murbad - District Thane and
Wagle Estate - Thane: having state-of -art technology and spread over about
100,000 sq. mtrs. These are located 90 kms from Mumbai and 50 kms from Port
that make the operation easy and efficient. The Registered Office of the group
is located at the prestigious Nariman Point, Mumbai, spreading over an area of
3000 sq.ft. The Corporate Office is located at Andheri (SUBJECT HOUSE) with
fully computerised working and the latest communication and office equipments,
enabling quick and efficient working.
The group has a total turnover of US$ 100.00 MILLION almost 95% of which
is exports. The management hopes to double the above figures by expanding the
existing manufacturing facilities.
GROUP PROFILE:
Subject Group was established in
1972 by IIT, Mumbai graduates. The Group aimed at manufacturing of high
precision and sophisticated Drum
Closure Products. With a modest beginning of manufacturing Drum
Closures, the group was slowly moved towards Pipe and Scaffolding manufacturing
to take advantage of higher margin offered by this segment.
Subject is the parent company of the group is one of the leading
manufacturers of Drum Closure including Title Seal Flanges and Plugs, Tite Seal
Gaskets, Tite Seal Leak Locks Plugs, Octagon base Drum Flanges and Auto Closure
Systems.
Steel Tubes and Scaffolding Systems also form part of the product portfolio of
Subject. They offer Scaffolding Systems and Scaffolding Accessories through
Subject Scaffolding Systems including T-State Scaffolding and related products
transoms, frames, scaffolding fittings and accessories.
Cotton Yarn Division is into manufacturing and
exporting of 100% Cotton Ring Spun Yarn. The plant is equipped with production
capacity of 1000 kg/hr and 61,100 spindles in count range. From NE 20 to NE 40,
Carded and Combed variety of Cotton Yarn is produced. The Spinning mill is
equipped with world class Swiss, Japanese, German, Spanish and other
equipments. The Cotton Yarn Unit is a Certified ISO 9001:2000. It also has a
Captive power generation plant to cater to its power requirements.
Technosoft is the Engineering Services Subsidiary. It
provides total solutions in the field of CAD / CAM / CAE . Technosoft is the business
partner with leading software companies in the CAD/CAM/CAE field. We market and
support RADAN and Strand7.
Garment Division is into
manufacturing premium quality active wear products and provides superior
service making it one of the leading textile and apparel manufacturers in
India. Products are custom knit, dyed, finished, cut, sewn, decorated, packaged
and distributed with names Danube
Fashions and Haute Chilli that was launched in October 2005 at Mumbai.
The launch was followed by two EBOs at Mumbai, done up in signature interiors.
Being part of a diverse group, it has access to the latest trends in the
European markets, thus enabling to offer high quality and latest fashions with
Indian prices in a very short lead-time. The motto of the brand is to offer
quality right from the cotton yarn to the clothes.
INDIAN SUBSIDIARIES /JOINT VENTURES
Technosoft Information Technologies (India) Limited It was incorporated on 28.02.2000 and its main business is to carry on the business of providing engineering design and software development services.
Technocraft Tabla Formwork Systems Private Limited a Joint Venture
with TABLA Construction Systems of Canada has been incorporated to manufacture
and distribute TABLA formwork products in India.
FELLOW SUBSIDIARIES
CAE Systems Gmbh. (Germany) The Company was incorporated on September 1, 2005 and its main business is to carry out software development and other related services. The basic operations are to cater to the European market. Its registered office is situated at Londoner Bogen 4, 44269 Witten Germany and Registration No is HRB 19144.
Impact Engineering Private Limited, (USA) The Company was
incorporated on 11th June 1993 and its main business is providing an integrated
line of engineering services including services related to mechanical design
and engineering, product simulation, technical staffing, systems integration
and related consulting to manufacturers. Technosoft Information Technologies
(India) Limited, a subsidiary of Subject, acquired this company on 31st August
2006. Its registered office is situated at Milwaukee, Wisconsin, USA.
FOREIGN
SUBSIDIARIES
Technocraft International Limited, U.K. was incorporated
on 2nd of April 1993 and its main business is to trade in goods manufactured by
Technocraft.
Technocraft Trading Spolka, Poland was incorporated on 14th of May 1998 and its
main business is in to trading of yarn, drum closures and Scaffolding, sale of
product made by Technocraft in Poland and neighboring countries.
Technocraft (Hungary) KFT was incorporated on 28th of August 2000 and
its main business is to trading of yarn and galvanized steel tubes and sale of
product made by the Technocraft in Hungary and neighboring countries, further
on import of other products of Indian origin, sale of them in Hungary
Technocraft Australia Pty Limited was incorporated on 29th of March 2006 and
its main business is to trade in goods manufactured by the Technocraft.
Anhui Reliable Steel Technology Company Limited was incorporated on
March 2006 for manufacturing of steel scaffolding systems and drum closures.
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 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.50.57 |
|
|
1 |
Rs.79.57 |
|
Euro |
1 |
Rs.66.50 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
57 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.