MIRA
INFORM REPORT
1. Summary Information
|
|
|
Country |
|
|
Company Name |
KOTHARI PRODUCTS
LIMITED |
Principal Name 1 |
Mr. Deepak Kothari |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Mitesh Kothari |
|
|
|
Registration # |
-- |
|
Street Address |
Pan Parag House
24/19, The Mall, Kanpur – 208001, Uttar Pradesh, India |
||
|
Established Date |
17.09.1983 |
SIC Code |
-- |
|
Telephone# |
91-512-2312171-74 |
Business Style 1 |
Manufactures and |
|
Fax # |
91-512-2312058 |
Business Style 2 |
Exports |
|
Homepage |
Product Name 1 |
Pan Parag |
|
|
# of employees |
-- |
Product Name 2 |
Pan Masala |
|
Paid up capital |
Rs.66,300,000/- |
Product Name 3 |
-- |
|
Shareholders |
Promoter and Promoter Group – 75.00% Public Shareholding – 25.00% |
Banking |
Bank of India |
|
Public Limited Corp. |
Yes |
Business Period |
29 Years |
|
IPO |
Yes |
International Ins. |
- |
|
Public |
Yes |
Rating |
Ba (49) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Associates |
India |
Kothari Detergents Limited |
-- |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
17,014,700,000 |
Current Liabilities |
12,889,500,000 |
|
Inventories |
480,800,000 |
Long-term Liabilities |
894,000,000
|
|
Fixed Assets |
129,400,000 |
Other Liabilities |
5,300,000 |
|
Deferred Assets |
-- |
Total Liabilities |
13,788,800,000 |
|
Invest& other Assets |
2,132,500,000 |
Retained Earnings |
5,902,300,000 |
|
|
|
Net Worth |
5,968,600,000 |
|
Total Assets |
19,757,400,000 |
Total Liab. & Equity |
19,757,400,000 |
|
Total Assets (Previous Year) |
6,973,300,000 |
|
|
|
P/L Statement as of |
31.03.2011 |
(Unit: Indian Rs.) |
|
|
Sales |
13,337,200,000 |
Net Profit |
616,100,000 |
|
Sales(Previous yr) |
3,487,200,000 |
Net Profit(Prev.yr) |
668,400,000 |
|
Report Date : |
27.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
KOTHARI PRODUCTS LIMITED |
|
|
|
|
Registered
Office : |
Pan Parag House 24/19, The Mall, Kanpur – 208001, Uttar Pradesh |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2011 |
|
|
|
|
Date of
Incorporation : |
17.09.1983 |
|
|
|
|
Com. Reg. No.: |
20-006254 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.66.300 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L16008UP1983PLC006254 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
KNPK01137D |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s shares are listed on
Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufactures and exports Pan Parag Pan Masala, Gutkha and
Parag Zarda |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 23000000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Even though
the company has achieved healthy growth in its sales turnover during 2011,
there appears some dip in the profits earned. However, trade relations are reported as fair. Business is active.
Payments are reported to be usually correct and as per commitments. The company can be considered 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 – 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 |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
BBB- (Long Term Rating) |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
26.10.2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
A3 (Short Term Rating) |
|
Rating Explanation |
Moderate degree of safety and higher credit risk |
|
Date |
26.10.2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
Pan Parag House 24/19, The Mall, Kanpur – 208001, Uttar Pradesh, India
|
|
Tel. No.: |
91-512-2312171-74 |
|
Fax No.: |
91-512-2312058 |
|
E-Mail : |
|
|
Website: |
|
|
|
|
|
Head Office : |
Konark House, Building No.373, Veer Savarkar Road, Ground Floor, Near
Sidhi Vinayak Temple, Prabhadevi, Dadar (West), Mumbai-400028, Maharashtra,
India |
|
Tel. No.: |
91-22-43119000 |
|
Email : |
DIRECTORS
AS ON 31.03.2011
|
Name : |
Mr. Deepak Kothari |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Mitesh Kothari |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Avinash Gupta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vikas Chaturvedi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Pramod Kumar Tandon |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Raj Kumar Gupta |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2012
|
Category of
Shareholder |
No. of Shares |
% of No. of
Shares |
|
|
|
|
|
(1) Indian |
|
|
|
Individuals / Hindu Undivided Family |
4240645 |
63.94 |
|
Bodies Corporate |
733333 |
11.06 |
|
Sub Total |
4973978 |
75 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
4973978 |
75 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
(2) Non-Institutions |
|
|
|
Bodies Corporate |
1014238 |
15.29 |
|
Individuals |
|
|
|
|
529269 |
7.98 |
|
Individual shareholders holding nominal share capital in excess of Rs.
0.100 Million |
81828 |
1.23 |
|
Any Others (Specify) |
32657 |
0.49 |
|
|
32657 |
0.49 |
|
Sub Total |
1657992 |
25 |
|
Total Public shareholding (B) |
1657992 |
25 |
|
Total (A)+(B) |
6631970 |
100 |
|
|
0 |
0 |
|
(1) Promoter and Promoter Group |
0 |
0 |
|
(2) Public |
0 |
0 |
|
Sub Total |
0 |
0 |
|
Total (A)+(B)+(C) |
6631970 |
0 |
BUSINESS DETAILS
|
Line of Business : |
Manufactures and exports Pan Parag Pan Masala, Gutkha and
Parag Zarda |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||||||||
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|
|
|||||||||||||||||||||||||||||||||||||||
|
Bankers : |
· Allahabad Bank · Canara Bank · Bank of India ·
UCO Bank |
|||||||||||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||||||||||||||
|
Facilities : |
NOTE: Bank of India: Prime Securities: First pari passu charge by way
of Hypothecation of Stocks and book debts. Collateral
Securities: Exclusive charge by way of equitable
Mortgage of Property at Bangalore owned by other Company. Personal guarantee
of two directors. Allahabad Bank: Prime Securities: Hypothecation charge on current
assets of the company both current and future, ranking pari passu with other
multiple bankers. Collateral
Securities: Term Deposit worth Rs. 40.000
Millions, equitable mortgage of property at Noida and personal guarantee of
two directors. Canara Bank: Prime Securities: Hypothecation of Stocks and Book
Debts. Collateral
Securities: Term Deposit of Rs. 29.500
Millions and personal guarantee of two directors. UCO Bank: Prime Securities: First pari passu charge by way
of hypothecation on the entire movable, fixed and current assets of the
company (both current and future) with existing Working Capital lenders. Collateral
Securities: Rs. 30.000 Millions by way of
collateral in the form of Term Deposit Receipt. Punjab National
Bank : Prime Securities: Hypothecation charge on current
assets of the company. Collateral
Securities: Equitable mortgage of property
at Bangalore owned by wholly owned subsidiary. Yes Bank Limited: Prime Securities: First pari passu charge over all
the current assets and movable fixed assets of the Company (both current and
future). Collateral
Securities: Unconditional and irrevocable
personal guarantee of two directors.
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Mehrotra and Mehrotra Chartered Accountant |
|
Address : |
16/49, Civil Lines, Kanpur – 208001, Uttar Pradesh, India |
|
|
|
|
Associates : |
· Kothari Detergents Limited · Ekta Flavours Private Limited · Dham Securities Private Limited · Lohewala Construction Private Limited · Parmy Manufactory Private Limited · DK Web-Tech Private Limited · Pan Parag India Limited · Bhojeshwar Realtors Private Limited · Hara Parvati Realtors Private Limited · Real Griha Nirman Private Limited · Subhadra Realtors Private Limited · Sankhya Realtors Private Limited · SPPL Hotels Private Limited ·
Tauras Agile Technologies Corporation Private
Limited |
|
|
|
|
Subsidiaries |
· Sukhdham Constructions and Developers Limited · Arti Web-Developers Private Limited · MK Web-Tech Private Limited · KPL Exports Private Limited · Kothari Products Singapore Pte. Limited · IMK Hotels Private Limited ·
Savitrimata Realtors Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11000000 |
Equity Shares |
Rs.10/- each |
Rs. 110.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6631970 |
Equity Shares |
Rs.10/- each |
Rs. 66.300
Millions |
|
|
|
|
|
(Including 4800000 shares of Rs. 10/- each alloted as fully paid up Bonus Shares by Capitalisation of General Reserve)
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 |
66.300 |
66.300 |
66.320 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
5902.300 |
5455.800 |
4942.005 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
5968.600 |
5522.100 |
5008.325 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
705.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
189.000 |
78.700 |
0.000 |
|
|
TOTAL BORROWING |
894.000 |
78.700 |
0.000 |
|
|
DEFERRED TAX LIABILITIES |
5.300 |
7.600 |
5.200 |
|
|
|
|
|
|
|
|
TOTAL |
6867.900 |
5608.400 |
5013.525 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
129.400 |
101.400 |
93.420 |
|
|
Capital work-in-progress |
68.700 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
2063.800 |
2207.400 |
3756.648 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
480.800
|
12.800 |
4.119 |
|
|
Sundry Debtors |
7297.000
|
929.600 |
19.760 |
|
|
Cash & Bank Balances |
6493.900
|
992.900 |
420.136 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.722 |
|
|
Loans & Advances |
3223.800
|
2729.200 |
1159.507 |
|
Total
Current Assets |
17495.500
|
4664.500 |
1604.244 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
7395.500
|
913.300 |
57.421 |
|
|
Other Current Liabilities |
4994.000
|
3.900 |
156.607 |
|
|
Provisions |
500.000
|
447.700 |
226.759 |
|
Total
Current Liabilities |
12889.500
|
1364.900 |
440.787 |
|
|
Net Current Assets |
4606.000
|
3299.600 |
1163.457 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
6867.900 |
5608.400 |
5013.525 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
13337.200 |
3487.200 |
965.430 |
|
|
|
Other Income |
559.300 |
840.000 |
156.076 |
|
|
|
TOTAL (A) |
13896.500 |
4327.200 |
1121.506 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases |
13237.200 |
3114.300 |
466.437 |
|
|
|
Excise Duty |
0.000 |
0.000 |
178.001 |
|
|
|
Administrative, Selling and Distribution and Others Expenses |
388.100 |
393.700 |
336.020 |
|
|
|
Increase / (Decrease) In Stock |
(468.100) |
(8.700) |
13.990 |
|
|
|
TOTAL (B) |
13157.200 |
3499.300 |
994.448 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
739.300 |
827.900 |
127.058 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
739.300 |
827.900 |
127.058 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
8.300 |
12.100 |
15.986 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
731.000 |
815.800 |
111.072 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
114.900 |
147.400 |
(6.335) |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
616.100 |
668.400 |
117.407 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
2080.300 |
1633.400 |
1606.503 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
61.600 |
66.900 |
12.956 |
|
|
|
Dividend |
145.900 |
132.600 |
66.320 |
|
|
|
Tax on Dividend |
23.700 |
22.000 |
11.271 |
|
|
BALANCE CARRIED
TO THE B/S |
2465.200 |
2080.300 |
1633.363 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
6710.400 |
2326.200 |
536.727 |
|
|
TOTAL EARNINGS |
6710.400 |
2326.200 |
536.727 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Trading Items |
10637.900 |
2159.300 |
212.844 |
|
|
TOTAL IMPORTS |
10637.900 |
2159.300 |
212.844 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
92.90 |
100.78 |
-- |
|
QUARTERLY
|
PARTICULARS |
30.06.2011 |
30.09.2011 |
31.12.2011 |
31.03.2012 |
30.06.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
5th
Quarter |
|
Sales Turnover |
4445.500 |
8463.600 |
10272.200 |
9850.900 |
9515.700 |
|
Total Expenditure |
4184.200 |
8238.400 |
10038.900 |
9406.300 |
9508.300 |
|
PBIDT (Excl
OI) |
261.300 |
225.200 |
233.300 |
444.600 |
7.400 |
|
Other Income |
5.200 |
15.300 |
5.100 |
730.500 |
37.500 |
|
Operating
Profit |
266.500 |
240.500 |
238.400 |
1175.100 |
44.900 |
|
Interest |
11.700 |
20.400 |
14.000 |
44.200 |
29.600 |
|
Exceptional
Items |
0.000 |
(542.600) |
(514.700) |
0.000 |
0.000 |
|
PBDT |
254.800 |
(322.500) |
(290.300) |
1130.900 |
15.300 |
|
Depreciation |
2.000 |
2.200 |
2.200 |
2.100 |
2.500 |
|
Profit
Before Tax |
252.800 |
(324.700) |
(292.500) |
1128.800 |
12.800 |
|
Tax |
85.000 |
(85.00) |
0.000 |
237.900 |
3.500 |
|
Reported PAT |
167.800 |
(239.700) |
(292.500) |
890.900 |
9.300 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
167.800 |
(239.700) |
(292.500) |
890.900 |
9.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
4.43
|
15.45 |
10.46 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.48
|
18.85 |
11.50 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.15
|
17.11 |
6.54 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.15 |
0.02 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.31
|
0.26 |
0.09 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.36
|
3.42 |
3.64 |
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 |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director,
if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
2011 IN RETROSPECT:
The Directors
are to report that the Company’s sales turnover during the year under review
has been Rs. 13337.200 Millions as against Rs. 3487.200 Millions during the
previous financial year. The Profit before tax during the year has decreased to
Rs. 739.300 Millions as against Rs. 828.000 Millions in the previous year. The
Profit after Tax has also similarly decreased to Rs. 616.100 Millions as
against Rs. 668.400 Millions in the previous year.
INTERNATIONAL BUSINESS:
The
Company’s export during the year under review has increased to Rs. 6710.400
Millions as compared to Rs. 2326.200 Millions during the previous year.
SUBSIDIARIES:
The
Company has seven subsidiaries namely Sukhdham Constructions and Developers
Limited, Arti Web-Developers Private Limited, MK Web-Tech Private Limited, KPL
Exports Private Limited and IMK Hotels Private Limited as its wholly owned
subsidiary Companies and Kothari Products Singapore Private Limited and
Savitrimata Realtors Private Limited as its subsidiary Companies. In accordance
with the General Circular No. 2/2011 dated 8th February, 2011 of the Ministry
of Corporate Affairs granting general exemption under section 212 of the
Companies Act, 1956, the detailed annual accounts and their attachments are not
being published. However, the prescribed financial details of the aforesaid
subsidiary companies have been disclosed in the consolidated Balance Sheet. The
Company hereby undertakes that the Annual Accounts of the subsidiary companies
and their related detailed information shall be made available to the
shareowners of the holding and subsidiary companies seeking such information at
any point of time. The Annual Accounts of the subsidiary companies shall also
be kept for inspection by any shareowners at the head office of the holding
company and of the subsidiary companies concerned. The holding company shall
furnish a hard copy of details of accounts of subsidiaries to any shareowner on
demand.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
INDUSTRY STRUCTURE AND DEVELOPMENTS
The Company has
focused on seizing the business opportunities in the most buoyant and vibrant
sectors of the economy such as trading division and real estate. The Company
has emerged as a strong market player in the sectors of trading division and
Real Estate and also the revenue in the trading division has increased
substantially this year. Trading Division has proved very dynamic and
profitable for the Company. However, in the Real Estate
Sector there has
been several increases in the rate of interest by Reserve Bank of India during
the last one year due to which the performance of the Real Estate sector has
been sluggish this year.
FINANCIAL PERFORMANCE
The Company’s
sales have increased to Rs. 13337.200 Millions during the period under review
as against Rs. 3487.200 Millions during the previous financial year. The profit
before tax and depreciation during the year has however fallen to Rs. 739.300
Millions as against Rs. 828.000 Millions in the previous year. The profit after
tax has also decreased to Rs. 616.100 Millions as against Rs. 668.400 Millions
during the previous financial year. Profitability of the Company has increased
in trading division from Rs. 61.800 Millions to Rs. 372.300 Millions whereas in
Real Estate segment the profit has decreased to Rs. 386.000 Millions from Rs.
757.700 Millions in the previous year.
OUTLOOK
In view of the aforesaid business ventures, the outlook of the company
seems to be very bright.
STATEMENT OF
UNAUDITED RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2012
(Rs. in millions)
|
Sr. No. |
Particular |
Quarter Ended |
Year Ended |
||
|
|
|
30.06.2012 (Unaudited) |
30.03.2012 (Unaudited) |
30.06.2011 (Unaudited) |
31.03.2012 (Audited) |
|
1. |
Net Sales/Income
from Operations |
9515.700 |
9850.900 |
4426.100 |
33032.200 |
|
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
|
Purchase of Stock in Trade |
8906.000 |
9742.500 |
4019.900 |
30939.000 |
|
|
Change in Inventories of Stock in Trade |
(219.300) |
(621.800) |
21.100 |
(575.500) |
|
|
Employees Benefit Expenses |
3.100 |
2.600 |
3.800 |
11.600 |
|
|
Depreciation and Amortization Expenses |
2.500 |
2.100 |
2.000 |
8.500 |
|
|
Forex Variations |
543.700 |
(593.400) |
(19.400) |
988.600 |
|
|
Freight Inward |
225.800 |
203.600 |
106.400 |
706.700 |
|
|
Bank Charges |
31.900 |
46.800 |
22.400 |
161.500 |
|
|
Other Expenses |
17.100 |
32.600 |
10.600 |
99.800 |
|
|
Total |
9510.800 |
8815.000 |
4166.800 |
32340.200 |
|
|
|
|
|
|
|
|
3. |
Profit From Operations before Other Income, Interest and
Exceptional Items (1-2) |
4.900 |
1035.900 |
259.300 |
692.000 |
|
|
|
|
|
|
|
|
4. |
Other Income |
37.500 |
137.100 |
5.200 |
162.700 |
|
|
|
|
|
|
|
|
5. |
Profit Before Interest and Exceptional Items (3+4) |
42.400 |
1173.000 |
264.500 |
854.700 |
|
|
|
|
|
|
|
|
6. |
Interest |
29.600 |
44.200 |
11.700 |
90.300 |
|
|
|
|
|
|
|
|
7. |
Profit After Interest but before Exceptional Items (5-6) |
12.800 |
1128.800 |
252.800 |
764.400 |
|
|
|
|
|
|
|
|
8. |
Exceptional Items |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
9. |
Profit from Ordinary Activities before Tax (7+8) |
12.800 |
1128.800 |
252.800 |
764.400 |
|
|
|
|
|
|
|
|
10. |
Tax Expense |
3.500 |
237.900 |
85.00 |
237.900 |
|
|
|
|
|
|
|
|
11. |
Net Profit from Ordinary Activities after Tax (9-10) |
9.300 |
890.900 |
167.800 |
526.500 |
|
|
|
|
|
|
|
|
12. |
Extraordinary Item (net of expense) |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
13. |
Net Profit for the period (11-12) |
9.300 |
890.900 |
167.800 |
526.500 |
|
|
|
|
|
|
|
|
14. |
Paid-up Equity Share Capital (Face Value of Rs.10/- Each) |
66.300 |
66.300 |
66.300 |
66.300 |
|
|
|
|
|
|
|
|
15. |
Reserves Excluding Revaluation Reserve |
-- |
-- |
-- |
6313.100 |
|
|
|
|
|
|
|
|
16. |
Basic
and Diluted Earning Per Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
|
a) Basic and diluted EPS before extraordinary items |
1.41* |
134.33* |
25.30* |
79.38 |
|
|
b) Basic and diluted EPS after extraordinary items |
1.41* |
134.33* |
25.30* |
79.38 |
|
|
*Not Annualized |
|
|
|
|
|
|
|
|
|
|
|
|
17. |
Public
Shareholding |
|
|
|
|
|
|
-Number of Shares |
1657992 |
1657992 |
1657992 |
1657992 |
|
|
- Percentage of Shareholding |
25.00% |
25.00% |
25.00% |
25.00% |
|
|
|
|
|
|
|
|
18. |
Promoters
and Promoter Group Shareholding |
|
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
|
- Number of Shares |
-- |
-- |
900000 |
-- |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
-- |
-- |
18.09% |
-- |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
-- |
-- |
13.57% |
-- |
|
|
|
|
|
|
|
|
|
b) Non
Encumbered |
|
|
|
|
|
|
- Number of Shares |
4973978 |
4973978 |
4973978 |
4973978 |
|
|
- Percentage of Shares (as a % of the Total Shareholding
of Promoter and Promoter Group) |
100.00% |
100.00% |
100.00% |
100.00% |
|
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
75.00% |
75.00% |
75.00% |
75.00% |
|
Particulars
|
Quarter
Ended 30.06.2012 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
1 |
|
Disposed of during the quarter |
1 |
|
Remaining unresolved at the end of the quarter |
Nil |
REPORTING OF
SEGMENT-WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. in millions)
|
Sl. No. |
|
Particulars |
Quarter Ended |
Year Ended |
|||
|
|
30.06.2012 |
31.03.2012 |
30.06.2011 |
31.03.2012 |
|||
|
|
(Unaudited) |
|
|||||
|
1 |
|
Segment Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment – Trading Items |
9512.800 |
9941.500 |
4385.300 |
33020.600 |
|
|
|
|
Segment – Real Estate Etc. |
40.400 |
46.500 |
46.000 |
174.300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
9553.200 |
9988.000 |
4431.300 |
33194.900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Less : Inter Segment Revenue |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Sales / Income
from Operation |
9553.200 |
9988.000 |
4431.300 |
33194.900 |
|
|
|
|
|
|
|
|
|
|
|
2 |
|
Segment Results |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment – Trading Items |
7.100 |
1138.300 |
224.100 |
710.400 |
|
|
|
|
Segment – Real Estate Etc. |
35.300 |
34.700 |
40.400 |
144.300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
42.400 |
1173.000 |
264.500 |
854.700 |
|
|
|
|
|
|
|
|
|
|
|
|
|
- Finance Costs |
29.600 |
44.200 |
11.700 |
90.300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
12.800 |
1128.800 |
252.800 |
764.400 |
|
|
|
|
|
|
|
|
|
|
|
3 |
|
Capital Employed |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Segment – Trading Items |
1814.200 |
2840.000 |
2106.200 |
2840.000 |
|
|
|
|
Segment – Real Estate Etc. |
4574.500 |
3539.400 |
4030.000 |
3539.400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Capital
Employed |
6388.700 |
6379.400 |
6136.200 |
6379.400 |
|
NOTES
1. The aforesaid results for the quarter ended 30.06.2012 have been subjected
to ‘Limited Review’ by the Statutory Auditors of the Company.
2. The aforesaid results have been reviewed by the Audit Committee, approved
and taken on record by the Board of Directors of the Company for release, in
their meetings held today i.e. 14th August, 2012.
3. The figures of the previous periods have been regrouped / recast wherever
considered necessary to make them comparable with the figures of the current
periods.
WEBSITE DETAILS
PROFILE
Subject a flagship company of the Group
is a public limited company which was incorporated on 17th September 1983 and
has a reasonable stake holders’ base. Its shares are being traded in the stock
exchange Mumbai and National Stock Exchange. The company is declaring the
dividends for over so many years continuously thus creating wealth for its
stakeholders. As of today it is more than 25 years old having so many successes
to its credit.
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. 53.63 |
|
|
1 |
Rs. 86.17 |
|
Euro |
1 |
Rs. 69.74 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--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 |
|
49 |
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.