MIRA
INFORM REPORT
|
Report Date : |
15.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
SYMPHONY LIMITED (w.e.f. 11.03.2010) |
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Formerly Known
As : |
SYMPHONY COMFORT SYSTEMS LIMITED |
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Registered
Office : |
Saumya Bakeri, Navrangpura, Ahmedabad – 380014, Gujarat |
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Country : |
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Financials (as
on) : |
30.06.2012 |
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Date of
Incorporation : |
05.02.1988 |
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Com. Reg. No.: |
04-010331 |
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Capital Investment
/ Paid-up Capital : |
Rs. 69.957 Millions |
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CIN No.: [Company Identification
No.] |
L32201GJ1988PLC010331 |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer, Importer and Exporter of Home Appliances. |
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No. of Employees
: |
300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (55) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 6000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having a fine track record. It has performed well during 2012. Financial position of the company
is good. Trade relations are reported as decent. Business is active. Payment
terms are regular and as per commitment. 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.
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces
of its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village farming,
modern agriculture, handicrafts, a wide range of modern industries, and a
multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to
become a major exporter of information technology services and software
workers. In 2010, the Indian economy rebounded robustly from the global
financial crisis - in large part because of strong domestic demand - and growth
exceeded 8% year-on-year in real terms. However, India's economic growth in
2011 slowed because of persistently high inflation and interest rates and
little progress on economic reforms. High international crude prices have
exacerbated the government's fuel subsidy expenditures contributing to a higher
fiscal deficit, and a worsening current account deficit. Little economic reform
took place in 2011 largely due to corruption scandals that have slowed
legislative work. India's medium-term growth outlook is positive due to a young
population and corresponding low dependency ratio, healthy savings and
investment rates, and increasing integration into the global economy. India has
many long-term challenges that it has not yet fully addressed, including
widespread poverty, inadequate physical and social infrastructure, limited
non-agricultural employment opportunities, scarce access to quality basic and
higher education, and accommodating rural-to-urban migration.
|
Source
: CIA |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Navin Nair |
|
Designation : |
Export Department |
|
Contact No.: |
91-79-26424430 |
|
Date : |
12.04.2013 |
LOCATIONS
|
Registered Office : |
Saumya Bakeri, Navrangpura, Ahmedabad – 380014, Gujarat, India |
|
Tel. No.: |
91-79-26424430 |
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Fax No.: |
91-79-26425930 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory 1 : |
703/704, Sanand Kadi Highway, Village Thol, Kadi, District Mehsana - 382728, Gujarat, India |
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Tel. No.: |
91-2764-274342 |
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Factory 2 : |
SEZ Unit Plot No. 177, 178, 201 and 202, Surat Special Economic Zone Sachin, District Surat - 394230, Gujarat, India |
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Tel. No.: |
91-261-2397038 |
DIRECTORS
As on: 31.12.2012
|
Name : |
Mr. Acha Anil l Bakeri |
|
Designation : |
Chairman and Managing Director |
|
Address : |
415, Opposite Nehru Foundation Bodakdev, Ahmedabad – 380054, Gujarat,
India |
|
Date of Birth/Age : |
52 Years |
|
Qualification : |
Architect, MBA |
|
Date of Appointment : |
05.02.1988 |
|
DIN No.: |
00397573 |
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|
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|
Name : |
Mr. Nrupesh Chandravadan Shah |
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Designation : |
Executive Director |
|
Address : |
26, Prakurtikunj Society, Near Manekbag Ambawadi, Ahmedabad – 380015,
Gujarat, India |
|
Date of Birth/Age : |
47 Years |
|
Qualification : |
B.Com., FCA and CS |
|
Date of Appointment : |
19.10.2002 |
|
DIN No.: |
00397701 |
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|
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|
Name : |
Mr. Dipak Kamlakar Palkar |
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Designation : |
Director |
|
Address : |
22 A, Saujanya Society, Opposite Bhavan’s School, Makarpura Road,
Vadodara – 390009, Gujarat, India |
|
Date of Birth/Age : |
59 Years |
|
Qualification : |
B.Com., DTP and DBM |
|
Date of Appointment : |
21.12.2010 |
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DIN No.: |
00475995 |
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|
|
|
Name : |
Mr. Himanshu Harshadbhai Shah |
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Designation : |
Director |
|
Address : |
9, Arun Society, Anandnagar, Paldi, Ahmedabad – 380007, Gujarat, India
|
|
Date of Birth/Age : |
50 Years |
|
Qualification : |
B.Com. and MBA (Marketing) |
|
Date of Appointment : |
07.05.2009 |
|
DIN No.: |
02644454 |
KEY EXECUTIVES
|
Name : |
Mr. Navin Nair |
|
Designation : |
Export Department |
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|
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|
Name : |
Mr. Chandrakant Gandhi |
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Designation : |
Company Secretary |
|
Address : |
16B, Swagat Society, Ghatlodia, Ahmedabad – 380061, Gujarat, India |
|
Date of Birth/Age : |
56 Years |
|
Qualification : |
M.Com., LLB, FCS |
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Date of Appointment : |
13.02.2006 |
|
PAN No.: |
AAWPG3430A |
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MANAGEMENT TEAM - INDIA |
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|
Name : |
Mr. Vinayak Sukthankar |
|
Designation : |
Chief Executive Officer |
|
Date of Birth/Age : |
51 Years |
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|
Name : |
Mr. Vijay R. Joshi |
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Designation : |
Vice President-Operations |
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Date of Birth/Age : |
49 Years |
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Qualification : |
BE (Mech), Diploma in Business Management |
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|
Name : |
Mr. Pallab Bhattacharya |
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Designation : |
Vice President-Quality and Business Excellence and Customer Care |
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Date of Birth/Age : |
52 Years |
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Qualification : |
BE (Elect.), PG Diploma in Statistical Quality Control and Operations, Research and Diploma in Materials Management |
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|
Name : |
Mr. Bhadresh Mehta |
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Designation : |
Vice President-Finance and Accounts |
|
Date of Birth/Age : |
52 Years |
|
Qualification : |
B.Com., ACA, ACS, AICWA and DISA |
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|
|
|
Name : |
Mr. Ramendra Sahai |
|
Designation : |
Vice President – Industrial and Commercial Air Cooling |
|
Date of Birth/Age : |
45 Years |
|
Qualification : |
BE (Mechanical), MBA (Marketing) |
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|
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|
Name : |
Mr. Jayesh Gupta |
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Designation : |
Senior General Manager-Sales |
|
Date of Birth/Age : |
50 Years |
|
Qualification : |
B.Com. |
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|
|
Name : |
Mr. Rajesh Mishra |
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Designation : |
Senior General Manager-Marketing-Domestic and International Markets |
|
Date of Birth/Age : |
41 Years |
|
Qualification : |
BE (Mechanical) |
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|
|
|
Name : |
Mr. Madhu Mohan |
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Designation : |
Senior General Manager-International Markets |
|
Date of Birth/Age : |
44 Years |
|
Qualification : |
BE (Mech.), MBA (International Business) |
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|
Name : |
Mr. Dilip Thakker |
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Designation : |
Senior General Manager – International Business |
|
Date of Birth/Age : |
45 Years |
|
Qualification : |
BBA, MBA (Marketing) |
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|
|
|
MANAGEMENT
TEAM–MEXICO |
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|
|
|
|
Name : |
Mr. Juan Bendeck |
|
Designation : |
General Director (CEO) |
|
Date of Birth/Age : |
46 Years |
|
Qualification : |
BS Industrial Engineering, MBA |
|
|
|
|
Name : |
Mr. Jaime Enriquez |
|
Designation : |
Finance and Administration Director |
|
Date of Birth/Age : |
58 Years |
|
Qualification : |
CPA and DBMS Degree |
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|
|
|
Name : |
Ms. Nelda O. Jauregui |
|
Designation : |
Human Resource Manager |
|
Qualification : |
BA, MBA |
|
|
|
|
Name : |
Mr. Javier Reza |
|
Designation : |
Sales and Marketing Director |
|
Date of Birth/Age : |
41 Years |
|
Qualification : |
Associate Degree in Business |
|
|
|
|
Name : |
Mr. Jose Carmen Contreras |
|
Designation : |
Supply Procurement Director |
|
Date of Birth/Age : |
55 Years |
|
Qualification : |
BS Industrial Engineering |
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|
|
|
Name : |
Mr. Alvaro Trevino |
|
Designation : |
Engineering Manager |
|
Date of Birth/Age : |
33 Years |
|
Qualification : |
BS in Mechanical and Administrative Engineering, Master in Material Sciences |
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|
|
|
Name : |
Mr. Alejandro de la Cerda |
|
Designation : |
Operations Manager |
|
Date of Birth/Age : |
30 Years |
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Qualification : |
BS in Mechanical and Administrative Engineering, MBA |
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MANAGEMENT TEAM–
USA |
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|
Name : |
Mr. Sam Montini |
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Designation : |
Director of Sales |
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Name : |
Mr. John Koponen |
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Designation : |
Director of Sales |
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GLOBAL TEAM – SALES |
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|
Name : |
Mr. Vladislav Silferskiy |
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Designation : |
Country Manager |
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|
Name : |
Mr. Farooq Khan |
|
Designation : |
Country Manager |
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|
Name : |
Mr. Khaled Nabil |
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Designation : |
Country Manager |
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|
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|
Name : |
Mr. Partha Kumar Das |
|
Designation : |
Sales Manager |
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|
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|
Name : |
Ms. Celia Guerrero |
|
Designation : |
Sales Manager |
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|
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|
Name : |
Mr. Hector Connor |
|
Designation : |
Sales Manager |
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|
Name : |
Mr. Antonio Carlos Vasconcelos |
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Designation : |
Sales Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.12.2012
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
19992270 |
57.16 |
|
|
6241600 |
17.84 |
|
|
26233870 |
75.00 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
26233870 |
75.00 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
532845 |
1.52 |
|
|
12000 |
0.03 |
|
|
33481 |
0.10 |
|
|
578326 |
1.65 |
|
|
|
|
|
|
3965235 |
11.34 |
|
|
|
|
|
|
3438886 |
9.83 |
|
|
524708 |
1.50 |
|
|
237475 |
0.68 |
|
|
237475 |
0.68 |
|
|
8166304 |
23.35 |
|
Total Public shareholding
(B) |
8744630 |
25.00 |
|
Total (A)+(B) |
34978500 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
34978500 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
Sl. No. |
Name of the Shareholder |
Details of Shares held |
|
|
|
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
|
1 |
Achal Anil Bakeri |
1,46,31,800 |
41.83 |
|
2 |
Oras Investments Private Limited |
32,21,800 |
9.21 |
|
3 |
Paratam Investments Private Limited |
30,19,800 |
8.63 |
|
4 |
Jonaki Achal Bakeri |
15,79,360 |
4.52 |
|
5 |
Hirva Achal Bakeri |
15,79,360 |
4.52 |
|
6 |
Achal Anil Bakeri |
12,00,000 |
3.43 |
|
7 |
Pavan Bakeri |
6,02,000 |
1.72 |
|
8 |
Rupa Achal Bakeri |
3,89,750 |
1.11 |
|
9 |
Hansa Bakeri |
10,000 |
0.03 |
|
|
Total |
2,62,33,870 |
75.00 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
|
1 |
Rowenta Networks Private Limited |
1546525 |
4.42 |
|
2 |
Blubay Technologies Private Limited |
996280 |
2.85 |
|
|
Total |
2542805 |
7.27 |
Equity Share Break up (Percentage of Total Equity)
As on: 30.11.2012
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s)
or Overseas Corporate bodies or Others |
0.69 |
|
Bodies corporate |
12.14 |
|
Directors or relatives of Directors |
57.99 |
|
Other top fifty shareholders |
2.48 |
|
Others |
26.09 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Importer and Exporter of Home Appliances. |
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Products : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS (As on 30.06.2011)
|
Particulars |
Unit |
Actual
Production |
|
Air Cooler, Geysers & Others |
Nos |
649956 |
GENERAL INFORMATION
|
Customers : |
Wholesalers, Retailers and End Users |
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No. of Employees : |
300 (Approximately) |
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Bankers : |
Not Divulged |
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Facilities : |
(Rs.
In Millions)
|
|
|
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|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Shah and Dalal Chartered Accountant |
|
Address : |
Kailas Society, Near H. K. House, Ashram Road, Ahmedabad – 380009,
Gujarat, India |
|
|
|
|
Subsidiaries : |
· Symphony Aircoolers Inc, USA · Sylvan Holdings Pte. Limited, Singapore · IMPCO S DE RL DE CV, Mexico ·
Symphony USA Inc., USA (known as Impco
Aircooler Inc, Prior to 12-04-2012) |
CAPITAL STRUCTURE
As on 30.06.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000000 |
Equity Shares |
Rs.2/- each |
Rs.150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
34978500 |
Equity Shares |
Rs.2/- each |
Rs.69.957
Millions |
|
|
|
|
|
The Company has only one class of shares referred to as equity shares having a par value of Rs.2/-. Every holder of equity shares is entitled to one vote per share.
The Company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
During the year ended June 30, 2012, the amount of dividend per share recognised as distribution to equity shareholders was Rs.5.50. The total dividend appropriation proposed for the year ended June 30, 2012 amounted to Rs.223.591 Millions including dividend distribution tax of Rs.31.209 Millions.
Details of
shareholders holding more than 5% shares as at June 30, 2012 is set out below :
|
Names of the shareholder |
No. of shares |
% held |
|
Mr. Achal A. Bakeri |
14,631,800 |
41.83% |
|
Oras Investments Private Limited |
3,221,800 |
9.21% |
|
Paratam Investments Private Limited |
3,019,800 |
8.63% |
The reconciliation of
the number of shares outstanding as at June 30, 2012 is set out below:
|
Particulars |
31.03.2012 |
|
Number of shares at the beginning |
34,978,500 |
|
Add: Shares issued during the year |
-- |
|
Number of shares at the end |
34,978,500 |
*As approved in the last annual general meeting held on November 30, 2011, the company has subdivided (split) the equity shares each of Rs.10/-, fully paid up into 5 equity shares each of Rs.2/- fully paid up, with effect from February,18,2012. Hence, the number of shares disclosed above are computed for the current year and recomputed for the previous year based on the revised face value of Rs.2/- each.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
30.06.2012 |
30.06.2011 |
30.06.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
69.957 |
69.957 |
69.957 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1439.875 |
1160.070 |
792.053 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1509.832 |
1230.027 |
862.010 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
74.276 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
0.000 |
1.718 |
0.961 |
|
|
TOTAL BORROWING |
74.276 |
1.718 |
0.961 |
|
|
DEFERRED TAX LIABILITIES |
4.849 |
6.131 |
6.975 |
|
|
|
|
|
|
|
|
TOTAL |
1588.957 |
1237.876 |
869.946 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
306.070 |
317.691 |
129.917 |
|
|
Capital work-in-progress |
0.854 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
649.911 |
146.980 |
534.940 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
115.376
|
416.649 |
64.757 |
|
|
Sundry Debtors |
142.890
|
153.294 |
120.753 |
|
|
Cash & Bank Balances |
406.244
|
30.941 |
28.006 |
|
|
Other Current Assets |
10.898
|
2.371 |
0.131 |
|
|
Loans & Advances |
441.142
|
411.714 |
216.607 |
|
Total
Current Assets |
1116.550
|
1014.969 |
430.254 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
107.584
|
67.659 |
91.881 |
|
|
Other Current Liabilities |
130.745
|
73.136 |
57.387 |
|
|
Provisions |
246.099
|
100.969 |
75.897 |
|
Total
Current Liabilities |
484.428
|
241.764 |
225.165 |
|
|
Net Current Assets |
632.122
|
773.205 |
205.089 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1588.957 |
1237.876 |
869.946 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
30.06.2012 |
30.06.2011 |
30.06.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2501.260 |
2327.562 |
1897.735 |
|
|
|
Other Income |
83.594 |
47.112 |
38.149 |
|
|
|
TOTAL (A) |
2584.854 |
2374.674 |
1935.884 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
816.135 |
1401.320 |
|
|
|
|
Changes in Inventories of Finished Goods, Work- in-Progress and Stock-in-Trade |
312.135 |
(343.831) |
1368.283 |
|
|
|
Employee Benefit Expenses |
149.737 |
105.604 |
|
|
|
|
Other Expenses |
585.419 |
533.860 |
|
|
|
|
Prior Period Items |
|
(4.590) |
|
|
|
|
TOTAL (B) |
1863.426 |
1692.363 |
1368.283 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
721.428 |
682.311 |
567.601 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
6.700 |
3.664 |
5.669 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
714.728 |
678.647 |
561.932 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
16.914 |
16.859 |
13.058 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
697.814 |
661.788 |
549.874 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
194.418 |
212.465 |
180.547 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
503.396 |
449.323 |
369.327 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
825.186 |
532.163 |
233.230 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
75.000 |
75.000 |
50.000 |
|
|
|
Dividend |
|
81.300 |
17.489 |
|
|
|
Tax on Dividend |
|
|
2.905 |
|
|
BALANCE CARRIED
TO THE B/S |
1029.982 |
825.186 |
532.163 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
404.480 |
353.533 |
291.888 |
|
|
|
Other Income |
33.542 |
29.939 |
31.355 |
|
|
TOTAL EARNINGS |
438.022 |
383.472 |
323.243 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
26.063 |
31.509 |
8.592 |
|
|
|
Capital Items |
19.620 |
29.019 |
6.234 |
|
|
TOTAL IMPORTS |
45.683 |
60.528 |
14.826 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
14.39 |
12.85 |
52.79 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.09.2012 |
31.12.2012 |
|
Type |
|
UnAudited |
UnAudited |
|
Net Sales |
|
243.100 |
921.200 |
|
Total Expenditure |
|
249.900 |
674.800 |
|
PBIDT (Excl OI) |
|
(6.800) |
246.400 |
|
Other Income |
|
31.900 |
6.000 |
|
Operating Profit |
|
25.100 |
252.400 |
|
Interest |
|
0.600 |
0.200 |
|
Exceptional Items |
|
000 |
000 |
|
PBDT |
|
24.500 |
252.200 |
|
Depreciation |
|
4.000 |
3.300 |
|
Profit Before Tax |
|
20.500 |
248.900 |
|
Tax |
|
000 |
81.600 |
|
Provisions and contingencies |
|
000 |
000 |
|
Profit After Tax |
|
20.500 |
167.300 |
|
Extraordinary Items |
|
000 |
000 |
|
Prior Period Expenses |
|
000 |
000 |
|
Other Adjustments |
|
000 |
000 |
|
Net Profit |
|
20.500 |
167.300 |
KEY RATIOS
|
PARTICULARS |
|
30.06.2012 |
30.06.2011 |
30.06.2010 |
|
PAT / Total Income |
(%) |
19.47
|
18.92 |
19.08 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
27.90
|
28.43 |
28.98 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
49.05
|
49.70 |
98.16 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.46
|
0.54 |
0.64 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.05
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.30
|
4.20 |
1.91 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY
CREDITORS
Rs. In
Millions
|
Particular |
30.06.2012 |
30.06.2011 |
30.06.2010 |
|
|
|
|
|
|
Trade Payables |
107.584
|
67.659 |
91.881 |
|
Total |
107.584
|
67.659 |
91.881 |
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
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 |
Yes |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
No |
|
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 |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
GENERAL OVERVIEW
The year 2011-12 was a very special year as the Company has entered in the 25th year since inception and over these years; the Company has gained the trust and loyalty of the consumers and all its stakeholders. Symphony endured some good times and some bad times during this journey and has managed to come up trumps by virtue of working on a foundation of ethics and values and today ‘Symphony’ is well recognised in air cooler industry.
The Company continues to achieve improved business results year-after-year regardless of the challenging market environment. This has been possible due to initiatives which focused on consumers and development of their market network, a stronger focus on innovation, greater effectiveness and efficiency, while strengthening organisational leadership.
Besides being market leader in the air cooler industry, there are strong competitors in India and abroad having similar products as the Company. The Company has managed to stay in this competition; thanks to the superior quality, excellent features, technical competence, effective distribution channel, efficient logistic facilities, after sales services and customer relationship it has provided over the years.
The Company has consciously developed its intellectual property rights in the form of trademarks and designs among others, for different models of air coolers as well as through the logo and corporate brand ‘Symphony’. The Company has registrations of large numbers in India as well as in several countries world over. The Company believes that its trademarks and designs play a key role in its brand-building and marketing efforts. The ‘Symphony’ brand name today is one which elicits trust in the industry in the country as well as in the world.
The Company’s growth is catalysed by product innovation it brings to the market and also by ensuring that there is innovation in terms of overall quality and new features. The strategy offers consumers a choice from a range of air coolers. The Company will continue to retain its focus on driving innovation in future.
The Company, as a matter of long-term strategy, continues to support research and development in areas of clean technology and energy efficiency to mitigate the impact of adverse climate changes. With the aforementioned initiatives the Company is confident to uphold growth by exploiting opportunities in the years to come.
REVIEW OF OPERATIONS
The performance of the Company remained satisfactory in 2011-12, despite the difficult economic scenario worsened by stiff competition and towering inflationary market conditions resulting in higher input costs. Depreciation of rupee also imposed rigorous challenges during the year. Despite such an exigent environment, the Company achieved considerable growth during the year.
The Company’s operating performance during the year 2011-12, on standalone basis represented new elevations in terms of sales, profits, and net worth. During the year, the Company recorded sales turnover of Rs. 2501.300 Millions, representing a growth of 7.46% over the previous year’s sales of Rs. 2327.600 Millions. The Company has registered profit before tax of Rs. 697.800 Millions, as compared to the previous year’s figure of Rs. 661.800 Millions. The Company also witnessed improvement in profit after tax of Rs.503.400 Millions, as compared to Rs. 449.300 Millions, registering a growth of 12% over the previous year 2011-12.
Cash generation continued to be comfortable during the year due to growth in performance, efficiencies and savings across the organisation and continued efficiency in the collection system. The Company managed its investment portfolio sensibly by deploying extra funds after ensuring that such investments met with the Company’s criteria of safety and security.
The Company continued to expand its nation-wide market network and currently has 766 distributors and 14975 dealers present 4336 towns with adequate warehousing facilities strategically located across the country. TheCompany is in the process of further strengthening the operating structure of its marketing initiatives to penetrate into the vast dormant markets of the country. On the after- sales service front, the Company expanded its network of service franchisees with the 'Nation-wide Customer Care Number’ to reach all important locations pan-India, for timely and efficient after-sales service.
Over the years, the Company has taken various innovative steps in order to offer a wide variety of air coolers in terms of different models and features. Today, the Company manufactures 15 different models of air coolers to suit different requirements of customers. The Company launched a couple of new models of air coolers, namely Strom 100E and Strom 70E, the world’s largest tower coolers, feature-packed with an LCD panel and a full-function remote control. The product was positioned as the ‘Bade Ghar Ka Cooler’ for cooling large spaces. The Company also introduced new Diet 8E, Diet 22E and Diet 50E with advanced electronics features. All these new models were promoted by special television campaign and channels like Star CJ and Home Shop 18. The Company has also introduced upgraded model of Hicool. Buoyed by these superior models, the Company is confident to tap the mammoth scope of prospective rural and urban markets.
To tap this potential market, the Company has recruited a competent team of professionals in several countries all over the world. In order to fully leverage all these improvements and strategies, the Company has expanded its team coupled with aggressive advertisement and promotional campaigns in print and electronic media.
AIR COOLERS -
DOMESTIC OPERATIONS
Symphony is now the world leader in air coolers and had launched the ‘First Summer Concept’, in the year 2011- 12, a novel drive undertaken for early sales during nonpeak periods, yielding quite encouraging results. Television campaigns like ‘Garmi Lagti Hai to Garmi Hai’ has been quite instrumental in communicating the message that even in non-season months of October / November, i.e First Summer, if the ‘Garmi’ (heat) is felt, the air cooler provides comfort.
On the rural side, there has been visible evolution in consumption patterns, with increasing demand for quality and branded goods, though pricing and affordability continued to remain an essential parameter. The very attractiveness of Indian consumer market is leading to aggressive competition among key players which have been dealt with by the Company through tactical advertising and promotional drives and offering superior value for every rupee spent.
Various models of industrial air coolers manufactured by the step-down subsidiary company, Impco S. DE. R. L.
DE. C.V., Mexico, (Impco). The Company also foresees enormous potential for the industrial air coolers manufactured by Impco, Mexico.
INDUSTRIAL AIR
COOLERS
Symphony has recently ventured into industrial air cooler category offering cooling solutions for large spaces at a low capital and a negligible operating cost. These cooling solutions are ideal where air conditioning is either not feasible or extremely expensive. The stateof- the-art product provides high efficiency cooling with modular units and is set to change the established tenets of the air cooling market in India. Symphony is currently the only brand in this segment with successful installations in sectors like auto, pharma, textile, etc. and educational institutes, convention halls, showrooms, restaurants, among others. With rising temperatures, costs and energy constraints, industrial air cooling category is set to expand in the years to come.
AIR COOLERS -
OVERSEAS OPERATIONS
On overseas business front in the year 2011-12, the revenues of the Company grew by 6 % from
Rs. 386.000 Millions in 2010-11 to Rs. 409.600 Millions in 2011-12. Presently, the Company exports to about 60 countries, with a huge potential yet to be tapped.
The year witnessed external challenging conditions due to political turmoil and instability in key countries of the Middle East and the North African region, leading to demand contraction coupled with inflationary setbacks. Despite this, the Company’s business continued to sustain and the operating margins of exports improved fairly during the year reflecting the strength of the products and the brand in the overseas markets. External conditions are expected to return to normalcy and the Company can foresee to grow further in the years to come.
IMPCO S. DE. R.L.DE.
C.V, MEXICO
Symphony today is not just a well-known brand in India. The Symphony brand name now has a growing presence in consumers’ minds, in markets within India as well as abroad. Impco S.DE. R.L.DE. C.V. (Impco), Mexico, a step-down subsidiary of the Company in Mexico manufactures and markets a variety of industrial and small coolers. Impco has huge manufacturing facility in Monterrey, North Mexico. It caters to markets in Mexico and the US. Impco enjoys excellent relationships with several leading retail chains and has tie-ups with large format stores like Walmart, Sears, Home Depot, Lowes, Famsa and Costco. Thus Impco has given the Company access to an array of products and technologies for extending its reach and presence in the global arena.
A new global website integrating India, the US and Mexico sites has become operational. The presence of the Company on social media like Facebook, Twitter and LinkedIn has garnered an extensive following. Symphony has truly become global, with a difference.
AWARDS AND
RECOGNITIONS
The Company’s products and performance have been recognised and appreciated across the country and the globe as well. Following are the awards and recognitions received by the Company in the year 2011-12.
a. ICAI Award for
Excellence in Financial Reporting:
The annual report and accounts of the Company for the year ended 30th June 2010 have been adjudged as the winner of an award under the category VII-Manufacturing Sector (Turnover less than Rs. 5000.000 Millions) of the ‘ICAI Awards for Excellence in Financial Reporting’.
b. Star Export House:
The Company has been upgraded as ‘Star Export House’ in place of earlier status of ‘Export House’ w.e.f. December 12, 2011.
c. Recognition by the
Government of India as an R and D centre:]
The Company for its R and D unit at Village Thol, Taluka Kadi, Dist. Mehsana, Gujarat has been recognised by the Government of India (Ministry of Science and Technology) as a research and development centre and is now eligible to avail customs duty exemption vide Government Notification No. 24/2007 – Customs- dated 01.03.2007, central excise duty exemption vide Government Notification No. 16/2007- Central Excise dated 01.03.2007 and also income tax exemption @ 200% of eligible R and D expenses.
d. Certificate of Recognition
by Commercial Tax Department, Rajasthan:
The Commercial Tax Department, Rajasthan has awarded a Certificate of Recognition to the Company for its excellence in statutory compliances.
e. GS Certificate
from Germany:
The Company was awarded the ‘GS Certificate’ from Germany in recognition of compliance to stringent quality requirements for sale of its products in Germany
MANAGEMENT
DISCTHEMSION AND ANALYSIS
Global economy
From a positive beginning in 2011, the global environment turned adverse in the second half owing to the turmoil in the eurozone and monetary imbalance in emerging economies. Notwithstanding the relatively strong activity in the US and Japan, global economic trade and growth slowed. Global GDP grew 3.9% in 2011, lower than 5.3% in 2010. Despite volatility in the global economy, global trade volume (merchandise and services) expanded 6.4% in 2011, which was 100 bps higher than the ten-year average. Capital flows to developing nations declined by half in 2011.
As per the World Economic Outlook, global economic growth is expected to slow to 3.3% in 2012, largely because the eurozone economy is expected to trip into a mild recession in 2012. Growth in emerging and developing economies is expected to average 5.4% - a drop from the 6.2% growth in 2011. Despite this downward revision, developing countries of Asia are projected to grow at 7.5% in 2012. Inflation in the advanced economies is likely to ease to 1.9% in 2012 (2.7% in 2011) and 6.2% in 2012 in emerging economies (7.1% in 2011), reflecting a tempering of commodity prices following subdued economic growth.
Indian economy
Though India’s economic growth declined to 6.5% in 2011-12, its lowest in nine years, the country continued to remain one of the fastest-growing economies. Global factors such as the eurozone crisis, geopolitical disturbances and climatic extremities contributed to the domestic economic slowdown. Domestic factors like monetary tightening and an increase in the repo rate slowed industrial investment and growth.
The rupee lost more than 20% of its value during the year, making it one of the worst performing currencies in Asia, widening India’s trade deficit and impacting its current account deficit. According to Planning Commission estimates, India is expected to grow at about 8% across the Twelfth Five Year Plan, even as inflation continues to be a significant challenge.
Air coolers
An air cooler cools air through evaporation of water. An evaporative cooler produces effective cooling by combining a natural process - water evaporation - with a simple, reliable air-moving system. In this process, fresh external air is pulled through moist pads where it is cooled by evaporation and circulated through a house or building by a large blower. As this happens, the temperature of the outside air is lowered by as much as 300 C.
These are some of the product characteristics of air coolers:
· They are energy-efficient as they consume nearly one-tenth of energy which an air-conditioner consumes.
· Their estimated cost of installation is about half that of a central air conditioner.
· The two mechanical parts in most basic evaporative coolers are the fan motor and water pump, both of which can be repaired at a minimal cost and often by an average ‘mechanically-inclined’ homeowner.
· They require low maintenance as one rarely needs to summon a mechanic for maintenance or troubleshooting as in the case of ACs.
· The refrigerant is water; no special refrigerants (ammonia, sulphur dioxide or CFCs) are used that could be toxic, expensive, ozone depleting, subject to stringent licensing or environmental-regulations.
· They use fresh, clean air making it possible to keep windows open for light and better air circulation.
Air coolers market
Air coolers are environment-friendly. Unlike air conditioners, which release CFC compounds, air coolers do not emit hazardous greenhouse gases responsible for global warming. Besides, air coolers consume only about 5-10% electricity compared to air conditioners. Unlike air conditioners which circulate and recycle stale air, air coolers draw, filter and deliver fresh air.
The Rs. 10000.000 Millions Indian air cooler industry is fragmented across a number of unorganised players with organised brands comprising Kenstar, Usha, Bajaj, Orient Fans, Khaitan and Maharaja. India’s aircooler penetration is a mere 3% corresponding to 2 million units per annum while the size of the expensive air-conditioner market is estimated at 3.2m million units.
Over the years, the markets for air coolers and airconditioners have grown as consumers have graduated to both: from fans to air-coolers and from air-coolers to air conditioners. The prospects for the country’s air-cooler market is reflected in a huge Indian rural and semi-urban under-penetration, now marked by rising temperatures, increasing income levels and superior lifestyle aspirations.
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 30.06.2012 |
As
on 30.06.2011 |
|
SHORT-TERM
BORROWINGS |
|
|
|
Sales Tax Deferment Loan |
0.000 |
1.718 |
|
Total |
0.000 |
1.718 |
|
|
|
|
CONTINGENT
LIABILITIES
Rs. In Millions
|
Particular |
30.06.2012 |
30.06.2011 |
|
Claims against the company not acknowledged as debt. |
1.105 |
1.105 |
|
Demand on account of sales tax assessment raised against the company for various years but the same is not acknowledged as debt hence, not provided for. Appeals are pending. |
225.290 |
225.410 |
|
Income Tax matters not acknowledged as debts. |
7.815 |
-- |
|
Demand under disputed central excise matter, Appeals are being filed. |
35.650 |
24.250 |
|
Estimated amount of contracts remaining to be executed on capital account and not provided for. |
0.454 |
0.000 |
Sales Tax
The Contingent Liability towards sales tax is Rs.225.290 Millions (previous year Rs.225.410 Millions). The amount of Rs.224.657 Millions (out of Rs.225.290 Millions) is demand by Sales Tax department, Gujarat for the years, 1993-94, 1994-95, 1995-96, 1997-98 and 1999-2000. This is on account of Sales Tax department, Gujarat, treating branch transfer and sales outside Gujarat as local sales, for lack of F and C forms. These forms have been completely destroyed alongwith other as they were kept in basement storage, which was flooded during the heavy rains of 20" on July 13, 2000 in Ahmedabad. This demand is despite the company having paid sales tax in respective states on such branch transfers and sales out of Gujarat. The Government of Gujarat has issued a letter dated 18.10.2005 to the Commissioner of Sales Tax to grant relief for destroyed in this instance. Hon'ble Commissioner of Sales Tax has granted administrative relief in the past in cases of such calamities. The matter is now pending before the Appellate authority. As advised by legal counsel, considering the merits of the case, no provision is required to be made in the books of accounts.
The company's VAT/Sales tax assessments in the State of Gujarat are completed up to the year 2007-08. There is no other demand pending for any year in Gujarat state except above
Income Tax
Income- Tax assessments of the Company have been completed up to Assessment Year 2009-10. The Company has filed appeal against the demand of Rs.7.815 Millions raised for Assessment Year 2009-10. Based on the decisions of the Appellate authorities and the interpretations of other relevant provisions, the Company has been legally advised that the demand is likely to be either deleted or substantially reduced and accordingly, no provision has been made.
STATEMENT OF
STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED
DECEMBER 31, 2012
Rs. In Millions
|
|
|
Half Year (Unaudited) |
Quarter Ended (Unaudited) |
|
|
Sr. No. |
Particulars |
31/12/2012 |
31/12/2012 |
30/09/2012 |
|
1 |
Income from operations |
|
|
|
|
|
a. Net sales/income from operations (Net of excise duty) |
1119.800 |
876.700 |
243.100 |
|
|
b. Operating and Other income |
76.400 |
44.500 |
31.900 |
|
|
Total income |
1196.200 |
921.200 |
275.000 |
|
2 |
from operations
(net) Expenses |
|
|
|
|
|
a. Cost of materials consumed and purchase of traded goods |
518.700 |
442.800 |
75.900 |
|
|
b. Changes in inventories of finished goods.work-in-progress and stock-in-trade |
35.700 |
(13.700) |
49.400 |
|
|
c. Employee benefits expenses |
91.600 |
53.700 |
37.900 |
|
|
d. Depreciation and amortisation expense |
7.300 |
3.300 |
4.000 |
|
|
e. Selling and distribution expense |
202.000 |
145.500 |
56.500 |
|
|
f. Other expenses |
67.400 |
46.500 |
20.900 |
|
|
Total expenses |
922.700 |
678.100 |
244.600 |
|
3 |
Profit from
operations before foreign exchange fluctuation, finance costs and exceptional
Items (1-2) |
273.500 |
243.100 |
30.400 |
|
4 |
Foreign Exchange Fluctuation Gain / (Loss) |
(3.300) |
6.000 |
(9.300) |
|
5 |
Profit from
operations before finance costs and exceptional items (3+4) |
270.200 |
249.100 |
21.100 |
|
6 |
Finance costs |
0.800 |
0.200 |
0.600 |
|
7 |
Profit after finance
costs but before exceptional items (5-6) |
269.400 |
248.900 |
20.500 |
|
8 |
Exceptional items |
- |
- |
- |
|
9 |
Profit before tax
(7-8) |
269.400 |
248.900 |
20.500 |
|
10 |
Tax Expenses (Including Deferred Tax) |
81.600 |
81.600 |
- |
|
11 |
Net Profit after
tax (9-10) |
187.800 |
167.300 |
20.500 |
|
12 |
Paid-up Equity Share Capital (Face Value Rs. 2/- per share) |
70.000 |
70.000 |
70.000 |
|
13 |
Reserves excluding Revaluation Reserve as per Balance Sheet of previous accounting year |
-- |
-- |
-- |
|
14 |
Earning Per Share (of Rs.2 /- each) (not annualised) |
|
|
|
|
|
Basic and diluted |
5.37 |
4.78 |
0.59 |
|
|
|
|
|
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
Public shareholding |
|
|
|
|
|
a. Number of shares |
8,744,630 |
8,744,630 |
8,744,630 |
|
|
b. Percentage of shareholding |
25% |
25% |
25% |
|
|
|
|
|
|
|
2 |
Promoters and
Promoters group shareholding |
|
|
|
|
|
a. Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
- |
- |
- |
|
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
- |
- |
- |
|
|
- Percentage of shares (as a % of the total share capital of the company) |
- |
- |
- |
|
|
|
|
|
|
|
|
b. Non-encumbered |
|
|
|
|
|
- Number of shares |
26,233,870 |
26,233,870 |
26,233,870 |
|
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
100% |
100% |
100% |
|
|
- Percentage of shares (as a % of the total share capital of the company) |
75% |
75% |
75% |
|
|
|
|
|
|
|
B |
INVESTOR COMPLAINTS |
|
|
|
|
|
Pending at the beginning of the quarter |
NIL |
|
|
|
|
Received during the quarter |
NIL |
|
|
|
|
Disposed of during the quarter |
NIL |
|
|
|
|
Remaining unresolved at the end of the quarter |
NIL |
|
|
NOTES:
1 The above financial results have been reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on January 22, 2013.
2 The statutory auditors of the company have carried out Limited review of the financial results for the quarter / half year ended on December 31, 2012.
3 As approved in the annual general meeting held on November 30, 2011, the company has subdivided (split) the equity shares each of Rs.10/-, fully paid up into 5 equity shares each of Rs.2/- fully paid up, w.e.f. February 18,2012. Hence, the basic and diluted EPS and number of shares disclosed above are computed for the current period and recomputed for the previous periods based on the revised face value of Rs.2/- each.
4 Previous period figures have been rearranged / regrouped wherever necessary to make them comparable with the figures of the current period.
SEGMENTWISE REVENUE
AND RESULTS
Rs. In Millions
|
Particular |
Half Year Ended (Unaudited) |
Quarter Ended (Unaudited) |
|
|
Particulars |
31/12/2012 |
31/12/2012 |
30/09/2012 |
|
1 Segment Revenue |
|
|
|
|
a. Domestic |
1056.200 |
849.700 |
206.500 |
|
b. Exports |
63.600 |
27.000 |
36.600 |
|
Net Sales / Income
from Operations |
1119.800 |
876.7000 |
243.100 |
|
|
|
|
|
|
2 Segment Profit |
|
|
|
|
a. Domestic |
179.500 |
1,65.100 |
14.400 |
|
b. Exports |
8.400 |
2.300 |
6.100 |
|
Total Profit |
187.800 |
167.300 |
20.500 |
NOTES:
1 The company is operating in one segment i.e. home appliances. Therefore, reporting on primary segment is not considered. Secondary segment i.e. geographical segment is provided for the quarter and half year ended on December 31, 2012.
2 Segment profit for the quarter and half year ended on December 31, 2012 includes foreign exchange fluctuation gain amounting to Rs. 0.331 Million and Rs.0.737 Million respectively on export receivables (the corresponding quarter and the half year ended December 31, 2011 Rs.(2.206 Millions) and Rs.2.088 Millions respectively).
3 Segment Capital Employed: Fixed assets used in the company's business or liabilities contracted have not been identified with any of the reportable segments, as the fixed assets and services are used interchangeably between segments. The company believes that it is currently not practical to provide segment disclosures relating to capital employed.
STANDALONE STATEMENT
OF ASSETS AND LIABILITIES
Rs. In Millions
|
|
As At |
|
|
|
Particulars |
31/12/2012 |
|
|
|
(Unaudited) |
|
A |
EQUITY AND
LIABILITIES |
|
|
1 |
Shareholders' funds |
|
|
|
(a) Share Capital |
70.000 |
|
|
(b) Reserves and surplus |
1627.700 |
|
|
Sub-total - Shareholders'
funds |
1697.700 |
|
|
|
|
|
2 |
Non- current
liabilities |
|
|
|
(a) Deferred tax liabilities (Net) |
5.800 |
|
|
(b) Other Long term liablities |
4.400 |
|
|
(c) Long-term provisions |
14.500 |
|
|
Sub-total -
Non-current liabilities |
24.700 |
|
|
|
|
|
3 |
Current liabilities |
|
|
|
(a) Short-term borrowings |
- |
|
|
(b) Trade payables |
77.500 |
|
|
(c) Other current liablities (Including |
390.400 |
|
|
advance received from customers) |
|
|
|
(d) Short-term provisions |
0.000 |
|
|
Sub-total - Current
liabilities |
467.900 |
|
|
TOTAL - EQUITY AND
LIABILITIES |
2190.300 |
|
|
|
|
|
B |
ASSETS |
|
|
1 |
Non- current assets |
|
|
|
(a) Fixed assets |
299.400 |
|
|
(b) Non-current investments |
116.800 |
|
|
(c) Long-term loans and advances |
184.900 |
|
|
(d) Other non-current assets |
8.300 |
|
|
Sub-total -
Non-current assets |
609.400 |
|
|
|
|
|
2 |
Current assets |
|
|
|
(a) Current investments |
765.100 |
|
|
(b) Inventories |
101.900 |
|
|
(c) Trade receivables |
20.200 |
|
|
(d) Cash and cash equivalents |
409.900 |
|
|
(e) Short-term loans and advacnes |
262.700 |
|
|
(f) Other current assets |
21.100 |
|
|
Sub-total - Current
assets |
1580.900 |
|
|
TOTAL ASSETS |
2190.300 |
FIXED ASSETS
· Buildings
· Plant and Machinery
· Furniture and Fixtures
· Vehicles
· Office Equipments
· Computers
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.54.44 |
|
|
1 |
Rs.83.78 |
|
Euro |
1 |
Rs.71.33 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
UDS / NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
55 |
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.