MIRA
INFORM REPORT
|
Report Date : |
24.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
HINDUSTHAN NATIONAL GLASS AND
INDUSTRIES LIMITED |
|
|
|
|
Formerly Known
As : |
HINDUSTAN NATIONAL GLASS
MANUFACTURING COMPANY LIMITED |
|
|
|
|
Registered
Office : |
2, Red Cross Place, Kolkata – 700 001, West Bengal |
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|
Country : |
India |
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|
Financials (as
on) : |
31.03.2012 |
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|
|
|
Date of
Incorporation : |
23.02.1946 |
|
|
|
|
Com. Reg. No.: |
21-013294 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.174.677
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L26109WB1946PLC013294 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CALH01957E |
|
|
|
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PAN No.: [Permanent Account No.] |
AAACH7557G |
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|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are
Listed on the Stock Exchanges. |
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|
Line of Business
: |
Manufacturer and Selling of Container Glass. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (58) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Maximum Credit Limit : |
USD 46000000 |
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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 and a reputed company having fine track
record. Financial position of the company appears to be sound. Fundamentals
are strong and healthy. Trade relations are reported as fair. Business is
active. Payments are reported to be regular and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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
We are living in a world
where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and the
US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities: BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
March, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities: A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk.
|
|
Date |
March, 2013 |
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/ Corporate Office : |
2, Red Cross Place, Kolkata – 700 001, West Bengal, India |
|
Tel. No.: |
91-33-22482341/ 42/ 43/ 44/ 22543100 |
|
Fax No.: |
91-33-22482367/ 22543130 |
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E-Mail : |
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|
Website : |
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|
Area : |
28000 sq. ft. |
|
Location : |
Leased |
|
|
|
|
Factory 1 : |
Bahadurgarh, District Jhajjar –
124 507, Haryana, India |
|
Tel. No.: |
91-1276-211807/ 802/ 803/ 804/ 805/ 806/ 807/ 808 |
|
Fax No.: |
91-1276-211810/ 214163 |
|
E-Mail : |
|
|
Area : |
45000 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory 2 : |
2, Panchu Gopal Bhaduri Sarani, Rishra, District Hooghly – 712 248,
West Bengal, India |
|
Tel. No.: |
91-33-26726801/ 6802/ 6803/ 6804 |
|
Fax No.: |
91-33-26726807 |
|
E-Mail : |
|
|
Area : |
40000 sq. ft. |
|
Location : |
Owned |
|
|
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|
Factory 3 : |
14, RIICO Industrial Area, Neemrana, District Alwar – 301 705,
Rajasthan, India |
|
Tel. No.: |
91-1494-246712/ 513935 |
|
Fax No.: |
91-1494-246713 |
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|
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Factory 4 : |
P.O. Virbhadra, Rishikesh, District Dehradun – 249 201, Uttarakhand,
India |
|
Tel. No.: |
91-135-2470700 |
|
Fax No.: |
91-135-2470777 |
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|
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|
Factory 5 : |
Thonadamantham Village, Vezhudavoor S.O., Puducherry – 605 502, India |
|
Tel. No.: |
91-413-2677319 |
|
Fax No.: |
91-413-2677366 / 2677666 |
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|
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|
Factory 6 : |
Nashik Glass Work, F1, MIDC, Malegaon, District, Sinnar,
Nashik-422113, Maharashtra, India |
|
Tel. No.: |
91-25511-228900 |
|
Fax No.: |
91-25511-228999 |
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Marketing and Sales Offices : |
Located at: ·
Jhajjar ·
Kolkata ·
Bangalore ·
Chennai ·
Mumbai ·
Hyderabad |
DIRECTORS
AS ON: 31.03.2012
|
Name : |
Mr. Chandra Kumar Somany |
|
Designation : |
Chairman |
|
Address : |
2, Ironside Road, Kolkata - 700 019, West Bengal, India |
|
Date of Birth/Age : |
1933 |
|
Qualification : |
I. Sc., FBIM (London) |
|
Other Directorships : |
·
Glass Equipment (India) Limited ·
Hasow Automation Limited ·
Sportlight Vanijya Limited ·
Topaz Commerce Limited ·
The West Coast Paper Mills Limited ·
Ceramic Colours and Containers Limited ·
R. B. Rodda and Company Limited |
|
|
|
|
Name : |
Mr. Sanjay Somany |
|
Designation : |
Vice Chairman and Managing Director |
|
Address : |
W-22, Greater Kailash, New Delhi – 110 048, India |
|
Date of Birth/Age : |
1958 |
|
Qualification : |
B.Com., Diploma in Diesel Engineering |
|
Other Directorships : |
·
Glass Equipment (India) Limited ·
Hasow Automation Private Limited ·
Sportlight Vanijya Limited ·
Topaz Commerce Limited |
|
|
|
|
Name : |
Mr. Mukul Somany |
|
Designation : |
Vice Chairman and Managing Director |
|
Address : |
2, Ironside Road, Kolkata – 700 019, West Bengal, India |
|
Qualification : |
B. Com. (Hons) |
|
|
|
|
Name : |
Mr. Dipankar Chatterji |
|
Designation : |
Director |
|
Address : |
2/1, Nazar Ali Lane, Kolkata – 700 019, West Bengal, India |
|
Qualification : |
FCA |
|
|
|
|
Name : |
Mr. Kishore Bhimani |
|
Designation : |
Director |
|
Address : |
12/4, Sunny Park Apartments, 6, Sunny Park, Kolkata – 700 029, West
Bengal, India |
|
Qualification : |
B. A. (Hons in Economics) |
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|
|
|
Name : |
Mr. Ratna Kumar Daga |
|
Designation : |
Director |
|
Address : |
8, South End Park, Kolkata – 700 029, West Bengal, India |
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Qualification : |
B. Com., BIM Graduate (England). (Hons) |
|
|
|
|
Name : |
Mr. Sujit Bhattacharya |
|
Designation : |
Director |
|
Address : |
52-C, Ballygunge Circular Road, Kolkata – 700 019, West Bengal, India |
|
Qualification : |
FCA |
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|
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|
Name : |
Mr. Venkatesan Sridar |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Rakesh Kumar Sharma |
|
Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Laxmi Narayan Mandhana |
|
Designation : |
Senior Vice President, Chief Financial Officer and Company Secretary |
|
|
|
|
Name : |
Mr. Jagdish Prasad Kasera |
|
Designation : |
Senior President |
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|
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|
Name : |
Mr. Animesh Banerjee |
|
Designation : |
President |
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|
Name : |
Mr. Ratan Lal Khandelia |
|
Designation : |
President |
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|
Name : |
R.S.P. Gupta |
|
Designation : |
Senior Vice President – Project |
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|
Name : |
Mr. Vinay Saran |
|
Designation : |
Senior Vice President – Marketing
|
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|
Name : |
Mr. Ajay Kumar Rai |
|
Designation : |
Vice President – Strategy Management Cell |
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|
Name : |
B.S. Chamarthy |
|
Designation : |
Vice President – Power |
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|
Name : |
Mr. Bimal Kumar Garodia |
|
Designation : |
Vice President – Finance |
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|
Name : |
Mr. Bishnu Kumar Kedia |
|
Designation : |
Vice President – Purchase |
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|
Name : |
C.S.K. Mehta |
|
Designation : |
Vice President |
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|
Name : |
Mr. Devdutta Hoare |
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Designation : |
Vice President – Exports |
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|
Name : |
K.K. Sharma |
|
Designation : |
Vice President |
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|
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|
Name : |
Mr. K.S. Shetty |
|
Designation : |
Vice President |
|
|
|
|
Name : |
Mr. Rajesh Bhalotia |
|
Designation : |
Vice President – CIS |
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|
Name : |
Mr. Raman Kr. Poddar |
|
Designation : |
Vice President – Operations |
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|
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|
Name : |
Mr. Sanjay Jain |
|
Designation : |
Vice President – Marketing |
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|
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|
Name : |
Mr. Shiv Raj Bansal |
|
Designation : |
Vice President – Commercial |
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|
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|
Name : |
Mr. Somnath Sengupta |
|
Designation : |
Vice President – Management Audit |
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|
|
|
Name : |
V.K. Chitturi |
|
Designation : |
Vice President |
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|
|
|
Name : |
D.D. Taparia |
|
Designation : |
AVP – Commercial |
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|
|
|
Name : |
D.L. Mudi |
|
Designation : |
AVP – Ceramics |
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|
|
|
Name : |
K.K. Kabra |
|
Designation : |
AVP – Production |
|
|
|
|
Name : |
Mr. Mukesh Kr. Agarwal |
|
Designation : |
AVP – Production |
|
|
|
|
Name : |
N. Ghosh |
|
Designation : |
AVP – HR |
|
|
|
|
Name : |
Mr. Pawan Kr. Sharma |
|
Designation : |
AVP – Tech Centre |
|
|
|
|
Name : |
Mr. Shailendra Mishra |
|
Designation : |
AVP – Marketing |
|
|
|
|
Name : |
Shibu Zachariah Thomas |
|
Designation : |
AVP – Operations |
|
|
|
|
Name : |
Mr. Somnath Basu |
|
Designation : |
AVP – Marketing |
|
|
|
|
Name : |
V. Ramanan |
|
Designation : |
AVP – Tech Centre |
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|
|
|
Name : |
V. Sreeram |
|
Designation : |
AVP – Marketing |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 30.06.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding
of promoters and Promoter Group |
|
|
|
1. Indian |
|
|
|
Individuals / Hindu Undivided Family |
14668285 |
1679 |
|
Bodies Corporate |
46455555 |
53.19 |
|
Sub Total |
61123840 |
69.98 |
|
|
|
|
|
Total shareholding of
Promoter and Promoter Group (A) |
61123840 |
69.98 |
|
(B) Public
Shareholding |
|
|
|
1. Institutions |
|
|
|
Insurance Companies |
72382 |
0.08 |
|
Foreign Institutional Investors |
6348025 |
7.27 |
|
Sub Total |
6420407 |
7.35 |
|
2. Non
Institutions |
|
|
|
Bodies Corporate |
2789568 |
3.19 |
|
Individuals |
|
|
|
Individual shareholders holding nominal share capital up to Rs. 0.100
million |
1780170 |
2.04 |
|
Individual shareholders holding nominal share capital in excess of Rs.
0.100 million |
14696600 |
16.83 |
|
Any Others
(Specify) |
527980 |
0.60 |
|
Non Resident Indians |
525913 |
0.60 |
|
Clearing Members |
2067 |
0.00 |
|
Sub Total |
19794318 |
22.66 |
|
Total Public
shareholding (B) |
26214725 |
30.02 |
|
Total (A)+(B) |
87338565 |
100.00 |
|
Shares
held by custodians and against which depository receipts have been
issued |
-- |
-- |
|
Total |
87338565 |
100.00 |
(2)
ForeignBUSINESS DETAILS
|
Line of Business : |
Manufacturer and Selling of Container Glass. |
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Products : |
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GENERAL INFORMATION
|
Customers : |
·
Nestle ·
Dabur ·
Coca Cola ·
Unilever ·
Lupin Pharmaceuticals Inc. ·
Heinz ·
Diageo ·
Pepsi ·
Amul ·
Zandu ·
GSK ·
Bajaj ·
Bacardi ·
United Spirits ·
Novartis ·
USV ·
ITC Limited ·
Phzer ·
Camlin ·
Kores ·
Wockhardt ·
Pernod Richard ·
SAB Miller ·
Alembic ·
Ranbaxy Laboratories Limited |
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No. of Employees : |
Not Available |
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Bankers : |
·
Axis Bank Limited ·
Bank of Baroda ·
Cooperative Centrale Raiffeisen-Boerenleenbank
B.A. (Trading as Rabobank International) ·
DBS Bank Limited
·
Export Import Bank of India ·
HDFC Bank Limited ·
State Bank of India ·
The Hongkong and Shanghai Banking Corporation
Limited |
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Facilities : |
(Rs.
in Millions)
(Rs.
in Millions)
(Rs.
in Millions)
Term Loan from Banks and Financial Institutions are secured by first charge ranking pari-passu on all immovable properties by way of equitable mortgage and hypothecation of all moveable properties both present and future of the Company and second charge ranking pari-passu on entire current assets of the Company, both present and future, save and except specific assets exclusively hypothecated in favour of respective lenders. Rupee Term Loan from others are secured by pledge of Equity Share held by HNG and ACE Trust. Vehicle Finance Loans are secured against fixed assets
obtained under finance lease arrangements. |
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Banking
Relations : |
-- |
|
|
|
|
Financial Institutions : |
·
Life Insurance Corporation of India ·
General Insurance Corporation of India |
|
|
|
|
Auditors : |
|
|
Name : |
Lodha and Company Chartered Accountants |
|
Address : |
14, |
|
Tel. No.: |
91-33-22481111/ 1507 |
|
Fax No.: |
91-33-22482956 |
|
E-Mail : |
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Associates : |
· HNG Float Glass Limited (HNGFL) |
|
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|
Subsidiaries : |
· Glass Equipment (India) Limited (GEIL) · Quality Minerals Limited (QML) · HNG Global GmbH (HNGGG) |
|
|
|
|
Enterprises over
which any person described in [C (i) to (iv)] above is able to exercise
significant influence and with whom the Company has transactions during the
year. |
· AMCL Machinery Limited (AMCL) · Brabourne Commerce Private Limited (BCPL) · Mould Equipment Limited (MEL) · Rungamatte Trexim Private Limited (RTPL) · Somany Foam Limited (SFL) · Spotlight Vanijya Limited (SVL) |
CAPITAL STRUCTURE
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2557500000 |
Equity Shares |
Rs.2/- each |
Rs.5115.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
87338565 |
Equity Shares |
Rs.2/- each |
Rs.174.677
millions |
|
|
|
|
|
Reconciliation
of the shares outstanding at the beginning and at the end of the reporting
period:
|
Particulars
|
As at 31st March, 2012 |
|
|
No. of Shares |
Amount (Rs. in
millions) |
|
|
Number of shares outstanding at the beginning of the year |
87338565 |
1746.77 |
|
Add: Shares issued during the year |
-- |
-- |
|
Less: Shares bought back during the year |
-- |
-- |
|
Number of shares outstanding
at the end of the year |
87338565 |
1746.77 |
Details of the Shareholders holding more than 5% shares along with number of shares held
|
Name of
Shareholders |
Number of Shares
held March 31, 2012 |
|
Brabourne Commerce Private Limited * |
21414485 |
|
Ceramic Decorators Limited * |
-- |
|
Dilip S Damle (Trustee HNG and ACE Trust) |
14641600 |
|
Ironwood Investment Holdings |
6348025 |
|
Noble Enclave and Towers Private Limited # |
-- |
|
Topaz Commerce Limited # |
-- |
|
Spotlight Vanijya Limited # |
16199975 |
|
Rungamattee Trexim Private Limited |
4420550 |
|
Spotme Tracon Private Limited |
4420545 |
* Ceramic Decorators Limited have been merged with Brabourne Commerce Limited with effect from April 1, 2010 as per Scheme of Arrangement duly passed by Hon’ble High Court of Calcutta vide its order dated August 9, 2011.
# Noble Enclave and Towers Private Limited and Topaz Commerce Limited have been merged with Spotlight Vanijya Limited with effect from April 1, 2010 as per Scheme of Arrangement duly passed by Hon’ble High Court of Calcutta vide its order dated December 20, 2011.
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
174.677 |
174.677 |
|
(b) Reserves & Surplus |
|
11402.497 |
11486.818 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
11577.174 |
11661.495 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
16024.529 |
3730.277 |
|
(b) Deferred tax liabilities (Net) |
|
953.828 |
711.836 |
|
(c) Other long
term liabilities |
|
256.656 |
143.483 |
|
(d) Long-term
provisions |
|
72.228 |
136.366 |
|
Total Non-current
Liabilities (3) |
|
17307.241 |
4721.962 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
3854.282 |
2125.176 |
|
(b)
Trade payables |
|
1428.544 |
1016.650 |
|
(c)
Other current liabilities |
|
3215.238 |
1175.670 |
|
(d) Short-term
provisions |
|
1047.090 |
770.506 |
|
Total Current
Liabilities (4) |
|
9545.154 |
5088.002 |
|
|
|
|
|
|
TOTAL |
|
38429.569 |
21471.459 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
13871.521 |
11533.714 |
|
(ii)
Intangible Assets |
|
59.608 |
33.529 |
|
(iii)
Capital work-in-progress |
|
11569.764 |
1638.582 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
1808.973 |
1775.398 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
2305.988 |
864.589 |
|
(e) Other Non-current
assets |
|
13.034 |
1.523 |
|
Total Non-Current
Assets |
|
29628.888 |
15847.335 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
3011.406 |
2042.674 |
|
(c)
Trade receivables |
|
3430.014 |
2465.776 |
|
(d) Cash
and cash equivalents |
|
105.811 |
56.913 |
|
(e)
Short-term loans and advances |
|
2236.719 |
1038.211 |
|
(f)
Other current assets |
|
16.731 |
20.550 |
|
Total
Current Assets |
|
8800.681 |
5624.124 |
|
|
|
|
|
|
TOTAL |
|
38429.569 |
21471.459 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
174.677 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
10253.037 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
10427.714 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
5486.168 |
|
|
2] Unsecured Loans |
|
|
171.065 |
|
|
TOTAL BORROWING |
|
|
5657.233 |
|
|
DEFERRED TAX LIABILITIES |
|
|
696.955 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
16781.902 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
11162.834 |
|
|
Capital work-in-progress |
|
|
274.677 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
1470.694 |
|
|
DEFERRED TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
2099.456
|
|
|
Sundry Debtors |
|
|
2200.971
|
|
|
Cash & Bank Balances |
|
|
46.989
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
2256.060
|
|
Total
Current Assets |
|
|
6603.476 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
1524.935
|
|
|
Other Current Liabilities |
|
|
231.211
|
|
|
Provisions |
|
|
973.633
|
|
Total
Current Liabilities |
|
|
2729.779 |
|
|
Net Current Assets |
|
|
3873.697
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
16781.902 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations (Net) |
18888.537 |
15522.259 |
13599.035 |
|
|
|
Other Income |
58.902 |
81.167 |
345.499 |
|
|
|
TOTAL (A) |
18947.439 |
15603.426 |
13944.534 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
5111.559 |
|
|
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(609.794) |
88.435 |
|
|
|
|
Employee Benefit Expenses |
1347.729 |
1064.981 |
|
|
|
|
Other Expenses |
10058.971 |
7632.659 |
|
|
|
|
TOTAL (B) |
15908.465 |
12900.567 |
10781.194 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3038.974 |
2702.859 |
3163.340 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
923.273 |
508.318 |
471.724 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2115.701 |
2194.541 |
2691.616 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1165.230 |
996.659 |
861.163 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
950.471 |
1197.882 |
1830.453 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
41.864 |
333.657 |
278.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
908.607 |
864.225 |
1551.953 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
596.143 |
359.017 |
257.480 |
|
|
Add |
Net Profit after
Tax transferred from Statement of Profit and Loss |
908.607 |
864.225 |
0.000 |
|
|
Add |
Transfer from
Debenture Redemption Reserve |
250.000 |
0.000 |
0.000 |
|
|
Add |
Provision for
Proposed Dividend |
25.525 |
24.733 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
100.000 |
500.000 |
1111.475 |
|
|
|
Debenture Redemption Reserve |
0.000 |
0.000 |
187.500 |
|
|
|
Proposed Dividend on Equity Shares |
131.008 |
131.008 |
131.008 |
|
|
|
Tax on Dividend |
20.610 |
20.824 |
20.433 |
|
|
BALANCE CARRIED
TO THE B/S |
1528.657 |
596.143 |
359.017 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports |
524.323 |
337.510 |
503.026 |
|
|
TOTAL EARNINGS |
524.323 |
337.510 |
503.026 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1169.572 |
852.083 |
497.339 |
|
|
|
Components, Spare Parts and Stores etc. |
339.819 |
637.404 |
379.388 |
|
|
|
Capital Goods (including CWIP) |
5454.223 |
439.497 |
666.003 |
|
|
TOTAL IMPORTS |
6963.614 |
1928.984 |
1542.730 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
10.40 |
9.90 |
17.77 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 1st
Quarter |
30.09.2012 2nd
Quarter |
31.12.2012 3rd
Quarter |
31.03.2013 4th
Quarter |
|
Audited / Unaudited |
Unaudited |
Unaudited |
Unaudited |
Unaudited |
|
Net Sales |
3884.100 |
4567.700 |
4998.200 |
5080.500 |
|
Total Expenditure |
3432.600 |
4299.500 |
4903.700 |
4594.200 |
|
PBIDT (Excl OI) |
451.500 |
268.200 |
94.500 |
486.300 |
|
Other Income |
45.500 |
(2.700) |
9.900 |
769.500 |
|
Operating Profit |
497.000 |
265.500 |
104.400 |
1255.800 |
|
Interest |
437.500 |
653.000 |
645.200 |
637.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
59.500 |
(387.500) |
(540.800) |
618.800 |
|
Depreciation |
444.500 |
607.200 |
618.200 |
612.500 |
|
Profit Before Tax |
(385.000) |
(994.700) |
(1159.000) |
6.300 |
|
Tax |
(100.100) |
(329.200) |
(314.600) |
(76.600) |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
(284.900) |
(665.500) |
(844.400) |
82.900 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
(284.900) |
(665.500) |
(844.400) |
82.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
4.80
|
5.53 |
11.13
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.03
|
7.71 |
13.46
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.80
|
6.63 |
10.30
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.10 |
0.18
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.71
|
0.50 |
0.54
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.92
|
1.11 |
2.42
|
CASH FLOW
STATEMENT
|
Particulars |
As on 31.03.2012 |
As on 31.03.2011 |
|
Cash Flow from Operating Activities |
|
|
|
Profit Before Tax |
950.471 |
1197.882 |
|
Non-cash adjustments
to reconcile profit before tax to net cash flows |
|
|
|
Depreciation/Amortisation |
1165.230 |
996.659 |
|
Loss/(Profit) on sale/discard of Fixed Assets |
49.297 |
132.955 |
|
Bad Debts and Provision for Doubtful Debts |
(0.052) |
5.545 |
|
Provision for Loss on Derivative Transactions |
44.749 |
47.022 |
|
Interest Income |
(10.931) |
(28.237) |
|
Dividend Income on Long-term Investments |
(2.699) |
(5.339) |
|
Net Loss/(Gain) on sale of Current Investments |
(1.704) |
(19.306) |
|
Interest Expenses |
923.273 |
508.318 |
|
Liability no longer required written back |
(19.666) |
(9.307) |
|
Operating Profit
before working capital changes |
3097.963 |
2826.192 |
|
Movement in working
capital : |
|
|
|
increase/(Decrease) in Trade Payables |
431.560 |
(453.945) |
|
increase/(Decrease) in Long-term Provisions |
(64.138) |
112.022 |
|
increase/(Decrease) in Short-term Provisions |
48.064 |
(115.251) |
|
increase/(Decrease) in Other Long-term Liabilities |
113.173 |
143.483 |
|
increase/(Decrease) in Other Current Liabilities |
207.464 |
523.733 |
|
Decrease/( increase in Trade Receivables |
(964.186) |
(380.871) |
|
Decrease/( increase) in Inventories |
(968.732) |
64.531 |
|
Decrease/( increase) in Long-term Loans and Advances |
(397.081) |
58.082 |
|
Decrease/( increase) in Short-term Loans and Advances |
(1031.744) |
651.892 |
|
Decrease/( increase) in Other Non-current Assets |
(0.278) |
-- |
|
Decrease/( increase) in Other Current Assets |
4.098 |
(11.843) |
|
Decrease/( increase) in Bank Deposits with maturity more than 3 months and less than 12 months |
(0.722) |
-- |
|
Cash generated
from/(used in) operations |
575.438 |
3418.023 |
|
Direct Taxes paid (net of refunds) |
(24.559) |
(381.960) |
|
Net Cash Flow from/(used
in) Operating Activities (A) |
550.879 |
3036.063 |
|
Cash Flow from
Investing Activities |
|
|
|
Purchase of Fixed Assets, including Intangible Assets, CWIP and Capital Advances |
(12642.708) |
(3408.063) |
|
Proceeds from sale of Fixed Assets |
4.804 |
23.842 |
|
Proceeds of Non-current Investment |
0.544 |
559.500 |
|
Purchase of Non-current Investment |
(648.360) |
(379.909) |
|
Share Application Money paid |
(318.000) |
-- |
|
Proceeds from sale/maturity of Current Investments |
1.704 |
94.306 |
|
Interest Received |
12.176 |
63.873 |
|
Dividend received from subsidiary company |
2.640 |
5.280 |
|
Dividend received from others |
0.059 |
0.059 |
|
Net Cash Flow
from/(used in) Investing Activities (B) |
(13587.139) |
(3041.112) |
|
Cash Flow from Financing
Activities |
|
|
|
Proceeds from Long-term Borrowings |
13097.099 |
1154.943 |
|
Repayment of Long-term Borrowings |
(802.495) |
(936.254) |
|
Proceeds from Short-term Borrowings |
1729.106 |
433.914 |
|
Interest Paid |
(812.990) |
(502.994) |
|
Dividend paid on Equity Shares including Dividend Distribution Tax |
(126.284) |
(127.079) |
|
Net Cash Flow
from/(used in) Financing Activities (C) |
13084.436 |
22.530 |
|
Net
increase/decrease) in Cash and Cash Equivalents (A+B + C) |
48.176 |
17.480 |
|
Cash and Cash Equivalents at the beginning of the year |
56.913 |
39.433 |
|
Cash and Cash
Equivalents at the end of the year |
105.089 |
56.913 |
|
Components of Cash
and Cash Equivalents |
|
|
|
Balances with
banks: |
|
|
|
In Current Accounts |
18.672 |
19.234 |
|
In Cash Credit Accounts |
84.083 |
29.327 |
|
In Unpaid Dividend Accounts |
0.180 |
0.156 |
|
Cheques in hand |
-- |
6.097 |
|
Cash in hand |
2.154 |
2.099 |
|
Total Cash and Cash
Equivalents |
105.089 |
56.913 |
TRADE RECEIVABLES
|
UNSECURED |
As on 31.03.2012 |
As on
31.03.20112 |
|
Trade Receivables outstanding for a period exceeding six months from the date they are due for payment |
|
|
|
Considered Good |
70.024 |
112.177 |
|
Considered Doubtful |
44.955 |
74.909 |
|
Less: Provision for Doubtful Debts |
(44.955) |
(74.909) |
|
|
70.024 |
112.177 |
|
|
|
|
|
Others |
|
|
|
Considered Good |
3359.990 |
2465.776 |
|
|
3359.990 |
2465.776 |
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 |
Yes |
|
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 |
Yes |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
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 |
Yes |
UNSECURED LOAN
(Rs.
in Millions)
|
Particulars |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
Long Term
Borrowings |
|
|
|
Sales
Tax Deferrment Loan |
160.592 |
161.055 |
|
|
|
|
|
Total
|
160.592 |
161.055 |
BOARD OF DIRECTOR
SHRI CHANDRA KUMAR
SOMANY, CHAIRMAN
Shri Chandra Kumar Somany, 79, is the Chairman of the Company. A renowned technocrat having in-depth experience in glass technology, Shri Somany has been the driving force behind the Company’s performance over the years. At HNG, he plays a key role in forming and proving policy guidelines for the management and administration of the Company. He holds F.B.I.M (London) degree and a degree in Glass Plant Instrumentation from Honeywell Brown, Minneapolis, U.S.A. He had held reputed positions in his long and illustrious association with the Indian glass industry, such as the President of the All India Glass Manufacturers’ Association, Bengal Glass Manufacturers’ Association and several other commercial and non-commercial organizations. He has also served as the Chairman of the Development Panel for Glass Industry formed by the Government of India, Ministry of Industry during 1995-1997. Shri Somany is associated with various charitable and philanthropic organizations and also oversees the human initiatives at HNG. He was inducted into the Board in 1970 and subsequently took over as Executive Director of the Company and thereafter as Managing Director, a post held by him up to September 2000. At present he is also the Member of Special Committee in HNG.
SHRI SANJAY SOMANY
Shri Sanjay Somany, 54, is the Vice Chairman and Managing Director of the Company and Ex-Managing Director of Glass Equipment (India) Limited, a subsidiary of HNG. Having gained more than three decades’ of experience in Glass industry, Shri Somany has led the evolution of HNG to the forefronts of technological excellence. He presently oversees the operations and management of the Company. A Commerce Graduate, Shri Somany, also holds a diploma in diesel engineering. Previously, he has also held a host of notable positions in Industry bodies, such as the President of All India Glass Manufacturers’ Federation. At HNG, Shri Somany is member in Treasury Management Committee, Shareholders/ Investors’ Grievance Committee and Special Committee.
SHRI MUKUL SOMANY
Shri Mukul Somany, 47 years, is the Vice Chairman and Managing Director of the Company. A second-generation entrepreneur, he holds more than 25 years of experience in the glass industry. At HNG, he has been the driving force behind Company’s acquisitions, marketing and branding strategies over the years. He also oversees the administration function in the Company. He holds a Bachelors of Commerce (Hons.) degree. In the past he had held reputed posts in the Industry federations, notably being the President of All India Glass Manufacturer’s Federation (AIGMF), Executive Committee Member of Eastern Region Confederation of Indian Industry (CII) and Member of CII National Council. He was the Ex-Chairman, Eastern Region of CII and also a Member of the Bengal Rowing Club. At HNG, Shri Somany is member in Treasury Management Committee, Shareholders/Investors’ Grievance Committee and Special Committee.
SHRI DIPANKAR
CHATTERJI
Shri Dipankar Chatterji, 64, is an Independent Director of the Company. He is a Chartered Accountant and the senior partner of the firm L. B. Jha and Company Chartered Accountants. He is also Former Chairman of the Confederation of Indian Industry (CIIeastern region) and is currently a Member of the National Council of CII. He was Member of the Central Council of the Institute of Chartered Accountants of India and the Chairman of the Audit Practices Committee of the institute. He was appointed as member of the Padmanabhan Committee (set up to review Reserve Bank of India’s supervision over banks) and the committee set up to advice on NABARD’s supervisory role over RRBs and cooperative banks, and other committees and task forces. Former President of Indo American Chamber of Commerce (Eastern region). . At HNG, Shri Chatterji is member in Audit Committee, Shareholders/Investors’ Grievance Committee, Treasury Management Committee, Special Committee and Remuneration Committee.
SHRI KISHORE BHIMANI
Shri Kishore Bhimani, 73, an illustrated journalist, is an Independent Director of the Company. He is associated with The Statesman as Senior Assistant Editor and has written exhaustively on sports, finance and the financial markets. Besides, he has also anchored various programmes on TV channels in India and abroad on cricket, foreign affairs and economics. A Graduate from the St. Xavier’s College, Kolkata, Shri Bhimani also holds a B.Sc. (Econ) degree from the London School of Economics. He has also authored several books including the one on the Swedish collaboration of industries in India. Besides, Shri Bhimani is also connected with a number of NGOs dealing with environment and social causes. At HNG, he is Chairman of the Company’s Remuneration Committee and Shareholders/Investors’ Grievance Committee.
SHRI RATNA KUMAR DAGA
Shri Ratna Kumar Data, 71, is an Independent Director of the Company. He has vast experience in the field of engineering and finance. During his tenure as Chairman of Indian Institute of Materials Management, Kolkata, the professional body made significant strides in its activities. Calcutta Junior Chamber was adjudged the best unit in India under his Presidentship. He then headed a three-member team to Sri Lanka to conduct leadership development courses. As a President of Federation of Small and Medium Industries (FOSMI), he led a business delegation comprising a 15-member team to Singapore, Malaysia and Hong Kong. He holds a Post Graduate degree in Business Management from the UK. He is the Honorary Secretary of Satyanand Yoga Kendra (Kolkata branch) of Bihar School of Yoga. At HNG, Shri Daga is member in Audit Committee, Shareholders/Investors’ Grievance Committee and Remuneration Committee.
SHRI SUJIT BHATTACHARYA
Shri Sujit Bhattacharya, 69, is an Independent Director of the Company. He is also a Fellow Member of the Institute of Chartered Accountants in England and Wales and of the Institute of Chartered Accountants of India. Prior to joining the Company’s Board, he was Senior Partner of Lovelock and Lewes, Chartered Accountants. He had served as an independent director on the board of several companies including as Special Director nominated by the Board for Industrial and Financial Reconstruction, Government of India. His professional experience includes association in an advisory capacity in the fields of Accounting and Auditing Standards, Corporate Governance, Investigations, Business Valuation and Taxation with several leading national and multinational corporations engaged in diversified manufacturing and service activities. At HNG, Shri Bhattacharya is a member of Audit Committee.
SHRI VENKATESAN
SRIDAR
Shri Venkatesan Sridar, 64, is an independent Director of the Company. He is a Chartered Accountant with 36 years of experience in the field of banking and finance. He is the Ex- Chairman and Managing Director of UCO Bank, Kolkata and National Housing Bank, New Delhi. He was also a member of the Chalapathi Rao Committee and Muniappan Committee appointed by the Reserve Bank of India to suggest ways to improve the working of Regional Rural Banks and NBFCs/Financial Institutions respectively. He presented a paper on Introduction of Mortgage Credit Guarantee-Indian Experience’ at the 25th World Congress held by the International Union of Housing Finance (IUHF) in June 2004at Brussels.
SHRI RAKESH KUMAR
SHARMA
Shri Rakesh Kumar Sharma, 60, is an Executive Director of the Company. Prior to joining HNG, he held a senior position in Larsen and Toubro Limited. He has a demonstrated proven track record in General Management, EPC contracts and Business Development. He has an experience of 36 years incorporate sector in India and has acquired requisite experience in managing process industry and large scale projects. He holds a graduate degree in Mechanical Engineering and has also earned a Masters degree in Marketing Management.
CONTAINER GLASS
INDUSTRY
A PREMIUM MATERIAL –
MODERN GLASS PACKAGING
When glass is made it is heated to around 1600 degrees Celsius, thus organic chemicals that might be present in the recycled glass are burned. This is why glass is used to pack products of premium quality – because no contamination from the packaging occurs.
REVIEW
Year 2011-12 was a critical year for then at HNGIL. The cost of key inputs continued to soar during the year. They continued to pursue their ambitious expansion programmes at Nashik and Naidupeta. Despite the challenges, they posted 21.4% increase in their Gross Sales to cross Rs 20000.000 millions mark. While their net sales increased by 21.7% from Rs 15430.000 millions in 2010-11 to Rs 18780.000 millions in 2011-12; their EBIDTA improved by 12.2% from Rs 2710.000 millions in 2010-11 to Rs 3040.000 millions in 2011-12. Their net profit improved by 5.8% from Rs 860.000 millions in 2010-11 to Rs 910.000 millions in 2011-12. During the year, the Company completed the Nashik project within its scheduled time, leading to no cost over-runs. The Company’s green field project at Naidupeta remained on schedule, and is expected to be commissioned by Q2FY13.
OUTLOOK
The glass container industry globally is expected to grow to $53 billion by 2016 against $45 billion by 2012. Most of this growth will be propelled by the emerging economies having lower per capita consumption. India, with a per capita consumption of 1.5 kgs, ranks among the lowest in the world. With the end user industries like alcohol, beer, food and FMCG expected to soar in wake of the inherent demographic advantage, rising per capita income and increasing demand for quality products, the glass container industry is expected to benefit manifolds. Having pre-empted the trend, they at HNG have built their capacities in a phased manner. Being the leader, they have further honed their competitive advantage in terms of quality, cost-advantage, scale and product range to cater to the commodity and premium segments alike. Their product development initiatives coupled with their understanding of the processes have enabled then to evolve into a preferred partner to their clients. With the foundation built, they are confident in paving their way towards a sustainable future.
HINDUSTHAN NATIONAL CLASS AND INDUSTRIES LIMITED UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2013
|
Sr. No |
Particulars |
Unaudited |
Audited |
||
|
3 Months Ended |
Year Ended |
||||
|
As on 30.06.2013 |
As on 31.03.2013 |
As on 30.06.2013 |
As on 31.03.2013 |
||
|
|
Income from
operations |
|
|
|
|
|
|
(a)Net Sales / Income from Operations (Net of excise duty) |
5041.100 |
4969.600 |
4793.100 |
18107.100 |
|
|
(b)Other operating Income |
39.400 |
28.600 |
15.200 |
151.200 |
|
|
Total income from
operations (net) |
5080.500 |
4998.200 |
4808.300 |
18258.300 |
|
|
Expenses |
|
|
|
|
|
|
(a)Cost of materials consumed |
1410.500 |
1298.900 |
1423.100 |
5485.100 |
|
|
(b)Changes in inventories of finished goods,
work-in-progress and stock-in |
123.800 |
646.700 |
(512.600) |
(1542.500) |
|
|
(c)Employee benefit expense |
412.700 |
397.500 |
394.700 |
1626.600 |
|
|
(d)Power and Fuel |
1806.400 |
1842.800 |
1965.900 |
7780.800 |
|
|
(e)Depreciation and amortisation expense |
612.500 |
618.200 |
313.200 |
1983.100 |
|
|
f)Other expenses |
840.800 |
718.400 |
854.900 |
3411.800 |
|
|
Total Expenses |
5206.700 |
5322.500 |
4439.200 |
18744.900 |
|
|
Profit from
operations before Other Income, Finance Cost & Exceptional Items (1-2) |
(126.200) |
(524.300) |
369.100 |
(486.600) |
|
|
Other Income |
769.500 |
10.500 |
7.700 |
60.400 |
|
|
Profit / loss
before Finance cost & Exceptional Items ( 3+4 ) |
643.300 |
(513.800) |
376.800 |
(426.200) |
|
|
Finance Cost |
637.000 |
645.200 |
300.000 |
2035.700 |
|
|
Profit / loss after
Finance cost but before Exceptional Items (5-6) |
6.300 |
(1159.000) |
76.800 |
(2461.900) |
|
|
Exceptional Items |
-- |
-- |
-- |
-- |
|
|
Profit / loss from
ordinary activities after tax (7-8) |
6.300 |
(1159.000) |
76.800 |
(2461.900) |
|
|
Tax expense |
(76.600) |
(314.600) |
-- |
(743.900) |
|
|
Net Profit / loss
from ordinary activities after Tax (9-10) |
82.900 |
(844.400) |
76.800 |
(1718.000) |
|
|
Extraordinary Items (Net of tax expense) |
-- |
-- |
-- |
-- |
|
|
Net Profit / loss
for the period (11-12) |
82.900 |
(844.400) |
76.800 |
(1718.000) |
|
|
Paid up Equity Share Capital ( Face value of Rs. 10/- per equity share ) |
174.700 |
174.700 |
174.700 |
174.700 |
|
|
Reserves excluding revaluation reserves as per balance sheet of previous accounting year |
|
|
|
8778.600 |
|
|
Earnings per Rs. 10/- Share |
|
|
|
|
|
|
Basic and diluted EPS before Extraordinary Items (not to be annualized) |
0.95 |
(9.67) |
0.88 |
(19.67) |
|
|
Basic and diluted EPS before Extraordinary Items (not to be annualized) |
0.95 |
(9.67) |
0.88 |
(19.67) |
|
|
|
|
|
|
|
|
|
Particulars of
Shareholding |
|
|
|
|
|
|
Public Shareholding |
|
|
|
|
|
|
- Number of Shares |
26214725 |
26214725 |
26214725 |
26214725 |
|
|
- Percentage of Shareholding |
30.02 |
30.02 |
30.02 |
30.02 |
|
|
Promoters and Promoter group Shareholding |
|
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
|
- Number of Shares |
Nil |
Nil |
Nil |
Nil |
|
|
- Percentage of Shares ( as a % of the total shareholding of promoters and promoter group ) |
-- |
-- |
-- |
-- |
|
|
- Percentage of Shares ( as a % of the total share capital of the company ) |
-- |
-- |
-- |
-- |
|
|
b) Non - encumbered |
|
|
|
|
|
|
- Number of Shares |
61123840 |
61123840 |
61123840 |
61123840 |
|
|
- Percentage of Shares ( as a % of the total shareholding of promoters and promoters group ) |
100.00 |
100.00 |
100.00 |
100.00 |
|
|
- Percentage of Shares ( as a % of the total share capital of the company ) |
69.98 |
69.98 |
69.98 |
69.98 |
|
Particulars |
3 Months Ended |
|
As on 30.06.2013 |
|
|
B INVESTOR COMPLAINTS |
|
|
Pending at die beginning of the quarter |
Nil |
|
Received during the quarter |
-- |
|
Disposed of during the quarter |
-- |
|
Remaining unresolved al the end of the quarter |
Nil |
Notes:
1. The above results were reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on 9th August, 2013.
2. The Statutory Auditors have carried out a limited review of the financial results for the quarter ended 30th June. 2013.
3. During the quarter, the Company, along with the promoters of HNC Float Class Limited (HNGFL) (HNC Group) has entered Into a joint Venture agreement on a equal basis (50:SO) with Trakaya Cam Sanyaii AS of Turkey (joint venture partner) for joindy pursuing the Float glass business through HNGFL in India. Accordingly, 58.627 millions equity shares in HNGFL have been divested by the Company in favour of the joint venture partner and profit of Rs 759.806 millions arising in this respect included in Other Income in the above results.
4. The Audit Report for the year ended 31st March. 2013, Included a qualification with regard to remuneration paid to managerial personnel which also has an impact on the results for the current quarter, have been stated as below:
5. Remuneration paid to Vice Chairman and Managing Directors and Executive Director Includes Rs 17.589 millions for the current quarterns 57.943 millions for the year ended 31st March, 2013) which due to inadequacy of profit has exceeded the limits prescribed under the provisions of Companies Act, 1956 and the reappointment and remuneration of Rs 1.547 millions for the current quarter (Rs 0.476 million s for the period from 1st March, 2013 to 31st March, 2013) of the Executive Director with effect from 1st March, 2013 are subject to approval of Shareholders in the ensuing General Meeting and Central Government
6. The Company is in the process of obtaining all the required approval(s).
7. The Company operates mainly In one business segment, i.e. manufacturing and selling of glass containers.
8. Previous year's / quarters figures have been re-arranged / re-grouped wherever necessary.
FIXED ASSETS
Tangible Assets
·
Freehold Land
·
Leasehold Land
·
Buildings
·
Leasehold Building
·
Plant and Equipments
·
Furniture and Fixtures
·
Office Equipments
·
Vehicles
Intangible Assets
·
Computer Software
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 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. 64.69 |
|
|
1 |
Rs. 100.80 |
|
Euro |
1 |
Rs. 86.30 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
58 |
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.