MIRA
INFORM REPORT
|
Report Date : |
04.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
CENLUB INDUSTRIES LIMITED |
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Registered
Office : |
Plot No 233-234, Industrial Estate, Sector-58, Faridabad – 121 001,
Haryana |
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Country : |
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Financials (as on)
: |
31.03.2013 |
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Date of
Incorporation : |
26.03.1992 |
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Com. Reg. No.: |
05-035087 |
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Capital
Investment / Paid-up Capital : |
Rs.41.200 Millions |
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CIN No.: [Company Identification
No.] |
L67120HR1992PLC035087 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
RTKC01240B |
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PAN No.: [Permanent Account No.] |
AAACC0257G |
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TIN No.: |
06881208964 |
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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 and Supply of Centralised Lubrication System for Various
Machines, Plants and Equipments. |
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No. of Employees
: |
170 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (35) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 543000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The rating reflects company modest scales and highly working capital incentive
nature of operations, revenue concentration risk, and fluctuating operating
income during the past three years. Rating also reflects the company presence
in the highly fragmented and competitive lubrication industry. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealings with some caution.
|
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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International Finance
Corporation expects to come out with its rupee linked bonds issue before the
end of 2013 as a part of its plan to raise $ 1 billion. The Apple iPhone 5c (Rs
41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has been launched
in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act replaces
a 119 year old registration. The Securities and Exchange Board of India has
approved the trading of currency futures on the Bombay Stock Exchange. The
exchange plans to launch the currency futures platform with advanced trading
technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities=BB |
|
Rating Explanation |
Moderate risk of default and moderate credit
risk. |
|
Date |
18.07.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities=A4 |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
18.07.2013 |
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/ Factory 1 : |
Plot No 233-234, Industrial Estate, Sector-58, Faridabad – 121 001,
Haryana, India |
|
Tel. No.: |
91-129-4113701 / 02 / 03 / 04 |
|
Fax No.: |
91-129-2260524 / 2275484 |
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E-Mail : |
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Website : |
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Corporate Office cum Factory 2 : |
35, DLF Industrial Estate – 1, Faridabad – 121 003, Haryana, India |
|
Tel. No.: |
91-129-4113701 / 02 / 03 / 04 |
|
Fax No.: |
91-129-2260524 / 2275484 |
|
|
|
|
Factory 3 : |
45-B, 2nd Phase, Peenya Industrial Area, Bangalore – 560
058, Karnataka, India |
|
Tel. No.: |
91-80-23723679 / 28374704 |
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|
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Factory 4 : |
83, DLF Industrial Estate-1, Faridabad – 121 003, Haryana, India |
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Tel. No.: |
91-129-2275484 |
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Branches : |
Located At: ·
Aurangabad ·
Coimbatore ·
Punjab ·
Chennai ·
Hyderabad ·
Mumbai ·
Gujarat ·
Jamshedpur ·
Pune ·
Chandigarh ·
Rourkela ·
Visakhapatnam |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Vijendra Kumar Mittal |
|
Designation : |
Promoter Chairman and Managing Director |
|
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|
Name : |
Mrs. Madhu Mittal |
|
Designation : |
Executive Director |
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|
Name : |
Mr. Aman Mittal |
|
Designation : |
Executive Director |
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|
Name : |
Mr. Virendra Kumar Gupta |
|
Designation : |
Executive Director |
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|
Name : |
Mr. Ansh Mittal |
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Designation : |
Executive Director |
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Name : |
Mr. Dinesh Kaushal |
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Designation : |
Non-Executive Director |
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|
Name : |
Mr. Ankur Garg |
|
Designation : |
Non-Executive Director |
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|
Name : |
Mr. Om Prakash Verma |
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Designation : |
Non-Executive Director |
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|
Name : |
Mr. Hakikat Singh |
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Designation : |
Non-Executive Director |
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Name : |
Mr. Ashok Kumar Agarwal |
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Designation : |
Non-Executive Director |
SHAREHOLDING PATTERN
AS ON 30.06.2013
|
Category of Shareholders |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
Individuals / Hindu Undivided Family |
1591326 |
38.62 |
|
|
129861 |
3.15 |
|
|
1721187 |
41.78 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
1721187 |
41.78 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2700 |
0.07 |
|
|
600 |
0.01 |
|
|
3300 |
0.08 |
|
|
|
|
|
|
77162 |
1.87 |
|
|
|
|
|
|
1698609 |
41.23 |
|
|
412919 |
10.02 |
|
|
206823 |
5.02 |
|
|
91495 |
2.22 |
|
|
1025 |
0.02 |
|
|
114303 |
2.77 |
|
|
2395513 |
58.14 |
|
Total Public shareholding (B) |
2398813 |
58.22 |
|
Total (A)+(B) |
4120000 |
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) |
4120000 |
0.00 |
(1) Indian
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supply of Centralised Lubrication System for Various
Machines, Plants and Equipments. |
|
|
|
|
Brand Name : |
CENLUB |
GENERAL INFORMATION
|
Suppliers : |
·
Alloy Steel Plant,, Durgapur ·
Bhilai Steel Plant, Bhilai ·
Bhushan Steel Limited, Kolkata ·
ABG Cement, Kutch ·
Dalmia Cement, Kadappa ·
Jaypee Balaji Cement, Jaggayyapet, Andhra Pradesh ·
Kamdhenu Cement, Varanasi ·
Madras Cement, Govindapuraam ·
Zuari Cement, Andhra Pradesh ·
Andhra Paper Mill, Andhra Pradesh |
||||||||||||||||||
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No. of Employees : |
170 (Approximately) |
||||||||||||||||||
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||||||||||||||||||
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Bankers : |
·
State Bank of ·
State Bank of ·
HDFC Bank, ·
HDFC Bank, ·
CITI Bank, ·
HSBC Bank, |
||||||||||||||||||
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Facilities : |
NOTES: Secured by 1.
Hypothecation of Stocks of Raw material,
Stocks - In Process and Finished Goods, Plant and Machinery 2.
Equitable Mortgage of Land, building
at Faridabad, Thane and Pune and pledge of Fixed deposits of Rs.9.970
Millions 3.
Guaranteed by (5) Directors, Minihyd
Hydraulics Private Limited |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Satish Singla and Company Chartered Accountant |
|
Address : |
1st Floor, SCO 107, J and K Bank Building, Sector-16,
Faridabad – 121 003, Haryana, India |
|
Tel. No.: |
91-129-4103600 |
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Fax No.: |
91-129-2223600 |
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E-Mail : |
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Subsidiary Company : |
Ganpati Handtex Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4120000 |
Equity Shares |
Rs.10/-
each |
Rs.41.200
Millions |
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|
|
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|
NOTE:
1.
The Company has only one class of
shares referred to as equity shares having a par value of Rs. 10. Each holder
of equity shares is entitled to one vote per share.
2.
The
Company has not declares and dividend during the year.
3.
Reconcilation
of the Number of shares
|
Particulars |
No. of Shares |
|
Outstanding
at the beginning of the year |
4120000 |
|
Outstanding
at the end of the year |
4120000 |
4. Shares held by each shareholder holding more than 5%
shares
|
Promoters’ Holding |
%
Holding |
No.
if Shares |
|
Vijendra Kumar Mittal |
9.92 |
408608 |
|
Madhu Mittal |
11.71 |
482526 |
|
Ansh Mittal |
8.31 |
342342 |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
41.200 |
41.200 |
41.200 |
|
(b) Reserves & Surplus |
94.626 |
72.198 |
59.595 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
135.826 |
113.398 |
100.795 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.288 |
4.860 |
5.193 |
|
(b) Deferred tax liabilities (Net) |
1.455 |
1.759 |
1.856 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
7.441 |
6.627 |
4.256 |
|
Total Non-current Liabilities (3) |
9.184 |
13.246 |
11.305 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
82.232 |
64.586 |
62.476 |
|
(b) Trade payables |
34.025 |
57.199 |
35.115 |
|
(c) Other current
liabilities |
16.166 |
18.155 |
8.257 |
|
(d) Short-term provisions |
4.831 |
15.543 |
15.918 |
|
Total Current Liabilities (4) |
137.254 |
155.483 |
121.766 |
|
|
|
|
|
|
TOTAL |
282.264 |
282.127 |
233.866 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
48.569 |
39.805 |
42.798 |
|
(ii) Intangible Assets |
0.344 |
0.328 |
0.409 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
6.568 |
5.054 |
1.256 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
53.500 |
44.884 |
26.723 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
108.981 |
90.071 |
71.186 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
1.666 |
0.000 |
|
(b) Inventories |
27.544 |
45.368 |
41.559 |
|
(c) Trade receivables |
80.989 |
91.919 |
72.081 |
|
(d) Cash and cash
equivalents |
56.946 |
45.034 |
41.987 |
|
(e) Short-term loans and
advances |
6.000 |
7.223 |
5.041 |
|
(f) Other current assets |
1.804 |
0.846 |
2.012 |
|
Total Current Assets |
173.283 |
192.056 |
162.680 |
|
|
|
|
|
|
TOTAL |
282.264 |
282.127 |
233.866 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
332.310 |
355.846 |
273.642 |
|
|
|
Other Income |
4.323 |
6.413 |
2.513 |
|
|
|
TOTAL (A) |
336.633 |
362.259 |
276.155 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
193.217 |
219.342 |
163.155 |
|
|
|
Purchase of Stock-in-trade |
0.000 |
0.000 |
2.675 |
|
|
|
Changes in Inventories of Finished Goods, Work-in-progress and
Stock-in-trade |
(1.548) |
0.635 |
(7.362) |
|
|
|
Employee Benefit Expense |
45.165 |
43.127 |
33.624 |
|
|
|
Other Expenses |
50.546 |
47.497 |
46.394 |
|
|
|
TOTAL (B) |
287.380 |
310.601 |
238.486 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
49.253 |
51.628 |
37.669 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
13.612 |
11.722 |
8.281 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
35.641 |
39.906 |
29.388 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.130 |
2.809 |
2.845 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
32.511 |
37.097 |
26.543 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
10.083 |
11.605 |
8.732 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
22.428 |
25.492 |
17.811 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
72.198 |
59.595 |
53.755 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Provision for Earlier (Leave Encashment) |
0.000 |
0.917 |
0.000 |
|
|
|
Proposed Dividend |
0.000 |
10.300 |
0.000 |
|
|
|
Corporate Dividend Tax |
0.000 |
1.671 |
1.671 |
|
|
BALANCE CARRIED
TO THE B/S |
94.626 |
72.199 |
59.595 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
2.715 |
3.019 |
2.149 |
|
|
TOTAL EARNINGS |
2.715 |
3.019 |
2.149 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Components |
4.558 |
4.525 |
6.988 |
|
|
TOTAL IMPORTS |
4.558 |
4.525 |
6.988 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.44 |
6.19 |
4.32 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
6.66
|
7.04 |
6.45 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.78
|
40.43 |
9.70 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.63
|
15.98 |
12.89 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.33 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.61
|
0.61 |
0.67 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.26
|
1.24 |
1.34 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
Yes |
|
18] |
Major customers |
No |
|
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 |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if
available |
Yes |
UNSECURED LOAN:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
From Banks |
2.774 |
6.351 |
|
From Other
Parties |
6.113 |
10.376 |
|
Less: Shown in
Current Maturities of Long Term Debt |
(8.599) |
(11.868) |
|
|
|
|
|
Total |
0.288 |
4.859 |
NOTE:
Terms of repayment and interest are as follows:-
|
Loan from |
No. of Installment Left |
Year of Maturity |
As at 31st March, 2013 |
As at 31st March, 2012 |
|
ICICI Bank |
0 |
2012-13 |
- |
0.040 |
|
ICICI Bank |
0 |
2012-13 |
- |
0.127 |
|
HDFC Bank |
0 |
2012-13 |
- |
0.030 |
|
Magma Fincorp Limited |
1 |
2013-14 |
0.164 |
2.023 |
|
Religare Finvest Limited |
13 |
2014-15 |
1.485 |
2.615 |
|
Bajaj Finance Limited |
0 |
2012-13 |
-0.242 |
1.533 |
|
Tata Capital Limited |
13 |
2014-15 |
4.465 |
4.205 |
|
Kotak Mahindra Bank Limited |
8 |
2013-14 |
2.776 |
6.352 |
|
|
|
|
8.887 |
16.925 |
|
Less: Shown in current maturities of Long Term Debt |
|
|
8.599 |
12.066 |
|
Balance Shown as
above |
|
|
0.288 |
4.859 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
80000746 |
15/05/2013 * |
170,000,000.00 |
STATE BANK OF INDIA |
SME BRANCH, 65, NEELAM BATA ROAD, N I T, FARIDABAD - 121001, HARYANA, INDIA |
B76171388 |
* Date of charge
modification
FINANCE
During
the financial year, the net turnover is lower by about 7.17% as compared to
corresponding previous financial year. Subject has ended the financial year
with a profit after tax of Rs.22.428 Millions in the current financial year
against the last year profit of Rs.25.492 Millions
MARKET
SCENARIO
The
current market scenario is not favorable to Machine Tool Lubrication, Power
Plants, Steel Plants and Refineries. Industry as well as due to general
slowdown in Indian and Global economy coupled with policies of Government.
However, is continuing to develop new high value grades of the needs of
domestic as well as international markets.
MANAGEMENT
DISCUSSIONS AND ANALYSIS
The
management discussion and Analysis presents the industry overview, opportunities
and threats, Initiative by the company and overall strategy of Cenlub becoming
a market driven producer/supplier of various innovative models and ranges of
lubrication products.
1.
Industry Structure and Developments:
With
the advancement of technology industries are being modernized. Machines and
plants are becoming more and more sophisticated as well as automatic to attain
wider performance better efficiency and long life. To run such machines and
plants effectively without breakdowns, if has become imperative to go for
centralized lubrication system which serves as single supply base for different
lubrication points with metered amount of lubricants.
CENLUB
caters to various industries like machine tools, press tools, steel, paper,
power generation (turbine), sugar etc. Needless to say that CENLUB has become
synonymous with centralized lubrication by providing efficient, reliable
centralized lubrication system.
More
than 10, 00,000 CENLUB lubrication systems are working in various industries in
India because of product quality, reliability and prompt "after sales
service" CENLUB has succeed magnificently with tremendous growth.
2.
Opportunities and Treats:
Subject
have been doing quite well for the last so many years as regards machine tool
lubrication is concerned and infect works enjoying more than 80% market shares
to supply the system to original machine builders particularly CNC machine.
During the last 2 years there was a tremendous growth in plant manufacturing
like power and steel sector, hence, CENLUB has grown equally with this growth
by supplying lubrication system in this sectors also.
Opportunities
For
the few years there is stagnation in machine tool industry and growth in other
sector too is getting effected. Still company bagged order from public sector
like BHEL as well as private sector for lubrication systems required in power
sector. This sector gives us scope for some encouraging results.
Subject
already got rate contract from association of state road transport undertakings
(ASRTU) for the supply of centralized lubrication system for vehicle chassis
for state road transports. This field has great potential in India and the
company hopes to capture this market.
3.
Outlook
During
the year subject has been able to generate a net profit of Rs.22.189 Millions
against a net profit of Rs.25.491 Millions of last year.
The
coming year provides us with pressure to achieve expected growth of last year,
however we are motivated by a thought of building strong CENLUB. While there will
undoubtedly be challenges, we believe that we have a strong strategy management
team to lead the change.
FIXED ASSETS:
·
Land
·
Goodwill
·
Factory Building
·
Office Building
·
Plant and Machinery
·
Tools and Equipment
·
Electric Installation
·
Office Equipment
·
Furniture and Fittings
·
Vehicles
STATEMENT OF UNAUDITED RESULTS FOR THE QUARTER/ HALF YEAR ENDED 30TH
SEPTEMBER , 2013
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
Half Year Ended ( Unaudited) |
|
|
|
30.09.2013 |
30.06.2013 |
31.19.2013 |
|
1.
Income form operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
55.136 |
54.994 |
110.130 |
|
b) Other operating income |
0.857 |
0.426 |
1.283 |
|
Total
income from Operations(net) |
55.993 |
55.420 |
111.413 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
32.951 |
32.515 |
65.466 |
|
b) Purchases of stock in trade |
1.010 |
0.000 |
1.010 |
|
c) Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
(1.650) |
(1.137) |
(2.787) |
|
d) Employees benefit expenses |
9.556 |
9.932 |
19.488 |
|
e) Depreciation and amortization expenses |
0.959 |
0.827 |
1.786 |
|
f) Other expenditure |
11.577 |
9.580 |
21.157 |
|
Total expenses |
54.403 |
51.717 |
106.120 |
|
3. Profit from operations before other income and
financial costs |
1.590 |
3.703 |
5.293 |
|
4. Other income |
1.291 |
0.782 |
2.073 |
|
5. Profit from ordinary activities before finance costs |
2.881 |
4.485 |
7.366 |
|
6. Finance costs |
5.177 |
3.701 |
8.878 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
(2.296) |
0.784 |
(1.512) |
|
8. Exceptional item |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
(2.296) |
0.784 |
(1.512) |
|
10.Tax expenses |
0.025 |
0.247 |
0.272 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
(2.321) |
0.537 |
(1.784) |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
(2.321) |
0.537 |
(1.784) |
|
14.Paid-up
equity share capital (Nominal value Re. 10/- per share) |
41.200 |
41.200 |
41.200 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
0 |
0 |
0 |
|
16.i) Earnings per share (before extraordinary
items) of Re. 10/- each) (not annualised): |
|
|
|
|
(a) Basic and diluted |
|
|
|
|
ii) Earnings per share (after extraordinary items) |
|
|
|
|
(a) Basic and diluted |
0.56 |
0.13 |
0.43 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
2398813 |
2415312 |
2398813 |
|
- Percentage of shareholding |
58.22% |
58.63% |
58.22% |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
|
|
|
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
Nil |
Nil |
Nil |
|
Percentage of shares (as a % of total share capital of the
company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
1721187 |
1704188 |
1721187 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100% |
100% |
100% |
|
|
|
|
|
|
Percentage of shares (as a % of total share capital of the
company) |
41.78% |
41.37% |
41.78% |
STATEMENT OF
ASSETS AND LIABILITIES AS AT 30TH SEPTEMBER, 2013
|
SOURCES OF FUNDS |
|
|
30.09.2013 (UNAUDITED) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
41.200 |
|
(b) Reserves & Surplus |
|
|
92.868 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
134.068 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
40.888 |
|
(b) Deferred tax liabilities (Net) |
|
|
1.455 |
|
(c) Other long term liabilities |
|
|
0.000 |
|
(d) long-term provisions |
|
|
7.474 |
|
Total Non-current Liabilities (3) |
|
|
49.817 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
91.407 |
|
(b) Trade payables |
|
|
37.884 |
|
(c) Other current
liabilities |
|
|
11.388 |
|
(d) Short-term provisions |
|
|
6.694 |
|
Total Current Liabilities (4) |
|
|
147.373 |
|
|
|
|
|
|
TOTAL |
|
|
331.258 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
57.635 |
|
(b) Non-current Investments |
|
|
6.568 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
86.518 |
|
(e) Other Non-current assets |
|
|
0.000 |
|
Total Non-Current Assets |
|
|
150.721 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
0.000 |
|
(b) Inventories |
|
|
41.544 |
|
(c) Trade receivables |
|
|
63.306 |
|
(d) Cash and cash
equivalents |
|
|
64.348 |
|
(e) Short-term loans and
advances |
|
|
9.308 |
|
(f) Other current assets |
|
|
2.031 |
|
Total Current Assets |
|
|
180.537 |
|
|
|
|
|
|
TOTAL |
|
|
331.258 |
NOTES:
1. The above results were reviewed by the audit committee and then approved
by the Board of Directors at their meeting held on 9th November,
2013.
2. The statutory Auditors have carried out a “Limited Review” of the Financial
Results for the Quarter Ended 30th September, 2013.
3. The company operates only in one segment.
4. Previous year figures have been regrouped whenever necessary.
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.62.34 |
|
|
1 |
Rs.102.06 |
|
Euro |
1 |
Rs.84.46 |
INFORMATION DETAILS
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
35 |
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.