MIRA
INFORM REPORT
|
Report Date : |
14.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
ORIENT BELL LIMITED (w.e.f.17.04.2012) |
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Formerly Known
As : |
ORIENT CERAMICS AND INDUSTRIES LIMITED |
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Registered
Office : |
8, Industrial Area, Sikandrabad – 203 205, District Bulandshahr, Uttar
Pradesh |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
18.05.1977 |
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Com. Reg. No.: |
20-021546 |
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Capital
Investment / Paid-up Capital : |
Rs.135.735
Millions |
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CIN No.: [Company Identification
No.] |
L14101UP1977PLC021546 |
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Legal Form : |
Public Limited Liability Company. Company’s Shares are
Listed on the Stock Exchange. |
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Line of Business
: |
Subject is engaged in the Manufacturing, Trading and Selling of Reputed
Brands of Ceramic and Floor Tiles. |
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No. of Employees
: |
900 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 7015000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record.
There appears some dip in the profit of the company during the year 2013.
However, reserves of the company seems to be satisfactory. Trade relations are report as fair. Business is active. Payments are
reported to be usually correct. The company can be considered normal of 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 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very
High |
C1 |
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Restricted |
C2 |
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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 |
CRISIL |
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Rating |
BBB + [Long Term] |
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Rating Explanation |
Have moderate degree of safety and carry moderate credit risk. |
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Date |
23.11.2012 |
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Rating Agency Name |
CRISIL |
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Rating |
A2 [Short Term] |
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Rating Explanation |
Have strong degree of safety and carry high credit risk. |
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Date |
23.11.2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Ms. Manisha |
|
Designation : |
Senior Executive |
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Contact No.: |
91-11-47119100 |
|
Date : |
18.11.2013 |
LOCATIONS
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Registered Office : |
8, Industrial Area, Sikandrabad, District Bulandshahr-203205, Uttar
Pradesh, India |
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Tel. No.: |
91-5735-222203 |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Corporate Office and Showroom : |
Iris House, 16, Business Centre, Nangal
Raya, New Delhi-110046, India |
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Tel. No.: |
91-11-47119100-200 |
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Fax No.: |
91-11-28521273 |
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E-Mail : |
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Factory 1 : |
8, A-75 to A-80 and A-84 Industrial Area,
Sikandrabad, District Bulandshahr-203205,
Uttar Pradesh, India |
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Tel No.: |
91-5735-222203/424 |
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Factory 2 : |
Village Dora, Taluka Amod, District
Bharuch-392230, Gujarat, India |
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Factory 3 : |
Village Chokkahalli, Taluka Hoskote,
Bangalore-562114, Karnataka, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Mahendra K. Daga |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. R. N. Bansal |
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Designation : |
Director |
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Name : |
Mr. Madhur Daga |
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Designation : |
Executive Director |
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Name : |
Mr. Dhruv M. Sawhney |
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Designation : |
Director |
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Name : |
Mr. N. R. Srinivasan |
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Designation : |
Director |
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Name : |
Mr. K.M. Pai |
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Designation : |
Director |
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Name : |
Ms. Madhavi M. Kapadia |
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Designation : |
Nominee Director [IDBI Bank] |
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Name : |
Mr. P.M. Mathai |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Vijay Shankar Sharma |
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Designation : |
Chief Executive Officer |
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Name : |
Mr. Yogesh Mendiratta |
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Designation : |
Company Secretary |
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Audit Committee : |
Mr. R.N. Bansal,
Chairman Mr. K.M. Pai Mr. Mahendra K.
Daga Mr. N.R.
Srinivasan Mr. P.M. Mathai |
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Shareholders /
Investors Grievance and Share Transfer
Committee : |
Mr. N.R.
Srinivasan, Chairman Mr. Mahendra K.
Daga Mr. Madhur Daga |
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Remuneration Committee : |
Mr. N.R.
Srinivasan, Chairman Mr. Dhruv M.
Sawhney Mr. K.M. Pai Mr. R.N. Bansal |
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Name : |
Mr. Vijay Shankar Sharma |
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Designation : |
Chief Financial Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
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4827759 |
35.57 |
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3256428 |
23.99 |
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|
2079100 |
15.32 |
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|
2079100 |
15.32 |
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|
10163287 |
74.88 |
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Total shareholding of Promoter and Promoter Group (A) |
10163287 |
74.88 |
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(B) Public Shareholding |
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|
5982 |
0.04 |
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|
5009 |
0.04 |
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2902 |
0.02 |
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|
478 |
0.00 |
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|
14371 |
0.11 |
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|
380989 |
2.81 |
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|
2152050 |
15.85 |
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817676 |
6.02 |
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|
45078 |
0.33 |
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|
44933 |
0.33 |
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|
145 |
0.00 |
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3395793 |
25.02 |
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Total Public shareholding (B) |
3410164 |
25.12 |
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Total (A)+(B) |
13573451 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
13573451 |
0.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the Manufacturing, Trading and Selling of
Reputed Brands of Ceramic and Floor Tiles. |
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Products : |
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Terms : |
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Selling : |
LC / Cash and Credit |
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Purchasing : |
LC / Cash and Credit |
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Installed
Capacity * |
Actual
Production |
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Ceramic Tiles |
MT |
220000 |
184065 |
*Above Installed Capacity is certified by the Management.
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
900 [Approximately] |
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Bankers : |
·
Axis Bank ·
Export Import Bank of India ·
IDBI Bank ·
ING Vysya Bank ·
Indusind Bank ·
Punjab National Bank ·
State Bank of India ·
Tata Capital Financial Services Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S.R. Dinodia and Company Chartered Accountant |
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Address : |
New Delhi, India |
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Subsidiaries : |
ELIT International Trading (HK) Private Limited |
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Other Related Parties : |
·
Freesia Investment and Trading Company Limited ·
Goodteam Investment and Trading Company Private
Limited ·
Alfa Mercantile Limited ·
Morning Glory Leasing and Finance Limited ·
Iris Designs Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 Millions |
|
15000000 |
Non-Convertible Redeemable Cumulative Preferences Shares |
Rs.10/- each |
Rs.150.000 Millions |
|
|
TOTAL
|
|
Rs.550.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
13573451 |
Equity Shares |
Rs.10/- each
|
Rs.135.735
Millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
FINANCIAL DETAILS
FILE ATTACHED.
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2013 |
30.09.2013 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
1260.100 |
1434.400 |
|
Total Expenditure |
|
1135.600 |
1312.300 |
|
PBIDT (Excl OI) |
|
124.500 |
122.100 |
|
Other Income |
|
05.600 |
03.000 |
|
Operating Profit |
|
130.100 |
125.100 |
|
Interest |
|
63.200 |
64.600 |
|
PBDT |
|
66.900 |
60.500 |
|
Depreciation |
|
46.900 |
48.500 |
|
Profit Before Tax |
|
20.000 |
12.000 |
|
Tax |
|
12.000 |
07.000 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
08.000 |
05.000 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Net Profit |
|
08.000 |
05.000 |
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 |
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 |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
No |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth 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 |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10453399 |
25/10/2013 * |
120,000,000.00 |
TATA CAPITAL
FINANCIAL SERVICES LIMITED |
ONE FORBES,, DR.
V. B. GANDHI MARG, FORT, MUMBAI - 400001, |
B88801220 |
|
2 |
10414538 |
19/08/2013 * |
160,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR NO. 21, WORLD TRADE C |
B86316031 |
|
3 |
10413632 |
27/02/2013 |
640,000,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL
BRANCH, VARDHMAN TRADE CENTRE, PLOT NO. 3&4, IIND FLOOR, DDA BUILDING,
NEHRU PLACE, NEW |
B71394852 |
|
4 |
10325874 |
16/12/2011 |
850,000.00 |
PUNJAB NATIONAL
BANK |
BF-81, HARI
NAGAR BRANCH, NEW DELHI, 110064, INDIA |
B28899532 |
|
5 |
10274010 |
23/08/2013 * |
150,000,000.00 |
AXIS BANK
LIMITED |
4/10, OPG HOUSE,
ASAF ALI ROAD, NEW DELHI, Delhi |
B83622480 |
|
6 |
10233961 |
23/08/2013 * |
150,000,000.00 |
IDBI BANK
LIMITED |
INDIAN RED CROSS
SOCIETY BUILDING, 1, RED CROSS ROAD, NEW DELHI - 110001, INDIA |
B83421149 |
|
7 |
10159303 |
12/04/2013 * |
592,200,000.00 |
IDBI BANK
LIMITED |
INDIAN RED CROSS
SOCIETY BUILDING, 1, RED CROSS ROAD, NEW DELHI- 110001, INDIA |
B76721331 |
|
8 |
10140827 |
23/08/2013 * |
1,570,000,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL
BRANCH, VARDHMAN TRADE CENTRE, PLOT NO. 3&4, IIND FLOOR, DDA BUILDING,
NEHRU PLACE, NEW |
B83455618 |
|
9 |
90096741 |
29/12/2000 * |
50,000,000.00 |
IDBI BANK
LIMITED |
IDBI TOWER,
CUFFE PARADE; COLABA; WTC COMPLEX, BOMBAY - 400005, MAHARASHTRA, INDIA |
- |
|
10 |
90099298 |
29/12/2000 |
222,000,000.00 |
IDBI BANK
LIMITED |
IDBI TOWER,
CUFFE PARADE; COLABA; WTC COMPLEX, BOMBAY - 400005, MAHARASHTRA, INDIA |
- |
|
* Date of charge modification |
||||||
CORPORATE INFORMATION:
Subject is a
public Company domiciled in India and incorporated under the provision of the
Companies Act, 1956. Its shares are listed on two stock exchanges in India viz,
NSE and BSE. The Company is engaged in the manufacturing, trading and selling
of reputed brands of ceramic and floor tiles.
OPERATING RESULTS:
The financial year
2012-13 was a challenging year. During the year 2012-13, the Company has
registered a gross income of Rs. 6236.000 Millions as compared to Rs. 5866.100
Millions in the previous financial year 2011-12, an increase of about 6%. The
slow growth in retail and real estate sector across India contributed to almost
flat turnover. Despite the low appreciation in gross sales, the trading sales
have increased by 30%. The Company’s profit before tax has improved by 56.13%
from Rs. 111.700 Millions to Rs. 174.400 Millions. The profit after tax has,
however, reduced from Rs. 134.700 Millions to Rs. 98.300 Millions mainly due to
deferred tax of Rs. 78.300 Millions.
MANAGEMENT
DISCUSSION AND ANALYSIS:
INDIAN ECONOMY:
India is an
integral part of the global economy: our exports and imports amount to 43% of
the GDP. As a result, the country is not impervious to the events taking place
in the rest of the world and the Indian economy too has slowed after 2010-11.
The Indian economy decelerated for the second year in succession to 5% in
2012-13 against 6.2 % in 2011-12 – the lowest in the last decade – on account of
poor performance of the manufacturing, agriculture and services sectors. An
erratic monsoon and drought-like situation in many parts affected the
agriculture and manufacturing sectors. The growth in the services sector was
also a low 6.6% in 2012-13. This weakness extended into government finances:
the fiscal deficit for 2012-13 was estimated at 5.2% of GDP and trade deficit
touched an unprecedented USD 190.9 bn in 2012-13.
However, there is
no reason for pessimism as even today, out of some of the larger countries of
the world, only China and Indonesia have grown faster th dia in 2012-13. And in
2013-14, if we grow at the rate of 5.6% as projected by the IMF, only China
would have grown faster than India. The IMF also pegs India’s growth to rise to
6.3% in 2014-15.
GLOBAL TILE INDUSTRY:
The worldwide
ceramic tile market is projected to reach 92.78 billion square feet by 2015,
due in part to the anticipated economy recovery in the medium term and the
ensuing resurgence in construction activity, as well as new product
innovations, according to a new report from Global Industry Analysts Inc. The
report states that Asia-Pacific and Europe collectively account for more than
80% share of the global market.
INDIAN TILE INDUSTRY:
The ceramic tiles
industry worldwide is facing a situation marked by excess capacities and
falling margins, and India is no exception. Indian tile industry has been
ranked third in terms of tile production with approximately 680 millions square
metres production per annum. The per capita consumption of tile in India has
increased slightly from 0.42 square metres per person in last year to 0.50
square metres per person this year. The per capita consumption can be compared
with China (2.6 square metres per person), Europe (5 to 6 square metres per
person) or Brazil (3.4 square metres per person).
The digital tile
has been a breakthrough in the tile industry and constitutes a major part of
consumption along with the vitrified and porcelain tiles. These new product
types are said to be the tiles of the future. Internationally such tiles are
already the major sellers. The organized sector of the tile industry is for
about Rs. 72000.000 crores which constitutes 40% of the total industry. The
rest 60% of the total industry is unorganized sector bearing testimony of the
growth potential of this industry.
OUTLOOK:
The key drivers
for the ceramic tiles in India are the boom in the housing sector coupled by
government policies fueling strong growth in the housing sector. The retail
boom in the Indian economy has also influenced the demand for higher end
products. Overall the bullish growth estimated for the Indian economy has
significantly influenced the growth of the Indian ceramic tiles industry. The
rising disposable incomes and affordable EMIs have encouraged the middle class
to buy their own dwelling units and refurbish older ones, which hold out a
great potential for tile consumption on a good scale. The rich and trendy look
of tiles has already overtaken the conventional marble due to its ‘easy to lay’
and ‘easy to maintain’ features. Be it hospital, mall, BPO, railway station,
airport or any public place, the tiles are everywhere. To maintain the interest
of retail investor, inventions are done on a regular basis and introduction of
Digital Tile is the newest one. With the Company’s continued investment in an
European Design Studio and proliferation of contemporary designs which blend
Western trends and the Indian palette, there is more choice available to
consumers to beautify their living and working spaces in the most durable
manner. The Company’s engineering excellence has resulted in 4 specialty patent
pending products which span a wide range of features and benefits. The Company
is always customer oriented and has made continual efforts in emphasizing the
customer value. The Company has launched a dedicated customer call centre and a
tile related information website www.TilesTalk.com which is also available
through applications on Android phones and iPads. E-slanter and e-showroom are
two other innovative applications which allow customers to select and combine
wall and floor tiles most suitable for their living and working spaces. This
unique
combination of
technical and creative excellence gives us a very positive outlook to
significantly increase market share in the future.
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fittings
·
Vehicles
UNAUDITED (STANDALONE)
FINANCIAL RESULTS FOR THE QUARTER ENDED 30.06.2013
Rs. In Millions
|
Sr. No. |
Particular |
Year Ended |
|
|
|
30.06.2013 |
|
|
|
Unaudited
|
|
|
|
|
|
1. |
Net Sales/Income
from Operations |
1257.900 |
|
|
Other Operating
Income |
2.200 |
|
|
Total Income From Operations (Net) |
1260.100 |
|
|
|
|
|
2. |
Expenditure |
|
|
|
Cost of
materials consumed |
233.200 |
|
|
Purchase
of stock in trade |
336.900 |
|
|
Employee
benefits expenses |
136.200 |
|
|
Depreciation
and amortization expenses |
46.900 |
|
|
Power
and fuel |
330.900 |
|
|
Other
expenses |
241.800 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
(143.300) |
|
|
Total Expenses |
1182.600 |
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
77.600 |
|
|
|
|
|
4. |
Other
Income |
5.600 |
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
83.200 |
|
|
|
|
|
6. |
Interest |
63.200 |
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
20.000 |
|
|
|
|
|
8. |
Exceptional
Items |
-- |
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
20.000 |
|
|
|
|
|
10. |
Tax
Expense |
12.000 |
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
8.000 |
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
-- |
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
8.000 |
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.10/- Each) |
135.700 |
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
-- |
|
|
|
|
|
16. |
Basic and Diluted Earning Per
Share (EPS) (Rs.)-Not Annualised |
|
|
|
a)
Basic and diluted EPS before extraordinary items |
0.59 |
|
|
b)
Basic and diluted EPS after extraordinary items |
0.59 |
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
-Number
of Shares |
3410164 |
|
|
-
Percentage of Shareholding |
25.12 |
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
a) Pledged/Encumbered |
|
|
|
-
Number of Shares |
Nil |
|
|
- Percentage
of Shares (as a % of the Total Shareholding of promoter and promoter group) |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
Nil |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
-
Number of Shares |
10163287 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and
Promoter Group) |
100.00 |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
74.88 |
|
Particulars |
Quarter Ended 30.06.2013 |
|
Pending at the beginning of the quarter |
1 |
|
Received during the quarter |
1 |
|
Disposed of during the quarter |
2 |
|
Remaining unresolved at the end of the
quarter |
0 |
NOTES:
1.
The above financial results have been reviewed by
Audit Committee and thereafter approved and taken on record by the Board of
Directors in their meeting held on 08.08.2013.
2.
High volatility in foreign exchange rates adversely
impacted Profit for the quarter mainly on of higher provision of foreign
exchange liability (MTM) in books to the extent of Rs. 3.131 Millions.
3.
The Company has opted to apply the provisions under
paragraph 46A of Accounting Standard (AS) ‐ 11 "The
Effects of Changes in Foreign Exchange Rates" with effect from April 1,
2013. Accordingly, exchange difference of Rs. 12.932 Millions, arising on all
long term monetary items relating to the acquisition of depreciable assets are
added to the cost of Fixed Assets / Capital Work in Progress and will be
depreciated over the balance useful life of the assets. As a result of such
change, the net profit after tax for the quarter is higher by Rs. 12.932
Millions.
4.
The Statutory Auditors have carried out limited
review of the above financial results.
5.
The Company is engaged mainly in the business of
tiles. Since all activities are related to the main activity, there are no
reportable segments as per the requirement of AS–17.
6.
The figures for previous quarter ended March 31,
2013 are the balancing figures between audited figures in respect of the full
financial year and published year to date figures upto the third quarter of the
financial year 2012‐13.
7.
Tax expenses for the current period represent
Deferred Tax only which does not affect cash flow.
8. The previous
period figures have been re‐grouped, re‐arranged and re‐classified,
wherever considered 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.62.13 |
|
|
1 |
Rs.101.53 |
|
Euro |
1 |
Rs.85.41 |
INFORMATION DETAILS
|
Information Gathered
by : |
NYA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
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.