MIRA
INFORM REPORT
|
Report Date : |
17.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
PANASONIC CARBON INDIA COMPANY LIMITED |
|
|
|
|
Registered
Office : |
|
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|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
06.09.1982 |
|
|
|
|
Com. Reg. No.: |
18-009560 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.48.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29142TN1982PLC009560 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHEI00218B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI5679J |
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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
: |
Manufacture and sale of Midget Electrodes (Carbon Rods). |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
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 2400000 |
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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 subsidiary of the Japanese major “Panasonic Corporation”.
It is an established company having fine track record. The company has seen a significant increase in its sales volume as
well as net profitability during 2013. Management is successfully operating
on its own funds. Financial as well as liquidity position appears to be sound
and healthy. The promoters and directors are reported to be wise and
resourceful businessman. Trade relations are fair. Business is active. Payment terms are
reported as regular and as per commitments. In view of strong holding and overall reputation of the subject, it
can be considered good 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
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.
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 : |
Pottipati Plaza, 77, (Old No. 35) Nungambakkam High Road, Third Floor,
Chennai – 600034, Tamilnadu |
|
Tel. No.: |
91-44-28275216/28275226/27275015 |
|
Fax No.: |
91-4-28263010 |
|
E-Mail : |
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|
Website : |
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|
|
|
|
Factory: |
Tada Mandal,
Nellore District - 524401, Andhra Pradesh, India |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. R. Senthil Kumar |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. K.K. Jiwarajka |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Hiroyuki Aota |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Hitoshi Arata |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Kenichi Kudara |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. V.R.Gupte |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. A.Raghavendra Rao |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K.Subramanian |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. R. Manoranjan |
|
Designation : |
Secretary |
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 |
|
|
|
As a % of (A+B) |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
453369 |
9.45 |
|
|
25804 |
0.54 |
|
|
479173 |
9.98 |
|
|
|
|
|
|
3036820 |
63.27 |
|
|
3036820 |
63.27 |
|
Total shareholding of Promoter and Promoter Group (A) |
3515993 |
73.25 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
150 |
0.00 |
|
|
150 |
0.00 |
|
|
|
|
|
|
262439 |
5.47 |
|
|
|
|
|
|
838812 |
17.48 |
|
|
138874 |
2.89 |
|
|
43732 |
0.91 |
|
|
2279 |
0.05 |
|
|
13632 |
0.28 |
|
|
27821 |
0.58 |
|
|
1283857 |
26.75 |
|
Total Public shareholding (B) |
1284007 |
26.75 |
|
Total (A)+(B) |
4800000 |
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) |
4800000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture and sale of Midget Electrodes (Carbon Rods). |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|
|
|
|
Bankers : |
·
Canara Bank ·
The Bank of Tokyo
Mitsubishi UFJ Limited ·
ICICI Bank Limited ·
State Bank Of India ·
Syndicate Bank |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Brahmayya and Company Chartered Accountants |
|
Address : |
48, Masilamani Road,
Balaji Nagar, Royapettah, Chennai – 600 014, Tamilnadu, India |
|
|
|
|
Holding Company: |
·
Panasonic Corporation, Japan |
|
|
|
|
Fellow
Subsidiaries under Common Control: |
·
Panasonic Energy India Company Limited, Vadodara
and Pithampur. ·
Panasonic Energy Tanzania Company Limited
Tanzania ·
Panasonic Peruana S.A.,Peru ·
Panasonic Energy(Thailand) Company Limited,
Thailand ·
P.T Panasonic Gobel Energy Indonesia,Indonesia ·
Panasonic Energy Poland., S.A.Poland ·
Panasonic Asia Pacific Pte. Limited,Singapore ·
Panasonic Energy Taiwan Company Limited., Taiwan ·
Panasonic Carbon Anyang Company Limited, China ·
Panasonic Centro Americana, S.A., Costarica ·
Panasonic India Private Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs.10/- each |
Rs. 100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4800000 |
Equity Shares |
Rs.10/- each |
Rs. 48.000
Millions |
|
|
|
|
|
NOTE:
Number of Shares held by Holding company
|
Panasonic Corporation, Japan |
3.037 |
Number of shares held by each shareholder
holding more than 5% shares
|
Name of Shareholder |
31.03.2013 |
|
|
|
Number
of Shares |
% of holding |
|
Panasonic Corporation, Japan |
3036820 |
63.27% |
|
Associated Electrical Agencies |
-- |
-- |
The Board of
Directors in their meeting on 26th April, 2013 proposed a final dividend of Rs.
7 /- per equity share (70%). The proposal is subject to approval of
shareholders at the Annual General Meeting to be held on 25th July, 2013.
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 |
48.000 |
48.000 |
48.000 |
|
(b) Reserves & Surplus |
540.928 |
514.887 |
514.627 |
|
(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) |
588.928 |
562.887 |
562.627 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
33.776 |
23.021 |
19.717 |
|
(c) Other current
liabilities |
12.341 |
13.569 |
21.243 |
|
(d) Short-term provisions |
41.614 |
39.051 |
39.051 |
|
Total Current Liabilities (4) |
87.731 |
75.641 |
80.011 |
|
|
|
|
|
|
TOTAL |
676.659 |
638.528 |
642.638 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
34.221 |
36.916 |
39.412 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(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 |
0.014 |
0.014 |
0.014 |
|
(c) Deferred tax assets (net) |
0.325 |
3.360 |
2.467 |
|
(d) Long-term Loan and Advances |
7.201 |
7.191 |
6.680 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
41.761 |
47.481 |
48.573 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
24.667 |
26.646 |
14.865 |
|
(c) Trade receivables |
30.338 |
22.625 |
15.379 |
|
(d) Cash and cash
equivalents |
568.524 |
528.189 |
548.595 |
|
(e) Short-term loans and
advances |
0.802 |
0.529 |
1.785 |
|
(f) Other current assets |
10.567 |
13.058 |
13.441 |
|
Total Current Assets |
634.898 |
591.047 |
594.065 |
|
|
|
|
|
|
TOTAL |
676.659 |
638.528 |
642.638 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
351.570 |
221.190 |
223.830 |
|
|
|
Other Income |
52.403 |
52.375 |
35.654 |
|
|
|
TOTAL |
403.973 |
273.565 |
259.484 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Raw materials consumed |
125.171 |
84.945 |
70.259 |
|
|
|
Changes in inventories of finished goods and work-in-progress |
4.333 |
(3.561) |
(4.247) |
|
|
|
Manufacturing Expenses |
87.244 |
54.455 |
45.546 |
|
|
|
Employee benefits expense |
52.841 |
46.304 |
48.742 |
|
|
|
Other expenses |
32.940 |
21.370 |
23.451 |
|
|
|
Exceptional Items |
0.000 |
7.356 |
0.000 |
|
|
|
TOTAL |
302.529 |
210.869 |
183.751 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
101.444 |
62.696 |
75.733 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
3.958 |
4.379 |
5.112 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
97.486 |
58.317 |
70.621 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
32.135 |
19.007 |
23.644 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
65.351 |
39.310 |
46.977 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1.884 |
6.624 |
8.698 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
33.600 |
33.600 |
33.600 |
|
|
|
Taxation on Dividend |
5.710 |
5.451 |
5.451 |
|
|
|
Transfer to General Reserve |
25.000 |
5.000 |
10.000 |
|
|
BALANCE CARRIED
TO THE B/S |
2.925 |
1.883 |
6.624 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
177.344 |
54.781 |
39.459 |
|
|
TOTAL EARNINGS |
177.344 |
54.781 |
39.459 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
38.169 |
27.317 |
17.443 |
|
|
|
Components & Spare parts |
0.000 |
0.000 |
0.296 |
|
|
TOTAL IMPORTS |
38.169 |
27.317 |
17.739 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
13.61 |
8.19 |
9.79 |
|
QUARTERLY RESULTS
|
Particulars |
30.06.2013 |
30.09.2013 |
|
Audited / UnAudited |
UnAudited |
UnAudited |
|
Net Sales |
77.700 |
83.900 |
|
Total Expenditure |
67.000 |
71.600 |
|
PBIDT (Excl OI) |
10.700 |
12.300 |
|
Other Income |
14.400 |
13.3000 |
|
Operating Profit |
25.100 |
25.600 |
|
Interest |
0.000 |
0.000 |
|
Exceptional Items |
0.000 |
0.000 |
|
PBDT |
25.100 |
25.600 |
|
Depreciation |
0.900 |
0.900 |
|
Profit Before Tax |
24.2000 |
24.700 |
|
Tax |
7.900 |
8.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
|
Profit After Tax |
16.400 |
16.700 |
|
Extraordinary Items |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
|
Net Profit |
16.400 |
16.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
16.18
|
14.37 |
18.10 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
27.23
|
26.37 |
31.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.41
|
9.18 |
11.03 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17
|
0.10 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
7.24
|
7.81 |
7.42 |
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 |
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 |
No |
|
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 |
No |
INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY
MANAGEMENT
DISCUSSION AND ANALYSIS
INDUSTRY AND
BUSINESS OVERVIEW AND OPERATIONAL AND FINANCIAL PERFORMANCE
The Company sold
2131 Mln. Pcs. of Carbon Rods, as against 1409 Mln. Pcs., which is 151% of
Sales of last year. The Domestic Sales Quantity and Value were 1110 Mln. Pcs.
and Rs.172.000 Millions, which works out to 98% and 104% respectively of the
Sales of last year. The drop in Domestic Sales was mainly on account of
continuous steep reduction in UM-1 variety of carbon rods used in D size
batteries. Though the total quantity is less compared to last year, the value
is higher due to marginal revision of price of UM-3 Carbon Rods.
The Export Sales
Quantity and value were 1021 Mln. Pcs. and Rs. 179.100 which compared to last
year’s quantity of 270.7 Mln. Pcs. and Rs. 55.900 which. Compared to last year,
export sales quantity works out to 377% and value 320%. As informed last year,
The Company could stabilize the exports to Panasonic Group Battery Factories in
Poland, Peru, Costa Rica, Thailand and Indonesia and achieve the above growth.
The steep increase
in prices of some of the Raw Materials and fuel have resulted in increase in
production cost considerably. Further during this year, due to power shortage
in the State of Andhra Pradesh, where the factory is located, the Government
has imposed a power cut of 52%. Hence, the Company was forced to use Generator
for the balance requirement, but it costs more than three times the Government
supplied power. However by restructuring the process operation timings and
increasing productivity the impact was minimised to the maximum extent. The
increase in profitability for the current year is mainly due to increased
export sales in respect of orders from Panasonic Battery Companies and third
parties and by the various cost control measures initiated.
OUTLOOK ON
OPPORTUNITIES AND THREATS, RISKS AND CONCERNS
The Company has
higher production capacity to meet any increased demand of Carbon rods in the
Domestic and International Markets in the years to come. The Company’s finished
product (Carbon Rods) is being supplied as a critical component to the Indian
Dry Battery Industry, which is projecting a growth of 1% to 2% in the current
year in smaller size Batteries. Accordingly, The Company is also hopeful in
maintaining the Domestic Sales by maintaining the quality and timely supply. In
the Export Front, the Company is depending on the Battery market trend of
various countries. Based on the present indications, The Company is confident
of maintaining the current year’s levels of export quantities in the coming
years also. The Directors assure that all steps are being taken by the Company
to achieve the growth level in the coming years, in proportion to the growth of
the Dry Battery Industry by taking into consideration the adverse conditions,
if any, in the Dry Battery Industry. There are no materially significant
threats, risks or concerns to the Company.
STATEMENT OF
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED SEPTEMBER 30, 2013
(Rs. In Millions)
|
Particulars |
Quarter Ended |
Half Year Ended |
|
|
30.09.2013 |
31.06.2013 |
30.09.2013 |
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
Net Sales / Income from Operations (net of excise duty) |
83.901 |
77.510 |
161.411 |
|
Other Operating Income |
0.011 |
0.170 |
0.181 |
|
Total Income from
operations |
|
|
|
|
Expenses |
|
|
|
|
(Increase)/Decrease
in Stock in Trade and Work in Progress |
0.983 |
0.246 |
1.229 |
|
Consumption
of Raw Materials |
28.291 |
26.675 |
54.966 |
|
Power
and Fuel |
13.489 |
13.359 |
26.848 |
|
Employees
cost |
15.171 |
14.738 |
29.909 |
|
Depreciation |
0.859 |
0.858 |
1.717 |
|
Other expenses |
13.677 |
12.001 |
25.678 |
|
Total Expenses |
72.470 |
67.877 |
140.347 |
|
Profit from operations
before other income, finance costs and exceptional items |
11.442 |
9.803 |
21.245 |
|
Other Income |
13.281 |
14.02 |
27.683 |
|
Profit before Interest and Exceptional
Items |
24.723 |
24.205 |
48.928 |
|
Interest |
0.000 |
0.000 |
0.000 |
|
Profit from
ordinary activities after finance costs but before exceptional items |
24.723 |
24.205 |
48.928 |
|
Exceptional Items - credit/(charge) |
0.000 |
0.000 |
0.00 |
|
Profit from
ordinary activities before tax |
24.723 |
24.205 |
48.928 |
|
Tax expense |
8.022 |
7.853 |
15.875 |
|
Net Profit from
ordinary activities After Tax |
16.701 |
16.352 |
33.053 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Net
Profit(+)/Loss(-) for the period |
16.701 |
16.352 |
33.053 |
|
Paid up Equity Share Capital (Face Value Rs.10/- per equity share) |
48.000 |
48.000 |
48.000 |
|
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting year |
0.000 |
0.000 |
0.000 |
|
i. Earnings Per Share
(EPS) before extraordinary items (of Rs. 10/- each) (not annualised): |
3.48 |
3.41 |
6.89 |
Part II : Select
Information for the quarter ended September
30, 2013
|
A. |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
- Number of Shares |
1284007 |
1284007 |
1284007 |
|
|
- Percentage of Shareholding |
26.75 |
26.75 |
26.75 |
|
2 |
Promoters and Promoter Group Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
- Number of shares |
3515993 |
3515993 |
3515993 |
|
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
100% |
100% |
100% |
|
|
- Percentage of shares (as a % of the total share capital of the company) |
73.25% |
73.25% |
73.25% |
|
|
b) Non-Encumbered |
|
|
|
|
|
- Number of shares |
16257825 |
16257825 |
16257825 |
|
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
96.71% |
6.71% |
96.71% |
|
|
- Percentage of shares (as a % of the total share capital of the company) |
60.95% |
60.95% |
60.95% |
|
B |
INVESTOR COMPLAINTS |
Quarter ended
September 30, 2013 |
|
|
Pending at the beginning of the quarter |
NIL |
|
|
Received during the quarter |
1 |
|
|
Disposed of during the quarter |
1 |
|
|
Remaining unresolved at the end of the quarter |
NIL |
Statement of Assets
and Liabilities
(Rs. In Millions)
|
|
Statement of Assets
and Liabilities |
As on 30-Sep-13 |
|
|
|
|
Unaudited |
|
|
A |
|
EQUITY AND
LIABILITIES |
|
|
|
1 |
Shareholders' funds |
|
|
|
|
(a) Share capital |
48.000 |
|
|
|
(b) Reserves and surplus |
573.981 |
|
|
|
Sub-total -
Shareholders' funds |
621.981 |
|
|
2 |
Share application money pending allotment |
-- |
|
|
3 |
Non-current
liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
|
|
|
(b) Deferred tax liabilities (net) |
0.000 |
|
|
|
(c) Other long-term liabilities |
0.000 |
|
|
|
(d) Long-term provisions |
0.000 |
|
|
|
Sub-total - Non-current liabilities |
0.000 |
|
|
|
|
|
|
|
4 |
Current liabilities |
|
|
|
|
(a) Short-term borrowings |
0.000 |
|
|
|
(b) Trade payables |
33.539 |
|
|
|
(c) Other current liabilities |
13.123 |
|
|
|
(d) Short-term provisions |
5.430 |
|
|
|
Sub-total - Current
liabilities |
52.092 |
|
|
|
TOTAL - EQUITY AND
LIABILITIES |
674.073 |
|
|
|
|
|
|
B |
|
ASSETS |
|
|
|
1 |
Non-current assets |
|
|
|
|
(a) Fixed assets |
32.513 |
|
|
|
(b) Non-current investments |
0.014 |
|
|
|
(c) Deferred tax assets (net) |
0.096 |
|
|
|
(d) Long-term loans and advances |
7.201 |
|
|
|
(e) Trade receivables |
0.000 |
|
|
|
(f) Other non-current assets |
0.000 |
|
|
|
Sub-total - Non-current
assets |
39.824 |
|
|
2 |
Current assets |
|
|
|
|
(a) Current investments |
0.000 |
|
|
|
(b) Inventories |
22.406 |
|
|
|
(c) Trade receivables |
33.472 |
|
|
|
(d) Cash and cash equivalents |
544.555 |
|
|
|
(e) Short-term loans and advances |
2.726 |
|
|
|
(f) Other current assets |
31.090 |
|
|
|
Sub-total - Current
assets |
634.249 |
|
|
|
TOTAL - ASSETS |
674.073 |
Note:
1. The above Un Audited Financial Results have been
subjected to limited review by Statutory Auditors, reviewed by the audit
committee and approved by the Board of Directors at their Meeting held on 29th
October, 2013.
2. The Company operates in only one Business Segment
(i.e.) Carbon Rods as a component of Dry Cell Batteries.
3. EPS for the three months are not annualised.
4. The figures of the previous year/ periods have been
regrouped or rearranged whereever necessary.
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2013 |
|
Income Tax demands in dispute for which the company has preferred
appeals to higher authorities and has been legally advised that demands are
unsustainable. |
14.932 |
FIXED ASSETS
·
Tangible Assets
·
·
Land
·
Building
·
Plant, Machinery and Equipment’s
·
Furniture and Fixtures
·
Vehicles
·
Office Equipment’s
·
·
Intangible assets
·
·
Capital Work- in -
Progress
PRESS RELEASES
PANASONIC CARBON EYES 200% GROWTH IN EXPORTS
JULY 21, 2012
Panasonic Carbon India Company Limited, in which Japanese major Panasonic Corporation has a majority stake, is expecting a 200 per cent growth in exports in future.
The company’s two major varieties of carbon rods, a component of dry cell batteries, have passed the quality tests conducted by the Panasonic Group factories in Poland, Peru, Costa Rica, Thailand and Indonesia.
The Japanese major has so far been importing carbon rods from its facility in Taiwan for these facilities and the decision to shift sourcing to Chennai is expected to help the Indian firm to benefit from exports, according to a company source. The growth in exports would be achieved according to the projection on demand from the facilities over a period of time.
“As the prices also were found to be competitive compared to Chinese competitors, the company’s export is estimated to grow by more than 200 per cent,” according to the company’s annual report 2011-12.
A trial run to test the feasibility of exports from India has been conducted during the last financial year and the company has recently started container-level exports of carbon rods to these sites, said the company official.
The export sales is around 25 per cent of the total sales of the company. It has posted a net turnover of Rs 207.900 Millions for the fiscal year ended March 31, 2012, and the export of goods on a freight-on-board (FOB) basis was around Rs 54.700 Millions, which grew 39 per cent as compared to Rs 39.400 Millions posted during the previous year.
It has sold around 1,409 million pieces of carbon rods, as against 1,395 million pieces last year. The domestic sales quantity was around 1,138 million pieces, valued at Rs 165.000 Millions, which is less than last years' production. Exports posted 65 per cent increase in terms of volume, to 271 million pieces, during 2011-12.
Last fiscal, the company’s profitability was affected by the steep increase in raw material prices and fuel cost, which resulted in the increase in production costs, even though the company continued with cost saving, cost control and value engineering methods, the annual report added.
The company claims to the only firm manufacturing carbon rods in India to cater to the dry cell industry. With the technology changes and more equipment which once used dry cells shifting to other means, the growth in dry cell industry is minimal, said the company official.
Panasonic Carbon’s finished product, carbon rods, is being supplied as a critical component to the Indian dry battery industry, which is projecting a growth of 2-3 per cent in the current year in smaller size batteries.
It may be noted that in June 2012, Panasonic Corporation has acquired 6,02,340 shares in Panasonic Carbon India Limited, which is around 12.55 per cent of the total shares of the listed company, from another promoter, P Dwarakanath Reddy for a total amount of Rs 87.900 Millions.
With the off-market transaction, Panasonic Corporation has increased its stake from 50.72 per cent of the total shares of the company to 63.27 per cent, according to a company filing to the Bombay Stock Exchange.
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.60.10 |
|
|
1 |
Rs.101.27 |
|
Euro |
1 |
Rs.85.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
64 |
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.