MIRA
INFORM REPORT
|
Report Date : |
21.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
GODFREY PHILLIPS INDIA LIMITED |
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Registered
Office : |
Chakala, Andheri (East), Mumbai – 400099, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
03.12.1936 |
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Com. Reg. No.: |
11-008587 |
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Capital
Investment / Paid-up Capital : |
Rs. 103.988 Millions |
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CIN No.: [Company Identification
No.] |
L16004MH1936PLC008587 |
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IEC No.: |
0588034495 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG08521C |
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PAN No.: [Permanent Account No.] |
AABCG4768K |
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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
: |
Manufacturing and marketing of Cigarettes containing tobacco, Tea
black in packets and Unmanufactured tobacco. |
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No. of Employees
: |
Information Decline by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (74) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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Maximum Credit Limit : |
USD 41000000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an associate of Philip Morvis Global Brands Inc. and K K
Modi Group. It is the second largest player in the Indian Cigarette Industry.
It is an old, well established and reputed company having excellent
track. Even though the company has seen a significant improvement in its
sales volume, there appears a dip in its net profitability during 2013, may
be on account of high excise duties and multiple state taxes. However, the
financial and liquidity position seems to be strong, marked by healthy
capital structure and cash surplus. The rating also take into consideration the strong brand image,
established distribution network and presence in various tobacco related
product lines. Trade relations are fair. Business is active. Payment terms are
reported as regular and as per commitments. In view of long standing experience of the promoters and a comfortable
market position, the subject 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.
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 |
|
Rating |
Long term rating: “AA +” |
|
Rating Explanation |
High degree of safety and low credit risk. |
|
Date |
15.10.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: “A1 +” |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
15.10.2013 |
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.
INFORMATION DECLINED
Management non-cooperative
Tel. No.: 91-11-26832155
LOCATIONS
|
Registered Office : |
Chakala, Andheri (East), Mumbai – 400099, Maharashtra, India |
|
Tel. No.: |
91-22-28367306 / 26832155 / 28367301 / 08 |
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Fax No.: |
91-22-28363761 / 26840775 |
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E-Mail : |
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Website : |
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Head/ Corporate Office |
49, Community Centre, New Friends Colony, New Delhi-110065, India |
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Tel. No.: |
91-11-26832155/26836468 |
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Fax No.: |
91-11-26840775/26835803 |
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E-Mail : |
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Branch Office : |
Located at: Ř
Ahmedabad Ř
Baramati Ř
Chandigarh Ř
Chennai Ř
Ghaziabad Ř
Hyderabad Ř
Kolkata Ř
Mumbai Ř
Rebale Ř
New Delhi |
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Factory 1 : |
Ghaziabad
Factory International Tobacco Company Post Box No 97, Guldhar, Ghaziabad -201301 , India |
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Tel. No.: |
91-120-2788235 |
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Fax No.: |
91-120-2788247 |
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Factory 2 : |
Andheri Plant V. K. K. Menon Road, (Sahar Road), Chakala, Andheri (East),
Mumbai-400099. Maharashtra, India |
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Factory 3 : |
Guldhar Plant International Tobacco Company Limited Delhi-Meerut Road, Guldhar, Ghaziabad-201001, India |
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Factory 4 : |
Baramati Plant
(Chewing Products) Plot No. A-1/1, MIDC Industrial Area, Baramati – 413133, Maharashtra,
India |
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Factory 5 : |
Rabale Plant Plot No. 19, MIDC, TTC Industrial Area, Rabale, Navi, Mumbai - 400701 |
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Factory 6 : |
Bazpur (Tea
Blending and Packaging) Plot No. C-9, Bazpur - 1, Upsidc Industrial Area, Distt-Udham Singh
Nagar, (Uttranchal) – 262123, India |
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Factory 6 : |
Ghaziabad B-19, Meerut Road, Site No. 3, Ghaziabad,
India |
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Factory 8 : |
Faridabad Plot No. 11, Saroorpur Industrial Area,
Sohna Road, Ballabgarh, Faridabad, Haryana – 121004, India |
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Factory 9 : |
Bazpur Plot No. C-9, Bazpur - 1, Upsidc Industrial
Area, District Udham Singh Nagar, (Uttrakhand) - 262 123, India |
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Factory 10 : |
Kolkata (Tea
Blending and Packaging-operated by a contractor) Landys + GYR Compound, Diamond Harbour Road, Joka, Kolkata – 700104,
West Bengal, India |
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|
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Factory 11 : |
Ongole
(Reconstituted Tobacco) Plot No. 289 to 300, Apiic Growth Centre, Gundlapally, Ongole,
Prakasam District, Andhra Pradesh – 523001, India |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. R.A Shah |
|
Designation : |
Chairman |
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|
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|
Name : |
Mr. Samir Kumar Modi |
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Designation : |
Executive Director |
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|
Name : |
Mr. K. K. Modi |
|
Designation : |
Managing Directors |
|
Qualification : |
B.Sc., Advanced Management Programme from Harvard Business School,
Boston |
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|
Name : |
Mr. R. Ramamurthy |
|
Designation : |
Whole-time Director |
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Qualification : |
B.A., B.L. from Madras University |
|
Experience : |
33 years |
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|
Name : |
Mr. Lalit Kumar Modi |
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Designation : |
Executive Director |
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Name : |
Mr. Lalit Bhasin |
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Designation : |
Executive Director |
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Qualification : |
B.A. (Hons.), LL.B., FCIArb |
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Name : |
Mr. Anup N. Kothari |
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Designation : |
Executive Director |
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Qualification : |
B.Arch., F.I.I.A |
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|
Name : |
Mr. C. M. Maniar |
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Designation : |
Executive Director |
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Qualification : |
B.Com., M.A. (Economics and Politics) and LL.B. (Solicitor) |
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|
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|
Name : |
Mr. O. P. Vaish |
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Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. K.K. Modi |
|
Designation : |
President |
|
Qualification : |
B.Sc., Advanced Management Programme from Harvard Business School,
Boston |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2013
|
Category
of Shareholders |
No. of Shares |
Percentage of
Holding |
|
|
|
|
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
4588 |
0.04 |
|
|
4412978 |
42.44 |
|
|
360276 |
3.46 |
|
|
360276 |
3.46 |
|
|
4777842 |
45.95 |
|
|
|
|
|
|
2610095 |
25.10 |
|
|
2610095 |
25.10 |
|
Total shareholding
of Promoter and Promoter Group (A) |
7387937 |
71.05 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
33353 |
0.32 |
|
|
10146 |
0.10 |
|
|
6000 |
0.06 |
|
|
1524819 |
14.66 |
|
|
1574318 |
15.14 |
|
|
|
|
|
|
57501 |
0.55 |
|
|
|
|
|
|
1182055 |
11.37 |
|
|
167799 |
1.61 |
|
|
29174 |
0.28 |
|
|
8338 |
0.08 |
|
|
16144 |
0.16 |
|
|
4692 |
0.05 |
|
|
1436529 |
13.81 |
|
Total Public
shareholding (B) |
3010847 |
28.95 |
|
Total (A)+(B) |
10398784 |
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) |
10398784 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
Sl.No. |
Name of the
Shareholder |
Details of Shares
held |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
|
|
No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
|
|
1 |
K K Modi |
400 |
0.00 |
0.00 |
|
2 |
Lalit Kumar Modi |
400 |
0.00 |
0.00 |
|
3 |
Samir Kumar Modi |
400 |
0.00 |
0.00 |
|
4 |
Divya Modi |
2,300 |
0.02 |
0.02 |
|
5 |
Ritika N Rungta |
1,088 |
0.01 |
0.01 |
|
6 |
K K Modi and Investment and Financial Services Private Limited |
30,39,332 |
29.23 |
29.23 |
|
7 |
Good Investments India Limited |
7,96,044 |
7.66 |
7.66 |
|
8 |
Quick Investment India Limited |
3,93,360 |
3.78 |
3.78 |
|
9 |
Super Investment India Limited |
1,05,452 |
1.01 |
1.01 |
|
10 |
Spice Mobiles Limited |
17,300 |
0.17 |
0.17 |
|
11 |
Longwell Investments Private Limited |
16,000 |
0.15 |
0.15 |
|
12 |
Swasth Investment Private Limited |
16,000 |
0.15 |
0.15 |
|
13 |
Motto Investment Private Limited |
15,800 |
0.15 |
0.15 |
|
14 |
HMA Udyog Private Limited |
13,600 |
0.13 |
0.13 |
|
15 |
Upasana Investment Private Limited |
90 |
0.00 |
0.00 |
|
16 |
K K Modi and Bina Modi (Trustees-Indofil Senior Executives (Officers) Welfare Trust |
77,256 |
0.74 |
0.74 |
|
17 |
K K Modi and Bina Modi (Trustees-Indofil Junior Employee (Factory) Welfare Trust |
76,000 |
0.73 |
0.73 |
|
18 |
K K Modi and Bina Modi (Trustees-Indofil Junior Employee (Officer) Welfare Trust |
61,712 |
0.59 |
0.59 |
|
19 |
K K Modi and Bina Modi (Trustees-Indofil Senior Executives (Factory) Welfare Trust |
61,712 |
0.59 |
0.59 |
|
20 |
K K Modi and Bina Modi (Trustees-Indofil Senior Executives (Factory) Benefit Trust |
28,272 |
0.27 |
0.27 |
|
21 |
K K Modi and Bina Modi (Trustees-Indofil Junior Employee (Office) Benefit Trust |
21,644 |
0.21 |
0.21 |
|
22 |
K K Modi Trustee Indofil Jr. Employees (Factory) Benefit Trust and Bina Modi (Trustee) |
20,112 |
0.19 |
0.19 |
|
23 |
Kedarnath Modi (Trustee) Modi Spg and Wvg Mills Company Limited Head Office Employees Welfare Trust |
9,000 |
0.09 |
0.09 |
|
24 |
K K Modi and Bina Modi (Trustees-Indofil Senior Executives (Offices) Benefit Trust |
4,568 |
0.04 |
0.04 |
|
25 |
Philip Morris Global Brands Inc |
26,10,095 |
25.10 |
25.10 |
|
|
Total |
73,87,937 |
71.05 |
71.05 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
1 |
Natiional Westminster Bank Plc As Trustee Of The Jupiter India Fund |
578616 |
5.56 |
5.56 |
|
2 |
Jupiter South Asia Investment Company Limited -South Asia Access Fund |
285306 |
2.74 |
2.74 |
|
3 |
Mavi Investment Fund Limited |
268555 |
2.58 |
2.58 |
|
4 |
Swiss Finance Corporation (Mauritius) Limited |
125679 |
1.21 |
1.21 |
|
|
Total |
1258156 |
12.10 |
12.10 |
Shareholding
belonging to the category "Public" and holding more than 5% of the
Total No. of Shares
|
Sl. No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of
Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
1 |
Natiional Westminster Bank Plc As Trustee Of The Jupiter India Fund |
578616 |
5.56 |
5.56 |
|
|
Total |
578616 |
5.56 |
5.56 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and marketing of Cigarettes containing tobacco, Tea
black in packets and Unmanufactured tobacco. |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity (per annum) |
Installed
Capacity (on a single shift basis) |
Actual
Production Qty. |
|
A. Cigarettes |
Million |
18750* |
5160 |
8302 |
|
Cigarettes manufactured by the subsidiary
company on behalf of the Company |
Million |
-- |
-- |
9476 |
|
B. Chewing products - production |
Tonne |
-- |
-- |
281 |
*Including 25%
admissible production over licensed capacity
Installed capacity
has been certified by a director but has not been verified by the auditors as
this is a technical matter.
GENERAL INFORMATION
|
No. of Employees : |
Information Decline by the management |
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|
Bankers : |
Ř State
Bank of India Ř Bank
of Baroda Ř Bank
of India Ř Citibank
N. A., Connaught Circus, New Delhi Ř State
Bank of Hyderabad Ř State
Bank of Travancore Ř The
Hong Kong and Shanghai Banking Corporation Ř
Union Bank of India |
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Facilities : |
(Rs.
In Millions)
|
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|
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|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
A.F. Ferguson and Company Chartered Accountants |
|
|
|
|
Cost Auditors : |
|
|
Name : |
Chandra Wadhva and Company Chartered Accountants |
|
|
|
|
Internal Auditors : |
|
|
Name : |
Lodha and Company Chartered Accountants |
|
Address : |
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|
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|
Subsidiary companies: |
Ř International
Tobacco Company Limited Ř Chase
Investments Limited |
|
|
|
|
Subsidiaries of the subsidiary companies: |
Ř Kashyap Metal
and Allied Industries Limited Ř Unique Space
Developers Limited Ř Rajputana
Infrastructure Corporate Limited (subsidiary of Kashyap Metal and Allied
Industries Limited) Ř Gopal Krishna
Infrastructure and Real Estate Limited (subsidiary of Unique Space Developers
Limited) |
|
|
|
|
Associates: |
Ř Philip Morris
Global Brands Inc. (Formerly Philip Morris International Finance
Corporation), which the Company is an associate. Ř Success
Principles India Limited, an associate of the Company. Ř IPM India
Wholesale Trading Private Limited, an associate of the Company. Ř KKM Management
Centre Private Limited, an associate of the Company. |
|
|
|
|
Enterprises over which key management personnel and their relatives
are able to exercise significant influence: |
Ř Modicare Limited Ř Beacon Travels
Private Limited Ř Indofil
Industries Limited Ř Assam Cigarette
Company Private Limited Ř R C Tobacco
Private Limited Ř HMA Udyog
Private Limited Ř Bina Fashion N
Food Private Limited Ř Modicare
Foundation Ř Priyal Hitay
Nidhi Ř Colorbar
Cosmetics Private Limited Ř Gujarmal Modi
Science Foundation Ř Modi Healthcare
Placement India Private Limited Ř Modi Innovative
Education Society Ř International Research Park Laboratories Limited Ř
Rajputana Fertilizers Limited |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
2,44,00,000 |
Equity Shares |
Rs. 10/- each |
Rs. 244.000 Millions |
|
60,000 |
Preference shares |
Rs. 100/- each |
Rs. 6.000 Millions |
|
|
Total |
|
Rs. 250.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,03,98,784 |
Equity Share |
Rs.10/- each |
Rs. 103.988
Millions |
|
|
|
|
|
There has been no movement in the
equity shares in the current and previous year.
The Company has only one class of
equity shares having a par value of Rs. 10 per share. Each holder of equity
shares is entitled to one vote per share.
The Company declares and pays
dividends in Indian rupees. The dividend proposed by the Board of Directors is
subject to the approval of the shareholders in the ensuing Annual General
Meeting. The Board may from time to time pay to the members such interim
dividends as appear to it to be justified by the profits of the Company.
Shares held by each shareholder holding more
than 5%:
|
Name of the
shareholder |
No. of shares |
% held as at March
31, 2013 |
|
Philip Morris Global Brands Inc. |
2610095 |
25.10% |
|
Indo Euro Investment Company Private Limited |
1471782 |
14.15% |
|
K K Modi Investment and Financial Services Private Limited |
1168759 |
11.24% |
|
Good Investment (India) Limited |
796044 |
7.66% |
|
Jupiter India Fund |
532616 |
5.12% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
103.988 |
103.988 |
|
(b) Reserves & Surplus |
|
10313.239 |
9105.103 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
|
10417.227 |
9209.091 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
|
1661.274 |
2318.850 |
|
(b) Deferred tax liabilities (Net) |
|
2.020 |
1.910 |
|
(c) Other long
term liabilities |
|
358.182 |
298.197 |
|
(d) long-term
provisions |
|
38.380 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
2059.856 |
2618.957 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
592.547 |
343.669 |
|
(b)
Trade payables |
|
1574.725 |
1189.359 |
|
(c)
Other current liabilities |
|
2610.326 |
2381.411 |
|
(d) Short-term
provisions |
|
629.902 |
626.845 |
|
Total Current
Liabilities (4) |
|
5407.500 |
4541.284 |
|
|
|
|
|
|
TOTAL |
|
17884.583 |
16369.332 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
6932.096 |
5247.701 |
|
(ii)
Intangible Assets |
|
59.075 |
23.185 |
|
(iii)
Capital work-in-progress |
|
152.715 |
1374.090 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
1615.008 |
1605.479 |
|
(c) Deferred tax
assets (net) |
|
0.000 |
75.223 |
|
(d) Long-term Loan and Advances |
|
419.899 |
422.716 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
9178.793 |
8748.394 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
1570.287 |
1977.833 |
|
(b)
Inventories |
|
5383.545 |
3771.573 |
|
(c)
Trade receivables |
|
792.967 |
749.495 |
|
(d) Cash
and cash equivalents |
|
221.073 |
218.608 |
|
(e)
Short-term loans and advances |
|
584.982 |
769.562 |
|
(f)
Other current assets |
|
152.936 |
133.867 |
|
Total Current
Assets |
|
8705.790 |
7620.938 |
|
|
|
|
|
|
TOTAL |
|
17884.583 |
16369.332 |
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
103.988 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
7798.521 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
7902.509 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
1928.565 |
|
|
2] Unsecured Loans |
|
|
0.000 |
|
|
TOTAL BORROWING |
|
|
1928.565 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
9831.074 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
2833.670 |
|
|
Capital work-in-progress |
|
|
1803.903 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
3231.418 |
|
|
DEFERREX TAX ASSETS |
|
|
7.881 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
3491.954 |
|
|
Sundry Debtors |
|
|
453.860 |
|
|
Cash & Bank Balances |
|
|
515.023 |
|
|
Other Current Assets |
|
|
175.895 |
|
|
Loans & Advances |
|
|
1053.274 |
|
Total
Current Assets |
|
|
5690.006 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
995.450 |
|
|
Other Current Liabilities |
|
|
1927.917 |
|
|
Provisions |
|
|
812.437 |
|
Total
Current Liabilities |
|
|
3735.804 |
|
|
Net Current Assets |
|
|
1954.202 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
9831.074 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
20964.772 |
19118.028 |
16308.866 |
|
|
|
Other Income |
306.054 |
303.338 |
238.607 |
|
|
|
TOTAL (A) |
21270.826 |
19421.366 |
16547.473 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
4755.467 |
4960.529 |
4397.904 |
|
|
|
Purchases of traded goods |
4234.274 |
2612.659 |
1857.639 |
|
|
|
Changes in inventories of finished goods, work-in-process and traded
goods |
(939.363) |
95.458 |
(48.274) |
|
|
|
Employee benefits expenses |
2008.143 |
1625.367 |
1387.942 |
|
|
|
Other expenses |
7694.097 |
6612.177 |
6001.758 |
|
|
|
TOTAL
(B) |
17752.618 |
15906.190 |
13596.969 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3518.208 |
3515.176 |
2950.504 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
269.173 |
316.514 |
135.738 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
3249.035 |
3198.662 |
2814.766 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
880.003 |
626.313 |
400.029 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
2369.032 |
2572.349 |
2414.737 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
674.254 |
758.722 |
754.402 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1694.778 |
1813.627 |
1660.335 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6909.031 |
5798.833 |
4761.498 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
200.000 |
220.000 |
200.000 |
|
|
|
Proposed Dividend |
415.951 |
415.951 |
363.957 |
|
|
|
Corporate Dividend tax |
70.691 |
67.478 |
59.043 |
|
|
BALANCE CARRIED
TO THE B/S |
7917.167 |
6909.031 |
5798.833 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods on F.O.B. basis |
3525.383 |
3118.633 |
2777.651 |
|
|
|
Others including freight, etc. |
80.471 |
69.618 |
65.952 |
|
|
TOTAL EARNINGS |
3605.854 |
3188.251 |
2843.603 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
430.479 |
455.186 |
416.388 |
|
|
|
Components and spare parts |
23.419 |
33.438 |
26.469 |
|
|
|
Capital Goods |
295.717 |
1861.868 |
524.246 |
|
|
|
Purchases for resale - cigars, etc. |
19.191 |
7.544 |
0.000 |
|
|
TOTAL IMPORTS |
768.806 |
2358.036 |
967.103 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
162.98 |
174.41 |
159.67 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
7.97 |
9.33 |
10.03 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.30 |
13.46 |
14.81 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.70 |
19.31 |
28.32 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22 |
0.28 |
0.31 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.21 |
0.29 |
0.25 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.61 |
1.68 |
1.52 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS: NOT AVAILABLE
|
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 |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2013 |
As on 31.03.2012 |
|
Short term
borrowings |
|
|
|
Foreign currency packing credits from banks |
0.000 |
39.583 |
|
Demand loan from banks |
250.000 |
0.000 |
|
|
|
|
|
Total |
250.000 |
39.583 |
MANAGEMENT DISCUSSION
AND ANALYSIS
GENERAL ECONOMIC
ENVIRONMENT
The year, has been a difficult year for the Indian industry. Global trade flows to EU zone have been severely impacted due to loss of credibility of the European sovereign debt paper. This has led to credit squeeze resulting in decline in export volumes for the emerging market nations. Simultaneously, their nation has been grappling with rising oil and gold imports. This double impact has led to further widening of current account deficit thereby creating added pressure on government finances. Also, the Indian rupee continued to remain weak. Cigarettes among tobacco sector have become easy victim to government drive to shore up its revenues.
Food inflation has been unrelenting and is in double digits even when the headline inflation numbers have started moderating. With high food inflation, discretionary spends have come under pressure. High inflation coupled with increase in prices of consumer goods has led to erosion of price value equation and forced the RBI to pursue tight monetary policy. Many brands across the cigarette industry have seen significant losses in volumes.
IMF forecasts real global GDP growth of 3.3% in 2013, about the same as the 3.2% in 2012, and the expectation is that growth rates will improve to 4% the year after. All this is hinging on the economic successes of emerging countries especially China and India. Emerging markets are expected to grow between 5% to 6% in the next 2 years. Countries having local demand have witnessed resilience in these turbulent times compared to export centric economies. With the United States showing signs of coming out of a low growth phase and no further negative news emerging from Europe, global trade should start growing once again. India is among the Top 5 nations producing tobacco. Their tobacco is being exported across various continents for the purpose of blending as well as direct use.
While the current environment is difficult, yet the future holds promise. Indian economy is expected to show a substantial improvement in its growth in the fiscal 2013-14 aided by easing supply side constraints, lower inflation, softening of interest rates and fast-tracking of investment projects. Given such a scenario, where all the three major sectors of the economy perform better in 2013-14 as compared to 2012-13, the overall economy is expected to grow in the range of 6 percent in 2013-14.
TOBACCO INDUSTRY
Indian cigarette market has shown a decline of around 2% in volume and a growth of 20% in terms of value over the previous year. This year a new segment has been created – the 64 mm filter tipped cigarette segment with relatively lower excise duty, which is considered as cost effective option and has provided some relief to the manufacturers in terms of volume protection. Premiumisation trend continued with Kings Segment, which now accounts 14% of the industry’s share whereas Mini Kings has been able to grow to a modest level of 4.3%. However, the Regular Size Filter (RSFT) category, which forms the body of the industry has lost industry’s share from 82.2% to 76.9% in FY 13. Also, the industry continues to face the menace of illicit trade.
Indian leaf tobacco exports were higher as compared to last year, both in volume and value terms.
REGULATORY
ENVIRONMENT
Global regime continued to get stricter on tobacco control during the year. Different countries are considering varied means, all aimed at curtailing tobacco usage.
India is no exception to this environment. New set of graphic health warnings have been implemented with effect from 1st April, 2013. A recent Supreme Court ruling interpreting certain provisions of the tobacco control legislation known as COTPA, has further limited the industry’s ability to market tobacco products. However, they are committed to abide by the regulations as a responsible corporate.
Gutkha, a form of smokeless tobacco has been banned under the food laws by almost all the States across
India. But the Gutkha manufacturers are litigating against the ban.
TAXATION
The trend to increase Value Added Tax (VAT) rates at State level continued during the year with more and more States resorting to tax tobacco products to bridge the revenue shortfall. And as an impact of that, VAT rates in India on cigarettes now vary from 12.5% to 65%. This multiplicity of rates is disrupting the trade by promoting inter-State illicit movement of stocks. They sincerely hope that unified VAT or GST regime in course of time will help the industry, trade and consumers by bringing rationality and clarity.
Steep hikes in excise duties and VAT and consequential rise in prices of cigarettes has led to consumers shifting away from cigarettes towards other forms of tobacco where tax incidence is relatively low and administration is extremely weak.
SEGMENTWISE
PERFORMANCE IN 2012-2013
CIGARETTES
The domestic cigarettes business was subject to increased rates of central and state taxes during the year under report. Although the resultant pricing pressure caused domestic volumes to decline, the Company still registered a growth of over 5% in terms of value, from Rs. 27760.000 millions in the previous year to Rs. 29200.000 millions and also captured a healthy market share of the newly-created 64 mm segment.
The Company is working on a roadmap to strengthen key brands like, Four Square, Red and White and Cavanders, through a combination of product innovation, distribution-led initiatives and consumer engagement programs. New research methodologies are being used to understand consumers in a more holistic manner. It is also embarking on a series of critical strategic projects to improve brand saliency and offer unique value propositions to consumers which will help it place its key brands at a higher growth path.
TEA
Post the slight dip witnessed last year, the domestic tea business bounced back on track and recorded sales of Rs. 1060.000 millions as against Rs. 950.000 millions during preceding year, a growth of 12%. The Company undertook various initiatives such as launching new product offerings for both general and institutional customers and expanding modern trade business with entry into new chains and trade formats, which contributed to the growth story. Apart from inroad made into the HORECA, HTS (hot tea shops) and Railways, various other alternative distribution channels are being targeted for business expansion. Heightened print mass media campaigns and ground activations have led to greater salience and traction for the Tea City portfolio. Post complete automation, both the tea blending and packing units at Kolkata and Bazpur have become ISO 22000:2005 certified. Supercup franchise rejuvenation progressed well on track with upgraded product quality and contemporary packaging leading to a volume growth of 11% during the year. Targeted innovative campaigns and offering have helped in stabilizing and growing other franchises like Utsav and Samovar.
CHEWING PRODUCTS
The Company had another good year for its Chewing business as it achieved turnover of Rs. 1420.000 millions during financial year 2012-13 as compared to Rs. 1210.000 millions during financial year 2011-12. This growth was achieved in the backdrop of significant changes in the industry during the year including ban on Gutkha in most of the States in India. This growth could have been still higher but for the surprise move by the Maharashtra government to cover tobacco-free pan masala category also under its order to ban Gutkha invoked in July 2012.
Full implementation of the Gutkha ban is expected to result in upsides in the pan masala business. During the year, the Company entered the market in Jharkhand. While ‘Pan Vilas’ continues to be the flagship offering, an economy pan masala variant under the brand ‘Raag’ is in the process of being launched in the markets like: UP, MP, Jharkhand, Orissa, and Gujarat. They are operating in zarda segment with the brands ‘Swarn Vilas’ and ‘Tarana’. They are looking to further streamline operations to drive efficiency and contain costs while strengthening distribution reach to tap into new markets specially in rural segments and thereby improve market share. The Company will look to enter newer segments within the chewing products category such as flavoured elaichi and supari, and mouth freshener, in both premium and mid premium categories.
RETAIL
Company’s foray into retail business through 24X7 convenience stores is making steady progress. The
Company is currently operating through 35 stores spread across NCR and expects to more than double this number during the current year. New business models are currently under evaluation with the help of Japanese consultants and they hope to scale greater heights in times to come.
TREASURY OPERATIONS
The Company continues to enjoy the highest rating of ‘CRISIL A1+’ for Short Term Debt Programme, ‘CRISIL AA+/Stable’ for Long Term Loan, ‘CRISIL AA+/Stable’ for Cash Credit Limit and ‘CRISIL A1+’ for Non-fund based Limit. With these ratings in place, the Company is able to raise funds at most competitive terms.
Guided by the policy of safe, liquid and tax efficient returns, the Company has been deploying its long term surplus funds primarily in debt oriented schemes of reputed mutual funds mainly consisting of Fixed Maturity Plans (FMPs). The Company also continued to park its temporary surpluses in liquid schemes of various mutual funds.
FINANCIAL RESULTS
During the year ended March 31, 2013, the Company registered sales turnover of Rs. 35980.000 millions as against Rs. 33490.000 millions during corresponding previous financial year, a growth of 7.4%. The profit after tax was marginally lower at Rs. 1700.000 millions against Rs. 1810.000 millions last year.
The Union Budget 2013 has yet again increased the excise duty on cigarette by around 18%, which has been followed up by some State Governments hiking VAT rates significantly. The continuous increase in taxation on cigarette over the last several years has been adversely affecting the volumes and therefore, impacting profitability.
SUBSIDIARY COMPANIES
Ministry of Corporate Affairs, Government of India has, vide its General Circular No. 2 dated 8th February, 2011 granted a general exemption to companies under section 212(8) of the Companies Act, 1956 from attaching the documents referred to in section 212(1) pertaining to its subsidiaries subject to the fulfilment of conditions stipulated in the Circular. The Company has satisfied the conditions specified in the Circular and hence entitled to the exemption.
In compliance of the aforesaid Circular, the annual accounts of the subsidiaries will be made available upon request by any shareholder of the Company and its subsidiaries. The annual audited accounts of the subsidiaries will also be kept for inspection by any shareholder at the Company’s Corporate Office as well as its Registered Office and at the offices of the respective subsidiaries during business hours. Further, as per the provisions of Section 212 of the Act, a statement of the Company’s interest in its subsidiaries and a statement summarizing financial performance parameters of subsidiary companies are included under notes to the consolidated financial statements and forms part of the Annual Report.
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND
HALF YEAR ENDED SEPTEMBER 30, 2013
(Rs. in millions)
|
Particular |
Quarter Ended |
Half Year |
|
|
|
30.09.2013 (Unaudited) |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
|
Income from Operations |
|
|
|
|
a) Gross sales |
10068.400 |
10036.700 |
20105.100 |
|
b) Less: Excise duty |
4162.800 |
4036.000 |
8198.800 |
|
Net Sales |
5905.600 |
6000.700 |
11906.300 |
|
c) Other Operating Income |
129.300 |
149.000 |
278.300 |
|
Total Income from
operations (net) |
6034.900 |
6149.700 |
121874.600 |
|
|
|
|
|
|
Expenses |
|
|
|
|
(a) Cost of Materials consumed |
1312.400 |
1138.300 |
2450.700 |
|
(b) Purchase of traded goods |
1097.100 |
1290.900 |
2388.000 |
|
(c) (Increase)/ Decrease in stock in trade and work-in-progress |
0.400 |
365.100 |
365.500 |
|
(d) (Increase)/ Decrease in excise duty on finished goods |
26.000 |
(114.200) |
(88.200) |
|
(e) Employee benefit expenses |
548.700 |
591.600 |
1140.500 |
|
(f) Advertising and Sales promotion |
717.000 |
723.700 |
1440.700 |
|
(g) Depreciation and amortization expenses |
209.700 |
216.500 |
426.200 |
|
(h) Other Expenses |
1466.200 |
1373.000 |
2839.200 |
|
Total Expenses |
5377.500 |
5585.100 |
109262.600 |
|
Profit from Operations
before Other Income, Finance costs and Tax Expenses |
657.400 |
564.600 |
1222.000 |
|
Other Income |
48.200 |
129.100 |
177.300 |
|
Profit/ Loss from
Ordinary Activities before Finance costs and Tax Expenses |
705.600 |
693.700 |
1399.300 |
|
Finance costs |
139.300 |
57.400 |
196.700 |
|
Profit/ Loss from
Ordinary Activities after Finance costs but before exceptional items |
566.300 |
636.300 |
1202.600 |
|
Exceptional items |
-- |
353.800 |
353.800 |
|
Profit/ Loss from Ordinary Activities
before tax |
566.300 |
282.500 |
848.800 |
|
Tax Expenses |
183.800 |
49.000 |
232.800 |
|
Net Profit for the period |
382.500 |
233.500 |
616.000 |
|
Paid- up
Equity Share Capital (Face value
of the share – Rs. 10) |
104.000 |
104.000 |
104.000 |
|
Reserves
excluding revaluation reserves |
|
|
|
|
Basic and
Diluted earnings per share |
36.78 |
22.46 |
59.24 |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. Public
shareholding |
|
|
|
|
Number of
Shares |
3010847 |
3010847 |
3010847 |
|
Percentage of Shareholding |
28.95 |
28.95 |
28.95 |
|
2. Promoters
and promoter group shareholding |
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
- Number of Shares |
-- |
-- |
-- |
|
- Percentage of Shares (as a % of the Total Shareholding of
promoter and promoter group) |
-- |
-- |
-- |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
-- |
-- |
-- |
|
|
|
|
|
|
Non - encumbered |
|
|
|
|
- Number of
Shares |
7387937 |
7387937 |
7387937 |
|
- Percentage of
Shares (as a % of
the total shareholding of promoter and promoter
group) |
100.00 |
100.00 |
100.00 |
|
- Percentage
of Shares (as a % of
the total share capital of the company) |
71.05 |
71.05 |
71.05 |
|
|
Particulars |
|
|
B |
Investor
complaints |
|
|
|
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 |
SEGMENT – WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In Millions)
|
Particulars |
30.09.2013 (Unaudited) |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
|
1. Segment Revenue |
|
|
|
|
Cigarettes and Tobacco Products |
5267.400 |
5619.200 |
10886.600 |
|
Tea and Other Retail Products |
767.500 |
530.500 |
1298.000 |
|
Total income from operations (net) |
6034.900 |
6149.700 |
12184.600 |
|
|
|
|
|
|
2. Segment Results |
|
|
|
|
Cigarettes and Tobacco Products |
836.600 |
472.900 |
1309.500 |
|
Tea and Other Retail Products |
(72.100) |
(89.100) |
(161.200) |
|
Total |
764.500 |
383.800 |
1148.300 |
|
Less: Finance Costs |
(139.300) |
(57.400) |
(196.700) |
|
Un-allocable income/expenditure net of
un-allocable income/expenditure |
(58.900) |
(43.900) |
(102.800) |
|
Total Profit Before Tax |
566.300 |
282.500 |
848.800 |
|
|
|
|
|
|
3. Capital Employed |
|
|
|
|
Cigarettes and Tobacco Products |
8814.800 |
9119.200 |
8814.800 |
|
Tea and Other Retail Products |
942.300 |
829.200 |
942.300 |
|
Total segment capital employed |
9757.100 |
9948.400 |
9757.100 |
|
Unallocated capital employed |
1276.100 |
702.400 |
1276.100 |
|
Total capital employed |
11033.200 |
10650.800 |
11033.200 |
|
SOURCES
OF FUNDS |
30.09.2013 |
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
104.000 |
|
(b) Reserves & Surplus |
10929.200 |
|
Total Shareholders’ Funds |
11033.200 |
|
|
|
|
(3) Non-Current
Liabilities |
|
|
(a) long-term
borrowings |
1214.600 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
|
(c) Other long
term liabilities |
2.200 |
|
(d) long-term
provisions |
381.900 |
|
Total Non-current
Liabilities (3) |
1598.700 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short
term borrowings |
85.400 |
|
(b)
Trade payables |
1373.700 |
|
(c)
Other current liabilities |
4353.100 |
|
(d) Short-term
provisions |
282.400 |
|
Total Current
Liabilities (4) |
6094.600 |
|
|
|
|
TOTAL |
18726.500 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a)
Fixed Assets |
7083.300 |
|
(b) Non-current
Investments |
2315.000 |
|
(c) Deferred tax
assets (net) |
172.600 |
|
(d) Long-term Loan and Advances |
510.800 |
|
Total Non-Current
Assets |
10081.700 |
|
|
|
|
(2) Current assets |
|
|
(a)
Current investments |
1800.000 |
|
(b)
Inventories |
4779.300 |
|
(c)
Trade receivables |
892.900 |
|
(d) Cash
and cash equivalents |
267.800 |
|
(e)
Short-term loans and advances |
741.600 |
|
(f)
Other current assets |
163.200 |
|
Total
Current Assets |
8644.800 |
|
|
|
|
TOTAL |
18726.500 |
Note:
The above result are as per Chause 41 of the Listing Agreement 'and have been taken on recoded by the Board of Director at meeting held on November 9,2013 after being reviewed by the Audit Committee.
In accordance with the accounting policy consistently followed by the Company, exchange loss amounting to Rs. 322.900 millions and Rs.97.900 millions. arising from testament of foreign currency loan liabilities at the prevailing rates of exchange, have been recognized in the above results for the half year, ended on September 30,2013 and September 30.2012 respectively.
The exceptional item represents compensation paid to unionized staff and workmen attached to the Company’s plant at Andhari, Mumbai, pursuant to the voluntary retirement schemes announced by the Company.
Figure for the previous periods have been re-classified/ re-grouped, wherever necessary, to correspond with the current period’s classification/ disclosure.
Limited Review
The Limited review, as required under Clause
41 of the Listing Agreement has been completed and the related report forwarded
to the Stock Exchanges. This Report does not have any impact on the above ‘Results
and Notes’ for the quarter ended September 30, 2013 which needs to be
explained.
FIXED ASSETS:
Tangible Assets:
Ř Land-leasehold
Ř Land-freehold
Ř Buildings
Ř Leasehold building
improvements
Ř Plant and
machinery
Ř Electrical
installation and equipments
Ř
Computers and information technology equipments
Ř Furniture,
fixtures and office equipments
Ř Motor vehicles
Intangible Assets
Ř Computer software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.24 |
|
|
1 |
Rs. 101.81 |
|
Euro |
1 |
Rs. 84.88 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
74 |
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.