MIRA
INFORM REPORT
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Report Date : |
21.12.2013 |
IDENTIFICATION DETAILS
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Name : |
RISHI LASER LIMITED (w.e.f. 12.10.2007) |
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Formerly Known
As : |
RISHI LASER CUTTING LIMITED (w.e.f. 06.07.1993) ALANDI METAPRESS LIMITED (w.e.f. 30.06.1993) ALANDI METAPRESS PRIVATE LIMITED |
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Registered
Office : |
612, Veena Killedar Industrial Estate, 10-14, |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
20.04.1992 |
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Com. Reg. No.: |
11-066412 |
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Capital
Investment / Paid-up Capital : |
Rs. 89.926 Millions |
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CIN No.: [Company Identification
No.] |
L99999MH1992PLC066412 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
RTKR04470E |
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PAN No.: [Permanent Account No.] |
AAACR2715C |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Manufacturer of Fabricated Sheet Metal Components. |
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No. of Employees
: |
1000 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (31) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 2000000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject in an established company having moderate track record. Profitability of the company appears to be low. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealing with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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
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Rating Agency Name |
CARE |
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Rating |
Long Term Bank Facility (Suspended) – BB+ |
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Rating Explanation |
Inadequate credit quality and high credit risk. |
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Date |
15.02.2013 |
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Rating Agency Name |
CARE |
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Rating |
Short Term Bank Facility (Suspended) – A4+ |
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Rating Explanation |
Minimal degree of safety and very high credit risk. |
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Date |
15.02.2013 |
Reason for Suspension = Company not furnished the information required
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
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Name : |
Mrs. Sangeeta Chavan |
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Designation : |
Account Officer |
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Contact No.: |
91-22-23075677 |
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Date : |
19.12.2013 |
LOCATIONS
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Registered Office : |
612, Veera Killedar Industrial Estate, 10/14, Pais Street, Byculla (West), Mumbai – 400 011, Maharashtra, India |
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Tel. No.: |
91-22-23075677 / 23084886 / 23060572 |
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Fax No.: |
91-22-2308022 |
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E-Mail : |
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Website : |
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Head Office : |
611, Veera Killedar Industrial Estate, 10/14, Pais Street, Byculla (West), Mumbai – 400 011, Maharashtra, India |
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Tel. No. : |
91-22-23075677 / 23084886 |
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Fax No. : |
91-22-23080022 |
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E-mail : |
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Factory 1 : |
Plot No.145-146, 4th Phase, Bommasandra Industrial Area, Bangalore- 560099, Karnataka, India |
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Tel. No.: |
91-80-27839166 |
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Fax No.: |
91-80-27839167 |
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Factory 2 : |
Plot No. A/2 –620, GIDC Estate, Makarpura, Vadodara–390010, Gujarat, India |
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Tel. No.: |
91-265-2638011 / 2656128 |
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Fax No.: |
91-265-2638011 |
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Factory 3 : |
Plot No.578 To 587, GIDC SAVLI, Savli-391770, Gujarat, India |
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Factory 4 : |
Plot No.303, Sector-7, PCNDTA, Bhosari, Pune-411026, Maharashtra, India |
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Tel. No.: |
91-20-66307712 / 14 |
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Fax No.: |
91-20-66307715 |
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Factory 5 : |
Plot No. D/43, MIDC, Additional Industrial Area, Ambad, Nashik-422010, Maharashtra, India |
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Tel. No.: |
91-253-2380751 |
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Fax No.: |
91-253-2383163 |
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Factory 6 : |
428, E.P.I.P. HSIDC Industrial Estate, Kundli, District - Sonepat - 131 001, State-Haryana, India |
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Tel. No.: |
91-130-6450159 |
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Fax No.: |
91-130-6450428 |
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Factory 7 : |
Plot No. 661,662,663 Sector-3, Near Indorama Ram Mandir, Pithampur, District – Dhar, Madhya Pradesh, India |
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Tel. No.: |
91-7292-256948 |
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Fax No.: |
91-7292-256948 |
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Factory 8 : |
Plot No. 4-5, Naroda Industrial Estate, Ahmedabad-382330, Gujarat, India |
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Factory 9 : |
C - 409, Lodhika Industrial Estate, Village - Lhirasara, Taluka - Lodhika, District – Rajkot, Gujarat, India |
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Pune Plant Locations (Factory 10) : |
Plant Locations: Unit - I Gat No. 1236/1+2+3 Unit - II Gat No. 229 Alandi Markal Road, Village Markal, Taluka Khed, Pune-412105, Maharashtra, India |
DIRECTORS
As on 31.03.2013
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Name : |
Mr. Harshad B. Patel |
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Designation : |
Chairman |
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Qualification : |
Chartered |
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Date of Appointment: |
01.04.2008 |
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Name : |
Mr. Dinesh C Mehta |
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Designation : |
Director |
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Qualification : |
Commerce Graduate with a degree in Law |
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Date of Appointment: |
27.09.2006 |
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Name : |
Mr. Jayesh K Sheth |
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Designation : |
Director |
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Qualification : |
Commerce Graduate |
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Year of Appointment: |
1995 |
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Name : |
Mr. Vandan S Shah |
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Designation : |
Director |
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Qualification : |
Engineering Graduate |
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Date of Appointment: |
27.09.2006 |
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Name : |
Mr. Vasant D Goray |
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Designation : |
Director |
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Qualification : |
Post Graduate |
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Date of Appointment: |
27.09.2006 |
KEY EXECUTIVES
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Name : |
Ms. Supriya Joshi |
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Designation : |
Secretary |
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Name : |
Mrs. Sangeeta Chavan |
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Designation : |
Account Officer |
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Name : |
Mr. Jagish Dakwal |
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Designation : |
Account Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Category of
Shareholder |
No. of Shares |
% of No. of
Shares |
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(A)
Shareholding of Promoter and Promoter Group |
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230255 |
2.50 |
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515590 |
5.61 |
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1004722 |
10.93 |
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1004722 |
10.93 |
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1750567 |
19.04 |
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Total
shareholding of Promoter and Promoter Group (A) |
1750567 |
19.04 |
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(B)
Public Shareholding |
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589790 |
6.42 |
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3083789 |
33.55 |
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2661878 |
28.96 |
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1106576 |
12.04 |
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1623 |
0.02 |
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346643 |
3.77 |
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670000 |
7.29 |
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87310 |
0.95 |
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1000 |
0.01 |
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7442033 |
80.96 |
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Total
Public shareholding (B) |
7442033 |
80.96 |
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Total
(A)+(B) |
9192600 |
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) |
9192600 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
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Sl.No. |
Name of the
Shareholder |
Details of Shares
held |
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No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
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1 |
Aakanksha H Patel |
2,600 |
0.03 |
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2 |
Abhishek Harshad Patel |
16,100 |
0.18 |
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3 |
Ajay C Mody |
81,580 |
0.89 |
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4 |
Harshad Bhavanbhai Patel |
5,11,502 |
5.56 |
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5 |
Heta A Mody |
8,675 |
0.09 |
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6 |
Jayesh Kantilal Sheth |
3,61,000 |
3.93 |
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7 |
Jayesh Kantilal Sheth |
1,00,000 |
1.09 |
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8 |
Kiran Patel |
64,005 |
0.70 |
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9 |
Riddhi Ajay Mody |
40,000 |
0.44 |
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10 |
Rishi Techtex Limited |
5,15,590 |
5.61 |
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11 |
Smitaben H Patel |
49,515 |
0.54 |
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Total |
17,50,567 |
19.04 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
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Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
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1 |
Aasish Chunilal Patel |
100000 |
1.09 |
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2 |
Archway Holdings Limited |
220000 |
2.39 |
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3 |
Archway Holdings Limited |
450000 |
4.90 |
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4 |
Harsh Jayesh Sheth |
140000 |
1.52 |
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5 |
Krishna Fabrications Private Limited |
100260 |
1.09 |
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6 |
Mayur Mangaldas Kothari |
110612 |
1.20 |
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7 |
Nikhil Jaisinh Merchant |
780000 |
8.49 |
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Total |
1900872 |
20.68 |
Shareholding
belonging to the category "Public" and holding more than 5% of the
Total No. of Shares
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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 |
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1 |
Nikhil Jaisinh Merchant |
780000 |
8.49 |
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Total |
780000 |
8.49 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Fabricated Sheet Metal Components. |
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Products : |
· Sheet Metal Components · Machines, Accessories and Spares ·
Processing Charges |
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Exports : |
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Products : |
Machines |
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Countries : |
·
USA ·
UK ·
Italy |
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Imports : |
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Products : |
Raw Material Machines |
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Countries : |
UK |
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Terms : |
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Selling : |
L/C / Bank Remittance |
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Purchasing : |
L/C / Bank Remittance |
GENERAL INFORMATION
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Suppliers : |
Mahindra and Mahindra |
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Customers : |
Manufacturer ·
L&T ·
Slemans India Limited |
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No. of Employees : |
1000 (Approximately) |
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Bankers : |
·
State Bank of India, Industrial Finance Branch,
Tara Chambers, Wakdewadi, Pune-Mumbai Road, Pune - 411 003, Maharashtra,
India ·
Canara Bank, Tamarind Lane Branch, Tamarind Lane,
8/10, Calcot House, Mumbai - 400 023, Maharashtra, India ·
Axis Bank, Atlanta, Ground Floor, 209 Nariman
Point, Mumbai - 400 021, Maharashtra, India |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Alladi Krishnan and Kumar Chartered Accountants |
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Address : |
4, Marshal, Mogal Lane, Mahim, Mumbai-400016, Maharashtra, India |
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Subsidiary : |
Rishi Consfab Private Limited |
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Related parties
where common control exists : |
· Rishi Techtex Limited ·
Rishi Technical Services Private Limited |
CAPITAL STRUCTURE
As on
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
8992600 |
Equity Shares |
Rs.10/- each |
Rs.89.926 Millions |
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NOTES
5,50,000 shares out of the issued, subscribed and paid up share capital were alloted as preferential shares in the last five years.
4,92,940 shares out of the issued, subscribed and paid up share capital were alloted under ESOP in the last five years.
a. Reconciliation
of the number of equity shares and amount outstanding at the end of the
reporting period:
|
|
31.03.2013 |
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Particulars |
No. In Lakhs |
Rs In Millions |
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At the beginning
of the period |
89.92 |
89.926 |
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Shares issued on
exercise of ESOP |
-- |
-- |
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Outstanding at
the end of the period |
89.92 |
89.926 |
b. Terms/rights
attached to equity shares
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 dividend proposed by
the Board of Directors is subject to the approval of the shareholders in the
ensuing Annual General Meeting.
In the event of
liquidation of the Company, the holders of equity shares will be entitled to
receive remaining assets of the Company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of equity shares
held by the shareholders.
c. Details of shares
held by each shareholder holding more than 5% shares:
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|
31.03.2013 |
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Name of the
Shareholders |
No. In Lakhs |
% of Holding In
the Class |
|
Equity shares of
Rs.10 each fully paid |
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Nikhil Jaysinh
Merchant |
7.80 |
8.67% |
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Archway Holdings
Limited |
6.70 |
7.45% |
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Rishi Techtex
Limited |
4.71 |
5.24% |
d. Shares reserved for issuance under Stock Option Plans of the Company:
The company has reserved issuance of 14,51,000 (P.Y. 2,51,000) equity shares of Rs.10 each for offering to eligible employees of the Company under ESOP. During the year the Company has granted Nil (P.Y. 3,53,300 @ Rs.20 per option) Options to the eligible employees. During the year, Company got approval from Stock Exchange for further issuance of 12,00,000 Equity shares under ESOP scheme @ Rs.20 per share.
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 |
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|
|
|
(1)Shareholders' Funds |
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|
|
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(a) Share Capital |
89.926 |
89.926 |
86.393 |
|
(b) Reserves & Surplus |
424.010 |
423.474 |
415.505 |
|
(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) |
513.936 |
513.400 |
501.898 |
|
|
|
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(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
116.284 |
205.755 |
193.900 |
|
(b) Deferred tax liabilities (Net) |
31.469 |
37.390 |
39.062 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
1.514 |
1.832 |
5.334 |
|
Total Non-current Liabilities (3) |
149.267 |
244.977 |
238.296 |
|
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|
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(4) Current Liabilities |
|
|
|
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(a) Short term borrowings |
259.544 |
284.178 |
241.796 |
|
(b) Trade payables |
270.614 |
226.798 |
304.490 |
|
(c) Other current
liabilities |
135.529 |
142.585 |
109.999 |
|
(d) Short-term provisions |
16.909 |
18.392 |
26.317 |
|
Total Current Liabilities (4) |
682.596 |
671.953 |
682.602 |
|
|
|
|
|
|
TOTAL |
1345.799 |
1430.330 |
1422.796 |
|
|
|
|
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
601.872 |
643.023 |
664.921 |
|
(ii) Intangible Assets |
1.647 |
3.024 |
2.404 |
|
(iii) Capital
work-in-progress |
24.595 |
8.206 |
0.831 |
|
(iv)
Intangible assets under development |
2.850 |
1.363 |
0.000 |
|
(b) Non-current Investments |
89.284 |
88.755 |
89.755 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
26.682 |
24.078 |
18.669 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
746.930 |
768.449 |
776.580 |
|
|
|
|
|
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(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
188.101 |
223.048 |
249.547 |
|
(c) Trade receivables |
357.197 |
369.742 |
321.395 |
|
(d) Cash and cash
equivalents |
17.196 |
31.674 |
37.762 |
|
(e) Short-term loans and
advances |
36.375 |
37.417 |
37.512 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
598.869 |
661.881 |
646.216 |
|
|
|
|
|
|
TOTAL |
1345.799 |
1430.330 |
1422.796 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
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SALES |
|
|
|
|
|
|
|
Income |
1370.396 |
1540.914 |
1457.176 |
|
|
|
Other Income |
59.022 |
13.021 |
4.102 |
|
|
|
TOTAL (A) |
1429.418 |
1553.935 |
1461.278 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
782.651 |
903.784 |
864.788 |
|
|
|
Change in inventories of finished goods, work-in-progress and stock in
trade |
20.661 |
18.780 |
(50.910) |
|
|
|
Employee benefits Expenses |
203.825 |
192.776 |
175.118 |
|
|
|
Other Expenses |
248.339 |
250.771 |
252.513 |
|
|
|
Tax on extra ordinary items |
0.000 |
0.000 |
0.498 |
|
|
|
Extraordinary Items |
0.000 |
0.000 |
(1.500) |
|
|
|
TOTAL (B) |
1255.476 |
1366.111 |
1240.507 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
173.942 |
187.824 |
220.771 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
90.822 |
98.810 |
80.113 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
83.120 |
89.014 |
140.658 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
88.366 |
82.578 |
79.305 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(5.246) |
6.436 |
61.353 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(5.921) |
1.853 |
8.456 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
0.675 |
4.583 |
52.897 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
22.450 |
5.473 |
100.515 |
|
|
TOTAL EARNINGS |
22.450 |
5.473 |
100.515 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
0.000 |
19.654 |
0.000 |
|
|
|
Stores & Spares |
1.790 |
5.512 |
6.768 |
|
|
|
Capital Goods |
6.565 |
34.053 |
16.905 |
|
|
TOTAL IMPORTS |
8.355 |
59.219 |
23.673 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
Basic |
0.08 |
0.51 |
6.15 |
|
|
|
Diluted |
0.08 |
0.51 |
6.15 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.05
|
0.29 |
3.62 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(3.62)
|
0.42 |
4.21 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.43)
|
0.48 |
4.61 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.01)
|
0.01 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.73
|
0.95 |
0.87 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.88
|
0.99 |
0.95 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT
Rs. In Millions
|
Particular |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
Current maturities of long-term debt |
104.844 |
108.283 |
86.497 |
|
|
|
|
|
|
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 |
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 |
Yes |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
Yes |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
LONG TERM BORROWING |
|
|
|
Deferred payment Liabilities |
30.551 |
36.209 |
|
Loans and Advances from related parties |
3.387 |
6.405 |
|
Loans and Advances from Others |
24.852 |
31.780 |
|
Total |
58.790 |
74.394 |
|
|
|
|
CORPORATE INFORMATION
Subject is a Public Company domiciled in India and incorporated under the provisions of the Companies Act, 1956. Its shares are listed on one stock exchange in India. The Company is engaged in manufacturing of Fabricated Sheet Metal components.
OPERATING RESULTS
The standalone gross turnover for the year at Rs.1519.000 Millions was lower by Rs.162.600 Millions compared to Rs.1681.600 Millions in the previous year. The off take from their primary market slowed down particularly in the second half of the financial year.
Earnings before Interest, Depreciation and Tax were marginally lower at Rs.173.942 Millions as compared to Rs.187.824 Millions in the previous year.
The overall result is satisfactory in view of the tough market conditions in last two quarters. Efforts are being made to diversify the customer base. If market conditions remain stable then we should be able to maintain the growth momentum.
FINANCE
During the year the company has sold Land and Building situated at Gat No.218 and 219, Alandi-Markal Road, Taluka-Khed, District-Pune. Majority of the proceeds was used to retire term debt resulting in improvement in Debt-equity ratio to 0.94 times compared to 1.17 times in the previous year.
MANAGEMENT DISCUSSION
AND ANALYSIS
Macro overview: The macro picture for Engineering Industry has never looked as bad as it looks now. The recession in Engineering Industry from 1999-2003 had a serious impact on the Industry and was responsible for clearing out a large section of the Industry. The years from 2004 to 2009 was a golden period for the Industry as serious infrastructure building was taken up and Engineering Company capacities were still low and had to be built.
However, capacities continued to be built after 2009, till 2012, on the expectation of continued growth. This growth has not materialized. On the contrary there is de-growth in certain sectors and in 2013 Sectors like Power Plant machinery, Wind Energy, Mining Machinery, Metro Rail etc. will be at 2009 levels.
The size of most of the sectors of their Engineering Industry is very small and hence it is not globally competitive. The automotive sector, especially small cars is the exception. One of the biggest threats to their Industry will be competition from abroad. We are already seeing this in Power equipment, Metros and Defence equipment. This trend will be very difficult to face unless there is a very serious effort by the Industry and the Government to attain globally competitive size. The lack of such action virtually decimated their Machine-tool Industry in the previous downturn. Machine tool is the foundation for the Engineering Industry. This was destroyed.
If no proactive action is taken other sections of the Engineering Industry could also get destroyed.
CAPITAL GOODS
INDUSTRY AND OPERATING ENVIRONMENT:
Due to the postponement or cancellation of large expenditure projects in Steel, Mining, Roads, Power the capital goods industry will suffer from a lack of demand for their products.
Automotive: The HCV Industry took a severe beating towards the later part of the year. This is expected to continue in the next year. This has hurt their supplies to this sector. The turnover from this sector came down by 57% in the second half of the year. We had a good year supplying equipment for automotive plant expansions since many Companies were expanding and modernizing their plants. However, this has come to an end in March and in next year most of the automotive expansions are getting deferred. The equipment supplies to this Industry will drop drastically in 2013-14.
Construction Equipment: This is the most important segment for the Company. The customers produce equipments used in Mining, Road Building, Infrastructure projects like Ports, Airports, Dams etc. Large expansions have taken place in the Industry during the last two years. However, the market barely grew in 2012-13. Since many new players entered the market, the competition intensified and the market also became fragmented. We have a very good customer base in the Industry. Large numbers of new parts were added in 2012-13 but the turnover could not go up substantially as the volumes did not pick up.
The trend is looking very weak for 2013-14 and there could be some de-growth in this Industry. This size of the Indian Construction Equipment Industry is less than one-tenth of that of China. The potential demand from this sector is very good but is difficult to predict when this sector will revive.
Power: The past few years have been very good for the Power Generation Equipment Industry. The transmission and distribution sector has not been as good but was also growing at a good pace. The power generation equipment sector is facing severe slowdown from last year. We expect transmission and distribution sector to grow nominally in the next year.
Rail Transportation: All the metro train builders in the country are their customers. We had lot of hopes from this sector as this is the most energy efficient way to move people in urban areas. However, the pace of implementation of metro projects is very slow. More importantly many projects are having imported trains which are taking away business from Indian Companies.
The serious problem in this sector is from Imports. Unfortunately before India reaches a serious size in train building capacity we have started importing them. Business is expected to continue in 2013-14 at the same pace as the previous year.
TRADE REFERENCES
·
Mahindra and Mahindra
·
L&T
·
Slemans India Limited
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10395850 |
04/01/2013 |
10,200,000.00 |
ELECTRONICA FINANCE LIMITED |
128/A, PLOT NO.3,KAILASHCHANDRA APPARTMENTS,, PAUD ROAD, KOTHRUD, PUNE, MAHARASHTRA - 411038, INDIA |
B65463713 |
|
2 |
10323267 |
12/12/2011 |
7,007,055.00 |
FIRST LEASING COMPANY OF INDIA LIMITED |
749, ANNA SALAI, CHENNAI, TAMILNADU - 600002, INDIA |
B27913433 |
|
3 |
10304665 |
17/08/2011 |
11,252,744.00 |
ELECTRONICA FINANCE LIMITED |
128/A, PLOT NO.3,KAILASHCHANDRA APPARTMENTS,, PAUD ROAD, KOTHRUD, PUNE, MAHARASHTRA - 411038, INDIA |
B19811272 |
|
4 |
10294584 |
29/06/2011 |
16,000,000.00 |
FIRST LEASING COMPANY OF INDIA LIMITED |
749, ANNA SALAI, CHENNAI, TAMILNADU - 600002, INDIA |
B15974397 |
|
5 |
10273137 |
10/02/2011 |
12,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227, D, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B07377799 |
|
6 |
10251284 |
01/11/2010 |
4,800,000.00 |
FIRST LEASING COMPANY OF INDIA LIMITED |
749, ANNA SALAI, CHENNAI, TAMILNADU - 600002, INDIA |
A98403751 |
|
7 |
10250257 |
01/11/2010 |
7,200,000.00 |
FIRST LEASING COMPANY OF INDIA LIMITED |
749, ANNA SALAI, CHENNAI, TAMILNADU - 600002, INDIA |
A97934269 |
|
8 |
10141802 |
29/01/2009 |
80,000,000.00 |
AXIS BANK LIMITED |
ATLANTA, GROUND FLOOR,209, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A56449929 |
|
9 |
10126371 |
09/06/2009 * |
150,000,000.00 |
AXIS BANK |
GR.FLOOR,ATLANTA BLD,, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A65067597 |
|
10 |
10046427 |
15/04/2008 * |
325,000,000.00 |
CANARA BANK |
8/10 CALCOT HOUSE, TAMARIND LANE, MUMBAI, MAHARASHTRA - 400023, INDIA |
A40590481 |
|
11 |
10005044 |
20/10/2011 * |
643,400,000.00 |
STATE BANK OF INDIA INDUSTRIAL FINANCE BRANCH |
1ST FLOOR, TARA CHAMBERS, NEAR MARIAAIPOLICE CHOWKY, PUNE MUMBAI OLD HIGHWAY, WAKDEWADI, PUNE, MAHARASHTRA - 411003, INDIA |
B27332113 |
* Date of charge modification
FIXED ASSETS
- Free
- Plant and
Machinery
- Electrical
Installations
- Tools and
Dyes
- Furniture
- Fixtures
- Office
Equipments
- Computers
- Vehicles
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.62.24 |
|
|
1 |
Rs.101.81 |
|
Euro |
1 |
Rs.84.88 |
INFORMATION DETAILS
|
Information Gathered
by : |
HNA |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
31 |
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.