MIRA
INFORM REPORT
|
Report Date : |
28.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
SCHRADER DUNCAN LIMITED |
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|
Registered
Office : |
F-33, Ranjangaon
Industrial Area, MIDC, Karegoan, Taluka-Shirur, Pune – 412209, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
29.03.1961 |
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Com. Reg. No.: |
11-139151 |
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Capital Investment
/ Paid-up Capital : |
Rs. 36.960 Millions |
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CIN No.: [Company Identification
No.] |
L28991PN1961PLC139151 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNES34773E/ MUMS37170A/ MUMS41761G |
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PAN No.: [Permanent Account No.] |
AAACS0769H |
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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 tyre tube valves and accessories and pneumatic
products. |
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|
No. of Employees
: |
450 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Maximum Credit Limit : |
USD 1400000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. 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
Uptick in agriculture
and construction spread some cheer as the economy grew a higher-than-expected
4.8 % in the three months through September. Manufacturing rose an annual rate
per cent during the quarter and mining fell by 0.4 %, government data showed
while farm output rose 46%.
India has emerged as
the most attractive investment destination, thanks to a relaxation in foreign
direct investment norms, says a report. India is followed by Brazil and China in
the ranking part of EY’s Capital Confidence Barometer report based on a survey
across 70 nations. The US, France and Japan have emerged as the top
three investors likely to invest in India.
India has been
ranked 83rd globally in terms of talent competitiveness of its human
capital. Switzerland, Singapore, Denmark, Sweden and Luxembourg are the
top five in the list of 103 nations compiled by INSEAD business school.
Tax rates for
companies in India are among the highest in the world and the number of payments
is also more than the global average putting the country at low, 158th
rank on the Paying Taxes. 2014 list by the World Bank and PWC. However, the
time taken for tax payments is relatively less in India which is rated ahead of
China and Japan.
1 billion smartphone
shipments in 2013, a 39.3 % growth over 2012. This was being driven by low cost
computing in emerging markets. By 2017, total smartphone shipments are expected
to approach 1.7 billion units, resulting in a compound annual growth rate of 18.4
% between 2013 and 2017, according to research from IDC.
20 % vacancy rate of
office space in Mumbai and Delhi in the third quarter, the highest in Asia
after Chengdu, in China. According to Cushman and Wakefield, six Indian cities
are among the 10 office markets with the worst vacancies.
Foreign banks will
not have to pay stamp duty and capital gains tax, if they convert their branch
operations into a wholly owned subsidiary, according to the Reserve Bank of
India.
The Reserve Bank of
India is planning to launch CPI – indexed bonds aimed to protecting the savings
of retail investors from the impact the price rise by December end.
Central Bureau of
Investigation has booked State Bank of India, Deputy Managing Director Shyamal
Acharya and others in a graft case related to distribution of a loan of over Rs
4000 mn. Gold and jewellery worth Rs 6.7 mn have been recovered from the
residence of Acharya.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: “BB” |
|
Rating Explanation |
Inadequate credit quality and high credit risk. |
|
Date |
08.11.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: “A4+” |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
08.11.2013 |
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 PARTED BY
|
Name : |
Mr. Sudhir |
|
Designation : |
Finance Department |
|
Contact No.: |
91-22-41248999 |
|
Date : |
24.12.2013 |
LOCATIONS
|
Registered Office/ Factory 1: |
F-33, Ranjangaon
Industrial Area, MIDC, Karegoan, Taluka-Shirur, Pune – 412 209, Maharashtra,
India |
|
Tel. No.: |
91-20-39810099/ 39810000 91-2138-660066 |
|
Fax No.: |
91-20-39810067 91-2138-660067 |
|
E-Mail : |
Purchase: purchase@schraderduncan.com Career Opportunities: hrd@schraderduncan.com Automotive Business Unit: abu@schraderindia.com Pneumatics Business Unit: pbu@schraderindia.com |
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Website : |
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Sales/ Marketing Office/ Factory 2 : |
502, Ishan Arcade II, Ghokhale Road, Opposite Hanuman Mandir, Thane -
400602, Maharashtra, India |
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Tel. No.: |
91-22-41248999 |
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Fax No.: |
91-22-41248967 |
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Factory 3 : |
A-473, TTC, MIDC, Mahape, Navi Mumbai – 400710, Maharashtra, India |
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Factory 4 : |
LBS Marg, Mulund, Mumbai – 400080, Maharashtra, India |
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Tel. No.: |
91-22-25643451 |
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Branch Office 1 : |
31, Netaji Subhash
Road, Kolkata – 700001, West Bengal, India |
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Branch Office 2 : |
Publicis House,
1-2 Aram Bagh, Community Centre, Punchkuain Road, New Delhi – 110055, India |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. J.P. Goenka |
|
Designation : |
Chairman |
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Name : |
Mr. Shantanu Parvati |
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Designation : |
Whole Time Director |
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Name : |
Mr. A. Goenka |
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Designation : |
Director |
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Name : |
Mr. B.B. Tandon |
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Designation : |
Director |
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Name : |
Mr. Nitin Kaul |
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Designation : |
Director |
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|
Name : |
Mr. O.P. Dubey |
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Designation : |
Director |
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Name : |
Mr. R.A. Shah |
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Designation : |
Director (Alternate to Mr. Nitin Kaul) |
KEY EXECUTIVES
|
Name : |
Mr. Sudhir |
|
Designation : |
Finance Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
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|
2753836 |
74.51 |
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|
2753836 |
74.51 |
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|
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|
Total shareholding of Promoter and Promoter Group (A) |
2753836 |
74.51 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2255 |
0.06 |
|
|
2255 |
0.06 |
|
|
|
|
|
|
41951 |
1.14 |
|
|
|
|
|
|
765850 |
20.72 |
|
|
109655 |
2.97 |
|
|
22453 |
0.61 |
|
|
14478 |
0.39 |
|
|
7975 |
0.22 |
|
|
939909 |
25.43 |
|
Total Public shareholding (B) |
942164 |
25.49 |
|
Total (A)+(B) |
3696000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
3696000 |
100.00 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons
belonging to the category Promoter and Promoter Group
|
Name of the Shareholder |
Details of Shares held |
|
|
No. of Shares held |
As a % |
|
|
Cosmopolitan Investments Limited |
4,40,232 |
11.91 |
|
Oriental Carbon and Chemicals Limited |
23,13,604 |
62.60 |
|
Total |
27,53,836 |
74.51 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of tyre tube valves and accessories and pneumatic
products. |
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Products : |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
Middle East |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
China |
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Terms : |
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Selling : |
L/C and Credit |
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Purchasing : |
L/C and Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
450 (Approximately) |
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Bankers : |
State Bank of India, Mumbai, Maharashtra, India |
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Facilities : |
NOTE: SHORT-TERM
BORROWINGS Details of
security for the secured short-term borrowings: Cash Credit is secured by Primary first hypothecation charge of the company’s entire current assets, both present and future, collateral first charge on company’s movable fixed assets and tangible Fixed assets at Ranjagaon, Pune. Further by Corporate Guarantees of (i) Oriental Carbon and Chemicals Limited and (ii) Cosmopolitan Investments Limited. |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Singhi and Company Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
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Legal Advisors : |
Crawford Bayley and Company |
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Holding Company: |
Oriental Carbon and Chemicals Limited * |
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Associate Company: |
Cosmopolitan Investments Limited * |
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|
Erstwhile Subsidiary
of the Company: (merged with effect from 1st April, 2012): |
Associated Polymers Limited |
Note:
* Oriental Carbon and chemicals Limited and Cosmopolitan Investments Limited has given corporate Guarantees to Bank (State Bank of India) against all credit facilities.
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3696000 |
Equity Shares |
Rs.10/- each |
Rs.36.960
millions |
|
|
|
|
|
Reconciliation
of number of shares:
|
Equity
shares |
As at 31st March, 2013 |
|
|
No. of Shares |
Amount (Rs. in
millions) |
|
|
Number of Equity
shares outstanding at the beginning of the year |
3696000 |
36.960 |
|
Add: Additional
Equity shares issued during the year |
-- |
-- |
|
Less: Shares
forfeited/bought back during the year |
-- |
-- |
|
Number of Equity
shares outstanding at the end of the year |
3696000 |
36.960 |
Numbers of shares held by each shareholder holding
more than 5% shares in the company are as follows:
|
Equity
shares |
As at 31st March, 2013 |
|
|
No. of Shares |
Percentage of
holding |
|
|
Oriental Carbon and Chemicals Limited (OCCL). |
2313604 |
62.60% |
|
Cosmopolitan Investment Limited |
440232 |
11.91% |
|
Schrader Bridgeport International Inc. |
-- |
0.00% |
Rights, preferences and restrictions attached to shares:
The Company has
issued one class of equity shares having a face value of Rs.10 per share. Each shareholder has
right to vote in respect of such share, on every resolution placed before the Company
and his voting right on a poll shall be in proportion to his share of the
paid-up equity capital of the Company. In the event of liquidation, the equity
shareholders are entitled to receive the remaining assets of the Company alter
payments to secured and unsecured creditors, in proportion to their
shareholding.
Change in Shareholding:
However,
subsequent to the year end on April 01, 2012, Schrader Bridgeport International
Inc, USA opted to exit the joint venture and sold their entire stake comprising
50% of the share capital to the Indian Promoter (Oriental Carbon and Chemicals
Limited).
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
36.960 |
36.960 |
36.960 |
|
(b) Reserves & Surplus |
313.956 |
270.663 |
66.032 |
|
(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) |
350.916 |
307.623 |
102.992 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
47.125 |
95.765 |
137.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
2.204 |
7.426 |
1.270 |
|
Total Non-current Liabilities (3) |
49.329 |
103.191 |
138.270 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
108.514 |
137.934 |
118.557 |
|
(b) Trade payables |
110.473 |
119.434 |
97.879 |
|
(c) Other current
liabilities |
56.807 |
77.515 |
226.092 |
|
(d) Short-term provisions |
10.150 |
77.101 |
2.139 |
|
Total Current Liabilities (4) |
285.944 |
411.984 |
444.667 |
|
|
|
|
|
|
TOTAL |
686.189 |
822.798 |
685.929 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
299.448 |
313.082 |
324.600 |
|
(ii) Intangible Assets |
0.945 |
1.706 |
2.672 |
|
(iii) Capital
work-in-progress |
1.321 |
0.462 |
0.137 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1.456 |
1.720 |
1.718 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
12.830 |
8.205 |
18.057 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
316.000 |
325.175 |
347.184 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
137.601 |
108.953 |
162.798 |
|
(c) Trade receivables |
170.425 |
127.704 |
104.645 |
|
(d) Cash and cash
equivalents |
9.981 |
10.008 |
21.878 |
|
(e) Short-term loans and
advances |
25.247 |
31.029 |
48.173 |
|
(f) Other current assets |
26.935 |
219.929 |
1.251 |
|
Total Current Assets |
370.189 |
497.623 |
338.745 |
|
|
|
|
|
|
TOTAL |
686.189 |
822.798 |
685.929 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations (Net) |
619.318 |
544.198 |
498.892 |
|
|
|
Other Income |
11.629 |
5.578 |
6.053 |
|
|
|
TOTAL (A) |
630.947 |
549.776 |
504.945 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of
materials consumed |
430.892 |
379.083 |
308.316 |
|
|
|
Purchases of
stock-in-trade |
2.358 |
6.749 |
9.977 |
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(21.892) |
24.578 |
9.545 |
|
|
|
Employee
benefits expense |
102.752 |
92.626 |
102.457 |
|
|
|
Other expenses |
116.145 |
98.365 |
94.954 |
|
|
|
Exceptional
Items (Net) |
(30.578) |
(419.032) |
134.750 |
|
|
|
TOTAL (B) |
599.677 |
182.369 |
659.999 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
31.270 |
367.407 |
(155.054) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
28.967 |
40.199 |
35.947 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2.303 |
327.208 |
(191.001) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
24.366 |
24.266 |
25.010 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
(22.063) |
302.942 |
(216.011) |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(27.149) |
98.317 |
(3.931) |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
5.086 |
204.625 |
(212.080)
|
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
21.670 |
6.002 |
10.371 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
48.977 |
27.913 |
34.785 |
|
|
|
Traded Goods |
2.253 |
2.451 |
0.000 |
|
|
|
Stores & Spares |
3.213 |
0.000 |
1.004 |
|
|
TOTAL IMPORTS |
54.443 |
30.364 |
35.789 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
1.38 |
55.37 |
(57.38) |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2013 |
30.09.2013 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
171.600 |
173.300 |
|
Total Expenditure |
|
168.400 |
173.300 |
|
PBIDT (Excl OI) |
|
3.200 |
0.000 |
|
Other Income |
|
0.300 |
2.700 |
|
Operating Profit |
|
3.500 |
2.70 |
|
Interest |
|
6.000 |
6.400 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
(2.500) |
(3.700) |
|
Depreciation |
|
6.300 |
6.100 |
|
Profit Before Tax |
|
(8.700) |
(9.800) |
|
Tax |
|
0.000 |
0.000 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
(8.700) |
(9.800) |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
(8.700) |
(9.800) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.81
|
37.22
|
(42.00) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(3.56)
|
55.67
|
(43.30) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(3.23)
|
36.92
|
(31.58) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.06)
|
0.98
|
(2.10) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.44
|
0.76
|
2.48 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.29
|
1.21
|
0.76 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT
MATURITIES OF LONG TERM DEBTS
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
|
|
|
|
|
Current maturities of long term debts |
23.136 |
42.000 |
30.000 |
|
|
|
|
|
|
Sr. No. |
Check List by Info Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
90240679 |
22/07/2005 * |
77,500,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH; JUSTICE G.N. VAIDYA MARG, MUMBAI - 400023, MAHARASHTRA, INDIA |
- |
|
2 |
90188804 |
24/05/2013 * |
286,000,000.00 |
STATE BANK OF INDIA |
NGN VAIDYA MARG, BANK STREET, HORNIMAN CIRCLE, MUMBAI - 400001, MAHARASHTRA, INDIA |
B77391977 |
|
3 |
90188408 |
11/01/1995 * |
10,000,000.00 |
BANK OF INDIA |
70/80; MG ROAD, MUMBAI - 400023, MAHARASHTRA, INDIA |
- |
|
4 |
90188201 |
15/11/1985 |
1,000,000.00 |
THE BANK OF BARODA LIMITED |
APOLLO STREET, MUMBAI - 400001, MAHARASHTRA, INDIA |
- |
|
5 |
90244108 |
31/08/1978 |
2,035,000.00 |
THE STATE INDUSTRIAL AND INVESTMENT CORP. OF MAHARAS |
NIRMAL, BOMBAY - 400021, MAHARASHTRA, INDIA |
- |
|
6 |
90188008 |
06/10/1964 |
1,000,000.00 |
THE BANK OF BARODA LIMITED |
INDIA EXCHANGE, KOLKATA, WEST BENGAL, INDIA |
- |
|
7 |
90188007 |
20/08/1964 |
2,000,000.00 |
THE BANK OF BARODA LIMITED |
10/12; APOLLO STREET, FORT, MUMBAI - |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Loans from subsidiary Company |
0.000 |
35.000 |
|
SHORT-TERM
BORROWINGS |
|
|
|
From other parties – Holding Company |
20.000 |
17.000 |
|
Total |
20.000 |
52.000 |
CORPORATE INFORMATION
Subject is a manufacturer of tyre tube valves and accessories and pneumatic products. The Company has its manufacturing unit situated in Ranjangaon (near Pune). The Company is a Public Limited Company and is listed on the Bombay Stock Exchange (BSE).
SCHEME OF
AMALGAMATION
(a) A Scheme of Amalgamation of Associated Polymers Limited (APL) herein after (referred to as "Transferor company") and Schrader Duncan Limited (the Company or SDL) and their respective shareholders, under section 391 to 394 of the companies Act, 1956 ("the scheme") has been sanctioned by the Hon'ble Court of Judicature at Bombay (vide its order dated 18th April, 2013).
(b) The Scheme became effective on 17th May 2013 ("effective date") on filing of the certified copies of the Orders with the Registrar of companies. The Appointed date from which the Scheme is operative is 1st April 2012 (the "Appointed Date").
(c) APL was engaged in the business of processors of all kind of rubber whether natural and/or synthetic and/or reclaimed and/or PVC and/or Polyethylene and/or resins and/or celluloid and/or other substitutes thereof.
(d) Consequent to the Scheme becoming effective from the Appointed date, the entire business and undertaking of the transferor company including all assets, debts, liabilities, duties and obligations have, without further act, instrument or deed, but subject to the charges affecting the same as on the effective date, been transferred and vested in the company. On the scheme becoming effective, all Staff, workmen and employees of the transferor company in service on the effective date, are deemed to have become staff, workmen and employees of the company.
(e) During the period from the Appointed date to the effective date, the transferor company have been deemed to have carried out their respective business and activities for and on account of and in trust for the company. Accordingly, the revenue from operations and profit before tax of the transferor company for the year ended 31 March '2013 are included in the financial statements.
(f) In terms of the Scheme, the company has accounted for the amalgamation based on the 'Pooling of Interest' method as under:
(i) All the assets and liabilities recorded in the books of the transferor company have been recorded by the company at their respective book values; the amount of inter-company balances have been cancelled.
(ii) APL being a wholly owned subsidiary of the company, no fresh shares are required to be issued and the Investments of SDL in APL stands cancelled.
(iii) The surplus arising between the aggregate values of assets of the transferor company acquired, net of the ggregate of the liabilities of the transferor companies, has been recorded as capital reserve of the Company based on the Court Order.
OPERATIONS
The turnover of Automotive Business Unit has increased by 41 % from INR 233.00 Millionin the previous year to 329.27 million in the current year.
This growth has been driven by volume ramp-up of the plant and consistency in qualityand delivery of products, thereby resulting into approvals and increase in orders frommajor OEMs.
The turnover of Pneumatics Business Unit saw a decrease of 7% from INR 311.17Million in the previous year to 289.92 million in the year ended March 31,2012.
The Pneumatic Business Unit sustained competitive pressure and slow down in some coresectors in the second half of this financial year to maintain its share of business in itskey market segments. This was achieved thru improved delivery of standard and customizedproducts, by increase in productivity and value engineering initiatives.
MANAGEMENT DISCUSSION
AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENT
The Indian Tyre Industry struggled to continue its growth momentum in 2012-13, due tothe slowdown in the vehicle industry. The Indian automotive industry grew by 2.6% in2012-13. Production growth was 1.2% (source: SIAM data).
This slowdown in the automotive industry had an impact on the Tyre industry as well.With over capacity is a key challenge, the long term growth fundamentals of the tyreindustry remains strong and the industry is well placed to leverage the opportunities infuture. Investment in infrastructure continues to support demand for commercial vehiclesand other factors such as favourable demographics, rising disposable income, underpenetration of vehicles, strong demand from rural market and availability of financing atcompetitive rates drive long term demand for passenger vehicles and two wheelers. Indianand global tyre manufacturers are committed to India including increased radicalisation.This is bound to have a positive impact on the demand for tube and tubeless tyre valves.
The Indian Pneumatics Industry faced one of its most challenging years in 2012-13, dueto a significant slowdown in industrial demand and dearth of new projects and investmentsin sectors like Steel, Power and Infrastructure. The industry sustained itself bydiversifying in to new areas and applications, where automation needs are increasing.Sectors like power, cement, ferrous and non ferrous, mining and heavy engineering willcontinue to drive demand for Industrial Pneumatics.
OUTLOOK
Future growth of this company is linked to the automotive and Industrial segments.Growth prospects look bright with continuing investments in these sectors, largeinfrastructure spending and positive outlook.
UN-AUDITED FINANCIAL RESULTS FOR THE QUARTER/ HALF YEAR ENDED SEPTEMBER
30, 2013
(Rs. In Millions)
|
Particulars |
Quarter Ended |
Year to date |
||
|
Un-Audited |
Un-Audited |
Un-Audited |
||
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
||
|
|
Income from Operations |
|
|
|
|
|
(a) Net Sales/ Income
from Operations (net of excise duty) |
173.316 |
171.576 |
344.892 |
|
|
(b) Other
Operating Income |
-- |
-- |
-- |
|
|
Total Income from
Operations (Net) |
173.316 |
171.576 |
344.892 |
|
|
Expenditure |
|
|
|
|
|
a) Cost of Raw Materials
Consumed |
123.947 |
101.078 |
225.025 |
|
|
b) Purchases of
Stock-in-trade |
0.484 |
0.980 |
1.464 |
|
|
c) (Increase)/ Decrease
in stock in trade and work in progress |
(5.774) |
14.129 |
8.355 |
|
|
d) Employee Cost |
25.768 |
26.468 |
52.236 |
|
|
e) Depreciation |
6.108 |
6.257 |
12.365 |
|
|
f) Other Expenditure |
28.911 |
25.737 |
54.648 |
|
|
Total Expenditure |
179.445 |
174.649 |
351.094 |
|
|
Profit/(Loss) from Operations
before Other Income, Finance Costs, Tax & Exceptional Items |
(6.128) |
(3.073) |
(9.201) |
|
|
Other Income |
2.672 |
0.292 |
2.964 |
|
|
Profit/(Loss) from
ordinary activities before Finance Costs & Exceptional Items |
(3.457) |
(2.781) |
(6.238) |
|
|
Finance Costs |
6.369 |
5.959 |
12.328 |
|
|
Profit/(Loss) from
ordinary activities after Finance Costs but before Exceptional Items |
(9.826) |
(8.740) |
(18.566) |
|
|
Exceptional Items |
|
|
|
|
|
- Voluntary Retirement Scheme
Compensation and other related expenses |
-- |
-- |
-- |
|
|
- Net profit on Sale of
Land |
-- |
-- |
-- |
|
|
Profit/(Loss) From
Ordinary Activities Before Tax |
(9.826) |
(8.740) |
(18.566) |
|
|
Tax Expense: |
|
|
|
|
|
a) Current |
-- |
-- |
-- |
|
|
b) Deferred |
-- |
-- |
-- |
|
|
c) Short/ (Excess)
Provision for earlier years |
-- |
-- |
-- |
|
|
Net Profit/(Loss) From
Ordinary Activities After Tax |
(9.826) |
(8.740) |
(18.566) |
|
|
Extraordinary Item |
-- |
--- |
-- |
|
|
Net Profit/(Loss) for the
period |
(9.826) |
(8.740) |
(18.566) |
|
|
Paid-up Equity Share
Capital (Face value of Rs. 10 per
share) |
36.960 |
36.960 |
36.960 |
|
|
Reserves Excluding
Revaluation Reserves (as per Balance Sheet of previous
accounting year) |
-- |
-- |
-- |
|
|
Earnings Per Share (EPS) |
|
|
|
|
|
a) Basic and Diluted EPS
(not to be annualised) - before Extraordinary Items for the period. |
(2.66) |
(2.36) |
(5.02) |
|
|
b) Basic and Diluted EPS (not
to be annualised) - after Extraordinary Items for the period. |
(2.66) |
(2.36) |
(5.02) |
|
|
A) Particulars of
Shareholding 1) Public Share Holding |
|
|
|
|
|
i) Number of Ordinary
Equity Shares |
942164 |
942164 |
942164 |
|
|
ii) Percentage of holding |
25.50% |
25.50% |
25.50% |
|
|
2) Share Holding of
Promoter Group |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
i) Number of Shares |
465104 |
465104 |
465104 |
|
|
ii) Percentage of Shares (as a % of the total Ordinary
Equity shareholding of Promoter & promoter group) |
16.89% |
16.89% |
16.89% |
|
|
iii) Percentage of Shares (as a % of the total
Ordinary Equity Capital of Company) |
12.58% |
12.58% |
12.58% |
|
|
b) Non Encumbered |
|
|
|
|
|
i) Number of Shares |
2288732 |
2288732 |
2288732 |
|
|
ii) Percentage of Shares (as a % of the total
Ordinary Equity shareholding of Promoter & promoter group) |
83.11% |
83.11% |
83.11% |
|
|
iii) Percentage of Shares (as a % of the total Ordinary
Equity Capital of Company) |
61.92% |
61.92% |
61.92% |
|
|
Particulars |
Quarter
ended September
30, 2013 |
|
|
Investor Complaints |
|
|
|
Pending at the beginning of the Quarter |
Nil |
|
|
Received during the quarter |
4 |
|
|
Disposed off during the Quarter |
4 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
SEGMENT-WISE REVENUE, RESULTS AND CAPITAL EMPLOYED AS PER CLAUSE 41 OF THE LISTING AGREEMENT
(Rs. In Millions)
|
Particulars |
Quarter Ended |
Year to date |
||
|
Un-Audited |
Un-Audited |
Un-Audited |
||
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
||
|
|
Segment Revenue (Net of Discount and excise Duty) |
|
|
|
|
|
a) Automotive tyre tube valves and accessories\ |
103.212 |
101.907 |
205.119 |
|
|
b) Pneumatic and
Hydraulic equipment |
70.104 |
69.669 |
139.773 |
|
|
Total |
173.316 |
171.576 |
344.892 |
|
|
Less : Inter segment
revenue |
-- |
-- |
-- |
|
|
Net Sales /Income from
Operations |
173.316 |
171.576 |
344.892 |
|
|
Segment Results [Profit/(Loss) before Tax and Interest from each segment] |
|
|
|
|
|
a) Automotive tyre tube valves and accessories |
(4.818) |
(6.457) |
(11.275) |
|
|
b) Pneumatic and Hydraulic equipment |
11.901 |
12.727 |
24.628 |
|
|
Total Segment Results |
7.083 |
6.270 |
13.353 |
|
|
Less :-- |
|
|
|
|
|
i Interest (net) |
6.369 |
5.959 |
12.328 |
|
|
II Other un-allocable expenditure
net of un-allocable income. |
10.540 |
9.051 |
19.591 |
|
|
Total Profit/(Loss)
Before Tax |
(9.826) |
(8.740) |
(18.566) |
|
|
Capital Employed (Segment Assets - Segment Liabilities) |
|
|
|
|
|
a) Automotive tyre tube valves
and accessories |
297.868 |
289.990 |
297.868 |
|
|
b) Fluid Power and
Automation |
153.857 |
63.524 |
153.657 |
|
|
c) Unallocated |
(119.375) |
(11.338) |
(119.375) |
|
|
Total |
332.350 |
342.176 |
332.350 |
STATEMENT OF ASSETS AND LIABILITIES AS AT 30TH SEPTEMBER,
2013
(Rs. In Millions)
|
Particular |
30.09.2013 |
|
EQUITY AND
LIABILITIES |
|
|
Shareholders’
funds |
|
|
(a) Share capital |
36.960 |
|
(b) Reserves and surplus |
295.390 |
|
Sub-total
- Shareholders' funds |
332.350 |
|
|
|
|
Non-current
liabilities |
|
|
(a) Long-term borrowings |
35.338 |
|
(b) Long-term provisions |
2.765 |
|
Sub-total
- Non-current liabilities |
38.103 |
|
|
|
|
Current
liabilities |
|
|
(a) Short-term borrowings |
133.416 |
|
(b) Trade payables |
66.058 |
|
(c) Other current liabilities |
57.424 |
|
(d) Short-term provision |
9.973 |
|
Sub-total - Current
liabilities |
266.871 |
|
TOTAL - EQUITY AND
LIABILITIES |
|
|
|
|
|
ASSETS |
|
|
Non-current
assets |
|
|
(a) Fixed assets |
|
|
i) Tangible assets |
293.481 |
|
ii) Intangible assets |
0.570 |
|
iii) Capital work-in-progress |
0.731 |
|
(b) Non-current investments |
1.456 |
|
(c) Long-term loans and advances |
12.972 |
|
Sub-total
- Non-current assets Current assets |
309.210 |
|
Current assets |
|
|
(a) Inventories |
114.194 |
|
(b) Trade receivables |
181.865 |
|
(c) Cash and cash equivalents |
10.926 |
|
(d) Short-term loans and advances |
20.791 |
|
(e) Other current assets |
0.339 |
|
Sub-total
- Current assets |
328.115 |
|
TOTAL
- ASSETS |
637.324 |
NOTE
· The above results were reviewed by the Audit Committee and approved by the Board of Directors at their respective meetings held on October 31,2013.
The
above results for the quarter ended September 30, 2013 were subjected to a
"Limited Review" by the Statutory Auditors of the Company.
Previous
period's figures have been regrouped where necessary.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Claims against the company with respect to Income Tax Matters not acknowledged as debts. Appeals filed by the company with the relevant authorities of Income Tax Department are pending disposal. |
1.279 |
6.875 |
|
Guarantees given by the bank of behalf of the company. These are financial and performance guarantee given to the customers, expiring on various future dates over the next 26 months. |
3.227 |
3.843 |
|
Claims against the company with respect to sales tax matters not acknowledged as debts |
1.604 |
3.323 |
|
Claims against the company with respect to excise and service tax matters not acknowledged as debts. Appeals filed by the company with CESTAT, West Zone Bench, and Additional Commissioner of Central Excise Mumbai, is pending disposal. |
2.148 |
2.591 |
|
Total |
8.258 |
16.632 |
FIXED ASSETS
Tangible Assets
·
Leasehold Land
·
Leasehold Building
· Machinery, Workshops and Laboratory Equipment
·
Electrical Installations
·
Air-Conditioning
Equipment
·
Furniture and Fixture
·
Office Equipment
·
Vehicle
·
Leasehold Improvement
Intangible Assets
·
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 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.62.06 |
|
|
1 |
Rs.102.03 |
|
Euro |
1 |
Rs.85.27 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
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 |
3 |
|
--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.