MIRA
INFORM REPORT
|
Report Date : |
04.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
VKS PROJECTS LIMITED |
|
|
|
|
Registered
Office : |
507, Sai Sangam, Sector 15, CBD Belapur, Navi Mumbai – 400614, Maharashtra |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
17.02.1998 |
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Com. Reg. No.: |
11-113596 |
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Capital
Investment / Paid-up Capital : |
Rs.80.000 Millions |
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CIN No.: [Company Identification
No.] |
U74210MH1998PLC113596 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC13043C |
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|
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PAN No.: [Permanent Account No.] |
AAACC9164E |
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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 Various Chemical Equipments. |
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|
|
|
No. of Employees
: |
405 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 730000 |
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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 a moderate track record. There appear huge external borrowings recorded by the company. However, trade relations are reported as decent. Business is active. Payment
terms are slow but correct. The company can be considered normal for business dealings with slight
caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India is developing into an open-market economy, yet traces of
its past autarkic policies remain. Economic liberalization, including
industrial deregulation, privatization of state-owned enterprises, and reduced
controls on foreign trade and investment, began in the early 1990s and has
served to accelerate the country's growth, which has averaged more than 7% per
year since 1997. India's diverse economy encompasses traditional village
farming, modern agriculture, handicrafts, a wide range of modern industries,
and a multitude of services. Slightly more than half of the work force is in
agriculture, but services are the major source of economic growth, accounting
for more than half of India's output, with only one-third of its labor force.
India has capitalized on its large educated English-speaking population to become
a major exporter of information technology services and software workers. In
2010, the Indian economy rebounded robustly from the global financial crisis -
in large part because of strong domestic demand - and growth exceeded 8%
year-on-year in real terms. However, India's economic growth in 2011 slowed
because of persistently high inflation and interest rates and little progress
on economic reforms. High international crude prices have exacerbated the
government's fuel subsidy expenditures contributing to a higher fiscal deficit,
and a worsening current account deficit. Little economic reform took place in
2011 largely due to corruption scandals that have slowed legislative work.
India's medium-term growth outlook is positive due to a young population and
corresponding low dependency ratio, healthy savings and investment rates, and
increasing integration into the global economy. India has many long-term
challenges that it has not yet fully addressed, including widespread poverty,
inadequate physical and social infrastructure, limited non-agricultural
employment opportunities, scarce access to quality basic and higher education,
and accommodating rural-to-urban migration.
|
Source
: CIA |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
BB (Fund Based Limits) |
|
Rating Explanation |
Moderate risk of default. |
|
Date |
February 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
507, Sai Sangam, Sector 15, CBD Belapur, Navi Mumbai – 400614, Maharashtra, India |
|
Tel. No.: |
91-22-41267000 (30 lines) |
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Fax No.: |
91-22-41267030 |
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E-Mail : |
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|
Website : |
DIRECTORS
As on: 31.03.2012
|
Name : |
Dr. V. K. Sukumaran |
|
Designation : |
Director |
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|
|
|
Name : |
Dr. Saritha Sukumaran |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Roy Daniel |
|
Designation : |
Director |
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Date of Birth/Age : |
15.04.1970 |
|
Qualification : |
B.Sc. (Maths) |
|
Date of Appointment : |
13.10.2010 |
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|
|
|
Name : |
Mr. Jayawant Boilkar |
|
Designation : |
Director |
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Date of Birth/Age : |
04.03.1973 |
|
Qualification : |
MBA - Finance |
|
Date of Appointment : |
29.03.2011 |
|
|
|
|
Name : |
Ms. Mohua Ranendranath Ghosh |
|
Designation : |
Director |
|
Date of Birth/Age : |
01.01.1976 |
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Qualification : |
B. Pharma, PGDBA |
|
Date of Appointment : |
27.04.2012 |
KEY EXECUTIVES
|
Name : |
Ms. Supriya Avinash Tatkar |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2012
|
Category of
Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of
Promoter and Promoter Group |
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|
|
|
|
|
|
|
7999935 |
44.44 |
|
|
7999935 |
44.44 |
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|
Total shareholding
of Promoter and Promoter Group (A) |
7999935 |
44.44 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
5650107 |
31.39 |
|
|
5650107 |
31.39 |
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|
|
|
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|
4039950 |
22.44 |
|
|
|
|
|
|
51914 |
0.29 |
|
|
75000 |
0.42 |
|
|
183094 |
1.02 |
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|
180444 |
1.00 |
|
|
2650 |
0.01 |
|
|
4349958 |
24.17 |
|
Total Public
shareholding (B) |
10000065 |
55.56 |
|
Total (A)+(B) |
18000000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
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) |
18000000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Various Chemical Equipments. |
GENERAL INFORMATION
|
Customers : |
· Atul Limited, Gujarat · Float Glass India Limited, Taloja · Gharda Chemicals Limited, Mumbai · Herdillia Chemicals Limited, Mumbai · Indorama Synthetics Limited, Nagpur · Mandhana Industries Limited, Tarapur · Pratibha Industries Limited, Wada · Punj Llyod Limited, New Delhi · Reliance Industries Limited, Jamnagar · Reliance Info-Tech Limited, Mumbai · Thermax India Limited, Pune · Castrol India Limited, Silvassa,Gujarat · Fuji Technical Services, Mumbai · Hikal Limited, Taloja · Jawaharlal Nehru Port Trust. Nava Sheva · N G C- Uran, Mumbai · Privilage Industries Limited, Satara · Wartsila NSD India Limited, Mumbai |
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No. of Employees : |
405 (Approximately) |
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Bankers : |
State Bank of 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 : |
Borkar and Muzumdar Chartered Accountants |
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Enterprises over which
Key Management personnel are able to
exercise significant
influence:: |
· VKS Infraprojects Private Limited and (ceased to be an associates in 2010-11) · Chaitanya Contractors and Engineers Private Limited (ceased to be an associates in 2010-11) · Telecon Engineering Private Limited (ceased to be an associates in 2010-11) |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
14000000 |
Equity Shares |
Rs.10/- each |
Rs.140.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
8000000 |
Equity Shares |
Rs.10/- each |
Rs.80.000
Millions |
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|
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1. The reconciliation
of the number of shares outstanding is set out below:
(Rs. In Millions)
|
Particulars |
As at 31 March 2012 |
|
|
Number |
Amount |
|
|
Shares outstanding at the beginning of the year |
8000000 |
80.000 |
|
Shares Issued during the year |
- |
- |
|
Shares bought back during the year |
- |
- |
|
Shares outstanding at the end of the year |
8000000 |
80.000 |
2. The details of
Shareholders holding more than 5% shares:
|
Name of Shareholder |
As at 31 March 2012 |
|
|
|
No. of Shares held |
% of Holding |
|
V.K. Sukumaran |
4809680 |
60.121 |
|
Saritha Sukumaran |
3190000 |
39.875 |
|
Total |
7999680 |
99.996 |
3. There are no calls remaining unpaid as on March 31, 2012, hence no disclosure is required pursuant to Note no. 6(A)(k) of Part I of Schedule VI to the Companies Act, 1956.
4. 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 share is entitled to one vote per share.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
80.000 |
80.000 |
5.500 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
104.360 |
48.135 |
26.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
184.360 |
128.135 |
31.500 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
253.763 |
93.644 |
49.400 |
|
|
2] Unsecured Loans |
20.147 |
27.139 |
2.200 |
|
|
TOTAL BORROWING |
273.910 |
120.783 |
51.600 |
|
|
DEFERRED TAX LIABILITIES |
3.683 |
3.912 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
461.953 |
252.830 |
83.100 |
|
|
|
|
|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
84.075 |
94.468 |
4.200 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
OTHER NON CURRENT ASSETS |
4.281 |
5.071 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
21.821
|
34.144 |
4.500 |
|
|
Sundry Debtors |
460.391
|
163.263 |
249.300 |
|
|
Cash & Bank Balances |
0.517
|
1.680 |
1.000 |
|
|
Other Current Assets |
52.083
|
21.613 |
0.000 |
|
|
Loans & Advances |
5.628
|
3.787 |
20.600 |
|
Total
Current Assets |
540.440
|
224.487 |
275.400 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
103.396
|
9.275 |
186.100 |
|
|
Other Current Liabilities |
46.348
|
49.906 |
0 |
|
|
Provisions |
17.099
|
12.015 |
10.400 |
|
Total
Current Liabilities |
166.843
|
71.196 |
196.500 |
|
|
Net Current Assets |
373.597
|
153.291 |
78.900 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
461.953 |
252.830 |
83.100 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1440.827 |
602.513 |
302.300 |
|
|
|
Other Income |
2.763 |
0.029 |
0.000 |
|
|
|
TOTAL (A) |
1443.590 |
602.542 |
302.300 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
9.202 |
7.915 |
|
|
|
|
Purchases of Stock-in-Trade |
257.018 |
115.138 |
|
|
|
|
Changes in inventories of finished goods work-in progress and
Stock-in-Trade |
12.901 |
(29.315) |
|
|
|
|
Employee benefits expense |
6.443 |
7.554 |
|
|
|
|
Other expenses |
1028.685 |
427.674 |
|
|
|
|
TOTAL (B) |
1314.249 |
528.966 |
264.100 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
129.341 |
73.576 |
38.200 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
33.946 |
15.917 |
5.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
95.395 |
57.659 |
33.200 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
13.465 |
10.439 |
0.700 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
81.930 |
47.220 |
32.500 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
25.704 |
15.623 |
12.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
56.226 |
31.597 |
20.000 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.03 |
15.02 |
36.44 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
3.89 |
5.24 |
6.62 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.69 |
7.84 |
11.74 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
13.12 |
14.80 |
11.62 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.44 |
0.37 |
1.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
2.39 |
1.50 |
7.88 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.24 |
3.15 |
1.40 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
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 |
Yes |
|
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 |
No |
|
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 |
OPERATIONS:
During the FY 2011-12, the Company reported gross revenue from operations of Rs. 1440.827 Millions as against Rs.602.513 Millions during the FY 2010-11. For the year 2011-12, the Company recorded PAT of Rs. 56.225 Millions as against previous year of Rs.31.597 Millions.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
INDUSTRY STRUCTURE
AND DEVELOPMENT
They are an ISO 9001:2008, OHSAS 18001:2007 and ISO 14001:2004 certified Engineering Procurement and Construction Company (EPC Contractor) engaged in the business of undertaking EPC Contracts of S/SS/Alloy Steel Turnkey Piping, Civil Land Development, Industrial / Commercial Infra Projects, Structural Fabrication and Erection of Equipments, Fire Fighting Projects and Commissioning of Chemical Plants for various industries including but not limited to Chemicals, Oil and Gas (on-shore and offshore), Refinery, Petrochemicals, Dyestuff, Pharma and Bulk Drugs, Metallurgy, Power and Textiles. Their key expertise w.r.t their Fabrication and Erection of Key Industry Equipments/Plants includes but is not limited to Reaction Vessels, Auto Claves, Vacuum Tray Driers, Storage Tanks, Chilling Plants, Hydrogenerators, Fire Fighting Units, Heat Exchangers/Condensers, Rotary Vacuum Tray Driers, Centrifuges, WHR boilers, Crystallizers, Scrubbers, Distillation Units, and Flakers etc.
FINANCIAL PERFORMANCE
Total income (net of taxes) amounted to Rs.1443.590 Millions compared to Rs.602.542 Millions of the previous year.
The operating profit before tax amounted to Rs 81.931 Millions compared to Rs.47.220 Millions reported last year.
OUTLOOK
Their EPC Company has stepped into the financial markets through an IPO issue on an optimistic note. Their focus continues on increasing their market share, serving clients, customers, shareholders laying thereby a robust foundation for sustainable growth. With the global growth in the industrial sector, it is expected that there will be further growth in EPC business.
They are continuing with their efforts on improvement in efficiencies, margins, profitability and sales while re-looking at business strategies and models, wherever necessary and barring, unforeseen circumstances, they expect to achieve better results for the year 2012-13.
CONTINGENT
LIABILITIES
(Rs. In Millions)
|
Particular |
31.03.2012 |
31.03.2011 |
|
Guarantees |
19.000 |
20.000 |
FIXED ASSETS
Tangible Assets
· Computer
· Furniture and Fixtures
· Machines
· Office Premises
· Office Equipments
· Motor Car
UNAUDITED FINANCIAL
RESULTS TOR THE QUARTER AND THE HALF YEAS ENDED SEPTEMBER 30th 2012
(Rs. In Millions)
|
S. No. |
Particular |
Quarter Ended |
Half Year Ended |
|
|
|
|
30.09.2012 |
30.06.2012 |
30.09.2012 |
|
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
1 |
Income from
Operations |
|
|
|
|
|
a) Net Sales/income from operations (Net of excise duty) |
667.188 |
290.440 |
957.628 |
|
|
b) Other Operating Income |
0.000 |
0.000 |
0.000 |
|
|
Total Income from
operations (net) |
667.188 |
290.440 |
957.628 |
|
|
|
|
|
|
|
2 |
Expenses |
|
|
|
|
|
a) Cost of materials consumed |
2.748 |
3.969 |
6.717 |
|
|
b) Purchases of stock-in-trade |
148.927 |
319.994 |
468.921 |
|
|
c) Changes in inventories of finished goods, work-in-progress and stock-in-trade |
173.602 |
(174.118) |
(0.517) |
|
|
d) Employee benefit expense |
2.449 |
2.610 |
5.059 |
|
|
e) Depreciation / Amortisation Expense |
3.364 |
3.048 |
6.412 |
|
|
f) Other expenses |
289.610 |
112.235 |
401.845 |
|
|
Total Expenses |
620.701 |
267.736 |
888.437 |
|
3 |
Profit/ (Loss) from
operations before other Income, finance costs and exceptional items (1-2) |
46.487 |
22.704 |
69.191 |
|
4 |
Other Income |
0.518 |
0.145 |
0.663 |
|
5 |
Profit/ (Loss) from
ordinary activities before finance costs and exceptional items (3+4) |
47.005 |
22.849 |
69.853 |
|
6 |
Finance costs |
15.779 |
12.630 |
28.409 |
|
7 |
Profit/ (Loss) from
ordinary activities after finance costs and exceptional items (5+6) |
31.226 |
10.219 |
41.445 |
|
8 |
Exceptional items |
- |
- |
0.000 |
|
9 |
Profit/ (Loss) from
ordinary activities before tax (7+8) |
31.226 |
10.219 |
41.445 |
|
10 |
Tax Expense |
11.252 |
3.315 |
14.567 |
|
11 |
Net Profit/ (Loss)
from ordinary activities after tax (9-10) |
19.974 |
6.903 |
26.877 |
|
12 |
Extraordinary items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13 |
Net Profit/ (Loss)
for the period (11+12) |
19.974 |
6.903 |
26.877 |
|
14 |
Share of profit/ (loss) of associates |
0.000 |
0.000 |
0.000 |
|
15 |
Minority Interest |
0.000 |
0.000 |
0.000 |
|
16. |
Net Profit/ (Loss) after
taxes, minority interest and Share of profit/ (loss) of associates (13+14+15) |
19.974 |
6.903 |
26.877 |
|
17 |
Paid-up equity share capital (Face value of Rs.10 per share) |
180.000 |
80.000 |
180.000 |
|
18 |
Reserves excluding revaluation reserve |
561.923 |
111.264 |
561.923 |
|
19 |
i) Earnings per
share (before extraordinary items) (of Rs.10/- each)
(not annualised) |
|
|
|
|
|
Basic |
1.19 |
3.45 |
2.16 |
|
|
Diluted |
1.19 |
3.45 |
2.16 |
|
|
|
|
|
|
|
|
ii) Earnings per share
(Rs.) (after extraordinary items) (of Rs.10/- each)
(not annualised) |
|
|
|
|
|
Basic |
1.19 |
3.45 |
2.16 |
|
|
Diluted |
1.19 |
3.45 |
2.16 |
|
A 1 |
PARTICULARS OF
SHAREHOLDING Public shareholding |
|
|
|
|
|
- Number of shares |
240000 |
- |
240000 |
|
|
- Percentage of shareholding |
3.00 |
- |
3.000 |
|
|
- Percentage of Shares (as a % of the total shareholding of promoter and promoter group) |
1.33 |
- |
1.33 |
|
|
b) Non- encumbered |
|
|
|
|
|
- Number of Shares |
7759935 |
8000000 |
7759935 |
|
|
- Percentage of Shares (as a % of the total shareholding of promoter and promoter group) |
97.00 |
100.00 |
97.00 |
|
|
- Percentage of Shares (as a % of the total share capital of the Company) |
43.11 |
100.00 |
43.11 |
Notes:
1) The above results were reviewed by the Audit Committee approved and taken on recorded at the Board of Director of the Company held on 12th September 2012.
2) The statutory Auditor of the company have carried out the Limited Review of the result for the quarter ended as on 30th September 2012.
3) The company operated in only one segment reporting given.
4) The classification / disclosure of items in the financial result shall be in accordance with the Revised Schedule VI of the companies Act, 1956.
5) During the quarter only one compliant received from the shareholder and the same was resolved during the quarter ended 30th September, 2012.
6) Previous period/ year’s figures have been regrouped / reclassified wherever necessary.
7) The Equity shares of the company are Listed on BSE and NSE w.e.f. 18.06.2012
8) Statement of half yearly Assets and Liabilities of the company are as follows.
(Rs. In Millions)
|
Sr. No. |
Particular |
31.03.2012 |
|
A |
EQUITY AND LIABILITIES |
|
|
1 |
Shareholders' Funds |
|
|
|
a) Share Capital |
180.000 |
|
|
b) Reserves and Surplus |
561.922 |
|
|
c) Money received against share warrants |
0.000 |
|
|
Sub-total - Shareholders'
fund |
741.922 |
|
|
|
|
|
2 |
Share Application money pending allotment |
0.000 |
|
|
|
|
|
|
Non-current
liabilities |
|
|
|
a) Long-term borrowings |
0.355 |
|
|
b) Deferred tax liabilities (net) |
3.683 |
|
|
c) Other Long-term liabilities |
0.000 |
|
|
d) Long-term provisions |
1.172 |
|
|
Sub-total -
Non-current liabilities |
5.209 |
|
|
|
|
|
3 |
Current liabilities |
|
|
|
a) Short-term borrowings |
409.767 |
|
|
b) Trade payables |
346.934 |
|
|
c) Other current liabilities |
55.577 |
|
|
d) Short-term provisions |
21.930 |
|
|
Sub-total-Current
liabilities |
834.199 |
|
|
|
|
|
|
TOTAL - EQUITY AND
LIABILITIES |
1581.330 |
|
|
|
|
|
B |
ASSETS |
|
|
1 |
Non-current Assets |
|
|
|
a) Fixed assets |
130.877 |
|
|
b) Goodwill on consolidation |
0.000 |
|
|
c) Non-current investments |
0.000 |
|
|
d) Deferred tax assets (net) |
0.000 |
|
|
e) Long-term loans and advances |
7.900 |
|
|
f) Other non-current assets |
30.374 |
|
|
Sub-total-current
Assets |
169.151 |
|
|
|
|
|
2 |
Current Assets |
|
|
|
a) Current Investments |
0.000 |
|
|
b) Inventories |
21.772 |
|
|
c) Trade receivables |
746.386 |
|
|
d) Cash and Bank Balances |
0.540 |
|
|
e) Short-term loans and advances |
611.221 |
|
|
f) Other current assets |
32.260 |
|
|
Sub-total-current
assets |
1412.179 |
|
|
|
|
|
|
Total Assets |
1581.330 |
Pursuant to clause 43
and 43A of the Listing Agreement with the Exchange. The IPO proceeds have
utilized as fellows:
|
Particulars |
Object as per Prospectus |
Actual Utilisation |
|
Amount Received from IPO |
550.000 |
- |
|
Utilisation of Funds up to September, 30 2012 |
|
|
|
Long Term Working Capital Requirement |
198.582 |
425.000 |
|
Finance the Procumbent of Construction Equipment and Key Machineries |
226.418 |
100.000 |
|
Setting up Engineering design Studio/ Office and Training Centers |
100.000 |
- |
|
Issue Expenses |
25.000 |
25.000 |
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.54.42 |
|
|
1 |
Rs.88.29 |
|
Euro |
1 |
Rs.71.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
TOTAL |
|
36 |
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.