MIRA INFORM REPORT
|
Report Date : |
09.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
INNOVENTIVE INDUSTRIES LIMITED (w.e.f. 24.03.2010) |
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Formerly Known
As : |
ARIHANT DOMESTIC APPLIANCES
LIMITED |
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Registered
Office : |
Gate No. 1261, Sanaswadi, Shirur, Pune - 412 208, |
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Country : |
India |
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Financials (as
on) : |
31.03.2012 |
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Date of
Incorporation : |
22.08.1991 |
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Com. Reg. No.: |
11-063045 |
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Capital
Investment / Paid-up Capital : |
Rs.596.440
Millions |
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CIN No.: [Company Identification
No.] |
L29309MH1991PLC063045 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEA05192F |
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PAN No.: [Permanent Account No.] |
AABCA4586B |
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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
: |
The company manufacturer and exporter of precision steel tubes,
membrane panel strips, auto components and other steel products catering to
industries in automobiles, boilers and heat exchangers, energy, oil and gas,
farm equipment and general engineering etc |
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No. of Employees
: |
1100 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (58) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Maximum Credit Limit : |
USD 17000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having a fine track record. The financial position of the company is sound and healthy. The
performance capability is high. Directors are reported as well-experienced
and knowledgeable businessmen. Trade relations are reported as decent. Business is active. Payment
terms are regular and as per commitment. The company can be considered good for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Commercial Paper – Standalone = A2 |
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Rating Explanation |
Strong degree of safety and low credit risk |
|
Date |
January, 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.
INFORMATION PARTED BY
|
Name : |
Mr. Sagar Shah |
|
Designation : |
Head of Finance Manager |
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Contact No.: |
91-9649000900 |
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Date : |
08.07.2013 |
LOCATIONS
|
Registered Office / Factory 1 : |
Gate No. 1261, Sanaswadi, Shirur, Pune - 412 208, |
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Tel. No.: |
91-2137-669011/ 669001/ 02 91-20-66203549 |
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Mobile No.: |
91-9049000900 (Mr. Sagar Shah) |
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Fax No.: |
91-2137-669011/ 669014 91-20-66203549 |
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E-Mail : |
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Website : |
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Area : |
7 Acres |
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Location : |
Owned |
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Corporate Office : |
601-602, Nucleus Mall 1, |
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Factory 2 : |
Gat No. 56/3, 4, 5, Village Pimple Jagtap, Taluka Shiruri,
Pune-412208, |
DIRECTORS
As on 30.09.2012
|
Name : |
Mr. Chandu Laxman Chavan |
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Designation : |
Director |
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Address : |
Flat No.18 and 20, C - Wing, Ambience Emp. Behind Empress Garden, Ghorpadi, Pune - 411001, Maharashtra, India |
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Date of Birth/Age : |
01.11.1969 |
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Qualification : |
Diploma in Mechanical Engineering |
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Date of Appointment : |
05.03.2002 |
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DIN No.: |
00035213 |
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Name : |
Mr. Ravindra Waman Katre |
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Designation : |
Managing Director |
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Address : |
Disha, A 14 129 130 131, Kothrud, Pune – 411029, Maharashtra, India |
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Date of Birth/Age : |
22.08.1965 |
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Qualification : |
Diploma in Mechanical Engineering |
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Date of Appointment : |
01.11.2002 |
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DIN No.: |
00035125 |
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Name : |
Mr. Sanjay Harishchandra Waghulade |
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Designation : |
Managing Director |
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Address : |
Flat No. 301, 3rd Floor, Disha Apartment, Mayur Colony, Kothrud, Pune, 411029, Maharashtra, India |
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Date of Birth/Age : |
23.08.1964 |
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Qualification : |
BE from Bapuji Institute of Engineering and Technology |
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Date of Appointment : |
01.11.2002 |
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DIN No.: |
00193404 |
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Name : |
Mr. William Sean Sovak |
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Designation : |
Nominee Director |
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Address : |
1500 Hudson, ST. 6F, Hoboken, 07030, US |
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Date of Birth/Age : |
08.06.1972 |
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Qualification : |
Graduated |
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Date of Appointment : |
06.09.2010 |
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DIN No.: |
01161892 |
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Name : |
Mr. Ramprasad Savlaram Joshi |
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Designation : |
Director |
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Address : |
10, Maylur Society, Sadar Bazar, Satara-415001, Maharashtra, India |
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Date of Birth/Age : |
28.08.1969 |
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Qualification : |
'B.E in Computers' |
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Date of Appointment : |
27.02.2010 |
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DIN No.: |
02682144 |
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Name : |
Mr. Rajendra Pandurang Jagdale |
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Designation : |
Director |
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Address : |
Flat 10, Belmont Park Housing Society, 61 C S Colony, Ganeshkhind Road, Pune-411007, Maharashtra, India |
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Date of Birth/Age : |
01.12.1959 |
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Qualification : |
Masters in Botany and a Ph. D in Forest Ecology from the University of Pune |
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Date of Appointment : |
27.02.2010 |
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DIN No.: |
02700270 |
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Name : |
Mr. Pradeep Vasantrao Tupe |
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Designation : |
Director |
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Address: |
Flat No. 6043, Kumar Khsitij, S. No. 87 1A/1/1, Sakhar Naar/ D Building, Pune-411009, Maharashtra, India |
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Date of Birth/Age : |
12.05.1958 |
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Qualification : |
Diploma in Business Management |
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Date of Appointment : |
27.02.2010 |
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DIN No.: |
02968390 |
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Name : |
Mr. Yashpaul Bodhraj Gupta |
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Designation : |
Director |
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Address: |
Fl No. 203, Pristine Grandeur Building, Cs No. 239 Wakad Chinchwad Link Road., Near Datt Mandir Wakad, Pune – 411027, Maharashtra, India |
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Date of Birth/Age : |
09.02.1950 |
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Qualification : |
Bachelor's Degree in Physical Science |
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Date of Appointment : |
27.02.2010 |
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DIN No.: |
02971635 |
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Name : |
Mr. Sanjay Khatau Asher |
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Designation : |
Director |
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Address: |
32, Mody Street, Fort, Mumbai, 400001, Maharashtra, India |
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Date of Birth/Age : |
26.11.1963 |
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Qualification : |
Bachelor's degree in commerce and bachelor's degree in law from the University of Bombay |
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Experience : |
20 Year |
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Date of Appointment : |
16.12.2011 |
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DIN No.: |
00008221 |
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|
Name : |
Mr. Rahul Raisurana |
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Designation : |
Nominee director |
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Address: |
19, Ballygunge Circular Road, Kolkata – 700019, West Bengal, India |
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Date of Birth/Age : |
15.05.1969 |
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Qualification : |
Masters degree in International Management from Thunderbird, USA, Masters degree in Business Administration from Clark University, USA and a Bachelor of Commerce (Honours) degree from the University of Calcutta |
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Date of Appointment : |
16.12.2011 |
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DIN No.: |
02570812 |
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Name : |
Mr. Ramarathnam Varadharajan Kovathakudi |
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Designation : |
Whole-Time Director |
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Address: |
Flat No. 9, Avanti Apartment, Alkapuri Society , Kothrud, Pune – 411038, Maharashtra, India |
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Date of Birth/Age : |
15.01.1948 |
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Experience : |
35 Year |
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Date of Appointment : |
07.08.2012 |
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DIN No.: |
00097892 |
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Name : |
Mr. Bhagyam Ramani |
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Designation : |
Director |
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Address: |
291/301, Kalpataru Heights, Agripada, Mumbai – 400011, Maharashtra, India |
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Date of Birth/Age : |
09.01.1952 |
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Date of Appointment : |
07.08.2012 |
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DIN No.: |
00107097 |
KEY EXECUTIVES
|
Name : |
Mr. Mahesh G. Bagla (Till May 30, 2012) |
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Designation : |
Company Secretary |
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Name : |
Ms. Neha Joshi (From May 31, 2012) |
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Designation : |
Company Secretary |
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Address: |
161, Sarvesh Apartment, Bhusari Colony, Paud Road, Pune - 411038, Maharashtra, India |
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Date of Birth/Age : |
08.01.1985 |
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Date of Appointment : |
31.05.2012 |
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PAN No.: |
AHAPJ1751G |
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Name : |
Mr. Sagar Shah |
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Designation : |
Head of Finance Manager |
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Name : |
Mr. Jitendra Palande |
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Designation : |
Group CEO |
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Name : |
Mr. Avinash Adige |
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Designation : |
CEO (Components Division ) |
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Name : |
Mr. Asok Kumar Banejee |
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Designation : |
CEO (Strips Division) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2013
|
Category of
Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
27046582 |
45.35 |
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|
27046582 |
45.35 |
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Total shareholding of Promoter and Promoter Group (A) |
27046582 |
45.35 |
|
(B) Public Shareholding |
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|
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|
|
|
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|
4580546 |
7.68 |
|
|
1384053 |
2.32 |
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|
8525041 |
14.29 |
|
|
2600000 |
4.36 |
|
|
17089640 |
28.65 |
|
|
|
|
|
|
1724696 |
2.89 |
|
|
|
|
|
|
1790288 |
3.00 |
|
|
373710 |
0.63 |
|
|
11619083 |
19.48 |
|
|
81560 |
0.14 |
|
|
9601855 |
16.10 |
|
|
12551 |
0.02 |
|
|
1923117 |
3.22 |
|
|
15507777 |
26.00 |
|
Total Public shareholding (B) |
32597417 |
54.65 |
|
Total (A)+(B) |
59643999 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
59643999 |
0.00 |
Shareholding belonging
to the category "Promoter and Promoter Group"
|
Sl.No. |
Name of the
Shareholder |
Details of Shares
held |
Encumbered shares
(*) |
Total shares
(including underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|||
|
|
|
No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
No |
As a percentage |
As a % of |
|
|
1 |
Chavan Chandu Laxman |
1,30,28,700 |
21.84 |
3500000 |
26.86 |
5.87 |
21.84 |
|
2 |
Sanjay Waghulade |
31,30,601 |
5.25 |
0 |
0.00 |
0.00 |
5.25 |
|
3 |
Shubhangi Pandurang Jadhav |
26,99,013 |
4.53 |
1000000 |
37.05 |
1.68 |
4.53 |
|
4 |
Ravindre Waman Katre |
21,02,500 |
3.53 |
0 |
0.00 |
0.00 |
3.53 |
|
5 |
Mrunal Ravindra Katre |
17,15,437 |
2.88 |
0 |
0.00 |
0.00 |
2.88 |
|
6 |
Parag Mohan Mulye |
12,30,403 |
2.06 |
0 |
0.00 |
0.00 |
2.06 |
|
7 |
Bhade Sanjay Tanaji |
12,30,403 |
2.06 |
0 |
0.00 |
0.00 |
2.06 |
|
8 |
Shivaji Ramchandra Katke |
9,97,365 |
1.67 |
0 |
0.00 |
0.00 |
1.67 |
|
9 |
Ajay Narhar Yervadekar |
3,17,160 |
0.53 |
0 |
0.00 |
0.00 |
0.53 |
|
10 |
Chandu Laxuman Chavan |
2,50,000 |
0.42 |
250000 |
100.00 |
0.42 |
0.42 |
|
11 |
Kavita Vasant Dhupkar |
1,25,000 |
0.21 |
0 |
0.00 |
0.00 |
0.21 |
|
12 |
Vishakha Sanjay Bhade |
1,25,000 |
0.21 |
0 |
0.00 |
0.00 |
0.21 |
|
13 |
Smita Shivaji Katke |
95,000 |
0.16 |
0 |
0.00 |
0.00 |
0.16 |
|
|
Total |
2,70,46,582 |
45.35 |
4750000 |
17.56 |
7.96 |
45.35 |
Shareholding belonging
to the category "Public" and holding more than 1% of the Total No. of
Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
Total shares (including
underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
1 |
Kavos Capital Limited |
8038632 |
13.48 |
13.48 |
|
2 |
Standard Chartered Private Equity (Mauritius) Limited |
4206441 |
7.05 |
7.05 |
|
3 |
Reliance Capital Trustee Company Limited A/C- Reliance Regular Savings Fund - Equity Option |
3000000 |
5.03 |
5.03 |
|
4 |
Kitara PIIN 1101 |
2875000 |
4.82 |
4.82 |
|
5 |
Standard Chartered Private Equity (Mauritius) II Limited |
2600000 |
4.36 |
4.36 |
|
6 |
Yashpaul Bodhraj Gupta through Innovative Group Employees Welfare Trust |
1923117 |
3.22 |
3.22 |
|
7 |
IDFC Sterling Equity Fund |
1579775 |
2.65 |
2.65 |
|
8 |
Standard Chartered Private Equity (Mauritius Limited) III Limited |
1563223 |
2.62 |
2.62 |
|
9 |
United India Insurance Company Limited |
833300 |
1.40 |
1.40 |
|
10 |
Wexford Spectrum Investors (Mauritius) Limited |
680000 |
1.14 |
1.14 |
|
|
Total |
27299488 |
45.77 |
45.77 |
Shareholding
belonging to the category "Public" and holding more than 5% of the
Total No. of Shares
|
Sl. No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of
Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
1 |
Kavos Capital Limited |
8038632 |
13.48 |
13.48 |
|
2 |
2020 Equity Investors Limited - PAC with Kavos Capital Limited |
416600 |
0.70 |
0.70 |
|
3 |
Standard Chartered Private Equity (Mauritius) Limited |
4206441 |
7.05 |
7.05 |
|
4 |
Standard Chartered Private Equity (Mauritius) II Limited - Standard Chartered Private Equity (Mauritius) Limited |
2600000 |
4.36 |
4.36 |
|
5 |
Standard Chartered Private Equity (Mauritius) III Limited - PAC with Standard Chartered Private Equity (Mauritius) Limited |
1563223 |
2.62 |
2.62 |
|
6 |
Reliance Capital Trustee Company Limited A/C- Reliance Regular Savings Fund - Equity Option |
3000000 |
5.03 |
5.03 |
|
|
Total |
19824896 |
33.24 |
33.24 |
Details of Locked-in
Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares |
Locked-in Shares as
% of |
|
1 |
Chandu Laxman Chavan |
86,47,000 |
14.50 |
|
2 |
Sanjay Waghulade |
21,94,908 |
3.68 |
|
3 |
Ravindra Waman Katre |
14,00,000 |
2.35 |
|
|
Total |
1,22,41,908 |
20. |
BUSINESS DETAILS
|
Line of Business : |
The company manufacturer and exporter of precision steel tubes,
membrane panel strips, auto components and other steel products catering to
industries in automobiles, boilers and heat exchangers, energy, oil and gas,
farm equipment and general engineering etc |
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Products : |
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Exports : |
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Products : |
Auto Components. |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
China |
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Terms : |
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Selling : |
Cash / Credit |
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Purchasing : |
Cash / Credit |
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Tubes and Products |
M.T. |
152940 |
53232 |
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
1100 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
|
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Banking
Relations : |
--- |
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Financial Institutions : |
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Auditors : |
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STATUTORY AUDITORS |
|
|
Name : |
B K Khare and Company Chartered Accountants |
|
Address : |
706/708, Sharada Chambers, New Marine Lines, Mumbai-400020, |
|
Tel. No.: |
91-22-22000607/ 7318/ 6360/ 66315835/ 36 |
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Fax No.: |
91-22-22003476 |
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E-Mail : |
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INTERNAL AUDITORS : |
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|
Name : |
AMB and Company Chartered Accountants |
|
Address : |
Pune, Maharashtra, India |
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Subsidiaries : |
|
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Fellow Subsidiary : |
Salem steel NA, LLC |
|
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Enterprise over which
the relative of key management personnel exercise control/significant
influence : |
|
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000000 |
Equity Shares |
Rs.10/- each |
Rs.750.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
59643999 |
Equity Shares |
Rs.10/- each |
Rs.596.440 Millions |
|
|
|
|
|
a) Reconciliation of equity shares outstanding at
the beginning and at the end of the reporting period:
|
Particular |
No of Shares |
Rs. In Millions |
|
At the beginning of the period Equity shares issued during the period |
41,062,349 |
410.623 |
|
Bonus Issue of equity shares |
- |
- |
|
Preferential Allotment of equity shares |
- |
- |
|
Initial Public Offer of equity shares |
18,581,650 |
185.817 |
|
Outstanding at the
end of the period |
59,643,999 |
596.440 |
b) Terms/ Rights attached to equity shares:
The Company has only one class of equity shares having a face value of Rs. 10 per share. Each share holder of the equity shares is entitled to one vote per share. The Company declares and pays dividend in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders at the ensuing Annual General Meeting. During the year ended March 31, 2012, the amount of per share dividend recognised as distributed to equity shareholders was Rs.3 (March 31, 2011). In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company after distributing all preferential amounts.
c) Shares held by holding/ultimate holding company
and /or their subsidiaries / associates:
The company does not have any holding or ultimate holding company.
d) Details of shareholders holding more than 5%
shares in the company:
|
Name of the
shareholder |
Nos of shares |
Percentage |
|
Chandu Chavan (Promoter) |
12,984,000 |
22.00% |
|
SanjayWaghulade (Promoter) |
3,292,361 |
6.00% |
|
Kavos Capital Limited |
8,038,632 |
13.00% |
|
Standard Chartered Private Equity (Mauritius) Limited |
4,206,441 |
7.00% |
|
Reliance Capital Trustee Company Limited A/C-Reliance Regular Savings Fund-Equity Option |
3,500,000 |
6.00% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
596.440 |
410.623 |
|
(b) Reserves & Surplus |
|
3702.953 |
1368.047 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
4299.393 |
1778.670 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
2465.087 |
1282.348 |
|
(b) Deferred tax liabilities (Net) |
|
458.652 |
317.165 |
|
(c) Other long term
liabilities |
|
13.769 |
131.715 |
|
(d) long-term
provisions |
|
50.826 |
134.886 |
|
Total Non-current
Liabilities (3) |
|
2988.334 |
1866.114 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
|
393.363 |
594.340 |
|
(b) Trade payables |
|
481.299 |
1566.707 |
|
(c) Other current
liabilities |
|
822.531 |
796.972 |
|
(d) Short-term
provisions |
|
207.959 |
139.100 |
|
Total Current
Liabilities (4) |
|
1905.152 |
3097.119 |
|
|
|
|
|
|
TOTAL |
|
9192.879 |
6741.903 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
4622.279 |
2744.776 |
|
(ii) Intangible Assets |
|
34.688 |
32.826 |
|
(iii) Capital
work-in-progress |
|
974.243 |
431.116 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
499.941 |
245.325 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
440.711 |
226.041 |
|
(e) Other
Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current
Assets |
|
6571.862 |
3680.084 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
1335.439 |
1685.233 |
|
(c) Trade receivables |
|
323.719 |
273.273 |
|
(d) Cash and cash
equivalents |
|
128.834 |
426.955 |
|
(e) Short-term loans
and advances |
|
473.010 |
168.695 |
|
(f) Other current
assets |
|
360.015 |
507.663 |
|
Total Current Assets |
|
2621.017 |
3061.819 |
|
|
|
|
|
|
TOTAL |
|
9192.879 |
6741.903 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
50.001 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
660.482 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
710.483 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
2121.333 |
|
|
2] Unsecured Loans |
|
|
451.689 |
|
|
TOTAL BORROWING |
|
|
2573.022 |
|
|
DEFERRED TAX LIABILITIES |
|
|
262.036 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
3545.541 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
2400.673 |
|
|
Capital work-in-progress |
|
|
308.880 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
245.425 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
1029.723 |
|
|
Sundry Debtors |
|
|
496.584 |
|
|
Cash & Bank Balances |
|
|
158.194 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
580.380 |
|
Total
Current Assets |
|
|
2264.881 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
1107.602 |
|
|
Other Current Liabilities |
|
|
487.572 |
|
|
Provisions |
|
|
79.144 |
|
Total
Current Liabilities |
|
|
1674.318 |
|
|
Net Current Assets |
|
|
590.563 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
3545.541 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6383.059 |
5903.732 |
3910.595 |
|
|
|
Other Income |
117.490 |
14.443 |
9.423 |
|
|
|
TOTAL (A) |
6500.549 |
5918.175 |
3920.018 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material and components consumed |
3398.539 |
3930.941 |
|
|
|
|
(Increase)/decrease in inventories |
442.698 |
(485.022) |
|
|
|
|
Employee benefit expenses |
216.833 |
206.358 |
2886.998 |
|
|
|
Manufacturing and other expenses |
758.251 |
880.247 |
|
|
|
|
TOTAL (B) |
4816.321 |
4532.524 |
2886.998 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1684.228 |
1385.651 |
1033.020 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
568.307 |
580.588 |
473.618 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1115.921 |
805.063 |
559.402 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
230.617 |
177.831 |
126.666 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
885.304 |
627.232 |
432.736 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
175.322 |
61.702 |
158.830 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
709.982 |
565.530 |
273.906 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
632.818 |
567.435 |
320.920 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
70.999 |
56.553 |
27.391 |
|
|
|
Proposed Dividend on equity Shares |
178.932 |
119.288 |
0.000 |
|
|
|
Corporate dividend distribution on
Dividend |
29.027 |
19.812 |
0.000 |
|
|
|
Utilisation for issued of Bonus Shares |
0.000 |
304.494 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1063.842 |
632.818 |
567.435 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
656.718 |
258.104 |
64.768 |
|
|
TOTAL EARNINGS |
656.818 |
258.104 |
64.768 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
370.565 |
0.804 |
0.000 |
|
|
|
Stores & Spares |
7.230 |
0.401 |
0.000 |
|
|
|
Capital Goods |
50.781 |
12.580 |
23.543 |
|
|
TOTAL IMPORTS |
428.576 |
13.785 |
23.543 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
12.27 |
15.59 |
8.49 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th Quarter |
|
Net Sales |
1356.100 |
1356.100 |
1689.300 |
1665.700 |
|
Total Expenditure |
987.400 |
987.40 |
1302.900 |
1204.700 |
|
PBIDT (Excl OI) |
368.700 |
368.700 |
386.500 |
461.000 |
|
Other Income |
11.200 |
11.200 |
06.100 |
02.400 |
|
Operating Profit |
379.800 |
379.800 |
392.600 |
463.400 |
|
Interest |
133.300 |
133.300 |
129.100 |
216.100 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
246.600 |
246.600 |
263.500 |
247.300 |
|
Depreciation |
82.700 |
82.700 |
92.600 |
90.900 |
|
Profit Before Tax |
163.900 |
163.900 |
171.000 |
15.6.500 |
|
Tax |
42.400 |
42.400 |
34.300 |
39.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
121.500 |
121.500 |
136.600 |
117.400 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
121.500 |
121.500 |
136.600 |
117.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
10.92
|
9.56 |
6.99 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.87
|
10.62 |
11.07 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
11.47
|
10.34 |
9.28 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21
|
0.35 |
0.61 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.66
|
1.06 |
3.62 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.38
|
0.99 |
1.35 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS
OF SUNDRY CREDITORS
Rs. In Millions
|
Particular |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
|
|
|
Creditors due Others |
481.299 |
1566.707 |
1107.602 |
|
Total
|
481.299 |
1566.707 |
1107.602 |
|
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 |
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 |
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 |
MANAGEMENT DISCUSSION
AND ANALYSIS
INDIAN ECONOMY
The challenges in the global economy had an impact on the domestic economy which is now increasingly integrated. In addition, the high interest rate regime, sluggish industrial activity which resulted into moderation in growth of tax revenues, increasing prices of crude oil as well as other commodities and higher than expected subsidies resulted in an expanded fiscal deficit. This has led to a decline in the value of the rupee against major currencies.
The combined impact of all these events led to moderation in GDP growth which, as estimated by the Central Statistical Organisation (CSO) diminished to 6.5% in 2011-2012 from 8.4% in 2010-2011. Persistent inflation which forced the RBI to continue with its stringent monetary policy has shown no sign of abating. The financial challenges plaguing central and state governments and key sectors of the economy will need to be addressed head on in order to enable the domestic economy to return to a high growth trajectory.
Outlook: Despite a 50 bps repo rate cut by RBI in its annual monetary policy review for FY13, the overall guidance on future monetary policy statements continues to remain neutral. The central bank has projected a similar GDP growth for 2012-2013 at -6.5%.
OPERATIONAL REVIEW
During FY 2012, Innoventive Industries raised Rs.2174.100 Millions through its IPO. The proceeds have been utilised for expansion of capacity, repayment of debt and general corporate purposes. Also, Innoventive has received disbursement of Rs.254.600 Millions as VAT refund for FY 2011 which represents 85% of the total eligible claim amount of Rs.299.500 Millions from the Directorate of Industries, Government of Maharashtra (GoM). Further, in FY 2012, GoM has increased the eligible investment limit for IIL's facility at Pimple Jagtap to Rs.5620.000 Millions under the Industrial Promotion Subsidy (IPS). GoM has also increased the tenure for receiving VAT refunds under IPS for this facility to 9 years from 7 years earlier (from FY 2016 to FY 2018). The company has implemented SAP systems across its operations to facilitate real time reporting of information and improved internal controls, leading to higher efficiencies.
FINANCIAL PERFORMANCE
For the full year ended March 31, 2012, the Company has reported on a consolidated revenues of Rs.7900.000 Millions resulting in the growth of 12% in comparison to revenues of Rs.7050.000 Millions in FY 2011.
Consolidated EBITDA for FY 2012 stood at Rs.2120.000 Millions, higher by 27% when compared to FY 2011 (Rs.1670.000 Millions). PAT at consolidated level for FY 2012 was Rs.800.000 Millions, higher by 29% when compared to Rs.620.000 Millions in FY 2011 including reversal of excess tax provision of earlier period.
EPS (consolidated) stood at T13.83 per share on enhanced capital base following IPO in April, 2011 as against FY 2011 EPS of Rs.17.20 per share. The Board has recommended a final dividend of Rs.3 per share on Face Value of Rs.10 each.
COMPANY OUTLOOK
The Company expects the coming year to be both exciting and challenging. Challenging because the weak macro-economic conditions are expected to continue into the coming year which in turn is exciting as it presents a huge ocean of opportunities for the Company. Over the last couple of years, acquisitions, R and D efforts and product innovations have helped the Company put together the building blocks to tackle the impeding global slowdown. R and D continues to be an integral part of the Company. It has helped the Company innovate newer processes to manufacture a host of the Company's products and also find newer applications for some of its existing products. The Company's diversifications of products, geographies and customers have taken it a long way in mitigating risks associated with a single revenue source. The Company has incubated newer businesses and have done well in most of the ventures undertaken, which has led increased revenues. The Company in the coming years will continue to look out for nascent businesses with promising opportunities to further expand its horizons. The Company would look forward to the coming year and would take the opportunities and disappointments in its stride.
NATURE OF BUSINESS
Subject is a public company domiciled in India and incorporated underthe provisions of the Companies Act, 1956. The company manufactures precision steel tubes, membrane panel strips, auto components and other steel products catering to industries in automobiles, boilers and heat exchangers, energy, oil and gas, farm equipment and general engineering etc. The Company caters to both domestic and international markets.
CONTINGENT
LIABILITIES
Rs. In Millions
|
Particular |
31.03.2012 |
31.03.2011 |
|
a) Claims against company not acknowledged as debts |
45.153 |
44.807 |
|
b) Guarantee issued in respect of obligations of a subsidiary |
170.00 |
3,01.500 |
|
- Loans outstanding in respect of above |
2.924 |
42.561 |
|
c) Unfulfilled export obligations under EPCG scheme to be fulfilled over 8 years Duty liability on non-fulfilment of above obligation is Rs.103.764 Millions |
625.013 |
38.900 |
|
d) Unfulfilled export obligations under advance authorization Duty liability on non-fulfilment of above obligation is Rs.6.646 Millions |
71.136 |
-- |
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As
on 31.03.2012 |
As
on 31.03.2011 |
|
LONG TERM
BORROWINGS |
|
|
|
Term loans from financial institution |
58.828 |
91.132 |
|
SHORT TERM
BORROWINGS |
|
|
|
Short term loans from financial institutes |
60.548 |
0.000 |
|
Total |
119.376 |
91.132 |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
Corporate
identity number of the company |
L29309PN1991PLC063045 |
|
Name of the
company |
INNOVENTIVE
INDUSTRIES LIMITED |
|
Address of the
registered office or of the principal place of business in |
Gate No. 1261, Sanaswadi, Shirur, Pune - 412 208, Maharashtra, India |
|
This form is for |
Creation of charge |
|
Type of charge |
|
|
Particular of
charge holder |
Saraswat Co-Operative Bank Limited, Pimpri Br Old Mumbai Pune Road, Pune - 411018, Maharashtra, India |
|
Nature of
instrument creating charge |
Agreement of
hypothecation of movable property dated 10th may 2013 |
|
Date of
instrument Creating the charge |
10.05.2013 |
|
Amount secured by
the charge |
Rs.75.000
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Plr +2% p.a. with
monthly rests or at such rate as maybe prescribed by the bank from time to
time. Present plr is 14.50% p.a. Terms of Repayment Repaybale on
demand but not later than 30 days Margin As per the
agreement Extent and Operation of the charge Type of facility
:- short term cash credit Others All other terms
and conditions as per agreement. |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
The borrowers doth / do hereby hypothecate to and in favour of the bank all the stock, book debts, outstandings, monies receivable, claims and bills and all tangible movable property(both present and future) Belonging to the borrowers and lying and being at the borrowers place of business at 601 and 602, Nucleus Mall 1, Church Road, Camp, Pune 411001 |
FIXED ASSETS:
·
·
Building
·
Plant and Machinery
·
Tools and Dies
·
Furniture and Fixture
·
Vehicles
·
Patents
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.61.05 |
|
|
1 |
Rs.90.89 |
|
Euro |
1 |
Rs.78.27 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
8 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
NO |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
58 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.