MIRA
INFORM REPORT
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Report Date : |
22.07.2013 |
IDENTIFICATION DETAILS
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Name : |
RUSHIL DÉCOR LIMITED |
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Formerly Known As : |
RUSHIL DECOR PRIVATE LIMITED |
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Registered Office : |
S. No. 125, Near |
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Country : |
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Financials (as on) : |
31.03.2012 |
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Date of Incorporation : |
24.05.1993 |
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Com. Reg. No.: |
04-019532 |
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Capital Investment / Paid-up Capital : |
Rs. 144.000 Millions |
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CIN No.: [Company
Identification No.] |
U25209GJ1993PLC019532 |
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IEC No.: |
0893008401 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMR01041F |
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PAN No.: [Permanent
Account No.] |
AABCR3005N |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. [w.e.f 07.07.2011] |
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Line of Business : |
Manufacturer of Laminate Sheets and Particle Board. |
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No. of Employees: |
290 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (44) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 2760000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record.
Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitments. The company can be considered normal 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.
ECGC Country Risk Classification List – March 31st, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
EXTERNAL AGENCY RATING
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Rating Agency Name |
CARE |
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Rating |
Long term bank: “BBB-” |
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Rating Explanation |
Having moderate degree of safety regarding timely servicing of
financial obligation. It carry moderate credit risk. |
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Date |
August, 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
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Registered Office / Factory 1 (Unit - RHPL)/: |
S. No. 125, Near |
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Tel. No.: |
91-79-26634346 |
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Fax No.: |
91-79-26640969 |
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E-Mail : |
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Website : |
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Corporate Office 1 : |
2, |
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Corporate Office 2 : |
1, Krinkal Apartment, Opposite Mahalaxmi Mandir, Near Mahalaxmi
Char Rasta Paldi, Ahmedabad - 380007, |
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Tel. No.: |
91-79-26640970 / 26651346 / 26622323 |
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Fax No. : |
91-79-26640969 |
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Factory 2 (Unit –
RDL) : |
608, GIDC, Mansa, District Gandhinagar, Gujarat, India |
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Tel. No.: |
91-2763-270395 |
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Fax No.: |
91-2763-270695 |
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Factory 3 (Unit
–MRPL) : |
at Dholakuva Patia, Gandhinagar Mansa Road, Mansa, District Gandhinagar, Gujarat, India |
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Tel. No.: |
91-2763-271695 |
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Factory 4 (Unit
–Navalgadh) : |
Particle Board Division: S. No. 270, at Village Navalgadh, Taluka Dhrangadhra, District Surendranagar, Gujarat, India |
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Tel. No.: |
91-2754-293100 |
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Factory 5 (Unit
–Karnataka) : |
MDF Board Division: Plot No. 58, 59 & 60p, Amble Industrial Estate, Village Amble, Taluka and District Chikmagalur, Karnataka, India |
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Domestic Network : |
Located at Ahmedabad Amritsar Bangalore Bhuvneshwar Chandigarh Chennai Delhi Goa Hyderabad Indore Jaipur Kolkata Kanpur Lucknow Ludhiana Mumbai Mansa Nagpur Nashik Patna Pune Rajkot Raipur Ranchi Surat Vadodara |
DIRECTORS
As on 31.03.2012
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Name : |
Mr. Ghanshyambhai A. Thakkar |
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Designation : |
Chairman and Whole time Director |
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Address: |
4, Pushpadhanva Bunglows, Premchand Nagar Road, Satellite, Ahmedabad - 380 015, Gujarat, India |
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Date of Birth/Age : |
18.11.1943 |
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Date of Appointment : |
08.03.2007 |
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Name : |
Mr. Krupesh Ghanshyambhai Thakkar |
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Designation : |
Managing Director |
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Address : |
4, Pushpadhanva Bunglows, Premchand Nagar Road, Satellite, Ahmedabad - 380 015, Gujarat, India |
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Date of Birth/Age : |
21.10.1970 |
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Qualification : |
B.Com. |
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Date of Appointment : |
24.05.1993 |
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Name : |
Mr. Harshadbhai N Doshi |
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Designation : |
Independent Director |
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Address : |
Navneet Bunglow, Near Bank of India Society, \commerce College, Navrangpura, Ahmedabad- 380009, Gujarat, India |
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Date of Birth/ Age : |
31.10.1942 |
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Date of Appointment : |
01.12.2007 |
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Name : |
Mr. Kabdi Narendra Kumar Jain |
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Designation : |
Independent Director |
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Address : |
27-7-58, 1st Floor, Sivalayam Street, Governorpet, Vijayawada Krishna – 520 002, Andhra Pradesh, India |
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Date of Birth/ Age : |
22.11.1957 |
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Date of Appointment : |
29.09.2009 |
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Name : |
Mr. Prasad Shankar Bhagat |
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Designation : |
Independent Director |
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Address : |
B-9, Goyal Plaza, Jadges Bunglow Road, Ahmedabad – 380015, Gujarat, India |
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Date of Birth/Age : |
11.10.1974 |
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Date of Appointment : |
13.10.2007 |
KEY EXECUTIVES
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Name : |
Mr. Hasmukh K. Modi |
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Designation : |
Company Secretary and Compliance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2013
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Category of Shareholder |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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6196376 |
43.03 |
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1845770 |
12.82 |
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1845770 |
12.82 |
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8042146 |
55.85 |
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Total shareholding of Promoter and Promoter Group (A) |
8042146 |
55.85 |
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(B) Public Shareholding |
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Foreign Institutional Investors |
1180105 |
8.20 |
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1180105 |
8.20 |
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1825086 |
12.67 |
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628272 |
4.36 |
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2673977 |
18.57 |
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50414 |
0.35 |
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47939 |
0.33 |
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2475 |
0.02 |
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5177749 |
35.96 |
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Total Public shareholding (B) |
6357854 |
44.15 |
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Total (A)+(B) |
14400000 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
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0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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Total (A)+(B)+(C) |
14400000 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of laminate sheets and Particle Board. |
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Products : |
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Brand Names : |
“Vir Laminate” and “Signor” |
GENERAL INFORMATION
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No. of Employees : |
290 (Approximately) |
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Bankers : |
· Bank of Baroda, Kalol Branch, N. G. Road, Kalol, Gujarat, India Allahabad Bank, S. P. Nagar Branch, Opposite S. P. Samaj
Seva Hall, Navrangpura, Ahmedabad, Gujarat, India |
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Facilities : |
Note Long term
borrowings Term loan from Bank of Baroda Secured by way of hypothecation of raw material, stocks, book debt,
movable ssets of the company (except
financed by allahabad bank) and also secured by way of equatable mortage of
a) land and building and plant and machinery of the company b) office
premises situated at plot no 1 and 2 krinkal appartment, paldi, ahmedabad
belonging to the comapny c) residential bunglow situated 4, pushpa dhanwa
owners association, vastrapur, ahmedabad belonging to Ghanshyambhai Thakkar
d) joint plot stiuated at lati bazar, ahmedabad in the name of Ghanshyam
Thakkar and Saraswati Thakkar e) fixed deposit of Rs. 7.300 millions in liew of two immovable
property at S.G.Road, and Dahisar, Mumbai f) fixed deposit of Rs. 2.000 millions in lieu of release of
Mr. Dilip Jain and also secured by way of personal guarantee of Ghanshyam
Thakkar, Krupesh Thakkar and Saraswatiben N. Thakkar Term loan from Allahabad Bank Secured by way of hypothecation of entire current assets and plant
and machineries and other fixed assets to be created out of bank finance of
the company’s unit at Navalgadh, secured by way 2nd charge on
entire fixed assets of the company finanaced by Bank of Baroda and also
secured by way of equitable mortgage of land and building, plant and
machinery situated at Navalgadh and also secured by way of pledge of FDR of Rs. 3.000 millions in the name of Ghanshyam
Thakkar and also secured by way of personal guarantee of Krupeshbhai G.
Thakkar and Ghanshyambhai A. Thakkar. Short term
borrowings Working Capital facility from Bank of Baroda Secured by way of hypothecation of raw material, stocks, book debt,
movable assets of the company (except financed by allahabad bank) and also
secured by way of equatable mortage of a) land and building and plant and
machinery of the company b) office premises situated at plot no 1 and 2
krinkal appartment, paldi, ahmedabad belonging to the comapny c) residential
bunglow situated 4, pushpa dhanwa owners association, vastrapur, ahmedabad
belonging to Ghanshyambhai Thakkar d) joint plot situated at lati bazar,
ahmedabad in the name of Ghanshyam Thakkar and Saraswati Thakkar e) fixed
deposit of Rs. 7.300 millions in
liew of two immovable property at S.G.Road, and Dahisar, Mumbai f) fixed
deposit of Rs. 2.000 millions and
also secured by way of personal guarantee of Ghanshyam Thakkar, Krupesh
Thakkar and Saraswatiben N. Thakkar Working Capital facility from Allahabad Bank Secured by way of hypothecation of entire current assets and plant
and machineries and other fixed assets to be created out of bank finance of
the company’s unit at Navalgadh, secured by way 2nd charge on
entire fixed assets of the company finanaced by Bank of Baroda and also
secured by way of equitable mortgage of land and building, plant and
machinery situated at Navalgadh and also secured by way of pledge of FDR of Rs. 3.000 millions in the name of Ghanshyam
Thakkar and also secured by way of personal guarantee of Krupeshbhai G.
Thakkar and Ghanshyambhai A. Thakkar. |
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Banking
Relations : |
-- |
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Statutory Auditors : |
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Name : |
Parikh and Majmudar Chartered Accountants |
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Address : |
204/5/6, Harsh Avenue, Navjeevan Road, Opposite Old High Court, Navrangpura, Ahmedabad – 380014, Gujarat, India |
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Associate Companies
/ Enterprise : |
· Rushil International Vertex Laminate Private Limited Decoply Agency Shri Krupa Decorative Veneer Private Limited Shri Krupa Eco Products Private Limited Ghanshyam Sales Agency |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
20000000 |
Equity Shares |
Rs.10/- each |
Rs. 200.000 Millions |
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Issued, Subscribed and Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
14400000 |
Equity Shares |
Rs.10/- each |
Rs. 144.000 Millions |
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Note :
Includes 5991250 (P.Y 5992150) Equity shares issued for consideration other
than cash as bonus shares during F.Y 2006-07
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(1)
Reconciliation of the shares outstanding at the beginning and
at the end of the reporting year |
In numbers |
31.03.2012 (Rs. In millions) |
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At the beginning of period |
8756250 |
87.563 |
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Issued vide Initial Public Offer |
5643750 |
56.438 |
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Outstanding at the end of year |
14400000 |
144.000 |
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2) Details
of shares held by each shareholder holding more than 5%
shares: |
31.03.2012 |
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Numbers of Shares held |
% holding in the class of shares |
|
Equity shares with voting rights |
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|
Ghanshyambhai Ambalal Thakkar |
2004113 |
13.92 |
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Krupesh Ghanshyambhai Thakkar and Ghanshyambhai
Ambalal Thakkar Repre. Rushil International (Partnership Firm) |
1845770 |
12.82 |
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Krupesh Ghanshyambhai Thakkar |
1533567 |
10.65 |
|
Krupesh G. Thakkar Karta of Krupesh
Ghanshyambhai Thakkar (HUF) |
1389693 |
9.65 |
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
|
144.000 |
87.563 |
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(b) Reserves and Surplus |
|
545.691 |
167.029 |
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(c) Money
received against share warrants |
|
0.000 |
0.000 |
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(2) Share Application money pending allotment |
|
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
|
689.691 |
254.592 |
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(3)
Non-Current Liabilities |
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(a) long-term borrowings |
|
642.216 |
411.612 |
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(b) Deferred tax liabilities (Net) |
|
59.430 |
53.146 |
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(c) Other long term liabilities |
|
67.831 |
207.151 |
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(d) long-term provisions |
|
3.213 |
2.254 |
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Total Non-current Liabilities (3) |
|
772.690 |
674.163 |
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(4) Current Liabilities |
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(a) Short term borrowings |
|
413.924 |
341.859 |
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(b) Trade payables |
|
389.444 |
350.713 |
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(c) Other current
liabilities |
|
67.464 |
127.433 |
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(d) Short-term provisions |
|
11.478 |
16.797 |
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Total Current Liabilities (4) |
|
882.310 |
836.802 |
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TOTAL |
|
2344.691 |
1765.557 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i) Tangible assets |
|
460.428 |
434.052 |
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(ii) Intangible Assets |
|
0.479 |
0.782 |
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(iii) Capital
work-in-progress |
|
898.478 |
447.894 |
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(iv) Intangible
assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
0.087 |
0.087 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
44.828 |
41.698 |
|
(e) Other Non-current assets |
|
6.812 |
6.781 |
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Total Non-Current Assets |
|
1411.112 |
931.294 |
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(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
392.519 |
386.423 |
|
(c) Trade receivables |
|
331.474 |
262.930 |
|
(d) Cash and cash
equivalents |
|
45.121 |
112.081 |
|
(e) Short-term loans and
advances |
|
164.465 |
72.829 |
|
(f) Other current assets |
|
0.000 |
0.000 |
|
Total Current Assets |
|
933.579 |
834.263 |
|
|
|
|
|
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TOTAL |
|
2344.691 |
1765.557 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
87.562 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves and Surplus |
|
|
130.672 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
218.234 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
464.950 |
|
|
2] Unsecured Loans |
|
|
122.178 |
|
|
TOTAL BORROWING |
|
|
587.128 |
|
|
DEFERRED TAX LIABILITIES |
|
|
46.372 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
851.734 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
411.080 |
|
|
Capital work-in-progress |
|
|
12.388 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.083 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS and ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
308.851
|
|
|
Sundry Debtors |
|
|
292.103
|
|
|
Cash and Bank Balances |
|
|
37.191
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans and Advances |
|
|
123.587
|
|
Total
Current Assets |
|
|
761.732
|
|
|
Less : CURRENT
LIABILITIES and PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
283.140
|
|
|
Other Current Liabilities |
|
|
17.053
|
|
|
Provisions |
|
|
36.722
|
|
Total
Current Liabilities |
|
|
336.915
|
|
|
Net Current Assets |
|
|
424.817
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
3.366 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
851.734 |
|
PROFIT and LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1531.777 |
1226.926 |
954.623 |
|
|
|
Other Income |
12.457 |
10.941 |
62.441 |
|
|
|
TOTAL (A) |
1544.234 |
1237.867 |
1017.064 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
966.332 |
|
|
|
|
|
Purchase of Stock-in-Trade |
11.267 |
10.844 |
|
|
|
|
Employee benefit expense |
59.521 |
49.784 |
|
|
|
|
Manufacuring / Other expenses |
279.126 |
261.277 |
|
|
|
|
Prior period items |
0.404 |
0.406 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and Stock-in-Trade |
41.864 |
(60.012) |
|
|
|
|
TOTAL (B) |
1358.514 |
1085.501 |
885.012 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
185.720 |
152.366 |
132.052 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
81.456 |
62.241 |
47.035 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
104.264 |
90.125 |
85.017 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
25.643 |
23.798 |
17.565 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
78.621 |
66.327 |
67.452 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
22.040 |
21.575 |
32.310 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
56.581 |
44.752 |
35.142 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
81.591 |
45.235 |
43.825 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
0.000 |
0.000 |
8.756 |
|
|
|
Tax on Interim Dividend |
0.000 |
0.000 |
1.488 |
|
|
|
Proposed Dividend |
7.200 |
7.200 |
17.512 |
|
|
|
Tax on Proposed Dividend |
1.168 |
1.196 |
2.976 |
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
3.000 |
|
|
BALANCE CARRIED
TO THE B/S |
129.804 |
81.591 |
45.235 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of exports |
709.506 |
439.003 |
562.632 |
|
|
TOTAL EARNINGS |
709.506 |
439.003 |
562.632 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
333.229 |
194.623 |
123.661 |
|
|
|
Capital Goods |
155.663 |
127.191 |
42.057 |
|
|
TOTAL IMPORTS |
488.892 |
321.814 |
165.718 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
4.37 |
5.11 |
4.01 |
|
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 |
395.000 |
440.200 |
430.100 |
554.900 |
|
Total Expenditure |
338.300 |
383.000 |
357.700 |
507.000 |
|
PBIDT (Excl OI) |
56.700 |
57.300 |
72.400 |
48.000 |
|
Other Income |
2.200 |
2.500 |
2.900 |
7.200 |
|
Operating Profit |
59.000 |
59.700 |
75.300 |
55.200 |
|
Interest |
27.700 |
19.800 |
31.500 |
32.700 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
31.300 |
39.900 |
43.900 |
22.400 |
|
Depreciation |
6.800 |
9.500 |
16.500 |
18.500 |
|
Profit Before Tax |
24.500 |
30.400 |
27.400 |
3.900 |
|
Tax |
9.200 |
17.000 |
16.100 |
3.800 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
15.400 |
13.400 |
11.300 |
0.200 |
|
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 |
15.400 |
13.400 |
11.300 |
0.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
3.66
|
3.62 |
3.46 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.13
|
5.41 |
7.07 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.44
|
5.03 |
5.75 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.11
|
0.26 |
0.31 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.53
|
2.96 |
2.69 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.06
|
1.00 |
2.26 |
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 |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if
applicable) |
No |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
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 |
REVIEW OF BUSINESS OPERATION
Gross Turnover in the year 2011-12 is Rs. 1548.170 millions which was Rs. 1223.642 millions in the previous year reflecting a growth of 26.52% in current year.
NEW PROJECT
The project at Chikmagalur, Karnataka is almost complete but awaiting electricity connectivity. Hence, full fledged commercial production shall start thereafter.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
GLOBAL ECONOMIC CONDITIONS
Financial Year 2011-12 was a challenging year for the economies across the world. It witnessed numerous events – USA's debt and unemployment issues, political instability, challenges in the Eurozone, political disorder in the Middle East and North Africa, aftermath of the earthquake and tsunami inJapan and concerns of US economy downgrade by rating agencies – impacting growth. Global conditions impact the currency movement as well. In times of high uncertainty as seen, most currencies usually depreciate against US Dollar. The developing nations on the other hand showed signs of stability and emerged as a ray of hope to the rest of the world.
INDIAN ECONOMY POSITION IN 2011-12
The Indian Rupee has depreciated significantly against the US Dollar marking a new risk for Indian economy. Till the beginning of the financial year (Apr 11-Mar 12) very few had expected Rupee to depreciate with most hinting towards either appreciation or status quo in the rupee levels. Those few who had even anticipated may not have imagined the scale of depreciation with rupee touching a new low to the US Dollar.
During the year, the Indian GDP grew at 6.9% compared to 8.4% in the previous year. Country's slowdown can be attributed to the weakening Industrial growth. Inflation in India remained at very high level during the year 2011-12 and led to the tight monetary policy by RBI. At the same time, sight must not be lost of the fact that, by any cross country comparison, India remains among the frontrunners. With agriculture and services continuing to perform well, India's slowdown can be attributed to weakening industrial growth.
INDUSTRY STRUCTURE AND DEVELOPMENT
The growth of Company's products (Laminates Sheets, Particle Board and Allied Products) is based on the push-and-pull effects of Demand and Supply determinants like the economic trends in India and Outside, growth of infrastructure and housing. Company's half of the market is also depend on export sales, so it is also impacted by the global economy.
Monetary policy was tightened by the Reserve Bank of India (RBI) during the year to control inflation and the slowing inflation reflects the lagged impact of actions taken by the RBI and the government, it is affected the demand of company product also.
India's urban population is expected to rise from 28 per cent to 40 per cent of the total population by 2020, placing increasing strain on the country's urban infrastructure. Future growth is likely to concentrate in and around 60 to 70 large cities having a population of one million or more. This may generate more and more demand for housing sector and connected products i.e. furniture.
India's per capita income doubled in seven years and is expected to increase to USD 2,000 by 2016-17 and USD 4,000 by 2025. This may affect to the lifestyle of public and demand for lifestyle products like furniture will increase. Traditionally, Indians have invested in real estate, which promise well for interior infrastructure companies. As a result of the growing housing and tourism sectors and rising per capita incomes, the furniture sector output is expected to grow 15% annually for the next five years.
Specific areas in which R and D has been carried out, It always remains prime goal of the Company to provide innovative product in design and finishing to the customers without compromising with quality.
SEGMENT–WISE OR PRODUCT-WISE PERFORMANCE
LAMINATES AND ALLIED PRODUCTS
Laminate division also performed quite well. The company's focus remained to grab premium market share. The “VIR LAMINATE” and “SIGNOR” the brands under which company's laminates are being sold is today a symbol of quality and is attaining consumer preference. The turnover of Laminate segment was up from Rs. 1074.377 millions in 2010-11 to Rs. 1284.506 millions in 2011-12 showing growth of over 20%.
PARTICLE BOARD
The turnover of Particle Board segment was up from Rs. 129.484 millions in 2010-11 to Rs. 1949.34 lacs in 2011-12 showing growth of 50%. This is mainly due to improved overall economy, especially in the real estate sector.
FUTURE OUTLOOK
In the FY 2012-13, one more segment “Medium Density Fibre Board” will be added in the growth of Company. Actually, Company has readymade market for its laminate sheet and particle board unit which may help to capture market for its MDF product.
The Company's outlook for the year ending 31st March, 2013 is to maintain and if possible to increase present capacity utilization with future growth.
UNSECURED LOANS
|
Particulars |
|
31.03.2012 (Rs.
in Millions) |
|
Long term
borrowings |
|
|
|
Loans and advances from related parties |
|
3.334 |
|
From Others |
|
|
|
Loan from Financial Institution |
|
11.036 |
|
Public deposit |
|
16.284 |
|
Inter corporate loans |
|
50.000 |
|
Total |
|
80.654
|
STATEMENT OF STANDALONE AUDITED FINANCIAL RESULTS FOR
THE QUARTER AND YEAR ENDED 31ST MARCH, 2013
(Rs. in millions)
|
Sr |
Particulars |
Quarter Ended |
Year Ended |
|
|
No |
|
31.03.2013 |
31.12.2012 |
31.03.2013 |
|
|
|
(Audited) |
(Unaudited) |
(Audited) |
|
|
PART-I |
|
|
|
|
1 |
Income from operations |
|
|
|
|
|
(a) Net sales Income from operations (net of excise) |
517.022 |
404.552 |
1724.627 |
|
|
(b) Other Operating income |
37.914 |
25.525 |
95.625 |
|
|
Total income from operation (a) + (b) |
554.936 |
430.077 |
1820.252 |
|
2 |
Expenses |
|
|
|
|
|
a) Changes in inventories of finished goods, wort-in- |
(42.957) |
(40.494) |
96.247 |
|
|
b) Cost of materials consumed |
402.906 |
272.879 |
1218.225 |
|
|
e) Purchase of stock- in- trade |
0.610 |
5.980 |
6.604 |
|
|
d: Employees benefus expense |
27.695 |
29.061 |
94.142 |
|
|
e) Depreciation & amortisation expense |
18.501 |
16.486 |
51.240 |
|
|
f) Other expenses |
118.726 |
90.266 |
361.195 |
|
|
Tata! Expenses |
525.481 |
374.178 |
1637.159 |
|
3 |
Profit from operations before other income, finance cost and exceptional items (1-2) |
25.455 |
55.899 |
183.093 |
|
4 |
Other income |
7.196 |
2.928 |
14.807 |
|
5 |
Profit from ordinary activities before finance cost and |
36.661 |
58.827 |
197.900 |
|
|
exceptional items (3 + 4) |
|
|
|
|
G |
Finance cost |
32.711 |
31.462 |
111.666 |
|
7 |
Profit from ordinary activities after finance coat but |
3.940 |
27.365 |
86.234 |
|
|
before Exceptional Items (5- 6) |
|
|
|
|
8 |
Exceptionat items / Prior period items |
0.000 |
0.000 |
0.000 |
|
9 |
Profit from Ordinary Activities before tax (7 – 8) |
3.940 |
27.365 |
86.234 |
|
10 |
Tax expense |
|
|
|
|
|
Current Tax |
2.101 |
5.475 |
18.566 |
|
|
Deferred Tax |
1.655 |
10.613 |
27.408 |
|
11 |
Net Profit (+)/Loss (-) after taxes for the period (9 - 10) |
0.184 |
11.277 |
40.260 |
|
12 |
Paid up equity share capital (Face value of Rs. 10/- each) |
144.000 |
|
144.000 |
|
13 |
Reserves excluding Revaluation Reserves as per |
0.00 |
0.00 |
574.281 |
|
|
balance sheet of the previous accounting year |
|
|
|
|
14 |
Basic & Diluted EPS Before & After Extra Ordinary items for the period (Rs.) (Not Annualised) |
0.01 |
0 78 |
2.80 |
|
|
PART-II Information for the Quarter and Year ended 31st March 2013 |
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
|
Public Shareholding |
|
|
|
|
|
Numbers of shares |
6400296 |
6400096 |
6400296 |
|
|
Percentage of shareholding |
44.45% |
44.45% |
44.45% |
|
|
2 Promoter and Promoter Group Shareholding |
|
|
|
|
|
a} Pledged f Encumbered |
|
|
|
|
|
Number of shares |
Nil |
Nil |
Nil |
|
|
b] Non -encumbered |
|
|
|
|
|
Number of shares |
7999704 |
7999904 |
7999704 |
|
|
Percentage of shares (as a % of Ihe total |
100.00% |
100.00% |
100.00% |
|
|
shareholding of the Promoter and Promoter group) |
|
|
|
|
|
Percentage of shares (as a % of the total share |
55.55% |
55.55% |
55.55% |
|
|
capital of the company > |
|
|
|
|
B |
INVESTOR
COMPLAINTS (No.) |
3 Months
ended |
|
|
|
31 03.2013 |
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received dunng the Quarter |
1 |
|
|
Disposed dunng the quarter |
1 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
SEGMENTWISE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs.
in millions)
|
Sr |
Particulars |
Quarter Ended |
Year Ended |
|
|
No |
|
31.03.2013 |
31.12.2012 |
31.03.2013 |
|
|
|
(Audited) |
(Unaudited) |
(Audited) |
|
1 |
Segment Revenue |
|
|
|
|
a |
Laminates & allied products |
378.346 |
336.727 |
145.947 |
|
b |
Particle Board |
36.679 |
29.968 |
127.974 |
|
c |
Medium Density Fiber Board |
102.451 |
38.370 |
140.821 |
|
d |
Unallocated |
0.000 |
0.000 |
0.000 |
|
|
Total |
517.476 |
405.065 |
1726.742 |
|
|
Less: Inter segment revenue |
0.454 |
0.513 |
2.115 |
|
|
Net sales from Operations |
517.022 |
404.552 |
1724.627 |
|
|
|
|
|
|
|
2 |
Segment Results |
|
|
|
|
|
Profit before Interest and Tax: |
|
|
|
|
a |
Laminates & allied products |
73.256 |
56.553 |
247.316 |
|
b |
Particle Board |
(8.943) |
1.538 |
(5.407) |
|
c |
Medium Density Fiber Board |
(23.808) |
3.378 |
(27.511) |
|
d |
Unallocated |
0.000 |
0.000 |
0.000 |
|
|
Total |
40.505 |
61.469 |
214.398 |
|
|
Less: |
|
|
|
|
I |
Interest |
32.711 |
31.642 |
111.666 |
|
Ii |
Other Unallocable expenditure |
3.854 |
2.642 |
16.498 |
|
|
Add: |
|
|
|
|
I |
Unallocable Income |
0.000 |
0.000 |
0.000 |
|
|
Total Profit Before Tax |
3.940 |
27.365 |
86.234 |
|
3 |
Capital employed |
|
|
|
|
|
(Segment as sets-Segment Liabilities) |
|
|
|
|
a |
Laminates & allied products |
289.527 |
292.826 |
289.527 |
|
b |
Particle Board |
231.884 |
209.061 |
231.884 |
|
c |
Medium Density Fiber Board |
1036.714 |
1073.360 |
1036.714 |
|
d |
Unallocated |
(10.404) |
(11.167) |
(10.404) |
|
|
Total |
1564.080 |
1564.080 |
1547.721 |
STATEMENT
OF ASSETS AND LIABILITIES
(Rs.
in millions)
|
S. No. |
Particulars |
31.03.2013 |
|
A |
EQUITY AND
LIABILITIES |
|
|
1 |
(1) SHAREHOLDERS'
FUNDS |
|
|
|
(a) Share Capital |
144.000 |
|
|
(b) Reserves and Surplus |
574.281 |
|
|
|
|
|
2 |
(2) Non-current
Liabilities |
|
|
|
(a) Long term
borrowings |
687.382 |
|
|
(b) Deferred tax liabilities (Net) |
86.838 |
|
|
(c) Other long-term liabilities |
50.341 |
|
|
(d) Long term provisions |
4.171 |
|
|
|
|
|
3 |
(3) Current Liabilities |
|
|
|
(a) Short-term borrowings |
430.046 |
|
|
(b) Trade Payables |
485.774 |
|
|
(c) Other Current Liabilities |
168.548 |
|
|
(d) Short term provisions |
14.691 |
|
|
TOTAL |
2646.072 |
|
B |
ASSETS |
|
|
1 |
(1) Non – Current assets |
|
|
|
(a)Fixed Assets |
|
|
|
(i) Tangible assets |
1485.695 |
|
|
(ii) Intangible assets |
0.538 |
|
|
(iii) Capital work-in-progress |
3.962 |
|
|
Non-Current Investments |
0.087 |
|
|
Long – term loans and advances |
30.898 |
|
|
Other Non current assets |
8.456 |
|
|
|
|
|
2 |
(2) Current Assets |
|
|
|
(a)
Inventories |
502.557 |
|
|
(b)
Trade receivables |
399.687 |
|
|
(c)
Cash and bank balance |
46.995 |
|
|
(d)
Short-term loans and advances |
167.197 |
|
|
TOTAL |
2646.072 |
Note:
The above results have been reviewed by the audit committee and have
been approved by the board of directors of the company at their meetings held
on 7th May, 2013.
The board of directors has recommended a final dividend of 5% on equity
shares subject to shareholders approval in the annual general meeting.
The figures of the last quarter are the balancing figures between the
audited figures in respect of the full financial year and the published year to
date figures up to the third quarter of the current financial year
Previous year’s/period’s figure have been regrouped/rearranged wherever
necessary.
CONTINGENT
LIABILITIES:
(Rs. in millions)
(i) Corporate Guarantee of Rs. 20.055 millions (P.Y Rs. 60.000 millions) Given by company for loan taken by Vertex Laminates Private Limited
(ii) Outstanding Letter of Credit Rs. 16.760 millions (Previous Year Rs. 20.300 millions)
(iii) Custom Duty of Rs. 0.770 million (Rs. 0.385 million each for Unit MRPL and Unit RHPL) demanded by the Central Excise and Customs Authority being disputed by the company, has not been accounted for. The company has deposited Rs. 0.408 million ( Rs. 0.204 million each for Unit MRPL and Unit RHPL) under protest till the date of their audit and the same has been clubbed under the head Loans and Advances.
FIXED ASSETS
· Land
Leasehold
Land
Building
Plant
and Machinery
Computer
and Accessaries
Vehicles
Furniture
and Fixture
CMT REPORT (Corruption, Money Laundering and 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.59.80 |
|
|
1 |
Rs.91.03 |
|
Euro |
1 |
Rs.78.52 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
SCORE and RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
44 |
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 and 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.