MIRA
INFORM REPORT
|
Report Date : |
15.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
METROGLOBAL LIMITED (w.e.f. 02.09.2011) |
|
|
|
|
Formerly Known
As : |
GLOBAL BOARDS LIMITED |
|
|
|
|
Registered
Office : |
101, 1st Floor, Mangal Disha, Near Guru Gangeshwar Temple,
6th Road, Khar (West), Mumbai – 400052, Maharashtra |
|
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|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
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|
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|
Date of
Incorporation : |
12.11.1992 |
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|
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Com. Reg. No.: |
11-069527 |
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|
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Capital
Investment / Paid-up Capital : |
Rs.126.130 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L21010MH1992PLC069527 |
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|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
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Line of Business
: |
Trader of Chemical and Real Estate Business. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4349000 |
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|
|
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a satisfactory track record. The company is performing well. Financial position appears to be strong
and healthy during 2012. The ratings also take into consideration the risks associated with the
investments in real estate sector and subdued scenario in dyes industries. However, trade relations are fair. Business is active. Payments are
reported as slow but correct. In view of experienced promoters, the company can be considered normal
for business dealings with some caution |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk |
|
Date |
October 11, 2012 |
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk |
|
Date |
October 11, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office : |
101, 1st Floor, Mangal Disha, Near Guru Gangeshwar Temple,
6th Road, Khar (West), Mumbai – 400052, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
Website : |
|
|
|
|
|
Administrative / Corporate Office : |
508-509, Ship, C.G. Road, Navarangpura, Ahmedabad – 380 009, Gujarat,
India |
|
Tel. No.: |
91-79-26468016 / 26469150 |
|
Fax No.: |
91-79-26407838 |
|
E-Mail : |
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Accounts Office : |
808-809, Shilp Building, Opposite Girish Cold Drinks, C.G. Road,
Navarangpura, Ahmedabad – 380 009, Gujarat, India |
|
Tel. No.: |
91-79-26403212, 26403930 |
|
Fax No.: |
91-79-26463805 |
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E-Mail : |
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|
Works : |
Unite - I |
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|
Plot No: A-472-475, and 489-492 , Phase II, GIDC, Vatva,
Ahmedabad-382445, Gujarat, India |
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|
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|
Unite - II |
|
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Plot No: Al-407,and A2-408 , Phase II, GIDC, Vatva, Ahmedabad-382445,
Gujarat, India |
DIRECTORS
As on: 31.03.2012
|
Name : |
Mr. Gautani M. Jain |
|
Designation : |
Chairman and Managing Director |
|
Date of Appointment : |
12.11.2011 |
|
|
|
|
Name : |
Mr. Rahul G. Jain |
|
Designation : |
Executive Director |
|
Date of Appointment : |
12.11.2011 |
|
|
|
|
Name : |
Mr. Sandeep S. Bhandari |
|
Designation : |
Independent Director |
|
Date of Appointment : |
12.11.2011 |
|
|
|
|
Name : |
Mr. Nilesh R. Desai |
|
Designation : |
Independent Director |
|
Date of Appointment : |
12.11.2011 |
KEY EXECUTIVES
|
Name : |
Mr. Nitin S. Shah |
|
Designation : |
Company Secretary and Compliance Officer |
|
|
|
|
Name : |
Ms. Kirti |
|
Designation : |
HR Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.03.2013
|
Category of Shareholder |
Total No. of
Shares |
Total
Shareholding as a % of total No. of Shares |
|
|
|
|
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2602444 |
16.75 |
|
|
6715453 |
43.21 |
|
|
9317897 |
59.96 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
9317897 |
59.96 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
568 |
0.00 |
|
|
10787 |
0.07 |
|
|
7576 |
0.05 |
|
|
107 |
0.00 |
|
|
1142 |
0.01 |
|
|
20180 |
0.13 |
|
|
|
|
|
|
3738391 |
24.06 |
|
|
|
|
|
|
1431488 |
9.21 |
|
|
735212 |
4.73 |
|
|
296541 |
1.91 |
|
|
5953 |
0.04 |
|
|
290192 |
1.87 |
|
|
396 |
0.00 |
|
|
6201632 |
39.91 |
|
Total Public shareholding (B) |
6221812 |
40.04 |
|
Total (A)+(B) |
15539709 |
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) |
15539709 |
0.00 |
|
|
|
|
BUSINESS DETAILS
|
Line of Business : |
Trader of Chemical and Real Estate Business. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
Not Available |
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Facilities : |
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|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
AMPAC and Associates, Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Subsidiaries : |
Metrochem Capital Trust Limited |
|
|
|
|
Associates : |
Anil Dyechem Industries Private Limited Harvest Trade Finvest Private Limited Maiden Tradefin Private Limited Minerva Dyechem Industries P. Limited Bloom Investment and Trading Private Limited Charm Trading and Investment Private Limited Search Invatrade Private Limited Sparkling
Tradefin Private
Limited Spring Trading
and Investment Private
Limited Ornet Infrastructure
Private Limited Progressive Invatrade Private Limited |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
95000000 |
Equity Shares |
Rs.10/- each |
Rs.950.000 Millions |
|
25000000 |
Cumulative/Non-Cumulative,
Redeemable |
Rs.10/- each |
Rs.250.000 Milions |
|
|
|
|
|
|
|
Total |
|
Rs. 1200.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
12613042 |
Equity Shares |
Rs.10/- each |
Rs.126.130 Millions |
|
|
|
|
|
The Company has only one class of shares referred to as
Equity Shares having par value of Rs.10/- each
There are no issues of bonus shares during last five
financial years
Shares issued for consideration other than cash during last
five financial years:
1,14,33,333 equity shares of ? 10 each issued to
shareholders of Metrochem Industries Limited pursuant to scheme of arrangement.
Reconciliation of number of equity shares
|
Equity Shares |
March 31, 2012 |
|
|
|
No. of Shares |
Rs. In Millions |
|
Equity Shares at
the beginning of the year |
23230429 |
23230429 |
|
Less: Reduction in
no of shares pursuant to scheme of arrangement |
10617387 |
-- |
|
|
|
|
|
Equity Shares at the end of the year |
12613042 |
23230429 |
Details of share holding more than 5% shares in the company
|
Name of the
shareholder |
No. of Shares |
% of holding in the class |
|
Gautam kumar
Mithalal Jain |
1288330 |
10.22 |
|
Cheer Trading
and Investment Private Limited |
809350 |
6.42 |
|
Worship Trading
Private Limited |
631736 |
5.09 |
|
Maiden
Tradefin Private Limited |
1678052 |
13.30 |
|
Search Invatrade
Private Limited |
984360 |
7.80 |
|
Anil Dyechem Industries
Private Limited |
906526 |
7.09 |
|
Gandak Private
Limited |
1105000 |
8.76 |
As on: 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
95000000 |
Equity Shares |
Rs.10/- each |
Rs.950.000 Millions |
|
25000000 |
Cumulative/Non-Cumulative,
Redeemable |
Rs.10/- each |
Rs.250.000 Milions |
|
|
|
|
|
|
|
Total |
|
Rs. 1200.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
16326742 |
Equity Shares |
Rs.10/- each |
Rs.163.267 Millions |
|
|
|
|
|
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 |
|
126.130 |
232.304 |
|
(b) Reserves & Surplus |
|
961.258 |
666.080 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
|
|
|
|
|
(3)
Non-current liabilities |
|
|
|
|
(a) long-term borrowings |
|
846.402 |
1072.727 |
|
(b) Deferred tax liabilities (Net) |
|
4.607 |
9.157 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
|
|
|
|
|
(4) Current liabilities |
|
|
|
|
(a) Short term
borrowings |
|
154.676 |
32.816 |
|
(b) Trade payables |
|
19.217 |
22.020 |
|
(c) Other current
liabilities |
|
14.066 |
7.866 |
|
(d) Short-term provisions |
|
30.284 |
24.142 |
|
TOTAL |
|
2156.640 |
2067.112 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
51.083 |
41.612 |
|
(ii) Intangible Assets |
|
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
|
47.367 |
35.063 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
99.266 |
96.438 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
1077.992 |
1039.293 |
|
(e) Other Non-current assets |
|
7.304 |
9.221 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
9.370 |
26.529 |
|
(c) Trade receivables |
|
77.984 |
211.381 |
|
(d) Cash and cash
equivalents |
|
62.292 |
228.153 |
|
(e) Short-term loans
and advances |
|
723.982 |
379.422 |
|
(f) Other current
assets |
|
0.000 |
0.000 |
|
TOTAL |
|
2156.640 |
2067.112 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
232.304 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
1797.147 |
|
|
4] (Accumulated Losses) |
|
|
(1076.650) |
|
|
NETWORTH |
|
|
952.801 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
819.466 |
|
|
2] Unsecured Loans |
|
|
305.056 |
|
|
TOTAL BORROWING |
|
|
1124.522 |
|
|
DEFERRED TAX LIABILITIES |
|
|
9.157 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2086.480 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
684.668 |
|
|
Capital work-in-progress |
|
|
17.096 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
75.554 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
26.337 |
|
|
Sundry Debtors |
|
|
72.426 |
|
|
Cash & Bank Balances |
|
|
413.324 |
|
|
Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
888.374 |
|
Total
Current Assets |
|
|
1400.461 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
45.469 |
|
|
Other Current Liabilities |
|
|
17.767 |
|
|
Provisions |
|
|
35.321 |
|
Total
Current Liabilities |
|
|
98.557 |
|
|
Net Current Assets |
|
|
1301.904 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
7.258 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2086.480 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1453.306 |
537.925 |
123.428 |
|
|
|
Other Income |
29.413 |
52.721 |
69.828 |
|
|
|
TOTAL |
1482.719 |
590.646 |
193.256 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
78.352 |
81.743 |
|
|
|
|
Purchase of Stock-in-Trade |
1100.205 |
248.200 |
|
|
|
|
(Increase)/Decrease in Finished goods, Work In Progress
& Stock in Trade |
19.279 |
0.785 |
|
|
|
|
Employee benefit expense |
10.712 |
11.729 |
|
|
|
|
Other expenses |
46.363 |
38.953 |
|
|
|
|
TOTAL |
1254.911 |
381.410 |
230.291 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
227.808 |
209.236 |
(37.035) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
8.696 |
3.690 |
0.357 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
219.112 |
205.546 |
(37.392) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
5.340 |
7.352 |
11.849 |
|
|
|
|
|
|
|
|
|
|
PROFIT /(LOSS)
BEFORE TAX AND EXCEPTIONAL ITEM |
213.772 |
198.194 |
(49.241) |
|
|
|
|
|
|
|
|
|
Less |
EXCEPTIONAL ITEM |
0.000 |
253.089 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
GAIN ON DEMERGER
OF BARODA UNIT |
0.000 |
0.000 |
406.239 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
213.772 |
(54.895) |
356.998 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(4.550) |
0.832 |
26.855 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
218.322 |
(54.063) |
330.143 |
|
|
|
|
|
|
|
|
|
Less |
PRIOR PERIOD
EXPENDITURE/ (INCOME) |
0.000 |
0.354 |
0.472 |
|
|
|
|
|
|
|
|
|
Add |
PROFIT/ (LOSS)
AFTER TAX AFTER PRIOR PERIOD |
218.322 |
(54.417) |
329.671 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1547.092) |
(1076.650) |
(1338.870) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
20.000 |
416.025 |
40.698 |
|
|
|
Transfer to Debenture Redemption Reserve |
30.000 |
0.000 |
0.000 |
|
|
|
Dividend |
25.226 |
0.000 |
22.867 |
|
|
|
Tax on Dividend |
4.092 |
0.000 |
3.886 |
|
|
BALANCE CARRIED TO
THE B/S |
(1408.088) |
(1547.092) |
(1076.650) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Direct Export (FOB Value) |
61.903 |
43.400 |
35.857 |
|
|
TOTAL EARNINGS |
61.903 |
43.400 |
35.857 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
17.31 |
(2.34) |
14.19 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
31.03.2013 |
|
|
UnAudited
|
UnAudited |
UnAudited |
UnAudited |
|
|
|
|
|
|
|
Net Sales |
493.600 |
516.900 |
502.800 |
456.500 |
|
Total Expenditure |
443.700 |
466.500 |
457.400 |
414000 |
|
PBIDT (Excl OI) |
49.900 |
50.400 |
45.300 |
42.600 |
|
Other Income |
5.800 |
2.600 |
4.900 |
25.700 |
|
Operating Profit |
55.700 |
53.000 |
50.200 |
68.300 |
|
Interest |
3.500 |
3.100 |
2.900 |
3.400 |
|
Exceptional Items |
0.000 |
0.000 |
4.800 |
7.100 |
|
PBDT |
52.200 |
49.900 |
52.100 |
71.900 |
|
Depreciation |
1.000 |
1.000 |
1.000 |
08.100 |
|
Profit Before Tax |
51.300 |
48.900 |
51.100 |
63.900 |
|
Tax |
0.000 |
0.000 |
0.000 |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
51.300 |
48.900 |
51.100 |
63.900 |
|
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 |
51.300 |
48.900 |
51.100 |
63.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
14.72
|
(9.15) |
170.83 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
14.71
|
(10.20) |
289.23 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.63
|
(2.84) |
17.12 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.20
|
(0.06) |
0.37 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.92
|
1.23 |
1.18 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
30.82
|
35.05 |
14.20 |
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 |
No |
|
8] |
No. of
employees |
No |
|
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 |
No |
|
24] |
Banking
facility details |
No |
|
25] |
Conduct of
the banking account |
---------------------- |
|
26] |
Buyer visit
details |
----------------------- |
|
27] |
Financials,
if provided |
Yes |
|
28] |
Incorporation
details, if applicable |
Yes |
|
29] |
Last accounts
filed at ROC |
Yes |
|
30] |
Major
Shareholders, if available |
Yes |
|
31] |
Date of Birth
of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No
of Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
Yes |
UNSECURED LOAN:
|
Particulars |
31.03.2012 [Rs.
in Millions] |
31.03.2011 [Rs.
in Millions] |
|
Long Term
Borrowing |
|
|
|
Debentures |
|
|
|
6684660 ( previous year 3181660 ) Unsecured Debentures of f 100 each |
668.466 |
318.166 |
|
Interest accrued and due |
0.000 |
2.054 |
|
Other Unsecured Loan from Corporate Bodies (The unsecured loan includes loan taken from associate
companies @5% p.a. amounting to Rs. 145.300 millions (Previous year Rs.2.300
millions) which is repayable on demand. However the same is expected to be
repayable within a period of 2-5 years. The reaming unsecured loan is
repayable within a period of 2-3 years and rate of interest for the same is
ranging between 12-16% p.a.) |
177.936 |
334.707 |
|
Total |
846.402 |
654.927 |
|
|
|
|
|
Short Term
Borrowing |
|
|
|
Unsecured
Loan from Corporate Bodies |
154.676 |
32.816 |
|
|
|
|
|
Total |
154.676 |
32.816 |
OPERATIONAL
PERFORMANCE
The Scheme of Amalgamation
sanctioned by Hon'ble Bombay High Court was implemented during the year .
The turnover of the
company for the various segments was Rs.1453.306 millions for the year 2011-12
as against the turnover of Rs.537.925 millions during the year 2010-11.
The Company earned
net profit of Rs. 218.322 millions during the year 2011-12 as against the loss
of Rs.(54.417) Millions during the year 2010-11.
The management of the company is hopeful for the better performance in
the coming years.
MANAGEMENT DISCUSSION
AND ANALYSIS
OVERALL INDUSTRIAL
VIEW
There has been a
perceptible slow down in the Indian economy with GDP growth coming down to
below 7% the year. Infrastructure development has not kept pace with
expectations. Rampant inflation and escalating cost of vital industrial inputs
such as coal, power and freight etc have also caused severe strain on the
economy.
Credit squeeze and
tight monetary policies adopted by RBI do not appear to have neither controlled
inflation nor helped growth. Slow-down in International economy caused by Euro
zone crisis also contributed to poor market sentiments. Coupled with lack of
clear policy direction and minimal progress on the reforms process, these
factors have changed the investment climate from being optimistic to
cautionary.
However, India
still continues to be one of the fastest growing economies of the world and
hope that the Government will take effective and pro-active steps soon to
restore the growth momentum to above 8%.
On their part, they
continue to strongly believe in the India growth story and feel that in spite
of these temporary problems, Indian economy will soon return to a healthier
growth path accordingly, they continue to pursue aggressive growth targets for
all their businesses.
During the year Scheme of
Amalgamation in the nature of merger of Metrochem Industries Limited with
Subject (Formerly known as Global
Boards Limited) and restructure of Share Capital of Subject (Formerly known as Global Boards Limited)
have been implemented as perthe order passed by the High Court of
Bombay
VARIOUS
PROJECTS UNDER IMPLEMENTATION:
RESIDENTIAL PROJECTS:
Metro Luxuria; Located at prime location off CG Road,
Navrangpura. It is a luxurious 4-BHK residential apartment with modern amenities.
The project is near completion.
Alpine Heights: Located at Income Tax office on Ashram
Road, Ahmadabad. It is a 2 BHK high-rise building with lifestyle resident
apartment with modern amenities. This housing project is launched with the
partnership with Samved Engineers through an SPV Metro-Samved Engineers. The
project is expected to complete by end of 2012.
Satej Homes: Located at Vatva, Ahmadabad. It is a 2BHK
affordable housing Lowrise apartment project. This housing project is also
launched with tiie partnership with Samved Engineers through an SPV
Metro-Samved Engineers.
Simandhar Metro: The Company has acquired land at Village
Gota (T.P. 32), Ahmadabad in partnership with Simandhar Construction Private
Limited for and put a residential apartment project under the name of "
Simandhar Metro"
Ganesh
Infrastructure: The Company has also become partner of “Ganesh
Infrastructure" for development of land and Building at Ankles war. This
project comprises of residential apartments, Bunglows, commercial complexes and
shopping malls.
DK Metro: The Company has acquired land in the
industrial area of Chattral.lt plans to develop an Industrial Estate comprising
of commercial shops, sheds and plots under the Name of "DK Metro".
Paper Industry
Paper industries in
India are having good opportunities on account of use of wood for paper
products and renewable energy (for wood manufacturing and grid supply). Paper
Industries achieve good results on account of higher level of paper recovery,
re-use and recycling, including energy extraction.
Paper industries
are facing increasing competition for wood raw materials from the renewable
energy sector. Paper Industries are facing cut throat competition due to growing
supply of Low-cost and high-quality imports of commodity-grade papers,
especially from China. Paper Industries in India are facing from high variable
costs, including: wood, chemicals, energy and (for conversion) Labour.
Other business:
Gold has been rising for over a dti ade and
supportive factors persist to extend the rally. It is likely to gain support
from
euro zone debt, loose monetary policies in advanced economies, increasing
intervention by central banks in currency markets, inflationary pressure in
emerging nations and failure of central banks' in supporting the crjriotiiy.
Robust demand from China a-id India will also help.
However, in recent
months, gold has shown a positive correlation with most financial assets making
it •vulnerable to a sell-off if the outlook for major economies is weak. Also,
central banks may not loosen monetary policies enough due to fear of
inflationary pressures.
Silver saw mixed movement this year but is set to mark its third yearly
gain. After a run-up to near record levels in 2011, it shed most o\ tie
gains. Weakness in industrial metals and redemption by ETF holders weighed down
silver while a higher gold price lends support. Silver may trade firm in 2012
as gold is expected to hit new highs. However, concerns about global economies
will limit upside
SEGMENT
WISE PERFORMANCE
The Company was engaged in' the business of
Dyes and dyes intermediates. Realty and Infrastructure and other business
during the financial year.
DYES
AND DYES INTERMEDIATES:
The turnover of the
Dyes and dyes intermediates during the year is Rs.113.400 millions as against
Rs. 10.01 acres during the previous year.
REALTY
AND INFRASTRUCTURE:
The Company has an income
of Rs.48.500 millions from the Realty and Infrastructure Segment during the
year as against Rs.36.000 millions
during the previous year
TRADING
AND FINANCE BUSINESS:
The gross revenue from operations of the trading and finance segment during
the year is Rs.1320.700 millions as against Rs.7435.500 millions during the
previous year.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER
ENDED 31ST DECEMBER, 2012
(Rs. In Millions)
|
Particulars |
Unaudited
For Quarter Ended |
Unaudited
For 9 Months ended |
|
|
|
31.12.2012 |
30.09.2012 |
31.12.2012 |
|
|
|
|
|
|
1 Net Sales/Income
from Operations |
502.751 |
516.878 |
1513.224 |
|
2. Other Income |
4.846 |
2.635 |
13.279 |
|
Total Income |
507.597 |
519.513 |
1526.503 |
|
3 Total Expenditure |
|
|
|
|
(a) (Increase) \ decreases in
stock in trade |
1.479 |
6.080 |
0.587 |
|
(b) Consumption or Raw Materials |
(1.199) |
32.397 |
57.470 |
|
(C) Staff Cost |
2.294 |
2.174 |
6.491 |
|
(d) Power, water and fuel |
0.425 |
0.450 |
1.350 |
|
(e) Depreciation |
0.095 |
0.950 |
2.850 |
|
(f) Purchase of Traded Goods |
445.311 |
414.644 |
1273.744 |
|
(a) Other Expenditure |
9.131 |
10.749 |
28.003 |
|
Total Expenditure |
458.391 |
467.444 |
1370.465 |
|
4. Profit / (Loss)
before Interest & Exceptional Items (PBIT) |
49.206 |
52.069 |
156.003 |
|
5. Interest 8.
Finance Charges / (Income) |
2.908 |
3.126 |
9.505 |
|
6 Profit / (Loss) after Interest but before
Exceptional items |
46.298 |
48.943 |
146.503 |
|
7 Exceptional
Items |
- |
|
|
|
B Profit!
(Loss) before tax |
46.296 |
48.943 |
146.503 |
|
a) Loss \ (Profit) on sale of Fixed
Assets |
(4.809) |
- |
(4.809) |
|
b)Prior Years Expenses /(Income) |
- |
- |
- |
|
9 Tax Expense / (Short
Provision written off) |
- |
|
|
|
Deferred Tax Asset/liability) |
- |
- |
- |
|
10. Net Profit \ (Loss) from Ordinary Activities after tax |
51.107 |
48.943 |
151.312 |
|
11. Extraordinary Item |
|
. |
|
|
12. Net Profit \ (Loss) for the period |
51.107 |
48.943 |
151.312 |
|
19. Paid up Equity Share Capital
(Face value Rs 10/-) |
126.130 |
126.130 |
126.130 |
|
14. Reserves excluding revaluation reserve |
|
|
|
|
15. Earnings Per Share (not annualized) |
|
|
|
|
(a) Before exceptional items |
|
|
|
|
Basic (Rs.) |
4.05 |
3.88 |
12.00 |
|
Diluted (Rs.) |
4.05 |
3.88 |
12.00 |
|
lb) After exceptional items |
|
|
|
|
Basic (Rs) |
4.05 |
3.88 |
12.00 |
|
Diluted (Rs) |
4.05 |
3.68 |
12.00 |
|
16. Aggregate of Nan Promoter Shareholding |
|
|
|
|
Number of Shares |
4345145 |
4345145 |
4345145 |
|
Percentage of Share Holding |
34.45 |
34.45 |
34.45 |
|
17 Promoters and promoter group Shareholding |
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
Number of shares |
NIL |
NIL |
NIL |
|
Percentage of share (as a % of the total shareholding of
promoter and promote''
group). |
NIL |
NIL |
NIL |
|
Percentage
of shares (as a % of the
total share capital o the Company) |
NIL |
NIL |
NIL |
|
b) Non Encumbered |
|
|
|
|
Number of shares |
8267897 |
8267897 |
8267897 |
|
Percentage of share (as a % of the total shareholding of
promoter and promoter group). |
100.00 |
100.00 |
100.00 |
|
Percentage of shares (as a% of the
total share capital of the-Company |
65.55 |
65.55 |
65.55 |
|
|
|
|
|
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER
ENDED 31ST DECEMBER, 2012
(Rs. In Millions)
|
Particulars |
Unaudited
For Quarter Ended |
Unaudited
For 9 Months ended |
|
|
31.12.2012 |
30.09.2012 |
31.12.2012 |
|
|
|
|
|
|
|
|
|
|
|
|
1. Segment Revenue |
|
|
|
|
(a) Dyestuffs & Dye Intermediates |
1.339 |
48.619 |
81.329 |
|
(b) Infrastructure and Reality |
17.491 |
17.601 |
51.736 |
|
(c) Trading & Finance |
488.767 |
453.293 |
1393.438 |
|
Total Income |
507.597 |
519.513 |
1526.503 |
|
|
|
|
|
|
2. Segment
Results Profit /( Loss) before tax and interest |
|
|
|
|
(a) Dyestuffs & Dye Intermediates |
(0.839) |
2.046 |
4.055 |
|
(b) Infrastructure and Reality |
17.491 |
17.601 |
51.736 |
|
(c) Trading & Finance |
29.646 |
29.296 |
90.712 |
|
Total |
46.298 |
48.943 |
146.503 |
|
Total Profit(Loss) before
Tax |
46.298 |
48.943 |
146.503 |
|
|
|
|
|
|
3. Capital
Employed (Segment assets - Segment Liabilities) |
|
|
|
|
(a) Dyestuffs & Dye Intermediates |
182.216 |
183.055 |
162.216 |
|
(b) Infrastructure and Reality |
689.632 |
652.341 |
669.832 |
|
(c) Trading & Finance |
1015.350 |
980.895 |
101.535 |
|
(d) Others |
(808.699) |
(808.699) |
(808.699) |
|
Total |
1238.699 |
1187.592 |
1238.699 |
Notes:
1) The above results have been verified by the
Audit committee at its meeting held on 11th February 3013 and taken on record
by the Board of Directors at its meeting held on 11th February 2013
2) The
quarterly results are subject to a “LIMITED REVIEW” by Auditors of the company
and Review Report will be submitted to The concerned
stock exchanges within the stipulated
time.
3) Income
Tax Department through Assistant Commissioner of Income Tax (OSD) - J, Range 4,
and Ahmedabad has filed OJ Appeal No. 27 for review/recall of the order passed
by Hon’ble Gujarat High Court and the same OJ Appeal No.27 of 2012 has been
dismissed by Hon'ble Gujarat High Court on 21st September, 2012.
Assistant Commissioner of Income tax-1, Mumbai has Piled Company Application
No-451 of 2012 in Company Scheme Petition Nor761 of 2012
in the High Court of Judicature at Bombay and the same application is pending
as on date.
4) Particulars
of shareholding are only of METROGLOBAL LIMITED due to pending restructure of
share capital as per Scheme of Arrangement which becomes effective with effect
ham 2nd February 2012 Le. Record date for scheme of arrangement. i
5) The
company has received two complaints during the period and resolved the same and
pending complaint as on 31st December 2013 is Nil.
6) Tax
provision for current year. If any will be made at the time of finalisation of
accounts.
7) Segment
wise Report for Dyestuffs and Dye intermediates
infrastructure and Reality Segment Trading and Finance Segment is enclosed.
8) Previous period figures have been regrouped / rearranged wherever necessary for comparison purposes.
CONTINGENT LIABILITIES:
|
Particulars |
31.03.2012 (Rs. In Millions) |
31.03.2011 (Rs. In Millions) |
|
Income Tax |
14.544 |
14.544 |
|
VAT/SalesTax |
5.309 |
5.309 |
|
Excise Duty (Interest thereon not ascertainable at present) |
19.624 |
19.624 |
|
Others |
0.180 |
0.180 |
1)
During 1993, the Company had imported plant and
machinery under Export Promotion Capital Goods Scheme ('EPCG') at concessional rate
of custom duty against export obligation under the said Scheme. As the Company
could complete only partial Export obligation, it has received a notice of
demand from Directorate General of Foreign Trade ('DGFT'). The Company has paid
the entire differential duty amount for 7 94, 68,900 on 10.05.2011 and has made
necessary submissions before the authorities. In view of this submission and
pending decision of forum, interest liability is not ascertainable.
2)
The company has committed delays in payment of Provident
fund dues from 1997 to 2008. As the BIFR Scheme has abated, the company may be
liable to pay interest on account of delayed payments and / or penalty which is
unascertainable.
3)
The company has committed delays in payment of
Profession Tax dues from time to time. The company may be liable to pay
interest on account of delayed payments and / or penalty which is
unascertainable.
4) The company has
committed various defaults with respect to TDS - non-deduction, short
education, nonpayment, delayed payments and short payments. The company may
face liability on account of interest, penalty etc which is presently not fully
ascertainable.
FIXED
ASSETES:
·
Land
·
Factory
Building
·
Office
Building
·
Plant
and Machinery
·
Electric
Installation
·
Laboratory
Equipments
·
Office
Equipments
·
Furniture
and Fixture
·
Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 57.47 |
|
|
1 |
Rs.90.64 |
|
Euro |
1 |
Rs.77.02 |
INFORMATION DETAILS
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
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 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
45 |
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.