MIRA
INFORM REPORT
|
Report Date : |
07.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
PRIYA LIMITED |
|
|
|
|
Registered
Office : |
4th Floor, Kimatrai Building, 77-79, Maharshi Karve Marg, Marine
Lines (East), Mumbai – 400002, Maharashtra |
|
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|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
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|
|
|
Date of
Incorporation : |
22.08.1986 |
|
|
|
|
Com. Reg. No.: |
11-040713 |
|
|
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|
Capital
Investment / Paid-up Capital : |
Rs. 30.023 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L99999MH1986PLC040713 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
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Line of Business
: |
Trader of Electronic Items. |
|
|
|
|
No. of Employees
: |
150 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (37) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1100000 |
|
|
|
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having a moderate track record. There appears some dip in the turnover and profits during 2012. The
profitability of the company is low. However, trade relations are reported as fair. Business is active.
Payment terms are slow but correct. The company can be considered 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.
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. Manjrekar |
|
Designation : |
Export Department |
|
Contact No.: |
91-22-42203100 |
|
Date : |
04.05.2013 |
LOCATIONS
|
Registered Office : |
4th Floor, Kimatrai Building, 77-79, Maharshi Karve Marg,
Marine Lines (East), Mumbai – 400002, Maharashtra, India |
|
Tel. No.: |
91-22-42203100 |
|
Fax No.: |
91-22-42203197 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Branches: |
Located at ·
New Delhi ·
Bhubaneswar ·
Kochi ·
Secunderabd ·
Bangalore ·
Chennai ·
Kolkata |
DIRECTORS
As on 23.08.2012
|
Name : |
Mr. Arunkumar Bhuwania |
|
Designation : |
Director |
|
Address : |
Dariya Mahal – A, 15th Floor, Nepean Sea Road, Mumbai – 400006,
Maharashtra, India |
|
Date of Birth/Age : |
30.08.1947 |
|
Date of Appointment : |
22.08.1986 |
|
DIN No.: |
00387445 |
|
|
|
|
Name : |
Mr. Radhakrishna Kunjal Saraswat |
|
Designation : |
Director |
|
Address : |
A/6 Asian Assurance Building, Manmala Tank Road, Mumbai – 400016,
Maharashtra, India |
|
Date of Birth/Age : |
17.04.1938 |
|
Date of Appointment : |
30.08.2000 |
|
DIN No.: |
00015095 |
|
|
|
|
Name : |
Mr. Mahendra Kumar Arora |
|
Designation : |
Director |
|
Address : |
Flat No. 2, 8 Golf Links, Pali Hill Khar, Mumbai – 400052,
Maharashtra, India |
|
Date of Birth/Age : |
05.04.1941 |
|
Date of Appointment : |
30.08.2003 |
|
DIN No.: |
00031777 |
|
|
|
|
Name : |
Mr. Aditya Arunkumar Bhuwania |
|
Designation : |
Whole time director |
|
Address : |
8, Dariya Mahal A 80, Nepean Sea Road, Mumbai – 400006, Maharashtra,
India |
|
Date of Birth/Age : |
13.02.1974 |
|
Date of Appointment : |
13.08.2008 |
|
DIN No.: |
00018911 |
|
PAN No.: |
AAJPB8135G |
|
|
|
|
Name : |
Mr. Ashish Bhuwania |
|
Designation : |
Whole time director |
|
Address : |
8 Edmunds Walk, East Finchley, London, N2 OHV, London, United Kindgom |
|
Date of Birth/Age : |
14.10.1971 |
|
Date of Appointment : |
02.02.1994 |
|
DIN No.: |
01176475 |
|
PAN No.: |
AAJPB8136F |
|
|
|
|
Name : |
Mr. Anuj Amarnath Bhargava |
|
Designation : |
Director |
|
Address : |
31 Swadhin Sadan, 5th Floor, C Road, Churchgate, Mumbai –
400020, Maharashtra ,India |
|
Date of Birth/Age : |
24.09.1962 |
|
Date of Appointment : |
27.05.2010 |
|
DIN No.: |
03090652 |
|
|
|
|
Name : |
Mr. Hariharan Vishwanathan Puthucode |
|
Designation : |
Director |
|
Address : |
11/58-59, Savitha, Chedda Nagar Road, No 2, Tilak Nagar, Chembur ,
Mumbai – 400089, Maharashtra, India |
|
Date of Birth/Age : |
13.01.1954 |
|
Date of Appointment : |
01.07.2010 |
|
DIN No.: |
03196975 |
KEY EXECUTIVES
|
Name : |
Mr. Gaurav Umakant Munoli |
|
Designation : |
Secretary |
|
Address : |
Flat No H 203, Lokmanya Panbazar Society Everard Nagar, Chunabhatti
Sion (East), Mumbai – 400022, Maharashtra, India |
|
Date of Birth/Age : |
19.01.1986 |
|
Date of Appointment : |
15.11.2010 |
|
PAN No.: |
BCHPM8999Q |
|
|
|
|
Name : |
Mr. Manjrekar |
|
Designation : |
Export Department |
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 |
|
|
|
|
|
|
|
|
1959360 |
65.26 |
|
|
275800 |
9.19 |
|
|
2235160 |
74.45 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
2235160 |
74.45 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
100 |
0.00 |
|
|
100 |
0.00 |
|
|
|
|
|
|
47142 |
1.57 |
|
|
|
|
|
|
409576 |
13.64 |
|
|
159690 |
5.32 |
|
|
150632 |
5.02 |
|
|
100 |
0.00 |
|
|
25322 |
0.84 |
|
|
210 |
0.01 |
|
|
125000 |
4.16 |
|
|
767040 |
25.55 |
|
Total Public shareholding (B) |
767140 |
25.55 |
|
Total (A)+(B) |
3002300 |
100.00 |
|
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 |
Arun Kumar Bhuwania |
3,66,210 |
12.20 |
0 |
0.00 |
0.00 |
12.20 |
|
2 |
Priya International Limited |
2,75,800 |
9.19 |
0 |
0.00 |
0.00 |
9.19 |
|
3 |
Ashish Bhuwania |
2,10,200 |
7.00 |
0 |
0.00 |
0.00 |
7.00 |
|
4 |
Arun Kumar Bhuwania |
2,00,500 |
6.68 |
200500 |
100.00 |
6.68 |
6.68 |
|
5 |
Saroj Bhuwania |
5,41,750 |
18.04 |
0 |
0.00 |
0.00 |
18.04 |
|
6 |
Aditya Bhuwania |
2,60,300 |
8.67 |
0 |
0.00 |
0.00 |
8.67 |
|
7 |
Shruti Bhuwania |
1,67,600 |
5.58 |
0 |
0.00 |
0.00 |
5.58 |
|
8 |
Arun Kumar Bhuwania HUF |
1,00,000 |
3.33 |
0 |
0.00 |
0.00 |
3.33 |
|
9 |
Mini Bhuwania |
38,300 |
1.28 |
0 |
0.00 |
0.00 |
1.28 |
|
10 |
Govardhandas Bhuwania |
70,000 |
2.33 |
0 |
0.00 |
0.00 |
2.33 |
|
11 |
Arun Kumar Bhuwania |
4,500 |
0.15 |
0 |
0.00 |
0.00 |
0.15 |
|
|
Total |
22,35,160 |
74.45 |
200500 |
8.97 |
6.68 |
74.45 |
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
|
|
1 |
Daymount Limited |
125000 |
4.16 |
|
|
2 |
Sangeetha S |
31070 |
1.03 |
|
|
|
Total |
156070 |
5.20 |
|
Equity Share Break up (Percentage of Total Equity)
As on 23.08.2012
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
5.00 |
|
Bodies corporate |
9.19 |
|
Directors or relatives of Directors |
65.26 |
|
Other top fifty shareholders |
8.36 |
|
Others |
12.19 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trader of Electronic Items. |
|
|
|
|
Exports : |
|
|
Products : |
Finished Goods |
|
Countries : |
·
Middle East ·
Australia ·
Argentina ·
Europe ·
USA ·
South East Asia
|
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
·
China ·
Taiwan |
GENERAL INFORMATION
|
No. of Employees : |
150 (Approximately) |
||||||||||||||||||
|
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|
||||||||||||||||||
|
Bankers : |
·
Indian Bank with 2 other Banks, Fort Branch,
United India Building, Sir P.M Road, Fort, Mumbai – 40001, Maharashtra, India
·
Union Bank of India, Nariman Point, Mumbai,
Maharashtra, India |
||||||||||||||||||
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|
||||||||||||||||||
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Facilities : |
(Rs.
In Millions)
|
||||||||||||||||||
|
|
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|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M. L. Bhuwania and Company Chartered Accountants |
|
Address : |
F-11 Third Floor, Manek Mahal, 90 Veer Nariman Road, Churchgate Mumbai
- 400020, Maharashtra, India |
|
PAN No.: |
AAAFM1380R |
|
|
|
|
Related party: |
·
Priya International Limited, India (CIN: L99999MH1983PLC086840) ·
Gaurav Electrochem Private Limited, India (CIN: U99999MH1969PTC014256) ·
Brent Properties Investment Private Limited,
India (CIN: U45200MH1994PTC076902) ·
Cheshire Properties Investment Private Limited,
India (CIN: U45200MH1994PTC076903) |
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6500000 |
Equity Shares |
Rs.10/- each |
Rs.65.000 Millions |
|
1000000 |
Unclassified Shares |
Rs.10/- each |
Rs.10.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.75.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3002300 |
Equity Shares |
Rs.10/- each |
Rs.30.023 Millions |
|
|
|
|
|
Note No 1.1 The reconcilation of the number of shares outstanding at the beginning and at the end of reporting period 31.03.2012
|
Particulars |
As at March 31,2012 |
|
Number of shares at the beginning |
3002300 |
|
Add: Shares issued during the year |
-- |
|
Less : Shares Bought back (if any) |
-- |
|
Number of shares at
the end |
3002300 |
Note No 1.2
Terms/rights attached to equity shares
(A) The company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
(B) The amount of per share dividend of Re. 1.00 (Previous Year Re. 1.00) has been proposed to be distributied to equity shareholders for the year ended 31.03.2012. The total amount of dividend shall be Rs.3.489 Millions (Including Dividend Distrubition Tax Rs.0.487 Million).
(C) In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
Note No 1.3 The
details of shareholders holding more than 5% shares in the company
|
Name of the
shareholders |
No. of shares held |
% held as at March 31, 2012 |
|
Arun Kumar Bhuwania |
751210 |
25.02 |
|
Binay Kumar Bhuwania |
- |
- |
|
Saroj Bhuwania |
541750 |
18.04 |
|
Priya International Limited |
275800 |
9.19 |
|
Ashish Bhuwania |
210200 |
7.00 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
30.023 |
30.023 |
30.023 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
261.585 |
256.912 |
240.367 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
291.608 |
286.935 |
270.390 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
201.307 |
218.396 |
189.826 |
|
|
2] Unsecured Loans |
27.419 |
40.198 |
45.024 |
|
|
TOTAL BORROWING |
228.726 |
258.594 |
234.850 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
520.334 |
545.529 |
505.240 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
24.214 |
25.889 |
26.202 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
36.049 |
36.049 |
36.175 |
|
|
DEFERREX TAX ASSETS |
3.427 |
3.379 |
2.435 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
25.412
|
70.145 |
43.547 |
|
|
Sundry Debtors |
596.071
|
463.799 |
461.254 |
|
|
Cash & Bank Balances |
28.099
|
46.137 |
58.166 |
|
|
Other Current Assets |
3.068
|
11.738 |
18.642 |
|
|
Loans & Advances |
41.540
|
69.714 |
87.871 |
|
Total
Current Assets |
694.190
|
661.533 |
669.480 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
216.354
|
158.842 |
186.866 |
|
|
Other Current Liabilities |
12.799
|
12.851 |
19.015 |
|
|
Provisions |
8.393
|
9.628 |
23.171 |
|
Total
Current Liabilities |
237.546
|
181.321 |
229.052 |
|
|
Net Current Assets |
456.644
|
480.212 |
440.428 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
520.334 |
545.529 |
505.240 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1924.660 |
2205.970 |
1921.592 |
|
|
|
Other Income |
15.775 |
22.081 |
14.947 |
|
|
|
TOTAL (A) |
1940.435 |
2228.051 |
1936.539 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of Stock - in – Trade |
1760.484 |
2103.977 |
|
|
|
|
Changes in inventories of Stock-in-Trade |
42.171 |
(24.037) |
|
|
|
|
Employee benefit expenses |
21.476 |
21.793 |
|
|
|
|
Other Expenses |
57.412 |
59.982 |
|
|
|
|
TOTAL (B) |
1881.543 |
2161.715 |
1878.443 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
58.892 |
66.336 |
58.096 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
38.881 |
34.075 |
37.045 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
20.011 |
31.261 |
21.051 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
2.428 |
2.559 |
2.307 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
17.583 |
29.702 |
18.744 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
9.420 |
9.656 |
7.566 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
8.163 |
20.046 |
11.178 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
59.797 |
43.252 |
33.824 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend |
3.002 |
3.002 |
1.501 |
|
|
|
Corporate Dividend Tax |
0.487 |
0.499 |
0.249 |
|
|
BALANCE CARRIED
TO THE B/S |
64.470 |
59.797 |
43.252 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
992.727 |
1135.361 |
1095.435 |
|
|
TOTAL EARNINGS |
992.727 |
1135.361 |
1095.435 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Traded Goods |
934.285 |
1098.890 |
1015.420 |
|
|
TOTAL IMPORTS |
934.285 |
1098.890 |
1015.420 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.72 |
6.68 |
3.72 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
422.200 |
597.400 |
547.700 |
|
Total Expenditure |
415.200 |
582.000 |
530.100 |
|
PBIDT (Excl OI) |
7.000 |
15.500 |
17.600 |
|
Other Income |
7.000 |
3.600 |
3.800 |
|
Operating Profit |
13.900 |
19.000 |
21.500 |
|
Interest |
10.300 |
8.500 |
8.600 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
3.600 |
10.500 |
12.900 |
|
Depreciation |
0.500 |
0.500 |
0.500 |
|
Profit Before Tax |
3.100 |
10.000 |
12.400 |
|
Tax |
0.900 |
3.200 |
4.100 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
2.200 |
6.800 |
8.300 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
2.200 |
6.800 |
8.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.42 |
0.90 |
0.58 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.91 |
1.35 |
0.98 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.45 |
4.32 |
2.69 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06 |
0.10 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.78 |
0.90 |
0.87 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.92 |
3.65 |
2.92 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS:
(Rs.
In Millions)
|
Particulars |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
Sundry Creditors |
|
|
|
|
Sundry Creditors For Goods |
211.525 |
152.307 |
|
|
Sundry Creditors For Expenses |
4.829 |
6.535 |
|
|
|
|
|
|
|
Total |
216.354
|
158.842 |
186.866 |
|
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 |
No |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
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 |
No |
Note:
Registered office of the company has been
shifted from 2nd Floor 209-210 Kimatrai Building 77-79, Maharshi Karve
Marg, Marine Lines (East), Mumbai – 400002, Maharashtra, India to the present address w.e.f 01.02.2012
UNSECURED LOAN
(Rs.
In Millions)
|
|
As on 31.03.2012 |
As on 31.03.2011 |
|
Loans and Advance
from Related Parties |
|
|
|
Inter Corporate Deposits |
26.874 |
39.546 |
|
Loans from Directors |
0.545 |
0.652 |
|
|
|
|
|
Total |
27.419 |
40.198 |
OPERATIONS
During the year the aggregate turnover of the Company was Rs. 1924.660 Millions as compared to Rs. 2205.970 Millions in the previous year. The Company has earned profit after tax and exceptional item of Rs. 8.162 Millions in 2011-2012 as compared to Rs. 20.046 Millions in the previous year.
Due to recessionary trends which continued globally, the company's turnover decreased to Rs. 1924.660 Millions in comparison to performance of previous year. The aforesaid decrease in turnover was a result of economic slowdown globally and not restricted to USA and European countries.
The Company is focused to concentrate on the hardware business which has been major revenue earner, which mainly includes marketing of VXL thin clients and other computer peripherals such as Keyboard and Mouse. The financial year 2011-12 was a challenging year, as the company had to shrink its import activities in response to high volatility in foreign currency and devaluation of rupee. The chemical segment of the company has also witnessed fall in revenue, as a consequence of global economy being in throes of recession.
As regards to infrastructure, the Company’s head office and all the branches are adequately equipped to provide complete support to the customers. Internal control systems have been well established and cost consciousness in branch operations will lead to improved profitability in the long run.
The Directors are confident that the company will strive hard to improve the performance in the current year.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
ECONOMY AND INDUSTRY
OVERVIEW
The year 2011-12 was marked by growing global uncertainties. Global recovery has stalled, growth prospects have dimmed and downside risks have escalated. Growth of Indian economy has slowed down and was recorded approximately near 6.9% in 2011-12 and is expected to be around 7% in the next fiscal year. This fiscal, IT Hardware companies were adversely affected due to devaluation of rupee against US dollar, depressed demand and supply chain disruption because of floods in Thailand. Despite several odds, production of computer hardware is estimated to increase by 10 per cent in 2011-12 to touch Rs. 165000.000 Millions re as against Rs. 149700.000 Millions during 2010-11.
INDUSTRY STRUCTURE
AND DEVELOPMENTS
Electronics Division:
The Information, Communication Technology and Electronics (ICTE) have been contributing significantly to the economic growth of the country. Electronics is increasingly finding applications in all sectors of the economy and thus is accepted as a key enabler in development. Government of India recognizes that the development of domestic capabilities in Electronics System Design and Manufacturing (ESDM) is crucial for both economic and strategic reasons. The vision is to create a globally competitive ESDM sector to meet the country's needs and serve the international markets. It is with this vision that the Government has come out with the draft National Policy on Electronics, 2011.
The Electronics and IT-ITeS industry continued to exhibit remarkable resilience during the year 2011-12. The total production of Electronics and IT-ITeS Industry is estimated to grow by 19.2 per cent in 2011-12 as against 14.6 percent in 2010-11. This increase in growth is attributed mainly to the accelerated growth of software and services industry which is export driven and continues to dominate the electronics and IT industry.
Chemical Division:
Chemical Industry is an important constituent of the Indian economy. Its size is estimated at around US$ 35 billion approx., which is equivalent to about 3% of India's GDP. The total investment in Indian Chemical Sector is approx. US$ 60 billion and total employment generated is about 1 million. The Indian Chemical sector accounts for 13-14% of total exports and 8-9% of total imports of the country. In terms of volume, it is 12th largest in the world and 3rd largest in Asia. Currently, per capita consumption of products of chemical industry in India is about 1/10th of the world average.
SEGMENT-WISE OR
PRODUCT-WISE PERFORMANCE
Electronics Division:
The performance of the company was relatively less satisfactory during the year in comparison to last year turnover. The segment result, before adjustment for unallocated expenses (net) and provisions for taxation, marginally decreased to Rs. 78.973 Millions as compared to Rs. 74.886 Millions in the previous year.
Chemical Division:
Inspite of decrease in turnover in comparison to last year’s turnover the company has managed to escalate the margin for the period. With Asia’s growing contribution to the global chemical industry, India emerges as one of the focus destinations for chemical companies worldwide.
FUTURE OUTLOOK
Electronics Division:
As per the Report issued by Department of Information Technology, the demand for electronics hardware in the country is projected to increase upto US$ 400 billion by 2020. The concept of Thin Client computing is in vogue due to several advantages which interalia include significant decrease in IT cost of the Organisation. They have set up a strong technical support team to provide total network solutions which in the long run will enhance competitiveness and enable us to maintain profitability.
Chemical Division:
Dye has an inherent element of value addition to a wide variety of products like textiles, leather, paper, food products, cosmetics, plastics, paints, inks and high-tech applications like optical data storage (CDs, DVDs), solar cells, medical diagnostics (CT Scan, angiography), security inks, lasers, photo dynamics etc. The textile industry accounts for the largest consumption of dyestuffs at nearly 70 percent. From being importers and distributors in the 1950s, it has now emerged as a very strong industry and a major foreign exchange earner. Europe and USA, the two major economies for dyestuff are riding high on debt and fiscal unease. The chemical industry experts have also indicated that 2012 will be a litmus test for growth and sustainability
FIXED ASSETS
Tangibles Assets
· Office Premises
· Laboratory Equipment
· Office Equipment
· Furniture and Fixture
· Computer
· Vehicles
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH
SEPTEMBER 2012
(Rs. In Millions)
|
Sr. No. |
Particulars |
Quarter ended |
Six months ended |
|
|
|
|
30.09.2012 |
30.06.2012 |
30.09.2012 |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
1 |
Income from operations |
|
|
|
|
|
a) Net Sales / Income
from Operations |
597.434 |
421.949 |
1019.383 |
|
|
b) Other Operating Income |
0.004 |
0.201 |
0.205 |
|
|
Total income from operations (Net) |
597.438 |
422.150 |
1019.588 |
|
2 |
Expenses |
|
|
|
|
|
a) Cost of materials
consumed |
0.000 |
0.000 |
0.000 |
|
|
b) Purchase of
stock-in-trade |
555.905 |
387.445 |
943.350 |
|
|
c) Changes in inventories
of stock-in-trade |
0.010 |
8.994 |
9.004 |
|
|
d) Employees benefits
expenses |
4.973 |
5.931 |
10.904 |
|
|
e) Depreciation and
amortisation expense |
0.544 |
0.516 |
1.060 |
|
|
f) Other Expenses |
21.084 |
12.816 |
33.900 |
|
|
Total expenses |
582.517 |
415.702 |
998.219 |
|
3 |
Profit / (Loss) from Operations before Other Income,
finance costs and exceptional Items (1-2) |
14.922 |
6.447 |
21.369 |
|
4 |
Other Income |
3.567 |
6.958 |
10.525 |
|
5 |
Profit / (Loss) from ordinary activities before finance costs
and Exceptional Items (3+4) |
18.489 |
13.405 |
31.894 |
|
6 |
Finance costs |
8.504 |
10.280 |
18.784 |
|
7 |
Profit / (Loss) from ordinary activities after finance
costs but before Exceptional Items (5-6) |
9.985 |
3.125 |
13.110 |
|
8 |
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
9 |
Profit / (Loss) from ordinary activities before tax (7+8) |
9.985 |
3.125 |
13.110 |
|
10 |
Tax Expense |
3.182 |
0.919 |
4.101 |
|
11 |
Net Profit / (Loss) from ordinary activities after tax
(9-10) |
6.803 |
2.206 |
9.009 |
|
12 |
Extraordinary item (net
of tax expense Rs.NIL) |
0.000 |
0.000 |
0.000 |
|
13 |
Net Profit / (Loss) for
the period (11-12) |
6.803 |
2.206 |
9.009 |
|
14 |
Net Profit / (Loss) after
taxes |
|
|
|
|
15 |
Paid-up Equity Share Capital
(Face Value of Rs.10/-
each) |
30.023 |
30.023 |
30.023 |
|
16 |
Reserves excluding
Revaluation Reserves as per Balance Sheet |
|
|
|
|
17 |
i) Earnings Per Share (Before Extraordinary items) |
|
|
|
|
|
a) Basic |
2.27 |
0.73 |
3.00 |
|
|
b) Diluted |
2.27 |
0.73 |
3.00 |
INFORMATION FOR THE
QUARTER ENDED 30-09-2012
|
|
|
30.09.2012 |
30.06.2012 |
30.09.2012 |
|
A |
Particulars of shareholding |
Unaudited |
Unaudited |
Unaudited |
|
|
Public Shareholding |
|
|
|
|
|
·
Number
of Shares |
767140 |
767140 |
767140 |
|
|
·
Percentage
of Shareholding |
25.55 |
25.55 |
25.55 |
|
2 |
Promoters and Promoter Group Shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
·
Number
of shares |
200500 |
200500 |
200500 |
|
|
·
Percentage
of shares (as a % of the total shareholding of promoter and promoter group) |
8.97% |
8.97% |
8.97% |
|
|
·
Percentage
of shares (as a % of the total share capital of the company) |
6.68% |
6.68% |
6.68% |
|
|
b) Non - Encumbered |
|
|
|
|
|
·
Number
of shares |
2034660 |
2034660 |
2034660 |
|
|
·
Percentage
of shares (as a % of the total shareholding of ·
promoter
and promoter group) |
91.03% |
91.03% |
91.03% |
|
|
·
Percentage
of shares (as a % of the total share capital of the company) |
67.77% |
67.77% |
67.77% |
Investor Complaints for Quarter Ended 30/09/2012
|
Pending at the beginning of the quarter |
Received during the quarter |
Disposed of during the quarter |
Remaining unresolved at the end of the quarter |
|
Nil |
Nil |
Nil |
Nil |
SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED, UNDER CLAUSE 41 OF THE LISTING AGREEMENT
(Rs. In Millions)
|
Sr. No. |
Particulars |
Quarter ended |
Six months ended |
|
|
30/09/2012 |
30/06/2012 |
30/09/2012 |
||
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
1 |
Segment Revenue (Net
Sales and Income) |
|
|
|
|
|
a) Electronics |
591.529 |
417.529 |
1009.058 |
|
|
b) Chemicals |
5.904 |
4.420 |
10.324 |
|
|
Net Sales / Income from Operations |
597.434 |
421.949 |
1019.383 |
|
2 |
Segment Result (Profit (+) / Loss (-) Before Tax and
Finance Cost ) |
|
|
|
|
|
a) Electronics |
24.392 |
19.050 |
43.442 |
|
|
b) Chemicals |
0.688 |
0.598 |
1.286 |
|
|
Total |
25.080 |
19.648 |
44.728 |
|
|
Finance Cost |
8.504 |
10.280 |
18.784 |
|
|
Other Unallocable
Expenditure net off Unallocable Income |
6.591 |
6.243 |
12.834 |
|
|
Total Profit (+) / Loss (-) before Tax and extra ordinary
items |
9.985 |
3.125 |
13.110 |
|
3 |
Capital Employed (Segment Assets Less Liabilities) |
|
|
|
|
|
a) Electronics |
223.938 |
204.099 |
223.938 |
|
|
b) Chemicals |
(0.484) |
(0.999) |
(4.84) |
|
|
c) Unallocated Asset and
Liabilities |
77.163 |
90.715 |
771.63 |
|
|
Total |
300.618 |
293.815 |
3006.18 |
STATEMENT OF ASSETS
AND LIABILITIES
(Rs. In Millions)
|
|
Particulars |
As at September 30, 2012 |
|
|
|
Unaudited |
|
|
|
|
|
A |
EQUITY AND LIABILITIES |
|
|
1 |
Shareholder's funds |
|
|
|
Share Capital |
30.023 |
|
|
Reserves and Surplus |
270.595 |
|
|
Sub- total - Shareholders
funds |
300.618 |
|
2 |
Non- Current Liabilities |
|
|
|
Other Long - term
liabilities |
4.640 |
|
|
Long - term provisions |
4.184 |
|
|
Sub- total - Non- Current
Liabilities |
8.824 |
|
3 |
Current liabilities |
|
|
|
Short term borrowings |
246.288 |
|
|
Trade payables |
264.093 |
|
|
Other current liabilities |
14.924 |
|
|
Short - term provisions |
0.753 |
|
|
Sub- total - Current
Liabilities |
526.057 |
|
|
TOTAL- EQUITY AND
LIABILITIES |
835.498 |
|
B |
ASSETS |
|
|
1 |
Non - Current Assets |
|
|
|
Fixed assets |
|
|
|
i) Tangible Assets |
23.530 |
|
|
ii) Intangible Assets |
0.000 |
|
|
iii) Capital work - in -
progress |
0.175 |
|
|
iv) Intangible assets under
development |
0.000 |
|
|
Non - Current Investment |
36.049 |
|
|
Deferred tax assets |
3.303 |
|
|
Long - term loans and
advances |
11.553 |
|
|
Other non - current
assets |
0.000 |
|
|
Sub- total - Non -
Current Assets |
|
|
2 |
Current Assets |
|
|
|
Inventories |
16.409 |
|
|
Trade receivables |
683.606 |
|
|
Cash and cash equivalents |
37.587 |
|
|
Short term - loans and
advnces |
21.373 |
|
|
Other current assets |
1.913 |
|
|
Sub- total - Current
Assets |
760.888 |
|
|
TOTAL- ASSETS |
835.498 |
Notes:-
The
above unaudited results were reviewed by the Audit Committee and approved by
the Board of Directors at their meeting held on 9th November, 2012.
The
promoters have pledged 2,00,500 equity shares of the company with Indian Bank
as collateral Security against the credit facilities availed by the Company.
Previous periods figures have been regrouped / rearranged wherever necessary to make them comparable with those of the current period.
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.53.95 |
|
|
1 |
Rs.84.03 |
|
Euro |
1 |
Rs.70.72 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Report Prepared
by : |
KVT/ VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
37 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NB |
NEW BUSINESS |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.