MIRA INFORM REPORT
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Report Date : |
16.05.2013 |
IDENTIFICATION DETAILS
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Name : |
GILLANDERS ARBUTHNOT AND COMPANY LIMITED |
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Registered
Office : |
C-4, Gillander House, Netaji Subhas Road, Kolkata – 700001, |
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Country : |
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Financials (as
on) : |
31.03.2012 |
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Date of Incorporation
: |
01.02.1935 |
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Com. Reg. No.: |
21-008194 |
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Capital
Investment / Paid-up Capital : |
Rs.233.423 Millions |
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CIN No.: [Company Identification
No.] |
L51909WB1935PLC008194 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
CALG00213D CALG03082C |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is engaged in diverse business such as Textile, Engineering,
Tea, Chemical, Trading and Leasing of Property. |
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 8005000 |
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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 a part of ‘KOTHARI GROUP’. It is a well established company
having a satisfactory track record. There appears slight dip in sales
turnover and incurred some losses. However, general financial position seems to be strong. The subject
gets strong support from its group companies. Trade relations are reported to be fair. Business is active. Payments
are reported usually correct and as per commitment. The company can be considered 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 – June 30, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
CRISIL |
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Rating |
A2 = long term rating (CRISIL has suspended its rating ‘A2’ due to
lack of information) |
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Date |
July – 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. Manoj Sodhani |
|
Designation : |
President |
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Contact No.: |
91-9331841311 |
|
Date : |
13.05.2013 |
LOCATIONS
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Registered Office/Head Office : |
C-4, Gillander House, Netaji Subhas Road, Kolkata – 700001, West |
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Tel. No.: |
91-33-2302331-35 / 22304182 / 22138930 / 22138931 / 26741231 |
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Mobile No.: |
91-9331841311 (Mr. Manoj Sodhani) |
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Fax No.: |
91-33-22138930-31/ 22309720 / 22304185 / 22314012 / 22424796/22314912 |
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E-Mail : |
gillander@gillandersarbuthnot.com
sodhani.manoj@gillandersarbuthnot.com rsehgal@gillandersabuthnot.com info.micco@gillandersarbuthnot.com sodhani.mahesh@gillandersabuthnot.com skdhand@gillandersarbuthnot.com micco.works@gillandersarbuthnot.com waldjes@gillandersarbuthnot.com Mallick.amitava@gillandersarbuthnot.com |
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Website : |
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Location : |
Owned |
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Factory 1 : |
Tea Divisions Betjan Tea Estate, Post Office : Makum Junction, District : Tinsukia -
786170, |
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Factory 2 : |
Tea Divisions Borkatonee Tea Estate, P.O. Golaghat, District : Golaghat - 785621, |
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Factory 3 : |
Tea Divisions Jutlibari Tea Estate, Post Office : Hoogrijan, District : Dibrugarh -
786601, |
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Factory 4 : |
Tea Divisions Dherai Tea Estate, P.O. Dhekiajuli, District : Sonitpur - 784110, |
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Factory 5 : |
Tea Divisions Gorunga Tea Estate, Post Office : Golaghat, District : Golaghat -
785621, |
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Factory 6 : |
Tea Divisions Gairkhata Tea Estate, Post Office : Gairkhata, District : Jalpaiguri -
735212, West |
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Factory 7 : |
Tea Divisions Arun Tea Estate, Post Office, Dhekiajuli, District : Soitpur 784110, |
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Factory 8 : |
Tea Divisions Taipoo Tea Estate, Post Office : Bagdogra, District : |
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Factory 9 : |
Tea Divisions Dooria Tea Estate, Post Office : Golaghat, District : Golaghat 785621, |
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Factory 10: |
Tea Divisions Banwaripur Tea Factory, (Tea Processing Factory taken on lease), P.O.
Golaghat, District : Golaghat 785621, |
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Factory 11 : |
Tea Divisions Tengpani Tea Estate, P.O. - Makum JN., District: Tinsukia - 786170, |
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Factory 12 : |
Textile
Divisions North India Spinning Mill, Village - Akbarpur, Ahmedgarh – 148021, District
- Sangrur, |
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Factory 13 : |
Textile
Divisions GIS Cotton Mill, 47, |
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Factory 14 : |
Engineering
(MICCO Division) Sodepur, |
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Factory 15 : |
Chemical
(Waldies) Division 70, |
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Branches / Office : |
Located at:
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DIRECTORS
As on 29.05.2012
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Name : |
Mr. Arun Kumar Kothari |
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Designation : |
Chairman |
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Name : |
Mrs. Prabhawati Devi Kothari |
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Designation : |
Director |
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Name : |
Mr. Pradip Kumar Khaitan |
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Designation : |
Director |
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Name : |
Mr. Jayant Narayan Godbole |
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Designation : |
Director |
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Name : |
Mr. Hari Parsad Kanoria |
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Designation : |
Director |
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Name : |
Mr. Harish Chandra Maneklal Parekh |
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Designation : |
Director |
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Name : |
Mr. N. Pachisia |
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Designation : |
Additional Director (w.e.f 16.08.2011) |
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Name : |
Mr. Devi Kishan Sharda |
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Designation : |
Managing Director (w.e.f 01.04.2011) |
KEY EXECUTIVES
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Name : |
Mr. P. K. Jain |
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Designation : |
Joint President and Chief Finance Officer |
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Name : |
Mr. D. Karmakar |
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Designation : |
Company Secretary |
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Audit Committee : |
Mr. H. M. Parekh, Chairman Mr. A. K. Kothari, Member Mr. J. N. Godbole, Member Mr. N. Pachisia, Member |
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Shareholders’ / Investors Grievance Committee : |
Mr. H. M. Parekh, Chairman Mr. A. K. Kothari, Member Smt. P. D. Kothari, Member Mr. P. K. Khaitan, Member Mr. D. K. Sharda, Member |
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Remuneration Committee : |
Mr. H. P. Kanoria, Chairman Mr. A. K. Kothari, Member Mrs. P. D. Kothari, Member Mr. P. K. Khaitan, Member Mr. H. M. Parekh, Member |
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Name : |
Mr. Manoj Sodhani |
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Designation : |
President |
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Name : |
Mr. Alok Kumar Basu |
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Designation : |
Chief Operating Officer, MICCO |
SHAREHOLDING PATTERN
As On 01.01.2013
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
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(A) Shareholding of Promoter and Promoter Group |
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291410 |
1.37 |
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14376321 |
67.36 |
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14667731 |
68.73 |
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Total shareholding of Promoter and Promoter Group (A) |
14667731 |
68.73 |
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(B) Public Shareholding |
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|
300 |
0.00 |
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|
68980 |
0.32 |
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Central
Government / State Government |
7086 |
0.03 |
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|
1187278 |
5.56 |
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|
1263644 |
5.92 |
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|
887150 |
4.16 |
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|
3236672 |
15.17 |
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|
1130588 |
5.30 |
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|
156561 |
0.73 |
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|
147975 |
0.69 |
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Trusts |
4261 |
0.02 |
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Clearing
Members |
4146 |
0.02 |
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|
179 |
0.00 |
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|
5410971 |
25.35 |
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Total Public shareholding (B) |
6674615 |
31.27 |
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Total (A)+(B) |
21342346 |
100.00 |
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(C) Shares held by custodians and against which Depository
and against which Depositary Receipts have been issued |
0 |
0.00 |
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Total (A)+(B)+(C) |
21342346 |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in diverse business such as Textile, Engineering,
Tea, Chemical, Trading and Leasing of Property. |
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Products : |
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PRODUCTION STATUS (AS ON 31.03.2011)
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Tea (Saleable) |
M.T. |
NA |
11850 (a)
|
8848 (b) |
|
Bio Fertiliser |
M.T. |
NA |
4000 |
-- |
|
Cotton and Man-made Fibre Yarn |
Spindles |
155676 |
117144 (c) |
19292 M.T.
(d) |
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Fabricated
Steel, Structural / Winches and other Conveying Equipments, Furnaces, Tanks,
Gasholder, etc. |
M.T. |
19200 |
19200 |
12831 (e) |
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Red Lead Litharge and Lead Sub Oxide |
M.T. |
8128 |
9956 |
3552 ( f)
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White Lead and Lead Acetate |
M.T. |
840 |
3292 |
18 |
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Lead Pipe |
M.T. |
300 |
732 |
-- |
|
Lead Salts |
M.T. |
1285 |
1650 |
350 |
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Zinc Oxide |
M.T. |
3350 |
-- |
-- |
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Zinc Dust |
M.T. |
203 |
-- |
-- |
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Metallic Stearate |
M.T. |
600 |
2025 |
66 |
* As Certified by the Management.
a)
Inclusive of 600 M.T. of a lease hold factory.
b)
Excludes internal consumption, storage / (excess),
samples and transit loss 65.64 M.T.
c)
Including Nil Rotors.
d)
Including 9 M.T. transferred to Stock in Process.
e)
It relates to fabrication job at Sodepur.
f)
Excludes internal consumption 343 M.T.
GENERAL INFORMATION
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No. of Employees : |
Not Divulged |
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Bankers : |
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Facilities : |
Security Clauses LONG TERM BORROWING: a)
The Term Loan from IDBI Bank Limited (IDBI),State Bank of India (SBI) and State
Bank of Patiala (SBP) (under TUFS A/c I,II and III) and Letter of Credit
Facility from SBI for purchase of capital goods are secured/to be secured by
first charge by way of Equitable Mortgage by deposit of title deeds of the
company's immovable properties situated at (a) Akbarpur, Punjab, (b)
Champdani, West Bengal, (c) Gillander House, Kolkata (d) Sodepur, 24 Parganas
(North) West Bengal and (e) Konnagar, West Bengal and also secured/to be
secured by way of 1st charge on entire Fixed Assets, both present and future
of the Company except those pertaining to the Tea Division but subject to
prior charge(s) created/to be created on current assets (except Tea Division)
in favour of Company's bankers for securing working capital facilities
availed from time to time in the ordinary course of business. The mortgage
and charge shall rank pari passu with the mortgage and charges created/ to be
created infavour of IDBI,SBI, and SBP. The term loans and letter of credit
for Capital Goods are also secured by guarantee of a Director. b)
The Term Loan from IndusInd Bank Limited., and HDFC Bank Limited., are
secured by hypothecation of the related Equipment / vehicles purchased and
guaranteed by a director. c)
The Term Loan from Tea Board of India under Special Purpose Tea Fund Scheme
(SPTF) is secured /to be secured by second charge by way of equitable
mortgagae on Immovable properties situated at the Tea estates and also
further secured /to be secured by second charge by way of hypothecation of
Tea crop of the estates. SHORT TERM BORROWING: a)
In respect of Tea Division, the working capital facilities from United Bank
of b)
Working Capital Facilities from Banks (except those availed by Tea Division
of the Company from United Bank of India) are secured/ to be secured by
hypothecation of Company’s (other than Tea Division) entire current assets,
both present and future, ranking pari passu inter-se, and guaranteed by a
Director and are further secured/ to be secured by way of second charge on
the Fixed Assets of the Company (other than Tea Division) ranking pari passu
inter-se. c)
The Working Capital facilities having interest rate varying between 11.50%
p.a. to 14.00% p.a. are repayable on demand. |
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Banking
Relations : |
-- |
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Statutory Auditors : |
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Name : |
Singhi and Company Chartered Accountants |
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Address: |
Kolkata, West |
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Solicitors : |
Khaitan and Company |
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Address: |
Kolkata, West |
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Enterprises over which Key Management Personnel and Relatives of such
Personnel are able to exercise significant influence : |
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CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
42000000 |
Ordinary Shares |
Rs. 10/- each |
Rs. 420.000 Millions |
|
200000 |
Preference Shares |
Rs. 100/- each |
Rs. 20.000 Millions |
|
|
Total |
|
Rs. 440.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
21342346 |
Ordinary Shares |
Rs. 10/-
each |
Rs. 213.423
Millions |
|
200000 |
Preference Shares |
Rs. 100/- each |
Rs. 20.000
Millions |
|
|
Total |
|
Rs. 233.423 Millions |
Reconciliation of Ordinary Shares outstanding
|
Particulars
|
No. of Shares |
|
Shares outstanding at the beginning of the year |
21342346 |
|
Add : Bonus shares issued during the year |
- |
|
Shares outstanding at the end of the year |
21342346 |
Rights, Preferences and Restrictions attached to Shares:
i) Ordinary Shares
(a) The Company has only one class of Ordinary shares having
a par value of Rs 10/- per share and each holder of Ordinary shares is entitled
to one vote per share. The Company declares and pays dividends in Indian
Rupees. The dividend proposed by the Board of Directors (except intrim
dividend) is subject to the approval of the shareholders in the ensuing Annual
General Meeting.
(b) In case of liquidation the Ordinary Shareholders are
eligible to receive remaining assets of the company, after distribution of all
the preferential amounts, in the proportion of their Shareholding.
(ii) Preference Shares
(a) The Compnay has one class of 8 % Redeemable Cumulative
Preference Shares having a par value of Rs.100 per share and each holder of
Preference share has a preferential right over the Ordinary shareholders with espect
to payment of dividend and repayment of Share Caiptal in case of liquidation .
The preference shareholders do not have voting powers except in a meeting of
preference shareholder.
(b) The 8% Reedemable Cumulative Preference Shares are
redeemable at par in 15 (fifteen) years from the date of allotment i.e. 31st
March, 2005 with the option to the Company to redeem the same at any time after
the expiry of 60 (sixty) months from the said date of allotment at the
discretion of the Board of Directors of the Company.
Shares of the Company held by each shareholder holding
more than 5% shares
|
Names of Shareholders |
Total No. of
Shares |
Percentage of
Holding |
|
Ordinary
Shareholders |
|
|
|
Kothari Phytochemicals and
Industries Limited |
5506078 |
25.80 |
|
Kothari Investment and
Industries Private Limited |
2253748 |
10.56 |
|
Vishnuhari Investments and
Properties Limited |
1707291 |
8.00 |
|
M.D. Kothari and Company
Limited |
1521868 |
7.13 |
|
Kothari and Company Private
Limited |
1375749 |
6.45 |
|
Commercial House (Private)
Limited |
1286857 |
6.03 |
|
Life Insurance Corporation
of |
1187278 |
5.56 |
|
|
|
|
|
Preference
Shareholder |
|
|
|
Kothari and Company Private
Limited |
200000 |
100.00 |
|
|
|
|
Details of aggregate number of Fully paid up Ordinary
Shares issued pursuant to a contract / Bonus during the period of five years
immediately preceding 31st March.
|
Particulars
|
No. of Shares |
|
Fully paid up Ordinary Shares of Rs. 10/- each pursuant
to contract(s) without payment being received in cash# |
3005068 |
|
Fully paid up Ordinary Shares of Rs 10/- each by way of
bonus shares |
7114115 |
#
These shares have been issued pursuant to separate schemes
of /Arrangement, as approved by the Hon’ble High Court,
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 |
233.423 |
233.423 |
162.282 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1767.837 |
1874.784 |
1517.476 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2001.260 |
2108.207 |
1679.758 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1540.633 |
1494.441 |
1617.195 |
|
|
2] Unsecured Loans |
499.348 |
651.438 |
493.014 |
|
|
TOTAL BORROWING |
2039.981 |
2145.879 |
2110.209 |
|
|
DEFERRED TAX LIABILITIES |
61.000 |
126.000 |
132.700 |
|
|
|
|
|
|
|
|
TOTAL |
4102.241 |
4380.086 |
3922.667 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2251.709 |
2341.951 |
2286.072 |
|
|
Capital work-in-progress |
40.539 |
20.100 |
7.934 |
|
|
|
|
|
|
|
|
INVESTMENT |
180.021 |
176.580 |
170.778 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
1406.399
|
1785.854 |
1275.731
|
|
|
Sundry Debtors |
772.739
|
894.330 |
836.043
|
|
|
Cash & Bank Balances |
35.476
|
38.044 |
51.243
|
|
|
Other Current Assets |
95.118
|
79.197 |
41.865
|
|
|
Loans & Advances |
1117.496
|
915.369 |
759.322
|
|
Total
Current Assets |
3427.228
|
3712.794 |
2964.204 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
886.532
|
777.747 |
686.920
|
|
|
Other Current Liabilities |
752.425
|
862.029 |
537.982
|
|
|
Provisions |
158.299
|
231.563 |
281.419
|
|
Total
Current Liabilities |
1797.256
|
1871.339 |
1506.321 |
|
|
Net Current Assets |
1629.972
|
1841.455 |
1457.883 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4102.241 |
4380.086 |
3922.667 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
6731.769 |
7495.042 |
6128.817 |
|
|
|
Other Income |
58.187 |
33.338 |
91.511 |
|
|
|
TOTAL (A) |
6789.956 |
7528.380 |
6220.328 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
2913.747 |
3055.591 |
|
|
|
|
Purchase of stock in trade |
750.529 |
853.290 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock
in trade |
(48.255) |
(202.219) |
|
|
|
|
Employee benefit expenses |
893.249 |
823.835 |
|
|
|
|
Other expenses |
1900.386 |
1909.810 |
|
|
|
|
TOTAL (B) |
6409.656 |
6440.307 |
5443.815 |
|
|
|
|
|
|
|
|
Less |
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
380.300 |
1088.073 |
776.513 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
287.118 |
197.536 |
176.438 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
93.182 |
890.537 |
600.075 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
246.197 |
224.487 |
216.468 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G) |
(153.015) |
666.050 |
383.607 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(60.330) |
124.120 |
130.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
(92.685) |
541.930 |
253.607 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
556.764 |
208.315 |
89.530 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
60.000 |
50.000 |
|
|
|
Transfer to Preference Share Redemption
Reserve |
00.000 |
20.000 |
0.000 |
|
|
|
Proposed Dividend |
1.991 |
15.840 |
12.081 |
|
|
|
- Ordinary Shares |
10.671 |
96.041 |
71.141 |
|
|
|
- Preference Shares |
1.600 |
1.600 |
1.600 |
|
|
BALANCE CARRIED
TO THE B/S |
449.817 |
556.764 |
208.315 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
867.024 |
760.830 |
202.559 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
152.809 |
323.929 |
249.514 |
|
|
|
Stores & Spares |
3.149 |
2.295 |
3.050 |
|
|
|
Capital Equipments |
19.468 |
114.881 |
12.915 |
|
|
|
Lead scraps |
5.528 |
0.000 |
0.000 |
|
|
|
Boughtout Goods |
0.000 |
6.015 |
7.983 |
|
|
TOTAL IMPORTS |
180.954 |
447.120 |
273.462 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
(4.43) |
25.31 |
11.51 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 |
30.09.2012 |
31.12.2012 |
|
|
(1st
Quarter) |
(2nd Quarter) |
(3rd Quarter) |
|
Net sales |
1659.200 |
1950.400 |
2138.400 |
|
Total Expenditure |
1468.500 |
1671.600 |
1896.100 |
|
Profit before interest, depreciation and
tax(Excluding other income) |
190.700 |
278.800 |
242.300 |
|
Other income |
9.500 |
13.400 |
4.500 |
|
Operating Profit |
200.200 |
292.200 |
246.800 |
|
Interest |
85.100 |
75.100 |
69.600 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
Profit before depreciation and tax |
115.100 |
217.100 |
177.200 |
|
Depreciation |
60.700 |
62.100 |
62.100 |
|
Profit before tax |
54.400 |
155.000 |
115.100 |
|
Tax |
0.000 |
0.000 |
0.000 |
|
Profit after tax |
54.400 |
155.000 |
115.100 |
|
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 |
54.400 |
155.000 |
115.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
(1.37)
|
7.20 |
4.08 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(2.27)
|
8.84 |
6.25 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.69)
|
11.00 |
7.31 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.08)
|
0.32 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.02
|
1.02 |
1.26 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.91
|
1.98 |
1.97 |
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 |
No |
|
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) |
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 |
UNSUECRED LOAN:
|
Particulars |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions |
|
Fixed Deposits (from Public) |
47.008 |
33.568 |
|
From Banks |
|
|
|
Axis
Bank Limited |
250.000 |
400.000 |
|
HDFC
Bank Limited. |
|
100.00 |
|
From
Bodies Corporate |
|
|
|
Related Parties |
53.500 |
- |
|
Other
Parties |
5.000 |
- |
|
Fixed
Deposits (From Public) |
143.840 |
117.870 |
|
Total |
499.348 |
651.438 |
Notes :
i)
The Unsecured Short Term Loan from
Axis Bank having Base Rate + 0.25% rate of interest is repayable in 2
installments of Rs.0.150 Millions and Rs.0.100 Millions due on August 2012 and
September 2012 respectively and is secured by a guarantee of a Director.
ii)
The Unsecured Short Term Loan from
Bodies Corporate having 13.50% p.a. rate of interest are repayable on demand.
iii)
Fixed deposits (From Public) is
having interest rate varying between 10.00% p.a. to 11.00%. p.a.
FINANCIAL
ANALYSIS AND REVIEW OF OPERATIONS
During
the financial year 2011-12, The Company reported a loss of Rs. 92.685 Millions
against profit of Rs.541.930 Millions during the previous year. The loss was
due to adverse economic conditions and some unforeseen disruption of
operations, which resulted in loss of production and operational income.
MANAGEMENT DISCUSSION AND ANALYSIS
The
industry structure, development, performance, opportunities, threats and
outlook of each activities, internal control systems and industrial relations
have been discussed in paragraphs to follow.
Tea
Division
India
was expected to achieve production of 1 billion kgs of tea in 2011, but due to
early onset of winter in north-east regions, and rains in southern regions during
October to December, industry could produce 988 million kilograms (mkg) of tea
in 2011, an increase of 2.3% compared to last year. Production in
has
created pressure on price of tea but it has been minimized due to surge in
domestic demand. Inspite of adverse impact due to labour and political unrest
in the gardens located in
Engineering
(MICCO) Division
This
Division of the Company is mainly involved in infrastructural work in Steel and
Power Sectors. MICCO is a prestigious name in the Steel Sector and enjoys
preference as partner by national and global players in the sector. Apart from
Gas holders and Reheating Furnaces, where this Division has created a niche, it
has also established itself as a trusted name in Casters, Mills and Coke Oven
Plants. During the year, the global and national economy has not been
encouraging, which resulted in slow projects execution. The performance of The
Division was also adversely affected due to fire in one of the sites. In spite
of tough market scenario, The division has a healthy order book position. The
outlook for Steel Industry is cautious due to the markets continued financial
uncertainty and volatility. The global steel sector is expected to grow,
although at a lower rate. In
Textile
Division
During
the year, Spinning Industry witnessed unprecedented and one of the worst crisis
in the past several decades. As a normal practice, the Industry built up
requisite inventory of good quality cotton during the season as good quality cotton
is not adequately available during the off season. However, the prices of raw
cotton and other fibers, which had peaked during the end of last year, crashed
during the year, resulting in huge losses on account of raw material and
finished goods inventory. The said event also led to fall in demand for yarn
both in domestic and international markets resulting in huge inventory with the
mills, which has put tremendous pressure on yarn prices and margins. As
reported last year, the frequent changes in the policy guidelines and
intervention of the government has created an uncertainty in the market, which
is adversely affecting the outlook and growth prospect of the industry. The
Industry looks forward to the government to draw up a long term policy guidelines
taking into account the benefit of the entire textile value chain. Apart from
the above, the performance of Textile Division was also affected by loss of
production at GIS Cotton Mill unit due to labour unrest for two and half
months. In North India Spinning Mill unit there was total breakdown of captive
power plant along with some machineries, which took about four months to be
replaced/repaired, resulting in non-optimal use of production capacity. The
production during the year was 15,066 MT, which is lower than last year. The
current year also seems to be difficult due to weak global and Indian economy.
The cotton crop at 34.700 Millions bales for the year 2011-12 is estimated to
be higher than last year. However, due to huge exports the carry forward stock
for the next season is expected to be very low. In spite of all odds, The
Directors are hopeful of reasonable performance in the current year.
Chemical
(Waldies) Division
Waldies
Division is engaged in the business of manufacture and marketing of Lead Oxides
and Stabilisers for PVC Industry. During the year, the Industry witnessed
uncertain market environment and slow growth. Inspite of that, this Division
has achieved satisfactory increase in profitability. Continuous efforts are
being made for further improvement in the operations of the Division. The
outlook of the performance for the coming year is reasonable. Waldies Division
continues to enjoys ISO 19001 certification for its Quality Management Systems
and ISO 14001 certification for its Environment Management Systems and OHSAS
18001 for its occupational health and safety management systems.
Trading
Division
During
the year, the turnover of this Division was marginally low compared to previous
year primarily due to fall in sale of cement paints. The Division now owns a
Brand known by the name ‘GILLARCO’ and has plans to market and sell different
products under the said Brand name in the future. It has plans to expand its
operational base by foraying into marketing and selling of Abrasive Sheets in
automotives and decorative Segments.
Property
Division
Increase
in occupancy has yielded higher rental income for property Division for the
year. The Division has a Fire Safety Policy, which is reviewed from time to
time. Latest fire fighting equipments are in place in ‘Gillander House’ and
fire safety norms are strictly adhered to.
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2012
(Rs. In Millions)
|
Particulars |
Quarter Ended |
Nine Month Ended |
|
|
|
31.12.2012 (Unaudited) |
30.09.2012 (Unaudited) |
31.12.2012 (Unaudited) |
|
a) Net Sales / Income from Operations |
2079.791 |
1898.732 |
55886.306 |
|
b) Other Operating Income |
58.573 |
51.712 |
161.692 |
|
Total Operating Income |
2138.364 |
1950.444 |
5747.998 |
|
Expenditure |
|
|
|
|
(a) Changes in inventories of finished goods, work in progress and Stock in Trade |
116.671 |
(141.432) |
(183.476) |
|
(b) Consumption of Raw Materials |
811.689 |
860.750 |
2452.862 |
|
(c) Purchase of traded goods |
183.159 |
145.249 |
486.655 |
|
(d) Employees Cost |
247.528 |
268.006 |
750.426 |
|
(e) Power and Fuel |
154.276 |
188.111 |
488.642 |
|
(f) Jobs on contract |
125.224 |
85.629 |
288.345 |
|
(g) Depreciation |
62.112 |
62.076 |
184.877 |
|
(h) Other Expenditure |
257.539 |
265.334 |
752.730 |
|
Total Expenditure |
1958.198 |
1733.723 |
5221.055 |
|
Profit From Operations before other Income Finance cost & Exceptional Items |
180.166 |
216.721 |
526.943 |
|
Other Income |
4.499 |
13.399 |
27.363 |
|
Profit/Loss before From Ordinary activities before Finance cost and Exceptional items |
184.665 |
230.120 |
554.306 |
|
Finance Cost |
69.596 |
75.141 |
229.869 |
|
Profit/Loss from Ordinary activities after finance cost nut before Exceptional items |
115.069 |
154.979 |
324.437 |
|
Exceptional Items |
- |
- |
- |
|
Profit / (Loss) From
Ordinary activities before Tax |
115.069 |
154.979 |
324.437 |
|
Tax Expenses |
|
|
|
|
- For Current Tax |
- |
- |
- |
|
- For Differed Tax |
- |
- |
- |
|
Net Profit/(Loss) From Ordinary activities after Tax |
115.069 |
154.979 |
324.437 |
|
Extraordinary Items |
- |
- |
- |
|
Net Profit/(Loss) for the period |
115.069 |
154.979 |
324.437 |
|
Paid Up Equity Share Capital ( Face Value of the share Rs.10/- each ) |
213.423 |
213.423 |
213.423 |
|
Reserves (Excluding Revaluation Reserves) |
- |
- |
- |
|
Earnings Per Share
(EPS) |
|
|
|
|
-Basic and Diluted EPS before extraordinary items for the period, for the year to date and for the previous year (not annualized) |
5.37 |
7.22 |
15.14 |
|
-Basic and Diluted EPS after extraordinary items for the period, for the year to date and for the previous year (not annualized) |
5.37 |
7.22 |
15.14 |
|
Particulars of
Shareholding |
|
|
|
|
Public Share Holding |
|
|
|
|
- Number of Shares |
6674615 |
6674615 |
6674615 |
|
- Percentage of shareholding |
31.27 |
31.27 |
31.27 |
|
Promoters and Promoter group share holding |
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
- Number of Shares |
- |
- |
- |
|
- Percentage of share (as a % of the total shareholding of promoter and promoter group) |
- |
- |
- |
|
- Percentage of shares(as a % of the total share capital of the company) |
- |
- |
- |
|
b) Non-encumbered |
|
|
|
|
- Number of Shares |
14667731 |
14667731 |
14667731 |
|
- Percentage of Share (as a % of the total shareholding of promoter and promoter group) |
100 |
100 |
100 |
|
- Percentage of Share (as a % of the total share capital of the company) |
68.73 |
68.73 |
68.73 |
|
B. Investor Complaints |
Quarter ended 31.12.2012 |
|
Pending at the beginning of the quarter
|
Nil |
|
Received during the quarter |
3 |
|
Disposed of during the quarter |
3 |
|
Remaining unresolved at the end of the quarter |
Nil |
REPORTING OF
SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In Millions)
|
Particulars |
Quarter ended |
Nine Months ended |
||
|
|
31.12.2012 (Unaudited) |
30.09.2012 (Unaudited) |
31.12.2012 (Unaudited) |
|
|
1. Segment Revenue (Net sales/income from
operations) |
|
|
|
|
|
a) Tea |
606.603 |
436.180 |
1235.320 |
|
|
b) Trading |
47.319 |
45.529 |
148.761 |
|
|
c) Property |
19.051 |
18.507 |
57.920 |
|
|
d) Textile |
943.823 |
1002.038 |
2839.531 |
|
|
e) Engineering (MICCO) |
397.832 |
330.846 |
1099.612 |
|
|
f) Chemical (Waldies) |
125.630 |
119.238 |
372.536 |
|
|
Total |
2140.258 |
1952.338 |
5753.680 |
|
|
Less: Inter segment revenue |
1.894 |
1.894 |
5.682 |
|
|
Net sales/income from operations |
2138.364 |
1950.444 |
5747.998 |
|
|
2. Segment result [profit (+) / Loss (-)
before tax and interest from each segment |
|
|
|
|
|
a) Tea |
82.174 |
139.521 |
265.060 |
|
|
b) Trading |
1.251 |
(0.074) |
4.878 |
|
|
c) Property |
12.439 |
13.005 |
39.486 |
|
|
d) Textile |
43.215 |
53.715 |
135.219 |
|
|
e) Engineering (MICCO) |
37.826 |
18.243 |
82.290 |
|
|
f) Chemical (Waldies) |
5.198 |
9.447 |
25.770 |
|
|
Total |
182.103 |
233.857 |
552.703 |
|
|
Less: i) Finance Cost |
69.596 |
75.141 |
229.869 |
|
|
ii) Other Unallocable Expenditure net off |
(2.562) |
3.737 |
(1.603) |
|
|
Unallocable income |
|
|
|
|
|
Total profit before tax |
115.069 |
154.979 |
324.437 |
|
|
3. Capital Employed (segment assets-segment liabilities) |
|
|
|
|
|
a) Tea |
980.427 |
1095.063 |
980.427 |
|
|
b) Trading |
60.043 |
59.495 |
60.043 |
|
|
c) Property |
(30.834) |
(28.823) |
(30.834) |
|
|
d) Textile |
2171.462 |
2018.378 |
2171.462 |
|
|
e) Engineering (MICCO) |
1234.395 |
1026.066 |
1234.395 |
|
|
f) Chemical (Waldies) |
95.863 |
78.610 |
95.863 |
|
|
g) Unallocated |
(2185.659) |
(2038.161) |
(2185.659) |
|
|
Total Capital Employed |
2325.697 |
2210.628 |
2325.697 |
|
FIXED ASSETS:
- Estate
- Buildings
- Plant
and Machinery
- Furniture
and Fixtures
- Vehicles
- Office
Equipment
- Electric
Installation
- Tube
well and Water Supply
- Live
Stock
- Computer
software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 54.78 |
|
|
1 |
Rs. 83.38 |
|
Euro |
1 |
Rs. 70.72 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
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 |
|
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 |
|
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.