1. Summary Information
|
Country |
INDIA |
||
|
Company Name |
SCHRADER DUNCAN LIMITED |
Principal Name 1 |
MR. J.P. GOENKA |
|
Status |
MODERATE |
Principal Name 2 |
MR. RAVI SWAMINATHAN |
|
Registration # |
11-139151 (NEW) |
||
|
Street Address |
F-33, RANJANGAON
INDUSTRIAL AREA, MIDC, KAREGOAN, TALUKA-SHIRUR, PUNE – 412 209, MAHARASHTRA |
||
|
Established Date |
29.03.1961 |
SIC Code |
-- |
|
Telephone# |
91-20-39810099 |
Business Style 1 |
MANUFACTURER |
|
Fax # |
91-20-39810067 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
TYRE TUBE VALVES |
|
|
# of employees |
NOT AVAILABLE |
Product Name 2 |
ACCESSORIES |
|
Paid up capital |
Rs.36,960,000/-
|
Product Name 3 |
PNEUMATIC PRODUCTS |
|
Shareholders |
PROMOTER AND PROMOTER GROUP-74.51% PUBLIC SHAREHOLDING-25.49% |
Banking |
STATE BANK OF
INDIA |
|
Public Limited Corp. |
YES |
Business Period |
52 YEARS |
|
IPO |
YES |
International Ins. |
-- |
|
Public |
YES |
Rating |
B (36) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
SUBSIDIARY OF THE COMPANY |
-- |
ASSOCIATED POLYMERS LIMITED |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
396,875,000
|
Current Liabilities |
196,407,000
|
|
Inventories |
108,953,000
|
Long-term Liabilities |
233,699,000 |
|
Fixed Assets |
314,788,000 |
Other Liabilities |
85,068,000
|
|
Deferred Assets |
0,000 |
Total Liabilities |
515,174,000 |
|
Invest& other Assets |
2,182,000 |
Retained Earnings |
270,664,000 |
|
|
|
Net Worth |
307,624,000 |
|
Total Assets |
822,798,000 |
Total Liab. & Equity |
822,798,000 |
|
Total Assets (Previous Year) |
685,928,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
544,198,000 |
Net Profit |
204,632,000 |
|
Sales(Previous yr) |
498,892,000 |
Net Profit(Prev.yr) |
(212,080,000) |
MIRA INFORM REPORT
|
Report Date : |
27.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
SCHRADER DUNCAN LIMITED |
|
|
|
|
Registered
Office : |
F-33, Ranjangaon
Industrial Area, MIDC, Karegoan, Taluka-Shirur, Pune – 412 209, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
29.03.1961 |
|
|
|
|
Com. Reg. No.: |
11-139151 (New) 11-023673 (Old) |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.36.960
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L28991PN1961PLC139151 (New) L28991MH1961PLC023673 (Old) |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNES34773E/ MUMS37170A/ MUMS41761G |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACS0769H |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of tyre tube valves and accessories and pneumatic
products. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (36) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1230000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. The
company has recorded modest scale of business operation. However, trade relations are reported to be fair. Business is active.
Payments are reported to be 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.
ECGC Country Risk Classification List – June 30, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
|
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 |
CRISIL |
|
Rating |
Cash Credit: BB |
|
Rating Explanation |
Having moderate risk of default regarding timely servicing of
financial obligation. |
|
Date |
August, 2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office/ Factory 1: |
F-33, Ranjangaon
Industrial Area, MIDC, Karegoan, Taluka-Shirur, Pune – 412 209, Maharashtra,
India |
|
Tel. No.: |
91-20-39810099/ 39810000 91-2138-660066 |
|
Fax No.: |
91-20-39810067 91-2138-660067 |
|
E-Mail : |
Purchase: purchase@schraderduncan.com Career Opportunities: hrd@schraderduncan.com Automotive Business Unit: abu@schraderindia.com Pneumatics Business Unit: pbu@schraderindia.com |
|
Website : |
|
|
|
|
|
Administrative Office/ Factory 2 : |
502, Ishan Arcade II, Ghokhale Road, Opposite Hanuman Mandir, Thane -
400 602, Maharashtra, India |
|
Tel. No.: |
91-22-41248999 |
|
Fax No.: |
91-22-41248967 |
|
|
|
|
Factory 3 : |
A-473, TTC, MIDC, Mahape, Navi Mumbai – 400 710, Maharashtra, India |
|
|
|
|
Branch Office 1 : |
31, Netaji
Subhash Road, Kolkata – 700 001, West Bengal, India |
|
|
|
|
Branch Office 2 : |
Publicis House,
1-2 Aram Bagh, Community Centre, Punchkuain Road, New Delhi – 110 055, India |
DIRECTORS
As on 31.03.2012
|
Name : |
Mr. J.P. Goenka |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. Ravi Swaminathan |
|
Designation : |
Managing Director |
|
Date of Birth/Age : |
47 Years |
|
Qualification : |
B.E. (Mech), MBA (Louisville, USA) |
|
Experience : |
22 Years |
|
Date of Appointment : |
01.02.2008 |
|
|
|
|
Name : |
Mr. Shantanu Parvati |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. A. Goenka |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. B.B. Tandon |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Nitin Kaul |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. O.P. Dubey |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R.A. Shah |
|
Designation : |
Director (Alternate to Mr. Nitin Kaul) |
KEY EXECUTIVES
|
Name : |
Mr. Parveen Agarwal |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2013
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2753836 |
74.51 |
|
|
2753836 |
74.51 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
2753836 |
74.51 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2255 |
0.06 |
|
|
2255 |
0.06 |
|
|
|
|
|
|
43457 |
1.18 |
|
|
|
|
|
|
767560 |
20.77 |
|
|
108437 |
2.93 |
|
|
20455 |
0.55 |
|
|
14467 |
0.39 |
|
|
5988 |
0.16 |
|
|
939909 |
25.43 |
|
Total Public shareholding (B) |
942164 |
25.49 |
|
Total (A)+(B) |
3696000 |
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) |
3696000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of tyre tube valves and accessories and pneumatic
products. |
||||
|
|
|
||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
State Bank of India |
||||||||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking Relations
: |
-- |
|
|
|
|
Existing Auditors : |
|
|
Name : |
Price Waterhouse and Company Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Proposed Auditors for F.Y. 2012-13 : |
Singhi and Company Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Legal Advisors : |
Crawford Bayley and Company |
|
|
|
|
Investing Companies : |
|
|
|
|
|
Associate Companies/ Affiliates : |
|
|
|
|
|
Subsidiary of the Company: |
|
Note:
@ Tomkins Plc,
London and Cosmopolitan Investments Limited has given corporate Guarantees to
Bank (State Bank of India) against all credit facilities.
CAPITAL STRUCTURE
As on 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3696000 |
Equity Shares |
Rs.10/- each |
Rs.36.960
millions |
|
|
|
|
|
Reconciliation
of number of shares:
|
Equity
shares |
As at 31st
March, 2012 |
|
|
No. of Shares |
Amount (Rs. in
millions) |
|
|
Number of Equity
shares outstanding at the beginning of the year |
3696000 |
36.960 |
|
Add: Additional
Equity shares issued during the year |
-- |
-- |
|
Less: Shares
forfeited/bought back during the year |
-- |
-- |
|
Number of Equity
shares outstanding at the end of the year |
3696000 |
36.960 |
Numbers of shares held by each shareholder holding
more than 5% shares in the company are as follows:
|
Equity
shares |
As at 31st
March, 2012 |
|
|
No. of Shares |
Percentage of
holding |
|
|
Oriental Carbon and Chemicals Limited |
465104 |
12.58% |
|
Cosmopolitan Investment Limited |
440232 |
11.91% |
|
Schrader Bridgeport International Inc. |
1848000 |
50.00% |
Rights, preferences and restrictions attached to
shares:
The Company has
issued one class of equity shares having a face value of Rs.10 per share. Each shareholder has
right to vote in respect of such share, on every resolution placed before the
Company and his voting right on a poll shall be in proportion to his share of
the paid-up equity capital of the Company. In the event of liquidation, the
equity shareholders are entitled to receive the remaining assets of the Company
alter payments to secured and unsecured creditors, in proportion to their
shareholding.
Change in Shareholding:
However,
subsequent to the year end on April 01, 2012, Khrader Bridgeport International
Inc, USA opted to exit the joint venture and sold their entire stake comprising
50% of the share capital to the Indian Promoter (Oriental Carbon and Chemicals
Limited).
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 |
36.960 |
36.960 |
36.960 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
270.664 |
66.032 |
278.111 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
307.624 |
102.992 |
315.071 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
181.699 |
220.556 |
231.432 |
|
|
2] Unsecured Loans |
52.000 |
35.000 |
35.005 |
|
|
TOTAL BORROWING |
233.699 |
255.556 |
266.437 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
3.932 |
|
|
|
|
|
|
|
|
TOTAL |
541.323 |
358.548 |
585.440 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
314.788 |
327.272 |
328.831 |
|
|
Capital work-in-progress |
0.462 |
0.137 |
3.813 |
|
|
|
|
|
|
|
|
INVESTMENT |
1.720 |
1.717 |
1.700 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
108.953
|
162.798 |
154.510 |
|
|
Sundry Debtors |
127.704
|
104.645 |
122.754 |
|
|
Cash & Bank Balances |
10.008
|
21.878 |
36.476 |
|
|
Other Current Assets |
219.929
|
1.251 |
0.000 |
|
|
Loans & Advances |
39.234
|
66.230 |
61.801 |
|
Total
Current Assets |
505.828
|
356.802 |
375.541 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
119.434
|
97.878 |
93.233 |
|
|
Other Current Liabilities |
76.973
|
226.092 |
23.985 |
|
|
Provisions |
85.068
|
3.410 |
7.227 |
|
Total
Current Liabilities |
281.475
|
327.380 |
124.445 |
|
|
Net Current Assets |
224.353
|
29.422 |
251.096 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
541.323 |
358.548 |
585.440 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations (Net) |
544.198 |
498.892 |
556.625 |
|
|
|
Other Income |
5.578 |
6.053 |
14.344 |
|
|
|
TOTAL (A) |
549.776 |
504.945 |
570.969 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of
materials consumed |
379.083 |
308.316 |
|
|
|
|
Purchases of
stock-in-trade |
6.749 |
9.977 |
|
|
|
|
Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
22.883 |
9.545 |
|
|
|
|
Employee
benefits expense |
92.626 |
102.457 |
|
|
|
|
Other expenses |
100.060 |
94.954 |
|
|
|
|
Exceptional
Items (Net) |
(419.032) |
134.750 |
|
|
|
|
TOTAL (B) |
182.369 |
659.999 |
532.778 |
|
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
367.407 |
(155.054) |
38.191 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
40.199 |
35.947 |
13.604 |
|
|
|
|
|
|
|
|
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
327.208 |
(191.001) |
24.587 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
24.266 |
25.010 |
15.904 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX (E-F) (G) |
302.942 |
(216.011) |
8.683 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
98.310 |
(3.931) |
3.174 |
|
|
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX (G-H) (I) |
204.632 |
(212.080) |
5.509 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
(6.304) |
205.776 |
205.142 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Final Dividend |
0.000 |
0.000 |
3.696 |
|
|
|
Tax on Dividend |
0.000 |
0.000 |
0.628 |
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
0.551 |
|
|
BALANCE CARRIED
TO THE B/S |
198.328 |
(6.304) |
205.776 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
6.002 |
10.371 |
12.693 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
27.913 |
34.785 |
48.094 |
|
|
|
Traded Goods |
2.451 |
0.000 |
0.000 |
|
|
|
Stores & Spares |
0.000 |
1.004 |
0.754 |
|
|
TOTAL IMPORTS |
30.364 |
35.789 |
48.848 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
55.37 |
(57.38) |
1.49 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2012 (1st
Quarter) |
30.09.2012 (2nd
Quarter) |
31.12.2012 (3rd
Quarter) |
|
Net Sales |
157.900 |
166.600 |
131.200 |
|
Total Expenditure |
154.500 |
171.500 |
133.200 |
|
PBIDT (Excl OI) |
3.400 |
(4.900) |
(2.000) |
|
Other Income |
2.300 |
4.200 |
0.300 |
|
Operating Profit |
5.700 |
(0.800) |
(1.700) |
|
Interest |
11.500 |
04.700 |
7.100 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
(5.800) |
(5.400) |
(8.800) |
|
Depreciation |
6.100 |
6.100 |
6.200 |
|
Profit Before Tax |
(11.800) |
(11.500) |
(15.000) |
|
Tax |
(14.000) |
(14.000) |
0.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
2.200 |
2.500 |
(15.000) |
|
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 |
2.500 |
(15.000) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
37.22
|
(42.00) |
0.96 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
55.67
|
(43.30) |
1.56 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
36.92
|
(31.58) |
1.23 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.98
|
(2.10) |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.76
|
2.48 |
0.85 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.80
|
1.09 |
3.02 |
LOCAL AGENCY FURTHER INFORMATION
|
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 |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last three years |
Yes |
|
12) Profitability for last three years |
Yes |
|
13) Reasons for variation <> 20% |
-- |
|
14) Estimation for coming financial year |
No |
|
15) Capital in the business |
Yes |
|
16) Details of sister concerns |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if
applicable) |
No |
|
21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
-- |
|
23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
|
25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
|
31)
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32)
PAN of Proprietor/Partner/Director, if available |
No |
|
33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34)
External Agency Rating, if available |
Yes |
Note:
The registered office of the company has been shifted from L.B.S. Marg, Mulund
(West), Mumbai – 400 080 to the present address.
|
Unsecured Loans |
31.03.2012 (Rs.
in Millions) |
31.03.2011 (Rs.
in Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Loans from subsidiary Company |
35.000 |
35.000 |
|
SHORT-TERM
BORROWINGS |
|
|
|
From other parties |
17.000 |
0.000 |
|
Total
|
52.000 |
35.000 |
GENERAL
INFORMATION
Subject is a
manufacturer of tyre tube valves and accessories and pneumatic products. The
Company has two manufacturing units situated in Ranjangaon (near Pune) and
Mahape (Navi Mumbai). The Company is a Public Limited Company and is listed on
the Bombay Stock Exchange (BSE).
PERFORMANCE The company has shown 9% increase in sales revenue, while Operating Loss has increased by Rs.34.000 Millions, from Rs.82.100 Millions in FY 2010-11 to Rs 116.100 Millions in FY 2011-12. This is primarily due to longer than estimated time taken for volume ramp up at the new Ranjangon Plant and various restructuring/ rationalization initiatives undertaken at both business units. With majority of the restructuring initiatives completed and some underway, the company is now on a stronger platform to leverage market opportunities for stable growth and performance in the coming years. OPERATIONS The turnover of Automotive Business Unit has increased by 29% from 180.270 millions in the previous year to 233.000 millions in the current year. This growth has been driven by stabilization of the plant and consistency in quality and delivery of products, thereby resulting into approvals and increase in orders from major OEMs. The turnover of Pneumatics Business Unit has been stable with a marginal decrease of 2% from 318.630 millions in the previous year to 311.170 millions in the year ended March 31, 2012. The Pneumatic Business Unit sustained competitive pressure and slow down in some core sectors in the second half of this financial year to maintain its share of business in its key market segments. This was achieved thru rationalization of standard and customized products, increase in productivity and improvement in delivery lead time. MANAGEMENT DISCUSSION AND ANALYSIS INDUSTRY STRUCTURE
AND DEVELOPMENT
The overall Indian
automotive industry grew by 12% in 2011-12 driven by demand for Two Wheelers
and light trucks. The industry has undergone numerous developments and made
investments that have impacted the market dynamics. The Indian Tyre Industry
continued its growth momentum backed by healthy demand from both the Auto OEMs
and replacement segments and supported by capacity ramp up by major players.
The long term growth fundamentals of the industry remain strong. Improving road
infrastructure is reducing vehicle turnaround time, restrictions on overloading
and investment in infrastructure continue to support demand for commercial
vehicles and factors such as favourable demographics, rising disposable income,
under penetration of vehicles, strong demand from rural market and availability
of financing at competitive rates drive long term demand for passenger vehicles
and two wheelers. Indian and global tyre manufacturers are expanding capacities
in India including moving towards radialisation. This is bound to increase the
demand for tube and tubeless tyre valves.
Pneumatics has wide
ranging applications across industrial segments. The automation industry of
which Pneumatics is a part has rapidly moved in the last decade from purely
mechanical products towards more integrated electro mechanical and electronic
platforms. In the Pneumatics space there is growing trend towards
miniaturization which is being achieved through latest developments in the
field of materials. Industries like power, cement, ferrous and non ferrous,
mining and other heavy engineering and infrastructure sector companies will
continue to drive demand for Pneumatics.
OUTLOOK
Future growth of this
company is linked to the automotive and Industrial segments. Growth prospects
look bright with continuing investments in these sectors, various economic
fillips by the government, large infrastructure spending and positive outlook.
CONTINGENT LIABILITIES (AS ON 31.03.2012):
(a) Claims against the Company with respect
to Income Tax Matters not acknowledged as debts is Rs.6.875 millions. Appeals
filed by the Company with the relevant authorities of Income Tax Department are
pending disposal.
(b) Guarantees given by the Bank on behalf
of the Company are Rs.3.843 millions. These are financial and performance
guarantees given to the customers, expiring on various future dates over the
next 26 months.
(c) Claims against the Company with respect
to Sales Tax Matters not acknowledged as debts is Rs.3.323 millions.
(d) Claims against the Company with respect
to Excise and Service Tax Matters not acknowledged as debts is Rs.2.591
millions. Appeals filed by the Company with Customs, Excise and Service Tax
Appellate Tribunal, West Zone Bench, and Commissioner of Central Excise
(Appeals) Mumbai, is pending disposal.
STATEMENT OF STANDALONE
UNAUDITED RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31ST
DECEMBER, 2012
(Rs. in millions)
|
Particulars |
Quarter Ended |
Nine Months Ended |
||
|
Un-Audited |
Un-Audited |
Un-Audited |
||
|
31st
December, 2012 |
30th
September, 2012 |
31st
December, 2012 |
||
|
|
Income
from Operations |
|
|
|
|
|
(a)
Net Sales |
131.232 |
166.555 |
455.696 |
|
|
(b)
Other Operating Income |
-- |
-- |
-- |
|
|
Total
Income from Operations (Net) |
131.232 |
166.555 |
455.696 |
|
|
Expenditure |
|
|
|
|
|
a)
Cost of Raw Materials Consumed |
89.234 |
130.794 |
317.920 |
|
|
b)
Purchases of Stock-in-trade |
5.006 |
5.008 |
15.048 |
|
|
c)
Changes in Inventories of Finished Goods, Work-in-Progress &
Stock-in-Trade |
(4.921) |
(17.002) |
(20.747) |
|
|
d)
Employee Benefits Expenses |
25.364 |
27.124 |
77.885 |
|
|
e)
Depreciation & Amortization Expenses |
6.190 |
6.080 |
18.332 |
|
|
f) Other Expenditure |
18.544 |
25.544 |
69.081 |
|
|
Total
Expenditure |
139.416 |
177.548 |
477.518 |
|
|
Profit/(Loss)
from Operations before Other Income, Finance Costs, Tax & Exceptional
Items |
(8.184) |
(10.993) |
(21.822) |
|
|
Other
Income / (Expenses) |
0.328 |
4.155 |
6.774 |
|
|
Profit/(Loss)
before Finance Costs & Exceptional Items |
(7.856) |
(6.838) |
(15.048) |
|
|
Finance
Costs |
7.121 |
4.649 |
23.260 |
|
|
Profit/(Loss)
after Finance Costs but before Exceptional Items |
(14.977) |
(11.487) |
(38.308) |
|
|
Exceptional
Items |
-- |
-- |
-- |
|
|
Profit/(Loss)
From Ordinary Activities Before Tax |
(14.977) |
(11.487) |
(38.308) |
|
|
Tax
Expense |
-- |
(14.000) |
(28.000) |
|
|
Net
Profit/(Loss) From Ordinary Activities After Tax |
(14.977) |
2.513 |
(10.308) |
|
|
Extraordinary
Item |
-- |
-- |
-- |
|
|
Net
Profit/(Loss) for the period / Year |
(14.977) |
2.513 |
(10.308) |
|
|
Paid-up
Equity Share Capital at Rs.10/- each |
36.960 |
36.960 |
36.960 |
|
|
Reserves
Excluding Revaluation Reserves |
-- |
-- |
-- |
|
|
Earnings
Per Share (EPS in Rs.) [without annualising] a) EPS |
|
|
|
|
|
a)
Basic and Diluted EPS - Before Extra-Ordinary Items for the period. |
(4.05) |
0.68 |
(2.79) |
|
|
b)
Basic and Diluted EPS – After Extra-Ordinary Items |
(4.05) |
0.68 |
(2.79) |
|
|
A)
Particulars of Shareholding 1)
Public Share Holding |
|
|
|
|
|
i)
Number of Ordinary Equity Shares |
942164 |
942164 |
942164 |
|
|
ii)
Percentage of holding |
25.50% |
25.50% |
25.50% |
|
|
2)
Share Holding of Promoter Group |
|
|
|
|
|
a)
Pledged / Encumbered |
|
|
|
|
|
i)
Number of Shares |
465104 |
465104 |
465104 |
|
|
ii)
Percentage of Shares (as
a % of the total Ordinary Equity shareholding of Promoter & promoter
group) |
16.89% |
16.89% |
16.89% |
|
|
iii)
Percentage of Shares (as
a % of the total Ordinary Equity Capital of Company) |
12.58% |
12.58% |
12.58% |
|
|
b)
Non Encumbered |
|
|
|
|
|
i)
Number of Shares |
2288732 |
2288732 |
2288732 |
|
|
ii)
Percentage of Shares (as
a % of the total Ordinary Equity shareholding of Promoter & promoter
group) |
83.11% |
83.11% |
83.11% |
|
|
iii)
Percentage of Shares (as
a % of the total Ordinary Equity Capital of Company) |
61.92% |
61.92% |
61.92% |
|
|
Investor Complaints |
Quarter
ended December
31, 2012 |
|
|
Pending at the beginning of the Quarter |
Nil |
|
|
Received during the quarter |
2 |
|
|
Disposed off during the Quarter |
2 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
UNAUDITED
SEGMENT-WISE REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER AND NINE
MONTHS ENDED 31ST DECEMBER, 2012
(Rs. in millions)
|
Particulars |
Quarter Ended |
Nine Months Ended |
||
|
Un-Audited |
Un-Audited |
Un-Audited |
||
|
31st
December, 2012 |
30th
September, 2012 |
31st
December, 2012 |
||
|
|
Segment
Revenue (Net of Discount and
excise Duty) |
|
|
|
|
|
a) Automotive tyre tube valves and accessories\ |
66.502 |
82.803 |
240.272 |
|
|
b)
Pneumatic and Hydraulic equipment |
64.730 |
83.752 |
215.424 |
|
|
Total |
131.232 |
166.555 |
455.696 |
|
|
Less
: Inter segment revenue |
-- |
-- |
-- |
|
|
Net
Sales /Income from Operations |
131.232 |
166.555 |
455.696 |
|
|
Segment
Results [Profit/(Loss) before Tax
and Interest from each segment] |
|
|
|
|
|
a) Automotive tyre tube valves and
accessories |
(8.646) |
(12.875) |
(24.906) |
|
|
b) Pneumatic and Hydraulic equipment |
8.406 |
11.935 |
29.509 |
|
|
Total
Segment Results |
(0.240) |
(0.940) |
4.603 |
|
|
Less
:-- |
|
|
|
|
|
i
Interest (net) |
6.446 |
4.649 |
22.585 |
|
|
Ii
Other un-allocable expenditure net off |
8.291 |
5.898 |
20.326 |
|
|
Iii
Un-allocable income. |
-- |
-- |
-- |
|
|
Total
Profit/(Loss) Before Tax |
(14.977) |
(11.487) |
(38.308) |
|
|
Capital
Employed (Segment Assets - Segment
Liabilities) |
|
|
|
|
|
a)
Automotive tyre tube valves and accessories |
250.307 |
260.086 |
250.307 |
|
|
b) Pneumatic and Hydraulic equipment |
44.331 |
48.028 |
44.331 |
|
|
c)
Unallocated |
2.677 |
4.179 |
2.677 |
|
|
Total |
297.315 |
312.293 |
297.315 |
Notes:
1. The above results for the quarter
ended December 31, 2012 have been reviewed by the Audit Committee and
thereafter approved by the Board of Directors at its meeting held on February
06, 2013.
2. The above results for the quarter
ended December 31, 2012 were subjected to a "Limited Review" by the
Statutory Auditors of the Company.
3. The company has re-assesed its tax
provisioning for earlier years and accordingly amount of Rs.28.000 millions has
been reversed in the Nine month period ended December 31, 2012
4. In January 2013, the company has
completed the process of shifting the manufacturing operations of Mahape to
Ranjangoan for rationalisation and consolidation of its operations. Based on
the Memorandum of Settlement between the company and the workers at Mahape
dated 9th January 2013, the incremental settlement liability of Rs.9.297
million will be accounted based on its accrual in fourth quarter
5. Previous period's figures have been
regrouped where necessary.
FIXED ASSETS:
Tangible Assets
·
Freehold Land
·
Leasehold Land
·
Building on Freehold Land
·
Leasehold Building
·
Machinery, Workshops and
Laboratory Equipment
·
Electrical Installations
·
Air-Conditioning
Equipment
·
Furniture and Fixture
·
Office Equipment
·
Vehicle
·
Leasehold Improvement
Intangible Assets
·
Computer Software
WEBSITE DETAILS:
NEWS:
SCHRADER
DUNCAN LTD ANNOUNCES MERGER WITH SUBSIDIARY
14
August 2012
Schrader Duncan Limited announced that the
Board of Directors of the Company at its meeting held on August 14, 2012, inter
alia, has considered the merger of the Company (Schrader Duncan Limited) with
its 100% Subsidiary that is (Associated Polymers Limited). A scheme of Merger
would be put forth, for the Approval of the Board of Directors in next Board Meeting.
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.55.61 |
|
|
1 |
Rs.83.98 |
|
Euro |
1 |
Rs.71.94 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
36 |
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.