MIRA
INFORM REPORT
|
Report Date : |
29.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
GRAVITA INDIA LIMITED |
|
|
|
|
Registered
Office : |
‘Saurabh’, Harsulia Mod, P. O. Harsulia, Diggi-Malpura Road, Tehsil
Phagi-303904, Rajasthan |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
04.08.1992 |
|
|
|
|
Com. Reg. No.: |
17-006870 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.136.255 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29308RJ1992PLC006870 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JPRG00562C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACG6753F |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Lead Metal, Specific Lead alloys,
Lead oxides, Lead sheet and Lead Powder. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3080000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. Profitability of the company seems to be decent. General financial
position of the company appears to be sound and healthy. Trade relations are reported to be fair. Business is active. Payment
terms are usually correct. 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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The current downturn
provides an opportunity to push ahead with reforms to accelerate growth, says
the latest India Development Update report released by the World Bank. The
report says that the adverse effects of rupee depreciation are likely to be
offset by the gains in the exports performance due to improved external
competitiveness. Since May this year, the local currency has depreciated
substantially and fell to a record level of Rs 68.85 to a dollar on August, 28.
A stagflation like
situation appears to have arisen as inflation jumped to an eight month high of
6.46 % for the month of September. It is up from 6.10 % in August. Growth
continues to be muted with factory output plunging to 0.6 % in August.
Onion prices have risen nearly 300 % from last September. Vegetables cost
nearly 90 % more than they did last year. Wake up to the economic contribution
of slum dwellers. They contribute more than 7.5 % to the country’s gross
domestic product, according to a recent study conducted in 50 top cities.
136000 estimated
number of jobs created during the second quarter of the current financial year.
50000 estimated number of additional jobs in the field of corporate social
responsibility in the coming years.
The International
Finance Corporation expects to come out with its rupee linked bonds issue
before the end of 2013 as a part of its plan to raise $ 1 billion. The Apple
iPhone 5c (Rs 41900 for 16 GB variant) and 5s (Rs 53500 for 16GB variant) has
been launched in India from 1st November.
The Land Acquisition
Act to provide just and fair compensation to farmers will come into force from
January 1 next year, said Rural Development Minister Jairam Ramesh. The Act
replaces a 119 year old registration. The Securities and Exchange Board of
India has approved the trading of currency futures on the Bombay Stock
Exchange. The exchange plans to launch the currency futures platform with
advanced trading technology by the end of November.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
BBB (Long Term Bank Facilities) Suspended |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
August 02, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
A2 (Short Term Bank Facilities) |
|
Rating Explanation |
Strong degree of safety and high credit
risk. |
|
Date |
August 02, 2013 |
Reason of Suspension: The Company has not
furnished the information.
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 : |
‘Saurabh’, Harsulia Mod, P. O. Harsulia, Diggi-Malpura Road, Tehsil
Phagi-303904, Rajasthan, India |
|
Tel. No.: |
91-141-2621046 |
|
Fax No.: |
91-141-2621491 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
402, Gravita Tower A-27-B, Shanti Path Tilak Nagar, Jaipur-302004, Rajasthan, India |
|
Tel. No.: |
91-141-4057800 |
|
Fax No.: |
91-141-2621491 |
|
|
|
|
Factory 2 : |
Plot No. 322, Mithirohar Industrial Estate, Mithirohar, Taluka Gandhidham, Gujarat, India |
|
|
|
|
Factory 3 : |
Plot No. PA-011-006, Mahindra SEZ, Village Kalwara, Tehsil Sanganer, District Jaipur, Rajasthan, India |
DIRECTORS
As on: 31.03.2013
|
Name : |
Dr. Mahavir Prasad Agarwal |
|
Designation : |
Chairman and Whole Time Director |
|
Date of Birth/Age : |
01.03.1934 |
|
Qualification : |
M.B.B.S |
|
Date of Appointment : |
27.03.2007 |
|
|
|
|
Name : |
Mr. Rajat Agarwal |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Rajeev Surana |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. Dinesh Kumar Govil |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Yogesh Mohan Kharbanda |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Arun Kumar Gupta |
|
Designation : |
Director |
|
Date of Birth/Age : |
30.06.1944 |
|
Qualification : |
Engineering Graduate |
|
Date of Appointment : |
11.08.2009 |
KEY EXECUTIVES
|
Name : |
Mr. Navin Prakash Sharma |
|
Designation : |
President and Chief Executive Officer |
|
|
|
|
Name : |
Mr. Yogesh Malhotra |
|
Designation : |
Vice President (HR and Operations) |
|
|
|
|
Name : |
Mr. Sandeep Choudhary |
|
Designation : |
Vice President (Operations) |
|
|
|
|
Name : |
Mr. Vijendra Singh Tanwar |
|
Designation : |
Whole time Director–Gravita Exim Limited |
|
|
|
|
Name : |
Mr. Gopal Agrawal |
|
Designation : |
Vice President (Engineering) |
|
|
|
|
Name : |
Mr. Madhaw Ram Gupta |
|
Designation : |
Vice President (Production) |
|
|
|
|
Name : |
Mr. Vijay Pareek |
|
Designation : |
Vice President (Sales and Marketing) |
|
|
|
|
Name : |
Mr. Rakesh Jain |
|
Designation : |
Vice President (Projects) |
|
|
|
|
Name : |
Mr. Sanjay Singh Baid |
|
Designation : |
Vice President (Procurement) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2013
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
(1) Indian |
|
|
|
|
50056000 |
73.47 |
|
|
50056000 |
73.47 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
50056000 |
73.47 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
5248015 |
7.70 |
|
|
5248015 |
7.70 |
|
|
|
|
|
|
5612920 |
8.24 |
|
|
|
|
|
|
1845646 |
2.71 |
|
|
5263269 |
7.73 |
|
|
101702 |
0.15 |
|
|
24123 |
0.04 |
|
|
77579 |
0.11 |
|
|
12823537 |
18.82 |
|
Total Public
shareholding (B) |
18071552 |
26.53 |
|
Total (A)+(B) |
68127552 |
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) |
68127552 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Lead Metal, Specific Lead alloys, Lead oxides, Lead sheet and Lead Powder. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
· State Bank of India · IDBI Bank Limited · AXIS Bank Limited ·
Punjab National Bank |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
Notes: 1. Term Loan from
Banks were taken as under: - The Company has various term loans from banks which is secured by way of hypothecation of vehicles which are repayable on equal monthly installments over a period from 3 to 5 years. The loan contains rate of interest from 7.93% to 10.82% p.a. Term Loan from
Others were taken as under: - The Company has term loan from Export Import Bank of India which is secured by way of following assets: - Pledge of Fixed Deposits - Second Charge on entire current assets and fixed assets including immovable property of the Company (pending to be secured) - Pledge of shares of Gravita Ghana Limited and Gravita Senegal SAU (pending to be secured) - Mortgage of Immovable Property owned by Director - Extension of charge on the fixed assets of M/s Gravita Technomech (related party) - Corporate Guarantee of M/s Gravita Technomech (related party) - Personal Guarantee of a Director The loan is repayable in 18 equal quarterly installments. The loan contains rate of interest 6 Months LIBOR plus 600 BPS. * Loans repayable
on demand are secured by way of: - First pari-passu charge on entire Current Assets of the Company (both present and future), - First pari-passu charge on the following Fixed Assets of the Company: - Flat no. 302, 401, 403 in Rajputana Tower, A-27-B, Tilak Nagar, Shanti Path, Jaipur - Land and building at Jai Chand ka Bas, Diggi Malpura Road, Phagi, Jaipur - First pari-passu charge on the following assets: - Land and house, 3/90, HIG, Mansarovar, Jaipur of M/s Gravita Impex Private Limited (related party) - Flat no. 203, 402 in Rajputana Tower, A-27-B, Tilak Nagar, Shanti Path, Jaipur of a director - Personal Gaurantee of a director - Corporate Guarantee of M/s Gravita Impex Private Limited (related party) - First charge over other block of assets of the Company
(excluding Vehicle and Land and Building) both present and future. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
Rajvanshi and Associates Chartered Accountants |
|
Address : |
H-15, Chitranjan Marg, C-Scheme, Jaipur, Rajasthan, India |
|
|
|
|
Subsidiaries : |
Gravita Exim
Limited and its Associate · Navam Lanka Limited (Associate from 06th January, 2013) · Gravita Ghana Limited · Gravita Mozambique LDA · Gravita Senegal S.A.U (Subsidiary up to 26th December, 2012) · Gravita Energy Limited · Gravita Infra Private Limited · Noble Build Estate Private Limited (Subsidiary from 03rd July, 2012) Gravita Global Pte
Limited and its Subsidiary · Gravita Netherlands BV and its subsidiaries · Gravita Senegal S.A.U (Subsidiary from 27th December, 2012) · Gravita Nicaragua S.A. · Gravita Trinidad and Tobago Limited |
|
|
|
|
Associates : |
· Gravita Honduras SA DE CV (Associate up to 25th September, 2012) ·
Navam Lanka Limited (Associate up to 05th
January, 2013) |
|
|
|
|
Limited Liability
Partnership Firms : |
Gravita Technomech LLP (in process of strike off) |
|
|
|
|
Partnership Firms : |
· Gravita Metals (formerly known as KM Udyog) · Gravita Metal Inc (formerly known as Metal Inc) · Gravita Technomech |
|
|
|
|
Enterprises having same
Key Management Personnel and/or their relatives as the reporting enterprise : |
· Gravita Exim Limited · Gravita Ghana Limited · Gravita Mozambique LDA · Gravita Senegal S.A.U (Subsidiary up to 26th December, 2012) · Gravita Energy Limited · Gravita Infra Private Limited · Noble Build Estate Private Limited · Gravita Global Pte Limited · Gravita Netherlands BV · Navam Lanka Limited · Gravita Honduras SA DE CV (Associates up to 25th September, 2012) · Gravita Technomech LLP (in process of strike off) · Gravita Metals (formerly known as M/s KM Udyog) · Gravita Metal Inc (formerly known as M/s Metal Inc) · Gravita Technomech · Gravita Impex Private Limited · Saurabh Farms Limited · Shah Buildcon Private Limited · Jalousies India Private Limited · Surana Professional Services Private Limited · R.Surana and Company · Surana Associates · Gravita Nicaragua S.A · Gravita Trinidad and Tobago Limited |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000000 |
Equity Shares |
Rs.2/- each |
Rs.150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
68127552 |
Equity Shares |
Rs.2/- each |
Rs.136.255 Millions |
|
|
|
|
|
1. During the year, the Company has sub-divided its 1 Equity Share of Rs. 10 each into 5 Equity Shares of Rs. 2 each vide shareholders’ approval through postal ballot on 11th May, 2012. Information relating to Shares/Share Capital in notes below should be read after considering the division of shares as explained herewith.
2. Reconciliation of
the shares outstanding is set out below:
|
|
As At 31st March, 2013 |
|
|
Equity Shares |
No. of Shares |
Rs. In Millions |
|
At the beginning of the year |
68100000 |
136.200 |
|
Issued during the year – ESOP |
27552 |
0.055 |
|
Equity Shares at the end of the year |
68127552 |
136.255 |
3. Terms/Rights
attached to Equity Shares
The Company has only one class of Equity Shares having a face value of Rs. 2 per share (Rs.10 per share). Each equity share holder is entitled to one vote per share. The Company declares and pays dividends in Indian Rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the Ensuing Annual General Meeting.
The Board of Directors of the Company have declared interim dividend @ 10% amounting to ` 0.20 per share on the Paid-up Capital of the Company in the meeting held on 17th August, 2012 and @ 15% amounting to ` 0.30 per share on the paid up Capital of the Company in the meeting held on 28th January, 2013.
The Board of Directors of the Company proposed final dividend @ 15% amounting to Rs. 0.30 per share on the Paid-up Capital of the Company which is to be approved in Ensuing Annual General Meeting. Hence, total payment after the approval of final dividend would be @ 40% amounting to Rs. 0.80 per share on the Paid-up Capital of the Company.
In the event of liquidation of the Company, the holders of Equity Shares will be entitled to receive the Remaining Assets of the Company, after distribution of all preferential amounts.
4. Aggregate number of Bonus Shares issued, Shares issued for Consideration other than cash and Shares bought back during the period of five years immediately preceding the reporting date:-
During the F.Y. 2009-10, the Company has allotted 33,40,000 Equity Shares of Face value of Rs.10 each (one fully paid bonus share against two fully paid Equity Shares) by capitalization of Reserves amounting to Rs. 33.400 Millions.
|
Particulars |
As at 31st March
2013 |
|
Fully paid up by way of bonus shares (one fully paid bonus share against two Fully paid Equity Shares) |
16700000 |
5. Details of
Shareholders holding more than 5% shares in the Company
|
|
As At 31st March, 2013 |
|
|
Particulars |
No. of shares (Rs.2/- each Fully Paid up) |
% holding |
|
Shareholder’s Name |
|
|
|
Rajat Agrawal |
24365475 |
35.76% |
|
M. P. Agarwal |
13673325 |
20.07% |
|
Anchal Agrawal |
8312250 |
12.20% |
|
Shashi Agarwal |
3674700 |
5.39% |
6. Shares reserved
for issue under Options
First Grant dated
23rd September, 2011
400,380 Options of face value of Rs. 2 each (80,076 Options of face value of Rs. 10 each) were granted on 23rd September, 2011 (effective from 01st October, 2011) exercisable over a period of 5 years after vesting on 01st October, 2012 at an exercise price of Rs. 2 per equity share (at par), out of which 162,910 Options of face value of Rs. 2 each (16,258 Options of face value of Rs. 10 each) were lapsed and 209,918 options of face value of Rs. 2 each (63,818 Options of face value of Rs. 10 each) are outstanding at the year end. During the year 27,552 Equity Shares of face value of Rs. 2 each were allotted as fully paid up at an exercise price of Rs. 2 per Equity Share against exercise of equal number of options.
Second Grant dated
05th July, 2012
31,000 Options of face value of Rs. 2 each (Nil options) were granted on 05th July, 2012 exercisable over a period of 5 years after vesting on 05th July, 2013 at an exercise price of Rs. 2 per share (at par), out of which 3,500 Options (Nil options) were lapsed and 27,500 (Nil options) are outstanding at the year end.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
136.255 |
136.200 |
136.200 |
|
(b) Reserves & Surplus |
635.757 |
512.700 |
493.005 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
772.012 |
648.900 |
629.205 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
93.822 |
11.120 |
1.663 |
|
(b) Deferred tax liabilities (Net) |
10.831 |
7.684 |
6.080 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
5.008 |
|
Total Non-current
Liabilities (3) |
104.653 |
18.804 |
12.751 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
409.404 |
424.882 |
260.194 |
|
(b) Trade payables |
220.464 |
68.940 |
64.381 |
|
(c) Other current liabilities |
91.194 |
24.844 |
7.710 |
|
(d) Short-term provisions |
23.911 |
47.528 |
68.518 |
|
Total Current
Liabilities (4) |
744.973 |
566.194 |
400.803 |
|
|
|
|
|
|
TOTAL |
1621.638 |
1233.898 |
1042.759 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
115.960 |
114.079 |
62.594 |
|
(ii) Intangible Assets |
1.540 |
0.635 |
0.005 |
|
(iii) Capital work-in-progress |
67.536 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
160.708 |
156.191 |
99.913 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
189.635 |
16.546 |
0.506 |
|
(e) Other Non-current assets |
64.467 |
126.852 |
0.000 |
|
Total Non-Current
Assets |
599.846 |
414.303 |
163.018 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
246.892 |
241.889 |
264.547 |
|
(b) Inventories |
382.409 |
156.637 |
164.172 |
|
(c) Trade receivables |
225.640 |
285.774 |
314.752 |
|
(d) Cash and cash equivalents |
13.729 |
16.758 |
3.675 |
|
(e) Short-term loans and advances |
151.126 |
114.225 |
109.046 |
|
(f) Other current assets |
1.996 |
4.312 |
23.549 |
|
Total Current
Assets |
1021.792 |
819.595 |
879.741 |
|
|
|
|
|
|
TOTAL |
1621.638 |
1233.898 |
1042.759 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2564.203 |
2028.867 |
1953.819 |
|
|
|
Other Income |
63.977 |
37.314 |
45.973 |
|
|
|
TOTAL (A) |
2628.180 |
2066.181 |
1999.792 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1009.446 |
681.102 |
605.478 |
|
|
|
Purchase of Stock-in-Trade (acquired for trading) |
1410.333 |
1155.087 |
1101.811 |
|
|
|
Change in Inventory of Finished Goods, Work-In-Progress & Stock In Trade |
(137.563) |
(8.982) |
21.918 |
|
|
|
Employee Benefits Expenses |
71.374 |
61.683 |
55.016 |
|
|
|
Other Expenses |
68.184 |
49.848 |
56.130 |
|
|
|
Exceptional Items |
(49.830) |
(3.218) |
0.000 |
|
|
|
Prior Period Items |
0.000 |
(0.126) |
0.000 |
|
|
|
TOTAL (B) |
2371.944 |
1935.394 |
1840.353 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
256.236 |
130.787 |
159.439 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
52.774 |
24.760 |
17.017 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
203.462 |
106.027 |
142.422 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
6.935 |
5.209 |
3.901 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
196.527 |
100.818 |
138.521 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
16.739 |
22.587 |
41.199 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
179.788 |
78.231 |
97.322 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports of Goods (FOB) |
1147.112 |
1094.681 |
751.129 |
|
|
|
Other Income |
31.246 |
3.911 |
0.000 |
|
|
|
Exceptional Items |
25.650 |
2.938 |
0.000 |
|
|
|
Dividend Received |
0.000 |
0.000 |
18.757 |
|
|
|
Foreign Exchange Rate Difference |
0.000 |
0.000 |
12.327 |
|
|
|
Other Expenses recovered |
0.858 |
0.000 |
0.000 |
|
|
TOTAL EARNINGS |
1204.866 |
1101.530 |
782.213 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.64 |
1.15 |
8.54 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
6.84 |
3.79 |
4.87 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.66 |
4.97 |
7.09 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.10 |
9.35 |
14.69 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25 |
0.16 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.65 |
0.67 |
0.42 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.37 |
1.45 |
2.19 |
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 |
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 |
MANAGEMENT DISCUSSION
AND ANALYSIS
INDIAN ECONOMY
India’s economic growth decelerated for the second year in succession in 2012-13 from 6.2 percent in 2011- 12 to 5 percent in 2012-13 (advance estimates), its slowest economic growth in a decade. Economic moderation was due to a decline in the growth of all GDP constituents – agriculture, Industry and Services. Besides, deceleration in credit flows, policy uncertainty, infrastructural bottlenecks, high input costs, slowdown in consumer expenditure and subdued business confidence contributed to the overall slowdown.
To counter a challenging environment, the Central Government has sought to implement several important policies:
· Reducing interest rates to create a stronger investment climate;
· Reviving stressed infrastructure; fasttracking large infrastructure projects;
· Using the buffer stock to moderate food inflation;
· Introducing FDI in multi-brand retail and aviation (already implemented);
· Partial deregulation of the oil and gas sector (diesel pricing) to reduce fuel subsidy and hence cut the current account deficit (CAD).
An economic survey indicates that the Indian economy could grow between 6.1–6.7 percent in 2013-14 while CRISIL estimates that the Indian economy could grow at 6.7 percent in 2013-14 due to a consumption revival catalyzed by acceleration in the agricultural sector, lower interest rates and higher governmental spending.
GLOBAL INDUSTRY
OVERVIEW
Usage
Global demand for refined Lead metal is forecast to rise by 3.4 percent to 10.80 mn tonnes in 2012, to 11.15 mn tonnes in 2013;
In China, Lead-acid battery production and exports have recovered strongly after the wide-ranging environmentally-motivated cutbacks in 2011 and Lead metal usage is expected to grow by 4.7 percent in 2013;
Despite a small reduction in shipments of replacement automotive Lead-acid batteries, it is widely anticipated that demand for Lead in the US will increase by 0.6 percent in 2013 principally driven by growth in the original equipment and industrial battery sectors;
European demand is expected to be adversely affected by declining automotive sales and is expected to remain flat in 2013.
Supply
World Lead mine production has risen to 5.21 mn tonnes in 2012 and is expected to grow by 2.8 percent to 5.36 mn tonnes in 2013;
These increases are almost entirely due to the further expansion of production levels in China with the outputs around the world forecast to be relatively stable as rises in Mexico, Peru and the Russian Federation are largely offset by a reduction in Canada;
Expected rise in refined Lead metal output by 3.8 percent to 11.32 mn tonnes in 2013 has been influenced both by the establishment of new capacities and by the reopening of existing ones placed on maintenance over the recent past.
Domestic battery
overview
The Indian automobile battery industry is pegged at about Rs. 200000.000 Millions (organised sector: Rs.120000.000 Millions) and the market is divided into OEMs and replacements.
The steady growth in automotive batteries aftermarket in India is attributed to burgeoning sales across all vehicle segments. As batteries are nondiscretionary replacement products, the demand for them is expected to continue to rise. High replacement rates are also acting as a catalyst. Lead constitutes almost 70 percent of the cost of inputs of a battery
CONTINGENT
LIABILITIES
(Rs. In Millions)
|
Particular |
31.03.2013 |
31.03.2012 |
|
Outstanding Guarantee submitted to bank in respect of Investment in Partnership firms |
144.821 |
21.784 |
|
Guarantee Given to Government Authorities on behalf of Partnership firms |
98.544 |
28.620 |
|
Letter of Credit for import of raw material |
- |
2.174 |
|
Bank Guarantee to BSE |
- |
2.250 |
STANDALONE FINANCIAL
RESULTS FOR THE QUARTER AND SIX MONTHS ENDED SEPTEMBER 30, 2013
(Rs. In Millions)
|
Sr. No. |
Particular |
Quarter Ended |
Six Months Ended |
|
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
1. |
Income From Operations |
|
|
|
|
|
Net Sales/ Income from Operations (Net of
Excise Duty) |
728.269 |
646.601 |
1384.870 |
|
|
Other Operating Income (including share
of profit from partnership firms) |
9.063 |
20.158 |
29.221 |
|
|
Total Income from Operations (Net) |
737.332 |
666.759 |
1414.091 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost
of materials consumed |
552.641 |
259.973 |
812.614 |
|
|
Purchase
of stock in trade |
82.759 |
281.690 |
364.449 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
0.048 |
26.154 |
26.202 |
|
|
Employee
benefits expenses |
36.273 |
25.324 |
61.597 |
|
|
Depreciation
and amortization expenses |
3.970 |
4.269 |
8.239 |
|
|
Foreign exchange loss (net) |
17.350 |
31.480 |
48.830 |
|
|
Other
expenses |
29.046 |
25.991 |
55.037 |
|
|
Total Expenses |
722.087 |
654.881 |
1376.968 |
|
3. |
Profit From Operations before
Other Income, Interest and Exceptional Items (1-2) |
25.245 |
11.878 |
37.123 |
|
4. |
Other
Income |
6.575 |
10.018 |
16.593 |
|
5. |
Profit before finance costs
and exceptional items (3 + 4) |
31.820 |
21.896 |
53.716 |
|
6. |
Finance
costs |
|
|
|
|
|
(a)Interest
costs |
11.938 |
11.680 |
23.618 |
|
|
(b)Foreign
exchange loss |
5.849 |
12.533 |
18.382 |
|
|
Total
finance costs |
17.787 |
24.213 |
42.000 |
|
7. |
Profit/(loss) before
exceptional items (5 - 6) |
14.033 |
(2.317) |
11.716 |
|
8. |
Exceptional
items (refer note 5) |
- |
. |
- |
|
9. |
Profit/ (loss) before tax (7 +
8) |
14.033 |
(2.317) |
11.716 |
|
10. |
Tax
expenses (including deferred tax and minimum alternate tax credit entitlement) |
2.802 |
(7.922) |
(5.120) |
|
11. |
Net profit after tax (9 - 10) |
11.231 |
5.605 |
16.836 |
|
12. |
Paid
up equity share capital, equity shares of Rs. 2 each |
136.255 |
136.255 |
136.255 |
|
13. |
Reserves
excluding revaluation reserves as per previous balance sheet |
|
|
|
|
14. |
Earnings
per share (not annualised) in Rs. |
|
|
|
|
|
-
Basic |
0.17 |
0.08 |
0.25 |
|
|
-
Diluted |
0.17 |
0.08 |
0.25 |
|
|
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
18,071,552 |
18,071,552 |
18,071,552 |
|
|
-
Percentage of Shareholding |
26.53% |
26.53% |
26.53% |
|
|
|
|
|
|
|
2. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
- |
- |
- |
|
|
-
Percentage of Shares (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 |
50,056,000 |
50,056,000 |
50,056,000 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and
Promoter Group) |
100.00% |
100.00% |
100.00% |
|
|
- Percentage
of Shares (as a % of the Total Share Capital of the Company) |
73.47% |
73.47% |
73.47% |
|
Particulars |
For the quarter ended on 30.09.2013 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
4 |
|
Disposed of during the quarter |
4 |
|
Remaining unresolved at the end of the
quarter |
Nil |
STANDALONE STATEMENT OF ASSETS AND LIABILITIES
(Rs. In Millions)
|
|
As at 30.09.2013 |
|
EQUITY AND
LIABILITIES |
|
|
(1)Shareholders'
Funds |
|
|
(a) Share Capital |
136.255 |
|
(b) Reserves & Surplus |
656.424 |
|
|
792.679 |
|
|
|
|
(2) Non-Current
Liabilities |
|
|
(a) long-term borrowings |
112.878 |
|
(b) Deferred tax liabilities (Net) |
5.711 |
|
|
118.589 |
|
|
|
|
(3) Current
Liabilities |
|
|
(a) Short term borrowings |
512.159 |
|
(b) Trade payables |
169.747 |
|
(c) Other current liabilities |
178.748 |
|
(d) Short-term provisions |
4.969 |
|
|
865.623 |
|
|
|
|
|
1776.891 |
|
ASSETS |
|
|
(1) Non-current
assets |
|
|
(a) Fixed Assets |
|
|
(i) Tangible assets |
303.839 |
|
(ii) Intangible Assets |
2.265 |
|
(iii) Capital work-in-progress |
93.323 |
|
|
399.427 |
|
|
|
|
(b) Non-current Investments |
153.160 |
|
(d) Long-term Loan and Advances |
176.162 |
|
(e) Other Non-current assets |
70.795 |
|
|
799.544 |
|
(2) Current assets |
|
|
(a) Current investments |
70.263 |
|
(b) Inventories |
406.613 |
|
(c) Trade receivables |
258.697 |
|
(d) Cash and cash equivalents |
33.160 |
|
(e) Short-term loans and advances |
204.346 |
|
(f) Other current assets |
4.268 |
|
|
977.347 |
|
|
|
|
|
1776.891 |
NOTES:
1. The above results have been reviewed and recommended by the Audit Committee and approved by the Board of Directors in their meetings held on October 29, 2013.
2. During the current period, the Company has acquired SEZ undertaking of Gravita Technomech (a Partnership firm, in which the Company is having a 51% profit share), on a going concern basis by way of slump sale agreement, w.e.f. April 1, 2013 at a lump sum consideration amounting to Rs.55.591 Millions.
3. As the Company's business activities fall within a single primary business segment viz. "Recycling of Lead and Lead Products", the disclosure requirements of Accounting Standard - 17 "Segment Reporting" notified under the Companies (Accounting Standards) Rules, 2006 are not applicable.
4. Finance costs include exchange differences arising from foreign currency borrowings to the extent that they are regarded as an adjustment to interest costs.
5. Exceptional items represent profit on sale of long-term trade investments in subsidiary companies during the previous year
6. The previous periods'/year's figures have been regrouped/recast wherever necessary to conform with the current periods' presentation.
FIXED ASSETS
Tangible Fixed Assets
· Land
· Buildings
· Plant and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipments
· Computer and Accessories
Intangible Fixed
Assets
· Computer Software
AS PER WEBSITE DETAILS
Press Release
GRAVITA POSTED
OVERWHELMING INCREASE OF 238% IN PAT OF 2ND QUARTER
Gravita has announced its financial results for the quarter ended September 30. 2013. Consolidated net total income for the quarter was Rs. 1201.380 Millions, showing an increase of 25.26% over the total income of previous quarter. The profit after Tax of the company stood at Rs. 34.505 Millions depicting an outstanding increase of 238.48% as compared to previous quarter.
On standalone basis the total turnover and profit after tax stood at Rs. 747.332 Millions and Rs. 11.231 Millions respectively.
The company’s fast growing pace her been well recognized by Inc india’s ranking of top 500 fastest growing SME’s of India for 2013. The company has been positioned at 52nd rank in the said ranking.
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.62.39 |
|
|
1 |
Rs.101.80 |
|
Euro |
1 |
Rs.84.75 |
INFORMATION DETAILS
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
51 |
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.