MIRA INFORM REPORT
|
Report Date : |
03.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
APAR INDUSTRIES LIMITED (w.e.f
08.10.1999) UNIFLEX CABLES LIMITED AMALGAMATED WITH APAR INDUSTRIES
LIMITED |
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Formerly Known
As : |
GUJARAT APAR POLYMER LIMITED |
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Registered
Office : |
301, Panorama Complex, |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of Incorporation : |
28.09.1989 |
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Com. Reg. No.: |
04-012802 |
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Capital
Investment / Paid-up Capital : |
Rs. 384.700
Millions |
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CIN No.: [Company
Identification No.] |
L91110GJ1989PLC012802 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BRDA01335F /
BRDA01312D / BRDA00836D |
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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 : |
Manufacturer of Conductors, Transformer/Speciality Oils
and Power/ Telecom cables. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (54) |
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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 22000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well established company having a good track record. General financial position seems to be strong. The promoters and
management seems to be experienced. The rating also takes into consideration it long term relationship
with its customers and well established market position. Trade relations are reported to be fair. Business is active. Payments
are reported to be regular and as per commitment. The company can be considered for normal business dealings at usual
trade terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
We are living in a
world where volatility and uncertainty have become the New Normal. We saw
a change of government in countries like Tunisia, Egypt, Libya and Vietnam.
Once powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and
the US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years respectively.
By 2020, emerging Asia will become the world’s largest consuming block,
overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
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Rating |
Long term bank facilities: A+ |
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Rating Explanation |
Adequate degree of safety. It carry low credit risk. |
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Date |
September 2013 |
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Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: A1+ |
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Rating Explanation |
Strong degree of safety. It carry lowest credit risk. |
|
Date |
September 2013 |
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
Management Non – Cooperative (91-265-2322798)
LOCATIONS
|
Registered
Office / Aluminium Conductors |
301, Panorama
Complex, |
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Tel. No.: |
91-265-2331935/ 2339906/ 2322798
/ 2330344/ 2323175 / 2323176 |
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Fax No.: |
91-265-2330309 |
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E-Mail : |
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Website : |
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Corporate
Office / Specialty Oils Sales : |
Apar House, Building
No.5, Corporate Park, Sion-Trombay
Road, Chembur, Mumbai – 400071, Maharashtra, India |
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Tel. No.: |
91-22-25263400/67800400 |
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Fax No.: |
91-22-25246326 |
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E-Mail : |
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Finance Office
: |
141/142, Mittal Court, A Wing, Nariman Point, Mumbai-400021,
Maharashtra, Indi |
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Tel. No.: |
91-22-22820409, 22826881 |
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Specialty Oils
Manufacturing Facility
1 / Apar Chematek Lubricants Limited: |
Rabale – Navi Mumbai 18,TT.C. M.I.D.C. Industrial Area, Near Rabale Telephone.
Exchange, |
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Tel. No.: |
91-22 - 27694756 |
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Fax No.: |
91-22 - 27694757 |
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E-Mail : |
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Specialty Oils Manufacturing Facility 2: |
Silvassa – D. and NH Survey No.148 / 1 – 148 / 3, Silvassa - Rakholi Road, Vilage - Kudacha, Silvassa-396 230 (U.T. of Dadra Nagar Haveli) India. |
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Tel. No.: |
91-260 - 2630193 / 2630194 / 2630282 / 2630961 |
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E-Mail : |
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Aluminium
Conductors Manufacturing Facility : |
Silvassa – D. and NH Survey No.148 / 1 – 148 / 3, Silvassa - Rakholi Road, Vilage - Kudacha, Silvassa-396 230 (U.T. of Dadra Nagar Haveli) India. Tel. No.: 91-260 - 2630193 / 2630194 / 2630282 / 2630961 Email: aparsil@apar.com Nalagarh – HP Khasra No. 467, Hadbast No. 101, Muuza Beer
Plassi, Tehsil. Nalagarh, Tel. No.: 91-1795 - 265389 / 200384 Email: apar_nalagarh@apar.com |
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Cables Division |
12/13,
Jyoti Wire House, Off Veera Desai Road, Andheri (West),Mumbai –
400053, Maharashtra, India |
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Tel. No.: |
91-
22-26740001/2/3 |
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Fax No.: |
91-
22-2674 0600 |
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E-Mail : |
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Cables
Division Manufacturing |
Plot No.158 to
163, GIDC, Umbergaon, District Valsad-396171, Gujarat, India |
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Tel. No.: |
91-260-2562412 /
2563412 |
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Fax No.: |
91-260-2562950 / 2562954 |
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E-Mail : |
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Branch
Office : |
Located At: ·
· Chennai ·
New · Kolkata ·
· Pune ·
·
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DIRECTORS
As on 31.03.2013
|
Name : |
Dr. Narendra D.
Desai |
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Designation : |
Chairman |
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Date of
Birth/Age : |
62 Years |
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Qualification
: |
B.Sc. (Hons), |
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Date of
Appointment : |
28.09.1989 |
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Name : |
Mr. N. K.
Thingalaya |
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Designation : |
Director |
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Date of
Birth/Age : |
04.11.1937 |
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Qualification
: |
Ph. D.
(Economics) |
|
Date of
Appointment : |
27.07.2001 |
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Other Directorships:- |
Canbank
Investment Management Services Limited |
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Name : |
Mr. F. B. Virani |
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Designation : |
Director |
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Date of
Birth/Age : |
26.06.1945 |
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Qualification
: |
B. E. (Chemical
Engineering), M. S. (Chemical Engineering) ( |
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Date of
Appointment : |
27.07.2001 |
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Other Directorships:- |
1. Dyna Cybertech Services Private Limited 2. Uniflex Cables Limited |
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Name : |
Mr. Kushal N.
Desai |
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Designation : |
Managing Director |
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Date of
Birth/Age : |
21.02.1967 |
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Qualification
: |
B.Sc. Hons.,
(Ele. Engg.) |
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Date of
Appointment : |
24.03.1999 |
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Name : |
Mr. C. N. Desai |
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Designation : |
Joint Managing
Director |
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Date of
Birth/Age : |
15.07.1971 |
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Qualification
: |
B.Sc (Hons.)
(Chem. Engg.) |
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Date of
Appointment : |
29.05.1993 |
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Name : |
Mr. H. N. Shah |
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Designation : |
Director |
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Name : |
Mr. Rajesh Sehgal |
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Designation : |
Director |
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Date of
Birth/Age : |
16.02.1971 |
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Qualification
: |
PGDBM, CFA. |
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Other Directorships:- |
HPL Additives Limited |
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Name : |
Mr. Sanjiv Mahehwari |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Sanjaya
Kunder |
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Designation : |
Company Secretary
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Audit Committee: |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2013
|
Category of
Shareholder |
No. of Shares |
% of No. of Shares |
|
|
(A) Shareholding of Promoter and Promoter Group |
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|
20923923 |
54.39 |
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|
110978 |
0.29 |
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|
1635387 |
4.25 |
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|
1635387 |
4.25 |
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|
22670288 |
58.93 |
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Total shareholding of Promoter and Promoter Group (A) |
22670288 |
58.93 |
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(B) Public Shareholding |
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|
2399634 |
6.24 |
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|
409 |
0.00 |
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|
1988931 |
5.17 |
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|
4388974 |
11.41 |
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|
7374236 |
19.17 |
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|
2781780 |
7.23 |
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|
1019443 |
2.65 |
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|
235710 |
0.61 |
|
|
|
66166 |
0.17 |
|
|
|
167134 |
0.43 |
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|
2410 |
0.01 |
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|
11411169 |
29.66 |
|
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Total Public shareholding (B) |
15800143 |
41.07 |
|
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Total (A)+(B) |
38470431 |
100.00 |
|
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
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|
|
0 |
0.00 |
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|
|
0 |
0.00 |
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|
|
0 |
0.00 |
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Total (A)+(B)+(C) |
38470431 |
0.00 |
SHAREHOLDING BELONGING TO THE CATEGORY
"PROMOTER AND PROMOTER GROUP"
|
.No. |
Name of the
Shareholder |
Details of
Shares held |
Total shares
(including underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
|
No.
of Shares held |
As
a % of grand total (A)+(B)+(C) |
|
||
|
1 |
Dr N D Desai |
69,14,222 |
17.97 |
17.97 |
|
2 |
Kushal N Desai |
69,20,778 |
17.99 |
17.99 |
|
3 |
Chaitanya N Desai |
69,09,610 |
17.96 |
17.96 |
|
4 |
Chaitanya N Desai Family Trust - Trustee Dr N D Desai |
95,238 |
0.25 |
0.25 |
|
5 |
Kushal Chaitanya Desai Family Trust - Trustee Dr N D Desai |
72,634 |
0.19 |
0.19 |
|
6 |
Rishabh K Desai |
6,081 |
0.02 |
0.02 |
|
7 |
Gaurangi K Desai |
3,200 |
0.01 |
0.01 |
|
8 |
Noopur K Desai |
2,160 |
0.01 |
0.01 |
|
9 |
Apar Corporation Private Limited |
1,10,654 |
0.29 |
0.29 |
|
10 |
Scope Private Limited |
324 |
0.00 |
0.00 |
|
11 |
All Benefit Trust |
16,35,387 |
4.25 |
4.25 |
|
|
Total |
2,26,70,288 |
58.93 |
58.93 |
SHAREHOLDING BELONGING TO THE CATEGORY
"PUBLIC" AND HOLDING MORE THAN 1% OF THE TOTAL NO. OF SHARES
|
Sl. No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
Total shares (including underlying shares
assuming full conversion of warrants and convertible securities) as a % of
diluted share capital |
|
|
1 |
Templeton
Strategic Emerging Markets Funds III LDC |
3636363 |
9.45 |
9.45 |
|
|
2 |
Shinny Ltd Mauritius |
2635138 |
6.85 |
6.85 |
|
|
3 |
Reliance Capital
Trustee Company Ltd A/c Reliance Diversified Power Sector Fund |
1914238 |
4.98 |
4.98 |
|
|
4 |
Raiffeisen
Kapitalanlage - Gesellschaft Mit Beschrankter Haftung A/c Raiffeisen Eurasien
Aktien |
1000000 |
2.60 |
2.60 |
|
|
5 |
Mackenzie
Cundill Emerging Markets Value Class |
810850 |
2.11 |
2.11 |
|
|
6 |
Aadi Financial
Advisors LLP |
428804 |
1.11 |
1.11 |
|
|
7 |
Ashish Dhawan |
403960 |
1.05 |
1.05 |
|
|
|
Total |
10829353 |
28.15 |
28.15 |
|
SHAREHOLDING BELONGING TO THE CATEGORY
"PUBLIC" AND HOLDING MORE THAN 5% OF THE TOTAL NO. OF SHARES
|
Sl. No. |
Name(s) of the shareholder(s) and the Persons
Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of Total No. of Shares |
Total shares (including underlying shares
assuming full conversion of warrants and convertible securities) as a % of
diluted share capital |
|
|
1 |
Templeton
Strategic Emerging Markets Funds III LDC |
3636363 |
9.45 |
9.45 |
|
|
2 |
Shinny Ltd Mauritius |
2635138 |
6.85 |
6.85 |
|
|
|
Total |
6271501 |
16.30 |
16.30 |
|
DETAILS OF LOCKED-IN SHARES
|
Sl. No. |
Name of the Shareholder |
No. of Shares |
Locked-in Shares as % of |
|
1 |
Dr Narendra
Dharmsinh Desai |
100 |
0.00 |
|
2 |
Public
(Consolidated) |
8,59,750 |
2.23 |
|
3 |
All Benefit
Trust |
16,35,387 |
4.25 |
|
|
Total |
24,95,237 |
6.49 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Conductors, Transformer/Speciality Oils
and Power/ Telecom cables. |
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Products : |
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PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Transformer Oils |
MT |
153495* |
372773 |
136997 |
|
|
KL |
182000 |
- |
|
|
Special Grade Pharmaceutical Oils |
MT |
86025* |
- |
58171 |
|
|
KL |
102000 |
- |
|
|
Other Specialities Oils (including R.P.Oils) |
MT |
133253* |
- |
66431 |
|
|
KL |
158000 |
- |
|
|
ii) AAC, AAAC and ACSR Conductors |
MT |
116000* |
103679 |
93270 |
|
iii) Aluminium rods suitable for further
manufacture of ACSR/AAC/AAAC |
MT |
110000* |
86600 |
78016 |
* Company's application for manufacture has been taken on record and registered by the concerned Government authorities.
Notes:
a) Installed capacities are certified by Management of the Company and not verified by the auditors as this is a technical matter.
b) In cases where installed capacities exceed the licensed capacities, the Company's applications to the Government for regularization of the same have been accepted in part only or are pending with the Government.
GENERAL INFORMATION
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No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
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Banking
Relations : |
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Auditors : |
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Name : |
Sharp and Tannan Chartered Accountant |
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Address : |
Mumbai, Maharashtra, India |
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Subsidiary Companies:: |
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Joint Venture Company: |
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Entities over which significant influence is exercised by key management
personnel/individuals having significant influence: |
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CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
91,998,750 |
Equity Shares |
Rs.10/- each |
Rs. 920.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
38,470,431 |
Equity Shares |
Rs.10/- each |
Rs. 384.700
Millions |
|
|
|
|
|
NOTE:
- Reconciliation of the number of shares
outstanding at the beginning and at the end of the year.
|
|
March 31, 2013 |
|
|
Equity Shares |
No. of shares |
Rs.
million |
|
At the beginning of the year |
35,972,394 |
359.700 |
|
Issued during the period-fresh issue* |
*2,498,037 |
25.000 |
|
Outstanding at
the end of the year |
38,470,431 |
384.700 |
*Issued during the year to shareholders of
erstwhile Uniflex Cables Limited as per the Scheme of Amalgamation
b. Disclosure as required by Accounting Standard (AS) 14 accounting for
Amalgamations:
(i)
Marine Cables and Wires Private Limited (MCWPL) was engaged in the
business of doing job works of manufacturing and sale of insulated Wires and
Electrical Cables including Telecom Cables.
(ii)
MCWPL was declared as Sick Industrial Company by Hon'ble Board for
Industrial and Financial Reconstruction (BIFR) on February 1, 2010 and BIFR
vide its record of proceedings dated 21st May, 2013 sanctioned Rehabilitation
Scheme of MCWPL, envisaging its Amalgamation with the Company (Scheme) w.e.f.
1st April, 2012 (Appointed date/Transfer date).
(iii)
Pending receipt of formal order from Hon'ble BIFR, the scheme has been
given effect in financial statements. Upon receipts of Order and sanctioned
scheme, the same will be filed with the Registrar of Companies and Effective
date of amalgamation will be date of such filing.
(iv)The amalgamation has been accounted for
under the 'pooling of interest method' as prescribed by Accounting Standard
(AS) 14 Accounting for Amalgamations, specified by the Companies (Accounting
Standard) Rules, 2006. Accordingly, the assets, liabilities including
contingent liabilities and reserve of MCWPL as at 1st April, 2012 have been
taken at their book values as stipulated in the said Scheme. The reserves of
the Transferor Company have been transferred to the respective reserves.
(v) The Scheme of amalgamation envisage
cancellation of total paid up share capital of MCWPL held by the Company.
(vi) The amalgamation has resulted in transfer
of assets,liabilities and reserves as on 1st April,2012 in accordance with the
terms of the scheme as under
|
Particulars |
Rs. in Millions |
|
Fixed Assets |
31.200 |
|
Investment |
8.400 |
|
Total |
39.600 |
|
|
|
|
Current Liabilities and Provisions |
72.900 |
|
Non current liabilities |
1.800 |
|
Transfer to Securities Premium Account |
11.400 |
|
Transfer to Capital Reserve |
1.600 |
|
Transfer to Statement of Profit and Loss |
(57.600) |
|
Credit to investment in MCWPL |
9.500 |
|
Total |
39.600 |
(vii)
The net amount of investment in MCWPL Rs.13.800 Millions (cost of
Rs.23.300 Millions less share capital of MCWPL Rs.9.500 Millions) has been
debited to Capital Reserve.
(viii) Deferred tax asset of Rs.16.600
Millions has been created for carried forward losses/depreciation and timing
differences of erstwhile MCWPL by crediting to General Reserve.
(ix)
After giving effect to the scheme net-worth of erstwhile MCWPL has become
positive and as such the company will make an application to Hon’ble BIFR to
take discharge from BIFR.
(x) In
view of Amalgamation, current year figures are not strictly comparable to those
of the previous year.
c. Terms/rights attached to equity shares
i) The
Company has only one class of equity shares having a par value of Rs.10 per
share. Each holder of equity shares is entitled to one vote per share. The
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.
ii)
During the year ended 31st March, 2013, the amount of per share dividend
recognised as distributions to equity shareholders is Rs.5.25 (Rs. 4 for FY 2012).
iii) In
the event of liquidation of the company, the holders of equity shares will be
entitled to receive remaining assets of the Company, after distribution of all
preferential amounts. The distribution will be in proportion to the number of
equity shares held by the shareholders.
d. Details of Shareholders holding more than 5% shares in the company
Equity shares of Rs.10 each fully paid
|
|
March 31, 2013 |
|
|
Equity shares of
Rs. 10/- each fully paid |
No.
of Shares |
% of
Holdings in the class |
|
Dr. N. D. Desai |
6,914,222 |
17.97% |
|
Kushal N. Desai |
6,920,778 |
17.99% |
|
Chaitanya N. Desai |
6,909,610 |
17.96% |
|
Templeton Strategic Emerging Markets Fund III, L.D.C. |
3,636,363 |
9.45% |
|
Shinny Limited, Mauritius |
2,635,138 |
6.85% |
|
Reliance Capital
Trustee Company Limited A/c. Reliance Diversified Power Sector Fund |
-- |
- |
As per of the Company, including its register
of shareholders/members and other declarations received from shareholders regarding
beneficial interest, the above shareholding represents both legal and
beneficial ownerships of shares.
e. Shares reserved for issue under options
The company provides share-based payment to
its employees. During the year ended 31st March, 2013, an Employee Stock Option
Plan (ESOP) was in existence. The relevant details of the scheme and the grant
are as below: Members’ approval was obtained at the Annual General Meeting held
on 9th August, 2007 for introduction of Employee Stock Option Scheme to issue
and grant upto 1,616,802 options but board has granted 175,150 options till
date.
|
|
March 31, 2013 |
|
i. Outstanding at the beginning of the year |
175150 |
|
ii. Granted during the year |
-- |
|
iii. Forfeited during the year |
-- |
|
iv. Exercised during the year |
-- |
|
v. Outstanding at the end of the year |
175150 |
|
vi. Exercisable at the end of the year |
175150 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
384.700 |
359.700 |
323.360 |
|
(b) Reserves & Surplus |
5217.300 |
4324.900 |
3423.930 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
(d) Share Capital Suspense Account |
0.000 |
25.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
5602.000 |
4709.600 |
3747.290 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
329.400 |
346.500 |
147.380 |
|
(b) Deferred tax liabilities (Net) |
109.500 |
134.700 |
93.480 |
|
(c) Other long term
liabilities |
137.900 |
410.500 |
244.060 |
|
(d) long-term
provisions |
25.800 |
24.200 |
18.110 |
|
Total Non-current
Liabilities (3) |
602.600 |
915.900 |
503.030 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
9403.200 |
9323.200 |
5430.33 |
|
(b) Trade
payables |
13277.000 |
8556.300 |
6816.570 |
|
(c) Other
current liabilities |
2933.100 |
4019.700 |
2297.280 |
|
(d) Short-term
provisions |
242.200 |
188.400 |
351.190 |
|
Total Current
Liabilities (4) |
25855.500 |
22087.600 |
14895.370 |
|
|
|
|
|
|
TOTAL |
32060.100 |
27713.100 |
19145.690 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
2396.200 |
1801.500 |
1203.560 |
|
(ii)
Intangible Assets |
26.900 |
15.100 |
13.280 |
|
(iii)
Capital work-in-progress |
451.000 |
212.800 |
21.69 |
|
(iv)
Intangible assets under development |
2.800 |
3.500 |
0.000 |
|
(b) Non-current Investments |
284.900 |
59.800 |
315.54 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
457.200 |
463.300 |
220.820 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
3619.000 |
2556.000 |
1774.890 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
796.200 |
0.000 |
0.000 |
|
(b)
Inventories |
7408.500 |
6662.500 |
4273.350 |
|
(c) Trade
receivables |
7935.600 |
8320.500 |
6297.76 |
|
(d) Cash
and cash equivalents |
10320.900 |
8245.800 |
3832.700 |
|
(e)
Short-term loans and advances |
1314.600 |
1383.600 |
2839.730 |
|
(f) Other
current assets |
665.300 |
544.700 |
127.260 |
|
Total
Current Assets |
28441.100 |
25157.100 |
17370.800 |
|
|
|
|
|
|
TOTAL |
32060.100 |
27713.100 |
19145.690 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
45321.900 |
34532.600 |
27233.410 |
|
|
|
Other Income |
77.000 |
5.400 |
1.270 |
|
|
|
TOTAL (A) |
45398.900 |
34538.000 |
27234.680 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw materials and components consumed |
35546.600 |
28499.100 |
21546.950 |
|
|
|
Purchases of stock-in-trade |
293.300 |
107.400 |
111.590 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(197.000) |
(614.900) |
(10.840) |
|
|
|
Employee benefits expense |
518.100 |
439.400 |
250.270 |
|
|
|
Other expenses |
6207.000 |
4137.600 |
3348.060 |
|
|
|
Exceptional items |
46.200 |
19.600 |
1.970 |
|
|
|
TOTAL (B) |
42414.200 |
32588.200 |
25248.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
294.700 |
1949.800 |
1986.680 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1343.100 |
1141.300 |
254.940 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1641.600 |
808.500 |
1731.74 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
238.600 |
212.800 |
137.090 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1403.000 |
595.700 |
1594.650 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
381.400 |
2.500 |
536.120 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1021.600 |
593.200 |
1058.530 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1041.200 |
1735.400 |
1027.960 |
|
|
|
|
(57.600) |
(1019.500) |
0.000 |
|
|
|
Loss of Amalgamating Subsidiary |
|
|
|
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
General reserve |
183.400 |
89.000 |
110.000 |
|
|
|
Proposed final dividend at Rs. 5.25
(52.50%) per share (previous year Rs. 4.00 (40%) |
202.000 |
153.900 |
125.900 |
|
|
|
Income tax on dividends |
34.3000 |
25.000 |
20.910 |
|
|
|
Interim Dividend |
-- |
0.000 |
80.840 |
|
|
|
Tax on Interim Dividend |
-- |
0.000 |
13.430 |
|
|
|
|
|
|
351.08 |
|
|
BALANCE CARRIED
TO THE B/S |
1585.500 |
1041.200 |
1735.410 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on FOB basis |
12825.400 |
8844.600 |
5451.810 |
|
|
|
Deemed exports |
0.900 |
698.400 |
696.360 |
|
|
|
Dividend from Subsidiaries |
54.500 |
0.000 |
0.000 |
|
|
|
Others (Freight, insurance and interest) |
877.300 |
315.600 |
298.850 |
|
|
TOTAL EARNINGS |
13758.100 |
9858.600 |
6447.020 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw materials and Components |
22406.900 |
17691.500 |
12363.030 |
|
|
|
Stores and spare parts |
3.600 |
2.400 |
2.120 |
|
|
|
Capital Goods |
137.600 |
32.700 |
11.070 |
|
|
TOTAL IMPORTS |
22548.100 |
17726.600 |
12376.220 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
26.56 |
15.55 |
32.74 |
|
QUARTERLY RESULTS
|
Particulars
|
30.06.2013 |
|
Type |
|
|
Net Sales |
9454.000 |
|
Total
Expenditure |
9285.500 |
|
PBIDT (Excl OI) |
168.500 |
|
Other Income |
18.800 |
|
Operating Profit |
187.300 |
|
Interest |
(35.800) |
|
Exceptional
Items |
(1.500) |
|
PBDT |
221.600 |
|
Depreciation |
60.000 |
|
Profit Before
Tax |
161.600 |
|
Tax |
57.700 |
|
Provisions and
contingencies |
0.000 |
|
Profit After Tax |
103.900 |
|
Extraordinary
Items |
0.000 |
|
Prior Period
Expenses |
0.000 |
|
Other
Adjustments |
0.000 |
|
Net Profit |
103.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
22.50
|
1.72 |
3.89 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.10
|
1.73 |
5.86 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.48
|
2.17 |
8.48 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.13 |
0.43 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.74
|
2.05 |
1.49 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.10
|
1.14 |
1.17 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM BORROWINGS DETAILS:
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
||
|
Current
maturities of long-term borrowings |
|
|
|
|
Deposits from directors |
5.000 |
0.600 |
1.00
|
|
Deposit from public |
104.900 |
97.100 |
69.2800
|
|
Interest accrued but not due on borrowings |
117.300 |
114.200 |
53.510
|
|
|
|
|
|
|
Total |
227.200 |
211.900 |
439.100
|
|
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 |
Yes |
|
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 |
LITIGATION DETAILS
HIGH
COURT OF GUJARAT
|
CIVIL APPLICATION No. 211 of 2012 |
|
|
|
In TAX APPEAL/ 445/ 2012 ( PENDING ) |
|
Status : PENDING |
( Converted from
: ST/1225/2012 ) |
CCIN No :
001073201200211 |
|
|
|||||
|
|
||||
|
|
||||
|
S.NO. |
Name of the Petitioner |
Advocate On Record |
|
1 |
COMMISSIONER - CENTRAL EXCISE CUSTOMS AND SERVICE TAX - VAPI |
MR GAURANG H BHATT for: Applicant(s) |
|
S.NO. |
Name of the Respondant |
Advocate On Record |
|
1 |
APAR INDUSTRIES LIMITED |
MR PA JADEJA for :Respondent(s) |
|
|
|||
|
Presented On |
: 20/06/2012 |
Registered On |
: 17/07/2012 |
|
Bench Category |
: DIVISION BENCH |
District |
: VALSAD |
|
Case Originated From |
: THROUGH ADVOCATE |
Listed |
: 3 times |
|
StageName |
: FOR REGULAR ADMISSION |
||
|
Classification |
|
|
Act |
|
Office Details
|
|
S. No. |
Filing Date |
Document Name |
Advocate Name |
Court Fee on
Document |
Document Details |
|
1 |
20/06/2012 |
APPLICATION |
MR GAURANG H BHATT ADVOCATE |
20 |
MR GAURANG H
BHATT:1 |
|
2 |
15/08/2012 |
VAKALATNAMA |
MR PA JADEJA ADVOCATE |
- |
MR PA JADEJA:1 |
Court Proceedings
|
|||||
|
S. No. |
Notified Date |
CourtCode |
Board Sr. No. |
Stage |
Action |
Coram |
|
1 |
03/09/2012 |
3 |
- |
FOR REGULAR ADMISSION |
NEXT DATE |
·
HONOURABLE MR.JUSTICE VIJAY MANOHAR SAHAI ·
HONOURABLE MR.JUSTICE N.V.ANJARIA |
FINANCIAL RESULTS
Standalone results for the year 2012-13 include effect of amalgamation
of Marine Cables and Wires Private Limited (MCWPL) with the Company from 1st April,
2012 being the transfer date as detailed in para 2(a) of this report. However,
the same for the year 2011-12 are without such inclusion and therefore not
comparable.
MANAGEMENT
DISCUSSION AND ANALYSIS / OUTLOOK:
Industry
structure, development, opportunities, threats, outlook and risk and concerns
The Indian Government has revised the capacity addition in power
generation upwards to 88,537 MW as compared to the initial target of 76,000 MW
for the 12th Five Year Plan (2012-17). India’s future GDP growth will depend
greatly on the supply of electricity to the various parts of the country.
The addition in power generation during the previous year has fallen
short by around 20% as compared to the target set by the Government. The Indian
Power sector has been facing difficulties due to the coal sourcing issues and
environmental clearances, resulting in slowdown in fresh investments in
generation.
The Indian economy continued to be under strain during the year. The
domestic demand for electrical equipment remained depressed. The Indian
electrical industry had a reduction of growth of approx 6% as compared to the
previous year.
There is a general expectation that once the issues on the generation
sector are addressed, the power sector will bounce back. Being amongst the
leading companies in the fields of transformer oils, conductors and cables,
their Company will stand to gain further, once the market revives.
Despite the challenges from the external circumstances in the previous
year, the Company increased its revenue from Rs.34532.600 Millions to
Rs.45321.900 Millions (net of excise duty) increased by 31.2% on standalone
basis. The Company’s export stood at Rs.12825.400 Millions during the year
which was 45% more than the exports of the previous year and were to over 90
countries.
Margins from the manufacturing activities during the year were
Rs.3030.900 Millions as against Rs.1969.400 Millions in the previous year on
standalone basis; increased by 53.9%. The segment-wise operations were as under:
Transformer and
Speciality Oil segment
This division contributed 41.9 % of the Company’s revenue. Details of
sales revenues and segmental profit (standalone basis) are:
|
Rs. In Millions |
2012-13 |
2011-12 |
Variation (%) |
|
Turnover |
1,926.31 |
1,816.63 |
(+) 6.0 |
|
Segment Profit |
113.16 |
140.11 |
(-) 19.2 |
|
Export |
646.73 |
510.28 |
(+)26.7 |
The year FY13 was a challenging year for the speciality oil division
especially in the domestic market. Transformer oil sales in the domestic market
were affected most in the distribution transformer segment and sale to the
electricity distribution companies. The main reason for this is the poor
financial health of the state electricity distribution companies. This has
resulted in lower demand for distribution transformers from the lack of funds
and slow recovery of payments from them which in turn has affected the
financial capability of the distribution transformer manufacturers. The Company
has had to resort to a careful approach to this segment, limiting sales in
cases to maintain prudent control on debtors. Demand in the power transfer
segment has also been affected but its impact on the Company was not as much as
in the distribution segment.
The other sub-business segments of white oils, rubber process oils,
industrial and automotive lubricants have all increased volume sales over the
previous year. There was also a very strong improvement in overseas business
(outside India sales), which registered a volume growth of 25%. Hence, the
overall volume growth of the oil segment was up by approximately 7.7% in the
backdrop of difficult market circumstances. This is reflective of the strong
product and brand positioning, the Company enjoys in the marketplace and with
its customers.
Even though there was an increase in sales volume, the profitability has
been affected due to the following three
reasons:
a) There was fluctuation in the prices of base oils through the year,
which resulted in longer period to increase prices in the face of reduced
demand.
b) There was a lot of fluctuation in the exchange rate and as a
consequence of the variability, an increase in hedging costs.
c) The financial liquidity in the market has been generally poor
resulting in increase in debtor days, limiting sales to reduce debtor exposure
and as a result of some of these effects higher cost of debtors and carrying
inventory.
During the year, the Company also increased its equity stake in its
joint venture, Apar ChemateK Lubricants Limited, which markets the world famous
Agip branded lubricants from 50% to 97.5%. In the coming years, the Company
will increase its efforts and resources to grow its sales in the automotive
sector and expects to grow this sub-segment at a faster pace than the other
sub-segments.
The net sales turnover of the Agip brand of automotive lubricants
produced by the Company with a license and technical knowhow of ENI-S.p.A of
Italy, increased to Rs.1813.800 Millions as against Rs.1632.500 Millions in the
previous year.
The profit for this segment came in at Rs.1131.600 Millions as against
Rs.1401.100 Millions in the previous year even though there was an increase in
sales volume.
In the coming year, the Company is cautiously optimistic that the demand
for its products will be better once policy decisions announced for the revival
of the power sector are implemented.
OPERATIONS OF
SUBSIDIARIES:
(i) Petroleum Specialities Pte. Limited, Singapore (PSPL), a
wholly-owned subsidiary (WOS):
During the year, net sales of PSPL was US$ 44.78 million as against US$
61.49 million in the previous year and profit after tax stood at US$ 1.64
million as against US$ 2.29 million in the previous year. During the year, PSPL
has paid dividend of US$ 1.00 million.
Quantum Apar Speciality Oils Pty. Limited, Australia (Quantum) where
PSPL holds 65% equity has reported net sales of AUD 9.500 million as against
AUD 9.29 million in the previous year and profit after tax of AUD 0.16 million
as against AUD 0.280 million in the previous year. Quantum has paid dividend of
AUD 0.09 million during the year.(ii) Apar ChemateK Lubricants Limited (ACLL),
subsidiary: During the year, ACLL has reported total Income of Rs.298.300
Millions as against Rs.219.900 Millions in the previous year and earned a net profit
(after tax) of Rs.4.900 Millions as against a loss of Rs.15.700 Millions in the
previous year.
UNSECURED LOAN
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
Long-term
Borrowings |
|
|
|
Deposits |
|
|
|
Deposits from directors |
2.500 |
6.000 |
|
Deposits from public |
55.400 |
86.100 |
|
Short-term
borrowings |
|
|
|
Packing credit loan in foreign currency from Banks |
415.300 |
727.600 |
|
Buyer's Credit in foreign currency |
8503.800 |
7838.900 |
|
Loans and Advances from related parties repayable on demand |
0.800 |
0.700 |
|
Public Deposits |
3.200 |
4.100 |
|
Director's Deposits |
38.500 |
38.500 |
|
|
|
|
|
Total |
9019.500 |
8701.900 |
INDEX
OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10449812 |
17/09/2013 |
330,000,000.00 |
UNION BANK OF INDIA |
OVERSEAS BRANCH,
UNION BANK BHAVAN, 239, VIDHAN |
B85302081 |
|
2 |
10426504 |
15/05/2013 |
330,000,000.00 |
UNION BANK OF INDIA |
OVERSEAS BRANCH,
UNION BANK BHAVAN, GROUND FLOOR, |
B75406249 |
|
3 |
10348687 |
15/05/2013 * |
30,000,000,000.00 |
IL AND FS TRUST COMPANY LIMITED |
IL AND FS
FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA |
B75861997 |
|
4 |
10317838 |
14/11/2011 |
250,400,000.00 |
CREDIT AGRICOLE CORPORATE AND INVESTMENT
BANK |
168, ROBINSON
ROAD, #22-01, CAPITAL TOWER, SING |
B25379025 |
|
5 |
10133842 |
22/03/2012 * |
25,582,000,000.00 |
IL AND FS TRUST COMPANY LIMITED |
IL AND FS
FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA |
B36949675 |
|
6 |
10131264 |
28/07/2010 * |
1,100,000,000.00 |
IL AND FS TRUST COMPANY LIMITED |
IL AND FS
FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA |
A90488669 |
|
7 |
10105169 |
28/07/2010 * |
1,100,000,000.00 |
IL AND FS TRUST COMPANY LIMITED |
IL AND FS
FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA |
A90488446 |
|
8 |
90212256 |
13/10/1992 * |
6,621,000.00 |
GUJRAT STATE FINANCIAL CORPORTION |
JALDARSHAN
BUILDING; ASHRAM ROAD; AHEMADABAD, GUJARAT - 380009, INDIA |
- |
NOTE: * Date of
charge modification
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
a) Claims against the Company not
acknowledged as debts - |
|
|
|
i) Demand/ Show cause-cum-demand notices
received and contested by the Company with the relevant
appellate authorities: |
|
|
|
Excise duty |
46.500 |
44.000 |
|
Service tax |
2.000 |
2.000 |
|
Customs duty |
29.000 |
29.600 |
|
Sales tax |
105.400 |
104.700 |
|
ii) Arbitration award regarding dispute of
alleged contractual non-performance by the Company, against
which the Company is in appeal before Bombay High Court |
79.400 |
74.800 |
|
iii) Interest on delayed payment of excise
duty, (which duty payment was revenue neutral) on certain deemed exports.
Department has filed appeal in the Supreme Court against High Court Order
in Company's favour. |
44.500 |
44.500 |
|
iv) Labour matters |
68.000 |
31.400 |
|
v) Others |
60.700 |
59.800 |
|
b) Guarantee given by the Company for credit
facilities enjoyed by Petroleum Specialities Pte Ltd., a
wholly-owned subsidiary |
542.900 |
508.800 |
|
c) Bills of exchange discounted |
2066.100 |
1574.400 |
|
d) Taxation: |
69.900 |
39.900 |
|
Disputed demands of income tax |
139.300 |
215.400 |
STATEMENT
OF STANDALONE UNAUDITED RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2013
(Rs. In Millions)
|
Sr. No. |
Particulars |
3 months ended |
|
|
|
30.06.2013 Unaudited |
|
1 |
Income from operations |
|
|
|
(a) Net sales/income from
operations (net of excise duty) |
9378.400 |
|
|
(b) Other operating income |
75.600 |
|
|
Total income from operations (net) |
9454.000 |
|
2 |
Expenses |
|
|
|
(a) Cost of materials
consumed |
7191.500 |
|
|
(b) Purchases of
stock-in-trade |
98.900 |
|
|
(c) Changes in inventories
of finished goods, work-in-progress and |
|
|
|
stock-in-trade |
12.100 |
|
|
(d) Employee benefits
expense |
136.700 |
|
|
(e) Depreciation and
amortisation expense |
60.000 |
|
|
(f) Other expenses |
1259.300 |
|
|
Total expenses |
8758.500 |
|
3 |
Profit from operations before other income, finance costs and |
|
|
|
exceptional items (1-2) |
695.500 |
|
4 |
Other income |
18.800 |
|
5 |
Profit from ordinary activities before finance costs and |
|
|
|
exceptional items (3+4) |
714.300 |
|
6 |
Finance costs (net) |
|
|
|
Interest (net) and other
borrowing costs |
(35.800) |
|
|
Applicable net loss on foreign
currency transactions and translation |
587.000 |
|
|
Total |
551.200 |
|
7 |
Profit from ordinary activities after finance costs but before |
|
|
|
exceptional items (5-6) |
163.100 |
|
8 |
Exceptional items |
1.500 |
|
9 |
Profit from ordinary activities before tax (7-8) |
161.600 |
|
10 |
Tax expense |
57.700 |
|
11 |
Net Profit from ordinary activities after tax (9-10) |
103.900 |
|
12 |
Extraordinary items (net of
tax expense) |
- |
|
13 |
Net Profit for the period/year (11-12) |
103.900 |
|
14 |
Paid-up equity share capital
(Face value of the share Rs. 10 each) |
384.700 |
|
15 |
Reserves excluding
Revaluation Reserve as per balance sheet of previous accounting year |
|
|
16 |
Earnings Per Share (EPS) (Rs.) (before and after
extraordinary items) |
|
|
|
- Basic and Diluted (not
annualised) |
2.70 |
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
1 |
Public Shareholding |
|
|
|
Number of shares |
1,58,00,143 |
|
|
Percentage of shareholding |
41.07% |
|
2 |
Promoters and Promoter Group Shareholding a) Pledged
/ encumbered |
|
|
|
Number of shares |
Nil |
|
|
Percentage of shares (as a %
of the total shareholding of Promoter and Promoter Group) |
Nil |
|
|
Percentage of shares (as a %
of the total share capital of the Company) |
Ni |
|
|
b) Non-encumbered |
|
|
|
Number of shares |
2,26,70,288 |
|
|
Percentage of shares (as a %
of the total shareholding of Promoter and Promoter Group) |
100.00% |
|
|
Percentage of shares (as a %
of the total share capital of the Company) |
58.93% |
|
|
Particulars |
3 months ended 30.06.2013 |
|
B |
INVESTOR COMPLAINTS |
|
|
|
Pending at the beginning of
the quarter |
Nil |
|
|
Received during the quarter |
Nil |
|
|
Disposed of during the
quarter |
Nil |
|
|
Remaining unresolved at the
end of the quarter |
Nil |
UNAUDITED STANDALONE SEGMENT-WISE REVENUE,
RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF THE LISTING AGREEMENT FOR THE
QUARTER ENDED 30TH JUNE, 2013
(Rs. In Millions)
|
|
Particulars |
3 months ended |
|
|
|
30.06.2013 Unaudited |
|
|
Segment Revenue |
|
|
|
Conductors |
3411.000 |
|
|
Transformer and Speciality
Oils |
5061.300 |
|
|
Power/Telecom Cable |
983.900 |
|
|
Others/Unallocated |
38.700 |
|
|
Total |
9494.900 |
|
|
Less: Inter-Segment Revenue |
40.900 |
|
|
Total income from operations (net) |
9454.000 |
|
|
Segment Results before finance costs and tax |
|
|
|
Conductors |
401.500 |
|
|
Transformer and Speciality
Oils |
436.600 |
|
|
Power/Telecom Cable |
(64.100) |
|
|
Others |
4.300 |
|
|
Total |
778.300 |
|
|
Less : Finance costs (net) |
551.200 |
|
|
:
Unallocable expenditure net of income |
65.500 |
|
|
Profit before tax |
161.600 |
|
|
Capital Employed |
|
|
|
(Segment Assets - Segment Liabilities) |
|
|
|
Conductors |
1688.500 |
|
|
Transformer and Speciality
Oils |
2475.000 |
|
|
Power/Telecom Cable |
2053.600 |
|
|
Others/Unallocated |
917.800 |
|
|
Total |
7134.900 |
NOTE:
The above standalone unaudited results were
reviewed by the Audit Committee of Directors and approved by the Board of
Directors at their meeting held on 8th August, 2013.The statutory auditors of
the Company have carried out a limited review of the above standalone results
for the quarter ended 30th June, 2013.
The Rehabilitation Scheme of Marine Cables
and Wires Private Limited (MCWPL), Company's wholly-owned subsidiary,
envisaging its' amalgamation with the Company with effect from 1st April, 2012
(the Transfer Date) has been approved by the Board for Industrial and Financial
Reconstruction (BIFR) at its hearing on 16th May, 2013. Consequent to the
amalgamation, the results of each of the quarters from 1st April, 2012, the
quarter ended 30th June, 2012 as reported have been recasted.
The figures for the quarter ended 31st March,
2013 are the balancing figures between audited figures in respect of the full
financial year upto 31st March, 2013 and the unaudited published year to date
figures upto 31st December, 2012 being the date of the end of the third quarter
of the financial year, which were subjected to limited review.
Additional information:
Key financial figures on Consolidated basis:
(Rs. In Millions)
|
|
Particulars |
Three Months Ended 30.06.2013 (Unaudited) |
|
|
Revenue |
9645.500 |
|
|
Profit before tax |
205.100 |
|
|
Profit after tax and
minority interest |
147.900 |
|
|
Basic/Diluted EPS - in Rs. |
38.400 |
The financial results of the Company are being
forwarded to the Stock Exchanges (BSE and NSE) for uploading on their
respective websites and the same are also made available on the Company's.
Figures for previous periods/ year have been
regrouped, wherever necessary.
FIXED ASSETS
Tangible assets
- Land-
Freehold
- Land-Leasehold
- Building
- Plant and
Machinery
- Furniture and
Fixtures
- Equipments
- Motor
Vehicles
Intangible assets
- Specialised
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 records 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.61.93 |
|
|
1 |
Rs.100.44 |
|
Euro |
1 |
Rs.84.24 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
KVT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
54 |
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.