1. Summary Information
|
|
|
Country |
India |
|||
|
Company Name |
HINDUSTAN COLAS
LIMITED |
Principal Name 1 |
Mr. Jacques Pastor |
|||
|
Status |
Good |
Principal Name 2 |
Mr. Herve le Bouc |
|||
|
|
|
Registration # |
|
|||
|
Street Address |
Plot No.D-500, Off HPCL, Vashi Terminal, MIDC, ITC Area, Turbhe, New
Mumbai – 400 705, Maharashtra, India |
|||||
|
Established Date |
17.07.1995 |
SIC Code |
-- |
|||
|
Telephone# |
91-22-41553100 |
Business Style 1 |
Manufacturing |
|||
|
Fax # |
91-22-27631942 |
Business Style 2 |
-- |
|||
|
Homepage |
Product Name 1 |
Bitumen Substances |
||||
|
# of employees |
240 (APPROXIMATELY) |
Product Name 2 |
BITUMEN Emulsions |
|||
|
Paid up capital |
RS.94,500,000/- |
Product Name 3 |
-- |
|||
|
Shareholders |
Not Available |
Banking |
Kotak Mahindra Bank Limited |
|||
|
Public Limited Corp. |
NO |
Business Period |
18 Years |
|||
|
IPO |
NO |
International Ins. |
- |
|||
|
Public |
NO |
Rating |
A
(60) |
|||
|
Related
Company |
||||||
|
Relation
|
Country
|
Company
Name |
CEO |
|||
|
Related Parties |
India |
Hindustan
Petroleum Corporation Limited |
-- |
|||
|
Note |
- |
|||||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
1,180,658,000 |
Current Liabilities |
747,977,000 |
|
Inventories |
260,577,000 |
Long-term Liabilities |
15,356,000 |
|
Fixed Assets |
843,231,000 |
Other Liabilities |
275,120,000 |
|
Deferred Assets |
0,000 |
Total Liabilities |
1,038,453,000 |
|
Invest& other Assets |
32,810,000 |
Retained Earnings |
1,184,323,000 |
|
|
|
Net Worth |
1,278,823,000 |
|
Total Assets |
2,317,276,000 |
Total Liab. & Equity |
2,317,276,000 |
|
Total Assets (Previous Year) |
1,963,351,000 |
|
|
|
P/L Statement as of |
31.03.2012 |
(Unit: Indian Rs.) |
|
|
Sales |
4,158,435,000 |
Net Profit |
264,425,000 |
|
Sales(Previous yr) |
3,467,491,000 |
Net Profit(Prev.yr) |
283,834,000 |
MIRA
INFORM REPORT
|
Report Date : |
12.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
HINDUSTAN COLAS LIMITED |
|
|
|
|
Registered
Office : |
Plot No.D-500, Off HPCL, Vashi Terminal, MIDC, ITC Area, Turbhe, Navi
Mumbai – 400 705, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
17.07.1995 |
|
|
|
|
Com. Reg. No.: |
11-090671 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.94.500 millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U23200MH1995PLC090671 |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing of Bitumen Substances and Bitumen Emulsions
of all types for all purposes. |
|
|
|
|
No. of Employees
: |
240 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (60) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 5110000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well
established and reputed company having good track record. There appears
slight dip in profitability and financial detail is not yet available.
However, trade relations are reported to be fair. Business is active.
Payments are reported to be regular and as per commitments. In view of
experienced director and strong holding company can be considered for normal
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
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.
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/ Mumbai Plant : |
Plot No.D-500, Off HPCL, Vashi Terminal, MIDC, ITC Area, Turbhe, Navi
Mumbai – 400 705, Maharashtra, India |
|
Tel. No.: |
91-22-41553100/ 27613127/ 65165255/ 65165256 |
|
Fax No.: |
91-22-27631942 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
R and C Building, 5th Floor, |
|
Tel. No.: |
91-22-23713138/ 61501000 |
|
Fax No.: |
91-22-23741711 |
|
E-Mail : |
|
|
|
|
|
Bahadurgarh
Plant : |
Near HPCL LPG Plant,
Village Asauda, Bahadurgarh, District Jajjhar – 124 507, |
|
Tel. No.: |
91-1276-280015/
280016/ 395863 |
|
Fax No.: |
91-1276-280016 |
|
|
|
|
Mangalore
Plant and Office |
Adjacent HPCL POL
Terminal, Village Bala, Via Katipalla, Mangalore - 575 030, |
|
Tel. No.: |
91-824-5558484/
2271745 |
|
Fax No.: |
91-824-2271745 |
|
|
|
|
Irungattukottai
Plant and Office : |
A-9, SIPCOT Industrial
Park, Irungattukottai, Tq- Sriperambudur, District – Kancheepuram - 602 105,
Tamilnadu, India |
|
Tel. No.: |
91-44-27156097/
27156098/ 27156691 |
|
Fax No.: |
91-44-27156097/
27156098/ 27156691 |
|
|
|
|
Visakapatnam
Plant and Office : |
Near HPCL
Terminal B, Malkapuram, |
|
Tel. No.: |
91-891-2752576/
2752580 |
|
Fax No.: |
91-891-2752576 |
|
|
|
|
|
Adjacent to HPCL Karari Depot, |
|
|
|
|
Vizag Plant and Office : |
Near HPCL Terminal ‘B1’, Malkapuram, |
|
|
|
|
|
Plot No.426-430,
GIDC Industrial Area, Village Manjusar, Savli, |
|
Tel. No.: |
91-2667-264641/
264642 |
|
Fax No.: |
91-2667-264642 |
|
|
|
|
Plant : |
Also located at: v
Haldia
(Under Construction) |
|
|
|
|
|
C/o |
|
|
|
|
Regional Office : |
Located at : v
Vashi v
v
Kolkata v
Irungattukottai |
|
|
|
|
Depots : |
Located at: v
v
v Bhilai v
v
v Behrampur v
v
Hoshiarpur
|
|
|
|
|
Sales Office : |
Located at: v
v
v Jaipur v
v
Guwahati |
|
|
|
|
Proposed Depots : |
Located at: v
v Angul v Kolkata v Guwahati v Roorkee |
DIRECTORS
As on:
|
Name : |
Mr. Subir Roy Chaoudhury |
|
Designation : |
Director |
|
Address : |
B-25, |
|
Date of
Birth/Age : |
01.03.1954 |
|
Qualification : |
Bachelor of Engineering (Mechanical) |
|
Date of
Appointment : |
25.05.2004 |
|
DIN No : |
00130803 |
|
|
|
|
Name : |
Mr. Jacques Pastor |
|
Designation : |
Director |
|
Address : |
Salintra Condominium, 376/126-127, Rama 3rd Bangklo,
Bangkorlaey, Bangkok, Thailand-10120 |
|
Date of
Birth/Age : |
26.06.1954 |
|
Qualification : |
Master Degree in Civil Engineering |
|
Date of
Appointment : |
21.12.1995 |
|
DIN No : |
00152436 |
|
|
|
|
Name : |
Mr. Herve Le Bouc |
|
Designation : |
Director |
|
Address : |
17, Avenue De Lamballe, |
|
Date of
Birth/Age : |
07.01.1952 |
|
Qualification : |
Master Degree in Civil Engineering |
|
Date of
Appointment : |
14.08.2008 |
|
|
|
|
Name : |
Mr. Somchit Sertthin |
|
Designation : |
Director |
|
Address : |
55/36, |
|
Date of
Birth/Age : |
22.09.1952 |
|
Qualification : |
Bachelor Degree in Business Administration |
|
Date of
Appointment : |
17.07.1995 |
|
DIN No : |
00231058 |
|
|
|
|
Name : |
Mr. Bhaswar Mukherjee |
|
Designation : |
Additional Director |
|
Date of
Birth/Age : |
58 Years |
|
Qualification : |
Chartered Accountant |
|
Date of
Appointment : |
03.08.2011 |
|
|
|
|
Name : |
Ms. Nishi Vasudeva |
|
Designation : |
Director (w.e.f. 1st July, 2012) |
|
Name : |
Mr. Jacques Leost |
|
Designation : |
Alternate Director to Mr. Hervé Le Bouc |
|
Date of
Birth/Age : |
59 Years |
|
Qualification : |
Master Degree in Civil Engineering |
|
Date of
Appointment : |
07.01.2011 |
|
|
|
|
Name : |
Mr. Chaiwat Srivalwat |
|
Designation : |
Alternate Director to Mr. Somchit Sertthin |
|
Date of
Birth/Age : |
51 Years |
|
Qualification : |
Bachelor of Engineering |
|
Date of
Appointment : |
19.03.2011 |
KEY EXECUTIVES
|
Name : |
Mr. Sanjay Grover |
|
Designation : |
Chief Executive Officer and Manager |
|
Address : |
4201, |
|
Date of
Birth/Age : |
03.08.1964 |
|
Qualification
: |
B.E. (Chemical) |
|
Experience : |
26 Years |
|
Date of
Appointment : |
01.05.2008 |
|
|
|
|
Name : |
Mr. Sitaram Taparia |
|
Designation : |
Chief Financial Officer and Company
Secretary |
|
Address : |
33/604, HP Nagag East, |
|
Date of Birth/Age : |
02.01.1975 |
|
Date of Appointment : |
21.03.2007 |
|
|
|
|
Name : |
Mr. A.S. Prabhakar |
|
Designation : |
Chief Operating Officer |
|
|
|
|
Name : |
Mr. T. Saravanan |
|
Designation : |
Head - IT and ERP |
|
|
|
|
Name : |
Mr. Nihar Mohapatra |
|
Designation : |
Head - Engineering and Projects |
|
|
|
|
Name : |
Mr. Bharat Kaneri |
|
Designation : |
Head - Commercial (from May 2011) |
|
|
|
|
Name : |
Mr. Ajit Kumar M |
|
Designation : |
Head – IT and ERP (From
May – 2012) |
|
|
|
|
Name : |
Mr. V K Shrote |
|
Designation : |
Chief Operating Officer
(From May – 2012) |
|
|
|
|
Name : |
Mr. T K Subhash |
|
Designation : |
Chief Manager Technical |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.03.2012
|
Names of Shareholders |
No. of Shares |
|
HPCL (including 400
shares held by nominee individuals on behalf of HPCL) |
4725000 |
|
Colasie SA (including
400 shares held by nominee individuals on behalf of Colas SA / Colasie SA) |
4725000 |
|
|
|
|
Total |
9450000 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Bitumen Substances and Bitumen Emulsions
of all types for all purposes. |
||||
|
|
|
||||
|
Products : |
|
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Year ended 31.03.2011 Unit (MT) |
|
Product: Bitumen Mixtures (Emulsion / Cutback Bitumen / Modified
Bitumen) |
|
|
Licensed capacity |
* |
|
Installed capacity |
175,000 |
*The Company does
not require a licence to produce above products. The Company however, has the
necessary acknowledgements from The Secretariat of Industrial Approvals for the
Industrial Entrepreneurs Memorandum filed.
|
Particulars |
Unit |
Actual
Production |
|
Emulsions / Cutback / Cold Mix |
MT |
103,822.759 |
|
Modified Bitumen/Modifier/Bitugrip |
MT |
26,875.435 |
|
|
|
130,698.194 |
Production does not include goods processed for others 28,686.634 MT
GENERAL INFORMATION
|
Customers : |
Ø Larson and
Toubro Limited (ECC division) Ø GMR
Infrastructure Limited Ø HCC
Infrastructure Ø IRB
Infrastructure Developers Limited Ø SOMA Enterprise
Limited Ø Punj Lloyd
Limited Ø D.S.
Construction Limited Ø Sadbhav
Engineering Limited Ø Valecha
Engineering Limited Ø AFCONS
Infrastructure Limited Ø Gayatri Projects
Limited Ø IJM (India)
Infrastructure Limited Ø BSCPL
Infrastructure Limited Ø Hyderabad International
Airport Limited Ø Mumbai
International Airport Limited Ø Delhi
International Airport Limited Ø KMC
constructions Ø Supreme
Infrastructure India Limited Ø Nagarjuna
Constructions Company Limited Ø ITD Cementation
India Limited Ø Reliance Infrastructure
Limited Ø Navayuga
Engineering Company Limited Ø Oriental
Structural Engineers Limited Ø Lanco Infratech
Limited Ø Patel
Engineering Limited Ø IVRCL
infrastructure and Projects Limited Ø Simplex
Infrastructure Limited |
||||||||||||||||
|
|
|
||||||||||||||||
|
No. of Employees : |
240 (Approximately) |
||||||||||||||||
|
|
|
||||||||||||||||
|
Bankers : |
v
Kotak
Mahindra Bank Limited, 36-38A, Nariman Point, Mumbai-400021, v
Standard Chartered Bank v
Corporation Bank v
IDBI Bank v
State Bank of |
||||||||||||||||
|
|
|
||||||||||||||||
|
Facilities : |
Haryana Sales
Tax Authorities granted Interest Free Sales Tax Deferral facility for seven years.
The above amount reflects non-current portion of the said liability which
would be payable in monthly installments based on the sales tax liability of
corresponding month during a ailment period. The deferral facility is secured
by charge on all fixed and movable assets other than stocks.
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
Ford, Rhodes, Parks and Company Chartered
Accountants |
|
Address : |
Mumbai, |
|
|
|
|
Internal Auditors : |
|
|
Name : |
G.P. Kapadia and Company Chartered
Accountants |
|
Address : |
Mumbai, |
|
|
|
|
Related Parties : |
v Hindustan
Petroleum Corporation Limited, v
COLASIE SA, v
COLAS SA, |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
|
|
9450000 |
Equity Shares |
Rs.10/- each |
Rs.94.500 millions |
|
|
|
|
|
|
|
The company is a Joint
Venture of Hindustan Petroleum Corporation Limited (HPCL), A Goverments of
India Enterprise and M/s Colas SA, A French Company. The shares of the company
are held by both the joint venture partners and their nominee’s individuals in
the ratio 50:50. In terms of provisions of joint venture agreement, Colas SA
has availed opportunity to invest its share of equity in the company through
Colasie SA which is a subsidiary company of Colas SA. All the shares issued to
the joint venture partners rank pari passu and have same rights and
obligations. The rights and obligations of the shareholders are governed by a
shareholders' agreement known as Joint Venture Agreement dated 25th November
1994.
Details of
shareholders holding more than 5% shares
|
Names of Shareholders |
No. of Shares |
|
Hindustan Petroleum Corporation Limited (including 400 shares held by nominee
individuals on behalf of HPCL) |
4725000 |
|
Colasie SA (including
400 shares held by nominee individuals on behalf of Colas SA / Colasie SA) |
4725000 |
|
|
|
|
Total |
9450000 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
94.500 |
|
(b) Reserves & Surplus |
|
|
1184.323 |
|
(c) Money
received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
1278.823 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
15.356 |
|
(b) Deferred tax liabilities (Net) |
|
|
70.425 |
|
(c) Other long term liabilities |
|
|
2.635 |
|
(d) long-term provisions |
|
|
10.386 |
|
Total Non-current Liabilities (3) |
|
|
98.802 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
0.000 |
|
(b) Trade payables |
|
|
451.257 |
|
(c) Other current
liabilities |
|
|
294.085 |
|
(d) Short-term provisions |
|
|
194.309 |
|
Total Current Liabilities (4) |
|
|
939.651 |
|
|
|
|
|
|
TOTAL |
|
|
2317.276 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
836.186 |
|
(ii) Intangible Assets |
|
|
7.045 |
|
(iii) Capital
work-in-progress |
|
|
32.810 |
|
(iv)
Intangible assets under development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
0.000 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
26.252 |
|
(e) Other Non-current assets |
|
|
442.426 |
|
Total Non-Current Assets |
|
|
1344.719 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
0.000 |
|
(b) Inventories |
|
|
260.577 |
|
(c) Trade receivables |
|
|
305.279 |
|
(d) Cash and cash
equivalents |
|
|
293.427 |
|
(e) Short-term loans and
advances |
|
|
105.514 |
|
(f) Other current assets |
|
|
7.760 |
|
Total Current Assets |
|
|
972.557 |
|
|
|
|
|
|
TOTAL |
|
|
2317.276 |
|
SOURCES OF FUNDS |
|
31.03.2011 |
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
94.500 |
94.500 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
1112.101 |
965.555 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
1206.601 |
1060.055 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
25.326 |
25.385 |
|
|
2] Unsecured Loans |
|
0.000 |
0.000 |
|
|
TOTAL BORROWING |
|
25.326 |
25.385 |
|
|
DEFERRED TAX LIABILITIES |
|
56.364 |
50.081 |
|
|
|
|
|
|
|
|
TOTAL |
|
1288.291 |
1135.521 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
652.368 |
563.884 |
|
|
Capital work-in-progress |
|
105.457 |
50.121 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
195.128 |
177.439 |
|
|
Sundry Debtors |
|
164.057
|
167.618
|
|
|
Cash & Bank Balances |
|
710.005
|
599.250
|
|
|
Other Current Assets |
|
0.000
|
0.000
|
|
|
Loans, Advances & Other Receivables |
|
136.336
|
109.616
|
|
Total
Current Assets |
|
1205.526
|
1053.923 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
197.940
|
175.544 |
|
|
Other Current Liabilities |
|
267.601
|
296.198
|
|
|
Provisions |
|
209.519
|
60.665
|
|
Total
Current Liabilities |
|
675.060
|
532.407 |
|
|
Net Current Assets |
|
530.466
|
521.516
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
1288.291 |
1135.521 |
|
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales / Income from operations |
4158.435 |
3467.491 |
3489.328 |
|
|
|
Other Income |
65.833 |
112.188 |
71.629 |
|
|
|
TOTAL |
4224.268 |
3579.679 |
3560.957 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Raw Materials Consumed |
3448.592 |
2589.933 |
2432.835 |
|
|
|
Packing Materials Consumed |
-- |
232.151 |
245.021 |
|
|
|
(Increase) / Decrease in stock of finished goods |
(25.013) |
(18.444) |
(5.208) |
|
|
|
Increase / (Decrease) in Excise duty on stock of finished goods |
-- |
3.292 |
0.818 |
|
|
|
Inventories’ Variation & Write Down /(Write Back) |
-- |
(4.277) |
5.252 |
|
|
|
Loss by Fire Accident |
-- |
8.375 |
0.000 |
|
|
|
Operating Expenses |
-- |
112.148 |
76.637 |
|
|
|
Employee Costs |
106.330 |
90.980 |
79.521 |
|
|
|
Administrative Expenses |
-- |
50.631 |
54.969 |
|
|
|
Selling and Distribution Expenses |
-- |
39.741 |
40.966 |
|
|
|
Technical Fees |
-- |
10.470 |
9.878 |
|
|
|
OTHER Expenses |
246.497 |
|
|
|
|
|
TOTAL |
3776.406 |
3115.000 |
2940.689 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
447.862 |
464.679 |
620.268 |
|
|
|
|
|
|
|
|
|
Less |
INTEREST &
FINANCIAL EXPENSES |
0.277 |
1.416 |
0.606 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
447.585 |
463.263 |
619.662 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
53.123 |
45.636 |
39.359 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
EXCEPTIONAL AND EXTRAORDINARY ITEMS AND TAX |
394.463 |
-- |
-- |
|
|
|
|
|
|
|
|
|
Add |
EXCEPTIONAL
ITEMS - GAINS / (LOSS) |
6.544 |
-- |
-- |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
EXTRAORDINARY ITEMS AND TAX |
401.007 |
-- |
-- |
|
|
|
|
|
|
|
|
|
Add |
EXTRAORDINARY
ITEMS - GAINS / (LOSS) |
4.438 |
-- |
-- |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
405.445 |
417.627 |
580.303 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
141.020 |
133.793 |
197.808 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
264.425 |
283.834 |
382.495 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’
BALANCE BROUGHT FORWARD |
969.262 |
851.099 |
550.931 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
|
118.125 |
37.800 |
|
|
|
Tax on Proposed
Dividend |
|
19.163 |
6.278 |
|
|
|
Transfer to General
Reserve |
NA |
28.383 |
38.249 |
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
969.262 |
851.099 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
NA |
NA |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Spares |
0.029 |
1.657 |
0.559 |
|
|
|
Capital Goods |
10.672 |
23.589 |
15.528 |
|
|
|
Raw Material |
81.639 |
96.528 |
101.235 |
|
|
TOTAL IMPORTS |
92.340 |
121.774 |
117.322 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
27.98 |
30.04 |
40.48 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
6.26 |
7.93 |
10.74
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.75 |
12.04 |
16.63
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
30.90 |
22.48 |
35.87
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.32 |
0.35 |
0.55
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.01 |
0.02 |
0.02
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.03 |
1.79 |
1.98
|
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 |
Yes |
|
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 |
No |
INDEX CHARGES:
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10021641 |
28/01/2008 * |
65,000,000.00 |
KOTAK MAHINDRA BANK LIMITED |
36-38A, NARIMAN BHAVAN, 227,D, NARIMAN
POINT, MUMBAI, Maharashtra - 400021, INDIA |
A40758294 |
* Date of charge modification
MANAGEMENT
DISCUSSION AND ANALYSIS
SECTOR REVIEW
The 4.24 million
Km long road network in India is the second largest in the world. The National
Highways, which serve as the arterial road network of the country, have a total
length of 70,934 km. It is estimated that more than 70 % of freight and 85 % of
passenger traffic in the country is being handled by roads. While Highways/
Expressways constitute only about 2% of the length of all roads, they carry
about 40 % of the road traffic. With the number of vehicles on the roads
growing at a compounded annual growth rate (CAGR) of approximately 8% in the
last five years, the Government is focusing very strongly on the development of
road infrastructure in the country.
However, there has
generally been a lag between the intent and the execution in this sector as
witnessed during the past years and the pace of development of roads,
especially National Highways, has not been as per the announced programs. The
sluggish pace of award and implementation of road construction projects carried
over from the previous year was evident through the first half of 2011-12 as
well. The Bitumen consumption data, which is quite an accurate indicator of the
road works execution shows that consumption during the period Apr Oct 2011 was
down by about 1% as compared to the same period last year. The delays in award
of new projects in the previous year and slow pace of execution of projects
already awarded were primarily responsible for this scenario. Things began to
look up from November 2011 onwards with pace on road construction projects
picking up substantially. At the same time, the award of new projects by the
NHAI also improved and the response from private sector players has been most
encouraging and for many of the prestigious projects offered by the NHAI, the
contractors have offered substantial premium to the Government.
A look at the
official data released by the NHAI shows that in the 12 month period starting
March 01, 2011, a total of 2,136 Km of National Highways were 4-laned. This works
out to a little under 6 Km of National Highways per day – much below the target
of 20 Km per day announced by the Government. Achievement of this ambitious
target is now likely to be possible by the year 2014 as per the Ministry of
Road Transport & Highways. On the positive side, the number of projects
under implementation have gone up from 10,200 Km on the 1st of March 2011 to
12,967 Km this year as a result of 4,291 Km of road-works that were awarded
during the period.
While the going
has not been very easy for the road construction sector in the year 2011-12
owing to various problems, the developments in the latter half of the year
auger well for the sector. The NHAI has received good support from the
Government in improving the process of short-listing eligible companies and
awarding contracts, apart from introducing policy changes to attract foreign
investment into road construction projects. The Government of India has
earmarked an investment of ` 50 Trillion on infrastructure in the 12th Five Year
Plan period, with half of this investment expected to come from the private
sector. Development of road infrastructure is certain to get due share of this
proposed investment and accordingly the Government is expected to make all
efforts to pave the way for a more efficient project award and implementation
methodology. Some of the important policy changes introduced recently include,
·
Permitting 100% foreign equity in construction and
maintenance of roads, highways, tunnels etc.
·
Grants of up to 40% of project cost to make
projects viable
·
100% tax exemption in any 10 consecutive years
within a period of 20 years after completion of construction
·
Agreements to avoid double taxation with a large
number of countries
·
Permitting concession period up to 30 years
·
Improvement in the Toll calculation formula, making
it more practical
·
Permitting duty free import of high capacity
equipment required for highway construction
·
Simplification of the procedure and extending
Government support for land acquisition, resettlement and rehabilitation
Very recently, the
Government has relaxed the norms for project financing applicable to the road
construction sector which will make it easier and cheaper for the contractors
to obtain financing. All these measures are expected to drive project
implementation at a faster pace in the years to come.
On the regulations
front, in a development that is expected to positively impact the business of
the company in future, there has been a small but significant move towards
acceptance of cold-mix based road construction as a viable option. The National
Rural Roads Development Authority (NRRDA) has formally written to all State
Governments to take up trials with coldmix based construction of rural roads
and has offered its support for the same. Cold-mix based road construction
would consume much larger quantities of Bitumen Emulsions and the company has
been relentlessly trying to promote the acceptance of this option in India.
Trials conducted by the company jointly with the Central Road Research
Institute (CRRI) have proven to be successful and the report issued by CRRI
will further help strengthen the case for coldmix based rural road
construction. Cold-mixes are already gaining acceptance in the North-Eastern
States and we hope to participate in the available business and see better
momentum in the coming years.
PERFORMANCE
ANALYSIS
The physical
performance of the company is dependent directly upon the execution of road construction
projects. Their main productline, Bitumen Emulsions, finds its use only in the
Prime Coat and Tack Coat applications in road construction and the off-take is
linked to a greater extent with commencement of new road construction projects
rather than repair or overlay of existing roads. Reflecting the slow pace of
new projects taking off during the year, sales of Bitumen emulsions during the
year 2011-12 were marginally lower as compared to last year. Their other product line – Polymer Modified Bitumen
– saw the volumes increase by a little over 2% due to concerted efforts by the
company to increase their share in the
Modified Bitumen market. However, this growth was offset by a rather steep
decline in the demand for Crumb Rubber Modified Bitumen (CRMB), which is
produced by the company on job-work basis for HPCL. The nearly 35% drop in the
off-take of CRMB has brought down the overall volumes produced by the company
during the year 2011-12.
The company
obtained all necessary approvals and completed the construction of its eighth
Plant at Haldia in West Bengal during the year and also undertook successful
trial production runs. However, due to a moratorium imposed by the Union
Ministry of Environment & Forests on setting up any new industries in the
Haldia Industrial Estate, we could not get the final "Consent to
Operate" from the WBPCB and therefore could not start commercial
production despite the Plant being ready in all respects in August 2011. While
the approval was finally received on March 27, 2012, the delay in starting
commercial production significantly hampered the company's efforts to develop
its business in the eastern and northeastern States of India.
The company
augmented its production infrastructure during the year through the following
Capital projects,
·
Complete revamp and streamlining of the facilities
at Vashi Plant. This project is in the completion stages.
·
Creation of additional emulsion tankage at
Mangalore Plant.
·
Installation of high-capacity Weighbridges at
Mangalore, Savli and Visakh Plants. All Hincol Plants now have 60 MT
Weighbridges to cater to the new generation tank trucks of larger capacity.
·
Revamp of the hot and cold laboratories at
Bahadurgarh Plant.
FUTURE OUTLOOK
With a strong
manufacturing network of eight Plants located strategically across the country,
the company is strongly placed to tap into the opportunities arising out of the
anticipated improvement in project implementation. The road construction sector
is expected to see robust activity in the next 5 years and the company will
spare no efforts to gain from the same. However, since the present
specifications for road construction provide only a limited scope for
application of Bitumen Emulsions, the company plans to dedicate its efforts
towards expanding the application portfolio of emulsions. The thrust towards
greater acceptance of cold-mix based applications is one such initiative that
is likely to yield very good results in future.
Another business
activity that the company plans to explore starting with the year 2012-13 is
micro surfacing. This emulsion based road rejuvenation technology is presently
not highly used in India but is quite prevalent in most developed countries. As
a logical extension to their existing products and services, they propose to
offer microsurfacing services to their existing customers in the Government as
well as private sector.
Their Bulk Bitumen
terminal at Haldia has been operating regularly and the volumes handled through
this location are expected to improve considerably in the coming months with
HPCL having taken a Bitumen carrying vessel on Time- Charter basis. This would
undoubtedly give HPCL much better control on product movement from their
refinery at Visakhapatnam and improve product availability at the terminal. The
company is evaluating the possibility of opening another such terminal on the
west coast and is pursuing the matter jointly with HPCL.
FIXED ASSETS
Tangible Assets:
·
Leasehold Land
·
Residential Buildings
·
Other Buildings
·
Plant and Machinery
·
IT and Office Equipments
·
Furniture and
Fixtures
·
Motor Vehicles
Intangible Assets:
·
Computer Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.63.90 |
|
|
1 |
Rs.100.47 |
|
Euro |
1 |
Rs.84.65 |
INFORMATION DETAILS
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
60 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.