MIRA INFORM REPORT
|
Report Date : |
05.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
FINE-LINE CIRCUITS LIMITED |
|
|
|
|
Registered
Office : |
145, SDF-V, SEEPZ-SEZ, Andheri (East), Mumbai – 400096, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
09.10.1989 |
|
|
|
|
Com. Reg. No.: |
11-131521 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs.48.265 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L72900MH1989PLC131521 |
|
|
|
|
TAN No.: [Tax Deduction
& Collection Account No.] |
MUMF03519F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACF0820C |
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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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|
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|
Line of Business
: |
Manufacturer of Printed Circuit Boards catering to the needs of
Electronic Industry Globally. |
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|
|
|
No. of Employees
: |
140 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (26) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 260000 |
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|
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|
Status : |
Moderate |
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|
|
Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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|
Comments : |
Subject is an established company having moderate track record. The rating reflects company’s moderate financial risk profile marked by
low profitability levels and limited scale of business operation. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealing with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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
India’s current account deficit for the fiscal third quarter ended
September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product
from $31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in
exports and moderation in gold imports. Manufacturing activity and new orders
in India showed their strongest growth in a year in February. The news comes as
a relief after data showed Asia’s third largest economy grew by a
slower-than-expected 4.7 % annually in the three months through December. The
HSBC Manufacturing Purchasing Managers’ Index which gauges the business
activity of India’s factories but not its’ utilities, rose to 52.5 in February,
its highest in a year from 51.4 in January. Overall new orders for factory
goods which rose to a one-year high of 54.9 contributed to the surge. China has
emerged as India’s biggest trading partner in the current financial year
replacing the United Arab Emirates and pushing it to the third spot.
India-China trade has reached $49.5 billion with a 8.7 % share in India’s total
trade. The US comes second at $46 billion with 8.1 % share during the first
nine months of the current financial year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs
1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha polls were announced, the government decided to hike
interest rates on fixed deposit schemes offered by post offices up to 0.2 per
cent. The new rates will be effective April, 1. The Supreme Court will resume
hearing on March, 11 Nokia’s appeal against a ruling over transferring
ownership of its local mobile phones plant which is the subject of a tax
dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787
Dreamliners. The aircraft has experienced a series of malfunctions since its
debut in 2011.
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 DENIED BY
Management Non-Cooperative (Tel No.: 91-22-28290244)
LOCATIONS
|
Registered Office / Factory : |
145, SDF-V, SEEPZ-SEZ, Andheri (East), Mumbai – 400096, Maharashtra,
India |
|
Tel. No.: |
91-22-28290244 |
|
Fax No.: |
91-22-28292554 |
|
E-Mail : |
|
|
Website : |
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|
Area : |
3000 Sq.ft |
|
Location : |
Owned |
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|
|
|
High Technology Multi-Layer Unit : |
148, SDF-V, Seepz-SEZ, Andheri (East), Mumbai - 400096, Maharashtra,
India |
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|
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|
|
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Tel. No.: |
1-877-876-3660 |
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FAX no.: |
1-877-876-3660 |
|
E-Mail : |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Abhay B. Doshi |
|
Designation : |
Managing Director |
|
Address : |
3-I, |
|
Date of Birth/Age : |
16.04.1961 |
|
Qualification : |
B.E., MBA |
|
Date of Appointment : |
26.04.1990 |
|
DIN No : |
00040644 |
|
|
|
|
Name : |
Mr. Bhagwandas T. Doshi |
|
Designation : |
Executive Chairman |
|
Address : |
3-I, |
|
Date of Birth/Age : |
24.04.1935 |
|
Qualification : |
B. Sc |
|
Date of Appointment : |
09.10.1989 |
|
DIN No.: |
00040596 |
|
|
|
|
Name : |
Mr. Rajiv B. Doshi |
|
Designation : |
Executive Chairman |
|
Address : |
3-I, |
|
Date of Birth/Age : |
28.03.1967 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
01.04.2007 |
|
DIN No : |
00651098 |
|
|
|
|
Name : |
Mr. Vijay A. Kumbhani |
|
Designation : |
Non - Executive Director |
|
Address : |
106, Sujata Apartment, Kemps Corner, August Kranti Marg,
Mumbai-400036, |
|
Date of Birth/Age : |
20.05.1960 |
|
Date of Appointment : |
10.05.1991 |
|
DIN No : |
00040702 |
|
|
|
|
Name : |
Mr. Gautam B Doshi |
|
Designation : |
Non - Executive Director |
|
Address : |
3-I, |
|
Date of Birth/Age : |
18.10.1964 |
|
Date of Appointment : |
22.09.1993 |
|
DIN No : |
00328854 |
|
|
|
|
Name : |
Mr. Rajendra V. Gandhi |
|
Designation : |
Independent Director |
|
Address : |
Pradeep Niwas, |
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Date of Birth/Age : |
17.12.1949 |
|
Date of Appointment : |
09.10.1989 |
|
DIN No : |
00189197 |
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|
|
|
Name : |
Mr. Upendranath Nimmagadda |
|
Designation : |
Independent Director |
|
Address : |
340, E, |
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Date of Birth/Age : |
01.09.1942 |
|
Date of Appointment : |
10.05.1991 |
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|
|
|
Name : |
Prof. Juzer M. Vasi |
|
Designation : |
Independent Director |
|
Address : |
Department of Electrical Engineering IIT, Powai, Mumbai-400076, |
|
Date of Birth/Age : |
25.08.1947 |
|
Date of Appointment : |
26.06.2003 |
|
DIN No : |
00040682 |
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|
|
|
Name : |
Mr. Premkumar M. R |
|
Designation : |
Independent Director |
|
Address : |
101, |
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Date of Birth/Age : |
16.08.1945 |
|
Date of Appointment : |
30.06.2007 |
|
DIN No : |
00328942 |
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|
|
|
Name : |
Ms. Apurva R. Shah |
|
Designation : |
Independent Director |
|
Address : |
65, Sagar Mahal, |
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Date of Birth/Age : |
05.01.1970 |
|
Date of Appointment : |
26.06.2006 |
|
DIN No : |
0004781 |
KEY EXECUTIVES
|
Audit Committee
: |
|
|
|
|
|
Name : |
Mr. Apuwa R. Shah Chairman |
|
Designation : |
Chairman |
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|
Name : |
Mr. Rajendra V. Gandhi |
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Designation : |
Member |
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|
Name : |
Mr. Vijay A. Kumbhani |
|
Designation : |
Member |
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|
Name : |
Prof. Juzer Vasi |
|
Designation : |
Member |
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|
Name : |
Mr. R. M. Premkumar |
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Designation : |
Member |
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Share Transfer and Shareholders’ Grievance Committee : |
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|
|
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|
Name : |
Mr. Vijay A. Kumbhani |
|
Designation : |
Chairman |
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|
|
|
Name : |
Mr. Abhay B.
Doshi |
|
Designation : |
Member |
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|
|
|
Name : |
Mr. Rajiv B.
Doshi |
|
Designation : |
Member |
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|
|
|
Name : |
Mr. Prema
Radhakrishnan |
|
Designation : |
Compliance
Officer |
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Remuneration and Selection Committee : |
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|
|
|
|
Name : |
Mr. Rajendra V.
Gandhi |
|
Designation : |
Chairman |
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|
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|
Name : |
Prof. Juzer Vasi
|
|
Designation : |
Member |
|
|
|
|
Name : |
Mr. R. M.
Premkumar |
|
Designation : |
Member |
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|
|
|
Senior
Management : |
Mr. Joy Chacko Mr. Nikhil Kumar Mr. Milan J.
Trivedi Mr. Prema
Radhakrishnan Mr. P.
M.Morgaonkar Prof. Juzer Vasi |
SHAREHOLDING PATTERN
As on 31.12.2013
|
Category of
Shareholder |
No. of
Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1124584 |
23.39 |
|
|
100 |
0.00 |
|
|
1124684 |
23.39 |
|
|
|
|
|
|
223100 |
4.64 |
|
|
223100 |
4.64 |
|
Total shareholding of Promoter and Promoter Group (A) |
1347784 |
28.03 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
196466 |
4.09 |
|
|
196466 |
4.09 |
|
|
|
|
|
|
203316 |
4.23 |
|
|
|
|
|
|
1851179 |
38.50 |
|
|
626279 |
13.03 |
|
|
582762 |
12.12 |
|
|
3440 |
0.07 |
|
|
578922 |
12.04 |
|
|
400 |
0.01 |
|
|
3263536 |
67.88 |
|
Total Public shareholding (B) |
3460002 |
71.97 |
|
Total (A)+(B) |
4807786 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
4807786 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Printed Circuit Boards catering to the needs of
Electronic Industry Globally. |
GENERAL INFORMATION
|
No. of Employees : |
140 (Approximately) |
|
|
|
|
Bankers : |
Not Divulged |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institutions : |
Sundaram Finance Limited, No.21; Patullos Road, Chennai, Tamilnadu, India |
|
|
|
|
Auditors : |
|
|
Name : |
D K P and Associates Chartered Accountants |
|
|
|
|
Parties Where Control Exists : |
Kapurwala Properties Private Limited |
CAPITAL STRUCTURE
After 31.03.2013
Authorised Capital : Rs.75.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.48.078 Millions
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7500000 |
Equity Shares |
Rs.10/- each |
Rs.75.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4807786 |
Equity Shares |
Rs.10/- each |
Rs.48.078 Millions |
|
|
Add : Forfeited Shares (37400
Equity Shares) |
|
Rs.0.187 Million |
|
|
Total |
|
Rs.48.265
Millions |
Reconciliation of
the number of shares
|
Equity Shares |
Number
of Shares |
|
Opening No. of Shares |
4807786 |
|
Closing No. of Shares |
4807786 |
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Bhagwandas T. Doshi |
463718 |
9.65% |
|
Usharani Nimmagadda |
470100 |
9.78% |
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 |
48.265 |
48.265 |
48.265 |
|
(b) Reserves & Surplus |
16.852 |
16.077 |
43.958 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
65.117 |
64.342 |
92.223 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
13.900 |
0.000 |
0.000 |
|
(b) Trade
payables |
44.827 |
31.467 |
26.915 |
|
(c) Other
current liabilities |
2.690 |
17.131 |
5.666 |
|
(d) Short-term
provisions |
3.849 |
3.578 |
0.000 |
|
Total Current
Liabilities (4) |
65.266 |
52.176 |
32.581 |
|
|
|
|
|
|
TOTAL |
130.383 |
116.518 |
124.804 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
31.156 |
32.390 |
29.056 |
|
(ii)
Intangible Assets |
0.000 |
0.392 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
2.573 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
2.794 |
3.242 |
3.452 |
|
(d) Long-term Loan and Advances |
3.139 |
3.135 |
2.602 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
37.089 |
39.159 |
37.683 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
53.988 |
47.841 |
54.599 |
|
(c) Trade
receivables |
32.690 |
20.139 |
22.837 |
|
(d) Cash
and cash equivalents |
2.013 |
3.856 |
2.568 |
|
(e)
Short-term loans and advances |
4.603 |
5.523 |
7.117 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
93.294 |
77.359 |
87.121 |
|
|
|
|
|
|
TOTAL |
130.383 |
116.518 |
124.804 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
253.175 |
221.372 |
240.493 |
|
|
|
Other Income |
0.871 |
1.005 |
0.782 |
|
|
|
TOTAL (A) |
254.046 |
222.377 |
241.275 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
119.990 |
71.988 |
86.588 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(3.784) |
2.276 |
(0.831) |
|
|
|
Employees benefits expense |
33.668 |
43.524 |
39.359 |
|
|
|
Other Expenses |
95.009 |
110.349 |
107.351 |
|
|
|
Exceptional Items |
0.000 |
11.840 |
0.000 |
|
|
|
TOTAL (B) |
244.883 |
239.977 |
232.467 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
9.163 |
(17.600) |
8.808 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.912 |
0.966 |
0.389 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
7.251 |
(18.566) |
8.419 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
5.950 |
8.827 |
7.316 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1.301 |
(27.393) |
1.103 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
0.526 |
0.489 |
0.384 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
0.775 |
(27.882) |
0.719 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
8.203 |
36.085 |
35.366 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
8.978 |
8.203 |
36.085 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
227.180 |
196.017 |
208.489 |
|
|
TOTAL EARNINGS |
227.180 |
196.017 |
208.489 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
115.679 |
70.116 |
93.160 |
|
|
|
Stores & Spares |
14.757 |
29.259 |
26.848 |
|
|
|
Capital Goods |
1.878 |
8.910 |
3.523 |
|
|
TOTAL IMPORTS |
132.314 |
108.285 |
123.531 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic and
Diluted (Before Exceptional Item) |
0.16 |
(3.34) |
0.15 |
|
|
|
Basic and
Diluted (After Exceptional Item) |
0.16 |
(5.80) |
0.15 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.31 |
(12.54) |
0.30 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.51 |
(12.37) |
0.46 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.02 |
(24.18) |
0.93 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02 |
(0.43) |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.21 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.43 |
1.48 |
2.67 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
48.265 |
48.265 |
48.265 |
|
Reserves & Surplus |
43.958 |
16.077 |
16.852 |
|
Net
worth |
92.223 |
64.342 |
65.117 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
13.900 |
|
Total
borrowings |
0.000 |
0.000 |
13.900 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.213 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales |
240.493 |
221.372 |
253.175 |
|
|
|
(7.951) |
14.366 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
240.493 |
221.372 |
253.175 |
|
Profit |
0.719 |
(27.882) |
0.775 |
|
|
0.30% |
(12.60%) |
0.31% |
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 |
Yes |
|
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 |
No |
|
24] |
Banking facility details |
No |
|
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 |
LITIGATION DETAILS:
|
Case Details |
|||||||
|
Bench:- Bombay |
|||||||
|
Lodging No. : |
ITXAL/556/2010 |
Failing Date:- |
03/03/2010 |
Reg. No.:- |
ITXA/2333/2010 |
Reg. Date:- |
20/03/2010 |
|
Petitioner:- |
THE COMMISSIONER OF INCOME TAX – 8 MUMBAI |
Respondent:- |
FIN LINE CIRCUITS LIMITED |
||||
|
Petn.Adv:- |
SURESH KUMAR (0) |
Resp. Adv.: |
|
||||
|
District:- |
MUMBAI |
||||||
|
Bench:- |
DIVISION |
Category:- |
TAX APPEALS |
||||
|
Status:- |
Admitted(Unready) |
Stage:- |
FOR ADMISSION - AFTER NOTICE (HIGH ON BOARD) |
||||
|
Last Date:- |
15/06/2011 |
||||||
|
Last Coram:- |
HON'BLE SHRI JUSTICE J.P. DEVADHAR |
||||||
|
|
HON'BLE SMT. JUSTICE R.P. SONDURBALDOTA |
||||||
|
|
|||||||
|
Act. : |
Income Tax Act,1961 |
Under Section:- 260A |
|||||
UNSECURED LOAN:
|
Particulars |
31.03.2013 Rs.
In Millions |
31.03.2012 Rs.
In Millions |
|
Long Term
Borrowings |
|
|
|
Loans from related parties |
13.900 |
0.000 |
|
Total |
13.900 |
0.000 |
PERFORMANCE AND
OPERATIONAL RESULTS
The Turnover was higher at Rs.253.173 Millions as against Rs.221.372 Millions in the previous year.
The Company continues to export its products to the G8 Nations. The Company has improved its product mix which has contributed to the profitability.
FINANCIAL
PERFORMANCE:
The Company
rationalized the products line considering the price levels to remain
competitive in the volatile Exchange Rate, Higher material and power continuous
scenario. The Company expects to improve on all these counts in the coming
year.
UNAUDITED FINANCIAL RESULTS FOR THE THREE QUARTER AND HALF YEAR ENDED 30TH SEPTEMBER 2013
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
Six Months Ended ( Unaudited) |
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
66.782 |
61.072 |
127.854 |
|
Total
income from Operations(net) |
66.782 |
61.072 |
127.854 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
25.544 |
27.199 |
52.743 |
|
b) Chemicals,
Consumables and Stores Consumed |
16.283 |
11.947 |
28.230 |
|
c) Purchase of stock in trade |
- |
0.000 |
- |
|
d) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(0.325) |
(0.008) |
(0.333) |
|
e) Employees benefit expenses |
9.159 |
8.488 |
17.647 |
|
f) Depreciation and amortization expenses |
1.309 |
1.239 |
2.548 |
|
g) Power and Fuel |
4.837 |
4.162 |
8.999 |
|
f) Other expenditure |
8.837 |
7.155 |
15.992 |
|
Total expenses |
65.643 |
60.181 |
125.826 |
|
3. Profit from operations before other income and
financial costs |
1.141 |
0.887 |
2.028 |
|
4. Other income |
0.042 |
0.081 |
0.123 |
|
5. Profit from ordinary activities before finance costs |
1.184 |
0.968 |
2.152 |
|
6. Finance costs |
0.518 |
0.531 |
1.049 |
|
7. Net profit/(loss) from ordinary activities after
finance costs but before exceptional items |
0.665 |
0.437 |
1.102 |
|
8. Exceptional item |
- |
- |
- |
|
9. Profit from ordinary activities before tax
Expense: |
0.665 |
0.437 |
1.102 |
|
10.Tax expenses |
0.157 |
0.103 |
260 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
0.508 |
0.334 |
0.842 |
|
12.Extraordinary Items (net of tax expense) |
- |
- |
- |
|
13.Net Profit / (Loss) for the period (11 -12) |
0.508 |
0.334 |
0.842 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
48.265 |
48.265 |
48.265 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
16.i) Earnings per share (before extraordinary
items) of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic and diluted |
0.11 |
0.07 |
0.18 |
|
ii) Earnings per share (after extraordinary items) |
|
|
|
|
(a) Basic and diluted |
0.11 |
0.07 |
0.18 |
|
Particulars |
Quarter Ended ( Unaudited) |
Six Months Ended ( Unaudited) |
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
3460002 |
3460002 |
3460002 |
|
- Percentage of shareholding |
71.97% |
71.97% |
71.97% |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
- |
- |
- |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
- |
- |
- |
|
Percentage of shares (as a % of total share capital of the
company) |
- |
- |
- |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
1347784 |
1347784 |
1347784 |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
28.03 |
28.03 |
28.03 |
|
Percentage of shares (as a % of total share capital of the
company) |
100.00% |
100.00% |
100.00% |
STANDALONE
STATEMENT OF ASSTES AND LIABILITIES AS ON 30.09.2013
Rs. In Millions
|
SOURCES OF FUNDS |
|
|
30.09.2013 Unaudited |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
48.265 |
|
(b) Reserves & Surplus |
|
|
17.695 |
|
Sub-total Shareholders’ |
|
|
65.960 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
|
|
0.000 |
|
|
|
|
|
|
(3)
Non-current liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
0.000 |
|
(b) Other
long-term liabilities |
|
|
0.000 |
|
Sub-total of
Non-Current liabilities |
|
|
0.000 |
|
|
|
|
|
|
(4)
Current liabilities |
|
|
|
|
(a) Short
term borrowings |
|
|
18.005 |
|
(b) Trade
payables |
|
|
24.813 |
|
(c) Other
current liabilities |
|
|
9.982 |
|
(d) Short-term
provisions |
|
|
4.449 |
|
Sub-total of Current liabilities |
|
|
57.249 |
|
|
|
|
|
|
TOTAL |
|
|
123.209 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
29.545 |
|
(b)
Non-Current investments |
|
|
0.000 |
|
(c) Deferred
tax assets (net) |
|
|
2.594 |
|
(d) Long
term loans and advances |
|
|
3.269 |
|
(e) Other
non-current assets |
|
|
0.000 |
|
Sub-total of
Non-Current Assets |
|
|
35.408 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
|
0.000 |
|
(b)
Inventories |
|
|
42.317 |
|
(c) Trade
receivables |
|
|
34.602 |
|
(d) Cash
and cash equivalents |
|
|
5.791 |
|
(e)
Short-term loans and advances |
|
|
5.091 |
|
(f) Other
current assets |
|
|
0.000 |
|
Sub-total of
Current Assets |
|
|
87.801 |
|
|
|
|
|
|
TOTAL |
|
|
123.209 |
Note:
- The
company has business in only one segment (i.e. Printed Circuit Boards).
- Information
on investor complaints for the quarter ended 30th September, 2013, pursuant
to amended clause 41 of the listing agreement.
|
Opening Number |
Additions |
Disposals |
Closing Numbers |
|
0 |
0 |
0 |
0 |
- The
above results were reviewed by the Audit Committee and approved by the Board
of Directors of the Company at their meeting held on 26th October, 2013.
- These
results for the quarter ended 30th September, 2013 were subjected to
"Limited Review" by the Statutory Auditors of the Company.
- The
Previous period's figures have been rearranged / regrouped to make them
comparable.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
90356496 |
09/08/2002 |
360,000.00 |
Sundaram Finance Limited |
No.21; Patullos Road, Chennai, Tamilnadu, India |
- |
|
2 |
90356495 |
29/06/2002 |
125,000.00 |
Sundaram Finance Limited |
No.21; Patullos Road, Chennai, Tamilnadu, India |
- |
|
3 |
90355543 |
29/04/2002 |
125,000.00 |
Sundaram Finance Limited |
No.21; Patullos Road, Chennai, Tamilnadu, India |
- |
FIXED ASSETS:
·
Land and Building
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipment
·
Computer
·
Vehicles
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.60.12 |
|
UK Pound |
1 |
Rs.100.74 |
|
Euro |
1 |
Rs.82.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
2 |
|
--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 |
|
26 |
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.