MIRA
INFORM REPORT
|
Report Date : |
08.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
THE INDIAN HUME PIPE COMPANY LIMITED |
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|
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Registered
Office : |
Construction House, 2nd Floor, 5, Walchand
Hirachand Road, Ballard Estate, Fort, Mumbai – 400
001, Maharashtra |
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|
Country : |
India |
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|
Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
20.07.1926 |
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Com. Reg. No.: |
11-001255 |
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Capital Investment
/ Paid-up Capital : |
Rs. 48.447 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L51500MH1926PLC001255 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT00472D |
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|
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PAN No.: [Permanent Account No.] |
AAACT4063D |
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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
: |
Subject is engaged in providing Engineering, Procurement, Construction
and commissioning services in water supply, irrigation and sewerages-related
projects. |
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|
|
|
No. of Employees
: |
1220 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 9400000 |
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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 an established company having good track record. Fundamentals of the company is decent. Financial position of the
company is sound. Trade relations are reported to be fair. Business is active. Payment
terms are reported to be regular and as per commitment. The company can be considered normal for business dealing 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 – 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank facility (Fund Based) = A+ |
|
Rating Explanation |
Adequate degree of safety and low credit risk |
|
Date |
31.10.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank facility (Non Fund Based) = A1+ |
|
Rating Explanation |
Very strong of safety and lowest credit risk. |
|
Date |
31.10.2013 |
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 (91-22-22618091)
LOCATIONS
|
Registered Office / Head Office : |
Construction House, 2nd Floor, 5, Walchand Hirachand Road, Ballard Estate, Fort, Mumbai – 400 001, Maharashtra, India |
|
Tel. No.: |
91-22-22618091 / 92 / 40748181 |
|
Fax No.: |
91-22-22656863 |
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E-Mail : |
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Website : |
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Research and Development Division : |
B11, Arjun Centre, Plot No.231, B.S.D. Road,
Govandi (East), Mumbai – 400088, Maharashtra, India |
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Project/Marketing Office : |
Located At ·
Gaziabad ·
Jaipur ·
Kekri ·
Bhopal ·
Mumabi ·
Ahmednagar ·
Vedgaon ·
Miraj ·
Hyderabad · Yelhanka ·
Chennai |
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|
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|
Factory : |
Located At · Badarpur · Sikar · Lucknow · Kekri · Allahabad · Karari · Vatva · Petlad · Rajkot · Dule · Kanhan · Vadgaon · Karad · Miraj · Patancheru · Hyderabad · Chouruppal · Kovvur · Chillamathur · Yelhanka · Thanjavur · Srirangam |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Rajas R. Doshi |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Ajit Gulabchand |
|
Designation : |
Director |
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|
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|
Name : |
Ms. Jyoti R. Doshi |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Rajendra M. Gandhi |
|
Designation : |
Director |
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|
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|
Name : |
Mr. Rameshwar D. Sarda |
|
Designation : |
Director |
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|
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|
Name : |
Mr. N. Balakrishnan |
|
Designation : |
Director |
|
|
|
|
Name : |
Ms. Anima B. Kapadia |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vijay Kumar Jatia |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. P. D. Kelkar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Mayur R. Doshi |
|
Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. S. M. Mandke |
|
Designation : |
Company Secretary |
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|
|
|
Executives |
· Mr. P. R. Bhat : Sr. General Manager · Mr. Ajay Asthana : General Manager · Mr. G. Pundareekam : General Manager · Mr. Shashank J. Shah : General Manager · Mr. S. P. Makhija : General Manager · Mr. M. S. Rajadhyaksha : Controller of Accounts & Finance · Mr. B. S. Narkhade : Chief Internal Auditor · Mr. A. B. Joshi : Chief Personnel Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2014
|
Category of
Shareholder |
Total No. of
Shares |
% of Total No.
of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
534145 |
2.21 |
|
|
16403240 |
67.72 |
|
|
16937385 |
69.92 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
16937385 |
69.92 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
415 |
0.00 |
|
|
40490 |
0.17 |
|
|
777000 |
3.21 |
|
|
817905 |
3.38 |
|
|
|
|
|
|
1435794 |
5.93 |
|
|
|
|
|
|
4861058 |
20.07 |
|
|
126160 |
0.52 |
|
|
45283 |
0.19 |
|
|
45283 |
0.19 |
|
|
6468295 |
26.70 |
|
Total Public shareholding (B) |
7286200 |
30.08 |
|
Total (A)+(B) |
24223585 |
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) |
24223585 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in providing Engineering, Procurement, Construction
and commissioning services in water supply, irrigation and sewerages-related
projects. |
GENERAL INFORMATION
|
Customers : |
·
L&T ·
NCC ·
Tata Power ·
HCC ·
SEW ·
SPML ·
Pratibha |
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No. of Employees : |
1220 (Approximately) |
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Bankers : |
· State Bank of India · Bank of Baroda · State Bank of Hyderabad · HDFC Bank Limited ·
Corporation Bank |
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Facilities : |
(Rs. In Millions)
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Banking
Relations : |
--- |
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Auditors : |
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|
Name : |
K. S. Aiyar and Company Chartered Accountants |
|
Address : |
F-7, Laxmi Mills, Shakti Mills Lane, (Off. Dr. E. Moses Road), Mahalaxmi, Mumbai – 400 011, Maharashtra, India |
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|
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Solicitors : |
· Daphtary Ferreira and Divan ·
Udwadia, Udeshi and Argus |
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Ultimate Holding
Company: |
Ratanchand Investment Private Limited |
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Promoter Holding
Company (Holding 65.92% in Equity) : |
IHP Finvest Limited |
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|
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|
Companies in which
control exists directly/ indirectly: |
· Mobile Systems India Private Limited · Raj Jyoti Trading & Investment Private Limited |
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|
|
|
Other Related
Parties |
· Walchand Foundation · Ratanchand Foundation |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.2/- each |
Rs.100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
24223585 |
Equity Shares |
Rs.2/- each |
Rs.48.447 Millions |
|
|
|
|
|
Of the above:
(i) 1,93,47,285 equity shares fully paid-up have been issued as bonus shares by capitalisation of general reserves
(ii) 18,75,000 equity shares fully paid-up have been issued by part conversion of 13.5% debentures as per terms on 01-10-1993
(iii) 1,59,67,080 equity shares are held by holding company- IHP Finvest Limited
(iv) 4,36,160 equity shares are held by ultimate holding Company- Ratanchand Investment Private Limited
a) Reconciliation of number of shares:
There was no movement in the number and value of equity shares during the year
b) Terms / rights attached to shares:
The Company has only one class of shares referred to as equity shares having a par value of Rs.2/-. Each holder of equity shares is entitled to one vote per share.
The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
c) Details of shares held by shareholders holding more than 5% of aggregate shares in the Company.
|
Name of the
Shareholder |
No of Shares |
% held |
|
IHP Finvest Limited |
1,59,67,080 |
65.92 |
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 |
48.447 |
48.447 |
48.447 |
|
(b) Reserves & Surplus |
2322.165 |
2156.056 |
2053.126 |
|
(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) |
2370.612 |
2204.503 |
2101.573 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
7.219 |
|
(b) Deferred tax liabilities (Net) |
11.450 |
0.050 |
0.000 |
|
(c) Other long term liabilities |
230.858 |
247.735 |
125.114 |
|
(d) long-term provisions |
16.715 |
13.033 |
10.874 |
|
Total Non-current Liabilities (3) |
259.023 |
260.818 |
143.207 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1763.737 |
1485.104 |
1829.490 |
|
(b) Trade payables |
1483.784 |
1194.227 |
1388.020 |
|
(c) Other current
liabilities |
1550.888 |
1585.422 |
1176.226 |
|
(d) Short-term provisions |
94.433 |
90.395 |
101.234 |
|
Total Current Liabilities (4) |
4892.842 |
4355.148 |
4494.970 |
|
|
|
|
|
|
TOTAL |
7522.477 |
6820.469 |
6739.750 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
794.843 |
689.104 |
721.067 |
|
(ii) Intangible Assets |
3.483 |
2.020 |
0.001 |
|
(iii) Capital
work-in-progress |
7.680 |
47.473 |
0.943 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
17.812 |
15.199 |
14.100 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
11.880 |
|
(d) Long-term Loan and Advances |
84.365 |
69.506 |
78.758 |
|
(e) Other Non-current assets |
232.975 |
208.573 |
123.174 |
|
Total Non-Current Assets |
1141.158 |
1031.875 |
949.923 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
3152.787 |
2920.397 |
3281.514 |
|
(c) Trade receivables |
1631.578 |
1386.409 |
1022.424 |
|
(d) Cash and cash
equivalents |
212.244 |
266.449 |
388.596 |
|
(e) Short-term loans and
advances |
1381.959 |
1209.460 |
1095.085 |
|
(f) Other current assets |
2.751 |
5.879 |
2.208 |
|
Total Current Assets |
6381.319 |
5788.594 |
5789.827 |
|
|
|
|
|
|
TOTAL |
7522.477 |
6820.469 |
6739.750 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6957.906 |
5171.692 |
6485.290 |
|
|
|
Other Income |
52.020 |
85.555 |
22.278 |
|
|
|
TOTAL (A) |
7009.926 |
5257.247 |
6507.568 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
911.138 |
784.815 |
1227.446 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
22.992 |
(19.550) |
(8.453) |
|
|
|
Construction expenses |
4376.860 |
3089.386 |
3513.405 |
|
|
|
Employees benefits expense |
390.445 |
356.310 |
378.189 |
|
|
|
Manufacturing and other
expenses |
76.741 |
76.852 |
96.378 |
|
|
|
Excise duty and taxes |
303.794 |
301.389 |
368.330 |
|
|
|
Other expenses |
266.201 |
226.337 |
233.646 |
|
|
|
Extraordinary Items |
0.000 |
(88.458) |
(4.779) |
|
|
|
TOTAL (B) |
6348.171 |
4727.081 |
5804.162 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
661.755 |
530.166 |
703.406 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
253.668 |
236.801 |
205.893 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
408.087 |
293.365 |
497.513 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
73.993 |
69.435 |
73.962 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
334.094 |
223.930 |
423.551 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
105.636 |
64.694 |
143.856 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
228.458 |
159.236 |
279.695 |
|
|
|
|
|
|
|
|
|
|
Transfer from Debenture Redemption Reserve |
0.000 |
0.000 |
50.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1125.347 |
1052.417 |
879.028 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
100.000 |
30.000 |
100.000 |
|
|
|
Dividend |
53.292 |
48.447 |
48.447 |
|
|
|
Tax on Dividend |
9.057 |
7.859 |
7.859 |
|
|
BALANCE CARRIED
TO THE B/S |
1191.456 |
1125.347 |
1052.417 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
16.190 |
6.914 |
29.901 |
|
|
TOTAL IMPORTS |
16.190 |
6.914 |
29.901 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic and Diluted (including extraordinary items) |
9.43 |
6.57 |
11.55 |
|
|
|
Basic and Diluted (excluding extraordinary items) |
9.43 |
3.66 |
11.39 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
1611.200 |
1816.000 |
2422..900 |
|
Total Expenditure |
1463.100 |
1619.600 |
2212.000 |
|
PBIDT (Excl OI) |
148.100 |
196.400 |
210.900 |
|
Other Income |
6.200 |
4.700 |
03.600 |
|
Operating Profit |
154.300 |
201.200 |
214.500 |
|
Interest |
72.000 |
80.200 |
88.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
82.300 |
120.900 |
126.600 |
|
Depreciation |
18.000 |
18.500 |
19.600 |
|
Profit Before Tax |
64.400 |
102.400 |
107.000 |
|
Tax |
22.700 |
35.700 |
37.600 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
41.700 |
66.800 |
69.400 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
41.700 |
66.800 |
69.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.26 |
3.03 |
4.30 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.80 |
4.33 |
6.53 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.46 |
3.31 |
6.31 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.10 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.74 |
0.67 |
0.87 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.30 |
1.33 |
1.29 |
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 |
48.447 |
48.447 |
48.447 |
|
Reserves & Surplus |
2053.126 |
2156.056 |
2322.165 |
|
Net
worth |
2101.573 |
2204.503 |
2370.612 |
|
|
|
|
|
|
long-term borrowings |
7.219 |
0.000 |
0.000 |
|
Short term borrowings |
1829.490 |
1485.104 |
1763.737 |
|
Total
borrowings |
1836.709 |
1485.104 |
1763.737 |
|
Debt/Equity
ratio |
0.874 |
0.674 |
0.744 |
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 |
6485.290 |
5171.692 |
6957.906 |
|
|
|
-20.255 |
34.538 |
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 |
6485.290 |
5171.692 |
6957.906 |
|
Profit |
279.695 |
159.236 |
228.458 |
|
|
4.31% |
3.08% |
3.28% |
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 |
No |
|
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 |
Yes |
|
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 |
No |
|
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 |
|||||||
|
Bench:- Bombay |
|||||||
|
Lodging No. : |
ITXAL/1821/2013 |
Failing Date:- |
23/10/2013 |
Reg. No.:- |
ITXA/2431/2013 |
Reg. Date:- |
20/12/2013 |
|
|
|||||||
|
Petitioner:- |
THE COMMISSIONER OF INCOME TAX |
Respondent:- |
THE INDIAN HUME PIPE COMPANY LIMITED |
||||
|
Petn.Adv:- |
PADMA DIVAKAR (0) |
Resp. Adv.: |
SUDHAKAR G LAKHANI (0) |
||||
|
District:- |
MUMBAI |
||||||
|
|
|||||||
|
Bench:- |
DIVISION |
Category:- |
TAX APPEALS |
||||
|
Status:- |
Pre- Admitted |
Stage:- |
|
||||
|
Last Date:- |
07/04/2014 |
|
|||||
|
Last Coram:- |
ACCORDING TO SITTING LIST ACCORDING TO SITTING LIST |
||||||
|
|
|
||||||
|
Act. : |
Income Tax Act,1961 |
Under Section 260A |
|||||
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10476806 |
30/01/2014 * |
300,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER "E", CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B97139794 |
|
2 |
10457295 |
24/10/2013 * |
5,750,000,000.00 |
SBICAP TRUSTEE COMPANY LIMITED |
202, MAKER TOWER, "E", CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B90206392 |
|
3 |
10436978 |
01/07/2013 |
200,000,000.00 |
STATE BANK OF HYDERABAD |
265, SAHID BHAGAT SINGH ROAD, SANTNIWAS, OPP GPO, MUMBAI, MAHARASHTRA - 400001, INDIA |
B79681482 |
|
4 |
10144122 |
05/07/2012 * |
500,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, JUSTIC J. N. VAIDYA MARG, MUMBAI, MAHARASHTRA - 400023, INDIA |
B42813931 |
|
5 |
10137071 |
25/11/2008 |
802,500,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, JUSTIC J. N. VAIDYA MARG, MUMBAI, MAHARASHTRA - 400023, INDIA |
A54345343 |
|
6 |
10094316 |
11/03/2008 * |
2,050,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, JUSTIC J. N. VAIDYA MARG, MUMBAI, MAHARASHTRA - 400023, INDIA |
A35295294 |
* Date of charge modification
UNSECURED LOAN
(Rs. In Millions)
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
Short Term
Borrowings |
|
|
|
A) Short-term loans and advances from banks |
|
|
|
State Bank of Hyderabad |
0.000 |
200.000 |
|
Bank of Nova Scotia |
200.000 |
200.000 |
|
B) Fixed Deposits Fixed Deposits carry interest @ 8.50% p.a. to 10.75% p.a. having a maturity period of 3 years. |
0.000 |
7.219 |
|
Total |
200.000 |
407.219 |
PERFORMANCE REVIEW:
The Company’s operations of its various projects under execution continued to be profitable, with continued efforts to reduce costs and improve yield as also bettering the productivity levels.
During the year, the revenue from operations has grown by 34.54% to Rs.6957.906 Millions as compared to Rs.5171.692 Millions of the previous year. The profit after tax for the year at Rs.228.458 Millions was higher by 43.47% as compared to Rs.159.236 Millions of the previous year.
FINANCE:
During the year, liquidity position of the Company was maintained satisfactorily and optimum utilisation of financial resources was achieved. Increase in the business volume necessitated increased borrowings. Further slow release of funds in few projects by the Project Authorities against the completed portion of the work at times, created strains on cash flows to some extent. However the Company endeavoured to resort to the cheaper sources of finances to control borrowing cost. As a consequence thereof, the Company could manage to keep effective cost of borrowings under control.
The Company has been prompt in meeting the obligations towards its bankers and other trade creditors.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
INDUSTRY STRUCTURE
AND DEVELOPMENT:
They all know that water is a prime natural resource and a basic human need for survival and existence. Indeed water is fundamental to their life. In view of the vital importance of water for human, animal and plant life, for maintaining ecological balance and for economic and developmental activities of all kinds and considering its increasing scarcity, the planning and management of this resource and its optimal economical and equitable use has become a matter of national importance.
The Company has been in the business of manufacturing, laying and jointing of pipelines of various pipe materials such as RCC pipes, Steel pipes, Prestressed Concrete pipes, Penstock pipes, Bar Wrapped Steel Cylinder pipes (BWSC), Prestressed Concrete Cylinder pipes (PCCP) etc., which provide infrastructure facility and development for drinking water supply projects, irrigation projects, Hydro Electric Projects, Sanitation and Sewerage Systems. For over a decade as a part of nation building, the Company has also been undertaking infrastructure development programmes by way of executing on turnkey basis the combined water supply projects i.e. undertaking the complete job of water supply from source to distribution centers which apart from manufacturing, laying and jointing of pipelines included construction of intake wells, water sumps, water treatment plants, water pumping stations, installation of pumping machineries, electro-mechanical works, branch mains, ground level reservoirs, elevated reservoirs, leading to executions of complete systems for water supply to various towns and villages of India.
OUTLOOK:
During the last decade, Urban area limits are spreading wider and wider to peripheral areas, but at the same time, the basic amenities like Water Supply, Drainage, etc are not meeting the requirement of more and more urbanization. Apart from the above, most of the rural areas in India fall short of access to drinking water.
Government of India, State Governments and local bodies are making best efforts to supply safe drinking water. Hence number of water supply schemes are under anvil. Further to make cities and rural areas under more hygienic conditions, lot of sewerage disposals and drainage schemes are also coming up.
Considering the above factors, outlook for the Company in water supply, sewerage and drainage segments is encouraging and good.
BUSINESS SEGMENTS
The Company has considered “business segment” as the primary reporting segment for disclosure. The products included in each of the reported domestic business segments are as follows:
a. Construction contracts including water supply schemes, pipes supply and laying projects.
b. Others include Railway Sleepers, Air Rifles and Other Miscellaneous items.
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2013
(Rs. In Millions)
|
Particulars |
Quarter ended |
|
|
30.06.2013 |
||
|
Unaudited |
||
|
1 |
Income from Operations |
|
|
|
(a) Net sates/income from operations (Net
of excise duty) |
1606.535 |
|
|
(b) Other Operating Income |
4.648 |
|
|
Total income from operations (net) |
1611.183 |
|
2 |
Expenses |
|
|
|
(a) Cost of materials consumed |
317.790 |
|
|
(b) Changes in inventories of finished
goods. work-in-progress and stock in trade |
(9.961) |
|
|
(c) Construction expense |
921.449 |
|
|
(d) Other manufacturing expense |
28.074 |
|
|
(e) Works and office establishment expenses |
63.506 |
|
|
(f) Employee benefits expense |
97.770 |
|
|
(g) Depreciation and Anmortisation
Expenses |
17.974 |
|
|
(h) Other Expenses |
44.461 |
|
|
Total expenses |
1481.063 |
|
3 |
Profit/ (Loss) from operations before other
Income, finance costs and exceptional Items (1-2) |
130.120 |
|
4 |
Other Income |
6.203 |
|
5 |
Profit/ (Loss) from operations before other
income, finance costs and exceptional items (3+4) |
136.323 |
|
6 |
Finance Costs |
71.954 |
|
7 |
Profit/ (Loss) from ordinary activities
after finance cost but before exceptional items (5-6) |
64.369 |
|
8 |
Exceptional items |
0.000 |
|
9 |
Profit/ (Loss) from ordinary activities
before tax (7+8) |
64.369 |
|
10 |
Tax expenses |
22.700 |
|
11 |
Net Profit / (Loss) from ordinary
activities after tax (9-10) |
41.669 |
|
12 |
Extraordinary item (net of tax expense) |
0.000 |
|
13 |
Net Profit / (Loss) for the period (11-12) |
41.669 |
|
14 |
Share of profit' (loss) of associates |
0.000 |
|
15 |
Minority Interest |
0.000 |
|
16 |
Net Profit/ (Loss) after taxes, minority
interest and share of profit/(loss) of associates (13+14+15) |
41.669 |
|
17 |
Paid up equity share capital (Face Value of
Rs10/- each) |
48.447 |
|
18 |
Reserve excluding Revaluation Reserve as
per Balance Sheet of previous accounting year |
|
|
19.i |
Earnings per share of Rs.2/- each (not annualised): |
|
|
|
(a) Basic and Diluted EPS (In Rs.) before extraordinary Income |
1.72 |
|
|
(b) Basic and Diluted EPS (In Rs.) after extraordinary Income |
1.72 |
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
1 |
Public Shareholding |
|
|
|
- Number of shares |
7286200 |
|
|
- Percentage of shareholding |
30.08% |
|
2 |
Promoters and Promoter group shareholding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of shares |
Nil |
|
|
- Percentage of shares (as a % of the total
shareholding of Promoter & Promoter group) |
Nil |
|
|
- Percentage of shares (as a % of the total
Share Capital of the Company) |
Nil |
|
|
b) Non Encumbered |
|
|
|
- Number of shares |
16937385 |
|
|
- Percentage of shares (as a % of the total
shareholding of Promoter & Promoter group) |
100.00% |
|
|
- Percentage of shares (as a % of the total
Share Capital of the Company) |
69.92% |
|
|
|
|
|
B |
INVESTOR
COMPLAINTS |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
1 |
|
|
Disposed off during the quarter |
1 |
|
|
Remaining unresolved at the end of the
quarter |
Nil |
SEGMENTWISE REVENUE,
RESULTS AND CAPITAL EMPLOYED FOR THE QUARTER ENDED 30TH JUNE, 2013.
(Rs. In Millions)
|
Particulars |
Quarter ended |
|
|
30.06.2013 |
||
|
Unaudited |
||
|
1 |
Segment Revenue |
|
|
|
a. Construction contracts of Water supply schemes, pipe supply & laying projects |
1589.049 |
|
|
b Others |
17.486 |
|
|
Total |
1606.535 |
|
|
Less: Inter-Segment revenue |
0.000 |
|
|
Net Sales I
Income from Operations |
1606.535 |
|
|
|
|
|
2 |
Segment Results
Profit I (Loss) (before tax, finance cost and exceptional items) from Segment |
|
|
|
a. Construction contracts of Water supply schemes, pipe supply & laying projects |
180.487 |
|
|
b Others |
0.546 |
|
|
c Extraordinary Items |
0.000 |
|
|
Total |
181.033 |
|
|
Less: |
|
|
|
i) Finance costs |
71.954 |
|
|
Less/Add Excess of Unallocable
Expenditure over Unallocable (Income) |
44.710 |
|
|
Total Profit(Loss)
before Tax |
64.369 |
|
|
|
|
|
3 |
Segment Capital
employed |
|
|
|
a. Construction contracts of Water supply schemes, pipe supply & laying projects |
4677.526 |
|
|
b Others |
50.982 |
|
|
Unallocated |
(2316.227) |
|
|
Total Segment Capital
Employed |
2412.281 |
NOTES
1 The above results were reviewed by the Audit Committee and approved by the Board of Directors at their meeting held on 25th July, 2013.
2 The Statutory Auditors of the Company have carried out a limited review of the financial results for the quarter ended 30th June, 2013.
3 The figures for the quarter ended 31st March, 2013 are the balancing figures between the Audited figures in respect of the full financial year and the year to date figures upto the third quarter ended 31st December 2012 which were subjected to Limited Reviewe by the Statutory Auditors.
4 The balance value of the work as on date is Rs.15420.000 Millions as against Rs.13890.000 Millions in the corresponding period of the previous year.
5 Previous period / year figures have been regrouped/rearranged wherever necessary, to conform to the current period classification.
FIXED ASSETS
· Buildings
· Plant, Machinery and Equipment
· Furniture and Fixtures
· Vehicles
· Office Equipment
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for
violating money-laundering, anti-corruption or bribery or international
economic or anti-terrorism sanction laws or whose assets were seized, blocked,
frozen or ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.95 |
|
|
1 |
Rs.99.36 |
|
Euro |
1 |
Rs.82.15 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
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.