MIRA INFORM REPORT
|
Report Date : |
12.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
MODISON METALS LIMITED |
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Registered
Office : |
33, Nariman Bhavan, 227, Nariman Point, Mumbai-400021, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
13.04.1983 |
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Com. Reg. No.: |
11-029783 |
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Capital
Investment / Paid-up Capital : |
Rs.32.450
Millions |
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CIN No.: [Company Identification
No.] |
L51900MH1983PLC029783 |
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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
: |
Manufacturing of Electrical Contacts. |
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|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3500000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. The company sales turnover has declined resulting in to dip in profit
of the company during 2013. However, general financial position of the company seems to be sound
and healthy. Net worth of the company is fair. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 |
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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 Tern Bank Facilities = A- |
|
Rating Explanation |
Adequate degree of safety and low credit risk. |
|
Date |
30.01.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Rating = A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
30.01.2013 |
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 (91-22-22026437)
LOCATIONS
|
Registered Office : |
33, Nariman Bhavan, 227, Nariman Point, Mumbai-400021, |
|
Tel. No.: |
91-22-22026437 |
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Fax No.: |
91-22-22048009 |
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E-Mail : |
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Website : |
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Factory : |
Plot No. 85/A, B, D and E, Phase 1, Road E, Vapi-396195, |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Ranjan
Dasgupta |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. G. L. Modi |
|
Designation : |
Managing Director |
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|
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|
Name : |
Mr. Suresh Modi |
|
Designation : |
Director |
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|
Name : |
Mr. Rajkumar Modi |
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Designation : |
Wholetime Director |
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|
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|
Name : |
Mr. Kumar Jay Modi |
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Designation : |
Whole Time
Director [w.e.f. 01.04.2012] |
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|
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|
Name : |
Mr. B.B. Singh |
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Designation : |
Whole Time
Director |
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|
Name : |
Mr. R. A. Goenka |
|
Designation : |
Director |
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|
Name : |
Mr. Shravan Sharma |
|
Designation : |
Director |
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|
Name : |
Mr. Anil Lohia |
|
Designation : |
Director |
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|
Name : |
Mr. Satish Modi |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Rakesh S. Singh, w.e.f. 13.08.2012 |
|
Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2013
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
16608165 |
51.18 |
|
|
86918 |
0.27 |
|
|
16695083 |
51.45 |
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|
|
|
Total shareholding of Promoter and Promoter Group (A) |
16695083 |
51.45 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
50000 |
0.15 |
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|
50000 |
0.15 |
|
|
|
|
|
|
1483247 |
4.57 |
|
|
|
|
|
|
4400160 |
13.56 |
|
|
9637333 |
29.70 |
|
|
184177 |
0.57 |
|
|
184177 |
0.57 |
|
|
15704917 |
48.40 |
|
Total Public shareholding (B) |
15754917 |
48.55 |
|
Total (A)+(B) |
32450000 |
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) |
32450000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Electrical Contacts. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
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Banking
Relations : |
--- |
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Auditors : |
|
|
Name : |
M.L. Bhuwania and Company Chartered Accountant |
|
Address : |
F-11, 3rd Floor, Manek Mahal 90, Veer Nariman Road,
Churchgate, Mumbai – 400 020, Maharashtra, India |
|
|
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|
Enterprises over which
key management personnel and relative of such personnel have significant
influence |
|
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
32500000 |
Equity Shares |
Re.1/- each |
Rs. 32.500 Millions |
|
|
|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
32450000 |
Equity Shares |
Re.1/- each |
Rs. 32.450
Millions |
|
|
|
|
|
NOTES:
Terms/rights attached to equity shares
A) The company has only one class of equity shares having a par value of Re. 1 per share. 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.
(B) The amount of dividend per share of Re. 1.00 (Previous Year Re. 1.00) has been proposed to be distributed to equity shareholders for the year ended 31/03/2012. The total amount of dividend shall be Rs.37.714 Millions including dividend distribution tax Rs. 5.264 Millions (Previous Year Rs. 37.714 Millions including dividend distribution tax Rs.5.264 Millions).
(C) In the event
of liquidation of the company, the holders of equity shares will be
entitled to receive remaining assets of the company, after distribution of all
preferential amounts. The distribution will be in proportion to the number of
equity shares held by the shareholders.
Details of
sub-division of shares during the period of five years immediately preceding
the reporting date:
In the Financial
Year 2007-08, 32,45,000 Equity Shares of Rs.10 each fully paid were sub-divided
into 32,450,000 Equity Shares of Re.1 each fully paid up.
The details of shareholders holding more than 5% shares in the company:
|
Name of Shareholders |
As on 31.03.2013 |
|
|
|
No. of Shares |
% Held as |
|
G.L. Modi |
7158370 |
22.06 |
|
Rajkumar Modi |
6673210 |
20.56 |
|
Prakashchandra Modi |
4660488 |
14.36 |
|
Kumar Jay Modi |
1746000 |
5.38 |
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 |
32.450 |
32.450 |
32.450 |
|
(b) Reserves & Surplus |
852.231 |
825.267 |
703.915 |
|
(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) |
884.681 |
857.717 |
736.365 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
29.626 |
24.304 |
21.191 |
|
(b) Deferred tax liabilities (Net) |
76.850 |
64.669 |
63.003 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
4.151 |
3.702 |
3.215 |
|
Total Non-current
Liabilities (3) |
110.627 |
92.675 |
87.409 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
178.340 |
145.726 |
28.343 |
|
(b) Trade
payables |
30.069 |
27.841 |
16.226 |
|
(c) Other
current liabilities |
192.419 |
160.963 |
131.632 |
|
(d) Short-term
provisions |
40.388 |
39.237 |
47.942 |
|
Total Current
Liabilities (4) |
441.216 |
373.767 |
224.143 |
|
|
|
|
|
|
TOTAL |
1436.524 |
1324.159 |
1047.917 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i) Tangible
assets |
603.511 |
528.784 |
458.408 |
|
(ii)
Intangible Assets |
4.658 |
4.216 |
1.727 |
|
(iii)
Capital work-in-progress |
12.698 |
14.356 |
4.907 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
1.338 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
48.634 |
52.835 |
33.148 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
669.501 |
600.191 |
499.528 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
463.438 |
497.291 |
382.855 |
|
(c) Trade
receivables |
197.738 |
161.104 |
138.805 |
|
(d) Cash
and cash equivalents |
87.258 |
16.821 |
11.490 |
|
(e)
Short-term loans and advances |
16.627 |
47.763 |
14.342 |
|
(f) Other
current assets |
1.962 |
0.989 |
0.897 |
|
Total
Current Assets |
767.023 |
723.968 |
548.389 |
|
|
|
|
|
|
TOTAL |
1436.524 |
1324.159 |
1047.917 |
PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1591.078 |
1626.006 |
1269.148 |
|
|
|
Other Income |
6.716 |
6.313 |
3.047 |
|
|
|
TOTAL (A) |
1597.794 |
1632.319 |
1272.195 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1171.249 |
1193.191 |
888.703 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(6.886) |
(100.059) |
(103.441) |
|
|
|
Employees benefits expense |
83.082 |
67.443 |
61.845 |
|
|
|
TOTAL (B) |
1402.951 |
1316.072 |
977.308 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
194.843 |
316.247 |
294.887 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
31.570 |
26.935 |
11.844 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
163.273 |
289.312 |
283.043 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
60.458 |
52.631 |
46.137 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
102.815 |
236.681 |
236.906 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
37.215 |
76.837 |
78.540 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
65.600 |
159.844 |
158.366 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
707.046 |
600.901 |
496.089 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
6.700 |
15.985 |
15.84 |
|
|
|
Dividend |
32.450 |
32.45 |
32.45 |
|
|
|
Tax on Dividend |
5.515 |
5.264 |
5.264 |
|
|
BALANCE CARRIED
TO THE B/S |
727.981 |
707.046 |
600.901 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
277.664 |
264.102 |
190.225 |
|
|
|
Freight |
4.767 |
6.305 |
5.675 |
|
|
|
Insurances |
0.078 |
0.174 |
0.129 |
|
|
TOTAL EARNINGS |
282.509 |
270.581 |
196.029 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
198.132 |
152.591 |
98.983 |
|
|
|
Stores & Spares |
3.878 |
2.040 |
2.387 |
|
|
|
Capital Goods |
80.382 |
39.663 |
35.078 |
|
|
TOTAL IMPORTS |
282.392 |
194.294 |
136.448 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
2.02 |
4.93 |
4.88 |
|
|
|
Diluted |
2.02 |
4.93 |
4.88 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.11 |
9.79 |
12.45 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.46 |
14.56 |
18.67 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.22 |
18.07 |
22.74 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
0.28 |
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.24 |
0.20 |
0.07 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.74 |
1.94 |
2.45 |
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 |
32.450 |
32.450 |
32.450 |
|
Reserves & Surplus |
703.915 |
825.267 |
852.231 |
|
Net
worth |
736.365 |
857.717 |
884.681 |
|
|
|
|
|
|
long-term borrowings |
21.191 |
24.304 |
29.626 |
|
Short term borrowings |
28.343 |
145.726 |
178.340 |
|
Total
borrowings |
49.534 |
170.030 |
207.966 |
|
Debt/Equity
ratio |
0.067 |
0.198 |
0.235 |
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 |
1269.148 |
1626.006 |
1591.078 |
|
|
|
28.118 |
-2.148 |
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 |
1269.148 |
1626.006 |
1591.078 |
|
Profit |
158.366 |
159.844 |
65.600 |
|
|
12.48% |
9.83% |
4.12% |
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
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 |
OPERATIONS:
During the year, the Company has achieved the turnover of Rs.1597.794 Millions as compared to Rs. 1632.319 Millions during previous year. Turnover slightly reduced by 2.12% i.e. by Rs.34.525 Millions, Profit before tax reduced by Rs.133.866 Millions, and Net Profit after tax reduced by Rs.94.244 Millions.
Earnings per share for the year 2012-13 decreased to Rs. 2.02 from Rs. 4.93 in the previous year. Book value now stands at Rs. 27.13 per Equity Share of Re.1/- each.
EXPORTS:
The Exports during the year amounts to Rs. 277.664 Millions as against Rs. 264.102 Millions achieved in the previous year. The Company is focusing to improve its exports performance.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10418081 |
28/02/2013 |
387,400,000.00 |
BANK OF INDIA |
VAPI INDUSTRIAL ESTATE BRANCH, PLOT NO. CM/16 SILVASSA ROAD, GIDC, VAPI, GUJARAT - 396195, INDIA |
B72685381 |
|
2 |
10308248 |
03/09/2011 |
50,000,000.00 |
BANK OF INDIA |
MUMBAI MID CORPORATE, 70/80, M.G. ROAD, BANK OF |
B21535414 |
|
3 |
10122924 |
31/07/2008 |
35,000,000.00 |
BANK OF INDIA |
NARIMAN POINT BRANCH, AIR INDIA BUILDING, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A45318862 |
|
4 |
10052535 |
28/03/2007 |
41,500,000.00 |
BANK OF INDIA |
NARIMAN POINT BRANCH, AIR INDIA BUILDING, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A15265747 |
|
5 |
90240916 |
04/12/2013 * |
515,000,000.00 |
BANK OF INDIA |
MUMBAI MID CORPORATE, 70/80, M.G. ROAD, BANK OF |
B92276047 |
|
6 |
90240458 |
29/04/1999 * |
17,400,000.00 |
BANK OF INDIA |
NARIMAN POINT BRANCH, AIR INDIA BUILDING, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
7 |
90240249 |
29/04/1999 * |
6,000,000.00 |
GUJARAT INDSUTRIES INVESTMENT CORP. LTD. |
CHUNIBHAI CHAMBERSD, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, INDIA |
- |
|
8 |
90240151 |
29/04/1999 * |
10,000,000.00 |
GUJARAT INDSUTRIES INVESTMENT CORP. LTD. |
CHUNIBHAI CHAMBERSD, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, INDIA |
- |
|
9 |
90239984 |
29/04/1997 * |
5,600,000.00 |
GUJARAT INDSUTRIES INVESTMENT CORP. LTD. |
CHUNIBHAI CHAMBERS, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, INDIA |
- |
|
10 |
90239159 |
04/12/2013 * |
515,000,000.00 |
BANK OF INDIA |
MUMBAI MID CORPORATE, 70/80, M.G. ROAD, BANK OF |
B92273085 |
|
11 |
90239137 |
04/12/2013 * |
515,000,000.00 |
BANK OF INDIA |
MUMBAI MID CORPORATE, 70/80, M.G. ROAD, BANK OF |
B92273663 |
* Date of charge modification
FIXED ASSETS
- Office Premises
- Residential Building
- Plant and Machinery
- Furniture and Fixtures
- Vehicles
- Office Equipments
- Intangible Assets
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER AND NIN MONTH ENDED 31.12.2013
(Rs. in Millions )
|
Sr. No. |
Particular |
Quarter
Ended |
Nin Months Ended |
|
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
|
|
|
|
|
1. |
Net Sales/Income
from Operations |
428.109 |
433.821 |
1342.305 |
|
|
Other Operating
Income |
0.408 |
0.198 |
0.896 |
|
|
Total Income From Operations (Net) |
428.517 |
434.020 |
1343.201 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost
of materials consumed |
270.111 |
278.686 |
883.517 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
36.383 |
(1.182) |
62.506 |
|
|
Employee
benefits expenses |
22.345 |
22.537 |
67.503 |
|
|
Depreciation
and amortization expenses |
16.510 |
15.139 |
46.118 |
|
|
Other
expenses |
40.276 |
46.581 |
131.577 |
|
|
Total Expenses |
385.625 |
361.761 |
1191.221 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
42.892 |
72.258 |
151.980 |
|
|
|
|
|
|
|
4. |
Other
Income |
4.429 |
3.237 |
13.658 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
50.321 |
75.495 |
165.638 |
|
|
|
|
|
|
|
6. |
Interest |
7.317 |
7.385 |
22.291 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
43.004 |
68.110 |
143.347 |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
0.000 |
7.895 |
7.895 |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
43.004 |
76.005 |
151.242 |
|
|
|
|
|
|
|
10. |
Tax
Expense |
13.837 |
25.617 |
50.447 |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
29.167 |
50.389 |
100.795 |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
29.167 |
50.389 |
100.795 |
|
|
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Re.1/- Each) |
32.450 |
32.450 |
32.450 |
|
|
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
-- |
-- |
|
|
|
|
|
|
|
|
16. |
Basic and Diluted Earning Per
Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a) Basic
and diluted EPS before extraordinary items |
0.90 |
1.55 |
3.11 |
|
|
b)
Basic and diluted EPS after extraordinary items |
0.90 |
1.55 |
3.11 |
|
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
15754917 |
15784574 |
15754917 |
|
|
-
Percentage of Shareholding |
48.55 |
48.64 |
48.55 |
|
|
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
-- |
-- |
-- |
|
|
- Percentage
of Shares (as a % of the Total Shareholding of promoter and promoter group) |
-- |
-- |
-- |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
- Number
of Shares |
16695083 |
16665426 |
16695083 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and
Promoter Group) |
100.00 |
100.00 |
100.00 |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
51.45 |
51.36 |
51.45 |
|
Particulars |
3 Months ended on 31.12.2013 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
Nil |
|
Disposed of during the quarter |
Nil |
|
Remaining unresolved at the end of the
quarter |
Nil |
NOTES:
- The financial
result were reviewed by the Audit Committee and taken on record by the
Board of Directors at its meeting held on 27th January, 2014.
- The Statutory
Auditors have carried out limited review of the above result for the Quarter
ended 31st December, 2013.
- As the
company’s business activity falls within a single Primary Segment viz:
“Manufacturing of Electrical Contacts” the disclosure requirement of
Accounting Standard (As-17) “Segment Repotting” is not applicable.
- Exceptional
item represent surrender value received of Keyman Insurance Policy
- Figures of
previous period / year have been regrouped wherever considered.
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.60.27 |
|
|
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.83.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
HET |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
49 |
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.