MIRA INFORM REPORT
|
Report Date : |
16.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
BIRLA PRECISION TECHNOLOGIES LIMITED (w.e.f. 04.01.2008) |
|
|
|
|
Formerly Known
As : |
BIRLA KENNAMETAL LIMITED |
|
|
|
|
Registered
Office : |
B-15/4, MIDC Industrial Area, Waluj, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
13.10.1986 |
|
|
|
|
Com. Reg. No.: |
11-041214 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.105.304 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29220MH1986PLC041214 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
NSKB01779B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACB2046A |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter of Industrial
Engineering Goods, Machine Tools. |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 5100000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. There is a dip in sales and profit of the company in the year 2013.
However, liquidity position of the company is decent. Trade relations are reported to be fair. Business is active. Payments
are reported to be usually correct. The company can be considered 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.
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects positive
impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of 4.9
%, Fitch Rating said. The global rating agency expects the economy to pick up
in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
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
Management Non Co-operative (91-240-2554300)
LOCATIONS
|
Registered Office : |
B-15/4, MIDC Industrial Area, Waluj, Aurangabad – 431133, Maharashtra,
India |
|
Tel. No.: |
91-240-2554300/2554301/2554945 |
|
Fax No.: |
91-240-2554302 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Plant Location : |
Tool Holder
Division: B- 15/4, M.I.D.C., Waluj, Aurangabad -431133, Maharashtra, India Tool Division: B-l5/3/l,
M.I.D.C.,Waluj, Aurangabad- 431133, Maharashtra, India 62/63, M.I.D.C., Satpur, Nashik - 422007, Maharashtra, India Foundry Division
: B-l5/3/2,
M.I.D.C.,Waluj, Aurangabad- 431133, Maharashtra, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr.
Yashovardhan Birla |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. M.S. Arora |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. PVR.
Murthy |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Shailesh
Sheth |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. M.S. Adige |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr.
Augustine Kurias |
|
Designation : |
Director |
|
|
|
|
Name : |
Smt.
Avanti Birla |
|
Designation : |
Additional
Director |
KEY EXECUTIVES
|
Name : |
Ms.
Lovelina Cecil Faroz |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of Shareholders |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
432283 |
0.82 |
|
|
25380478 |
48.20 |
|
|
25812761 |
49.03 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
25812761 |
49.03 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1222 |
0.00 |
|
|
56741 |
0.11 |
|
|
2400 |
0.00 |
|
|
60363 |
0.11 |
|
|
|
|
|
|
10247303 |
19.46 |
|
|
|
|
|
|
9669002 |
18.36 |
|
|
5327464 |
10.12 |
|
|
1534863 |
2.92 |
|
|
863 |
0.00 |
|
|
1407942 |
2.67 |
|
|
126058 |
0.24 |
|
|
26778632 |
50.86 |
|
Total Public shareholding (B) |
26838995 |
50.97 |
|
Total (A)+(B) |
52651756 |
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) |
52651756 |
0.00 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Category of Shareholders |
No. of Shares |
Percentage
of Holding |
|
Shearson Investment and Trading Co Private Limited |
66,79,822 |
12.69 |
|
Vedant Consultancy Private Limited |
46,07,663 |
8.75 |
|
Shearson Investment and Trading Private Limited |
38,39,467 |
7.29 |
|
Nirved Traders Private Limited |
32,55,000 |
6.18 |
|
Nirved Traders Private Limited |
27,13,329 |
5.15 |
|
Birla International Private Limited |
24,00,000 |
4.56 |
|
Godavari Corporation Private Limited |
9,72,033 |
1.85 |
|
Khopoli Investments Limited |
5,00,000 |
0.95 |
|
Yashovardhan Birla |
3,15,542 |
0.60 |
|
Birla Bombay Private Limited |
3,14,105 |
0.60 |
|
Asian Distributors Private Limited |
98,828 |
0.19 |
|
Umrao Singh Sethia |
52,500 |
0.10 |
|
Yash Society |
25,056 |
0.05 |
|
Yashovardhan Birla |
21,875 |
0.04 |
|
Matri Seva Sadan Charity Trust |
10,617 |
0.02 |
|
Birla Industries Group Charity Trust |
5,475 |
0.01 |
|
Birla Industries Group Charity Trust |
472 |
0.00 |
|
G L Lath |
438 |
0.00 |
|
Birla Shloka Edutech Limited |
231 |
0.00 |
|
Girdharilal Lath |
44 |
0.00 |
|
Parmanand Sarawgi |
44 |
0.00 |
|
Laxmi Ratan Daga |
44 |
0.00 |
|
Yashovardhan Birla |
44 |
0.00 |
|
Umrao Singh Sethia |
44 |
0.00 |
|
Avanti Birla |
44 |
0.00 |
|
Ran Vijay Singh |
44 |
0.00 |
|
Total |
2,58,12,761 |
49.03 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number of shares
|
Category of Shareholders |
No. of Shares |
Percentage
of Holding |
|
VSS Metals Private Limited |
1422796 |
2.70 |
|
Focus Shares and Securities Private Limited |
1500000 |
2.85 |
|
Alchemist Capital Limited |
1307949 |
2.48 |
|
Patton International Limited |
1086680 |
2.06 |
|
Siddhartha Suresh Khatwani |
1061426 |
2.02 |
|
Sunil Talwar |
881545 |
1.67 |
|
Dhanlaxmi Cotex Limited |
553977 |
1.05 |
|
Total |
7814373 |
14.84 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter of Industrial
Engineering Goods, Machine Tools. |
||||||||
|
|
|
||||||||
|
Product: |
|
PRODUCTION STATUS As on 31.03.2011
|
Particulars |
Installed
Capacity |
|
Drills |
19067000 |
|
Reamers |
175600 |
|
Taps |
580000 |
|
Cutters |
126400 |
|
Tool
Bits |
422300 |
|
Machine
Tool Accessories |
477600 |
|
Precision
Components |
200000 |
|
|
|
|
Total |
21048900 |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
·
ICICI
Bank ·
Bank
of Maharashtra ·
Bank
of Baroda ·
Oriental
Bank of Commerce |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
NOTES: LONG TERM
BORROWINGS a)
Rupee Term Loan of Rs.31.675 s (Previous
Year Rs.474.86 Millions) first charge by way of hypothecation of company’s
entire stocks of raw materials, semi-finished and finished goods, consumable
stores and spares and such other movables including book-debts, bills whether
documentary or clean, outstanding monies, receivables, both present and
future, ranking pari-passu with existing bankers. Exclusive First charge by
way of hypothecation of all Plant and Machinery and other movable fixed
assets of the company to be funded of the term loan from the bank. Interest
rate is linked to Banks’ Prime Lending Rate / Base Rate plus margin is
repayable in twenty quarterly installments starting from June 2010 and ending
in March, 2015. b)
Foreign Currency Term Loan of Rs. Nil
(Previous Year Rs.32.666 Millions) first charge created by mortgage of entire
movable fixed assets both present and future and the immovable properties
situated at Plot No. B - 15/4, MIDC, Waluj Industrial Area, within village
limitof Kamlapur , Taluka Gangapur District, Aurangabad , Maharashtra shall
rank pari-passu charge. Interest rate is linked to LIBOR plus margin and is
repayable in sixteen quarterly installments starting from September 2009 and
fully repaid in December 2012. c)
The Car Loan of Rs.2.231 Millions
(Previous Year Rs.4.369 Millions) is secured by hypothecation of the car.
Interest is payable @ 12.15% p.a. and is repayable in sixty monthly
installments starting from March, 2009 and ending in February 2014. d)
The Car Loan of Rs.5.794 Millions (Previous
Year Rs.5.443 Millions) is secured by hypothecation of the car. Interest is
payable @ 8.74% & 10.50% p.a. and is repayable in thirty six and sixty
monthly installments starting from March, 2011 and July 2012 and ending in
February 2014 and June 2017. e)
The Car Loan of Rs.0.525 Millions
(Previous Year Rs. Nil) is secured by hypothecation of the car. Interest is
payable @ 11.58% p.a. and is repayable in thirty six monthly installments
starting from September 2012 and ending in August 2015. SHORT TERM
BORROWINGS Security
and Salient Terms: a)
Foreign currency loan of Rs.171.108
Millions (Previous Year Rs.153.730 Millions) first charge by way of
hypothecation of company’s entire stocks of raw materials, semi-finished and
finished goods, consumable stores and spares and such other movables
including book-debts, bills whether documentary or clean, outstanding monies,
receivables, both present and future, ranking pari-passu with existing
bankers. Exclusive First charge by way of hypothecation of all Plant and
Machinery and other movable fixed assets of the company to be funded from the
term loan from the Bank. b)
Rupee loan of Rs. Nil (Previous Year
Rs.70594 Millions) first charge by way of hypothecation of company’s entire
stocks of raw materials, semi-finished and finished goods, consumable stores
and spares and such other movables including book-debts, bills whether
documentary or clean, outstanding monies, receivables, both present and
future, ranking pari-passu with existing bankers. Exclusive First charge by
way of hypothecation of all Plant and Machinery and other movable fixed
assets of the company to be funded from the term loan from the Bank. c)
Rupee loans of Rs.125.362 Millions
net (Rs.126.936 Millions less Rs.1.574 Millions), (Previous Year Rs.83.818 Millions)
first charge by way of hypothecation of company’s entire current assets on
pari passu basis with other working capital bankers and second pari passu
charge over the entire fixed assets of the Company to be shared with other
working capital bankers. d)
The rates of interest for foreign
currency loan ranges from 7.04% p.a. to 7.90% p.a. and 12% p.a. to 19% p.a.
for rupee loans. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Thakur, Vaidyanath Aiyar and Company Chartered Accountants |
|
Address : |
11-B, Vatsa House, (RPI House), Janmabhoomi Marg, Fort, Mumbai –
400001, Maharashtra, India |
|
|
|
|
Enterprises owned or significantly influenced by Key Management
personnel or their relatives: |
·
Ashok Birla Apollo Hospital Private
Limited ·
Asian Distributors Private Limited ·
Birla Aircon Infrastructure Private
Limited ·
Birla Art Lifestyle Private Limited ·
Birla Bombay Private Limited ·
Birla Capital and Financial Services
Limited ·
Birla Concepts (India) Limited ·
Birla Cotsyn (India) Limited ·
Birla Edutech Limited ·
Birla Electricals Limited ·
Birla Energy Infra Limited ·
Birla Global Corporate Private
Limited ·
Birla Industries Group Charity Trust ·
Birla Infrastructure Limited ·
Birla Integrated Textile park Limited
·
Birla International Private Limited ·
Birla Kerala Vaidyashala Private
Limited ·
Birla Lifestyle Private Limited ·
Birla Pacific Medspa Limited ·
Birla Power Solutions Limited ·
Birla Research and Lifesciences
Limited ·
Birla Retail & Distributors
Private Limited ·
Birla Shloka Edutech Limited ·
Birla Surya Limited ·
Birla Terrajoule Private Limited ·
Birla Transasia Carpets Limited ·
Birla Urja Limited ·
Birla Viking Travels Limited ·
Birla Wellness and Healthcare Private
Limited ·
Godavari Corporation Private Limited ·
Khopoli Investments Limited ·
Lakshmi Properties Limited ·
Melstar Information Technologies
Limited ·
Nirved Traders Private Limited ·
Shearson Investments and Trading
Company Private Limited ·
Vedant Consultancy Private Limited ·
Vijay Puranjay Minerals Private
Limited ·
Zenith Birla (India) Limited ·
Zenith Dyeintermediated Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
600000000 |
Equity Shares |
Rs.2/- each |
Rs.1200.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
52651756 |
Equity Shares |
Rs.2/- each |
Rs.105.304 Millions |
|
|
|
|
|
a. 3,66,51,756 Equity Shares issued, subscribed and fully paid up share
capital were allotted in the last five years pursuant to the scheme of merger
and amalgamation without payment being received in cash (1,60,27,996).
b.
The reconciliation
of the number of shares outstanding is set out below:
|
Equity Shares |
Number
of Shares |
Rs. In Millions |
|
At the beginning of the year |
32027996 |
64.056 |
|
Issued during the year |
20623760 |
41.248 |
|
Outstanding at
the end of the year |
52651756 |
105.304 |
The Company has only
one class of equity shares having a par value of Rs.2/- Each holder of equity
shares is entitled to one vote per share.
The Company
declares and pay dividend if any, in Indian rupees. The dividend proposed if
any, by the Board of Directors is subject to the approval of the shareholders
in the ensuing Annual General Meeting.
In the event of
liquidation of the company, the holders of equity shares will be entitled to
receive any of the 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.
c.
The details of Shareholders holding more than 5%
shares:
|
Name of Shareholder |
Number
of Shares |
% holding |
|
Equity shares of Rs.2/- each fully paid |
|
|
|
Shearson
Investment and Trading Company Private Limited |
11569290 |
21.97 |
|
Nirved Traders Private Limited |
6388329 |
12.13 |
|
Vedant Consultancy Private Limited |
4607663 |
8.75 |
As per of the company,
including its register of shareholders / members and other declarations
received from shareholders regarding beneficial interest, the above
shareholding represents both legal and beneficial ownerships of shares.
d. As per the
approved Scheme of Amalgamation total of 2,06,23,760 equity shares of Rs.2/-
each were allotted on 20th July 2012 to the shareholders of Birla AccuCast
Limited and Birla Machining and Toolings Limited.
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 |
105.304 |
64.056 |
64.056 |
|
(b) Share Suspense |
0.000 |
41.248 |
0.000 |
|
(b) Reserves & Surplus |
1,173.986 |
1,071.866 |
701.778 |
|
(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) |
1,279.290 |
1,177.170 |
765.834 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
76.336 |
103.069 |
84.808 |
|
(b) Deferred tax liabilities (Net) |
25.913 |
30.250 |
19.334 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
14.637 |
13.545 |
9.418 |
|
Total Non-current
Liabilities (3) |
116.886 |
146.864 |
113.560 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
382.401 |
360.080 |
158.495 |
|
(b) Trade
payables |
289.194 |
276.380 |
82.867 |
|
(c) Other
current liabilities |
180.652 |
174.073 |
187.405 |
|
(d) Short-term
provisions |
100.255 |
150.076 |
98.249 |
|
Total Current
Liabilities (4) |
952.502 |
960.609 |
527.016 |
|
|
|
|
|
|
TOTAL |
2,348.678 |
2,284.643 |
1,406.410 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
542.278 |
522.667 |
372.308 |
|
(ii)
Intangible Assets |
1.353 |
2.101 |
5.975 |
|
(iii) Capital
work-in-progress |
3.144 |
36.551 |
4.974 |
|
(iv)
Intangible assets under development |
0.000 |
0.455 |
0.000 |
|
(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 |
67.723 |
60.922 |
15.376 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
614.498 |
622.696 |
398.633 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
392.205 |
399.660 |
358.785 |
|
(c) Trade
receivables |
645.949 |
458.085 |
346.581 |
|
(d) Cash
and cash equivalents |
91.452 |
172.442 |
145.991 |
|
(e)
Short-term loans and advances |
529.776 |
589.075 |
149.756 |
|
(f) Other
current assets |
74.798 |
42.685 |
6.664 |
|
Total
Current Assets |
1,734.180 |
1,661.947 |
1,007.777 |
|
|
|
|
|
|
TOTAL |
2,348.678 |
2,284.643 |
1,406.410 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1,671.423 |
1,934.286 |
1,113.556 |
|
|
|
Other Income |
60.963 |
87.073 |
22.137 |
|
|
|
TOTAL (A) |
1,732.386 |
2,021.359 |
1,135.693 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
663.917 |
737.339 |
330.076 |
|
|
|
Purchase of Stock-in-trade |
18.953 |
25.023 |
20.938 |
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
(49.988) |
(11.689) |
7.827 |
|
|
|
Employee Benefits Expenses |
315.303 |
303.301 |
213.378 |
|
|
|
Other Expenses |
521.063 |
604.333 |
322.384 |
|
|
|
TOTAL (B) |
1,469.248 |
1,658.307 |
894.603 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
263.138 |
363.052 |
241.090 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
84.657 |
78.515 |
31.488 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
178.481 |
284.537 |
209.602 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
86.330 |
87.964 |
57.405 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
92.151 |
196.573 |
152.197 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(9.969) |
76.042 |
86.279 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
102.120 |
120.531 |
65.918 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
542.659 |
419.887 |
353.969 |
|
|
|
|
|
|
|
|
|
Add |
NET
SURPLUS FOR THE YEAR ENDED 31ST MARCH, 2011 |
0.000 |
2.241 |
0.000 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
644.779 |
542.659 |
419.887 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
225.600 |
223.649 |
222.418 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
78.367 |
47.943 |
8.151 |
|
|
|
Stores & Spares |
2.944 |
6.244 |
5.697 |
|
|
|
Capital Goods |
8.657 |
38.962 |
0.000 |
|
|
TOTAL IMPORTS |
89.968 |
93.149 |
13.848 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.94 |
3.76 |
2.06 |
|
QUARTERLY RESULTS
|
Particulars |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
31.12.2013 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net sales |
348.600 |
441.900 |
352.500 |
|
Total Expenditure |
295.900 |
387.000 |
319.000 |
|
PBIDT (Excluding Other Income) |
52.700 |
54.900 |
33.500 |
|
Other income |
9.500 |
9.600 |
13.300 |
|
Operating Profit |
62.200 |
64.600 |
46.900 |
|
Interest |
16.600 |
21.700 |
18.800 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
45.500 |
42.900 |
28.000 |
|
Depreciation |
22.600 |
22.100 |
22.100 |
|
Profit Before Tax |
23.000 |
20.700 |
6.000 |
|
Tax |
08.500 |
7.900 |
3.200 |
|
Profit after tax |
14.500 |
12.800 |
2.800 |
|
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 |
14.500 |
12.800 |
2.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
5.89 |
5.96 |
5.80 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.51 |
10.16 |
13.67 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.93 |
8.75 |
10.86 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.07 |
0.17 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.36 |
0.39 |
0.32 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.82 |
1.73 |
1.91 |
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 |
64.056 |
64.056 |
105.304 |
|
Reserves & Surplus |
701.778 |
1071.866 |
1173.986 |
|
Share Suspense |
0.000 |
41.248 |
0.000 |
|
Net
worth |
765.834 |
1177.170 |
1279.290 |
|
|
|
|
|
|
long-term borrowings |
84.808 |
103.069 |
76.336 |
|
Short term borrowings |
158.495 |
360.080 |
382.401 |
|
Total
borrowings |
243.303 |
463.149 |
458.737 |
|
Debt/Equity
ratio |
0.318 |
0.393 |
0.359 |
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 |
1,113.556 |
1,934.286 |
1,671.423 |
|
|
|
73.704 |
(13.590) |
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
|
1,113.556 |
1,934.286 |
1,671.423 |
|
Profit |
65.918 |
120.531 |
102.120 |
|
|
5.92% |
6.23% |
6.11% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITY
OF LONG TERM DEBT:
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current maturity of long term debt |
23.167 |
47.888 |
41.583 |
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
No |
PERFORMANCE
REVIEW:
The Sales and
Other Income of the Company for the financial year 2012-13 stood at Rs.1732.386
Millions as against last year’s Rs.2021.359 Millions. The Profit before tax is
reduced to Rs.92.151 Millions as against Rs.196.573 Millions of last year.
Profit after tax stood at Rs.102.120 Millions as against Rs.120.531 Millions of
last year.
MANAGEMENT
DISCUSSION & ANALYSIS REPORT:
GLOBAL ECONOMY
The global
economic environment continues deterioration in the second half of 2012 with
concerns over fiscal sustainability in Europe. Overall global economy grew
sluggish last year. Hardening credit constraints and risk aversion have
transferred financial sector difficulties to the real economy. For developing
countries in general, with higher funding costs, sharply weakened capital
flows. Global economic conditions still showing great uncertainty as to how markets
will evolve over the medium term.
INDIAN ECONOMY
The Indian economy
continued it’s slowing down in F.Y. 2012-13. The slowdown in GDP growth
witnessed over the last two quarters is likely to extend into the coming fiscal
year because of the weakness in investment. In FY 2011-12 and FY 2012-13, GDP
growth forecast was to reach around 7-7.5 percent and 6.5 percent respectively,
significant slowdown from the 9-10 percent growth. The slowdown is partly
caused by structural problems (power projects facing delays due to the lack of
coal and gas feedstock, mining and the telecom sectors hit by corruption
scandals, unavailability of land and infrastructure). Tighter macroeconomic
policies, slow growth in the core OECD (Organization for Economic Co-operation
& Development) countries and worries about another global recession, and
the base effect of high growth in FY 2010-11 in agriculture also weigh down on
growth.
INDUSTRY STRUCTURE
& OPPORTUNITIES
The Company is
engaged in the business of manufacturing of wide range of precision cutting
tools like Masonry Drills, TSTD, Taps , Reamers, AT3 Class tool holders, HSK
tooling, Expanding Mandrels, Shell Molded Castings and Shells Molded Machined
Casting besides advanced products like hydro grip and shrink fit CNC tooling.
These products are mainly used by automobile and engineering sectors.
The future of
Cutting Tools, Castings and Tool Holder industry largely depends on the growth
of commercial automobile and general engineering sector. As India is emerging
as one of the key auto and engineering centers in the world, the demand for
Cutting Tools and Tool Holders will increase.
SEGMENT WISE OR
PRODUCT WISE PERFORMANCE
The Company has
identified two business segments in line with accounting segments on segment reporting.
These are Tools and precision components and Casting and Machining. The segment
wise performance in detail is given in the notes to the accounts.
INTERNAL CONTROL
SYSTEMS AND THEIR ADEQUACY
The Company has
placed considerable emphasis and efforts on internal control systems. The
internal control system ensures optimum use of the resources and its
protection. The Company has an internal audit system, which carries out
independent periodic reviews. The prime objective of such audit is to evaluate
the functioning and quality of internal controls and provide assurance of its
adequacy and effectiveness. The scope of internal audit covers a wide variety
of operational and financial matters and includes a follow-up review of
corrective actions agreed for implementation.
The adequacy of
the internal control system as well as the internal audit report is reviewed by
the audit committee of the Board of Directors. The adequacy of the internal
control system has also been reported by the statutory auditors of the Company
in their report as required under the Manufacturing and Other Companies
(Auditors Report) Order, 2003.
UNSECURED LOAN:
|
Particulars |
31.03.2013 Rs.
In Millions |
31.03.2012 Rs.
In Millions |
|
Long Term
Borrowings |
|
|
|
Sales Tax Deferred Payment Loan (Refer note (f) below) |
57.668 |
59.938 |
|
|
|
|
|
Short Term
Borrowings |
|
|
|
From
Bodies Corporates |
73.331 |
114.938 |
|
From Others |
12.600 |
0.000 |
|
|
|
|
|
Total |
143.599 |
174.876 |
NOTES:
LONG TERM BORROWINGS
f)
Sales Tax deferred payment loan of
Rs.1.123 Millions (Previous Year Rs.1.948 Millions) is interest free and
payable in thirteen yearly installments starting from May 2003 and ending in
May 2015. Sales Tax deferred payment loan of Rs.58.155 Millions (Previous Year
Rs.59.045 Millions) is interest free and installments schedule is not yet
received from the department.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10389844 |
06/11/2012 |
200,000,000.00 |
HDFC
BANK LIMITED |
HDFC
BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013,
INDIA |
B63276182 |
|
2 |
10390600 |
12/10/2012 |
2,503,000,000.00 |
STATE
BANK OFINDIA |
INDUSTRIAL
FINANCE BRANCH, WORLD TRADE CENTRE, CUFFE PARADE, MUMBAI, MAHARASHTRA -
400005, INDIA |
B63585830 |
|
3 |
10306550 |
16/08/2011 |
195,000,000.00 |
ICICI
BANK LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B20661278 |
|
4 |
10299755 |
19/07/2011 |
260,000,000.00 |
ICICI
BANK LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B17906058 |
|
5 |
10299760 |
20/09/2011
* |
45,000,000.00 |
ICICI
BANK LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B20906707 |
|
6 |
10131023 |
06/10/2008 |
37,000,000.00 |
3I
INFOTECH TRUSTEESHIP SERVICES LIMITED |
3RD
TO 6TH FLOOR, INTERNATIONAL INFOTECH PARK,, T |
A51309300 |
|
7 |
10123461 |
16/09/2008 |
100,000,000.00 |
3I
INFOTECH TRUSTEESHIP SERVICES LIMITED |
3RD
TO 6TH FLOOR, INTERNATIONAL INFOTECH PARK,, T |
A45875424 |
|
8 |
10123463 |
11/09/2008 |
200,000,000.00 |
3I
INFOTECH TRUSTEESHIP SERVICES LIMITED |
3RD
TO 6TH FLOOR, INTERNATIONAL INFOTECH PARK,, T |
A45963253 |
|
9 |
90165234 |
23/08/1997 |
2,500,000.00 |
BANK
OF MAHARASHTRA |
AURANGABAD
CITY BRANCH, AURANGABAD, MAHARASHTRA, INDIA |
- |
|
10 |
90162965 |
06/07/1994 |
1,900,000.00 |
BANK
OF MAHARASHTRA |
AURANGABAD
CITY BRANCH, AURANGABAD, MAHARASHTRA, INDIA |
- |
|
11 |
90166120 |
22/07/1991 |
6,000,000.00 |
BANK
OF MAHARASHTRA |
AURANGABAD
CITY BRANCH, AURANGABAD, MAHARASHTRA, INDIA |
- |
* Date of charge modification
FIXED ASSETS:
Tangible Assets
· Leasehold Land
· Buildings
· Plant and Machinery
· Furniture, Fixtures
· Office Equipment’s
· Vehicles
Intangible Assets
· Technical Knowhow
· Fee
· Software
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE
QUARTER AND NINE MONTHS ENDED 31ST DECEMBER 2013
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
Six Months Ended ( Unaudited) |
|
|
|
31.09.2013 |
30.06.2013 |
31.09.2013 |
|
1. Income
from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
435.234 |
342.013 |
778.247 |
|
b) Other operating income |
5.690 |
6.532 |
12.222 |
|
Total
income from Operations(net) |
441.924 |
348.545 |
790.469 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
159.014 |
145.768 |
304.782 |
|
b) Purchases of stock in trade |
5.437 |
6.220 |
11.657 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
4.917 |
(38.324) |
(33.407) |
|
d) Employees benefit expenses |
85.160 |
68.015 |
153.175 |
|
e) Depreciation and amortization expenses |
22.136 |
22.583 |
44.719 |
|
f) Other expenditure |
132.460 |
114.206 |
246.666 |
|
Total expenses |
409.124 |
318.468 |
727.592 |
|
3. Profit from operations before other income and
financial costs |
32.800 |
30.077 |
2.877 |
|
4. Other income |
9.633 |
9.490 |
19.123 |
|
5. Profit from ordinary activities before finance costs |
42.433 |
39.567 |
82.000 |
|
6. Finance costs |
21.703 |
16.614 |
38.317 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
20.730 |
22.953 |
43.683 |
|
8. Exceptional item |
-- |
-- |
-- |
|
9. Profit from ordinary activities before tax
Expense: |
20.730 |
22.953 |
43.683 |
|
10.Tax expenses |
|
|
|
|
- Current Tax |
13.350 |
13.300 |
26.650 |
|
- Provision for earlier period |
(0.800) |
0.610 |
(0.190) |
|
- Deferred Tax |
(4.636) |
(5.424) |
(10.060) |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
12.816 |
14.467 |
27.283 |
|
12.Extraordinary Items (net of tax expense) |
-- |
-- |
-- |
|
13.Net Profit / (Loss) for the period (11 -12) |
12.816 |
14.467 |
27.283 |
|
14.Paid-up
equity share capital (Nominal value Rs.2/- per share) |
105.304 |
105.304 |
105.304 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
16.i) Earnings per share (before extraordinary
items) of Re. 1/- each) (not annualised): |
|
|
|
|
(a) Basic and diluted |
0.24 |
0.27 |
0.52 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
26838995 |
26454652 |
26838995 |
|
- Percentage of shareholding |
50.97 |
50.24 |
50.97 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
3335000 |
6633000 |
3335000 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
12.92 |
25.32 |
12.92 |
|
Percentage of shares (as a % of total share capital of the
company) |
6.33 |
12.60 |
6.33 |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
22477761 |
19564104 |
22477761 |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
87.08 |
74.68 |
87.08 |
|
|
|
|
|
|
Percentage of shares (as a % of total share capital of the
company) |
42.69 |
37.16 |
42.69 |
|
B.
Investor Complaints |
Quarter ended 30.09.2013 |
|
Pending at the beginning of the quarter |
0 |
|
Receiving during the quarter |
52 |
|
Disposed of during the quarter |
52 |
|
Remaining unreserved at the end of the quarter |
0 |
NOTES:
1. The above results were reviewed by the audit committee and thereafter were
approved and taken on record by the Board of Directors in their meeting held on
14th November, 2013. The statutory auditors have carried out a
Limited Review of the above results pursuant to Clause 41 of the Listing
Agreement and furnished their report thereon.
2. During
2012-13, Tool Division of the Company has changed valuation method of finished
goods and semi-finished goods. The valuation has been done as per Accounting
Standard 2 (AS 2) "Valuation of Inventories" and the consequent
impact considered in the accounts as at March 31, 2013.
3. The
Company has identified two reporting segments namely, 1. Tools and Precision
Components 2. Casting and Machining as reporting segments under AS-17.
4. The
same accounting policies are followed in the interim financial statements as
those followed in the most recent Annual financial statements.
5. Corresponding
previous period / Year figures have been regrouped / recast, wherever
necessary.
STATEMENT OF
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED 30TH
SEPTEMBER, 2013
|
Sr. No. |
Description |
Total Estimated
Cost Rs. In Millions |
Deployed up to
30th September, 2013 Rs. In Millions |
Deployed up
to 31st December, 2013 Rs. In Millions |
|
1. |
Aurangabad Project: |
|
|
|
|
|
- Building |
12.000 |
10.295 |
10.295 |
|
|
- Plant, Machinery and Electrical |
136.550 |
42.025 |
42.025 |
|
|
- Miscellaneous Fixed Assets |
32.936 |
-- |
-- |
|
|
- Contingencies |
18.500 |
-- |
-- |
|
|
- Pre-Operative Expenses |
8.000 |
-- |
-- |
|
2. |
Margin Money for Working capital requirement
for Aurangabad Project |
5.000 |
-- |
-- |
|
|
Sub-Total |
212.986 |
52.320 |
52.320 |
|
3. |
Conversion of unsecured loan into equity raised
by company for setting up the Gandhidham Project from Nirved Traders Private
Limited, Promoter Company |
47.014 |
47.014 |
47.014 |
|
4. |
To meet expenses of issue |
30.000 |
27.642 |
27.642 |
|
|
Total |
290.000 |
126.976 |
126.976 |
The above mentioned status of utilization of
funds raised by BMTL (Formerly Dagger Frost Tools Limited) in its Rights cum
follow on issue in 2007 has been revised / adjusted. Due to the scheme approved
by Honorable High Court of Bombay for Amalgamation of Birla Machining and
Toolings Limited and Birla Accucast Limited (Transferor Companies) with Birla
Precision Technologies Limited (Transferee Company).
As per approved scheme the pending project for
machining of castings will be undertaken by the merged entity namely Birla
precision Technologies Limited.
In view of delay in implementation of the
Aurangabad project. The balance Rs.159.520 Millions has been utilized for
funding the company’s working capital requirements and for Inter Corporate Deposits
given to group companies and others.
UNAUDITED SEGMENT
WIE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In
Millions)
|
Particulars |
Quarter
Ended (
Unaudited) |
Six
Months Ended (
Unaudited) |
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
1.
Segment Revenue |
|
|
|
|
a. Tools and Precision
Components |
285.949 |
214.886 |
500.835 |
|
b. Casting and Machining |
155.975 |
133.659 |
289.634 |
|
Total |
441.924 |
348.545 |
790.469 |
|
|
|
|
|
|
2.
Segment Result (Profit
before Interest and Tax) |
|
|
|
|
a. Tools and Precision
Components |
31.112 |
29.853 |
60.965 |
|
b. Casting and Machining |
1.688 |
0.224 |
1.912 |
|
Total |
32.800 |
30.077 |
62.877 |
|
|
|
|
|
|
Less
: Interest |
21.703 |
16.614 |
38.317 |
|
Add: Un-allocable income. |
9.633 |
9.490 |
19.123 |
|
Profit
before Tax |
20.730 |
22.953 |
43.683 |
|
3.
Capital Employed |
|
|
|
|
a. Tools and Precision
Components |
1042.468 |
1017.510 |
1042.468 |
|
b. Casting and Machining |
357.672 |
363.290 |
357.672 |
|
c. Un-allocable |
(93.567) |
(87.042) |
(93.567) |
|
Total |
1306.573 |
1293.758 |
1306.573 |
NOTE:
Corresponding previous period/year figures
have been regrouped / recast, wherever necessary.
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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.27 |
|
UK Pound |
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.83.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
46 |
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.