MIRA INFORM REPORT
|
Report Date : |
25.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
METROGLOBAL LIMITED (w.e.f. 02.09.2011) |
|
|
|
|
Formerly Known
As : |
GLOBAL BOARDS LIMITED |
|
|
|
|
Registered
Office : |
101, 1st Floor, Mangal Disha, Near Guru Gangeshwar
Temple, 6th Road, Khar (West), Mumbai –
400052, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
12.11.1992 |
|
|
|
|
Com. Reg. No.: |
11-069527 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.155.397 Millions |
|
|
|
|
CIN No.: [Company
Identification No.] |
L21010MH1992PLC069527 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company.
The Company’s Shares are Listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
The company is engaged in the business of Dyes and Dyes Intermediates,
Realty and Infrastructure. |
|
|
|
|
No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 7200000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. Overall financial position of the company is strong and healthy. Rating also takes into consideration vast experiences of promoters in
dyes and dye intermediates business. 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.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
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.2453.2 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = BBB |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk |
|
Date |
16.12.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities = A3+ |
|
Rating Explanation |
Moderate degree of safety and higher credit
risk |
|
Date |
16.12.2013 |
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 DENIED BY
|
Name : |
Mr. Sumit Mehta |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-79-26468016 |
|
Date : |
22.04.2014 |
LOCATIONS
|
Registered Office : |
101, 1st Floor, Mangal Disha, Near Guru Gangeshwar
Temple, 6th Road, Khar (West), Mumbai –
400052, Maharashtra, India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
Website : |
|
|
|
|
|
Administrative / Corporate Office : |
508-509, Ship, C.G. Road, Navarangpura, Ahmedabad – 380 009, Gujarat, India |
|
Tel. No.: |
91-79-26468016 / 26469150 |
|
Fax No.: |
91-79-26407838 |
|
E-Mail : |
|
|
|
|
|
Accounts Office : |
808-809, Shilp Building, Opposite Girish Cold Drinks, C.G. Road, Navarangpura,
Ahmedabad – 380 009, Gujarat, India |
|
Tel. No.: |
91-79-26403212, 26403930 |
|
Fax No.: |
91-79-26463805 |
|
E-Mail : |
|
|
|
|
|
Factory 1 : |
Plot No: A-472-475, and 489-492 , Phase II, GIDC, Vatva,
Ahmedabad - 382445, Gujarat, India |
|
|
|
|
Factory 2 : |
Plot No: Al-407,and A2-408 , Phase II, GIDC, Vatva,
Ahmedabad - 382445, Gujarat, India |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Gautani M. Jain |
|
Designation : |
Chairman and Managing Director |
|
Date of Appointment : |
12.11.2011 |
|
|
|
|
Name : |
Mr. Rahul G. Jain |
|
Designation : |
Executive Director |
|
Date of Appointment : |
12.11.2011 |
|
|
|
|
Name : |
Mr. Sandeep S. Bhandari |
|
Designation : |
Independent Director |
|
Date of Birth / Age : |
19.12.1962 |
|
Qualification : |
MBA Finance |
|
Date of Appointment : |
12.11.2011 |
|
|
|
|
Name : |
Mr. Nilesh R. Desai |
|
Designation : |
Independent Director |
|
Date of Appointment : |
12.11.2011 |
KEY EXECUTIVES
|
Name : |
Mr. Nitin S. Shah |
|
Designation : |
Company Secretary and Compliance Officer |
|
|
|
|
Name : |
Ms. Kirti |
|
Designation : |
HR Department |
|
|
|
|
Name : |
Mr. Sumit Mehta |
|
Designation : |
Finance Manager |
SHAREHOLDING PATTERN
As on 31.03.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
3389477 |
20.76 |
|
|
6715453 |
41.13 |
|
|
10104930 |
61.89 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
10104930 |
61.89 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
568 |
0.00 |
|
|
10787 |
0.07 |
|
|
7576 |
0.05 |
|
|
107 |
0.00 |
|
|
1142 |
0.01 |
|
|
20180 |
0.12 |
|
|
|
|
|
|
3591439 |
22.00 |
|
|
|
|
|
|
1386923 |
8.49 |
|
|
1164574 |
7.13 |
|
|
58696 |
0.36 |
|
|
5829 |
0.04 |
|
|
14192 |
0.09 |
|
|
38675 |
0.24 |
|
|
6201632 |
37.98 |
|
Total
Public shareholding (B) |
6221812 |
38.11 |
|
Total
(A)+(B) |
16326742 |
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) |
16326742 |
100.00 |
Individual shareholders holding nominal
share capital up to Rs.0.100 million
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in the business of Dyes and Dyes Intermediates,
Realty and Infrastructure. |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
||||||||||||
|
|
|
||||||||||||
|
Bankers : |
Not Divulged |
||||||||||||
|
|
|
||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
AMPAC and Associates, Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Subsidiary company : |
·
Metrochem Capital Trust Limited |
|
|
|
|
Associates Companies |
·
Anil Dyechem Industries
Private Limited ·
Harvest Trade Finvest
Private Limited ·
Maiden Tradefin Private
Limited ·
Minerva Dyechem
Industries P. Limited ·
Bloom Investment and Trading Private Limited ·
Charm Trading and Investment Private Limited ·
Search Invatrade Private Limited ·
Sparkling Tradefin Private Limited ·
Spring Trading and Investment Private Limited ·
Ornet Infrastructure Private Limited ·
Progressive Invatrade
Private Limited. ·
DK Metro Procon Private
Limited |
CAPITAL STRUCTURE
After 31.03.2013
Authorised Capital : Rs.1200.000 Millions
Issued, Subscribed & Paid-up Capital : Rs.163.267
Millions
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
95000000 |
Equity Shares |
Rs.10/- each |
Rs.950.000 Millions |
|
25000000 |
Cumulative/Non-Cumulative,
Redeemable |
Rs.10/- each |
Rs.250.000 Millions |
|
|
Total |
|
Rs.1200.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15539709 |
Equity Shares |
Rs.10/- each |
Rs.155.397 Millions |
The Company has only one class of shares referred to as
Equity Shares having par value of Rs.10/- each.
There are no issues of bonus shares during last five
financial years.
Shares issued for consideration other than cash during last
five financial years:
11433333 equity shares of Rs.10 each issued to shareholders
of Metrochem Industries Limited pursuant to scheme of
arrangement.
Reconciliation of
the number of shares
|
Equity Shares |
Number
of Shares |
|
Equity Shares at
the beginning of the year |
12613042 |
|
Less: Reduction in
no of shares pursuant to scheme of arrangement |
-- |
|
Add: Issued during
the financial year |
2926667 |
|
Equity
Shares at the end of the year |
15539709 |
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Gautam kumar Mithalal
Jain |
2338380 |
15.05 |
|
Cheer Trading
and Investment Private Limited |
809350 |
5.21 |
|
Maiden Tradefin Private Limited |
1678052 |
10.80 |
|
Search Invatrade Private Limited |
984360 |
6.33 |
|
Anil Dyechem Industries Private Limited |
906526 |
5.84 |
|
Megha Biotech Private Limited |
2705667 |
17.41 |
|
Worship Trading
Private Limited |
NA |
NA |
|
Gandak Private Limited |
NA |
NA |
|
|
9422335 |
60.64 |
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 |
155.397 |
126.130 |
232.304 |
|
(b) Reserves & Surplus |
1,637.852 |
961.258 |
666.080 |
|
(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) |
1,793.249 |
1,087.388 |
898.384 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
333.587 |
846.402 |
1,072.727 |
|
(b) Deferred tax liabilities (Net) |
4.607 |
4.607 |
9.157 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
338.194 |
851.009 |
1,081.884 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
163.776 |
154.676 |
32.816 |
|
(b) Trade payables |
26.650 |
19.217 |
22.020 |
|
(c) Other current
liabilities |
13.553 |
14.066 |
7.866 |
|
(d) Short-term provisions |
37.305 |
30.284 |
24.142 |
|
Total Current Liabilities (4) |
241.284 |
218.243 |
86.844 |
|
|
|
|
|
|
TOTAL |
2,372.727 |
2,156.640 |
2,067.112 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
50.098 |
51.083 |
41.612 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
25.047 |
47.367 |
35.063 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
92.684 |
99.266 |
96.438 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
1,134.096 |
1,077.992 |
1,039.293 |
|
(e) Other Non-current assets |
6.526 |
7.304 |
9.221 |
|
Total Non-Current Assets |
1,308.451 |
1,283.012 |
1,221.627 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
141.817 |
9.370 |
26.529 |
|
(c) Trade receivables |
62.929 |
77.984 |
211.381 |
|
(d) Cash and cash
equivalents |
147.283 |
62.292 |
228.153 |
|
(e) Short-term loans and
advances |
712.247 |
723.982 |
379.422 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
1,064.276 |
873.628 |
845.485 |
|
|
|
|
|
|
TOTAL |
2,372.727 |
2,156.640 |
2,067.112 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1,966.963 |
1,453.306 |
537.925 |
|
|
|
Other Income |
62.917 |
29.413 |
52.721 |
|
|
|
TOTAL |
2,029.880 |
1,482.719 |
590.646 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
57.564 |
78.352 |
81.743 |
|
|
|
Purchase of Stock-in-Trade |
1,685.521 |
1,100.205 |
248.200 |
|
|
|
(Increase)/Decrease in Finished goods, Work In Progress
& Stock in Trade |
0.587 |
19.279 |
0.785 |
|
|
|
Employee benefit expense |
9.508 |
10.712 |
11.729 |
|
|
|
Impairment Expenses |
7.096 |
0.000 |
0.000 |
|
|
|
Other expenses |
40.619 |
46.363 |
38.953 |
|
|
|
TOTAL |
1,800.895 |
1,254.911 |
381.410 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
228.985 |
227.808 |
209.236 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
9.986 |
8.696 |
3.690 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
218.999 |
219.112 |
205.546 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
3.817 |
5.340 |
7.352 |
|
|
|
|
|
|
|
|
|
|
PROFIT /(LOSS)
BEFORE TAX AND EXCEPTIONAL ITEM |
215.182 |
213.772 |
198.194 |
|
|
|
|
|
|
|
|
|
Less |
EXCEPTIONAL ITEM |
0.000 |
0.000 |
253.089 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
215.182 |
213.772 |
(54.895) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
0.000 |
(4.551) |
0.832 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
215.182 |
218.323 |
(54.063) |
|
|
|
|
|
|
|
|
|
Less |
PRIOR PERIOD
EXPENDITURE/ (INCOME) |
0.000 |
0.000 |
0.354 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(1408.088) |
(1547.092) |
(1076.650) |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
20.000 |
20.000 |
416.025 |
|
|
|
Transfer to Debenture Redemption Reserve |
0.000 |
30.000 |
0.000 |
|
|
|
Dividend |
31.079 |
25.226 |
0.000 |
|
|
|
Tax on Dividend |
5.042 |
4.092 |
0.000 |
|
|
BALANCE CARRIED
TO THE B/S |
(1249.027) |
(1408.088) |
(1547.092) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
31.760 |
61.903 |
43.400 |
|
|
TOTAL EARNINGS |
31.760 |
61.903 |
43.400 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
13.85 |
17.31 |
(2.34) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
10.60 |
14.72 |
(9.15) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.94 |
14.71 |
(10.20) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.54 |
10.64 |
(2.84) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
0.20 |
(0.06) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.28 |
0.92 |
1.23 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
4.41 |
4.00 |
9.74 |
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 |
232.304 |
126.130 |
155.397 |
|
Reserves & Surplus |
666.080 |
961.258 |
1637.852 |
|
Net
worth |
898.384 |
1087.388 |
1793.249 |
|
|
|
|
|
|
long-term borrowings |
1072.727 |
846.402 |
333.587 |
|
Short term borrowings |
32.816 |
154.676 |
163.776 |
|
Total
borrowings |
1105.543 |
1001.078 |
497.363 |
|
Debt/Equity
ratio |
1.231 |
0.921 |
0.277 |
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 |
537.925 |
1,453.306 |
1,966.963 |
|
|
|
170.169 |
35.344 |
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
|
537.925 |
1,453.306 |
1,966.963 |
|
Profit |
(54.063) |
218.323 |
215.182 |
|
|
(10.05%) |
15.02% |
10.94% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
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 |
UNSECURED LOAN:
|
Particulars |
31.03.2013 Rs.
In Millions |
31.03.2012 Rs.
In Millions |
|
Long Term
Borrowings |
|
|
|
Debentures 1416660 (previous year 6684660) Unsecured Convertible Debentures of Rs.100 each |
141.666 |
668.466 |
|
Other Unsecured
Loan from Corporate Bodies (The unsecured loan includes loan taken from
associate companies @8% p.a. amounting to Rs.191.900 Millions
(Previous year Rs.145.300 Millions) which i s expected to be paid within a period of 2-5 years. The reamaing unsecured loan is repayable within a period of 2-3 years & rate of
interest for the same is ranging between 12-16% p.a.) |
191.921 |
177.936 |
|
Short Term
Borrowings |
|
|
|
Unsecured Loan from Corporate Bodies |
67.358 |
154.676 |
|
Total |
400.945 |
1001.078 |
OPERATIONAL PERFORMANCE
The turnover of
the company for the various segments was Rs.1966.963 Millions for the year 2012-13
as against the turnover of Rs.1453.306 Millions during the year 2011-12.
The Company earned
net profit of Rs.215.182 Millions during the year 2012-13 as against the net
profit of Rs.218.322 Millions
during the year 2011-12.
The management of
the company is hopeful for the better performance in the coming years.
OVERALL INDUSTRIAL
VIEW
India's economic
growth rate during 2012-13 is
estimated to be sharply lower at 5% lowest
in a decade, on account of poor performance of manufacturing, agriculture and
services sector.
"The growth
in GDP (Gross Domestic Product) during 2012-13 is estimated at 5% as compared
to a growth rate of 6.2% in
2011-12," according to the Advanced Estimates released today by the Central Statistical Organization (CSO).
GO'S advance
estimate lowered the growth in agriculture and allied activities to 1.8% in
2012-13, compared to 3.6% 2011-12. Manufacturing growth is also expected to
drop to 1.9% in 2012-13, from 2.7% Last year the current estimate is a sharply
lower than the 7.6% growth projection for 2012-13 made by government in Budget.
The latest
estimate of 5% for the entire fiscal means that the pace of economic expansion has slowed sharply in the second half
of 2012-13, given that GDP growth in the April-September period stood at 5.4%.
According to the advance estimates, the services sector including finance,
insurance, real estate and business services sectors are likely to grow by 8.6%
this fiscal, against 11.7% last
fiscal.
Growth in
construction is also likely to be 5.9% in 2012-13, against 5.60Y0 last year.
Overall, the 5%
growth in the advanced estimates is lower
than what experts have been
forecasting. The Indian economy's growth flight seems to have hard-landed in
last two years with the GDP growth rates declining sharply.
Accompanying in
tandem are other major worrisome macro variables - viz. High level of
Inflation, widening Current Account Deficit and rather sharp depreciation of
the external value of Indian Rupee against all major currencies of the World
International
Monetary Fund (IMF) had said that the Indian
economy would grow by 5.4% in 2012-13, but should pick up to 640 in next
fiscal.
Various projects
under Implementation:
Residential
Projects:
Metro Luxuria: Located at prime
Location off CG Road, Navrangpura. It is
a Luxurious 4-BHK residential apartment with modern amenities. The project is completed during the year.
Alpine Heights: Located at Income lax office on Ashram Road,
Ahmadabad. It is a 2 BHK high-rise building
with Lifestyle residential apartment with modern amenities. This housing
project is launched with the partnership with
Samved Engineers through
an SW Metro-Samved
Engineers.
Satej
Homes: Located at Vatva, Ahmadabad.
It is a 2BHK affordable housing lowrise apartment
project. This housing project is also launched with the partnership with Samved Engineers through an SPV Metro-Samved
Engineers.
Simandhar Metro: The Company has
acquired land at Village Gota (T.P. 32), Ahmadabad
in partnership with Simandhar Construction Private
Limited for and put a residential apartment project under the name of" Simandhar Metro".
Ganesh
Infrastructure: The Company has also become partner of "Ganesh
Infrastructure" for development of land and Building at Ankles war. This
project comprises of residential apartments, bunglows,
commercial complexes and shopping malls.
DK Metro: The Company has acquired land
in the industrial area of Chattral. The
Commercial project is launched to develop an Industrial Estate comprising of
commercial shops, sheds and plots under the Name of "DK Metro".
Paper Industry: The
volatility of INR-USD exchange rate around the current levels would continue to impact paper manufacturers' operating
profitability in 2013 due to their significant re6ance on imported inputs - coal and pulp. Though many
large domestic manufacturers have backward integrated to pulp manufacturing,
certain variants are still being imported. Besides, the companies' significant
energy requirements are met from coal
imports due to erratic domestic supply.
FIXED
ASSETES:
·
Land
·
Factory
Building
·
Office
Building
·
Plant
and Machinery
·
Electric
Installation
·
Laboratory
Equipment’s
·
Office
Equipment’s
·
Furniture
and Fixture
·
Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a
proceedings for violating money-laundering, anti-corruption or bribery or
international economic or anti-terrorism sanction laws or whose assets were
seized, blocked, frozen or ordered forfeited for violation of money laundering
or international anti-terrorism laws.
2] Court Declaration :
No 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 Crie :
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.61.07 |
|
UK Pound |
1 |
Rs.102.77 |
|
Euro |
1 |
Rs.84.49 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
VNT |
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 |
6 |
|
--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 |
|
47 |
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.