1. Summary Information
|
|
|
Country |
India |
|
Company Name |
KELTECH ENERGIES LIMITED |
Principal Name 1 |
Mr. Ashok Vishwasrao Chowgule |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Vijay Vishwasrao Chowgule |
|
|
|
Registration # |
08-031660 |
|
Street Address |
Embassy Icon, 7th Floor, No. 03, Infantry Road, Bangalore –
560001, Karnataka |
||
|
Established Date |
30.08.1977 |
SIC Code |
-- |
|
Telephoe# |
91-80-22257900 |
Business Style 1 |
Manufacturer |
|
Fax # |
91-80-22253857 |
Business Style 2 |
Exporter |
|
Homepage |
Product Name 1 |
PRPD Explosives |
|
|
# of employees |
Not Divulged |
Product Name 2 |
Mineral Substances |
|
Paid up capital |
Rs.9,990,000/- |
Product Name 3 |
- |
|
Shareholders |
Parameter and Promoter Group 52.99% & Public Shareholding 47.01% |
Banking |
Canara
Bank |
|
Public Limited Corp. |
YES |
Business Period |
37 Years |
|
IPO |
NO |
International Ins. |
- |
|
Public |
NO |
Rating |
Ba (48) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
COE |
|
Related
Party |
INDIA |
Chowgule & Company Private Limited |
|
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
386,726,000 |
Current Liabilities |
356,201,000 |
|
Inventories |
95,151,000 |
Long-term Liabilities |
128,740,000
|
|
Fixed Assets |
247,547,000 |
Other Liabilities |
53,333,000 |
|
Deferred Assets |
0.000 |
Total Liabilities |
538,274,000 |
|
Invest& other Assets |
92,018,000 |
Retained Earnings |
273,169,000 |
|
|
|
Net Worth |
283,168,000 |
|
Total Assets |
821,442,000 |
Total Liab. & Equity |
821,442,000 |
|
Total Assets (Previous Year) |
362,768,000 |
|
|
|
P/L Statement as of |
31.03.2013 |
(Unit: Indian Rs.) |
|
|
Sales |
1,558,253,000 |
Net Profit |
43,068,000 |
|
Sales(Previous yr) |
1,784,605,000 |
Net Profit(Prev.yr) |
50,436,000 |
MIRA
INFORM REPORT
|
Report Date : |
29.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
KELTECH ENERGIES LIMITED |
|
|
|
|
Registered
Office : |
Embassy Icon, 7th Floor, No. 03, Infantry Road, Bangalore –
560001, Karnataka |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
30.08.1977 |
|
|
|
|
Com. Reg. No.: |
08-031660 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.9.990 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L30007KA1977PLC031660 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
BLRK00229F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACK4702A |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of : ·
Watergel Cartridge Explosives ·
Bulk Emulsion Explosive ·
Mono Methyl Amine Nitrate (MMAN) Solution ·
Expanded Perlite Product |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1100000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitments. The company can be considered normal for business dealings 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.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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Fund Based “BBB” |
|
Rating Explanation |
Have moderate degree of safety and carry moderate credit risk |
|
Date |
March, 2014 |
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. Prabhudev |
|
Designation : |
Deputy General Manager of Finance |
|
Contact No.: |
91-80-22257900 |
|
Date : |
15.04.2014 |
LOCATIONS
|
Registered Office : |
Embassy Icon, 7th Floor, No. 03, Infantry Road, Bangalore –
560001, Karnataka, India |
|
Tel. No.: |
91-80-22257900 |
|
Fax No.: |
91-80-22253857 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Plants : |
Located at : · Viswasnagar, Karnataka · Andhra Pradesh · Maharashtra · Madhya Pradesh ·
Utter Pradesh Border |
|
|
|
|
Branches : |
Located at : · West Bengal · Jharkhand · Orissa · Andhra Pradesh · Goa · Maharashtra ·
Tamil Nadu |
DIRECTORS
As on: 08.07.2013
|
Name : |
Mr. Ashok Vishwasrao Chowgule |
|
Designation : |
Chairman |
|
Address : |
Kanchenjunga, 26th Floor, DR. G. Deshmukh Marg, Mumbai –
400036, Maharashtra, India |
|
Date of Birth/Age : |
25.01.1948 |
|
Email : |
|
|
Date of Appointment : |
19.05.2000 |
|
PAN No.: |
ACAPC9634L |
|
Voter ID No.: |
ISD0392970 |
|
DIN No.: |
00018970 |
|
|
|
|
Name : |
Mr. Vijay Vishwasrao Chowgule |
|
Designation : |
Director |
|
Address : |
Baina, Vasco-Da-Gama, Goa – 403802, India |
|
Date of Birth/Age : |
22.08.1946 |
|
Email : |
|
|
Date of Appointment : |
15.04.1988 |
|
PAN No.: |
ABKPC3971F |
|
Voter ID No.: |
HJZ1618396 |
|
DIN No.: |
00018903 |
|
|
|
|
Name : |
Mr. Hemraj Chaturbhuj Asher |
|
Designation : |
Director |
|
Address : |
32, Mody Street, Mumbai – 400001, Maharashtra, India |
|
Date of Birth/Age : |
02.01.1934 |
|
Email : |
|
|
Date of Appointment : |
16.12.1987 |
|
PAN No.: |
AACPA1285B |
|
Voter ID No.: |
IYV4550281 |
|
DIN No.: |
00024863 |
|
|
|
|
Name : |
Mr. Harish Jagtiani |
|
Designation : |
Director |
|
Address : |
31, Palace Orchards Apartments, 9th Main Road, R.M.V.
Extention, Bangalore – 560080, Karnataka, India |
|
Date of Birth/Age : |
13.08.1939 |
|
Email : |
|
|
Date of Appointment : |
14.10.2002 |
|
PAN No.: |
ABHPJ1587F |
|
Voter ID No.: |
KT/12/087/213422 |
|
DIN No.: |
00262572 |
|
|
|
|
Name : |
Mrs. Umaji Vishwasrao Chowgule |
|
Designation : |
Director |
|
Address : |
Regina Mundi Road, Airport Road, Vasco-Da-Gama, Chickalm – 403711,
Goa, India |
|
Date of Birth/Age : |
27.12.1953 |
|
Email : |
|
|
Date of Appointment : |
23.01.2009 |
|
PAN No.: |
ABKPC3970E |
|
DIN No.: |
00018993 |
|
|
|
|
Name : |
Mrs. Arati Saran |
|
Designation : |
Director |
|
Address : |
#3, Devonshire House, Westfield Estate, B. Desai Road, Mumbai –
400026, Maharashtra, India |
|
Date of Birth/Age : |
30.12.1956 |
|
Email : |
|
|
Date of Appointment : |
20.07.2012 |
|
PAN No.: |
ANVPS8966M |
|
Voter ID No.: |
MT/04/024/270598 |
|
DIN No.: |
01157284 |
|
|
|
|
Name : |
Mr. Santosh Laxmanrao Chowgule |
|
Designation : |
Managing Director |
|
Address : |
Flat No. 0007, Embassy EROS, No. 07, Ulsoor Road, Bangalore – 560042,
Karnataka, India |
|
Date of Birth/Age : |
11.07.1958 |
|
Email : |
|
|
Qualification : |
BA |
|
Experience : |
29 Years |
|
Date of Appointment : |
29.04.2004 |
|
PAN No.: |
ABKPL3990J |
|
DIN No.: |
00097736 |
KEY EXECUTIVES
|
Name : |
Mr. Prabhudev |
|
Designation : |
Deputy General Manager of Finance |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 08.07.2013
Shareholders Details File Attached
Equity Share Break up (Percentage of Total Equity)
As on: 08.07.2013
|
Category |
|
Percentage |
|
|
|
|
|
Nationalised or other banks |
|
0.14 |
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
0.42 |
|
Bodies corporate |
|
9.35 |
|
Directors or relatives of directors |
|
0.02 |
|
Other top fifty shareholders |
|
9.14 |
|
Others |
|
80.93 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of : ·
Watergel Cartridge Explosives ·
Bulk Emulsion Explosive ·
Mono Methyl Amine Nitrate (MMAN) Solution ·
Expanded Perlite Product |
||||||
|
|
|
||||||
|
Products : |
·
Kelvex – 800 ·
Kelvex – 600 ·
Kelvex – 800 CPT ·
Thermal Insulation Services ·
Fire Proofing ·
Terhmofil-C |
GENERAL INFORMATION
|
Major Customers : |
· K V K Corporation, Mumbai · Sanghi Organization, Mumbai · Vitesse Limited, Mumbai · Inox Air Products Limited, Pune · ISIN International, Nigeria · Ahmednagar Industrial Gases, Ahmednagar · Gunjan Air Products, Nagpur · Karnataka Industrial Gases, Dharwar · Krigenic Gases, Aurangabad · Pushpavalli Engineering, Salem · Ravindra Oxygen, Nasik · Ram Oxygen, Cochin · Rukmani Metals & Gases Private Limited, Nagpur · Swan Vaccuum Systems Private Limited, Hyderabad · The Southern Gases, Bangalore · Kochin Air Products Private Limited, Cochin · Capron Agencies, Mumbai · Atul Oxygen Compsny Limited, Bhilai · Bharat Heavy Plate & Vessels Ltd., Vishakapatnam · BHEL, Tiruchirapalli. · Goyal Gases Limited, Bangalore · Howrah Gases, Howrah. · IOL Limited, Calcutta, Chennai and Jamshedput. · Jodhpur Gases, Jodhpur. · Poona Oxygen & Acetylene Company Private Limited, Poona. · Rim Jhim Ispat, Kanpur |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
Not Divulged |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
· Canara Bank, Town Hall Branch, Stock Exchange Tower, Bangalore - 560027, Karnataka, India. · Kotak Mahindra Bank Limited, 501-03, 5th Floor, Raheja Towers, M.G. Road, Bangalore – 560001, Karnataka, India. · Madhya Pradesh State Industrial Development Corporation Limited, “AVN” Towers, M.P. Nagar, Bhopal – 452001, Madhya Pradesh, India. |
||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Haribhakti and Company Chartered Accountants |
|
Address : |
No.701, Leela, Business Park, Andheri Kurla Road, Andheri East, Mumbai – 400059, Maharashtra, India |
|
PAN No.: |
AAAFH2010F |
|
|
|
|
Related Party : |
·
Chowgule and Company Private Limited CIN No.: U63031GA1965PTC000041 ·
Angre Ports Private Limited ·
Jaigad Ports and Infrastructure Private Limited |
CAPITAL STRUCTURE
As on: 08.07.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10,000,00 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9,990,00 |
Equity Shares |
Rs.10/- each |
Rs.9.990
Millions |
|
|
|
|
|
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 |
9.999 |
9.999 |
9.999 |
|
(b) Reserves & Surplus |
273.169 |
233.026 |
185.495 |
|
(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) |
283.168 |
243.025 |
195.494 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
85.096 |
48.509 |
57.399 |
|
(b) Deferred tax liabilities (Net) |
20.093 |
16.575 |
13.175 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
17.537 |
18.895 |
17.700 |
|
Total Non-current
Liabilities (3) |
122.726 |
83.979 |
88.274 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
43.644 |
15.176 |
15.728 |
|
(b)
Trade payables |
255.094 |
204.404 |
127.436 |
|
(c)
Other current liabilities |
101.107 |
123.676 |
98.844 |
|
(d) Short-term
provisions |
15.703 |
19.512 |
8.282 |
|
Total Current
Liabilities (4) |
415.548 |
362.768 |
250.290 |
|
|
|
|
|
|
TOTAL |
821.442 |
689.772 |
534.058 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i) Tangible
assets |
247.492 |
217.831 |
201.801 |
|
(ii)
Intangible Assets |
0.055 |
0.517 |
0.995 |
|
(iii)
Capital work-in-progress |
92.008 |
10.616 |
2.967 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.010 |
0.010 |
0.010 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
52.977 |
42.140 |
36.055 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
392.542 |
271.114 |
241.828 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
95.151 |
113.493 |
66.693 |
|
(c)
Trade receivables |
230.113 |
209.796 |
138.785 |
|
(d) Cash
and cash equivalents |
78.688 |
58.662 |
60.081 |
|
(e)
Short-term loans and advances |
18.801 |
25.917 |
21.776 |
|
(f)
Other current assets |
6.147 |
10.790 |
4.895 |
|
Total
Current Assets |
428.900 |
418.658 |
292.230 |
|
|
|
|
|
|
TOTAL |
821.442 |
689.772 |
534.058 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income |
1,558.253 |
1,784.605 |
1,113.772 |
|
|
Other Income |
2.740 |
5.555 |
2.756 |
|
|
TOTAL (A) |
1,560.993 |
1,790.160 |
1,116.528 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
951.917 |
839.352 |
659.541 |
|
|
Purchases of
Stock-in-Trade |
42.610 |
68.877 |
77.841 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(2.805) |
(2.356) |
(4.237) |
|
|
Employees benefits
expense |
77.514 |
67.112 |
65.713 |
|
|
Other expenses |
392.421 |
711.499 |
273.326 |
|
|
TOTAL (B) |
1,461.657 |
1,684.484 |
1,072.184 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
99.336 |
105.676 |
44.344 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
19.286 |
18.434 |
11.981 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX,
DEPRECIATION AND AMORTISATION (C-D) (E) |
80.050 |
87.242 |
32.363 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
13.714 |
11.418 |
9.751 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
66.336 |
75.824 |
22.612 |
|
|
|
|
|
|
|
Less |
TAX (H) |
23.268 |
25.388 |
6.992 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
43.068 |
50.436 |
15.620 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD (K) |
47.426 |
47.395 |
44.680 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General
Reserve |
30.00 |
47.500 |
10.000 |
|
|
Dividend |
2.500 |
2.500 |
2.500 |
|
|
Tax on Dividend |
0.405 |
0.405 |
0.405 |
|
|
Total (M) |
32.905 |
50.405 |
12.905 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S (J+K+L-M) |
57.589 |
47.426 |
47.395 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
145.356 |
154.615 |
NA |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials, Stores
& Spare Parts |
15.413 |
15.599 |
NA |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
43.11 |
50.49 |
15.64 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.76 |
2.82 |
1.40 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.26 |
4.25 |
2.03 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.09 |
11.16 |
4.26 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.234 |
0.312 |
0.116 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.45 |
0.26 |
0.37 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.03 |
1.15 |
1.17 |
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 |
9.999 |
9.999 |
9.999 |
|
Reserves & Surplus |
185.495 |
233.026 |
273.169 |
|
Net worth |
195.494 |
243.025 |
283.168 |
|
|
|
|
|
|
long-term borrowings |
57.399 |
48.509 |
85.096 |
|
Short term borrowings |
15.728 |
15.176 |
43.644 |
|
Total borrowings |
73.127 |
63.685 |
128.740 |
|
Debt/Equity ratio |
0.374 |
0.262 |
0.455 |
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 |
1,113.772 |
1,784.605 |
1,558.253 |
|
|
|
60.231 |
-12.684 |
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 |
1,113.772 |
1,784.605 |
1,558.253 |
|
Profit |
15.620 |
50.436 |
43.068 |
|
|
1.40% |
2.83% |
2.76% |
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 |
Yes |
|
19] |
Payments terms |
Yes |
|
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 |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
Yes |
|
34] |
External Agency Rating, if available |
Yes |
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT/ OPERATIONS REPORTS OF COMPANY’S PERFORMANCE
OPERATIONS
(A) EXPLOSIVES
DIVISION
The sale of Bulk and Cartridged Explosives for the year was 35,183 MT valued at Rs.1,210.900 Millions as against 35,406 MT valued at Rs.1074.400 Millions of the previous year. The Sales turnover increased by 12.70% in value terms and decreased by 0.6% in quantity terms. During the year, the turnover in regard to traded goods, service contracts and export of finished goods in Explosives sector was Rs.255.200 Millions as against Rs.549.400 Millions during the previous year since the projects on hand were completed.
In regard to Detonating Fuse and related products there was handsome increase in capacity utilization in this sector. The sale for the year was valued at Rs.67.8 Millions as against Rs.35.900 Millions of the previous year. 120% of licensed capacity utilization was achieved both in regard to D fuse and PETN.
(B) PERLITE DIVISION
The sale of Perlite and Perlite based products for the year were 5,980 MT valued at Rs.93.500 Millions as against 8,464 MT valued at Rs.119.900 Millions of the previous year, registering a reduction of 29.34% in quantity and 22.02% in value due to adverse market condition. The turnover of services contracts during the year was Rs.887 lakhs as against Rs.109.100 Millions for the previous year.
(C) The operations for the year 2012-13 have resulted in a net profit of Rs.43.100 Millions after charging depreciation, interest and tax as against Rs.50.400 Millions for the corresponding period of the previous year.
INDUSTRY REVIEW,
THREATS, RISKS AND CONCERNS
(A) EXPOSIVES
DIVISION
The purchase policies of PSU continue to be price driven instead of service and quality driven. In this segment of business growth is difficult. As to non-governmental segment of business, an increment can be expected.
Due to sensitive nature of the Industry, several regulatory measures have been introduced by the Government, viz. Ammonium Nitrate Rules 2012, security related regulations in relation to Explosives and Ammonium Nitrate. These measures may impact overall quantity off-take due to problems of logistics.
In regard to Detonating Fuse and related products, there is good demand for the products and the licensed capacity is already achieved. For securing any growth in this segment of business, they will need to increase licence capacity.
(B) PERLITE DIVISION
A substantial increase in investments in LNG terminals in India and world-over is expected. New opportunities are seen in this segment of business. Increased competition in this segment of business is expected, but the Company is well placed to handle competition in this regard.
(C) INDUSTRIAL
RELATIONS
The industrial relations during the year were cordial and there were no industrial disputes. A wage revision is due during the current year and Company expects amicable settlement and continued cordial relations.
(D) OUTLOOK FOR
2013-14
During the current financial year 2013-14, the Explosives Division continues to be under pressure of price. The Perlite and Explosives
Accessories Division is showing encouraging performance. The Company is setting up Emulsion Explosives manufacturing plant at its facilities at Garamsur in Maharashtra which is expected to go on stream during the financial year 2013-14, adding to the existing product line. The Company is putting in all efforts for optimizing the overall performance.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10445757 |
12/08/2013 |
5,750,000.00 |
CANARA BANK |
RETAIL ASSET HUB BRANCH, M G ROAD, BANGALORE - 560001, Karnataka, INDIA |
B83423863 |
|
2 |
10339823 |
21/02/2012 |
777,000.00 |
CANARA BANK |
TOWN HALL BRANCH, NO.51 STOCK EXCHANGE TOWERS, BA |
B33972076 |
|
3 |
10190989 |
18/11/2009 |
721,500.00 |
CANARA BANK |
RETAIL ASSET HUB BRANCH, BANGLAORE - 560001, Karnataka, INDIA |
A74631458 |
|
4 |
80014798 |
03/06/2013 * |
531,015,000.00 |
CANARA BANK |
TOWN HALL BRANCH, STOCK EXCHANGE TOWER, BANGALORE - 560027, Karnataka, INDIA |
B78001021 |
* Date of charge modification
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 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.60.50 |
|
|
1 |
Rs.101.69 |
|
Euro |
1 |
Rs.83.62 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
RSM |
|
|
|
|
Report Prepared
by : |
VNK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
NO |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
48 |
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.