MIRA
INFORM REPORT
|
Report Date : |
30.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
SOMI CONVEYOR BELTINGS LIMITED |
|
|
|
|
Registered
Office : |
4F- 15, Oliver House, New Power House Road, Jodhpur - 342001, Rajasthan |
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Country : |
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|
Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
16.06.2000 |
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Com. Reg. No.: |
17-016480 |
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Capital
Investment / Paid-up Capital : |
Rs. 117.797 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L25192RJ2000PLC016480 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JDHS05097B |
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PAN No.: [Permanent Account No.] |
AAFCS2085P |
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|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
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Line of Business
: |
Manufacturer and Seller of Industrial Conveyor Belts |
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|
|
|
No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1920000 |
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|
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. General financial position of the company seems to be decent.
Profitability of the company is fair. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and 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 |
CARE |
|
Rating |
Long term bank facilities: “BBB” |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
02.01.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities: “A3+” |
|
Rating Explanation |
Moderate degree of safety and high credit risk. |
|
Date |
02.01.2014 |
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 PARTED BY
|
Name : |
Mr. Gopi Sharma |
|
Designation : |
Export Department |
|
Contact No.: |
91-9549650303 |
|
Date : |
29.04.2014 |
LOCATIONS
|
Registered/ Head Office : |
4F- 15, Oliver House, New Power House Road, Jodhpur - 342001, Rajasthan, India |
|
Tel. No.: |
91-291-2610472/ 2637080/ 2637564/ 2765400 |
|
Mobile No.: |
91-9549650303 (Mr. Gopi Sharma) |
|
Fax No.: |
91-291-2432307 |
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E-Mail : |
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|
Website : |
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|
Location : |
Owned |
|
Locality : |
Commercial |
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|
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|
Factory 1 : |
H-2, 463-466, Sangaria Industrial Area, Jodhpur, Rajasthan, India |
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|
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Factory 2 : |
K.No-58, 58/5, 58/6, Village Tanawara, Tehsil Luni, District Jodhpur, Rajasthan, India |
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Zonal Offices: |
Located at · Ahmedabad Hyderabad
Raipur |
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Overseas Offices : |
Located at · South Africa Indonesia Tanzania
and Ajman, UAE |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. O P Bhansali |
|
Designation : |
Chairman and Managing Director |
|
Qualification : |
Bachelor of Science |
|
Experience : |
36 years experience in rubber and conveyor belt manufacturing industry |
|
Date of Appointment : |
16.06.2000 |
|
|
|
|
Name : |
Mr. Vimal Bhansali |
|
Designation : |
Whole Time Director |
|
Qualification : |
Bachelor of Business Management with specializatior in marketing |
|
Experience : |
12 years experience in Manufacturing and marketing of Conveyor Belts |
|
Date of Appointment : |
16.06.2000 |
|
|
|
|
Name : |
Mr. Gaurav Bhansali |
|
Designation : |
Whole Time Director |
|
Qualification : |
Post Graduate in Commerce |
|
Experience : |
11 years experience in Manufacturing and marketing of Conveyor Belts and rubber prod. |
|
Date of Appointment : |
16.06.2000 |
|
|
|
|
Name : |
Mr. Mahendra Kumar Rakecha |
|
Designation : |
Independent and Non-Executive Director |
|
Date of Birth/Age : |
43 Years |
|
Qualification : |
Post Graduate in Commerce |
|
Experience : |
17 Years of Experience in field of Computer and Information Technology |
|
Date of Appointment : |
30.09.2008 |
|
|
|
|
Name : |
Mr. Yogesh Maheshwari |
|
Designation : |
Independent and Non-Executive Director |
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|
|
|
Name : |
Mr. Ramesh Narayan Rathi |
|
Designation : |
Independent and Non-Executive Director |
|
Qualification : |
Diploma in Mechanical Engineering |
|
Experience : |
30 years of Experience in Cement and Rubber Industry |
|
Date of Appointment : |
10.01.2007 |
KEY EXECUTIVES
|
Name : |
Mr. Gopi Sharma |
|
Designation : |
Export Department |
|
|
|
|
Name : |
Mr. Amit Baxi |
|
Designation : |
Company Secretary and Compliance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
6837787 |
58.05 |
|
|
6837787 |
58.05 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
6837787 |
58.05 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
2409278 |
20.45 |
|
|
|
|
|
|
1425949 |
12.11 |
|
|
787400 |
6.68 |
|
|
319242 |
2.71 |
|
|
255778 |
2.17 |
|
|
28718 |
0.24 |
|
|
34746 |
0.29 |
|
|
4941869 |
41.95 |
|
Total Public shareholding (B) |
4941869 |
41.95 |
|
Total (A)+(B) |
11779656 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
11779656 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller of Industrial Conveyor Belts |
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|
|
|
Exports : |
|
|
Products : |
Finished Goods |
|
Countries : |
· Africa Gulf
Countries South
Africa |
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|
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Imports : |
|
|
Products : |
Raw Materials and Machinery |
|
Countries : |
· China Korea
|
|
|
|
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Terms : |
|
|
Selling : |
L/C and Credit |
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|
|
|
Purchasing : |
L/C and Credit |
PRODUCTION STATUS (As on 31.03.2011)
|
Particulars |
Unit |
Actual
Production |
|
Conveyor Belts |
Mtrs |
126967.73 |
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
200 (Approximately) |
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Bankers : |
Punjab National Bank, Ratanada Colony Branch, Near Bhati Chowrah, Ratanada, Jodhpur, Rajasthan, India Tel. No.: 91-291-2515589 (Ringing) |
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Facilities : |
NOTE: LONG TERM
BORROWINGS Buyers Credit is secured by way of Hypothecation of Plant and Machinery. Buyer's Credit will be paid by converting Buyer's credit into Term Loan and will be paid in Instalments. HDFC Car Loan is secured by way of hypothecation of Car. SHORT TERM
BORROWINGS Working Capital Loan is secured by way of Hypothecation of
Current Assets present and future including entire stocks, raw materials, consumable
stores and spares, finished goods and book debts. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
P. Singhvi and Associates Chartered Accountants |
|
Address : |
Jodhpur, Rajasthan, India |
|
|
|
|
KMP / RKMP exercise
significant influence : |
· Oliver Micon Inc. Earth
Movers Enterprises Ghunguru
Hotels and Resorts Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
11779656 |
Equity Shares |
Rs.10/- each |
Rs.117.797
Millions |
|
|
|
|
|
NOTE
THE DETAILS OF SHAREHOLDERS
HOLDING MORE THAN 5% SHARES
|
Name of
Shareholders |
Current Year |
|
|
No. of Shares |
% held |
|
|
Om Kumari Bhansali |
989394 |
8.40 |
|
Om Prakash Bhansali |
4162658 |
35.34 |
THE RECONCILIATION OF
THE NUMBER OF SHARES OUTSTANDING IS SET OUT BELOW
|
Particulars |
Current Year No. of Shares |
|
Equity shares at the beginning of the year |
11779656 |
|
Add : Shares issued |
-- |
|
Less : shares buy back |
-- |
|
Equity Shares at
the end of the year |
11779656 |
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 |
117.797 |
117.797 |
117.797 |
|
(b) Reserves & Surplus |
363.379 |
323.979 |
304.252 |
|
(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) |
481.176 |
441.776 |
422.049 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
64.907 |
87.355 |
110.644 |
|
(b) Deferred tax liabilities (Net) |
6.847 |
7.262 |
7.451 |
|
(c) Other long term liabilities |
13.755 |
17.628 |
16.122 |
|
(d) long-term provisions |
1.733 |
1.393 |
0.705 |
|
Total Non-current Liabilities (3) |
87.242 |
113.638 |
134.922 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
89.138 |
98.418 |
89.670 |
|
(b) Trade payables |
51.319 |
23.235 |
21.585 |
|
(c) Other current
liabilities |
106.522 |
123.303 |
41.916 |
|
(d) Short-term provisions |
0.364 |
0.185 |
0.000 |
|
Total Current Liabilities (4) |
247.343 |
245.141 |
153.171 |
|
|
|
|
|
|
TOTAL |
815.761 |
800.555 |
710.142 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
348.546 |
373.161 |
269.229 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
29.329 |
26.982 |
160.675 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.003 |
0.003 |
0.003 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
4.851 |
4.854 |
5.461 |
|
(e) Other Non-current assets |
12.262 |
13.793 |
12.903 |
|
Total Non-Current Assets |
394.991 |
418.793 |
448.271 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
129.898 |
198.398 |
174.226 |
|
(c) Trade receivables |
141.418 |
59.191 |
32.356 |
|
(d) Cash and cash
equivalents |
42.021 |
37.870 |
28.067 |
|
(e) Short-term loans and
advances |
34.932 |
18.371 |
17.045 |
|
(f) Other current assets |
72.501 |
67.932 |
10.177 |
|
Total Current Assets |
420.770 |
381.762 |
261.871 |
|
|
|
|
|
|
TOTAL |
815.761 |
800.555 |
710.142 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
793.949 |
363.034 |
250.022 |
|
|
|
Other Income |
7.159 |
10.573 |
3.478 |
|
|
|
TOTAL (A) |
801.108 |
373.607 |
253.500 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
496.108 |
240.537 |
180.395 |
|
|
|
Changes in inventories of finished goods and
work-in-progress |
77.151 |
(27.990) |
(20.258) |
|
|
|
Employees benefits expense |
13.290 |
10.406 |
7.417 |
|
|
|
Other expenses |
81.523 |
45.689 |
28.169 |
|
|
|
TOTAL (B) |
668.072 |
268.642 |
195.723 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
133.036 |
104.965 |
57.777 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
30.633 |
29.528 |
14.458 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
102.403 |
75.437 |
43.319 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
42.775 |
45.573 |
24.208 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
59.628 |
29.864 |
19.111 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
20.228 |
10.137 |
6.771 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
39.400 |
19.727 |
12.340 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
87.706 |
67.979 |
55.639 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
127.106 |
87.706 |
67.979 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
87.072 |
37.308 |
11.183 |
|
|
TOTAL EARNINGS |
87.072 |
37.308 |
11.183 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Stock-in-trade |
119.296 |
75.258 |
33.289 |
|
|
|
Capital Goods |
0.000 |
0.159 |
53.106 |
|
|
TOTAL IMPORTS |
119.296 |
75.417 |
86.395 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) |
3.34 |
1.67 |
1.05 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
161.300 |
180.300 |
165.100 |
|
Total Expenditure |
138.400 |
155.000 |
137.500 |
|
PBIDT (Excl OI) |
22.900 |
25.300 |
27.600 |
|
Other Income |
0.700 |
0.800 |
1.400 |
|
Operating Profit |
23.600 |
26.100 |
29.000 |
|
Interest |
1.700 |
3.900 |
3.500 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
21.800 |
22.200 |
25.500 |
|
Depreciation |
9.600 |
9.700 |
9.700 |
|
Profit Before Tax |
12.200 |
12.500 |
15.700 |
|
Tax |
4.000 |
4.100 |
5.100 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
8.200 |
8.500 |
10.600 |
|
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 |
8.200 |
8.500 |
10.600 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
4.92 |
5.28 |
4.87 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.51 |
8.23 |
7.64 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.58 |
3.86 |
3.48 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12 |
0.07 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.32 |
0.42 |
0.47 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.70 |
1.56 |
1.71 |
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 |
117.797 |
117.797 |
117.797 |
|
Reserves & Surplus |
304.252 |
323.979 |
363.379 |
|
Net
worth |
422.049 |
441.776 |
481.176 |
|
|
|
|
|
|
long-term borrowings |
110.644 |
87.355 |
64.907 |
|
Short term borrowings |
89.670 |
98.418 |
89.138 |
|
Total
borrowings |
200.314 |
185.773 |
154.045 |
|
Debt/Equity
ratio |
0.475 |
0.421 |
0.320 |
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 |
250.022 |
363.034 |
793.949 |
|
|
|
45.201 |
118.698 |
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 |
250.022 |
363.034 |
793.949 |
|
Profit |
12.340 |
19.727 |
39.400 |
|
|
4.94% |
5.43% |
4.96% |
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 |
Yes |
|
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 |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10264227 |
10/05/2013 * |
183,107,000.00 |
PUNJAB NATIONAL BANK |
RATANADA COLONY, JODHPUR, RAJASTHAN - 342006, INDIA |
B76483577 |
|
2 |
10208135 |
05/03/2010 |
138,600,000.00 |
PUNJAB NATIONAL BANK |
RATANADA COLONY, JODHPUR, RAJASTHAN - 342006, INDIA |
A81541849 |
|
3 |
10077728 |
12/10/2007 |
30,000,000.00 |
PUNJAB NATIONAL BANK |
RATANADA COLONY, JODHPUR, RAJASTHAN - 342006, INDIA |
A27806496 |
|
4 |
10025556 |
10/05/2013 * |
335,000,000.00 |
PUNJAB NATIONAL BANK |
RATANADA COLONY, JODHPUR, RAJASTHAN - 342006, INDIA |
B76483262 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Loan from Related Party |
0.000 |
16.744 |
|
Total |
0.000 |
16.744 |
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
FINANCIAL OVERVIEW
• Net sales for this year was Rs. 790.723 Millions, which was a 118.61 % increase from previous year.
• Earnings before taxes were Rs. 59.628 Millions, which was 99.66 % above the previous year earnings.
• Earnings after Taxes were Rs. 39.400 Millions, which were 99.72% above the previous year earnings.
INDUSTRY SCENARIO
The Conveyor beltings form an integral part of material handling system. lt serves as a chain right from the stage of conveying raw material from far off and scarttered location still final rolling out of finished goods. Hence, it could be safely said, "CONVEYOR BELTS ARE THE NERVE OF AMY PRODUCTION ACTIVITY IN AN INDUSTRY."
Apart from providing easy and uninterrupted logistics support for material handling system it reduce the cost and other head expense thereby enabling the user to stay in the market at most competitive rates. Hence, the industries have woken to the reality that it is next to impossible to sustain production activity and ensure cost effectiveness without the help of the conveyor belts.
The markets are expanding. Globalization has brought the world very close and time is ripe now to enhance country's share in the International Trade In the Sphere of conveyor befits exports. The company has already entered in export market with a big response.
The main thrust areas of their specialization are the conveyor Belts for heavy Industries, Tea Estate, fertilizer and Food Grade Belts for sugar Mills. They Visualize substantial opportunities waiting for them In coming times.
COMPANY'S PERFORMANCE
The Company has performed better in comparison to previous year. The Company has achieved the sale of Rs. 790.723 Millions as compared to the previous year's sale Rs. 361.707 Millions which shows growth of 118.61% over the last Year's sale. The Net Profit of The Company is above previous Year Earnings by 99.72%. The Company is continuously striving towards excellence,
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
(i) Claims against company disputed liabilities |
|
|
|
Entry Tax Demand |
0.266 |
0.266 |
|
(ii) Guarantees |
|
|
|
Performance Guarantees |
61.751 |
18.204 |
|
Financial Guarantee |
0.476 |
5.488 |
|
Guarantee against Buyer's |
53.107 |
53.107 |
|
(iii) Letter of credit |
30.723 |
12.773 |
FIXED ASSETS
· Land
Building
Computer
Plants
Machinery
Furniture
and Fixtures
Vehicles
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.63 |
|
|
1 |
Rs.101.77 |
|
Euro |
1 |
Rs.83.92 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
MRI |
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 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
45 |
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.