MIRA INFORM REPORT
|
Report Date : |
20.08.2014 |
IDENTIFICATION DETAILS
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Name : |
GRAUER AND WEIL ( |
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Registered Office : |
‘Growel House’, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of Incorporation : |
25.11.1957 |
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Com. Reg. No.: |
11-010975 |
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Capital
Investment / Paid-up Capital : |
Rs. 226.706 millions |
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CIN No.: [Company Identification
No.] |
L74999MH1957PLC010975 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG08103E |
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PAN No.: [Permanent Account No.] |
AAACG3741K |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on Stock Exchanges. |
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Line of Business : |
Manufacturing of Metal Finishing Chemicals, Equipments and Plating Plants. |
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No. of Employees : |
700 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 7800000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having a fine track record. Financial position of the company seems to be decent. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift.
It highlights how as against 51 % in 2005, the emerging economies now account
for close to 56 % of the global purchasing power GDP as per the latest survey.
And with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund manager
Jim Chanos has been keenly following the political and economic development in
the dragon economy and has figured out something that is quite worrying. He is
of the view that the Chinese economy could be heading toward trouble on account
of new Chinese President Xi Jingping’s very aggressive anti-corruption drive.
Chanos believes tat many things such as apartment sales, luxury products, etc.
were largely bought with dirty money. And it is now beginning to impact
consumption. This may indeed be bad news for an economy that is struggling to
transition from an investment-driven export-oriented economy to a domestic
consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period with
an annualized return of 20 % ! Equities came in second with annualized return
of 15.5 % ! However, while these returns may seem mouthwatering, the fact is
that the return from equities adjusted for inflation came down to just 7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Fund Based Bank Facilities= A- |
|
Rating Explanation |
Have adequate degree of safety and carry low
credit risk. |
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Date |
17.01.2014 |
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Rating Agency Name |
CARE |
|
Rating |
Short Term Non Fund Based Bank Facilities=
A2+ |
|
Rating Explanation |
Have strong degree of safety and carry low
credit risk. |
|
Date |
17.01.2014 |
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
31-03-2014.
INFORMATION DENIED
MANAGEMENT NON CO-OPERATIVE
(Contact No.91-22-66993000)
LOCATIONS
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Registered/ Head Office : |
‘Growel House’, |
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Tel. No.: |
91-22-28879173 / 28876664 / 66993000 / 66993200 |
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Mobile No: |
91-9892214311 [Mr. Wasi Ansari] |
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Fax No.: |
91-22-28877165 / 28871291 / 66993010 / 66993030 / 20 / 11 |
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E-Mail : |
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Website : |
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Factory 1 : |
215/1, Plot No. 10, Dadra Industrial Estate, Dadra – 396191, Union
Territory |
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Factory 2 : |
407, GIDC Industrial Estate, Vapi – 396 195, Gujarat, India |
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Factory 3 : |
Plot No. 31 and 32, Industrial Estate, Barotiwala–174103, Madhya
Pradesh, India |
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Factory 4 : |
Alandi, Pune, Maharashtra, India |
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Factory 5 : |
SIDCO Industrial Complex, Phase II, Samba, Jammu and Kashmir,
India |
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Factory 6 : |
B. D. Patil Marg, Chembur, Mumbai – 400074, Maharashtra, India |
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Mall : |
Located at Kandivali, Mumbai, Maharashtra, India |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Umeshkumar N. More |
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Designation : |
Chairman |
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Name : |
Mr. Nirajkumar U. More |
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Designation : |
Managing Director |
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Name : |
Mr. Vinod Haritwal |
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Designation : |
CEO and Whole-time Director |
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Name : |
Mr. Rohitkumar R. More |
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Designation : |
Whole Time Director |
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Name : |
Mr. Suresh
Pareek |
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Designation : |
Director |
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Name : |
Mr. K C Srivastava |
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Designation : |
Director |
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Name : |
Mr. Madan Mohan Chaturvedi |
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Designation : |
Director |
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Name : |
Mr. Yogesh Samat |
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Designation : |
Director |
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Name : |
Mr. Tarun Govil |
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Designation : |
Director (w.e.f. 30.05.2014) |
KEY EXECUTIVES
|
AUDIT COMMITTEE |
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Name : |
Mr. Suresh Pareek |
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Designation : |
Chairman |
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Name : |
Mr. Nirajkumar More |
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Designation : |
Member |
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Name : |
Mr. Madan Mohan Chaturvedi |
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Designation : |
Member |
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Name : |
Mr. K C Srivastava |
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Designation : |
Member |
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Name : |
Mr. Yogesh Samat |
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Designation : |
Member (w.e.f. 30.05.2013) |
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SHAREHOLDERS
COMMITTEE |
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|
Name : |
Mr. Tarun Govil |
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Designation : |
Chairman |
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Name : |
Mr. Nirajkumar More |
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Designation : |
Member |
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Name : |
Mr. Vinod Haritwal |
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Designation : |
Member (up to 30.05.2013) |
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NOMINATION AND REMUNERATION
COMMITTEE |
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Name : |
Mr. Madan Mohan Chaturvedi |
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Designation : |
Chairman |
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Name : |
Mr. Suresh Pareek |
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Designation : |
Member |
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Name : |
Mr. Umeshkumar More |
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Designation : |
Member |
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CRS COMMITEE |
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Name : |
Mr. Nirajkumar More |
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Designation : |
Chairman |
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Name : |
Mr. Tarun Govil |
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Designation : |
Member |
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Name : |
Mr. Vinod Haritwal |
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Designation : |
Member |
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MANAGEMENT TEAM |
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Name : |
Mr. Rajender Guleria |
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Designation : |
Senior President |
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Name : |
Madam. Pallavi More |
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Designation : |
President |
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Name : |
Madam. Mala Singh |
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Designation : |
President |
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Name : |
Mr. P. S. Khanolkar |
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Designation : |
President |
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Name : |
Mr. Sanjay Tamhankar |
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Designation : |
Chief Operating Officer (Engineering) |
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Name : |
Mr. Rajiv Bhatia |
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Designation : |
Chief Operating Officer (Real Estate) |
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Name : |
Mr. Jagdish Kadam |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. Chintan K. Gandhi |
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Designation : |
Company Secretory |
SHAREHOLDING PATTERN
AS ON 30.06.2014
|
Category of Shareholders |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
68495959 |
30.21 |
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|
87204800 |
38.47 |
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|
155700759 |
68.68 |
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Total shareholding of Promoter and Promoter Group (A) |
155700759 |
68.68 |
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(B) Public Shareholding |
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|
20620 |
0.01 |
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|
22000 |
0.01 |
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|
42620 |
0.02 |
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|
|
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|
11126913 |
4.91 |
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|
|
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|
41995014 |
18.52 |
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|
11954951 |
5.27 |
|
|
5885493 |
2.60 |
|
|
1622924 |
0.72 |
|
|
1454329 |
0.64 |
|
|
787500 |
0.35 |
|
|
20000 |
0.01 |
|
|
2000740 |
0.88 |
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|
70962371 |
31.30 |
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Total Public shareholding (B) |
71004991 |
31.32 |
|
Total (A)+(B) |
226705750 |
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) |
226705750 |
0.00 |
|
Total (A)+(B) |
226705750 |
100.00 |
|
|
|
|
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
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|
|
|
|
Total (A)+(B)+(C) |
226705750 |
100.00 |
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BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Metal Finishing Plants, Equipment Chemicals, Buffing and Finishing Compounds, Mops, Wheels and Brushes. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
700 (Approximately) |
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Bankers : |
·
Punjab National Bank ·
Axis Bank ·
Citi Bank ·
The Saraswat Co-Operative Bank Limited ·
Bank of Bahrain and Kuwait B.S.C. ·
Woori Bank ·
Commonwealth Bank of Australia ·
DBS |
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Facilities : |
NOTE: LONG TERM
BORROWINGS Nature of
Security a)
Term loans from The Saraswat Co-op Bank are
secured by pari-passu first charge by way of joint mortgage of deposit of
title deeds of immovable properties of the Company at Kandivli. Terms of repayment i The Term loan outstanding as on 31st March, 2014 amounting Rs. 21.748 Millions is to be repaid in 14 monthly installments of Rs. 1.500 Millions each and last 15th installment of Rs. 0.748 Millions. ii The Term loan outstanding as on 31st March, 2014 amounting Rs. 2765.76 Lacs is to be repaid in 31 monthly installments of Rs. 75.00 Lacs each and last 32nd installment of Rs. 44.076 Millions. iii The Term loan outstanding as on 31st March, 2014 amounting Rs. 68.755 Millions is to be repaid in 32 monthly installments of Rs. 2.083 Millions each and last 33rd installment of Rs. 2.099 Millions. b) Term loan from Woori Bank is secured by pari-passu first charge along with The Saraswat Co-op Bank by way of joint mortgage of deposit of title deeds of immovable properties of the Company at Kandivali. SHORT TERM
BORROWINGS Nature of
Security Working capital
facilities are secured by hypothecation of all stocks, moveable assets and
book debts by way of first charge on pari-passu basis and are further
collaterally secured by second pari-passu charge on the block assets of
Shopping Mall at Kandivli, Mumbai. Working Capital facilities from Punjab
National Bank are further collaterally secured by first charge on the block
of assets of Samba unit. |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
M M Nissim and Company Chartered Accountants |
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Address: |
Barodawala Mention, B-Wing, 3rd Floor, 81, Dr. Annie Besant
Road, Worli, Mumbai-400018, |
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Tel No.: |
91-22-24949991 |
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Fax No.: |
91-91-24949995 |
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Email : |
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Website: |
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Subsidiaries : |
·
Grauer and Weil (Shanghai) Limited ·
Growel and Weil UK Limited |
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Associates : |
·
Growel Goema (India) Private Limited ·
Growel Sidasa Industries Private Limited ·
Grauer and Weil (Thailand) Limited ·
Poona Bottling Company Private Limited |
|
|
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|
Other Related Parties : |
·
Growel Softech Limited ·
Digikore Designs Limited ·
Digikore Studio Limited ·
Growel Projects Limited ·
Ridhi Sidhi Limited ·
Bubna More and Company Private Limited ·
Radhakishan Nandlal Private Limited ·
Growel Corporate Management Limited ·
Waluj Bevrages Private Limited |
|
Key Management Personnel,
their relatives and enterprises where significant influence exists, with whom
the Company had transactions : |
· Growel Softech Limited · Digikore Designs Limited · Digikore Studio Limited · Growel Projects Limited · Ridhi Sidhi Limited · Bubna More and Company Private Limited · Radhakishan Nandlal Private Limited · Growel Corporate Management Limited · Waluj Bevrages Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000000 |
Equity Shares |
Rs.1/- each |
Rs. 500.000 Millions |
|
|
|
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
226705750 |
Equity Shares |
Rs.1/- each |
Rs. 226.706
Millions |
|
|
|
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|
Reconciliation of shares outstanding as at the end of the year;
|
Particulars |
AS At 31.03.2014 |
|
|
No of Shares |
Rs. In Millions |
|
|
As at the beginning of the year |
22,670,575 |
226.706 |
|
Add: Issued during the year upon sub division of shares |
|
-- |
|
Outstanding at the end of the year |
22,670,575 |
226.706 |
(a)
Rights, preferences and restrictions attached to
shares:
The company has one
class of equity shares having a par value of Rs.1 per share. Each shareholder
is eligible for one vote per share held. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting, except in case of interim dividend. In the event of
liquidation, the equity shareholders are eligible to receive the remaining
assets of the Company after distribution of all preferential amounts, in
proportion to their shareholding.
(b)
Shareholders holding more than 5 percent of the
Equity shares:
|
Name of the
Shareholder |
No. of Shares Held |
|
March 31, 2014 |
|
|
Mr. Umeshkumar More |
23,168,570 |
|
Mr. Nirajkumar More |
27,011,650 |
|
Mrs. Premlata More |
13,182,710 |
|
M/s. Growel Projects Limited |
12,558,000 |
|
M/s. Poona Bottling Company Private Limited |
40,975,000 |
|
M/s. Ridhi Sidhi Limited |
32,359,000 |
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
226.706 |
226.706 |
226.706 |
|
(b) Reserves & Surplus |
1733.284 |
1,472.923 |
1,311.579 |
|
(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) |
1959.990 |
1,699.629 |
1,538.285 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
380.132 |
578.950 |
701.612 |
|
(b) Deferred tax liabilities (Net) |
178.468 |
169.134 |
144.011 |
|
(c) Other long term liabilities |
134.443 |
116.425 |
99.641 |
|
(d) long-term provisions |
91.536 |
81.081 |
61.449 |
|
Total Non-current Liabilities (3) |
784.579 |
945.590 |
1,006.713 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
391.275 |
412.672 |
444.488 |
|
(b) Trade payables |
449.441 |
459.040 |
353.207 |
|
(c) Other current liabilities |
589.596 |
570.626 |
452.650 |
|
(d) Short-term provisions |
81.860 |
50.671 |
90.396 |
|
Total Current Liabilities (4) |
1512.172 |
1,493.009 |
1,340.741 |
|
|
|
|
|
|
TOTAL |
4256.741 |
4,138.228 |
3,885.739 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2245.164 |
2,299.237 |
2,208.873 |
|
(ii) Intangible Assets |
6.785 |
8.747 |
4.755 |
|
(iii) Capital
work-in-progress |
12.213 |
1.557 |
28.633 |
|
(iv) Intangible
assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
47.011 |
47.505 |
39.071 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
186.307 |
159.851 |
149.723 |
|
(e) Other Non-current assets |
0.580 |
0.533 |
0.380 |
|
Total Non-Current Assets |
2498.060 |
2,517.430 |
2,431.435 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
613.863 |
619.894 |
497.981 |
|
(c) Trade receivables |
947.209 |
797.352 |
756.211 |
|
(d) Cash and cash
equivalents |
62.090 |
56.637 |
37.895 |
|
(e) Short-term loans and
advances |
118.011 |
124.725 |
139.494 |
|
(f) Other current assets |
17.508 |
22.190 |
22.723 |
|
Total Current Assets |
1758.681 |
1,620.798 |
1,454.304 |
|
|
|
|
|
|
TOTAL |
4256.741 |
4,138.228 |
3,885.739 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4195.994 |
3350.099 |
3332.297 |
|
|
|
Other Income |
337.315 |
21.081 |
28.508 |
|
|
|
TOTAL (A) |
4533.309 |
3371.180 |
3360.805 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
1984.194 |
1845.188 |
1806.812 |
|
|
|
Purchases of Stock in Trade |
38.828 |
57.971 |
37.798 |
|
|
|
Employee Benefits Expense |
58.628 |
(121.305) |
301.384 |
|
|
|
Other Expenses |
427.962 |
381.673 |
649.509 |
|
|
|
Changes in Inventory |
742.365 |
653.741 |
(47.859) |
|
|
|
TOTAL (B) |
3251.977 |
2817.268 |
2747.644 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1281.332 |
553.912 |
613.161 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
167.403 |
205.396 |
211.906 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1113.929 |
348.516 |
401.255 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
114.919 |
109.935 |
98.827 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
999.010 |
238.581 |
302.428 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
50.555 |
40.287 |
70.346 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
948.455 |
198.294 |
232.082 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
44.560 |
38.095 |
345.538 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
300.000 |
160.000 |
500.000 |
|
|
|
Proposed Dividend |
36.273 |
27.205 |
34.007 |
|
|
|
Corporate Tax on Dividend |
6.164 |
4.624 |
5.518 |
|
|
BALANCE CARRIED
TO THE B/S |
650.578 |
44.560 |
38.095 |
|
|
|
|
|
|
|
|
|
|
EXPORT VALUE |
607.433 |
415.450 |
382.568 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
535.017 |
487.599 |
399.353 |
|
|
|
Stores & Spares |
0.202 |
0.440 |
0.721 |
|
|
|
Capital Goods |
1.430 |
4.788 |
3.649 |
|
|
TOTAL IMPORTS |
536.649 |
492.827 |
403.723 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.36 |
0.87 |
1.02 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
20.92 |
5.88 |
6.91 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
23.81 |
7.12 |
9.08 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
23.80 |
5.83 |
7.92 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.51 |
0.14 |
0.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.39 |
0.58 |
0.75 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.16 |
1.09 |
1.08 |
FINANCIAL ANALYSIS
[All figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
226.706 |
226.706 |
226.706 |
|
Reserves & Surplus |
1311.579 |
1472.923 |
1733.284 |
|
Net
worth |
1538.285 |
1699.629 |
1959.990 |
|
|
|
|
|
|
long-term borrowings |
701.612 |
578.950 |
380.132 |
|
Short term borrowings |
444.488 |
412.672 |
391.275 |
|
Total
borrowings |
1146.100 |
991.622 |
771.407 |
|
Debt/Equity
ratio |
0.745 |
0.583 |
0.394 |
%20LIMITED%20-%20281995%2020-Aug-2014_files/image008.gif)
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
3332.297 |
3350.099 |
4195.994 |
|
|
|
0.534 |
25.250 |
%20LIMITED%20-%20281995%2020-Aug-2014_files/image010.gif)
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
3332.297 |
3350.099 |
4195.994 |
|
Profit |
232.082 |
198.294 |
948.455 |
|
|
6.96% |
5.92% |
22.60% |
%20LIMITED%20-%20281995%2020-Aug-2014_files/image012.gif)
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 |
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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS
|
HIGH
COURT OF BOMBAY
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs.
In Millions |
31.03.2013 Rs.
In Millions |
|
Long Term
Borrowings |
|
|
|
Loans and
Advances from related parties |
9.650 |
22.950 |
|
Fixed Deposits |
14.817 |
15.236 |
|
Others (Hire
Purchase Credits) |
7.302 |
8.094 |
|
|
|
|
|
Short Term
Borrowings |
|
|
|
Loans from related parties |
29.400 |
30.400 |
|
Total |
61.169 |
76.680 |
MANAGEMENT
DISCUSSION AND ANALYSIS:
AN OVERVIEW OF
BUSINESS PERFORMANCE
During the year 2013-14, the Net Revenue of the Company grew by 15.5% to Rs. 3893 Million (Rs. 3371 Million in previous year). However, the Net Profit improved by 55%. An overview of the performance of different business segments of the Company is as under:
a) Chemical Segment: Your Company continues to maintain its leadership position in the segment of surface treatment chemicals, their intermediates and other specialty chemicals. Competition from international companies intensified further during the year, however, your Company was able to effectively counter the competitive pressure. New products introduced by the Company met with good success. The Company continued to focus on excellence. All its plants manufacturing finished formulations are certified under IMS and ISO 14000.
b) Engineering Segment: This division supplies customised turnkey solutions for Electroplating Plants and their components, Effluent and Waste Water Treatment Plants and other engineering products, from its plant located at Alandi, Pune. It was able to achieve a growth of approximately 18%, albeit, with a decline in profitability. This division’s foray into Pickling Plants for wire manufacturers and export markets met with a reasonably good success.
c) Mall Segment: The general economic slowdown continued to pose some challenges for the Retail business, however, the Company’s innovative marketing and promotion strategies achieved higher footfall, trading levels and mall occupancy. Very recently, the Mall received the Most Admired Marketing and Promotional Award for Western India 2013 - 14.
d) Paints Segment: Though the business segment recorded a revenue growth of 15.5% over last year, however, efforts are under way to improve the financial performance. The Company’s investment in modernizing the R&D and production facilities, induction of fresh senior level management team and an aggressive sales push have begun to pay dividends.
FINANCIAL PERFORMANCE
The highlights of financial performance of the Company for the year under review are as under:
a. The Net Profit after Tax for the year grew by 55% to Rs.308 Million.
b. The Company spent Rs.87 Million in Capital Expenditure.
c. The Long Term Borrowings decreased by Rs.199 Million to Rs.380 Million mainly on account of part repayment of Mall Loans.
d. The Working Capital (Net Current Assets) increased by Rs.119 Million.
e. The Debt Equity Ratio of the Company further improved to 0.39 (from 0.58)
OPPORTUNITIES, THREATS,
RISKS, CONCERNS AND OUTLOOK
In its main business segment of chemicals, your Company faces stiff competition from all the international manufacturers in the Indian as well as the international markets. However, your Company’s fundamental strengths of market leadership in domestic market, extensive distribution network, strong R & D and procurement strength place it in relatively stronger position. The Company will continue to introduce new products and processes developed in-house or sourced from its technology partners like Herbert Schmidt GmbH & Co. KG of Germany, NOF Metals Coatings, Japan, SIDASA Division of Cromogenia Units SA, Spain.
The Company’s diversification into oils & lubricants is now poised for a significant push. The Joint Venture with SIDASA of Spain has since been converted into a Technology Licensing arrangement. This business segment offers an attractive long term opportunity.
The order book at the Engineering Division is reasonably encouraging. Also the enquiries under discussion hold a lot of promise. The new market segments developed by this division provide a good opportunity for additional growth in coming years.
In the area of Paints, the Company has taken some bold steps in terms of setting up a new manufacturing facility at Dadra and installed some equipment at the Vapi plant to produce paints. This will help the fortified technical and marketing teams to enter an aggressive phase of sales growth in the high potential Paints business. These steps have begun to fill the order pipeline, however, the Company is fully cognizant of the fact that this is a highly competitive business dominated by giants well established in the segment. If the Company succeeds in its plans then this segment can contribute a high level of growth in its business.
Since your Company’s Mall has been able to increase footfall as well as sales with innovative and aggressive steps. It still has some unoccupied space, which can offer additional revenue when leased.
FUTURE PROSPECTS
While the phase of political uncertainties in India seems to have ended, the economic situation both in India and globally presents a mixed picture. Since all the products manufactured by us viz. Surface Treatment Chemicals, Paints, Industrial Lubricants, Plants etc. are industrial products, our prospects are linked to the fortunes of the user industries. To overcome the unpredictability and to minimise the risks, the Company has diversifed its customer portfolio, product portfolio as well as markets. The Company has also intensified its Research and Development work focused on backward integration and taken assistance of international companies through technology licensing.
With respect to Exports, the Company is making all efforts to expand its network of distributors to reach hitherto untapped markets.
The Engineering division of the company is adopting new technologies for specialised processes in electroplating, pickling as well as waste water treatment. This division has also forged alliances with some international partners creating new market synergies and has bagged orders in export markets.
Special emphasis is being laid on high thrust areas like Paints and Industrial Lubricants where we are seeking to diversify into newer market segments. Considering their large potential, aggressive plans have been drawn up to provide a major push to these segments of the business. The senior management teams have been fortified. Additional manufacturing capacities have been added and steps have been initiated for creating production capacities in the northern part of the Country.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10478640 |
17/02/2014 |
50,000,000.00 |
CITIBANK
N. A. |
FIRST
INTERNATIONAL FINANCIAL CENTRE, 9TH FLOOR,, PLOT NO.C-54, C-55, G-BLOCK, BKC,
BANDRA, MUMBAI, |
B96810825 |
|
2 |
10464606 |
29/11/2013 |
160,000,000.00 |
WOORI
BANK |
CHENNAI
BRANCH, 6TH FLOOR, EA CHAMBERS, NO. 49, 50L, WHITES ROAD, ROYAPETTAH,
CHENNAI, TAMIL NADU - |
B91305268 |
|
3 |
10457862 |
11/10/2013 |
150,000,000.00 |
COMMONWEALTH
BANK OF AUSTRALIA |
LEVEL
2, HOECHST HOUSE, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B88650023 |
|
4 |
10333132 |
23/12/2011 |
100,000,000.00 |
THE
SARASWAT CO-OPERATIVE BANK LIMITED |
SME
BRANCH, PRABHAT BHAWAN, BLOCK -B, L.B.S. MARG, VIKROLI (WEST), MUMBAI, MAHARASHTRA
- 400086, INDIA |
B31059306 |
|
5 |
10269914 |
23/12/2010 |
12,875,000.00 |
AXIS
BANK LIMITED. |
RAC
MUMBAI, 1ST FLOOR, JANMABHOMI BHAVAN, JANMABH |
B04397238 |
|
6 |
10256914 |
28/08/2012
* |
150,000,000.00 |
THE
SARASWAT CO-OPERATIVE BANK LIMITED |
SME
BRANCH, PRABHAT BHAVAN, 1ST FLOOR, OPP CIPLA, |
B60125721 |
|
7 |
10260608 |
28/08/2012
* |
175,000,000.00 |
THE SARASWAT
CO-OPERATIVE BANK LIMITED |
SME
BRANCH, PRABHAT BHAVAN, 1ST FLOOR, OPP CIPLA, L B S MARG, VIKHROLI (W),
MUMBAI, MAHARASHTRA - 400083, INDIA |
B60126323 |
|
8 |
10253482 |
26/03/2013
* |
325,000,000.00 |
AXIS
BANK LIMITED |
AXIS
HOUSE, GROUND FLOOR,, C- 2 WADIA INTERNATIONAL CENTER, P.B. MARG, WORLI,
MUMBAI, MAHARASHTRA - |
B74110966 |
|
9 |
10285112 |
17/09/2010 |
6,675,000.00 |
THE
SARASWAT CO-OPERATIVE BANK LIMITED. |
RASEC
BRANCH, ISHAN ARCADE,, OPP. GAMDEVI TEMPLE, 3RD FLOOR, NAUPADA THANE (W),,
THANE, MAHARASHTRA |
B01173145 |
|
10 |
10141679 |
20/10/2012
* |
325,000,000.00 |
AXIS
BANK LIMITED |
AXIS
HOUSE, GROUND FLOOR,, C2 WADIA INTERNATIONAL |
B63832943 |
|
11 |
10127340 |
01/10/2008 |
2,363,653.00 |
THE
SARASWAT CO-OPERATIVE BANK LIMITED |
CHEMBUR
BRANCH, CHEMBUR WEST, MUMBAI, MAHARASHTRA |
A49477979 |
|
12 |
10109352 |
10/04/2013
* |
949,900,000.00 |
THE
SARASWAT CO-OPERATIVE BANK LIMITED |
SME
VIKROLI BRANCH, PRABHAT BHAVAN, LBS MARG, VIKROLI WEST,, MUMBAI, MAHARASHTRA
- 400079, INDIA |
B73701047 |
|
13 |
10148590 |
12/03/2009
* |
250,000,000.00 |
THE SARASWAT
CO-OPERATIVE BANK LIMITED |
CHEMBUR
BRANCH, SHRI SUNDER CHS LIMITED., PLOT NO 560, SION TROMBAY RD., CHEMBUR,
ALONGWITH AXIS BANK LIMITED, MUMBAI, MAHARASHTRA - 400071, INDIA |
A59423517 |
|
14 |
80024175 |
20/01/2011
* |
485,000,000.00 |
PUNJAB
NATIONAL BANK |
LARGE
CORPORATE BRANCH, SECTOR -17B, CHANDIGRAH, |
B06435606 |
* Date of charge modification
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE
QUARTER AND HALF MONTHS ENDED 30th JUNE 2014
(RS. IN MILLIONS)
|
|
Quarter ended |
|
Particulars |
30.06.2014 |
|
1.
Income from operations |
|
|
Gross Sales |
975.700 |
|
Less: Trade Discount |
91.300 |
|
a) Net sales/ Income from operation (net of excise duty) |
884.400 |
|
b) Other operating income |
17.00 |
|
Total
income from Operations(net) |
901.400 |
|
2.Expenditure |
|
|
a) Cost of material consumed |
479.200 |
|
b) Purchases of stock in trade |
7.000 |
|
c) Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
(41.800) |
|
d) Employees benefit expenses |
118.900 |
|
e) Depreciation and amortization expenses |
36.200 |
|
f) Other expenditure |
177.400 |
|
Total expenses |
776.900 |
|
3. Profit from operations before other income and
financial costs |
124.500 |
|
4. Other income |
2.600 |
|
5. Profit from ordinary activities before finance costs |
127.100 |
|
6. Finance costs |
36.600 |
|
7. Net profit/(loss) from ordinary activities after
finance costs but before exceptional items |
90.500 |
|
8. Exceptional item |
-- |
|
9. Profit from ordinary activities before tax
Expense: |
90.500 |
|
10.Tax expenses |
|
|
Current |
16.800 |
|
deferred |
0.300 |
|
11.Net Profit
/ (Loss) from ordinary activities after tax (9-10) |
73.400 |
|
12.Extraordinary Items (net of tax expense) |
-- |
|
13.Net Profit / (Loss) for the period (11 -12) |
73.400 |
|
14.Paid-up
equity share capital (Nominal value Re. 1/- per share) |
226.700 |
|
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 |
0.32 |
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
71004991 |
|
- Percentage of shareholding |
31.32 |
|
2. Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
|
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
|
|
Percentage of shares (as a % of total share capital of the
company) |
|
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
155700759 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100 |
|
|
|
|
Percentage of shares (as a % of total share capital of the
company) |
68.68 |
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
Nil |
|
Receiving during the quarter |
9 |
|
Disposed of during the quarter |
9 |
|
Remaining unreserved at the end of the quarter |
Nil |
UNAUDITED SEGMENT
WIE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In Millions)
|
Particulars |
Quarter
Ended (
Unaudited) |
|
|
30.06.2014 |
|
1.
Segment Revenue |
|
|
a. Chemicals |
604.500 |
|
b. Engineering |
100.000 |
|
c. Shoppertainment |
58.200 |
|
d. Paints |
117.900 |
|
e. Oils |
21.700 |
|
Total |
902.300 |
|
Less : Unallocable |
1.700 |
|
Net
Income |
904.00 |
|
|
|
|
2.
Segment Result (Profit
before Interest and Tax) |
|
|
a. Chemicals |
151.900 |
|
b. Engineering |
4.000 |
|
c. Shoppertainment |
29.500 |
|
d. Paints |
(11.200) |
|
e. Oil |
3.600 |
|
Total |
177.800 |
|
|
|
|
Less
: (i) Interest |
36.600 |
|
(ii) Other un-allocable
expenditure net off un-allocable income. |
50.700 |
|
|
|
|
Profit
before Tax |
90.500 |
|
3.
Capital Employed |
|
|
a. Chemicals |
982.200 |
|
b. Engineering |
131.200 |
|
c. Shoppertainment |
1020.200 |
|
d. Paints |
606.500 |
|
e. Oil |
24.900 |
|
Total |
2765.000 |
|
Add:-Unallocable
Corporate assets less Corporate |
(732.800) |
|
Total
Capital Employment |
2032.200 |
Notes :
1)
Depreciation on Fixed
Assets has been changed in accordance with Schedule II of the Companies Act.
2013. The above changes has resulted in higher depreciation of Rs. 7.482
Millions. Further, based translation provision provided in Note 7 (b) under
schedule II. The effect of depreciation (Net of Differed Tax) will be adjusted
in the retained earnings as at the year end.
2)
The above results have
been reviewed by the Audit committee and taken on record by the Board of
Directors at their Meeting held on 14th August 2014.
3)
Previous year’s figure
have been regrouped and/or rearranged wherever considered necessary.
FIXED ASSETS:
·
Land
·
Building
·
Plant
and Machinery
·
Laboratory
Equipments
·
R
and D Equipments
·
Furniture
Fittings and Fixtures
·
Office
Equipments
·
Vehicles
·
Computer
Software
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 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.60.72 |
|
UK Pound |
1 |
Rs.101.47 |
|
Euro |
1 |
Rs.81.04 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
RSM |
|
|
|
|
Report Prepared
by : |
ASH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
54 |
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.