MIRA
INFORM REPORT
|
Report Date : |
20.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
KEI INDUSTRIES LIMITED |
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Registered
Office : |
D-90, Okhla Industrial Area, Phase I, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
31.12.1992 |
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Com. Reg. No.: |
55-051527 |
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Capital
Investment / Paid-up Capital : |
Rs.147.475 Millions |
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CIN No.: [Company Identification
No.] |
L74899DL1992PLC051527 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELK05368G DELK05577F |
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PAN No.: [Permanent Account No.] |
AAACK0251C |
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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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Line of Business
: |
Manufacturing of Low Tension (LT) Cables, High Tension
(HT) Power Cables, Extra-High Voltage (EHV) Cables, Control and
Instrumentation Cables, Rubber Cables, Winding Wires and stainless Steel
Wires (SS Wires). |
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|
|
|
No. of Employees
: |
3000 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (44) |
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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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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having satisfactory track. General financial position of the company seems to be sound and
healthy. 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 condition. |
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 |
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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
NEWS
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 |
CG3 [Corporate Governance] |
|
Rating Explanation |
Provides its stakeholder adequate level of comfort on the degree of
corporate governance. |
|
Date |
28.01.2014 |
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. Kunal Kishore |
|
Designation : |
Company Secretary |
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Contact No.: |
91-9873120289 |
|
Date : |
05.07.2014 |
LOCATIONS
|
Registered/
Corporate Office : |
D-90, Okhla Industrial Area, Phase I, New Delhi-110020, |
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Tel. No.: |
91-11-26818840/8642/0242 |
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Fax No.: |
91-11-26817225/26811959 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory 1 : |
SP-919/920/922 RIICO Industrial Area, Phase - III,
Bhiwadi, District Alwar - 301019, |
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Tel. No.: |
91-1493-220106/221731 |
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Fax No.: |
91-1493-221731 |
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E-Mail : |
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Factory 2 : |
99/2/7, Madhuban Industrial Estate, Village Rakholi,
Silvassa - 396230, Dadra and Nagar Haveli, |
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Tel. No.: |
91-260-2644404/2630944 |
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Fax No.: |
91-260-2645896 |
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E-Mail : |
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Factory 3 : |
Plot No.A-280/281/282/283/284 RIICO Industrial Area (Chopanki),
District Alwar -301019, |
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Tel. No.: |
91-1493-260202/06 |
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Fax No.: |
91-1493-260203 |
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E-Mail : |
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Overseas Office : |
Post Box No. 261739, Jebel Ali Free Zone, Tel: +97148812310/ +971502112013 Fax: +97148812311 E-mail: dubai@kei-ind.com |
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Branch Offices : |
Mumbai (Marketing Office) 101/102, Vastu Shilp, Vastu Enclave, Andheri Pump House,
Andheri (East), Mumbai-400093, Tel: 91-22-28239673 / 28375642 Fax: 91-22-28258277 e-mail: mumbai@kei-ind.com
Jaipur Tel: 91-141-5179279 Fax No.: 91-141-2221707 Email : jaipur@kei-ind.com
Pune Tel: 91-20-30526258/ 30524765 Email : pune@kei-ind.com
Tel: 91-265-6539719 / 2341831 Fax: 91-265-2334161 e-mail: baroda@kei-ind.com Bangalore Tel: 91-80-23466260 e-mail: bangalore@kei-ind.com
Chennai Tel: 91-44-42009120 Fax: 91-44-42009130 e-mail: chennai@kei-ind.com
Tel: 91-40-20064358 Fax: 91-40-24024260 e-mail: hyderabad@kei-ind.com
Kolkata 33, Dr. Sundari Mohan
Avenue, 1st Floor, Kolkata-700014, West Bengal, India Tel: 91-33-22866696 Fax: 91-33-22866697 E-mail: kolkata@kei-ind.com SCO 84, 1st Floor, Swastik
Vihar, Sector-5, Panchkula-134109, India Tel: 91-172-4416301 Fax: 91-172-4416300 E-mail: chandigarh@kei-ind.com S-13, Thada Ram Complex,
M.P. Nagar Zone-l, Bhopal – 462011, Madhya Pradesh, India E-mail: bhopal@kei-ind.com Bhubaneshwar C/21, Palashpalli, Near N.C.C. Office, Bhubaneswar-751012, Orissa, India E-mail: bhubneshwar@kei-ind.com Chhatisgarh Soubhagya, 72/10, Nehru
Nagar(West), Bhilai-490020, Chhattisgarh, India E-mail: chhatisgarh@kei-ind.com 8/6,
F.M. Colony, Civil Lines, Kanpur-208001, Uttar Pradesh, India Email: kanpur@kei-ind.com F-1, Shetye Apartments,
Antilpeth, Bicholim, Goa-403504, India E-mail: goa@kei-ind.com 103, Misal Layout,
Nagpur-440014, Maharashtra, India E-mail: nagpur@kei-ind.com 36/2853, Nagawallil, Balan
Menon Road, Kaloor, Cochin-682017, Kerala, India E-mail: cochin@kei-ind.com 136, T.V. Swamy Road, R.S.
Puram, Coimbatore-641002, Tamilnadu, India
E-mail: coimbatore@kei-ind.com 102 First Floor, Saran
Chamber-2, 5 Park Road, Lucknow-226001, Uttar Pradesh, India Email: up@kei-ind.com Jamshedpur FlatC1/3, Sabitri Tower, 1st Floor,
Ulyan, Kadam, Jamshedpur – 831005, Jharkhand, India Guwahati 38, Rehabari Bill Par, A. K. Azad Road, Near NE TV,
Guwahati – 781008, Assam, India E-mail: guwahati@kei-ind.com
|
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Anil Gupta |
|
Designation : |
Chairman cum Managing Director |
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Qualification : |
B.Com |
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Date of Appointment : |
31.12.1992 |
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Name : |
Mrs. Archana Gupta |
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Designation : |
Director |
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Name : |
Mr. Pawan Bholusaria |
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Designation : |
Director |
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Name : |
Mr. K G Somani |
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Designation : |
Director |
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Name : |
Mr. Vikram Bhartia |
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Designation : |
Director |
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Name : |
Mr. Vijay Bhushan |
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Designation : |
Director |
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Name : |
Mr. Rajeev Gupta |
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Designation : |
Executive Director (Finance) |
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Qualification : |
Chartered Accountant |
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Date of Appointment : |
14.12.1993 |
KEY EXECUTIVES
|
Name : |
Mr. S.L. Kakkar |
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Designation : |
President |
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Name : |
Mr. Manoj Kakkar |
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Designation : |
Sr. Vice President (Marketing) |
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Name : |
Mr. Lalit Sharma, |
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Designation : |
Chief Operating Office |
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Name : |
Mr. P.K. Aggarwal |
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Designation : |
Vice President (Corporate) |
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Name : |
Mr. K.C. Sharma |
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Designation : |
Vice President (Operation) |
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Name : |
Mr. Manish Mantri, |
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Designation : |
Vice President (EPC/EHV) |
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Name : |
Mr. Arvind Shrowty |
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Designation : |
Corporate Advisor |
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Name : |
Mr. A. K. Maity |
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Designation : |
Sr. GM (Works) |
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Name : |
Mr. N.K. Bajaj |
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Designation : |
Sr. GM-Marketing (Wires and Flexibles) |
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Name : |
Mr. Munishvar Gaur |
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Designation : |
GM (Head-North Marketing Cables) |
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Name : |
Mr. Alok Saha |
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Designation : |
GM (Marketing) |
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Name : |
Mr. Umesh B. Kank |
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Designation : |
GM (Marketing) |
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Name : |
Mr. M.V. Gananath |
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Designation : |
GM-Sales and Marketing |
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Name : |
Mr. Keshav K. Mitra, |
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Designation : |
GM-Sales and Marketing |
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Name : |
Mr. Deepak Manchanda |
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Designation : |
GM (Business Development) |
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Name : |
Mr. Naval Singh Yadav |
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Designation : |
Sr. GM (Technical) |
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Name : |
Mr. Pawan Kumar Jain |
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Designation : |
GM (EPC) |
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Name : |
Mr. Dilip Barnwal |
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Designation : |
Vice President (Operation-Silvassa) |
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Name : |
Mr. Ajay Mehra |
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Designation : |
GM (Works - Bhiwadi) |
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Name : |
Mr. Adarsh Jain |
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Designation : |
GM (Finance) |
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Name : |
Mr. Kunal Gupta |
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Designation : |
GM (International Marketing) |
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Name : |
Mr. Gaurav Sahi |
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Designation : |
Head - Corporate Communication |
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Name : |
Mr. Surendra |
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Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON: 30.06.2014
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
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|
21068466 |
27.28 |
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|
17080000 |
22.11 |
|
|
38148466 |
49.39 |
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|
Total shareholding of Promoter and Promoter
Group (A) |
38148466 |
49.39 |
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(B) Public Shareholding |
|
|
|
|
|
|
|
|
6500 |
0.01 |
|
|
800969 |
1.04 |
|
|
807469 |
1.05 |
|
|
|
|
|
|
|
|
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|
6500 |
0.01 |
|
|
|
|
|
|
|
|
|
|
15820879 |
20.48 |
|
|
4256002 |
5.51 |
|
|
|
|
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|
2193516 |
2.84 |
|
|
515931 |
0.67 |
|
|
1676985 |
2.17 |
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|
600 |
0.00 |
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|
38281503 |
49.56 |
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Total Public shareholding (B) |
39088972 |
50.61 |
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Total (A)+(B) |
77237438 |
100.00 |
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(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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|
0 |
0.00 |
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|
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|
Total (A)+(B)+(C) |
77237438 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Low Tension (LT) Cables, High Tension
(HT) Power Cables, Extra-High Voltage (EHV) Cables, Control and Instrumentation
Cables, Rubber Cables, Winding Wires and stainless Steel Wires (SS Wires). |
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Exports : |
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Products : |
Cables and Wires |
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Countries : |
·
Singapore ·
UAE ·
South Africa
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Imports : |
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Products : |
Raw Material and Machines |
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Countries : |
·
Korea ·
Thailand |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
|
Suppliers : |
· Hindalco Limited |
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Customers : |
·
Lanco Wires ·
Suzlon Energy |
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No. of Employees : |
3000 [Approximately] |
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Bankers : |
· Dena Bank · Punjab National Bank · ING Vysya Bank Limited · State Bank of Hyderabad · Yes Bank Limited · Standard Chartered Bank · ICICI Bank Limited · HSBC Bank Limited · HDFC Bank Limited · State Bank of Patiala · IndusInd Bank Limited · State Bank of Bikaner and Jaipur · Indian Overseas Bank · Corporation Bank · Lakshmi Vilas Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Jagdish Chand and Company Chartered Accountant |
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Address : |
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Associates [As on 31.03.2013] : |
KEI International Limited |
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Other Related Parties [As on 31.03.2013] : |
·
Projection Financial and Management Consultants
Private Limited ·
Shubh Laxmi Motels and Inns Private Limited ·
Soubhagya Agency Private Limited ·
Dhan Versha Agency Private Limited ·
KEI Cables Private Limited ·
KEI Power Limited |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs.147.475
Millions
AFTER 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
110000000 |
Equity Shares |
Rs.2/- each |
Rs.220.000 Millions |
|
300000 |
Preferences Shares |
Rs.100/- each |
Rs.30.000 Millions |
|
|
|
|
|
|
|
TOTAL |
|
Rs.250.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
77237438 |
Equity Shares |
Rs.2/- each |
Rs.154.475
Millions |
|
|
|
|
|
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 |
147.475 |
140.475 |
133.875 |
|
(b) Reserves &
Surplus |
2539.106 |
2415.222 |
2126.710 |
|
(c) Money received
against share warrants |
44.250 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
2730.831 |
2555.697 |
2260.585 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
1165.563 |
1034.437 |
1285.702 |
|
(b) Deferred tax
liabilities (Net) |
160.347 |
105.638 |
23.352 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
23.462 |
21.392 |
16.069 |
|
Total Non-current
Liabilities (3) |
1349.372 |
1161.467 |
1325.123 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
3269.523 |
2860.261 |
2917.316 |
|
(b) Trade payables |
3872.383 |
3947.807 |
4092.579 |
|
(c) Other current
liabilities |
1166.546 |
1200.496 |
1297.804 |
|
(d) Short-term provisions |
46.507 |
45.790 |
45.747 |
|
Total Current Liabilities
(4) |
8354.959 |
8054.354 |
8353.446 |
|
|
|
|
|
|
TOTAL |
12435.162 |
11771.518 |
11939.154 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3133.009 |
3082.580 |
3173.697 |
|
(ii) Intangible Assets |
7.756 |
6.124 |
7.332 |
|
(iii) Capital
work-in-progress |
2.394 |
25.976 |
2.091 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
30.917 |
30.817 |
30.817 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
33.988 |
52.734 |
34.209 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
2.074 |
|
Total Non-Current Assets |
3208.064 |
3198.231 |
3250.220 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
4031.395 |
3581.551 |
2922.434 |
|
(c) Trade receivables |
4286.251 |
4212.183 |
4825.995 |
|
(d) Cash and cash
equivalents |
45.569 |
156.221 |
43.688 |
|
(e) Short-term loans and
advances |
605.456 |
455.049 |
523.224 |
|
(f) Other current assets |
258.427 |
168.283 |
373.593 |
|
Total Current Assets |
9227.098 |
8573.287 |
8688.934 |
|
|
|
|
|
|
TOTAL |
12435.162 |
11771.518 |
11939.154 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
16189.093 |
16583.525 |
17223.032 |
|
|
Other Income |
12.771 |
23.550 |
16.248 |
|
|
TOTAL (A) |
16201.864 |
16607.075 |
17239.280 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
12482.097 |
12461.276 |
13149.219 |
|
|
Purchases of
Stock-in-Trade |
17.948 |
59.680 |
101.667 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(419.485) |
(433.901) |
(84.286) |
|
|
Employees benefits expense |
515.855 |
461.441 |
370.518 |
|
|
Other expenses |
2062.244 |
2329.833 |
2185.118 |
|
|
TOTAL (B) |
14658.659 |
14878.329 |
15722.236 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
1543.205 |
1728.746 |
1517.044 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
1115.306 |
1093.537 |
961.623 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
427.899 |
635.209 |
555.421 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
209.735 |
204.448 |
195.449 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
218.164 |
430.761 |
359.972 |
|
|
|
|
|
|
|
Less |
TAX (H) |
102.156 |
167.391 |
116.684 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
116.008 |
263.370 |
243.288 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD |
1725.299 |
1478.363 |
1250.634 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Proposed Dividend on Equity
Shares (Dividend of Rs.0.20 per equity share) |
NA |
14.047 |
13.387 |
|
|
Dividend Distribution Tax on
Proposed Dividend |
NA |
2.387 |
2.172 |
|
|
Total |
NA |
16.434 |
15.559 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S |
NA |
1725.299 |
1478.363 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
Sales (Exports) |
NA |
972.181 |
1250.023 |
|
|
TOTAL EARNINGS |
NA |
972.181 |
1250.023 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials purchases |
NA |
350.577 |
413.315 |
|
|
Packing Materials |
NA |
14.235 |
4.765 |
|
|
Stores, Spares &
Consumables |
NA |
1.713 |
3.234 |
|
|
Capital Goods |
NA |
11.333 |
42.018 |
|
|
TOTAL IMPORTS |
NA |
366.525 |
421.314 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
1.59 |
3.84 |
3.63 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
0.72 |
1.59 |
1.41 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.35 |
2.60 |
2.09 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.76 |
3.68 |
3.02 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.17 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.62 |
1.52 |
1.86 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.10 |
1.06 |
1.04 |
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 |
133.875 |
140.475 |
147.475 |
|
Reserves & Surplus |
2126.710 |
2415.222 |
2539.106 |
|
Share application pending
money allotment |
0.000 |
0.000 |
44.250 |
|
Net worth |
2260.585 |
2555.697 |
2730.831 |
|
|
|
|
|
|
long-term borrowings |
1285.702 |
1034.437 |
1165.563 |
|
Short term borrowings |
2917.316 |
2860.261 |
3269.523 |
|
Total borrowings |
4203.018 |
3894.698 |
4435.086 |
|
Debt/Equity ratio |
1.859 |
1.524 |
1.651 |
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 |
17223.032 |
16583.525 |
16189.093 |
|
|
|
(3.713) |
(2.378) |
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 |
17223.032 |
16583.525 |
16189.093 |
|
Profit |
243.288 |
263.370 |
116.008 |
|
|
1.41% |
1.59% |
0.72% |
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 |
Yes |
|
|
18] |
Major customers |
Yes |
|
|
19] |
Payments terms |
Yes |
|
|
20] |
Export / Import details (if applicable) |
Yes |
|
|
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
|
32] |
Date
of Birth 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 |
|
|
CASE DETAILS IN THE HIGH
COURT OF DELHI AT NEW DELHI
COMMISSIONER OF
INCOME TAX DELHI -II..... APPELLANT
ORDER
A request for an
adjournment is made on behalf of Mr. Sabharwal, Which is not opposed. List on
09.10.2014. S. RAVINDRA
BHAT, J Vibhu Bakhry, J MK/pkv |
|
||
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE, 2014
|
Sr. No. |
Particulars |
Rs in Millions |
||
|
Quarter ended |
||||
|
as on 30.06.2014 |
||||
|
(Unaudited) |
||||
|
1 |
(a) Net Sales/Income from Operations |
3905.368 |
||
|
|
(b)Other Operating Income |
23.188 |
||
|
|
Total Income
From Operations (Net) |
3928.556 |
||
|
2 |
Expenditure |
|
||
|
|
(a) |
Cost of Materials Consumed |
3231.499 |
|
|
|
(b) |
Purchases of Stock-in-Trade |
14.224 |
|
|
|
(c) |
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(465.457) |
|
|
|
(d) |
Employees benefits expense |
141.332 |
|
|
|
(e) |
Depreciation and amortization expense |
63.020 |
|
|
|
(f ) |
Other expenses |
627.403 |
|
|
|
|
TOTAL (B) |
3612.021 |
|
|
|
|
|
||
|
3 |
Profit from operation before other income, interest and other exceptional
items(1-2) |
316.535 |
||
|
4 |
Other Income |
6.541 |
||
|
5 |
profit before interest and exceptional items(3+4) |
323.076 |
||
|
6 |
Interest |
265.561 |
||
|
7 |
Profit after interest but before exceptional items(5-6) |
57.515 |
||
|
8 |
Exceptional Items |
--- |
||
|
9 |
Profit(+)/Loss(-) from Ordinary Activities before tax (7-8) |
57.515 |
||
|
10 |
Tax Expenses |
22.055 |
||
|
11 |
Net Profit(+)/Loss(-) from Ordinary Activities after tax( 9-10) |
35.460 |
||
|
12 |
Extra Ordinary Items |
--- |
||
|
13 |
Net Profit(+)/Loss(-) for the period (1112) |
35.460 |
||
|
14 |
Paid-up Equity Share Capital Rs.2/ per share |
154.475 |
||
|
15 |
Reserves excluding revaluation reserves |
--- |
||
|
16 |
Earning Per
Share |
|
||
|
(a) |
Basic and diluted EPS before Extraordinary items for the period, for
the year to date and for the previous year(not to be annualised) |
0.47 |
||
|
(b) |
Basic and diluted EPS after
Extraordinary items for the period, for the year to date and for the previous
year(not to be annualised) |
0.46 |
||
|
17 |
Public
Shareholding |
|
||
|
|
Number of Shares |
39088972 |
||
|
|
Percentage of Shareholding |
50.61% |
||
|
18 |
Promoters and Promoter group |
|
||
|
|
a) Pledged/Encumbered |
|
||
|
|
Number of shares |
Nil |
||
|
|
Percentage of Shares (as a % of the total shareholding of promoter and
promoter group) |
Nil |
||
|
|
Percentage of Shares (as a % of the total share capital of the
Company) |
Nil |
||
|
|
b) Non-encumbered |
|
||
|
|
Number of shares |
38148466 |
||
|
|
Percentage of Shares (as a % of the total shareholding of promoter and
promoter group) |
100% |
||
|
|
Percentage of Shares (as a % of the total share capital of the
Company) |
49.39% |
||
|
|
Particulars |
3 months ended 30.06.2014 |
||
|
|
INVESTOR
COMPLAINTS |
|
||
|
|
Pending at the beginning of the quarter |
NIL |
||
|
|
Received during the quarter |
1 |
||
|
|
Disposed off during the quarter |
1 |
||
|
|
Remaining unresolved at the end of the quarter |
NIL |
||
|
|
||||
|
Segment Wise
Revenue, Results and Capital Employed |
||||
|
1. |
Segment revenue – cables |
3274.999 |
||
|
|
Segment – stainless steel wire |
282.671 |
||
|
|
Segment – tumkey products |
526.817 |
||
|
|
Unallocated Segment |
0.513 |
||
|
|
Total |
4085.000 |
||
|
|
Less : inter segment elimination |
12.164 |
||
|
|
Total |
4072.836 |
||
|
|
Less : inter segment revenue |
140.173 |
||
|
|
Net sales /
income from operations |
3932.663 |
||
|
|
|
|
||
|
2. |
Segment results (Profit)
(+) / loss (-) before tax and interest from segment |
|
||
|
|
Segment revenue – cables |
370.153 |
||
|
|
Segment – stainless steel wire |
18.738 |
||
|
|
Segment – tumkey products |
76.410 |
||
|
|
Total
|
465.301 |
||
|
|
Less : inter segment results |
12.924 |
||
|
|
Net segment
results |
452.377 |
||
|
|
Less : i) interest |
265.561 |
||
|
|
ii) other un –
allocable expenditure net off un – allocable income |
129.301 |
||
|
|
Total profit
before tax |
57.515 |
||
|
3. |
Capital employed
(segment assets – segment liabilities) |
|
||
|
|
Segment revenue – cables |
6535.635 |
||
|
|
Segment – stainless steel wire |
195.180 |
||
|
|
Segment – tumkey products |
1035.527 |
||
|
|
Unallocated Segment |
(3393.077) |
||
|
|
Total
|
4273.266 |
||
|
Notes: 1 The above Financial Results reviewed by the Audit Committee, have been
approved and taken on record by the Board of Directors at their meeting held
on August 8, 2014. 2 The Statutory Auditors of the company have carried out Limited
Review of Financial Results for the quarter ended June 30, 2014 pursuant to
Clause 41 of the Listing Agreement. 3. During the quarter, depreciation has been provided on fixed assets
as per the useful life specified in the Companies Act, 2013 and as per
preliminary assessment of useful life by the company. In case of existing assets,
depreciation has been provided based on remaining useful life of the assets.
Based on the current estimates, carrying value of the assets whose useful
life is already exhausted as on 1st April, 2014, amounting to Rs.
20.279 Millions Has been recognised in the opening balance of retained
earnings. Has there been no charge in the useful life of assets, depreciation
expense for the quarter would have been lower by Rs. 7.995 Millions. 4 The Board Of Directors as its meeting held on 15.05.2014, have been
issued and allotted 3500000 equity shares upon conversion of Warrants at a
price of Rs. 14/- per equity shares (including premium of Rs. 12/-) on
preferential basis to Promoter Group in accordance with SEBI (ICDR)
Regulations, 2009. 5 The Financial Figures of
quarter ended March 31, 2014 are the balancing figures between audited
figures in respect of the financial year ended on March 31, 2014 and the
published year to date figures up to the third quarter i.e. December 31,
2013. 6 Tax expense for the quarter includes Deferred Tax of Rs. 10.000
Millions On estimated basis. 7 Previous year / periods figures have been regrouped / reclassified,
wherever necessary. |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/ Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10469160 |
06/12/2013 |
510,000,000.00 |
STATE BANK OF
INDIA |
OVERSEAS BRANCH,
JAWAHAR VYAPAR BHAWAN, 1, TOLSTO |
B93133148 |
|
2 |
10447099 |
07/09/2013 |
200,000,000.00 |
SBERBANK |
UPPER GROUND
FLOOR, DR. GOPAL DASS BHAWAN,, 28, B |
B84049741 |
|
3 |
10440902 |
03/08/2013 |
250,000,000.00 |
STATE BANK OF
HYDERABAD |
16, KUNDAN
HOUSE,, NEHRU PLACE, NEW DELHI- 110019, INDIA |
B81055618 |
|
4 |
10429320 |
27/05/2013 |
250,000,000.00 |
STATE BANK OF
BIKANER AND JAIPUR |
SCB BRANCH,
101-102, NEW DELHI HOUSE, BARAKHAMBA |
B76399690 |
|
5 |
10401944 |
15/02/2013 * |
145,000,000.00 |
IDBI Bank
Limited |
INDIAN RED CROSS
SOCIETY BUILDING, 1, RED CROSS R |
B71572358 |
|
6 |
10386739 |
15/02/2013 * |
100,000,000.00 |
DENA BANK |
35-36 AGGARWAL
BHAWAN, NEHRU PLACE, DELHI |
B72609100 |
|
7 |
10386738 |
15/02/2013 * |
145,000,000.00 |
DENA BANK |
35-36 AGGARWAL
BHAWAN, NEHRU PLACE, DELHI |
B72610033 |
|
8 |
10376461 |
13/03/2014 * |
100,000,000.00 |
DCB BANK LIMITED |
A-SET HOUSE, 3RD
FLOOR, 7/56,, DESH BANDHU GUPTA |
C01237825 |
|
9 |
10356110 |
15/02/2013 * |
200,000,000.00 |
LAKSHMI VILAS
BANK LIMITED |
FLAT NO: GF-8-9-10;
TOLSTOY HOUSE, 15-17,, TOLSTOY MARG, JANPATH, NEW DELHI- 110001, INDIA |
B72607500 |
|
10 |
10324580 |
15/02/2013 * |
234,400,000.00 |
DENA BANK |
35-36 AGGARWAL
BHAWAN, NEHRU PLACE, DELHI, |
B72617962 |
|
11 |
10323314 |
15/02/2013 * |
543,000,000.00 |
PUNJAB NATIONAL
BANK |
UNIT 1003, 10TH
FLOOR,, LI PO CHUN CHAMBERS 189, |
B72609837 |
|
12 |
10281418 |
15/02/2013 * |
104,200,000.00 |
DENA BANK |
35-36, AGGARWAL BHAWAN,,
NEHRU PLACE, DELHI - 110019, INDIA |
B72609597 |
|
13 |
10269254 |
15/02/2013 * |
312,500,000.00 |
STATE BANK OF
BIKANER AND JAIPUR |
101-102, NEW
DELHI HOUSE, 27 BARAKHAMA ROAD, NEW D |
B72368533 |
|
14 |
10202995 |
15/02/2013 * |
196,566,000.00 |
PUNJAB NATIONAL
BANK |
UNIT 1003, 10TH
FLOOR,, LI PO CHUN CHAMBERS 189, |
B72608144 |
|
15 |
10004896 |
13/03/2014 * |
11,760,000,000.00 |
DENA BANK(LEAD
BANK) |
35-36, Aggarwal
Bhawan, Nehru Place,, New Delhi, |
C01137199 |
* Date of charge
modification
FIXED ASSETS:
Tangible Assets
· Land Free Hold
· Land Lease Hold
· Building
· Plant and Equipment
· Furniture and Fixtures
· Leasehold Building Improvement
· Vehicles
· Office Equipment
· Vehicles
Intangible Assets
· Software
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.60.71 |
|
|
1 |
Rs.101.48 |
|
Euro |
1 |
Rs.81.04 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
JAY |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--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 |
YES |
|
--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 |
|
44 |
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.