MIRA
INFORM REPORT
|
Report Date : |
25.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
VEDANG |
|
|
|
|
Registered
Office : |
24, Jayshree Society, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Establishment : |
23.06.2010 |
|
|
|
|
Capital
Investment : |
Rs. 2.892 Millions |
|
|
|
|
PAN No.: [Permanent Account No.] |
AHJPP9567D |
|
|
|
|
Legal Form : |
Sole Proprietary Concern |
|
|
|
|
Line of Business
: |
Manufacturer of PEB Fabrication. |
|
|
|
|
No. of Employees
: |
12 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (31) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a proprietary concern having moderate track record. Mr. Pinakin, the proprietor confirmed that the management has merged
the two concerns namely V Engineers and Vedang Enterprise under a single
entity with effect from July 31, 2014 which will be further known by the name
Vedang Enterprise, which will generate sufficient synergies in terms of
capital base along with liability exposure. Further, we have jointly considered the financial statements of both
the entities which shows that the concern may possesses a moderate financial
profile marked by sufficient capital base and gradual improvement in business
profile along with slow debtor realization resulting into modest cash inflows
as well as huge accrued payables. Moreover, it seems that the external borrowings are increasing and
will see a further increase due to the proposed capital expenditure for
setting up a plant in order to manufacture roofing sheet, which may
deteriorate the liquidity profile but also will help to mitigate the
operational and product concentration risks with the help of expansion and
diversification. The ratings also take into consideration, the increase in raw material
price which may lead to high procurement price when the domestic iron ore
output is on the wane, which is backed and mitigated by the backward
integration process adopted in order to introduce a new product. Management may also witness modest amount of revenues as well as net
profitability post-merger too, due to modest scale of operations susceptible
to the cut throat competition and labour related income which act as an
incredible share in the total income. However, trade relation seems to be fair. Business is active. Payment
terms are reported as slow but correct. In view of experienced management, the concern can be considered for
business dealings with some caution.
|
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 |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 that 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.
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 PARTED BY
|
Name : |
Mr. Gaurav G. Amin |
|
Designation : |
General Manager |
|
Contact No.: |
91-9099030403 |
|
Date : |
21.08.2014 |
LOCATIONS
|
Registered Office : |
24, Jayshree Society, Opposite Mahavir School, Isanpur, Ahmedabad – 382443, Gujarat, India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-9099030403 [Mr. Gaurav G. Amin] 91-9825334657 [Mr. Pinakin Mulchand Parmar] |
|
Fax No.: |
Not Available |
|
E-Mail : |
|
|
Area : |
2400 Sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
B/H. Karnavati Club, Mamatpura Gam Road, S.G. Road, Ahmedabad –
380015, Gujarat, India |
|
Area : |
4800 Sq. ft. |
|
Location : |
Rented |
|
|
|
|
Factory 2 : |
Block No. 226, Malarpura, Kheda, Gujarat, India |
|
Area : |
37000 Sq. ft. |
|
Location : |
Rented |
SOLE PROPRIETOR
|
Name : |
Mr. Pinakin Mulchand Parmar |
|
Designation : |
Proprietor |
|
Address : |
24, Jayshree Society, Opposite Mahavir School, Isanpur, Ahmedabad – 382443, Gujarat, India |
|
Date of Birth/Age : |
13.03.1970 |
|
Qualification : |
B.E. |
|
Experience : |
23 Years |
|
PAN No.: |
AHJPP9567D |
KEY EXECUTIVES
|
Name : |
Mr. Gaurav G. Amin |
|
Designation : |
General Manager |
|
Address : |
38, Anand Society, Opposite Jaymala Society, Bhadvatnagar, Isanpur
Road, Ahmedabad, Gujarat, India |
|
Date of Birth/Age : |
13.04.1980 |
|
Qualification : |
B.B.A./ PGIT |
|
Experience : |
10 Years |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of PEB Fabrication. |
|
|
|
|
Terms : |
|
|
Selling : |
Credit [60-90 Days] |
|
|
|
|
Purchasing : |
Cash and Credit [30 Days] |
GENERAL INFORMATION
|
Suppliers : |
· Anjani Roadline C.D. Patel and Sons Devam Enterprise Dudheshwar Steel Gajanand Corporation H.B. Traders Jay Ambe Steel Om Enterprise |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Customers : |
End Users and Others [Fabrication and PEB through Consultants] · Aditya Builders Aagam Infrabuild Private Limited Aluminium Centre B N Corporation Goyal Safal Estate Hiral Polyplast Divyam Real Estate Private Limited |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
No. of Employees : |
12 (Approximately) |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Bankers : |
· Canara Bank Science City Road, Ahmedabad, Gujarat, India · HDFC Bank Limited Shapath III, Near GNHC Towers, Sarkhej-Gandhinagar Highway, Bodakdev,
Ahmedabad – 380054, Gujarat, India Contact No.: 91-79-61606161 |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
Credit Limit = Rs. 2.000 Millions [From Canara Bank]
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Dharmendra B. Shah and Associates Chartered Accountants |
|
Address : |
210, Sakar V, Near Gandhigram Railway Station, Ashram Road, Ahmedabad,
Gujarat, India |
|
Tel. No.: |
91-79-26587766 |
|
Mobile No.: |
91-9898710319 |
|
|
|
|
Associates/Subsidiaries : |
·
V
Engineers Address: 24, Jayshree Society,
Opposite Mahavir School, Isanpur, Ahmedabad – 382443, Gujarat, India Activity: Manufacturer
of PEB Fabrication. |
CAPITAL STRUCTURE
CAPITAL
ACCOUNT AS ON 31.03.2014
|
PARTICULARS |
Rs. in Millions |
|
Pinakin M. Parmar |
2.118 |
|
Profit and Loss A/c |
0.774 |
|
|
|
|
Total |
2.892 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
Note : Sole Proprietary and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry.
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Proprietor’s Capital |
2.892 |
2.868 |
1.741 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
2.892 |
2.868 |
1.741 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
1.590 |
0.518 |
0.670 |
|
|
2] Unsecured Loans |
0.300 |
0.600 |
1.755 |
|
|
TOTAL BORROWING |
1.890 |
1.118 |
2.425 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4.782 |
3.986 |
4.166 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
0.682 |
0.605 |
0.700 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
4.777
|
2.539 |
2.075 |
|
|
Sundry Debtors |
3.378
|
1.196 |
3.553 |
|
|
Cash & Bank Balances |
0.088
|
0.126 |
0.735 |
|
|
Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
1.570
|
1.617 |
2.560 |
|
Total
Current Assets |
9.813
|
5.478 |
8.923 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
5.678
|
2.029 |
5.452 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
0.035
|
0.068 |
0.005 |
|
Total
Current Liabilities |
5.713
|
2.097 |
5.457 |
|
|
Net Current Assets |
4.100
|
3.381 |
3.466 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4.782 |
3.986 |
4.166 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
26.439 |
15.675 |
20.429 |
|
|
|
Other Income |
(0.041) |
0.018 |
0.006 |
|
|
|
TOTAL |
26.398 |
15.693 |
20.435 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Goods sold |
22.798 |
14.547 |
19.101 |
|
|
|
Direct Expenses |
1.963 |
0.014 |
0.000 |
|
|
|
Indirect Expenses |
0.654 |
0.569 |
0.964 |
|
|
|
Interest paid |
0.056 |
0.073 |
0.001 |
|
|
|
TOTAL |
25.471 |
15.203 |
20.066 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE DEPRECIATION AND AMORTISATION |
0.927 |
0.490 |
0.369 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.153 |
0.116 |
0.058 |
|
|
|
|
|
|
|
|
|
|
NET PROFIT |
0.774 |
0.374 |
0.311 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
2.93
|
2.38 |
1.52 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.93
|
2.39 |
1.52 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.37
|
6.15 |
3.23 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.27
|
0.13 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.65
|
0.39 |
1.39 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.72
|
2.61 |
1.64 |
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) |
|
Proprietor’s Capital |
1.741 |
2.868 |
2.892 |
|
Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
Net
worth |
1.741 |
2.868 |
2.892 |
|
|
|
|
|
|
Secured Loans |
0.670 |
0.518 |
1.590 |
|
Unsecured Loans |
1.755 |
0.600 |
0.300 |
|
Total
borrowings |
2.425 |
1.118 |
1.890 |
|
Debt/Equity ratio |
1.393 |
0.390 |
0.654 |
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 |
20.429 |
15.675 |
26.439 |
|
|
|
(23.271) |
68.670 |
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 |
20.429 |
15.675 |
26.439 |
|
Net Profit |
0.311 |
0.374 |
0.774 |
|
|
1.52% |
2.39% |
2.93% |
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 |
Yes |
|
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 |
Yes |
|
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) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
No |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
No |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
No |
------------------------------------------------------------------------------------------------------------------------------
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
|
|
|
|
Smitaben D. Vyas |
0.300 |
0.300 |
|
Jayshreeben J. Joshi |
0.000 |
0.300 |
|
|
|
|
|
Total |
0.300 |
0.600 |
------------------------------------------------------------------------------------------------------------------------------
COST OF
PROJECT
(RS. IN MILLIONS)
|
PARTICULARS |
EXISTING
AMOUNT |
PROPOSED
AMOUNT |
TOTAL
AMOUNT |
|
|
|
|
|
|
Buildings Factory Building |
-- |
11.383 |
11.383 |
|
|
|
|
|
|
Plant and Machineries |
|
|
|
|
Indigenous Machineries |
-- |
6.990 |
6.990 |
|
Office Equipment’s |
0.030 |
-- |
0.030 |
|
Electrification, etc. |
-- |
0.914 |
0.914 |
|
|
|
|
|
|
Motor Vehicles |
0.547 |
-- |
0.547 |
|
|
|
|
|
|
Computers, Printers, etc. |
0.105 |
-- |
0.105 |
|
|
|
|
|
|
Total Capital Cost of Project |
0.682 |
19.287 |
19.969 |
|
Margin Money for Working Capital |
2.855 |
4.087 |
6.942 |
|
|
|
|
|
|
TOTAL |
3.537 |
23.374 |
26.911 |
MEANS OF FINANCE
(RS. IN MILLIONS)
|
PARTICULARS |
EXISTING
AMOUNT |
PROPOSED
AMOUNT |
TOTAL
AMOUNT |
|
|
|
|
|
|
Proprietors Capital Proprietors A/c |
2.892 |
7.000 |
9.892 |
|
Total Proprietors Capital |
2.892 |
7.000 |
9.892 |
|
|
|
|
|
|
Long/Medium Term Borrowings Term loan for purchase of machinery |
-- |
12.000 |
12.000 |
|
Total Long/Medium Term Borrowings |
-- |
12.000 |
12.000 |
|
|
|
|
|
|
Equated Installment Loans |
|
|
|
|
Kotak Mahindra -Eicher Truck |
0.345 |
-- |
0.345 |
|
Total Equated Installment Loans |
0.345 |
-- |
0.345 |
|
|
|
|
|
|
Unsecured Loans/Deposits |
|
|
|
|
Unsecured Loans |
0.300 |
4.374 |
4.674 |
|
Total Unsecured Loans/Deposits |
0.300 |
4.374 |
4.674 |
|
|
|
|
|
|
TOTAL |
3.537 |
23.374 |
26.911 |
------------------------------------------------------------------------------------------------------------------------------
PRE-TAX/POST-TAX
IRR AND PAY-BACK PERIOD
(RS. IN MILLIONS)
|
PARTICULARS |
2014-15 |
2015-16 |
2016-17 |
2017-18 |
2018-19 |
2019-20 |
|
POST
TAX INTERNAL RATE OF RETURN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IN-FLOW
OF FUNDS |
|
|
|
|
|
|
|
Net Profit After Taxes |
1.718 |
4.399 |
5.077 |
6.074 |
7.512 |
9.000 |
|
Added Back |
|
|
|
|
|
|
|
Depreciation Charges |
1.359 |
2.266 |
1.975 |
1.723 |
1.507 |
1.318 |
|
P & P Expenses W/off |
-- |
-- |
-- |
-- |
-- |
-- |
|
Interest Charges |
0.979 |
1.471 |
1.137 |
0.803 |
0.473 |
0.149 |
|
Revenue Inflow of Funds |
4.056 |
8.136 |
8.189 |
8.600 |
9.492 |
10.467 |
|
Residual Value-M/Money |
-- |
-- |
-- |
-- |
-- |
6.942 |
|
|
|
|
|
|
|
|
|
TOTAL INFLOW OF FUNDS |
4.056 |
8.136 |
8.189 |
8.600 |
9.492 |
17.409 |
|
|
|
|
|
|
|
|
|
OUT-FLOW
OF FUNDS |
|
|
|
|
|
|
|
Capital Out-flow of Funds |
26.911 |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
Present Value (PV) Factor |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Discounted Cash In-Flow |
-- |
-- |
-- |
-- |
-- |
-- |
|
Discounted Cash Out-Flow |
-- |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
PRE
TAX INTERNAL RATE OF RETURN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IN-FLOW
OF FUNDS |
|
|
|
|
|
|
|
Net Profit Before Taxes |
1.782 |
6.100 |
7.064 |
8.481 |
10.530 |
12.649 |
|
Added Back |
|
|
|
|
|
|
|
Depreciation Charges |
1.359 |
2.266 |
1.975 |
1.723 |
1.507 |
1.318 |
|
P & P Expenses W/off |
-- |
-- |
-- |
-- |
-- |
-- |
|
Interest Charges |
0.979 |
1.471 |
1.137 |
0.803 |
0.473 |
0.149 |
|
Revenue Inflow of Funds |
4.120 |
9.837 |
10.176 |
11.007 |
12.510 |
14.116 |
|
Residual Value-M/Money |
-- |
-- |
-- |
-- |
-- |
6.942 |
|
|
|
|
|
|
|
|
|
TOTAL INFLOW OF FUNDS |
4.120 |
9.837 |
10.176 |
11.007 |
12.510 |
21.058 |
|
|
|
|
|
|
|
|
|
OUT-FLOW
OF FUNDS |
|
|
|
|
|
|
|
Capital Out-flow of Funds |
26.911 |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
Present Value(PV) Factor |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Discounted Cash In-Flow |
-- |
-- |
-- |
-- |
-- |
-- |
|
Discounted Cash Out-Flow |
-- |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
Un-Discounted |
-- |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
PAY BACK PERIOD : |
2 Years and 11.39 Months |
|||||
------------------------------------------------------------------------------------------------------------------------------
PROFITABILITY
AND NET CASH ACCRUALS
(RS. IN MILLIONS)
|
PARTICULARS |
2014-15 |
2015-16 |
2016-17 |
2017-18 |
2018-19 |
2019-20 |
|
REVENUE/
INCOME/ REALISATION |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross Sales Realisation |
61.664 |
145.812 |
162.434 |
181.286 |
202.691 |
227.017 |
|
Less : Excise Duties/Levies |
-- |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
Net
Sales Realisation |
61.664 |
145.812 |
162.434 |
181.286 |
202.691 |
227.017 |
|
|
|
|
|
|
|
|
|
Total
Revenue/ Income/ Realisation |
61.664 |
145.812 |
162.434 |
181.286 |
202.691 |
227.017 |
|
|
|
|
|
|
|
|
|
EXPENSES/COST
OF PRODUCTS/SERVICES/ITEMS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Raw Material Cost |
|
|
|
|
|
|
|
Indigenous |
51.686 |
111.393 |
124.037 |
138.444 |
154.803 |
173.395 |
|
Total
Net Consumption |
51.686 |
111.393 |
124.037 |
138.444 |
154.803 |
173.395 |
|
|
|
|
|
|
|
|
|
Transport Freight |
0.374 |
0.806 |
0.898 |
1.002 |
1.121 |
1.255 |
|
Sub
Total of Net Consumption |
52.060 |
112.199 |
124.935 |
139.446 |
155.924 |
174.650 |
|
|
|
|
|
|
|
|
|
Loading unloading |
0.034 |
0.073 |
0.082 |
0.091 |
0.102 |
0.114 |
|
|
|
|
|
|
|
|
|
Labour Charges |
5.469 |
11.914 |
13.265 |
14.805 |
16.554 |
18.542 |
|
|
|
|
|
|
|
|
|
Depreciation |
1.359 |
2.266 |
1.975 |
1.723 |
1.507 |
1.318 |
|
|
|
|
|
|
|
|
|
Other Mfg. Expenses |
-- |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
Total
Cost of Manufacture |
58.922 |
126.452 |
140.257 |
156.065 |
174.087 |
194.624 |
|
|
|
|
|
|
|
|
|
Add : Opening Stock - W.I.P. |
-- |
0.635 |
0.689 |
0.767 |
0.856 |
0.957 |
|
|
|
|
|
|
|
|
|
Less: Closing Stock - W.I.P. |
0.635 |
0.689 |
0.767 |
0.856 |
0.957 |
1.072 |
|
|
|
|
|
|
|
|
|
Net
Cost of Output / Services |
58.287 |
126.398 |
140.179 |
155.976 |
173.986 |
194.509 |
|
|
|
|
|
|
|
|
|
Add : Op. Stock-Finished Goods |
-- |
4.744 |
5.370 |
5.982 |
6.676 |
7.465 |
|
|
|
|
|
|
|
|
|
Less: Cl. Stock-Finished Goods |
4.744 |
5.370 |
5.982 |
6.676 |
7.465 |
8.361 |
|
|
|
|
|
|
|
|
|
Cost
of Output of Goods Sold |
53.543 |
125.773 |
139.567 |
155.282 |
173.198 |
193.613 |
|
|
|
|
|
|
|
|
|
Gross
Profit |
8.121 |
20.039 |
22.867 |
26.004 |
29.493 |
33.404 |
|
|
|
|
|
|
|
|
|
Administration Expenses |
4.631 |
11.010 |
13.105 |
15.097 |
16.804 |
18.858 |
|
|
|
|
|
|
|
|
|
Financial Charges |
|
|
|
|
|
|
|
Long/Medium Term Borrowing |
0.945 |
1.445 |
1.121 |
0.797 |
0.473 |
0.149 |
|
Equated Installment Loans |
0.034 |
0.026 |
0.016 |
0.006 |
-- |
-- |
|
On Working Capital Borrowings |
0.729 |
1.458 |
1.561 |
1.623 |
1.686 |
1.748 |
|
Total Financial Charges |
1.708 |
2.929 |
2.698 |
2.426 |
2.159 |
1.897 |
|
|
|
|
|
|
|
|
|
Total
Cost of Sales |
59.882 |
139.712 |
155.370 |
172.805 |
192.161 |
214.368 |
|
|
|
|
|
|
|
|
|
Net Profit Before Taxes |
1.782 |
6.100 |
7.064 |
8.481 |
10.530 |
12.649 |
|
|
|
|
|
|
|
|
|
Tax on Profit |
0.064 |
1.701 |
1.987 |
2.407 |
3.018 |
3.649 |
|
|
|
|
|
|
|
|
|
NET
PROFIT AFTER TAXES |
1.719 |
4.399 |
5.078 |
6.074 |
7.513 |
9.000 |
|
|
|
|
|
|
|
|
|
Depreciation Added Back |
1.359 |
2.266 |
1.975 |
1.723 |
1.507 |
1.318 |
|
|
|
|
|
|
|
|
|
NET
CASH ACCRUALS |
3.077 |
6.665 |
7.052 |
7.797 |
9.019 |
10.318 |
------------------------------------------------------------------------------------------------------------------------------
ASSESSMENT OF WORKING
CAPITAL REQUIREMENTS
(RS. IN MILLIONS)
|
PARTICULARS |
2014-15 |
2015-16 |
2016-17 |
2017-18 |
2018-19 |
2019-20 |
|
|
|
|
|
|
|
|
|
CURRENT
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stocks on Hand |
|
|
|
|
|
|
|
Raw Material Cost |
|
|
|
|
|
|
|
Indigenous |
17.229 |
18.566 |
20.673 |
23.074 |
25.801 |
28.899 |
|
Work-in-Process |
0.635 |
0.689 |
0.767 |
0.856 |
0.957 |
1.072 |
|
Finished Goods |
4.744 |
5.370 |
5.982 |
6.676 |
7.465 |
8.361 |
|
|
|
|
|
|
|
|
|
Receivables-Domestic |
|
|
|
|
|
|
|
Book Debts |
10.277 |
12.151 |
13.536 |
15.107 |
16.891 |
18.918 |
|
|
|
|
|
|
|
|
|
Cash/Bank Balances |
2.804 |
2.581 |
2.625 |
1.997 |
1.290 |
0.678 |
|
|
|
|
|
|
|
|
|
Other Current Assets |
|
|
|
|
|
|
|
Margin for LC |
1.275 |
1.275 |
1.275 |
1.275 |
1.275 |
1.275 |
|
Gross
Working Capital |
36.964 |
40.632 |
44.858 |
48.985 |
53.678 |
59.203 |
|
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sundry Creditors |
|
|
|
|
|
|
|
Raw Material Cost |
|
|
|
|
|
|
|
Indigenous |
16.034 |
14.091 |
15.768 |
17.606 |
19.691 |
22.062 |
|
|
|
|
|
|
|
|
|
Current Expenses |
1.683 |
1.910 |
2.198 |
2.492 |
2.780 |
3.117 |
|
|
|
|
|
|
|
|
|
Other Current Liabilities |
|
|
|
|
|
|
|
Prov. Duties. Taxation |
0.500 |
0.700 |
0.900 |
1.100 |
1.300 |
1.500 |
|
|
|
|
|
|
|
|
|
Installments Due Within Next 12 M on
Long/Medium Term Borrowing |
2.481 |
2.490 |
2.501 |
2.400 |
2.200 |
-- |
|
|
|
|
|
|
|
|
|
Total
Current Liabilities |
20.699 |
19.192 |
21.367 |
23.597 |
25.971 |
26.678 |
|
|
|
|
|
|
|
|
|
Net
Working Capital (Total CA – Total CL) |
16.265 |
21.440 |
23.491 |
25.388 |
27.707 |
32.525 |
|
|
|
|
|
|
|
|
|
M.P.B.F. -Method I |
14.060 |
17.947 |
19.494 |
20.841 |
22.431 |
24.394 |
|
|
|
|
|
|
|
|
|
As Per Tandon Com.Norm-Method II |
9.505 |
13.772 |
14.778 |
15.541 |
16.488 |
17.724 |
|
|
|
|
|
|
|
|
|
Permissible Finance - D.P.(%age) |
|
|
|
|
|
|
|
Indigenous |
0.896 |
3.356 |
3.679 |
4.101 |
4.582 |
5.128 |
|
Work in Process |
0.476 |
0.517 |
0.575 |
0.642 |
0.718 |
0.804 |
|
Finished Goods |
3.558 |
4.028 |
4.487 |
5.007 |
5.599 |
6.271 |
|
|
|
|
|
|
|
|
|
Book Debts |
6.166 |
7.291 |
8.122 |
9.064 |
10.135 |
11.351 |
|
|
|
|
|
|
|
|
|
Total Bank Finance (DP Method) |
11.096 |
15.191 |
16.862 |
18.815 |
21.033 |
23.554 |
|
|
|
|
|
|
|
|
|
Bank Finance (Turnover Method) |
12.333 |
29.162 |
32.487 |
36.257 |
40.538 |
45.403 |
|
|
|
|
|
|
|
|
|
Bank Finance : As Given Amount |
9.000 |
12.000 |
12.500 |
13.000 |
13.500 |
14.000 |
|
|
|
|
|
|
|
|
|
Margin Money : (At Commencement) |
6.942 |
9.349 |
10.867 |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
Margin Money:(incl. Cash/Bk. Bal) |
9.746 |
11.930 |
13.492 |
14.788 |
16.407 |
18.525 |
|
|
|
|
|
|
|
|
|
% Margin Money - Net Working Capital |
5.199 |
4.985 |
5.191 |
5.322 |
5.486 |
5.696 |
|
|
|
|
|
|
|
|
|
Current
Ratio (No. of times) |
1.24 |
1.30 |
1.32 |
1.34 |
1.36 |
1.46 |
------------------------------------------------------------------------------------------------------------------------------
SOURCES AND DEPOSITION OF
FUNDS
(RS. IN MILLIONS)
|
PARTICULARS |
Construction
Period |
2014-15 |
2015-16 |
2016-17 |
2017-18 |
2018-19 |
2019-20 |
|
|
|
|
|
|
|
|
|
|
SOURCES OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net Profit Before Tax with Interest Charges Added Back but after
Depreciation Provision |
|
3.490 |
9.029 |
9.762 |
10.907 |
12.689 |
14.546 |
|
|
|
|
|
|
|
|
|
|
Proprietors Capital |
7.000 |
-- |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
1.359 |
2.266 |
1.975 |
1.723 |
1.507 |
1.318 |
|
|
|
|
|
|
|
|
|
|
Increase in Long/Medium Term Proposed-Term loan for |
12.000 |
-- |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
|
Increase in
Unsecured Loans Proposed-Unsecured to |
4.374 |
-- |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
|
Increase in Bank
Borrowing for Working Capital |
|
7.755 |
3.000 |
0.500 |
0.500 |
0.500 |
0.500 |
|
|
|
|
|
|
|
|
|
|
Increase in Current Liabilities |
|
12.505 |
(1.516) |
2.164 |
2.332 |
2.574 |
2.907 |
|
|
|
|
|
|
|
|
|
|
TOTAL SOURCES OF
FUND |
23.374 |
25.109 |
12.779 |
14.401 |
15.462 |
17.270 |
19.271 |
|
|
|
|
|
|
|
|
|
|
DISPOSITIONS OF
FUNDS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase in Capital Expense |
19.287 |
-- |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
|
Increase in Current Assets |
|
24.435 |
3.891 |
4.183 |
4.755 |
5.400 |
6.137 |
|
|
|
|
|
|
|
|
|
|
Decrease in Long/Medium Term/ Proposed-Term loan for |
|
0.200 |
2.400 |
2.400 |
2.400 |
2.400 |
2.200 |
|
|
|
|
|
|
|
|
|
|
Decrease in Equated
Installment Existing-Kotak Mahindra |
|
0.073 |
0.081 |
0.090 |
0.101 |
-- |
-- |
|
|
|
|
|
|
|
|
|
|
Decrease in
Unsecured Loans/D Interest/Financial Exp. |
|
1.708 |
2.929 |
2.698 |
2.426 |
2.159 |
1.897 |
|
|
|
|
|
|
|
|
|
|
Taxes on Profit |
|
0.064 |
1.701 |
1.987 |
2.407 |
3.018 |
3.649 |
|
|
|
|
|
|
|
|
|
|
Dividend / Drawings |
|
-- |
2.000 |
3.000 |
4.000 |
5.000 |
6.000 |
|
|
|
|
|
|
|
|
|
|
TOTAL DISPOSITION |
19.287 |
26.480 |
13.002 |
14.358 |
16.089 |
17.977 |
19.883 |
|
|
|
|
|
|
|
|
|
|
Opening Balance |
0.088 |
4.175 |
2.804 |
2.581 |
2.625 |
1.997 |
1.290 |
|
|
|
|
|
|
|
|
|
|
Net Surplus / Deficit |
4.087 |
(1.371) |
(0.223) |
0.043 |
(0.627) |
(0.708) |
(0.611) |
|
|
|
|
|
|
|
|
|
|
Closing Balance |
4.175 |
2.804 |
2.581 |
2.625 |
1.997 |
1.290 |
0.678 |
------------------------------------------------------------------------------------------------------------------------------
PROJECTED BALANCE
SHEET
(RS. IN MILLIONS)
|
PARTICULARS |
2014-15 |
2015-16 |
2016-17 |
2017-18 |
2018-19 |
2019-20 |
|
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Capital at the Beginning |
2.892 |
11.610 |
14.009 |
16.086 |
18.160 |
20.672 |
|
Add : Net Profit After Taxes |
1.718 |
4.399 |
5.077 |
6.074 |
7.512 |
9.000 |
|
Add : Additions to Capital |
7.000 |
-- |
-- |
-- |
-- |
-- |
|
Less : Drawings during Year |
-- |
2.000 |
3.000 |
4.000 |
5.000 |
6.000 |
|
Less : Withdrawals of Capital |
-- |
-- |
-- |
-- |
-- |
-- |
|
Capital at the End of the Year |
11.610 |
14.009 |
16.086 |
18.160 |
20.672 |
23.672 |
|
|
|
|
|
|
|
|
|
Long/Medium Term Borrowings Proposed-Term loan for purchase |
11.800 |
9.400 |
7.000 |
4.600 |
2.200 |
-- |
|
|
|
|
|
|
|
|
|
Equated Installment Loans Existing-Kotak Mahindra -Eiche |
0.272 |
0.191 |
0.101 |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
Unsecured Loans/Deposits |
|
|
|
|
|
|
|
Existing-Unsecured loans |
0.300 |
0.300 |
0.300 |
0.300 |
0.300 |
0.300 |
|
Proposed-Unsecured loans |
4.374 |
4.374 |
4.374 |
4.374 |
4.374 |
4.374 |
|
|
|
|
|
|
|
|
|
Bank Borrowing for Working Capital |
9.000 |
12.000 |
12.500 |
13.000 |
13.500 |
14.000 |
|
|
|
|
|
|
|
|
|
Current
Liabilities |
|
|
|
|
|
|
|
Sundry Creditors |
16.034 |
14.091 |
15.768 |
17.606 |
19.691 |
22.062 |
|
|
|
|
|
|
|
|
|
Other Current Liabilities |
2.184 |
2.611 |
3.098 |
3.591 |
4.080 |
4.616 |
|
|
|
|
|
|
|
|
|
Total Current Liabilities |
18.218 |
16.702 |
18.866 |
21.197 |
23.771 |
26.678 |
|
|
|
|
|
|
|
|
|
TOTAL OF LIABILITIES |
55.574 |
56.976 |
59.227 |
61.631 |
64.817 |
69.024 |
|
|
|
|
|
|
|
|
|
ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fixed Assets |
|
|
|
|
|
|
|
Gross Block |
19.969 |
19.969 |
19.969 |
19.969 |
19.969 |
19.969 |
|
Less : Depreciation to Date |
1.359 |
3.625 |
5.600 |
7.323 |
8.830 |
10.148 |
|
Net Block |
18.610 |
16.344 |
14.369 |
12.646 |
11.139 |
9.821 |
|
|
|
|
|
|
|
|
|
Current
Assets |
|
|
|
|
|
|
|
Stocks on Hand |
22.608 |
24.625 |
27.422 |
30.606 |
34.223 |
38.332 |
|
|
|
|
|
|
|
|
|
Receivables |
10.277 |
12.151 |
13.536 |
15.107 |
16.891 |
18.918 |
|
|
|
|
|
|
|
|
|
Cash and Bank Balances |
2.804 |
2.581 |
2.625 |
1.997 |
1.290 |
0.678 |
|
|
|
|
|
|
|
|
|
Other Current Assets |
1.275 |
1.275 |
1.275 |
1.275 |
1.274 |
1.275 |
|
|
|
|
|
|
|
|
|
Total Current Assets |
36.964 |
40.632 |
44.858 |
48.985 |
53.678 |
59.203 |
|
|
|
|
|
|
|
|
|
TOTAL OF ASSETS |
55.574 |
56.976 |
59.227 |
61.631 |
64.817 |
69.024 |
------------------------------------------------------------------------------------------------------------------------------
PROFITABILITY RATIOS, DSCR,
DEBT EQUITY, ETC.
(RS. IN MILLIONS)
|
PARTICULARS |
2014-15 |
2015-16 |
2016-17 |
2017-18 |
2018-19 |
2019-20 |
|
Profit Percentages to Net Sales |
|
|
|
|
|
|
|
Gross Profit |
8.121 |
20.039 |
22.867 |
26.004 |
29.493 |
33.404 |
|
% Of G.P. to Net Sales |
13.17 |
13.74 |
14.08 |
14.34 |
14.55 |
14.71 |
|
|
|
|
|
|
|
|
|
P.B.I.D.T. |
4.849 |
11.295 |
11.737 |
12.630 |
14.196 |
15.864 |
|
% Of PBIDT to Net Sales |
7.86 |
7.75 |
7.23 |
6.97 |
7.00 |
6.99 |
|
|
|
|
|
|
|
|
|
Net Profit Before Taxes |
1.782 |
6.100 |
7.064 |
8.481 |
10.530 |
12.649 |
|
% of N.P.B.T. To Net Sales |
2.89 |
4.18 |
4.35 |
4.68 |
5.20 |
5.57 |
|
|
|
|
|
|
|
|
|
Net Profit After Taxes |
1.718 |
4.399 |
5.077 |
6.074 |
7.512 |
9.000 |
|
% of N.P.A.T. To Net Sales |
2.79 |
3.02 |
3.13 |
3.35 |
3.71 |
3.96 |
|
|
|
|
|
|
|
|
|
Net Cash Accruals |
3.077 |
6.665 |
7.052 |
7.797 |
9.019 |
10.318 |
|
% Of Cash Accruals to Net Sales |
4.99 |
4.57 |
4.34 |
4.30 |
4.45 |
4.55 |
|
|
|
|
|
|
|
|
|
Debt Service Coverage Ratio |
|
|
|
|
|
|
|
Funds Available to Service Debts |
|
|
|
|
|
|
|
Net Profit After Taxes |
1.718 |
4.399 |
5.077 |
6.074 |
7.512 |
9.000 |
|
Depreciation Charges |
1.359 |
2.266 |
1.975 |
1.723 |
1.507 |
1.318 |
|
Interest on Long/Medium Term |
0.945 |
1.445 |
1.121 |
0.797 |
0.473 |
0.149 |
|
Interest on Equated Installment |
0.034 |
0.026 |
0.016 |
0.006 |
-- |
-- |
|
Total |
4.056 |
8.136 |
8.189 |
8.600 |
9.492 |
10.467 |
|
|
|
|
|
|
|
|
|
Debt Service Obligations |
|
|
|
|
|
|
|
Repayment of Long/Medium Term |
0.200 |
2.400 |
2.400 |
2.400 |
2.400 |
2.200 |
|
Repayment of Equated Installment |
0.073 |
0.081 |
0.090 |
0.101 |
-- |
-- |
|
Interest on Long/Medium Term |
0.945 |
1.445 |
1.121 |
0.797 |
0.473 |
0.149 |
|
Interest on Equated Installment |
0.034 |
0.026 |
0.016 |
0.006 |
-- |
-- |
|
Total |
1.252 |
3.952 |
3.627 |
3.304 |
2.873 |
2.349 |
|
|
|
|
|
|
|
|
|
D. S. C. R. (Individual) |
3.24 |
2.06 |
2.26 |
2.60 |
3.30 |
4.46 |
|
|
|
|
|
|
|
|
|
D. S. C. R. (Cumulative)..... |
3.24 |
2.34 |
2.31 |
2.39 |
2.56 |
2.82 |
|
|
|
|
|
|
|
|
|
D. S. C. R. (Overall)........ |
-- |
-- |
2.82 |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
Indebtedness Ratios Initial |
|
|
|
|
|
|
|
DEBT / EQUITY (Non Quasi) |
1.44 |
1.02 |
0.73 |
0.51 |
0.33 |
0.20 |
|
DEBT / EQUITY ( Quasi ) |
0.74 |
0.51 |
0.34 |
0.20 |
0.09 |
0.00 |
|
TOL / TNW (Non Quasi) |
3.79 |
3.07 |
2.68 |
2.39 |
2.14 |
1.92 |
|
TOL / TNW (Quasi) |
2.41 |
2.05 |
1.85 |
1.70 |
1.56 |
1.44 |
|
Assets Turnover Ratio (x) |
1.11 |
2.56 |
2.74 |
2.94 |
3.13 |
3.29 |
|
Interest Coverage(x) (PBI) |
2.84 |
3.86 |
4.35 |
5.21 |
6.58 |
8.36 |
------------------------------------------------------------------------------------------------------------------------------
BREAK EVEN ANALYSIS
(RS. IN MILLIONS)
|
PARTICULARS |
2014-15 |
2015-16 |
2016-17 |
2017-18 |
2018-19 |
2019-20 |
|
|
|
|
|
|
|
|
|
Total Value of Output/Services |
67.270 |
146.546 |
163.157 |
182.106 |
203.622 |
228.075 |
|
Other Operating Income |
-- |
-- |
-- |
-- |
-- |
-- |
|
Total Operating Income |
67.270 |
146.546 |
163.157 |
182.106 |
203.622 |
228.075 |
|
|
|
|
|
|
|
|
|
Variable
Cost of Output/Services |
|
|
|
|
|
|
|
Raw Material Cost |
51.686 |
111.393 |
124.037 |
138.444 |
154.803 |
173.395 |
|
Other Material Cost |
-- |
-- |
-- |
-- |
-- |
-- |
|
Transport Freight |
0.374 |
0.806 |
0.898 |
1.002 |
1.121 |
1.255 |
|
Interest on Working Capital |
0.729 |
1.458 |
1.561 |
1.623 |
1.686 |
1.748 |
|
Sales Commission/Variable Expense |
-- |
-- |
-- |
-- |
-- |
-- |
|
Less : W.I.P. Adjustments |
0.635 |
0.054 |
0.078 |
0.089 |
0.101 |
0.115 |
|
Total Variable Cost |
52.154 |
113.603 |
126.418 |
140.980 |
157.509 |
176.283 |
|
|
|
|
|
|
|
|
|
Net Contribution |
15.116 |
32.943 |
36.739 |
41.126 |
46.113 |
51.792 |
|
|
|
|
|
|
|
|
|
Profit Volume Ratio (%age) |
22.47 |
22.47 |
22.51 |
22.58 |
22.64 |
22.70 |
|
|
|
|
|
|
|
|
|
Semi Fixed / Semi Variable Expense |
|
|
|
|
|
|
|
Semi Fixed Expenses (Fixed) |
|
|
|
|
|
|
|
Loading unloading |
0.034 |
0.034 |
0.034 |
0.034 |
0.034 |
0.034 |
|
Labour Charges |
5.469 |
5.469 |
5.469 |
5.469 |
5.469 |
5.469 |
|
Administration & Selling Expense |
4.631 |
4.631 |
4.631 |
4.631 |
4.631 |
4.631 |
|
Depreciation Charges |
1.359 |
2.266 |
1.975 |
1.723 |
1.507 |
1.318 |
|
Deferred Expenses W/Off |
-- |
-- |
-- |
-- |
-- |
-- |
|
Interest Charges |
0.979 |
1.471 |
1.137 |
0.803 |
0.473 |
0.149 |
|
Less : Misc. Income |
-- |
-- |
-- |
-- |
-- |
-- |
|
Total Net Fixed Expenses |
12.472 |
13.871 |
13.246 |
12.660 |
12.114 |
11.601 |
|
|
|
|
|
|
|
|
|
Total Net Cash Fixed Expenses |
11.113 |
11.605 |
11.271 |
10.937 |
10.607 |
10.283 |
|
|
|
|
|
|
|
|
|
Semi Fixed Exp.(Semi-Fixed) |
|
|
|
|
|
|
|
Loading unloading |
-- |
0.039 |
0.048 |
0.057 |
0.068 |
0.080 |
|
Labour Charges |
-- |
6.445 |
7.796 |
9.336 |
11.085 |
13.073 |
|
Administration & Selling Expense |
-- |
6.379 |
8.474 |
10.466 |
12.173 |
14.227 |
|
Total Semi Fixed Expense |
-- |
12.863 |
16.318 |
19.859 |
23.326 |
27.380 |
|
|
|
|
|
|
|
|
|
Semi Fixed Exp.(Variable) |
|
|
|
|
|
|
|
Total Semi Fixed Expenses |
|
|
|
|
|
|
|
Total Expenses |
12.472 |
26.734 |
29.564 |
32.519 |
35.440 |
38.981 |
|
|
|
|
|
|
|
|
|
Total Cash Expenses |
11.113 |
24.468 |
27.589 |
30.796 |
33.933 |
37.663 |
|
|
|
|
|
|
|
|
|
Cash Break Even Sales |
49.455 |
108.845 |
122.522 |
136.364 |
149.838 |
165.855 |
|
Cash Margin of Safety |
12.208 |
36.966 |
39.911 |
44.921 |
52.852 |
61.161 |
|
Break Even Sales |
55.503 |
118.925 |
131.293 |
143.994 |
156.493 |
171.659 |
|
Margin of Safety |
6.160 |
26.886 |
31.140 |
37.291 |
46.197 |
55.357 |
|
At Maximum Utilisation : (as % to Installed Capacity) |
Year |
1.00 |
|
|
|
|
|
Cash B.E.P. : |
% |
160.40 |
|
B.E.P. : |
% |
180.01 |
------------------------------------------------------------------------------------------------------------------------------
M/S.
V ENGINEERS
ABRIDGED BALANCE
SHEET
(RS. IN MILLIONS)
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Proprietor’s Capital |
1.154 |
1.331 |
(0.569) |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1.154 |
1.331 |
(0.569) |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
0.000 |
0.000 |
|
|
2] Unsecured Loans |
2.985 |
1.641 |
2.795 |
|
|
TOTAL BORROWING |
2.985 |
1.641 |
2.795 |
|
|
DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4.139 |
2.972 |
2.226 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
2.832 |
1.108 |
0.148 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERRED TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
0.000
|
0.000 |
0.000 |
|
|
Sundry Debtors |
3.806
|
1.938 |
1.382 |
|
|
Cash & Bank Balances |
0.417
|
0.222 |
0.682 |
|
|
Other Current Assets |
0.002
|
0.000 |
0.000 |
|
|
Loans & Advances |
0.608
|
1.257 |
1.766 |
|
Total
Current Assets |
4.833
|
3.417 |
3.830 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
3.393
|
1.180 |
1.192 |
|
|
Other Current Liabilities |
0.000
|
0.000 |
0.000 |
|
|
Provisions |
0.133
|
0.373 |
0.560 |
|
Total
Current Liabilities |
3.526
|
1.553 |
1.752 |
|
|
Net Current Assets |
1.307
|
1.864 |
2.078 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
4.139 |
2.972 |
2.226 |
|
------------------------------------------------------------------------------------------------------------------------------
M/S.
V ENGINEERS
PROFIT & LOSS
ACCOUNT
(RS. IN MILLIONS)
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Sales |
12.448 |
10.720 |
6.195 |
|
|
|
Other Income |
0.000 |
0.237 |
0.000 |
|
|
|
TOTAL |
12.448 |
10.957 |
6.195 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase |
1.280 |
4.213 |
1.239 |
|
|
|
Direct Expenses |
8.900 |
4.760 |
0.000 |
|
|
|
Indirect Expenses |
1.123 |
0.942 |
4.601 |
|
|
|
Interest paid |
0.176 |
0.000 |
0.008 |
|
|
|
TOTAL |
11.479 |
9.915 |
5.848 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE DEPRECIATION AND AMORTISATION |
0.969 |
1.042 |
0.347 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
0.492 |
0.195 |
0.013 |
|
|
|
|
|
|
|
|
|
|
NET PROFIT |
0.477 |
0.847 |
0.334 |
|
------------------------------------------------------------------------------------------------------------------------------
TRADE REFERENCES
·
Jayant Pipe Syndicate – Steel Suppliers, Ahmedabad,
Gujarat, India
Contact Person: Mr. Bhavik Shah
Mobile No.: 91-9824082205
Jay
Ambe Steel, Steel Supplier, Ahmedabad, Gujarat, India
Contact Person: Mahesh Patel
Mobile No.: 91-9879203325
Techno
Bonanza, Vatva, Ahmedabad, Gujarat, India
Contact Person: Mr. Manish Parikh
Mobile No.: 9033093339
Gala
Infra, Prahladnagar, Ahmedabad, Gujarat, India
Contact Person: Hetal Shah
Mobile No.: 91-9825723200
------------------------------------------------------------------------------------------------------------------------------
FIXED ASSETS
· Truck
Printer
Computer
Motor
Cycle
Laptop
Camera
Systems
------------------------------------------------------------------------------------------------------------------------------
PRESS RELEASE
ANOTHER BIG WORRY
FOR IRON ORE EXTRACTORS
JSW
to incur additional cost of Rs 2400.000 Millions per annum
Bangalore August 22, 2014
The increase in royalty on minerals, approved by the Union Cabinet on Wednesday, is likely to be detrimental
to the iron ore mining sector at a time when production is
strictly regulated across states.
Miners in Karnataka and Goa cannot increase production to
absorb the higher royalty outgo, as a Supreme Court-appointed body regulates
their annual production. As a result, they might increase prices in the
domestic market.
The new royalty rates are yet to be notified.
Some iron ore mines in Karnataka have, however,
expressed fear of a cut in ore prices, as steel mills have started importing.
Mines in Odisha, Goa and Karnataka are yet to
restart mining on a full scale; those operating are keeping prices high. While
demand for iron ore from pellet producers varied, that from sponge and steel
producers was stable, said OreTeam Research, a Delhi-based iron ore research
firm.
Basant Poddar, vice-chairman, Federation of
Indian Mineral Industries, said, “We may have to increase selling prices due to
the higher outgo towards royalty charges. It remains to be seen how the steel
sector absorbs the price rise. The biggest beneficiary of this rate rise will
be state governments.”
He doesn’t rule out a limited price cut in the
case of Karnataka miners, as they have to sell their produce at e-auctions,
where buyers determine sales. “If steel mills refuse to buy our produce at a
higher base price at e-auctions, we might have to go for price cuts at
subsequent auctions, as mills are now opting to import the ore, rather than
using our low-grade ore,” he said.
The rise in royalty will significantly impact
the steel sector, especially in Karnataka, where the steel sector pays the
royalty, not miners. “This rise means we have to pay an additional Rs 150 a
tonne. For us, the cost of production will rise by Rs 250 a tonne on account of
the royalty rise. Overall, considering the rupee depreciation, as raw materials
are dollar-linked, our production costs will rise by Rs 1,500 a tonne,” said
Seshagiri Rao, joint managing director and group chief financial officer, JSW
Steel.
He said the company would incur an additional
cost of Rs 2400.000 Millions a year on account of the increase in royalty. It
would take a decision on passing the burden to end-consumers at a later stage,
he added.
“The increase in royalty on iron ore from 10 per
cent to 15 per cent will lead to an increase of Rs 100-300 a tonne in ore
prices for various grades, across the country. In the east, the price rise will
be readily absorbed, while in the south and southwest, it will definitely hurt
the sentiment, as production costs are already sky-rocketing,” said Prakash
Duvvuri, head (research), OreTeam Research.
In Goa, miners were directly dependent on the
export market and, given the current low prices in the spot market ($90-95 a
tonne), the margins of miners in Goa would be impacted, said a miner. For miners
in the state, the margin was likely to fall to just $3 a tonne, Poddar said.
After e-auctions started in Goa, the margins of
miners in the state had declined to Rs 200-400 a tonne.
Currently, iron ore prices in Odisha are very high
due to closure of the mines in the state. Prices would fall once mining
resumed, but once the rise in royalty was notified, miners might either keep
the prices stable or raise these by a small margin, Duvvuri said.
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. 60.44 |
|
|
1 |
Rs. 100.24 |
|
Euro |
1 |
Rs. 80.35 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
31 |
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.