MIRA INFORM REPORT
|
Report Date : |
12.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
SANGHVI MOVERS LIMITED |
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Registered
Office : |
Survey No. 92, Tathawade Tluka Mulshi, Pune – 411033, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
03.11.1989 |
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Com. Reg. No.: |
11-054143 |
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Capital
Investment / Paid-up Capital : |
Rs. 86.576 Millions |
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CIN No.: [Company Identification
No.] |
L29150PN1989PLC054143 |
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IEC No.: |
Not Available |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNES09562A |
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PAN No.: [Permanent Account No.] |
AACCS3775K |
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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
: |
Subject is engaged in the business of providing cranes on rental
basis. |
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No. of Employees
: |
1230 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. There seems some dip in the turnover during financial year 2014, the company
has also incurred a loss however net worth of the company is satisfactory.
General financial position of the company is good. Trade relations are reported as fair. Business is active. Payment
terms are reported to be usually correct. The company can be considered normal for business at usual trade terms
and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term Loan = A |
|
Rating Explanation |
Adequate degree of safety. It carry low credit risk. |
|
Date |
June 2014. |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term = A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
June 2014. |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED
Management Non Co-Operative (Tel No.: 91-20-66744700)
LOCATIONS
|
Registered Office : |
Survey No. 92, Tathawade Tluka Mulshi, Pune – 411033, Maharashtra,
India |
|
Tel. No.: |
91-20-66744700 |
|
Fax No.: |
91-20-66744724 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As On 31.03.2014
|
Name : |
Mr. Chandrakant Sanghvi |
|
Designation : |
Chairman and Managing Director |
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|
|
|
Name : |
Mr. Vijay Manikar |
|
Designation : |
Director |
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|
Name : |
Mr. Dara Damania |
|
Designation : |
Director |
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|
Name : |
Mr. S. Padmanabhan |
|
Designation : |
Director |
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|
Name : |
Mr. Gary Jit Meng Ng |
|
Designation : |
Director |
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|
Name : |
Mr. Pradeep Rathi |
|
Designation : |
Director |
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|
Name : |
Mr. Dinesh Munot |
|
Designation : |
Director |
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|
Name : |
Mr. Sanjay Asher |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Sham Kajale |
|
Designation : |
Executive Director and CFO |
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|
|
|
Name : |
Mr. Rajesh Likhite |
|
Designation : |
Secretary and Chief Compliance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Category
of Shareholder |
No. of Shares |
% of Holdings |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
20240818 |
46.76 |
|
|
25000 |
0.06 |
|
|
20265818 |
46.82 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
20265818 |
46.82 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
3563647 |
8.23 |
|
|
1528825 |
3.53 |
|
|
4031250 |
9.31 |
|
|
4031250 |
9.31 |
|
|
9123722 |
21.08 |
|
|
|
|
|
|
1748250 |
4.04 |
|
|
|
|
|
|
4594963 |
10.61 |
|
|
2874451 |
6.64 |
|
|
4680796 |
10.81 |
|
|
43410 |
0.10 |
|
|
226391 |
0.52 |
|
|
1263 |
0.00 |
|
|
7577 |
0.02 |
|
|
2155 |
0.00 |
|
|
4400000 |
10.16 |
|
|
13898460 |
32.11 |
|
Total Public
shareholding (B) |
23022182 |
53.18 |
|
Total (A)+(B) |
43288000 |
100.00 |
|
(C) Shares held
by Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
43288000 |
100.00 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Sl.No. |
Name of the
Shareholder |
Details of Shares held |
|
|
No. of Shares
held |
As a % of grand
total (A)+(B)+(C) |
||
|
1 |
Chandrakant Phoolchand Sanghvi |
1,00,31,098 |
23.17 |
|
2 |
Rishi Chandrakant Sanghvi |
53,19,740 |
12.29 |
|
3 |
Mina Chandrakant Sanghvi |
34,89,480 |
8.06 |
|
4 |
Mina Chandrakant Sanghvi |
9,00,000 |
2.08 |
|
5 |
Niyoshi Chandrakant Sanghvi |
5,00,500 |
1.16 |
|
6 |
Jethi Builders And Traders Pvt Ltd |
25,000 |
0.06 |
|
|
Total |
2,02,65,818 |
46.82 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number of shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares
held |
Shares as % of Total
No. of Shares |
|
|
1 |
Goldpeak Limited |
4400000 |
10.16 |
|
|
2 |
Olympus India Holdings Limited |
2687500 |
6.21 |
|
|
3 |
HDFC Trustee Company Limited - HDFC Prudence Fund |
2012451 |
4.65 |
|
|
4 |
Kedar Dattatraya Borgaonkar |
1504613 |
3.48 |
|
|
5 |
SBI Magnum Balanced Fund |
1489811 |
3.44 |
|
|
6 |
Olympus Crane Holdings Limited |
1343750 |
3.10 |
|
|
7 |
TVF Fund Ltd |
1129129 |
2.61 |
|
|
8 |
Sanghvi Erectors Pvt Ltd |
919458 |
2.12 |
|
|
9 |
Anil Kumar Goel |
445500 |
1.03 |
|
|
|
Total |
15932212 |
36.81 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons (together with PAC) belonging to the
category “Public” and holding more than 5% of the total number of shares of the
company
|
Sl. No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of
Total No. of Shares |
|
|
1 |
Goldpeak Limited |
4400000 |
10.16 |
|
|
2 |
Olympus India Holdings Limited |
2687500 |
6.21 |
|
|
|
Total |
7087500 |
16.37 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of providing cranes on rental
basis. |
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Products : |
Not Available |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Applicable |
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Imports : |
Not Applicable |
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Terms : |
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Selling : |
Not Available |
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Purchasing : |
Not Available |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
1230 (Approximately) |
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Bankers : |
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Facilities : |
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Auditors : |
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Name : |
B S R and Company LLP Chartered Accountants |
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Memberships : |
-- |
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Collaborators : |
-- |
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Enterprises over which key management personnel exercise significant
influence : |
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CAPITAL STRUCTURE
As On 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50,000,000 |
Equity Shares |
Rs. 2/- each |
Rs. 100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
43,288,000 |
Equity Shares |
Rs. 2/- each |
Rs. 86.576
Millions |
|
|
|
|
|
Right, Preference and restrictions attached to equity shares
The company has a single class of equity
shares. Accordingly, all equity shares rank equally with regard to dividends
and share in the company’s residual assets. The equity share are entitled to
receive dividends as declared from time to time. The voting rights of an equity
shares holder on a poll (not on show of hands) are in respect of shares on
which any call or other sums presently payable have not been paid.
Failure to pay any amount called up on shares
may lead to forfeiture of the shares.
On winding up of the company, the holders of
equity shares will be entitled to receive the residual assets of the company,
remaining after distribution of all preferential amounts in proportion to the
number of equity shares held.
Details of
Shareholders Holding more than 5% Shares is set out below:
|
Name of the
Shareholder |
As on 31.03.2014 |
As on 31.03.2013 |
||
|
No. of shares |
% held |
No. of shares |
% held |
|
|
Mr. Chandrakant Phoolchand Sanghvi |
1,00,41,098 |
23.20% |
99,69,284 |
23.03% |
|
Mr. Rishi Chandrakant Sanghvi |
53,34,740 |
12.32% |
53,34,740 |
12.32% |
|
Goldpeak Limited |
44,00,000 |
10.16% |
44,00,000 |
10.16% |
|
Mrs. Mina Chandrakant Sanghvi |
43,32,346 |
10.01% |
37,77,633 |
8.73% |
|
Olympus India Holdings Limited |
26,87,500 |
6.21% |
26,87,500 |
6.21% |
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 |
86.576 |
86.576 |
86.576 |
|
(b) Reserves & Surplus |
6402.582 |
6547.608 |
6188.644 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending
allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
6489.158 |
6634.184 |
6275.220 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2629.434 |
3826.910 |
3096.582 |
|
(b) Deferred tax liabilities (Net) |
855.346 |
943.143 |
909.340 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
3484.780 |
4770.053 |
4005.922 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
51.631 |
7.941 |
426.491 |
|
(b) Trade
payables |
109.362 |
96.030 |
124.040 |
|
(c) Other
current liabilities |
2028.728 |
2178.015 |
3607.444 |
|
(d) Short-term
provisions |
3.024 |
69.308 |
167.305 |
|
Total Current
Liabilities (4) |
2192.745 |
2351.294 |
4325.280 |
|
|
|
|
|
|
TOTAL |
12166.683 |
13755.531 |
14606.422 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
10048.311 |
10902.059 |
11859.888 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
2.500 |
1.569 |
138.620 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.025 |
0.025 |
0.025 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
256.629 |
112.958 |
65.235 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
10307.465 |
11016.611 |
12063.768 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
102.248 |
105.485 |
83.662 |
|
(c) Trade
receivables |
1488.296 |
2240.912 |
2046.372 |
|
(d) Cash
and cash equivalents |
185.933 |
290.673 |
153.313 |
|
(e)
Short-term loans and advances |
71.668 |
94.057 |
252.291 |
|
(f) Other
current assets |
11.073 |
7.793 |
7.016 |
|
Total
Current Assets |
1859.218 |
2738.920 |
2542.654 |
|
|
|
|
|
|
TOTAL |
12166.683 |
13755.531 |
14606.422 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2443.664 |
3391.851 |
4504.741 |
|
|
|
Other Income |
53.662 |
82.250 |
209.892 |
|
|
|
TOTAL (A) |
2497.326 |
3474.101 |
4714.633 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating and other expenses |
943.065 |
914.960 |
1171.937 |
|
|
|
Employees benefits expense |
135.966 |
159.621 |
178.558 |
|
|
|
Exceptional Items |
0.000 |
0.000 |
(14.059) |
|
|
|
TOTAL (B) |
1079.031 |
1074.581 |
1336.436 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
1418.295 |
2399.520 |
3378.197 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
462.068 |
633.740 |
770.863 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
956.227 |
1765.780 |
2607.334 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1185.869 |
1180.977 |
1106.030 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
(229.642) |
584.803 |
1501.304 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
(84.616) |
175.529 |
483.582 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
(145.026) |
409.274 |
1017.722 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1838.407 |
1979.443 |
1612.652 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
500.000 |
500.000 |
|
|
|
Dividend |
0.000 |
43.288 |
129.864 |
|
|
|
Tax on Dividend |
0.000 |
7.022 |
21.067 |
|
|
BALANCE CARRIED
TO THE B/S |
1693.381 |
1838.407 |
1979.443 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
0.000 |
0.000 |
26.762 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
22.894 |
22.583 |
76.165 |
|
|
|
Capital Goods |
0.000 |
6.086 |
1829.526 |
|
|
TOTAL IMPORTS |
22.894 |
28.669 |
1908.691 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(3.35) |
9.45 |
23.51 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin PAT / Sales |
(%) |
(5.93)
|
12.06 |
22.59 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
58.04
|
70.74 |
74.99 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(1.89) |
4.25 |
10.38 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.04) |
0.09 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.41 |
0.58 |
0.56 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.85 |
1.16 |
0.59 |
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 |
86.576 |
86.576 |
86.576 |
|
Reserves & Surplus |
6188.644 |
6547.608 |
6402.582 |
|
Net
worth |
6275.220 |
6634.184 |
6489.158 |
|
|
|
|
|
|
long-term borrowings |
3096.582 |
3826.910 |
2629.434 |
|
Short term borrowings |
426.491 |
7.941 |
51.631 |
|
Total
borrowings |
3523.073 |
3834.851 |
2681.065 |
|
Debt/Equity
ratio |
0.561 |
0.578 |
0.413 |
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 |
4504.741 |
3391.851 |
2443.664 |
|
|
|
(24.705) |
(27.955) |
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 |
4504.741 |
3391.851 |
2443.664 |
|
Profit |
1017.722 |
409.274 |
(145.026) |
|
|
22.59% |
12.07% |
(5.93%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT DETAILS
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
Term loans from banks in Indian rupees |
407.912 |
1095.426 |
1871.228 |
|
Term loans from banks in Foreign currencies |
1559.915 |
984.905 |
1607.458 |
|
Total |
1967.827 |
2080.331 |
3478.686 |
|
Sr. No. |
Check
List by Info Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
---------------------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
--------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
------------------- |
|
26] |
Buyer visit details |
-------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Loan from related parties |
196.200 |
172.100 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Term loan from bank |
1.467 |
7.941 |
|
Total |
197.667 |
180.041 |
|
|
|
|
|
Note: Long
Term Borrowing : Loans from related parties are repayable after
36 months and carry on interest rate of 8.5%-12.5% p.a. |
||
BUSINESS REVIEW
During the year under report, the company generated revenue
of Rs. 2497.300 Millions, decline of 28% as compared to the previous year and the
net loss to the tune of Rs. 145.000 Millions, as compared to the previous
year’s net profit of Rs. 409.3 Millions. The prolonged slowdown in the economic
activity, weak market sentiments, subdued infrastructure activity, tight
financing environment with high interest rate, weak operating economics,
rising fuel prices, continued to impact the performance of
the company.
POWER GENERATION
Your company has been earning regular income from the
business of power generation from windmills commissioned in Jaisalmer,
Rajasthan and Chitradurga, Karnataka. Total Income earned out of Wind Power
Generation was Rs. 14.900 Millions.
FINANCE
During the year, the company has availed financial
assistance from State Bank of India and The Saraswat Co-operative Bank and the
Company is enjoying working capital facilities from Dena Bank. Total
secured Loan outstanding as of 31st March
2014 was Rs. 4666.400 Millions. The company is regular in its
repayment obligation with its banks. Your company has received `ICRA A` as credit
rating for long term loans, which indicates adequate degree of safety in
respect of bank loan profile of the Company and `ICRA A2 +` as credit rating for
short term loans.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
REVIEW OF ECONOMY
Sanghvi Movers
Limited is India's largest crane hiring company in India. The performance of
the company is dependent on the lndian Economy, more particularly investment in
infrastructure and core sector of the economy both by private as well as public
sector undertakings. Infrastructural development in lndia has been going
through a very difficult phase over the last 2-3 years. While the Central
Government's planning depict massive development in the infrastructure sector
to sustain economic growth, but unfortunately this has not been translated to
on ground implementation. The slippages have been significant. The
Infrastructure industry was grossly hit by financial, operational &
regulatory challenges. Such circumstances has severely affected the performance
of the Company.
The fiscal year
201 3-1 4 was a sluggish year for the lndian economy with poor macroeconomic
conditions, slowing income growth, weakening of the rupee, sky-rocketing
inflation and high borrowing cost resulted in slow down in GDP growth of lndian
economy. Such scenario has resulted into slowdown in business growth, lower
project investments and poor business confidence.
COMPANY PERFORMANCE
The company
operates primarily in operations of cranes. Financial performance of the
company was affected due to recession, overall economic slowdown and fearsome
competition. The inordinate delays in clearance of outstanding dues, adverse
regulatory environment, negative market sentiments has affected the performance
of the company.
We have been
pioneered in catering to crane requirements of major industries like Power,
Steel, Refinery, Cement and Wind Power.
OUTLOOK
The company has
concentrated its fleet of cranes more on heavy duty cranes (cranes above 100
Tons). At present more than 90% of gross block of cranes is in 100 MT &
above. Obviously, more than 90% of the company's turnover is contributed by
higher tonnage cranes.
In the next two
three years, the Company expects order flow from Power, Wind mills, Steel
plants, Refinery sectors and Metro Projects and solar plants.
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS
FOR THE QUARTER ENDED 30TH JUNE 2014
(Rs. in millions)
|
Sr. No. |
Particulars |
3 months ended 30.09.2014 (Unaudited) |
3 months ended 30.06.2014 (Unaudited) |
Year to date 30.06.2014 (Unaudited) |
|
Part I |
|
|
|
|
|
1. |
Income from
Operations |
|
|
|
|
|
a)Net
Sales / Income from Operations |
547.630 |
571.642 |
1119.272 |
|
|
b)
Other Operating Income |
8.168 |
4.654 |
12.822 |
|
|
Total
Income from Operations (net) |
555.798 |
576.296 |
1132.094 |
|
2. |
Expenditure |
|
|
|
|
|
a)
Cost of materials consumed |
-- |
-- |
-- |
|
|
b)
Purchase of stock-in-trade |
-- |
-- |
-- |
|
|
c) Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
-- |
-- |
-- |
|
|
d)
Employee benefits expense |
35.916 |
38.111 |
74.027 |
|
|
e)
Depreciation and amortisation expense |
300.584 |
299.777 |
600.361 |
|
|
f)
Other expenses |
268.484 |
251.499 |
203.219 |
|
|
Total Expenses |
604.984 |
589.387 |
1194.371 |
|
3. |
Profit from Operations
before Other Income and Finance Costs (1-2) |
(49.186) |
(13.091) |
(62.277) |
|
4. |
Other Income |
30.242 |
29.692 |
59.934 |
|
5. |
Profit
before finance costs (3+4) |
(18.944) |
16.601 |
(2.343) |
|
6. |
Finance Costs |
107.023 |
108.003 |
215.026 |
|
7. |
Profit
Before Tax (5-6) |
(125.967) |
(91.402) |
(217.369) |
|
8. |
Tax
Expenses (Includes Deferred Tax) |
(40.872) |
(29.655) |
(70.527) |
|
9. |
Net
Profit after Tax (7-8) |
(85.095) |
(61.747) |
(146.842) |
|
10. |
Paid
up Equity Share Capital [Face Value - Rs.10 per share] |
86.576 |
86.576 |
86.576 |
|
11. |
Reserves
excluding Revaluation Reserves |
-- |
-- |
-- |
|
12. |
Basic
and diluted EPS for the period and for the previous year |
|
|
|
|
|
-Basic
EPS (Rs.) [Not annualised] |
(1.97) |
(1.43) |
(3.39) |
|
|
-Diluted
EPS (Rs.) [Not annualised] |
(1.97) |
(1.43) |
(3.39) |
|
Part II |
|
|
|
|
|
A. |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
|
Public
Shareholding |
|
|
|
|
|
- Number of Shares |
23,022,182 |
22,987,182 |
22,022,182 |
|
|
- Percentage of Shareholding |
53.18% |
53.10% |
53.18% |
|
|
Promoters and
Promoter Group Shareholding |
|
|
|
|
|
a)
Pledged/Encumbered |
|
|
|
|
|
- Number of Shares |
600.000 |
600.000 |
600.000 |
|
|
- Percentage of Shares (as a % of the Total Shareholding of promoter
and promoter group) |
2.96% |
2.96% |
2.96% |
|
|
- Percentage of Shares (as a % of the Total Share Capital of the
Company) |
1.39% |
1.39% |
1.39% |
|
|
b) Non
Encumbered |
|
|
|
|
|
- Number of Shares |
19,665,818 |
19,700,818 |
19,665,818 |
|
|
- Percentage of Shares (as a % of the Total Shareholding of Promoter
and Promoter Group) |
97.04% |
97.04% |
97.04% |
|
|
- Percentage of Shares (as a % of the Total Share Capital of the
Company) |
45.43% |
45.51% |
45.43% |
|
PARTICULARS |
For the quarter ended 30th September
2014 |
|
B INVESTORS COMPLAINTS |
|
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
Nil |
|
Disposed during the quarter |
Nil |
|
Remaining unresolved at the end of the quarter |
Nil |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10533988 |
22/11/2014 |
250,000,000.00 |
The Saraswat Co-operative Bank Limited |
SME Branch, C2,
Kohinoor Estate CHS, Mula Road,, |
C35435569 |
|
2 |
10475066 |
06/01/2014 |
500,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH,
TARA CHAMBERS,, WAKDEW |
B95280657 |
|
3 |
10462926 |
08/11/2013 |
250,000,000.00 |
The Saraswat Co-operative Bank Limited |
C-2, Kohinoor
Estate, Co-operative Housing Society INDIA |
B90644592 |
|
4 |
10402019 |
16/01/2013 |
500,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE
BRANCH, TARA CHAMBERS,, WAKDEW |
B67710889 |
|
5 |
10386198 |
08/11/2013 * |
500,000,000.00 |
THE SARASWAT CO-OPERATIVE BANK LTD. |
C-2, KOHINOOR
ESTATE, CO-OPERATIVE HOUSING SOCIETY INDIA |
B90645052 |
|
6 |
10343062 |
08/11/2013 * |
600,000,000.00 |
The Saraswat Co-operative Bank Limited |
C-2, Kohinoor
Estate, Co-operative Housing Society |
B90645177 |
|
7 |
10245581 |
08/11/2013 * |
350,000,000.00 |
THE SARASWAT CO-OPERATIVE BANK LTD. |
C-2, KOHINOOR
ESTATE, CO-OPERATIVE HOUSING SOCIETY |
B90644840 |
|
8 |
10239782 |
04/03/2014 * |
1,000,000,000.00 |
ICICI Bank Limited |
'A' Wing,Shangrila Gardens, 3rd Floor,, Bund Garden Road,, Pune, Maharashtra - 411001, INDIA |
C00025122 |
|
9 |
10220664 |
04/05/2010 |
1,000,000,000.00 |
BANK OF BARODA |
CORPORATE FINANCIAL
SERVICES BRANCH, MANTRI COURT, |
A86272754 |
|
10 |
10078713 |
12/05/2011 * |
350,000,000.00 |
Axis Bank Limited |
1260/B, STERLING
PLAZA,, JANGLI MAHARAJ ROAD, DEC |
B15167604 |
* Date of charge modification
FIXED ASSETS
- Freehold land
- Leasehold
land
- Buildings
- Office equipment
- Plant and
Equipment
- Windmills
- Motor
Vehicles
- Furniture and
Fittings
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or anti-terrorism
sanction laws or whose assets were seized, blocked, frozen or ordered forfeited
for violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.21 |
|
|
1 |
Rs. 97.80 |
|
Euro |
1 |
Rs. 77.48 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
JYO |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.