MIRA INFORM REPORT
|
Report Date : |
13.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
MODISON METALS LIMITED |
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Registered
Office : |
33, Nariman Bhavan, 227, Nariman Point, Mumbai - 400021, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
13.04.1983 |
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Com. Reg. No.: |
11-029783 |
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Capital
Investment / Paid-up Capital : |
Rs.32.450
Millions |
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CIN No.: [Company Identification
No.] |
L51900MH1983PLC029783 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
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PAN No.: [Permanent Account No.] |
Not Available |
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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 Electrical Contacts. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having good track record. Financial position of the company is sound. Trade relations are reported as fair. Business is active. Payment terms
are reported to be regular and as per commitment. 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities = A- |
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Rating Explanation |
Adequate degree of safety. It carry low credit risk. |
|
Date |
10.04.2014 |
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Rating Agency Name |
CARE |
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Rating |
Short Term Bank Facilities = A2+ |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
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Date |
10.04.2014 |
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 BY
|
Name : |
Mr. R. Kothari |
|
Designation : |
Finance Manager |
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Contact No.: |
91-22-22026437 |
|
Date : |
12.12.2014 |
LOCATIONS
|
Registered Office / Head Office : |
33, Nariman Bhavan, 227, Nariman Point, Mumbai - 400021, |
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Tel. No.: |
91-22-22026437 |
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Fax No.: |
91-22-22048009 |
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E-Mail : |
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Website : |
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Factory : |
Plot No. 85/A, B, D and E, Phase 1, Road E, Vapi - 396195, Gujarat, India |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Ranjan
Dasgupta |
|
Designation : |
Chairman |
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DIN No.: |
00056014 |
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|
Name : |
Mr. G. L. Modi |
|
Designation : |
Managing Director |
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|
Name : |
Mr. Suresh Modi |
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Designation : |
Director |
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DIN No.: |
00027432 |
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|
Name : |
Mr. Rajkumar Modi |
|
Designation : |
Wholetime Director |
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DIN No.: |
00027449 |
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Name : |
Mr. Kumar Jay
Girdharilal Modi |
|
Designation : |
Whole Time
Director [w.e.f. 01.04.2012] |
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DIN No.: |
00059396 |
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Name : |
Mr. Bibhuti
Bhushan Pratap Singh |
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Designation : |
Wholetime Director
(Resigned w.e.f. 07.05.2014) |
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DIN No.: |
03086339 |
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Name : |
Mr. Ramavtar
Nathumal Goenka |
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Designation : |
Director |
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DIN No.: |
00140376 |
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Name : |
Mr. Shravan Sharma |
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Designation : |
Director (Resigned w.e.f.13.06.2013) |
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Name : |
Mr. Anil Lohia |
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Designation : |
Director (Resigned w.e.f. 14.06.2013) |
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Name : |
Mr. Satish Modi |
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Designation : |
Director (Resigned w.e.f. 20.06.2013) |
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Name : |
Lalita Pershad Aggarwal |
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Designation : |
Director (Appointed w.e.f.15.07.2013) |
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DIN No.: |
00101579 |
KEY EXECUTIVES
|
Name : |
Mr. R. Kothari |
|
Designation : |
Finance Manager |
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|
Name : |
Rakesh S. Singh |
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Designation : |
Chief Executive Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2014
|
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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|
16608165 |
51.18 |
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|
86918 |
0.27 |
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|
16695083 |
51.45 |
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|
Total shareholding of
Promoter and Promoter Group (A) |
16695083 |
51.45 |
|
(B) Public Shareholding |
|
|
|
|
|
|
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|
50000 |
0.15 |
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|
50000 |
0.15 |
|
|
|
|
|
|
2001410 |
6.17 |
|
|
|
|
|
|
4141955 |
12.76 |
|
|
9250923 |
28.51 |
|
|
310629 |
0.96 |
|
|
242968 |
0.75 |
|
|
67661 |
0.21 |
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|
15704917 |
48.40 |
|
Total Public shareholding
(B) |
15754917 |
48.55 |
|
Total (A)+(B) |
32450000 |
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) |
32450000 |
100.00 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
No. |
Name of the Shareholder |
Details of Shares held |
Total shares (including
underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
|
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
|||
|
1 |
Girdharilal Modi |
71,58,370 |
22.06 |
22.06 |
|
2 |
Rajkumar Modi |
64,57,710 |
19.90 |
19.90 |
|
3 |
Rajkumar Modi |
2,15,500 |
0.66 |
0.66 |
|
4 |
Rajkumar Mohanlal Modi |
28,000 |
0.09 |
0.09 |
|
5 |
Suresh Chandra P Mody |
2,27,240 |
0.70 |
0.70 |
|
6 |
Girdharilal Modi |
4,23,760 |
1.31 |
1.31 |
|
7 |
Kumar Jay G Modi |
26,000 |
0.08 |
0.08 |
|
8 |
Kumar Jay G Modi |
9,00,000 |
2.77 |
2.77 |
|
9 |
Kumar Jay G Modi |
8,20,000 |
2.53 |
2.53 |
|
10 |
Kumar Jay Girdharilal
Modi |
28,000 |
0.09 |
0.09 |
|
11 |
Chandramani Devi Mody |
10 |
0.00 |
0.00 |
|
12 |
Kashiprasad Madanlal Modi |
1,000 |
0.00 |
0.00 |
|
13 |
Manju Kashiprasad Modi |
1,000 |
0.00 |
0.00 |
|
14 |
Rashmi R Modi |
1,000 |
0.00 |
0.00 |
|
15 |
Sarla Girdharilal Modi |
2,71,670 |
0.84 |
0.84 |
|
16 |
Sarla Girdharilal Modi |
7,905 |
0.02 |
0.02 |
|
17 |
Paridhi Kumar Jay Modi |
41,000 |
0.13 |
0.13 |
|
18 |
Modison Contacts Private
Limited |
86,918 |
0.27 |
0.27 |
|
|
Total |
1,66,95,083 |
51.45 |
51.45 |
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
|
No. |
Name of the Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
Total shares (including
underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
|
1 |
Blessings Mercantile
Private Limited |
822199 |
2.53 |
2.53 |
|
|
2 |
Prakashchandra Modi |
2610358 |
8.04 |
8.04 |
|
|
3 |
Nirmala D Mody |
625950 |
1.93 |
1.93 |
|
|
4 |
Om Prakash Modi |
772000 |
2.38 |
2.38 |
|
|
5 |
Lalitadevi Modi |
508000 |
1.57 |
1.57 |
|
|
6 |
Modi Prakash Chandra |
2050130 |
6.32 |
6.32 |
|
|
7 |
Sona Goyal |
500000 |
1.54 |
1.54 |
|
|
8 |
Vijaykumar Omprakash Modi |
441000 |
1.36 |
1.36 |
|
|
|
Total |
8329637 |
25.67 |
25.67 |
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
|
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 |
Total shares (including
underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
|
1 |
Prakashchandra Modi |
2610358 |
8.04 |
8.04 |
|
|
2 |
Modi Prakash Chandra |
2050130 |
6.32 |
6.32 |
|
|
|
Total |
4660488 |
14.36 |
14.36 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Electrical Contacts. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
Not Available |
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Imports : |
Not Available |
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Terms : |
Not Available |
GENERAL INFORMATION
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Supplier : |
Not Available |
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Customer : |
Not Available |
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No. of Employees : |
Information declined by the management |
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Bankers : |
Bank of India |
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Facilities : |
NOTE : LONG TERM
BORROWINGS Terms of Repayment, Nature of Securities in respect of Term Loans Rupee loan from Bank of India amounting to Rs.5.395 Millions (Previous Year : Rs.29.625 Millions) carries interest rate ranging from 12.45% to 13% p.a and was repayable in 11 quarterly installments. This loan facility was secured by first pari pasu charge on all (present and future) factory fixed assets of the company including equitable mortgage on the factory land and building at Vapi. Vehicle loan taken from BMW Financial Services carried interest rate ranging from 9% to 9.32% and was repayable in 36 monthly installment. The loan was secured by hypothecation of Vehicle. SHORT TERM
BORROWINGS Working capital facilities are secured by Hypothecation of stocks and book debts and further secured by collateral security of all movable and immovable factory properties. |
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Banking
Relations : |
--- |
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Auditors : |
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|
Name : |
M.L. Bhuwania and Company Chartered Accountant |
|
Address : |
F-11, 3rd Floor, Manek Mahal 90, Veer Nariman Road,
Churchgate, Mumbai – 400 020, Maharashtra, India |
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|
|
Enterprises over
which key management personnel and relative of such personnel have
significant influence |
|
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
32500000 |
Equity Shares |
Re.1/- each |
Rs. 32.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
32450000 |
Equity Shares |
Re.1/- each |
Rs. 32.450
Millions |
|
|
|
|
|
The reconciliation of the number of shares outstanding at the beginning and at the end of reporting period 31-03-2014 :
|
Particulars |
No. of Shares |
|
Number of shares at the beginning |
32,450,000 |
|
Add: Shares issued during the year |
-- |
|
Less : Shares bought back |
-- |
|
Number of shares at
the end |
32,450,000 |
Terms/rights attached
to equity shares
The company has only one class of equity shares having a par value of Re. 1 per share. Each holder of equity shares is entitled to one vote per share. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
In the event of liquidation of the company, the holders of equity shares will be entitled to receive remaining assets of the company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
The details of shareholders holding more than 5% shares in the company:
|
Name of Shareholders |
As on 31.03.2013 |
|
|
|
No. of Shares |
% Held as |
|
G.L. Modi |
7,158,370 |
22.06 |
|
Rajkumar Modi |
6,701,210 |
20.56 |
|
Prakashchandra Modi |
4,660,488 |
14.36 |
|
Kumar Jay Modi |
1,774,000 |
5.38 |
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 |
32.450 |
32.450 |
32.450 |
|
(b) Reserves & Surplus |
925.958 |
852.231 |
825.267 |
|
(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) |
958.408 |
884.681 |
857.717 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
8.014 |
29.626 |
24.304 |
|
(b) Deferred tax liabilities (Net) |
83.709 |
76.850 |
64.669 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
5.718 |
4.151 |
3.702 |
|
Total Non-current
Liabilities (3) |
97.441 |
110.627 |
92.675 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
223.934 |
178.340 |
145.726 |
|
(b) Trade
payables |
29.272 |
30.069 |
27.841 |
|
(c) Other
current liabilities |
112.265 |
192.419 |
160.963 |
|
(d) Short-term
provisions |
49.895 |
40.388 |
39.237 |
|
Total Current
Liabilities (4) |
415.366 |
441.216 |
373.767 |
|
|
|
|
|
|
TOTAL |
1471.215 |
1436.524 |
1324.159 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
595.856 |
603.511 |
528.784 |
|
(ii)
Intangible Assets |
5.493 |
4.658 |
4.216 |
|
(iii)
Capital work-in-progress |
5.109 |
12.698 |
14.356 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
54.821 |
48.634 |
52.835 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
661.279 |
669.501 |
600.191 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
440.499 |
463.438 |
497.291 |
|
(c) Trade
receivables |
326.150 |
197.738 |
161.104 |
|
(d) Cash
and cash equivalents |
17.072 |
87.258 |
16.821 |
|
(e)
Short-term loans and advances |
22.901 |
16.627 |
47.763 |
|
(f) Other
current assets |
3.314 |
1.962 |
0.989 |
|
Total
Current Assets |
809.936 |
767.023 |
723.968 |
|
|
|
|
|
|
TOTAL |
1471.215 |
1436.524 |
1324.159 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1835.783 |
1591.078 |
1626.006 |
|
|
|
Other Income |
12.656 |
6.716 |
6.313 |
|
|
|
TOTAL (A) |
1848.439 |
1597.794 |
1632.319 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1267.783 |
1171.249 |
1193.191 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
44.984 |
(6.886) |
(100.059) |
|
|
|
Employees benefits expense |
90.598 |
83.082 |
67.443 |
|
|
|
Other Expenses |
177.198 |
155.506 |
0.000 |
|
|
|
Exceptional items |
(7.895) |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
1572.668 |
1402.951 |
1316.072 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
275.771 |
194.843 |
316.247 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
28.939 |
31.570 |
26.935 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
246.832 |
163.273 |
289.312 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
62.238 |
60.458 |
52.631 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
184.594 |
102.815 |
236.681 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
62.746 |
37.215 |
76.837 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
121.848 |
65.600 |
159.844 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
727.980 |
707.045 |
600.900 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
12.185 |
6.700 |
15.985 |
|
|
|
Dividend |
40.563 |
32.450 |
32.45 |
|
|
|
Tax on Dividend |
6.894 |
5.515 |
5.264 |
|
|
BALANCE CARRIED
TO THE B/S |
790.187 |
727.980 |
707.045 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
354.093 |
277.664 |
264.102 |
|
|
|
Freight |
5.481 |
4.767 |
6.305 |
|
|
|
Insurances |
0.150 |
0.078 |
0.174 |
|
|
TOTAL EARNINGS |
359.724 |
282.509 |
270.581 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
205.725 |
198.132 |
152.591 |
|
|
|
Stores & Spares |
5.663 |
3.878 |
2.040 |
|
|
|
Capital Goods |
24.958 |
80.382 |
39.663 |
|
|
TOTAL IMPORTS |
236.346 |
282.392 |
194.294 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
3.75 |
2.02 |
4.93 |
|
|
|
Diluted |
3.75 |
2.02 |
4.93 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin |
(%) |
6.64 |
4.12 |
9.83 |
|
|
|
|
|
|
|
Operating Profit Margin |
(%) |
15.02 |
12.25 |
19.45 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.59 |
7.22 |
18.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.19 |
0.12 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.24 |
0.24 |
0.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.95 |
1.74 |
1.94 |
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 |
32.450 |
32.450 |
32.450 |
|
Reserves & Surplus |
825.267 |
852.231 |
925.958 |
|
Net worth |
857.717 |
884.681 |
958.408 |
|
|
|
|
|
|
long-term borrowings |
24.304 |
29.626 |
8.014 |
|
Short term borrowings |
145.726 |
178.340 |
223.934 |
|
Total borrowings |
170.030 |
207.966 |
231.948 |
|
Debt/Equity ratio |
0.198 |
0.235 |
0.242 |
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 |
1626.006 |
1591.078 |
1835.783 |
|
|
|
(2.148) |
15.380 |
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 |
1626.006 |
1591.078 |
1835.783 |
|
Profit |
159.844 |
65.600 |
121.848 |
|
|
9.83% |
4.12% |
6.64% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG TERM DEBT
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
|
|
|
|
|
Current Maturities of Long Term Debt |
24.272 |
30.389 |
45.198 |
|
|
|
|
|
|
Total |
24.272 |
30.389 |
45.198 |
|
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 |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
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 |
OPERATIONS:
During the year, the Company has achieved the turnover of Rs. 1848.438 Millions as compared to Rs. 1597.794 Millions during previous year. Turnover grew by 15.69% i.e. by Rs.250.644 Millions, Profit before tax grew by 79.54% i.e. by Rs.81.780 Millions, & Net Profit after tax grew by 85.75% i.e. by Rs.562.49 Millions. Earnings per share for the year 2013-14 increased to Rs. 3.75 from Rs. 2.02 in the previous year. Book value now stands at Rs. 29.42 per Equity Share of Re.1 each.
EXPORTS:
The Exports (FOB) including export in INR during the year amounts to Rs. 361.065 Millions as against Rs. 277.664 Millions achieved in the previous year. The export grew by 30.04% i.e. by Rs.83.401 Millions. The Company is still focusing to improve its exports performance mainly in USA & Europe.
CONTIGENT LIABILITIES
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
Disputed Income Tax Liabilites |
1.112 |
0.000 |
|
Disputed Service Tax Liabilities |
1.730 |
1.642 |
|
Bond issued under Advance Licence Scheme |
1.524 |
4.492 |
|
Bond issued under Export Promotion Capital Goods Scheme |
23.969 |
15.791 |
|
Total |
28.335 |
21.925 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10418081 |
28/02/2013 |
387,400,000.00 |
BANK OF INDIA |
VAPI INDUSTRIAL ESTATE BRANCH, PLOT NO. CM/16 SILVASSA ROAD, GIDC, VAPI, GUJARAT - 396195, INDIA |
B72685381 |
|
2 |
10308248 |
03/09/2011 |
50,000,000.00 |
BANK OF INDIA |
MUMBAI MID CORPORATE, 70/80, M.G. ROAD, BANK OF |
B21535414 |
|
3 |
10122924 |
31/07/2008 |
35,000,000.00 |
BANK OF INDIA |
NARIMAN POINT BRANCH, AIR INDIA BUILDING, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A45318862 |
|
4 |
10052535 |
28/03/2007 |
41,500,000.00 |
BANK OF INDIA |
NARIMAN POINT BRANCH, AIR INDIA BUILDING, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A15265747 |
|
5 |
90240916 |
04/12/2013 * |
515,000,000.00 |
BANK OF INDIA |
MUMBAI MID CORPORATE, 70/80, M.G. ROAD, BANK OF |
B92276047 |
|
6 |
90240458 |
29/04/1999 * |
17,400,000.00 |
BANK OF INDIA |
NARIMAN POINT BRANCH, AIR INDIA BUILDING, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
- |
|
7 |
90240249 |
29/04/1999 * |
6,000,000.00 |
GUJARAT INDSUTRIES INVESTMENT CORP. LTD. |
CHUNIBHAI CHAMBERSD, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, INDIA |
- |
|
8 |
90240151 |
29/04/1999 * |
10,000,000.00 |
GUJARAT INDSUTRIES INVESTMENT CORP. LTD. |
CHUNIBHAI CHAMBERSD, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, INDIA |
- |
|
9 |
90239984 |
29/04/1997 * |
5,600,000.00 |
GUJARAT INDSUTRIES INVESTMENT CORP. LTD. |
CHUNIBHAI CHAMBERS, ASHRAM ROAD, AHMEDABAD, GUJARAT - 380009, INDIA |
- |
|
10 |
90239159 |
04/12/2013 * |
515,000,000.00 |
BANK OF INDIA |
MUMBAI MID CORPORATE, 70/80, M.G. ROAD, BANK OF |
B92273085 |
|
11 |
90239137 |
04/12/2013 * |
515,000,000.00 |
BANK OF INDIA |
MUMBAI MID CORPORATE, 70/80, M.G. ROAD, BANK OF |
B92273663 |
* Date of charge modification
UNAUDITED FINANCIAL
RESULTS FOR THE QUARTER AND HALF YEAR
ENDED 30.09.2014
(Rs. in Millions )
|
Sr. No. |
Particular |
Quarter
Ended |
Six Months Ended |
|
|
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
|
|
|
|
|
1. |
Net Sales/Income
from Operations |
457.403 |
373.813 |
831.216 |
|
|
Other Operating
Income |
0.859 |
0.623 |
1.482 |
|
|
Total Income From Operations (Net) |
458.262 |
374.436 |
832.698 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost
of materials consumed |
413.419 |
219.656 |
633.075 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
(91.742) |
57.618 |
(34.124) |
|
|
Employee
benefits expenses |
23.728 |
22.733 |
46.461 |
|
|
Depreciation
and amortization expenses |
16.316 |
16.121 |
32.437 |
|
|
Other
expenses |
47.683 |
42.098 |
89.781 |
|
|
Total Expenses |
409.404 |
358.226 |
767.630 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
48.858 |
16.210 |
65.068 |
|
|
|
|
|
|
|
4. |
Other
Income |
0.324 |
0.793 |
1.117 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
49.182 |
17.003 |
66.185 |
|
|
|
|
|
|
|
6. |
Interest |
10.071 |
7.938 |
18.009 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
39.111 |
9.065 |
48.176 |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
39.111 |
9.065 |
48.176 |
|
|
|
|
|
|
|
10. |
Tax
Expense |
13.227 |
3.262 |
16.489 |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
25.884 |
5.803 |
31.687 |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net Profit
for the period (11-12) |
25.884 |
5.803 |
31.687 |
|
|
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Re.1/- Each) |
32.450 |
32.450 |
32.450 |
|
|
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
|
|
|
|
|
|
|
|
|
|
16. |
Basic and Diluted Earning Per
Share (EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a)
Basic and diluted EPS before extraordinary items |
0.80 |
0.18 |
0.98 |
|
|
b)
Basic and diluted EPS after extraordinary items |
0.80 |
0.18 |
0.98 |
|
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
15754917 |
15754917 |
15754917 |
|
|
-
Percentage of Shareholding |
48.55 |
48.55 |
48.55 |
|
|
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
--- |
--- |
--- |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
--- |
--- |
--- |
|
|
- Percentage
of Shares (as a % of the Total Share Capital of the Company) |
--- |
--- |
--- |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
16695083 |
16695083 |
16695083 |
|
|
- Percentage
of Shares (as a % of the Total Shareholding of Promoter and Promoter Group) |
100.00 |
100.00 |
100.00 |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
51.45 |
51.45 |
51.45 |
|
Particulars |
3 Months ended on 30.09.2014 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
Nil |
|
Disposed of during the quarter |
Nil |
|
Remaining unresolved at the end of the
quarter |
Nil |
STATEMENT OF ASSETS AND LIABILITY
|
SOURCES OF FUNDS |
|
|
30.09.2014 |
|
|
|
|
Unaudited |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a)
Share Capital |
|
|
32.450 |
|
(b)
Reserves & Surplus |
|
|
955.849 |
|
(c)
Money received against share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2)
Share Application money pending allotment |
|
|
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
|
|
988.299 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a)
long-term borrowings |
|
|
1.831 |
|
(b)
Deferred tax liabilities (Net) |
|
|
80.413 |
|
(c)
Other long term liabilities |
|
|
0.000 |
|
(d)
long-term provisions |
|
|
6.010 |
|
Total Non-current Liabilities (3) |
|
|
88.254 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
|
362.438 |
|
(b)
Trade payables |
|
|
34.698 |
|
(c)
Other current liabilities |
|
|
74.246 |
|
(d)
Short-term provisions |
|
|
1.689 |
|
Total Current Liabilities (4) |
|
|
473.071 |
|
|
|
|
|
|
TOTAL |
|
|
1549.624 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
|
566.292 |
|
(ii)
Intangible Assets |
|
|
4.679 |
|
(iii)
Capital work-in-progress |
|
|
17.093 |
|
(iv)
Intangible assets under development |
|
|
0.000 |
|
(b)
Non-current Investments |
|
|
0.000 |
|
(c)
Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
69.282 |
|
(e)
Other Non-current assets |
|
|
0.000 |
|
Total Non-Current Assets |
|
|
657.346 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
|
0.000 |
|
(b)
Inventories |
|
|
498.488 |
|
(c)
Trade receivables |
|
|
349.799 |
|
(d)
Cash and cash equivalents |
|
|
18.123 |
|
(e)
Short-term loans and advances |
|
|
23.842 |
|
(f)
Other current assets |
|
|
2.026 |
|
Total Current Assets |
|
|
892.278 |
|
|
|
|
|
|
TOTAL |
|
|
1549.624 |
NOTES:
- The financial results were reviewed by the Audit Committee and taken on record by the Board of Directors at its meeting held on 05th November 2014.
- The Statutory Auditors have carried out limited review of the above result for the Half Year/Quarter ended 30th September, 2014.
- As the Company's business activity falls within a single Primary segment viz.: "Manufacturing of Electrical Contacts" the disclosure requirement of Accounting Standard (AS-17)"Segment Reporting" is not applicable.
- Consequent to the enactment of the Companies Act, 2013 (the Act) and its applicability for accounting periods commencing after 1 April, 2014, the Company has re-worked depreciation with reference to the estimated useful lives of fixed assets prescribed by Schedule II to the Act except in case of plant and machinery where useful life has been considered as estimated by the management. In case of any asset whose life has completed as above, the carrying value, net of residual value, as at 1 April 2014 amounting to Rs. 1.793 Millions has been adjusted to the General Reserve (Net of Deferred Tax of Rs. 0.923 Million) and in other cases the carrying value has been depreciated over the remaining useful life of the assets. As a result the charge for depreciation is higher by Rs. 1.967 Millions for the half year ended 30th Sep 2014 and by Rs.0. 922 Million for the Quarter ended 30th Sep 2014.
- During the half year ended 30th Sep, 2014, the Company has changed the accounting policy of valuing the inventory at price booked by the customer to cost or net realisable value whichever is lower. Due to such change the inventory valuation is higher by Rs. 3.246 Millions for the half year ended 30th Sep 2014 and by Rs. 1.063 Millions for the Quarter ended 30th Sep 2014 and consequently the profit and reserves for the half year and Quarter ended 30th Sep 2014.
- 'During the Quarter, Silver prices experienced wide fluctuations across global markets. Since April 2014, there has been downward trend in silver prices.
- Exceptional item for the Half Year ended 30th Sep 2013 represents surrender value received of Keyman Insurance Policy.
- Figures of previous period/year have been regrouped wherever considered necessary.
FIXED ASSETS
- Office Premises
- Residential Building
- Plant and Machinery
- Furniture and Fixtures
- Vehicles
- Office Equipments
- Intangible Assets
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.62.44 |
|
|
1 |
Rs.98.15 |
|
Euro |
1 |
Rs.77.38 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
54 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major
sections of this report. The assessed factors and their relative weights (as
indicated through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.