MIRA INFORM REPORT
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Report Date : |
23.12.2014 |
IDENTIFICATION DETAILS
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Name : |
KESORAM INDUSTRIES LIMITED BIRLA TYRES HARIDWAR A UNIT OF KESORAM INDUSTRIES LIMITED |
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Registered
Office : |
8th Floor, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
18.10.1919 |
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Com. Reg. No.: |
21-003429 |
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Capital
Investment / Paid-up Capital : |
Rs. 1097.687 Millions |
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CIN No.: [Company Identification
No.] |
L17119WB1919PLC003429 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CALK00164D |
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PAN No.: [Permanent Account No.] |
AABCK2417P |
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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 manufacture and sale of tires,
cement, rayon yarns, and chemicals. |
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No. of Employees
: |
15479 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (42) |
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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 : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Exist |
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Comments : |
Subject is an old established company having satisfactory track
record. Company has incurred loss in the year 2013-14. However, rating draw
strength from long and established track record of the company, diversified
product profile and strong distribution network. Trade relations are reported to be fair. Business is active. Payments
are reported to be slow but correct. The company can be considered for business dealing 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
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Rating Agency Name |
CARE |
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Rating |
Non Covertible debentures = A- |
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Rating Explanation |
Adequate degree of safety and low credit risk |
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Date |
14 April 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
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Name : |
Mr. Kumar Shankar Gupta |
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Designation : |
Chief Finance Controller |
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Date : |
22.12.2014 |
LOCATIONS
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Registered Office/ Corporate Office : |
8th Floor, |
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Tel. No.: |
91-33-22435453/ 22429454/ 22480764/ 22130441/ 22135121 |
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Fax No.: |
91-33-22109455 |
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E-Mail : |
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Website : |
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Cement Section |
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Factory 1 : |
Sedam, District |
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Tel. No.: |
91-8441-276005/ 277403 |
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Fax No.: |
91-8441-276139 |
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E-Mail : |
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Storage and
Packing Unit : |
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Factory 2 : |
Survey
No.296/7/4, IDA, |
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Factory 3 : |
T-3 MIDC
Chincholi, Taluk : Mohal, Solapur – 413 255, |
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Tel. No.: |
91-217-2357060 |
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Factory 4 : |
Basantnagar,
District Karimnagar – 505 187, |
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Tel. No.: |
91-8728-228122/
228125/ 228156 |
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Fax No.: |
91-8728-228160 |
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E-Mail : |
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Automobile Tyres and Tubes |
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Factory 5 : |
At. P.O. Chhanpur,
Via.Kuruda, District Balasore – 756 056, |
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Tel. No.: |
91-6782-255259/
780/ 620 |
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Fax No.: |
91-6782-255225 |
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E-Mail : |
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Factory 6 : |
Gram Khedi
Mubarakpur, Tehsil Laksar, District Haridwar – 247663, |
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Tel. No.: |
91-1332-256000/256001 |
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Fax No.: |
91-1332-255177 |
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E-Mail : |
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Rayon and Transparent Paper |
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Factory 7 : |
P.O. Nayasarai,
Railway Station: Kuntighat, On Howrah-Katwa Route, District Hooghly – 712
513, West Bengal, India |
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Tel. No.: |
91-33-26846431-34/
26846457 |
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Fax No.: |
91-33-26846461 |
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E-Mail : |
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Spun Pipes and Foundries (under suspension of
work) |
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Factory 8 : |
P.O Adcconagar,
Bansberia, Dist.Hooghly,
West Bengal-712121 Phone :
+91-33-26346465 |
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Heavy Chemicals (under suspension of work) |
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Factory 9 : |
19, B. T. Road,
Khardah, P.O. Balaram Dharma Sopan, Kolkata – 700 116, West Bengal, India |
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Tel. No.: |
91-33-25535183 |
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City Office 1 : |
10-3-316/2, Crystal Towers, 2nd Floor, Above Andhra Bank, Masab Tank, Hyderabad – 500 028, Andhra. Pradesh, India |
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Tel. No.: |
91-40-23342296/ 8056 |
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Fax No.: |
91-40-23344109/ 7821 |
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E-Mail : |
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City Office 2 : |
10-3-316/2, Crystal Towers, 2nd and 3rd Floors, Above Andhra Bank, Masab Tank, Hyderabad – 500 028, Andhra. Pradesh, India |
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Tel. No.: |
91-40-23348896/ 7843/ 7613 |
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Fax No.: |
91-40-23344109/ 23347821 |
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E-Mail : |
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City Office 3 : |
7th Floor, Birla Building, 9/1, R.N. Mukherjee Road,
Kolkata – 700 001, West Bengal, India |
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Tel. No.: |
91-33-22624411-13,
22624355-57 |
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Fax No.: |
91-33-22624359 |
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E-Mail : |
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City Office 4 : |
“Industry House”, 11th Floor, 10, Camac Street, Kolkata –
700 017, West Bengal, India |
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Tel. No.: |
91-33-22824721-24 |
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Fax No.: |
91-33-22828879 |
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E-Mail : |
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City Office 5 : |
“Industry House”, 10, Camac Street, Kolkata – 700 017, West Bengal,
India |
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Tel. No.: |
91-33-22822476 |
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Fax No.: |
91-33-22829370 |
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E-Mail : |
DIRECTORS
AS ON 31.03.2014
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Name : |
Mr. Basant Kumar
Birla |
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Designation : |
Chairman |
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Name : |
Mrs. Manjushree
Khaitan |
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Designation : |
Executive Vice
Chairperson |
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Name : |
Mr. Krishna Gopal
Maheshwari |
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Designation : |
Director |
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Name : |
Mr. Pesi Kushru
Choksey |
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Designation : |
Director |
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Name : |
Mr. Amitabha
Ghosh |
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Designation : |
Director |
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Name : |
Mr. Vinay Sah |
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Designation : |
Director |
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Name : |
Mr. Kashi Prasad Khandelwal |
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Designation : |
Director |
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Name : |
Mr. K.C. Jain |
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Designation : |
Whole Time Director |
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Name : |
Mr. Sudip Banerjee |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Kumar Shankar Gupta |
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Designation : |
Chief Finance Controller |
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TEAM OF EXECUTIVES |
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CORPORATE OFFICE |
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Name : |
Mr. Arvind Kumar Singh |
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Designation : |
Chief Executive Officer - Business
Operations |
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Name : |
Tridib Kumar Das |
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Designation : |
Chief Financial Officer |
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Name : |
Mr. Gautam Ganguli |
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Designation : |
Company Secretary |
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BIRLA TYRES |
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Name : |
Ms. Ashwani Maheshwari |
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Designation : |
President |
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RAYON AND
TRANSPARENT PAPER |
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Name : |
Mr. Roy Kurian Kuruvilla |
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Designation : |
President |
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CEMENT |
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Name : |
Mr. Animesh Banerjee |
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Designation : |
President |
SHAREHOLDING PATTERN
As on 30.09.2014
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Category
of Shareholder |
Total No.
of Shares |
Total
Shareholding as a % of Total No. of Shares |
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As a % of (A+B) |
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(A) Shareholding of Promoter
and Promoter Group |
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1313573 |
1.28 |
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51624068 |
50.25 |
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52937641 |
51.53 |
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Total shareholding of Promoter
and Promoter Group (A) |
52937641 |
51.53 |
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(B) Public Shareholding |
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|
140505 |
0.14 |
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|
1431041 |
1.39 |
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4772294 |
4.65 |
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2615569 |
2.55 |
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8959409 |
8.72 |
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9875198 |
9.61 |
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11733518 |
11.42 |
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15046287 |
14.65 |
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4174722 |
4.06 |
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423888 |
0.41 |
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3742735 |
3.64 |
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|
8099 |
0.01 |
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40829725 |
39.75 |
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Total Public shareholding (B) |
49789134 |
48.47 |
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Total (A)+(B) |
102726775 |
100.00 |
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(C) Shares held by Custodians and
against which Depository Receipts have been issued |
0 |
0.00 |
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0 |
0.00 |
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|
7041875 |
0.00 |
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|
7041875 |
0.00 |
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Total (A)+(B)+(C) |
109768650 |
0.00 |
Shareholding of
securities (including shares, warrants, convertible securities) of persons belonging
to the category Promoter and Promoter Group
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Sl. No. |
Name of
the Shareholder |
Details of
Shares held |
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No. of
Shares held |
As a % of
grand total (A)+(B)+(C) |
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1 |
Basant Kumar Birla |
4,02,496 |
0.37 |
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2 |
Sarala Devi Birla |
1,21,802 |
0.11 |
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3 |
Rajashree Birla |
3,250 |
0.00 |
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4 |
Kumar Mangalam Birla |
300 |
0.00 |
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5 |
Vasavadatta Bajaj |
5,750 |
0.01 |
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6 |
Jayashree Mohta |
65,078 |
0.06 |
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7 |
Manjushree Khaitan |
5,98,356 |
0.55 |
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8 |
Vidula Jalan |
1,15,377 |
0.11 |
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9 |
Krishna Gopal Maheshwari |
1,164 |
0.00 |
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10 |
Manav Investment & Trading
Co. Ltd. |
98,87,525 |
9.01 |
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11 |
Aditya Marketing & Mfg.
Ltd. |
24,49,111 |
2.23 |
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12 |
Parvati Tea Company Pvt. Ltd. |
11,82,213 |
1.08 |
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13 |
B.K. Birla Foundation |
7,012 |
0.01 |
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14 |
Birla Education Trust |
9,54,171 |
0.87 |
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15 |
Prakash Educational Society |
9,10,922 |
0.83 |
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16 |
Birla Educational Institution |
3,62,643 |
0.33 |
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17 |
Birla Institute of Technology
& Science |
15,15,806 |
1.38 |
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18 |
Century Textiles & Inds.
Ltd. |
51,16,800 |
4.66 |
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19 |
Pilani Investment &
Industries Corpn. Ltd. |
2,73,38,750 |
24.91 |
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20 |
Padmavati Investment Ltd. |
18,99,115 |
1.73 |
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Total |
5,29,37,641 |
48.23 |
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 |
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1 |
Life Insurance Corpn. Of India |
3717152 |
3.39 |
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2 |
M/s. Devi Investment & Dev.
INC |
3441945 |
3.14 |
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3 |
Century Enka Ltd. |
1403985 |
1.28 |
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4 |
Jhunjhunwala Rekha Rakesh |
7000000 |
6.38 |
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5 |
Bharat Jayantilal Patel |
1139339 |
1.04 |
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6 |
Life Insurance Corpn. Of India
P&GS Fund |
1266865 |
1.15 |
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7 |
EOS Multi Strategy Fund Ltd |
1180000 |
1.07 |
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8 |
Hardik Bharat Patel |
1310708 |
1.19 |
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Total |
20459994 |
18.64 |
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 |
Life Insurance Corpn. of India |
3717152 |
3.39 |
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2 |
Life Insurance Corpn. of India
P&GS Fund |
1266865 |
1.15 |
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3 |
The New India Assurance Co. Ltd |
457324 |
0.42 |
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4 |
National Insurance Company Ltd |
212740 |
0.19 |
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5 |
General Ins. Corpn. Of India |
70 |
0.00 |
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6 |
Jhunjhunwala Rekha Rakesh |
7000000 |
6.38 |
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Total |
12654151 |
11.53 |
Details of Depository
Receipts (DRs)
|
Sl. No. |
Type of
Outstanding DR (ADRs, GDRs, SDRs, etc.) |
No. of
Outstanding DRs |
No. of
Shares Underlying |
Shares
Underlying Outstanding DRs as % of Total No. of Shares |
|
1 |
GDRs |
1 |
70,41,875 |
6.42 |
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Total |
1 |
70,41,875 |
6.42 |
Details of disclosure
made by the Trading Members holding 1% or more of the Total No. of shares of
the company.
|
Sl. No. |
Name of the Trading Member |
Name of the Beneficial Owner |
No. of shares held |
% of total no. of shares |
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1 |
BHARAT J.PATEL |
BHARAT J. PATEL |
11,24,150 |
1.02 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in the manufacture and sale of tires,
cement, rayon yarns, and chemicals. |
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Products : |
Not Divulged |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Not Divulged |
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Purchasing : |
Not Divulged |
PRODUCTION STATUS [AS ON 31.03.2013]
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Manufacturing
Section |
Class of goods
manufactured |
Licensed Capacity |
Installed Capacity (a) |
Production (Meant for Sale) |
|
Hindustan Heavy Chemicals |
(i) Caustic Soda
Lye (100%) |
15,120 M. Tons
per per |
12,410 M. Tons
per year |
-- |
|
(ii) Liquid
Chlorine |
6,000 M. Tons
per year |
5,045 M. Tons
per year |
-- |
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(iii) Sodium
Hypochlorite |
16,500 M. Tons
per year |
6,205 M. Tons
per year |
-- |
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(iv)
Hydrochloric Acid (100%) |
9,750 M. Tons
per year |
8,200 M. Tons
per year |
-- |
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(v) Ferric Alum
(incl. Alum Liquor) |
3,200 M. Tons
per year |
3,200 M. Tons
per year |
-- |
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(vi) Sulphuric
Acid (incl. Battery Grade) |
20,400 M. Tons
per year |
18,700 M. Tons
per year |
-- |
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(vii) Purified Hydrogen
Gas |
30,24,000 M 3
per year |
16,20,000 M3 per
year |
-- |
* Production is
inclusive of internal consumption.
(a) Installed capacities have been certified by the company’s Technical Experts.
Furthermore, the installed capacity of the Transperent Paper Section is also as
per Company’s application to the Government of India for C.O. B. Licence.
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
15479 (Approximately) |
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Bankers : |
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Facilities : |
Note: Long Term
Borrowing
Short Term
Borrowing:
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountants |
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Address : |
Kolkata, West Bengal, India |
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Memberships : |
Not Divulged |
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Collaborators : |
Not Divulged |
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Associates/Subsidiaries : |
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Parties where control exists - Joint venture : |
·
Gondkhari Coal Mining Limited |
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Enterprise where Key Management personnel have
significant influence : |
·
Aditya Marketing and Manufacturing Limited ·
MSK Travels and Tours Limited |
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Enterprise over which person is able to exercise
significant influence : |
·
Jay Shree Tea and Industries Limited ·
Parvati Tea Co. Private Limited @ ·
Birla Holdings Limited @ ·
North Tukvar Tea Co. Limited@ ·
Mangalam Cement Limited## ·
Synergy Enterprise *** ·
A. K. Enterprise *** |
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Other Related Parties : |
·
Syt. B. K. Birla ·
Century Textiles and Industries Limited ·
Century Enka Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
550000000 |
Equity Shares |
Rs.10/- each |
Rs.5500.000 Millions |
|
15000000 |
Preference Shares |
Rs.100/- each |
Rs. 1500.000 Millions |
|
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Total |
|
Rs. 7000.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
109768650 |
Equity Shares |
Rs.10/- each |
Rs. 1097.687 Millions |
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(a) During the year the authorised share capital was increased from Rs. 1200.000 Millions comprising of 12,00,00,000 Equity shares of Rs. 10 each to Rs. 7000.000 Millions comprising of 1,50,00,000 Preference Shares of face value of Rs. 100 each amounting to Rs. 1500.000 Millions and 55,00,00,000 Equity Shares of face value of Rs. 10 each amounting to Rs. 5500.000 Millions.
(b) During the year the Company issued and allotted 6,40,27,570 Equity shares of face value Rs. 10/- each for cash at a price of Rs. 65/- per Equity Share including a premium of Rs. 55/- per Equity Share aggregating to Rs. 44161.792 Millions to the Equity shareholders of the Company on “Rights Basis” in the ratio of seven Equity shares for every five Equity shares held on the “Record date” of 16 May 2013. The proceeds of the “Right Issue” have been utilised for the purposes as stated in the “Letter of Offer” dated 22 May 2013.i.e. to repay/prepay existing term loans aggregating to Rs. 3120.000 Millions, to meet “Right Issue” related expenses of Rs. 99.400 Millions and balance amount of Rs. 942.400 Millions was utilised for general corporate purposes.
(c) Forfeiture of
Equity Shares
In terms of Company‘s Article of Association, the Company, during the year previous year 2012-13 forfeited 2,238 Equity shares standing in the names of 175 allottees who failed to pay allotment money despite several reminders.
(d) Reconciliation of the number of shares outstanding as at 31st March, 2014 and 31st March, 2013 is set out below:
|
Particular |
31.03.2014 |
|
Number of shares outstanding at the beginning of the year |
45.741 |
|
Add : Shares issues during the year |
64.026 |
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Less : Shares forfeited during the year |
-- |
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Number of shares outstanding at the end of the year |
109.769 |
(e) Terms/rights attached
to equity shares
The company has only one class of equity shares having a par value of ` 10 per share. All equity shareholder are
entitled to one vote per share.
The company declares and pays dividend in indian rupees. The dividend proposed by the board of directors is
subject to the approval of the shareholders in ensuing Annual General Meeting except in the case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in the proportion to their shareholdings.
(f) Details of shares held by shareholders holding more than 5% of the aggregate shares in the Company.
|
SI. No. |
Name of the shareholders |
31.03.2014 |
|
|
No. of Shares |
Percentage |
||
|
1. |
Pilani Investments and Industries Corporation Limited |
27338750 |
24.91 |
|
2 |
Manav Investment & Training Co. Ltd. |
9887525 |
9.01 |
|
3 |
Jhunjhunwala Rekha Rakesh |
7500000 |
6.83 |
|
4 |
Life Insurance Corporation of India |
-- |
-- |
|
5 |
Finquest Securities Private Limited |
-- |
-- |
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 |
1097.700 |
457.400 |
457.400 |
|
(b) Reserves &
Surplus |
3610.400 |
5345.000 |
8692.700 |
|
(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) |
4708.100 |
5802.400 |
9150.100 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
25497.500 |
27743.900 |
27557.700 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
0.000 |
572.100 |
|
(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) |
25497.500 |
27743.900 |
28129.800 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
14941.100 |
16308.000 |
13495.700 |
|
(b) Trade payables |
5853.900 |
4906.300 |
4834.000 |
|
(c) Other current liabilities |
10590.800 |
9180.900 |
8901.900 |
|
(d) Short-term provisions |
732.400 |
797.500 |
715.600 |
|
Total Current Liabilities
(4) |
32118.200 |
31192.700 |
27947.200 |
|
|
|
|
|
|
TOTAL |
62323.800 |
64739.000 |
65227.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
32166.200 |
34438.400 |
35847.400 |
|
(ii) Intangible Assets |
104.900 |
29.300 |
21.100 |
|
(iii) Capital
work-in-progress |
7308.300 |
7044.900 |
6235.200 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
3.600 |
|
(b) Non-current
Investments |
663.600 |
663.600 |
663.600 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
897.700 |
1266.600 |
1562.300 |
|
(e) Other Non-current
assets |
3.200 |
9.400 |
22.100 |
|
Total Non-Current Assets |
41143.900 |
43452.200 |
44355.300 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
8941.300 |
9127.500 |
9951.600 |
|
(c) Trade receivables |
9040.000 |
8356.700 |
6724.400 |
|
(d) Cash and cash
equivalents |
772.100 |
836.600 |
695.900 |
|
(e) Short-term loans and
advances |
2175.400 |
2829.700 |
3117.300 |
|
(f) Other current assets |
251.100 |
136.300 |
382.600 |
|
Total Current Assets |
21179.900 |
21286.800 |
20871.800 |
|
|
|
|
|
|
TOTAL |
62323.800 |
64739.000 |
65227.100 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
50809.100 |
57108.200 |
59208.600 |
|
|
Other Income |
1245.400 |
1310.400 |
840.000 |
|
|
TOTAL |
52054.500 |
58418.600 |
60048.600 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
24117.300 |
28495.700 |
34240.200 |
|
|
Purchases of Stock-in-Trade |
611.600 |
835.300 |
521.900 |
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(426.800) |
(559.600) |
1251.400 |
|
|
Employees benefits expense |
4121.200 |
3840.500 |
3346.800 |
|
|
Other expenses |
19524.900 |
21375.700 |
20827.500 |
|
|
TOTAL |
47948.200 |
53987.600 |
60187.800 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE
INTEREST, TAX, DEPRECIATION AND AMORTISATION |
4106.300 |
4431.000 |
(139.200) |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
5728.300 |
5143.600 |
4101.500 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(1622.000) |
(712.600) |
(4240.700) |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION |
3181.000 |
3059.300 |
2974.000 |
|
|
|
|
|
|
|
|
PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX |
(4803.000) |
(3771.900) |
(7214.700) |
|
|
|
|
|
|
|
|
EXCEPTIONAL ITEMS |
0.000 |
0.000 |
112.200 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
BEFORE TAX |
(4803.000) |
(3771.900) |
(7102.500) |
|
|
|
|
|
|
|
Less |
TAX |
352.500 |
(479.600) |
(3305.100) |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS)
AFTER TAX |
(5155.500) |
(3292.300) |
(3797.400) |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE BROUGHT FORWARD |
2938.800 |
6284.600 |
9485.100 |
|
|
|
|
|
|
|
Add |
AMOUNT TRANSFERRED FROM DEBENTURE REDEMPTION RESERVE |
0.000 |
0.000 |
650.000 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Proposed Dividend |
0.000 |
45.700 |
45.700 |
|
|
Tax on Proposed Dividend |
0.000 |
7.800 |
7.400 |
|
|
Total |
0.00 |
53.500 |
53.100 |
|
|
|
|
|
|
|
|
Balance Carried to the B/S |
(2216.700) |
2938.800 |
6284.600 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
3706.900 |
4276.600 |
5118.700 |
|
|
TOTAL EARNINGS |
3706.900 |
4276.600 |
5118.700 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
5068.900 |
5381.600 |
8873.500 |
|
|
Components and Stores parts |
588.900 |
236.000 |
164.500 |
|
|
Capital Goods |
191.400 |
790.100 |
1365.400 |
|
|
TOTAL IMPORTS |
5849.200 |
6407.700 |
10403.400 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per Share (Rs.) |
(54.32) |
(69.37) |
(83.02) |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
Net Profit Margin (PAT / Sales) |
(%) |
(10.15) |
(5.77) |
(6.41) |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
8.08 |
7.76 |
(0.24) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(8.84) |
(6.61) |
(12.18) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(1.02) |
(0.65) |
(0.78) |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
8.59 |
7.59 |
4.49 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.66 |
0.68 |
0.75 |
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 |
457.400 |
457.400 |
1097.700 |
|
Reserves & Surplus |
8692.700 |
5345.000 |
3610.400 |
|
Net worth |
9150.100 |
5802.400 |
4708.100 |
|
|
|
|
|
|
long-term borrowings |
27557.700 |
27743.900 |
25497.500 |
|
Short term borrowings |
13495.700 |
16308.000 |
14941.100 |
|
Total borrowings |
41053.400 |
44051.900 |
40438.600 |
|
Debt/Equity ratio |
4.487 |
7.592 |
8.589 |
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 |
59208.600 |
57108.200 |
50809.100 |
|
|
|
(3.547) |
(11.030) |
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 |
59208.600 |
57108.200 |
50809.100 |
|
Profit |
(3797.400) |
(3292.300) |
(5155.500) |
|
|
(6.41%) |
(5.77%) |
(10.15%) |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF LONG TERM DEBTS
|
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 |
8592.700 |
6732.700 |
6481.900 |
|
Total |
|
|
|
|
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 |
Yes |
|
9] |
Name
of person contacted |
Yes |
|
10] |
Designation
of contact person |
Yes |
|
11] |
Turnover
of firm for last three years |
Yes |
|
12] |
Profitability
for last three years |
Yes |
|
13] |
Reasons
for variation <> 20% |
----------------------- |
|
14] |
Estimation
for coming financial year |
No |
|
15] |
Capital
in the business |
Yes |
|
16] |
Details
of sister concerns |
Yes |
|
17] |
Major
suppliers |
No |
|
18] |
Major
customers |
No |
|
19] |
Payments
terms |
No |
|
20] |
Export
/ Import details (if applicable) |
No |
|
21] |
Market
information |
---------------------- |
|
22] |
Litigations
that the firm / promoter involved in |
Yes |
|
23] |
Banking
Details |
Yes |
|
24] |
Banking
facility details |
Yes |
|
25] |
Conduct
of the banking account |
---------------------- |
|
26] |
Buyer
visit details |
---------------------- |
|
27] |
Financials,
if provided |
Yes |
|
28] |
Incorporation
details, if applicable |
Yes |
|
29] |
Last
accounts filed at ROC |
Yes |
|
30] |
Major
Shareholders, if available |
No |
|
31] |
Date
of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN
of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter
ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External
Agency Rating, if available |
Yes |
LITIGATION
DETAILS:
CALCUTTA
HIGH COURT
CASE STATUS INFORMATION SYSTEM
Case Status :
Pending
|
Status of COMPANY PETITIONS (CP) 485 OF 2013 |
||||
|
Re: SUPREME PAPER
MILLS LTD – AND-
Vs. KESORAM INDUSTRIES LTD |
||||
|
Pet’s Adv. :
SANDERSONS AND MORGANS |
||||
|
Res’s Adv. : |
||||
|
Court No. : 8 Last Listed On :
Thursday, June 19, 2014 |
||||
|
Category : NO CATEGORY MENTIONED |
||||
Case Updated on : Thursday, June 19, 2014 |
GENERAL REVIEW
The Company took in its stride significant operating adversities during the year under report to record a positive Earning before Interest, Depreciation, Tax and other Amortisations (“EBIDTA”) of Rs. 4106.300 Millions during the year. The Company continues to strive for recovery and improvement driven by a series of initiatives across the organisation. Some of these initiatives have begun to bear fruit, while more are being actioned on.
Overview
The Company as a whole saw a mixed year. Operating profits in the Tyre Business saw an increase, while the Cement Business and Rayon Business saw decreased operating profits in 2013-14 as compared to 2012-13. Overall, this resulted in a marginal decline in operating profitability. Finance costs saw a significant increase of Rs. 583.400 Millions in 2013-14 as compared to 2012-13, resulting in an increased Cash Loss,
Other than for operations, the area of focus has been and continues to be improving the Balance Sheet. As of 31st March, 2014, they carry a debt of Rs. 45690.000 Millions from the banking and financial system in their books. This is down by Rs. 2070.000 Millions as compared to the debt figure in their books of Rs. 47750.00 Millions as on 31st March 2013. They recognise that they have much more to do and are committed to strengthening their Balance Sheet.
They have, over the year, besides focusing on business profitability, sought to tighten their working capital cycle considerably. Net current assets are down by over Rs. 500.00 Millions as on 31st March 2014, as compared to a year earlier. This continues to be an area of significant focus for the Company.
Kesoram Industries Limited comprises of three Businesses, each of which are discussed subsequently.
Tyre Business
In the year under report, the Tyre Business’s EBIDTA rose from Rs. 730.000 Millions in 2012-13 to Rs. 2120.000 Millions in 2013-14.
The improvement in the operating results has been driven by initiatives relating to both the revenue front, in terms of continuously focusing on customer and market segments which resulted in higher sale realisations per tonne of material sold, as well as initiatives relating to the cost front, in terms of wastage removal and productivity increases.
While the improvement over the last two years is heartening, they recognise the need to further and substantially raise the operating performance of the Business. The Company has made significant investments into the Tyre Business in the recent past. They are still far from a healthy utilisation of the manufacturing capacity that they have invested in. The major initiatives on the anvil for the Tyre Business are now focused at increasing their levels of capacity utilisation by expanding their market presence - both in India as well as externally.
Cement Business
The year under report has seen depressed market conditions. Cement prices have remained weak through the country especially in the markets that they service in South and West India. This has been driven by lack of growth in the construction sector coupled with enhanced capacity of cement production. They believe that while their operating performance has shown a decline, they continue to compare favourably on a competitive basis on all operating parameters. Their Cement Business’s performance is poised to return to profitability levels that they have shown ourselves capable of achieving, as soon as market conditions turn more favourable. In the meantime, they continue to seek improvements in their operations. They are working at expanding their market presence both in terms of geographical reach as well as deeper penetration in the markets they traditionally service. In addition, they are working on a number of initiatives on the cost front.
Rayon Business
Their Rayon Business manufactures Viscose Rayon Filament Yarn and Transparent Paper. Their Rayon is marketed under the brand name “Kesoram Rayon” and their Transparent Paper is marketed under the brand name “Kesophane”. This Business saw a challenging year. Markets remained depressed, both in terms of volume offtake as well as in terms of pricing.
They continue to work on a series of initiatives across this Business. One of the most significant initiatives that they have taken is a project to upgrade their manufacturing facilities by way of installation of a Continuous Spun Yarn (CSY) project. The implementation of this Project, which they expect to be in commercial production in 2014-15, will enable us to competitively address the value added fine denier market, the benefits of which will accure to the operating performance of the Business.
STATEMENT
OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED
30-09.2014
|
Sl. |
Particulars |
Current Three months ended 30.09.2014 (Unaudited) |
Three months ended 30.06.2014 (Unaudited) |
Year to date figure for current period
ended 30.09.2014 (Unaudited) |
|
|
1. |
Income from Operations |
|
|
|
|
|
|
a. |
Net Sales/income from Operations (Net of excise duty) |
11897.000 |
12626.000 |
24523.000 |
|
|
b. |
Other Operating income |
24.900 |
40.900 |
65.800 |
|
|
Total income from operations (net) |
11921.900 |
12666.900 |
24588.800 |
|
|
2. |
Expenses |
|
|
|
|
|
|
a. |
Cost of Materials consumed |
4892.400 |
5719.900 |
10612.300 |
|
|
b. |
Purchase of stock-in-trade |
126.700 |
139.400 |
266.100 |
|
|
c. |
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
430.600 |
(80.200) |
350.400 |
|
|
d. |
Employee benefits expense |
1270.900 |
1064.600 |
2335.500 |
|
|
e. |
Depreciation (net of transfer from revaluation reserve) and amortisation expense |
826.100 |
799.900 |
1626.000 |
|
|
f. |
Power and fuel |
1762.800 |
2170.800 |
3933.600 |
|
|
g. |
Packing and carriage |
1526.100 |
1592.700 |
3118.800 |
|
|
h. |
Other expenses |
2122.100 |
1691.200 |
3813.300 |
|
|
Total Expenses |
12957.700 |
13098.300 |
26056.000 |
|
|
3. |
Profit/(Loss) from operations before other income, |
(1035.800) |
(431.400) |
(1467.200) |
|
|
4. |
Other Income |
164.700 |
209.400 |
374.100 |
|
|
5. |
Profit/(Loss) from ordinary activities before |
(871.100) |
(222.000) |
(1093.100) |
|
|
6. |
Finance Costs |
1635.200 |
1797.200 |
3432.400 |
|
|
7. |
Profit/(Loss) from ordinary activities after finance |
(2506.300) |
(2019.200) |
(4525.500) |
|
|
8. |
Exceptional items |
-- |
- |
-- |
|
|
9. |
Profit/(Loss) from ordinary activities before tax (7+8) |
(2506.300) |
(2019.200) |
(4525.500) |
|
|
10. |
Tax expense |
|
|
|
|
|
|
a. |
Current tax charge/(credit) |
-- |
-- |
-- |
|
|
b. |
Deferred tax charge/(credit) |
-- |
-- |
-- |
|
|
c. |
Fringe benefit tax charge/(credit) |
-- |
-- |
-- |
|
11. |
Net Profit/(Loss) from ordinary activities after tax (9-10) |
(2506.300) |
(2019.200) |
(4525.500) |
|
|
12. |
Extraordinary items (net of tax expense Rs. Nil) |
-- |
-- |
-- |
|
|
13. |
Net Profit/(Loss) for the period (11-12) |
(2506.300) |
(2019.200) |
(4525.500) |
|
|
14. |
Paid-up equity share capital (Face value Rs. 10.00 per share) |
1097.700 |
1097.700 |
1097.700 |
|
|
15. |
Reserves excluding Revaluation Reserve as per balance sheet of previous accounting year |
|
|
|
|
|
16. |
Earnings Per Share (EPS) |
|
|
|
|
|
|
(Face value of Rs. 10.00 per share) |
|
|
|
|
|
|
a. |
Basic and Diluted EPS before extraordinary items |
(22.83) |
(18.40) |
(41.23) |
|
|
b. |
Basic and Diluted EPS after extraordinary items |
(22.83) |
(18.40) |
(41.23) |
PART - II
|
Sl. |
Particulars |
Current Three months ended 30.09.2014 (Unaudited) |
Three months ended 30.06.2014 (Unaudited) |
Year to date figure for current period
ended 30.09.2014 (Unaudited) |
||
|
A. |
PARTICULARS OF SHARE HOLDING |
|
|
|
||
|
1. |
Public Shareholding |
|
|
|
||
|
|
- |
Number of shares |
49789134 |
49789135 |
49789134 |
|
|
|
- |
Percentage of shareholding |
45.36% |
45.36% |
45.36% |
|
|
2. |
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) |
Nil |
Nil |
Nil |
|
|
|
- |
Percentage of shares (as a % of the total share capital of the company) |
-- |
-- |
|
|
|
b. |
Non encumbered |
-- |
-- |
|
|
|
|
|
- |
Number of shares |
52937641 |
52937641 |
52937641 |
|
|
|
- |
Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
100% |
100% |
100% |
|
|
|
- |
Percentage of shares (as a % of the total share capital of the company) |
48.23% |
48.23% |
48.23% |
|
B. |
Investor complaints |
Three months ended |
|
|
Pending at the beginning of the quarter |
-- |
|
|
Received during the quarter |
13 |
|
|
Disposed of during the quarter |
13 |
|
|
Remaining unresolved at the end of the quarter |
-- |
STATEMENT
ON SEGMENT REVENUE, RESULTS AND CAPITAL EMPLOYED
|
Sl. |
Particulars |
Current Three months ended 30.09.2014 (Unaudited) |
Three months ended 30.06.2014 (Unaudited) |
Year to date figure for current period
ended 30.09.2014 (Unaudited) |
|
|
1. |
Segment Revenue |
|
|
|
|
|
|
a. |
Tyres |
6693.100 |
7243.600 |
13936.700 |
|
|
b. |
Cement |
4530.000 |
4795.400 |
9325.400 |
|
|
c. |
Rayon, T.P. and Chemicals |
673.900 |
587.000 |
1260.900 |
|
|
d. |
Unallocated |
0.000 |
- |
0.000 |
|
|
Total |
11897.000 |
12626.000 |
24523.000 |
|
|
|
Less : Inter Segment Revenue (at cost) |
-- |
- |
-- |
|
|
|
Net sales/Income from Operations |
11897.000 |
12626.000 |
2452.30 |
|
|
|
|
|
|
|
|
|
2. |
Segment Results (Profit/(Loss) before tax and interest) |
|
|
|
|
|
|
a. |
Tyres |
(1322.500) |
(581.900) |
(1904.400) |
|
|
b. |
Cement |
629.800 |
481.600 |
1111.400 |
|
|
c. |
Rayon, T.P. and Chemicals |
(71.500) |
2.100 |
(69.400) |
|
|
d. |
Unallocated |
(11.200) |
(10.900) |
(22.100) |
|
|
Total |
(775.400) |
(109.100) |
(884.500) |
|
|
|
Less : |
|
|
|
|
|
|
i. |
Interest |
1448.700 |
1438.300 |
2887.000 |
|
|
ii. |
Other un-allocable expenditure |
344.100 |
490.100 |
834.200 |
|
|
iii. |
Other un-allocable income |
61.900 |
18.300 |
80.200 |
|
|
Other un-allocable expenditure net off Other un-allocable income [(ii)-(iii)] |
282.000 |
471.800 |
754.000 |
|
|
|
Total Profit/(Loss) before tax |
(2506.300) |
(2019.200) |
(4525.500) |
|
|
|
|
|
|
|
|
|
3. |
Capital Employed (Segment Assets-Segment Liabilities) |
|
|
|
|
|
|
a. |
Tyres |
31877.200 |
32451.600 |
31877.200 |
|
|
b. |
Cement |
15547.000 |
15830.300 |
15547.000 |
|
|
c. |
Rayon, T.P. and Chemicals |
1301.800 |
1225.700 |
1301.800 |
|
|
d. |
Unallocated |
159.700 |
161.900 |
159.700 |
|
|
Total |
48885.700 |
49669.500 |
48885.700 |
|
Note:
1. The Company's Spun Pipes and Foundries Unit continues to be
under suspension of work effective 2nd May, 2008.
2. (a) Pending disposal (consented by tine shareholders in March, 2006) of the
Company’s Hindusthan Heavy Chemicals Unit, the revenue / expenses of the unit
(insignificant in terms of the Company's total revenue / expenses) have been
and will be included in these and subsequent results till its disposal).
(b) The Company had to declare suspension of work at the unit effective 8th December, 2010 in consequence of illegal strike/activities by workmen.
3. "Finance Costs" include mark-to-market losses of Rs.48.800
Millions recognized on account of composite currency swap deal and Rs. 5.200
Millions on account of interest rate swap deal.
4. Statement of Assets and Liabilities
|
SOURCES OF FUNDS |
30.09.2014 (Unaudited) |
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
1097.700 |
|
(b) Reserves &
Surplus |
(915.900) |
|
(c) Money received
against share warrants |
0.000 |
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
181.800 |
|
|
|
|
(3) Non-Current
Liabilities |
|
|
(a) long-term borrowings |
33349.700 |
|
(b) Deferred tax
liabilities (Net) |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
|
(d) long-term provisions |
0.000 |
|
Total Non-current
Liabilities (3) |
33349.700 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
10911.700 |
|
(b) Trade payables |
5386.700 |
|
(c) Other current
liabilities |
10651.700 |
|
(d) Short-term provisions |
743.900 |
|
Total Current Liabilities
(4) |
27694.000 |
|
|
|
|
TOTAL |
61225.500 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
|
|
(i) Tangible assets |
30833.600 |
|
(ii) Intangible Assets |
82.000 |
|
(iii) Capital
work-in-progress |
7345.500 |
|
(iv) Intangible assets
under development |
0.000 |
|
(b) Non-current
Investments |
663.600 |
|
(c) Deferred tax assets
(net) |
0.000 |
|
(d) Long-term Loan and Advances |
942.100 |
|
(e) Other Non-current
assets |
0.700 |
|
Total Non-Current Assets |
39867.500 |
|
|
|
|
(2) Current assets |
|
|
(a) Current investments |
|
|
(b) Inventories |
8230.600 |
|
(c) Trade receivables |
8524.300 |
|
(d) Cash and cash
equivalents |
1245.900 |
|
(e) Short-term loans and
advances |
3286.600 |
|
(f) Other current assets |
70.600 |
|
Total Current Assets |
21358.000 |
|
|
|
|
TOTAL |
61225.500 |
5. The company is in the process of technically evaluating useful lives of its fixed
assets vis-a-vis the useful lives stated under Schedule II to the Companies
Act, 2013. Pending such evaluation, depreciation for the quarter and half year
ended 30th September, 2014 has been calculated by applying the rates that were
applicable for the previous financial year. On completion of the technical
evaluation of estimated life of fixed assets the difference (presently
unascertainable) between depreciation using previous years applicable
depreciation rates and as per Schedule II of the Companies Act, 2013 will be
adjusted in subsequent period.
6. The management had carried out an impairment testing as at March 31, 2014
for its tyre division, and no impairment loss was identified. However, no such
impairment testing has been conducted as at September 30, 2014 as the same will
be carried out as at the year end.
7. The Company is exploring options for reorganizing and realigning its
existing businesses. It has, for these purposes, constituted a Core Committee
comprising three Directors, two of whom are independent, to consider and
evaluate steps that the Company may need to pursue to implement such
reorganisation and realignment. This process of evaluation is under way.
8. The Statutory Auditors of the Company have carried out the Limited Review of
the above unaudited financial results for the quarter and half year ended 30th
September 2014 in terms of Clause 41 of the Listing Agreement.
9. Figures for the comparable periods have been re-grouped / re-classified
wherever considered necessary.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10517805 |
21/08/2014 |
4,000,000,000.00 |
AXIS BANK LIMITED |
CORPORATE BANKING BRANCH
(CBB), 1, SHAKESPEARE S |
C19035872 |
|
2 |
10506736 |
23/06/2014 |
4,000,000,000.00 |
INDUSIND BANK LTD. |
Savitri Towers, 3A Upper Wood Street, Kolkata, West Bengal - 700017, INDIA |
C09725714 |
|
3 |
10490261 |
29/05/2014 * |
1,000,000,000.00 |
West Bengal Infrastructure Development Finance Corporation Limited |
36A,, Hemanta Basu
Sarani, Kolkata, West Bengal - |
C04856217 |
|
4 |
10491101 |
23/07/2014 * |
2,500,000,000.00 |
L&T INFRASTRUCTURE FINANCE COMPANY LIMITED |
MOUNT POONAMALLEE ROAD, MANAPAKKAM, CHENNAI, Tamil Nadu - 600089, INDIA |
C14946115 |
|
5 |
10503612 |
31/03/2014 |
3,000,000,000.00 |
Housing Development Finance Corporation Limited |
RAMON HOUSE 169
BACKBAY RECLAMATION, H T PAREKH |
C06965024 |
|
6 |
10489462 |
25/03/2014 |
1,000,000,000.00 |
BANK OF INDIA |
KOLKATA LARGE
CORPORATE BRANCH, 5, B.T.M.SARANI, |
C03672896 |
|
7 |
10495143 |
22/03/2014 |
2,000,000,000.00 |
Syndicate Bank |
Syndicate Bank, LIC Building, IILACO House, 1, Brabourne Road, Kolkata, West Bengal - 700001, INDIA |
C02638476 |
|
8 |
10483249 |
31/03/2014 * |
2,100,000,000.00 |
INDUSIND BANK LTD |
Savitri Towers,, 3A Upper Wood Street, Kolkata, West Bengal - 700017, INDIA |
C03821774 |
|
9 |
10484428 |
24/01/2014 |
1,000,000,000.00 |
THE KARUR VYSYA BANK LIMITED |
POST BOX NO.21,, ERODE
ROAD, KARUR, Tamil Nadu - |
C00298752 |
|
10 |
10469702 |
31/03/2014 * |
1,000,000,000.00 |
THE SOUTH INDIAN BANK LIMITED |
Corporate Branch,
Oswal Chambers, 2 Church lane, |
C03827607 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Deposits From Selling agents and others |
3068.900 |
2958.200 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
From Bank |
|
|
|
Indian Rupee loan |
350.000 |
500.000 |
|
Foreign currency loan |
118.200 |
3848.400 |
|
From others |
|
|
|
Indian rupee loan |
0.000 |
1000.000 |
|
Deposits |
|
|
|
Deposits from public |
51.100 |
37.100 |
|
Deposits from others |
232.000 |
33.200 |
|
Total |
3820.200 |
8376.900 |
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
Guarantee given |
|
|
|
To excise authorities |
1.200 |
1.200 |
|
By Banks on behalf of the company (Excluding
relating to joint venture referred to in note 33 below) |
1104.700 |
687.800 |
|
Claims against the company not acknowledged as debts |
|
|
|
Rates, Taxes, Duties etc. demanded by
various Authorities |
3697.400 |
2307.500 |
|
Amount demanded by Provident Fund
Authorities which is sub judice |
8.700 |
8.700 |
|
Rates, Taxes, Duties etc. |
168.000 |
160.600 |
|
Amount Payable in connection with reorganization of the company in
earlier year |
0.000 |
33.700 |
FIXED ASSETS
- Land
- Building
- Plant and
Equipments
- Furniture and
Fixtures
- Office
Equipment (Including Computer)
- Vehicle
- Livestock
- Railway
Siding
- Computer
Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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. 63.18 |
|
|
1 |
Rs. 98.85 |
|
Euro |
1 |
Rs. 77.42 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
TRU |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
42 |
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.