MIRA
INFORM REPORT
|
Report Date : |
01.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
ITL INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
111, Sector-B, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
25.01.1989 |
|
|
|
|
Com. Reg. No.: |
10-005037 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 32.544 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L28939MP1989PLC005037 |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
BPLI00127B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACI3932N |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturing of Band Saw Machines, CNC Tube Mills,
Machine tools and Sale/ purchase of Hydraulic Items, etc. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (30) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 786000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having a moderate track record. There appears some dip in turnover and profitability of the company
during current year. However, trade relations are fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for business dealing with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The services sector, the largest contributor to India’s GDP, contracted
for the sixth consecutive month in December, as orders dipped. However, hiring
has risen. Direct tax collections rose 12.3 % during the April – December
period of the current financial year. The government has decided to
retain 100 per cent foreign direct investment in both greenfield (new) and
brown field (existing) pharmaceutical companies, despite concerns over genetic
drugs going out of production, if multi-national companies take over domestic
ones. In M&A deals, a non compete clause would not be allowed, except in
special circumstances. The Department of Industrial Policy and Promotion plans
to release the next edition of its consolidated foreign direct investment
policy document on March 31, incorporating changes made in the past year. DIPP
compiles all policies related to India’s FDI regime into a single document to
make it easy for investors to understand. 185 million estimated number of
mobile internet users in India by June 2014, according to a report by the
Internet & Mobile Association of India and IMRB International. India
had 110 million mobile internet users with 25 million in rural areas. $3.77 tn
estimated global IT spending in 2014, according to research firm Gartner Inc.
The growth forecast for this year is cut to 3.1 %from the earlier estimate of
3.5 %. The spending growth forecast for telecom services – a segment that
accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per
cent is the main reason for this overall IT cut. A Reserve Bank of India
committee has recommended setting up a special category of lenders who would
cater to small businesses and households, to expand the number of customers
with access to banking services. These banks would focus on providing payment
services and deposit products. Indian banks want the free use of
automated teller machines to be capped at five transactions in a month
including that of the bank in which the account is active. This follows state
government order to banks to install security guards at ATM booths after a
woman banker was assaulted in Bangalore. The government is likely to present a
vote on Account in mid-February. The annual Economic Survey will be tabled
later in Parliament along with the full Budget. A full Budget for 2014/15 is
likely to be present in July by the new government formed after the General
Election. The government will soon launch an internet spy system, called Netra,
to detect malafide messages. Security agency will deploy the system to capture
dubious voice traffic on applications such as Skype and Google Talk, as well as
tweeters.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: “BB” |
|
Rating Explanation |
Have moderate risk of default |
|
Date |
11.06.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities: “A4” |
|
Rating Explanation |
Have minimal degree of safety and carry very high credit risk. |
|
Date |
11.06.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered Office / Factory : |
111, Sector-B, |
|
Tel. No.: |
91-731-2721767 / 2722802 / 2722020 / 2723316 / 3044400 / 3044409 |
|
Fax No.: |
91-731-2722372 / 2721110 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Rajendra Singh Jain |
|
Designation : |
Managing Director |
|
Date of Birth/Age : |
20.04.1954 |
|
Qualification : |
B.E. (Mech.), Hon. Ph.D. |
|
Date of Appointment : |
01.02.1993 |
|
|
|
|
Name : |
Mr. Mahendra Singh Jain |
|
Designation : |
Joint Managing Director |
|
Date of Birth/Age : |
19.10.1957 |
|
Qualification : |
M.Com, PGDBM |
|
Date of Appointment : |
01.02.1993 |
|
|
|
|
Name : |
Mr. Vishwanathan Iyer |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Manohar Singh Jain |
|
Designation : |
Director |
|
|
|
|
Name : |
N.Chakraborty |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Dinesh Jain |
|
Designation : |
Director |
|
Date of Birth/Age : |
25.05.1959 |
|
Qualification : |
M.Com, L.L.B. |
|
Date of Appointment : |
19.08.1994 |
|
|
|
|
Name : |
Dr.S.K.Kapoor |
|
Designation : |
Director |
|
Date of Birth/Age : |
12.10.1931 |
|
Qualification : |
B.Com, L.L.B. |
|
Date of Appointment : |
30.12.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1354666 |
41.08 |
|
|
131100 |
3.98 |
|
|
1485766 |
45.06 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
1485766 |
45.06 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
389762 |
11.82 |
|
|
|
|
|
|
1062238 |
32.22 |
|
|
284439 |
8.63 |
|
|
75095 |
2.28 |
|
|
75095 |
2.28 |
|
|
1811534 |
54.94 |
|
Total Public shareholding (B) |
1811534 |
54.94 |
|
Total (A)+(B) |
3297300 |
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) |
3297300 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Band Saw Machines, CNC Tube Mills, Machine
tools and Sale/ purchase of Hydraulic Items, etc. |
||||||||
|
|
|
||||||||
|
Products : |
· Blades Bandsaw Circular Sawing Machine Tube/Pipe Manufacturing Machine Power Hacksaw Machines |
GENERAL INFORMATION
|
Customers : |
· ABB Firth Kirby Siemens ASB Fomas KSB Assab Ford Kusters Wendt Burgmann General Motors Calico Crisp Buckau Wolf Gerb Macawber Beekay Auma Buderus GE |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
No. of Employees : |
Not Available |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Bankers : |
· State Bank of India, Sme Khel Prashal Branch, Race Course Road, Indore, Madhya Pradesh, India Bank of Baroda, Siyaganj Branch, Indore, Madhya Pradesh,
India |
|||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Mahaveer M.Jain and Company Chartered Accountants |
|
Address : |
105, Silver Sanchora Castle, 7-8, R.N.T. Marg, Indore – 452001, Madhya Pradesh, India |
|
|
|
|
Name : |
Mahendra Badjatya and Company Chartered Accountants |
|
Address : |
208, Mourya Centre, Race Course Road, Indore, Madhya Pradesh, India |
|
|
|
|
Subsidiary Company: |
M.M. Metals Private Limited |
|
|
|
|
Associates/Subsidiaries : |
· Remswegs Marketing Private Limited and Steel Engg. Centre Indore Tools Private Limited Dimart Engineering Private Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40,00,000 |
Equity Shares |
Rs.10/- each |
Rs. 40.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
32,97,300 |
Equity Shares |
Rs.10/- each |
Rs. 32.973 Millions |
|
|
Less : Amount due on a/c.of Allotment money |
|
Rs. 0.429 Million |
|
|
|
|
|
|
|
Total |
|
Rs. 32.544
Millions |
List of share holders
holding more than 5% of the share capital
|
Shareholder's Name |
31.03.2013 |
|
|
No.of Shares |
% of Holding |
|
|
Rajendra Singh Jain |
373400 |
11.32% |
|
Kanchanbai Jain |
-- |
-- |
|
Mahendra Singh Jain |
238600 |
7.24% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
32.544 |
32.544 |
32.544 |
|
(b) Reserves & Surplus |
164.057 |
148.774 |
132.053 |
|
(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) |
196.601 |
181.318 |
164.597 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
26.839 |
32.658 |
10.285 |
|
(b) Deferred tax liabilities (Net) |
15.596 |
15.712 |
14.172 |
|
(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) |
42.435 |
48.370 |
24.457 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
125.369 |
92.051 |
75.896 |
|
(b) Trade payables |
75.794 |
85.357 |
94.366 |
|
(c) Other current
liabilities |
54.150 |
51.430 |
80.185 |
|
(d) Short-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Current Liabilities (4) |
255.313 |
228.838 |
250.447 |
|
|
|
|
|
|
TOTAL |
494.349 |
458.526 |
439.501 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
107.368 |
110.242 |
80.751 |
|
(ii) Intangible Assets |
8.031 |
6.725 |
7.001 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
17.188 |
|
(iv)
Intangible assets under development |
0.000 |
1.602 |
0.000 |
|
(b) Non-current Investments |
13.074 |
16.845 |
12.051 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
3.290 |
1.603 |
1.349 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
131.763 |
137.017 |
118.340 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
8.621 |
8.621 |
12.011 |
|
(b) Inventories |
133.093 |
103.777 |
77.840 |
|
(c) Trade receivables |
138.580 |
120.620 |
136.261 |
|
(d) Cash and cash
equivalents |
18.301 |
20.926 |
20.808 |
|
(e) Short-term loans and
advances |
63.991 |
67.565 |
74.241 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
362.586 |
321.509 |
321.161 |
|
|
|
|
|
|
TOTAL |
494.349 |
458.526 |
439.501 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
481.897 |
496.392 |
634.767 |
|
|
|
Other Income |
1.329 |
1.991 |
0.806 |
|
|
|
TOTAL (A) |
483.226 |
498.383 |
635.573 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material consumed |
274.213 |
289.854 |
319.818 |
|
|
|
Changes in inventories of finished goods and work-in-progress |
(22.921) |
(17.096) |
(2.862) |
|
|
|
Employee benefits expenses |
52.075 |
47.156 |
42.930 |
|
|
|
Other expenses |
124.616 |
120.902 |
120.186 |
|
|
|
TOTAL (B) |
427.983 |
440.816 |
480.072 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
55.243 |
57.567 |
155.501 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
20.923 |
14.782 |
11.173 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
34.320 |
42.785 |
144.328 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
9.618 |
8.574 |
7.686 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
24.702 |
34.211 |
36.642 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
7.545 |
13.767 |
14.968 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
17.157 |
20.444 |
21.674 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
3.774 |
2.053 |
4.114 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transferred to General Reserve |
15.000 |
15.000 |
20.000 |
|
|
|
Proposed Dividend |
1.602 |
3.203 |
3.203 |
|
|
|
Provision for Dividend Distribution Tax |
0.272 |
0.520 |
0.532 |
|
|
BALANCE CARRIED
TO THE B/S |
4.057 |
3.774 |
2.053 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods on CIF / FOB Basis and Advance from customers |
0.752 |
0.000 |
0.248 |
|
|
TOTAL EARNINGS |
0.752 |
0.000 |
0.248 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
5.27 |
6.28 |
6.66 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2013 |
30.09.2013 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
75.400 |
105.500 |
|
Total Expenditure |
|
63.300 |
96.200 |
|
PBIDT (Excl OI) |
|
12.100 |
9.300 |
|
Other Income |
|
0.100 |
0.500 |
|
Operating Profit |
|
12.100 |
9.800 |
|
Interest |
|
5.500 |
6.600 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
6.600 |
3.200 |
|
Depreciation |
|
2.400 |
2.500 |
|
Profit Before Tax |
|
4.200 |
0.700 |
|
Tax |
|
1.000 |
0.200 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
3.200 |
0.500 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
3.200 |
0.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.55
|
4.10 |
3.41 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.13
|
6.89 |
5.77 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.13
|
7.77 |
8.93 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.19 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.77
|
0.69 |
0.52 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.42
|
1.40 |
1.28 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
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 |
Yes |
|
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 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10442060 |
03/08/2013 |
15,000,000.00 |
MADHYA PRADESH FINANCIAL CORPORATION |
FINANCE HOUSE, BOMBAY AGRA ROAD, INDORE - 452001, MADHYA PRADESH, INDIA |
B81699662 |
|
2 |
10382439 |
06/10/2012 |
7,500,000.00 |
BANK OF BARODA |
SIYAGANJ BRANCH
15/16 JAWAHAR MARG, INDORE - 452007, MADHYA |
B60432481 |
|
3 |
10344918 |
09/03/2012 |
30,000,000.00 |
MADHYA PRADESH FINANCIAL CORPORATION |
NAVRATAN BAGH, INDORE - 452001, MADHYA PRADESH, INDIA |
B36031490 |
|
4 |
10327967 |
25/04/2013 * |
22,500,000.00 |
STATE BANK OF INDIA |
SME BRANCH, KHEL PRASHAL, RACE COURSE ROAD, INDORE - 452001, MADHYA PRADESH, INDIA |
B75427161 |
|
5 |
10234602 |
13/08/2010 |
5,700,000.00 |
EXPORT IMPORT BANK OF INDIA |
CENTRE ONE BUILDING,
FLOOR 21,WORLD TRADE CENTRE |
A92480615 |
|
6 |
10134243 |
07/05/2010 * |
5,000,000.00 |
STATE BANK OF INDORE |
INDUSTRIAL FINANCE BRANCH, RACE COURSE ROAD, INDORE - 452003, MADHYA PRADESH, INDIA |
A86533114 |
|
7 |
90210484 |
25/07/2007 * |
35,000,000.00 |
M. P. FINANCIAL CORPORATION |
FINANCE HOUSE, A. B. ROAD, INDORE - 452001, MADHYA PRADESH, INDIA |
A20859633 |
|
8 |
90203190 |
27/12/2011 * |
195,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, RACE COURSE ROAD, INDORE - 452003, MADHYA PRADESH, INDIA |
B29396108 |
|
9 |
90207788 |
31/12/2011 * |
207,500,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, RACE COURSE ROAD, INDORE - 452003, MADHYA PRADESH, INDIA |
B29396900 |
|
10 |
90204863 |
20/05/1993 * |
1,000,000.00 |
STATE BANK OF INDORE |
INDUSTRIAL FINANCE BRANCH, KHEL PRASHAL RACE COURSE ROAD, INDORE, MADHYA PRADESH, INDIA |
- |
|
11 |
90204850 |
20/05/1994 * |
3,000,000.00 |
STATE BANK OF INDORE |
INDUSTRIAL FINANCE BRANCH, KHEL PRASHAL RACE COURSE ROAD, INDORE, MADHYA PRADESH, INDIA |
- |
|
12 |
90207306 |
15/02/1998 * |
3,000,000.00 |
STATE BANK OF INDORE |
INDUSTRIAL FINANCE BRANCH, KHEL PRASHAL RACE COURSE ROAD, INDORE, MADHYA PRADESH, INDIA |
- |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Loans and advances
from related parties |
|
|
|
From Directors |
5.925 |
4.514 |
|
Total |
5.925 |
4.514 |
CORPORATE INFORMATION
Subject is engaged in Manufacturing of Band Saw Machines, CNC Tube Mills, Machine tools and Sale/purchase of Hydraulic Items. etc. Registered Office of the Company is situated at 111, Sector B, Industrial Area Sanwer Road, Indore 452015 (M.P.).
OPERATIONS :
During the year, the sales and other Income of Company decreased from Rs. 498.383 Millions to Rs. 483.226 Millions slightly due to overall recession in the market and due to above, profit after Tax of the Company for the year has also decreased slightly from Rs. 20.444 Millions to 17.157 Millions.
FUTURE OUTLOOK :
The growth outlook for the Indian economy in the near term remains positive on account of inter-alia, the following factors: (a) expectations that the industrial sector would remain buoyant; (b) increase in corporate sales and profitability; (c) pick-up in order books and capacity utilization as per different survey results; (d) turnaround in exports with improving global conditions; (e) pick-up in lead services indicators for transportation, telecommunication and construction and;(f) revival in credit demand from the private sector.
MANAGEMENT'S DISCUSSION AND ANALYSIS
INTRODUCTION :
The objective of this discussion is to share the Management's view on the various developments in the business environment, challenges an opportunities, as well as to provide an analysis of the Company's performance. This discussion also summarizes the Company's internal control measures and significant development in Human Resources. This discussion should be read in conjunction with the Letter to Shareholders, Director's Report, Financial Statements and Notes to Financial Statements included in this Annual Report.
INDUSTRYSTRUCTURE AND DEVELOPMENTS :
The Industry structure has remained the same in the domestic market. In some new products for Tube and Pipe Manufacturing Company, High Speed Circular Sawing Machines, ITL has captured a reasonable market size. More and more technological advancement and updation of latest technology creates an opportunity to penetrate into new products line and global market in near future. The Company has started a new division in the name of ITL- e Supply for industrial supply purpose through website orders booking.
SEGMENT-WISE OR PRODUCT-WISE PERFORMANCE :
MANUFACTURING DIVISION :
Manufacturing Division has achieved Sales / Income of Rs. 386.339 Millions in the year 2012-13 as against 403.767 Millions in the year 2011-12, showing decrease in turnover slightly due to overall slowdown in the market during the year and apart from Bandsaw Machines, designing and manufacturing of equipments for production of Pipes and Tubes as well as Special Purpose Equipment based on customers needs is on up-beat. Some new models of metal cutting machines have been developed in-house and the Company is receiving good response from the customers.
TRADING DIVISION :
Trading Division of Hydraulics has achieved Sales / Income of Rs. 96.887 Millions in the year 2012-13 as against Rs.2.616 Millions in the year 2011-12. During the current financial year, the above division is also receiving good orders from the customers.
OUTLOOK:
In current year the Company is confident of growing much faster in comparison to economy and capital goods ndustry looking to the present level of orders and enquiries for Manufacturing Division i.e. Bandsaw and Tube and Pipe Manufacturing equipment are showing good sign of recovery. ITL's outlook on over-seas markets and domestic market are positive on account of its strength on cutting edge technology, cost and effective after sales services.
CONTINGENT
LIABILITIES:
|
PARTICULARS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Guarantees issued by Banks |
41.036 |
36.011 |
|
Tax demand for CST, VATand Entry Tax for the years 2008-09 and 2009-10 appealed against but not provided for in account |
2.710 |
1.749 |
FIXED ASSETS
v
Tangible
Assets
Land
Site
Development
Factory
Building
Plant
and Machinery
Other
Equipment
Furniture
and Fixture
Computer
Motor
Car
Cycle
and Handcart
v
Intangible Assets
Software
Technical
Know-How
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.62.48 |
|
|
1 |
Rs.102.95 |
|
Euro |
1 |
Rs.84.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
30 |
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.