|
Report Date : |
05.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
THE ANUP ENGINEERING LIMITED |
|
|
|
|
Registered
Office : |
Behind 66 KV Elec. Sub Station, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
14.11.1962 |
|
|
|
|
Com. Reg. No.: |
04-001170 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.34.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L99999GJ1962PLC001170 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
AHMA00478C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACT5733A |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in fabrication of critical process equipment.
|
|
|
|
|
No. of Employees
: |
Information denied by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (49) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1512000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a subsidiary of ‘Arvind Limited’. It is an established company having a satisfactory track record. There seems huge growth in the profits of the company during 2013. The company also receives strong support from its parent company. Trade relations are reported as fair. Business is active. Payment
terms are regular and as per commitments. In view of strong holding company, the subject can be considered
normal for business dealings 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.
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 onproviding 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 A – (SO) |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
October 25, 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities A1 (SO) |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
October 25, 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.
INFORMATION DENIED BY
|
Name : |
Mr. Dabi |
|
Designation : |
Account Executive |
|
Contact No.: |
91-9099907320 |
|
Date : |
03.02.2014 |
LOCATIONS
|
Registered Office / Factory 1 : |
Behind 66 KV Elec. Sub Station, |
|
Tel. No.: |
91-79-22870622/ 22872823 |
|
Fax No.: |
91-79-22870642 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
5000 Sq. mtr |
|
Location : |
Leased |
|
|
|
|
Factory 2 : |
P B No. 1158, Ahmedabad – 380002, |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Samveg Arvind Lalbhai |
|
Designation : |
Chairman |
|
Address : |
'Shalimar', Shahibaug,
Ahmedabad – 380 004, |
|
Date of Birth/Age : |
04.06.1961 |
|
Date of Appointment : |
30.09.1995 |
|
DIN No.: |
00009278 |
|
|
|
|
Name : |
Mr. Arun Pratapsingh Sheth |
|
Designation : |
Director |
|
Address : |
11, Amrakadam, Near
Super Society, Satellite Road, Inside Ramdev Tekra, Ahmedabad, |
|
Date of Birth/Age : |
11.02.1925 |
|
Date of Appointment : |
14.11.1962 |
|
DIN No.: |
00096740 |
|
|
|
|
Name : |
Mr. Pankaj Sudhakar Sheth |
|
Designation : |
Director |
|
Address : |
278, Manekbag Soc. Near
Manekbag Hall Ambawadi, Ahmedabad – 380 015, |
|
Date of Birth/Age : |
25.11.1941 |
|
Date of Appointment : |
26.06.1984 |
|
DIN No.: |
00181029 |
|
|
|
|
Name : |
Mr. Shreyas Chinubhai Sheth |
|
Designation : |
Director |
|
Address : |
4, Ruchir – II, Bunglow, Opposite Nehru Foundation, |
|
Date of Birth/Age : |
16.06.1957 |
|
Date of Appointment : |
28.03.1987 |
|
DIN No.: |
00009350 |
|
|
|
|
Name : |
Mr. Chandrakant T. Parikh |
|
Designation : |
Director |
|
Address : |
Vrundavan Behind Civil
Hospital, Shahibaug, Ahmedabad – 380 004, |
|
Date of Birth/Age : |
16.08.1927 |
|
Date of Appointment : |
28.03.1987 |
|
DIN No.: |
00730461 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
Promoter Holding |
|
|
|
Promoters |
308791 |
90.82 |
|
Sub-Total
|
308791 |
90.82 |
|
|
|
|
|
Non Promoters
Holding |
|
|
|
Mutual Funds and Administrator of the Specified Undertaking of Unit
Trust of |
-- |
-- |
|
Banks, Financial Institution, Insurance Companies etc. |
13848 |
4.07 |
|
Foreign Institutional Investors (FIIS) |
-- |
-- |
|
Sub-Total |
13848 |
4.07 |
|
|
|
|
|
Others |
|
|
|
Private Corporate Bodies |
5181 |
1.52 |
|
NRIs / OCBs |
-- |
-- |
|
State Government |
-- |
-- |
|
Indian Public |
12180 |
3.58 |
|
Sub-Total |
17361 |
5.11 |
|
|
|
|
|
GRAND
TOTAL |
340000 |
100
|
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in fabrication of critical process
equipment. |
||||||||
|
|
|
||||||||
|
Products : |
|
GENERAL INFORMATION
|
Customers : |
Consultants ·
Engineers India Limited ·
UHDE India Limited ·
Jacob HandG Limited ·
Kvaerner Powergas India Limited ·
Toyo Engineering Limited ·
Linde - West Germany End Clients Pharma Industries: · Ranbaxy Laboratories Limited ·
DSM Anti-Infectives India Limited ·
Max GB ·
Aventis Crop science ·
Hochest Pharmaceuticals Limited ·
Lupin Laboratories Limited Petrochemicals
and Refineries: ·
Indian Oil Corporation Limited -
Panipat/Haldia/Gauhati/Vadodara ·
Kochi Refineries ·
Hindustan Petroleum Corporation Limited - Vaizag ·
Bharat Petroleum Corporation Limited Mahul,
Mumbai ·
Reliance Petrochemicals Industries - Hazira ·
Narmada Chematur Petrochemicals - Bharuch ·
Indian Petrochemicals Corporation Limited Baroda/
Nagothane Gas ·
Gas Authority of India Limited ·
Oil and Natural Gas Corporation Limited ·
Reliance Industries ·
Oil India Limited Fertilizers: ·
Gujarat State Fertilizer Company Limited ·
Gujarat Narmada Valley Fertilizer Company Limited ·
Rashtriya Chemicals and Fertilizers Limited ·
Indian Farmers Fertilizer Co. Op. Limited Chemicals Dyes
and Intermediates: ·
Atul Limited. - Valsad ·
National Organic Chemicals Limited. - Mumbai ·
Herdilia Chemicals Limited. - Mumbai ·
Shriram Vinyl and Chemicals Limited. - Kota,
Bharuch Pulp and Paper: ·
J.K. Industries Limited - raigadh and Kota ·
Hindustan Paper Corporation Limited Naongaon -
Meghalaya Power Plants: ·
Nuclear Power Corporation Limited - Tarapur,
Hyderabad, Kota, Chennai ·
ALSTOM ·
National Thermal Power Corporation Limited Others:
·
Bharat Heavy Electricals Limited - Bhopal,
Hyderabad, Trichi, Hardwar ·
Andhra Sugars Limited - Tanaku, A.P. ·
HEG Limited - Bhopal ·
I S R O ·
D R D C |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
No. of Employees : |
Information denied by the management |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
|
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Facilities : |
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
M/S Sorab S Engineer and Company Chartered Accountants |
|
Address : |
909, ATMA House opposite Reserve Bank of India, Ashram Road, Ahmedabad – 380009, Gujarat, India |
|
Tel No. : |
91-79-26584304 |
|
Fax No. : |
91-79-26589710 |
|
Email : |
|
|
Website : |
|
|
|
|
|
Holding Company : |
|
|
|
|
|
Fellow Subsidiaries : |
|
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
500000 |
Equity Shares |
Rs.100/- each |
Rs.50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital : :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
340000 |
Equity Shares |
Rs.100/- each |
Rs.34.000 Millions |
|
|
|
|
|
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 |
34.000 |
34.000 |
34.000 |
|
(b) Reserves & Surplus |
344.100 |
294.710 |
293.550 |
|
(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) |
378.100 |
328.710 |
327.550 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
2.051 |
24.259 |
|
(b) Deferred tax liabilities (Net) |
28.881 |
28.671 |
27.477 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
3.520 |
2.948 |
1.752 |
|
Total Non-current Liabilities (3) |
32.401 |
33.670 |
53.488 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
101.983 |
224.611 |
201.635 |
|
(b) Trade payables |
77.130 |
88.758 |
189.097 |
|
(c) Other current
liabilities |
69.720 |
67.542 |
120.986 |
|
(d) Short-term provisions |
4.541 |
0.000 |
5.130 |
|
Total Current Liabilities (4) |
253.374 |
380.911 |
516.848 |
|
|
|
|
|
|
TOTAL |
663.875 |
743.291 |
897.886 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
222.923 |
238.026 |
252.319 |
|
(ii) Intangible Assets |
4.272 |
0.546 |
0.887 |
|
(iii) Capital
work-in-progress |
0.432 |
0.000 |
0.000 |
|
(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 |
8.580 |
13.811 |
6.978 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
236.207 |
252.383 |
260.184 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
141.520 |
170.289 |
296.205 |
|
(c) Trade receivables |
250.750 |
289.658 |
308.526 |
|
(d) Cash and cash
equivalents |
24.270 |
19.252 |
16.667 |
|
(e) Short-term loans and
advances |
11.128 |
11.709 |
16.304 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
427.668 |
490.908 |
637.702 |
|
|
|
|
|
|
TOTAL |
663.875 |
743.291 |
897.886 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
734.471 |
740.017 |
877.810 |
|
|
|
Other Income |
7.024 |
4.587 |
8.952 |
|
|
|
TOTAL |
741.495 |
744.604 |
886.762 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material consumed |
403.036 |
340.663 |
596.161 |
|
|
|
Changes in inventories of finished goods, work-in-progresss |
0.196 |
116.992 |
(37.549) |
|
|
|
Employee benefit expenses |
64.484 |
60.812 |
58.829 |
|
|
|
Other expenses |
165.680 |
175.446 |
186.719 |
|
|
|
TOTAL |
633.396 |
693.913 |
804.160 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
108.099 |
50.691 |
82.602 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
17.918 |
27.679 |
35.262 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
90.181 |
23.012 |
47.340 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
20.180 |
20.459 |
18.782 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
70.001 |
2.553 |
28.558 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
20.610 |
1.393 |
10.476 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
49.391 |
1.160 |
18.082 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
287.706 |
286.546 |
275.795 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
0.000 |
3.400 |
|
|
|
Proposed Dividend |
0.000 |
0.000 |
3.400 |
|
|
|
Corporate Dividend Tax on above |
0.000 |
0.000 |
0.578 |
|
|
BALANCE CARRIED
TO THE B/S |
337.097 |
287.706 |
286.546 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods OFB Basis |
76.146 |
0.270 |
14.746 |
|
|
TOTAL EARNINGS |
76.146 |
0.270 |
14.746 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
23.950 |
21.198 |
40.522 |
|
|
|
Capital Goods |
-- |
-- |
1.521 |
|
|
|
Stores and Spares |
-- |
-- |
0.160 |
|
|
TOTAL IMPORTS |
23.950 |
21.198 |
42.203 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
145.27 |
3.41 |
53.25 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
6.66
|
0.15 |
3.04 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.53
|
0.34 |
3.25 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
10.55
|
0.34 |
3.18 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18
|
0.01 |
0.09 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.27
|
0.69 |
0.69 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.69
|
1.29 |
1.23 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
Current maturities of long term debt |
0.222 |
23.070 |
50.373 |
|
|
|
|
|
|
Total |
0.222 |
23.070 |
50.373 |
|
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 |
No |
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
Intrest free
intercorporate deposits |
|
|
|
From fellow subsidiary |
8.503 |
8.503 |
|
|
|
|
|
Total |
8.503 |
8.503 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
80024467 |
20/04/2012 * |
628,700,000.00 |
BANK OF BARODA |
CFS BRANCH, FIRST FLOOR, BOB TOWERS, OPP.
NCC GROUND, LAW GARDEN, ELLISBRIDGE, AHMEDABAD, Gujarat - 380006, INDIA |
B38371217 |
* Date of charge modification
COMPANY BACKGROUND
Incorporated in the
year 1962 by conversion of M/s. Hind Laboratories under Chapter IX of the
Companies Act, 1956, Subject is engaged in manufacturing and fabrication of
process equipments required for Chemicals, Petrochemicals, Pharmaceuticals,
Fertilizers, Drugs and other allied industries, The Company is a member of
Lalbhai Group of Companies, prominent player in Textile, and Chemical Industry.
OPERATIONS:
During the year
under report Turnover of the Company remained at Rs. 741.500 millions as
against Rs. 744.6 millions in the previous year. However, profit before
interest, depreciation and tax jumped to Rs. 108.100 millions as against Rs.
50.700 millions in the previous year. Profit for the year after providing for
interest, depreciation and Tax increased many fold from Rs. 1.160 millions
during the previous year to Rs. 49.391 millions during the under report. This
was made possible with the conscious efforts of the management on all
fronts-entering in to export market, improved product mix, aggressive purchase
management and effective control over working capital including advances from
customers, inventory, creditors and debtors. All these efforts made significant
contribution towards improving profitability of the company.
MANAGEMENT
DISCUSSION AND ANALYSIS
OVERVIEW
The sales of the
company remained at Rs. 741.500 millions same as last year of Rs. 744.600 La
millions cs. But there was a marked improvement in the Gross Proflt of the
Company. Gross Profit for the year more than doubled fmm 50.700 millions during
the previous year to Rs. 108.100 millions during the year under report. Net
Profit of the Company increased many fold from Rs. 1.160 millions during the
earlier year to Rs. 49.391 millions for the period under report.
PNDUSTSV STRUCTURE
AND DEVELOOMENTS
The Company is in
heavy fabrication industry and is one of the leading players since last 50
years. The company is one of the very few companies in the country, which has
integrated fabrication facilities under one roof.
The Company caters
to, Refinery, Power Industry, Process Manufacturing, Chemical and Petro
Chemical, Pharma etc. industries of the Country. Range of products includes
process equipments, pressure vessels, heat exchangers, columns, centrifuges,
chlorine tuners and vessels, expansion bellows etc
OPPORTUNITIES AND
THREATS
The company is
having existence in the industry for about 50 years and is one of the leading
players in the Fabrication Industry. Till the earlier year the company was in
the domestic market only. But with continuous efforts the company could enter
in the international market in a significant way during the year and the
company is confident of improving the export business to a great extent. With
this dependence on the domestic market will be less compared to the earlier
period. Further, the company has entered into a technical collaboration
agreement with M/s. Lummus Technology for special High Effeciency Heat
Exchangers (Helixchanger). This will help the company enter into new field of
Heat Exchanger.
Though with the
healthy order book and sound inquiry base on hand the company is confident of
further improved performance during the current year, economic scenario of the
country and world is not encouraging. The company is constantly reviewing the
situation and taking all steps to safe guard the interest of the company. As
the capital goods industry is worst sufferer of any slowdown, Future
performance of the company may be dependent of the economic situation world
over. Still the company is quite hopeful of maintaining good performance in the
subsequent years also.
STRENATHS AND
WEAKNESS:
As reported the
company further increased its Manufacturing facilities and entered in higher
weight equipment manufacturing segment. Company is 'U" stamp manufacturer
and is also IS0 9001:2000 registered company. Company has also obtained OHSAS
registration. Company has also obtained 'U2" 'S" and 'R"
Certification. During the year company has obtained EN IS0 3834-3 and AD 2000
Merkbiatt HPO Certification. With this Company would be in a better position to
explore the Export Market. Company makes use of latest engineering software
technology like Microprotol, PVELITE-2009, COMPRESS-6260, PERT-CPM, IMMS etc.
as design, manufacturing and process control tools. Company is leading quality
fabricator. All these will give an edge to the company. Being Subsidiary of
Awind Limited, Company is proud member of leading industrial house in the
country.
Even after early
recovery slow progress in Capital Expenditure Program of Large Industrial Houses,
delay in execution, huge working capital requirements, terms dictating
capacities of large customers etc. may affect the future profitability of the
company.
OUTLOOK
As reported in the
Directors Report, the Directors are happy to inform that despite slow down the
company is better placed in the market with healthy order book and some very
good inquiries in the pipe line. Entry in to the International market has put
the company ahead of the other players in the market both local and
international. Given the current position the directors are confident of
putting up an impressive show during the current year also.
FIXED ASSETS
˛ Land , Leasehold
˛ Land, Freehold
˛ Buildings
˛ Machinery
˛ Electric Installations
˛ Tube Well
˛ Furniture
˛ Dead Stock
˛ Drawings
˛ Vehicles
˛ Computer software
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER / HALF EAR ENDED ON 30.09.2013
|
Sr.
No. |
Particulars |
Quarter Ended 30.09.2013 |
Quarter Ended 30.06.2013 |
|
|
1 |
Income
from operations: |
|
|
|
|
|
(a) |
Net
sales/Income from operations |
178.480 |
192.279 |
|
|
(b) |
Other
operating income |
0.309 |
0.469 |
|
|
Total
income from operations (net) |
178.789 |
192.748 |
|
|
2 |
Expenses: |
|
|
|
|
|
a. |
Cost
of Material consumed |
83.996 |
86.482 |
|
|
b. |
(Increase)/decrease
in stock of natural gas |
16.731 |
18.569 |
|
|
c. |
Employee
benefits expense |
18.717 |
16.405 |
|
|
d. |
Depreciation
and amortisation expense |
5.188 |
5.262 |
|
|
e. |
Other
expenses |
23.195 |
21.292 |
|
|
f. |
Job
work Charges |
10.954 |
11.350 |
|
|
Total
expenses |
158.781 |
159.360 |
|
|
3 |
Profit
from operations before other income and finance cost(1-2) |
20.008 |
33.388 |
|
|
4 |
Other
income |
3.818 |
0.698 |
|
|
5 |
Profit / (Loss) from ordinary activities before
finance costs and exceptional items (3+4) |
23.826 |
34.086 |
|
|
6 |
Finance
costs |
0.853 |
1.497 |
|
|
7 |
Exceptional items |
-- |
-- |
|
|
8 |
Profit / (Loss) from ordinary activities before tax ( 7 ± 8 ) |
22.873 |
32.589 |
|
|
9 |
Tax expense |
|
|
|
|
|
a. |
Current
tax |
7.250 |
10.850 |
|
|
b. |
Deferred
Tax |
(0.164) |
(0.248) |
|
|
c. |
Relating
to earlier Years |
0.682 |
0.00 |
|
10 |
Net Profit / (Loss) from ordinary activities after tax (9 ± 10) |
15.105 |
21.987 |
|
|
11 |
Extraordinary items |
-- |
-- |
|
|
12 |
Net Profit / (Loss) for the period (11 ± 12) |
15.105 |
21.987 |
|
|
13 |
Paid-up equity share capital (Equity Shares of Face Value of Rs. 10/- |
34.000 |
34.000 |
|
|
14 |
Reserves Excluding Revaluation Reserves (as per
Balance Sheet ) of Previous Accounting Year |
-- |
-- |
|
|
15 |
Earnings Per Shares - After Extraordinary items (of Rs. 10 /- each) (not
annualised): |
44.43 |
64.67 |
|
|
PART
II |
|
|
||
|
A |
PARTICULARS
OF SHAREHOLDING |
|
|
|
|
1 |
Public shareholding |
|
|
|
|
|
a. |
Number
of shares |
31209 |
31209 |
|
|
b. |
Percentage
of shareholding |
9.18% |
9.18% |
|
2 |
Promoters and promoter group
shareholding |
|
|
|
|
|
a. |
Pledged/Encumbered |
|
|
|
|
Number
of shares |
-- |
100000 |
|
|
|
|
Percentage
of shares (as a % of the total shareholding of promoter and promoter group) |
-- |
32.38% |
|
|
|
Percentage
of shares (as a % of the total share capital of the Company) |
-- |
29.41% |
|
|
b. |
Non-encumbered |
|
|
|
|
Number
of shares |
308791 |
208791 |
|
|
|
|
Percentage
of shares (as a % of the total shareholding of promoter and promoter group) |
100.00% |
67.62% |
|
|
|
Percentage
of shares (as a % of the total share capital of the Company) |
90.82% |
61.41% |
|
Particulars |
Quarter ended 30.09.2013 |
|
B INVESTOR COMPLAINTS (Nos.) |
|
|
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 |
|
Particulars |
Quarter Ended 30.09.2013 |
Quarter Ended 30.06.2013 |
|
EQUITY AND
LIABILITIES |
|
|
|
Shareholders
Funds |
|
|
|
Share Capital |
34.000 |
34.000 |
|
Reserves and Surplus |
381.195 |
344.100 |
|
Non-Current
Liabilities |
|
|
|
Long Term Borrowings |
-- |
-- |
|
Deferred Tax Liabilities (Net) |
28.469 |
28.881 |
|
Long Term Provirions |
3.807 |
3.520 |
|
Non-Current
Liabilities |
|
|
|
Short Term Borrowings |
110.875 |
101.983 |
|
Trade Payabler |
74.670 |
77.130 |
|
Other Current Liabilities |
30.666 |
69.720 |
|
Short Term Provisions |
-- |
4.541 |
|
|
|
|
|
TOTAL |
663.682 |
663.875 |
|
|
|
|
|
ASSETS |
|
|
|
Non-Current
Assets |
|
|
|
Fixed Assets |
|
|
|
Tangible Assets |
215.464 |
222.923 |
|
Intangible Assets |
3.729 |
4.272 |
|
Capital Work-in-progrerr |
-- |
0.432 |
|
Long Term Loans and Advancer |
2.966 |
8.580 |
|
Current Assets |
|
|
|
Inventories |
125.026 |
414.520 |
|
Trade Receivables |
108.188 |
250.750 |
|
Cash and Bank Balanter |
29.177 |
24.270 |
|
ShonTerm Loans and Advancer |
179.132 |
11.128 |
|
|
|
|
|
TOTAL |
663.682 |
663.875 |
NOTES:
1. The above results has been reviewed by the Audit Committee and approved
by the Board of Directors in its meeting held 23rd Oct, 2013 and have been subjected
to a Limited review by the Statutory Auditors of the company.
2. The Company has only one Reportable Business Segment viz.
"Fabrication Engineering".
3. Figurer of the previous quarter/y/year have been regrouped wherever
necessary.
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.63.02 |
|
|
1 |
Rs.102.04 |
|
Euro |
1 |
Rs.84.92 |
INFORMATION DETAILS
|
Report Prepared
by : |
ANK |
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 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
49 |
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.