MIRA INFORM REPORT
|
Report Date : |
18.02.2014 |
IDENTIFICATION DETAILS
|
Name : |
BOROSIL GLASS WORKS LIMITED |
|
|
|
|
Registered
Office : |
44, Khanna Construction House, Dr. R G Thadani Marg, Worli, Mumbai –
400 018, |
|
|
|
|
Country : |
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|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
14.12.1962 |
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|
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|
Com. Reg. No.: |
11-12538 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.30.060
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L99999MH1962PLC012538 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMB00740F/MUMB11821F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACB5484G |
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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
: |
Manufacturer of Borosilicate Glassware for Scientific
and Laboratory Purpose, Industrial
Glassware, Consumer Glassware and
also trading in consumer Glassware. |
|
|
|
|
No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 25089000 |
|
|
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|
Status : |
Satisfactory |
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|
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having satisfactory track record.
There appears dip in profit of the company during the financial year 2013. However, the rating reflects sound financial risk profile supported by
low dependence on external debt and adequate liquidity position. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and condition. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
The worst is over for India’s economy with gross domestic product likely
to expand 5 %to 5.5 % this year and more than 6 % in 2015, according to Moody’s
Analytics. Concerns over the rupee and current account deficit are under control,
said the agency. Ratings firm Crisil has forecast 6 % growth for 2014/15 up
from the estimated 4.8 % for 2013/14. Total economic growth,
infrastructure bottlenecks and lack of transparency and consistency in foreign
direct investment policies seem to have taken a toll on India’s attractiveness
as an investment destination, says an Ernst & Young survey. Projects
with FDI component fell 16.4 % across the globe in 2012 from the previous
year. The drop in India was steeper at 21 %. State run carrier Air India
is doling out free tickets to its 24000 employees, even as it expects to incur
a loss of Rs 39000 mn this financial year and has a debt of Rs 350000 mn.
550000 number of jobs generated across India in 2013, a fall of 0.4 % as
compared to with a year earlier. The National Capital Region has a
one-fourth share in total jobs created, according to a study by industry lobby
group Assochem, Banks, real estate, automobile and telecommunications sectors
are showing a rise of job creation. $ 805 mn investments by venture capital
firms in India during 2013, registering a drop of about 18 % over the previous
year. The Information Technology and IT-Enabled Services Industry retained
its status as the favourable venture capital investors in 2013. Pakistan has
temporarily banned gold imports for the second time in six months, as it tries
to stem smuggling into India. India’s import duty on gold is 10 % and curbs on
purchases have dried up legal imports into what used to be the world’s biggest
bullion buyers. The World Gold Council puts the amount smuggled into India at
upto 200 tonnes in 2013. The Reserve Bank of India has proposed that unclaimed
bank deposits estimated to be about Rs 35000 mn be used for education and
awareness among depositors. According to the plan, deposits that have not
been claimed for at least 10 years will be transferred to the scheme.
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 DECLINED
Management non co-operative [91-22-24930362]
LOCATIONS
|
Registered Office : |
44, Khanna Construction House, Dr. R G Thadani Marg, Worli, Mumbai –
400 018, |
|
Tel. No.: |
91-22-24930362 / 24930366 / 67406300 |
|
Fax No.: |
91-22-24950561 |
|
E-Mail : |
|
|
Website : |
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|
|
|
|
Head Office / International Division : |
410, Kalindas Udyog Bhavan, Near Century bazaar, Prabhadevi, Mumbai –
400 025, Maharashtra, India |
|
Tel. No.: |
91-22-24320779 / 24309539 / 24303436 |
|
E-Mail : |
|
|
|
|
|
Corporate Office : |
1101, Crescenzo, G Block, Opposite MCA Club, Bandra Kurla Complex,
Bandra (East), Mumbai-400051, Maharashtra, India |
|
Tel No.: |
91-22-67406300 |
|
|
|
|
Factory 1 : |
|
|
Tel. No.: |
91-22-2850 8990 |
|
Fax No.: |
91-22-2850 6685 |
|
|
|
|
Factory 2 : |
A1F, Industrial Complex, Marai Malai Nagar - 603 209, Tamilnadu, India |
|
|
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Zonal Sales
Office : |
·
Western India Block No. 403/404, 4th Floor, Kalindas Udyog Bhavan,Near Century
Bazar, Prabhadevi, Mumbai - 400025 Tel. No : 91-22-2437 4501 / 2437 4703 Fax. No. 91-22-5660 3601 Email :mumbaisales@borosil.com ·
North India 19/90, Connaught Circus (Madras Hotel Block), New Delhi- 110001 Tel. No. :91-11-2334 3897/2374 2136/2374 3772 Fax No. :91-11-2374 6689 Email :
delhi@borosil.com ·
Southern India No.22, Wheat Croft Road, Ist Floor, Nungambakkam, Chennai- 600 034 Tel. No :91-44-28226012/13 Fax No :91-44-28226014 Email : chennai@borosil.com ·
Eastern India Dabriwala House , 4th Floor, 10 Middleton Row, Kolkatta- 700071 Tel. No :91-33-2229 9166/2249 5574 Fax No :91-33-2226 2045 Email : calcutta@borosil.com
·
161, Anna Salai, Chennai 600 002, Tamil Nadu,
India |
|
|
|
|
US
Enquiries : |
United Scientific Supplies, Incorporation , Phone : 91-847-336 7556 Fax: : 91-847-336 7571 Email
: rsoni@unitedsci.com |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. B. L. Kheruka |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. P. K. Kheruka |
|
Designation : |
Vice Chairman and
Managing Director |
|
|
|
|
Name : |
Mr S. Bagai |
|
Designation : |
Director |
|
Date of Birth/Age : |
07.03.1956 |
|
Experience : |
Advocate with rich
Experience |
|
Date of Appointment : |
29.06.2002 |
|
|
|
|
Name : |
Mr. Naveen Kumar
Kshatriya |
|
Designation : |
Additional Director
[w.e.f. 09th May, 2013] |
|
|
|
|
Name : |
Mr. V Ramaswami |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. U K Mukhopadhyay |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Shreevar Kheruka |
|
Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
280017 |
9.32 |
|
|
1843491 |
61.33 |
|
|
50 |
0.00 |
|
|
50 |
0.00 |
|
|
2123558 |
70.64 |
|
|
|
|
|
|
76415 |
2.54 |
|
|
76415 |
2.54 |
|
Total shareholding of Promoter and Promoter Group (A) |
2199973 |
73.19 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
400 |
0.01 |
|
|
362 |
0.01 |
|
|
100 |
0.00 |
|
|
57947 |
1.93 |
|
|
58809 |
1.96 |
|
|
|
|
|
|
225379 |
7.50 |
|
|
|
|
|
|
383351 |
12.75 |
|
|
131448 |
4.37 |
|
|
7040 |
0.23 |
|
|
683 |
0.02 |
|
|
975 |
0.03 |
|
|
5382 |
0.18 |
|
|
747218 |
24.86 |
|
Total Public shareholding (B) |
806027 |
26.81 |
|
Total (A)+(B) |
3006000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
3006000 |
0.00 |
SHAREHOLDING OF SECURITIES (INCLUDING SHARES, WARRANTS, CONVERTIBLE
SECURITIES) OF PERSONS BELONGING TO THE CATEGORY “PROMOTER AND PROMOTER GROUP”
|
Sl. |
Name of the
Shareholder |
Details of
Shares held |
|
|
|
|
No. of Shares
held |
As a % of |
|
|
|
|
|
|
1 |
Gujarat Fusion Glass Limited |
14,92,936 |
49.67 |
|
2 |
Croton Trading Private Limited |
2,26,498 |
7.53 |
|
3 |
Fennel Investment and Finance Private Limited |
1,24,057 |
4.13 |
|
4 |
Bajrang Lal Kheruka |
76,415 |
2.54 |
|
5 |
Pradeep Kumar Kheruka |
76,415 |
2.54 |
|
6 |
Shreevar Kheruka |
25,050 |
0.83 |
|
7 |
Kiran Kheruka |
1,02,137 |
3.40 |
|
8 |
Rekha Kheruka |
76,415 |
2.54 |
|
9 |
Sonargaon Properties LLP |
50 |
0.00 |
|
|
TOTAL |
21,99,973 |
73.19 |
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. |
Name of the
Shareholder |
Details of
Shares held |
|
|
|
|
No. of Shares
held |
As a % of |
|
|
|
|
|
|
1 |
Mavi Investment Fund Limited |
57947 |
1.93 |
|
2 |
Vaishalli Arya |
60057 |
2.00 |
|
3 |
Chotila Silica Private Limited |
55000 |
1.83 |
|
4 |
Anil Arya |
37169 |
1.24 |
|
5 |
Hindustan Composites Limited |
135000 |
4.49 |
|
|
TOTAL |
345173 |
11.48 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Borosilicate Glassware for
Scientific and Laboratory Purpose,
Industrial Glassware, Consumer
Glassware and also trading in consumer
Glassware. |
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|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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|
|
|
Auditors : |
|
|
Name : |
Chaturvedi and
Shah Chartered Accountants |
|
|
|
|
Associates : |
|
|
|
|
|
Other Related Parties : |
|
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3006000 |
Equity Shares |
Rs.10/- each
|
Rs.30.060
Millions |
NOTES:
TERMS/RIGHTS ATTACHED TO EQUITY SHARES:
The Company has
only one class of shares referred to as equity shares having at par value of
Rs.10/- per share. Holders of equity shares is entitled to one vote per share.
In the event of liquidation of the Company, the holders of equity shares will
be entitled to receive any of the remaining assets of the company, after
distribution of all preferential amounts. The distribution will be in
proportion to the number of equity shares held by the shareholders.
DETAILS OF SHAREHOLDER HOLDING MORE THAN 5% OF EQUITY SHARE CAPITAL:
|
NAME OF SHAREHOLDERS |
AS ON 31.03.2013 |
|
|
|
NO. OF SHARES |
% OF HOLDING |
|
Gujarat Fusion Glass Limited |
1492936 |
49.67 |
|
Croton Trading Limited |
226498 |
7.53 |
|
Mavi Investment Fund Limited |
192947 |
6.42 |
Pursuant to the
approval of the Board of Directors and Shareholders of the Company under Section
77A of the Companies Act, 1956, the Company had been authorized to buy back of
upto 9,63,928 equity shares, by spending total amount not exceeding Rs. 819.339
Millions, that is 25% of the Company’s fully paid-up Equity Share Capital and
Free Reserves as on 31st March, 2011. During the year, the Company
has bought back 1,29,351 equity shares (Previous year 8,28,577 equity shares)
for a total consideration of Rs.109.943 Millions (Previous year Rs.703.646
Millions) from open market by utilizing the Security Premium Account to the
extent of Rs. Nil (Previous year Rs. 172.162 Millions) and the General Reserve
to the extent of Rs. 108.649 Millions (Previous year Rs. 523.199 Millions). In
terms of Section 77AA of the Companies Act, 1956, Capital Redemption Reserve
has been created out of General Reserve for an amount of Rs. 1.294 Millions
(Previous year Rs. 8.285 Millions) being the nominal value of shares so bought
back. After having bought back 9,57,928 equity shares, the Company closed the
said buy back on 10th October, 2012 and extinguished all those shares. As a
result, the Company had 30,06,000 Issued and Paid-up equity shares as on 31st
March, 2013.
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 |
30.060 |
31.354 |
39.639 |
|
(b) Reserves & Surplus |
6242.258 |
6205.219 |
6629.649 |
|
(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) |
6272.318 |
6236.573 |
6669.288 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
13.280 |
0.000 |
0.000 |
|
(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) |
13.280 |
0.000 |
0.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
17.882 |
0.000 |
0.000 |
|
(b)
Trade payables |
94.485 |
84.414 |
78.035 |
|
(c)
Other current liabilities |
125.297 |
208.620 |
138.185 |
|
(d)
Short-term provisions |
63.716 |
62.055 |
79.215 |
|
Total
Current Liabilities (4) |
301.380 |
355.089 |
295.435 |
|
|
|
|
|
|
TOTAL |
6586.978 |
6591.662 |
6964.723 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
790.697 |
330.470 |
81.971 |
|
(ii)
Intangible Assets |
12.771 |
10.647 |
2.260 |
|
(iii)
Capital work-in-progress |
141.487 |
471.170 |
30.243 |
|
(iv) Intangible assets under development |
0.990 |
2.822 |
0.000 |
|
(b) Non-current
Investments |
1840.047 |
2684.445 |
375.935 |
|
(c) Deferred tax assets
(net) |
0.000 |
20.080 |
38.641 |
|
(d) Long-term Loan
and Advances |
403.932 |
311.820 |
149.797 |
|
(e)
Other Non-current assets |
5.477 |
24.499 |
90.668 |
|
Total
Non-Current Assets |
3195.401 |
3855.953 |
769.515 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
2250.865 |
1564.042 |
4579.850 |
|
(b)
Inventories |
299.595 |
227.747 |
174.367 |
|
(c)
Trade receivables |
286.598 |
249.580 |
257.237 |
|
(d)
Cash and cash equivalents |
75.074 |
88.373 |
100.448 |
|
(e)
Short-term loans and advances |
442.173 |
561.139 |
1074.615 |
|
(f)
Other current assets |
37.272 |
44.828 |
8.691 |
|
Total
Current Assets |
3391.577 |
2735.709 |
6195.208 |
|
|
|
|
|
|
TOTAL |
6586.978 |
6591.662 |
6964.723 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1344.716 |
1260.235 |
1191.384 |
|
|
|
Other Income |
251.304 |
420.043 |
312.732 |
|
|
|
TOTAL (A) |
1596.020 |
1680.278 |
1504.116 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
11.210 |
16.984 |
11.871 |
|
|
|
Purchases of Stock in Trade |
807.903 |
760.996 |
705.415 |
|
|
|
Employee Benefits Expenses |
125.094 |
109.097 |
93.723 |
|
|
|
Other Expenses |
439.614 |
408.409 |
492.290 |
|
|
|
Exceptional Items |
0.000 |
33.767 |
24.885 |
|
|
|
Extraordinary Items |
0.000 |
0.000 |
(7842.228) |
|
|
|
Changes in Inventories of Work in Progress and Stock in Trade |
(71.358) |
(62.602) |
(3.736) |
|
|
|
TOTAL (B) |
1312.463 |
1266.651 |
(6517.780) |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
283.557 |
413.627 |
8021.896 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.664 |
1.836 |
24.976 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
280.893 |
411.791 |
7996.920 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
20.467 |
7.514 |
8.181 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
260.426 |
404.277 |
7988.739 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
62.059 |
78.997 |
1510.704 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
198.367 |
325.280 |
6478.035 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
6043.900 |
5806.000 |
(76.700) |
|
|
|
AMOUNT
TRANSFERRED FROM REVALUATION RESERVE |
0.000 |
0.000 |
239.300 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
20.000 |
33.000 |
650.000 |
|
|
|
Dividend on Equity Shares |
45.100 |
46.800 |
59.400 |
|
|
|
Tax on above Dividend |
7.700 |
7.600 |
9.600 |
|
|
|
Interim Dividend on Equity Shares |
0.000 |
0.000 |
99.100 |
|
|
|
Tax on above Dividend |
0.000 |
0.000 |
16.500 |
|
|
BALANCE CARRIED
TO THE B/S |
6169.467 |
6043.880 |
5806.035 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
51.795 |
46.273 |
31.577 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
6.549 |
10.292 |
0.000 |
|
|
|
Capital Goods |
4.578 |
0.232 |
4.762 |
|
|
|
Art Work |
2.358 |
0.000 |
0.000 |
|
|
|
Traded Goods |
160.094 |
213.747 |
223.348 |
|
|
TOTAL IMPORTS |
173.579 |
224.271 |
228.110 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
64.81 |
85.58 |
1634.24 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
269.200 |
371.600 |
435.100 |
|
Total Expenditure |
278.000 |
341.300 |
368.000 |
|
PBIDT (Excl OI) |
(08.800) |
30.300 |
67.100 |
|
Other Income |
144.200 |
34.100 |
107.800 |
|
Operating Profit |
135.400 |
64.400 |
174.900 |
|
Interest |
0.700 |
01.500 |
02.200 |
|
Exceptional Items |
0.000 |
0.000 |
(43.500) |
|
PBDT |
134.700 |
62.900 |
129.200 |
|
Depreciation |
05.900 |
10.600 |
10.300 |
|
Profit Before Tax |
128.800 |
52.300 |
118.900 |
|
Tax |
12.800 |
18.700 |
10.400 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
116.000 |
33.600 |
108.500 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Net Profit |
116.000 |
33.600 |
108.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
12.43
|
19.35 |
430.69 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
19.37
|
32.07 |
670.54 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.65
|
11.84 |
122.53 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04
|
0.06 |
1.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00
|
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
11.25
|
7.70 |
20.97 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns.) |
(INR
in Mlns.) |
(INR
in Mlns.) |
|
Share Capital |
39.639 |
31.354 |
30.060 |
|
Reserves & Surplus |
6629.649 |
6205.219 |
6242.258 |
|
Net
worth |
6,669.288 |
6,236.573 |
6,272.318 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
17.882 |
|
Total
borrowings |
0.000 |
0.000 |
17.882 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.003 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
1191.384 |
1260.235 |
1344.716 |
|
|
|
5.779 |
6.704 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR
in Mlns) |
(INR
in Mlns) |
(INR
in Mlns) |
|
Sales |
1191.384 |
1260.235 |
1344.716 |
|
Profit |
6478.035 |
325.28 |
198.367 |
|
|
543.74% |
25.81% |
14.75% |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF CURRENT MATURITIES OF LONG TERM
DEBT: NOT AVAILABLE
|
Sr. No. |
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
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 |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth 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 |
INDEX OF CHARGES: NO CHARGES EXIST FOR COMPANY.
|
CASE DETAILS BENCH: BOMBAY LODGING NO.:
STRL/20/2009
FILING DATE: 09.02.2009 REG. NO.: STR/96/2009 REG.
DATE: 14.12.2009
|
PERFORMANCE:
The Company has
generated a pre-tax business profit of Rs. 260.400 Millions, during the year as
compared to Rs. 438.100 Millions (before tax and exceptional items) in the
previous year. During the course of the year, the Company has further
consolidated its leadership position in both the laboratory glassware as well
as the microwavable glassware segments. This has been owing to enhanced focus
on key customer coverage, new product introductions as well as distribution
enhancements. Moreover, the Company has invested approximately Rs. 79.100
Millions on an advertising campaign / marketing activities in order to increase
awareness of its product across the country.
The Company's efforts
for organic as well as inorganic expansion both in India and abroad continues.
The Company has invested its investible funds of around Rs. 5390.000 Millions
as on 31st March, 2013 in a mixture of Debt markets, Equity/Equity Linked
Instruments, Bonds/Debentures, Convertible Preference Shares, Non-Convertible
Redeemable Preference Shares, Commodities, Real Estate, Opportunity based
Funds, Real Estate Funds and Mutual Funds. However, the general sluggishness in
the economy as a whole has impacted performance of both divisions of the
Company.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT:
INDUSTRY STRUCTURE
AND DEVELOPMENTS:
The Company has
traditionally been engaged in the business of low expansion borosilicate
glassware including a wide variety of scientific, industrial, lighting,
pharmaceutical and consumer ware glass items, sourced both from international
and domestic markets. The entire Pharmaceutical industry, Research and
Development, Education and Health segments of the market are major users of Scientific
and Industrial Products, whereas Consumer ware items cater to the need of the
household sector.
OUTLOOK:
SCIENTIFIC AND INDUSTRIAL PRODUCTS
THE OUTLOOK FOR
THIS DIVISION LOOKS SOMEWHAT MUTED CONSIDERING:
- Delay in
investment decisions by many of the Company’s customers owing to various
reasons including slow decision making / uncertainty on various governmental
reforms;
- Reduction of
inventories by many of the Company’s largest customers in order to preserve
cash flows; and
- Increased cost pressure from various inflationary trends across the
country
With the introduction of vials and other new products, the Company hopes
to overcome the slow growth in this sector.
CONSUMER WARE PRODUCTS
THE OUTLOOK FOR THE CONSUMER PRODUCTS DIVISION IS NEUTRAL
IN VIEW OF:
- Reduced
discretionary spending from customers owing to high inflation; and
- Severe
depreciation of the Rupee leading to higher costs for the company’s imports
New product introductions might serve to counteract the above two negatives
to some degree.
In view of
volatile international economic scenario and lack of clarity in the future
economic reforms in the country, the outlook is a bit uncertain in the short
run as there is a reduction in consumer spending across all segments. This
trend can be clearly noticed by increased discounting being offered by all
major retailers over the entire year. With the introduction of melamine dinner
sets, the Company expects to enlarge its retail base in the country and
accelerate growth in this division.
FIXED ASSETS:
- Land (freehold and leasehold)
- Buildings
- Plant, Machinery and Equipment
- Furniture, Fixture and Office
Equipments
- Vehicles
- Intangible Assets
UNAUDITED STANDALONE
FINANCIAL RESULTS FOR THE QUARTER AND NINE
MONTHS ENDED 31ST
DECEMBER, 2013
Rs. In Millions
|
Sr. No. |
Particular |
Quarter Ended |
Nine Months Ended |
|
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
|
|
Unaudited
|
Unaudited
|
Unaudited
|
|
|
|
|
|
|
|
1. |
Net Sales/Income
from Operations |
434.100 |
371.000 |
1072.300 |
|
|
Other Operating
Income |
1.000 |
0.600 |
3.600 |
|
|
Total Income From Operations (Net) |
435.100 |
371.600 |
1075.900 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Purchase
of stock in trade |
198.800 |
259.900 |
665.500 |
|
|
Employee
benefits expenses |
37.300 |
36.700 |
109.800 |
|
|
Depreciation
and amortization expenses |
10.300 |
10.600 |
26.800 |
|
|
Other
expenses |
96.300 |
100.800 |
287.500 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
76.700 |
(50.600) |
(36.900) |
|
|
Loss/provision
(reversal) for diminution in the value of current investments |
(41.100) |
(5.500) |
(38.600) |
|
|
Total Expenses |
378.300 |
351.900 |
1014.100 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
56.800 |
19.700 |
61.800 |
|
|
|
|
|
|
|
4. |
Other
Income |
107.800 |
34.100 |
286.100 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
164.600 |
53.800 |
347.900 |
|
|
|
|
|
|
|
6. |
Interest |
2.200 |
1.500 |
4.400 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
162.400 |
52.300 |
343.500 |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
43.500 |
-- |
43.500 |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
118.900 |
52.300 |
300.000 |
|
|
|
|
|
|
|
10. |
Tax
Expense |
10.400 |
18.700 |
41.900 |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
108.500 |
33.600 |
258.100 |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
108.500 |
33.600 |
258.100 |
|
|
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.10/- Each) |
30.100 |
30.100 |
30.100 |
|
|
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
16. |
Basic and Diluted Earning Per Share
(EPS) (Rs.)-Not Annualised |
|
|
|
|
|
a)
Basic and diluted EPS before extraordinary items |
36.12 |
11.15 |
85.87 |
|
|
b)
Basic and diluted EPS after extraordinary items |
36.12 |
11.15 |
85.87 |
|
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
806027 |
806749 |
806027 |
|
|
-
Percentage of Shareholding |
26.81 |
26.84 |
26.81 |
|
|
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
Nil |
Nil |
Nil |
|
|
-
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) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
2199973 |
2199251 |
2199973 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and
Promoter Group) |
100.00 |
100.00 |
100.00 |
|
|
- Percentage
of Shares (as a % of the Total Share Capital of the Company) |
73.19 |
73.16 |
73.19 |
|
Particulars |
3 Months Ended 31.12.2013 |
|
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 |
REPORTING OF SEGMENT-WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED
Rs. In Millions
|
Sl. No. |
|
Particulars |
Quarter Ended |
Nine Months Ended |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
||
|
|
Unaudited |
Unaudited |
Unaudited |
||
|
1 |
|
SEGMENT REVENUE |
|
|
|
|
|
|
Scientific Ware |
201.000 |
187.200 |
527.800 |
|
|
|
Consumer Ware |
227.000 |
183.100 |
538.600 |
|
|
|
Others |
7.100 |
1.300 |
9.500 |
|
|
|
TOTAL |
435.100 |
371.600 |
1075.900 |
|
|
|
|
|
|
|
|
|
|
Less : Inter Segment Revenue (Net of Excise) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
NET SALES / INCOME
FROM OPERATION |
435.100 |
371.600 |
1075.900 |
|
|
|
|
|
|
|
|
2 |
|
SEGMENT RESULTS |
|
|
|
|
|
|
Scientific Ware |
51.100 |
52.400 |
133.900 |
|
|
|
Consumer Ware |
35.400 |
18.300 |
64.800 |
|
|
|
Others |
(22.700) |
0.400 |
(22.000) |
|
|
|
TOTAL |
63.800 |
71.100 |
176.700 |
|
|
|
|
|
|
|
|
|
|
Less :Interest |
2.200 |
1.500 |
4.400 |
|
|
|
Less : Other Unallocable Expenses and Extra Ordinary Items |
45.600 |
51.400 |
153.500 |
|
|
|
Net of Unallocable Income |
(146.400) |
(34.100) |
(324.700) |
|
|
|
NET PROFIT (+) /
LOSS(-) BEFORE TAX |
162.400 |
52.300 |
343.500 |
|
|
|
|
|
|
|
|
3 |
|
CAPITAL EMPLOYED |
|
|
|
|
|
|
Scientific Ware |
266.500 |
277.000 |
266.500 |
|
|
|
Consumer Ware |
295.700 |
328.900 |
295.700 |
|
|
|
Others |
0.800 |
1.000 |
0.800 |
|
|
|
Unallocated |
5967.400 |
5815.000 |
5967.400 |
|
|
|
TOTAL |
6530.400 |
6421.900 |
6530.400 |
NOTE:
Segments have been identified and reported
after taking into account the different risks and returns, the organization
structure and the internal reporting systems. There are organized into the
following:
Scientific Ware: Comprising of items used
in Laboratories and Scientific Ware.
Consumer Ware: Comprising of items for
domestic use.
Others: Comprising of items for industrial use, Miscellaneous
Trading items and solar water heating system.
Unallocated: Consists of Income
including income from Investments, expenses, assets and liabilities which
cannot be directly identified to any of the above segments.
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.61.95 |
|
|
1 |
Rs.104.02 |
|
Euro |
1 |
Rs.84.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.