MIRA
INFORM REPORT
|
Report Date : |
04.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
SANGHVI MOVERS LIMITED |
|
|
|
|
Registered
Office : |
Survey No.92, Tathawade Taluka Mulshi, Pune – 411033, |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
03.11.1989 |
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|
|
|
Com. Reg. No.: |
11-054143 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 86.576 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29150PN1989PLC054143 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PNES09562A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCS3775K |
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|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchanges. |
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|
|
|
Line of Business
: |
Subject is engaged in the business of providing cranes on rental
basis. |
|
|
|
|
No. of Employees
: |
1198 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (55) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 26000000 |
|
|
|
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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|
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Litigation : |
Clear |
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|
Comments : |
Subject is an established company having good track record. There appears some dip in the turnover and profitability of the
company during current year however, net worth of the company appears good.
General financial position of the company is satisfactory. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company 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
Uptick in
agriculture and construction spread some cheer as the economy grew a
higher-than-expected 4.8 % in the three months through September. Manufacturing
rose an annual rate per cent during the quarter and mining fell by 0.4 %,
government data showed while farm output rose 46%.
India has emerged as
the most attractive investment destination, thanks to a relaxation in foreign
direct investment norms, says a report. India is followed by Brazil and China
in the ranking part of EY’s Capital Confidence Barometer report based on a
survey across 70 nations. The US, France and Japan have emerged as the top
three investors likely to invest in India.
India has been
ranked 83rd globally in terms of talent competitiveness of its human
capital. Switzerland, Singapore, Denmark, Sweden and Luxembourg are the
top five in the list of 103 nations compiled by INSEAD business school.
Tax rates for
companies in India are among the highest in the world and the number of
payments is also more than the global average putting the country at low, 158th
rank on the Paying Taxes. 2014 list by the World Bank and PWC. However, the
time taken for tax payments is relatively less in India which is rated ahead of
China and Japan.
1 billion smartphone
shipments in 2013, a 39.3 % growth over 2012. This was being driven by low cost
computing in emerging markets. By 2017, total smartphone shipments are expected
to approach 1.7 billion units, resulting in a compound annual growth rate of
18.4 % between 2013 and 2017, according to research from IDC.
20 % vacancy rate of
office space in Mumbai and Delhi in the third quarter, the highest in Asia
after Chengdu, in China. According to Cushman and Wakefield, six Indian cities
are among the 10 office markets with the worst vacancies.
Foreign banks will
not have to pay stamp duty and capital gains tax, if they convert their branch
operations into a wholly owned subsidiary, according to the Reserve Bank of
India.
The Reserve Bank of
India is planning to launch CPI – indexed bonds aimed to protecting the savings
of retail investors from the impact the price rise by December end.
Central Bureau of
Investigation has booked State Bank of India, Deputy Managing Director Shyamal
Acharya and others in a graft case related to distribution of a loan of over Rs
4000 mn. Gold and jewellery worth Rs 6.7 mn have been recovered from the
residence of Acharya.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term loans: “A” |
|
Rating Explanation |
Adequate degree of safety. It carry low
credit risk. |
|
Date |
July 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term: “A2+” |
|
Rating Explanation |
Strong degree of safety. It carry very low
credit risk. |
|
Date |
July 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 PARTED BY
|
Name : |
Mr. Shyam Kajare |
|
Contact No.: |
91-20-66744700 |
|
Date : |
03.01.2014 |
LOCATIONS
|
Registered Office : |
Survey No.92, Tathawade Taluka Mulshi, Pune – 411033, Maharashtra,
India |
|
Tel. No.: |
91-20-66744700 / 30644700 |
|
Fax No.: |
91-20-66744724 / 30644724 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. Chandrakant Sanghvi |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Vijay Mainkar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Dara Damania |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S. Padmanabhan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Gary Jit Meng Ng |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Pradeep Rathi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Dinesh Mu |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sanjay Asher |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Mina Sanghvi |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Sham Kaj |
|
Designation : |
Executive Director and CFO |
|
|
|
|
Name : |
Mr. Ramchandra Desai* |
|
Designation : |
Executive Director (*Resigned w.e.f. 1st November 2012) |
|
|
|
|
Name : |
Mr. Rajesh Likhite |
|
Designation : |
Company Secretary and Chief Compliance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2013
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
20114944 |
46.47 |
|
|
17500 |
0.04 |
|
|
20132444 |
46.51 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
20132444 |
46.51 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
1226617 |
2.83 |
|
|
2536869 |
5.86 |
|
|
4031250 |
9.31 |
|
|
4031250 |
9.31 |
|
|
7794736 |
18.01 |
|
|
|
|
|
|
2046834 |
4.73 |
|
|
|
|
|
|
5508103 |
12.72 |
|
|
3110667 |
7.19 |
|
|
4695216 |
10.85 |
|
|
43867 |
0.10 |
|
|
239850 |
0.55 |
|
|
1513 |
0.00 |
|
|
7481 |
0.02 |
|
|
2505 |
0.01 |
|
|
4400000 |
10.16 |
|
|
15360820 |
35.49 |
|
Total Public
shareholding (B) |
23155556 |
53.49 |
|
Total (A)+(B) |
43288000 |
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) |
43288000 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
Sl.No. |
Name of the
Shareholder |
Details of Shares
held |
Encumbered shares
(*) |
Total shares
(including underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|||
|
No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
No |
As a percentage |
As a % of |
|
||
|
1 |
Chandrakant Phoolchand Sanghvi |
99,69,284 |
23.03 |
600000 |
6.02 |
1.39 |
23.03 |
|
2 |
Rishi Chandrakant Sanghvi |
53,34,740 |
12.32 |
0 |
0.00 |
0.00 |
12.32 |
|
3 |
Mina Chandrakant Sanghvi |
34,10,420 |
7.88 |
0 |
0.00 |
0.00 |
7.88 |
|
4 |
Mina Chandrakant Sanghvi |
9,00,000 |
2.08 |
0 |
0.00 |
0.00 |
2.08 |
|
5 |
Niyoshi Chandrakant Sanghvi |
5,00,500 |
1.16 |
0 |
0.00 |
0.00 |
1.16 |
|
6 |
Jethi Builders And Traders Private Limited |
17,500 |
0.04 |
0 |
0.00 |
0.00 |
0.04 |
|
|
Total |
2,01,32,444 |
46.51 |
600000 |
2.98 |
1.39 |
46.51 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
Total shares (including
underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
1 |
Goldpeak Limited |
4400000 |
10.16 |
10.16 |
|
2 |
Olympus India Holdings Limited |
2687500 |
6.21 |
6.21 |
|
3 |
TVF Fund Limited |
1129129 |
2.61 |
2.61 |
|
4 |
Olympus Crane Holdings Limited |
1343750 |
3.10 |
3.10 |
|
5 |
Asiabridge Fund I Llc |
1103470 |
2.55 |
2.55 |
|
6 |
Kedar Dattatraya Borgaonkar |
1297199 |
3.00 |
3.00 |
|
7 |
Sanghvi Erectors Private Limited |
557841 |
1.29 |
1.29 |
|
8 |
Motilal Gopilal Oswal |
563978 |
1.30 |
1.30 |
|
9 |
HDFC Trustee Company Limited -HDFC Prudence Fund |
1014957 |
2.34 |
2.34 |
|
10 |
Anil Kumar Goel |
438000 |
1.01 |
1.01 |
|
|
Total |
14535824 |
33.58 |
33.58 |
Shareholding
belonging to the category "Public" and holding more than 5% of the
Total No. of Shares
|
Sl. No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of
Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
1 |
Goldpeak Limited |
4400000 |
10.16 |
10.16 |
|
2 |
Olympus India Holdings Limited |
2687500 |
6.21 |
6.21 |
|
|
Total |
7087500 |
16.37 |
16.37 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of providing cranes on rental
basis. |
GENERAL INFORMATION
|
Customers : |
·
Thyssenkrupp ·
Vedanta Aluminium Limited ·
Vestas Wind Systems ·
Voltas Limited ·
Welspun Energy Limited ·
WinWind ·
ACC Limited ·
Adani |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
No. of Employees : |
1198 (Approximately) |
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
· Axis Bank · Bank of Baroda · Bank of India · Corporation Bank · Dena Bank · ICICI Bank · ING Vysya Bank · State Bank of Hyderabad · State Bank of India · The Saraswat Co-op Bank Limited |
||||||||||||||||||||||||||||||||||||||||||||||||
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|
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
||||||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
B S R and Company Chartered Accountants |
|
|
|
|
Enterprises over
which key management personnel exercise significant influence: |
· Jethi Builders and Traders Private Limited · Sanghvi Erectors Private Limited · Maharashtra Erectors Private Limited |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000000 |
Equity Shares |
Rs.2/- each |
Rs. 100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
43288000 |
Equity Shares |
Rs.2/- each |
Rs. 86.576
Millions |
|
|
|
|
|
Rights, preferences and
restrictions attached to equity shares
The company has only one class of shares referred to as equity shares having a par value of Rs.2. Each holder of equity shares is entitled to one vote per share. The company declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. The Board of Directors, in their meeting on 27th May 2013 proposed a final dividend of Rs.1 per equity share. The proposal is subject to the approval of shareholders at the ensuing Annual General Meeting. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts, in proportion to their shareholding.
Details of
Shareholders Holding more than 5% Shares is set out below:
|
Name of the
Shareholder |
As on 31.03.2013 |
As on 31.03.2012 |
||
|
No. of shares |
% held |
No. of shares |
% held |
|
|
Mr. Chandrakant Phoolchand Sanghvi |
9969284 |
23.03% |
9969284 |
23.03% |
|
Mr. Rishi Chandrakant Sanghvi |
5334740 |
12.32% |
5300500 |
12.24% |
|
Goldpeak Limited |
4400000 |
10.16% |
4400000 |
10.16% |
|
Mrs. Mina Chandrakant Sanghvi |
3777633 |
8.73% |
3354380 |
7.75% |
|
Olympus India Holdings Limited |
2687500 |
6.21% |
2687500 |
6.21% |
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 |
86.576 |
86.576 |
86.576 |
|
(b) Reserves & Surplus |
6547.608 |
6188.644 |
5321.853 |
|
(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) |
6634.184 |
6275.220 |
5408.429 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term
borrowings |
3826.910 |
3096.582 |
2460.032 |
|
(b) Deferred tax liabilities (Net) |
943.143 |
909.340 |
779.268 |
|
(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) |
4770.053 |
4005.922 |
3239.300 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
7.941 |
426.491 |
434.280 |
|
(b)
Trade payables |
96.030 |
124.040 |
134.377 |
|
(c)
Other current liabilities |
2178.015 |
3607.444 |
3662.491 |
|
(d) Short-term
provisions |
69.308 |
167.305 |
151.206 |
|
Total Current
Liabilities (4) |
2351.294 |
4325.280 |
4382.354 |
|
|
|
|
|
|
TOTAL |
13755.531 |
14606.422 |
13030.083 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
10902.059 |
11859.888 |
10701.996 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
1.569 |
138.620 |
93.663 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.025 |
0.025 |
0.025 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
112.958 |
65.235 |
291.381 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
11016.611 |
12063.768 |
11087.065 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
105.485 |
83.662 |
63.508 |
|
(c)
Trade receivables |
2240.912 |
2046.372 |
1349.694 |
|
(d) Cash
and cash equivalents |
290.673 |
153.313 |
187.134 |
|
(e) Short-term
loans and advances |
94.057 |
252.291 |
339.371 |
|
(f)
Other current assets |
7.793 |
7.016 |
3.311 |
|
Total
Current Assets |
2738.920 |
2542.654 |
1943.018 |
|
|
|
|
|
|
TOTAL |
13755.531 |
14606.422 |
13030.083 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
3391.851 |
4504.741 |
3612.456 |
|
|
|
Other Income |
82.250 |
209.892 |
122.769 |
|
|
|
TOTAL (A) |
3474.101 |
4714.633 |
3735.225 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating and other expenses |
914.960 |
1171.937 |
914.228 |
|
|
|
Employee benefits expense |
159.621 |
178.558 |
140.247 |
|
|
|
Exceptional items |
0.000 |
(14.059) |
0.000 |
|
|
|
TOTAL (B) |
1074.581 |
1336.436 |
1054.475 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2399.520 |
3378.197 |
2680.750 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
633.740 |
770.863 |
491.960 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1765.780 |
2607.334 |
2188.790 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1180.977 |
1106.030 |
928.848 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
584.803 |
1501.304 |
1259.942 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
175.529 |
483.582 |
396.839 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
409.274 |
1017.722 |
863.103 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1979.443 |
1612.652 |
1400.480 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
500.000 |
500.000 |
500.000 |
|
|
|
Dividend |
43.288 |
129.864 |
129.864 |
|
|
|
Tax on Dividend |
7.022 |
21.067 |
21.067 |
|
|
BALANCE CARRIED
TO THE B/S |
1838.407 |
1979.443 |
1612.652 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
0.000 |
26.762 |
0.000 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Stores & Spares |
22.583 |
79.165 |
52.746 |
|
|
|
Capital Goods |
6.086 |
1829.526 |
2638.124 |
|
|
TOTAL IMPORTS |
28.669 |
1908.691 |
2690.870 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
9.45 |
23.51 |
19.94 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
11.79 |
21.59 |
23.11 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
17.24 |
33.32 |
34.88 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.25 |
10.38 |
9.73 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
0.23 |
0.23 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.58 |
0.56 |
0.53 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.17 |
0.59 |
0.44 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT DETAILS
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
Term loans from banks in Indian rupees |
1095.426 |
1871.228 |
|
|
Term loans from banks in Foreign currencies |
984.905 |
1607.458 |
|
|
Total |
2080.331 |
3478.686 |
3498.152 |
|
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
-- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As on 31.03.2013 |
As on 31.03.2012 |
|
Long-term
borrowings |
|
|
|
Loans from related parties |
172.100 |
0.000 |
|
|
|
|
|
Short-term
borrowings |
|
|
|
Loans from related party |
0.000 |
21.400 |
|
Terms loans from bank |
7.941 |
0.000 |
|
|
|
|
|
Total |
180.041 |
21.400 |
|
Note:
Loans from a related party are repayable on demand and carry an interest rate ranging from 8.5 - 14 % p.a. (2012: 12 - 14% p.a.) Foreign currency term loans from banks carry usuance
interest and are repayable in 360 days from the date when these loans were
availed. |
||
BUSINESS REVIEW
During the year under report, the company generated revenue of Rs.3470.000 millions, decrease of 26% as compared to the previous year and the Net Profit was Rs.410.000 millions, fall of 60% year on year basis.
During the financial year 2012-13, the macro-economic conditions remained volatile. The global economic slowdown, rising interest rates, lack of government initiative and foreign currency fluctuations affected the market severely.
POWER GENERATION
The company has been earning regular income from the business of power generation from windmills commissioned in Jaisalmer, Rajasthan and Chitradurga, Karnataka. Total Income earned out of Wind Power Generation was Rs.23.300 millions.
FINANCE
During the year, the company has availed financial assistance from State Bank of India and The Saraswat Co-operative Bank and the company is enjoying working capital facilities from Dena Bank. Total Secured Loan outstanding as of 31st March 2013 was Rs. 5777.100 millions. The company is regular in its repayment obligation with its banks.
DIRECTORS
Mr. Ramchandra Desai resigned with effect from 01st November 2012. The Board of Directors expresses its sincere appreciation for the services rendered by Mr. Ramchandra Desai and further expresses its gratitude for the same.
Mr. S. Padmanabhan and Mr. Pradeep Rathi are liable to retire by rotation and being eligible offer themselves for re-appointment. The brief resume/details relating to Directors who are to be appointed/re-appointed are furnished in the report on corporate governance.
MANAGEMENT DISCUSSION
AND ANALYSIS
REVIEW OF ECONOMY
The economic backdrop continued to be an important factor impacting the performance of companies across all the sectors. The market sentiment and business confidence were subdued in financial year 2012-13. Rising interest rates, fiscal deficit, stock market fluctuations, global woes, slow reforms by the government, tight monetary policy adopted by Reserve Bank of India, higher inflation rates, foreign currency fluctuations, poor performance of agriculture, manufacturing and mining sectors, political instability severely affected the Indian economic growth in 2012-13. Due to these factors, the economic growth fell to a decade's low of 5 percent for the year 2012.13.
The World Bank sees India's economic growth rising to 5.7 percent in 2013-14, buoyed by gradual strengthening of external demand. Indian economy's GDP growth is projected to accelerate to 6.5 percent in 2014-15 and 6.7 percent in 2015-16, as per the latest edition of the Global Economic Prospects issued by World Bank. As per the Twelveth Five Year Plan, the infrastructure spend is going to be around Rs.50000.000 millions.
COMPANY PERFORMANCE
The company operates primarily in operations of cranes. Financial performance of the company was affected due to lack of investments in the core sectors of the economy, overall slowdown and increased competition.
They have been pioneered in catering to crane requirements of major industries in the economy like Power, Steel, Refinery, Cement and Wind Power. During the year, the company has shifted its focus more on Power, Cement, Steel, Metro Projects and Refinery sectors.
OUTLOOK
During last three four years, company concentrated on buying heavy duty cranes (cranes above 100 Tons). At present more than 90% of gross block of cranes is in 100 MT and above cranes. Obviously, more than 90% of the company's turnover is contributed by higher tonnage cranes.
In the next two three years, the company expects order flow from Power, Cement, Refinery sectors and Metro Projects.
UNAUDITED FINANCIAL RESULTS FOR QUARTER AND SIX MONTH ENDED 30TH
SEPTEMBER 2013
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
Six Month Ended ( Unaudited) |
||
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
|
1.
Income from operations |
|
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
512.822 |
662.800 |
1175.622 |
|
|
b) Other operating income |
11.126 |
10.510 |
21.636 |
|
|
Total
income from Operations(net) |
523.948 |
673.310 |
1197.258 |
|
|
2.
Expenditure |
|
|
|
|
|
a) Cost of material consumed |
-- |
-- |
-- |
|
|
b) Purchase of stock in trade |
-- |
-- |
-- |
|
|
c) Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
-- |
-- |
-- |
|
|
d) Employees benefit expenses |
35.439 |
35.066 |
70.505 |
|
|
e) Depreciation and amortization expenses |
297.566 |
296.019 |
593.585 |
|
|
f) Other expenditure |
203.219 |
211.746 |
414.962 |
|
|
Total expenses |
536.224 |
542.831 |
1079.052 |
|
|
|
|
|
|
|
|
3. Profit from operations before other income and
financial costs and exceptional items |
(12.276) |
130.482 |
118.206 |
|
|
4. Other income |
12.158 |
2.851 |
1.509 |
|
|
5. Profit from ordinary activities before finance costs
and exceptional items |
(0.118) |
133.333 |
133.215 |
|
|
6. Finance costs |
112.344 |
118.175 |
230.519 |
|
|
7. Net profit/(loss) from ordinary activities after
finance costs but before exceptional items |
(112.462) |
15.158 |
(97.304) |
|
|
8. Exceptional item |
-- |
-- |
-- |
|
|
9. Profit from ordinary activities before tax
(7+8) |
(112.462) |
15.158 |
(97.304) |
|
|
10.Tax expenses |
(36.488) |
4.918 |
(31.570) |
|
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
(75.974) |
10.240 |
(65.734) |
|
|
12.Extraordinary Items (net of tax expense) |
-- |
-- |
-- |
|
|
13.Net Profit / (Loss) for the period (11 -12) |
(75.974) |
10.240 |
(65.734) |
|
|
14.Paid-up
equity share capital (Nominal value Re. 1/- per share) |
86.576 |
86.576 |
86.576 |
|
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
-- |
-- |
-- |
|
|
16.i) Earnings per share (before extraordinary items)
of Re. 1/- each) (not annualised): |
|
|
|
|
|
(a)
Basic (b)
Diluted |
(1.76) (1.76) |
0.24 0.24 |
(1.52) (1.52) |
|
|
ii) Earnings per share (after extraordinary items) |
|
|
|
|
|
(a)
Basic (b) Diluted |
(1.76) (1.76) |
0.24 0.24 |
(1.52) (1.52) |
|
|
|
|
|
|
|
|
A. Particulars of shareholding |
|
|
|
|
|
1. Public
Shareholding |
|
|
|
|
|
- Number of shares |
23155556 |
23155556 |
23155556 |
|
|
- Percentage of
shareholding |
53.49% |
53.49% |
53.49% |
|
|
2. Promoters and
Promoters group Shareholding- |
|
|
|
|
|
a) Pledged
/Encumbered |
|
|
|
|
|
Number of shares |
600000 |
600000 |
600000 |
|
|
Percentage of shares
(as a % of total shareholding of the promoter and promoter group) |
2.98% |
2.98% |
2.98% |
|
|
Percentage of shares
(as a % of total share capital of the company) |
1.39% |
1.39% |
1.39% |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
Number of shares |
19532444 |
19532444 |
19532444 |
|
|
Percentage of shares
(as a % of total shareholding of the promoter and promoter group) |
97.02% |
97.02% |
97.02% |
|
|
Percentage of shares
(as a % of total share capital of the company) |
45.12% |
45.12% |
45.12% |
|
|
|
|
|
|
|
|
B.
Investor Complaints |
|
|||
|
Pending at the beginning of the quarter |
0 |
|||
|
Receiving during the quarter |
2 |
|||
|
Disposed of during the quarter |
2 |
|||
|
Remaining unreserved at the end of the quarter |
0 |
|||
STATEMENT OF ASSETS
AND LIABILITIES
(Rs.
In Millions)
|
SOURCES OF FUNDS |
|
|
30.09.2013 (Unaudited) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
86.576 |
|
(b) Reserves & Surplus |
|
|
6481.874 |
|
Sub-total
- Shareholders fund |
|
|
6568.450 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a Long term borrowing |
|
|
2656.449 |
|
(b) Deferred tax liabilities (Net)
|
|
|
911.573 |
|
Sub-total - Non
current liabilities |
|
|
3568.022 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowing |
|
|
62.589 |
|
(b) Trade payables |
|
|
83.517 |
|
(c) Other current liabilities |
|
|
2607.858 |
|
(d) Short-term provisions |
|
|
12.213 |
|
Sub-total - Current
liabilities |
|
|
2766.177 |
|
|
|
|
|
|
TOTAL |
|
|
12902.649 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
10698.280 |
|
(b) Non-current Investments |
|
|
0.025 |
|
(c) Long-term Loan and Advances |
|
|
146.235 |
|
Sub-total - Non
current asset |
|
|
10844.540 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(b) Inventories |
|
|
102.852 |
|
(c) Trade receivables |
|
|
1747.947 |
|
(d) Cash and cash equivalents |
|
|
107.040 |
|
(e) Short-term loans and advances |
|
|
68.907 |
|
(f) Other current assets |
|
|
31.363 |
|
Sub-total - Current assets |
|
|
2058.109 |
|
|
|
|
|
|
TOTAL |
|
|
12902.649 |
Note:
The company is of the view that crane operations and its related actives continue to be the only reportable segment in accordance with AS 17 – Segment reporting.
The above financial results were review by the audit committee and approved by the board of directors at their meeting’s held on 11 November 2013.
The auditors of the company have conducted a limited review of the financial for the quarter and six months ended 30 September 2013. An unquailed reported has been issued by them thereon.
Reversal of interest
as per accounting standard (AS) 16 on Borrowing Costs:
The company had exercised the option in the accounting standard (AS) 11 relating to the effects of changes in foreign exchange rates to capital exchanges difference on translation of long term monetary liabilities. Used to acquire depreciable assets, to cost of such depreciable assets after providing for interest differential as per accounting standard (AS) 16. In view of clarification provided vide ministry of corporate Affirms circular 25/2012 dated 09 August 2012, the company has exercised the option retrospectively from 01 April 2011 and during the quarter ended 30 September 2012 had reversed the exchanges loss amounting to Rs. 13.647 millions representing interest differential up to 30 June 2012 which was previously changed to the statement of profit and loss and a corresponding adjustment had been made to the cost of respective fixed assets.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10462926 |
08/11/2013 |
250,000,000.00 |
THE SARASWAT CO-OPERATIVE BANK LIMITED |
C-2, KOHINOOR ESTATE, CO-OPERATIVE HOUSING SOCIETY, PLOT NO 12, MULA ROAD, SANGAMWADI, PUNE, MAHARASHTRA - 411003, INDIA |
B90644592 |
|
2 |
10402019 |
16/01/2013 |
500,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, TARA CHAMBERS, WAKDEWADI, MUMBAI- PUNE ROAD, PUNE, MAHARASHTRA - 411003, INDIA |
B67710889 |
|
3 |
10386198 |
08/11/2013 * |
500,000,000.00 |
THE SARASWAT CO-OPERATIVE BANK LTD. |
C-2, KOHINOOR ESTATE, CO-OPERATIVE HOUSING SOCIETY, PLOT NO. 12, MULA ROAD, SANGAMWADI, PUNE, MAHARASHTRA - 411003, INDIA |
B90645052 |
|
4 |
10343062 |
08/11/2013 * |
600,000,000.00 |
THE SARASWAT CO-OPERATIVE BANK LIMITED |
C-2, KOHINOOR ESTATE, CO-OPERATIVE HOUSING SOCIETY, PLOT NO 12, MULA ROAD, SANGAMWADI, PUNE, MAHARASHTRA - 411003, INDIA |
B90645177 |
|
5 |
10315317 |
12/10/2011 |
1,100,000.00 |
THE SARASWAT CO-OPERATIVE BANK LIMITED |
PLOT NO 9, MIDC HINJEWADI, TALUKA MULSHI, PUNE, |
B24398091 |
|
6 |
10315319 |
12/10/2011 |
1,100,000.00 |
THE SARASWAT CO-OPERATIVE BANK LIMITED |
PLOT NO 9, MIDC HINJEWADI, TALUKA MULSHI, PUNE, |
B24398489 |
|
7 |
10315476 |
10/10/2011 |
7,875,000.00 |
ING VYSYA BANK LIMITED |
928, MANTRI CENTRE, F. C. ROAD, PUNE, MAHARASHTRA - 411004, INDIA |
B24457723 |
|
8 |
10315472 |
10/10/2011 |
50,000,000.00 |
ING VYSYA BANK LIMITED |
928, MANTRI CENTRE, F. C. ROAD, PUNE, MAHARASHTRA - 411004, INDIA |
B24456857 |
|
9 |
10338159 |
12/05/2011 |
1,000,000,000.00 |
AXIS BANK LIMITED |
1260/B, STERLING PLAZA, JANGLI MAHARAJ ROAD, DECCAN GYMKHANA, PUNE, MAHARASHTRA - 411004, INDIA |
B25379777 |
|
10 |
10311623 |
24/01/2011 |
5,775,000.00 |
THE SARASWAT CO-OPERATIVE BANK LIMITED |
C-2, KOHINOOR ESTATE, CO-OPERATIVE HOUSING SOCIETY, PLOT NO 12, MULA ROAD, SANGAMWADI, PUNE, MAHARASHTRA - 411003, INDIA |
B14214530 |
|
11 |
10245581 |
08/11/2013 * |
350,000,000.00 |
THE SARASWAT CO-OPERATIVE BANK LTD. |
C-2, KOHINOOR ESTATE, CO-OPERATIVE HOUSING SOCIETY, PLOT NO. 12, MULA ROAD, SANGAMWADI, PUNE, MAHARASHTRA - 411003, INDIA |
B90644840 |
|
12 |
10239782 |
08/12/2011 * |
1,700,000,000.00 |
ICICI BANK LIMITED |
3RD FLOOR, A WING,SHANGRILA GARDENS,, BUND GARDEN, PUNE, MAHARASHTRA - 411001, INDIA |
B27973288 |
|
13 |
10220664 |
04/05/2010 |
1,000,000,000.00 |
BANK OF BARODA |
CORPORATE FINANCIAL SERVICES BRANCH, MANTRI COURT, 1ST FLOOR, 39, RAMABAI AMBEDKAR ROAD, NEAR RTO, PUNE, MAHARASHTRA - 411001, INDIA |
A86272754 |
|
14 |
10220663 |
13/04/2010 |
61,400,000.00 |
ING VYSYA BANK LIMITED |
928, MANTRI CENTRE, F. C. ROAD, PUNE, MAHARASHTRA - 411004, INDIA |
A86246261 |
|
15 |
10220662 |
13/04/2010 |
100,000,000.00 |
ING VYSYA BANK LIMITED |
928, MANTRI CENTRE, F. C. ROAD, PUNE, MAHARASHTRA - 411004, INDIA |
A86245719 |
|
16 |
10205084 |
18/10/2012 * |
1,000,000,000.00 |
AXIS BANK LIMITED |
214-215, CITY MALL, NEAR PUNE UNIVERSITY, PUNE, MAHARASHTRA - 411007, INDIA |
B61138244 |
|
17 |
10200329 |
27/01/2010 |
300,000,000.00 |
BANK OF INDIA |
CORPORATE BANKING BRANCH, 1162/6, SHIVAJINAGAR, |
A78438496 |
|
18 |
10125581 |
07/10/2008 |
500,000,000.00 |
STATE BANK OF HYDERABAD |
NARAYAN PETH, LAXMI ROAD BRANCH, PUNE, MAHARASHTRA - 411030, INDIA |
A47962949 |
|
19 |
10078713 |
12/05/2011 * |
350,000,000.00 |
AXIS BANK LIMITED |
1260/B, STERLING PLAZA, JANGLI MAHARAJ ROAD, DECCAN GYMKHANA, PUNE, MAHARASHTRA - 411004, INDIA |
B15167604 |
|
20 |
90088978 |
08/12/2005 * |
18,500,000.00 |
THE SARASWAT CO - OPARATIVE BANK LTD. |
F.C. ROAD, PUNE, MAHARASHTRA - 411004, INDIA |
- |
|
21 |
90092203 |
25/05/2011 * |
1,950,000,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, TARA CHAMBERS, WAKDEWADI, MUMBAI-PUNE ROAD, PUNE, MAHARASHTRA - 411003, INDIA |
B14476576 |
|
22 |
90090069 |
21/06/2013 * |
1,050,000,000.00 |
DENA BANK |
DECCAN GYMKHANA BRANCH, PUNE, MAHARASHTRA - 411004, INDIA |
B78675667 |
* Date of charge modification
FIXED
ASSETS:
- Buildings
- Plant and
Machinery and Equipment
- Wind Mills
- Office
Equipment
- Furniture and
Fixture
- Vehicles
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. 62.41 |
|
|
1 |
Rs. 102.53 |
|
Euro |
1 |
Rs. 85.20 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
55 |
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.