MIRA
INFORM REPORT
|
Report Date : |
09.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
SIGNET INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
308, Acme Plaza, Opposite Sangam Cinema, Andheri Kurla
Road, Andheri (East), Mumbai – 400059, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
29.01.1985 |
|
|
|
|
Com. Reg. No.: |
11-035202 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.291.870 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L51900MH1985PLC035202 |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer of Trip and Strinkler Systems, PVC Pipes, SWR
Pipes, PVC Pipe Fittings, Plastic Furniture Etc. |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
B (33) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 1910000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. External borrowing of the company appears to be huge. However, the
company has achieved growth in its profitability during the financial year
2013. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealings with some caution.
|
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
India’s current
account deficit narrowed in the quarter ended September as government measures
to curb imports, especially gold, kicked in. The current account deficit,
the excess of a country’s imports of goods and services over exports, narrowed
to $ 5.2 billion from $ 21 billion in the year ago period, according to
provisional Reserve Bank of India data. Finance Minister P. Chidambaram said
the CAD for the year will be less than $ 60 billion or 3 per cent of GDP and
the latest data suggests the government may achieve the target.
India was ranked 94th
among the world’s most corrupt nations list. Denmark and New Zealand topped as
the cleanest while Somalia emerged as the most corrupt.
India’s services
sector activity witnessed a moderate improvement in November over the previous
month, even while indicating the fifth successive monthly contraction,
according the HSBC survey.
$53 million estimated
losses suffered by India due to phishing attacks during the third quarter,
according to a study by RSA. India ranks fourth in the list of nations hit by
phishing attacks. The US remained at the top of the charts. Phishing is the
process of acquiring information such as user names, passwords and credit card
details by sending e-mails disguised as official mails.
Rs.4080 million
worth of mobile-phone-based transactions by July 2013 compared to Rs.260
million in September, 2012, according to Deloitte report. The number of
transactions has shot up from 94000 to 701000.
India aims to earn
Rs.400000 million from the bandwidth auction set for January. The merger and
acquisition guidelines, cleared by a group of ministers, will be out before the
auction begins so that players can make informed decisions on the auctions.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Term Loans = BB+ |
|
Rating Explanation |
Moderate risk of default and high credit risk. |
|
Date |
October, 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term Fund Based Limits = A4+ |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
October, 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 DECLINED
Management Non-Cooperative (91-22-30888064)
LOCATIONS
|
Registered Office : |
308, Acme Plaza, Opposite Sangam Cinema, Andheri Kurla
Road, Andheri (East), Mumbai – 400059, Maharashtra, India |
|
Tel. No.: |
91-22-32448061-64 |
|
Fax No.: |
91-22-56941567 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Administrative / Corporate Office : |
314/3, SDA Compound, Lasudia Mori, Dewas Naka, Indore – 452010, Madhya
Pradesh, India |
|
Tel. No.: |
91-731-4217800 |
|
Fax No.: |
91-731-4217867 |
|
E-Mail : |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Mukesh Sangla |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Saurabh Sangla |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ankit Bhandari |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Deepak Mehta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Murli Dhar Vashist |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mrs. Preeti Singh |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Category of Shareholder |
Total
No. of Shares held in Dematerialized Form |
Total
Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
7029954 |
24.09 |
|
|
14381046 |
49.27 |
|
|
21411000 |
73.36 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
21411000 |
73.36 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
7507155 |
25.72 |
|
|
|
|
|
|
233635 |
0.80 |
|
|
32078 |
0.11 |
|
|
3132 |
0.01 |
|
|
3132 |
0.01 |
|
|
7776000 |
26.64 |
|
Total Public shareholding (B) |
7776000 |
26.64 |
|
Total (A)+(B) |
29187000 |
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) |
29187000 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
Sl.No. |
Name of the Shareholder |
Details of Shares
held |
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) |
|
|
1 |
Shree Balaji Starch and Chemicals Limited |
38,86,200 |
13.31 |
13.31 |
|
2 |
Swan Holding Private Limited |
28,91,700 |
9.91 |
9.91 |
|
3 |
Adroit Industries India Limited |
24,75,000 |
8.48 |
8.48 |
|
4 |
Mukesh Sangla |
15,44,382 |
5.29 |
5.29 |
|
5 |
Monika Sangla |
15,43,500 |
5.29 |
5.29 |
|
6 |
Saurabh Sangla |
15,12,000 |
5.18 |
5.18 |
|
7 |
Orinate Leasing & Finance |
10,94,400 |
3.75 |
3.75 |
|
8 |
Signate Leasing & Finance |
10,81,746 |
3.71 |
3.71 |
|
9 |
Mukesh Sangla HUF |
10,80,072 |
3.70 |
3.70 |
|
10 |
Signet Impex Private Limited |
9,84,000 |
3.37 |
3.37 |
|
11 |
Ornate Leasing & Finance Private Limited |
9,84,000 |
3.37 |
3.37 |
|
12 |
Signate Leasing & Finance Private Limited |
9,84,000 |
3.37 |
3.37 |
|
13 |
Avantika Sangla |
4,50,000 |
1.54 |
1.54 |
|
14 |
Mukesh Sangla |
3,00,000 |
1.03 |
1.03 |
|
15 |
Saurabh Sangla |
3,00,000 |
1.03 |
1.03 |
|
16 |
Monika Sangla |
3,00,000 |
1.03 |
1.03 |
|
|
Total |
2,14,11,000 |
73.36 |
73.36 |
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 |
Can India Overseas LLP |
1440000 |
4.93 |
4.93 |
|
2 |
Ava Enterprises LLP |
1439310 |
4.93 |
4.93 |
|
3 |
Indore Dye Chem LLP |
1395905 |
4.78 |
4.78 |
|
4 |
Impulse Line Hospitals LLP |
1285756 |
4.41 |
4.41 |
|
5 |
Pranay Trade Link Private Limited |
1402200 |
4.80 |
4.80 |
|
|
Total |
6963171 |
23.86 |
23.86 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Trip and Strinkler Systems, PVC Pipes, SWR
Pipes, PVC Pipe Fittings, Plastic Furniture Etc. |
PRODUCTION STATUS [AS ON 31.03.2011]
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production * |
|
Polymers and Extruded Plastic Products |
(Mts.) |
27600 |
4065.561 |
|
Wind Power |
(MW) / (KWH) |
1.4 (MW) |
3140611 (KWH) |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
|||||||||||||||||||||||||||||||||||||||||||||
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|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Bankers : |
· Export-Import Bank of India, Centre One Building, Floor 21, World Trade Centre Complex, Cuffe Parade, Mumbai - 400005, Maharashtra, India ·
UCO Bank ·
State Bank of India ·
Indian Overseas Bank ·
Dena Bank |
|||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|||||||||||||||||||||||||||||||||||||||||||||
|
Facilities : |
NOTES: 1.
Working Capital Loans from Banks are secured against
hypothecation of stock of raw materials, work in progress, finished goods, other
current assets and charge on book debts, second pari passu charge on the
Fined Assets (both present and future)
of the company, extension of equitable mortgage of the immovable properties situated at Industrial Area Pithampur and Kelodhala, Dewas
Naka, Indore and personally guaranteed by Mr. Mukesh Sangla and Mr. Saurabh Sangla, Directors of the
company, Mrs. Monika Sangla and corporate guarantee of Kamdeep Marketing Private Limited. 2.
During the year Company has availed buyer’s credit, the said
facility outstanding as at 31st March 2013, was Rs, 438.317 Millions (Previous Year Rs. 279.884 Millions)
is against lien on fixed deposits (included under banks balance with banks in deposit accounts in) and balance Rs,.
409.794 Millions (Previous Year Rs.481.655 Millions) by earmarking the non
fund based credit facilities sanctioned by the banks. 3.
Buyers credit is secured against the charge on
imported plant and machineries. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Ashok Khasgiwala and Company Chartered Accountants |
|
Address : |
317, Cnetar Centre Area, RNT Marg, Indore – 452 001, Madhya Pradesh,
India |
|
Tel. No.: |
91-731-2517341 / 4069301 |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Millions |
|
5000000 |
5% Non Cumulative Redeemable Preferences Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
TOTAL
|
|
Rs.350.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
29187000 |
Equity Shares |
Rs.10/- each
|
Rs.291.870
Millions |
|
5000000 |
5% Non Cumulative Redeemable Preferences Shares |
Rs.10/- each |
Rs.50.000
Millions |
|
|
TOTAL
|
|
Rs.341.870 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 |
341.870 |
291.870 |
291.870 |
|
(b) Reserves & Surplus |
135.715 |
58.475 |
36.185 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
50.000 |
35.500 |
|
Total Shareholders’ Funds (1) + (2) |
477.585 |
400.345 |
363.555 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
919.099 |
952.376 |
704.045 |
|
(b) Deferred tax liabilities (Net) |
104.519 |
83.445 |
57.827 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
1.840 |
1.129 |
0.798 |
|
Total Non-current Liabilities (3) |
1025.458 |
1036.950 |
762.670 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
1626.577 |
1419.154 |
1162.747 |
|
(b) Trade payables |
1172.621 |
1145.556 |
635.596 |
|
(c) Other current
liabilities |
256.085 |
214.228 |
71.713 |
|
(d) Short-term provisions |
10.703 |
17.031 |
43.570 |
|
Total Current Liabilities (4) |
3065.986 |
2795.969 |
1913.626 |
|
|
|
|
|
|
TOTAL |
4569.029 |
4233.264 |
3039.851 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
779.244 |
754.939 |
538.053 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
39.362 |
54.029 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
76.945 |
76.945 |
77.081 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
81.212 |
73.557 |
90.319 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
937.401 |
944.803 |
759.482 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
729.142 |
673.723 |
540.408 |
|
(c) Trade receivables |
2031.064 |
1846.706 |
1397.135 |
|
(d) Cash and cash
equivalents |
678.153 |
498.034 |
182.042 |
|
(e) Short-term loans
and advances |
110.018 |
204.369 |
127.127 |
|
(f) Other current assets |
83.251 |
65.629 |
33.657 |
|
Total Current Assets |
3631.628 |
3288.461 |
2280.369 |
|
|
|
|
|
|
TOTAL |
4569.029 |
4233.264 |
3039.851 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
5649.745 |
5124.034 |
4354.431 |
|
|
|
Other Income |
24.507 |
4.355 |
21.904 |
|
|
|
TOTAL (A) |
5674.252 |
5128.389 |
4376.335 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1520.558 |
948.484 |
513.610 |
|
|
|
Purchases of Stocks in Trade |
3234.383 |
3624.909 |
3796.813 |
|
|
|
Employee Benefits Expenses |
76.489 |
59.536 |
23.857 |
|
|
|
Other Expenses |
274.365 |
224.755 |
141.801 |
|
|
|
Changes in Inventories of Finished Goods, Work in Progress and Stock
in Trade |
22.196 |
(113.576) |
(311.544) |
|
|
|
TOTAL (B) |
5127.991 |
4744.108 |
4164.537 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
546.261 |
384.281 |
211.798 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
309.945 |
258.586 |
95.337 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
236.316 |
125.695 |
116.461 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
60.593 |
45.191 |
24.647 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
175.723 |
80.504 |
91.814 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
56.374 |
41.254 |
33.501 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
119.349 |
39.250 |
58.313 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
44.849 |
22.560 |
219.515 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
2.984 |
0.000 |
10.000 |
|
|
|
Proposed Dividend Preferences Shares |
1.199 |
0.000 |
36.484 |
|
|
|
Proposed Dividend Equity Shares |
0.000 |
14.594 |
0.000 |
|
|
|
Interim Dividend Equity Shares |
35.024 |
0.000 |
0.000 |
|
|
|
Tax on Dividend |
5.885 |
2.367 |
6.059 |
|
|
|
Utilized During the year for Issue of Bonus Share |
0.000 |
0.000 |
202.725 |
|
|
BALANCE CARRIED
TO THE B/S |
119.106 |
44.849 |
22.560 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
2.325 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1329.186 |
900.627 |
470.513 |
|
|
|
Stores & Spares |
1.277 |
0.304 |
0.000 |
|
|
|
Capital Goods |
12.603 |
13.915 |
0.000 |
|
|
TOTAL IMPORTS |
1343.066 |
914.846 |
470.513 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
4.04 |
1.34 |
2.00 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.06.2013 |
|
Net Sales |
|
|
1463.100 |
|
Total Expenditure |
|
|
1302.500 |
|
PBIDT (Excl OI) |
|
|
160.600 |
|
Other Income |
|
|
0.000 |
|
Operating Profit |
|
|
160.600 |
|
Interest |
|
|
85.400 |
|
PBDT |
|
|
75.200 |
|
Depreciation |
|
|
15.800 |
|
Profit Before Tax |
|
|
59.400 |
|
Tax |
|
|
16.500 |
|
Profit After Tax |
|
|
42.900 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
42.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.10
|
0.77 |
1.33 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.11
|
1.57 |
2.11 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.91
|
1.95 |
3.15 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.37
|
0.20 |
0.25 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
5.33
|
5.92 |
5.13 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.18
|
1.17 |
1.19 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
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 |
No |
|
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 |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
No |
|
31] |
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 |
Yes |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10429090 |
13/05/2013 |
110,000,000.00 |
EXPORT-IMPORT
BANK OF INDIA |
CENTRE ONE
BUILDING, FLOOR 21, WORLD TRADE CENTR |
B76305606 |
|
2 |
10249654 |
23/09/2010 |
650,000,000.00 |
UCO BANK |
2/5, 3/5, GIRNAR
TOWER, NEW PALASIA BRANCH, INDORE - 452003, MADHYA PRADESH, INDIA |
A97942387 |
|
3 |
10249650 |
23/09/2010 |
2,340,000,000.00 |
UCO BANK |
2/5, 3/5, GIRNAR
TOWER, NEW PALASIA BRANCH, INDORE - 452003, MADHYA PRADESH, INDIA |
A97941579 |
|
4 |
10225833 |
03/06/2010 |
400,000,000.00 |
UCO BANK |
NEW PALASIA,
2/5, 3/5, GIRNAR TOWER, INDORE - 452001, MADHYA PRADESH, INDIA |
A88279708 |
|
5 |
10225832 |
03/06/2010 |
1,155,000,000.00 |
UCO BANK |
NEW PALASIA, 2/5,
3/5, GIRNAR TOWER, INDORE - 452001, MADHYA PRADESH, INDIA |
A88279336 |
|
6 |
10194509 |
26/12/2009 |
100,000,000.00 |
UCO BANK |
NEW PALASIA,
2/5, 3/5, GIRNAR TOWER, INDORE - 452001, MADHYA PRADESH, INDIA |
A76372499 |
|
7 |
10093165 |
31/12/2009 * |
50,000,000.00 |
UCO BANK |
NEW PALASIA,
2/5, 3/5, GIRNAR TOWER, INDORE - 452001, MADHYA PRADESH, INDIA |
A76837335 |
|
8 |
10093164 |
31/12/2009 * |
1,075,000,000.00 |
UCO BANK |
NEW PALASIA,
2/5, 3/5, GIRNAR TOWER, INDORE - 452001, MADHYA PRADESH, INDIA |
A76837244 |
|
9 |
10040301 |
10/02/2007 |
40,000,000.00 |
STATE BANK OF
INDORE |
Y. N. ROAD
BRANCH, YESHWANT NIWAS ROAD, INDORE - 452003,, MADHYA PRADESH INDIA |
A11705597 |
|
10 |
10007172 |
26/04/2006 |
27,000,000.00 |
UCO BANK |
NEW PALASIA, 2/5,
3/5, GIRNAR TOWER, INDORE - 452001, MADHYA PRADESH, INDIA |
A01445931 |
|
* Date of charge modification |
||||||
|
Unsecured Loan |
As
on 31.03.2013 [Rs.
in Millions] |
As
on 31.03.2012 [Rs.
in Millions] |
|
Long Term
Borrowings |
|
|
|
Intercorporate Deposits |
469.164 |
397.914 |
|
|
|
|
|
Short Term
Borrowings |
|
|
|
Intercorporate Deposits |
1.553 |
0.000 |
|
Deposit |
4.336 |
1.177 |
|
TOTAL
|
475.053 |
399.091 |
BUSINESS REVIEW
The Company continued to maintain its upward trend by registering Sales of Rs. 5674.253 Millions as against Rs. 5123.608 Millions in the previous year. Profit before Finance Costs, Depreciation, and Tax has increased from Rs.329.536 Millions to Rs. 546.262 Millions. After providing for finance costs and Depreciation amounting to Rs. 309.945 Millions and Rs. 203.841 Millions respectively, the Profit before Tax for the year has amounted to Rs. 175.723 Millions as compared to Rs 80.504 Millions in the previous year. Net profit After Tax for the year has increased to Rs. 119.349 Millions as compared to Rs 39.250 Millions in the previous year.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
OVERVIEW
India is
expected to record 6.1 per cent gross domestic product (GDP) growth in the
current fiscal, The growth is expected to increase further to 6.7 per cent In
2014-15, according to the World Bank’s latest
India Development Update, a bi-annual report on the Indian economy,
While, the Prime Minister s Economic Advisory Panel expects the economic growth
rate to increase to 6.4 per cent In- 2013-14 from 5 percent during 2012-13, on
back of improvement in performance of
agriculture and manufacturing sectors.
Despite
berg among the fastest growth markets globally, India’s per capita plastic
consumption (PE, PP and PVC) at 6.6 Kg remains far behind those of the US (67.3
Kg), China (36.7 Kg) and Brazil (24.6 Kg). However, it is advancing at 2.5
times its GDP growth. Besides, the subcontinents surging industrialization and
increasingly powerful economy holds immense untapped growth potential.
.
Polymer
consumption in India’s is polsed to grow multifold, with the help of new developments
in packaging applications, infrastructure growth, modernization of agriculture
sector, improved healthcare facilities, improved lifestyle and disposable
incomes, automobile demand and rural penetration .
PVC finds
application in irrigation pipes, drinking water supply, sewerage schemes,
profiles for the building industry wires and cables. Pipes and fittings
continue to account for 74% of the domestic PVC demand, India’s PVC consumption
was estimated to be 2.24 MMT in FY 2012-21013, growing by 14% over the previous
year.
Subject
successfully installed additional annual capacity of 6,000 MTS for production
of PVC pipes used in irrigation as well as infrastructure sector. Further, the
subject plans to install additional annual capacity of 10000 MTs for production
of PVC pipes by August, 2013. The like annualized impact on company’s turnover
shall be Rs.750.000 Millions
To reduce
is dependence upon bought out
components and to increase its profitability, the subject successfully launched
various fittings and accessories in relation to micro Irrigation and sprinkler
Irrigation systems. The subject plans to significantly reduce its dependence
upon the bought cut components during the financial year to improve its
profitability and market share.
Drip
Irrigation System is an advanced method of irrigation about the usefulness of
which the farmers are convinced but the adoption of the same is slow due to
high investment cost recurring with operation and maintenance costs. It
essentially consists of main, sub-main, laterals, drippers and few other
accessories to deliver the required quantity of
water at the root zone of the crop. The main accessories are filter and fertilizer tanks/venture.
Filers are necessary to prevent clogging of the drippers. Fertilizers can be
applied through venture/fertilizer tanks to avoid wastage of this costly input,
Low cost drip tapes of various diameters, slit sizes and slit spacing are now
available,
Subject has
obtained allocation for supply of drip irrigation system to Irrigate 5000
hectares of land as fist installment for the year 2012-13 by Government of
Andhra Pradesh, Department of Horticulture, Andhra Pradesh Micro Irrigation
Project
The
subject will further launch piping solutions for cold water supply as per ASTM
standards.
FIXED ASSETS:
· Land
· Plant and Machinery
· Windmill
· Furniture and Fixtures
· Office Equipments
· Vehicle
· Computer
· Dyes and Moulds
· Factory Building
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND HALF YEAR ENDED SEPTEMBER 30, 2013
(Rs. In Millions)
|
Sl. No. |
Particulars |
3
Months ended 30.09.2013 Unaudited |
3
Months ended 30.06.2013 Unaudited |
6
Months ended 30.09.2013 Unaudited |
|
1 |
Income from operations |
|
|
|
|
|
(a) Net Sales / Income
from Operations (Net of excise duty) |
1348.139 |
1458.637 |
2806.776 |
|
|
(b) Other Operating
Income |
3.770 |
4.468 |
8.238 |
|
|
Total Income from
operations (net) |
1351.909 |
1463.105 |
2815.014 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of material
consumed |
340.852 |
445.381 |
786.233 |
|
|
(b) Purchases of
stock-in-trade |
956.821 |
718.115 |
1674.936 |
|
|
(c) Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
(195.652) |
26.441 |
(169.211) |
|
|
(d) Employee benefit
expenses |
23.266 |
20.816 |
44.082 |
|
|
(e) Depreciation and
amortisation expense |
16.086 |
15.752 |
31.838 |
|
|
(f) Other expenses |
79.329 |
91.726 |
171.055 |
|
|
Total expenses |
1220.702 |
1318.231 |
2538.933 |
|
3 |
Profit/(Loss) from
Operations before Other Income, finance cost & Exceptional Items (1 -2) |
131.207 |
144.874 |
276.081 |
|
4 |
Other Income |
0.018 |
-- |
0.018 |
|
5 |
Profit/ (Loss) from
ordinary activities before finance cost & Exceptional Items (3+4) |
131.225 |
144.874 |
276.099 |
|
6 |
Finance costs |
82.843 |
85.433 |
168.276 |
|
7 |
Profit/(Loss) from ordinary
activities after finance cost but before Exceptional Items (5-6) |
48.382 |
59.441 |
107.823 |
|
8 |
Exceptional Items |
-- |
-- |
-- |
|
9 |
Profit / (Loss) from Ordinary
Activities before tax (7+ 8) |
48.382 |
59.441 |
107.823 |
|
10 |
Tax Expense / (credit) |
13.120 |
16.500 |
29.620 |
|
11 |
Net Profit / (Loss) after tax
(9-10) |
35.262 |
42.941 |
78.203 |
|
12 |
Paid-up Equity Share
Capital (Face value of Rs.2/-each) |
291.870 |
291.870 |
291.870 |
|
13 |
Earnings per share (face value
of Rs. 10/- each) - not annualised |
|
|
|
|
|
Basic and Diluted EPS
(Rs.) |
1.21 |
1.47 |
2.68 |
|
|
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1 |
Public shareholding : |
|
|
|
|
|
(a) Number of shares |
7,776,000 |
7,776,000 |
7,776,000 |
|
|
(b) Percentage of shareholding |
26.64 |
26.64 |
26.64 |
|
2 |
Promoters and Promoter group shareholding : (a) Pledged / Encumbered |
|
|
|
|
|
- Number of shares |
-- |
-- |
-- |
|
|
- Percentage of shareholding (as a % of the total share holding of
promoter and promoter group) |
-- |
-- |
-- |
|
|
- Percentage of shareholding (as a % of the total share capital of the
Company) |
-- |
-- |
-- |
|
|
(b) Non Pledged / Non Encumbered |
|
|
|
|
|
- Number of shares |
21,411,000 |
21,411,000 |
21,411,000 |
|
|
- Percentage of shareholding (as a % of the total share holding of
promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
|
- Percentage of shareholding (as a % of the total share capital of the
Company) |
73.36 |
73.36 |
73.36 |
|
|
|
|
|
|
|
B |
INVESTOR COMPLAINTS [Nos.] |
|
|
|
|
|
Pending at the beginning
of the quarter |
-- |
|
|
|
|
Received during the
quarter |
-- |
|
|
|
|
Disposed of during the
quarter |
-- |
|
|
|
|
Remaining unresolved at
the end of the quarter |
-- |
|
|
Note:
1. The above results were reviewed by the Audit Committee and approved at the meeting of the Board of Directors held on 13.11.2013. The auditors have carried out “Limited Review” of the above results.
2. Consignment sales of Rs.579.345 Millions for the half year ended is not included in the above sales.
3. Income from interest received amounting to Rs.23.588 Millions (Previous Half Year Rs.22.656 Millions) for the half year ended on 30.09.2013 and of Rs.9.434 Millions (Corresponding previous Quarter Rs.14.154 Millions) for the quarter ended on 30.09.2013 has been netted off against interest expenses.
4. Previous year figures have been regrouped / rearranged wherever necessary.
SEGMENT-WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE 41 LISTING AGREEMENT
(Rs. In Millions)
|
Sl. No. |
Particulars |
3
Months ended 30.09.2013 Unaudited |
3
Months ended 30.06.2013 Unaudited |
6
Months ended 30.09.2013 Unaudited |
|
1 |
Segment Revenue |
|
|
|
|
|
Manufacturer |
453.409 |
665.571 |
1118.980 |
|
|
Windmill |
4.880 |
4.893 |
9.773 |
|
|
Trading |
893.621 |
792.640 |
1686.261 |
|
|
Unallocable |
0.018 |
-- |
0.018 |
|
|
Total |
1351.928 |
1463.104 |
2815.032 |
|
|
|
|
|
|
|
2 |
Segment Results |
|
|
|
|
|
Manufacturer |
93.166 |
115.707 |
208.873 |
|
|
Windmill |
3.033 |
3.078 |
6.111 |
|
|
Trading |
38.394 |
29.575 |
67.969 |
|
|
Unallocable |
(3.369) |
(3.486) |
(6.855) |
|
|
Total |
131.224 |
144.874 |
276.098 |
|
|
Less : Interest |
82.843 |
85.433 |
168.276 |
|
|
Less : Other Unallocable Expenditure net of unallocable income |
-- |
-- |
-- |
|
|
Total Profit before Tax |
48.381 |
59.441 |
107.822 |
|
|
|
|
|
|
|
3. |
Capital Employed |
|
|
|
|
|
Manufacturer |
1776.552 |
1708.423 |
1776.552 |
|
|
Windmill |
93.567 |
93.327 |
93.567 |
|
|
Trading |
718.634 |
732.170 |
718.634 |
|
|
Unallocable |
(2032.966) |
(2013.393) |
(2032.966) |
|
|
Total |
555.787 |
520.527 |
555.787 |
STATEMENT OF
ASSETS AND LIABILITIES
Rs.
In Millions
|
Sr. No.: |
Particulars |
As
at current half year ended 30.09.2013 |
|
A |
EQUITY AND
LIABILITIES |
|
|
1 |
Shareholders' Funds |
|
|
|
(a) Share Capital |
341.870 |
|
|
(b) Reserves & Surplus |
213.917 |
|
|
Sub-Total
of Shareholder’s Fund |
555.787 |
|
2 |
Non-Current
Liabilities |
|
|
|
(a)
long-term borrowings |
918.109 |
|
|
(b) Deferred tax liabilities |
108.939 |
|
|
(c) long-term provisions |
2.225 |
|
|
Sub-Total Non-current Liabilities |
1029.273 |
|
3 |
Current
Liabilities |
|
|
|
(a) Short term borrowings |
1383.191 |
|
|
(b) Trade payables |
1358.102 |
|
|
(c) Other current liabilities |
262.521 |
|
|
(d) Short-term provisions |
9.325 |
|
|
Sub-Total
Current Liabilities |
3013.138 |
|
|
TOTAL-EQUITY AND LIABILITY |
4598.198 |
|
|
|
|
|
B |
ASSETS |
|
|
1 |
Non-current
assets |
|
|
|
(a) Fixed Assets |
|
|
|
(i) Tangible assets |
794.876 |
|
|
(ii) Intangible Assets |
-- |
|
|
(iii) Capital
work-in-progress |
1.572 |
|
|
(b) Non-current Investments |
76.946 |
|
|
(c) Long-term Loan and Advances |
90.675 |
|
|
(d) Other Non-current assest |
13.849 |
|
|
|
|
|
2 |
Current assets |
|
|
|
(a) Inventories |
913.309 |
|
|
(b) Trade receivables |
2155.181 |
|
|
(c) Cash and cash equivalents |
385.136 |
|
|
(d) Short-term loans and advances |
150.505 |
|
|
(e) Other current assets |
16.149 |
|
|
Sub-Total
Current Assets |
3620.280 |
|
|
TOTAL ASSETS |
4598.198 |
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.62.24 |
|
|
1 |
Rs.102.17 |
|
Euro |
1 |
Rs.84.82 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
33 |
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.