MIRA
INFORM REPORT
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Report Date : |
10.01.2014 |
IDENTIFICATION DETAILS
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Name : |
INNOVENTIVE INDUSTRIES LIMITED (w.e.f. 24.03.2010) |
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Formerly Known
As : |
ARIHANT DOMESTIC APPLIANCES
LIMITED |
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Registered
Office : |
Gate No. 56/4/5, Pimple Jagtap, Taluka: Shirur, Pune – 412 208,
Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
22.08.1991 |
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Com. Reg. No.: |
11-063045 |
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Capital
Investment / Paid-up Capital : |
Rs.696.440 Millions |
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CIN No.: [Company Identification
No.] |
L29309PN1991PLC063045 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEA05192F |
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PAN No.: [Permanent Account No.] |
AABCA4586B |
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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
: |
The company manufacturer and exporter of precision steel
tubes, membrane panel strips, auto components and other steel products catering
to industries in automobiles, boilers and heat exchangers, energy, oil and
gas, farm equipment and general engineering etc. |
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No. of Employees
: |
1100 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (52) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 10000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having good track record. There appears dip in profit of the company. However, liquidity
position of the company appears to be decent. Trade relations are reported to be fair. Business is active. Payment
terms are reported to be regular and as per commitment. The company can be considered normal for business dealing at usual
trade terms and conditions. BANKER’S NOTE: Mr. Abhijit – Deputy
Manager told that relation with Bank is Good. |
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
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Rating Agency Name |
CARE |
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Rating |
Commercial Paper – Standalone=A2 (Suspended) |
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Rating Explanation |
Strong degree of safety and low credit risk. |
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Date |
16.09.2013 |
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
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Name : |
Mr. Marathe |
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Designation : |
Accounts Executive |
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Contact No.: |
91-9049000414 |
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Date : |
08.01.2014 |
LOCATIONS
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Registered Office/ Factory 1 : |
Gate No. 56/4/5, Pimple Jagtap, Taluka: Shirur, Pune – 412 208,
Maharashtra, India |
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Tel. No.: |
91-20-66203549 |
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Mobile No.: |
91-9049000414 (Mr. Marathe) |
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Fax No.: |
91-20-66203549 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office : |
601-602, Nucleus Mall 1, |
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Factory 2 : |
Gate No. 1261, Sanaswadi, Shirur, Pune - 412 208, |
DIRECTORS
AS ON 31.03.2013
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Name : |
Mr. Chandu Laxman Chavan |
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Designation : |
Chairman and Managing Director |
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Address : |
Flat No.18 and 20, C - Wing, Ambience Emp. Behind Empress Garden, Ghorpadi, Pune - 411001, Maharashtra, India |
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Date of Birth/Age : |
01.11.1969 |
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Qualification : |
Diploma in Mechanical Engineering |
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Date of Appointment : |
05.03.2002 |
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DIN No.: |
00035213 |
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Name : |
Mr. Ravindra Waman Katre |
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Designation : |
Whole-time Director |
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Address : |
Disha, A 14 129 130 131, Kothrud, Pune – 411029, Maharashtra, India |
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Date of Birth/Age : |
22.08.1965 |
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Qualification : |
Diploma in Mechanical Engineering |
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Date of Appointment : |
01.11.2002 |
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DIN No.: |
00035125 |
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Name : |
Mr. Sanjay Harishchandra Waghulade |
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Designation : |
Whole-time Director |
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Address : |
Flat No. 301, 3rd Floor, Disha Apartment, Mayur Colony, Kothrud, Pune, 411029, Maharashtra, India |
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Date of Birth/Age : |
23.08.1964 |
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Qualification : |
BE from Bapuji Institute of Engineering and Technology |
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Date of Appointment : |
01.11.2002 |
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DIN No.: |
00193404 |
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Name : |
Mr. Ramprasad Savlaram Joshi |
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Designation : |
Independent Director |
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Address : |
10, Maylur Society, Sadar Bazar, Satara-415001, Maharashtra, India |
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Date of Birth/Age : |
28.08.1969 |
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Qualification : |
'B.E in Computers' |
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Date of Appointment : |
27.02.2010 |
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DIN No.: |
02682144 |
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Name : |
Mr. Yashpaul Bodhraj Gupta |
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Designation : |
Independent Director |
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Address: |
Fl No. 203, Pristine Grandeur Building, Cs No. 239 Wakad Chinchwad Link Road., Near Datt Mandir Wakad, Pune – 411027, Maharashtra, India |
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Date of Birth/Age : |
09.02.1950 |
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Qualification : |
Bachelor's Degree in Physical Science |
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Date of Appointment : |
27.02.2010 |
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DIN No.: |
02971635 |
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Name : |
Mr. Pradeep Vasantrao Tupe |
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Designation : |
Independent Director |
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Address: |
Flat No. 6043, Kumar Khsitij, S. No. 87 1A/1/1, Sakhar Naar/ D Building, Pune-411009, Maharashtra, India |
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Date of Birth/Age : |
12.05.1958 |
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Qualification : |
Diploma in Business Management |
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Date of Appointment : |
27.02.2010 |
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DIN No.: |
02968390 |
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Name : |
Mr. Rajendra Pandurang Jagdale |
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Designation : |
Independent Director |
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Address : |
Flat 10, Belmont Park Housing Society, 61 C S Colony, Ganeshkhind Road, Pune-411007, Maharashtra, India |
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Date of Birth/Age : |
01.12.1959 |
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Qualification : |
Masters in Botany and a Ph. D in Forest Ecology from the University of Pune |
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Date of Appointment : |
27.02.2010 |
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DIN No.: |
02700270 |
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Name : |
Mr. Sanjay Khatau Asher |
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Designation : |
Independent Director |
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Address: |
32, Mody Street, Fort, Mumbai, 400001, Maharashtra, India |
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Date of Birth/Age : |
26.11.1963 |
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Qualification : |
Bachelor's degree in commerce and bachelor's degree in law from the University of Bombay |
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Experience : |
20 Year |
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Date of Appointment : |
16.12.2011 |
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DIN No.: |
00008221 |
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Name : |
Mr. Laxman Sankade |
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Designation : |
Independent Director |
KEY EXECUTIVES
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Name : |
Mr. Marathe |
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Designation : |
Accounts Executive |
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Name : |
Ms. Neha Joshi |
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Designation : |
Company Secretary (Till June 12, 2013) |
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Address: |
161, Sarvesh Apartment, Bhusari Colony, Paud Road, Pune - 411038,
Maharashtra, India |
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Date of Birth/Age : |
08.01.1985 |
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Date of Appointment : |
31.05.2012 |
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PAN No.: |
AHAPJ1751G |
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Name : |
Mr. Sagar Shah |
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Designation : |
Head of Finance Manager |
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Name : |
Mr. Jitendra Palande |
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Designation : |
Group CEO |
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Name : |
Mr. Avinash Adige |
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Designation : |
CEO (Components Division ) |
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Name : |
Mr. Asok Kumar Banejee |
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Designation : |
CEO (Strips Division) |
SHAREHOLDING PATTERN
AS ON 30.09.2013
|
Names of Shareholders |
No. of Shares |
Percentage
of Holding |
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(A) Shareholding of Promoter and Promoter Group |
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Individuals / Hindu Undivided Family |
27075732 |
45.40 |
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|
27075732 |
45.40 |
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Total shareholding of Promoter and Promoter Group (A) |
27075732 |
45.40 |
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(B) Public Shareholding |
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|
3775847 |
6.33 |
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|
1476803 |
2.48 |
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|
8649791 |
14.50 |
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|
2600000 |
4.36 |
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|
16502441 |
27.67 |
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|
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|
1828401 |
3.07 |
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|
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|
1921170 |
3.22 |
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|
811555 |
1.36 |
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|
11504700 |
19.29 |
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|
230544 |
0.39 |
|
|
9601855 |
16.10 |
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|
21684 |
0.04 |
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|
1650617 |
2.77 |
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|
16065826 |
26.94 |
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Total Public shareholding (B) |
32568267 |
54.60 |
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Total (A)+(B) |
59643999 |
100.00 |
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(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
59643999 |
0.00 |
(1) Indian
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Names of Shareholders |
No. of Shares |
Percentage
of Holding |
|
Chavan Chandu Laxman |
1,30,28,700 |
21.84 |
|
Sanjay Waghulade |
31,42,601 |
5.27 |
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Shubhangi Pandurang Jadhav |
26,99,013 |
4.53 |
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Ravindre Waman Katre |
21,09,000 |
3.54 |
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Mrunal Ravindra Katre |
17,15,437 |
2.88 |
|
Parag Mohan Mulye |
12,38,903 |
2.08 |
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Bhade Sanjay Tanaji |
12,32,553 |
2.07 |
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Shivaji Ramchandra Katke |
9,97,365 |
1.67 |
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Ajay Narhar Yervadekar |
3,17,160 |
0.53 |
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Chandu Laxuman Chavan |
2,50,000 |
0.42 |
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Kavita Vasant Dhupkar |
1,25,000 |
0.21 |
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Vishakha Sanjay Bhade |
1,25,000 |
0.21 |
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Smita Shivaji Katke |
95,000 |
0.16 |
|
Total |
2,70,75,732 |
45.40 |
(*) The term encumbrance has the same meaning as assigned to
it in regulation 28(3) of the SAST Regulations, 2011.
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
|
Names of Shareholders |
No. of Shares |
Percentage
of Holding |
|
Kavos Capital Limited |
8038632 |
13.48 |
|
Standard Chartered Private Equity (Mauritius) Limited |
4206441 |
7.05 |
|
Reliance Capital Trustee Company Limited A/C- Reliance
Regular Savings Fund - Equity Option |
3000000 |
5.03 |
|
Kitara PIIN 1101 |
2875000 |
4.82 |
|
Standard Chartered Private Equity (Mauritius) II Limited |
2600000 |
4.36 |
|
Yashpaul Bodhraj Gupta through Innovative Group Employees
Welfare Trust |
1650617 |
2.77 |
|
IDFC Sterling Equity Fund |
775130 |
1.30 |
|
Standard Chartered Private Equity (Mauritius Ltd) III
Limited |
1563223 |
2.62 |
|
United India Insurance Company Limited |
833300 |
1.40 |
|
Wexford Spectrum Investors (Mauritius) Limited |
680000 |
1.14 |
|
Total |
26222343 |
43.96 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons (together with PAC) belonging to the
category “Public” and holding more than 5% of the total number of shares of the
company
|
Names of Shareholders |
No. of Shares |
Percentage
of Holding |
|
Kavos Capital Limited |
8038632 |
13.48 |
|
Standard Chartered Private Equity (Mauritius) Limited |
4206441 |
7.05 |
|
Reliance Capital Trustee Company Limited A/C- Reliance
Regular Savings Fund - Equity Option |
3000000 |
5.03 |
|
Kitara PIIN 1101 |
2875000 |
4.82 |
|
Standard Chartered Private Equity (Mauritius) II Limited |
2600000 |
4.36 |
|
Yashpaul Bodhraj Gupta through Innovative Group Employees
Welfare Trust |
1650617 |
2.77 |
|
IDFC Sterling Equity Fund |
775130 |
1.30 |
|
Standard Chartered Private Equity (Mauritius Ltd) III
Limited |
1563223 |
2.62 |
|
United India Insurance Company Limited |
833300 |
1.40 |
|
Wexford Spectrum Investors (Mauritius) Limited |
680000 |
1.14 |
|
Total |
26222343 |
43.96 |
Details of Locked-in Shares
|
Names of Shareholders |
No. of Shares |
Percentage
of Holding |
|
Chandu Laxman Chavan |
86,47,000 |
14.50 |
|
Sanjay Waghulade |
21,94,908 |
3.68 |
|
Ravindra Waman Katre |
14,00,000 |
2.35 |
|
Total |
1,22,41,908 |
20.52 |
BUSINESS DETAILS
|
Line of Business : |
The company manufacturer and exporter of precision steel
tubes, membrane panel strips, auto components and other steel products
catering to industries in automobiles, boilers and heat exchangers, energy, oil
and gas, farm equipment and general engineering etc. |
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Products : |
· Alloy steel Seamless Pipes (ASTM A333 GR 1) · Alloy steel Seamless Pipes (ASME SA335 Grade P5) · Alloy steel Seamless Pipes (IBR) · Alloy steel Seamless Pipes (ASTM A335 P12) · Alloy steel Seamless Pipes (ASTM A335 P11) · Alloy steel Seamless Pipes and Tubes
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Exports : |
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Products : |
Finished Goods |
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Countries : |
·
USA ·
Middle East ·
Europe |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
China |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
PRODUCTION STATUS (As on 31.03.2011)
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Tubes and Products |
M.T. |
152940 |
53232 |
GENERAL INFORMATION
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Customers : |
End Users ·
Bharat Heavy Electricals Limited ·
Bajaj Auto |
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No. of Employees : |
1100 (Approximately) |
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Bankers : |
·
Allahabad Bank ·
Axis Bank Limited ·
Bank of Baroda ·
Bank of India ·
Central Bank of India ·
Export Import Bank of India ·
ICICI Bank Limited ·
IDBI Bank Limited ·
Indian Overseas Bank ·
State Bank of Bikaner and Jaipur ·
State Bank of India ·
The Saraswat Co-op Bank Limited ·
UCO Bank ·
United Bank of India ·
Bank of Maharashtra ·
DBS Bank Limited ·
The Ratnakar
Bank Limited NOTE: United Bank of India, Connaught Road, Pune, Tel.
No.: 91-20-26126798 Mr. Abhijit (Deputy Manager) told that the company is availing facility of bill discounting limit of Rs.1000.000 Millions. Relation with the bank is good. No default has occurred till date. |
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Facilities : |
NOTES: Long Term Borrowings: ·
For details of rate of interest, security and
repayment schedule to banks, financial intuitions and vehicle
loans. (Note 1) ·
Long term loans from banks and financial
institutions are netted off by margin money deposits Rs.108.348 Millions
(March 31, 2012 Rs.151.881 Millions) kept with respective banks. Details
of repayment of loans & charges created on assets for secured borrowing –
Details of
repayment of long term secured borrowings are as follows-
Short Term
Borrowings: *Cash credit and
demand loans are secured by first pari passu charge by way of hypothecation on
all current assets, both present and future and second pari passu charge by
way of hypothecation on all fixed assets, both present and future. |
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Banking
Relations : |
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STATUTORY AUDITORS |
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Name : |
B K Khare and Company Chartered Accountants |
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Address : |
706/708, Sharada Chambers, New Marine Lines, Mumbai-400020, |
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Tel. No.: |
91-22-22000607/ 7318/ 6360/ 66315835/ 36 |
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Fax No.: |
91-22-22003476 |
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E-Mail : |
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INTERNAL AUDITORS : |
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Name : |
AMB and Company Chartered Accountants |
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Address : |
Pune, Maharashtra, India |
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Subsidiaries : |
·
Saicon Steels Private Limited ·
Sankalp Engineering and Services
Private Limited ·
Innovatve Technomics Private Limited ·
Arihant Steels and Metal Wires
Private Limited |
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Fellow Subsidiary : |
·
Salem Steel NA, LLC |
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Enterprise over
which the relative of key management personnel exercise control/ significant
influence : |
·
Yashoday Engineers Private Limited ·
Keytool Engineering Solutions Private Limited ·
Opal Luxury Time Products Limited ·
GeneOmbio Technologies Private
Limited ·
Phoenix Erectors Private Limited(till March,2012) ·
Gargi Bio Tek Private Limited ·
Membrane Filters (India) Private
Limited ·
Aim Filtertech Private Limited ·
Saptashrungi Engineering Works ·
Sourcegenie Insurance Broking Private
Limited ·
Swayamsiddha Mahila Utkarsh
Foundation ·
Innoventive Venture Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
75000000 |
Equity Shares |
Rs. 10/- each |
Rs.750.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
59643999 |
Equity Shares |
Rs. 10/- each |
Rs.596.440 Millions |
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a)
Reconciliation of equity shares
outstanding at the beginning and at the end of the reporting period:
|
Equity Shares |
Number
of Shares |
Rs.
In Millions |
|
At the beginning of the year Equity shares issued during the year |
59643999 |
596.440 |
|
Bonus Issue of equity shares 1 and
2 |
- |
- |
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Preferential Allotment of equity
shares |
- |
- |
|
Initial Public Offer of
equity shares |
- |
- |
|
Outstanding at the end of the year |
59643999 |
596.440 |
b)
Terms/
Rights attached to equity shares:
The Company has only one class of equity shares having a par
value of ₹ 10 per share. Each share holder of the equity shares is entitled
to one vote per share. The Company declares and pays dividend 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.
During the year ended March 31, 2013, the amount of per
share dividend recognised as distributed to equity shareholders was ₹ 1
(March 31, 2012 ₹ 3). In the event of liquidation of the Company, the
holders of equity shares will be entitled to receive remaining assets of the
Company after distributing all preferential amounts.
c)
Shares held by holding/ ultimate
holding company and/ or their subsidiaries/ associates:
The company does not have any holding or ultimate holding
company.
d)
Details of shareholders holding more than
5% shares in the company:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Chandu Laxman Chavan (Promoter) |
13278700 |
22.26% |
|
Sanjay Waghulade (Promoter) |
3130601 |
5.25% |
|
Kavos Capital Limited |
8038632 |
13.48% |
|
Standard Chartered Private Equity
(Mauritius) Limited |
4206441 |
7.05% |
|
Reliance Capital
Trustee Company Limited A/C-Reliance Regular Savings Fund-Equity Option |
3000000 |
5.03% |
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 |
596.440 |
596.440 |
410.623 |
|
(b) Reserves & Surplus |
4209.770 |
3702.953 |
1368.047 |
|
(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) |
4806.210 |
4299.393 |
1778.670 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
2028.481 |
2465.087 |
1282.348 |
|
(b) Deferred tax liabilities (Net) |
580.287 |
458.652 |
317.165 |
|
(c) Other long term liabilities |
15.046 |
13.769 |
131.715 |
|
(d) long-term provisions |
114.129 |
50.826 |
134.886 |
|
Total Non-current Liabilities (3) |
2737.943 |
2988.334 |
1866.114 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
1612.019 |
393.363 |
594.340 |
|
(b) Trade payables |
462.218 |
481.299 |
1566.707 |
|
(c) Other current
liabilities |
984.500 |
822.531 |
796.972 |
|
(d) Short-term provisions |
83.658 |
207.959 |
139.100 |
|
Total Current Liabilities (4) |
3142.395 |
1905.152 |
3097.119 |
|
|
|
|
|
|
TOTAL |
10686.548 |
9192.879 |
6741.903 |
|
|
|
|
|
|
II. ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
4756.793 |
4622.279 |
2744.776 |
|
(ii) Intangible Assets |
236.912 |
34.688 |
32.826 |
|
(iii) Capital
work-in-progress |
1092.616 |
974.243 |
431.116 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
621.341 |
499.941 |
245.325 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
532.809 |
440.711 |
226.041 |
|
(e) Other Non-current assets |
11.580 |
14.356 |
0.000 |
|
Total Non-Current Assets |
7252.051 |
6586.218 |
3680.084 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1904.576 |
1335.439 |
1685.233 |
|
(c) Trade receivables |
373.071 |
323.719 |
273.273 |
|
(d) Cash and cash
equivalents |
138.757 |
114.478 |
426.955 |
|
(e) Short-term loans
and advances |
577.110 |
470.798 |
168.695 |
|
(f) Other current
assets |
440.983 |
362.227 |
507.663 |
|
Total Current Assets |
3434.497 |
2606.661 |
3061.819 |
|
|
|
|
|
|
TOTAL |
10686.548 |
9192.879 |
6741.903 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
6362.026 |
6383.059 |
5903.732 |
|
|
|
Other Income |
165.471 |
125.670 |
14.443 |
|
|
|
TOTAL (A) |
6527.497 |
6508.729 |
5918.175 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of material and components consumed |
4243.929 |
3398.539 |
3930.941 |
|
|
|
(Increase)/decrease in inventories |
(554.201) |
442.698 |
(485.022) |
|
|
|
Employee benefit expenses |
303.037 |
216.833 |
206.358 |
|
|
|
Manufacturing and other expenses |
835.578 |
766.431 |
880.247 |
|
|
|
TOTAL (B) |
4828.343 |
4816.321 |
4532.524 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1699.154 |
1684.228 |
1385.651 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
609.476 |
568.307 |
580.588 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1089.678 |
1115.921 |
805.063 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
356.612 |
230.617 |
177.831 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
733.066 |
885.304 |
627.232 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
167.663 |
175.322 |
61.702 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
565.403 |
709.982 |
565.530 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1063.842 |
632.818 |
567.435 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
56.540 |
70.999 |
56.553 |
|
|
|
Proposed Dividend on equity Shares |
59.644 |
178.932 |
119.288 |
|
|
|
Corporate dividend distribution on
Dividend |
10.136 |
29.027 |
19.812 |
|
|
|
Utilisation for issued of Bonus Shares |
0.000 |
0.000 |
304.494 |
|
|
BALANCE CARRIED
TO THE B/S |
1502.925 |
1063.842 |
632.818 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
478.519 |
656.718 |
258.104 |
|
|
TOTAL EARNINGS |
478.519 |
656.818 |
258.104 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
35.965 |
370.565 |
0.804 |
|
|
|
Stores & Spares |
3.656 |
7.230 |
0.401 |
|
|
|
Capital Goods |
87.377 |
50.781 |
12.580 |
|
|
TOTAL IMPORTS |
126.998 |
428.576 |
13.785 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
9.48 |
12.27 |
15.59 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
8.66
|
10.92
|
9.56 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
11.52
|
13.87
|
10.62 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.70
|
11.47
|
10.34 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.21
|
0.35 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.76
|
0.66
|
1.06 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.09
|
1.38
|
0.99 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITY
OF LONG TERM DEBT:
(Rs.
In Millions)
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current Maturities of Long Term Bank Borrowings |
594.593 |
424.479 |
298.757 |
|
Current Maturities of Long Term Financial Institution Borrowings |
0.000 |
0.500 |
20.000 |
|
Current Maturities of Long Term Bank Borrowings Vehicle Loan |
5.303 |
3.542 |
0.000 |
|
Current Maturities of Long Term Financial Institutions Borrowings |
100.835 |
72.073 |
91.940 |
|
Current Maturities of Sales Tax Deferred Loan Borrowings |
0.000 |
183.819 |
318.129 |
|
|
|
|
|
|
Total |
700.731 |
684.413 |
728.826 |
|
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) |
Yes |
|
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 |
Yes |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if
available |
Yes |
UNSECURED LOAN:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
Term loan from
financial institutions |
165.821 |
58.828 |
|
Vehicle loans |
3.933 |
10.000 |
|
Short Term Borrowings |
|
|
|
Short term loans
from banks financial institutions |
100.979 |
60.548 |
|
Trade Advances
from Related Party |
17.662 |
0.000 |
|
|
|
|
|
Total |
288.395 |
129.376 |
NOTES:
Long Term Borrowings:
Details of
Repayment schedule of unsecured borrowings –
|
Name of Bank /
Financial Institution |
Repayment |
|
Intec Capital
Limited |
36 monthly |
|
Bajaj Finance Limited |
24 monthly |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10428653 |
28/05/2013 |
500,000,000.00 |
THE
RATNAKAR BANK LIMITED |
SHAHUPURI,KOLHAPUR,
KOLHAPUR - 416001, MAHARASHTRA, INDIA |
B76077403 |
|
2 |
10430011 |
10/05/2013 |
75,000,000.00 |
THE
SARASWAT CO-OPERATIVE BANK LIMITED |
C-2,
KOHINOOR ESTATE CO-OPERATIVE HOUSING SOCIETY, |
B76674001 |
|
3 |
10422202 |
15/03/2013 |
200,000,000.00 |
STATE
BANK OF INDIA INDUSTRIAL FINANCE BRANCH |
TARA
CHAMBERS,2ND FLOOR,NEAR MARIAAI POLICECHOWKY, |
B73881088 |
|
4 |
10410472 |
01/03/2013 |
250,000,000.00 |
BAJAJ
FINANCE LIMITED |
AKURDI
PUNE-, PUNE- 411035, MAHARASHTRA, INDIA |
B70316351 |
|
5 |
10410473 |
28/02/2013 |
150,000,000.00 |
BAJAJ
FINANCE LIMITED |
AKURDI
PUNE-, PUNE- 411035, MAHARASHTRA, INDIA |
B70316682 |
|
6 |
10397745 |
16/01/2013 |
400,000,000.00 |
IDBI
BANK LIMITED |
PRIDE
HOUSE, 2ND FLOOR, UNIVERSITY ROAD, PUNE - 411016, MAHARASHTRA, INDIA |
B66150624 |
|
7 |
10391426 |
30/10/2012 |
450,000,000.00 |
BANK
OF MAHARASHTRA |
CHATUSHRUNGI
BRANCH, 132 B, GANESH KHIND ROAD, UNIVERSITY ROAD, PUNE - 411007,
MAHARASHTRA, INDIA |
B63917736 |
|
8 |
10390671 |
12/10/2012 |
700,000,000.00 |
CENTRAL
BANK OF INDIA |
317,
M. G. ROAD, PUNE - 411001, MAHARASHTRA, INDIA |
B63608848 |
|
9 |
10369126 |
27/07/2012 |
2,975,000,000.00 |
AXIS
TRUSTEE SERVICES LIMITED |
AXIS
HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI,
MUMBAI - 400025, MAHARASHTRA, INDIA |
B45122108 |
|
10 |
10353863 |
16/03/2012 |
450,000,000.00 |
STATE
BANK OF INDIA INDUSTRIAL FINANCE BRANCH |
TARA
CHAMBERS,2ND FLOOR,NEAR MARIAAI POLICECHOWKY, |
B38998894 |
|
11 |
10344650 |
07/03/2012 |
250,000,000.00 |
STATE
BANK OF BIKANER AND JAIPUR |
LAXMI
ROAD BRANCH, BEDEKAR SADAN, 247 NARAYAN PETH, LAXMI ROAD, PUNE - 411030,
MAHARASHTRA, INDIA |
B35918390 |
|
12 |
10337719 |
13/02/2012 |
422,000,000.00 |
ICICI
BANK LIMITED |
BANDRA
KURLA COMPLEX, MUMBAI - 400051, MAHARASHTRA, INDIA |
B33034232 |
|
13 |
10339826 |
13/02/2012 |
478,000,000.00 |
ICICI
BANK LIMITED |
BANDRA
KURLA COMPLEX, MUMBAI - 400051, MAHARASHTRA, INDIA |
B33973611 |
|
14 |
10342044 |
25/07/2013 * |
5,000,000,000.00 |
AXIS
TRUSTEE SERVICES LIMITED |
AXIS
HOUSE, 2ND FLR, BOMBAY DYEING MILLS COMPOUND, PANDURANG BUDHKAR MARG, WORLI,
MUMBAI - 400025, MAHARASHTRA, INDIA |
B80519663 |
|
15 |
10332896 |
19/01/2012 |
250,000,000.00 |
EXPORT
IMPORT BANK OF INDIA |
CENTRE
ONE BUILDING, FLOOR 21, WORLD TRADE CENTRE |
B30961882 |
|
16 |
10309186 |
26/09/2011 |
350,000,000.00 |
STATE
BANK OF BIKANER & JAIPUR |
BEDEKAR
SADAN,247, NARAYAN PETH, LAXMI ROAD, PUNE - 411030, MAHARASHTRA, INDIA |
B22119531 |
|
17 |
10309677 |
06/09/2011 |
300,000,000.00 |
AXIS
BANK LTD. |
1262/B,
STERLING PLAZA, JANGLI MAHARAJ RD, DECCAN GYMKHANA, PUNE - 411004,
MAHARASHTRA, INDIA |
B22333595 |
|
18 |
10310952 |
23/08/2011 |
300,000,000.00 |
INDIAN
OVERSEAS BANK |
PUNE
CANTONMENT BRANCH, WONDERLAND, 7 M. G. ROAD, PUNE - 411004, MAHARASHTRA,
INDIA |
B22848147 |
|
19 |
10301232 |
17/08/2011 |
600,000,000.00 |
THE SARASWAT
CO OPERATIVE BANK LTD |
C/2,
KOHINOOR ESTATE HSG SOC, PLOT NO 12, MULA ROAD, SANGAMWADI, NR KAMALNAYAN
BAJAJ GARDEN, PUNE - 411003, MAHARASHTRA, INDIA |
B18432690 |
|
20 |
10309214 |
12/08/2011 |
300,000,000.00 |
BANK
OF BARODA |
CORPORATE
FINANCIAL SERVICE BRANCH, MANTRI COURT, |
B22138697 |
|
21 |
10251487 |
30/11/2010 |
20,149,073.00 |
INTEC
CAPITAL LIMITED |
701,MANJUSHA,
57 NEHRU PLACE, NEW DELHI, DELHI - |
A99580425 |
|
22 |
10237980 |
24/06/2011 * |
1,000,000,000.00 |
AXIS
BANK LIMITED |
THROUGH
BRANCH AT: 1262/B, STERLING PLAZA, JANGLI |
B18614222 |
|
23 |
10238647 |
23/07/2010 |
250,000,000.00 |
ALLAHABAD
BANK |
FIRST
FLOOR, PUNE SEVASADAN SOCIETY, KUNTE CHOWK, |
A93577039 |
|
24 |
10210736 |
12/04/2010 |
700,000,000.00 |
AXIS
BANK LIMITED |
THROUGH
BR: 1262/B, STERLING PLAZA,, J. M. ROAD, DECCAN GYMKHANA, PUNE - 411004,
MAHARASHTRA, INDIA |
A82737297 |
|
25 |
10221187 |
26/03/2010 |
300,000,000.00 |
CENTRAL
BANK OF INDIA |
317,
M. G. ROAD, PUNE - 411001, MAHARASHTRA, INDIA |
A85730653 |
|
26 |
10201328 |
27/01/2010 |
200,000,000.00 |
STATE
BANK OF MYSORE |
CORPORATE
ACCOUNTS BRANCH, 224 C, MITTAL COURT, |
A78859717 |
|
27 |
10117755 |
07/06/2008 |
100,000,000.00 |
AXIS
BANK LIMITED |
TRISHUL
3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE, AHMEDABAD -
380006, GUJARAT, INDIA |
A42268243 |
|
28 |
10060548 |
03/04/2013 * |
1,000,000,000.00 |
UNITED
BANK OF INDIA |
ALANKAR
CINEMA BUILDING, 16 CANNAUGHT ROAD, PUNE - 411001, |
B72359383 |
|
29 |
10060545 |
31/07/2012 * |
1,475,000,000.00 |
UNITED
BANK OF INDIA - LEAD BANK |
ALANKAR
CINEMA BUILDING, 16 CANNAUGHT ROAD, CAMP, |
B45532827 |
|
30 |
80046495 |
25/09/2002 |
27,500,000.00 |
THE
SARASWAT CO-OPERATIVE BANK LIMITED |
PIMPRI
BRANCH, PUNE - 411019, MAHARASHTRA, INDIA |
- |
* Date of charge modification
MANAGEMENT
DISCUSSION AND ANALYSIS
INDIAN ECONOMY:
As per the
economic survey conducted by the Ministry of Finance, the economy is projected
to grow at an optimistic 6.1-6.7% for
FY14, signaling that the Government’s efforts may help improve the situation. The International Monetary Fund
has also projected a 6.2% growth for FY14. To achieve this growth, the country
would need a normal monsoon ensuring agriculture growth and lower interest
rates, along with improved exports and raised industrial and services activity.
The reason for the
sluggishness in the domesc economy could be
attributed mainly to bottlenecks in infrastructure, inadequacy of fuel supply
linkages, especially domesc coal as well as
restrictions on mining in previously allocated coal
blocks and slower capital investment owing to government indecisiveness. Also
cost increases which are difficult to be passed on to customers have eroded
profitability and to that extent adversely impacted newer investment prospects.
Further, the
increasing number of scams which came to light had a bearing on policy decision
making leading to uncertainty in the business environment. The recent slide of
Indian Rupee versus US Dollar, although beneficial to exporters, have amplified
the concerns on the fiscal deficit and also resulted in a slow down on the
capex cycle due to costlier imports, a significant factor affecting domesc demand. Besides
manufacturing companies, even the other non-financial services sector has
witnessed slowdown in sales and tapering margins over last two years.
OUTLOOK:
Post elections in
2014, it is expected that there will be an uptick in activity in order to
achieve the production and capacity creation targets in the key infrastructure sectors
such as coal, power, roads, railways and ports, which are largely in the public
sector or public-private partnership (PPP) domain, will act as a great stimulus to private investment and faster growth. An
abundant monsoon is expected to lead to improved rural demand and the revival
in consumption will aid growth during 2013-14. However
the overall recovery in growth could be slow. During the first half of the year
we do not expect any significant improvement in the situation.
OPERATIONAL
REVIEW:
During the year
Innovative Industries received a patent for its ‘cold
pilgering’ Technology for a period of 20 years effective from April 24, 2009 and have applied for a
patent of this process in various countries. Applicaon for few more product/ process patents is
underway. During the year, we have received a VAT refund of ₹ 20.98 crore
for FY12 which is 85% of the total eligible claim amount of ₹ 25.01 crore
from the Directorate of Industries, Government of Maharashtra (GoM). Further,
balance 15% claim of FY 2010 & FY 2011 of ₹ 7.38 crore was also
received during the year.
FIXED ASSETS:
·
·
Building
·
Plant and Machinery
·
Tools and Dies
·
Furniture and Fixture
·
Vehicles
·
Patents
STATEMENT OF UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND HALF
YEAR ENDED SEPTEMBER 30, 2013
(Rs. In Millions)
|
Particulars |
Unaudited for the quarter ended |
Unaudited for the half year ended |
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
1. Income
form operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
825.890 |
1536.464 |
2361.354 |
|
b) Other operating income |
12.785 |
1.965 |
14.750 |
|
Total
income from Operations(net) |
838.675 |
1537.429 |
2376.104 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
612.196 |
776.717 |
1388.913 |
|
b) Purchases of stock in trade |
0.000 |
308.662 |
308.662 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(39.963) |
56.752 |
16.789 |
|
d) Employees benefit expenses |
90.202 |
95.166 |
185.368 |
|
e) Depreciation and amortization expenses |
98.693 |
103.641 |
202.334 |
|
f) Foreign exchange Loss / Gain |
101.170 |
108.538 |
209.708 |
|
g) Other expenditure |
254.984 |
275.446 |
530.430 |
|
Total expenses |
1117.282 |
1724.922 |
2842.204 |
|
3. Profit from operations before other income and
financial costs |
(278.607) |
(187.493) |
(466.100) |
|
4. Other income |
0.833 |
5.402 |
6.235 |
|
5. Profit from ordinary activities before finance costs |
(277.774) |
(182.091) |
459.865 |
|
6. Finance costs |
201.614 |
216.115 |
417.729 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
(479.388) |
(398.206) |
(877.594) |
|
8. Exceptional item |
- |
- |
- |
|
9. Profit from ordinary activities before tax
Expense: |
(479.388) |
(398.206) |
(877.594) |
|
10.Tax expenses |
- |
15.730 |
15.730 |
|
11.Net Profit
/ (Loss) from ordinary activities after tax (9-10) |
(479.388) |
(413.936) |
(893.324) |
|
12.Paid-up
equity share capital (Nominal value Rs.10/- per share) |
595.440 |
596.440 |
(596.440) |
|
15. Reserve excluding Revaluation
Reserves as per balance sheet of previous accounting year |
|
|
|
|
16.i) Earnings per share (before extraordinary
items) of Re.10/- each) (not annualised): |
|
|
|
|
(a) Basic and diluted |
(8.04) |
(0.94) |
(14.98) |
|
A. Particulars of shareholding |
|
30.09.2013 |
30.06.2013 |
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
|
32568267 |
32597417 |
|
- Percentage of shareholding |
|
54.60% |
54.65% |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
|
6250000 |
4750000 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
|
23.08% |
17.56% |
|
Percentage of shares (as a % of total share capital of the
company) |
|
10.48% |
7.96% |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
|
20825732 |
22296582 |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
|
76.92% |
82.43% |
|
|
|
34.92% |
37.38% |
|
Percentage of shares (as a % of total share capital of the
company) |
|
|
|
|
B.
Investor Complaints |
Quarter Ended 30.09.2013 |
|
Pending at the beginning of the quarter |
- |
|
Receiving during the quarter |
2 |
|
Disposed of during the quarter |
2 |
|
Remaining unreserved at the end of the quarter |
- |
UNAUDITED SEGMENT WIE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In Millions)
|
Particulars |
Quarter
Ended (
Unaudited) |
Half
Year Ended (
Reviewed) |
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
1.
Segment Revenue |
|
|
|
|
a. Motor Vehicle Parts |
510.116 |
447.181 |
952.297 |
|
b. Tubes and Products |
255.614 |
464.446 |
720.060 |
|
c. Others |
60.160 |
623.837 |
683.997 |
|
Total |
825.890 |
1535.464 |
2361.354 |
|
|
|
|
|
|
2.
Segment Result (Profit
before Interest and Tax) |
|
|
|
|
a. Motor Vehicle Parts |
79.344 |
65.227 |
144.572 |
|
b. Tubes and Products |
(236.889) |
(153.276) |
(390.165) |
|
c. Others |
(59.820) |
43.335 |
(16.485) |
|
Total |
(217.365) |
(44.714) |
(262.079) |
|
|
|
|
|
|
Less
: (i) Interest |
201.614 |
216.115 |
417.729 |
|
(ii) Other un-allocable
expenditure net off un-allocable income. |
101.170 |
103.538 |
209.708 |
|
|
(40.761) |
28.839 |
(11.922) |
|
Profit
before Tax |
(479.389) |
(398.206) |
(877.594) |
|
3.
Capital Employed |
|
|
|
|
a. Motor Vehicle Parts |
1998.067 |
1687.252 |
1998.067 |
|
b. Tubes and Products |
7896.276 |
7932.687 |
7896.276 |
|
c. Others |
877.028 |
718.710 |
977.028 |
|
d. Unallocated |
(6792.321) |
(5946.375) |
(6792.321) |
|
Total |
3979.050 |
4392.274 |
3979.050 |
Disclosure of assets and Liabilities as per clause 41(1)(ea) of the listing
agreement for the half year ended September 30, 2013
(Rs.
In Millions)
|
SOURCES OF FUNDS |
As
at 30.09.2013 |
|
|
(Unaudited) |
|
I.
EQUITY
AND LIABILITIES |
|
|
(1)Shareholders' Funds |
|
|
(a) Share Capital |
596.440 |
|
(b) Reserves & Surplus |
3382.609 |
|
Total
Shareholders’ Funds |
3979.049 |
|
|
|
|
(3)
Non-Current Liabilities |
|
|
(a) long-term borrowings |
2306.544 |
|
(b) Deferred tax liabilities (Net) |
594.691 |
|
(c) Other long term liabilities |
13.323 |
|
(d) long-term provisions |
108.364 |
|
Total Non-current Liabilities (3) |
3022.922 |
|
|
|
|
(4) Current Liabilities |
|
|
(a) Short term borrowings |
3891.086 |
|
(b) Trade payables |
53.916 |
|
(c) Other current
liabilities |
901.023 |
|
(d) Short-term provisions |
29.775 |
|
Total Current Liabilities (4) |
4875.800 |
|
|
|
|
TOTAL |
11877.771 |
|
|
|
|
II.
ASSETS |
|
|
(1) Non-current assets |
|
|
(a) Fixed Assets |
6404.860 |
|
(b) Non-current Investments |
609.281 |
|
(c) Long-term Loan and Advances |
567.620 |
|
(d) Other Non-current assets |
11.580 |
|
Total Non-Current Assets |
7593.341 |
|
|
|
|
(2) Current assets |
|
|
(a) Inventories |
1824.522 |
|
(b) Trade receivables |
1391.188 |
|
(c) Cash and cash equivalents |
167.145 |
|
(d) Short-term loans and
advances |
435.619 |
|
(e) Other current assets |
463.956 |
|
Total Current Assets |
4282.430 |
|
|
|
|
TOTAL |
11875.771 |
NOTES:
1.
The above financial results have been reviewed by
the Audit committee and taken on record by the Board of Directors at their
meeting held on November 14, 2013.
2.
The result for the quarter ended September 30, 2013
have been “Limited Reviewed” by the statutory auditors of the company.
3.
During the quarter and six months ended 30th
September 2013 foreign exchange loss / (gain) amounts to:
(Rs. In Millions)
|
Particulars |
September 2013 |
June 2013 |
|
|
Quarter Ended |
Six Months |
Quarter Ended |
|
|
Realised |
80.602 |
120.496 |
6.422 |
|
Unrealised |
20.568 |
3.212 |
102.116 |
|
Total |
101.170 |
209.708 |
108.538 |
4.
Amount of Industrial promotion subsidy (IPS)
sanctioned under package scheme of incentives, 2007 of government of Maharashtra
for setting up mega project Unit and income recognized on prepayment of sales
tax deferral computed on NPV basis is considered as Non Taxable based on the
Judicial Pronouncement and supported by legal opinion obtained by the company.
5.
Additional information : Key financial figures for
Innovative Group (Consolidated)
(Rs.
In Millions)
|
Particulars |
30.09.2013 |
|
(Unaudited) |
|
|
Segment wise
break up of Revenue |
|
|
Motor vehicle parts |
957.297 |
|
Tubes and products |
984.372 |
|
Cold Reoiled Coils |
186.447 |
|
Oil and Gas |
268.402 |
|
Others |
807.150 |
|
Total Revenue |
3203.669 |
|
Profit before Tax |
(1003.695) |
|
Profit after Tax and Minority
Interest |
(957.870) |
|
Basic / Diluted EPS |
(16.06) |
6.
Previous year/ quarter figures have been regroup
wherever required.
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.62.18 |
|
|
1 |
Rs.102.31 |
|
Euro |
1 |
Rs.84.50 |
INFORMATION DETAILS
|
Information Gathered
by : |
PLK |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
52 |
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.