MIRA
INFORM REPORT
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Report Date : |
16.01.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered
Office : |
9, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
09.04.1863 |
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Com. Reg. No.: |
11-000002 |
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Capital Investment
/ Paid-up Capital : |
Rs.139.627 Millions |
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CIN No.: [Company Identification
No.] |
L99999MH1863PLC000002 |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject cover a wide range such as plantations of tea,
coffee, cardamon, cocoa, rubber and palm oil; manufacture of starch from
tapioca; manufacture of asbestos cement and concrete products; extraction of timber
and boat building and repairs; real estate. |
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No. of Employees
: |
Information declined by management |
RATING & COMMENTS
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MIRA’s Rating : |
A (65) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 10740000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a part of “Wadia Group”. It is a well established and
reputed company having fine track reocord. The management has seen a drastic dip in its net profitability during
2013. However, financial position of the company appears to be sound. The ratings also take into consideration the working capital intensive
nature of the operations. However, trade relations are fair. Business is active. Payment terms
are reported as regular and as per commitment. In view of strong support from its group company, the subject can be
considered good for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
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.
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 (PARTIAL DETAILS)
|
Name : |
Anita |
|
Designation : |
Accounts Head |
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Contact No.: |
91-22-22079359 |
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Date : |
14.01.2014 |
-
LOCATIONS
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Registered Office : |
9, Wallace Street, Fort, Mumbai – 400001, Maharashtra, India |
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Tel. No.: |
91-22-22079351/ 54 |
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Fax No.: |
91-22-22071612 |
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E-Mail : |
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Website : |
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Location: |
owned |
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SOUTH INDIA ESTATES |
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Mudis Group Office |
Mudis P.O., Coimbatore District – 642117, Tamilnadu, India |
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Tel. No.: |
91-4253-234244 / 234245 |
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Fax No.: |
91-4253-234231 |
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E-Mail : |
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Marketing Office |
Subramaniam Road, Wellingdon Island,
Kochi – 682003, Kerala, India |
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Tel. No.: |
91-484-2666645/ 2666251 |
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Fax No.: |
91-484-2668321 |
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E-Mail : |
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WEIGHING PRODUCTS DIVISION |
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Factory : |
Plot No.304, New G.I.D.C., Gundlav, Valsad – 396034, Gujarat, India |
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E-Mail : |
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Marketing Office : |
Plot No.2, Kanjur Village Road, Kanjur Marg (East), Mumbai – 400042,
Maharashtra, India |
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Tel. No.: |
91-22-25785651/ 25782852/ 25787529 |
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Fax No.: |
91-22-25784389 |
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E-Mail : |
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HEALTH CARE DIVISION |
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Factory 1 : |
DPI – PLot No. 2, Kanjur Village Road, Kanjur Marg (East), Mumbai –
400042, Maharashtra, India |
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Tel. No.: |
91-22-25785651/ 25782303 |
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Fax No.: |
91-22-25784389 |
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E-Mail : |
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Factory 2 : |
MMT – C-1B/ 909, New GIDC, Gundlav, Valsad – 396035, Gujarat, India |
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E-Mail : |
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Dental Products of
India Division : |
Plot No. 161-B, Village Danpur, Rudrapur Kashipur Road, Paragana-Rudrapur, Tehsil Kichha, Udhamsingh Nagar – 263153, Uttarakhand, India |
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Auto Ancillary
Division: |
Plot No. 128-133, 3rd Cross Street, Nehru Nagar, Kottivakkam, Chennai - 600041, Tamilnadu, India |
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Marketing Office : |
Plot No.2, Kanjur Village Road, Kanjur Marg (East), Mumbai – 400042,
Maharashtra, India |
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Tel. No.: |
91-22-25785651/ 25782852/ 25787529 |
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Fax No.: |
91-22-25784389 |
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E-Mail : |
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Tea and Coffee
Estates : |
· Mudis Group of Estates, Mudis P.O.- 642 117, Coimbatore District, Tamilnadu, India Singampatti Group of Estates — Manjolai P.O., Tirunelveli
District - 627420, Tamilnadu, India Dunsandle Estate — Dunsandle P.O., Ootacamund – 643005,
Nilgiri District, Tamilnadu, India Elk Hill Group of Estates — Post Box No.12, Sidapur, P.
and T.O – 571253, South Coorg, Karnataka, India Usambara Group, Marvera and Herkulu Estates, P.O. Box 22,
Soni, Tanzania |
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Malaysian Branch
Office : |
Suite 628, 6th
Floor, Pan Global Plaza, Jalan Wong Ah Fook 80000, Johor Bahru, Malaysia |
DIRECTORS
As on 31.03.2013
|
Name : |
Nusli N. Wadia |
|
Designation : |
Esq., Chairman |
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Name : |
A. K. Hirjee |
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Designation : |
Esq., Vice Chairman |
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Name : |
A. Panjwani |
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Designation : |
Esq., Managing Director |
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Name : |
Ness Wadia |
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Designation : |
Esq., Managing Director |
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Name : |
Keshub Mahindra |
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Designation : |
Esq. Director |
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Name : |
M. L. Apte |
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Designation : |
Esq. Director |
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Name : |
D. E. Udwadia |
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Designation : |
Esq. Director |
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Name : |
P. K. Cassels |
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Designation : |
Esq. Director |
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Name : |
B. N. B. Tao |
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Designation : |
Esq. Director |
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Name : |
Jeh Wadia |
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Designation : |
Esq. Director |
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Name : |
Mrs. Vinita Bali |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Anita |
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Designation : |
Accounts Head |
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Name : |
Mr. Nitin H Datanwala |
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Designation : |
Vice President Corporate and Company Secretray |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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|
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|
17000 |
0.02 |
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|
39827240 |
57.08 |
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|
39844240 |
57.11 |
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|
|
|
|
|
6141505 |
8.80 |
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|
6141505 |
8.80 |
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Total shareholding of Promoter and Promoter Group (A) |
45985745 |
65.91 |
|
(B) Public Shareholding |
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|
1897825 |
2.72 |
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|
90150 |
0.13 |
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|
675400 |
0.97 |
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|
162566 |
0.23 |
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|
2825941 |
4.05 |
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|
|
|
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|
1609600 |
2.31 |
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|
|
|
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|
11899217 |
17.05 |
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|
1215815 |
1.74 |
|
|
6235582 |
8.94 |
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|
47250 |
0.07 |
|
|
457532 |
0.66 |
|
|
5660700 |
8.11 |
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|
100 |
0.00 |
|
|
70000 |
0.10 |
|
|
20960214 |
30.04 |
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Total Public shareholding (B) |
23786155 |
34.09 |
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Total (A)+(B) |
69771900 |
100.00 |
|
(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 |
|
Total (A)+(B)+(C) |
69771900 |
100.00 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Promoter and Promoter Group
|
Name of the
Shareholder |
Details of Shares held |
|
|
No. of Shares held |
As a % |
|
|
Maureen Nusli Wadia |
8,500 |
0.01 |
|
Ness Nusli Wadia |
5,000 |
0.01 |
|
Jehangir Nusli Wadia |
3,500 |
0.01 |
|
Archway Investment Company Limited |
1,30,38,600 |
18.69 |
|
N W Exports Limited |
98,17,275 |
14.07 |
|
Naperol Investment Limited |
42,08,400 |
6.03 |
|
Jehreen Investment Limited |
33,47,180 |
4.80 |
|
Lochness Investments Limited |
26,83,940 |
3.85 |
|
Wadia Investments Limited |
24,72,500 |
3.54 |
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Nowrosjee Wadia and Sons Limited |
13,05,000 |
1.87 |
|
National Peroxide Limited |
12,52,200 |
1.79 |
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Nowrosjee Wadia and Sons Limited |
9,92,520 |
1.42 |
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Pointers Export Private Limited |
2,78,000 |
0.40 |
|
Sunflower Inv and Textiles Private Limited |
2,67,000 |
0.38 |
|
Go Inv and Trading Private Limited |
1,12,625 |
0.16 |
|
Varnilam Inv and Trading Company Limited |
34,500 |
0.05 |
|
Nessville Trading Private Limited |
17,500 |
0.03 |
|
Nusli Neville Wadia |
61,36,505 |
8.80 |
|
Nusli Neville Wadia |
5,000 |
0.01 |
|
Total |
4,59,85,745 |
65.91 |
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
|
Name of the
Shareholder |
No. of Shares held |
Shares as % |
|
|
Wallace Brothers Trading and Ind Limited |
5660700 |
8.11 |
|
|
Reliance Cap. Trustee Co. Limited A/c. Reliance |
1896663 |
2.72 |
|
|
Total |
7557363 |
10.83 |
|
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
|
Name of the
Shareholder |
No. of Shares held |
Shares as % |
|
|
Wallace Brothers Trading and Ind Limited |
5660700 |
8.11 |
|
|
Reliance Cap. Trustee Company Limited A/c. Reliance |
1896663 |
2.72 |
|
|
Total |
7557363 |
10.83 |
|
BUSINESS DETAILS
|
Line of Business : |
Subject cover a wide range such as plantations of tea,
coffee, cardamon, cocoa, rubber and palm oil; manufacture of starch from
tapioca; manufacture of asbestos cement and concrete products; extraction of
timber and boat building and repairs; real estate. |
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Products : |
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Exports : |
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Products : |
Products of Manufacturing |
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Countries : |
· Germany UK Poland |
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Imports : |
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Products : |
Machinery |
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Countries : |
· Brax\zuk Japan |
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Terms : |
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Selling : |
CAD and Advance |
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Purchasing : |
L/C and TT |
PRODUCTION STATUS (AS ON 31.03.2011)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
|
Tea/Green Leaf |
Kgs. |
Not Applicable |
15,810,320 |
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Coffee |
M. Tonnes |
Not Applicable |
Not Applicable |
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Other Plantation Products |
|
Not Applicable |
Not Applicable |
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(i) Pepper |
Kgs. |
Not Applicable |
Not Applicable |
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(ii) Cardamom, Coffee Husk, Arecanuts, etc. |
Kgs. |
Not Applicable |
Not Applicable |
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(iii) Timber |
C. Feet |
Not Applicable |
Not Applicable |
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Phenolic Laminates (Industrial Laminates including Copperclad Laminates and Surfacing Laminates) |
M.Tonnes |
Not Applicable |
12,400 |
|
Precision Springs |
Kgs. |
Not Applicable |
10,968,000 |
|
Weighing Products |
Nos. |
Not Applicable |
2,000 |
|
Consumable Dental Goods |
M.Tonnes/Litres |
Not Applicable |
Not Applicable |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by management |
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Bankers : |
· HDFC Bank Limited Axis Bank Limited |
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Facilities : |
NOTE: LONG TERM
BORROWINGS (a) Rupee Agri loan from Axis bank of Rs. 1000.000 Millions, - current outstanding Rs. 7,800 Millions is repayable in 2 annual installments from 1st April, 2014 to 1st April, 2015 of Rs. 150.000 Millions and Rs. 630.000 Millions respectively. The loan is secured by exclusive charge over Elkhill Estate. The rate of interest on the loan is ranging from 7.5% to 10%. (b) Rupee loan from HDFC bank of Rs. 200.000 Millions, - current outstanding - Rs. 100.000 Millions is repayable in 2 equal annual installments of Rs. 50.000 Millions from 1st April, 2014 to 31st March, 2015. The loan is to be secured by extension of charge of an Equitable Mortgage by deposit of title deeds of Mudis and Singampatti estates together with Buildings and structures thereon in favour of HDFC Bank. The rate of interest on the loan is ranging from 7.5% to 10.5%. (c) FCNR loan from HDFC bank of USD 15.982 Million - current outstanding Rs. 218.875 Millions (USD 4.024 Million) is repayable in an annual installment of Rs. 218.875 Millions (USD 4.024 Million) on 31st March, 2014. The loan is secured by way of an Equitable Mortgage by deposit of title deeds of Mudis and Singampatti estates together with Buildings and structures thereon securities for other Term loans/WCDL. The rate of interest on the loan is 12 months LIBOR + spread ranging from 2.75% to 4%. (d) FCNR loan from HDFC bank of USD 5.08 Million - current outstanding Rs. 82.889 Millions (USD 1.524 Million), is repayable in 2 semi- annual installments of Rs. 41.445 Millions (USD 0.762 Million), Rs. 41.445 Millions (USD 0.762 Million) on 30th June, 2013 and 31st December, 2013 respectively. The loan is secured by way of an equitable mortgage by deposit of title deeds of Mudis and Singampatti estates together with Buildings and structures thereon securities for other Term loans/WCDL. The rate of interest on the loan is 12 months LIBOR + spread ranging from 2.75% to 4%. (e) Loan against vehicles are secured by lien on vehicle purchased. SHORT TERM
BORROWINGS (a) Cash Credit from Axis Bank of Rs. 43.614 Millions (Previous Year Rs. 0.091 Millions), is secured by hypothecation of present and future stocks, book debts and other current assets on pari-passu basis and a collateral on Elkhill Estates. The rate of interest on the loan is ranging from 11% to 13%. (b) Cash Credit from HDFC Bank of Rs. 2.124 Millions (Previous Year Rs. 1.586 Millions) is secured by hypothecation of present and future stocks, book debts and other current assets on pari-passu basis and a collateral on Singampatti and Mudis Estates. The rate of interest on the loan is ranging from 11% to 13%. (c) The FCNR Working Capital Loan from HDFC Bank of Rs.
98.417 Millions (Previous Year Rs. 92.567 Millions) is secured by
hypothecation of present and future stocks, book debts and other current
assets on pari-passu basis and a collateral on Singampatti and Mudis Estates.
The rate of interest on the loan is 12 months LIBOR + spread ranging from
2.75% to 4%. |
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
BSR and Company Chartered Accountants |
|
Address : |
Lodha Excelus, 1st
Floor, Apollo Mills Compound, N.M. Joshi Marg, Mahalakshmi, Mumbai – 400011,
Maharashtra, India |
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Solicitors : |
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Name : |
Udwadia Udeshi and Argus Partners |
|
Address : |
Elphinstone
House, 1st Floor, 17, Murzban Road, Fort, Mumbai – 400001,
Maharashtra, India |
|
|
|
|
Name : |
Crawford Bayley and Compnay |
|
Address : |
State Bank Building, 4th Floor, Hutatma Chowk, Fountain, Mumbai – 400001, Maharashtra, India |
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Related parties
and nature of relationship where
control exists Subsidiaries: |
· Afco Industrial and Chemicals Limited DPI Products and Services Limited Sea Wind Investments and Trading Company Limited Leila Lands Senderian Berhad Erstwhile Electromags Automotive Products Private Limited |
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Sub-Subsidiaries: |
(a) Subsidiary of DPI Products and Services
Limited: · Subham Viniyog Private Limited (b) Subsidiaries of Leila Lands Senderian Berhad: · Naira Holdings Limited Island Horti-Tech Holdings Pte. Limited Leila Lands Limited Restpoint Investments Limited (c) Subsidiaries of Island Horti-Tech Holdings
Pte. Limited: · Island Landscape and Nursery Pte. Limited ILN Investments Pte. Limited Innovative Organics Inc. (d) Subsidiaries and sub subsidiaries of Leila
Lands Limited: · ABI Holding Limited Britannia Brands Limited Associated Biscuits International Limited Dowbiggin Enterprises Pte. Limited Nacupa Enterprises Pte. Limited Spargo Enterprises Pte. Limited Valletort Enterprises Pte. Limited Bannatyne Enterprises Pte. Limited Britannia Industries Limited (e) Subsidiaries of Britannia Industries Limited: · Boribunder Finance and Investments Private Limited Flora Investments Company Private Limited Gilt Edge Finance and Investments Private Limited Ganges Vally Foods Private Limited International Bakery Products Limited J. B. Mangharam Foods Private Limited Manna Foods Private Limited Sunrise Biscuit Company Private Limited Britannia and Associates (Mauritius) Private Limited Britannia and Associates (Dubai) Private Company Limited Al Sallan Food Industries Company SAOG Strategic Food International Company LLC Strategic Brands Holding Company Limited Britannia Lanka Private Limited Daily Bread Gourmet Foods (India) Private Limited Britannia Dairy Private Limited (formerly known as
Britannia New Zealand Foods Private Limited) Britannia Dairy Holdings Private Limited Britannia Employees General Welfare Association Private
Limited Britannia Employees Medical Welfare Association Private
Limited Britannia Employees Educational Welfare Association
Private Limited (f) Subsidiary of Island Landscape and Nursery
Pte. Limited: · Peninsula Landscape and Nursery Sdn. Bhd. (g) Subsidiary of ILN Investments Pte. Limited: · Saikjaya Holdings Sdn. Bhd. (h) Subsidiaries of Restpoint Investments
Limited: · Restpoint International Technology Corporation Island Telesystems Pte. Limited (i) Subsidiary of Innovative Organics Inc.: · Granum Inc. |
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Associate Companies: |
· Lotus Viniyog Private Limited Inor Medical Products Limited Medical Microtechnology Limited Go Airlines (India) Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7,50,00,000 |
Equity Shares |
Rs.2/- each |
Rs.150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6,97,71,900 |
Equity Shares |
Rs.2/- each |
Rs.139.544
Millions |
|
|
Forfeited shares amount paid-up |
|
Rs.0.083
Million |
|
|
|
|
|
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Total |
|
Rs. 139.627 Millions |
NOTE
(a) The Corporation has only one class of equity share having par value of Rs. 2/- (Previous Year Rs. 10/-) per share.
(b) Each holder of equity shares is entitled to one vote per share.
(c) The Corporation declares and pays dividends in Indian rupees. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
(d) During the year ended 31st March, 2013, the amount of per share dividend recognised as distributions to equity shareholders was Rs. 3/- for every share of Rs. 2/- each (Previous Year - Rs. 7/- for every share of Rs. 10/- each)). The total dividend appropriation for the year ended 31st March, 2013 amounted to Rs. 244.889 Millions (Previous Year Rs. 113.527 Millions) including corporate dividend tax of Rs. 35.573 Millions (Previous Year Rs. 15.846 Millions).
(e) In the event of liquidation of the Company, the holders of equity shares will be entitled to receive the remaining assets of the Company, after distribution of all preferential amounts. The distribution will be in proportion to the number of equity shares held by the shareholders.
(f) Reconciliation of
the shares outstanding at the beginning and at the end of reporting year:
|
Equity shares |
31st March, 2013 |
|
|
No. of shares |
Amount in
millions |
|
|
At the beginning of the period |
13,954,380 |
139.544 |
|
Add: Issued during the period |
-- |
-- |
|
Outstanding at the end of the period |
69,771,900 |
139.544 |
(g) Details of shares
held by each shareholder holding more than 5% shares :
|
Name of
Shareholders |
31st March, 2013 |
|
|
No. of shares |
% holding |
|
|
Archway Investment Company Limited |
13,038,600 |
18.69 |
|
N. W. Exports Limited |
9,817,275 |
14.07 |
|
Naperol Investments Limited |
4,208,400 |
6.03 |
|
Nusli N. Wadia |
6,141,505 |
8.80 |
|
Wallace Brothers. Trading and Industrial Limited, U.K. |
5,660,700 |
8.11 |
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 |
139.627 |
139.627 |
139.627 |
|
(b) Reserves & Surplus |
2545.942 |
2557.297 |
1298.360 |
|
(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) |
2685.569 |
2696.924 |
1437.987 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
834.481 |
1290.104 |
1453.526 |
|
(b) Deferred tax liabilities (Net) |
6.522 |
0.000 |
16.848 |
|
(c) Other long term liabilities |
4.648 |
4.208 |
3.934 |
|
(d) long-term provisions |
23.811 |
39.178 |
16.941 |
|
Total Non-current Liabilities (3) |
869.462 |
1333.490 |
1491.249 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
447.155 |
94.744 |
415.957 |
|
(b) Trade payables |
203.732 |
86.176 |
98.509 |
|
(c) Other current
liabilities |
522.623 |
381.105 |
1296.037 |
|
(d) Short-term provisions |
282.931 |
124.468 |
183.274 |
|
Total Current Liabilities (4) |
1456.441 |
686.493 |
1993.777 |
|
|
|
|
|
|
TOTAL |
5011.472 |
4716.907 |
4923.013 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
991.626 |
591.823 |
1085.080 |
|
(ii) Intangible Assets |
1.644 |
0.377 |
1.735 |
|
(iii) Capital
work-in-progress |
51.302 |
4.553 |
23.558 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1654.914 |
1118.344 |
1067.706 |
|
(c) Deferred tax assets (net) |
0.000 |
5.058 |
0.000 |
|
(d) Long-term Loan and Advances |
123.367 |
110.946 |
83.862 |
|
(e) Other Non-current assets |
2.326 |
1.641 |
0.000 |
|
Total Non-Current Assets |
2825.179 |
1832.742 |
2261.941 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
|
|
(b) Inventories |
944.347 |
611.230 |
961.545 |
|
(c) Trade receivables |
398.617 |
138.219 |
537.629 |
|
(d) Cash and cash
equivalents |
565.140 |
967.538 |
130.241 |
|
(e) Short-term loans and
advances |
234.977 |
1131.526 |
997.894 |
|
(f) Other current assets |
43.212 |
35.652 |
33.763 |
|
Total Current Assets |
2186.293 |
2884.165 |
2661.072 |
|
|
|
|
|
|
TOTAL |
5011.472 |
4716.907 |
4923.013 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2434.925 |
2603.017 |
3189.102 |
|
|
|
Other Income |
211.190 |
194.741 |
877.755 |
|
|
|
TOTAL |
2646.115 |
2797.758 |
4066.857 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
832.805 |
969.531 |
1275.646 |
|
|
|
Purchases of stock-in-trade |
293.828 |
127.287 |
107.290 |
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(224.553) |
(40.507) |
(82.269) |
|
|
|
Employee benefits expense |
615.538 |
548.145 |
531.597 |
|
|
|
Other expenses |
729.449 |
816.728 |
934.236 |
|
|
|
Cost relating to Real estate under development |
1.290 |
1.290 |
1.292 |
|
|
|
Transfer from Revaluation Reserve |
(0.659) |
0.000 |
|
|
|
|
TOTAL |
2247.698 |
2422.474 |
2767.792 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
398.417 |
375.284 |
1299.065 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
149.007 |
185.232 |
187.767 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
249.410 |
190.052 |
1111.298 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
69.281 |
71.556 |
88.559 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE EXCEPTIONAL ITEMS AND TAX |
180.129 |
118.496 |
1022.739 |
|
|
|
|
|
|
|
|
|
|
PROFIT ON SALE
OF UNDERTAKING |
0.000 |
1647.058 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PROFIT OF ERSTWHILE
EAPL FOR THE YEAR ENDED 31ST MARCH, 2012 |
73.672 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
LOSS ON EXCHANGE
(NET)/ DERIVATIVE LOSS |
0.000 |
0.000 |
62.246 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
253.801 |
1765.554 |
960.493 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
64.491 |
400.657 |
195.073 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX |
189.310 |
1364.897 |
765.420 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1748.866 |
637.496 |
65.603 |
|
|
|
|
|
|
|
|
|
Add |
TAKEN OVER FROM THE
ERSTWHILE EAPL CONSEQUENT TO AMALGAMATION |
46.013 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
19.000 |
140.000 |
80.000 |
|
|
|
Proposed Dividend |
209.316 |
97.681 |
97.681 |
|
|
|
Corporate Dividend Tax |
35.573 |
15.846 |
15.846 |
|
|
BALANCE CARRIED
TO THE B/S |
1720.300 |
1748.866 |
637.496 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Tea, Coffee & Others on F.O.B. basis |
440.883 |
390.478 |
349.332 |
|
|
|
Export of laminates on F.O.B. basis |
0.000 |
7.609 |
32.538 |
|
|
|
Export of Precision Springs on F.O.B. basis |
0.000 |
17.860 |
24.850 |
|
|
|
Export of Dental Products |
2.661 |
4.442 |
1.138 |
|
|
|
Export of Auto Ancillary Products on F.O.B. basis |
274.008 |
0.000 |
0.000 |
|
|
|
Dividend |
0.000 |
11.327 |
47.678 |
|
|
TOTAL EARNINGS |
717.552 |
431.716 |
455.536 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
91.275 |
249.573 |
319.785 |
|
|
|
Components and Spare Parts |
3.323 |
2.771 |
2.318 |
|
|
|
Capital Goods |
79.832 |
5.898 |
59.599 |
|
|
|
Traded Goods – Dental |
1.693 |
3.217 |
5.932 |
|
|
TOTAL IMPORTS |
176.123 |
261.459 |
387.634 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.71 |
19.56 |
NA |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
30.06.2013 |
30.09.2013 |
|
Type |
|
1st
Quarter |
2nd
Quarter |
|
Net Sales |
|
677.800 |
654.200 |
|
Total Expenditure |
|
603.200 |
585.700 |
|
PBIDT (Excl OI) |
|
74.600 |
68.500 |
|
Other Income |
|
29.100 |
26.900 |
|
Operating Profit |
|
103.700 |
95.400 |
|
Interest |
|
40.0 |
56.300 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
63.700 |
39.100 |
|
Depreciation |
|
16.200 |
16.500 |
|
Profit Before Tax |
|
47.500 |
22.600 |
|
Tax |
|
14.200 |
7.300 |
|
Provisions and contingencies |
|
0.000 |
0.000 |
|
Profit After Tax |
|
33.300 |
15.300 |
|
Extraordinary Items |
|
0.000 |
0.000 |
|
Prior Period Expenses |
|
0.000 |
0.000 |
|
Other Adjustments |
|
0.000 |
0.000 |
|
Net Profit |
|
33.300 |
15.300 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
7.15
|
48.79 |
18.82 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
10.42
|
67.83 |
30.12 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.68
|
49.19 |
25.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.65 |
0.67 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.48
|
0.51 |
1.30 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.50
|
4.20 |
1.33 |
LOCAL AGENCY FURTHER INFORMATION
CURRENT
MATURITIES OF LONG TERM DEBTS
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
31.03.2011 (Rs.
In Millions) |
|
From Banks |
352.206 |
219.171 |
842.560 |
|
Others – Loan against vehicle |
3.417 |
2.951 |
5.515 |
|
Total |
355.623
|
222.122 |
848.075 |
|
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 |
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 |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
21] |
Market information |
----- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
No |
LITIGATION DETAILS
|
HIGH COURT OF
BOMBAY |
|
CASE DETAILS BENCH: BOMBAY |
|
Lodging No:
SSL/1259/2012 Filing Date:
08/05/2012 |
|
Petitioner: BEACH TOWERS CONDOMINIUM - Respondent: BOMBAY
BURMAH TRADING Petn. Adv : SAGAR R. MADAN (0) CORPORATION District: MUMBAI |
|
Bench: SINGLE Status: Pre-Admission Category: CENTRAL
EXCISE APPEAL (CEXA) Last Date: 04/09/2012
Stage: FOR REJECTION [ORIGINAL SIDE MATTERS] Last Coram: REGISTRAR(OS)/PROTHONOTARY & SR. MASTER |
|
Act: Code of Civil Procedure 1908 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10242059 |
25/02/2012 * |
1,000,000,000.00 |
AXIS BANK LIMITED |
AXIS HOUSE, BOMBAY DYEING MILLS COMPOUND, P. B. |
B34171942 |
|
2 |
10031082 |
12/10/2010 * |
397,500,000.00 |
AXIS BANK LIMITED |
CREDIT MANAGEMENT CENTRE, UNIT-6, CORPORATE PARK, CHEMBUR, MUMBAI - 400071, MAHARASHTRA, INDIA |
A97562474 |
|
3 |
10016783 |
06/07/2006 |
450,000.00 |
SUNDARAM FINANCE LTD |
21 PATULLOS ROAD, CHENNAI, CHENNAI - |
A03651312 |
|
4 |
10016793 |
06/07/2006 |
565,000.00 |
SUNDARAM FINANCE LTD |
21 PATULLOS ROAD, CHENNAI - 600002, TAMILNADU, INDIA |
A03117652 |
|
5 |
10020643 |
06/07/2006 |
450,000.00 |
SUNDARAM FINANCE LTD |
21 PATULLOS ROAD, CHENNAI - 600002, TAMILNADU, INDIA |
A03650637 |
|
6 |
10019245 |
30/06/2006 |
375,000.00 |
SUNDARAM FINANCE LTD |
21 PATULLOS ROAD, CHENNAI - 600002, TAMILNADU, INDIA |
A03118171 |
|
7 |
90226441 |
25/02/2012 * |
560,000,000.00 |
AXIS BANK LIMITED |
AXIS HOUSE, BOMBAY DYEING MILLS COMPOUND, P. B. |
B34279620 |
|
8 |
90223464 |
25/02/2012 * |
560,000,000.00 |
AXIS BANK LIMITED |
AXIS HOUSE, BOMBAY DYEING MILLS COMPOUND, P. B. |
B34241356 |
|
9 |
90223411 |
03/01/2003 |
300,000,000.00 |
HDFC BANK |
KAMLA MILLS CCOMPOUND, SENAPATI BAPAT MARG, MUMBAI - 400013, MAHARASHTRA, INDIA |
- |
|
10 |
90226761 |
14/03/2009 * |
1,800,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA |
A58997594 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
SHORT TERM
BORROWINGS |
|
|
|
From Banks Intercorporate deposits |
300.000 |
0.000 |
|
From Others |
0.000 |
0.500 |
|
From Related Parties |
3.000 |
0.000 |
|
Total |
303.000 |
0.500 |
OPERATIONS:
The year despite the challenges has been a satisfactory one for the Corporation.
The Corporation has achieved a turnover of Rs. 2435.500 Millions and higher operating profit before tax of Rs. 180.100 Millions compared to Rs. 118.500 Millions in the previous year.
The results are strictly not comparable with those of previous year in view of the mid term discontinuation of two businesses viz. BCL Springs and Sunmica in the previous year. Further, current year includes results of Auto ancillary business under Electromags division on amalgamation of erstwhile Electromags Automative Products Private Limited. (EAPL) with the Corporation.
During the year, the performance of Tea Division was adversely affected due to erratic weather conditions which resulted in lower production and lower sales compared to the previous year. However, higher average price realization of Tea contributed to reduce the adverse impact on profitability. The Coffee Division with favourable prices and increased volumes contributed substantially to improve the profitability and performance of the Plantation Division.
Health Care Division reported healthy growth in sales and profit over the previous year with successful launch of new Dental products.
Auto Ancillary business under Electromags Division achieved higher profits compared to previous year on account of reduction in overheads despite slow down in auto sector.
DIVISIONWISE
PERFORMANCE:
(a) SOUTH INDIA
ESTATES:
(i) Tea –
The production for the year was lower at 78.42 Lakh kgs. as against 84.65 Lakh kgs. for 2011-12 due to low rainfall at Singampatti Estate and almost drought like conditions and uniformly low rainfall at other Estates. Sales Turnover however was higher at Rs. 830.100 Millions compared to Rs. 751.500 Millions of the previous year due to increase in average selling prices.
(ii) Coffee –
Production for the year, including outsourced beans was 2,399 Tonnes as against 1,640 Tonnes for the year 2011-12. This was due to higher sourcing of Bought Beans from the current season’s crop during November, 2012 to March, 2013 which will be available for sale in the coming year.
Sales turnover was higher at Rs. 284.600 Millions as against Rs. 243.700 Millions in the previous year. Sales volume, however, was at the same level at 1,680 Tonnes as against 1,683 Tonnes in the previous year.
(b) TANZANIAN
ESTATES:
The crop for the year was lower at 8.14 Lakh kgs. as against 9.22 Lakh kgs. in 2011-12. Sales were at Rs. 54.200 Millions as against Rs. 51.900 Millions in the previous year.
(c) ELECTROMAGS
DIVISION:
The turnover for the year was marginally lower at Rs. 1059.100 Millions as against Rs. 1086.300 Millions for 2011-12. Although the auto sector witnessed a slow down during the year, the reduction in overheads and better cost control enabled the division to achieve higher profits as compared to the previous year.
(d) HEALTHCARE
DIVISION:
The turnover for the year was Rs. 180.400 Millions as against Rs. 154.300 Millions for 2011-12. This was due to higher sales of own manufactured products, mainly Dental alloys, despite the discontinuation of some traded products. Dental Products of India Division is the market leader in Dental alloy business in India.
(e) WEIGHING PRODUCTS
DIVISION:
Sale of balances for the year was Rs. 23.400 Millions as against Rs. 23.100 Millions for 2011-12. The Division continued to operate profitably.
(f) REAL ESTATE
DEVELOPMENT:
The Corporation is examining various options for development of properties at Kanjur Marg in Mumbai and at Coimbatore under Real Estate Division. The Corporation is also considering development of a small part of Coffee Estate at Coorg as a “Destination” under Hospitality sector.
FINANCE:
The Corporation has repaid installments of term loans availed of from the banks/institutions on their respective due dates. There were no deposits which were due for repayment and remained unclaimed as on 31st March, 2013.
The Corporation has during the year converted the advance subscription given to Leila Lands Senderian Berhad (Malaysia) its wholly owned subsidiary, into equity shares. This will enable the offshore investment potential to be
leveraged.
MANAGEMENT DISCUSSION
AND ANALYSIS
Plantation Business:
(a) Tea:
Industry Structure
and Developments:
The overall Indian Crop for the calendar year 2012 was flat at 1,111.76 million kgs. vs. 1,115.72 million kgs. in 2011. While North Indian crop was higher by 4.53 million kgs. South Indian crop was lower by 8.49 million kgs.
In the global scenario, Sri Lankan and Kenyan crops were marginally lower as compared to previous year.
Export of Indian tea upto December, 2012 at 156.38 million kgs. was lower by 13.27 million kgs. vis-a-vis previous
year. South Indian tea exports were significantly lower at 60.20 million kgs. as compared to 75.98 million kgs. in the previous year.
Import of tea upto December, 2012 was at 16.94 million kgs. which was 5.26% lower than the previous year.
Domestic consumption of tea as estimated by Tea Board for financial year 2012-13 was approx. 890 million kgs.
Owing to inclement weather, the crop pattern altered during the year – while there was a huge inflow of crop in the first quarter, the latter half of the year had extremely low crops. This led to dwindling of buffer /pipeline stocks and sharp market response from major packers leading to an upsurge in domestic prices. Exports declined with most markets being out-priced by the strong domestic demand.
Performance
Highlights:
Good rainfall in the first half of FY 2012-2013 was followed by drought conditions in the second half, thereby resulting in lower production of tea by 7.2% as compared to the previous year. Consequently, the overall tea sales were lower by 7.13% in terms of volume. However, the average price realization was 19.51% higher in the current year mainly aided by higher domestic prices. Domestic Sales: Lower crops reflected in lower quantities available for sale and domestic volumes declined by 11.83%. The sales through their Depots reduced by 23.57% in terms of volume and increased by 27.75% in terms of average price realisations. Quantity sold through auctions increased by 4.84% and the average price was higher by 22.66%.
Outlook:
Unpredictable weather conditions and the resulting inconsistent supply from the planting districts around India resulted in the drying up of pipeline stocks. This decline is directly reflected in higher pressure on better liquoring teas, which are attracting strong demand from major Packers and Bazaar buyers. Medium and plainer teas however may get neglected.
Besides the rising prices in the domestic markets, political turmoil which continues in the major teadrinking countries in the Middle East and northern Africa will put considerable pressure on Indian exports, particularly from South India. Moreover, ocean freights which have been on an increase in the recent times could also put further pressure on Indian exports.
General shortage of good liquoring teas in the market and their continuous endeavours in upgrading the quality of their produce will work to the advantage of the Corporation in terms of tapping quality- sensitive markets. The growing awareness of the health benefits of Organic teas is expected to improve demand for the Organic teas pioneered by the Corporation.
(b) Coffee:
Industry structure
and developments:
Coffee prices stabilized in March 2013, with the monthly average of the ICO composite indicator price essentially unchanged from the previous month. Contrasting trends in the prices of Arabicas and Robustas caused a further narrowing of the arbitrage between the New York and London futures markets to 44.21 US cents/lb, its lowest level since March 2009.
The ICO composite indicator price fell from a high of 135.30 US cents/ lb to a low of 128.52 in March, before correcting upwards to average 131.38 US cents/lb, roughly the same level as in February 2013.
This monthly average is 21.7% lower than in March 2012.
The epidemic of coffee leaf rust in Central America has had severe social and economic consequences, with losses in the region estimated at 2.3 million bags, worth nearly US$550 million.
The current outbreak of coffee leaf rust in Central America is considered one of the worst ever recorded.
World production of coffee in the year 2012-13, is estimated at 144.6 million bags, a 6.4% increase over the previous year. World consumption in calendar year 2012 is provisionally estimated at around 142 million bags, compared to 139 million bags in 2011.
Performance
highlights:
Their Coffee volumes for 2012-13 was as follows:
Arabica … 16,534 bags
Robusta … 23,445 bags
TOTAL … 39,979 bags
Added facilities for mechanical drying has resulted in increased bought beans procurement. This has resulted in an increase in turnover by 30%. Increased and focused marketing efforts targeted at selling to retail buyers worldwide has resulted in better margins.
Escalating labour and material costs have been absorbed without midterm changes to budgets.
Outlook:
Brazil has produced record Arabica crops for a second year in a row, further hammering down prices. As a result, the price realisation of Arabicas is expected to be lower by 20%. However, incidence of leaf rust in Central America could help improve prices on anticipated shortfall in supplies in the second half of 2013.
Lower Robusta crops in Vietnam and increased demand for washed speciality coffees will help shore up the bottom-line affected by fall in Arabica prices.
Continuous monitoring of costs in a falling Arabica market, maximizing capacity utilization and timely implementation of new project have helped the Corporation to maintain high growth in turnover and maintaining of bottom lines in an adverse market.
Increased and continuous supervision of processing by management staff has resulted in consistent quality of coffees produced.
(c) Auto Ancillary
Business:
Industry Structure
and Development:
The performance of the Auto Ancillary sector depends largely on the automobile industry in the country. The financial year 2012-13 witnessed a sharp decline in the performance of the automobile industry due to a combination of factors such as high interest rates coupled with high inflation, weakening of the rupee, volatility in the cost of raw material and prices of crude oil. Car sales in the country fell for the first time in a decade, down 6.69% as the industry struggled due to a sluggish economy and negative sentiments.
The downturn has however, not dented the confidence and spirit of the automobile industry. Major OEM’s have continued to invest in increased capacities and grow, preferring to view the 2012-13 performance as an aberration. Foreign investments continued with companies such as Daimler, John Deere, Renault, Nissan etc., either setting up plants on their own in the country or forging Joint Ventures and alliances with large domestic players. Overall, the outlook for the Indian Auto Industry is positive and a turnaround is expected during the latter part of the current financial year.
Segment Wise
Performance:
The current segment wise share of business is as follows:
|
Sector |
% of Business |
|
4 Wheeler |
76% |
|
ATM Parts |
12% |
|
2 Wheeler |
9% |
|
Other White Goods |
1% |
Concerted efforts are underway at the Division to decrease the dependence on the 4 Wheeler segment by increasing the share of business in non-Auto and Other White Goods.
Outlook:
The Division has historically focused mainly on the Auto Industry with 85 % of total volume coming from this industry during 2012-13. Auto Industry, therefore has a direct impact on the results of the Division. Increased focus on diversification and R&D initiatives towards the non-Auto sector have resulted in the Division now actively pursuing opportunities for a greater share in the White Goods sector, that is, other than existing ATM and Washing Machine parts and exploring opportunities in Solar and Medical components business during 2013-14 and in the future.
(d) Health Care
Business:
Industry Structure
and Development
The Indian healthcare market ranks amongst the top ten markets in the world and its contribution to the country’s GDP is around 2%. Whereas the total market for dental equipments and materials is estimated to be around Rs. 4300.000 Millions annually, the market in which the Dental Products division of the Corporation operates is estimated at around Rs. 400.000 Millions. Although the Indian dental healthcare industry is dominated by importers rather than manufacturers, the turnover of the Dental Products division is mainly from products manufactured by it.
With a number of foreign companies investing in the Indian dental products market and some of them licensing Indian manufacturers to produce certain items, India is fast progressing into becoming a manufacturing hub for dental equipments and materials.
The oral healthcare awareness in the urban areas has ensured a steady growth in the dental products market. However, the industry reaching its potential would depend upon the government’s policy in terms of providing subsidies to set up dental practice in the rural areas and mini metros.
Performance
Highlights:
Sale of the manufactured products such as alloy, polymers and impression materials registered a growth of 16% over previous year. Sale of traded materials was however lower by 6% in the view of discontinuation of certain product lines in the trading business.
Outlook:
Despite increasing competition, introduction of new superior products and lower margins, the business is sustainable due to the growing market for their existing products backed by a nation-wide distribution network and the demand for new products, which the Corporation is continuously striving to meet. Their products command high brand equity which is the result of quality products and an efficient after-sales service network.
Two new materials viz. Calcium Hydroxide (for dental fillings) and EDTA Gel are being launched in the near future which is expected to find easy acceptance in the market. The Corporation is also evaluating the emerging markets for dental lasers as also investment material for dental laboratories.
CONTINGENT
LIABILITIES:
A. Sundry claims against the Corporation by employees and others not admitted (amount indeterminate). In the opinion of the management, the outcome of these claims is likely to be immaterial.
B. Disputed demands of Central Excise Department not provided for in respect of:
|
Particulars |
31.03.2013 (Rs. In Millions) |
31.03.2012 (Rs. In Millions) |
|
South India Consolidation (Plantations Division) |
0.147 |
0.147 |
|
Erstwhile Sunmica Division (Building Products Division) |
372.824 |
0.000 |
C. Disputed wage demands pending with the Industrial Tribunal Rs. 23.225 Millions (Previous Year Rs. 23.225 Millions) and back wages relief granted by Labour Court Rs. Nil (Previous Year Rs. 0.058 Million) in respect of South India Branches
D. Damages and interest on alleged unauthorized occupation of residential premises determined by the Estate Officer L.I.C. up to 31st March 2013 and disputed by the Corporation Rs. 10.137 Millions (Previous Year Rs. 14.096 Millions).
E. PF Demand on allowance paid to workers Rs. Nil (Previous Year Rs. 9.863 Millions)
The Corporation has created provision against contingencies described in items nos. B to E as an abundant precaution.
F. Letter of Credit in respect of erstwhile BCL Springs Rs. Nil (Previous Year Rs. 32.939 Millions).
G. Matters under dispute relating to Income tax in respect of the erstwhile Electromags Automotive Products Private Limited. A.Y. 2004-05 Rs. 5.23 Millions, for the A.Y. 2009-10 Rs. 6.426 Millions and for A.Y 2011-12 Rs. 0.179 Million.
UNAUDITED FINANCIAL RESULTS
FOR QUARTER ENDED 30TH SEPTEMBER,2013
PART I
(Rs. in millions)
|
|
Particulars |
Three Months ended 30th September 2013 |
Three Months ended 30th June 2013 |
Year to date from 1st April, 2013 to 30th
September 2013 |
|
|
Unaudited |
Unaudited |
Unaudited |
|
|
1. |
Income from operations |
|
|
|
|
|
(a) Net Sales / Income
from Operations (Net of excise duty) |
610.948 |
664.408 |
1275.356 |
|
|
(b) Other Operating
Income |
43.214 |
13.410 |
56.623 |
|
2. |
Total income from operations
(net) |
654.162 |
677.818 |
1331.979 |
|
|
Expenses |
|
|
|
|
|
a) Cost of materials
consumed |
213.780 |
229.795 |
443.575 |
|
|
b) Purchases of
stock-in-trade |
3.281 |
3.731 |
7.012 |
|
|
c) Changes in Inventories
of finished goods, work-in-progress and stock-in-trade |
23.971 |
25.055 |
49.026 |
|
|
d) Employees benefits
expense |
162.676 |
164.131 |
326.807 |
|
|
e) Depreciation and
amorisation expenses |
16.518 |
16.243 |
32.761 |
|
|
f) Other Expenses |
181.963 |
180.495 |
362.458 |
|
|
Total expenses |
602.189 |
619.45 |
1221.639 |
|
3 |
Profit from operations
before other income, finance costs and exceptional items (1-2) |
51.972 |
58.369 |
110.340 |
|
4. |
Other Income |
|
|
|
|
5. |
Profit from ordinary
activities before finance costs and exceptional Items (3 + 4) |
26.883 |
29.061 |
55.944 |
|
6. |
Finance costs |
56.283 |
39.963 |
96.346 |
|
7. |
Profit from ordinary activities
after finance costs but before exceptional Items (5-6) |
22.572 |
47.467 |
70.038 |
|
8. |
Exceptional Items |
|
|
|
|
|
b) Profit of EAPL for the
period 1st April, 2011 to 31st March, 2012 |
-- |
-- |
|
|
9. |
Profit from Ordinary Activities
before tax (7+8) |
22.572 |
47.467 |
70.038 |
|
|
Tax expense |
7.300 |
14.200 |
21.500 |
|
|
Tax expense relating to
Profit of EAPL for a period 1st April, 2011 to 31st March, 2012
|
-- |
-- |
-- |
|
|
Net Profit from Ordinary Activities
after tax |
15.272 |
33.267 |
48.538 |
|
|
Paid-up equity share
capital (Face value of the Share - Rs.2/-) |
139.544 |
139.544 |
139.544 |
|
|
Reserves excluding
Revaluation Reserves as per balance sheet of previous accounting year |
-- |
-- |
-- |
|
|
Earnings per share
(before extraordinary items) (of Rs.2/- each) (not
annualised) : |
0.22 |
0.48 |
0.70 |
|
|
a) Basic |
0.22 |
0.48 |
0.70 |
|
|
b) Diluted |
|
|
|
|
|
Earnings per share (after
extraordinary items) (of Rs.2/- each) (not annualised)
: |
|
|
|
|
|
a) Basic |
0.22 |
0.48 |
0.70 |
|
|
b) Diluted |
0.22 |
0.48 |
0.70 |
PART II
SELECT
INFORMATION FOR THE QUARTER ENDED 30TH SEPTEMBER, 2013
|
|
PARTICULAR |
Three Months ended 30th September 2013 |
Three Months ended 30th June 2013 |
Year to date from 1st April, 2013 to 30th
September 2013 |
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
Public shareholding |
|
|
|
|
|
- No. of Shares |
23786155 |
23786155 |
23786155 |
|
|
Percentage of
Shareholding |
34.09 |
34.09 |
34.09 |
|
2 |
Promoters and Promoter
Group Shareholding |
|
|
|
|
|
a) Pledged / Encumbered |
|
|
|
|
|
- No. of Shares |
6375000 |
6110000 |
6375000 |
|
|
Percentage of shares (as a
% of the total shareholding of promoter and promoter group) |
13.86 |
13.29 |
13.86 |
|
|
Percentage of shares (as
a % of the total share capital of the company) |
9.14 |
8.76 |
9.14 |
|
|
b) Non - encumbered |
|
|
|
|
|
- No. of Shares |
39610745 |
39875745 |
39610745 |
|
|
Percentage of shares (as
a % of the total shareholding of promoter and promoter group) |
86.14 |
86.71 |
86.14 |
|
|
Percentage of shares (as
a % of the total share capital of the company) |
56.77 |
57.15 |
56.77 |
|
|
Particulars |
3 months ended 30th September, 2013 |
|
B |
INVESTOR COMPLAINTS
(Nos.) |
|
|
|
Pending at the beginning
of the quarter |
- |
|
|
Received during the
quarter |
1 |
|
|
Disposed of during the
quarter |
1 |
|
|
Balance unresolved at the
end of the quarter |
- |
SEGMENT-WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED:
(Rs. in millions)
|
|
PARTICULAR |
Three Months ended 30th September 2013 |
Three Months ended 30th June 2013 |
Year to date from 1st April, 2013 to 30th
September 2013 |
|
|
|
Unaudited |
Unaudited |
Unaudited |
|
1. |
Segment Revenue: |
|
|
|
|
|
a) Plantations |
294.771 |
342.757 |
637.528 |
|
|
b) Auto Electrical
Components |
255.907 |
270.299 |
526.206 |
|
|
c) Investments |
29.644 |
-- |
29.644 |
|
|
d) Healthcare |
60.215 |
50.810 |
111.025 |
|
|
e) Others |
13.624 |
13.952 |
27.576 |
|
|
Total |
654.161 |
677.818 |
1331.979 |
|
|
Less: inter Segment
Revenue |
-- |
-- |
-- |
|
|
Net Sales / Income from
Operations |
654.161 |
677.818 |
1331.979 |
|
2. |
Segment Results: |
|
|
|
|
|
a) Plantations |
13.106 |
41.259 |
54.365 |
|
|
b) Auto Electrical
Components |
43.853 |
42.768 |
86.621 |
|
|
c) Investments |
29.644 |
-- |
29.644 |
|
|
d) Healthcare |
10.579 |
9.709 |
20.288 |
|
|
e) Others |
8.105 |
8.570 |
16.674 |
|
|
Total |
|
|
|
|
|
Less :i) Interest |
(56.283) |
(39.963) |
(96.246) |
|
|
ii) Other Un allocable
expenditure net |
(53.315) |
(43.937) |
(97.252) |
|
|
Add: i) Unallocable
income |
26.883 |
29.061 |
55.944 |
|
|
ii) Results of Auto
Ancillary for the year ended 31st March, 2012 |
-- |
-- |
-- |
|
|
Total Profit before Tax |
22.572 |
47.467 |
70.038 |
|
3. |
Capital Employed: (Segment Assets - Segment Liabilities) |
|
|
|
|
|
a) Plantations |
1269.683 |
1297.307 |
1269.683 |
|
|
b) Auto Electrical
Components |
667.497 |
631.195 |
667.497 |
|
|
c) Investments |
2335.753 |
2335.511 |
2335.753 |
|
|
d) Healthcare |
109.425 |
102.870 |
109.425 |
|
|
e) Others |
231.266 |
229.021 |
231.266 |
|
|
f) Unallocated |
(1879.847) |
(1877.069) |
(1879.847) |
|
|
Sub Total |
2733.778 |
2718.835 |
2733.778 |
|
|
Less: Inter Segment
Revenue |
-- |
-- |
-- |
|
|
Total |
2733.778 |
2718.835 |
2733.778 |
Note
1.STATEMENT OF ASSETS
AND LIABILITIES
(Rs. In Millions)
|
Particular |
As
at 30th September, 2013 |
|
|
Unaudited
|
|
EQUITY AND
LIABILITIES |
|
|
Shareholders’
funds |
|
|
(a) Share capital |
139.627 |
|
(b) Reserves and surplus |
2594.151 |
|
Sub-total
- Shareholders' funds |
2733.778 |
|
|
|
|
Non-current
liabilities |
|
|
(a) Long-term borrowings |
834.728 |
|
(b) Deferred Tax Liabilities (Net) |
6.722 |
|
(c) Other long-term liabilities |
6.226 |
|
(d) Long-term provisions |
24.478 |
|
Sub-total
- Non-current liabilities |
872.154 |
|
|
|
|
Current
liabilities |
|
|
(a) Short-term borrwings |
1051.767 |
|
(b) Trade payables |
243.502 |
|
(c) Other current liabilities |
539.776 |
|
(d) Short-term provision |
64.948 |
|
Sub-total - Current
liabilities |
1899.993 |
|
TOTAL - EQUITY AND
LIABILITIES |
5505.925 |
|
|
|
|
ASSETS |
|
|
Non-current
assets |
|
|
(a) Fixed assets |
1058.706 |
|
(b) Non-current investments |
1655.803 |
|
(c) Long-term loans and advances |
118.681 |
|
Sub-total
- Non-current assets Current assets |
2833.190 |
|
Current assets |
|
|
(a) Inventories |
894.286 |
|
(b) Trade receivables |
465.311 |
|
(c) Cash and cash equivalents |
327.375 |
|
(d) Short-term loans and advances |
916.630 |
|
(e) Other current assets |
69.133 |
|
Sub-total
- Current assets |
2672.735 |
|
TOTAL
- ASSETS |
5505.925 |
2. the above financial results have been reviewed by the Audit committee and having been recommended by it to the Board for approval, were approved by the Board at its meeting held on 14th November, 2013.
3. Expenditure of Rs. 58.025 Millions (Previous period Rs. 39.427 Millions) incurred during the half year at the coffee estates has been carried forward and will be accounted against the current season’s coffee crop from November, 2013.
4. The Honourable High Court of Judicature at Madras has, vide order dated 24th August 2012 sactioned a scheme of amalgamation of the wholly owned subsidiary of the Corporation viz Electromags Automotive Products Private Limited (EAPL) with the Bombay Burmah Trading Corporation Limited w.e.f. 1st April 2011. Since the scheme was given effect to subsequent to the close of the year ended 31 March 2012, the net profit for the period from 1st April 2011 to 31st March, 2012 of Rs. 73.672 Millions has been presented as an exceptional item for the period ended 30th September, 2012.
5. The Statutory Auditors of the Corporation have carried out a Limited Review of the Results for the quarter ended 30th September, 2013.
FIXED ASSETS
v
Tangible
Assets
Land
Roads
Development
– Plantations
Buildings
Plant
and Machinery
Moulds
and Dies
Motor
Vehicles and Tractors
Office
Equipments
Furnitures
and Fixtures
v
Intangible Assets
Goodwill
Technical
know – how
Computer
Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources including
but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms and
conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.59 |
|
|
1 |
Rs.101.09 |
|
Euro |
1 |
Rs.83.99 |
INFORMATION DETAILS
|
Information Gathered
by : |
HNA |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
65 |
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.