MIRA
INFORM REPORT
|
Report Date : |
29.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
SALGUTI INDUSTRIES LIMITED (w.e.f. 10.09.2006) |
|
|
|
|
Formerly Known
As : |
SALGUTI PLASTICS LIMITED |
|
|
|
|
Registered
Office : |
1-2-288/6/4, Domalaguda, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
20.10.1984 |
|
|
|
|
Com. Reg. No.: |
01-005048 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.75.367
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L25209AP1984PLC005048 |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturing of HDPE/PP Woven Sacks for Packaging of Fertilizers,
Cement, Food Grains etc. |
|
|
|
|
No. of Employees
: |
Information denied by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 505000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having moderate track record. The
company has incurred loss from its operation during the financial year 2013.
External borrowing of the company seems to be huge. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealing with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
The services sector, the largest contributor to India’s GDP, contracted
for the sixth consecutive month in December, as orders dipped. However, hiring
has risen. Direct tax collections rose 12.3 % during the April – December
period of the current financial year. The government has decided to
retain 100 per cent foreign direct investment in both greenfield (new) and
brown field (existing) pharmaceutical companies, despite concerns over genetic
drugs going out of production, if multi-national companies take over domestic
ones. In M&A deals, a non compete clause would not be allowed, except in
special circumstances. The Department of Industrial Policy and Promotion plans
to release the next edition of its consolidated foreign direct investment
policy document on March 31, incorporating changes made in the past year. DIPP
compiles all policies related to India’s FDI regime into a single document to
make it easy for investors to understand. 185 million estimated number of
mobile internet users in India by June 2014, according to a report by the
Internet & Mobile Association of India and IMRB International. India
had 110 million mobile internet users with 25 million in rural areas. $3.77 tn
estimated global IT spending in 2014, according to research firm Gartner Inc.
The growth forecast for this year is cut to 3.1 %from the earlier estimate of
3.5 %. The spending growth forecast for telecom services – a segment that
accounts for more than 40 % at total IT spending – from 1.9 per cent to 1.2 per
cent is the main reason for this overall IT cut. A Reserve Bank of India
committee has recommended setting up a special category of lenders who would
cater to small businesses and households, to expand the number of customers
with access to banking services. These banks would focus onproviding payment
services and deposit products. Indian banks want the free use of
automated teller machines to be capped at five transactions in a month
including that of the bank in which the account is active. This follows state
government order to banks to install security guards at ATM booths after a
woman banker was assaulted in Bangalore. The government is likely to present a
vote on Account in mid-February. The annual Economic Survey will be tabled
later in Parliament along with the full Budget. A full Budget for 2014/15 is
likely to be present in July by the new government formed after the General
Election. The government will soon launch an internet spy system, called Netra,
to detect malafide messages. Security agency will deploy the system to capture
dubious voice traffic on applications such as Skype and Google Talk, as well as
tweeters.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
B [Term Loan] |
|
Rating Explanation |
Risk prone credit quality and high risk of default. |
|
Date |
March 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
A4 [Letter of Credit] |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
March 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Madam. Srawanti |
|
Designation : |
Operator |
|
Contact No.: |
91-40-27635939 |
|
Date : |
28.01.2014 |
LOCATIONS
|
Registered Office : |
1-2-288/6/4, Domalaguda, |
|
Tel. No.: |
91-40-27635939 / 27603580 / 27630629 |
|
Fax No.: |
91-40-27635939 / 27630629 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
8-2-334/18, 3rd Floor, Road No. 3, Banjara Hills, Hyderabad-500034,
Andhra Pradesh, India |
|
|
|
|
Factory 1 : |
Survey No. 310 And 311, Gollaplly (Village), Jadcharla (Mandal),
Mahaboobnagar-509301, Andhra Pradesh, India |
|
|
|
|
Factory 2 : |
Survey No. 548/AA, Mudireddipally (V), Balanagar Mandal, Mahaboobnagar
District, Andhra Pradesh, India |
|
Tel No.: |
91-8542-230050 |
|
|
|
|
Factory 3 : |
Mr. Plot No. 154/A2, IDA Bollaram (Miyapur), District Medak-502325,
Andhra Pradesh, India |
|
Tel No.: |
91-8458-279250 |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Gopal Reddy Salguti |
|
Designation : |
Chairman |
|
Address : |
1-2-288/6/4, Domalguda, Hyderabad – 500029, Andhra Pradesh, India |
|
Date of Birth/Age : |
21.05.1932 |
|
Date of Appointment : |
23.07.1992 |
|
DIN : |
00051754 |
|
|
|
|
Name : |
Mr. Vishnuvardhan Reddy Salguti |
|
Designation : |
Managing Director |
|
Address : |
1-2-288/6/4, Domalguda, Hyderabad – 500029, Andhra Pradesh, India |
|
Date of Birth/Age : |
24.04.1958 |
|
Date of Appointment : |
20.10.1984 |
|
DIN : |
00051641 |
|
|
|
|
Name : |
Mrs. Rajitha Reddy Salguti |
|
Designation : |
Whole-time Director |
|
Address : |
1-2-288/6/4, Domalguda, Hyderabad – 500029, Andhra Pradesh, India |
|
Date of Birth/Age : |
01.05.1962 |
|
Date of Appointment : |
20.10.1984 |
|
DIN : |
00051603 |
|
|
|
|
Name : |
T.C. Karunkar |
|
Designation : |
Non-Executive Director |
|
Address : |
B-5, Industrial Estate, Autonagar, Vijaywada, |
|
Date of Birth/Age : |
11.01.1969 |
|
Date of Appointment : |
0.1.12.2005 |
|
|
|
|
Name : |
Mr. Mundla Lakshmikar Reddy |
|
Designation : |
Non-Executive Director |
|
Address : |
Plot No. 36, Navodaya Colony, Road No. 12, Banjarahills, |
|
Date of Appointment : |
30.10.1999 |
|
DIN : |
00493922 |
|
|
|
|
Name : |
Mr. Draksharam Nagaraj |
|
Designation : |
Additional Director |
|
|
|
|
Name : |
Mr. S. Prajwal Reddy |
|
Designation : |
Additional Director |
KEY EXECUTIVES
|
Name : |
Madam. Srawanti |
|
Designation : |
Operator |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2636725 |
34.99 |
|
|
2371875 |
31.47 |
|
|
5008600 |
66.46 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
5008600 |
66.46 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
250000 |
3.32 |
|
|
250000 |
3.32 |
|
|
|
|
|
|
446300 |
5.92 |
|
|
|
|
|
|
1583800 |
21.01 |
|
|
244000 |
3.24 |
|
|
4000 |
0.05 |
|
|
4000 |
0.05 |
|
|
2278100 |
30.23 |
|
Total Public shareholding (B) |
2528100 |
33.54 |
|
Total (A)+(B) |
7536700 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
7536700 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of HDPE/PP Woven Sacks for Packaging of Fertilizers,
Cement, Food Grains etc. |
PRODUCTION STATUS [AS ON 31.03.2013]
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Plastics |
MT |
10400 |
8603 |
|
Textiles |
MT |
2600 |
1396 |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by the management. |
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Bankers : |
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Facilities : |
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|||||||||||||||||||||||||||
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|
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|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
P Murali Mohana Rao Chartered Accountant |
|
Address : |
6-3-655/2/3, Somajiguda, |
|
Tel. No.: |
91-40-23326666 |
|
Fax No.: |
91-40-23392474 |
|
PAN No: |
AAWPP7457L |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12000000 |
Equity Shares |
Rs.10/- each |
Rs.120.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
7536700 |
Equity Shares |
Rs.10/- each
|
Rs.75.367
Millions |
NOTES:
DETAILS OF SHAREHOLDER HOLDING MORE THAN 5% SHARES OF THE COMPANY:
|
PARTICULAR |
AS ON 31.03.2013 |
|
|
|
NO. OF SHARES |
% OF SHARE
HOLDING |
|
S. Rajitha Reddy |
492700 |
6.53 |
|
Salguti Finance and Invest Private Limited |
1454375 |
19.30 |
|
S. Vishnuvardhan Reddy |
660000 |
8.76 |
|
Salguti Textiles Limited |
472500 |
6.27 |
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 |
75.367 |
75.367 |
75.261 |
|
(b) Reserves & Surplus |
50.978 |
55.337 |
42.545 |
|
(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) |
126.345 |
130.704 |
117.806 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
326.201 |
280.596 |
245.388 |
|
(b) Deferred tax liabilities (Net) |
40.178 |
35.287 |
30.592 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
366.379 |
315.883 |
275.980 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
223.260 |
195.319 |
176.679 |
|
(b) Trade
payables |
81.092 |
78.751 |
77.210 |
|
(c)
Other current liabilities |
40.367 |
37.470 |
3.035 |
|
(d) Short-term
provisions |
3.366 |
3.965 |
3.608 |
|
Total Current
Liabilities (4) |
348.085 |
315.505 |
260.532 |
|
|
|
|
|
|
TOTAL |
840.809 |
762.092 |
654.318 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
402.348 |
346.672 |
280.648 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
0.000 |
21.742 |
10.146 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
1.565 |
1.145 |
1.073 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
14.484 |
7.442 |
42.494 |
|
(e) Other
Non-current assets |
4.167 |
5.000 |
4.175 |
|
Total Non-Current
Assets |
422.564 |
382.001 |
338.536 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
197.128 |
172.194 |
177.402 |
|
(c)
Trade receivables |
191.125 |
143.170 |
136.860 |
|
(d) Cash
and cash equivalents |
1.547 |
1.522 |
0.739 |
|
(e)
Short-term loans and advances |
27.818 |
62.436 |
0.781 |
|
(f)
Other current assets |
0.627 |
0.769 |
0.000 |
|
Total
Current Assets |
418.245 |
380.091 |
315.782 |
|
|
|
|
|
|
TOTAL |
840.809 |
762.092 |
654.318 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1100.511 |
998.880 |
742.944 |
|
|
|
Other Income |
0.758 |
0.304 |
0.883 |
|
|
|
TOTAL (A) |
1101.269 |
999.184 |
743.827 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
888.812 |
814.667 |
694.908 |
|
|
|
Employee Benefit Expenses |
47.464 |
47.991 |
34.682 |
|
|
|
Other Operating Expenses |
71.930 |
60.829 |
58.170 |
|
|
|
Administrative Expenses |
10.280 |
10.211 |
7.384 |
|
|
|
Increase in Inventory (Finished Goods & WIP) |
(9.541) |
(19.690) |
(116.321) |
|
|
|
TOTAL (B) |
1008.945 |
914.008 |
678.823 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
92.324 |
85.176 |
65.004 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
71.545 |
56.776 |
40.105 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
20.779 |
28.400 |
24.899 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
25.372 |
20.375 |
18.037 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
(4.593) |
8.025 |
6.862 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
4.891 |
6.343 |
4.771 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
(9.484) |
1.682 |
2.091 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
20.484 |
18.802 |
16.711 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
11.000 |
20.484 |
18.802 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
(1.26) |
0.22 |
0.28 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
3679.600 |
3821.000 |
4099.800 |
|
Total Expenditure |
3336.600 |
3491.000 |
3677.300 |
|
PBIDT (Excl OI) |
343.000 |
330.000 |
422.500 |
|
Other Income |
18.400 |
12.100 |
03.500 |
|
Operating Profit |
361.400 |
342.100 |
426.000 |
|
Interest |
172.800 |
167.200 |
198.000 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
188.600 |
174.900 |
228.000 |
|
Depreciation |
148.600 |
148.500 |
162.700 |
|
Profit Before Tax |
40.000 |
26.400 |
65.300 |
|
Tax |
08.000 |
05.300 |
13.100 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
32.000 |
21.100 |
52.200 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
32.000 |
21.100 |
52.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(0.86)
|
0.17 |
0.28 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(0.42)
|
0.80 |
0.92 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(0.55)
|
1.09 |
1.07 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.04)
|
0.06 |
0.05 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
4.35
|
3.64 |
3.58 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.20
|
1.20 |
1.21 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by
Info Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
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 |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm / promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
No |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
INDEX OF CHARGES:
|
S. NO. |
CHARGE
ID |
DATE
OF CHARGE CREATION/MODIFICATION |
CHARGE
AMOUNT SECURED |
CHARGE
HOLDER |
ADDRESS |
SERVICE
REQUEST NUMBER (SRN) |
|
1 |
10465025 |
21/11/2013 |
25,000,000.00 |
ANDHRA
PRADESH STATE FINANCIAL CORPORATION |
5-9-194,
CHIRAG ALI LANE, P.B.NO.165,, HYDERABAD - 500001, ANDHRA PRADESH, INDIA |
B91480640 |
|
2 |
10353452 |
03/05/2012 |
56,000,000.00 |
ANDHRA
BANK |
SULTAN
BAZAR, KOTI, HYDERABAD - 500001,, ANDHRA PRADESH INDIA |
B38855896 |
|
3 |
10034656 |
12/10/2012
* |
91,800,000.00 |
ANDHRA
BANK |
SULTAN
BAZAR, KOTI, HYDERABAD - 500001, ANDHRA PRADESH, INDIA |
B61196408 |
|
4 |
10036895 |
18/07/2012
* |
162,000,000.00 |
ORIENTAL
BANK OF COMMERCE |
PLOTNO.3,
REGENCY PLAZA, GAYATHRI NAGAR, AMEERPET |
B45623659 |
|
5 |
90119839 |
12/09/2012
* |
261,900,000.00 |
BANK
OF BARODA |
RBVR
REDDY HOSTEL COMPLEX, ABIDS MAIN BRANCH, HYDERABAD - 500001, ANDHRA PRADESH,
INDIA |
B59331595 |
|
6 |
90124021 |
18/09/1998 |
11,375,000.00 |
ANDHRA
PRADESH STATE FINANCIAL CORPN. |
CHIRAG
ALI LANE, HYDERABAD, ANDHRA PRADESH, INDIA |
- |
|
7 |
90123973 |
27/02/1998
* |
10,200,000.00 |
BANK
OF BARODA |
HYDERABAD;
MAIN BRANCH, R.; B. V. R. REDDY HOSTEL |
- |
|
8 |
90123870 |
01/08/1996 |
20,000,000.00 |
INDUSTRIAL
RECONSTRUCTION BANK OF INDIA |
19;
NETAJI SUBHAS ROAD, CALCUTTA - 700001, WEST BENGAL, INDIA |
- |
|
* Date of charge modification |
||||||
|
Unsecured Loan |
As
on 31.03.2013 [Rs.
in Millions] |
As
on 31.03.2012 [Rs.
in Millions] |
|
Long Term
Borrowings |
|
|
|
From Directors and their Relatives |
53.612 |
42.669 |
|
From Others |
38.819 |
41.150 |
|
TOTAL
|
92.431 |
83.819 |
FINANCIAL RESULTS
REVIEW AND PROSPECTS:
The company has
recorded a total income of Rs. 1100.511 Millions for the year ended 31st March,
2013 against total income of Rs. 998.880 Millions last year. This figure has
grown up by Rs. 101.651 Millions in this financial as compared to the same
period in the last year. But the company has recorded a net loss of 9.483
Millions for the current period against net profit of Rs. 1.682 Millions for
the last year. This is due to underutilization of capacities in both divisions
on account of severe power crises during the year. Further the both margins are
affected as the power tariffs are increased with levy of additional FSA charges
interest cost have also increased due to expansion undertake in both textile
and plastic divisions but the capacities could not be utilized due to power restricted
to the extent of 40%.
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Electrical Equipment
·
Furniture and Fixtures
·
Computers
·
Vehicles
UNAUDITED FINANCIAL RESULTS
FOR THE HALF-YEAR ENDED 30TH SEPTEMBER, 2013
Rs. In Millions
|
Sr. No. |
Particular |
Quarter Ended |
Half-Year Ended |
|
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
|
|
|
Unaudited
|
Unaudited
|
Unaudited
|
|
|
|
|
|
|
|
1. |
Net Sales/Income
from Operations |
374.907 |
267.127 |
642.034 |
|
|
Other Operating Income
|
0.000 |
0.000 |
0.000 |
|
|
Total Income From Operations (Net) |
374.907 |
267.127 |
642.034 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost
of materials consumed |
303.233 |
217.800 |
521.033 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
1.122 |
1.640 |
2.762 |
|
|
Employee
benefits expenses |
12.834 |
14.428 |
27.262 |
|
|
Depreciation
and amortization expenses |
6.325 |
6.325 |
12.650 |
|
|
Other
expenses |
27.822 |
7.687 |
35.509 |
|
|
Total Expenses |
351.336 |
247.880 |
599.216 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
23.571 |
19.247 |
42.818 |
|
|
|
|
|
|
|
4. |
Other
Income |
0.001 |
0.001 |
0.002 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
23.572 |
19.248 |
42.820 |
|
|
|
|
|
|
|
6. |
Interest |
20.632 |
20.162 |
40.794 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
2.940 |
(0.914) |
2.026 |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
2.940 |
(0.914) |
2.026 |
|
|
|
|
|
|
|
10. |
Tax Expense |
0.375 |
0.000 |
0.375 |
|
|
a)
Current tax |
0.836 |
0.836 |
1.672 |
|
|
b)
Deferred tax |
|
|
|
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
1.729 |
(1.750) |
(0.021) |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
1.729 |
(1.750) |
(0.021) |
|
|
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.10/- Each) |
75.367 |
75.367 |
75.367 |
|
|
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
50.978 |
50.978 |
50.978 |
|
|
|
|
|
|
|
16. |
Basic and Diluted Earning Per
Share (EPS) (Rs.)-Not Annualized |
|
|
|
|
|
a)
Basic and diluted EPS before extraordinary items |
0.23 |
(0.23) |
0.00 |
|
|
b)
Basic and diluted EPS after extraordinary items |
0.23 |
(0.23) |
0.00 |
|
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
2528100 |
2528100 |
2528100 |
|
|
-
Percentage of Shareholding |
33.54 |
33.54 |
33.54 |
|
|
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
Nil |
Nil |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and promoter
group) |
Nil |
Nil |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
5008600 |
5008600 |
5008600 |
|
|
- Percentage
of Shares (as a % of the Total Shareholding of Promoter and Promoter Group) |
100% |
100% |
100% |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
66.46 |
66.46 |
66.46 |
|
Particulars |
Quarter Ended 30.09.2013 |
|
Pending at the beginning of the quarter |
Nil |
|
Received during the quarter |
Nil |
|
Disposed of during the quarter |
Nil |
|
Remaining unresolved at the end of the
quarter |
Nil |
STATEMENT OF ASSETS AND
LIABILITIES
Rs. In Millions
|
PARTICULARS |
30.09.2013 Unaudited |
|
Equity and liabilities |
|
|
Shareholders' fund |
|
|
Share capital |
75.367 |
|
Reserve & surplus |
50.957 |
|
Sub-total
- Shareholders' funds |
126.324 |
|
Non - current liabilities |
|
|
Long term borrowings |
345.421 |
|
Deferred tax liability (net) |
41.850 |
|
Long term provisions |
0.000 |
|
Sub-total
- Non-current liabilities |
387.271 |
|
Current liabilities |
|
|
Short term borrowings |
229.688 |
|
Trade payables |
116.197 |
|
Other current liabilities |
32.326 |
|
Short term provisions |
2.836 |
|
Sub-total
- Current liabilities |
381.047 |
|
|
|
|
Total -
Equity & Liabilities |
894.642 |
|
|
|
|
Assets |
|
|
Non-current assets |
|
|
Fixed assets |
390.831 |
|
Capital work in progress |
0.000 |
|
Non-current investment |
1.625 |
|
Long term loans & advances |
53.546 |
|
Other non-current assets |
3.751 |
|
Sub-total
- Non-current Assets |
449.753 |
|
Current
assets |
|
|
Current investments |
0.000 |
|
Inventories |
191.295 |
|
Trade receivables |
220.747 |
|
Cash & bank balances |
3.196 |
|
Short term loans & advances |
29.588 |
|
Other current assets |
0.063 |
|
Sub-total
- Current Assets |
444.889 |
|
|
|
|
Total –
Assets |
894.642 |
SEGMENT WISE REVENUE
RESULT FOR THE HALF-YEAR ENDED 30TH SEPTEMBER, 2013
Rs. In Millions
|
Sl. No. |
|
Particulars |
Quarter Ended |
Half-Year Ended |
|
|
|
30.09.2013 |
30.06.2013 |
30.09.2013 |
||
|
|
Unaudited
|
Unaudited
|
Unaudited
|
||
|
1 |
|
Segment Revenue |
|
|
|
|
|
|
Plastic |
296.689 |
202.847 |
499.536 |
|
|
|
Tatiles |
78.218 |
64.280 |
142.498 |
|
|
|
TOTAL |
374.907 |
267.127 |
642.034 |
|
|
|
|
|
|
|
|
|
|
Less : Inter Segment Revenue (Net of Excise) |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
NET SALES / INCOME
FROM OPERATION |
374.907 |
267.127 |
642.034 |
NOTES:
1)
The above unaudited results were reviewed by the audit
committee and subsequent approval by the Board of Directors at their respective
meeting held on 13-11-2013. The results are subject to Limited Review by the
Auditors of the Company.
2)
The company received no requests during the quarter ended
30-09-2013 from shareholders, and no complaints were pending at the beginning or
end of the Quarter.
3)
Previous period/year's figures have been regrouped and
rearranged wherever necessary.
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.62.99 |
|
|
1 |
Rs.104.61 |
|
Euro |
1 |
Rs.86.17 |
INFORMATION DETAILS
|
Information Gathered
by : |
HNA |
|
|
|
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
29 |
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.