MIRA INFORM REPORT
|
Report Date : |
07.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
EVEREST INDUSTRIES LIMITED |
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Registered
Office : |
Gat No.152, Lakhmapur, Taluka
Dindori, Nashik – 422202,
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
03.04.1934 |
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Com. Reg. No.: |
11-002093 |
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Capital
Investment / Paid-up Capital : |
Rs.151.947 Millions |
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CIN No.: [Company Identification
No.] |
L74999MH1934PLC002093 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEE01437C |
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PAN No.: [Permanent Account No.] |
AAACE7550N |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufacturing
and Trading of products like Roofing Products, Ceilings, Walls, Flooring, Cladding,
Doors, Pre-engineered Steel Buildings and Other Building Products and
Accessories |
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|
|
|
No. of Employees
: |
840 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. There seems a drastic dip in the profitability of the company during
2014. However, net worth of the company is satisfactory. General financial
position of the company is good. The ratings also takes into consideration the company’s established
position in the domestic AC roofing market. Trade relations are reported as fair. Business is active. Payments
terms are reported to be usually correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
N E W S
The economy grew 4.7
%in 2013/14, marking a second straight year of sub-5 % growth – the worst
slowdown in more than a quarter of a century. The data was below an official estimate
of 4.9 % annual growth and compared with 4.5 % in the last fiscal year.
However, the current account deficit narrowed sharply to $ 32.4 billion at 1.7
% of gross domestic product, in 2013/14 from a record high of $ 98.8 billion or
4.7 %, the year before.A sharp fall in gold imports
due to restrictions on overseas purchases and muted import of capital goods
helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion portal Myntra
as it prepares to battle with the rapidly expanding India arm of the global
e-commerce giant Amazon. The company raised $ 210 million from Russian
Investment firm DST Global which has also invested in companies like Facebook, Twitter and Alibaba
Group.
General Motors will
start exporting vehicles from its Talegaon plant near
Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken
Apple as the world’s top brand in terms of value, according to global market
research agency Millward Brown. Google’s brand value
shot up 40 % in a year to $ 158.84 billion. The top 10 of the 100 slots were
dominated by US companies.
Infosys lost another heavy weight when B G Srinivas, a board member put in his papers. He is the third
CEO-hopeful to quit after Chairman N R Narayana
Murthy’s return to the company – Ashok Vemuri and V Balakrishnan being
the other two.While Vemuri
went on to lead IGate, Balakrishnan
joined politics.
Naresh Goyal – promoted
Jet Airways posted biggest quarterly loss – Rs
2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney –
Chairman and CEO of Amway India was arrested by the Andhra Pradesh Police in connection
with a complaint against the direct selling firm. This is the second time that
he has been taken into custody. A year, ago the Kerala
Police had arrested Pinckney and two company directors on charges of financial
irregularities.
China has told its
state-owned enterprises to sever links with American consulting firms after the
United States charged five Chinese military officers wih
hacking US companies. China’s action which targets consultancies like McKinsey
& Co. and the Boston Consulting Group, sterns from fears that the first are
providing trade secrets to the US governments.
India has emerged as
a country with some of the highest unregistered businesses in the world.
Indonesia has the maximum number of shadow businesses, says a study of 68 countries
by Imperial College Business School in London.
Pfizer has abandoned
its attempt to buy AstraZeneca for nearly $ 118
billion after the latter refused an offer of 55 pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long Term Rating=A+ |
|
Rating Explanation |
Adequate degree of safety. It carry low
credit risk. |
|
Date |
26.02.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating=A1 |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
26.02.2014 |
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 DENIED
Management Non Co-operative (91-2557-250462)
LOCATIONS
|
Registered Office/ Factory: |
Gat No. 152, Lakhmapur, Taluka
Dindori, Nashik – 422202,
Maharashtra, India |
|
Tel. No.: |
91-2557-250375/ 462 |
|
Fax No.: |
91-2557-250376 |
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E-Mail : |
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Website : |
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Head/ Corporate Office : |
Genesis, A-32 Mohan Co-operative Industrial Estate Mathura
Road New Delhi – 110044, India |
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Tel. No.: |
91-11-41731951/ 52 |
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Fax No.: |
91-11-46566370 |
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E-Mail : |
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Factories : |
Kymore Works Everest Nagar, P.O. Kymore, District Katni – 438880 Madhya Pradesh, India Kolkata Works ‘Everest House’
1, Taratola Road, Garden Reach, Kolkata
– 700024, West Bengal, India Podanur Works Podanur P O., Coimbatore – 641023, Tamilnadu,
India Bhagwanpur Works Khasra Nos.158 and 159, Village Lakesari, Pargana Bhagwanpur, Tehsil Roorkee, District Haridwar – 247661, Somnathpur Works Z5, IID Centre, Somnathpur, Tehsil Remuna, District. Baleshwar –
756019, Odisha, India Ranchi Works Sarwal Namkum, Opposite Tola
– Charna Bera Ranchi – 834010, Jharkhand,
India |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Aditya Vikram Somani |
|
Designation : |
Chairman |
|
Date of Birth |
04.11.1973 |
|
Qualifications |
MBA, PGDM, M.Com. |
|
Date of Appointment |
07.11.2005 |
|
|
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|
Name : |
Mr. M. L. Gupta |
|
Designation : |
Vice Chairman |
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Name : |
Mr. Sandeep Junnarkar
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|
Designation : |
Director |
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|
Name : |
Mr. Madan Lal Narula |
|
Designation : |
Director |
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Date of Birth |
25.10.1940 |
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Qualifications |
B.Sc. Engineering (Electrical) |
|
Date of Appointment |
30.01.2008 |
|
|
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|
Name : |
Mr. Amitabh Das Mundhra |
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Designation : |
Director |
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|
Name : |
Mr. B. L. Taparia |
|
Designation : |
Director |
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Date of Birth |
05.07.1950 |
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Qualifications |
B.Com, LL.B., F.C.S. |
|
Date of Appointment |
10.5.2013 |
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Name : |
Ms. Bhavna G. Doshi
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Designation : |
Director |
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|
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|
Name : |
Mr. Manish Sanghi |
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Designation : |
Managing Director |
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Date of Birth |
04.02.1963 |
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Qualifications |
08.07.2002 |
|
Date of Appointment |
B.E. (Mech.), PGDM (IIM-A) |
|
|
|
|
Name : |
Mr. Y. Srinivasa Rao
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|
Designation : |
Executive Director (Operations) |
|
Qualifications |
B.Sc. Engg. (Mechanical) |
KEY EXECUTIVES
|
Name : |
Mr. Neeraj Kohli |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 31.03.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter
Group |
|
|
|
|
|
|
|
Bodies Corporate |
7520470 |
49.49 |
|
|
7520470 |
49.49 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
7520470 |
49.49 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1300631 |
8.56 |
|
|
225 |
0.00 |
|
|
200 |
0.00 |
|
|
187 |
0.00 |
|
|
1275 |
0.01 |
|
|
1302518 |
8.57 |
|
|
|
|
|
|
1095845 |
7.21 |
|
|
|
|
|
|
3299300 |
21.71 |
|
|
1463512 |
9.63 |
|
|
513020 |
3.38 |
|
|
176062 |
1.16 |
|
|
336958 |
2.22 |
|
|
6371677 |
41.93 |
|
Total Public shareholding (B) |
7674195 |
50.51 |
|
Total (A)+(B) |
15194665 |
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) |
15194665 |
0.00 |
(1) Indian
BUSINESS DETAILS
|
Line of Business : |
Manufacturing
and Trading of products like Roofing Products, Ceilings, Walls, Flooring,
Cladding, Doors, Pre-engineered Steel Buildings and Other Building Products
and Accessories |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
840 (Approximately) |
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Bankers : |
·
State Bank of ·
ICICI Bank Limited ·
Axis Bank Limited ·
HDFC Bank Limited ·
Kotak Mahindra Bank
Limited ·
DBS Bank Limited |
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Facilities : |
NOTES: LONG TERM
BORROWINGS External
Commercial Borrowing (ECB) from ICICI Bank Limited of Rs.60.100 Millions (previous
year Rs.163.140 Millions) is secured by a first pari-passu
charge over all the immoveable and moveable fixed assets other than the
immoveable fixed assets situated at Podanur plant
and second pari-passu charge on all current assets
of the Company. The ECB is repayable in 12 half yearly instalments
of USD 1,000,000; the last instalment is due in
July 2014. The rate of interest is Libor+1.03% per annum. External
Commercial Borrowing (ECB) from DBS Bank Limited of Rs.536.640 Millions (previous
year Rs.619.200 Millions) is secured by first pari-passu
charges on all the immoveable and movable fixed assets other than the
immoveable fixed assets situated at Podanur and Kolkata and second pari passu charge on all present and future current assets of
the Company. The ECB is repayable in 15 quarterly instalments
of USD 800,000; the last instalment is due in April
2017. The rate of interest is 10.40% per annum. Term Loan from
HDFC Bank Limited of Rs.179.550 Millions (previous year Rs.
Nil) to be secured by exclusive charge over the immovable property situated
at Noida. The loan is repayable in 20 quarterly instalments of Rs.9.450 Millions; the last instalment is due in November 2018. The rate of interest
is 12.00% per annum. SHORT TERM
BORROWINGS Loans from banks
are secured by a first pari-passu charge by way of
hypothecation of stocks, present and future, book debts and receivables and
second pari-passu charge on all fixed assets, land
and buildings both present and future, except land and building situated at Kolkata plant. |
|
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|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
· 3i Infotech Trusteeship Services Limited 3rd to 6th Floor, International Infotech Park, Tower No.5, Vashi
Railway Station Complex, Vashi, Navi
Mumbai – 400703, Maharashtra, India |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
Gurgaon, Haryana, India
|
|
|
|
|
Associate
company : |
Everest Building Solutions Limited (upto 23
March, 2014) – Has not commenced operations |
|
|
|
|
Subsidiary
companies : |
·
Everest Building Products, Mauritius (w.e.f. 9 September, 2013) – Has not commenced commercial
operations ·
Everestind FZE, United
Arab Emirates (UAE) (w.e.f. 18 December, 2013)
–subsidiary of Everest Building Products – Has not commenced operations |
|
|
|
|
Enterprise
exercising significant influence : |
Falak Investment Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17000000 |
Equity Shares |
Rs.10/- each |
Rs.170.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15194665 |
Equity Shares |
Rs. 10/- each |
Rs.151.947 Millions |
|
|
|
|
|
Of the above:
15,000 (previous
year 15,000) equity shares are allotted as fully paid up pursuant to a contract
without payment being received in cash 13,350,020 (previous year 13,350,020)
equity shares are allotted as fully paid up by way of bonus shares by capitalisation of general reserve
The Company has
one class of equity shares having a par value of Rs.10 each. Each shareholder
is eligible for one vote per share held.
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
151.947 |
151.873 |
151.127 |
|
(b) Reserves & Surplus |
2793.324 |
2745.852 |
2343.995 |
|
(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) |
2945.271 |
2897.725 |
2495.122 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
513.270 |
591.020 |
155.610 |
|
(b) Deferred tax liabilities (Net) |
283.175 |
245.656 |
238.959 |
|
(c) Other long
term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
60.788 |
75.758 |
75.829 |
|
Total Non-current
Liabilities (3) |
857.233 |
912.434 |
470.398 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
1655.548 |
952.012 |
551.056 |
|
(b)
Trade payables |
1228.610 |
1089.117 |
731.632 |
|
(c)
Other current liabilities |
1291.600 |
958.913 |
774.213 |
|
(d) Short-term
provisions |
296.996 |
202.428 |
187.130 |
|
Total Current
Liabilities (4) |
4472.754 |
3202.470 |
2244.031 |
|
|
|
|
|
|
TOTAL |
8275.258 |
7012.629 |
5209.551 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i) Tangible assets |
2691.476 |
2065.026 |
2190.432 |
|
(ii)
Intangible Assets |
125.913 |
48.500 |
12.127 |
|
(iii)
Capital work-in-progress |
610.480 |
371.146 |
78.801 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
6.337 |
0.245 |
0.245 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
745.053 |
432.937 |
332.648 |
|
(e) Other Non-current
assets |
2.905 |
1.422 |
20.957 |
|
Total Non-Current
Assets |
4182.164 |
2919.276 |
2635.210 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
2420.884 |
2541.660 |
1579.835 |
|
(c)
Trade receivables |
807.081 |
523.495 |
417.047 |
|
(d) Cash
and cash equivalents |
251.430 |
528.531 |
330.316 |
|
(e)
Short-term loans and advances |
608.216 |
487.428 |
241.763 |
|
(f)
Other current assets |
5.483 |
12.239 |
5.380 |
|
Total
Current Assets |
4093.094 |
4093.353 |
2574.341 |
|
|
|
|
|
|
TOTAL |
8275.258 |
7012.629 |
5209.551 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
10352.516 |
10141.329 |
8868.612 |
|
|
|
Other Income |
123.369 |
87.525 |
177.903 |
|
|
|
TOTAL (A) |
10475.885 |
10228.854 |
9046.515 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
5745.939 |
5902.861 |
4750.491 |
|
|
|
Purchases of stock-in-trade |
280.556 |
159.310 |
136.177 |
|
|
|
Changes in inventories
of finished goods, work-in-progress and stock-in-trade |
7.052 |
(443.792) |
11.839 |
|
|
|
Employee benefits expense |
969.649 |
920.970 |
797.472 |
|
|
|
Other expenses |
2950.780 |
2624.167 |
2365.026 |
|
|
|
TOTAL (B) |
9953.976 |
9163.516 |
8061.005 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
521.909 |
1065.338 |
985.510 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
125.690 |
55.799 |
44.375 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
396.219 |
1009.539 |
941.135 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
267.204 |
220.524 |
200.816 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE TAX
(E-F) (G) |
129.015 |
789.015 |
740.319 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
37.519 |
264.018 |
212.698 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
91.496 |
524.997 |
527.621 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1792.385 |
1453.151 |
1101.481 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
9.190 |
52.500 |
53.000 |
|
|
|
Dividend |
37.987 |
113.905 |
105.789 |
|
|
|
Tax on Dividend |
6.456 |
19.358 |
17.162 |
|
|
BALANCE CARRIED
TO THE B/S |
1830.248 |
1792.385 |
1453.151 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Goods Exported |
590.485 |
561.101 |
566.312 |
|
|
TOTAL EARNINGS |
590.485 |
561.101 |
566.312 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1883.405 |
2414.059 |
1657.332 |
|
|
|
Stores & Spares |
15.226 |
13.678 |
10.243 |
|
|
|
Capital Goods |
78.728 |
1.357 |
35.042 |
|
|
|
Others |
1.609 |
58.121 |
88.126 |
|
|
TOTAL IMPORTS |
1978.968 |
2487.215 |
1790.743 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.02 |
34.70 |
34.96 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
0.87 |
5.13 |
5.83 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.25 |
7.78 |
8.35 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.68 |
11.88 |
14.43 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
0.27 |
0.30 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.74 |
0.53 |
0.28 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.92 |
1.28 |
1.15 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs. In
Millions |
Rs. In
Millions |
Rs. In
Millions |
|
Share Capital |
151.127 |
151.873 |
151.947 |
|
Reserves & Surplus |
2343.995 |
2745.852 |
2793.324 |
|
Net
worth |
2495.122 |
2897.725 |
2945.271 |
|
|
|
|
|
|
long-term borrowings |
155.610 |
591.020 |
513.270 |
|
Short term borrowings |
551.056 |
952.012 |
1655.548 |
|
Total
borrowings |
706.666 |
1543.032 |
2168.818 |
|
Debt/Equity
ratio |
0.283 |
0.532 |
0.736 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs. In
Millions |
Rs. In
Millions |
Rs. In
Millions |
|
Sales |
8,868.612 |
10,141.329 |
10,352.516 |
|
|
|
14.351 |
2.082 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs. In
Millions |
Rs. In
Millions |
Rs. In
Millions |
|
Sales
|
8,868.612 |
10,141.329 |
10,352.516 |
|
Profit |
527.621 |
524.997 |
91.496 |
|
|
5.95% |
5.18% |
0.88% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
Rs. In
Millions
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current maturities of long term debt |
263.020 |
191.320 |
103.740 |
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
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 |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
MANAGEMENT
DISCUSSION AND ANALYSIS
ECONOMIC
OVERVIEW
The
global economy is witnessing gradual and sustained revival. Aided by
strengthened global activity and world trade in the second half of the year,
global GDP recorded a 3% growth in 2013. With sustained strengthening in the US
and core Euro region, global economy is expected to sustain momentum and record
a stronger GDP growth of 3.6% in 2014. Emerging and developing economies are
expected to benefit from developed economies in form of increased export
opportunities.
Indian
economy passed through one of its toughest phases in the financial year 2013-14
(FY 14). High inflation, weak demand, depreciating currency, rising cost of
industrial input, tight liquidity with high cost of borrowing – all this took
the consumer and investment sentiments to a new low. At 4.7%, the country recorded its second
successive year of sub 5% GDP growth.
In
light of weak growth numbers, the government and regulators pushed ahead with few
reform measures and clearances of projects in the second half of FY14. With the
hope of a stable government post ensuing general election in May 2014 coupled
with a stronger global economy, Indian economy is likely to post better growth
numbers in FY15.
INDUSTRY
OVERVIEW
HOUSING
SEGMENT
Planning
Commission’s Working Group on Rural Housing for XIIth
Plan estimated the number of rural houses to grow at a Compounded Annual Growth
Rate (CAGR) of 2.09% while rural households were projected to grow at 2.1%. It
further estimated the rural housing shortage to be at 43.67 million units for
the plan period 2012-2017. Reflecting the economic well being of rural
population, Pucca houses are estimated to grow at a
much faster rate of 4% CAGR over 2.9% CAGR for the semi Pucca
houses.
Rural
infrastructure, including dwelling units, is a key social priority of the
government. This will help in sizeable asset creation in terms of rural
housing. With the benefit of economic growth now getting visible in the rural
areas, disposable income and aspiration quotient of rural India is on the rise.
The huge housing deficit in rural India, with a majority of Kaccha
houses, offers tremendous opportunity of sustained growth of new age
construction practices as well as building products. Looking ahead, with the
ambitious 12th Five-year plan in place along with a stable government of the
country, the income of the under-privileged section is expected to go up. This
should translate into an increased demand for roofing products such as Fibre cement roofing sheets.
National
Housing Bank estimates the urban housing shortage to be at 18.78 million. Rapid
urbanization coupled with steady migration of people from rural to urban areas
will continue to expand growth of urban housing and the demand for rapid
construction methods to meet the demand.
INDUSTRIAL
SEGMENT
Growing
at a CAGR of 10% over the past five years, the per capita consumption of
structural steel and PEB in India has reached about 6.2 Kgs
now. Driven by large investments in industry and infrastructure, Steel
Structures segment has witnessed a higher growth as compared to the Indian
steel industry as well as the Indian construction industry. Demand for
structural steel from building segments in India is less than 5% as compared to
65-70% in USA and 35-40% in UK.
Penetration
of PEB in large traditional segments like power, chemicals, cement etc. is
increasing. Also Small-scale industries, are recognizing the advantages of
using PEB over conventional concrete buildings to control cost and time
overruns.
The
Rs.560 billion Indian warehousing industry is growing at over 10% annually.
Modern ware housing accounts for only 15% of the market. With the arrival of
organized players, modern warehousing is estimated to grow at a faster rate of
20-25% over the next 5 years.
ROOFING
INDUSTRY
OVERVIEW
Between
the last two census surveys, the total rural housing stock has increased from
177.500 Millions units in 2001 to 220.600 Millions units in 2011. The total
share of pucca roofing and RCC has increased from
45.5% in 2001 to 61.2% in 2011 With improvement in rural income (from farm and
non-farm avenues), government thrust on rural housing and improving disposable
income; customers are migrating from kutcha roofs to
more durable and convenient pucca roofing solutions.
Over the years, the use of clay tiles has been declining due to the
non-availability of raw material and a rising preference of superior roofing
material. Moreover, the pucca fibre
cement roofing is very economical and costs just one-third of the cost of an
RCC ceiling slab.
The fibre cement roofing industry in India has a capacity of 58
lac MT per annum and comprises of 6 national brands
and 14 regional brands.
INDUSTRY
OVERVIEW
BOARDS
AND PANELS
The Indian
boards industry comprises of traditional products like plywood, laminates, and
particle boards and new age modern building products like fibre
cement boards and gypsym. The traditional market size
is estimated at Rs.200000.000 Millions and the new age modern building products
market size is estimated to be Rs.18000.000 Millions. The boards industry is
highly fragmented and is currently dominated by plywood, laminate and particle
boards. The inability of wood based products to meet diverse needs of customers
such as resistance from fire, moisture, dampness and termites has increased the
demand for modern building materials like Fibre
Cement Boards and Gypsum Boards which address specific needs in construction.
FINANCIAL
HIGHLIGHTS
·
The building products division’s
revenue declined by 1.3% to Rs.7589.000 Millions in 2013-14 despite a
realization growth of 3.2%. This was on account of sluggish demand due to high
inflation and cost of construction throughout the country.
·
The operating profit of the division
decreased by 59.0% from Rs.876.000 Millions in previous year to Rs.359.000
Millions during the year owing to increase in raw material costs, particularly
imported fibre, employee cost and freight cost.
OUTLOOK
With
expected revival in economic activity, housing construction activities should
also gain momentum. On the back of increasing rural income, rural housing
growth is expected to accelerate over coming quarters.
With
the right building solutions and products, deeper market penetration and strong
customer equity, Everest Industries is positioned to benefit from the growing
demand.
STEEL BUILDING SEGMENT
INDUSTRY
OVERVIEW
Steel
buildings are fast emerging as an effective alternate to traditional brick and mortar
ones in India. Offering advantages like speed and cost of construction,
robustness and energy efficiency, it is the preferred method for industrial
construction. Popular as Pre-Engineered Buildings (PEBs),
it has widespread presence across North America and European countries.
Compared to conventional construction, PEBs save
construction time by 30-50%, are 100% customizable, highly flexible, durable
and weather proof.
The
Indian PEB market size is estimated to grow at a CAGR of 26.6%, from Rs.52970.000
Millions in 2012 to Rs.136120.000 Millions by 2016 The PEB industry, in early
years of its introduction in India, recorded rapid growth. However, recent
economic slowdown has impacted its growth momentum momentarily.
OUTLOOK
Central
government’s fast tracking of approvals on infrastructure and industrial
projects during the second half of FY 14 are likely to boost the PEB industry.
Construction activity, including those of industrial and commercial buildings,
is likely to gain momentum over coming quarters. With a clear shift towards PEBs from conventional structures, the PEB segment would
grow faster. With newly added capacities at a strategic location and increasing
buyer interest in this building technique, the division is poised for rapid
growth.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10415557 |
30/04/2014 * |
619,200,000.00 |
DBS BANK LTD. |
CAPITAL POINT, BABA
KHARAK SINGH MARG,, CONNAUGHT PLACE,
NEW DELHII - 110001, INDIA |
C03899754 |
|
2 |
10369338 |
30/04/2014 * |
100,000,000.00 |
DBS BANK LTD. |
CAPITAL POINT,
BABA KHARAK SINGH MARG,, CONNAUGHT PLACE,
NEW DELHII - 110001, INDIA |
C03861275 |
|
3 |
10303259 |
30/04/2014 * |
420,000,000.00 |
KOTAK MAHINDRA
BANK LIMITED |
7TH FLOOR,
AMBADEEP BUILDING, 14,, K G MARG,, NEW DELHI
- 110001, INDIA |
C03785508 |
|
4 |
10133157 |
30/04/2014 * |
750,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK HOUSESENAPATI
BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
C03876174 |
|
5 |
10127598 |
03/11/2008 |
492,000,000.00 |
3I INFOTECH
TRUSTEESHIP SERVICES LIMITED |
3RD TO 6TH FLOOR,
INTERNATIONAL INFOTECH PARK,, TOWER NO.5, VASHI RAILWAY STATION COMPLEX,
VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA |
A49787617 |
|
6 |
10127595 |
30/04/2014 * |
492,000,000.00 |
3I INFOTECH
TRUSTEESHIP SERVICES LIMITED |
3RD TO 6TH FLOOR,
INTERNATIONAL INFOTECH PARK,, TOWER NO.5, VASHI RAILWAY STATION COMPLEX,
VASHI, NAVI MUMBAI, MAHARASHTRA - 400703, INDIA |
C03918497 |
|
7 |
10127596 |
30/04/2014 * |
980,000,000.00 |
ICICI BANK LTD. |
LANDMARK, RACE COURSE
CIRCLE,, ALKAPURI,, BARODA, |
C03919651 |
|
8 |
10080917 |
10/05/2012 * |
980,000,000.00 |
ICICI BANK
LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJ |
B40714255 |
|
9 |
10011604 |
30/04/2014 * |
250,000,000.00 |
AXIS BANK
LIMITED |
2ND FLOOR,
STATESMAN HOUSE, 148, BARAKHAMBA ROAD, |
C04675906 |
|
10 |
80014472 |
28/05/2014 * |
550,000,000.00 |
STATE BANK OF
INDIA |
OVERSEAS BRANCH,
JAWAHAR VYAPAR BHAWAN,, 1, TOLSTOY MARG, NEW DELHI, DELHI - 110001, INDIA |
C04671111 |
FIXED ASSETS:
·
Land (Freehold /
Leasehold)
·
Building (On Freehold
Land)
·
Plant and Equipment
·
Furniture and Fixtures
·
Vehicles
·
Office Equipments
·
Leasehold Improvements
·
Roads
·
Computer Software
·
Technical Knowhow
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service, Interpol,
etc.
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.59.79 |
|
UK Pound |
1 |
Rs.102.66 |
|
Euro |
1 |
Rs.81.32 |
INFORMATION DETAILS
|
Information
Gathered by : |
PDT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
NO |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
48 |
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.