MIRA
INFORM REPORT
|
Report Date : |
12.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
RAUNAQ INTERNATIONAL LIMITED |
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Registered
Office : |
20 KM, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
24.04.1965 |
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Com. Reg. No.: |
05-034315 |
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Capital
Investment / Paid-up Capital : |
Rs.13.373 Millions |
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CIN No.: [Company Identification
No.] |
L51909HR1965PLC034315 |
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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 is engaged in turnkey execution of Engineering Projects. |
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No. of Employees
: |
185 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 1284000 |
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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. Financial position of the company seems to be decent. Trade relations are reported as fair. Business is active. Payments terms
are reported to be usually correct and as per commitment. 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.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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 BBB- |
|
Rating Explanation |
Have moderate degree of safety and carry
moderate credit risk. |
|
Date |
September 13, 2013 |
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Rating Agency Name |
CRISIL |
|
Rating |
Short term rating A3 |
|
Rating Explanation |
Have moderate degree of safety and carry
higher credit risk. |
|
Date |
September 13, 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 DENIED
MANAGEMENT NON CO-OPERATIVE (91-129-4288888)
LOCATIONS
|
Registered Office : |
20 KM, Mathura Road, P.O. Amar Nagar, Faridabad – 121003, Haryana,
India |
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Tel. No. : |
91-129-4288888 |
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Fax No. : |
91-129-4288823 |
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E-Mail : |
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Website : |
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Other Offices 1 : |
1009, Surya Kiran Building, 19, Kasturba Gandhi Marg, New Delhi- 110 001, India |
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Other Offices 2 : |
14 Floor, Hoechst House, Nariman Point, Mumbai – 400021, Maharashtra, India |
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Other Offices 3 : |
Mukherjee House, 17, Brabourne Road, Kolkata - 700 001, West Bengal, India |
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DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Surinder P. Kanwar |
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Designation : |
Chairman and Managing Director |
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Name : |
Mr. Sachit Kanwar |
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Designation : |
Joint Managing Director |
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Name : |
Mr. V.K. Pargal |
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Designation : |
Director |
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Name : |
Dr. Sanjeev Kumar |
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Designation : |
Director |
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Name : |
Mr. P. K. Mittal |
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Designation : |
Director |
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Name : |
Mr. Gautam Mukherjee |
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Designation : |
Director |
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Name : |
Mr. Satya Prakash Mangal |
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Designation : |
Director |
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Name : |
Mr. N.V. Srinivasan |
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Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Kaushal Narula |
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Designation : |
Company Secretary |
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AUDIT COMMITTEE
: |
Dr. Sanjeev Kumar Mr. P.K. Mittal Mr. V.K. Pargal Mr. Satya Prakash Mangal |
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INVESTORS'
GRIEVANCE COMMITTEE : |
Mr. P.K. Mittal Mr. Surinder P. Kanwar Mr. Sachit Kanwar |
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REMUNERATION COMMITTEE |
Dr. Sanjeev Kumar Mr. P.K. Mittal Mr. Gautam Mukherjee |
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FINANCE
COMMITTEE : |
Mr. P.K. Mittal Mr. Surinder P. Kanwar Mr. Sachit Kanwar Dr. Sanjeev Kumar |
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SHARE ISSUE
COMMITTEE : |
Dr. Sanjeev Kumar Mr. Surinder P. Kanwar Mr. Sachit Kanwar Mr. P.K. Mittal |
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MANAGEMENT
EXECUTIVES : |
Mr. Rajan Malhotra (CEO) Mr. P.C. Kothari Mr. A.D. Jain Mr. Ashwani Chaswal |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of
Shareholder |
Total No. of
Shares |
% of Total No.
of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
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|
2105330 |
62.97 |
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142625 |
4.27 |
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2247955 |
67.24 |
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Total shareholding of Promoter and Promoter Group (A) |
2247955 |
67.24 |
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(B) Public Shareholding |
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|
217 |
0.01 |
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|
217 |
0.01 |
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|
162446 |
4.86 |
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|
483301 |
14.46 |
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|
311354 |
9.31 |
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|
137970 |
4.13 |
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|
29533 |
0.88 |
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|
106984 |
3.20 |
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|
1453 |
0.04 |
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|
1095071 |
32.75 |
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Total Public shareholding (B) |
1095288 |
32.76 |
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Total (A)+(B) |
3343243 |
100.00 |
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(C) Shares held by Custodians and against which Depository Receipts
have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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Total (A)+(B)+(C) |
3343243 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in turnkey execution of Engineering Projects. |
GENERAL INFORMATION
|
Customers : |
¨ BIDCO ¨ Reliance
Infrastructure ¨ BHEL ¨ Jindal ¨ HP ¨ NTCP ¨ Maruti Suzuki ¨ Maha Genco ¨ L and T |
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No. of Employees : |
185 (Approximately) |
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Bankers : |
¨ ING Vysya Bank Limited ¨ State Bank of India ¨ IndusInd Bank Limited ¨ ICICI Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
V. P. Jain and Associates Chartered Accountants |
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Subsidiary : |
¨ Xlerate Driveline India Limited (XDIL) |
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Associates : |
¨ Bharat Gears Limited (BGL) ¨ Vibrant Finance and Investment Private Limited (VFIPL) ¨ Ultra Consultants Private Limited (UCPL) ¨ Future Consultants Private Limited (FCPL) ¨ ClipLok Simpak (India) Private Limited (CSPL) ¨ Samreet Investment and Management Consultancy Private Limited (SIMCPL) ¨ Gulab Merchandise Private Limited (GMPL) |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
35000000 |
Equity Shares |
Rs.10/- each |
Rs.350.000 Millions |
|
500000 |
Cumulative Redeemable Convertible or Non-Convertible Preference Shares |
Rs.100/- each |
Rs.50.000 Millions |
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Total |
|
Rs. 400.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
1337297 |
Equity Shares |
Rs.10/- each |
Rs.13.373 Millions |
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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 |
13.373 |
13.373 |
13.336 |
|
(b) Reserves & Surplus |
307.581 |
282.108 |
219.958 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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(2)
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
320.954 |
295.481 |
233.294 |
|
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|
|
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(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
11.007 |
2.433 |
4.896 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.792 |
1.067 |
3.607 |
|
(d) long-term provisions |
11.253 |
9.352 |
10.109 |
|
Total Non-current Liabilities (3) |
23.052 |
12.852 |
18.612 |
|
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|
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
48.774 |
19.271 |
12.998 |
|
(b) Trade payables |
279.612 |
239.860 |
153.952 |
|
(c) Other current
liabilities |
281.756 |
121.368 |
150.510 |
|
(d) Short-term provisions |
13.870 |
19.252 |
15.216 |
|
Total Current Liabilities (4) |
624.012 |
399.751 |
332.676 |
|
|
|
|
|
|
TOTAL |
968.018 |
708.084 |
584.582 |
|
|
|
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
41.813 |
32.109 |
52.068 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
3.570 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
130.968 |
14.698 |
14.998 |
|
(c) Deferred tax assets (net) |
3.044 |
2.786 |
3.898 |
|
(d) Long-term Loan and Advances |
1.658 |
2.316 |
3.189 |
|
(e) Other Non-current assets |
8.813 |
8.485 |
4.611 |
|
Total Non-Current Assets |
186.296 |
63.964 |
78.764 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
148.312 |
189.580 |
91.605 |
|
(c) Trade receivables |
341.898 |
260.481 |
205.070 |
|
(d) Cash and cash
equivalents |
211.247 |
151.071 |
168.295 |
|
(e) Short-term loans and
advances |
74.743 |
38.710 |
37.486 |
|
(f) Other current assets |
5.522 |
4.278 |
3.362 |
|
Total Current Assets |
781.722 |
644.120 |
505.818 |
|
|
|
|
|
|
TOTAL |
968.018 |
708.084 |
584.582 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
866.947 |
1174.409 |
1151.392 |
|
|
|
Other Income |
12.110 |
10.409 |
8.393 |
|
|
|
TOTAL |
879.057 |
1184.818 |
1159.785 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
485.516 |
580.496 |
777.572 |
|
|
|
Employees benefits expense |
101.818 |
88.654 |
79.871 |
|
|
|
Extraordinary Item |
0.000 |
(5.333) |
0.000 |
|
|
|
Other expenses |
221.261 |
390.136 |
188.245 |
|
|
|
TOTAL |
808.595 |
1053.953 |
1045.688 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
70.462 |
130.865 |
114.097 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
23.220 |
25.173 |
19.004 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
47.242 |
105.692 |
95.093 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
6.463 |
6.474 |
4.430 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
40.779 |
99.218 |
90.663 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
13.742 |
34.479 |
33.183 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
27.037 |
64.739 |
57.480 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
143.212 |
101.892 |
67.805 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
10.000 |
20.000 |
20.000 |
|
|
|
Dividends proposed to be distributed to equity shareholders |
1.337 |
2.942 |
2.919 |
|
|
|
Tax on Dividend |
0.227 |
0.477 |
0.474 |
|
|
BALANCE CARRIED
TO THE B/S |
158.685 |
143.212 |
101.892 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
14.015 |
-- |
-- |
|
|
TOTAL IMPORTS |
14.015 |
-- |
-- |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
20.22 |
52.72 |
81.93 |
|
QUARTERLY RESULTS
|
Particulars |
30.06.2013 |
30.09.2013 |
31.12.2013 |
31.03.2014 |
|
Audited / UnAudited |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
383.600 |
388.800 |
367.000 |
257.000 |
|
Total Expenditure |
348.300 |
355.500 |
330.500 |
242.300 |
|
PBIDT (Excl OI) |
35.300 |
33.400 |
36.500 |
14.700 |
|
Other Income |
3.600 |
03.900 |
03.200 |
04.000 |
|
Operating Profit |
38.800 |
37.300 |
39.700 |
18.700 |
|
Interest |
9.600 |
7.100 |
09.400 |
07.600 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
29.200 |
30.200 |
30.200 |
11.200 |
|
Depreciation |
02.000 |
2.300 |
02.300 |
02.400 |
|
Profit Before Tax |
27.200 |
27.900 |
27.900 |
08.700 |
|
Tax |
8.000 |
8.800 |
08.900 |
05.900 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
19.200 |
19.100 |
19.100 |
02.800 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
19.200 |
19.100 |
19.100 |
02.800 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
3.08 |
5.46 |
4.96 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
4.70 |
8.45 |
7.87 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.89 |
14.44 |
16.03 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13 |
0.34 |
0.39 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.19 |
0.07 |
0.08 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.25 |
1.61 |
1.52 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
13.336 |
13.373 |
13.373 |
|
Reserves & Surplus |
219.958 |
282.108 |
307.581 |
|
Net
worth |
233.294 |
295.481 |
320.954 |
|
|
|
|
|
|
long-term borrowings |
4.896 |
2.433 |
11.007 |
|
Short term borrowings |
12.998 |
19.271 |
48.774 |
|
Total
borrowings |
17.894 |
21.704 |
59.781 |
|
Debt/Equity
ratio |
0.077 |
0.073 |
0.186 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1151.392 |
1174.409 |
866.947 |
|
|
|
1.999 |
(26.180) |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
1151.392 |
1174.409 |
866.947 |
|
Profit |
57.480 |
64.739 |
27.037 |
|
|
4.99% |
5.51% |
3.12% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
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 |
Yes |
|
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 |
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 |
Yes |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10424181 |
25/03/2013 |
4,595,522.00 |
Axis Bank Limited |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE,
AHMEDABAD, Gujarat - 380006, INDIA |
B74592577 |
|
2 |
10388006 |
31/10/2012 |
3,228,485.00 |
Axis Bank Limited |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE,
AHMEDABAD, Gujarat - 380006, INDIA |
B62563465 |
|
3 |
10378565 |
11/09/2012 |
8,856,111.00 |
Axis Bank Limited |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW GARDEN ELLISBRIDGE,
AHMEDABAD, Gujarat - 380006, INDIA |
B58924820 |
|
4 |
10261153 |
06/09/2012 * |
230,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA |
B57274995 |
|
5 |
10263550 |
04/12/2010 |
4,175,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSE SENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI,
Maharashtra - 400013, INDIA |
B04095980 |
|
6 |
10243792 |
13/02/2014 * |
102,500,000.00 |
INDUSIND BANK LTD. |
Dr. Gopal Das Bhawan, 28 Barakhamba Road, New Delhi, Delhi - 110001,
INDIA |
C00173401 |
|
7 |
10017167 |
01/02/2011 * |
872,500,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, N.G.N. VAIDYA MARG, BANK STREET, HORNIMAN CIRCLE,
MUMBAI, Maharashtra - 400001, |
B06975700 |
|
8 |
80048116 |
01/10/2011 * |
100,000,000.00 |
ING VYSYA BANK LIMITED |
Narain Manzil, 23, Barakhamba Road, Connaught Place, New Delhi, Delhi
- 110001, INDIA |
B23632672 |
|
9 |
90368383 |
09/01/2002 * |
1,500,000.00 |
INDIAN OVERSEAS BANK |
F- 47 MALHOTRA BUILDING, JANPATH, NEW DELHI, Delhi, INDIA |
- |
|
10 |
90368258 |
22/10/1999 * |
2,000,000.00 |
VYSYA BANK LTD. |
CONNAUGHT PLACE, NEW DELHI, Delhi, INDIA |
- |
|
11 |
90368128 |
03/03/1972 |
1,000,000.00 |
STATE BANK OF INDIA |
PARLIAMENT STREET, NEW DELHI, Delhi, INDIA |
- |
* Date of charge modification
BUSINESS
OPERATIONS
During the year,
the sales and other income of the company on Standalone basis was Rs. 879.057
millions against Rs. 1184.818 millions in the previous year. The profit after
tax (PAT) is Rs. 27.037 millions against Rs. 64.738 millions in the last year.
The sales and
other income of the company on consolidated basis in the year 2012-2013 is Rs.
881.868 millions and the profit after tax (PAT) is Rs. 18.364 millions.
On consolidation
of accounts, the revenues of M/s Xlerate Driveline India Limited (XDIL), had
little impact on the final numbers.
The initial loss
of a new project however has had an impact on profits at the PBT and PAT
levels.
FUTURE OUTLOOK
The Company has
started year 2013-14 with a healthy order book.
The macro economic
situation in the industry and business environment continues to remain
uncertain. Therefore, their priority will be for execution of the orders in
hand.
They will however,
make use of their special operational skills, and it will be their endeavour to
maximize booking of new orders in related projects as well.
M/s Xlerate
Driveline India Limited (XDIL), the Subsidiary Company is expected to stabilize
its operations in the coming year.
MANAGEMENT DISCUSSION
AND ANALYSIS
INTRODUCTION:
Subject is a
focused Engineering Procurement and Construction (EPC) Company that undertakes
medium size projects for the core infrastructure and industrial sectors in
India, ranging from Power, Chemicals, Hydro-carbon, Metal and Automobiles. Most
of the Company’s work has been focused on piping projects – Cross Country
Piping, Power Station Piping, and Hydrocarbon and Industrial Utility Piping. In
addition, it also undertakes small scale multi-disciplinary EPC Projects and
Civil Projects
MACRO-ECONOMIC
OVERVIEW:
India’s economic
growth rate reduced further from 6.2% in 2011-12 to 5% in 2012-13. This is the
lowest recorded annual growth rate in a decade. Importantly, manufacturing sector
growth dropped from 2.7% in 2011-12 to 1.9% during 2012- 13. Growth in Gross
Fixed Capital Formation (GCFC), which is an indication of the productive assets
created in an economy for future growth, reduced from 4.4% in 2011-12 to 2.5%
in 2012-13.
Monetary policy
eased during 2012-13, in response to some softening of inflation and
significant moderation in growth. However, monetary policy response to
addressing growth concerns was constrained by inflation persistence and the
twin deficit risks that prevailed for the most part of the year. Although
fiscal risks were lowered during H2 of 2012-13, Current Account Deficit (CAD)
risks intensified during Q2 and Q3.
The impact of
monetary policy in boosting GDP growth is contingent upon resolution of supply bottlenecks,
governance issues impeding investments and the government’s efforts towards
fiscal consolidation. Domestic energy price adjustments, inadequate supply
response and sustained wage pressures on inflation are expected to drag down
growth for some more time. These factors, coupled with subdued domestic
business confidence, are likely to keep recovery in 2013-14.
Global growth
turned weaker in 2012 and is expected to stay sluggish in 2013 as fiscal
adjustments drag growth in Advanced Economies (AEs) and, in turn, delay
cyclical recovery in Emerging Market and Developing Economies (EMDEs). The
International Monetary Fund (IMF) in its World Economic Outlook has forecast
global growth to stay sluggish at 3.3 percent in 2013 before improving to 4.0
per cent in 2014. While downside tail risks have reduced in early 2013 because
of the supportive policy action in the euro area and the measures to tackle the
fiscal cliff in the US, risks to global recovery have increased consequent to
the Chinese economy slowing down.
OVERVIEW OF
INFRASTRUCTURE/CONSTRUCTION INDUSTRY:
In this economic
environment construction industry growth was a low 5.9% in 2012-13. The
infrastructure development sector has come to a virtual standstill in the
second half of 2012-13. Project execution and new project development has been
severely affected by the twin factors of liquidity crunch and decision
inertia. Even with increased private
participation, more than half of the resources required for infrastructure
would need to come from the public sector – from the Government, and their
agencies. Today, the Government of India is faced with the twin challenge of
rising fiscal deficits in a slowing economy that also requires large
investments in the social sector. The pressures on government and private
sector funding have created a major cash crunch across the entire
infrastructure development supply chain. The lack of liquidity in the system is
spiralling into new rounds of delays in execution for want of working capital
and further enhancing financial woes.
Apart from the
problem of liquidity, the sector is facing a major problem of lack of decision
making. Since much of the infrastructure space relies on the Government or its
agencies as direct developers or regulators, such inertia in decisionmaking
impacts implementation across projects. The twin factors of liquidity and lack
of decision making has resulted in emphasis shifting from project execution and
delivery to deliberations on contractual interpretations and litigations.
While the medium
terms scenario is depressed, there is inherent long term need for
infrastructure development in India. The Government of India certainly realizes
the importance of accelerating investments in infrastructure to boost the
country’s slowing economy. Therefore, it has set a massive target for doubling
investment in infrastructure from Rs. 20.5 trillion to Rs. 40.9 trillion during
the Twelfth Plan period (2012–2017). The total investment in infrastructure,
including roads, railways, ports, airports, electricity, telecommunications,
oil gas pipelines and irrigation, wasexpected to increase from 5.7% of India’s
GDP in the first year of the Eleventh Plan to around 8.3% in the last year of
the Plan. The Twelfth Plan proposes to increase the share to more than 10.5% by
the end of the Plan. This planned investment, if realized, can propel the
country’s economic growth to a higher trajectory. However, implementation,
which continues to be the big stumbling block, can only be set right if the key
stakeholders in the industry come together on a common platform to find
solutions to the critical issues. The Government of India through the finance
ministry has taken a step in this direction, which should bear fruit in the
future.
OUTLOOK:
Subject has
entered 2013-14 with a healthy order book. The macro-economic and sectoral
environment is expected to remain challenging. The focus will be on execution
of the existing order book with increased stress on diversifying with subject’s
realm of expertise to develop new orders. On the revenue front, subject is
optimistic of growth during FY 13-14 translating to better returns and creation
of greater value. Given market conditions, the company has to focus on cash
flow management to maintain liquidity. XDIL is expected to stabilize and break
even operationally in 2013-14.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
(a) Guarantees/Letter of Credit given by the banks which are counter guaranteed by the company and secured against Fixed & Current Assets |
1076.928 |
721.719 |
|
(b) Others where company had gone in to appeals before Appropriate Authorities: |
|
|
|
- Sales Tax |
0.884 |
1.391 |
|
- Income Tax |
0.572 |
0.642 |
|
(c) Estimated amount of Contracts remaining to be executed on capital account and not provided for |
10.169 |
-- |
FIXED ASSETS
œ Land
œ Plant and Machinery
œ Office Equipments
œ Furniture and Fixtures
œ Electricals Fittings
œ Vehicles
œ Computers
UNAUDITED
FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED ON
31ST
MARCH 2014
(Rs. in millions)
|
|
|
Particulars |
Quarter Ended |
Year
Ended |
|
|
|
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
1 |
Income from Operations |
|
|
|
|
|
|
a) Net Sales/Income from Operations (net of excise duty) |
257.007 |
367.002 |
1396.438 |
|
|
2 |
Expenses |
|
|
|
|
|
|
a) |
Cost of Materials consumed |
100.823 |
141.618 |
592.415 |
|
|
b) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
-- |
-- |
-- |
|
|
c) |
Erection Expenses |
94.603 |
137.033 |
476.300 |
|
|
d) |
Employee benefit expenses |
24.733 |
27.596 |
106.334 |
|
|
e) |
Depreciation and amortization expense |
2.443 |
2.296 |
9.001 |
|
|
f) |
Other expenses |
22.170 |
24.240 |
101.559 |
|
|
Total Expenses |
244.772 |
332.783 |
1285.609 |
|
|
3 |
|
Profit /(Loss) from operations
before other income, finance costs and exceptional items (1-2) |
12.235 |
34.219 |
110.829 |
|
4 |
Other Income |
4.044 |
3.153 |
14.652 |
|
|
5 |
|
Profit /(Loss) from
ordinary activities before finance costs and exceptional items (3+4) |
16.279 |
37.372 |
125.481 |
|
6 |
Finance Costs |
7.574 |
37.372 |
125.481 |
|
|
7 |
|
Profit /(Loss) from
ordinary activities after finance costs but before exceptional items (5-6) |
8.705 |
27.949 |
91.814 |
|
8 |
Exceptional Items |
-- |
-- |
-- |
|
|
9 |
Profit /(Loss) from ordinary activities before tax |
8.705 |
27.949 |
91.814 |
|
|
10 |
Tax Expense |
5.887 |
8.853 |
31.561 |
|
|
11 |
Net Profit /(Loss) from ordinary activities after tax
(9-10) |
2.818 |
190.096 |
60.253 |
|
|
12 |
Paid up equity share capital
(Eq. shares of Rs.10/- each) |
33.432 |
33.432 |
33.432 |
|
|
13 |
Reserve excluding
revaluation reserves |
-- |
-- |
-- |
|
|
14 |
|
Earnings per share
(before/after extraordinary items) of
Rs.10/- each |
|
|
|
|
|
|
Basic and Diluted |
0.84 |
5.71 |
18.02 |
|
|
|||||
|
A |
|
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
|
Public Shareholding |
|
|
|
|
|
|
- No. of Shares |
1095288 |
1095288 |
1095288 |
|
|
|
- Percentage of
Shareholding |
32.76% |
32.76% |
32.76% |
|
2 |
|
Promoters and promoter group shareholding |
|
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
|
- Number of shares |
-- |
-- |
-- |
|
|
|
- Percentage of shares (
as a % of the total shareholding of the promoter and promoter group) |
-- |
-- |
-- |
|
|
|
- Percentage of shares
(as a % of the total share capital of the Company) |
-- |
-- |
-- |
|
|
|
b) Non- encumbered |
|
|
|
|
|
|
- Number of shares |
2247955 |
2247955 |
2247955 |
|
|
|
- Percentage of shares ( as
a % of the total shareholding of the promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
|
|
- Percentage of shares
(as a % of the total share capital of the Company) |
67.24% |
67.24% |
67.24% |
|
|
Particulars |
Quarter
ended 31.03.2014 |
|
|
B |
|
Investor Complaints |
|
|
|
|
Pending at the beginning
of the quarter |
Nil |
|
|
|
Received during the
quarter |
Nil |
|
|
|
Disposed during the
quarter |
Nil |
|
|
|
Remaining unresolved at
the end of the quarter |
Nil |
NOTE:
1. The above financial results as reviewed and recommended by the Audit Committee have been approved by the Board of Directors at its meeting held on 30th May, 2014.
2. Segment Reporting as defined in Accounting Standard (AS) 17 is not applicable.
3. The Board of Directors have recommended dividend of Rs. 1.20 per equity share for confirmation and declaration by the shareholders in the fourth coming annual general meeting.
4. Quarterly EPS has not been annualized.
5. EPS for the year ended 31st March, 2013 (Both Standalone and consolidated) has been calculated as per AS - 20.
6. The Equity Shares of the Company have been admitted for listing and trading on BSE Limited (BSE) w.e.f 21st March, 2014. Now therefore, the Equity Shares of the Company stands listed on BSE Limited (BSE) along with the Delhi Stock Exchange Limited (DSE)
STANDALONE STATEMENT OF ASSETS AND LIABILITIES
|
Particular |
31.03.2014 (Rs.
In Millions) |
|
EQUITY AND
LIABILITIES |
|
|
Shareholders’
funds |
|
|
(a) Share capital |
33.432 |
|
(b) Reserves and surplus |
340.734 |
|
Sub-total
- Shareholders' funds |
374.166 |
|
|
|
|
Non-current
liabilities |
|
|
(a) Long-term borrowings |
9.282 |
|
(b) Deferred Tax Liabilities (Net) |
-- |
|
(c) Other Long Term Liability |
0.385 |
|
(d) Long Term Provision |
11.805 |
|
Sub-total
- Non-current liabilities |
21.472 |
|
|
|
|
Current
liabilities |
|
|
(a) Short -term borrowings |
49.390 |
|
(b) Trade payables |
263.229 |
|
(c) Other Current Liability |
162.536 |
|
(d) Short-term provision |
15.024 |
|
Sub-total
- Current liabilities |
490.179 |
|
|
|
|
TOTAL
- EQUITY AND LIABILITIES |
885.817 |
|
|
|
|
ASSETS |
|
|
Non-current
assets |
|
|
(a) Fixed assets |
|
|
(i)
Tangible Assets |
47.941 |
|
(ii)
Intangible Assets
|
-- |
|
(iii)
Capital work in Progress |
-- |
|
(iv)
Intangible assets under development / R and D |
-- |
|
(b) Non-current investment |
133.468 |
|
(c) Deferred tax assets (net) |
3.483 |
|
(d) Long-term loans and advances |
0.608 |
|
(e) Other non-current assets |
4.339 |
|
Sub-total
- Non-current assets Current assets |
189.839 |
|
Current assets |
|
|
(a) Current Investment |
0.000 |
|
(b) Inventories |
208.987 |
|
(c) Trade receivables |
264.707 |
|
(d) Cash and cash equivalents |
154.193 |
|
(e) Short-term loans and advances |
65.039 |
|
(f) Other current assets |
3.052 |
|
Sub-total
- Current assets |
695.978 |
|
|
|
|
TOTAL
- ASSETS |
885.817 |
7. The figures of the last quarter of the current year and of the previous year are the balancing figures between the audited figures for full financial year and the published year to date figures up to the third quarter of corresponding year.
8. Previous year/period’s figures have been regrouped / recasted 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.60.18 |
|
|
1 |
Rs.103.14 |
|
Euro |
1 |
Rs.81.87 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
ANK |
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 |
6 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.