MIRA
INFORM REPORT
|
Report Date : |
16.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
STURDY INDUSTRIES LIMITED (w.e.f. 03.02.2005) |
|
|
|
|
Formerly Known
As : |
STURDY POLYMERS LIMITED |
|
|
|
|
Registered
Office : |
21, Industrial Area, Parwanoo, Baddi – 173 205, Himachal
Pradesh |
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|
Country : |
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|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
27.07.1989 |
|
|
|
|
Com. Reg. No.: |
06-009557 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.148.618
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L25209HP1989PLC009557 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
PTLS15820A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCS9436Q |
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|
|
|
Legal Form : |
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 manufacturing PVC pipes and irrigation systems, aluminium
composite panels and aluminium cables and conductors and trades in aluminium
products. |
|
|
|
|
No. of Employees
: |
Information declined by the Management. |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
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|
|
|
Litigation : |
Exist |
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|
Comments : |
Subject is an
established company having moderate track record. The rating
reflects moderate financial risk profile marked by sharp dip in the profit of
the company during 2013, borrowings recorded by the company seems to be huge
and increasing. However, trade
relations are reported as fair. Business is active. Payment terms are
reported to be slow but correct. The company can
be considered for business dealings 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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
NEWS
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 with 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: BB |
|
Rating Explanation |
Moderate risk of default. |
|
Date |
November 26, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short-Term Rating: A4 |
|
Rating Explanation |
Minimal degree of safety. It carry very high credit risk. |
|
Date |
November 26, 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
31-03-2014.
INFORMATION DECLINED BY
|
Name : |
Mr. Jitender |
|
Designation : |
Accounts Department |
|
Contact No.: |
91-1792-232570 |
|
Date : |
12.07.2014 |
LOCATIONS
|
Registered Office/ Factory 1 : |
21, Industrial Area, Parwanoo, Baddi – 173 205, Himachal
Pradesh, India |
|
Tel. No.: |
91-1792-232570 |
|
Fax No.: |
91-1792-232770 |
|
E-Mail : |
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|
Website : |
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Administrative/ Corporate Office: |
55-57 Industrial Area, Sector-1, Parwanoo, Solan – 173 220, Himachal
Pradesh, India |
|
Tel No.: |
91-1792-232570/ 232863/ 232864 |
|
Fax No.: |
91-1792-232770 |
|
|
|
|
Factory 2 : |
Village Saidpura,
Derabassi, Punjab, India |
|
|
|
|
Factory 3 : |
Village Bhatoli Khurd,
Baddi, Himachal Pradesh, India |
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|
|
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Factory 4 : |
36‐37, Industrial Area,
Sector‐1, Parwanoo, Himachal
Pradesh, India |
|
|
|
|
Factory 5 : |
44‐45, Industrial Area,
Sector‐1, Parwanoo, Himachal
Pradesh, India |
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|
|
|
Factory 6 : |
Industrial Growth Centre,
Chatabari, Chaygaon, District Kamrup, Assam, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. M.L. Gupta |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Ramesh Gupta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Amit Gupta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Devinder Nath Sharma |
|
Designation : |
Independent Director |
|
|
|
|
Name : |
Mr. Ashok Om Prakash Bhatia |
|
Designation : |
Independent Director |
|
Date of Birth/ Age : |
09.08.1953 |
|
Qualification : |
BA |
|
Expertise in specific functional area : |
To take up the company’s
management without any problem and inconvenience. With my association, the
company undertake the execution of multilevel projects such as Power and ACP
Sheets. Both these ventures are viable and are having all growth oriented
potentials. |
|
Date of Appointment : |
24.12.2005 |
|
|
|
|
Audit Committee : |
Mr. Ramesh Gupta – Chairman Mr. Devinder Nath Sharma – Member Mr. Ashok Bhatia – Member |
|
|
|
|
Investor Grievance Committee : |
Mr. Ashok Bhatia – Chairman Mr. Devinder Nath Sharma – Member Mr. Ramesh Gupta – Member |
|
|
|
|
Remuneration cum compensation Committee : |
Mr. Ashok Bhatia – Chairman Mr. Devinder Nath Sharma – Member Mr. Amit Gupta – Member |
KEY EXECUTIVES
|
Name : |
M.R. Chechi and Associates |
|
Designation : |
Company Secretaries |
|
Address : |
Chandigarh, India |
|
|
|
|
Name : |
Mr. Jitender |
|
Designation : |
Accounts Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category of Shareholders |
No. of Shares |
% of Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
16673667 |
25.93 |
|
|
15249300 |
23.71 |
|
|
31922967 |
49.64 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
31922967 |
49.64 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
12321417 |
19.16 |
|
|
|
|
|
|
12653890 |
19.68 |
|
|
6578514 |
10.23 |
|
|
832172 |
1.29 |
|
|
661104 |
1.03 |
|
|
1752 |
0.00 |
|
|
169316 |
0.26 |
|
|
32385993 |
50.36 |
|
Total
Public shareholding (B) |
32385993 |
50.36 |
|
Total
(A)+(B) |
64308960 |
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) |
64308960 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Individual shareholders holding nominal share
capital up to Rs.0.100 million
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in manufacturing PVC pipes and irrigation systems,
aluminium composite panels and aluminium cables and conductors and trades in
aluminium products. |
|
|
|
|
Brand Names : |
SWATI |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the Management. |
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Bankers : |
·
Punjab National Bank ·
Allahabad Bank |
||||||||||||||||||||||||||||||
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||||||||||||||||||||||||||||||
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
B.M. Verma and Company Chartered Accountants |
|
Address : |
Chandigarh, India |
|
|
|
|
Associated Companies : |
·
Chemiplast Industries ·
Tirupati Aluminium Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
82500000 |
Equity Shares |
Rs.2/- each |
Rs.165.000 millions |
|
200000 |
Preference Shares |
Rs.100/- each |
Rs.20.000 millions |
|
|
Total |
|
Rs.185.000
millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
64308960 |
Equity Shares |
Rs.2/- each |
Rs.128.618
millions |
|
200000 |
Preference Shares |
Rs.100/- each |
Rs.20.000 millions |
|
|
Total |
|
Rs.148.618 millions |
|
|
|
|
|
Reconciliation
of the shares outstanding at the beginning and at the end of the reporting
period:
|
Particulars
|
As at 31st March, 2013 |
|
|
No. of Shares |
Amount (Rs. in
millions) |
|
|
Preference Shares |
|
|
|
Shares
outstanding at the beginning of the year |
200000 |
20.000 |
|
Shares
Issued during the year |
-- |
-- |
|
Shares
bought back during the year |
-- |
-- |
|
Any other movement |
-- |
-- |
|
Shares outstanding at the end of the year |
200000 |
20.000 |
|
|
|
|
|
Equity Shares |
|
|
|
Shares outstanding
at the beginning of the year |
54308960 |
108.618 |
|
Shares
Issued during the year |
10000000 |
20.000 |
|
Shares
bought back during the year |
-- |
-- |
|
Any other movement |
-- |
-- |
|
Shares outstanding at the end of the year |
64308960 |
128.618 |
|
Name of Shareholder |
As at 31st March, 2013 |
|
|
No. of Shares |
% of Holding |
|
|
Preference
Shares |
|
|
|
Aravali Industries Limited |
110000 |
55.00 |
|
Name of Shareholder |
As at 31st March, 2013 |
|
|
No. of Shares |
% of Holding |
|
|
Equity
Shares |
|
|
|
M.L. Gupta and Sons (HUF) |
4476778 |
6.96 |
|
M.L. Gupta |
3229826 |
5.02 |
|
Ramesh Gupta |
6479701 |
10.08 |
|
Tirupati Aluminium Limited |
-- |
-- |
|
Alpine Capital Services Limited |
4242500 |
6.60 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
148.618 |
128.618 |
|
(b) Reserves & Surplus |
|
554.202 |
491.309 |
|
(c) Money received against share warrants |
|
0.000 |
70.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
702.820 |
689.927 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
|
537.701 |
441.884 |
|
(b) Deferred tax liabilities (Net) |
|
36.626 |
18.204 |
|
(c) Other long
term liabilities |
|
0.000 |
0.000 |
|
(d) Long-term
provisions |
|
82.217 |
81.728 |
|
Total Non-current
Liabilities (3) |
|
656.544 |
541.816 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
968.527 |
957.128 |
|
(b)
Trade payables |
|
678.744 |
272.930 |
|
(c)
Other current liabilities |
|
9.802 |
10.226 |
|
(d) Short-term
provisions |
|
11.271 |
17.402 |
|
Total Current
Liabilities (4) |
|
1668.344 |
1257.686 |
|
|
|
|
|
|
TOTAL |
|
3027.708 |
2489.429 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
924.673 |
296.280 |
|
(ii)
Intangible Assets |
|
7.640 |
7.640 |
|
(iii)
Capital work-in-progress |
|
9.166 |
546.642 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
1.650 |
1.650 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
32.083 |
28.137 |
|
(e) Other Non-current
assets |
|
0.053 |
0.179 |
|
Total Non-Current
Assets |
|
975.265 |
880.528 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
803.293 |
442.035 |
|
(c)
Trade receivables |
|
1040.324 |
999.559 |
|
(d) Cash
and cash equivalents |
|
106.318 |
90.762 |
|
(e)
Short-term loans and advances |
|
96.838 |
71.809 |
|
(f)
Other current assets |
|
5.670 |
4.736 |
|
Total
Current Assets |
|
2052.443 |
1608.901 |
|
|
|
|
|
|
TOTAL |
|
3027.708 |
2489.429 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
|
8351.251 |
6972.767 |
|
|
|
Other Income |
|
13.801 |
14.291 |
|
|
|
TOTAL (A) |
|
8365.052 |
6987.058 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials
consumed |
|
8327.990 |
6728.863 |
|
|
|
Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
|
(284.523) |
(39.551) |
|
|
|
Employee benefit expense |
|
19.935 |
12.332 |
|
|
|
Other expenses |
|
79.859 |
60.118 |
|
|
|
TOTAL (B) |
|
8143.261 |
6761.762 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
221.791 |
225.296 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
129.763 |
133.233 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
92.028 |
92.063 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
49.648 |
20.102 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
|
42.380 |
71.961 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
|
26.906 |
14.232 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
|
15.474 |
57.729 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
$
437232.33 |
$
572242.61 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
0.53 |
1.05 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
|
0.18 |
0.83 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
0.51 |
1.03 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
1.40 |
3.71 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
0.06 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
|
2.14 |
2.03 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
1.23 |
1.28 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
|
31.03.2012 |
31.03.2013 |
|
|
|
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
|
128.618 |
148.618 |
|
Reserves & Surplus |
|
491.309 |
554.202 |
|
Money received
against share warrants |
|
70.000 |
0.000 |
|
Net worth |
|
689.927 |
702.820 |
|
|
|
|
|
|
Long-term borrowings |
|
441.884 |
537.701 |
|
Short term borrowings |
|
957.128 |
968.527 |
|
Total borrowings |
|
1399.012 |
1506.228 |
|
Debt/Equity ratio |
|
2.028 |
2.143 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
|
31.03.2012 |
31.03.2013 |
|
|
|
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations |
|
6972.767 |
8351.251 |
|
|
|
|
19.770 |
NET PROFIT MARGIN
|
Net Profit Margin |
|
31.03.2012 |
31.03.2013 |
|
|
|
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations |
|
6972.767 |
8351.251 |
|
Profit |
|
57.729 |
15.474 |
|
|
|
0.83% |
0.19% |
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 two years |
Yes |
|
12] |
Profitability for last two 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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
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 |
LITIGATION DETAILS:
CASE DETAILS
Filing Type: Civil Suit
Register Type:Civil Suit
Stamp No.: CSST/8680/2011
Filling Date: 07/07/2011
Reg. No: CS/110/2011
Reg. Date: --
Petitioner: Carmel Overseas Limited
Respondent: Sturdy Industries Limited
Petn. Adv.: Navlesh Verma
Pramod Kumar Singh
Rupesh Kumar
Resp. Adv. Dushyant Dadwal
District SOLAN
Bench SINGLE
Status Pre-Admission
Last Date 29/05/2014
Stage ORDER MATTERS
Last Coram ADDITIONAL REGISTRAR(J)-I
Act CODE OF CIVIL PROCEDURE, 1908
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10436598 |
17/06/2013 |
2,896,500,000.00 |
PUNJAB NATIONAL BANK
(LEAD BANK) |
SECTOR-1, PARWANOO,
DISTRICT SOLAN, HIMACHAL PRADESH |
B79488607 |
|
2 |
10370625 |
30/05/2013 * |
444,000,000.00 |
PUNJAB NATIONAL BANK |
BRANCH OFFICE KALKA,
KALKA, HARYANA - 133302, INDIA |
B80388150 |
|
3 |
10315098 |
14/09/2011 |
240,000,000.00 |
PUNJAB NATIONAL BANK |
B O KALKA, PANCHKULA,
HARYANA - 133302, INDIA |
B24312365 |
|
4 |
10297695 |
31/05/2011 |
72,500,000.00 |
PUNJAB NATIONAL BANK |
PARWANOO, SOLAN, HIMACHAL
PRADESH - 173220, INDIA |
B17031691 |
|
5 |
10297697 |
31/05/2011 |
320,000,000.00 |
PUNJAB NATIONAL BANK |
PARWANOO, SOLAN, HIMACHAL
PRADESH - 173220, INDIA |
B17031923 |
|
6 |
10260943 |
14/01/2011 |
375,600.00 |
DIRECTOR OF INDUSTRIES |
SWCA PARWANOO, SOLAN,
HIMACHAL PRADESH - 173200, INDIA |
B03549904 |
|
7 |
10254794 |
12/11/2010 |
165,867,000.00 |
PUNJAB NATIONAL BANK |
KALKA, KALKA, HARYANA -
133302, INDIA |
B01288109 |
|
8 |
10164620 |
12/05/2009 |
85,000,000.00 |
PUNJAB NATIONAL BANK |
PARWANOO, PARWANOO,
HIMACHAL PRADESH - 173220, INDIA |
A64931033 |
|
9 |
10164621 |
12/05/2009 |
85,000,000.00 |
PUNJAB NATIONAL BANK |
PARWANOO, PARWANOO,
HIMACHAL PRADESH - 173220, INDIA |
A64931256 |
|
10 |
10164623 |
12/05/2009 |
85,000,000.00 |
PUNJAB NATIONAL BANK |
PARWANOO, PARWANOO,
HIMACHAL PRADESH - 173220, INDIA |
A64931975 |
|
11 |
90183416 |
06/01/2009 * |
685,900,000.00 |
PUNJAB NATIONAL BANK |
PARWANOO BRANCH, PARWANOO,
HIMACHAL PRADESH - 173220, INDIA |
A55591036 |
|
12 |
90180934 |
30/12/2010 * |
911,500,000.00 |
PUNJAB NATIONAL BANK |
SECTOR 1, PARWANOO,
SOLAN, HIMACHAL PRADESH - 173 |
B04708764 |
|
13 |
90183411 |
27/02/2010 * |
118,000,000.00 |
PUNJAB NATIONAL BANK |
PARWANOO BRANCH,
PARWANOO, SOLAN, HIMACHAL PRADESH - 173220, INDIA |
A85365880 |
|
14 |
90178606 |
29/12/2004 |
5,000,000.00 |
SMALL INDL DEVE BANK OF
INDIA |
SIDBI TOWERS, 15; ASHOKA
MARG, LUCKNOW, UTTAR PRADESH, INDIA |
- |
|
15 |
90178577 |
25/08/2005 * |
5,000,000.00 |
SMALL INDL DEVE BANK OF
INDIA |
SIDBI TOWERS, 15; ASHOKA
MARG, LUCKNOW, UTTAR PRADESH, INDIA |
- |
|
16 |
90180177 |
27/02/2010 * |
60,000,000.00 |
PUNJAB NATIONAL BANK |
PARWANOO, DISTRICT SOLAN,
SOLAN, HIMACHAL PRADESH - 173220, INDIA |
A85365302 |
|
17 |
90180178 |
19/02/2009 * |
139,500,000.00 |
PUNJAB NATIONAL BANK |
PARWANOO, SOLAN, HIMACHAL
PRADESH - 173220, INDIA |
A59643890 |
|
18 |
90179890 |
16/05/1997 |
6,200,000.00 |
H.P. STATE INDUSTRIAL
DEV.CORPORATION LIMITED |
SHIMLA, SHIMLA, HIMACHAL
PRADESH, INDIA |
- |
|
19 |
80015328 |
18/09/2012 * |
1,905,200,000.00 |
PUNJAB NATIONAL BANK |
SECTOR-1, PARWANOO,
SOLAN, HIMACHAL PRADESH - 173220, INDIA |
B58449489 |
|
20 |
90181600 |
17/05/1990 |
3,370,000.00 |
H.P. STATE INDUSTRIAL
DEV. CORPN. |
SHIMLA, SHIMLA, HIMACHAL
PRADESH, INDIA |
- |
|
21 |
90181590 |
20/04/1990 |
3,000,000.00 |
H.P. FINANCIAL
CORPORATION |
NEW HIMRUS BUILDING CIRCULAR
ROAD, SHIMLA, HIMACHAL PRADESH - 171001, INDIA |
- |
* Date of charge modification
|
Unsecured Loans |
31.03.2013 (Rs. in Millions) |
31.03.2012 (Rs. in Millions) |
|
LONG TERM BORROWINGS |
|
|
|
Term Loans |
|
|
|
From
shareholders/ directors and their relatives |
199.694 |
95.967 |
|
SHORT TERM BORROWINGS |
|
|
|
Loans repayable on demand |
|
|
|
From NBFC and
Others (Of the above,
100% is guaranteed by Directors and Promoters/ Others) |
0.000 |
148.158 |
|
Total |
199.694 |
244.125 |
RESULTS OF OPERATIONS:
During the financial
year, the Company's overall performance has been remarkable and growth worthy. The
plans and policies perceived by the management since implemented in time frame
manner, proved to be the most valuable tools in achieving the desired/projected
results. During the year, the company has achieved record turnover (including
income from other sources) of Rs.8365.051 millions (increased by 20%) against an
expenditure amounted Rs.8322.671 millions. Resultantly, the surplus of the
company is Rs.15.474 millions.
The management is totally
engrossed in planning and implementing the new projects and as well as
undertaking the expansion at a very low investment. The diversification plans
which are the needs of day are being taken up in a phased manners and
schedules. The management hopes to achieve better and most profitable results
in the near future.
SEGMENT REPORTING:
Primary segments of the
Company are as under:
·
Pipes, sprinkler, drip irrigation systems and others.
·
Aluminum composite sheets
·
ABC Cables and Aluminium Conductors
Management
Discussions AND ANALYSIS REPORT
COMPANY VIS-A-VIS INDUSTRY:
The Company has
successfully sailed through the turbulent waters of overall economic recession
and today the company is a leading manufacturer of specialized irrigation
system and aluminium conductors in India. The Company's product portfolio is
increasing and with the setting up of new plant in Guwahati in Assam the
product portfolio of the Company is going to increase with induction of new
products under its umbrella. The company has already ventured into the Power
Sector and the Management is working on the same so that the ambit of the
company widens and the Company can grow steadfast in the new areas. The core
competence of the Company remains to add on activities which are the need of
the hour and be a leader in the Industry.
During the year the
company has achieved a turnover of Rs.8365.052 millions, as compared to the previous year
turnover of Rs.6987.058
millions. The turnover of the company has grown substantially. The consumption
of raw material has also increased vis-a-vis the increase in the turnover of
the Company. The Financial expenses of the company have also surged during the
year. The Company has earned Net profit after tax of Rs.15.474
millions.
The Company has met the
standards set by the Management and the Management is committed to scale new
heights and peaks in the times to come. The company has been further
strengthened and able to compete in original sector with large players. The
driving force behind the Company's success is the able guidance and experience of
Mr. M. L. Gupta and Mr. Ramesh Gupta. The management's vision to be a Leader in
the Industry is being achieved and the commitment to achieve this is unmatched.
KEY PRODUCTS:
The key products of the
Company are as follows:
Micro Irrigation Systems,
sprinkler and drip irrigation systems and HDPE, PVC and LLDPE pipes. The SWATI
brand of the Company products have made a mark for itself in the Industry.
Metallic/colored
Aluminium Composite panels and sheets with SUNBOND brand name well accepted in
the market.
Power transmission and
distribution infrastructure comprising aluminium conductors, cables and
aluminium wires.
The new line being added
to the company's product portfolio is venturing into the Power Sector and new project
for manufacturing of Aluminium cables and conductors.
EXPORTS:
The Company's initiatives
in the Direction are expected to bear fruits in the coming times as with the
appointment of Distributors abroad the Company has been able to make its name
in the Foreign Market. The management is exploring new ways and means to
venture into the other parts of the world and the talks and negotiations are on
for the export of different products under the ambit of the Company. The
Company has been exporting its products to UAE, Mauritius, Spain, Africa,
Switzerland, Bulgaria, among others.
FUTURE PROSPECTS:
Considering the overall
business conditions, the Company is confident about its future prospects. The
Directors are striving hard to bring better symmetries of proper utilization of
resources and to accomplish the basic goals with an overall objective of
customer satisfaction.
The low manufacturing
cost of their products is their basic strength and the Company offers the good
quality products to its customers at an acceptable price.
The ever rising raw
material cost is a growing concern to all. Aluminum, plastic and energy costs
have recorded historical high prices, and with energy crisis the Company
expects the raw material costs and bank rate of interest to remain high in
2013. The Company will continue to strike for correct selling price in order to
maintain an acceptable profit margin.
Management believes that
with the ongoing efforts to control overall cost, improve plant efficiency and
create the right mix of products, the Company will emerge as the most
successful company in India.
FINANCIAL RESULTS
(Rs. in millions)
|
Type |
Audited |
Un-Audited |
Un-Audited |
Un-Audited |
|
Period
Ending |
31.03.2014 |
31.12.2013 |
30.09.2013 |
30.06.2013 |
|
No.
of Months |
3 |
3 |
3 |
3 |
|
Description
|
|
|
|
|
|
Net
Sales / Interest Earned / Operating Income |
1145.420 |
1802.130 |
3023.160 |
2647.250 |
|
Expenditure |
(1252.080) |
(1805.560) |
(2944.580) |
(2572.170) |
|
Interest |
(49.240) |
(53.970) |
(49.230) |
(41.860) |
|
Profit
Before Depreciation and Tax |
(155.900) |
(57.400) |
29.350 |
33.220 |
|
Depreciation |
(12.380) |
(13.090) |
(12.320) |
(12.180) |
|
Profit
before Tax |
(168.270) |
(70.490) |
17.020 |
21.040 |
|
Tax |
0.000 |
0.000 |
(3.410) |
(4.190) |
|
Net
Profit |
(168.270) |
(70.490) |
13.620 |
16.850 |
|
Equity
Capital |
128.620 |
128.620 |
128.620 |
128.620 |
|
Nos.
of Shares - Public |
30160750 |
30160750 |
30010750 |
30010750 |
|
Percent
of Shares-Public |
46.90 |
46.90 |
46.67 |
46.67 |
|
Operating
Profit Margin |
(9.310) |
(0.190) |
2.600 |
2.840 |
|
Net
Profit Margin |
(14.690) |
(3.910) |
0.450 |
0.640 |
|
Cash
EPS |
0.00 |
0.00 |
0.00 |
0.00 |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Furniture and Fixture
·
Office Equipment
·
Vehicle
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.60.22 |
|
|
1 |
Rs.102.79 |
|
Euro |
1 |
Rs.81.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
32 |
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.