1. Summary Information
|
|
|
Country |
|
|
Company Name |
REDINGTON INDIA
LIMITED |
Principal Name 1 |
Mr. R. Shrinivasan |
|
Status |
Good |
Principal Name 2 |
Mr. Raj Shankar |
|
|
|
Registration # |
18-028758 |
|
Street Address |
SPL Guindy House, 95, Mount Road, Guindy,
Chennai – 600032, Tamilnadu, India |
||
|
Established Date |
02.05.1961 |
SIC Code |
-- |
|
Telephone# |
91-44-22353313 |
Business Style 1 |
Trading |
|
Fax # |
91-44-22352790 |
Business Style 2 |
Distributing |
|
Homepage |
Product Name 1 |
Computers |
|
|
# of employees |
Not Available |
Product Name 2 |
Computer
Peripherals |
|
Paid up capital |
Rs.798,964,000/- |
Product Name 3 |
Printers |
|
Shareholders |
Promoter and
Promoter Group=21.03% Public Shareholding=78.97% |
Banking |
Axis Bank, Dubai |
|
Public Limited Corp. |
YES |
Business Period |
53 Years |
|
IPO |
YES |
International Ins. |
- |
|
Public |
YES |
Rating |
A
(64) |
|
Related
Company |
|||
|
Relation
|
Country
|
Company
Name |
CEO |
|
Subsidiary
|
India |
Easyaccess Financial Services Limited |
-- |
|
Note |
-- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2014 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
16,077,862,000 |
Current Liabilities |
13,550,429,000 |
|
Inventories |
8,304,857,000 |
Long-term Liabilities |
3,570,245,000 |
|
Fixed Assets |
941,474,000 |
Other Liabilities |
517,986,000 |
|
Deferred Assets |
105,118,000 |
Total Liabilities |
17,638,660,000 |
|
Invest& other Assets |
4,876,860,000 |
Retained Earnings |
11,868,547,000 |
|
|
|
Net Worth |
12,667,511,000 |
|
Total Assets |
30,306,171,000 |
Total Liab. &
Equity |
30,306,171,000 |
|
Total Assets (Previous Year) |
28,314,710,000 |
|
|
|
P/L Statement as of |
31.03.2014 |
(Unit: Indian Rs.) |
|
|
Sales |
112,566,184,000 |
Net Profit |
2,397,879,000 |
|
Sales (Previous yr.) |
104,096,642,000 |
Net Profit
(Prev. yr.) |
1,713,736,000 |
MIRA INFORM REPORT
|
Report Date : |
16.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
REDINGTON INDIA LIMITED |
|
|
|
|
Registered
Office : |
SPL Guindy House, 95, Mount Road, Guindy,
Chennai – 600032, Tamilnadu |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
02.05.1961 |
|
|
|
|
Com. Reg. No.: |
18-028758 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.798.964 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L52599TN1961PLC028758 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHER00540B |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCR0347P |
|
|
|
|
Legal Form : |
A Public Limited Liability
Company. The Company’s Shares are Listed on the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Trading,
Importing and Distributing of Computers, Computer Peripherals, Printers,
Plotters and Spares including after sales service. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 50000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is an established company having good track record. Financial position of the company is sound. Fundamentals are strong. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular 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 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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=AA- |
|
Rating Explanation |
High degree of safety and carry lowest
credit risk. |
|
Date |
07.07.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating=A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
Date |
07.07.2014 |
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
31-03-2014.
INFORMATION DENIED
Management non co-operative (91-44-42243353)
LOCATIONS
|
Registered Office : |
SPL Guindy House, 95, Mount Road, Guindy,
Chennai – 600032, Tamilnadu, India |
|
Tel. No.: |
91-44-22353313/
14/ 15/ 16/ 17/ 18/ 42243281/ 42243499/ 42243353/ 42243352 |
|
Fax No.: |
91-44-22352790/ 22253799 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Corporate Office : |
Ground Floor, "Centre Point", Plot No.8 and 11 (SP),
Thiru-Vi-Ka Industrial Estate, Ekkaduthangal,
Guindy, Chennai – 600032, Tamilnadu,
India |
|
Tel. No.: |
91-44-42243353 |
|
Fax No.: |
91-44-42243148 |
|
E-Mail : |
|
|
|
|
|
Sales and
Service Centers: |
Located at : · Chennai · Bangalore · · ·
·
· · ·
Hubli ·
· |
|
|
|
|
Branch Office : |
Located At : · · Uttar Pradesh · · Rajasthan · Uttaranchal · Orissa · · Guwahati · · Karnataka · · Mumbai · Pune · · Tamilnadu |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Professor J. Ramachandran |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. R. Shrinivasan |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. Raj Shankar |
|
Designation : |
Joint Managing Director |
|
|
|
|
Name : |
Mr. M. Raghunandan |
|
Designation : |
Whole Time Director |
|
|
|
|
Name : |
Mr. R. Jayachandran |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Tu Shu-Chyuan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Lin Tai Yang |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Nainesh Jaisingh |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. V S Hariharan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. N. Srinivasan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Keith WF Bradley |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. M. Muthukumarasamy |
|
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 |
84027302 |
21.03 |
|
|
84027302 |
21.03 |
|
Total shareholding of Promoter and Promoter Group (A) |
84027302 |
21.03 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
30028882 |
7.52 |
|
|
1172 |
0.00 |
|
|
149119773 |
37.33 |
|
|
179149827 |
44.85 |
|
|
|
|
|
|
20724372 |
5.19 |
|
|
|
|
|
|
5989418 |
1.50 |
|
|
2933617 |
0.73 |
|
|
106657284 |
26.70 |
|
|
1407636 |
0.35 |
|
|
1234015 |
0.31 |
|
|
102245940 |
25.59 |
|
|
262585 |
0.07 |
|
|
1209951 |
0.30 |
|
|
12811 |
0.00 |
|
|
284346 |
0.07 |
|
|
136304691 |
34.12 |
|
Total Public shareholding (B) |
315454518 |
78.97 |
|
Total (A)+(B) |
399481820 |
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) |
399481820 |
0.00 |
(1) Indian
BUSINESS DETAILS
|
Line of Business : |
Trading,
Importing and Distributing of Computers, Computer Peripherals, Printers,
Plotters and Spares including after sales service. |
||||||||||
|
|
|
||||||||||
|
Products : (As on 31.03.2012) |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||
|
|
|
|||||||||||||||
|
Bankers : |
Bankers – ·
ANZ
Banking Group Limited ·
Bank
of · Barclays Bank PLC · BNP Paribas ·
DBS
Bank Limited ·
Deutsche
Bank AG ·
First
Rand Bank ·
HDFC
Bank Limited ·
IDBI
Bank Limited ·
ICICI
Bank Limited ·
HSBC ·
IndusInd Bank
Limited ·
ING Vysya Bank Limited ·
Kotak Mahindra Bank Limited ·
Standard
Chartered Bank ·
State
Bank of India ·
The
Royal Bank of Scotland ·
Yes
Bank Limited Bankers – Overseas ·
Axis
Bank, ·
Bank
of ·
Barclays
Bank, ·
BNP
Paribas, ·
BNP ·
·
Emirates
Bank, ·
First
Gulf Bank, ·
Hongkong and
Shanghai Banking Corporation Limited, ·
Hongkong and
Shanghai Banking Corporation Limited, ·
ICICI
·
Mashreq Bank, ·
National
Bank of Fujairah, ·
Standard
Chartered Bank, ·
Standard
Chartered ·
State
Bank of ·
May
Bank, Singapore ·
UCO Bank,
Singapore ·
First
Gulf Bank, Dubai ·
OCBC
Bank, Singapore |
|||||||||||||||
|
|
|
|||||||||||||||
|
Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins
and Sells Chartered
Accountants |
|
Address: |
2nd
Floor, “Temple Tower, 672, Anna Salai, Nandanam, Chennai – 600035, Tamilnadu,
India |
|
Tel. No.: |
91-44-52131124-28 |
|
Fax No.: |
91-44-52131129 |
|
|
|
|
Internal Auditors: |
|
|
Name : |
Price Waterhouse Coopers Chartered Accountant |
|
|
|
|
Party
where the Company has control : |
Redington
Employee Share Purchase Trust * |
|
|
|
|
Parties
having Significant Influence on the Company : |
·
Harrow Investment Holding Limited
(formerly known as Redington (Mauritius) Limited),
Mauritius * ·
Synnex
Mauritius Limited, Mauritius * |
|
|
|
|
Subsidiary
Companies : |
·
Nook Micro Distribution Limited,
India * ·
Cadensworth
(India) Limited, India* ·
Easyaccess
Financial Services Limited* (Ceased to be Subsidiary w.e.f
January 22,2014 (Refer note-35))* ·
Redington
International Mauritius Limited, Mauritius* ·
Redington
International (Holdings) Limited, Cayman Islands ¥ ·
Redington
Gulf FZE, Dubai ·
Cadensworth
FZE, Dubai* ·
Redington
Gulf & Co. LLC, Oman ·
Redington
Nigeria Ltd, Nigeria ·
Redington
Egypt Ltd, Egypt ·
Redington
Kenya Ltd, Kenya ·
Redington
Middle East LLC, Dubai ·
Redington
Qatar WLL, Qatar ·
Ensure Services Arabia LLC, Saudi
Arabia (formerly known as Redington Arabia Limited,
Saudi Arabia) ·
Redington
Africa Distribution FZE. Dubai ·
Ensure Services Bahrain SPC, Bahrain
(formerly known as Redington Bahrain SPC, Bahrain) ·
Redington
Distribution Pte Ltd, Singapore * ·
Redington
Bangladesh Limited, Bangladesh ·
Redington
Qatar Distribution WLL, Qatar ·
Redington
Kenya EPZ Ltd, Kenya ·
Redington
Limited, Ghana ·
Redington
Uganda Limited, Uganda ·
Africa Joint Technical Services,
Libya ·
RGF Private Trust Company Limited,
Cayman Islands ·
Redington
Gulf FZE Co, Iraq ·
Cadensworth
United Arab Emirates LLC, Dubai ·
Redington
Morocco Limited, Morocco ·
Redington
Tanzania Ltd., Tanzania ·
Redington SL
(Private) Limited, Sri lanka ·
Redington
Angola Limited, Angola ·
Redington
Turkey Holdings S.A.R.L, Luxembourg ·
Arena Bilgisayar
Sanayi Ve Ticaret Anonim Sirketi, Turkey # ·
Arena International FZE, UAE ·
Ensure IT Services PTY Limited, South
Africa ·
ProConnect
Supply Chain Solutions Limited, India* ·
Ensure Gulf FZE, Dubai ·
Ensure Technical Service (PTY)
Limited, South Africa ·
Ensure Middle East Trading LLC,UAE ·
Ensure Technical Services Kenya
Limited, Kenya ·
Ensure Technical Services Tanzania
Limited, Tanzania ·
Ensure Services Uganda Limited,
Uganda ·
Ensure Solutions Nigeria Limited,
Nigeria ·
Redington
Rwanda Limited, Rwanda ·
Redington
Kazakhstan LLP, Kazakhstan Republic ·
Sensonet Teknoloji Elelektronik Ve Bilisim Hizmetlen
Sanayi- Ve Ticaret Limited Sirketi, Turkey Formed
during the year ·
Ensure Supply Chain Logistics LLC,
Dubai ·
Ensure Ghana Limited, Ghana ·
Ensure Support Services (India)
Limited, India* ·
Ensure Technical Services Morocco
Limited(SARLAU), Morocco ·
Ensure Digital FZ LLC, Dubai Acquired
during the year ·
ADEO Bilisim
Danismanlik Hizmetleri
San. ve Tic.A.S., Turkey
^ |
|
|
|
|
Associate Subsidiary
of Associate : |
·
Redington
(India) Investments Limited, India * ·
Currents Technology Retail (India)
Limited, India * |
*
Represents related parties with whom transactions have taken place during the
year.
# As Redington Turkey Holdings S.A.R.L. has effective control
over the composition of Board of Directors, Arena Bilgisayar
Sanayi Ve Ticaret Anonim Sirketi is considered as subsidiary.
^
Arena Bilgisayar Sanayi Ve Ticaret Anonim
Sirketi, the step down subsidiary acquired 50%
shares.
¥ Redington International Holdings Limited got merged with Redington International Mauritius Limited on July 10, 2013.
Related Parties have been identified by the management.
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
425000000 |
Equity Shares |
Rs.2/- each |
Rs.850.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
399481820 |
Equity Shares |
Rs.2/- each |
Rs.798.964 Millions |
|
|
|
|
|
Reconciliation of the shares outstanding at the
beginning and at the end of the reporting period;
|
Equity Shares |
Number
of Shares |
Rs.
In Millions |
|
At the beginning of the year |
399152570 |
798.305 |
|
Allotted during the year under Employee Stock Option, 2008
issued during the year |
329250 |
0.659 |
|
Outstanding at the end of the year |
399481820 |
78.964 |
Terms/rights attached to equity shares;
Each holder of
equity share is entitled to one vote per share. The Company declares and pays
dividends in Indian rupees. For the year ended March 31, 2014 a dividend of
Rs.0.90 per equity share has been proposed by the Board of Directors (Previous
year Rs.0.40 per equity share). The dividend proposed by the Board of Directors
is subject to the approval of the shareholders at the ensuing Annual General
Meeting which includes an agenda item to consider declaration of dividend.
Shares held by
shareholders holding more than 5% of the paid-up equity capital
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Harrow Investment Holding Limited (formerly known as Redington
(Mauritius) Limited) |
84027302 |
21.03 |
|
Synnex Mauritius
Limited |
94295940 |
23.60 |
|
Standard Chartered Private Equity
(Mauritius) Limited |
47686500 |
11.94 |
|
SBI Mutual Fund |
16500939 |
4.13 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2014 |
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
798.964 |
798.305 |
|
(b) Reserves & Surplus |
|
11868.547 |
9856.375 |
|
(c) Money
received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
12667.511 |
10654.680 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
|
(c) Other long term liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
90.607 |
71.009 |
|
Total Non-current Liabilities (3) |
|
90.607 |
71.009 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
3570.245 |
6192.673 |
|
(b) Trade payables |
|
11239.236 |
9256.278 |
|
(c) Other current
liabilities |
|
2311.193 |
1941.875 |
|
(d) Short-term provisions |
|
427.379 |
198.195 |
|
Total Current Liabilities (4) |
|
17548.053 |
17589.021 |
|
|
|
|
|
|
TOTAL |
|
30306.171 |
28314.710 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
929.980 |
665.544 |
|
(ii) Intangible Assets |
|
11.494 |
1.775 |
|
(iii) Capital
work-in-progress |
|
39.907 |
153.030 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
4836.953 |
6591.164 |
|
(c) Deferred tax assets (net) |
|
105.118 |
67.518 |
|
(d) Long-term Loan and Advances |
|
909.000 |
696.221 |
|
(e) Other Non-current assets |
|
0.000 |
0.000 |
|
Total Non-Current Assets |
|
6832.452 |
8175.252 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
8304.857 |
7718.634 |
|
(c) Trade receivables |
|
12350.849 |
9330.191 |
|
(d) Cash and cash
equivalents |
|
925.895 |
1503.796 |
|
(e) Short-term loans and
advances |
|
1892.118 |
1586.837 |
|
(f) Other current assets |
|
0.000 |
0.000 |
|
Total Current Assets |
|
23473.719 |
20139.458 |
|
|
|
|
|
|
TOTAL |
|
30306.171 |
28314.710 |
|
SOURCES OF FUNDS |
|
|
31.03.2012 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
797.156 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
8292.578 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
9089.734 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
4398.699 |
|
|
2] Unsecured Loans |
|
|
1808.451 |
|
|
TOTAL BORROWING |
|
|
6207.150 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
15296.884 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
721.511 |
|
|
Capital work-in-progress |
|
|
86.793 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
5904.289 |
|
|
DEFERREX TAX ASSETS |
|
|
50.685 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
8169.938
|
|
|
Sundry Debtors |
|
|
8341.746
|
|
|
Cash & Bank Balances |
|
|
618.183
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
2522.670
|
|
Total
Current Assets |
|
|
19652.537
|
|
|
Less : CURRENT LIABILITIES
& PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
9643.911
|
|
|
Other Current Liabilities |
|
|
1214.877
|
|
|
Provisions |
|
|
260.143
|
|
Total
Current Liabilities |
|
|
11118.931
|
|
|
Net Current Assets |
|
|
8533.606
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
15296.884 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue for Operations |
112566.184 |
104096.642 |
98404.052 |
|
|
|
Other Income |
480.322 |
448.831 |
310.751 |
|
|
|
TOTAL |
113046.506 |
104545.473 |
98714.803 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase of trading Stocks |
106733.115 |
97762.758 |
93804.580 |
|
|
|
Employees Benefits |
1013.020 |
1020.906 |
975.327 |
|
|
|
Other Expense |
2514.264 |
1882.500 |
1718.087 |
|
|
|
Changes in Inventories and trading stock |
(586.223) |
451.304 |
(995.631) |
|
|
|
Profit on sale of long-term investment |
(657.566) |
0.000 |
0.000 |
|
|
|
TOTAL |
109016.610 |
101117.468 |
95502.363 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
4029.896 |
3428.005 |
3212.440 |
|
|
|
|
|
838.566 |
|
|
|
Less |
FINANCIAL
EXPENSES |
769.471 |
|
774.043 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
3260.425 |
2589.439 |
2438.397 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
106.046 |
100.036 |
105.476 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
3154.379 |
2489.403 |
2332.921 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
756.500 |
775.667 |
764.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
2397.879 |
1713.736 |
1568.121 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5674.365 |
4251.563 |
2683.442 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
8072.244 |
5965.299
|
4251.563 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Supplier Rebates and Discounts |
-- |
-- |
1593.298 |
|
|
|
Rebates |
725.327 |
1698.066 |
-- |
|
|
|
Dividend Income |
57.825 |
62.686 |
19.127 |
|
|
|
Warranty Claims |
241.891 |
181.939 |
-- |
|
|
|
FOB Value of Exports |
165.924 |
61.784 |
67.452 |
|
|
|
Others |
5.212 |
1.092 |
-- |
|
|
TOTAL EARNINGS |
1196.179 |
2005.567 |
1679.877 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Trading Stocks |
13419.250 |
23869.945 |
35549.037 |
|
|
TOTAL IMPORTS |
13419.250 |
23869.945 |
35549.037 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.01 |
4.29 |
3.94 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
2.12 |
1.64 |
1.59
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.80 |
2.39 |
2.37
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.46 |
11.58 |
11.42
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25 |
0.23 |
0.26
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.28 |
0.58 |
1.91
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.34 |
1.15 |
1.77
|
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
|
31.03.2013 |
31.03.2014 |
|
|
|
Rs. In
Millions |
Rs. In
Millions |
|
Share Capital |
|
798.305 |
798.964 |
|
Reserves & Surplus |
|
9856.375 |
11868.547 |
|
Net
worth |
|
10654.680 |
12667.511 |
|
|
|
|
|
|
long-term borrowings |
|
0.000 |
0.000 |
|
Short term borrowings |
|
6192.673 |
3570.245 |
|
Total
borrowings |
|
6192.673 |
3570.245 |
|
Debt/Equity
ratio |
|
0.581 |
0.282 |
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 |
98,404.052 |
104,096.642 |
112,566.184 |
|
|
|
5.785 |
8.136 |
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
|
98,404.052 |
104,096.642 |
112,566.184 |
|
Profit |
1,568.121 |
1,713.736 |
2,397.879 |
|
|
1.59% |
1.65% |
2.13% |
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 |
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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
MANAGEMENT
DISCUSSION AND ANALYSIS
ECONOMIC OUTLOOK
The
Company has a wide geographic presence in the regions of India, South Asia,
Middle East, Turkey, Africa (META) and CIS countries. Due to liberalization across
several of these economies, they are significantly influenced by the sentiments
and developments of the global economy. Therefore analyzing developments in the
global and domestic economies during 2013 and assessing future prospects become
important for a meaningful analysis of your Company's performance.
GLOBAL
After
the economic slowdown, global economies showed signs of recovery in 2012 and
even some stability in 2013. Economic developments during 2013 were
characterized by uncertainty surrounding monetary policies. Monetary policy
changes and fiscal volatility in the large economies, especially those of the
US and the Eurozone, led to the destabilising
of capital inflows and wide fluctuations in exchange rates. Policy changes in
the developing economies continued to be conservative and growth softer than
expected. The geo-political tensions in the African region and parts of Eurasia
posed a threat to the development of adjacent and dependent economies.
Normalization
of monetary policy is a big influencing factor that affects economic recovery
even in advanced economies. The ongoing efforts in the USA to strengthen
monetary policy are expected to gradually help normalize fiscal policies and
investor sentiments of developing economies. Reports by various international
agencies on the global economic outlook are positive, though with certain
caveats. According to the IMF report, in emerging markets and developing
economies, growth is expected to pick up gradually from 4.7% in 2013 to about
5% in 2014 and 5.25% in 2015. World growth is projected at 3.6% in 2014 and at
3.9% in 2015. The report further mentions that more policy efforts are needed
to fully restore confidence; ensure robust growth and lower downside risks.
According to a BCG report, both India and China are on the threshold, poised
for huge growth.
The
average spending of consumers in both the countries is likely to be $10
trillion by the year 2020. Consumerism is creeping into these large economies.
Indian children today are likely to consume nearly thirteen times as much as
their grand-parents did at comparable ages.
INDIA
The
economic growth during the last year was slower than expected. The annual
industrial production in Indian industry contracted for the first time in the
last three decades, due to spiraling inflation coupled with volatile exchange
and interest rates and lackluster consumer demand. But despite the dull
environment, corporate houses delivered modest results. For its part, the
Reserve Bank tried to check inflation by hiking interest rates.
OECD
has reported that the outlook for emerging Asian markets remains robust over
the medium term, anchored by the steady rise in domestic demand. The GDP is
expected to grow by 6.9% per annum in the period 2014-18. The World Bank has
reported that India's economy will grow over 6% in 2014-15 and 7.1% by 2016-17
as global demand recovers and domestic investment increases. With a new and
stable government at the Centre, the analysts expect new macroeconomic reforms
to address some of the policy concerns. The agenda includes quick policy
decisions, state-of-the-art infrastructure, curtailing of subsidies, and
normalization of the current account deficit and currency depreciation.
LITIGATION DETAILS:
|
CASE STATUS INFORMATION SYSTEM Case Status : Pending Status of : Case No.: 10497 Year: 2014 Petitioner: M/S.RELITRONICS INDIA PRIVATE LIMITED Respondent: REDINGTON INDIA
LIMITED, rep Pet’s Advocate : M/S.R.SRINIVAS Res’s Advocate : Category : Petition under
Section 482 cr.PC Last Listed on : No
Data Mentioned Case Update on: April
22, 2014 No connected Application(s) No
Connected Matter(s) |
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs.
In Millions |
31.03.2013 Rs. In
Millions |
|
Short Term
Borrowings |
|
|
|
Loans from Banks |
238.755 |
1610.795 |
|
|
|
|
|
Total |
238.755 |
1610.795 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10461220 |
30/10/2013 |
200,000,000.00 |
YES
BANK LIMITED |
NEHRU
CENTRE, 9TH FLOOR, DISCOVERY OF INDIA, DR. A.B. ROAD, WORLI, MUMBAI,
MAHARASHTRA - 400018, INDIA |
B89943484 |
|
2 |
10451729 |
10/09/2013 |
200,000,000.00 |
AUSTRALIA
AND NEW ZEALAND BANKING GROUP LIMITED |
CNERGY,
6TH FLOOR, APPASAHEB MARATHE MARG,, PRABHADEVI, MUMBAI, MAHARASHTRA - 400025,
INDIA |
B86028792 |
|
3 |
10337562 |
30/01/2012 |
690,000,000.00 |
DBS
BANK LIMITED |
806,
ANNA SALAI,, CHENNAI, TAMIL NADU - 600002, INDIA |
B32961658 |
|
4 |
10281390 |
31/03/2011 |
625,000,000.00 |
DBS
BANK LIMITED |
806,
ANNA SALAI,, CHENNAI, TAMIL NADU - 600001, INDIA |
B11099298 |
|
5 |
10243409 |
24/09/2010 |
500,000,000.00 |
BNP
PARIBAS |
PRINCE
TOWERS, 3RD FLOOR, 25/26, COLLEGE ROAD, CHENNAI, TAMIL NADU - 600006, INDIA |
A96363668 |
|
6 |
10144460 |
18/05/2011
* |
600,000,000.00 |
ING
VYSYA BANK LTD |
NO
185, ANNA SALAI, CHENNAI, CHENNAI, TAMIL NADU - 600006, INDIA |
B14297105 |
|
7 |
10119092 |
11/06/2014
* |
200,000,000.00 |
BARCLAYS
BANK PLC |
KBK
TOWERS, 2 FLOOR, NO 33, 33/1 WEST RAJA STREET, OPP TO KUMARA KOTTAM,
KANCHIPURAM, TAMIL NADU- 631502, INDIA |
C09336496 |
|
8 |
10100005 |
26/07/2011
* |
1,250,000,000.00 |
IDBI
BANK LIMITED |
IDBI
TOWER WTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B18474098 |
|
9 |
10075232 |
22/06/2009
* |
600,000,000.00 |
HDFC
BANK LIMITED |
MARIAM
CENTRE, MOUNT ROAD, CHENNAI, TAMIL NADU - 600002, INDIA |
A65692758 |
|
10 |
10047152 |
16/12/2013
* |
3,270,000,000.00 |
STANDARD
CHARTERED BANK |
19
RAJAJI SALAI, CHENNAI, TAMIL NADU - 600001, INDIA |
B92483528 |
|
11 |
90288237 |
22/04/2013
* |
1,000,000,000.00 |
THE
BANK OF NOVA SCOTIA |
CLASSIC
TOWERS, 1547, TRICHY ROAD, COIMBATORE, TA MIL NADU - 641018, INDIA |
B75185694 |
|
12 |
90297210 |
10/07/2013
* |
1,100,000,000.00 |
CITIBANK
N. A. |
NO.2,
CLUBHOUSE ROAD,, ANNA SALAI,, CHENNAI, TAMIL NADU - 600002, INDIA |
B80938293 |
|
13 |
90297899 |
17/09/2001 |
100,000,000.00 |
THE
VYSYA BANK LTD. |
185
ANNA SALAI, CHENNAI, TAMIL NADU - 600006, INDIA |
- |
|
14 |
90296466 |
04/02/2014
* |
850,000,000.00 |
ICICI
BANK LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B97568406 |
|
15 |
90297785 |
13/01/1999 |
77,000,000.00 |
STATE
BANK OF TRAVANCORE |
MOUNT
ROAD BRANCH, 162; ANNA SALAI, CHENNAI, TAMIL NADU - 600002, INDIA |
- |
|
16 |
90296385 |
02/07/1997 |
70,000,000.00 |
THE
VYSYS BANK LIMITED |
MOUNT
ROAD BRANCH, 185; ANNA SALAI, CHENNAI, TAMIL NADU - 600006, INDIA |
- |
|
17 |
90297669 |
14/08/2006
* |
60,000,000.00 |
THE
HONGKONG AND SHANGHAI BANKING CORPN BANK LTD |
NO
76, CATHDRAL ROAD, CHENNAI, TAMIL NADU - 600086, INDIA |
- |
|
18 |
90287380 |
26/03/2013
* |
2,370,000,000.00 |
THE
HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
30
RAJAJI SALAI, CHENNAI, TAMIL NADU - 600001, INDIA |
B73460818 |
* Date of charge modification
FIXED ASSETS:
· Land and Building,
· Plant and Machinery
· Furniture and Fixtures
· Office Equipment
· Computers and Software
· Vehicles
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 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. |
|
UK Pound |
1 |
Rs. |
|
Euro |
1 |
Rs. |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
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 |
|
64 |
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.