MIRA INFORM REPORT
|
Report Date : |
18.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
TECHNOCRAFT INDUSTRIES ( |
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|
|
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Registered
Office : |
"Technocraft House", A-25, MIDC, Marol Industrial Area, Road
No. 3, Opposite ESIS Hospital, Andheri (East), Mumbai- 400 093, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
28.10.1992 |
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Com. Reg. No.: |
11-069252 |
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Capital
Investment / Paid-up Capital : |
Rs.315.268
Millions |
|
|
|
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CIN No.: [Company Identification
No.] |
L28120MH1992PLC069252 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMT09029G |
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PAN No.: [Permanent Account No.] |
AAACT2724P |
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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
: |
Manufacturers, Exporter and Importer of Drum Closure,
Yarn, Power and Garments Pipe. |
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No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
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 |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established company having good track record. Financial position of the company seems to be good. Trade relations are reported to be fair. Business is active. Payment
terms are reported to be regular and as per commitments. 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 |
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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 = A+ |
|
Rating Explanation |
Have adequate degree of safety and carry low
credit risk |
|
Date |
22.05.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A1+ |
|
Rating Explanation |
Have very strong degree of safety and carry
lowest credit risk |
|
Date |
22.05.2014 |
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 BY
|
Name : |
Ms. Pushpa |
|
Designation : |
Office Executive |
|
Contact No.: |
91-22-40982345 |
|
Date : |
17.07.2013 |
LOCATIONS
|
Registered Office / Corporate Office : |
"Technocraft House", A-25, MIDC, Marol Industrial Area, Road
No. 3, Opposite ESIS Hospital, Andheri (East), Mumbai-400093, Maharashtra,
India |
|
Tel. No.: |
91-22-40982345/40982222/4092202 |
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Fax No.: |
91-22-28356559/28367037 |
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E-Mail : |
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Website : |
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Area : |
1000 sq. ft. |
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Location : |
Owned |
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Factory 1: |
M-6, Additional MIDC, Murbad, District Thane – 421 401, Maharashtra,
India |
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Tel. No.: |
91-2524-222646/ 48 |
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Fax No.: |
91-2524-222335 |
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E-Mail : |
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Factory 2 : |
Drum Closure: Plot No. C-5, MIDC Murbad Industrial Area, District
Thane – 421 401, Maharashtra, India |
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Tel. No.: |
91-2524-223220/ 222380/ 222278 |
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Fax No.: |
91-2524-222378 |
|
E-Mail : |
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Factory 3 : |
Pipe and Scaffoldings: Plot No. 4/1, MIDC Murbad, District Thane – 421
401, Maharashtra, India |
|
Tel. No.: |
91-2524-222823/ 222676/ 222678 |
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Fax No.: |
91-2524-222013/ 224514 |
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E-Mail : |
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Factory 4 : |
Yarn, Power and Garment Village Dhanivali, Murbad, District Thane –
421 401, Maharashtra, India |
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Tel. No.: |
91-2524-222941 to 45 |
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Fax No.: |
91-2524-222946 |
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E-Mail : |
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Overseas Office : |
Located At: ·
United Kingdom ·
Poland ·
Hungary ·
Germany ·
Australia |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Madhoprasad Saraf |
|
Designation : |
Chairman |
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|
|
|
Name : |
Mr. Sharad Kumar Saraf |
|
Designation : |
Managing Director |
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Date of Birth / Age: |
66 Years |
|
Date of Appointment : |
28.10.1992 |
|
Experience : |
41 Years |
|
|
|
|
Name : |
Mr. S.M. Saraf |
|
Designation : |
Managing Director |
|
Date of Birth / Age: |
67 Years |
|
Date of Appointment : |
28.10.1992 |
|
Experience : |
40 Years |
|
|
|
|
Name : |
Mr. Atanu Choudhary |
|
Designation : |
Whole time Director |
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|
|
|
Name : |
Mr. S.B. Agarwal |
|
Designation : |
Independent Director |
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Qualification : |
M.Com, M.A. (Eco .), FCA, LLB |
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|
|
|
Name : |
Mr. Ganesh Kumar Gupta |
|
Designation : |
Independent Director |
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Date of Birth / Age: |
09.12.1952 |
|
Date of Appointment : |
28.02.2006 |
|
Qualification : |
Graduate |
|
DIN No.: |
00024567 |
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|
|
|
Name : |
Mr. Anand Didwania |
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Designation : |
Independent Director |
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Qualification : |
B.Sc. |
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|
|
|
Name : |
Mr. Pankaj Toprani |
|
Designation : |
Independent Director |
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Date of Birth / Age: |
28.06.1955 |
|
Date of Appointment : |
25.06.2009 |
|
Qualification : |
CA, CS, LLB |
|
DIN No.: |
02690151 |
KEY EXECUTIVES
|
Name : |
Mr. Navneet Kumar Saraf |
|
Designation : |
Chief Operating Officer |
|
Date of Birth/Age : |
31 Years |
|
Qualification : |
B.E.(Mech.) |
|
Experience : |
11 Years |
|
Date of Appointment : |
23.12.2006 |
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|
|
|
Name : |
Mr. Ashish Kumar Saraf |
|
Designation : |
Chief Financial Officer |
|
Date of Birth/Age : |
28 Years |
|
Qualification : |
C.A. (Inter) |
|
Experience : |
9 Years |
|
Date of Appointment : |
23.12.2006 |
|
|
|
|
Name : |
Mr. Subhash Khandelwal |
|
Designation : |
President Marketing |
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|
Name : |
Mr. Manoj Jain |
|
Designation : |
Company Secretary and Compliance Officer |
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|
Name : |
Ms. Pushpa |
|
Designation : |
Office Executive |
SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
23636562 |
74.97 |
|
|
23636562 |
74.97 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
23636562 |
74.97 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
1308000 |
4.15 |
|
|
1308000 |
4.15 |
|
|
|
|
|
|
2114164 |
6.71 |
|
|
|
|
|
|
2505422 |
7.95 |
|
|
1527721 |
4.85 |
|
|
434881 |
1.38 |
|
|
49306 |
0.16 |
|
|
385575 |
1.22 |
|
|
6582188 |
20.88 |
|
Total
Public shareholding (B) |
7890188 |
25.03 |
|
Total
(A)+(B) |
31526750 |
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) |
31526750 |
100.00 |
%20LIMITED%20-%20277502%2018-Jul-2014_files/image002.gif){kind=small}
%20LIMITED%20-%20277502%2018-Jul-2014_files/image003.gif){kind=small}
%20LIMITED%20-%20277502%2018-Jul-2014_files/image005.gif){kind=small}
Individual shareholders holding nominal
share capital up to Rs.0.100 million%20LIMITED%20-%20277502%2018-Jul-2014_files/image004.gif)
BUSINESS DETAILS
|
Line of Business : |
Manufacturers, Exporter and Importer of Drum Closure,
Yarn, Power and Garments Pipe. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
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Bankers : |
·
Bank of India, Andheri Branch, Mumbai,
Maharashtra, India ·
IDBI Bank Limited ·
HDFC Bank ·
CITI Bank NA |
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|
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|
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Facilities : |
Long Term
Borrowings Term Loan From
Bank of India Is Secured Against Hypothecation of Plant and Machinery,
Equipment Purchased Out of Term Loan And Also Against Equitable Mortgage of
Specific immovable Properties of Yarn Division. |
%20LIMITED%20-%20277502%2018-Jul-2014_files/image008.gif){kind=small}
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Banking
Relations : |
|
|
|
|
|
Auditors : |
|
|
Name : |
M.L. Sharma and Company Chartered Accountants |
|
Address : |
107, First Floor, Chartered House, 297/299, Dr. Cawasji Hormashi
Street, Marine Lines, Mumbai- 400 002, Maharashtra, India |
|
|
|
|
Subsidiary Company / Fellow Subsidiary (As on 31.03.2013) : |
·
Technocraft International Ltd, U.K. ·
Technocraft Trading, Poland ·
Technocraft Australia Pty Limited ·
Technosoft Engineering Projects Limited (Formerly
known as Technosoft Information Technologies (I) Limited) ·
Impact Engineering Solutions Inc. ·
CAE Systems GMBH ·
Anhui Reliable Steel Tec. China |
|
|
|
|
Associates (As on 31.03.2013) : |
·
Ashrit Holdings Limited ·
B. M. S. Industries Limited ·
M.D .Saraf Securities Private Limited |
|
|
|
|
Joint Venture (As on 31.03.2013) : |
·
Technocraft Tabla Formwork System Private Limited |
|
|
|
|
Co- Venturer (As on 31.03.2013) : |
·
Tabla Construction Systems |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital : Not
Available
Issued, Subscribed & Paid-up Capital : Rs.315.268 Millions
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40000000 |
Equity Shares |
Rs.10/- each |
Rs.400.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
31526750 |
Equity Shares |
Rs.10/- each |
Rs.315.268
Millions |
1)
The Company has only one class of Equity Shares having
a par value of 10 per share. Each shareholder is eligible for one vote per
share.
2)
The reconciliation of the number of share
outstanding at the yearend is set out below :
|
Equity Shares |
Number
of Shares |
Rs in Millions |
|
Shares outstanding at the beginning of the year |
31526750 |
315.268 |
|
Shares issued during the year |
- |
- |
|
Shares bought back during the year |
- |
- |
|
Shares
outstanding at the end of the year |
31526750 |
315.268 |
3)
The Details of Shareholders Holding more than 5%
Shares is set out below :
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Shakuntala Saraf
|
6739512 |
21.37% |
|
Shantidevi Saraf
|
2963471 |
9.40% |
|
Sharad Kumar
Madhoprasad HUF |
2874946 |
9.12% |
|
Sudarshan Kumar Saraf |
8750652 |
27.76% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
315.268 |
315.268 |
315.268 |
|
(b) Reserves & Surplus |
5,071.994 |
4458.603 |
3925.792 |
|
(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
5,387.262 |
4773.871 |
4241.060 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
44.149 |
48.987 |
69.555 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
13.429 |
10.102 |
9.968 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
57.578 |
59.089 |
79.523 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
1,051.478 |
838.857 |
765.811 |
|
(b) Trade payables |
360.605 |
276.937 |
276.897 |
|
(c) Other current
liabilities |
316.061 |
278.916 |
264.070 |
|
(d) Short-term provisions |
243.512 |
117.999 |
72.002 |
|
Total Current Liabilities (4) |
1,971.656 |
1512.709 |
1378.780 |
|
|
|
|
|
|
TOTAL |
7,416.496 |
6345.669 |
5699.363 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1,039.981 |
1111.342 |
1294.020 |
|
(ii) Intangible Assets |
0.000 |
4.286 |
16.748 |
|
(iii) Capital
work-in-progress |
0.000 |
1.544 |
16.979 |
|
(iv) Intangible
assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
800.377 |
761.575 |
575.971 |
|
(c) Deferred tax assets (net) |
74.174 |
63.267 |
44.081 |
|
(d) Long-term Loan and Advances |
56.544 |
45.613 |
17.026 |
|
(e) Other Non-current assets |
75.538 |
34.179 |
120.979 |
|
Total Non-Current Assets |
2,046.614 |
2021.806 |
2085.804 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
780.000 |
878.417 |
0.000 |
|
(b) Inventories |
1,235.223 |
1044.879 |
915.733 |
|
(c) Trade receivables |
2,216.214 |
1751.465 |
1365.188 |
|
(d) Cash and cash
equivalents |
342.143 |
123.860 |
105.658 |
|
(e) Short-term loans and
advances |
316.656 |
125.844 |
849.673 |
|
(f) Other current assets |
479.646 |
399.398 |
377.307 |
|
Total Current Assets |
5,369.882 |
4323.863 |
3613.559 |
|
|
|
|
|
|
TOTAL |
7,416.496 |
6345.669 |
5699.363 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8,383.848 |
6479.617 |
5520.701 |
|
|
|
Other Income |
211.976 |
219.314 |
185.728 |
|
|
|
TOTAL (A) |
8,595.824 |
6698.931 |
5706.429 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
3,679.854 |
3281.471 |
3055.195 |
|
|
|
Purchase For Trading |
1,234.886 |
332.158 |
155.194 |
|
|
|
Changes In Inventories of Stock |
160.604 |
41.257 |
199.673 |
|
|
|
Employees Benefit Expenses |
391.879 |
335.755 |
336.928 |
|
|
|
Amortisation of Goodwill |
0.000 |
12.192 |
12.192 |
|
|
|
Other Expenses |
1,528.301 |
1413.598 |
1289.159 |
|
|
|
Exceptional Items |
124.001 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
7,119.525 |
5416.431 |
5048.341 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1,476.299 |
1282.500 |
658.088 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
38.450 |
60.074 |
72.233 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1,437.849 |
1222.426 |
585.855 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
230.712 |
264.351 |
292.044 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1,207.137 |
958.075 |
293.811 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
385.543 |
310.804 |
110.765 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
821.594 |
647.271 |
183.046 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1112.571 |
642.839 |
496.434 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
|
64.500 |
0.000 |
|
|
|
Proposed Dividend |
|
63.054 |
31.527 |
|
|
|
Dividend Distribution Tax |
|
10.716 |
5.114 |
|
|
BALANCE CARRIED
TO THE B/S |
NA |
1112.571 |
642.839 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
4980.607 |
3951.932 |
|
|
TOTAL EARNINGS |
NA |
4980.607 |
3951.932 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
|
472.877 |
37.909 |
|
|
|
Stores & Spares |
|
3.219 |
2.271 |
|
|
|
Packing Materials |
|
0.000 |
0.719 |
|
|
TOTAL IMPORTS |
NA |
476.096 |
40.899 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
26.06 |
20.53 |
5.81 |
|
%20LIMITED%20-%20277502%2018-Jul-2014_files/image009.gif){kind=small}
%20LIMITED%20-%20277502%2018-Jul-2014_files/image010.gif){kind=small}
Notes:
1. The above results were reviewed by the Audit Committee and taken on record by the Board of Directors at Its meeting held on May 21, 2014. There is no qualification in the auditor's report for these periods the information presented above is extracted from the audited financial statements as stated.
2. The Company is engaged in 6 Segments 1) Drum Closure 2) Scaffolding 3) Yam 4) Power 5) Garment 6) Commodity Trading.
3. The figures or the quarter ended March 31, 2014 are the balancing figures between audited figure of full financial year ended March 31, 2014 and the unaudited figures up to December 31, 2013 being the end of the third quarter of the financial year, which was subjected to a limited review.
4. The Board of Directors at their meeting held today declared Interim Dividend of Rs.5/- per share (50%) of face value of Rs.7.10/- absorbing a sum of Rs.184.400 Millions (Including Dividend Distribution Tax) Tor the year ended on March 31, 2014 and same will be paid to shareholders of the Company on or after June 05, 2014 The record date is fixed as May 30, 2014 for this purpose. The Directors do not recommend any further dividend for the financial year 2013-14.
5. The Company has exposure to National Spot Exchange Limited (NSEL) of Rs.7193.704 Millions as on March 31, 2014. NSEL has not been able to adhere to its payment obligation Over the past few months The company has perused legal action against the NSEL and others by filing writ petition in Bombay High Court and Criminal Complaint in Economic Offences Wing (EOW). The Company has made provision Of Rs.96.519 Millions during the previous quarter ended on December 31, 2013. Now the Company has decided to written off entire amount Of Rs.193.704 Millions (Including Rs.96.519 Millions of previous quarter) which is disclosed under the head “Exceptional Items".
6. The consolidated results Of the company includes the results Of the subsidiaries -Technosoft Engineering Projects Limited (90%), Technocrat Tabla Formwork systems Private Lmited (65%), Shreyan Infra and Power LLP (90%), Technocrat International UK (100%), Technocrat Spolka Zoo, Poland (100%), Technocrat Australia Pty (100%), Anhui Reliable Steel Technology Co Limited (100%) and Swift Engineering Inc, Canada (Subsidiary of Technosoft engineering Projects Limited having stake Of 59%).
7. Book value per share as on March 31, 2014 is Rs.170.20
8. Previous Years / Quarters figures have been regrouped / rearranged wherever necessary.
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
9.56 |
9.66 |
3.21 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
14.40 |
14.79 |
5.32 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.45 |
17.36 |
5.80 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22 |
0.20 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.20 |
0.19 |
0.20 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.72 |
2.86 |
2.62 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Share Capital |
315.268 |
315.268 |
315.268 |
|
Reserves & Surplus |
3925.792 |
4458.603 |
5071.994 |
|
Net
worth |
4241.060 |
4773.871 |
5387.262 |
|
|
|
|
|
|
long-term borrowings |
69.555 |
48.987 |
44.149 |
|
Short term borrowings |
765.811 |
838.857 |
1051.478 |
|
Total
borrowings |
835.366 |
887.844 |
1095.627 |
|
Debt/Equity
ratio |
0.197 |
0.186 |
0.203 |
%20LIMITED%20-%20277502%2018-Jul-2014_files/image012.gif)
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 |
5,520.701 |
6,479.617 |
8,383.848 |
|
|
|
17.369 |
29.388 |
%20LIMITED%20-%20277502%2018-Jul-2014_files/image014.gif)
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
|
5,520.701 |
6,479.617 |
8,383.848 |
|
Profit |
183.046 |
647.271 |
821.594 |
|
|
3.32% |
9.99% |
9.80% |
%20LIMITED%20-%20277502%2018-Jul-2014_files/image016.gif)
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
Yes |
|
20] |
Export / Import details
(if applicable) |
Yes |
|
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 |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LISTING DETAILS:
|
CASE DETAILS
Main Matter
District:- OUTSIDE
MAHARASHTRA Bench:- DIVISION Status:- Admitted(Unready) Category:- APPEALS Last Date:- 11/01/2011
Stage:- APPEALS
FOR ADMISSION - FRESH
[ORIGINAL SIDE MATTERS] Last Coram:- HON'BLE THE
CHIEF JUSTICE HON'BLE
SHRI JUSTICE S.J. VAZIFDAR |
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs. In Millions |
31.03.2013 Rs. In Millions |
|
Short Term Borrowings |
|
|
|
Common Wealth Bank P.C.F.C $ A/C |
|
78.913 |
|
ING Vysya Bank $ P.C.F.C. A/C. |
|
136.886 |
|
Total |
NA |
215.799 |
%20LIMITED%20-%20277502%2018-Jul-2014_files/image017.gif){kind=small}
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10006493 |
29/05/2006 |
535,200,000.00 |
Bank
of India Limited |
Oriental
Building, Espanade Road, Mumbai, Maharashtra, India |
A01527100 |
|
2 |
10007771 |
29/05/2006 |
250,000,000.00 |
BANK
OF INDIA LIMITED |
Oriental
Building, Espanade Road, Mumbai, Maharashtra - , India |
A01527050 |
|
3 |
80056897 |
05/01/2010 * |
180,000,000.00 |
HDFC
BANK LIMITED |
HDFC
Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013,
India |
A77360139 |
|
4 |
90148777 |
02/07/2004 |
251,380,000.00 |
BANK
OF INDIA |
Overseas
Branch; Mazzanine Floor, Bank Of India Building; 70/80; M.G. Road; Fort, Mumbai,
Maharashtra - 400023, India |
- |
|
5 |
80039756 |
05/01/2010 * |
380,000,000.00 |
CITIBANK
N.A. |
Bandra
Kurla Complex, Bandra East, Mumbai, Maharashtra - 400051, India |
A77358067 |
|
6 |
80057853 |
31/03/2010 * |
1,075,800,000.00 |
Bank
of India |
Mumbai
Overseas Branch, 70/80 M G Road , 1st Floor , Fort, Mumbai, Maharashtra -
400001, India |
A82561689 |
|
7 |
80047980 |
05/01/2010 * |
220,000,000.00 |
IDBI
Bank Limited |
47,Opus
Centre, MIDC, Central Road, Andheri East, Mumbai, Maharashtra - 400093, India
|
A77203859 |
|
8 |
80004947 |
18/09/2010 * |
1,306,300,000.00 |
Bank
of India |
Mumbai
Overseas Branch, 70 - 80, Mahatma Gandhi Road, Mezzaine Floor, Mumbai, Maharashtra
- 400001, India |
A96108683 |
*Date of
modification charge
FIXED ASSETS:
·
Land and Building
·
Plant and Machinery
·
Furniture and fixtures
·
Navision Software
·
Computer Software
·
Car Parking Space
·
Staff Quarters
·
Worker's Quarter
NEWS:
PERFORMANCE STATEMENT
FROM THE MANAGING DIRECTOR
Dear Technocraft Members,
It gives me great pleasure to address you after a long time.
I am sure you must have seen the performance of The company for the year
2012-13, which was published in the media on 24th May 2013 and the same has
also been reported to NSE and BSE as well as on company website.
You can see from the graph appended that the company has
been consistently improving results thereby adding to share value. We are a
technology driven company serving sophisticated export markets. Nearly 95% of
our production is exported around the world.
Presently we have approximately 100 acres of fully developed
industrial land in Murbad, about 90 km from Mumbai. We have four standalone
units located close to each other. These include the world’s largest Drum
Closure manufacturing facility, facility to produce Galvanized Steel Tubes,
Scaffolding, Formwork, Transmission Line Towers and infrastructure custom built
structures. We also have a large fully integrated Textile Complex consisting of
a very modern 61,000 spindle Yarn Mill, fully integrated knitwear production
facility and a 15 MW Thermal Power Plant. Our power plant also supplies power
to all our engineering units.
About three years back we have also promoted a Skill
Development Center in the name of NTTF Training Center located on a picturesque
10 acre plot. It is a world class facility imparting three year Diploma in
Mechanical Engineering field and also training technicians for several
corporate. The Training Center has well equipped and modern academic block,
hostels for complete student population and large playground for almost all
types of sports.
I would welcome visit from any of our shareholders to see
our facilities. Kindly do let me know the plans and I will be happy to make
necessary arrangements.
I am pleased to inform you that our 100% owned subsidiary
company in China Anhui Reliable Steel Technology Co. Ltd. is now doing quite
well. It is successfully producing and exporting Scaffolding components that we
do not manufacture in India and also production of Drum Closures has just
started.
About three months back we have successfully acquired a very
interesting Engineering Design Services company located in Calgary, Canada
specializing in Engineering, Procurement, Construction and Management Services
in oil and gas sector. The company has been acquired as a subsidiary of our
100% subsidiary company Technosoft Information Technology Ltd. This acquisition
will add great value to Technosoft, which was hitherto absent in oil and gas
sector. The Canadian company Swift Engineering Inc. has a turnover of
approximately Rs.500.000 Millions with a very healthy bottom line of
approximately Rs.100.000 Millions. We expect this turnover to go upto Rs.2000.000
Millions by 31st March 2014 with a much better bottom line. This acquisition
will make Technosoft a world class Engineering Design Services Company.
We have already begun the project work for installing and commissioning
of a 5 MW Solar Power Plant to be located in Solapur, Maharashtra. The plant
will be commissioned by 31st March 2014, so that The company will be entitled
to 50% extended rate of depreciation this year and balance 50% next year. Hence
we expect to save our tax burden for the next two years. We propose to follow
the REC route and expect an IRR of over 30%.
Apart from the above major projects, our in house growth is
ongoing. In every division we are modernizing, upgrading technology and cutting
costs.
APRIL 2013 - ACQUIRED
SWIFT ENGINEERING, INC.
Technocraft has recently acquired a majority controlling
stake in Swift Engineering Inc., a company headquartered in Calgary, Canada, which
is in the business of providing Engineering, Procurement and Construction
Management services to the oil and gas industry in Alberta, British Columbia
and Saskatchewan, since 2003. With this acquisition, Technocraft is now poised
to make a quantum growth in the Engineering Services sector, managed by its
subsidiary Technosoft.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.14 |
|
UK Pound |
1 |
Rs.103.00 |
|
Euro |
1 |
Rs.81.33 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
VNT |
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 |
7 |
|
--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 |
|
63 |
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.