MIRA
INFORM REPORT
|
Report Date : |
21.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
ASTEC LIFESCIENCES LIMITED |
|
|
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Registered
Office : |
Elite Square, 7th Floor, 274, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
25.01.1994 |
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|
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Com. Reg. No.: |
11-076236 |
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Capital Investment
/ Paid-up Capital : |
Rs.185.291 millions |
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|
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CIN No.: [Company Identification
No.] |
L99999MH1994PLC076236 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA20370A |
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PAN No.: [Permanent Account No.] |
AAACA4832D |
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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
: |
Manufacturing of
Agro and Pharma Chemicals. |
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No. of Employees
: |
177 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 4587000 |
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|
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. The rating reflects Astec’s established market position in the
manufacture and sale of triazole fungicides marked by expertise of the
promoters with over three decades of experience in the agrochemicals
industry, fair liquidity profile and sound profitability levels of the
company. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and condition. |
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 |
ICRA |
|
Rating |
Term Loans: BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
April, 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short Term, Non-Fund Based Limits: A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit risk. |
|
Date |
April, 2013 |
RBI DEFAILTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAILTERS’ 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 PARTED BY
|
Name : |
Mr. Babu Subramanium |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-22-61205600 |
|
Date : |
16.07.2014 |
LOCATIONS
|
Registered Office/ Corporate Office : |
Elite Square, 7th Floor, 274, Perin Nariman Street, Fort,
Mumbai – 400 001, Maharashtra, India |
|
Tel No.: |
91-22-22618212/ 61205600 |
|
Mobile No.: |
91-9920689888 (Mr. Vijay Jain) |
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Fax No.: |
91-22-22618289 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Research and |
F-39, MIDC, Phase-II, Dombivali (East), Thane – 421 204, Maharashtra,
India |
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Location : |
Owned |
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Factory 1 : |
B-17, B-18 and B-21, MIDC Mahad, Birwadi Industrial Area, Mahad,
District Raigad – 413 341, Maharashtra, India |
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Factory 2 : |
B-16, MIDC Mahad, Birwadi Industrial Area, Local Unit Mahad, District
Raigad – 413 341, Maharashtra, India |
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Factory 3 : |
Additional MIDC, Plot No.K-2/1/1, Mahad, District Raigad – 413 341,
Maharashtra, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Ashok Vishwanath Hiremath |
|
Designation : |
Chairman and Managing Director |
|
Address : |
3, Jai Kiran, 35, Cuffe Parade, Colaba, Mumbai – 400 005, Maharashtra,
India |
|
Date of Birth/Age : |
31.05.1955 |
|
Date of Appointment : |
01.02.1994 |
|
|
|
|
Name : |
Mr. Janak J. Rawal |
|
Designation : |
Whole Time Director (Appointed w.e.f. 20.01.2012) |
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|
|
Name : |
Dr. P. L. Tiwari |
|
Designation : |
Non-Executive – Non Independent Director |
|
Date of Birth/Age : |
01.07.1945 |
|
Qualification : |
MBBS, MD |
|
Date of Appointment : |
25.01.1994 |
|
|
|
|
Name : |
Mr. Laxmikant Ramprasad Kabra |
|
Designation : |
Non-Executive – Non Independent Director |
|
Date of Birth/Age : |
09.03.1969 |
|
Qualification : |
B.com, F.C.A |
|
Expertise in specific Functional Area : |
Mr. Laxmikant
Kabra, is an eminent Chartered Accountant. He has over 23 years of experience
in the fields of Income Tax, Company Law, Banking, Finance etc. During his tenure
he has worked with Ficom Organics Limited and Rishiroop Rubber
International Limited for two years each after which he started his own
practice as a Chartered Accountant in Mumbai under the firm name Laxmikant
Kabra and Company. |
|
Date of Appointment : |
25.01.1994 |
|
|
|
|
Name : |
Prof. Vinod Malshe |
|
Designation : |
Non-Executive – Independent Director |
|
Date of Birth/Age : |
28.02.1947 |
|
Qualification : |
Master of Science (Technology) |
|
Date of Appointment : |
28.03.2008 |
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|
|
|
Name : |
Mr. Sitendu Sharma |
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Designation : |
Non-Executive – Independent Director |
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|
Name : |
Mr. Mohammed Zakir |
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Designation : |
Non-Executive – Independent Director |
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|
|
Name : |
Mr. Mandar Kamlakar Patil |
|
Designation : |
Non-Executive – Independent Director |
|
Date of Birth/Age : |
24.05.1970 |
|
Qualification : |
B.Com, F.C.A |
|
Expertise in specific Functional Area : |
Mr. Mandar
Kamlakar Patil is a Chartered Accountant in Practice for over 19 Years. He is
practicing from Thane and is specialized in Statutory Audits, Direct Taxation
and Indirect Taxation. He is the major contributor to the Company in the
field of taxation. |
|
Date of Appointment : |
27.05.2012 |
KEY EXECUTIVES
|
Name : |
Ms. Tejal Jariwala |
|
Designation : |
Company Secretary and Compliance Officer |
|
|
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|
Name : |
Mr. Ravindra Inani |
|
Designation : |
Chief Financial Officer |
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|
Name : |
Mr. Babu Subramanium |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category of Shareholders |
No. of Shares |
Percentage of Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
8162880 |
44.05 |
|
|
943000 |
5.09 |
|
|
1651100 |
8.91 |
|
|
1651100 |
8.91 |
|
|
10756980 |
58.05 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
10756980 |
58.05 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
1379187 |
7.44 |
|
|
|
|
|
|
3062467 |
16.53 |
|
|
3154842 |
17.03 |
|
|
175654 |
0.95 |
|
|
19153 |
0.10 |
|
|
156501 |
0.84 |
|
|
7772150 |
41.95 |
|
Total
Public shareholding (B) |
7772150 |
41.95 |
|
Total
(A)+(B) |
18529130 |
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) |
18529130 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Directors/Promoters & their Relatives
& Friends
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of
Agro and Pharma Chemicals. |
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|
|
|
Products : |
·
Agrochemicals ·
Intermediates |
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Exports : |
|
|
Products : |
·
Agro and Pharma Chemicals |
|
Countries : |
·
Europe ·
USA ·
Australia |
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|
|
|
Imports : |
|
|
Products : |
·
Raw Materials |
|
Countries : |
·
China |
|
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|
|
Terms : |
|
|
Selling : |
Cash, Credit and
L/C |
|
|
|
|
Purchasing : |
Cash, Cheque,
Credit and L/C |
PRODUCTION STATUS (AS ON 31.03.2011):
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Agro and Pharma Intermediates |
M.T. |
NA |
3450.00 |
2992.60 |
GENERAL INFORMATION
|
No. of Employees : |
177 (Approximately) |
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Bankers : |
(Note: They are about to shift their Bankers to ICICI Bank Limited,
Mahalaxmi Branch) |
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Facilities : |
Notes: a) Details of
Guarantee for each type of borrowings
b) Details of
security for each type of borrowings (a) Term loans
from banks are secured by way of first mortgage/ charge over entire movable
and immovable Fixed Assets (Present and Future) of the Company and second Pari-Passu
Charge over current assets of the Company. (b) Loans
repayable on demand from Banks (Working Capital loans) are secured by first
Pari-passu charge on the entire current assets of the Company both present
and future and further secured by second pari-passu charge on entire fixed
assets (Present and Future) of the Company. C) Terms of
repayment of term loans and other loans Term loans
(Foreign Currency) of Rs.165.462 millions having an interest rate of 7.25%
are repayable in 8 semi annual installments commencing from 1st
July, 2013. Term Loan of
Rs.9.176 millions having interest rate of 15% are repayable in Quarterly
Installments of Rs.1.132 millions each. Last Installment due on 31st
March, 2015. Installments falling due in respect of all the above loans upto
31.03.2014 have been regrouped under Current Maturities of Long Term debt. Term Loan of
Rs.50.000 millions (Sanctioned Rs.100.000 millions) having interest rate of
BBR Plus 300bps which is 13.25% are repayable in 18 Quarterly equal
Installments of Rs.5.556 millions each. Last Installment due on 31st
March, 2018. Installments falling due in respect of all the above loans upto
31.03.2014 have been regrouped under Current Maturities of Long Term debt. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Shah and Kathariya Chartered Accountants |
|
Address : |
Room No.6, Kermani Building, 4th Floor, 27, Sir P.M. Road, Fort,
Mumbai – 400 001, Maharashtra, India |
|
Tel. No.: |
91-22-66315862 |
|
Fax No.: |
91-22-22856615 |
|
Mobile No.: |
91-9821034665/ 9987249694/ 705 |
|
E-Mail: |
|
|
Website : |
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|
|
|
|
Cost Auditors : |
Ritesh N. Talathi and Company Cost Accountants |
|
|
|
|
Internal Auditors : |
P. S. V. Jain and Associates Chartered Accountants |
|
|
|
|
Subsidiaries : |
·
Behram Chemicals Private Limited ·
Astec Crop Care Private Limited ·
Astec Europe SPRL ·
Comercializadora Agricola ·
Agroastrachem Cia Ltda at Columbia |
|
|
|
|
Associates : |
·
Opus Chemicals Private Limited ·
GreenGuard Technologies Private Limited ·
India TL Domain Private Limited ·
Altimax Financial Services Private Limited ·
Sahbhagi Financial Services Private Limited |
CAPITAL STRUCTURE
AS ON 17.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
18529130 |
Equity Shares |
Rs.10/- each |
Rs.185.291 millions |
|
|
|
|
|
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
18044130 |
Equity Shares |
Rs.10/- each |
Rs.180.441 millions |
|
|
|
|
|
a) Reconciliation of share capital (Equity)
|
Particulars |
No. of Shares |
Amount (Rs. in
Millions) |
|
Balance at the beginning of the year |
16929130 |
169.291 |
|
Add : Issued during the year |
1115000 |
11.150 |
|
Balance at the end of the year |
18044130 |
180.441
|
b) Shareholders holding more than 5% of the average shares in the
company’s Equity Shares
|
Name of Shareholder |
No. of Shares |
Amount (Rs. in
Millions) |
|
Ashok V. Hiremath |
6115780 |
61.158 |
|
Suresh Hiremath |
1650000 |
16.500 |
|
Dr. P. L. Tiwari |
1650000 |
16.500 |
|
Hridaynath Consultancy Private Limited |
1054849 |
10.548 |
|
Total |
10470629 |
104.706 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
EQUITY AND LIABILITIES |
|
|
|
|
(1) Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
185.291 |
180.441 |
169.291 |
|
(b) Reserves & Surplus |
961.378 |
885.212 |
814.735 |
|
(c) Money received against share warrants |
0.000 |
4.123 |
13.600 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’
Funds (1) + (2) |
1146.669 |
1069.776 |
997.626 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) Long-term borrowings |
184.759 |
214.555 |
110.820 |
|
(b) Deferred tax liabilities (Net) |
41.022 |
38.567 |
27.580 |
|
(c) Other long term liabilities |
307.293 |
263.572 |
218.292 |
|
(d) Long-term provisions |
7.286 |
4.289 |
0.738 |
|
Total Non-current
Liabilities (3) |
540.360 |
520.983 |
357.430 |
|
|
|
|
|
|
(4) Current
Liabilities |
|
|
|
|
(a) Short term borrowings |
532.546 |
445.120 |
559.279 |
|
(b) Trade payables |
436.246 |
454.665 |
295.174 |
|
(c) Other current liabilities |
84.174 |
59.613 |
45.768 |
|
(d) Short-term provisions |
39.836 |
27.900 |
13.384 |
|
Total Current
Liabilities (4) |
1092.802 |
987.298 |
913.605 |
|
|
|
|
|
|
TOTAL |
2779.831 |
2578.057 |
2268.661 |
|
|
|
|
|
|
ASSETS |
|
|
|
|
(1) Non-current
assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1299.826 |
1201.563 |
755.418 |
|
(ii) Intangible Assets |
0.688 |
0.438 |
0.330 |
|
(iii) Capital work-in-progress |
48.100 |
130.716 |
436.206 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
9.992 |
9.981 |
9.881 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
113.814 |
78.741 |
31.487 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
1472.420 |
1421.439 |
1233.322 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.535 |
0.243 |
117.382 |
|
(b) Inventories |
679.174 |
441.125 |
433.230 |
|
(c) Trade receivables |
444.246 |
601.354 |
307.302 |
|
(d) Cash and cash equivalents |
38.457 |
43.024 |
35.408 |
|
(e) Short-term loans and advances |
144.999 |
70.872 |
142.017 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current
Assets |
1307.411 |
1156.618 |
1035.339 |
|
|
|
|
|
|
TOTAL |
2779.831 |
2578.057 |
2268.661 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations (Net) |
1904.700 |
1656.575 |
1108.406 |
|
|
|
Other Income |
0.000 |
14.375 |
10.189 |
|
|
|
TOTAL (A) |
1904.700 |
1670.950 |
1118.595 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1422.449 |
1087.212 |
780.078 |
|
|
|
Purchase of traded goods |
0.000 |
0.000 |
69.699 |
|
|
|
Changes in inventories of finished goods, work-in-progress and traded
goods |
(97.228) |
31.242 |
(82.386) |
|
|
|
Employee benefit expenses |
100.044 |
79.223 |
47.479 |
|
|
|
Other Expenses |
106.593 |
188.681 |
129.699 |
|
|
|
Duties and Taxes/ Prior Period Items |
0.000 |
9.492 |
1.411 |
|
|
|
Foreign Exchange Fluctuation (Profit)/ Loss |
23.209 |
-- |
-- |
|
|
|
TOTAL (B) |
1555.067 |
1395.850 |
945.980 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
349.633 |
275.100 |
172.615 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
88.083 |
70.322 |
53.429 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
261.550 |
204.778 |
119.186 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
144.980 |
117.321 |
84.754 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
116.570 |
87.457 |
34.432 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
30.365 |
28.012 |
10.252 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
86.205 |
59.445 |
24.180 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports at FOB |
NA |
770.100 |
384.400 |
|
|
TOTAL EARNINGS |
NA |
770.100 |
384.400 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
772.900 |
301.800 |
|
|
|
Capital Goods |
NA |
0.000 |
1.200 |
|
|
TOTAL IMPORTS |
NA |
772.900 |
303.000 |
|
|
|
|
|
|
|
|
|
|
Earnings/ (Loss)
Per Share (Rs.) |
|
|
|
|
|
|
- Basic |
4.71 |
3.45 |
1.43 |
|
|
|
- Diluted |
4.71 |
3.43 |
1.43 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
4.53 |
3.56 |
2.16 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
6.12 |
5.28 |
3.11 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.28 |
3.59 |
1.89 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.08 |
0.03 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.63 |
0.62 |
0.67 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.20 |
1.17 |
1.13 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
169.291 |
180.441 |
185.291 |
|
Reserves & Surplus |
814.735 |
885.212 |
961.378 |
|
Money received
against share warrants |
13.600 |
4.123 |
0.000 |
|
Net worth |
997.626 |
1069.776 |
1146.669 |
|
|
|
|
|
|
Long-term borrowings |
110.820 |
214.555 |
184.759 |
|
Short term borrowings |
559.279 |
445.120 |
532.546 |
|
Total borrowings |
670.099 |
659.675 |
717.305 |
|
Debt/Equity ratio |
0.672 |
0.617 |
0.626 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations (Net) |
1108.406 |
1656.575 |
1904.700 |
|
|
|
49.456 |
14.978 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations (Net) |
1108.406 |
1656.575 |
1904.700 |
|
Profit |
24.180 |
59.445 |
86.205 |
|
|
2.18% |
3.59% |
4.53% |
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 |
-- |
|
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 |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10444906 |
11/08/2013 |
100,000,000.00 |
IDBI BANK LIMITED |
224A, 2ND FLOOR, A-WING,
MITTAL COURT, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B83020115 |
|
2 |
10441142 |
19/07/2013 |
250,000,000.00 |
AXIS BANK LIMITED |
CORPORATE BANKING BRANCH,
GROUND FLOOR, HOUSE BOMBAY DYEING
MILLS COMPOUND, P.B. MARG ,WORLI, MUMBAI, MAHARASHTRA - 400025, INDIA |
B81186488 |
|
3 |
10441804 |
18/07/2013 |
220,000,000.00 |
IDBI BANK LIMITED |
CBG - NARIMAN POINT BRANCH,
224 A, 2ND FLOOR, A WING, MITTAL COURT, NARIMAN POINT, MUMBAI, MAHARASHTRA -
400021, INDIA |
B81331951 |
|
4 |
10443772 |
11/03/2013 |
100,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWER, WTC COMPLEX,
CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B78384120 |
|
5 |
10339278 |
03/02/2012 |
178,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWER, WTC COMPLEX,
CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B33739020 |
|
6 |
10334542 |
13/01/2012 |
20,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE,
DISCOVERY OF INDIA, DR. ANNIE BESANT ROAD, WORLI, MUMBAI, MAHARASHTRA -
400018, INDIA |
B31666894 |
|
7 |
10265432 |
10/01/2011 |
52,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWER, WTC COMPLEX,
CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B04808325 |
|
8 |
10178426 |
27/07/2009 |
50,000,000.00 |
SATATE BANK OF HYDERABAD |
OVERSEAS BRANCH, 1204,
ASHOK MAHAL, TULLOCH ROAD, COLABA, MUMBAI, MAHARASHTRA - 400039, INDIA |
A69876019 |
|
9 |
10172696 |
30/06/2009 |
30,000,000.00 |
IDBI BANK LIMITED |
IDBI TOWER, WTC COMPLEX,
CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
A68073527 |
|
10 |
10142629 |
06/01/2009 |
160,000,000.00 |
AXIS BANK LIMITED |
201 ATLANTA BLD,, NARIMAN
POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
A56858822 |
|
11 |
10125153 |
26/09/2008 |
40,000,000.00 |
STATE BANK OF HYDERABAD |
OVERSEAS BRANCH, ASHOK
MAHAL, 1204, TULLOCH ROAD, COLABA, MUMBAI, MAHARASHTRA - 400039, INDIA |
A47515689 |
|
12 |
10091557 |
29/10/2013 * |
690,000,000.00 |
AXIS BANK LIMITED |
NARIMAN POINT BRANCH,
GROUND FLOOR, ATLANTA BUILDING, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021,
INDIA |
B89134357 |
|
13 |
10041118 |
02/01/2014 * |
918,000,000.00 |
AXIS BANK LIMITED |
NARIMAN POINT BRANCH, GROUND
FLOOR, ATLANTA BUILDING, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021, INDIA |
B94398559 |
|
14 |
10023050 |
23/09/2006 |
100,000,000.00 |
STATE BANK OF HYDERABAD |
OVERSEAS BRANCH, ASHOK MAHAL,
1204, TILLOCH MARG, COLABA, MUMBAI, MAHARASHTRA - 400039, INDIA |
A05882204 |
* Date of charge modification
|
Unsecured Loans |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
SHORT TERM BORROWINGS |
|
|
|
Loans and advances from related parties |
NA |
17.136 |
|
Loans repayable on demand from other parties |
NA |
11.305 |
|
Total
|
NA |
28.441 |
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs. in millions) |
31.03.2013 (Rs. in millions) |
|
Bank Guarantee Outstanding |
NA |
4.350 |
|
Letters of credit with Banks |
NA |
169.233 |
|
Bills discounted but not realised |
NA |
70.913 |
|
Claims against company not acknowledged as debts in respect of sales tax demand against which company’s appeal is pending before commissioner of sales tax (Appeal) |
NA |
11.649 |
|
Claims against
company not acknowledged as debts in respect of Income Tax |
NA |
11.247 |
FIXED ASSETS:
Tangible Assets
· Lease Hold Land
· Factory Building
· Corporate Office
· Plant and Machinery
· Electrical Installation
· Office Equipments
· Furniture and Fixtures
· Air Conditioner
· Motor Vehicles
· Computer
· Flats
Intangible Assets
· Computer Software
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.60.33 |
|
|
1 |
Rs.103.18 |
|
Euro |
1 |
Rs.81.58 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
47 |
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.