MIRA INFORM REPORT
|
Report Date : |
02.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
APAR INDUSTRIES LIMITED (w.e.f
08.10.1999) |
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Formerly Known
As : |
GUJARAT APAR POLYMER LIMITED |
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Registered
Office : |
301, Panorama Complex, R. C.
Dutt Road, Vadodara – 390007, |
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Country : |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
28.09.1989 |
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Com. Reg. No.: |
04-012802 |
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Capital
Investment / Paid-up Capital : |
Rs. 384.700
Millions |
|
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|
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CIN No.: [Company Identification
No.] |
L91110GJ1989PLC012802 |
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|
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TAN No.: [Tax Deduction &
Collection Account No.] |
BRDA01335F /
BRDA01312D / BRDA00836D |
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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
: |
Manufacture of Conductors, Transformer/Speciality Oils and Power/
Telecom cables. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (54) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 22000000 |
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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 fine track record. The rating reflects company’s well-established market position in the
product segments it operates, along with long-term relationship with its
customers and diversified revenue profile of the company. Further rating also reflects healthy financial risk profile and fair
profitability achieved by the company from its operation. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitment. The company can be considered good for normal 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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may grow
4.7 % in the current financial year, lower than the official estimate of 4.9 %,
Fitch Rating said. The global rating agency expects the economy to pick up in
the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities: A+ |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
09.12.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities: A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
09.12.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
MANAGEMENT NON CO-OPERATIVE (91-265-2331935)
LOCATIONS
|
Registered Office/
Aluminium Conductors - Sales: |
301, Panorama
Complex, |
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Tel. No.: |
91-265-2331935/ 2339906 |
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Fax No.: |
91-265-2330309 |
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E-Mail : |
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Website : |
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Corporate
Office/ Specialty Oils Sales : |
Apar House,
Corporate Park, |
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Tel. No.: |
91-22-25263400/67800400 |
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Fax No.: |
91-22-25246326 |
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E-Mail : |
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Specialty Oils
Manufacturing Facility
1 : |
Rabale – Navi Mumbai 18,TT.C. M.I.D.C. Industrial Area, Near Rabale Telephone.
Exchange, |
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Tel. No.: |
91-22 - 27694756 |
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Fax No.: |
91-22 - 27694757 |
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E-Mail : |
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Specialty Oils
Manufacturing Facility
2 / Al: |
Silvassa – D. and NH Survey No.148 / 1 – 148 / 3, Silvassa - Rakholi Road, Vilage - Kudacha, Silvassa-396 230 (U.T. of Dadra Nagar Haveli) India. |
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Tel. No.: |
91-260 - 2630193 / 2630194 / 2630282 / 2630961 |
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E-Mail : |
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Aluminium Conductors Manufacturing Facility : |
Silvassa – D. and NH Survey No.148 / 1 – 148 / 3, Silvassa - Rakholi Road, Vilage - Kudacha, Silvassa-396 230 (U.T. of Dadra Nagar Haveli) India. Tel. No.: 91-260 - 2630193 / 2630194 / 2630282 / 2630961 Email: aparsil@apar.com Nalagarh – HP Khasra No. 467, Hadbast No. 101, Muuza Beer
Plassi, Tehsil. Nalagarh, Tel. No.: 91-1795 - 265389 / 200384 Email: apar_nalagarh@apar.com |
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Cables Division Manufacturing |
Plot No.158 to 163,
GIDC, Umbergaon, District Valsad-396171, Gujarat, India |
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Tel. No.: |
91-260-2562412 /
2563412 |
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Fax No.: |
91-260-2562950 /
2562954 |
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E-Mail : |
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Cables Division
Marketing : |
12/13, Jyoti Wire House, Off Veera Desai Road, Andheri (West), Mumbai – 400053, Maharashtra, India |
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Tel. No.: |
91 22 2674 0001/2/3 |
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Fax No.: |
91 22 2674 0600 |
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E-Mail : |
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Branch
Office : |
Located At: ·
· Chennai ·
New · Kolkata ·
· Pune ·
·
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DIRECTORS
AS ON 31.03.2013
|
Name : |
Dr. Narendra D.
Desai |
|
Designation : |
Chairman and
Managing Director |
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Qualification
: |
B.Sc. (Hons), |
|
Date of
Appointment : |
28.09.1989 |
|
|
|
|
Name : |
Mr. N. K.
Thingalaya |
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Designation : |
Director |
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Date of
Birth/Age : |
04.11.1937 |
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Qualification
: |
Ph. D.
(Economics) |
|
Date of
Appointment : |
27.07.2001 |
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Other Directorships:- |
Canbank
Investment Management Services Limited |
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|
|
|
Name : |
Mr. F. B. Virani |
|
Designation : |
Director |
|
Date of
Birth/Age : |
26.06.1945 |
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Qualification
: |
B. E. (Chemical
Engineering), M. S. (Chemical Engineering) ( |
|
Date of
Appointment : |
27.07.2001 |
|
Other Directorships:- |
1. Dyna Cybertech Services Private Limited 2. Uniflex Cables Limited |
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|
|
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Name : |
Mr. Kushal N.
Desai |
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Designation : |
Managing Director |
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Date of
Birth/Age : |
21.02.1967 |
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Qualification
: |
B.Sc. Hons.,
(Ele. Engg.) |
|
Date of
Appointment : |
24.03.1999 |
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|
|
|
Name : |
Mr. C. N. Desai |
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Designation : |
Joint Managing
Director |
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Date of
Birth/Age : |
15.07.1971 |
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Qualification
: |
B.Sc (Hons.)
(Chem. Engg.) |
|
Date of
Appointment : |
29.05.1993 |
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|
|
|
Name : |
Mr. H. N. Shah |
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Designation : |
Director |
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|
|
Name : |
Mr. Rajesh Sehgal |
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Designation : |
Additional Director (w.e.f.
27th June, 2011) |
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Date of
Birth/Age : |
16.02.1971 |
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Qualification
: |
PGDBM, CFA. |
|
Other Directorships:- |
HPL Additives Limited |
|
|
|
|
Name : |
Mr. Sanjiv Mahehwari |
|
Designation : |
Additional Director (w.e.f. 24.08.2011) |
KEY EXECUTIVES
|
Name : |
Mr. Sanjaya
Kunder |
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Designation : |
Company Secretary
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Audit
Committee: |
§ Mr. H. N. Shah, Chairman § Dr. N.K. Thingalaya § Mr. F.B. Virani § Mr. Rajesh Sehgal |
|
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 |
|
|
|
|
|
|
|
Individuals / Hindu Undivided Family |
22297062 |
57.96 |
|
|
110978 |
0.29 |
|
|
1635387 |
4.25 |
|
|
1635387 |
4.25 |
|
|
24043427 |
62.50 |
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|
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|
|
Total shareholding of Promoter and Promoter Group (A) |
24043427 |
62.50 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2223399 |
5.78 |
|
|
409 |
0.00 |
|
|
1995647 |
5.19 |
|
|
4219455 |
10.97 |
|
|
|
|
|
|
6159094 |
16.01 |
|
|
|
|
|
|
2551466 |
6.63 |
|
|
1244672 |
3.24 |
|
|
252317 |
0.66 |
|
|
97356 |
0.25 |
|
|
152563 |
0.40 |
|
|
2398 |
0.01 |
|
|
10207549 |
26.53 |
|
Total Public shareholding (B) |
14427004 |
37.50 |
|
Total (A)+(B) |
38470431 |
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) |
38470431 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture of Conductors, Transformer/Speciality Oils and Power/
Telecom cables. |
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Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
·
Union Bank of India ·
Syndicate Bank ·
ING-Vysya Bank Limited ·
IDBI Bank Limited ·
ICICI Bank Limited ·
State Bank of India ·
Standard Chartered Bank ·
Bank of Baroda ·
Axis Bank Limited ·
Credit Agricole – Corporate and Investment Bank |
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Facilities : |
(Rs.
In Millions)
Note: Long Term
Borrowings The Term loan is secured by exclusive charge on the assets acquired by the company with the proceeds of the facility. Terms of repayment of term loan- In August, 2014 Rs. 81.400 Millions, In August, 2015 Rs. 81.400 Millions and In August, 2016 Rs.108.700 Millions. Note: Short Term
Borrowings Working capital loans from banks (secured) Rs. 441.600 Millions are secured by - Hypothecation of specified stocks, specified book debts of the Company and movable plant and machinery at Nalagarh Unit. - First charge by way of equitable mortgage by deposit of title deeds of Company’s specified immovable properties, both present and future. - First charge by way of equitable mortgage by deposit of
title deeds of certain immovable properties of Apar Corporation Private
Limited, a related party. |
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Banking
Relations : |
--- |
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|
|
Auditors : |
|
|
Name : |
Sharp and Tannan Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
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|
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Subsidiary
Companies : |
· Petroleum Specialities Pte. Limited, Singapore · Quantum Apar Speciality Oil Pty. Limited (subsidiary of Petroleum Specialities Pte. Limited) · Apar ChemateK Lubricants Limited (w.e.f. 26.09.2012) ·
Marine
Cables and Wires Private Limited (Amalgamated with Company from 1st April,
2012) |
|
|
|
|
Joint Venture
Company: |
· Apar ChemateK Lubricants Limited (Upto 25.09.2012, became subsidiary w.e.f. 26.09.2012) |
|
|
|
|
Entities over which significant influence is exercised by key
management personnel / individuals having significant influence: |
· Apar Corporation Private Limited · Scope Private Limited and its' subsidiaries, viz
· Kushal N. Desai Family Trust · Apar Technologies Private Limited · Kushal Chaitanya N. Desai Family Trust · Chaitanya N. Desai Family Trust · Catalis World Private Limited · Gayatri Associates ·
AIL Benefit Trust |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
91998750 |
Equity Shares |
Rs.10/- each |
Rs.920.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
38470431 |
Equity Shares |
Rs.10/- each |
Rs.384.700
Millions |
|
|
|
|
|
NOTES
a.
Reconciliation of
the number of shares outstanding at the beginning and at the end of the year.
|
|
March 31, 2013 |
|
|
Equity Shares |
No. of shares |
Rs.
Millions |
|
At the beginning of the year |
35,972,394 |
359.700 |
|
Issued during the period-fresh issue* |
*2,498,037 |
25.000 |
|
Outstanding at
the end of the year |
38,470,431 |
384.700 |
*Issued during the year to shareholders
of erstwhile Uniflex Cables Limited as per the Scheme of Amalgamation
b.
Disclosure as
required by Accounting Standard (AS) 14 Accounting for Amalgamations :
(i) Marine Cables and Wires Private Limited (MCWPL) was engaged in the business of doing job works of manufacturing and sale of insulated Wires and Electrical Cables including Telecom Cables.
(ii) MCWPL was declared as Sick Industrial Company by Hon'ble Board for Industrial and Financial Reconstruction (BIFR) on February 1, 2010 and BIFR vide its record of proceedings dated 21st May, 2013 sanctioned Rehabilitation Scheme of MCWPL, envisaging its Amalgamation with the Company (Scheme) w.e.f. 1st April, 2012 (Appointed date/Transfer date).
(iii) Pending receipt of formal order from Hon'ble BIFR, the scheme has been given effect in financial statements. Upon receipts of Order and sanctioned scheme, the same will be filed with the Registrar of Companies and Effective date of amalgamation will be date of such filing.
(iv) The amalgamation has been accounted for under the 'Pooling of Interest method' as prescribed by Accounting Standard (AS) 14 Accounting for Amalgamations, specified by the Companies (Accounting Standard) Rules, 2006. Accordingly, the assets, liabilities including contingent liabilities and reserve of UCL as at 1st April, 2012 have been taken at their book values as stipulated in the said Scheme. The reserves of the transferor Company have been transferred to the respective reserves.
(v) The Scheme of amalgamation envisage cancellation of total paid up share capital of MCWPL held by the Company.
(vi) The amalgamation has resulted in transfer of assets, liabilities and reserves as on 1st April, 2010 in accordance with the terms of the Scheme is as under:
|
Particulars |
Rs. in Millions |
|
Fixed Assets |
|
|
Investment |
31.200 |
|
Current Assets |
8.400 |
|
|
39.600 |
|
Current Liabilities and Provisions |
72.900 |
|
Non current liabilities |
1.800 |
|
Transfer to Securities Premium Account |
11.400 |
|
Transfer to Capital Reserve |
1.600 |
|
Transfer to Statement of Profit and Loss |
(57.600) |
|
Credit to investment in MCWPL |
9.500 |
|
Total |
39.600 |
(vii) The net amount of investment in MCWPL Rs. 13.800 Millions (cost of Rs. 23.300 Millions less share capital of MCWPL Rs. 9.500 Millions) has been debited to Capital Reserve.
(viii) Deferred tax asset of Rs.16.600 Millions has been created for carried forward losses/depreciation and timing differences of erstwhile MCWPL by crediting to General Reserve.
(ix) After giving effect to the scheme net-worth of erstwhile MCWPL has become positive and as such the company will make an application to Hon’ble BIFR to take discharge from BIFR.
(x)
In view of Amalgamation, current year
figures are not strictly comparable to those of the previous year.
c.
Terms/rights attached
to equity shares
(i)
The Company has only one class of equity shares
having a par value of Rs. 10 per share. Each holder of equity shares is
entitled to one vote per share. The Company declares and pays dividends in
Indian rupees. The dividend proposed by the Board of Directors is subject to
the approval of the shareholders in the ensuing Annual General Meeting.
(ii)
During the year ended 31 March, 2013, the amount of
per share dividend recognized as distributions to equity shareholders is Rs.
5.25 /-, (Rs. 4 for FY 2012).
(iii)
In the event of liquidation of the Company, the
holders of equity shares will be entitled to receive remaining assets of the
Company, after distribution of all preferential amounts. The distribution will
be in proportion to the number of equity shares held by the shareholders.
d.
Details of
Shareholders holding more than 5% shares in the company
|
|
March 31, 2013 |
|
|
Equity shares of
Rs. 10/- each fully paid |
No. of Shares |
% of Holdings in
the class |
|
Dr. N. D. Desai |
6,914,222 |
17.97% |
|
Kushal N. Desai |
6,920,778 |
17.99% |
|
Chaitanya N. Desai |
6,909,610 |
17.96% |
|
Templeton Strategic Emerging Markets Fund III, L.D.C. |
3,636,363 |
9.45% |
|
Shinny Limited, Mauritius |
2,635,138 |
6.85% |
|
Reliance Capital
Trustee Company Limied A/c. Reliance Diversified Power Sector Fund |
-- |
|
As per of the
Company, including its register of shareholders/members and other declarations
received from shareholders regarding beneficial interest, the above
shareholding represents both legal and beneficial ownerships of shares.
e.
Shares reserved
for issue under options
The Company
provides share-based payment to its employees. During the year ended 31 March,
2012, an Employee Stock Option Plan (ESOP) was in existence. The relevant
details of the scheme and the grant are as below:
Members' approval
was obtained at the Annual General Meeting held on 9th August, 2007 for
introduction of Employee Stock Option Scheme to issue and grant up to 1,616,802
options but the Board has granted 175,150 options till date.
|
|
March 31, 2012 |
|
i. Outstanding at the beginning of the year |
175150 |
|
ii. Granted during the year |
-- |
|
iii. Forfeited during the year |
-- |
|
iv. Exercised during the year |
-- |
|
v. Outstanding at the end of the year |
175150 |
|
vi. Exercisable at the end of the year |
175150 |
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
384.700 |
359.700 |
3233.600 |
|
(b) Share Capital Suspense Account |
0.000 |
25.000 |
0.000 |
|
(c) Reserves & Surplus |
5217.300 |
4324.900 |
34239.300 |
|
(d) 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) |
5602.000 |
4709.600 |
37472.900 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
329.400 |
346.500 |
1473.800 |
|
(b) Deferred tax liabilities (Net) |
109.500 |
134.700 |
934.800 |
|
(c) Other long term
liabilities |
137.900 |
410.500 |
2440.600 |
|
(d) long-term
provisions |
25.800 |
24.200 |
181.100 |
|
Total Non-current
Liabilities (3) |
602.600 |
915.900 |
5030.300 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
9403.200 |
9323.200 |
54303.300 |
|
(b) Trade
payables |
13277.000 |
8556.300 |
68165.700 |
|
(c) Other
current liabilities |
2933.100 |
4019.700 |
22972.800 |
|
(d) Short-term
provisions |
242.200 |
188.400 |
3511.900 |
|
Total Current
Liabilities (4) |
25855.500 |
22087.600 |
148953.700 |
|
|
|
|
|
|
TOTAL |
32060.100 |
27713.100 |
191456.900 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i) Tangible
assets |
2396.200 |
1801.500 |
12035.600 |
|
(ii)
Intangible Assets |
26.900 |
15.100 |
132.800 |
|
(iii)
Capital work-in-progress |
451.000 |
212.800 |
216.900 |
|
(iv)
Intangible assets under development |
2.800 |
3.500 |
0.000 |
|
(b) Non-current Investments |
284.900 |
59.800 |
3155.400 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
457.200 |
463.300 |
2208.200 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
3619.000 |
2556.000 |
17748.900 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
796.200 |
0.000 |
0.000 |
|
(b)
Inventories |
7408.500 |
6662.500 |
42733.500 |
|
(c) Trade
receivables |
7935.600 |
8320.500 |
62977.600 |
|
(d) Cash
and cash equivalents |
10320.900 |
8245.800 |
38327.000 |
|
(e)
Short-term loans and advances |
1314.600 |
1383.600 |
28397.300 |
|
(f) Other
current assets |
665.300 |
544.700 |
1272.600 |
|
Total
Current Assets |
28441.100 |
25157.100 |
173708.000 |
|
|
|
|
|
|
TOTAL |
32060.100 |
27713.100 |
191456.900 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
45321.900 |
34532.600 |
27233.410 |
|
|
|
Other Income |
77.000 |
5.400 |
1.270 |
|
|
|
TOTAL (A) |
45398.900 |
34538.000 |
27234.680 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw materials and components consumed |
35546.600 |
28499.100 |
21546.950 |
|
|
|
Purchases of stock-in-trade |
293.300 |
107.400 |
111.590 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(197.000) |
(614.900) |
(10.840) |
|
|
|
Employee benefits expense |
518.100 |
439.400 |
250.270 |
|
|
|
Other expenses |
6207.000 |
4137.600 |
3348.060 |
|
|
|
Exceptional items |
46.200 |
19.600 |
1.970 |
|
|
|
TOTAL (B) |
42414.200 |
32588.200 |
25248.000 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2984.700 |
1949.800 |
1986.680 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1343.100 |
1141.300 |
254.940 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1641.600 |
808.500 |
1731.740 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
238.600 |
212.800 |
137.090 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1403.000 |
595.700 |
1594.650 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
381.400 |
2.500 |
536.120 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
1021.600 |
593.200 |
1058.530 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1041.200 |
1735.400 |
1027.960 |
|
|
|
|
|
|
|
|
|
|
Loss of Amalgamating Subsidiary |
(57.600) |
(1019.500) |
0.000 |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
183.400 |
89.000 |
110.000 |
|
|
|
Interim Dividend |
0.000 |
0.000 |
80.840 |
|
|
|
Tax on Interim Dividend |
0.000 |
0.000 |
13.430 |
|
|
|
Proposed Dividend |
202.000 |
153.900 |
125.900 |
|
|
|
Tax on Proposed Dividend |
34.300 |
25.000 |
20.910 |
|
|
BALANCE CARRIED
TO THE B/S |
1585.500 |
1041.200 |
1735.410 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on FOB basis |
12825.400 |
8844.600 |
5451.810 |
|
|
|
Other Earnings |
931.800 |
315.600 |
298.850 |
|
|
|
Deemed Exports |
0.900 |
698.400 |
696.360 |
|
|
TOTAL EARNINGS |
13758.100 |
9858.600 |
6447.020 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
22406.900 |
17691.500 |
12363.030 |
|
|
|
Stores & Spares |
3.600 |
2.400 |
2.120 |
|
|
|
Capital Goods |
137.600 |
32.700 |
11.070 |
|
|
|
Others |
662.700 |
411.900 |
0.000 |
|
|
TOTAL IMPORTS |
23210.800 |
18138.500 |
12376.22 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
26.56 |
15.55 |
32.74 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
|
1st
Quarter |
2nd Quarter |
3rd
Quarter |
|
Net Sales |
9454.000 |
11401.600 |
10799.200 |
|
Total Expenditure |
9285.500 |
10943.500 |
10525.600 |
|
PBIDT (Excl OI) |
168.500 |
458.100 |
273.600 |
|
Other Income |
18.800 |
71.000 |
23..600 |
|
Operating Profit |
187.300 |
529.100 |
297.200 |
|
Interest |
(35.800) |
0.000 |
0.000 |
|
Exceptional Items |
(1.500) |
(7.100) |
0.000 |
|
PBDT |
221.600 |
522.000 |
297.200 |
|
Depreciation |
60.000 |
66.200 |
68.100 |
|
Profit Before Tax |
161.600 |
455.800 |
229.100 |
|
Tax |
57.700 |
137.000 |
83.000 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
103.900 |
318.800 |
146.100 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
103.900 |
318.800 |
146.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.25
|
1.72 |
3.89 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.10
|
1.73 |
5.86 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.48
|
2.17 |
0.85 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25
|
0.13 |
0.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.74
|
2.05 |
1.49 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.10
|
1.14 |
1.17 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
3233.600 |
359.700 |
384.700 |
|
Reserves & Surplus |
34239.300 |
4324.900 |
5217.300 |
|
Net
worth |
37,472.900 |
4,684.600 |
5,602.000 |
|
|
|
|
|
|
long-term borrowings |
1473.800 |
346.500 |
329.400 |
|
Short term borrowings |
54303.300 |
9323.200 |
9403.200 |
|
Total
borrowings |
55,777.100 |
9,669.700 |
9,732.600 |
|
Debt/Equity
ratio |
1.488 |
2.064 |
1.737 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
27233.410 |
34532.600 |
45321.900 |
|
|
|
26.802 |
31.244 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
27233.410 |
34532.600 |
45321.900 |
|
Profit |
1058.530 |
593.200 |
1021.600 |
|
|
3.89% |
1.72% |
2.25% |
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 |
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 |
LITIGATION
DETAILS
HIGH
COURT OF GUJARAT
|
CIVIL
APPLICATION No. 758 of 2013 |
|
In TAX APPEAL/
1167/ 2013( PENDING ) |
|
Status : PENDING |
( Converted from
: O/ST/2762/2013 ) |
CCIN No :
001073201300758 |
|
|
|||||
|
|||||
|
|||||
|
S.NO. |
Name of the Petitioner |
Advocate On Record |
|
1 |
STATE OF GUJARAT |
GOVERNMENT PLEADER for: Applicant(s) |
|
S.NO. |
Name of the Respondant |
Advocate On Record |
|
1 |
APAR INDUSTRIES LTD |
|
|
|||
|
Presented On |
: 11/10/2013 |
Registered On |
: 26/12/2013 |
|
Bench Category |
: - |
District |
: BHARUCH |
|
Case Originated From |
: THROUGH STATE |
Listed |
: 2 times |
|
StageName |
: ADJOURNED MATTERS |
||
|
Classification |
|
|
Act |
|
|
|
Office Details
|
|
S. No. |
Filing Date |
Document Name |
Advocate Name |
Court Fee on
Document |
Document Details |
|
1 |
11/10/2013 |
APPEARANCE NOTE |
GOVERNMENT
PLEADER |
0 |
GOVERNMENT
PLEADER(1) for P:1 |
|
2 |
11/10/2013 |
MEMO OF
APPEAL/PETITION/SUIT |
GOVERNMENT
PLEADER |
20 |
GOVERNMENT
PLEADER(1), for P:1 |
Court Proceedings
|
|
S. No. |
Notified Date |
Court Code |
Board Sr. No. |
Stage |
Action |
Coram |
|
1 |
27/12/2013 |
5 |
37 |
ADMISSION (FRESH MATTERS) |
NEXT DATE |
·
HONOURABLE MR.JUSTICE M.R. SHAH ·
HONOURABLE MR.JUSTICE R.P.DHOLARIA |
|
2 |
15/01/2014 |
7 |
28 |
ADJOURNED MATTERS |
NEXT DATE |
·
HONOURABLE MR.JUSTICE M.R. SHAH ·
HONOURABLE MR.JUSTICE AKIL KURESHI and HONOURABLE
MS JUSTICE SONIA GOKANI and HONOURABLE MR.JUSTICE R.P.DHOLARIA |
|
3 |
05/02/2014 |
7 |
- |
ADJOURNED MATTERS |
·
HONOURABLE MR.JUSTICE AKIL KURESHI ·
HONOURABLE MS JUSTICE SONIA GOKANI |
UNSECURED LOAN
Rs.
In Millions
|
Particular |
As on 31.03.2013 |
As on 31.03.2012 |
|
LONG-TERM BORROWINGS |
|
|
|
Deposits |
|
|
|
Deposits from directors |
2.500 |
6.000 |
|
Deposits from public |
55.400 |
86.100 |
|
SHORT-TERM BORROWINGS |
|
|
|
Packing credit loan in foreign currency from Banks |
415.300 |
727.600 |
|
Buyer's credit in foreign currency |
8503.800 |
7838.900 |
|
Loans and Advances from related parties repayable on demand |
0.800 |
0.700 |
|
Public deposits |
3.200 |
4.100 |
|
Director’s deposits |
38.500 |
38.500 |
|
Total |
9019.500 |
8701.900 |
FINANCIAL RESULTS
Standalone results for the year 2012-13 include effect of amalgamation of Marine Cables and Wires Private Limited (MCWPL) with the Company from 1st April, 2012 being the transfer date as detailed in para 2(a) of this report. However, the same for the year 2011-12 are without such inclusion and therefore not comparable.
MANAGEMENT DISCUSSION
AND ANALYSIS / OUTLOOK:
(A) Industry
Structure, Development, Opportunities, Threats, Outlook
The Indian Government has revised the capacity addition in power generation upwards to 88,537 MW as compared to the initial target of 76,000 MW for the 12th Five Year Plan (2012-17). India’s future GDP growth will depend greatly on the supply of electricity to the various parts of the country.
The addition in power generation during the previous year has fallen short by around 20% as compared to the target set by the Government. The Indian Power sector has been facing difficulties due to the coal sourcing issues and environmental clearances, resulting in slowdown in fresh investments in generation.
The Indian economy continued to be under strain during the year. The domestic demand for electrical equipment remained depressed. The Indian electrical industry had a reduction of growth of approx 6% as compared to the previous year.
There is a general expectation that once the issues on the generation sector are addressed, the power sector will bounce back. Being amongst the leading companies in the fields of transformer oils, conductors and cables, Their Company will stand to gain further, once the market revives.
Despite the challenges from the external circumstances in the previous year, the Company increased its revenue from Rs. 34532.600 Millions to Rs. 45321.900 Millions (net of excise duty) increased by 31.2% on standalone basis. The Company’s export stood at Rs. 12825.400 Millions during the year which was 45% more than the exports of the previous year and were to over 90 countries.
Margins from the manufacturing activities during the year were Rs. 3030.900 Millions as against Rs. 1969.400 Millions in the previous year on standalone basis; increased by 53.9%. The segment-wise operations were as under:
(i) Transformer and
Speciality Oil segment
This division contributed 41.9 % of the Company’s revenue. Details of sales revenues and segmental profit (standalone basis) are:
|
Rs. In Millions |
2012-13 |
2011-12 |
Variation (%) |
|
Turnover |
19263.100 |
18166.300 |
(+) 6.0 |
|
Segment Profit |
1131.600 |
1401.110 |
(-) 19.2 |
|
Export |
6467.300 |
5102.860 |
(+)26.7 |
The year FY13 was a challenging year for the speciality oil division especially in the domestic market. Transformer oil sales in the domestic market were affected most in the distribution transformer segment and sale to the electricity distribution companies. The main reason for this is the poor financial health of the state electricity distribution companies. This has resulted in lower demand for distribution transformers from the lack of funds and slow recovery of payments from them which in turn has affected the financial capability of the distribution transformer manufacturers. The Company has had to resort to a careful approach to this segment, limiting sales in cases to maintain prudent control on debtors. Demand in the power transfer segment has also been affected but its impact on the Company was not as much as in the distribution segment.
The other sub-business segments of white oils, rubber process oils, industrial and automotive lubricants have all increased volume sales over the previous year. There was also a very strong improvement in overseas business (outside India sales), which registered a volume growth of 25%. Hence, the overall volume growth of the oil segment was up by approximately 7.7% in the backdrop of difficult market circumstances. This is reflective of the strong product and brand positioning, the Company enjoys in the marketplace and with its customers.
Even though there was an increase in sales volume, the profitability has been affected due to the following three reasons:
a) There was fluctuation in the prices of base oils through the year, which resulted in longer period to increase prices in the face of reduced demand.
b) There was a lot of fluctuation in the exchange rate and as a consequence of the variability, an increase in hedging costs.
c) The financial liquidity in the market has been generally poor resulting in increase in debtor days, limiting sales to reduce debtor exposure and as a result of some of these effects higher cost of debtors and carrying inventory.
During the year, the Company also increased its equity stake in its joint venture, Apar ChemateK Lubricants Limited, which markets the world famous Agip branded lubricants from 50% to 97.5%. In the coming years, the Company will increase its efforts and resources to grow its sales in the automotive sector and expects to grow this sub-segment at a faster pace than the other sub-segments.
The net sales turnover of the Agip brand of automotive lubricants produced by the Company with a license and technical knowhow of ENI-S.p.A of Italy, increased to Rs.1813.800 Millions as against Rs. 1632.500 Millions in the previous year.
The profit for this segment came in at Rs. 1131.600 Millions as against Rs. 1401.100 Millions in the previous year even though there was an increase in sales volume.
In the coming year, the Company is cautiously optimistic that the demand for its products will be better once policy decisions announced for the revival of the power sector are implemented.
(ii) Conductor
division
|
Rs. In Millions |
2012-13 |
2011-12 |
Variation (%) |
|
Turnover |
22263.000 |
13625.800 |
(+) 63.4 |
|
Segment Profit |
1970.900 |
583.900 |
(+) 237.5 |
|
Export |
5767.900 |
2794.100 |
(+) 106.4 |
The division had a strong year registering significant increases in sales turnover, segment profit and export turnover. The orders were generally profitable and allowed for optimum capacity utilisation.
During the year, the division entered into an agreement with CTC Global, USA for the manufacture of a certain type of patented high-performance conductor called ACCC under CTC’s license.
The domestic orders executed included a large component from PGCIL which were booked in 2011-12. Unfortunately, PGCIL had not finalised many orders during 2012-13. PGCIL has been experiencing slowdown in execution of its projects on account of delays in generation projects, right of way issues and land acquisition problems. The Company has booked orders from other customers in the private sector which will be executed during 2013-14.
During the year, the Company embarked on expanding its capacity in Silvassa in order to improve its competitiveness in the domestic and export markets.
The order book as of 1st April, 2013 stood at Rs. 11320.000 Millions and the orders in pipeline stood at Rs. 2560.000 Millions.
(iii) Uniflex Cables
Division
|
Rs. In Millions |
2012-13 |
2011-12 |
Variation (%) |
|
Turnover |
4185.300 |
3543.100 |
(+) 18.1 |
|
Segment Profit |
(8.600) |
28.400 |
|
|
Export |
590.200 |
947.600 |
(-) 37.7 |
The cables segment had a good growth in terms of sales value of about 18% from the previous year. The revenue of Uniflex cables in the last four and a half years under the Apar management (September 2008 onwards) has grown from Rs. 312.500 Millions to Rs. 4075.400 Millions representing a CAGR of 76.95%.
The main area for sales growth came from high tension cables. The Company also increased its presence in the optical fibre cable segment with new approvals from BSNL, Reliance and export customers. There is a significant expansion and upgradation that the Company is investing in this area as there is likely to be strong demand both in India and overseas in the OFC networks.
The overall market conditions remain to be very competitive with margins on standard products being unremunerative. The Company continues to focus on value added products to overcome this situation.
The E-beam plant is nearing completion. The Company has installed two accelerators. Of the two, the 1.5 MeV is already ready and is awaiting final approval for commercial operation from the Atomic Energy Research Board which is expected by the end of Q1FY14. Trial production on this machine has been successful and products have started receiving acceptance from clients. The 3 MeV machine is still under installation and commissioning.
Several cost reduction measures have been taken by improving machinery, processes and manpower reduction. The company has also implemented a successful VRS scheme.
The company is working towards a similar growth in FY14 over FY13. There will also be a further improvement in the product mix as the company gets its E beam accelerators fully commissioned and approvals for its newly developed products.
CONTINGENT LIABILITIES
NOT PROVIDED FOR:
Rs. In Millions
|
Particular |
31.03.2013 |
31.03.2012 |
|
a) Claims against the Company not acknowledged as debts - |
|
|
|
i) Demand/ Show cause-cum-demand notices received and contested by the Company with the relevant appellate authorities: Excise duty (also refer note (iii) below) |
|
|
|
Service tax |
46.500 |
44.000 |
|
Customs duty |
2.000 |
2.000 |
|
Sales tax |
105.400 |
104.700 |
|
ii) Arbitration award regarding dispute of alleged contractual non-performance by the Company, against which the Company is in appeal before Bombay High Court. |
79.400 |
74.800 |
|
iii) Interest on delayed payment of excise duty, (which duty payment was revenue neutral) on certain deemed exports. Department has filed appeal in the Supreme Court against High Court Order in Company's favour. |
44.500 |
44.500 |
|
iv) Labour matters |
68.000 |
31.400 |
|
v) Others |
60.700 |
59.800 |
|
b) Guarantee given by the Company for credit facilities enjoyed by Petroleum Specialities Pte Limited, a wholly-owned subsidiary |
542.900 |
508.800 |
|
c) Bills of exchange discounted |
2066.100 |
1574.400 |
|
d) Taxation: Disputed demands of income tax |
69.900 |
39.900 |
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10449812 |
17/09/2013 |
330,000,000.00 |
UNION BANK OF INDIA |
OVERSEAS BRANCH,
UNION BANK BHAVAN,, 239, VIDHAN |
B85302081 |
|
2 |
10426504 |
15/05/2013 |
330,000,000.00 |
UNION BANK OF INDIA |
OVERSEAS BRANCH, UNION BANK BHAVAN, GROUND FLOOR, 239, VIDHAN BHAVAN MARG, NARIMAN POINT,, MUMBAI, MAHARASHTRA - 400021, INDIA |
B75406249 |
|
3 |
10348687 |
15/05/2013 * |
30,000,000,000.00 |
IL AND FS TRUST COMPANY LIMITED |
IL AND FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA |
B75861997 |
|
4 |
10317838 |
14/11/2011 |
250,400,000.00 |
CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK |
168, ROBINSON ROAD,, #22-01, CAPITAL TOWER, SINGAPORE, - 068912, SINGAPORE |
B25379025 |
|
5 |
10133842 |
22/03/2012 * |
25,582,000,000.00 |
IL AND FS TRUST COMPANY LIMITED |
IL AND FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA |
B36949675 |
|
6 |
10131264 |
28/07/2010 * |
1,100,000,000.00 |
IL AND FS TRUST COMPANY LIMITED |
IL AND FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA |
A90488669 |
|
7 |
10105169 |
28/07/2010 * |
1,100,000,000.00 |
IL AND FS TRUST COMPANY LIMITED |
IL AND FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA |
A90488446 |
|
8 |
90212256 |
13/10/1992 * |
6,621,000.00 |
GUJRAT STATE FINANCIAL CORPORTION |
JALDARSHAN BUILDING; ASHRAM ROAD;, AHEMADABAD, GUJARAT - 380009, INDIA |
- |
* Date of charge modification
FIXED ASSETS
·
Land Freehold
·
Leasehold Building
·
Plant and Machinery
·
Furniture and Fixture
·
Motor Vehicles
·
Intangible Assets
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE
QUARTER AND NINE MONTHS ENDED 31ST DECEMBER 2013
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
Nine Months Ended ( Unaudited) |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
10717.200 |
11297.900 |
31393.500 |
|
b) Other operating income |
82.000 |
103.700 |
261.300 |
|
Total
income from Operations(net) |
10799.200 |
11401.600 |
31654.800 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
9273.900 |
8775.200 |
25240.600 |
|
b) Purchases of stock in trade |
328.700 |
200.600 |
628.200 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(955.000) |
(247.100) |
(1190.000) |
|
d) Employees benefit expenses |
148.300 |
160.400 |
445.400 |
|
e) Depreciation and amortization expenses |
68.100 |
66.200 |
194.300 |
|
f) Other expenditure |
1451.200 |
1516.700 |
4227.200 |
|
Total expenses |
10315.200 |
10472.000 |
29545.700 |
|
3. Profit from operations before other income and
financial costs |
484.000 |
929.600 |
2109.100 |
|
4. Other income |
-- |
22.700 |
41.500 |
|
5. Profit from ordinary activities before finance costs |
484.000 |
952.300 |
2150.600 |
|
6. Finance costs |
(23.600) |
(48.300) |
(107.700) |
|
- Applicable net loss on foreign currency transactions and translation |
278.500 |
537.700 |
1403.200 |
|
Total |
254.900 |
489.400 |
1295.500 |
|
7. Net profit/(loss) from ordinary activities after
finance costs but before exceptional items |
229.100 |
462.900 |
855.100 |
|
8. Exceptional item |
-- |
7.100 |
8.600 |
|
9. Profit from ordinary activities before tax
Expense: |
229.100 |
455.800 |
846.500 |
|
10.Tax expenses |
83.000 |
137.000 |
277.700 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
146.100 |
318.800 |
568.800 |
|
12.Extraordinary Items (net of tax expense) |
-- |
-- |
-- |
|
13.Net Profit / (Loss) for the period (11 -12) |
146.100 |
318.800 |
568.800 |
|
14.Paid-up
equity share capital (Nominal value Rs.10/- per share) |
384.700 |
384.700 |
384.700 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
16.i) Earnings per share (before extraordinary items)
of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic and diluted |
3.80 |
8.29 |
14.78 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
14427004 |
15577004 |
14427004 |
|
- Percentage of shareholding |
37.50 |
40.49 |
37.50 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
-- |
-- |
-- |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
-- |
-- |
-- |
|
Percentage of shares (as a % of total share capital of the
company) |
-- |
-- |
-- |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
24043427 |
22893427 |
24043427 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
|
|
|
|
|
Percentage of shares (as a % of total share capital of the
company) |
62.50 |
59.51 |
62.50 |
|
B.
Investor Complaints |
3 months
ended 31.12.2013 |
|
Pending at the beginning of the quarter |
Nil |
|
Receiving during the quarter |
1 |
|
Disposed of during the quarter |
1 |
|
Remaining unreserved at the end of the quarter |
Nil |
UNAUDITED SEGMENT WIE
REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In
Millions)
|
Particulars |
Quarter
Ended (
Unaudited) |
Nine
Months Ended (
Unaudited) |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
1.
Segment Revenue |
|
|
|
|
a. Conductors |
3228.800 |
4124.200 |
10764.000 |
|
b. Transformers and speciality
oils |
5994.400 |
5538.900 |
16594.600 |
|
c. Power/telecom cable |
1559.300 |
51.400 |
4269.500 |
|
d. Others/unallocated |
45.000 |
51.400 |
135.100 |
|
Total |
10827.500 |
11440.800 |
31763.200 |
|
Less : Inter Segment Revenue |
28.300 |
39.200 |
108.400 |
|
Net
Sales |
10799.200 |
11401.600 |
31654.800 |
|
|
|
|
|
|
2.
Segment Result (Profit
before Interest and Tax) |
|
|
|
|
a. Conductors |
134.400 |
390.700 |
926.600 |
|
b. Transformers and speciality
oils |
418.600 |
590.400 |
1445.600 |
|
c. Power/telecom cable |
29.400 |
59.300 |
24.600 |
|
d. Others |
5.300 |
3.300 |
12.900 |
|
Total |
587.700 |
1043.700 |
2409.700 |
|
|
|
|
|
|
Less
: (i) Interest |
254.900 |
489.400 |
1295.500 |
|
(ii) Other un-allocable
expenditure net off un-allocable income. |
103.700 |
98.500 |
267.700 |
|
|
|
|
|
|
Profit
before Tax |
229.100 |
455.800 |
846.500 |
|
3.
Capital Employed |
|
|
|
|
a. Conductors |
2490.700 |
2310.900 |
2490.700 |
|
b. Transformers and speciality
oils |
2343.200 |
2774.200 |
2343.200 |
|
c. Power/telecom cable |
2936.800 |
3103.700 |
2936.800 |
|
d. Others/unallocated |
881.500 |
623.200 |
881.500 |
|
Total |
8682.200 |
8812.100 |
8652.200 |
NOTES:
1.
The above standalone unaudited
financial results were reviewed by the Audit Committee of Directors on February
06, 2014 and approved by the Board of Directors at their meetings held on
February 06, 2014. The statutory auditors of the Company have carried out a
limited review of the above standalone financial results.
2. Consequent
to the amalgamation of Marine Cables & Wires Private Limited (MCWPL),
Company's wholly-owned subsidiary with the Company with effect from April 01,
2012 (the Transfer Date) and approved by the Hon'ble Board for Industrial and
Financial Reconstruction (BIFR), the results of each of the quarters from April
01, 2012, as reported have been recasted.
3. Additional information:
Key Financial
figures on consolidated basis:
(Rs. In Millions)
|
Particulars |
Nine Months
Ended 31.12.2013 (Unaudited) |
Year Ended
31.03.2013 (Audited) |
|
Revenue |
32602.200 |
46529.400 |
|
Profit before
tax |
1005.000 |
1503.000 |
|
Profit after tax
and minority interest |
696.000 |
1094.500 |
|
Basic/Diluted EPS
–in Rs. |
18.09 |
28.45 |
4. The financial results of the company are being forwarded to the stock
exchanges (BSE and NSE) for uploading on their respective websites and the same
are also made available on the company’s website.
5. Figures for
previous periods/ year have been regrouped, wherever necessary.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records 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 records 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.59.03 |
|
|
1 |
Rs.98.91 |
|
Euro |
1 |
Rs.80.34 |
INFORMATION DETAILS
|
Information
Gathered by : |
HTL |
|
|
|
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
VNT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
54 |
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.