MIRA INFORM REPORT
|
Report Date : |
11.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
SOM DISTILLERIES AND BREWERIES LIMITED |
|
|
|
|
Registered
Office : |
1A, Zee Plaza, Arjun Nagar, S.J. Enclave, Kamal Cinma Road, New Delhi
– 110 029 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
26.03.1993 |
|
|
|
|
Com. Reg. No.: |
55-052787 |
|
|
|
|
Capital Investment
/ Paid-up Capital : |
Rs.275.224
millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L74899DL1993PLC052787 |
|
|
|
|
Legal Form : |
Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject
is engaged in the business of manufacture and sale of Beverage Alcohol (Beer
and IMFL). |
|
|
|
|
No. of Employees
: |
Approximately 150 (Others on contract basis) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3675000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an
established company having satisfactory track record. Trade relations
are reported as fair. Business is active. Payment terms are reported to be
usually correct. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
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.
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 PARTED BY
|
Name : |
Mr. K.K. Tiwari |
|
Designation : |
Export Division |
|
Contact No.: |
91-755-4271271 |
|
Date : |
09.06.2014 |
LOCATIONS
|
Registered Office : |
1A, Zee Plaza, Arjun Nagar, S.J. Enclave, Kamal Cinma Road, New Delhi
– 110 029, India |
|
Tel. No.: |
91-11-26169909/ 26169712 |
|
Fax No.: |
91-11-26169712/ 26195897 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
Locality : |
Commercial |
|
|
|
|
Corporate Office : |
Som House,
23, Zone II, Maharana Pratap Nagar, Bhopal – 462 011, Madhya Pradesh, India |
|
Tel. No.: |
91-755-4278827/ 4271271 |
|
Fax No.: |
91-755-2557470 |
|
E-Mail : |
|
|
|
|
|
Factory : |
Rojra Chak, District Raisen, Madhya Pradesh, India |
|
Tel. No.: |
91-748-266244/ 266245 |
|
|
|
|
Mumbai Office : |
203, Land Mark Building, Opposite Adlab City Mall, Link Road, Andheri
(West), Mumbai – 400 061, Maharashtra, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Surjeet Lal |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Shailendra Singh Sengar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Deenanath Singh |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Guru Darshan Arora |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. K.K. Tiwari |
|
Designation : |
Export Division |
|
|
|
|
Name : |
Mr. Mayank Singh Bhadauria |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Ajay Dewan |
|
Designation : |
President (Sales) |
|
Date of Birth/Age : |
56 Years |
|
Qualification : |
Graduate In Psychology |
|
Date of Appointment : |
01.03.2013 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category of Shareholders |
No. of Shares |
% of Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2730564 |
9.92 |
|
|
3477608 |
12.64 |
|
|
6208172 |
22.56 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
6208172 |
22.56 |
|
(B)
Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
156218 |
0.57 |
|
|
|
|
|
|
1461923 |
5.31 |
|
|
19654683 |
71.41 |
|
|
41404 |
0.15 |
|
|
28225 |
0.10 |
|
|
13179 |
0.05 |
|
|
21314228 |
77.44 |
|
Total
Public shareholding (B) |
21314228 |
77.44 |
|
Total
(A)+(B) |
27522400 |
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) |
27522400 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject
is engaged in the business of manufacture and sale of Beverage Alcohol (Beer
and IMFL). |
|
|
|
|
Exports : |
|
|
Products : |
|
|
Countries : |
|
|
|
|
|
Imports : |
|
|
Products : |
|
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
L/C and Credit |
|
|
|
|
Purchasing : |
L/C and Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
|||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||
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No. of Employees : |
Approximately 150 (Others on contract basis) |
|||||||||||||||||||||||||||||||||
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Bankers : |
|
|||||||||||||||||||||||||||||||||
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|
|||||||||||||||||||||||||||||||||
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Facilities : |
Notes: LONG TERM BORROWING The company has taken
vehicle loans where interest rates vary from 8.5% to 12.75% p.a. Tenor of
these loans range from 3 to 5 years. Respective vehicles have been
hypothecated to the lending institutions for their loans. Repayment of these
loans is regular as per the fixed equated monthly instalments. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
K.C. Khanna and Company Chartered Accountants |
|
Address : |
12, Zone-II, M.P. Nagar, Bhopal – 462 011, Madhya Pradesh, India |
|
|
|
|
Associates : |
Som
Distilleries Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
35000000 |
Equity Shares |
Rs.10/- each |
Rs.350.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
27522400 |
Equity Shares |
Rs.10/- each
|
Rs.275.224
millions |
|
|
|
|
|
Notes:
Term/rights
attached to equity shares
(a) The company has one class
of equity shares having par value of Rs.10 per Share. Each shareholder is
eligible for one vote per share held. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting. In the event of liquidation, the equity shareholders are
eligible to receive the remaining assets of the company after the distribution
of all preferential amount in proportion to their shareholding.
(b) Details of Shareholders holding more than
5% Shares in the Company.
|
Name
of shareholders |
As at 31st
March, 2013 |
|
|
No. of Shares |
% |
|
|
Som
Distilleries Private Limited |
1757145 |
6.38% |
|
Jagdish
Kumar Arora |
1808917 |
6.57% |
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 |
275.224 |
275.224 |
275.224 |
|
(b) Reserves & Surplus |
643.591 |
513.109 |
392.716 |
|
(c) Money received against share warrants |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
918.815 |
788.333 |
667.940 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) Long-term borrowings |
105.254 |
104.907 |
193.579 |
|
(b) Deferred tax liabilities (Net) |
114.770 |
82.471 |
45.195 |
|
(c)
Other long term liabilities |
2.139 |
2.139 |
50.295 |
|
(d)
Long-term provisions |
0.000 |
0.000 |
4.032 |
|
Total
Non-current Liabilities (3) |
222.163 |
189.517 |
293.101 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
3.178 |
4.489 |
0.000 |
|
(b)
Trade payables |
218.993 |
335.964 |
164.965 |
|
(c)
Other current liabilities |
248.369 |
244.643 |
117.719 |
|
(d)
Short-term provisions |
111.103 |
91.625 |
69.791 |
|
Total
Current Liabilities (4) |
581.643 |
676.721 |
352.475 |
|
|
|
|
|
|
TOTAL |
1722.621 |
1654.571 |
1313.516 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i)
Tangible assets |
707.830 |
674.941 |
476.557 |
|
(ii)
Intangible Assets |
0.000 |
12.755 |
8.178 |
|
(iii)
Capital work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan
and Advances |
53.036 |
57.329 |
50.138 |
|
(e)
Other Non-current assets |
0.000 |
0.000 |
34.739 |
|
Total
Non-Current Assets |
760.866 |
745.025 |
569.612 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
1.000 |
|
(b)
Inventories |
301.308 |
362.528 |
247.795 |
|
(c)
Trade receivables |
489.891 |
416.422 |
281.068 |
|
(d)
Cash and cash equivalents |
136.102 |
85.398 |
180.055 |
|
(e)
Short-term loans and advances |
34.454 |
45.198 |
33.986 |
|
(f)
Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
961.755 |
909.546 |
743.904 |
|
|
|
|
|
|
TOTAL |
1722.621 |
1654.571 |
1313.516 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
2035.475 |
1938.282 |
1745.873 |
|
|
|
Other Income |
15.742 |
13.852 |
9.212 |
|
|
|
TOTAL (A) |
2051.217 |
1952.134 |
1755.085 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials
consumed |
1000.646 |
1054.947 |
822.630 |
|
|
|
Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(37.809) |
(71.693) |
41.921 |
|
|
|
Employee benefit expense |
40.079 |
31.361 |
28.100 |
|
|
|
Other expenses |
726.651 |
645.389 |
590.828 |
|
|
|
Exceptional items |
0.096 |
0.105 |
(0.330) |
|
|
|
TOTAL (B) |
1729.663 |
1660.109 |
1483.149 |
|
|
|
|
|
|
|
|
Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
321.554 |
292.025 |
271.936 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1.021 |
1.280 |
25.143 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
320.533 |
290.745 |
246.793 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
46.287 |
35.953 |
29.887 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
274.246 |
254.792 |
216.906 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
96.288 |
102.412 |
65.508 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
177.958 |
152.380 |
151.398 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports of goods
calculated on FOB basis |
|
|
|
|
|
|
- Direct |
11.397 |
15.698 |
20.822 |
|
|
|
- Indirect |
10.710 |
34.613 |
0.843 |
|
|
|
Others |
0.000 |
0.000 |
0.241 |
|
|
TOTAL EARNINGS |
22.107 |
50.311 |
21.906 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw & Packing Materials |
5.674 |
5.340 |
4.411 |
|
|
|
Components and Spare Parts |
24.038 |
6.666 |
3.146 |
|
|
TOTAL IMPORTS |
29.712 |
12.006 |
7.557 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
6.47 |
5.54 |
5.50 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
8.68 |
7.81 |
8.63 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
13.47 |
13.15 |
12.42 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
15.92 |
15.40 |
16.51 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.30 |
0.32 |
0.32 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.12 |
0.14 |
0.29 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.65 |
1.34 |
2.11 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns.) |
(INR in Mlns.) |
(INR in Mlns.) |
|
Share Capital |
275.224 |
275.224 |
275.224 |
|
Reserves & Surplus |
392.716 |
513.109 |
643.591 |
|
Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
|
Net worth |
667.940 |
788.333 |
918.815 |
|
|
|
|
|
|
Long-term borrowings |
193.579 |
104.907 |
105.254 |
|
Short term borrowings |
0.000 |
4.489 |
3.178 |
|
Total borrowings |
193.579 |
109.396 |
108.432 |
|
Debt/Equity ratio |
0.290 |
0.139 |
0.118 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations |
1745.873 |
1938.282 |
2035.475 |
|
|
|
11.021 |
5.014 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(INR in Mlns) |
(INR in Mlns) |
(INR in Mlns) |
|
Revenue from operations |
1745.873 |
1938.282 |
2035.475 |
|
Profit |
151.398 |
152.380 |
177.958 |
|
|
8.67% |
7.86% |
8.74% |
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 |
No |
|
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] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
|
Unsecured Loans |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
LONG TERM BORROWING |
|
|
|
Loan and Deposits |
|
|
|
Inter
Corporate Deposit (The
unsecured Inter Corporate Deposit outstanding as on 31st March,
2013 has been fully paid off as on the date of singing of the Balance Sheet.)
|
102.270 |
102.270 |
|
Total
|
102.270 |
102.270 |
COMPANY INFORMATION
Subject is a Public company
domiciled in India and incorporated under the provisions of the Companies Act, 1956.
Its shares are listed on the Bombay Stock Exchange (BSE). The Company is
engaged in the manufacture and sale of Beer and IMFL. The Company is a market
leader in Beer in the state of Madhya Pradesh. The Company caters to both
domestic and international markets.
WORKING RESULTS
Total
Income of the Company for the year 2012-13 increased by 5.1% to Rs.2051.200
millions during the year, The Company is now laying greater emphasis on own
brand building with less reliance on contract manufacturing, This has resulted
in contract manufacturing share in total sales falling from 17% in 2011-12 to
5% in 2012-13.
Other
operating income increased by 13.65%. This includes income from selling malt, a
component used in manufacturing of Beer, Other expenses increased by 12.65% in
2012-13 primarily due to cost incurred on technological up gradation of
equipments, ENA prices are experiencing upward pressure due to decline in sugar
production and competing ethanol demand, SOM is consistently maintaining
average EBITDA margins of about 15%. The Profit after Tax increased by 16.73%
in 2012-13.
The
company does not have any long term secured debt outstanding on its books, The
Company has been managing its cycle of debtors and creditors very well with
minimal requirement of working capital.
MANAGEMENT DISCUSSION AND ANALYSIS
Beer
industry in India is in highly progressive phase and is expanding at an
annualized rate of 13-13.5%. At present, the total market size is estimated at
70 million cases of 12 bottles of 650 ml. in India. India being the second most
populous country in the world, potential in absolute number is huge. The per
capita consumption of beer is only about 2 litres as against over 100 litres in
the developed countries.
The
product of the company is one of the best qualities produced in India and the
company has got an excellent plant with rarely available canning facility in
the country. Company is also the sole player of Draught Beer in the MP market.
The brands
of the company are well accepted in the market, like Hunter Premium Extra
Strong Beer, Can Beer, and Draught Beer. In MP, the present market share of the
company in strong beer segment is around 27%. With adequate working capital
support it is expected that in coming years the market share in beer segment
will be 36% in M.P.
Due to
encouraging response and demand for company's product, company has recently
expanded its plant capacity from 3 lacs hecto litres to 6 lacs hecto litres by
spending Rs.320.000 millions for its CAPEX. All the major plant and machinery
have been imported from world leaders like Alfa Laval of Sweden, and Krones and
KHS of Germany.
With
this capex project, the company has upgraded the plant by adding PC/PLC Control
process section from Alfa Laval and Krones and KHS Bottling line of 21000
bottles per hour. Similarly, Quality Control laboratory has been upgraded with
imported equipments to make the brewery latest and ultramodern.
With the
enhancement of plant capacity and the fact that all the product brands are well
accepted by the people in India and abroad, the company is poised to take a
quantum leap in sales growth. The company is currently operating in premium
lager and Super Strong beer segments.
The
Company is associated with United Breweries (UB) as franchisee partner and
recently added Cobra Beer Limited, London as franchisee partner and started
bottling their products in brewery.
The
Company is already having extensive marketing and distribution network through
its own depots in the state of Maharashtra, Madhya Pradesh, Delhi and Bihar. In
other States, it has tie-ups with local distributors and marketing agents.
Company has recently started in Haryana, Tamil Nadu, Pondicherry, Andhra
Pradesh and Daman and Diu. Company is also exporting its products to USA, South
Korea and Africa etc. and its Export turnover is also increasing.
The
company is confident that it will be able to utilize its increased brewing
capacity and in coming time its highly developed distribution system will
benefit the company in spanning its products and brands in every nook and
corner of the country.
AWARDS AND RECOGNITION
Subject
has been recently recognized as one of the top 100 India’s fastest growing
companies by Inc. India 500.
CONTINGENT LIABILITIES
Claims against the Company not acknowledged
as debts.
|
Particulars |
31.03.2013 (Rs.
in Millions) |
31.03.2012 (Rs.
in Millions) |
|
(i)
Disputed Entry Tax demands |
4.894 |
0.894 |
|
(ii)
Guarantees given by Bankers on behalf of the Company not provided for |
0.900 |
0.825 |
|
(iii)
Estimated amount of contracts remaining to be executed on capital account and
not provided for |
29.300 |
65.000 |
STATEMENT OF
AUDITED FINANCIAL RESULTS FOR THE YEAR ENDED MARCH 31, 2014
(Rs.
in millions)
|
Particulars |
Quarter Ended |
Year Ended |
|
|
31.03.2014 |
31.12.2013 |
31.03.2014 |
|
|
|
(Unaudited) |
(Unaudited) |
(Audited) |
|
1. a. Income from Operations |
|
|
|
|
Revenue from Operations
(Gross) |
405.161 |
383.884 |
1941.619 |
|
Less: Excise Duty |
8.253 |
8.676 |
38.894 |
|
Revenue from Operations
(Net) |
396.908 |
375.208 |
1902.725 |
|
b. Other Operating Income |
10.291 |
2.728 |
18.574 |
|
Total Income from Operations
(Net) |
407.199 |
377.936 |
1921.299 |
|
|
|
|
|
|
2. Expenditure |
|
|
|
|
a. Cost of materials
consumed |
185.285 |
151.980 |
798.764 |
|
b. Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(25.646) |
15.065 |
78.386 |
|
c. Power and Fuel |
15.020 |
14.930 |
67.205 |
|
d. Employee Benefits
Expense |
18.163 |
7.948 |
48.299 |
|
e. Transport, Clearing
& Forwarding charges |
22.469 |
13.442 |
77.192 |
|
f. Depreciation and
Amortization Expenses |
13.305 |
11.637 |
48.085 |
|
g. Other Expenses |
119.786 |
115.990 |
546.866 |
|
Total Expenditure |
348.381 |
330.992 |
1664.796 |
|
3. Profit/ (Loss) from
Operations before Other Income, Finance Costs and Exceptional Items (1-2) |
58.818 |
46.944 |
256.503 |
|
4. Other Income |
0.000 |
0.000 |
0.000 |
|
5. Profit/ (Loss) before
Finance Costs and Exceptional Items (3+4) |
58.818 |
46.944 |
256.503 |
|
6. Finance Costs |
1.384 |
0.083 |
1.679 |
|
7. Profit/ (Loss) after Finance
Costs but before Exceptional Items (5-6) |
57.434 |
46.861 |
254.824 |
|
8. Exceptional items |
0.000 |
0.000 |
0.000 |
|
9. Profit/ (Loss) from
Ordinary Activities before tax (7-8) |
57.434 |
46.861 |
254.824 |
|
10. Tax Expenses |
0.628 |
9.267 |
51.812 |
|
11. Profit/ (Loss) from
Ordinary Activities after tax (9-10) |
56.805 |
37.594 |
203.011 |
|
12. Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
13. Net Profit(+)/ Loss
(-) for the period (11-12) |
56.805 |
37.594 |
203.011 |
|
14. Paid-up Equity Share
Capital (Face value Rs.10 each) |
275.224 |
275.224 |
275.224 |
|
15. Reserves (excluding
Revaluation Reserves) |
-- |
-- |
-- |
|
16. Earnings Per Share
(EPS) (Rs.) (before/ after extraordinary items) |
|
|
|
|
a. Basic and Diluted |
2.06 |
1.37 |
7.38 |
|
b. Cash |
2.06 |
1.37 |
7.38 |
|
|
|
|
|
|
A PARTICULARS OF SHAREHOLDING |
|
|
|
|
Public
Shareholding: |
|
|
|
|
- Number of Shares |
21314228 |
21367717 |
21314228 |
|
- Percentage of Shareholding |
77.44 |
77.64 |
77.44 |
|
- Promoters and Promoter Group Shareholding: |
|
|
|
|
Pledged/Encumbered |
|
|
|
|
- Number of Shares |
Nil |
Nil |
Nil |
|
- Percentage of Shares (as a % of the total shareholding of promoter
and promoter group) |
Nil |
Nil |
Nil |
|
- Percentage of Shares (as a % of the total share capital of the
company) |
Nil |
Nil |
Nil |
|
Non-encumbered |
|
|
|
|
- Number of Shares |
6208172 |
6154683 |
6208172 |
|
- Percentage of Shares (as a % of the total shareholding of promoter
and promoter group) |
22.56 |
22.36 |
22.56 |
|
- Percentage of Shares (as a % of the total share capital of the
company) |
100.00 |
100.00 |
100.00 |
|
Items |
3 Months Ended |
|
31.03.2014 |
|
|
Investor Complaints |
|
|
Pending at the beginning
of the quarter |
Nil |
|
Received during the
quarter |
1 |
|
Disposed off during the
quarter |
1 |
|
Remaining unresolved at
the end of the quarter |
Nil |
STATEMENT OF ASSETS AND LIABILITIES AS AT MARCH 31,
2014
(Rs.
in millions)
|
Particulars |
As at |
|
March 31,
2014 |
|
|
Audited |
|
|
EQUITY AND LIABILITIES |
|
|
Shareholders' Funds: |
|
|
-
Share Capital |
275.200 |
|
-
Reserves and Surplus |
798.300 |
|
Sub-total -
Shareholders' funds |
1073.500 |
|
|
|
|
Non-current liabilities |
|
|
-
Long-term borrowings |
54.200 |
|
-
Deferred Tax Liabilities (Net) |
115.600 |
|
-
Other Long Term Liabilities |
2.300 |
|
-
Long Term Provisions |
0.000 |
|
Sub-total -
Non-current liabilities |
172.100 |
|
|
|
|
Current liabilities |
|
|
-
Short-term borrowings |
3.300 |
|
-
Trade payables |
174.300 |
|
-
Other current liabilities |
140.400 |
|
-
Short-term provisions |
87.300 |
|
Sub-total - Current
liabilities |
405.300 |
|
|
|
|
TOTAL -
EQUITY AND LIABILITIES |
1650.900 |
|
|
|
|
ASSETS |
|
|
Non-Current assets |
|
|
-
Fixed
Assets |
674.200 |
|
-
Other non-current assets |
0.000 |
|
-
Long-term loans and advances |
53.800 |
|
Sub-total -
Non-Current assets |
728.000 |
|
|
|
|
Current assets |
|
|
-
Current investments |
0.000 |
|
-
Inventories |
153.800 |
|
-
Trade receivables |
337.300 |
|
-
Cash and Bank Balances |
63.500 |
|
-
Short-term loans and advances |
368.300 |
|
-
Other current assets |
0.000 |
|
Sub-total -
Current assets |
922.900 |
|
|
|
|
TOTAL -
ASSETS |
1650.900 |
Notes:
1. Audited financial results for the year ended 31st March 2014 reviewed
by the audit committee were taken on record at the board meeting held on 30th
May, 2014.
2. Previous period figures have been regrouped and or reclassified wherever
necessary.
FIXED ASSETS:
·
Land (Freehold) and Site
Development
·
Buildings and Civil Works
·
Plant and Machinery
·
Furniture and Fixtures
·
Office Equipments
·
Vehicles
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.59.26 |
|
|
1 |
Rs.99.63 |
|
Euro |
1 |
Rs.80.59 |
INFORMATION DETAILS
|
Information Gathered
by : |
PLK |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
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 |
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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
53 |
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.