MIRA INFORM REPORT
|
Report Date : |
16.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
SAINT-GOBAIN SEKURIT INDIA LIMITED |
|
|
|
|
Registered
Office : |
T-94-95, Bhosari Industrial Estate, Bhosari, Pune – 411 026,
Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
13.11.1973 |
|
|
|
|
Com. Reg. No.: |
11-018367 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 911.057 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L26101MH1973PLC018367 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Subject is engaged in business of automotive glass. |
|
|
|
|
No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 2900000 |
|
|
|
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow but correct |
|
|
|
|
Litigation : |
Clear |
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|
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|
Comments : |
Subject is an established company having moderate track record. The company has incurred an accumulated loss during the financial year
2013. However, trade relations are reported to be fair. Business is active.
Payment terms are reported to be slow but correct. The company can be considered for business dealings with some
cautions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 (GENERAL DETAILS)
|
Name : |
Ms. Sangeeta |
|
Designation : |
Account Executive |
|
Contact No.: |
91-20-66311600 |
|
Date : |
14.06.2014 |
LOCATIONS
|
Registered Office / Head Office / Factory 1 : |
T-94-95, Bhosari Industrial Estate, Bhosari, Pune – 411
026, Maharashtra, India |
|
Tel. No.: |
91-20-27120047 / 66311600 |
|
Fax No.: |
91-20-66311666 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
|
|
|
Factory 2 : |
Plot No. 621, Village Kuruli, Pune - Nashik Road, Chakan,
Pune - 410 501. Maharashtra, India |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. A.Y. Mahajan |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. M.G. Ramakrishna |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Padmanabha Shetty |
|
Designation : |
Director |
|
|
|
|
Name : |
A. Dinakar |
|
Designation : |
Managing Director |
KEY EXECUTIVES
|
Name : |
Mrs. Madhura M. Joshi |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Ms. Sangeeta |
|
Designation : |
Account Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2014
|
Category
of Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
12515749 |
13.74 |
|
|
12515749 |
13.74 |
|
|
|
|
|
|
55813526 |
61.26 |
|
|
55813526 |
61.26 |
|
Total shareholding of Promoter and Promoter Group (A) |
68329275 |
75.00 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1300 |
0.00 |
|
|
1700 |
0.00 |
|
|
3000 |
0.00 |
|
|
|
|
|
|
3777070 |
4.15 |
|
|
|
|
|
|
9382952 |
10.30 |
|
|
8902406 |
9.77 |
|
|
710997 |
0.78 |
|
|
416972 |
0.46 |
|
|
294025 |
0.32 |
|
|
22773425 |
25.00 |
|
Total Public shareholding (B) |
22776425 |
25.00 |
|
Total (A)+(B) |
91105700 |
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) |
91105700 |
0.00 |
|
|
2332123 |
0.11 |
|
|
490 |
0.00 |
|
|
8846900 |
0.40 |
|
|
230620422 |
10.44 |
|
Total Public shareholding (B) |
1269928532 |
57.46 |
|
Total (A)+(B) |
2209984737 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
526720980 |
0.00 |
|
|
526720980 |
0.00 |
|
Total (A)+(B)+(C) |
2736705717 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
Sl.No. |
Name of the
Shareholder |
Details of Shares held |
Total shares (including
underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
|
|
|
No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
|
|
1 |
Saint Gobain Sekurit S A France |
5,58,13,526 |
61.26 |
61.26 |
|
2 |
Saint Gobain Glass India Limited |
1,25,15,749 |
13.74 |
13.74 |
|
|
Total |
6,83,29,275 |
75.00 |
75.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in business of automotive glass. |
|
|
|
|
Imports : |
|
|
Products : |
Raw Materials |
|
Countries : |
|
|
|
|
|
Terms : |
|
|
Selling : |
L/C/ Credit / Dealers |
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|
|
|
Purchasing : |
L/C/ Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
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No. of Employees : |
200 (Approximately) |
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Bankers : |
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|||||||||||||||
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|||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|||||||||||||||
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|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
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|
|
|
Ultimate Holding
Company : |
Compagnie de Saint-Gobain, France |
|
|
|
|
Holding Company : |
Saint-Gobain Sekurit S.A. France |
|
|
|
|
Entity in respect
of which the Company is an Associate : |
Saint-Gobain Glass India Limited, India |
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|
|
|
Fellow Subsidiaries
: |
|
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
92000000 |
Equity Shares |
Rs.10/- each |
Rs.920.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
91105700 |
Equity Shares |
Rs.10/- each |
Rs.911.057 Millions |
|
|
|
|
|
Rights, preferences
and restrictions attached to the shares
Equity Shares:
The Company has one class of equity shares having a 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, except in case of interim dividend. In the event of liquidation, the equity shareholders are eligible to receive the remaining assets of the Company after distribution of all preferential amounts, in proportion to their shareholding.
Reconciliation of the
number of shares outstanding at the beginning and at the end of the year:
|
|
No. of shares |
Rs. In Millions |
|
Equity shares |
|
|
|
No. of shares outstanding at the beginning of the year |
91,105,700 |
911.057 |
|
Add: Additional shares issued during the year |
|
|
|
Less: Shares Redeemed during the year |
|
|
|
No. of shares outstanding at the end of the year |
91,105,700 |
911.057 |
Shares held by
holding company and subsidiary of ultimate holding company:
|
Particulars |
Number of shares |
|
Equity Shares: |
|
|
Saint-Gobain Sekurit S.A., France |
55,813,526 |
|
Saint-Gobain Glass India Limited |
22,325,410 |
Number of shares held
by each shareholder holding more than 5% shares in the Company are as follows:
|
Particulars |
Number of shares |
|
Equity Shares: |
|
|
Saint-Gobain Sekurit S.A., France |
55,813,526 |
|
Saint-Gobain Glass India Limited |
22,325,410 |
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 |
911.057 |
911.057 |
911.057 |
|
(b) Reserves & Surplus |
(179.479) |
(185.951) |
(254.351) |
|
(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) |
731.578 |
725.106 |
656.706 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
20.733 |
18.518 |
15.883 |
|
Total Non-current
Liabilities (3) |
20.733 |
18.518 |
15.883 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
61.855 |
43.969 |
2.820 |
|
(b) Trade
payables |
151.819 |
115.686 |
132.830 |
|
(c) Other
current liabilities |
113.442 |
91.118 |
55.336 |
|
(d) Short-term
provisions |
3.723 |
12.937 |
10.945 |
|
Total Current
Liabilities (4) |
330.839 |
263.710 |
201.931 |
|
|
|
|
|
|
TOTAL |
1083.150 |
1007.334 |
874.520 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
621.819 |
572.690 |
464.468 |
|
(ii) Intangible
Assets |
0.000 |
0.728 |
1.815 |
|
(iii)
Capital work-in-progress |
46.285 |
77.459 |
4.522 |
|
(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) |
4.871 |
20.421 |
53.247 |
|
(d) Long-term Loan and Advances |
46.435 |
50.912 |
58.821 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
719.410 |
722.210 |
582.873 |
|
|
|
|
|
|
(2) Current
assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
17.862 |
|
(b)
Inventories |
131.801 |
101.818 |
86.966 |
|
(c) Trade
receivables |
183.195 |
138.932 |
169.807 |
|
(d) Cash
and cash equivalents |
12.778 |
4.911 |
2.262 |
|
(e) Short-term
loans and advances |
24.750 |
22.877 |
14.417 |
|
(f) Other
current assets |
11.216 |
16.586 |
0.333 |
|
Total
Current Assets |
363.740 |
285.124 |
291.647 |
|
|
|
|
|
|
TOTAL |
1083.150 |
1007.334 |
874.520 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1085.552 |
1042.111 |
939.447 |
|
|
|
Other Income |
9.151 |
11.364 |
5.480 |
|
|
|
TOTAL (A) |
1094.703 |
1053.475 |
944.927 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
510.378 |
495.772 |
469.165 |
|
|
|
Purchases of Stock-in-Trade |
0.103 |
3.551 |
11.041 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(25.001) |
(7.441) |
(4.529) |
|
|
|
Employees benefits expense |
99.105 |
80.424 |
75.322 |
|
|
|
Other expenses |
397.384 |
299.585 |
227.161 |
|
|
|
TOTAL (B) |
981.969 |
871.891 |
778.160 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
112.734 |
181.584 |
166.767 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
2.919 |
4.947 |
4.104 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
109.815 |
176.637 |
162.663 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
87.793 |
75.411 |
60.288 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
22.022 |
101.226 |
102.375 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
15.549 |
32.826 |
2.319 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
6.473 |
68.400 |
100.056 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
176.229 |
173.389 |
164.638 |
|
|
|
Components and Spares |
11.695 |
7.263 |
4.721 |
|
|
|
Capital Goods |
50.186 |
179.612 |
27.082 |
|
|
TOTAL IMPORTS |
238.110 |
360.264 |
196.441 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
0.07 |
0.75 |
1.10 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
0.59 |
6.49 |
10.59 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.03 |
9.71 |
10.90 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.13 |
11.13 |
12.53 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03 |
0.14 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.08 |
0.06 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.10 |
1.08 |
1.44 |
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 |
911.057 |
911.057 |
911.057 |
|
Reserves & Surplus |
(254.351) |
(185.951) |
(179.479) |
|
Net
worth |
656.706 |
725.106 |
731.578 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
2.820 |
43.969 |
61.855 |
|
Total
borrowings |
2.820 |
43.969 |
61.855 |
|
Debt/Equity
ratio |
0.004 |
0.061 |
0.085 |
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 |
939.447 |
1042.111 |
1085.552 |
|
|
|
10.928 |
4.169 |
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 |
939.447 |
1042.111 |
1085.552 |
|
Profit |
100.056 |
68.400 |
6.473 |
|
|
10.65% |
6.56% |
0.60% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT: NOT AVAILABLE
|
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] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
GENERAL INFORMATION:
Subject is engaged primarily in business of automotive glass. The Company has two manufacturing plants in Pune at Bhosari and Chakan and sells primarily in India. The Company is a public limited company and is listed on the Stock Exchange, Mumbai (BSE).
OPERATIONS:
The automotive sector has witnessed a decline in growth for the year, due to a combination of adverse factors like high interest rates, high fuel prices and an inflationary economy, all of which have depressed the sentiment for new car purchases. During the year, the Company’s sales increased by 6%; this was achieved largely due to the increase in prices which were obtained from various OEMs. The operations at both Chakan and Bhosari plant continues to make progress in technical performance and manufacturing efficiencies. With significant inputs from the parent company’s international technical assistance teams, the company expects to improve its operational efficiencies even more in the coming years. The year also witnessed very high input cost increases which adversely affected margins and profits of the Company.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
GENERAL REVIEW:
Subject is a subsidiary of Saint-Gobain Sekurit S. A. France, which is a part of Compagnie de Saint-Gobain, a transnational Group with its headquarters in Paris and with sales of Euros 43.2 billion for the year 2012. Saint-Gobain’s businesses fall into five broad sectors of activity: Construction Products, Flat Glass, Packaging, Building Distribution and High Performance Materials. SGSIL’s business is a part of Flat Glass sector. SGSIL is in the business of processing of glasses to cater to the Automobile sector.
A brief outline and a
review of Company’s business are provided below:
1. Automotive
Segment:
(i) Products and
Plants:
Automotive Glasses are glasses fitted in the body of all automobile. Typically, these glasses are either Laminated or Tempered. All windshields are Laminated and other glasses (Backlites and Sidelites) are Tempered. SGSIL has two plants, one at Bhosari and the other at Chakan, near Pune. Both these plants were surveyed for ISO 14001: 2004 and recertified and upgraded to OHSAS 18001. The Laminated Glasses are manufactured in Chakan while the Tempered Glasses are produced in Bhosari.
(ii) Industry:
Broadly, there are two distinct market segments – Automobile manufacturers (OEM) and the Replacement Market. There is only one major player, other than SGSIL, supplying to the Automobile manufacturers. However there are quite a few small players in the Replacement market.
(iii) Broad
Characteristics of the Business:
- High Entry Barrier in the form of High Capital Investment.
- Complete dependency on the Auto sector.
- Key success factors are quality, cost, capability to supply in full car sets to Automobile manufacturer and proximity to customers.
Overall Performance:
During the year, the Company’s sales increased by 6%. All relevant segments except 3-wheelers, saw negative growth.
During the last few years, the Company has taken several initiatives to improve its competitiveness and quality of its products. The plants at Bhosari and Chakan were modernised. The operations of the Company were restructured and rationalised. There was sustained focus on operational efficiencies which has yielded positive results. Due to volumes being flat and the steep increase in the input costs (especially, electricity), staff costs and expenses during the year , the Company’s operating profit reduced substantially from Rs. 101.200 Millions in the previous year ended 31st March, 2012 to Rs. 2200.000 Millions in the current year ended 31st March, 2013 registering a sharp decline of 79%.
CONTINGENT
LIABILITIES:
Rs. In Millions
|
Particulars |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
Bills discounted not matured |
47.284 |
39.364 |
|
Claims against the Company not acknowledged as debts |
0.000 |
0.183 |
|
Disputed Central Excise Duty Service Tax |
20.287 |
19.879 |
|
Sales Tax Matters |
2.285 |
3.460 |
|
Octroi |
0.056 |
0.056 |
|
Total |
69.912 |
62.942 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
90084516 |
26/08/1996 |
10,000,000.00 |
UNION BANK OF INDIA |
KASARWADI BRANCH, PUNE, MAHARASHTRA - 411034, INDIA |
- |
|
2 |
90084511 |
12/08/1996 |
60,000,000.00 |
UNION BANK OF INDIA |
KASARWADI BRANCH, PUNE, MAHARASHTRA - 411034, INDIA |
- |
|
3 |
90084384 |
02/02/1996 |
20,000,000.00 |
ICICI BANKING CORPORATION LIMITED. |
MEGHADHANUSH, 1ST FLOOR; RACE COURCE CIRCLE; ALKA |
- |
|
4 |
90084347 |
11/11/1995 |
60,000,000.00 |
SOCIETE GENERALE MAKER CHAMBERS-IV |
NARIMAN POINT, BOMBAY, MAHARASHTRA - 400021, INDIA |
- |
|
5 |
90083995 |
26/08/1996 * |
11,000,000.00 |
UNION BANK OF INDIA |
KASARWADI BRANCH, PUNE, MAHARASHTRA - 411034, INDIA |
- |
|
6 |
90083982 |
28/06/1993 |
84,500,000.00 |
UNION BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, G-39; CONNAUGHT CIRCLE, NEW DELHI, DELHI - 110001, INDIA |
- |
|
7 |
90083908 |
16/10/1992 |
11,000,000.00 |
UNION BANK OF INDIA |
KASARWADI BRANCH, PUNE, MAHARASHTRA - 411034, INDIA |
- |
|
8 |
90083640 |
15/12/1989 |
3,000,000.00 |
UNION BANK OF INDIA |
KASARWADI BRANCH, PUNE, MAHARASHTRA - 411034, INDIA |
- |
|
9 |
90083585 |
01/03/1989 * |
1,500,000.00 |
THE MAHARASHTRA STATE FINANCIAL CORPORATION |
NEW EXCELSIOR BUILDING, A.K. NAYAK MARG; FORT, BO |
- |
|
10 |
90083512 |
28/01/1988 |
1,550,000.00 |
THE MAHARASHTRA STATE FINANCIAL CORPORATION |
NEW EXCELSIOR BUILDING; 7;8 AND 9TH FLOORS, A.K. |
|
|
11 |
90083406 |
11/09/1985 |
155,000.00 |
UNION BANK OF INDIA |
LEELA CHAMBERS; 3RD FLOOR, ARYANESHWAR CORNER; POONA-SATRA-ROAD, POONA, MAHARASHTRA - 411037, INDIA |
- |
|
12 |
90082316 |
25/06/1984 |
1,000,000.00 |
THE MAHARASHTRA STATE FINANCIAL CORPORATION |
NEW EXCELIOR BUILDING, 7;8 and 9TH FLOORS; A.K. NAYAK MARG; FORT, BOMBAY, MAHARASHTRA - 400001, INDIA |
- |
|
13 |
90083338 |
21/05/1983 |
965,000.00 |
THE MAHARASHTRA STATE FINANCIAL CORPORATION |
NEW EXCELSIOR BUILDING; 7;8 and 9TH FLOORS, A.K. NAYAK
MARG; FORT, BOMBAY, MAHARASHTRA - 400001, INDI |
- |
|
14 |
90082310 |
26/06/1980 |
480,000.00 |
THE MAHARASHTRA STATE FINANCIAL CORPN. |
NEW EXCELSIOR BUILDING, A.K. NAYAK MARG; FORT, BOMBAY, MAHARASHTRA - 400001, INDIA |
- |
|
15 |
90083228 |
21/06/1979 |
250,000.00 |
UNION BANK OF INDIA |
KASARWADI BRANCH, PUNE, MAHARASHTRA - 411034, INDIA |
- |
|
16 |
90083215 |
16/10/1978 |
150,000.00 |
UNION BANK OF INDIA |
KASARWADI BRANCH, PUNE, MAHARASHTRA - 411034, INDIA |
- |
|
17 |
90083204 |
05/04/1978 |
500,000.00 |
UNION BANK OF INDIA |
KASARWADI BRANCH, PUNE, MAHARASHTRA - 411034, INDIA |
- |
|
18 |
90083191 |
28/03/1989 * |
300,000.00 |
UNION BANK OF INDIA |
LEELA CHAMBERS, ARANYESHWAR CORNER; PUNE-SATARA ROAD, PUNE, MAHARASHTRA - 411037, INDIA |
- |
|
19 |
90093499 |
23/06/1975 |
920,000.00 |
THE MAHARASHTRA STATE FINANCIAL CORPORATION |
DHARMADAYA AYUKTA BHAVAN; 83, DR. ANNIE BASANT ROAD; WORLI, BOMBAY, MAHARASHTRA - 400018, INDIA |
- |
* Date of charge modification
FIXED ASSETS
- Land
- Buildings
- Plant and Machinery
- Furniture and Fixtures
- Vehicles
- Computers
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.59.47 |
|
|
1 |
Rs.100.93 |
|
Euro |
1 |
Rs.80.71 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
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 |
|
28 |
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.