MIRA INFORM REPORT
|
Report Date : |
25.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
SHETRON LIMITED |
|
|
|
|
Formerly Known
As : |
SHETRON METALS
LIMITED |
|
|
|
|
Registered
Office : |
Plot No. 1,
Bommasandra Industrial Area, |
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|
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|
Country : |
India |
|
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|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
09.06.1980 |
|
|
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|
Com. Reg. No.: |
08-003842 |
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Capital
Investment / Paid-up Capital : |
Rs.90.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L21014KA1980PLC003842 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
BLRSO1805G BLRS02308F |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCS9650F |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
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|
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Line of Business
: |
Manufacturer of Metal Packaging. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B (29) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
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|
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Litigation : |
Exist |
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|
Comments : |
Subject is an established company having moderate track record. Profitability of the company is under pressure. Company has incurred
loss from its operation in the year 2013. However, trade relation are fair. Business is active. Payment terms
are slow. The company can be considered for business dealing with great caution.
|
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
N E W S
The economy grew 4.7 %in 2013/14, marking a second
straight year of sub-5 % growth – the worst slowdown in more than a quarter of
a century. The data was below an official estimate of 4.9 % annual growth and
compared with 4.5 % in the last fiscal year. However, the current account
deficit narrowed sharply to $ 32.4 billion at 1.7 % of gross domestic product,
in 2013/14 from a record high of $ 98.8 billion or 4.7 %, the year before.A
sharp fall in gold imports due to restrictions on overseas purchases and muted
import of capital goods helped shrink the current account deficit.
Online retailer Flipkart has acquired fashion
portal Myntra as it prepares to battle with the rapidly expanding India arm of
the global e-commerce giant Amazon. The company raised $ 210 million from
Russian Investment firm DST Global which has also invested in companies like
Facebook, Twitter and Alibaba Group.
General Motors will start exporting vehicles
from its Talegaon plant near Pune in the second half of 2014. GM was one of the
few global carmakers that was using its India plant only for the domestic
market.
Google has overtaken Apple as the world’s top
brand in terms of value, according to global market research agency Millward
Brown. Google’s brand value shot up 40 % in a year to $ 158.84 billion. The top
10 of the 100 slots were dominated by US companies.
Infosys lost another heavy weight when B G
Srinivas, a board member put in his papers. He is the third CEO-hopeful to quit
after Chairman N R Narayana Murthy’s return to the company – Ashok Vemuri and V
Balakrishnan being the other two.While Vemuri went on to lead IGate,
Balakrishnan joined politics.
Naresh Goyal – promoted Jet Airways posted
biggest quarterly loss – Rs 2153.37 crore – in the three months ended March 31,
mainly because it has been offering discounts to passengers to fill planes.
William S Pinckney – Chairman and CEO of
Amway India was arrested by the Andhra Pradesh Police in connection with a
complaint against the direct selling firm. This is the second time that he has
been taken into custody. A year, ago the Kerala Police had arrested Pinckney
and two company directors on charges of financial irregularities.
China has told its state-owned enterprises to
sever links with American consulting firms after the United States charged five
Chinese military officers wih hacking US companies. China’s action which
targets consultancies like McKinsey & Co. and the Boston Consulting Group,
sterns from fears that the first are providing trade secrets to the US
governments.
India has emerged as a country with some of
the highest unregistered businesses in the world. Indonesia has the maximum
number of shadow businesses, says a study of 68 countries by Imperial College
Business School in London.
Pfizer has abandoned its attempt to buy
AstraZeneca for nearly $ 118 billion after the latter refused an offer of 55
pounds a share.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
FITCH |
|
Rating |
D (Long Term Rating) |
|
Rating Explanation |
Lowest credit quality and very low prospects
of recovery. |
|
Date |
September 13, 2012 |
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 DENIED
Management Non Co-Operative (91-80-22268920)
LOCATIONS
|
Registered Office/ Factory 1: |
Plot No. 1,
Bommasandra Industrial Area, |
|
Tel. No.: |
91-80-2226 8920 /
2226 8921 / 7832290 / 1 / 2 / 46 / 27832290 |
|
Fax No.: |
91-80-2225 8285 /
7832293 |
|
E-Mail : |
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|
Website : |
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|
Corporate Office |
A/6, M.I.D.C.
Road 5, Ramakrishna Mandir Road, Chakala,
Andheri [East], Mumbai – 400093,
Maharashtra, India |
|
Tel. No.: |
91-22-2832 6228 /
2832 8609 |
|
Fax No.: |
91-22- 2837 2145 |
|
E-Mail : |
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|
|
|
|
Head Office : |
26/3A, |
|
Tel. No.: |
91-80-226 8920 /
21 |
|
Fax No.: |
91-80-225 8285 |
|
E-Mail : |
|
|
|
|
|
Factory 2 : |
Asangaon Mumbai-Nasik Highway,
Post Vasind, Taluk Shahapur, Dist Thane - 421604, Maharashtra, India |
|
Tel. No.: |
91-952527-220097/220521 |
|
Fax No.: |
91-952527-220520 |
DIRECTORS
As on: 31.03.2013
|
Name : |
Mr. Divakar Sanku Shetty |
|
Designation : |
Executive Chairman |
|
Address : |
Divya R.S. Jain Marg, Gandhigram Road, Juhu, Mumbai – 400049, Maharashtra, India |
|
Date of Birth/Age : |
03.06.1943 |
|
Qualification : |
B.Com. |
|
PAN No.: |
AAJPS9636B |
|
Date of Appointment : |
09.06.1980 |
|
DIN No.: |
00432755 |
|
|
|
|
Name : |
Mr. Karitik Nayak |
|
Designation : |
Managing Director |
|
Address : |
Divya R.S. Jain Marg, Gandhigram Road, Juhu, Mumbai – 400049, Maharashtra, India |
|
Date of Birth/Age : |
03.03.1967 |
|
Qualification : |
M.S. (Industrial Engineering) |
|
PAN No.: |
ABEPN0021D |
|
Date of Appointment : |
01.04.1999 |
|
DIN No.: |
00477686 |
|
|
|
|
Name : |
Mr. Babugowda Sanganagowda Patil |
|
Designation : |
Director |
|
Address : |
No.143, 10th Main Sthcrosrmv Extension, Bangalore – 560080, Karnataka, India |
|
Date of Birth/Age : |
20.03.1967 |
|
Date of Appointment : |
16.12.1987 |
|
DIN No.: |
00061959 |
|
|
|
|
Name : |
Dr. Madegowda Mahadeviah |
|
Designation : |
Director |
|
Address : |
Divya R.S. Jain Marg, Gandhigram Road, Juhu, Mumbai – 400049, Maharashtra, India |
|
Date of Birth/Age : |
15.05.1939 |
|
Date of Appointment : |
30.10.2006 |
|
DIN No.: |
02573037 |
KEY EXECUTIVES
|
Name : |
Ms. Vanita G.M |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 31.03.2014
|
Category of Shareholders |
Total
No. of Shares |
Total
Shareholding as a % of total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
2025264 |
22.49 |
|
|
3685130 |
40.93 |
|
|
5710394 |
63.43 |
|
|
|
|
|
|
81633 |
0.91 |
|
|
81633 |
0.91 |
|
Total shareholding
of Promoter and Promoter Group (A) |
5792027 |
64.33 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
100 |
0.00 |
|
|
158669 |
1.76 |
|
|
158769 |
1.76 |
|
|
|
|
|
|
506047 |
5.62 |
|
|
|
|
|
|
1218060 |
13.53 |
|
|
1013872 |
11.26 |
|
|
314525 |
3.49 |
|
|
132687 |
1.47 |
|
|
163645 |
1.82 |
|
|
18193 |
0.20 |
|
|
3052504 |
33.90 |
|
Total Public
shareholding (B) |
3211273 |
35.67 |
|
Total (A)+(B) |
9003300 |
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) |
9003300 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Metal Packaging. |
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
Note: a Term Loans from Banks are guaranteed by two promoter directors and one of their relatives. b. Deferred Sales tax is payable over period of 15 years. Loan from related parties are not subjected to any repayment terms. Term Loans are repayable over a period of 7 years from the date of disbursement. Suppliers credit are payable over a period of 3 years. Car Loan is payable over a period of five years from the date of disbursement. c. Term Loans from Cosmos Co-Operative Bank Limited are secured by First charge by way of Equitable Mortgage on the Company’s immovable property situated at Bangalore and First charge on the Plant and Machinery of the Company. During the year The Bank has rephased the term loan repayment obligations of the company. d. Loans under the Hire Purchase Scheme are secured by hypothecation of vehicles acquired under the scheme. e. The Short term borrowings are under Consortium Banking arrangement with Bank of India, State Bank of India and The Cosmos Co- Operative Bank Limited are secured by First Pari-passu charge on the Hypothecation of stocks, Books Debts and other Current Assets of the Company, exclusive First charge on the Company’s immovable property situated at Asangaon, Maharashtra and Second pari-passu charge on the Fixed Assets of the Company (including second charge by way of extension of Equitable Mortgage as on the immovable properties in Bangalore) of the Company. Short term borrowings are guaranteed by two promoter directors and one of their relatives. |
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|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Pal and
Shanbhogue Chartered Accountants |
|
Address : |
24, 4th
Main, Malleswaram, Bangalore – 560003, Karnataka, India |
|
PAN.: |
AABFP3689D |
|
|
|
|
Associates : |
|
|
|
|
|
Subsidiary : |
Shetron Metropak Private Limited |
CAPITAL STRUCTURE
As on: 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
9003300 |
Equity Shares |
Rs.10/- each |
Rs.90.000 Millions |
|
|
|
|
|
There is no other class of Shares other than the equity shares. There is no change in the outstanding shares at the beginning or at the end of the period. The company is a holding company of Shetron Metro Pak Private Limited. The other disclosure requirements of schedule VI regarding share capital are not applicable to the Company. The following shareholders hold more than 5% of value of shares.
|
Name of shareholder |
Number of shares 31.03.2013 |
|
|
|
No’s |
% |
|
Shetron Enterprises Private Limited |
17,96,717 |
19.96% |
|
Konjal Machines Private Limited |
8,58,055 |
9.53% |
|
Bunts Properties Private Limited |
8,00,000 |
8.89% |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
90.000 |
90.000 |
|
(b) Reserves & Surplus |
|
313.000 |
347.800 |
|
(c) Money received against
share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
403.000 |
437.800 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
744.300 |
661.000 |
|
(b) Deferred tax liabilities
(Net) |
|
55.400 |
71.000 |
|
(c) Other long term
liabilities |
|
0.000 |
0.000 |
|
(d) long-term provisions |
|
0.000 |
0.000 |
|
Total
Non-current Liabilities (3) |
|
799.700 |
732.000 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
273.100 |
287.600 |
|
(b) Trade payables |
|
193.100 |
221.800 |
|
(c) Other current liabilities |
|
26.000 |
103.700 |
|
(d) Short-term provisions |
|
11.800 |
9.400 |
|
Total
Current Liabilities (4) |
|
504.000 |
622.500 |
|
|
|
|
|
|
TOTAL |
|
1706.700 |
1792.300 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
760.900 |
829.600 |
|
(ii) Intangible Assets |
|
10.800 |
9.200 |
|
(iii) Capital work-in-progress |
|
0.000 |
0.000 |
|
(iv) Intangible assets under
development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
13.300 |
13.300 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
143.800 |
149.600 |
|
(e) Other Non-current assets |
|
59.100 |
59.100 |
|
Total
Non-Current Assets |
|
987.900 |
1060.800 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
0.000 |
0.000 |
|
(b) Inventories |
|
246.500 |
348.600 |
|
(c) Trade receivables |
|
271.700 |
219.200 |
|
(d) Cash and cash equivalents |
|
77.900 |
73.700 |
|
(e) Short-term loans and
advances |
|
115.900 |
81.900 |
|
(f) Other current assets |
|
6.800 |
8.100 |
|
Total
Current Assets |
|
718.800 |
731.500 |
|
|
|
|
|
|
TOTAL |
|
1706.700 |
1792.300 |
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
89.998 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
390.053 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
480.051 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
795.135 |
|
|
2] Unsecured Loans |
|
|
46.498 |
|
|
TOTAL BORROWING |
|
|
841.633 |
|
|
DEFERRED TAX LIABILITIES |
|
|
100.100 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1421.784 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
702.947 |
|
|
Capital work-in-progress |
|
|
96.913 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
13.337 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
307.539
|
|
|
Sundry Debtors |
|
|
263.484
|
|
|
Cash & Bank Balances |
|
|
78.279
|
|
|
Other Current Assets |
|
|
159.944
|
|
|
Loans & Advances |
|
|
59.406
|
|
Total
Current Assets |
|
|
868.652
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
185.875
|
|
|
Other Current Liabilities |
|
|
23.601
|
|
|
Provisions |
|
|
51.895
|
|
Total
Current Liabilities |
|
|
261.371
|
|
|
Net Current Assets |
|
|
607.281
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
1.306 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
1421.784 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
SALES |
|
|
|
|
|
Income |
1221.500 |
1209.800 |
1149.260 |
|
|
Other Income |
17.200 |
20.400 |
12.649 |
|
|
TOTAL
(A) |
1238.700 |
1230.200 |
1161.909 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
831.500 |
895.400 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
24.300 |
(12.600) |
|
|
|
Employees benefits expense |
91.400 |
94.400 |
|
|
|
Other expenses |
94.100 |
103.700 |
|
|
|
TOTAL
(B) |
1041.300 |
1080.900 |
979.220 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
197.400 |
149.300 |
182.689 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
168.800 |
144.100 |
112.426 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
28.600 |
5.200 |
70.263 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
79.000 |
76.600 |
66.211 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
(50.400) |
(71.400) |
4.052 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
(15.600) |
(29.100) |
1.205 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
(34.800) |
(42.300) |
2.847 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
114.700 |
157.000 |
154.100 |
|
|
|
|
|
|
|
|
BALANCE
CARRIED TO THE B/S |
79.900 |
114.700 |
157.000 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
256.100 |
272.400 |
248.375 |
|
|
Commission Received |
0.000 |
0.000 |
0.396 |
|
|
TOTAL
EARNINGS |
256.100 |
272.400 |
248.771 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
268.900 |
353.500 |
264.068 |
|
|
Components and Stores parts |
5.000 |
6.700 |
2.748 |
|
|
Capital Goods |
0.000 |
183.700 |
37.579 |
|
|
TOTAL
IMPORTS |
273.900 |
543.900 |
304.395 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
(3.86) |
(4.70) |
0.32 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
(2.81) |
(3.44) |
0.25 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(4.13) |
(5.90) |
0.35 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(2.98) |
(4.01) |
0.26 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
(0.13) |
(0.16) |
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.52 |
2.17 |
1.75 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.43 |
1.18 |
3.32 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
90.000 |
90.000 |
|
Reserves & Surplus |
347.800 |
313.000 |
|
Net
worth |
437.800 |
403.000 |
|
|
|
|
|
long-term borrowings |
661.000 |
744.300 |
|
Short term borrowings |
287.600 |
273.100 |
|
Total
borrowings |
948.600 |
1017.400 |
|
Debt/Equity
ratio |
2.167 |
2.525 |
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 |
1149.260 |
1209.800 |
1221.500 |
|
|
|
5.268 |
0.967 |
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 |
1149.260 |
1209.800 |
1221.500 |
|
Profit |
2.847 |
(42.300) |
(34.800) |
|
|
0.25% |
(3.50%) |
(2.85%) |
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 |
|
|
CASE PENDING |
|
|
High Court of Karnataka -Bangalore Bench |
ITA
373/2012 |
|
Petitioner/Appnt. Name |
COMMISSIONER OF INCOME |
Respondent/Defnt. Name |
M/S SHETRON LIMITED |
|
|
Petnr./Appnt. Advocate |
E I SANMATHI |
Respnt./Defnt. Advocate |
||
|
Date Filed |
17/11/2012 |
Classification |
District |
Bangalore City |
|
Stage |
HEARING |
Last Posted For |
ORDERS |
||
|
Last Action Taken |
ADMIT/RULE |
Last Date of Action |
15/01/2013 |
Next Hearing Date |
18/02/2013 |
|
Latest Order |
ADMIT |
||||
|
Before Hon'ble Judge/s |
REGISTRAR (JUDICIAL) |
||||
Lower Court Details [Appeal from below
case.]
|
Case No |
Court Name |
Disposal Dt |
|
ITA 720/2010 |
INCOME TAX APPELLATE TRIBUNAL BANGALORE |
15/06/2012 |
Details of the
Daily Order
(Click on date of order to get full order)
|
Sl No |
Honble Judge |
Date of Order |
|
1 |
HONBLE DVSKJ & BMJ |
10/01/2013 |
YEAR IN RETROSPECT :
Gross sales for the year were marginally higher than the previous financial year. Profit before Depreciation, Interest and Taxation (PBDIT) was higher by 32% at Rs. 197.400 Millions as compared to Rs. 149.300 Millions in the previous year. With depreciation of Rs. 79.000 Millions (previous year Rs. 76.600 Millions), higher interest / exchange fluctuation charges of Rs. 168.800 Millions (previous year Rs. 144.100 lacs), the company incurred loss of Rs. 504 lacs as compared to Rs. 71.400 Millions of the corresponding previous year. However, the improvement in operating margin has helped the company to reduce the loss to Rs. 34.800 Millions for the year against a corresponding loss of Rs. 42.300 Millions in the previous year.
The year was a challenging one for operations - in terms of market being sluggish and unprecedented depreciation of the rupee. The operating results are indicative of these adversities - albeit with a reasonable improvement over the previous year. The details are annexed in the Management Discussion and Analysis Report.
BUSINESS PROSPECTS :
The packaging industry has organized to medium to large players as well as unorganized local players. The growth indicator for the Indian packaging industry is the food and beverage and pharmaceutical packaging sectors. The coming 3-4 years will witness the growth of the food processing industry in double fold, which will consequently lead to a huge demand for packaging material.
Divulging from the traditional packaging demand, the changing life style and the societal pattern of life with the increasing number of working couples has hastened the growth for ready-to-cook and ready-to-eat foods. This has proved to be precursor for growth for the packaging industry.
Battery Industry has now settled down to a stable level which seem sustainable. The market is in a mood to accept adverse impacts of an inflationary economy. This hurdle being over, the outlook appears to be bright. For the long term, battery business is linked to fundamental demand driven by device population. As India gets economically more developed, device penetration into households will increase in line with the rest of the world, boosting battery growth.
The highlights of the industry trend, the outlook and the opportunities ahead for the company are discussed in detail in the Management Discussion and Analysis Report attached as Annexure – C to this report.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
ECONOMY, INDUSTRY
STRUCTURE AND DEVELOPMENTS IN FOOD CANS AND BATTERY SEGMENTS:
GLOBAL ECONOMIC
OVERVIEW :
In the year 2012-13, the global economy continued to be in the throes of challenges and uncertainties. There was a divergence in growth and prospects across geographies as both governments and central banks attempted to revive the fledging growth. The year also witnessed a noticeable slowdown in the emerging economies, a reflection of slack demand in the advanced economies, domestic policy tightening amidst inflationary conditions and end of investment boom in some of the major emerging economies. The Impact of continued weak global market had an adverse effect on Indian economy partially and moving forward, India will not be immune to the external environment and is likely to see some challenges in the coming year as well.
INDIA ECONOMIC
OVERVIEW :
The demand for the products is naturally influenced by the health of the Indian economy.
According to reports, the country's economy was estimated to have grown at 4.8 percent during the year, which represents a decadal low growth in GDP. The country has seen economic expansion drop since the start of 2011 to levels even below the crisis years 2008-09. The year was also marked by high inflationary condition - led by a gradually weakening Rupee. This led to a squeeze on people's spending abilities.
The country faced the challenges of down turn like the rest of the world and recovery is yet to gather speed. A slowdown was witnessed in almost all the sectors of the economy in the year under review. While the moderation in growth in agriculture (1.9%) was largely on account of the rainfall deficiency the deceleration of industrial production growth to 1.2% in 2012-13 from 2.7% in 2011-12 was due to contraction in mining and slowing growth in manufacturing and infrastructure sectors. The investments throughout the fiscal continued to remain in gloomy territory.
METAL PACKAGING
INDUSTRY- CHALLENGES AND OUTLOOK :
Tinplate, key raw material for Metal Packaging industry, a value added flat steel product is a versatile packaging substrate used in edible oils, paints, pesticides, processed foods, beverages and other industries. Its high suitability for packaging of processed foods has enabled it to withstand the cyclicity of the economic environment resulting in a steady demand. Cost pressures however, as in the past, will continue as both inflation and exchange rate are expected to remain high.
Growth of packaging industry is strongly co-related to the economic growth of a region. During the past year, there is a marginal growth in the global economy, due to continuing European crisis and sluggish growth of the US and Chinese economy. The demand for global packaging accordingly grew at a very nominal pace.
In India however, though packaging industry is growing at around double digit figures, the tinplate consumption in particular has remained steady across all end uses and has shown steady growth rates, more in line with GDP growth rates.
With threat of substitutes, increasing competition from new / potential domestic players and imports continue to pose challenges for faster growth in the metal packaging industry. The Company has undertaken measures to meet these challenges.
The Company's performance for the period 2012-13 has to be seen in the context of above economic background.
DRY CELL BATTERY :
Industry size and
structure
The Indian market for dry cell batteries is now estimated at 2.5 billion pieces by volume and over Rs 12500.000 Millions by value. The battery market has only a few players. With the increase in the material cost, the company has to pass on price increase to offset material cost push in the recent past. This met with stiff consumer resistance and demand started slowing down. Unfortunately, the price increases had to be persisted with due to input costs continuing to prevail at high levels and also due to the depreciating Rupee.
The market has stabilized over the last 2 years - but with minimal growth. Latest trends indicate that the market will continue to be stable. Growth in volumes will be small as the sector is likely to be compelled to increase prices further. Consequently, the sector is likely to record higher growth in sales turnover.
The segment pattern within the market underwent change during the recent past as consumers shifted from the more expensive ‘D’ size batteries to 'AA' size.
The change is quite similar to the pattern seen globally. To that extent it may be said that the recent phenomenon has resulted in the Indian market in aligning itself to the global trend as far as segment share is concerned. The split of technology within the dry batteries market remained constant with zinc carbon batteries virtually possessing the entire market with 97 per cent share. Consumption of batteries is driven by growth in the off-take of its applications. A growing need for portable power and the advent of a number of battery- operated gadgets catalyze consumption. Since these address everyday use, batteries have enjoyed a non-cyclical demand. The phenomenon of consumption reducing on account of price increases in the recent past is somewhat unique - perhaps determined by the significant extent involved. However, latest trends seem to indicate that the market is stable and consolidating.
SUPPLY SIDE OF
TINPLATE :
Tinplate continues to enjoy the preferable as a packaging medium especially for food. It enjoys functional superiority over other alternatives in packaging of edibles because of its better shelf appeal, product preservation, barrier properties and biodegradability. Product integrity and sustainability are the cornerstones of this industry.
The per capita consumption of tinplate in India is merely 300gm a year and there is immense scope of growth for the Industry in India. The total tinplate consumption in India is about 460,000 tonnes. The domestic market continue to be in the range of 45 to 50% of the total consumption of Tinplates for can manufacturing, while the remaining 50 to 55% is met through imports from Europe and the US. The Steel prices have increased sharply during the year due to spiralling high input costs and increase in crude oil prices and weak Indian rupee. On the back of the economic rec very and strong performance by consumer industries like infrastructure and automobiles, it is expected there will be rise in Tinplate prices also in the current fiscal year. The Company is constantly reviewing its raw material prices and takes measures to effect price revisions for its end products in line with other players in the industry.
Contingent
Liabilities (not provided for in accounts):
(Rs. In Millions)
|
Particular |
31.03.2013 |
31.03.2012 |
|
Letters of credit and guarantee established and Bills discounted under LC and others |
323.100 |
329.100 |
|
Factoring obligations |
86.300 |
75.900 |
|
Guarantees for Customs Duty |
45.000 |
45.000 |
|
Guarantees for Financial Institutions/Banks as security |
50.000 |
50.000 |
|
Export Obligations |
246.400 |
517.000 |
|
Disputed Income Tax |
24.900 |
24.900 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10485084 |
17/02/2014 |
30,000,000.00 |
BANK OF INDIA |
MID CORPORATE BRANCH, BOI BUILDING, NO.11, K G ROAD, BANGALORE, KARNATAKA - 560009, INDIA |
C00569178 |
|
2 |
10441312 |
18/06/2013 |
587,500,000.00 |
BANK OF INDIA AND STATE BANK OF INDIA |
MID CORPORATE BRANCH, BANK OF INDIA BUILDING, NO. |
B81325565 |
|
3 |
10270683 |
18/06/2013 * |
637,500,000.00 |
BANK OF INDIA |
MID CORPORATE BRANCH, BANK OF INDIA BUILDING, NO. |
B78677887 |
|
4 |
10212944 |
06/11/2012 * |
850,000,000.00 |
The Cosmos Co-op Bank Ltd |
VILE PARLE BRANCH PRATIK AVENUE, 1ST FLOOR, NEHRU ROAD , VILE PARLE (E), MUMBAI, MAHARASHTRA - 400057, INDIA |
B62044987 |
|
5 |
10041968 |
30/06/2010 * |
320,000,000.00 |
Bank of India |
CORPORATE BANKING BRANCH, # 11, 1ST FLOOR, KEMPE GOWDA ROAD, BANGALORE, KARNATAKA - 560009, INDIA |
A89481261 |
|
6 |
80054940 |
02/09/2005 |
380,000,000.00 |
IL & FS COMPANY LTD |
BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA |
- |
|
7 |
80016462 |
19/11/2010 * |
267,500,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, RESIDENCY PLAZA, RESID |
B01888361 |
|
8 |
80065495 |
17/11/1992 |
79,500,000.00 |
State Bank of India |
INDUSTRIAL FINANCE BANK, RESIDENCY ROAD, BANGALORE, KARNATAKA - 560025, INDIA |
- |
|
9 |
80016454 |
12/01/1994 * |
131,200,000.00 |
STATE BANK OF INDIA |
INDL. FINANCE BRANCH, BANGALORE, KARNATAKA - 560025, INDIA |
- |
|
10 |
80065497 |
20/06/1992 |
6,500,000.00 |
UNION BANK OF INDIA |
GANDHINAGAR BRANCH, SEVEKSHETRA, NO.14, FIRST MAIN ROAD, GANDHINAGAR, BANGALORE, KARNATAKA - 560009, INDIA |
- |
* Date of charge modification
FIXED ASSETS
- Leasehold Land and Development
- Buildings
- Plant and Machinery
- Furniture, Fixture and 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 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] on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.10 |
|
|
1 |
Rs.102.32 |
|
Euro |
1 |
Rs.81.75 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
VRN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
|
29 |
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.