MIRA INFORM REPORT
|
Report Date : |
27.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
BHATIA INDUSTRIES AND INFRASTRUCTURE LIMITED |
|
|
|
|
Formerly Known
As : |
BCC FINANCE LIMITED |
|
|
|
|
Registered
Office : |
BCC House, 8/5, Manoramaganj, Navratan Bagh Main Road,
Indore – 452001, Madhya Pradesh |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
08.07.1993 |
|
|
|
|
Com. Reg. No.: |
10-007767 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 212.000 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L65922MP1993PLC007767 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Trading of Coal and Infrastructure / Trading of Land. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (16) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
|
|
|
|
Litigation : |
Clear |
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|
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|
Comments : |
Subject is an established company having moderate track record. Reserves of the company is low. Rating also takes into account liquidity
issues being confronted by the company which has driven multiple instances of
letter of credit devolvement during few months. Business is active. Payment terms are slow. The company can be considered for business dealing on a safe and secured
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
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 |
ICRA |
|
Rating |
Cash Credit : “D” |
|
Rating Explanation |
Lowest credit quality and very low prospects of recovery. |
|
Date |
June , 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
MANAGEMENT NON-COOPERATIVE (Tel. No.: 91-731-4200211)
LOCATIONS
|
Registered Office : |
BCC House, 8/5, Manoramaganj, Navratan Bagh Main Road,
Indore – 452001, Madhya Pradesh, India |
|
Tel. No. : |
91-731-4066101/ 4200219/ 4200211 |
|
Fax No. : |
91-731-2498102 |
|
E-Mail : |
|
|
Website : |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Surinder Singh Bhatia |
|
Designation : |
Executive Director and CEO |
|
|
|
|
Name : |
Mr. Manjeet Singh Bhatia |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Jitendra Kumar Jain |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Chitranjan Singh Kahlon |
|
Designation : |
Director |
|
Date of Appointment : |
08.11.2012 |
|
|
|
|
Name : |
Mr. Lal Krishna Thanvi |
|
Designation : |
Director (Ceased w.e.f. 08.11.2012) |
KEY EXECUTIVES
|
Name : |
Mr. Samir Kumar Bahri |
|
Designation : |
Company Secretary and Compliance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2014
|
Names of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
6830680 |
51.75 |
|
|
1571896 |
11.91 |
|
|
8402576 |
63.66 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
8402576 |
63.66 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
|
|
|
|
737160 |
5.58 |
|
|
|
|
|
|
1238610 |
9.38 |
|
|
2798327 |
21.20 |
|
|
23327 |
0.18 |
|
|
1621 |
0.01 |
|
|
11266 |
0.09 |
|
|
10440 |
0.08 |
|
|
4797424 |
36.34 |
|
Total Public shareholding (B) |
4797424 |
36.34 |
|
Total (A)+(B) |
13200000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
13200000 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Trading of Coal and Infrastructure / Trading of Land. |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
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Bankers : |
· Indusind Bank Limited, Nungambakkam, Chennai, Tamilnadu, India · Bank of India · Central Bank of India · State Bank of India |
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Facilities : |
NOTE 1 Cash Credits and Buyer's Line Credit are secured by way of hypothecation on Stocks, Receivables and other Chargeable Current Assets, both present and future of the Company, under the ranking first charge on pari-passu basis under Consortium Agreement and collateral securities by way of equitable mortgage of immovable properties and personal guarantee of the Promoter/ Directors of the Company. 2 The Company has availed the Buyer’s Credit facilities
from both the above Banks by ear - marking the limits of Foreign Letter |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
R S Bansal and Company Chartered Accountants |
|
Address : |
Urvashi, 3, Jaora Compound, Indore – 452001, Madhya Pradesh, India |
|
Tel. No. : |
91-731-2702834/ 35 |
|
Fax No. : |
91-731-4003435 |
|
E-Mail : |
|
|
|
|
|
Associate Companies
: |
· Bhatia Global Trading Limited · BCC Cargo Limited · BCC Enterprises (India) Limited ·
Isshar Overseas Limited |
|
|
|
|
Enterprises over
which key Managerial Personnel of Relatives of KMP are able to exercise
significate influence : |
· Asian Natural Resources (India) Limited · Bhatia Port and Infrastructure Limited · Bhatia Software and Realtors Private Limited · SSB Land Developers Private Limited · Bhatia Entertainment Private Limited · Bhatia International Pte. Limited · BIL Holding Pte. Limited · Bhatia Coke and Energy Limited · BCC Estates Private Limited · Bhatia OSL Washeries and Minerals Limited · Bhatia Professional Education Institutions (Indore) Limited · Bhatia Sons (India) Limited · Reliance Services and Consultants Private Limited · Bhatia Energy Limited · IOF Pte. Limited · PT. Bhatia International, Indonesia · Bhatia Coal Washeries Limited · GSB Real Estates Private Limited |
CAPITAL STRUCTURE
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15,000,000 |
Equity Shares |
Rs.10/- each |
Rs. 150.000 Millions |
|
800,000 |
2% Cumulative Redeemable Preference Shares |
Rs. 100/- each |
Rs. 80.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 230.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
13,200,000 |
Equity Shares |
Rs.10/- each |
Rs. 132.000 Millions |
|
800,000 |
2% Cumulative Redeemable Preference Shares |
Rs. 100/- each |
Rs. 80.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 212.000
Millions |
NOTE
1. The Company has two types of shares referred to as Equity shares having a face value of Rs. 10/- each and Preference Shares having a face value of Rs. 100/- each.
2. The Equity share holder is eligible for one voting Right per share held.
3. Preference shares hold preferential right of Dividend at fixed rate of 2% and preferential repayment of principal amount at the time of Redemption, i.e, in year 2014-15.
4. The dividend on Equity Shares as proposed by the Board of Directors is subject to the approval of the shareholders. At the time of winding up, Equity Shareholders are eligible to receive the remaining assets of the company after distribution of all preferential amounts, in proportion to their shareholding.
5. In the FY 2011-12 the company had issued 9900000 fully paid up Bonus Equity Shares of Rs. 10/- each in the ration of 3:1.
6. Shareholder holding more than 5% of shares are :-
|
Opening Shares |
31.03.2013 |
|
|
% of Holding |
No. of Shares |
|
|
Equity Shares @ Rs. 10/- each |
|
|
|
Surinder Singh Bhatia |
14.08 % |
1,858,840 |
|
Ishhar Overseas Private Limited |
7.97% |
1,051,896 |
|
|
|
|
|
Preference Shares @ Rs. 100/- each |
|
|
|
Mr. Gurvinder Singh Bhatia |
50% |
400,000 |
|
Mr. Surinder Singh Bhatia |
50% |
400,000 |
Reconciliation of
Equity Shares :
|
Name |
31.03.2013 |
|
|
No. of Shares |
Amount (Rs. In Millions) |
|
|
Opening Shares |
13,200,000 |
132.000 |
|
Add: Allotment of Bonus Shares |
-- |
-- |
|
Closing Shares |
13,200,000 |
132.000 |
Reconciliation of
Preference Shares :
|
Name |
31.03.2013 |
|
|
No. of Shares |
Amount (Rs. In Millions) |
|
|
Opening Shares |
800,000 |
80.000 |
|
Add: Addition during the year |
-- |
-- |
|
Closing Shares |
800,000 |
80.000 |
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 |
212.000 |
212.000 |
113.000 |
|
(b) Reserves & Surplus |
132.490 |
81.460 |
163.230 |
|
(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) |
344.490 |
293.460 |
276.230 |
|
|
|
|
|
|
(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 |
0.610 |
0.610 |
|
(d) long-term
Provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
0.000 |
0.610 |
0.610 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
Term Borrowings |
793.730 |
451.270 |
289.190 |
|
(b) Trade
Payables |
148.110 |
97.000 |
206.500 |
|
(c) Other
Current Liabilities |
16.550 |
4.300 |
5.040 |
|
(d) Short-term
Provisions |
55.220 |
31.100 |
61.750 |
|
Total Current
Liabilities (4) |
1013.610 |
583.670 |
562.480 |
|
|
|
|
|
|
TOTAL |
1358.100 |
877.740 |
839.320 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible Assets |
0.000 |
0.000 |
0.890 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(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 |
8.620 |
1.110 |
0.220 |
|
(c) Deferred Tax Assets (net) |
0.020 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
7.390 |
7.450 |
9.380 |
|
(e) Other Non-current
Assets |
0.470 |
0.580 |
0.310 |
|
Total Non-Current
Assets |
16.500 |
9.140 |
10.800 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current Investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
245.900 |
276.400 |
169.520 |
|
(c) Trade
Receivables |
853.060 |
172.760 |
454.710 |
|
(d) Cash
and Cash Equivalents |
168.030 |
47.440 |
168.600 |
|
(e)
Short-term Loans and Advances |
71.970 |
370.610 |
34.610 |
|
(f) Other
Current Assets |
2.640 |
1.390 |
1.080 |
|
Total
Current Assets |
1341.600 |
868.600 |
828.520 |
|
|
|
|
|
|
TOTAL |
1358.100 |
877.740 |
839.320 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
2623.080 |
1482.420 |
2448.500 |
|
|
|
Other Income |
27.470 |
26.940 |
4.240 |
|
|
|
TOTAL (A) |
2650.550 |
1509.360 |
2452.740 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchases of Stock-in-Trade |
2387.340 |
1490.420 |
2341.310 |
|
|
|
Changes in inventories of Stock-in-Trade |
30.500 |
(106.880) |
(72.080) |
|
|
|
Employees benefits expense |
2.710 |
2.530 |
0.650 |
|
|
|
Other expenses |
53.100 |
10.240 |
8.740 |
|
|
|
Exceptional Items |
0.000 |
1.500 |
0.000 |
|
|
|
TOTAL (B) |
2473.650 |
1397.810 |
2278.620 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (A-B) (C) |
176.900 |
111.550 |
174.120 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
79.840 |
63.600 |
18.200 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
97.060 |
47.950 |
155.920 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.260 |
0.050 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F)
(G) |
96.800 |
47.900 |
155.920 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
32.320 |
17.300 |
52.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-H) (I) |
64.480 |
30.600 |
103.920 |
|
|
|
|
|
|
|
|
|
Less: |
Amount utilized
towards issue of fully paid up Bonus Shares |
14.320 |
86.210 |
0.000 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.000 |
104.730 |
29.600 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.000 |
10.000 |
7.800 |
|
|
|
Capital Redemption Reserve |
11.430 |
11.430 |
11.430 |
|
|
|
Proposed Dividend on Equity Shares |
9.900 |
9.900 |
6.600 |
|
|
|
Proposed Dividend on Preference Shares |
1.600 |
1.600 |
1.600 |
|
|
|
Dividend Distribution Tax |
1.950 |
1.870 |
1.360 |
|
|
BALANCE CARRIED
TO THE B/S |
53.920 |
14.320 |
104.730 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
176.366 |
788.870 |
1176.520 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
4.74 |
2.18 |
7.73 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
31.03.2014 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
4th
Quarter |
|
Net Sales |
484.300 |
966.800 |
469.900 |
1088.100 |
|
Total Expenditure |
477.200 |
920.600 |
458.700 |
1052.700 |
|
PBIDT (Excl OI) |
7.000 |
46.200 |
11.200 |
35.400 |
|
Other Income |
7.200 |
4.300 |
11.100 |
8.300 |
|
Operating Profit |
14.300 |
50.500 |
22.300 |
43.700 |
|
Interest |
9.500 |
34.200 |
19.700 |
34.500 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
PBDT |
4.700 |
16.300 |
2.600 |
9.300 |
|
Depreciation |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit Before Tax |
4.700 |
16.300 |
2.600 |
9.300 |
|
Tax |
1.500 |
6.000 |
0.900 |
3.800 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
3.300 |
10.300 |
1.700 |
5.500 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
0.000 |
|
Net Profit |
3.300 |
10.300 |
1.700 |
5.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.43 |
2.03 |
4.24 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.69 |
3.23 |
6.37 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.17 |
5.46 |
18.58 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.28 |
0.16 |
0.56 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
2.30 |
1.54 |
1.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.32 |
1.49 |
1.47 |
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 |
113.000 |
212.000 |
212.000 |
|
Reserves & Surplus |
163.230 |
81.460 |
132.490 |
|
Net
worth |
276.230 |
293.460 |
344.490 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
289.190 |
451.270 |
793.730 |
|
Total
borrowings |
289.190 |
451.270 |
793.730 |
|
Debt/Equity
ratio |
1.047 |
1.538 |
2.304 |
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 |
2448.500 |
1482.420 |
2623.080 |
|
|
|
(39.456) |
76.946 |
NET PROFIT MARGIN
|
|
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Sales |
2448.500 |
1482.420 |
2623.080 |
|
Profit |
103.920 |
30.600 |
64.480 |
|
|
4.24% |
2.06% |
2.46% |
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 |
----- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
----- |
|
26] |
Buyer visit details |
----- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10199405 |
18/08/2012 * |
990,000,000.00 |
BANK OF INDIA |
MID-CORPORATE BRANCH, AIREN HEIGHTS, PLOT NO. 14, |
B56408602 |
* Date of charge
modification
PERFORMANCE REVIEW
During the year, the Company has posted Turnover of Rs. 2623.080 as compared to the turnover of Rs. 1482.420 Millions in previous year and Profit after tax of Rs. 64.480 Millions as compared to the Profit after tax of Rs. 30.600 Millions in previous year.
- Turnover increased by 76.95% to Rs. 2623.080 Millions.
- PBDIT increased by 56.48% to Rs. 176.900 Millions.
- PBT increased by 95.95% to Rs. 96.800 Millions.
- Net Profit increased by 110.72% to Rs. 64.480 Millions.
INDUSTRY STRUCTURE AND DEVELOPMENTS:
India has the fifth largest coal reserve in the world. Coal production in Asia Pacific region has grown tremendously and accounts for over 67% of total production globally. The country's coal production has increased by 28.5%, but despite this it still depends on imports.
Coal has been recognized as the most important source of energy for electricity generation and industries such as steel, cement, fertilizers and chemicals are major sectors of coal consumption. So in order to satisfy the coal demand, the Indian coal industry needs more investment and private players to raise their production level. As per their latest estimations, carried out in recent research report, the overall coal imports are anticipated to cross the 100 Million Metric Tons-mark. Deal location of coal blocks and stake sales in PSUs were among the major steps taken by the government to boost production and investment in the coal industry. Better infrastructure by road enable fast movement of coal among various locations in the Country, infrastructure section in India is getting better by way of various projects undertaken by the Government.
The real estate sector in India assumed greater prominence with the liberalization ofthe economy, the consequent increase in business opportunities and labour migration led torising demand for commercial and housing space. At present, the real estate and construction sectors are playing a crucial role in the overall development of India's core infrastructure. The real estate industry's growth is linked to developments in the retail, hospitality and entertainment (hotels, resorts, cinema theatres) industries, economic services (hospitals, schools) and information technology (IT)- enabled services (like call centres) etc and vice versa. The scenario underwent a change in line with the sector’s growth, and as of today, the real estate industry's dynamics reflect consumers ‘expectations of higher quality with India's increasing integration with the global economy.
OUTLOOK
Mining in India is a major economic activity which contributes significantly to the economy of India. The GDP contribution of the mining industry varies from 2.2% to 2.5%only but going by the GDP of the total industrial sector it contributes around 10% to 11%. Coal with a proven reserve of 860 billion tonnes is mined the most in the world. At the same time, the demand curve for this sector is always on the rising side. The major reasons are the soaring power demand in India and China, the growing worldwide steel production, and lastly, the increasingly stringent environment regulations. As a prospering economy, India faces energy scarcity as a growing challenge and the coal production is expected to grow at a around 7% during 2012-13 to 2013-14. The Indian coal market is set to witness great boost in near future because of the rising government initiatives. Recently, allocation of coal blocks and stake sales in PSU are some of the major steps that were taken by the government to boost the production and investment in the coal industry.
The Indian coal industry, one of the largest in terms of reserve base and production level, has gained significant momentum in the past few years. The industry has attracted government concern and investments. The coal demand has been rising constantly in India due to growth & high demand from major coal consuming sectors, including power, cement and steel. They estimate that coal production will grow at around 7% during 2012-13 to2013-14. It is also anticipated that the demand for thermal coal and coking coal by power and steel sectors, respectively, will gain momentum in near future.
India has 10 percent of the world's coal reserves, trailing only the United States, Russia and China, but a shortfall from local supplies has grown rapidly with an increase in coal-fired power plants and steel makers.
The Real Estate industry has significant linkages with several other sectors of the economy and over 250 associated industries. One Rupee invested in this sector results in78 paise being added to the GDP of the State. A unit increase in expenditure in this sector has a multiplier effect and the capacity to generate income as high as five times.If the economy grows at the rate of 10% the housing sector has the capacity to grow at 14%and generate 3.2 million new jobs over a decade.
Private equity players are considering big investments, banks are giving loans to builders, and financial institutions are floating real estate funds. Indian property market is immensely promising and most sought after for a wide variety of reasons.
SEGMENT WISE PERFORMANCE:
Company's business comprises two segment viz. Coal Trading Division and Infrastructure division. During the Financial Year 2012-13, there is no turnover from Infrastructure division and entire income from operation of Rs. 2623.08 Millions is from Coal Trading division.
As on March 31,2013, Coal Trading Division is having Segment Assets of Rs. 1290.04Millions and Segment liabilities of Rs. 219.88 Millions and Infrastructure division is having Segment Assets of Rs. 68.07 millions and Segment Liabilities of Rs. 0.38 Millions.
CONTINGENT
LIABILITIES:
a.
|
PARTICULARS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Bills Discounted with Banks |
187.390 |
29.520 |
|
Bank Guarantees |
0.000 |
0.000 |
|
b. Collector of Stamp, Khargaon (MP) raised demand u/s. 33 read with section 48(b) of the Indian Stamp Act for Stamp Duty of Rs. 1.060 Million against the Sand Mine Contract allotted to the Company for Maheshwar Group by State Mining Corporation Limited, Bhopal. The Company has filed an appeal before the court of Honble Revenue Board, Gwalior (MP) for setting aside the impugned order so passed by Collector of Stamp. The Management is of the opinion that no provision is required for such liability. c. An Appeal is pending before Joint Commissioner for the demand raised by Deputy Commissioner of Commercial Tax for the F. Y. 2006-2007 of Rs. 3.670 Millions. The Management is of the opinion that no provision is required for such liability. d. The Deputy Commissioner of Sales Tax (VAT Adm.) Chandrapur has issued Penalty order of Rs. 0.030 Million under section 61 (2) of MVAT Act towards late submission of Audit report for the financial year 2007-08. The Company did not accept the above demand and filed an appeal before Joint Commissioner of Sales Tax (Appeal), Nagpur. The appeal is pending before the Joint Commissioner. Meanwhile, The Company has paid sum of Rs. 0.010 Million, being part payment towards pending demand, which is pending for decision. e. Income Tax Department has raised a demand of Rs. 0.110 Million for the assessment year 1996-97. The Company has filed an appeal before appropriate authorities against above demand. The Management is of the opinion that no provision is required for such liability. f. Income tax department had raised demand of Rs. 1.880 Million for the Assessment Year 2002-03,2004-05,2005-06 and 2006-07. These appeals have been decided by the Appellate Commissioner and Company has got partial relief. However, the orders giving effect to the Appellate commissioner's orders are yet to be received; on receipt of the same, tax liability shall be provided, if necessary. The Income Tax Department had filed appeals for the Assessment Years 2005-06 and 2006-07 before the Appellate Tribunal. Meanwhile, the Income Tax Department has fully adjusted the pending demand against refund due to the Company for A.Y. 2009-10. Year wise details of pending demand, on giving effect to the orders of Appellate Commissioner. |
||
AUDITED
FINANCIAL RESULTS FOR THE FOURTH QUARTER & FINANCIAL YEAR ENDED 31ST MARCH,
2014
(Rs.
in Millions)
|
Sr. No. |
Particulars |
Quarter Ended |
Year Ended |
|
|
31.03.2014 Audited |
31.12.2013 Unaudited |
31.03.2014 Audited |
||
|
1 |
Net Income From Sales / Services |
1088.107 |
469.886 |
3009.105 |
|
2 |
Cost of Sales |
|
|
|
|
|
(a) (Increase)/Decrease in Stock in trade |
159.032 |
(65.151) |
5.496 |
|
|
(b) Consumption of Raw Material |
-- |
-- |
-- |
|
|
(c.) Purchase of Traded Goods |
899.144 |
522.415 |
2897.226 |
|
|
(d) Other Expenditure |
-- |
-- |
-- |
|
3 |
Gross Profit ( 1‐2 ) |
29.931 |
12.622 |
106.383 |
|
4 |
General Administrative Expenses |
(12.096) |
1.375 |
(0.332) |
|
5 |
Selling & Distribution Expenses |
6.628 |
0.017 |
6.814 |
|
6 |
Depreciation |
-- |
-- |
-- |
|
7 |
Operating profit before interest (3) ‐ ( 4+5+6 ) |
35.399 |
11.230 |
99.901 |
|
8 |
Interest |
34.477 |
19.704 |
97.884 |
|
9 |
Exceptional items |
-- |
-- |
-- |
|
10 |
Operating profit after interest & Exceptional Items (7‐8‐9) |
0.922 |
(8.474) |
2.017 |
|
11 |
Other Income |
8.334 |
11.055 |
30.829 |
|
12 |
Profit / (Loss) from ordinary Activities before tax (10‐11) |
9.256 |
2.581 |
32.846 |
|
13 |
Tax Expenses |
3.763 |
0.914 |
12.077 |
|
14 |
Net profit/ (loss) from Ordinary Activities after tax (12‐13) |
5.493 |
1.667 |
20.769 |
|
15 |
Extra‐ordinary Items ( net of tax expenses ) |
-- |
-- |
-- |
|
16 |
Net Profit/ (loss) for the period (14‐15 ) |
5.493 |
1.667 |
20.769 |
|
17 |
Paid‐up Equity Share Capital (Face Value Rs.
10/‐) |
132.000 |
132.000 |
132.000 |
|
18 |
Reserves excluding Revaluation Reserve (As per Balance Sheet) |
-- |
-- |
143.659 |
|
19 |
Earning Per Share |
|
|
|
|
|
(a) Basic & Diluted EPS before and after Extraordinary items for the period, (not annualized) |
0.42 |
0.13 |
1.43 |
|
20 |
Public Shareholding |
|
|
|
|
|
‐ Number of Share |
4797424 |
4797424 |
4797424 |
|
|
‐ Percentage of Holding |
36.34 |
36.34 |
36.34 |
|
21 |
Promoters and promoter group shareholding |
|
|
|
|
|
(a) Pledged/ Encumbered |
|
|
|
|
|
‐ Number of Share |
-- |
-- |
-- |
|
|
‐ Percentage of
Share ( as a % of total shareholding of promoter & promoter group) |
-- |
-- |
-- |
|
|
‐ Percentage of Share
( as a % of total share capital of the company ) |
-- |
-- |
-- |
|
|
(b) Non‐ Encumbered |
|
|
|
|
|
‐ Number of Share |
8402576 |
8402576 |
8402576 |
|
|
‐ Percentage of
Share ( as a % of total shareholding of promoter & promoter group) |
100.00 |
100.00 |
100.00 |
|
|
‐ Percentage of
Share ( as a % of total share capital of the company ) |
63.66 |
63.66 |
63.66 |
NOTE
1. The above results, duly reviewed by the Audit Committee, have been approved by the Board of Directors in its meeting held on May 22, 2014. The statutory auditors have carried out/completed audit of the results for the year ended on March 31, 2014.
2. The Board of directors has recommended, subject to approval of shareholders, an Equity dividend of Rs.0.50 per share aggregating to Rs.66.00 lacs and preference dividend of 2% aggregating to Rs.16.00 lacs excluding dividend distribution tax.
3. EPS for fourth quarter and year ended is calculated after considering appropriation for dividend and dividend distribution tax on preference shares.
4. The Company has not received any Complaint from Investor during the Quarter. There is no Complaint pending at the end of 31st March, 14
5. The Company has operations under two divisions i.e, Coal Trading and Infrastructure/ Trading in land.
6. Previous period/year figures have been rounded off/regrouped/ recasted wherever necessary.
STATEMENT
OF ASSETS AND LIABILITIES AS AT 31.03.2014
(Rs. in Millions)
|
|
Particular |
31.03.2014 |
|
A |
EQUITY AND
LIABILITIES |
|
|
1 |
Shareholders’
funds |
|
|
|
(a) Share capital |
212.000 |
|
|
(b) Reserves and surplus |
143.659 |
|
|
Sub-total
- Shareholders' funds |
355.659 |
|
|
|
|
|
2 |
Non-current
liabilities |
|
|
|
(a) Long-term borrowings |
0.000 |
|
|
(b) Deferred Tax Liabilities (Net) |
0.000 |
|
|
(c) Other long-term liabilities |
0.000 |
|
|
(e) Long-term provision |
0.000 |
|
|
Sub-total
- Non-current liabilities |
0.000 |
|
|
|
|
|
3 |
Current
liabilities |
|
|
|
(a) Short-term borrowings |
623.414 |
|
|
(b) Trade payables |
288.276 |
|
|
(c) Other current liabilities |
121.949 |
|
|
(d) Short-term provision |
22.043 |
|
|
Sub-total - Current
liabilities |
1055.682 |
|
|
TOTAL - EQUITY AND LIABILITIES |
1411.341 |
|
|
|
|
|
B |
ASSETS |
|
|
1 |
Non-current
assets |
|
|
|
(a) Non-current investments |
11.118 |
|
|
(b) Deferred Tax Asset (Net) |
0.016 |
|
|
(c) Long-term loans and advances |
7.363 |
|
|
(d) Other non-current assets |
0.077 |
|
|
Sub-total
- Non-current assets |
|
|
2 |
Current assets |
|
|
|
(a) Inventories |
240.397 |
|
|
(b) Trade receivables |
767.574 |
|
|
(c) Cash and cash equivalents |
314.211 |
|
|
(d) Short-term loans and advances |
62.203 |
|
|
(e) Other current assets |
8.382 |
|
|
Sub-total
- Current assets |
1392.767 |
|
|
TOTAL
- ASSETS |
1411.341 |
SEGMENT‐WISE REVENUE, RESULTS AND
CAPITAL EMPLOYED FOR THE PERIOD ENDED 31.03.2014
(Rs. In Millions)
|
Sr. No. |
Particulars |
Quarter Ended |
Year Ended |
|
|
31.03.2014 Audited |
31.12.2013 Unaudited |
31.03.2014 Audited |
||
|
1 |
Segment Revenue |
|
|
|
|
|
(a) Coal trading Segment |
1088.107 |
469.886 |
3009.105 |
|
|
(b) Infrastructure Segment |
-- |
-- |
-- |
|
|
Total |
|
|
|
|
|
Less: Inter Segment Revenue |
1088.107 |
469.886 |
3009.105 |
|
|
Net Sales from Operations |
1088.107 |
469.886 |
3009.105 |
|
|
|
|
|
|
|
2 |
Segment Result |
|
|
|
|
|
(Profit) / Loss before Tax & interest |
|
|
|
|
|
(a) Coal trading Segment |
20.832 |
(1.647) |
38.589 |
|
|
(b) Infrastructure Segment |
-- |
-- |
-- |
|
|
Total |
20.832 |
(1.647) |
38.589 |
|
|
Less: |
|
|
|
|
|
‐Interest Expenses (Net) |
11.576 |
(4.228) |
5.778 |
|
|
‐Unallocable Expenses/ (Incomes) |
0.000 |
0.000 |
(0.035) |
|
|
Total Profit Before Tax |
9.256 |
2.581 |
32.846 |
|
|
|
|
|
|
|
3 |
Capital Employed |
|
|
|
|
|
(Segment Assets ‐ Seg
Liabilities) |
|
|
|
|
|
(a) Coal trading Segment |
287.594 |
287.087 |
287.594 |
|
|
(b) Infrastructure Segment |
68.066 |
72.666 |
68.066 |
|
|
Total |
355.66 |
359.753 |
355.66 |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other official
proceeding for making any prohibited payments or other improper payments to
government officials for engaging in prohibited transactions or with designated
parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.10 |
|
|
1 |
Rs.102.40 |
|
Euro |
1 |
Rs.81.88 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
MRI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
2 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
16 |
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.