MIRA INFORM REPORT
|
Report Date : |
13.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
ASIAN GRANITO INDIA LIMITED |
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Formerly Known As : |
VASUDEV TEXTILE INDUSTRIES LIMITED |
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Registered Office : |
202, |
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Country : |
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Financials (as on) : |
31.03.2013 |
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Date of Incorporation : |
08.08.1995 |
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Capital Investment / Paid-up Capital : |
Rs.221.613 Millions |
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Com. Reg. No.: |
04-027025 |
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CIN No.: [Company
Identification No.] |
L17110GJ1995PLC027025 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMA02836B |
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PAN No.: [Permanent
Account No.] |
AABCV3835E |
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Legal Form : |
A public limited liability company.
The company’s shares are listed on the Stock Exchanges. |
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Line of Business : |
Manufacturer of Verified Tiles, Porcelano Tiles, Rustico Tiles, Vitro
Tiles etc. |
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No. of Employees
: |
1500 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (48) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 10000000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. The rating reflects healthy financial risk profile marked by sound
liquidity position and fair profitability achieved by the company. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
State-run banks hired nearly
300000 personnel including more than 94000 officers in the last four years,
according to the Indian Banks Association. A study by trade lobby Assocham in
September 2013 indicated that banks would need 800000 people in the next six
years. It estimated that state-run lenders alone would hire 50000 people in
2013/14.
The Competition Commission of
India plans to issue final orders within a broad time-frame of one year in
matters where it decides to carry out detailed investigations. The number of
complaints received by the watchdog which keeps tabs on unfair trade practices
in the marketplace.
The government has detected
custom tax evasion totaling around Rs 37920 mn in 14 states until December.
Maharashtra topped the list of Rs 14190 mn followed by Andhra Pradesh at Rs
8140 mn, Gujarat Rs 5240 mn, Karnataka Rs 1670 mn and Tamilnadu Rs 1610 mn.
Connaught Place in New Delhi
slipped four notches to become the world’s eighth most expensive office
locations. London’s West End is the world’s most expensive office market.
There are 4.072 mn number of
high value spenders under the scanner of the income tax department. The income
tax department has information that they have made cash deposits announcing to
Rs 1 mn or more in their savings bank accounts in the current financial year.
It plans to check potential evasion before the closing of the financial year on
March 31.
Estimated pharmaceutical sales
in the country for 2016 is $ 27 bn. It is 14.4 per cent higher than a year ago.
The life sciences and health care industry is up against challenges such as
quality management, says a recent Deloitte report.
The gross non-performing assets
of listed banks rose 35.2 % to Rs 2.43 lakh crore during the first three months
of the financial year. In absolute terms, the 40 listed banks added Rs 3386
crore to their gross NPAs in nine months with the State Bank of India leading
with the State Bank of India leading with an accretion of Rs 16610 crore.
The inflow of smuggled gold
doubled in 2013 following restrictions to curb the supply from official
channels to contain the current account deficit. China surpassed India in the
demand for gold for the first time in 2013 due to liberalization of gold
trading norms by its local governments.
EXTERNAL AGENCY RATING
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Rating Agency Name |
CRISIL |
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Rating |
Long Term rating=BBB+ |
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Rating Explanation |
Moderate degree of safety and moderate credit
risk. |
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Date |
13.02.2013 |
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Rating Agency Name |
CRISIL |
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Rating |
Short term Rating=A2 |
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Rating Explanation |
Strong degree of safety and low credit risk. |
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Date |
13.02.2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Vishesh |
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Designation : |
Export Department |
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Contact No.: |
91-79-66125500 |
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Date : |
10.03.2013 |
LOCATIONS
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Registered/ Corporate Office : |
202, |
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Tel. No.: |
91-79-66125500/ 799/ 798 |
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Mobile No.: |
91-98250802651/ 9825041467 (Mr. Bhavesh Patel) |
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Fax No.: |
91-79-66125600/ 700 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate Office : |
City Mall, 2nd Floor, Sarkhej- Gandhinagar Highway Road,
Ahmedabad – 380 054, Gujarat, India |
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Factory : |
Ceramic
Zone-Dalpur, Tal. Prantij-383 120, Dist. Sabarkantha, |
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Tel. No.: |
91-2770-240931/ 32/ 33/ 34 |
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Fax No.: |
91-2770-240988/ 30 |
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E-Mail : |
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Area : |
230000 sq mtr |
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Branch Office : |
Located at: ·
Ahmedabad ·
Mumbai ·
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DIRECTORS
AS ON 31.03.2013
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Name : |
Mr. Kamleshbhai Patel |
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Designation : |
Chairman cum Managing Director |
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Name : |
Mr. Mukeshbhai Patel |
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Designation : |
Managing Director |
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Name : |
Mr. Sureshbhai Patel |
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Designation : |
Director |
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Name : |
Mr. Bhaveshbhai Patel |
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Designation : |
Director |
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Name : |
Mr. Kanubhai Patel |
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Designation : |
Director |
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Name : |
Mr. Bhogibhai Patel |
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Designation : |
Director |
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Name : |
Mr. Maganlal Prajapati |
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Designation : |
Director |
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Name : |
Mr. Maheshchander Julka |
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Designation : |
Director |
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Name : |
Mr. Shankarlal Patel |
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Designation : |
Director |
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Name : |
Mr. Ajendrakumar Patel |
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Designation : |
Director |
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Name : |
Mr. Amrutbhai Patel |
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Designation : |
Director |
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Name : |
Mr. Premjibhai Chaudhari |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Ms. Renuka A. Upadhayay |
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Designation : |
Company Secretary |
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AUDIT COMMITTEE: |
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Name : |
Mr. Maganlal Prajapati |
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Designation : |
Chairman |
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Name : |
Mr. Maheshchander Julka |
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Designation : |
Member |
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Name : |
Mr. Kamleshbhai Patel |
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Designation : |
Member |
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REMUNERATION COMMITTEE: |
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Name : |
Mr. Maganlal Prajapati |
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Designation : |
Chairman |
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Name : |
Mr. Maheshchander Julka |
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Designation : |
Member |
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Name : |
Mr. Shankarlal Patel |
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Designation : |
Member |
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SHAREHOLDERS’ GRIEVANCE COMMITTEE: |
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Name : |
Mr. Maganlal Prajapati |
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Designation : |
Chairman |
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Name : |
Mr. Kamleshbhai Patel |
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Designation : |
Member |
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Name : |
Mr. Maheshchander Julka |
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Designation : |
Member |
SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of Shareholders |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
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Individuals / Hindu Undivided Family |
8472608 |
37.52 |
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|
8472608 |
37.52 |
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|
|
Total shareholding of Promoter and Promoter Group (A) |
8472608 |
37.52 |
|
(B) Public Shareholding |
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|
|
|
|
|
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|
950000 |
4.21 |
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0 |
0.00 |
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|
950000 |
4.21 |
|
|
|
|
|
|
2735423 |
12.11 |
|
|
|
|
|
|
1463384 |
6.48 |
|
|
8918456 |
39.49 |
|
|
42670 |
0.19 |
|
|
32329 |
0.14 |
|
|
10341 |
0.05 |
|
|
13159933 |
58.27 |
|
Total Public shareholding (B) |
14109933 |
62.48 |
|
Total (A)+(B) |
22582541 |
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) |
22582541 |
0.00 |
(1) Indian
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Category of Shareholders |
No. of Shares |
Percentage
of Holding |
|
Mukeshbhai Jivabhai Patel |
17,15,619 |
7.60 |
|
Kamleshbhai Bhagubhai Patel |
24,38,768 |
10.80 |
|
Rameshbhai Bhikhabhai Patel |
3,31,615 |
1.47 |
|
Hasmukhbhai D Patel |
2,87,669 |
1.27 |
|
Punjabhai Motibhai Patel |
2,55,980 |
1.13 |
|
Bhogilal B Patel |
2,42,299 |
1.07 |
|
Sureshbhai Jivabhai Patel |
11,22,793 |
4.97 |
|
Hinaben Kamleshbhai Patel |
2,16,150 |
0.96 |
|
Deepakbhai Dhanjibhai Patel |
2,16,000 |
0.96 |
|
Kamleshbhai Bhagubhai Patel HUF |
2,11,400 |
0.94 |
|
Jivabhai Jethbhai Patel HUF |
1,49,600 |
0.66 |
|
Sureshbhai Jivabhai Patel HUF |
1,48,036 |
0.66 |
|
Bhagubhai Punjabhai Patel |
1,33,700 |
0.59 |
|
Bhagubhai Punjabhai Patel HUF |
1,27,700 |
0.57 |
|
Bhikhabhai Kodarbhai Patel |
1,26,710 |
0.56 |
|
Danjibhai Purshombhai Patel |
1,23,700 |
0.55 |
|
Bhanuben Mukeshbhai Patel |
1,21,600 |
0.54 |
|
Chhayaben Sureshbhai Patel |
1,08,107 |
0.48 |
|
Mukeshbhai Jivabhai Patel HUF |
91,210 |
0.40 |
|
Hiraben Bhagubhai Patel |
72,760 |
0.32 |
|
Dimpalben B Patel |
68,340 |
0.30 |
|
Gitaben Rameshbhai Patel |
43,906 |
0.19 |
|
Vinaben H Patel |
35,850 |
0.16 |
|
Bhogibhai B Patel HUF |
34,700 |
0.15 |
|
Ushaben D Patel |
24,731 |
0.11 |
|
Chandrikaben D Patel |
12,365 |
0.05 |
|
Dipakbhai D Patel |
11,300 |
0.05 |
|
Total |
84,72,608 |
37.52 |
(*) The term encumbrance has the same meaning as assigned to
it in regulation 28(3) of the SAST Regulations, 2011.
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Public and holding
more than 1% of the total number of shares
|
Category of Shareholders |
No. of Shares |
Percentage
of Holding |
|
Bharat Jayantilal Patel |
989625 |
4.38 |
|
Nidhi Securities Limited |
919462 |
4.07 |
|
Meenu Bhansali |
750000 |
3.32 |
|
Jayantibhai Madhabhai Patel |
510739 |
2.26 |
|
Vinodbhai Lalbhai Patel |
505889 |
2.24 |
|
Lata Bhanshali |
500000 |
2.21 |
|
Orange Mauritius Investments Limited |
950000 |
4.21 |
|
Sanjay Bhupendra Sanghvi |
335406 |
1.49 |
|
Jai Vijay Resources Private Limited |
290000 |
1.28 |
|
Bhikhabhai Valjibhai Patel |
285226 |
1.26 |
|
Ramjibhai Purshottambhai Patel |
262011 |
1.16 |
|
Hridaynath Consultancy Private Limited |
324532 |
1.44 |
|
Artistique Ceramics Private Limited |
237635 |
1.05 |
|
Vipul Jayantilal Modi |
410625 |
1.82 |
|
Total |
7271150 |
32.20 |
Details of Locked-in Shares
|
Category of Shareholders |
No. of Shares |
Percentage
of Holding |
|
Kamlesh Bhagubhai Patel |
5,50,000 |
2.44 |
|
Mukeshbhai Jivabhai Patel |
5,50,000 |
2.44 |
|
Manish Mahendra Modi |
2,10,625 |
0.93 |
|
Vipul Jayantilal Modi |
2,10,625 |
0.93 |
|
Total |
15,21,250 |
6.74 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Verified Tiles, Porcelano Tiles, Rustico Tiles, Vitro
Tiles etc. |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
·
South Africa ·
Taiwan ·
UAE |
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Imports : |
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Products : |
·
Raw Materials ·
Machinery |
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Countries : |
·
South Africa ·
Dubai |
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Terms : |
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Selling : |
L/C and Credit |
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Purchasing : |
L/C and Credit |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
1500 (Approximately) |
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Bankers : |
·
State Bank of India, Commercial Branch,
Ahmedabad, Gujarat, India ·
HDFC Bank, Navrangpura Branch, Ahmedabad,
Gujarat, India ·
IDBI Bank, Ellisbridge Branch, Ahmedabad,
Gujarat, India |
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Facilities : |
NOTES: Long Term
Borrowings: 1.
Term Loan Rs.3151.33 lacs are secured by way of
First Pari Passu charge over the movable & immovable properties of the
Company situated at Block No.160, 147A paiki, 162 at village Dalpur,
Taluka-Prantij, Disct: Sabarkantha, Gujarat, over the movable assets
including Plant & Machineries situated at Survery No.16 (paiki) Village:
Jawanpura, Tal: Idar, Dist: Sabarkantha, Gujarat and over the One Wind Mill
No.V-20 at survey No.204/1, Paiki, Village Vanku, Tal.Abdasa, Dist: Kutch,
gujarat and Second Pari
passu charge over entire current Assets situated at Block No.160, 147A paiki,
162 at village Dalpur, Taluka-Prantij, Disct: Sabarkantha, Gujarat and over
entire current assets situated at Survery No.16 (paiki) Village: Jawanpura,
Tal: Idar, Dist: Sabarkantha, Gujarat. 2.
Term Loan Rs.131.36 lacs are secured by way of
First Charge on all current assets and fixed assets including movable assets
of the Agro Tech Division of the Company situated at Block No.533 at Village
Dalpur, Taluka: Prantij, Disct: Sabarkantha, Gujarat. 3.
Vehicle loans are secured by hypothecation of
vehicles in favour of Bank. Short Term
Borrowings: Working capital
loans are secured by hypothecation of present and future stock of Raw
Materials, Stock in Process, Semi-finished goods, stores and spares and Book
debts, receivables And second Pari Passu charge over entire movable assets
and Immovable Properties of the Company situated at Block No.160, 147A paiki,
162 at village Dalpur, Taluka-Prantij, Disct:Sabarkantha, Gujarat (
Vitrified/Wall /Marble Division) And Survey No.16 (paiki) , Village
:Jawanpura, Taluka: Idar, District: Sabarkantha, Gujarat (Ceramic Division). |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
A.L. Thakkar and Company Chartered Accountants |
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Address : |
Ahmedabad, Gujarat, India |
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Associates : |
·
Amazon Ceramics Limited ·
Pooja Mines and Minerals ·
AGL Parth Tiles – Himatnagar ·
AGL Cera World – Prahladnagar ·
AGL Ceramic World – Sola ·
AGL Home Studio – Baroda ·
Asian Infrastructure Private Limited ·
Astron Paper and Board Mill Limited ·
Asian Panaria Private Limited ·
Asian Institute of Technology ·
Asian Homes – Anand ·
Asian Homes – Himatnagar ·
Asian Homes – Udaipur ·
Asian Infrastructure |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
31250000 |
Equity Shares |
Rs.10/- each |
Rs.312.500 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
22161291 |
Equity Shares |
Rs.10/- each |
Rs.221.613 Millions |
|
|
|
|
|
·
1,40,61,291 Shares out of the issued, subscribed
and paid up share capital were allotted as Bonus Shares in the last five years
by capitalisation of Reserves.
·
Details of equity shares held by
shareholders holding more than 5% shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Mukeshbhai Jivabhai Patel |
2449010 |
11.05 |
|
Kamleshbhai Bhagubhai Patel |
2438768 |
11.00 |
·
The reconciliation
of the number of shares outstanding is set out below:
|
Equity Shares |
Number
of Shares |
|
Equity
Shares at the beginning of the year |
21061291 |
|
Add
: Preferential Equity Shares issued during the year |
1100000 |
|
Less
: Shares bought back during the year |
-- |
|
Equity Shares at the end of the year |
22161291 |
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 |
221.613 |
210.613 |
210.613 |
|
(b) Reserves & Surplus |
2399.084 |
2185.231 |
2029.170 |
|
(c) Money
received against share warrants |
25.531 |
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
2646.228 |
2395.844 |
2239.783 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
337.304 |
411.934 |
488.402 |
|
(b) Deferred tax liabilities (Net) |
154.678 |
158.931 |
157.828 |
|
(c) Other long term liabilities |
62.927 |
56.512 |
44.957 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
554.909 |
627.377 |
691.187 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2031.888 |
1380.793 |
827.395 |
|
(b) Trade payables |
914.986 |
646.068 |
448.608 |
|
(c) Other current
liabilities |
295.496 |
277.178 |
215.155 |
|
(d) Short-term provisions |
40.548 |
56.625 |
51.254 |
|
Total Current Liabilities (4) |
3282.918 |
2360.664 |
1542.412 |
|
|
|
|
|
|
TOTAL |
6484.055 |
5383.885 |
4473.382 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1735.962 |
1848.840 |
1883.434 |
|
(ii) Intangible Assets |
0.275 |
0.550 |
1.100 |
|
(iii) Capital
work-in-progress |
27.502 |
0.681 |
8.991 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
180.499 |
30.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
458.998 |
194.729 |
48.713 |
|
(e) Other Non-current assets |
0.000 |
1.667 |
0.000 |
|
Total Non-Current Assets |
2403.236 |
2076.467 |
1942.238 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
1903.899 |
1595.180 |
1237.636 |
|
(c) Trade receivables |
1698.818 |
1295.639 |
856.380 |
|
(d) Cash and cash
equivalents |
290.605 |
253.714 |
171.209 |
|
(e) Short-term loans and
advances |
185.830 |
158.970 |
236.628 |
|
(f) Other current assets |
1.667 |
3.915 |
29.291 |
|
Total Current Assets |
4080.819 |
3307.418 |
2531.144 |
|
|
|
|
|
|
TOTAL |
6484.055 |
5383.885 |
4473.382 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7074.884 |
6237.950 |
4803.700 |
|
|
|
Other Income |
33.064 |
25.226 |
19.706 |
|
|
|
TOTAL (A) |
7107.948 |
6263.176 |
4823.406 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1951.329 |
1834.253 |
1632.985 |
|
|
|
Purchase of Stock-in-trade |
2093.443 |
1636.671 |
783.380 |
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
(260.603) |
(248.854) |
(156.654) |
|
|
|
Employee Benefits Expenses |
363.406 |
306.888 |
250.259 |
|
|
|
Power and Fuels |
1232.605 |
1106.129 |
0.000 |
|
|
|
Other Expenses |
1004.946 |
935.564 |
1712.848 |
|
|
|
TOTAL (B) |
6385.126 |
5570.651 |
4222.818 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
722.822 |
692.525 |
600.588 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
252.100 |
203.497 |
133.587 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
470.722 |
489.028 |
467.001 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
216.890 |
218.886 |
202.926 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
253.832 |
270.142 |
264.075 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
82.746 |
89.603 |
63.131 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
171.086 |
180.539 |
200.944 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1425.781 |
1269.720 |
1093.335 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Proposed Dividend on Equity Shares |
1.060 |
21.061 |
21.061 |
|
|
|
Corporate Tax on Dividend Equity Shares |
0.173 |
3.417 |
3.498 |
|
|
BALANCE CARRIED
TO THE B/S |
1595.634 |
1425.781 |
1269.720 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
233.747 |
141.760 |
107.756 |
|
|
TOTAL EARNINGS |
233.747 |
141.760 |
107.756 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Purchase of Capital Goods |
52.923 |
91.343 |
113.709 |
|
|
|
Stores & Spares |
71.765 |
84.753 |
78.165 |
|
|
|
Raw Materials |
108.058 |
70.933 |
4.616 |
|
|
|
Finish Goods |
248.754 |
312.385 |
0.000 |
|
|
|
Others Design Materials |
2.916 |
1.191 |
0.000 |
|
|
TOTAL IMPORTS |
484.416 |
560.605 |
196.490 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.74 |
8.57 |
9.54 |
|
QUARTERLY RESULTS
|
Particulars |
30.06.2013 (Unaudited) |
30.09.2013 (Unaudited) |
31.12.2013 (Unaudited) |
|
|
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net sales |
1571.400 |
1880.900 |
1615.700 |
|
Total Expenditure |
1420.700 |
1748.100 |
1469.800 |
|
PBIDT (Excluding Other Income) |
150.700 |
132.800 |
145.900 |
|
Other income |
0.900 |
2.700 |
3.600 |
|
Operating Profit |
151.600 |
135.500 |
149.500 |
|
Interest |
59.000 |
34.200 |
48.700 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
92.700 |
101.300 |
100.800 |
|
Depreciation |
58.300 |
58.500 |
60.200 |
|
Profit Before Tax |
34.400 |
42.800 |
40.700 |
|
Tax |
8.900 |
14.000 |
12.600 |
|
Profit after tax |
25.500 |
28.800 |
28.100 |
|
Extraordinary Items |
0.000 |
0.000 |
0.000 |
|
Prior Period Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
25.500 |
28.800 |
28.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
2.41 |
2.88 |
4.17 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.59 |
4.33 |
5.50 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.04 |
5.05 |
5.92 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.10 |
0.11 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.90 |
0.75 |
0.59 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.24 |
1.40 |
1.64 |
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 |
210.613 |
210.613 |
221.613 |
|
Reserves & Surplus |
2029.170 |
2185.231 |
2399.084 |
|
Money received against share warrants |
0.000 |
0.000 |
25.531 |
|
Net
worth |
2239.783 |
2395.844 |
2646.228 |
|
|
|
|
|
|
long-term borrowings |
488.402 |
411.934 |
337.304 |
|
Short term borrowings |
827.395 |
1380.793 |
2031.888 |
|
Total
borrowings |
1315.797 |
1792.727 |
2369.192 |
|
Debt/Equity
ratio |
0.587 |
0.748 |
0.895 |
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 |
4,803.700 |
6,237.950 |
7,074.884 |
|
|
|
29.857 |
13.417 |
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
|
4,803.700 |
6,237.950 |
7,074.884 |
|
Profit |
200.944 |
180.539 |
171.086 |
|
|
4.18% |
2.89% |
2.42% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITY
OF LONG TERM DEBT:
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
|
|
|
Current maturity of long term debt |
149.176 |
150.485 |
137.485 |
|
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 |
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 |
Industrial
Scenario and Future Outlook:
The construction
industry in India, which is having major linkages with building materials
segments, has been growing at 15% to 20% year on year, mainly on the strength
of increased manufacturing activities, industrial growth, and heightened
investments, especially by the government in infrastructure and real estate.
Tiles segment, being one of the building materials segment linked mainly to the
instruction landscape has been growing at 25% to 30% per annum.
While the demand
for Tiles is driven by the developments and growth in construction, realty,
housing and infrastructure sectors, it is expected that expanding construction
activities in the largely untapped rural areas are also expected to provide a
huge thrust to the construction building materials market. Besides, in view of
rising disposable income, rapidly growing middle class and increased
urbanization, etc., it is expected that India‘s per capita consumption of
ceramic tiles will have a healthy growth in the periods ahead. While India
growth story continues in spite of inflationary pressures, indications are that
the long term scenario for the ceramic industry in general and the tiles
segment in particular will remain healthy.
Results of
Operations:
The sales and
other income of the Company increased to Rs.7074.884 Millions as compared to
Rs.6237.950 Millions in last year, registering a growth of 13.41%. The Profit
for the year amounted to Rs.171.086 Millions as compared to Rs.180.539 Millions
in last year.
The Directors are trying to achieve better results in time to come and
to keep the position of market leader in the coming years.
Industry Structure and Development
Indian Market
The Indian tile
industry, despite an overall slowdown of the economy continues to grow at a
healthy 15% per annum. Ceramics tiles as a product segment has grown to
a sizable chunk today at approximately 600 millions square meters production
per annum. Investments in the last 5 years have aggregated over Rs.50000.000
Millions. The overall size of the Indian ceramic tile industry is approximately
Rs.180000.000 Millions (FY12). However, the potential seems to be great,
particularly as the housing sector, retail, IT, and BPO sectors have been
witnessing an unprecedented boom in recent times. The main product segments are
the Wall tile, Floor tile, Vitrified tile and Industrial tile segments. The
market shares (in value terms) are 20%, 23% 50%, and 7% respectively for Wall,
Floor, Vitrified, and Industrial tiles.
The Indian tile
industry is divided into organized and unorganized sector. The organized sector
comprises of approximately 14 players. The current size of the organized sector
is about Rs.72000.000 Millions. The unorganized sector accounts for nearly 60%
of the total industry bearing testimony of the growth potential of this sector.
International Market
The Indian
Industry has developed an international market although at the lower end. In
volume it constitutes less than half a percent of the global market. (Presently
India does not figure in the list of major exporting countries). But this
reality could change as Indian Companies are reaching to the international
market with its new technologies and continuous research and development, due
to which the product is achieving the attention of international dealers, with
these efforts the exports are raising at an accelerating growth annually. The
top-end of the global export market is presently dominated by China (36.8%) and
Italy (15.1%).
HI-TECH TUFFGUARD DIGITAL
Company has
introduced an advanced range of tiles powered with scratch-shield technology
under the brand name of Hi-Tech Tuffguard Digital Tiles. This series of tiles
are incredibly strong and robust with an extremely hard surface and are
processed for an attractive appearance with low porosity. This high-end technology
gives tiles an astonishing endurance, and makes them highly resistant to
abrasion, stain, tarnish, scratches and rough handling. Hi-Tech Tuffguard
Digital tiles let the floor retain its natural and elegant look that last for a
long time.
Segment – wise / Production wise performance
Asian Granito is
having an ultra-modern plant in the ceramic zone of Idar and Himmatnagar,
spread over an area of 32,000 Sq. mtr., and production capacity of four plants
is 81,000 Sq. mtr., per day (installed capacity including outsourcing).
Future Outlook
Considering the
threats, opportunities and the strengths of your company, the key task at hand
will be to make the most of the category growth across all price segments and
maintain margins to the best possible degree without affecting volume growth.
The Company is making strong efforts for the market shares and has also
achieved a good brand name. But still there is long way to go and company is
trying its level best to achieve its targets and have a profitable growth in
the coming years.
As Ceramic
Industries is one of the vast Industry, there is no end till the demand goes on
and on. With the growth of real estate and infrastructure industry, the
Company’s product will have demand and will capture the bigger market share.
UNSECURED LOAN:
|
Particulars |
31.03.2013 Rs.
In Millions |
31.03.2012 Rs.
In Millions |
|
Short Term
Borrowings |
|
|
|
From Bank |
|
|
|
Foreign Currency Loan – FCNR |
0.000 |
129.967 |
|
Foreign Currency loan – Buyers Credit |
0.000 |
17.662 |
|
Bill Discounting |
99.936 |
4.934 |
|
|
|
|
|
Total |
99.936 |
152.563 |
NOTES:
Short Term
Borrowings:
Bill Discounting Limit is guaranteed by Directors of the Company.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10407618 |
29/01/2013 |
50,000,000.00 |
IDBI
BANK LIMITED |
IDBI
COMPLEX, OPP. MUNI.STAFF QUARTERS, NEAR LAL BUNGLOWS, OFF C.G. ROAD, P.B. NO.
22, AHMEDABAD, |
B69398584 |
|
2 |
10384205 |
29/01/2013
* |
2,908,100,000.00 |
STATE
BANK OF INDIA |
COMMERCIAL
BRANCH, 3RD FLOOR, PARAMSIDHHI COMPLEX, |
B69079184 |
|
3 |
10384206 |
13/12/2012
* |
763,500,000.00 |
STATE
BANK OF INDIA |
COMMERCIAL
BRANCH, PARAMSIDHI COMPLEX, ELLISBRIDGE, AHMEDABAD, GUJARAT - 380006, INDIA |
B65802506 |
|
4 |
10219954 |
13/04/2010 |
50,000,000.00 |
IDBI
BANK LIMITED |
AHMEDABAD
BRANCH, IDBI COMPLEX, MUNICIPAL QUARTERS, NEAR LAL BUNGLOW, OFF. C.G. ROAD,
POST BAG NO.22, AHMEDABAD, GUJARAT - 380006, INDIA |
A86008984 |
* Date of charge modification
FIXED ASSETS:
·
Land and Land Development
·
Building – Factory
·
Office and Other Building
·
Plant and Machinery and
Elec.
·
Office Equipment
·
Vehicle
·
Furniture and Fixture
·
Computers
·
Trade Mark
·
Power Plant – Wind Mill
·
Power Plant – Wind Mill
Land
STATEMENT OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE
QUARTER AND NINE MONTHS ENDED 31ST DECEMBER 2013
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
Nine Months Ended ( Unaudited) |
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
1.
Income from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
1610.083 |
1877.566 |
5055.917 |
|
b) Other operating income |
5.599 |
3.290 |
12.055 |
|
Total
income from Operations(net) |
1615.682 |
1880.856 |
5067.972 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
518.221 |
489.260 |
1436.832 |
|
b) Purchases of stock in trade |
478.763 |
622.612 |
1655.162 |
|
c) Changes in inventories of finished goods, work-in-progress
and stock-in-trade |
(95.309) |
(16.993) |
(213.380) |
|
d) Employees benefit expenses |
101.416 |
105.770 |
300.775 |
|
e) Depreciation and amortization expenses |
60.196 |
58.532 |
177.057 |
|
f) Power and Fuel |
260.472 |
293.101 |
811.559 |
|
g) Other expenditure |
206.219 |
220.342 |
647.627 |
|
Total expenses |
1529.978 |
1806.610 |
4815.632 |
|
3. Profit from operations before other income and
financial costs |
85.704 |
74.246 |
252.340 |
|
4. Other income |
3.623 |
2.670 |
7.223 |
|
5. Profit from ordinary activities before finance costs |
89.327 |
76.916 |
259.563 |
|
6. Finance costs |
48.680 |
34.149 |
141.775 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
40.647 |
42.767 |
117.788 |
|
8. Exceptional item |
-- |
-- |
-- |
|
9. Profit from ordinary activities before tax
Expense: |
40.647 |
42.767 |
117.788 |
|
10.Tax expenses |
12.558 |
13.957 |
35.400 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
28.089 |
28.810 |
82.388 |
|
12.Extraordinary Items (net of tax expense) |
-- |
-- |
-- |
|
13.Net Profit / (Loss) for the period (11 -12) |
28.089 |
28.810 |
82.388 |
|
14.Paid-up
equity share capital (Nominal value Rs.10/- per share) |
2258.25 |
2216.13 |
2216.13 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
|
|
16.i) Earnings per share (before extraordinary
items) of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic and diluted |
1.26 |
1.30 |
3.71 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
14109933 |
13701690 |
14109933 |
|
- Percentage of shareholding |
62.48 |
61.83 |
62.48 |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
Nil |
Nil |
Nil |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
Nil |
Nil |
Nil |
|
Percentage of shares (as a % of total share capital of the
company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
Number of shares |
8472608 |
8459601 |
8472608 |
|
Percentage of shares (as a % of total shareholding of the promoter
and promoter group) |
100 |
100 |
100 |
|
|
|
|
|
|
Percentage of shares (as a % of total share capital of the
company) |
37.52 |
38.17 |
37.52 |
NOTES:
1.
The above results are reviewed by the Audit
Committee and also limited review by statutory Auditors and approved by the
Board of Directors at their meeting held on February 10, 2014.
2.
The Provisions of Income Tax / Deferred
Tax are made as per the normal provisions of The Income Tax Act, 1961 and as
per Accounting Standard-22 of ICAI respectively.
3.
Accounting Standard (AS-17) relating to
segment reporting has been complied with. As gross income and profit from other
segment are below the norms prescribed in AS-17 and so separate disclosures have
not been made.
4.
During the quarter ended December 31,
2013 the Company has made preferential issue of 4,21,250 equity shares of the
nominal value of Rs.10/- each at a premium of Rs.40/- per equity shares on
November 14, 2013 on Preferential basis to Non Promoters on conversion of
4,21,250 convertible warrants of Rs.50/ - each. Fund raised has been utilized
for the purpose as approved by shareholders. The Company has also forfeited
16,21,2510 convertible warrants of the Company for non - payment of balance of
payment in the same Board meeting.
5.
The previous Period / Year figures have
been regrouped and reclassified wherever necessary to make them comparable with
the current period's figures.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.61.09 |
|
UK Pound |
1 |
Rs.101.59 |
|
Euro |
1 |
Rs.84.65 |
INFORMATION DETAILS
|
Information
Gathered by : |
PLK |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
48 |
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.