MIRA INFORM REPORT
|
Report Date : |
24.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
CENLUB INDUSTRIES LIMITED |
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|
|
|
Registered Office
: |
Plot No 233-234, Industrial Estate, Sector-58, Faridabad – 121 001,
Haryana |
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Country : |
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|
|
Financials (as
on) : |
31.03.2013 |
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|
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Date of
Incorporation : |
26.03.1992 |
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Com. Reg. No.: |
05-035087 |
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Capital
Investment / Paid-up Capital : |
Rs.41.200 Millions |
|
|
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|
CIN No.: [Company Identification
No.] |
L67120HR1992PLC035087 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
RTKC01240B |
|
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PAN No.: [Permanent Account No.] |
AAACC0257G |
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TIN No.: |
06881208964 |
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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 and Supply of Centralised Lubrication System for Various
Machines, Plants and Equipments. |
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|
|
|
No. of Employees
: |
170 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (35) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Maximum Credit Limit : |
USD 543000 |
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|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The rating reflects high working capital incentive nature of
operation, fluctuating operating income from past three years and competitive
lubrication industry. However, trade relations are fair. Business is active. Payment terms
are slow but correct. The company can be considered for business dealings with some 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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
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
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Bank Facilities=BB |
|
Rating Explanation |
Moderate risk of default and moderate credit
risk. |
|
Date |
18.07.2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Bank Facilities=A4 |
|
Rating Explanation |
Minimal degree of safety and very high
credit risk. |
|
Date |
18.07.2013 |
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 DECLINED
Management Non Cooperative (91-129-4113703)
LOCATIONS
|
Registered Office/ Factory 1 : |
Plot No 233-234, Industrial Estate, Sector-58, Faridabad – 121 001,
Haryana, India |
|
Tel. No.: |
91-129-4113701 / 02 / 03 / 04 |
|
Fax No.: |
91-129-2260524 / 2275484 |
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E-Mail : |
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|
Website : |
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Corporate Office cum Factory 2 : |
35, DLF Industrial Estate – 1, Faridabad – 121 003, Haryana, India |
|
Tel. No.: |
91-129-4113701 / 02 / 03 / 04 |
|
Fax No.: |
91-129-2260524 / 2275484 |
|
|
|
|
Factory 3 : |
45-B, 2nd Phase, Peenya Industrial Area, Bangalore – 560
058, Karnataka, India |
|
Tel. No.: |
91-80-23723679 / 28374704 |
|
|
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Factory 4 : |
83, DLF Industrial Estate-1, Faridabad – 121 003, Haryana, India |
|
Tel. No.: |
91-129-2275484 |
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Branches : |
Located At: ·
Aurangabad ·
Coimbatore ·
Punjab ·
Chennai ·
Hyderabad ·
Mumbai ·
Gujarat ·
Jamshedpur ·
Pune ·
Chandigarh ·
Rourkela ·
Visakhapatnam |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Vijendra Kumar Mittal |
|
Designation : |
Promoter Chairman and Managing Director |
|
|
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|
Name : |
Mrs. Madhu Mittal |
|
Designation : |
Executive Director |
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|
Name : |
Mr. Aman Mittal |
|
Designation : |
Executive Director |
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|
Name : |
Mr. Virendra Kumar Gupta |
|
Designation : |
Executive Director |
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|
Name : |
Mr. Ansh Mittal |
|
Designation : |
Executive Director |
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|
Name : |
Mr. Dinesh Kaushal |
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Designation : |
Non-Executive Director |
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|
Name : |
Mr. Ankur Garg |
|
Designation : |
Non-Executive Director |
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|
Name : |
Mr. Om Prakash Verma |
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Designation : |
Non-Executive Director |
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|
Name : |
Mr. Hakikat Singh |
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Designation : |
Non-Executive Director |
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|
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|
Name : |
Mr. Ashok Kumar Agarwal |
|
Designation : |
Non-Executive Director |
SHAREHOLDING PATTERN
AS ON 31.12.2013
|
Category of Shareholders |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1592326 |
38.65 |
|
|
129861 |
3.15 |
|
|
1722187 |
41.80 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
1722187 |
41.80 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
2700 |
0.07 |
|
|
600 |
0.01 |
|
|
3300 |
0.08 |
|
|
|
|
|
|
80460 |
1.95 |
|
|
|
|
|
|
1706027 |
41.41 |
|
|
403544 |
9.79 |
|
|
204482 |
4.96 |
|
|
92170 |
2.24 |
|
|
1280 |
0.03 |
|
|
111032 |
2.69 |
|
|
2394513 |
58.12 |
|
Total Public shareholding (B) |
2397813 |
58.20 |
|
Total (A)+(B) |
4120000 |
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) |
4120000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supply of Centralised Lubrication System for Various
Machines, Plants and Equipments. |
|
|
|
|
Brand Name : |
CENLUB |
GENERAL INFORMATION
|
Suppliers : |
·
Alloy Steel Plant,, Durgapur ·
Bhilai Steel Plant, Bhilai ·
Bhushan Steel Limited, Kolkata ·
ABG Cement, Kutch ·
Dalmia Cement, Kadappa ·
Jaypee Balaji Cement, Jaggayyapet, Andhra Pradesh ·
Kamdhenu Cement, Varanasi ·
Madras Cement, Govindapuraam ·
Zuari Cement, Andhra Pradesh ·
Andhra Paper Mill, Andhra Pradesh |
||||||||||||||||||
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No. of Employees : |
170 (Approximately) |
||||||||||||||||||
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||||||||||||||||||
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Bankers : |
·
State Bank of ·
State Bank of ·
HDFC Bank, ·
HDFC Bank, ·
CITI Bank, ·
HSBC Bank, |
||||||||||||||||||
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||||||||||||||||||
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Facilities : |
NOTES: Secured by 1.
Hypothecation of Stocks of Raw
material, Stocks - In Process and Finished Goods, Plant and Machinery 2.
Equitable Mortgage of Land, building
at Faridabad, Thane and Pune and pledge of Fixed deposits of Rs.9.970 Millions
3.
Guaranteed by (5) Directors, Minihyd
Hydraulics Private Limited |
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|
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Satish Singla and Company Chartered Accountant |
|
Address : |
1st Floor, SCO 107, J and K Bank Building, Sector-16,
Faridabad – 121 003, Haryana, India |
|
Tel. No.: |
91-129-4103600 |
|
Fax No.: |
91-129-2223600 |
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E-Mail : |
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Subsidiary Company : |
Ganpati Handtex Private Limited |
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4120000 |
Equity Shares |
Rs.10/-
each |
Rs.41.200
Millions |
|
|
|
|
|
NOTE:
1.
The Company has only one class of shares
referred to as equity shares having a par value of Rs. 10. Each holder of
equity shares is entitled to one vote per share.
2.
The Company has not declares and dividend
during the year.
3.
Reconcilation
of the Number of shares
|
Particulars |
No. of Shares |
|
Outstanding
at the beginning of the year |
4120000 |
|
Outstanding
at the end of the year |
4120000 |
4. Shares held by each shareholder holding more than 5%
shares
|
Promoters’ Holding |
%
Holding |
No.
if Shares |
|
Vijendra Kumar Mittal |
9.92 |
408608 |
|
Madhu Mittal |
11.71 |
482526 |
|
Ansh Mittal |
8.31 |
342342 |
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 |
41.200 |
41.200 |
41.200 |
|
(b) Reserves & Surplus |
94.626 |
72.198 |
59.595 |
|
(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) |
135.826 |
113.398 |
100.795 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.288 |
4.860 |
5.193 |
|
(b) Deferred tax liabilities (Net) |
1.455 |
1.759 |
1.856 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
7.441 |
6.627 |
4.256 |
|
Total Non-current Liabilities
(3) |
9.184 |
13.246 |
11.305 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
82.232 |
64.586 |
62.476 |
|
(b) Trade payables |
34.025 |
57.199 |
35.115 |
|
(c) Other current
liabilities |
16.166 |
18.155 |
8.257 |
|
(d) Short-term
provisions |
4.831 |
15.543 |
15.918 |
|
Total Current
Liabilities (4) |
137.254 |
155.483 |
121.766 |
|
|
|
|
|
|
TOTAL |
282.264 |
282.127 |
233.866 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
48.569 |
39.805 |
42.798 |
|
(ii) Intangible Assets |
0.344 |
0.328 |
0.409 |
|
(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 |
6.568 |
5.054 |
1.256 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
53.500 |
44.884 |
26.723 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
108.981 |
90.071 |
71.186 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
1.666 |
0.000 |
|
(b) Inventories |
27.544 |
45.368 |
41.559 |
|
(c) Trade receivables |
80.989 |
91.919 |
72.081 |
|
(d) Cash and cash
equivalents |
56.946 |
45.034 |
41.987 |
|
(e) Short-term loans
and advances |
6.000 |
7.223 |
5.041 |
|
(f) Other current
assets |
1.804 |
0.846 |
2.012 |
|
Total Current Assets |
173.283 |
192.056 |
162.680 |
|
|
|
|
|
|
TOTAL |
282.264 |
282.127 |
233.866 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
332.310 |
355.846 |
273.642 |
|
|
|
Other Income |
4.323 |
6.413 |
2.513 |
|
|
|
TOTAL (A) |
336.633 |
362.259 |
276.155 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material Consumed |
193.217 |
219.342 |
163.155 |
|
|
|
Purchase of Stock-in-trade |
0.000 |
0.000 |
2.675 |
|
|
|
Changes in Inventories of Finished Goods, Work-in-progress and
Stock-in-trade |
(1.548) |
0.635 |
(7.362) |
|
|
|
Employee Benefit Expense |
45.165 |
43.127 |
33.624 |
|
|
|
Other Expenses |
50.546 |
47.497 |
46.394 |
|
|
|
TOTAL (B) |
287.380 |
310.601 |
238.486 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
49.253 |
51.628 |
37.669 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
13.612 |
11.722 |
8.281 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
35.641 |
39.906 |
29.388 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.130 |
2.809 |
2.845 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
32.511 |
37.097 |
26.543 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
10.083 |
11.605 |
8.732 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
22.428 |
25.492 |
17.811 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
72.198 |
59.595 |
53.755 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Provision for Earlier (Leave Encashment) |
0.000 |
0.917 |
0.000 |
|
|
|
Proposed Dividend |
0.000 |
10.300 |
0.000 |
|
|
|
Corporate Dividend Tax |
0.000 |
1.671 |
1.671 |
|
|
BALANCE CARRIED
TO THE B/S |
94.626 |
72.199 |
59.595 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB Value of Exports |
2.715 |
3.019 |
2.149 |
|
|
TOTAL EARNINGS |
2.715 |
3.019 |
2.149 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Components |
4.558 |
4.525 |
6.988 |
|
|
TOTAL IMPORTS |
4.558 |
4.525 |
6.988 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
5.44 |
6.19 |
4.32 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.06.2013 |
31.12.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
55.400 |
56.000 |
70.300 |
|
Total Expenditure |
50.900 |
53.500 |
62.600 |
|
PBIDT (Excl OI) |
4.500 |
2.600 |
7.700 |
|
Other Income |
0.800 |
1.300 |
1.500 |
|
Operating Profit |
5.300 |
3.800 |
9.200 |
|
Interest |
3.700 |
5.200 |
5.400 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
1.600 |
(1.300) |
3.800 |
|
Depreciation |
0.800 |
01.000 |
1.000 |
|
Profit Before Tax |
0.800 |
(2.300) |
2.900 |
|
Tax |
0.300 |
00.000 |
0.200 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
0.500 |
(2.300) |
2.700 |
|
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 |
0.500 |
(2.300) |
2.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
6.66
|
7.04 |
6.45 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
9.78
|
40.43 |
9.70 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.63
|
15.98 |
12.89 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.33 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.61
|
0.61 |
0.67 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.26
|
1.24 |
1.34 |
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 |
41.200 |
41.200 |
41.200 |
|
Reserves & Surplus |
59.595 |
72.198 |
94.626 |
|
Net
worth |
100.795 |
113.398 |
135.826 |
|
|
|
|
|
|
long-term borrowings |
5.193 |
4.860 |
0.288 |
|
Short term borrowings |
62.476 |
64.586 |
82.232 |
|
Total
borrowings |
67.669 |
69.446 |
82.520 |
|
Debt/Equity
ratio |
0.671 |
0.612 |
0.608 |
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 |
273.642 |
355.846 |
332.310 |
|
|
|
30.041 |
(6.614) |
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 |
273.642 |
355.846 |
332.310 |
|
Profit |
17.811 |
25.492 |
22.428 |
|
|
6.51% |
7.16% |
6.75% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
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 |
Yes |
|
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 |
No |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOAN:
|
Particulars |
31.03.2013 Rs. In Millions |
31.03.2012 Rs. In Millions |
|
Long Term Borrowings |
|
|
|
From Banks |
2.774 |
6.351 |
|
From Other
Parties |
6.113 |
10.376 |
|
Less: Shown in
Current Maturities of Long Term Debt |
(8.599) |
(11.868) |
|
|
|
|
|
Total |
0.288 |
4.859 |
NOTE:
Terms of repayment and interest are as follows:-
|
Loan from |
No. of Installment Left |
Year of Maturity |
As at 31st March, 2013 |
As at 31st March, 2012 |
|
ICICI Bank |
0 |
2012-13 |
- |
0.040 |
|
ICICI Bank |
0 |
2012-13 |
- |
0.127 |
|
HDFC Bank |
0 |
2012-13 |
- |
0.030 |
|
Magma Fincorp Limited |
1 |
2013-14 |
0.164 |
2.023 |
|
Religare Finvest Limited |
13 |
2014-15 |
1.485 |
2.615 |
|
Bajaj Finance Limited |
0 |
2012-13 |
-0.242 |
1.533 |
|
Tata Capital Limited |
13 |
2014-15 |
4.465 |
4.205 |
|
Kotak Mahindra Bank Limited |
8 |
2013-14 |
2.776 |
6.352 |
|
|
|
|
8.887 |
16.925 |
|
Less: Shown in current maturities of Long Term Debt |
|
|
8.599 |
12.066 |
|
Balance Shown as
above |
|
|
0.288 |
4.859 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
80000746 |
15/05/2013 * |
170,000,000.00 |
STATE BANK OF INDIA |
SME BRANCH, 65, NEELAM BATA ROAD, N I T, FARIDABAD - 121001, HARYANA, INDIA |
B76171388 |
* Date of charge
modification
FINANCE
During
the financial year, the net turnover is lower by about 7.17% as compared to
corresponding previous financial year. Subject has ended the financial year
with a profit after tax of Rs.22.428 Millions in the current financial year
against the last year profit of Rs.25.492 Millions
MARKET
SCENARIO
The
current market scenario is not favorable to Machine Tool Lubrication, Power Plants,
Steel Plants and Refineries. Industry as well as due to general slowdown in
Indian and Global economy coupled with policies of Government. However, is
continuing to develop new high value grades of the needs of domestic as well as
international markets.
MANAGEMENT
DISCUSSIONS AND ANALYSIS
The
management discussion and Analysis presents the industry overview,
opportunities and threats, Initiative by the company and overall strategy of
Cenlub becoming a market driven producer/supplier of various innovative models
and ranges of lubrication products.
1.
Industry Structure and Developments:
With
the advancement of technology industries are being modernized. Machines and
plants are becoming more and more sophisticated as well as automatic to attain wider
performance better efficiency and long life. To run such machines and plants
effectively without breakdowns, if has become imperative to go for centralized
lubrication system which serves as single supply base for different lubrication
points with metered amount of lubricants.
CENLUB
caters to various industries like machine tools, press tools, steel, paper,
power generation (turbine), sugar etc. Needless to say that CENLUB has become
synonymous with centralized lubrication by providing efficient, reliable
centralized lubrication system.
More
than 10, 00,000 CENLUB lubrication systems are working in various industries in
India because of product quality, reliability and prompt "after sales
service" CENLUB has succeed magnificently with tremendous growth.
2.
Opportunities and Treats:
Subject
have been doing quite well for the last so many years as regards machine tool
lubrication is concerned and infect works enjoying more than 80% market shares
to supply the system to original machine builders particularly CNC machine.
During the last 2 years there was a tremendous growth in plant manufacturing
like power and steel sector, hence, CENLUB has grown equally with this growth
by supplying lubrication system in this sectors also.
Opportunities
For
the few years there is stagnation in machine tool industry and growth in other
sector too is getting effected. Still company bagged order from public sector
like BHEL as well as private sector for lubrication systems required in power
sector. This sector gives us scope for some encouraging results.
Subject
already got rate contract from association of state road transport undertakings
(ASRTU) for the supply of centralized lubrication system for vehicle chassis
for state road transports. This field has great potential in India and the
company hopes to capture this market.
3.
Outlook
During
the year subject has been able to generate a net profit of Rs.22.189 Millions
against a net profit of Rs.25.491 Millions of last year.
The
coming year provides us with pressure to achieve expected growth of last year,
however we are motivated by a thought of building strong CENLUB. While there
will undoubtedly be challenges, we believe that we have a strong strategy
management team to lead the change.
FIXED ASSETS:
·
Land
·
Goodwill
·
Factory Building
·
Office Building
·
Plant and Machinery
·
Tools and Equipment
·
Electric Installation
·
Office Equipment
·
Furniture and Fittings
·
Vehicles
STATEMENT OF UNAUDITED RESULTS FOR THE QUARTER/ HALF YEAR ENDED 30TH
SEPTEMBER, 2013
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
Half Year Ended ( Unaudited) |
|
|
|
30.09.2013 |
30.06.2013 |
31.19.2013 |
|
1.
Income form operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
55.136 |
54.994 |
110.130 |
|
b) Other operating income |
0.857 |
0.426 |
1.283 |
|
Total
income from Operations(net) |
55.993 |
55.420 |
111.413 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
32.951 |
32.515 |
65.466 |
|
b) Purchases of stock in trade |
1.010 |
0.000 |
1.010 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(1.650) |
(1.137) |
(2.787) |
|
d) Employees benefit expenses |
9.556 |
9.932 |
19.488 |
|
e) Depreciation and amortization expenses |
0.959 |
0.827 |
1.786 |
|
f) Other expenditure |
11.577 |
9.580 |
21.157 |
|
Total expenses |
54.403 |
51.717 |
106.120 |
|
3. Profit from operations before other income and
financial costs |
1.590 |
3.703 |
5.293 |
|
4. Other income |
1.291 |
0.782 |
2.073 |
|
5. Profit from ordinary activities before finance costs |
2.881 |
4.485 |
7.366 |
|
6. Finance costs |
5.177 |
3.701 |
8.878 |
|
7. Net profit/(loss) from ordinary activities after
finance costs but before exceptional items |
(2.296) |
0.784 |
(1.512) |
|
8. Exceptional item |
0.000 |
0.000 |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
(2.296) |
0.784 |
(1.512) |
|
10.Tax expenses |
0.025 |
0.247 |
0.272 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
(2.321) |
0.537 |
(1.784) |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
0.000 |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
(2.321) |
0.537 |
(1.784) |
|
14.Paid-up
equity share capital (Nominal value Re. 10/- per share) |
41.200 |
41.200 |
41.200 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
0 |
0 |
0 |
|
16.i) Earnings per share (before extraordinary items)
of Re. 10/- each) (not annualised): |
|
|
|
|
(a) Basic and diluted |
|
|
|
|
ii) Earnings per share (after extraordinary items) |
|
|
|
|
(a) Basic and diluted |
0.56 |
0.13 |
0.43 |
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
2398813 |
2415312 |
2398813 |
|
- Percentage of shareholding |
58.22% |
58.63% |
58.22% |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
a) Pledged /Encumbered |
|
|
|
|
Number of shares |
|
|
|
|
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 |
1721187 |
1704188 |
1721187 |
|
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) |
41.78% |
41.37% |
41.78% |
STATEMENT OF
ASSETS AND LIABILITIES AS AT 30TH SEPTEMBER, 2013
|
SOURCES OF FUNDS |
|
|
30.09.2013 (UNAUDITED) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
41.200 |
|
(b) Reserves & Surplus |
|
|
92.868 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
134.068 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
40.888 |
|
(b) Deferred tax liabilities (Net) |
|
|
1.455 |
|
(c) Other long term
liabilities |
|
|
0.000 |
|
(d) long-term
provisions |
|
|
7.474 |
|
Total Non-current
Liabilities (3) |
|
|
49.817 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
|
|
91.407 |
|
(b) Trade payables |
|
|
37.884 |
|
(c) Other current
liabilities |
|
|
11.388 |
|
(d) Short-term
provisions |
|
|
6.694 |
|
Total Current
Liabilities (4) |
|
|
147.373 |
|
|
|
|
|
|
TOTAL |
|
|
331.258 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
57.635 |
|
(b) Non-current Investments |
|
|
6.568 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
86.518 |
|
(e) Other
Non-current assets |
|
|
0.000 |
|
Total Non-Current
Assets |
|
|
150.721 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
0.000 |
|
(b) Inventories |
|
|
41.544 |
|
(c) Trade receivables |
|
|
63.306 |
|
(d) Cash and cash equivalents |
|
|
64.348 |
|
(e) Short-term loans
and advances |
|
|
9.308 |
|
(f) Other current
assets |
|
|
2.031 |
|
Total Current Assets |
|
|
180.537 |
|
|
|
|
|
|
TOTAL |
|
|
331.258 |
NOTES:
1. The above results were reviewed by the audit committee and then approved
by the Board of Directors at their meeting held on 9th November,
2013.
2. The statutory Auditors have carried out a “Limited Review” of the
Financial Results for the Quarter Ended 30th September, 2013.
3. The company operates only in one segment.
4. Previous year figures have been regrouped whenever necessary.
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.61.05 |
|
|
1 |
Rs.100.81 |
|
Euro |
1 |
Rs.84.18 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
35 |
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.