MIRA
INFORM REPORT
|
Report Date : |
12.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
GRINDWELL NORTON LIMITED |
|
|
|
|
Registered
Office : |
5th Level, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
31.07.1950 |
|
|
|
|
Com. Reg. No.: |
11-008163 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.276.800
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L26593MH1950PLC008163 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMG00425F NGPG00974B NGPG00471C |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACG8725B |
|
|
|
|
Legal Form : |
A Public Limited Liability company. The Company’s Shares are Listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer and Exporter of Bonded Abrasives, Coated Abrasive
Products, Super Abrasives, Abrasive Grains and Refractories. |
|
|
|
|
No. of Employees
: |
2000 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
A (63) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 20849000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
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|
|
|
Comments : |
Subject is a part of Saint Gobain group. It is a well-established and a reputed company having fine track.
Financial position of the company sound. Trade relations are reported as fair.
Business is active. Payments are reported to be regular and as per
commitments. 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.
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
US investment bank
Goldman Sachs has upgraded its outlook on Indian markets as it expects
positive impact of the election cycle.
India’s economy may
grow 4.7 % in the current financial year, lower than the official estimate of
4.9 %, Fitch Rating said. The global rating agency expects the economy to pick
up in the next two financial years.
Global ratings
agency Standard & Poor said increasing focus by India Inc on lowering debt
is likely to improve their credit profiles.
Singapore (1.1
million Indian tourists in 2012), Thailand (one million), the United Arab
Emirates ().98 million) and Malaysia ().82 million) emerged as the preferred
holidays hotspots for Indians. The total figure is expected to increase to 1.93
million by 2017, according to the latest Eurmonitor international report.
There is a $29.34 bn
outward foreign direct investment by domestic companies between April and
January of 2013/14 which has seen some signs of recovery according to a Care
Ratings report.
There are 264 number
of new companies being set up every day on average during 2014. Most of them
are registered in Mumbai. India had 1.38 million registered companies at the
end of January, 2014.
Twitter like
messaging service Weibo Corporation has filed to raise $ 500 million via a US
initial public offering. Alibaba, which owns a stake in Weibo is expected to
raise about $ 15 billion New York this year in the highest profile Internet IPO
since Facebook’s in 2012.
Bharti Airtel has
raised Rs.2,453.2 crore (350 million Swiss Francs) by selling six-year bonds at
a coupon rate of three per cent and maturing in 2020. This is the largest ever
bond offering by an Indian company in Swiss Francs. Bharat Petroleum
Corporation raised 175 million Swiss Francs by selling five year bonds at 2.98
% coupon rate in February.
Indian Oil
Corporation plans to invest Rs 7650 crore in setting up a petrochemical complex
at its almost complete Paradip refinery in Odhisha in three to four years. The
company board is set to consider the setting up of a 700000 tonne per annum
polypropylene plant at an estimated cost at Rs.3150 crore.
Global chief
information officers at gathering in Bangalore in April to meet Indian startups
at an event called Tech50 Watchout for Little Eye Labs-Facebook type deals in
the making.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
AA [Fund Based Limits] |
|
Rating Explanation |
High credit quality and low credit risk. |
|
Date |
February 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
A1+ [Non Fund Based Limits] |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
February 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. Yatish Khandelwal |
|
Designation : |
Account Executive |
|
Contact No.: |
91-22-27230021 |
|
Date : |
05.05.201 |
LOCATIONS
|
Registered Office : |
5th Level, Leela Business Park, Andheri- Kurla Road, Marol,
Andheri East, Mumbai-400059, Maharashtra, India |
|
Tel. No.: |
91-22-40212121 |
|
Fax No.: |
91-22-40212102 |
|
E-Mail : |
|
|
Locations : |
Owned |
|
|
|
|
Factory 1 : |
Located at: Mora-Nad-Karanja, District Raigad - 400 704, Maharashtra, India |
|
Tel No.: |
91-22-27230021 / 22 / 23 / 24 / 25 / 26 |
|
|
|
|
Factory 2 : |
Devanhalli Road, Off Old Madras Road, Bangalore - 560 049, Karnataka, India |
|
Tel No.: |
91-80-28471731 / 2 / 3 / 4 / 5 / 7 |
|
Fax No.: |
91-80-28471736 |
|
|
|
|
Factory 3 : |
Cuddapah Road, Tirupati, Reniguna - 517 520, Andhra Pradesh, India |
|
Tel No.: |
91-8574-275731-5 |
|
Fax No.: |
91-8574-275736 |
|
|
|
|
Factory 4 : |
G-51, Butibori Industrial Area, Village Tembhari, Taluka Hingna, District Nagpur, Maharashtra, India |
|
Tel No.: |
91-7103-262751 / 2 / 3 |
|
Fax No.: |
91-7103-262451 |
|
|
|
|
Factory 5 : |
Located at: Bated, District Solan, Himachal Pradesh, India |
|
|
|
|
Factory 6 : |
Located at: Halol, Gujarat, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. P. Shah |
|
Designation : |
Chairman |
|
|
|
|
Name : |
Mr. K.M. Elavia |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. M A Chupin |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. J P Floris |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. P Millot |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. M. M. Narang |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. J A J Pereira |
|
Designation : |
Alternate Director to Ms. M A Chupin |
|
|
|
|
Name : |
Mr. S Salgaocar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. G. Texier |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. A Y Mahajan |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. N D Sidhva |
|
Designation : |
Director [Emeritus] |
KEY EXECUTIVES
|
MANAGEMENT COMMITTEE: |
|
|
Name : |
Mr. J A J Pereira |
|
Designation : |
HR and Corporate Services |
|
|
|
|
Name : |
Mr. K K Prasad |
|
Designation : |
Ceramics and Plastics |
|
|
|
|
Name : |
Mr. M A Puranik |
|
Designation : |
Finance and IT |
|
|
|
|
Name : |
Mr. M Ramarathnam |
|
Designation : |
Project and EHS |
|
|
|
|
Name : |
Mr. N. Sreedhar |
|
Designation : |
Abrasives |
|
|
|
|
Name : |
Mr. K. Visweswaran |
|
Designation : |
Company Secretary |
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|
|
|
Name : |
Mr. Yatish Khandelwal |
|
Designation : |
Account Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
4114352 |
7.43 |
|
|
150000 |
0.27 |
|
|
4264352 |
7.70 |
|
|
|
|
|
|
28414000 |
51.33 |
|
|
28414000 |
51.33 |
|
Total shareholding of Promoter and Promoter Group (A) |
32678352 |
59.03 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
4815880 |
8.70 |
|
|
3800 |
0.01 |
|
|
15381 |
0.03 |
|
|
1122630 |
2.03 |
|
|
5957691 |
10.76 |
|
|
|
|
|
|
2316565 |
4.18 |
|
|
|
|
|
|
4467310 |
8.07 |
|
|
9141989 |
16.51 |
|
|
798093 |
1.44 |
|
|
138993 |
0.25 |
|
|
659100 |
1.19 |
|
|
16723957 |
30.21 |
|
Total Public shareholding (B) |
22681648 |
40.97 |
|
Total (A)+(B) |
55360000 |
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) |
55360000 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Bonded Abrasives, Coated Abrasive Products,
Super Abrasives, Abrasive Grains and Refractories. |
|
|
|
|
Exports : |
|
|
Products : |
Finished Goods |
|
Countries : |
·
Dubai ·
Africa ·
Bangladesh ·
Japan ·
Pakistan ·
South Arabia ·
UAE ·
Sri Lanka ·
Taiwan |
|
|
|
|
Imports : |
|
|
Products : |
Raw Material |
|
Countries : |
·
China ·
Taiwan ·
Korea ·
USA ·
Europe |
|
|
|
|
Terms : |
|
|
Selling : |
L/C / Credit |
|
|
|
|
Purchasing : |
L/C / Credit |
GENERAL INFORMATION
|
Customers : |
End Users |
|
|
|
|
No. of Employees : |
2000 [Approximately] |
|
|
|
|
Bankers : |
·
Central Bank of India, Mahatma Gandhi Road,
Mumbai-400023, Maharashtra, India ·
Corporation Bank ·
ICICI Bank Limited ·
State Bank of India ·
Deutshe Bank, Fort, Mumbai, Maharashtra,
India Tel.
No.: 91-22-66584269 |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Kalyaniwalla and Mistry Chartered Accountants |
|
Tel. No.: |
91-22-61587200 |
|
Fax No.: |
91-22-22673964 |
|
|
|
|
Holding Company : |
Compagnie De Saint-Gobain |
|
|
|
|
Fellow Subsidiaries : |
·
Saint-Gobain Abrasives Inc, Worcester USA ·
Saint-Gobain Universal Superabrasives, Inc ·
Saint-Gobain Abrasives Korea ·
Saint-Gobain Vibros S.A. ·
Saint-Gobain Abrasives Limited - Stafford-UK ·
Savoi Refractories ·
Saint-Gobain Abrasives Limited, New Zealand ·
SEPR Refractories India Limited ·
Saint-Gobain Abrasives Ltda., Brazil ·
SEPR, France ·
Saint-Gobain Abrasives Ltda., Portugal ·
Saint-Gobain Advanced Ceramics (Shanghai) Co
Limited ·
Saint-Gobain Abrasives Singapore (PTE) Limited ·
Saint-Gobain Materiaux Ceramiques Benelux SA ·
Saint-Gobain Abrasives SP. Z.O.O ·
Saint-Gobain Performance Plastics - Bristol ·
Saint-Gobain Abrasives SP.2 ·
Saint-Gobain Performance Plastics (Shanghai)
Company Limited ·
Saint-Gobain Abrasives Thailand ·
Saint-Gobain Performance Plastics Corby, UK ·
Saint-Gobain Abrasives Indonesia ·
Saint-Gobain Performance Plastics KK, JAPAN ·
Saint-Gobain Abrasives Netherlands B.V. ·
Saint-Gobain Performance Plastics, Les Macon,
France ·
Saint-Gobain Abrasivi S.P.A.(Micromold) ·
Saint-Gobain Performance Plastics Pampus GMBH ·
Saint-Gobain Abrasivi S.P.A.(Ral-Sud) ·
Saint-Gobain Performance Plastics Verneret,
France ·
Saint-Gobain Abrasivi S.P.A., Italy ·
Saint-Gobain Performance Plastics, Akron, USA ·
Saint-Gobain Abrasivos SA, Argentina ·
Saint-Gobain Performance Plastics, Beaverton. USA ·
Saint-Gobain Achats ·
Saint-Gobain Performance Plastics, Chaineux,
Belgium ·
Saint-Gobain Advanced Ceramics, Niagara ·
Saint-Gobain Performance Plastics, Florida, USA ·
Saint-Gobain Advanced Materials (M) SDN BHD ·
Saint-Gobain Performance Plastics, Garden Groove,
USA ·
Saint-Gobain Advanced Materials (Taiwan) Company
Limited ·
Saint-Gobain Performance Plastics, Granville, USA ·
Saint-Gobain Building Distribution ·
Saint-Gobain Performance Plastics, Ireland ·
Saint-Gobain Ceramic Materials (Liyanguang)
Company Limited, China ·
Saint-Gobain Performance Plastics, Kontich,
Belgium ·
Saint-Gobain Ceramic Materials (Mudanjiang)
Company Limited, China ·
Saint-Gobain Performance Plastics, Mickleton, USA ·
Saint-Gobain Ceramic Materials (Zhengzhou)
Company Limited, China ·
Saint-Gobain Performance Plastics, New York, USA ·
Saint-Gobain Ceramic Materials, Australia ·
Saint-Gobain Performance Plastics, Pittsburg, USA ·
Saint-Gobain Ceramic Materials AS., Norway ·
Saint-Gobain Performance Plastics,
Poestenkil1,USA ·
Saint-Gobain Ceramic Materials Weilerswist GMBH ·
Saint-Gobain Performance Plastics, Rencol., UK ·
Saint-Gobain Ceramic Materials, USA ·
Saint-Gobain Performance Plastics, Taiwan ·
Saint-Gobain Ceramicas lndustrialces S.A, Spain ·
Saint-Gobain Performanc'e Plastics, Gembloux,
Belgium ·
Saint-Gobain Ceramicas lndustriales S.A. ·
Saint-Gobain Research India Limited ·
Saint-Gobain Ceramics and Plastics, Brazil ·
Saint-Gobain Technical Fabrics (Changzhou)
Company Limited ·
Saint-Gobain Ceramics Inc, USA ·
Weber Netservices ·
Saint-Gobain Construction Products Vietnam
Limited ·
Universal Superabrasives., USA ·
Saint-Gobain Crystals and Detectors India Limited ·
Saint-Gobain Abrasives Inc., USA ·
Saint-Gobain Diamantwerkzeuge GMBH and Co ·
Societe de Participations Financieres et
Industrielles ·
Saint-Gobain Distribution Denmark ·
Saint-Gobain Glass India Limited ·
Saint-Gobain Do Brasil Produtos Ind. E Para Const
Ltda ·
ABC Superabrasives, USA ·
Saint-Gobain Formula Thai Gypsum Product ·
Certainteed Corporation, USA ·
Saint-Gobain Gelva, BV ·
L.M.Van Moppes Diamond Tools India Private
Limited ·
Saint-Gobain Glass Egypt ·
Norton Abrasives PTY Limited ·
Saint-Gobain Gyproc India Limited ·
PT Saint-Gobain Norton Hamplas, Indonesia ·
Saint-Gobain High Performance Materials, France ·
PT Saint-Gobain Winter Diamas, Indonesia ·
Saint-Gobain HPM Polska Sp. z o.o ·
PT Saint-Gobain Abrasives Indonesia ·
Saint-Gobain Isover G+H AG ·
Placopatre Saint-Gobain ICASA S.A. ·
Point.P Development ·
Saint-Gobain Industrial Ceramics Pty Limited, ·
Saint-Gobain Ceramics and Plastics Inc. ·
Saint-Gobain Industrial Ceramics, UK ·
Saint-Gobain Abrasives, France ·
Saint-Gobain Industrie Keramik Dusseldorf GMBH ·
Saint-Gobain Abrasives, Poland ·
Saint-Gobain Materials Ceramicos Ltda. Brazil ·
Saint-Gobain Ceramiques Informatique Et
Organisation ·
Saint-Gobain Materials Ceramicos, Venezuela ·
Saint-Gobain DSI Groupe ·
Saint-Gobain Materiaux Ceramics, Belgium ·
Saint-Gobain Industriekeramik Rodental GMBH ·
Saint-Gobain PAM, France ·
Saint-Gobain Abrasifs Dubai ·
Saint-Gobain Performance Plastics Portage ·
Saint-Gobain Abrasifs Maroc, Morocco ·
Saint-Gobain Performance Plastics, New Jersey,
USA ·
Saint-Gobain Abrasifs, France ·
Saint-Gobain Performance Plastics, Worcester, USA ·
Saint-Gobain Abrasifs UAE ·
Saint-Gobain Performance Plastics, Taunton, USA ·
Saint-Gobain Abrasives International Trading
(Shanghai) ·
Saint-Gobain PPL Corporation Mexico ·
Saint-Gobain Abrasives (Australia) PTY Limited ·
Saint-Gobain PPL Shanghai ·
Saint-Gobain Abrasives (PTY) Limited, South
Africa ·
Saint-Gobain Performance Plastics, Korea ·
Saint-Gobain Abrasives (Sea) Pte. Limited ·
Saint-Gobain Produtos Industriais E Para
Construcao Ltda ·
Saint-Gobain Abrasives (Shanghai) Co Limited, ·
Shanghai Saint-Gobain Sekurit India Limited ·
Saint-Gobain Abrasives (Suzhou) Company Limited ·
Saint-Gobain Sekurit (Thailand) Company, Limited ·
Saint-Gobain Abrasives BV., Netherlands ·
Saint-Gobain Seva Engineering India Limited ·
Saint-Gobain Abrasives GMBH (CORA) ·
Saint-Gobain Seva, France ·
Saint-Gobain Abrasives GMBH, Gerolzhofen.,
Germany ·
Saint-Gobain Tech Fab Hongfa (Changzhou) Limited ·
Saint-Gobain Abrasives International Trading (HK)
Limited ·
Saint-Gobain Technical Fabrics, S.A |
|
|
|
CAPITAL STRUCTURE
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
56000000 |
Equity Shares |
Rs.5/- each |
Rs.280.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
55360000 |
Equity Shares |
Rs.5/- each |
Rs.276.800
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
NOTE: FINANCIAL
DETAILS FILL ATTACHED
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 |
276.800 |
276.800 |
276.800 |
|
Reserves & Surplus |
3765.089 |
4381.478 |
4935.461 |
|
Net
worth |
4041.889 |
4658.278 |
5212.261 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
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 |
7967.338 |
9065.989 |
9450.947 |
|
|
|
13.789 |
4.246 |
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 |
7967.338 |
9065.989 |
9450.947 |
|
Profit |
856.286 |
1036.264 |
976.650 |
|
|
10.75% |
11.43% |
10.33% |
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 |
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 |
Yes |
|
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 |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
PAN of Proprietor/Partner/Director, if available |
No |
|
32] |
Date
of Birth of Proprietor/Partner/Director, if available |
Yes |
|
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 |
90225893 |
03/03/1993 |
10,000,000.00 |
THE INDUSTRIAL
CREDIT AND INVESTMENT CORPORATION OF |
IDBI TOWER,
COLABA, BOMBAY, MAHARASHTRA, INDIA |
- |
|
2 |
90225872 |
05/08/1993 * |
4,000,000.00 |
THE INDUSTRIAL CREDIT
AND INVESTMENT CORPORATION OF |
163; BACKBAY
RECLAMATION, BOMBAY, MAHARASHTRA, INDIA |
- |
|
3 |
90225543 |
28/08/1985 |
370,450.00 |
CORPORATION BANK |
BHARAT HOUSE,
BOMBAY, MAHARASHTRA, INDIA |
- |
|
4 |
90223747 |
04/04/1983 |
12,000,000.00 |
CITIBANK N.A |
239; DADABHAI
NAORAJI, BOMBAY, MAHARASHTRA, INDIA |
- |
|
5 |
90223729 |
25/05/1982 |
8,000,000.00 |
AMRICAN EXPRESS |
INTERNATIONAL
BANKING BRANCH, ORIENTAL BUILDINGS; |
- |
|
6 |
90223725 |
21/12/1981 |
5,200,000.00 |
AMRICAN EXPRESS
INTERNATIONAL BANKING |
ORIENTAL
BUILDINGS, 364; D.N. ROAD, BOMBAY, MAHARASHTRA, INDIA |
- |
|
7 |
90223712 |
29/04/1981 |
2,500,000.00 |
INDUSTRIAL
FINANCE CORPORATION OF INDIA |
BANK OF BARODA BUILDINGS,
16; PARLIAMENT STREET, |
- |
|
8 |
90225452 |
27/05/1980 |
2,200,000.00 |
CITIBANK N.A |
239; DR. D.N.
ROAD, BOMBAY, MAHARASHTRA, INDIA |
- |
|
9 |
90225448 |
10/04/2000 * |
508,100,000.00 |
STATE BANK OF
INDIA |
COMMERCIAL
BRANCH, VADYA MARG, BOMBAY, MAHARASHTRA, INDIA |
- |
|
10 |
90225398 |
30/07/1968 |
49,275.00 |
THE SECRETARY TO
THE GOVERNMENT OF MAHARASHTRA |
SACHIVALYA,
BOMBAY, MAHARASHTRA, INDIA |
- |
|
* Date of charge modification |
||||||
|
CASE DETAILS BENCH: BOMBAY LODGING NO.: ITXAL/308/2012
FILING DATE: 17/02/2012 REG. NO.: ITXA/506/2012
REG. DATE: 29/05/2012
|
OPERATIONS:
The growth of the industrial sector, in general, and within that, manufacturing, in particular, witnessed a steep decline. This was the second consecutive year of low growth. Consequently, during the year, the Company’s sales increased by only 4%. Domestic sales were fat (volumes contracted by about 3%) while exports grew by about 75% (largely due to one large equipment order executed by the Company’s Project Engineering Division). Overall, the growth in sales was the lowest since 2001. Meanwhile, margins came under increasing pressure due to the rise in cost of inputs (energy and raw materials), the further depreciation of the Rupee and general inflationary conditions. While the management succeeded in increasing prices, in weak and highly competitive markets, the increase was not sufficient to maintain margins, even after considering the improvements in productivity, efficiencies and yields and cost control. Consequently, the Company’s operating profit declined by 8.5%, the first drop since 2008.
SUBSIDIARY IN BHUTAN Operations of the Company’s subsidiary in Bhutan stabilized and achieved almost 100% capacity utilization. The processing plant project started last year was commissioned in January 2013. During the year, the company has made a further equity investment of Rs. 35 million in its subsidiary. This capital infusion was utilized for the processing plant. In terms of general exemption provided under Section 212 (8) of the Companies Act, 1956, granted by Ministry of Corporate Affairs vide its circular no 02/2011 dated 8th February, 2011 and in compliance with the conditions enlisted therein, copies of the Balance Sheet, Statement of Profit & Loss, Report of Board of Directors and Auditors of the subsidiary have not been attached to the Balance Sheet of the Company. However these documents will be made available upon request by any member of the Company. As directed by said circular, the financial data of the subsidiary has been furnished under Financial Information of Subsidiary Company which forms part of Annual Report. The annual accounts of the Company including that of the subsidiary will be kept for inspection by any member. Further, pursuant to Accounting Standard (AS) – 21, consolidated financial statements presented by the Company include financial information of the subsidiary company.
AMALGAMATION OF GROUP COMPANIES At a meeting held on 19th April, 2013, the Board of Directors of the company, based on the recommendation of the Audit Committee, has approved the merger of SEPR Refractories India Ltd (SEPR), Saint-Gobain Crystals and Detectors India Limited (SGCD) and Saint-Gobain Sekurit India Limited (SGSIL) with the Company. The appointed date for the Scheme of Amalgamation was fixed as 1st April, 2013. The Board, after due consideration, approved the share exchange ratio as determined by the independent valuer, M/s. S.R. Batliboi & Co. LLP. The fairness opinion on the valuation was provided by ICICI Securities Ltd, a category - I merchant banker. The share swap ratio for the proposed scheme has been determined as under: (i) 1 (one) Equity Share of the face value of Rs. 5/- (Rs. Five) each fully paid-up of the Company for every 17 (Seventeen) Equity Shares of the face value of Rs. 10 (Rs. Ten), each fully paid-up of SGSIL (ii) 100 (one hundred) Equity Shares of the face value of Rs. 5/- (Rs. Five) each fully paid-up of the Company for every 50 (Fifty) Equity Shares of the face value of Rs. 10/- (Rs. Ten) each, fully paid-up of SGCD (iii) 100 (one hundred) Equity Shares of the face value of Rs. 5/- (Rs. Five) each fully paid-up of the Company for every 38 (Thirty eight) Equity Shares of the face value of Rs. 10/- (Rs. Ten) each, fully paid-up of SEPR The amalgamation is subject to all necessary approvals from statutory / regulatory authorities in the respective jurisdictions and subject to the sanction / conformation by the concerned High Court and / or any other appropriate authority as may be necessary. FUTURE PROSPECTS: There are no signs of industrial growth recovering in the short term. It is possible that a mild recovery may commence in the later part of 2013-14, but this is far from certain. Under the circumstances, the Company’s management will focus on increasing price realization, improving operating performance (implementation of the World Class Manufacturing programme remains a priority) and containing costs and working capital even as it continues to invest in new products and new markets in order to sustain growth.
FIXED ASSETS:
·
Freehold Land
·
Leasehold Land
·
Building
·
Plant and Machinery
·
Computers
·
Furniture, Fixture and
Office Equipment’s
·
Vehicles
·
Computer Software
·
Goodwill
·
Technical Know-how
·
Trade Marks
UNAUDITED STANDALONE
FINANCIAL RESULTS FOR THE QUARTER ENDED 31TH DECEMBER, 2013
Rs. In Millions
|
Sr. No. |
Particular |
Quarter Ended |
Half Year Ended |
|
|
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
|
|
|
Unaudited
|
Unaudited
|
Unaudited
|
|
|
|
|
|
|
|
1. |
Net Sales/Income
from Operations |
2209.800 |
2251.400 |
6619.000 |
|
|
Other Operating
Income |
108.700 |
113.600 |
311.900 |
|
|
Total Income From Operations (Net) |
2318.500 |
2365.000 |
6930.900 |
|
|
|
|
|
|
|
2. |
Expenditure |
|
|
|
|
|
Cost of
materials consumed |
931.900 |
968.900 |
2716.600 |
|
|
Purchase
of stock in trade |
248.200 |
156.600 |
576.100 |
|
|
Employee
benefits expenses |
279.300 |
271.000 |
831.400 |
|
|
Depreciation
and amortization expenses |
68.300 |
64.600 |
191.400 |
|
|
Power
and fuel |
158.600 |
150.000 |
429.300 |
|
|
Other
expenses |
528.700 |
550.100 |
1543.800 |
|
|
Changes
in inventories of finished goods, work in progress and stock in trade |
(133.200) |
(54.400) |
(142.100) |
|
|
Total Expenses |
2081.800 |
2106.800 |
6146.500 |
|
|
|
|
|
|
|
3. |
Profit
From Operations before Other Income, Interest and Exceptional Items (1-2) |
236.700 |
258.200 |
784.400 |
|
|
|
|
|
|
|
4. |
Other
Income |
34.900 |
38.100 |
98.000 |
|
|
|
|
|
|
|
5. |
Profit
Before Interest and Exceptional Items (3+4) |
271.600 |
296.300 |
882.400 |
|
|
|
|
|
|
|
6. |
Interest |
1.200 |
1.500 |
3.500 |
|
|
|
|
|
|
|
7. |
Profit
After Interest but before Exceptional Items (5-6) |
270.400 |
294.800 |
878.900 |
|
|
|
|
|
|
|
8. |
Exceptional
Items |
-- |
-- |
-- |
|
|
|
|
|
|
|
9. |
Profit
from Ordinary Activities before Tax (7+8) |
270.400 |
294.800 |
878.900 |
|
|
|
|
|
|
|
10. |
Tax
Expense |
85.000 |
91.600 |
273.200 |
|
|
|
|
|
|
|
11. |
Net
Profit from Ordinary Activities after Tax (9-10) |
185.400 |
203.200 |
605.700 |
|
|
|
|
|
|
|
12. |
Extraordinary
Item (net of expense) |
-- |
-- |
-- |
|
|
|
|
|
|
|
13. |
Net
Profit for the period (11-12) |
185.400 |
203.200 |
605.700 |
|
|
|
|
|
|
|
14. |
Paid-up
Equity Share Capital (Face Value of Rs.10/- Each) |
276.800 |
276.800 |
276.800 |
|
|
|
|
|
|
|
15. |
Reserves
Excluding Revaluation Reserve |
-- |
-- |
-- |
|
|
|
|
|
|
|
16. |
Basic and Diluted Earning Per Share
(EPS) (Rs.)-Not Annualized |
|
|
|
|
|
a)
Basic and diluted EPS before extraordinary items |
3.35 |
3.67 |
10.94 |
|
|
b)
Basic and diluted EPS after extraordinary items |
3.35 |
3.67 |
10.94 |
|
|
|
|
|
|
|
17. |
Public Shareholding |
|
|
|
|
|
-Number
of Shares |
22681648 |
22681648 |
22681648 |
|
|
-
Percentage of Shareholding |
40.97 |
40.97 |
40.97 |
|
|
|
|
|
|
|
18. |
Promoters and Promoter Group
Shareholding |
|
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
|
-
Number of Shares |
Nil |
Nil |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of promoter and
promoter group) |
Nil |
Nil |
Nil |
|
|
-
Percentage of Shares (as a % of the Total Share Capital of the Company) |
Nil |
Nil |
Nil |
|
|
|
|
|
|
|
|
b) Non Encumbered |
|
|
|
|
|
-
Number of Shares |
32678352 |
32678352 |
32678352 |
|
|
-
Percentage of Shares (as a % of the Total Shareholding of Promoter and
Promoter Group) |
100% |
100% |
100% |
|
|
- Percentage
of Shares (as a % of the Total Share Capital of the Company) |
59.03 |
59.03 |
59.03 |
|
Particulars |
Quartered Ended 31.12.2013 |
|
Pending at the beginning of the quarter |
-- |
|
Received during the quarter |
1 |
|
Disposed of during the quarter |
-- |
|
Remaining unresolved at the end of the
quarter |
1 |
Notes:
1. The above financial results were reviewed by the Audit Committee after a “Limited Review’ by the statutory auditors of the company and the Board of Director approwed the same at their meeting held on 5th February, 2014.
2. The Scheme of Amalgamation of Saint-Gobain Sekunt India Limited. SEPR Refractories India Limited and Saint-Gobain Crystais and Detectors India Limited with the company was approved by the Shareholder in the Court Convened meeting held on 27th November 2013 as per Section 391 to 394 of the Companies Act, 1956. However the said Scheme did not get approval from requisite Majority of Public Shareholders in terms of circular date 4th February 2013 read with cicukar s=date 21st May 2013 issued by Securities Exchange Board of India.
3. Previous period’s figures have been recast wherever necessary.
SEGMENT WISE REVENUE,
RESULTS AND CAPITAL EMPLOYED
Rs. In Millions
|
Sl. No. |
Particulars |
Quarter Ended |
Half Year Ended |
|
|
31.12.2013 |
30.09.2013 |
31.12.2013 |
||
|
Unaudited
|
Unaudited
|
Unaudited
|
||
|
1 |
Segment Revenue |
|
|
|
|
|
Sale of Products
|
|
|
|
|
|
Abrasives |
1517.500 |
1649.200 |
4648.400 |
|
|
Ceramics & Plastics |
593.000 |
571.600 |
1774.800 |
|
|
Others |
122.900 |
64.900 |
291.500 |
|
|
TOTAL |
2233.400 |
2285.700 |
6714.700 |
|
|
|
|
|
|
|
|
Less : Inter Segment Revenue (Net of Excise) |
23.600 |
34.300 |
95.700 |
|
|
|
|
|
|
|
|
NET SALES /
INCOME FROM OPERATION |
2209.800 |
2251.400 |
6619.000 |
|
|
|
|
|
|
|
2 |
Segment Results |
|
|
|
|
|
Abrasives |
164.700 |
211.400 |
572.600 |
|
|
Ceramics & Plastics |
74.600 |
65.000 |
230.600 |
|
|
Others |
1.200 |
7.200 |
27.700 |
|
|
TOTAL |
240.500 |
283.600 |
830.900 |
|
|
|
|
|
|
|
|
Less :Interest |
1.200 |
1.500 |
3.500 |
|
|
Less : Other
Unallocable (Income)/ Expenditure (net) |
(31.100) |
(12.700) |
(51.500) |
|
|
Net Profit (+) / Loss(-) before Tax |
270.400 |
294.800 |
878.900 |
|
|
|
|
|
|
|
3 |
Capital Employed
|
|
|
|
|
|
Abrasives |
2984.200 |
3135.900 |
2984.200 |
|
|
Ceramics & Plastics |
1617.200 |
1703.000 |
1617.200 |
|
|
Others |
134.800 |
102.000 |
134.800 |
|
|
Unallocated |
1045.000 |
654.900 |
1045.000 |
|
|
TOTAL |
5781.200 |
5595.800 |
5781.200 |
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] 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.60.05 |
|
|
1 |
Rs.101.65 |
|
Euro |
1 |
Rs.83.07 |
INFORMATION DETAILS
|
Information Gathered
by : |
PLK |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
63 |
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.