MIRA
INFORM REPORT
|
Report Date : |
23.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
HSIL LIMITED |
|
|
|
|
Formerly Known
As : |
HINDUSTAN SANITARYWARE INDUSTRIES LIMITED |
|
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|
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Registered
Office : |
2, Red Cross Place, Kolkata
– 700001, West Bengal |
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|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2013 |
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|
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Date of
Incorporation : |
08.02.1960 |
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|
|
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Com. Reg. No.: |
21-024539 |
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|
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Capital
Investment / Paid-up Capital : |
Rs. 132.097
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L51433WB1960PLC024539 |
|
|
|
|
IEC No.: |
0588080632 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
HYDH00554B / RTKH01805G |
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PAN No.: [Permanent Account No.] |
AAACH7564H |
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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
: |
Manufacturing of Sanitaryware and Container Glass. |
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|
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No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
A (68) |
|
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 43567000 |
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|
|
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having fine track record. The company possesses a comfortable financial profile marked by decent
networth base, moderate gearing alongwith adequate debt coverage indicators
during 2013. The ratings also take into consideration the risks associated with
increasing raw materials and power costs, exposure to forex fluctuations and
intense competition. However, trade relations are fair. Business is active. Payment terms
are reported as regular and as per commitments. In view of established brand name and strong market position alongwith
viable market and distribution networth, the subject 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 |
CARE |
|
Rating |
Long term bank facilities : A+ |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
February 27, 2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities : A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
February 27, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED BY
|
Name : |
Mr. Sawan Godiya |
|
Designation : |
Manager in Corporate Finance |
|
Contact No.: |
91-124-4779200 |
|
Date : |
14.05.2014 |
LOCATIONS
|
Registered Office : |
2, Red Cross Place, Kolkata
– 700001, West Bengal, India |
|
Tel. No.: |
91-33-22487406/
07 |
|
Fax No.: |
91-33-22487045 |
|
E-Mail : |
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|
Website : |
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Corporate Office : |
301-302, Park Centra, Sector-30,
National Highway – 8, Gurgaon, Haryana, India |
|
Tel. No.: |
91-124-4779200 |
|
Fax No.: |
91-124-4292898-99 |
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PLANT LOCATIONS : |
|
|
Haryana |
Building
Products Division District Jhajjar, Bahadurgarh – 124507, Haryana, India |
|
|
|
|
Andhra Pradesh |
Building
Products Division Somanypuram,
Brahmanapally, Bibinagar, District Nalgonda– 508126, Andhra Pradesh, India Glass Division-I Glass Factory
Road, Off Motinagar, P.B No. 1930, Sanathnagar P.O. Hyderabad - 500018, Andhra
Pradesh, India Glass
Division-II Glass Factory
Road, Thukkapur Road, Bhongir, District Nalgonda – 508116, Andhra Pradesh,
India |
|
|
|
|
Rajasthan |
Faucet Division G 470-471, Phase
I, RIICO Industrial Area, Bhiwadi–301019, Rajasthan, India |
|
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Regional Offices : |
Located at: v Ahmedabad v Bengaluru v Bhubaneswar v Chandigarh v Chennai v Ernakulam v Ghaziabad v Guwahati v Indore v Jaipur v Lucknow v Mumbai v Pune v Ranchi v Secunderabad |
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|
|
|
Evok Stores : |
Located at: v
Delhi:
Kirtinagar;
GK-II Market v
Haryana:
Crown
Interiorz Mall, Faridabad; JMD Mall, Gurgaon v
Uttar
Pradesh: Shipra Mall, Ghaziabad; Sector 18 Market, Noida; v
Shalimar Building, Lucknow v
Punjab:
Paras
Down Town Square, Zirakpur; Chandigarh; Ferozpur Road, Ludhiana v
Maharashtra:
Ghodbunder
Road, Thane v
Andhra
Pradesh: Jubilee Hills, Hyderabad v
Karnataka:
Bellandur;
J P Nagar; Kalyan Nagar, Bengaluru v
Rajasthan:
Tonk
Road, Jaipur v
Kerala:
RAK
Tower, Kochi v Madhya Pradesh: Malhar
Mega Mall, Indore |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Mr. Rajendra K Somany |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/Age : |
76 Years |
|
Qualification : |
B.com, FI
(Ceramics) (U.K), LFAI MA, FC MI (UK), Member – IOM3 (U.K), Emeritus
Member-American Ceramic Society |
|
Experience : |
58 Years |
|
Date of Appointment : |
01.10.1965 |
|
|
|
|
Name : |
Mr. Sandip Somany |
|
Designation : |
Joint Managing Director |
|
Date of Birth/Age : |
49 Years |
|
Qualification : |
Bachelor in Commerce
and Diploma holder in Ceramic Manufacturing Technology from the US |
|
Brief Resume and
Area of Expertise : |
He is Promoter
and Joint Managing Director of the Company. He has been associated with the
Company since 1985 and has been since then driving the Company to success. He
has been associated with various committees of Bureau of Indian Standards
(BIS), Immediate Past President of PHD Chamber of Commerce and Industry
(PHDCCI), Chairman of Indian Council of Sanitaryware Manufacturers Association
(INCOSAMA), Member of the Executive Committee of FICCI and Member of Managing
Committee of ASSOCHAM, Member of Governing Council of All India Glass
Manufacturer’s Association, Member of Delhi Chapter of the Young Presidents’
Organisation (YPO) and Delhi Achievers Round Table. |
|
Date of Appointment : |
01.10.1985 |
|
Other
Directorship : |
v New Delhi
Industrial Promoters and Investors Limited v Paco Exports
Limited v C and K
Management Limited v HSIL Associates
Limited v AGI Glasspack
Limited v Hindware Home Retail
Private Limited |
|
|
|
|
Name : |
Mr. Ashok Jaipuria |
|
Designation : |
Director |
|
Date of Birth/Age : |
59 Years |
|
Qualification : |
Degree in Associate of Arts in Business Administration and Diploma in
Marketing Science |
|
Brief Resume and
Area of Expertise: |
He is Chairman
and Managing Director of Cosmo Films Ltd, an Indian MNC which is into
manufacture and export of Biaxially Oriented Polypropylene (BOPP) Films. He
is also the Chairman of Cosmo Ferrites Limited. He is a member of Board of
Governors of Indian Institute of Technology, Indore, The Institute of Liver
and Biliary Sciences and Delhi Public School, Gurgaon. |
|
Other
Directorship : |
v Cosmo Films
Limited v Cosmo Ferrites
Limited |
|
|
|
|
Name : |
Mr. G. L. Sultania |
|
Designation : |
Director |
|
Date of Birth/Age : |
67 Years |
|
Qualification : |
B.Com, F.C.A. , F.C.S. |
|
Brief Resume and
Area of Expertise: |
He is a qualified
Chartered Accountant and Company Secretary. He has vast knowledge and
experience of Financial Restructuring, Corporate Laws and Legal Compliance. |
|
Other
Directorship: |
v Somany Ceramics
Limited v SR Continental
Limited v Schablona India
Limited v The United
Provinces Sugar Company Limited v SKP Securities
Limited v Paco Exports
Limited v Bhilwara
Holdings Limited v Sarvottam
Vanijya Limited v Somany Global
Limited v Garden Polymers
Private Limited v Hindware Home
Retail Private Limited |
|
|
|
|
Name : |
Mr. N. G. Khaitan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. V. K. Bhandari |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. Rainer Siegfried Simon |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Salil Kumar Bhandari |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Sawan Godiya |
|
Designation : |
Manager in Corporate Finance |
|
|
|
|
Name : |
Ms. Payal M. Puri |
|
Designation : |
Company Secretary |
|
|
|
|
Name : |
Mr. Ram Babu
Kabra |
|
Designation : |
President - BPD |
|
|
|
|
Name : |
Mr. Santosh Nema |
|
Designation : |
President - BPD |
|
|
|
|
Name : |
Mr. Arun Kumar D |
|
Designation : |
President –
Glass Division |
|
|
|
|
Name : |
Mr. J K Somani |
|
Designation : |
Sr. Vice
President- BPD |
|
|
|
|
Name : |
Mr. Anil
Chandani |
|
Designation : |
Sr. Vice
President (Corporate Finance) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category of Shareholder |
Total
No. of Shares |
As a % |
|
(A) Shareholding
of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
5747719 |
8.70 |
|
|
28314530 |
42.87 |
|
|
34062249 |
51.57 |
|
|
|
|
|
Total
shareholding of Promoter and Promoter Group (A) |
34062249 |
51.57 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
9331442 |
14.13 |
|
|
36772 |
0.06 |
|
|
500 |
0.00 |
|
|
9392497 |
14.22 |
|
|
18761211 |
28.41 |
|
|
|
|
|
|
2274924 |
3.44 |
|
|
|
|
|
|
8748343 |
13.25 |
|
|
1491257 |
2.26 |
|
|
708411 |
1.07 |
|
|
366458 |
0.55 |
|
|
66206 |
0.10 |
|
|
275747 |
0.42 |
|
|
13222935 |
20.02 |
|
Total Public
shareholding (B) |
31984146 |
48.43 |
|
Total (A)+(B) |
66046395 |
100.00 |
|
(C) Shares held by
Custodians and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total
(A)+(B)+(C) |
66046395 |
100.00 |
(1)
Indian
Individuals
/ Hindu Undivided Family
Individual
shareholders holding nominal share capital up to Rs. 0.100 Million 
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Sanitaryware and Container Glass. |
|
|
|
|
Brand Names : |
v Hindware v Hindware Art v Hindware Italian
Collection v Benelave v ‘QUEO’ v Amore |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
|||||||||||||||||||||||||||||||||
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|||||||||||||||||||||||||||||||||
|
Bankers : |
v Andhra Bank v Canara Bank v Central Bank of India v Citibank, N.A. v DBS Bank v Deutsche Bank AG v HDFC Bank Limited v Standard Chartered Bank v The Bank of Nova Scotia v The
Honkong and Shanghai Banking Corporation Limited |
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|||||||||||||||||||||||||||||||||
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Facilities : |
|
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Financial Institution : |
v GE Money Financial Services Private Limited 401 402, 4th Floor, Aggarwal Millenium Tower, E1 2 3 Netaji Subhash Place, Pitampura, Delhi - 110034, India |
|
|
|
|
Statutory Auditors : |
|
|
Name : |
Walker, Chandiok and Company Chartered Accountants |
|
|
|
|
Cost Auditors : |
|
|
Name : |
Narasimha Murthy and Company Cost Accountants |
|
|
|
|
Internal Auditors : |
|
|
Name : |
DH Consultants Private Limited (formerly known as BDO Consulting Private Limited) |
|
|
|
|
Wholly owned
subsidiaries : |
v AGI Glasspack Limited (ceased to be subsidiary w.e.f. 25 March 2013) v Hindware Home Retail Private Limited v HSIL Associates Limited v Garden Polymers Private Limited v Halis International Limited, Mauritius v Alchemy International Cooperatief U.A.(subsidiary of Halis International v Limited) v Haas International B.V. (Subsidiary of Alchemy International Cooperatief U.A.) v Barwood
Products Limited (subsidiary of Haas International B.V.) |
|
|
|
|
Entities where significant
influence is exercised by KMP and / or their relatives having transactions
with the Company : |
v Textool Mercantile Private Limited v Paco Exports Limited v New Delhi Industrial Promotors and Investors Limited v Soma Investments Limited v Jugmug
Projects Limited |
CAPITAL STRUCTURE
AFTER 30.09.2013
Authorised Capital : Rs. 222.500 Millions
Issued, Subscribed & Paid-up Capital : Rs. 132.097
Millions
AS ON 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
100000000 |
Equity Shares |
Rs. 2/- each |
Rs. 200.000 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
66050220 |
Equity Shares |
Rs. 2/- each |
Rs. 132.100
Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
66046395 |
Equity Shares |
Rs. 2/- each |
Rs. 132.093
Millions |
|
|
Add : Forfeited shares |
|
Rs. 0.004
Million |
|
|
|
|
|
|
|
Total |
|
Rs. 132.097 Millions |
(a) Reconciliation
of share outstanding at the beginning and at the end of reporting year
|
Particulars |
31 March 2013 |
|
|
|
No. |
Rs. in Millions |
|
Equity shares
outstanding at the beginning of theyear |
66046395 |
132.093 |
|
Equity shares outstanding at the end of the year |
66046395 |
132.093 |
(b) Terms and rights attached to equity shares
The Company has
only one class of equity shares having par value of Rs. 2 per share. Each holder
of equity share is entitled to one vote per share. The Company declares and
pays dividend in Indian Rupees. During the year ended 31 March 2013, the amount
of per share dividend is recognised as distribution to equity shareholder as
Rs.3 per share (previous year Rs.3 per share)
The dividend
proposed by the board of directors is subject to the approval of the
shareholders in the ensuing Annual General Meeting.
In the event of
liquidation of the Company, the holder of equity shares will be entitled to
receive remaining assets of the Company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of equity shares
held by the shareholders.
(c) List of shareholders holding more than 5% of
the equity share capital of the Company at the beginning and at the end of the
reporting year
|
Name of Shareholders |
31 March 2013 |
|
|
|
No. of equity shares held |
% of holding |
|
Paco Exports Limited |
20664530 |
31.29 |
|
Soma Investments Limited |
4000000 |
6.06 |
|
New Delhi
Industrial Promotors and Investors Limited |
3650000 |
5.53 |
|
HPC (Mauritius)
Limited |
-- |
-- |
|
T. Rowe Price
International Discovery Fund |
3596728 |
5.45 |
The above information is furnished as per shareholder register as at the
year end.
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 |
132.097 |
132.097 |
132.097 |
|
(b) Reserves & Surplus |
10759.670 |
10000.259 |
6879.551 |
|
(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) |
10891.767 |
10132.356 |
7011.648 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
5782.270 |
5334.664 |
2840.398 |
|
(b) Deferred tax liabilities (Net) |
1100.886 |
738.286 |
731.184 |
|
(c) Other long
term liabilities |
139.761 |
126.246 |
117.823 |
|
(d) long-term
provisions |
39.311 |
29.379 |
23.317 |
|
Total Non-current
Liabilities (3) |
7062.228 |
6228.575 |
3712.722 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
3255.507 |
2321.309 |
512.529 |
|
(b)
Trade payables |
1316.692 |
1062.597 |
828.393 |
|
(c)
Other current liabilities |
2691.830 |
2584.113 |
1543.328 |
|
(d) Short-term
provisions |
250.285 |
276.457 |
221.934 |
|
Total Current
Liabilities (4) |
7514.314 |
6244.476 |
3106.184 |
|
|
|
|
|
|
TOTAL |
25468.309 |
22605.407 |
13830.554 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
13817.610 |
10603.031 |
7779.684 |
|
(ii)
Intangible Assets |
14.649 |
16.754 |
18.827 |
|
(iii)
Capital work-in-progress |
616.094 |
3329.514 |
295.346 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1970.693 |
1864.672 |
762.116 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
481.450 |
556.740 |
362.565 |
|
(e) Other
Non-current assets |
15.501 |
54.131 |
53.584 |
|
Total Non-Current
Assets |
16915.997 |
16424.842 |
9272.122 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
241.707 |
|
(b)
Inventories |
3620.683 |
2732.753 |
2069.896 |
|
(c)
Trade receivables |
3510.980 |
2247.122 |
1614.808 |
|
(d) Cash
and cash equivalents |
792.049 |
714.049 |
200.344 |
|
(e)
Short-term loans and advances |
615.768 |
475.796 |
427.658 |
|
(f)
Other current assets |
12.832 |
10.845 |
4.019 |
|
Total
Current Assets |
8552.312 |
6180.565 |
4558.432 |
|
|
|
|
|
|
TOTAL |
25468.309 |
22605.407 |
13830.554 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
15737.928 |
13393.311 |
10521.734 |
|
|
|
Other Income |
45.495 |
55.288 |
36.449 |
|
|
|
TOTAL |
15783.423 |
13448.599 |
10558.183 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2849.630 |
2280.085 |
1750.059 |
|
|
|
Purchases of traded goods |
2252.497 |
2127.404 |
1585.594 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(764.694) |
(329.554) |
(284.350) |
|
|
|
Employees benefits expense |
1583.276 |
1401.779 |
1150.878 |
|
|
|
Other expenses |
7221.671 |
5386.099 |
4190.060 |
|
|
|
TOTAL |
13142.380 |
10865.813 |
8392.241 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
2641.043 |
2582.786 |
2165.942 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES |
639.416 |
389.121 |
356.327 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
2001.627 |
2193.665 |
1809.615 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
850.778 |
567.028 |
534.981 |
|
|
|
|
|
|
|
|
|
Add |
EXCEPTIONAL ITEMS |
236.630 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
1387.479 |
1626.637 |
1274.634 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
396.255 |
525.647 |
401.114 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
991.224 |
1100.990 |
873.520 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of export of goods |
339.959 |
324.161 |
240.864 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw materials and components |
951.362 |
778.135 |
575.090 |
|
|
|
Spares |
129.967 |
102.303 |
144.909 |
|
|
|
Capital Goods |
302.283 |
1116.135 |
79.946 |
|
|
|
Goods purchased for resale |
605.253 |
691.201 |
510.716 |
|
|
TOTAL IMPORTS |
1988.865 |
2687.774 |
1310.661 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic
|
15.01 |
16.70 |
14.50 |
|
|
|
Diluted
|
15.01 |
16.67 |
14.47 |
|
QUARTERLY RESULTS
|
PARTICULARS |
30.06.2013 |
30.09.2013 |
31.12.2013 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
3632.700 |
3876.400 |
3665.500 |
|
Total Expenditure |
3168.600 |
3333.600 |
3057.300 |
|
PBIDT (Excl OI) |
464.100 |
542.800 |
608.200 |
|
Other Income |
12.600 |
9.500 |
5.500 |
|
Operating Profit |
476.700 |
552.300 |
613.700 |
|
Interest |
152.500 |
163.300 |
179.300 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
324.200 |
389.000 |
434.400 |
|
Depreciation |
217.500 |
233.400 |
244.200 |
|
Profit Before Tax |
106.700 |
155.600 |
190.200 |
|
Tax |
47.500 |
64.300 |
72.300 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
59.200 |
91.300 |
117.900 |
|
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 |
59.200 |
91.300 |
117.900 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
6.28 |
8.19 |
8.27 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
8.82 |
12.15 |
12.11 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.06 |
9.34 |
9.98 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13 |
0.16 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.83 |
0.76 |
0.48 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.14 |
0.99 |
1.47 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
132.097 |
132.097 |
132.097 |
|
Reserves & Surplus |
6879.551 |
10000.259 |
10759.670 |
|
Net
worth |
7011.648 |
10132.356 |
10891.767 |
|
|
|
|
|
|
long-term borrowings |
2840.398 |
5334.664 |
5782.270 |
|
Short term borrowings |
512.529 |
2321.309 |
3255.507 |
|
Total
borrowings |
3352.927 |
7655.973 |
9037.777 |
|
Debt/Equity
ratio |
0.478 |
0.756 |
0.830 |
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 |
10521.734 |
13393.311 |
15737.928 |
|
|
|
27.292 |
17.506 |
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 |
10521.734 |
13393.311 |
15737.928 |
|
Profit |
873.520 |
1100.990 |
991.224 |
|
|
8.30% |
8.22% |
6.30% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
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 |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
-- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10472338 |
21/01/2014 |
390,000,000.00 |
GE MONEY
FINANCIAL SERVICES PRIVATE LIMITED |
401 402 4TH FLOOR
AGGARWAL MILLENIUM TOWER, E1 2 3 NETAJI SUBHASH PLACE, PITAMPURA DELHI -
110034, INDIA |
B94301777 |
|
2 |
10466209 |
10/12/2013 |
1,237,000,000.00 |
HSBC BANK
(MAURITIUS) LIMITED |
HSBC CENTRE, 18
CYBER CITY, EBENE, - NA, MAURITIUS |
B91977538 |
|
3 |
10466211 |
10/12/2013 |
1,237,000,000.00 |
HSBC BANK
(MAURITIUS) LIMITED |
HSBC CENTRE, 18
CYBER CITY, EBENE, - NA, MAURITIUS |
B91978049 |
|
4 |
10460629 |
31/10/2013 |
698,000,000.00 |
STATE BANK OF
INDIA |
OVERSEAS BRANCH,
JAWAHAR VYAPAR BHAWAN, 1, TOLSTOY MARG, NEW DELHI - 110001, INDIA |
B89711204 |
|
5 |
10453514 |
21/08/2013 |
1,225,000,000.00 |
STANDARD
CHARTERED BANK |
(ACTING AS AN
SECURITY AGENT), NARAIN MANZIL, 23 |
B86861911 |
|
6 |
10401730 |
22/11/2013 * |
900,000,000.00 |
STANDARD
CHARTERED BANK |
CREDIT
DOCUMENTATION UNIT, NARAIN MANZIL, 23 BARA |
B91418871 |
|
7 |
10386805 |
19/07/2013 * |
500,000,000.00 |
DBS BANK LIMITED |
CAPITOL POINT,
BABA KHARAK SINGH MARG, CONNAUGHT |
B81216723 |
|
8 |
10384915 |
31/10/2012 |
1,076,000,000.00 |
HSBC BANK
(MAURITIUS) LIMITED |
6TH FLOOR, HSBC
CENTRE, 18, CYBERCITY, EBENE, MAURITIUS, - NA, MAURITIUS |
B61536744 |
|
9 |
10354411 |
20/02/2013 * |
325,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA |
B70545389 |
|
10 |
10321183 |
09/02/2012 * |
1,223,965,000.00 |
DBS BANK LIMITED |
ACTING ON BEHALF
OF DBS BANK LTD., SINGAPORE, UGF, BIRLA TOWER, 25 BARAKHAMBA ROAD, NEW DELHI
- 110001, INDIA |
B33582081 |
|
11 |
10297830 |
29/06/2011 |
400,000,000.00 |
DBS BANK LIMITED |
UPPER GROUND FLOOR,
BIRLA TOWER, 25, BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA |
B17078403 |
|
12 |
10281788 |
19/08/2011 * |
360,000,000.00 |
STANDARD
CHARTERED BANK (ACTING AS AN SECURITY AGENT) |
CREDIT RISK
CONTROL, NARAIN MANZIL, 23 BARAKHAMBA |
B20662870 |
|
13 |
10248708 |
29/06/2011 * |
400,000,000.00 |
DBS BANK LIMITED |
UPPER GROUND
FLOOR, BIRLA TOWER, 25, BARAKHAMBA ROAD, NEW DELHI - 110001, INDIA |
B17163692 |
|
14 |
10133023 |
20/03/2009 * |
800,000,000.00 |
HSBC BANK PLC |
SOUTH ASIAN
BANKING LEVEL 37, 8, CANADA SQUARE, LONDON, - E145HQ, UNITED KINGDOM |
A59661900 |
|
15 |
10137282 |
11/03/2014 * |
6,000,000,000.00 |
CANARA BANK |
PCB, CANNAUGHT
PLACE, WORLD TRADE TOWER, BARAKHAM |
C00507038 |
|
16 |
10129256 |
20/03/2009 * |
728,625,000.00 |
CITIBANK N.A. |
JEEVAN VIHAR, 3,
SANSAD MARG, NEW DELHI - |
A60101185 |
|
17 |
10123290 |
12/07/2011 * |
720,000,000.00 |
STANDARD CHARTERED
BANK (ACTING AS AN SECURITY AGE |
CREDIT RISK
CONTROL, NARAIN MANZIL, 23 BARAKHAMBA |
B17061938 |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Deferred payment liabilities |
507.554 |
468.062 |
|
SHORT TERM BORROWINGS |
|
|
|
Buyer's credit facilities from banks |
339.242 |
342.338 |
|
Short term loans from banks |
1370.000 |
50.000 |
|
Commercial papers |
850.000 |
1600.000 |
|
|
|
|
|
Total |
3066.796 |
2460.400 |
PERFORMANCE ANALYSIS
The Company’s revenues surged to Rs.17099.541 Millions in 2012-13 from
Rs.14441.587 Millions in 2011-12, up 18.40%. EBITDA increased by 2.26%, to
Rs.2641.043 Millions from Rs.2582.786 Millions in 2011-12. The Company
experienced an improvement in cash profit to Rs.2204.602 Millions in 2012-13
from Rs.1675.120 Millions in 2011-12. However, profits dipped by 9.97% for the
same period, plummeting to Rs.991.224 Millions from Rs.1100.990 Millions. The
gross revenues from the container glass division rose to Rs.9185.403 Millions
in 2012-13 from Rs.7884.227 Millions in 2011-12, an increase of 16.50%. The
gross revenues for the Building Products Division grew to Rs.7884.363 Millions
in 2012-13 by 20.84%, from Rs.6524.665 Millions in the previous year.
The Company witnessed a marginal decline in PAT and EBITDA, owing to
higher costs of raw material, logistics and fuel. The Company’s excellent
operational efficiencies were key contributors for the overall reduction of
impact on the margins.
BUSINESS DIVISION REVIEW
PERFORMANCE OF THE BUILDING PRODUCTS DIVISION
Net sales for the building products division grew by 20.13% in 2012-13,
driven by volume growth, better product mix and launch of several products
under the luxury brand QUEO and hindware Italian collection.
Major initiatives
HSIL undertook several major initiatives during the year. In retrospect,
some of these are discussed below.
v Launched India’s
first International Association of Plumbing and Mechanical Officials (IAPMO)
certified star-rated water efficient closets in a wide range.
v Commercialised
QUEO during the year by launching an array of products under sanitaryware and
faucets.
v Launched QUEO
Emporio in Gurgaon and Delhi to display complete range of QUEO.
v Launched Hindware
Arcade in Chennai to display brands hindware, Amore and Vents.
v Introduced a new
brand, Amore for range of wellness products.
v Launched 3D
Travertino HD tiles, having 3D structure and visual effect with high-definition
quality.
v Commissioned
brownfield expansion adding 0.3 million pieces capacity at Bahadurgarh plant.
PERFORMANCE OF THE CONTAINER GLASS DIVISION
Net sales for HSIL’s container glass division increased by 15.22% on
account of commissioning of new furnace and adopting technologies to produce
special coloured, chemical and lightweight bottles.
Major initiatives
v Adopted special
German technology and advanced machinery to manufacture special coloured
bottles, a new product in the domestic market; the Company currently produces
dead leaf, dark green and dark blue bottles
v Increased chemical
bottles manufacturing
v Commenced
producing lightweight wine bottles, which are import substitutes
SCHEME OF AMALGAMATION
At the meeting held on 25 September 2012, the Company’s Board of
Directors approved the proposal for the amalgamation of Garden Polymers Private
Limited, the Company’s wholly owned subsidiary, with effect from 1 April 2012,
the appointed date. The Scheme of Amalgamation, was approved by the Company’s
Members at their meeting held on 1 March 2013 in terms of the Order dated 22
January 2013, of the Hon’ble High Court, Calcutta.
The final order of the Hon’ble High Court, Calcutta, to the said Scheme
of Amalgamation is awaited.
MANAGEMENT
DISCUSSION AND ANALYSIS
THE BUILDING PRODUCTS DIVISION
The Division has witnessed extensive transformation and innovation since
the very early days. Interestingly, this transformation was driven by a
combination of external realities and an internal impulse to evolve.
HSIL provides an array of building products ranging from sanitaryware,
wellness products and faucets to kitchen appliances and ceramic tiles. They are
well equipped with superior technologies and provide finest quality products.
India’s burgeoning population and growing urbanisation have escalated
the demand for building products. The country’s per capita income (in real
terms), a gauge for measuring living standards have risen to Rs.0.039 Million
in 2012-13 from Rs.0.038 Million in 2011-12. A strong appetite for better
lifestyles and high disposable income has enhanced industry optimism.
SANITARYWARE
Industry structure
and developments
With evolving lifestyles, the role of sanitary products has gained
significant prominence. India, home to the world’s second largest population,
has only 40% sanitation coverage. This has influenced the spending structure on
the basic amenities. The industry is pegged at Rs.24000.000 Millions growing at
14-16% within which premium segment is growing faster at 20-25% per annum due
to rapid urbanisation, improving living standard and rising awareness.
Market segment
India has emerged as the second largest sanitaryware market by volume in
Asia Pacific. As much as 55% of India’s sanitaryware market is organised, of
which HSIL commands largest market share; on the other hand 30% of market,
which is unorganised, consists of many small unbranded players, mostly located
in Gujarat, making low-end sanitaryware. The organised sector is value driven
and caters to middle and premium segments with quality products. The unorganised
sector, however, is volume driven and offers primarily inferior quality
products to the lower end of the social pyramid.
INDUSTRY OPTIMISM
Elevating
lifestyles
Conspicuous consumption is gradually rising in India, driven by enhanced
earnings and aspirations for a better quality of life. Discerning customers are
embracing the culture of premiumisation, as general preferences are also
shifting from unbranded to branded products. New luxury home buyers are
spending a considerable amount on the beauty quotient of bathrooms and
kitchens.
High replacement
demand
Following the trend of developed countries, the sanitaryware industry in
India is also reducing its dependence on real estate growth due to shortening
product replacement cycle.
Rise in affluence
Increasing disposable income and migration of people from the middle
class to the high-income level are fuelling the demand for quality products.
These trends augur well for HSIL’s Building Products Division.
Urbanisation
The global urban population rose from 27% in 2002 to 31% in 2012, while
the total number of towns also surged to 7,800 from 5,100 during the same
period. Projections show India’s urban population soaring from 340 million in
2008 to 590 million in 2030. And this urban expansion will happen at a speed
quite unlike anything India has seen before. It took India nearly 40 years
(between 1971 and 2008) for the urban population to rise by nearly 230 million.
It will take only half the time to add the next 250 million.
Increasing organised
market share
For the past 10 years, India’s organised sanitaryware market has been
steadily capturing 2-3% market share of its unorganized counterpart every year.
This has been driven by constant increased demand for better products by
consumer and enhanced branding and advertisements, which, in turn, is creating
consumer awareness.
Emergence of
concept bathrooms
Concepts of bathrooms have evolved from primitive utility to that of a complete
modern perception. Today’s bathrooms are equipped with a range of solutions,
comprising Air pool Whirlpool systems, electronically operated toilets,
high-tech shower systems, electronic faucets, designer tiles and more.
Customised
solutions
Apart from increasing capacities, the industry is also equipped with
cutting-edge technology and provides customised products for diverse customer
segments.
Green initiatives
HSIL is manufacturing large range of closets which reduce water
consumption to 4-2 litres from 6-3 litres per flush earlier.
Rising awareness
Awareness about sanitary conditions, especially in semi-urban and rural
India, is increasing significantly. With economic empowerment, rural India is
also responding to market developments for the sanitaryware industry.
THE CONTAINER GLASS DIVISION
The Division has also witnessed considerable transformation and
innovation, driven by market demand, technological shifts and HSIL’s continuous
focus to elevate performance to the next level.
Emerging markets are becoming growth centres for the global packaging
glass industry. Led by changing demographics, increasing population and rising
disposable income, these markets are rising as major consumer hubs of
beverages, food, healthcare and pharmaceutical products.
HSIL, India’s second-largest container glass producer, commands a
pan-India market share of 18%. It is the biggest player in South India’s
container glass market with 62% share. We manufacture container glass under the
brand AGI, catering to industries like soft drinks, pharmaceuticals, food, beer
and liquor, among others.
CONTAINER GLASS
INDUSTRY STRUCTURE
AND DEVELOPMENTS
The global packaging industry is likely to reach US D 597 billion by 2014.
India’s packaging industry, worth US D 14 billion, has been growing at 15% over
the past few years. India’s container glass industry constitutes around 5.6% of
the packaging industry valued at Rs.44000.000 Millions and growing at the rate
of 10-12% per annum.
The glass industry can be divided into four major segments, namely
container glass, specialty glass, flat glass and fibreglass. Container glass is
the second largest segment comprising glass packaging for consumer goods and
pharmaceuticals. Despite India’s low per capita glass consumption, the
container glass industry is driven by rising hygienic packaging demand,
burgeoning population and increasing per capita income of average Indian. The
country’s per capita glass consumption for the year stood at 1.5 kg, compared
to China’s 5.9 kg and USA’s 27.5 kg. Hence, there is immense scope for
penetration.
2012-13, A SNEAK PEEK
At HSIL, product developments are based on comprehensive insight into
the evolving needs of consumers. They anticipate future trends and accelerate
relevant transformation to achieve excellence in the domains that they serve.
Throughout last year, they witnessed considerable activity across both the
Divisions. In the Building Products Division they are expanding capacities and
regularly launching new products.
In the Container Glass Division they have adopted a special technology
to manufacture speciality coloured bottles, lightweight bottles and bottles
meant for chemicals. These would create an import substitution for user industries.
BUILDING PRODUCTS DIVISION
OPERATIONAL REVIEW
Capacity expansion
v Bahadurgarh
brownfield expansion project (sanitaryware) of 0.3 million pieces has become
operational from October 2012.
v Work is in
progress for greenfield plant for faucets of 2.5 million pieces at Kaharani,
Bhiwadi extension, Bhiwadi, Rajasthan.
Product launches
v A more wellness
range
v 15 sanitaryware
products
v 3D tiles
v 16 kitchen
appliances
New brand: Introduced Amore in
the wellness range - a complete range of wellness bath collection - under brand
hindware. They also commercialised their brand QUEO and launched F-series of
luxury products under the sanitaryware segment.
Retail outlets: Launched Hindware
Arcade, a 5,000 square feet retail outlet in Chennai, to display premium bath
fittings and faucets from hindware, Amore and QUEO. They have also opened QUEO
Emporio in Gurgaon.
FINANCIAL REVIEW,
2012-13
Gross revenue increased 21% to Rs.7884.400 Millions from Rs.6524.700
Millions EBIT improved 11% to Rs.1357.900 Millions from Rs.1221.800 Millions
PBT increased 8% to Rs.1229.500 Millions from Rs.1136.200 Millions
Road ahead
Expansion of
faucet capacity: Completion of phase I of greenfield faucets plant at Kaharani, Bhiwadi
extension by Q4 FY 14 to achieve consolidated capacities of 3 million pieces
with enough infrastructure for future expansions.
Up-gradation: Regular
up-gradation of dealer showrooms to improve customer experience while shopping
New products: New products
inclusion to meet rising customer aspirations.
Business
development: Strengthening the business development team, coordinating with the
architects and updating them about the new products launches.
CONTAINER GLASS DIVISION
OPERATIONAL REVIEW
Capacity
expansion: A new 475 TPD furnace was commissioned in May 2012 on the existing
capacity of 1,125 TPD, resulting in more than 42% capacity increase.
Special coloured
bottles: HSIL has adopted high-end, cost effective technology to emerge as
India’s sole special coloured bottle producer. Currently, it produces bottles
in several colours. Chemical and light-weight bottles: Upgraded technology for
manufacturing chemical and light-weight bottles.
Capacity
utilisation: Achieved average capacity utilisation of 82%.
Product launches: Launched 67 new
products during the year.
FINANCIAL REVIEW,
2012-13
v Gross revenue
increased 17% to Rs.9185.400 Millions from Rs.7884.200 Millions
v EBIT declined 34%
to Rs.713.200 Millions from Rs.1086.300 Millions
v PBT declined 77%
to Rs.168.200 Millions from Rs.722.400 Millions
Road ahead
Coloured bottles: HSIL is India’s
sole producer of special coloured bottles. They have adopted special German
technology and advanced machinery for producing different coloured bottles.
Currently, they are producing dead leaf, green and blue bottles for their
clients. These bottles act as an import substitution and fetch higher
realisation.
Chemical bottles: HSIL’s chemical
bottle segment is growing rapidly. Most of the multinationals prepare the
chemicals and package them in India in the speciality bottles.
Lightweight
bottles: Their experience helped us develop cutting edge technology to produce
lightweight wine bottles, which were earlier imported from China and the
European countries.
Expansion at
Garden Polymers plants: This brownfield expansion will cater to
multinational customers and HSIL’s own brands. The first and the second phases
of the expansion are likely to be completed by July-August 2013 and November
2013, respectively.
This expansion is expected to increase the PET container sales volume by
33% over the next fiscal.
FUTURE PLANS
v Introduction of
balance score card for performance evaluation linking strategy, business and
results
v Automation of HR
processes to improve productivity, enhance efficiency and reduce human errors
v Talent management
for career progression of high performers, succession planning for key roles
and talent pool creation for better business results
v Knowledge management
to identify, create, distribute and enable adoption of their insights and
industry experiences
STATEMENT OF
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED 31.12.2013
(RS.
IN MILLIONS)
|
Particulars |
Quarter Ended |
Nine Months
Ended |
|
|
|
31.12.2013 (Unaudited) |
30.09.2013 (Unaudited) |
31.12.2013 (Unaudited) |
|
Income from Operations |
|
|
|
|
Gross Sales |
3890.400 |
4103.100 |
11878.800 |
|
Less: Excise Duty |
277.500 |
288.900 |
883.500 |
|
Net Sales/Income from
Operations |
3612.900 |
3814.200 |
10995.300 |
|
Other Operating Income |
52.600 |
62.200 |
179.300 |
|
Total Income from
operations (net) |
3665.500 |
3876.400 |
11174.600 |
|
|
|
|
|
|
Expenses |
|
|
|
|
(a) Cost of Material Consumed |
671.600 |
689.300 |
2101.300 |
|
(b) Purchase of stock in trade |
818.700 |
732.500 |
2030.300 |
|
(c) Changes in inventories of finished goods, work in
progress and stock in trade |
(522.600) |
(337.700) |
(1156.800) |
|
(d) Employee benefit expenses |
415.600 |
391.200 |
1193.500 |
|
(e) Depreciation and amortization expenses |
244.200 |
233.400 |
695.100 |
|
(f) Power and Fuel |
867.900 |
991.000 |
2902.700 |
|
(g) Other Expenses |
806.100 |
867.300 |
2488.500 |
|
Total Expenses |
3301.500 |
3567.000 |
10254.600 |
|
Profit from Operations
before Other Income, Finance costs and Exceptional item |
364.000 |
309.400 |
920.000 |
|
Other Income |
5.500 |
9.500 |
27.600 |
|
Profit/ Loss from Ordinary
Activities before Finance costs and Exceptional item |
369.500 |
318.900 |
947.600 |
|
Finance costs |
179.300 |
163.300 |
495.100 |
|
Profit/ Loss from
Ordinary Activities after Finance costs but Exceptional item |
190.200 |
155.600 |
452.500 |
|
Exceptional
item |
-- |
-- |
-- |
|
Profit/ Loss from Ordinary Activities
before tax |
190.200 |
155.600 |
452.500 |
|
Tax Expenses |
|
|
|
|
- Current Tax |
86.600 |
72.000 |
210.600 |
|
- Deferred
Tax |
(14.300) |
(7.700) |
(26.500) |
|
- MAT credit adjustment
|
-- |
-- |
-- |
|
Net Profit/ Loss from Ordinary Activities
after tax |
117.900 |
91.300 |
268.400 |
|
Extraordinary
Items |
-- |
-- |
-- |
|
Net Profit for the period |
117.900 |
91.300 |
268.400 |
|
Operating profit (EBIDTA) |
613.700 |
552.300 |
1642.700 |
|
Paid- up
Equity Share Capital (Face value
of the share – Rs. 10) |
132.100 |
132.100 |
132.100 |
|
Reserves
excluding revaluation reserves as per balance sheet of Previous Accounting
Year |
|
|
|
|
Earnings per share
(before extraordinary items) (of Rs. 2/-
each) (not annualized) -
Basic |
1.79 |
1.38 |
4.06 |
|
- Diluted |
1.79 |
1.38 |
4.06 |
|
Earnings per
share (after extraordinary items) (of Rs. 2/-
each) (not annualized) - Basic |
1.79 |
1.38 |
4.06 |
|
- Diluted |
1.79 |
1.38 |
4.06 |
|
|
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
|
|
1. Public
shareholding |
|
|
|
|
Number of
Shares |
31984146 |
31984146 |
31984146 |
|
Percentage of Shareholding |
48.43 |
48.43 |
48.43 |
|
2. 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 |
|
|
|
|
|
|
Non - encumbered |
|
|
|
|
- Number of
Shares |
34062249 |
34062249 |
34062249 |
|
- 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) |
51.57 |
51.57 |
51.57 |
|
|
Particulars |
Quarter
Ended 31.12.2013 |
|
B |
Investor
complaints (Nos.) |
|
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
14 |
|
|
Disposed of during the quarter |
14 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
SEGMENT – WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED
(RS. IN MILLIONS)
|
Particulars |
Quarter Ended |
Nine Months
Ended |
|
|
|
31.12.2013 (Unaudited) |
30.09.2013 (Unaudited) |
31.12.2013 (Unaudited) |
|
1. Segment Revenue |
|
|
|
|
a. Building Products |
2133.400 |
2298.400 |
6098.500 |
|
b. Container Glass |
1531.100 |
1571.600 |
5061.700 |
|
c. Others |
1.000 |
6.400 |
14.400 |
|
Total |
3665.500 |
3876.400 |
11174.600 |
|
Less: Inter – segment revenue |
-- |
-- |
-- |
|
Total income from operations (net) |
3665.500 |
3876.400 |
11174.600 |
|
|
|
|
|
|
2. Segment Results |
|
|
|
|
Profit/ (loss) before tax and interest |
|
|
|
|
a. Building Products |
425.7400 |
459.300 |
1204.500 |
|
b. Container Glass |
16.100 |
(86.800) |
(86.500) |
|
c. Others |
(1.400) |
3.900 |
7.100 |
|
Total |
440.400 |
376.400 |
1125.100 |
|
Add: Exceptional Items |
-- |
-- |
-- |
|
Less: Finance Costs |
179.300 |
163.300 |
495.100 |
|
Less: Un-allocable expenditure Net off un-allocable income |
70.900 |
57.500 |
177.500 |
|
Total Profit Before Tax |
190.300 |
155.600 |
452.500 |
|
|
|
|
|
|
3. Capital Employed |
|
|
|
|
(Segment Assets – Segment Liabilities) |
|
|
|
|
a. Building Products |
8479.800 |
8286.200 |
8479.800 |
|
b. Container Glass |
12670.300 |
12258.300 |
12670.300 |
|
c. Others |
81.800 |
90.800 |
81.800 |
|
d. Unallocated |
2631.300 |
2430.600 |
2631.300 |
|
Total |
23863.200 |
23065.900 |
23863.200 |
NOTES:
1)
The above financial results of the Company have
been reviewed by the Audit Committee and approved by the Board of Directors at
their respective meetings held on January 31, 2014 and have also been reviewed
by the Statutory Auditors of the Company.
2)
Tax expense for the quarter/ nine months period
ended is made on the annual effective income tax rate based on estimated
income.
3)
The scheme of Amalgamation (‘Scheme’) involving
merger of Garden Polymers Private Limited (a wholly owned subsidiary) with the
Company, is pending for receipt of final approval from Hon’ble High Court,
Calcutta.
4)
Previous year’s/ period figures have been
re-grouped / re-arranged, wherever considered necessary.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
1) Contingent
liabilities not provided for in respect of: |
|
|
|
a) Demands raised by the excise authorities against
which appeals have been filed |
30.622 |
30.289 |
|
b) Demands made by the sales tax authorities against
which appeals have been filed |
14.804 |
24.459 |
|
c) Demands raised by the income tax authorities against
which appeals have been file |
28.360 |
0.000 |
|
d) Duty availed on imports against EPCG licenses |
298.285 |
309.805 |
|
e) Bank guarantees outstanding |
252.475 |
310.096 |
|
f) Corporate guarantees (Barwood Products Limited,
Hindware Home Retail Private Limited and Garden Polymers Private Limited) |
721.210 |
720.502 |
|
g) Claims against the Company not acknowledged as debts |
211.960 |
202.954 |
|
2) Unfulfilled
export obligation under EPCG license of EXIM Policy |
2386.282 |
2478.442 |
|
|
|
|
|
Total |
3943.998 |
4076.547 |
FIXED ASSETS:
Tangible assets
v
Land freehold
v
Leasehold land
v
Building
v
Plant and machinery
v
Vehicles
v
Office equipments
v
Computers (including software)
v
Furniture and fixtures
v
Leasehold improvements
Intangible Assets
v
Trade marks
v Technical
know how
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. 58.57 |
|
|
1 |
Rs. 98.88 |
|
Euro |
1 |
Rs. 80.05 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
68 |
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.