MIRA
INFORM REPORT
|
Report Date : |
26.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
SAINT-GOBAIN GLASS INDIA LIMITED |
|
|
|
|
Registered
Office : |
Plot No. A1,
Sipcot Industrial Area, Sriperumbudur, Chennai – 602 105, Tamilnadu |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2013 |
|
|
|
|
Date of
Incorporation : |
02.04.1997 |
|
|
|
|
Com. Reg. No.: |
18-037875 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.943.640 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U26109TN1997PLC037875 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHES05530A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AABCS4338M |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
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|
|
|
Line of Business
: |
The company engaged in the business of glass |
|
|
|
|
No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
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 69000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is a subsidiary of COMPAGNIE DE SAINT-GOBAIN, FRANCE. It is a well-established company having fine track record. There appears dip in profit of the company during the financial year
2013. However, the rating reflects leading market position and healthy
operating efficiency marked by healthy financial risk profile. Further
company also gets strong financial and operational support from its parent. Directors are reported to be experienced and respectable businessmen. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. In view strong holding, the company can be considered good for normal
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 |
CRISIL |
|
Rating |
Short Term Debt = A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
14.04.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION DECLINED
Management Non Cooperative (91-44-27162832)
LOCATIONS
|
Registered
Office / Head Office / Factory : |
Plot No. A1,
Sipcot Industrial Area, Sriperumbudur, Chennai – 602 105, |
|
Tel. No.: |
91-44-27162832 to
39 / 41-1132834 |
|
Fax No.: |
91-44-27162840 /
41 / 41-1132841 |
|
E-Mail : |
venkateswaran.l@saint-gobain.com
sathya.narayanan@in.calyon.com
|
|
Website : |
|
|
Area : |
100000 sq. ft on
About 125 Acres Land |
|
Location : |
Owned |
|
|
|
|
Administrative
Office : |
Sigapi Aachi Building, Floor No 7, 18/3, Rukmani
Lakshmipathy Road, Egmore, Chennai – 600008, Tamilnadu, India |
|
Tel. No.: |
91-44-45936000 |
|
Fax No.: |
91-44-45936000 |
|
|
|
|
Principal Office
: |
Saint-Gobain Vitrage, Les Miriors, 18, Avenue d’ Alsace –
92096 La Defense Cedex, France |
|
Tel No. : |
33 (1) 47623000 |
DIRECTORS
As on 30.09.2013
|
Name : |
Mr. Anand Y
Mahajan |
|
Designation : |
Whole-Time Director |
|
Address : |
Fiona, |
|
Date of Birth/Age : |
03.01.1953 |
|
Qualification : |
M.A (ECON), MBA (USA) |
|
Date of Appointment : |
02.04.1997 |
|
DIN No.: |
00066320 |
|
|
|
|
Name : |
Mr. Joseph Andrew
Pereira |
|
Designation : |
Alternate
Director |
|
Address : |
No.8, Coral Reef,
55, |
|
Date of Birth/Age : |
24.11.1948 |
|
Date of Appointment : |
05.04.2007 |
|
DIN No.: |
00130239 |
|
|
|
|
Name : |
Mr. Santhanam
Bhuvarghamurthy |
|
Designation : |
Managing Director
|
|
Address : |
|
|
Date of Birth/Age : |
02.03.1957 |
|
Qualification: |
B. Tech (Civil) PGD/ MGT |
|
Date of Appointment : |
22.01.1998 |
|
DIN No.: |
00494806 |
|
|
|
|
Name : |
Mr. Swaminathan Eisenhower |
|
Designation : |
Whole-time Director |
|
Address : |
Flat No.A-102, Prince Villa No.15, |
|
Date of Birth/Age : |
24.11.1952 |
|
Qualification: |
B. Tech – Chem |
|
Date of Appointment : |
26.04.2010 |
|
DIN No.: |
01521855 |
|
|
|
|
Name : |
Mr. Ramakrishnan Subramanian |
|
Designation : |
Whole-time Director |
|
Address : |
E-3, Juniper Apartments, Tas Enclave, 10th Main Road
Extension, Anna Nagar, Chennai – 600040, Tamilnadu, India |
|
Date of Birth/Age : |
26.01.1966 |
|
Qualification: |
B. Tech (Electronics), Diploma in (PGDM) |
|
Experience: |
17 Years |
|
Date of Appointment : |
01.01.2013 |
|
DIN NO.: |
01521968 |
|
|
|
|
Name : |
Mr. Patrick Dupin |
|
Designation : |
Director |
|
Address : |
51, Avenue De Paris, |
|
Date of Birth/Age : |
09.12.1963 |
|
Date of Appointment : |
20.06.2007 |
|
DIN NO.: |
01522067 |
|
|
|
|
Name : |
Mr. Benoit D’Iribarne |
|
Designation : |
Director |
|
Address : |
5, Reu Bellavoine, |
|
Date of Birth/Age : |
09.09.1961 |
|
Date of Appointment : |
09.07.2002 |
|
DIN NO.: |
01610383 |
|
|
|
|
Name : |
Mr. Tyagarajan Bhaskaran |
|
Designation : |
Whole-time Director |
|
Address : |
Flat No.B2, Plot No.587, |
|
Date of Birth/Age : |
20.07.1960 |
|
Qualification: |
B.Com, Associate ICWAI |
|
Date of Appointment : |
26.04.2010 |
|
DIN NO.: |
02168348 |
|
|
|
|
Name : |
Mr. Jean Pierre
Floris |
|
Designation : |
Director |
|
Address : |
3, |
|
Date of Birth/Age : |
09.07.1948 |
|
Date of Appointment: |
30.06.2008 |
|
DIN NO.: |
02504627 |
|
|
|
|
Name : |
Mr. Houchan Shoeibi |
|
Designation : |
Additional Director |
|
Address : |
1 Rue Delambre, Paris 75014 |
|
Date of Birth/Age : |
24.08.1969 |
|
Date of Appointment: |
12.12.2013 |
|
DIN NO.: |
06747897 |
KEY EXECUTIVES
|
Name : |
Mr. L.
Venkateswaran |
|
Designation : |
Secretary |
|
Address : |
Flat No. FOE, 4th Floor, Block 2, Jains Kences, Retreat 15
Reddy Street, Virugambakkam, Chennai – 600092, |
|
Date of Birth/Age : |
10.02.1958 |
|
Date of Appointment : |
31.03.2010 |
|
PAN No. : |
AAMPV0608D |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2013
|
Names of Shareholders |
|
No. of Shares |
|
Saint Gobain
Glass Deutschland GMBH, |
|
37753813 |
|
Societe de
Participations Financieries et Industrielles |
|
54109767 |
|
Grindwell Norton
Limited, India |
|
2499993 |
|
Grindwell Norton
Limited, India - Anand Y Mahajan |
|
1 |
|
Grindwell Norton
Limited, India - B Santhanam |
|
1 |
|
Grindwell Norton
Limited, India and Mr. J. A. J. Pereira |
|
1 |
|
Grindwell Norton
Limited, India - Aju Verghese |
|
1 |
|
Grindwell Norton
Limited, India - Puranik A Mahadev |
|
1 |
|
Grindwell Norton
Limited, India - Praksh Sabarad |
|
1 |
|
Grindwell Norton
Limited, India - Deepak Chindarkar |
|
1 |
|
Total |
|
94363580 |
As on 30.09.2013
Equity Share Break up (Percentage of Total Equity)
|
Category |
Percentage |
|
Foreign holdings( Foreign institutional
investor(s), Foreign companie(s) Foreign financial institution(s),
Non-resident Indian(s) or Overseas Corporate bodies or Others |
97.35 |
|
Bodies corporate |
2.65 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company engaged in the business of glass |
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|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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|
||||||||||||||||||
|
Bankers : |
·
Calyon Bank
27th Floor, Two Pacific Place,
88, Queensway, Hong Kong ·
HDFC Bank Limited, HDFC Bank House, Senapati
Bapat Marg, Lower Parel (West), Mumbai – 400 013, Maharashtra, India |
||||||||||||||||||
|
|
|
||||||||||||||||||
|
Facilities : |
(Rs.
In Millions)
|
|
|
|
|
Banking
Relations : |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
Lovelock and Lewes Chartered Accountants |
|
Address : |
8th, Floor Door, No 129-140, Prestige Palladium
Greams Road, Chennai 600006, Tamilnadu, India |
|
PAN No.: |
AABFL5878L |
|
|
|
|
Ultimate Holding
Company : |
Compagnie de Saint-Gobain, France |
|
|
|
|
Holding Company : |
· Societe De Participations Financieres Et Industrielles · Saint-Gobain Glass Deutschland, Germany |
|
|
|
|
Fellow Subsidiaries
: |
· Saint-Gobain Promotions et Participations Internationales France · Grindwell Norton India Limited · Saint-Gobain Seva , France · Hankuk Glass Industries, Korea · Saint-Gobain Glass Italia, Italy · Saint-Gobain Cristellaria Spain · Saint-Gobain Sekurit India Limited, India · Saint-Gobain Vetrotex India Limited · Saint-Gobain Isover France · Saint-Gobain Glass Portugal · Saint Gobain K&K Japan · Saint Gobain Oberland · Saint-Gobain Glass, France · Saint-Gobain Exprover · Saint-Gobain Glass UK · Saint Gobain Glass Solar Control · Saint Gobain SEPR, France · Saint Gobain Hankuk Japan · Saint Gobain Nanjing · Saint Gobain Sekurit Korea · Saint Gobain Glass Mexico · Saint Gobain Sekurit Deutschland, GmBH · Saint Gobain Hanglass, Japan · Saint Gobain Vitrage Odessa · Saint Gobain Direction Technique · Saint Gobain Gyproc (Formerly known as India Gypsum) · Saint Gobain Autover Distribution S.A · Savoie SEPR · SEPR Italia · Verrerie Aurys · Hankuk Sekurit Limited · Saint Gobain Hanglas CIFG Qingdao · SG Vertax · Shanghai Saint Jungle · Saint Gobain Sekurit – France · SG Glass Polska · Saint-Gobain Glass Benelux S.A. · SG Sekurit Thailande Company Limited · Cesa Construction · Najing New Nawnoo Glass Industries · SG Glass Italia SpA · SG Glass Romania, SRL · Saint Gobain India Delegation · Saint Gobain Crystal and Detectors India Limited · SEPR Refractories India Limited · Saint Gobain India Foundation · Saint-Gobain Techniver S.A · Saint-Gobain Cristaleria S.A · Vetrotech Saint -Gobain Hong Kong · Vetrotech Saint-Gobain International AG · Verrerie de Saint-Just · Saint-Gobain Glass UK Limited · Saint-Gobain Hanglas Sekurit(Shanghai) Company Limited · Saint-Gobain (Singapore) Pte Limited · Saint-Gobain Autover International BV · Savoie Réfractaires · Saint-Gobain Recherche · Direction technique international · Saint-Gobain Conceptions Verrieres · Saint-Gobain Photovoltaic Glass · Saint-Gobain Cristaleria S.A · Vetrotech Saint Gobain FR · Saint Gobain Vidros S/A · Eckelt Glas GMBH · Crisa-Norte, Spain · Saint – Gobain do Brasil Produtos · Cebrace crystal Plano · Saint – Gobain K.K. , Tokyo · Saint-Gobain Sekurit CR spol.s r.o, Czech Republic ·
Saint Gobain Glass Egypt |
CAPITAL STRUCTURE
As on 30.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
94364000 |
Equity Shares |
Rs.10/- each |
Rs.943.640
millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
94363580 |
Equity Shares |
Rs.10/- each |
Rs.943.636 millions |
|
|
|
|
|
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 |
943.640 |
943.640 |
697.350 |
|
(b) Reserves & Surplus |
16407.390 |
16198.210 |
10522.100 |
|
(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) |
17351.030 |
17141.850 |
11219.450 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
4382.660 |
4461.590 |
772.070 |
|
(b) Deferred tax liabilities (Net) |
1641.200 |
1567.500 |
1290.000 |
|
(c) Other long term liabilities |
172.790 |
182.760 |
107.480 |
|
(d) long-term provisions |
41.000 |
36.020 |
25.720 |
|
Total Non-current Liabilities (3) |
6237.650 |
6247.870 |
2195.270 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
2780.760 |
1876.680 |
817.330 |
|
(b) Trade payables |
3325.710 |
2839.810 |
2092.430 |
|
(c) Other current
liabilities |
1734.180 |
2085.720 |
849.880 |
|
(d) Short-term provisions |
41.840 |
34.230 |
72.390 |
|
Total Current Liabilities (4) |
7882.490 |
6836.440 |
3832.030 |
|
|
|
|
|
|
TOTAL |
31471.170 |
30226.160 |
17246.750 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
15450.040 |
16185.050 |
10326.140 |
|
(ii) Intangible Assets |
280.520 |
351.760 |
12.800 |
|
(iii) Capital
work-in-progress |
7373.360 |
5146.620 |
672.240 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
289.160 |
244.230 |
244.230 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
415.790 |
685.060 |
1332.420 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
23808.870 |
22612.720 |
12587.830 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.110 |
0.000 |
|
(b) Inventories |
3771.360 |
3871.110 |
2194.250 |
|
(c) Trade receivables |
2590.400 |
2396.510 |
1790.840 |
|
(d) Cash and cash
equivalents |
145.260 |
351.030 |
248.630 |
|
(e) Short-term loans and
advances |
1043.220 |
863.330 |
422.450 |
|
(f) Other current assets |
112.060 |
131.350 |
2.750 |
|
Total Current Assets |
7662.300 |
7613.440 |
4658.920 |
|
|
|
|
|
|
TOTAL |
31471.170 |
30226.160 |
17246.750 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
18070.320 |
15861.420 |
13315.160 |
|
|
|
Other Income |
87.090 |
88.220 |
107.330 |
|
|
|
TOTAL (A) |
18157.410 |
15949.640 |
13422.490 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
4863.730 |
4198.060 |
3203.960 |
|
|
|
Purchases of stock-in-trade |
278.250 |
881.290 |
388.910 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
41.720 |
(1045.540) |
(71.550) |
|
|
|
Employee benefit expense |
951.300 |
840.730 |
760.110 |
|
|
|
Other expenses |
9862.400 |
8224.160 |
5923.640 |
|
|
|
TOTAL (B) |
15997.400 |
13098.700 |
10205.070 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2160.010 |
2850.940 |
3217.420 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
201.520 |
255.810 |
85.600 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1958.490 |
2595.130 |
3131.820 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1631.970 |
1489.380 |
1058.130 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
326.520 |
1105.750 |
2073.690 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
117.340 |
355.360 |
687.720 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
209.180 |
750.390 |
1385.970 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
4217.283 |
3466.893 |
2080.923 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
4426.463 |
4217.283 |
3466.893 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.22 |
8.48 |
20.18 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
PAT / Total Income |
(%) |
1.15
|
4.70 |
10.33 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.81
|
6.97 |
15.57 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.37
|
4.45 |
12.70 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.02
|
0.06 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.41
|
0.37 |
0.14 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.97
|
1.11 |
1.22 |
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 |
697.350 |
943.640 |
943.640 |
|
Reserves & Surplus |
10522.100 |
16198.210 |
16407.390 |
|
Net
worth |
11219.450 |
17141.850 |
17351.030 |
|
|
|
|
|
|
long-term borrowings |
772.070 |
4461.590 |
4382.660 |
|
Short term borrowings |
817.330 |
1876.680 |
2780.760 |
|
Total
borrowings |
1589.400 |
6338.270 |
7163.420 |
|
Debt/Equity
ratio |
0.142 |
0.370 |
0.413 |
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 |
13315.160 |
15861.420 |
18070.320 |
|
|
|
19.123 |
13.926 |
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 |
13315.160 |
15861.420 |
18070.320 |
|
Profit |
1385.970 |
750.390 |
209.180 |
|
|
10.41% |
4.73% |
1.16% |
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 |
Yes |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
GENERAL INFORMATION
Subject is engaged primarily in the business of glass. The company has manufacturing plants at Sriperumbattur, Tamilnadu and Jhagadia, Gujarat. The company is a public limited company and its shares are not listed on any of the stock exchanges in India or abroad.
OPERATIONS
The sales during the financial year 2012-13 grew by 19%. There were significant increases in the cost of raw materials, energy, packing and transportation. The depreciation of Indian Rupee against US $ also had a significant impact on the cost. The automobile market also had slow growth in most part of the year. The global economy had negative growth. The Indian Economy grew at a lower rate. The Company is operating in a market which is highly competitive. There were significant increases in dumped imports from Middle East countries and Pakistan at low prices due to which the company was not able to get adequate price increases. The Profit Before Tax for 2012-13 was lower by 72% over the previous year.
FUTURE PROSPECTS
The Company is likely to face challenging situation in the next financial year also. The recent steep depreciation in Indian Rupee adds further to the Company’s challenges. The Indian Economy is also projected to grow at a lower rate and the global economy also faces similar situation. The Company is taking various measures to reduce cost.
The plant construction work at Bhiwadi, Rajasthan, where The Company is setting up a new facility, is nearing completion.
UNSECURED LOAN
Rs. In Millions
|
Particular |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
Long-term
borrowings |
|
|
|
Other loans and advances |
4382.660 |
3680.340 |
|
Short-term
borrowings |
|
|
|
Rupee term loans from banks |
1911.520 |
1375.370 |
|
Total |
6294.180 |
5055.710 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
90285242 |
21/04/2005 * |
600,000,000.00 |
STATE BANK OF INDIA |
CORPORATEACCOUNTS GROUP BRANCH;, 149; GREAMS ROAD, CHENNAI, TAMILNADU - 600006, INDIA |
- |
|
2 |
90285904 |
25/04/2005 * |
600,000,000.00 |
STATE BANK OF INDIA |
CORPORATEACCOUNTS GROUP BRANCH;, 149; GREAMS ROAD, CHENNAI, TAMILNADU - 600006, INDIA |
- |
* Date of charge modification
FIXED ASSETS
·
Land
·
Building
·
Plant and Machinery
·
Data Processing
Equipments
·
Furniture, Fixture and office
equipments
·
Vehicles
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.58.48 |
|
|
1 |
Rs.98.67 |
|
Euro |
1 |
Rs.79.81 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
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 |
7 |
|
--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 |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
62 |
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.