MIRA INFORM REPORT
|
Report Date : |
03.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
EICL LIMITED (w.e.f.27.06.2012) |
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Formerly Known
As : |
ENGLISH INDIAN CLAYS LIMITED |
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Registered
Office : |
TC – 79/4, Veli Thiruvananthapuram – 695 201, Kerla |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
18.11.1963 |
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Com. Reg. No.: |
09-002039 |
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Capital Investment
/ Paid-up Capital : |
Rs. 400.552 Millions |
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CIN No.: [Company Identification
No.] |
U26939KL1963PLC002039 |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Subject is engaged in the business of mining of clay (Kaolin) and
manufacturing of processed clay, starch and allied products. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (53) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a part of Thapar Group.
It is an established company having a fine track. Financial position of the company seems to be sound. Trade relations are fair. Business is active. Payment terms are
regular and as per commitments. The company can be considered normal 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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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India |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks over
coal supply contracts, uncertainty over cancellation of blocks weigh on stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
FITCH |
|
Rating |
Long term Issues Rating = “India” |
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Rating Explanation |
Have adequate degree of safety and carry low credit risk. |
|
Date |
24.06.2013 |
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
31-03-2014.
INFORMATION DENIED
Management Non- cooperative (91-471-4095111)
LOCATIONS
|
Registered Office : |
TC – 79/4, Veli Thiruvananthapuram – 695 201, Kerla, India |
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Tel. No.: |
91-471-4095111 |
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Fax No.: |
91-471-2742233 |
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E-Mail : |
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Website : |
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Head Office : |
5th Floor, PTI Building 16/7, Miller Tank Band Area,
Vasanth Nagar, Bangalore – 560052, Karnataka, India |
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Corporate Office : |
801-803, Tower – B, 8th Floor, Global Business Park, M.G.
Road, Gurgaon – 122 002, Haryana, India |
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Tel. No.: |
91-124-2803379/83 |
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Fax No.: |
91-124-2803372 |
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E-Mail : |
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Factory : |
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Clay Unit : |
TC-79/4, Veli, Thiruvananthapuram – 695021, Kerala, India |
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Corn Wet Milling
Unit : |
Radaur Road. P.O. Yamunanagar – 135001, Haryana, India |
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Specialty Starch
Unit : |
Plot No 145, SEZ road, Machenahalli Industrial Area, Nidige Post,
Shimoga – 577222, Karnataka, India |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Karan Thapar |
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Designation : |
Chairman |
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Name : |
Mr. J. K. Jain |
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Designation : |
Director |
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Name : |
Mr. Vijay Rai |
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Designation : |
Director |
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Name : |
Mr. Praveen Sachdev |
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Designation : |
Director |
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Name : |
Mr. T. Balakrishnan |
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Designation : |
Director |
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Name : |
Mr. V. K. Sharma |
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Designation : |
Director (w.e.f.28.10.2013) |
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Name : |
Dr. Venkatesh Padmanabhan |
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Designation : |
Managing Director and Chief Executive Officer |
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Name : |
Mr. S. K. Jain |
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Designation : |
Senior Vice President |
KEY EXECUTIVES
|
Name : |
Mr. P. S. Saini |
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Designation : |
Company Secretary and Head Corporate – Legal |
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Name : |
Mr. S. K. Jain |
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Designation : |
Corporate Financial Accounts and Administration |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
Not Divulged
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of mining of clay (Kaolin) and
manufacturing of processed clay, starch and allied products. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management |
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Bankers : |
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Facilities : |
(Rs.
In Millions)
Note : LONG TERM BORROWING a) Rupee term loans
from banks comprises of: (i) Loan of
250.000 Millions taken from Axis Bank during the financial year 2010-11 and
carries interest @ base rate+2.50% p.a. The loan is repayable in 16 equal
quarterly installments starting from September 27, 2011. (ii) Loan of Rs.
250.000 Millions taken from State Bank of India during the financial year
2010-11 and carries interest @ base rate+2.25% p.a. The loan is repayable in
16 equal quarterly installments starting from October 28, 2011. (iii) Loan of
Rs. 200.000 Millions taken from IndusInd Bank during the financial year
2011-12 and carries interest @ base rate+2.00% p.a. The loan is repayable in
12 equal quarterly installments starting from September 30, 2012. (iv) Loan of Rs.
275.000 Millions (including ECB of US$ 1,500,000) sanctioned by ICICI Bank of
which loan of Rs. 100.000 Million and Rs. 73.000 Millions taken from ICICI
Bank during the financial year 2012-13 and 2013-14 respectively, which
carries interest @ base rate+2.75% p.a. The loan is repayable in 24 and 28
equal quarterly installments starting from February 14, 2014 & March 29, 2014
respectively. b) Loan of Rs.
275.000 Millions (including ECB of US$ 1,500,000) sanctioned by ICICI Bank of
which US$ 1,500,000 taken from ICICI Bank during the financial year 2011-12
and carries interest @ Libor+4.65% p.a. The loan is repayable in 28 quarterly
installments starting from March 08, 2012. c) All term
loans from banks are secured by an equitable charge on all immovable properties
of the Company, both present and future and are also secured by way of
hypothecation of the Company’s movable properties including movable plant and
machinery, machinery spares, tools and accessories and other movables both
present and future (save and except book debts) subject to prior charges
created in favour of the Company’s bankers on stocks of raw materials,
consumable stores, finished goods, etc. for working capital facilities. The
above charges rank pari-passu with charges created/to be created by the
Company in favour of other term lending banks. d) Deposits from
public carry interest rate ranging from 9.50% to 10.50% p.a. and the same is
repayable within a period of 1 to 3 years from the date of deposit as per the
scheme opted by the deposit holder. e) Current maturities of long term liabilities are disclosed under the
head other current liabilities. SHORT TERM
BORROWING a) Cash credit
and working capital demand loans along with bank guarantees and letters of
credit facilities given by the banks are secured by hypothecation of finished
goods, semi-finished goods, consumable stores and spares, raw material and
book debts at Yamunanagar, Thiruvananthapuram and Shimoga factories and
second pari passu charge on block of fixed assets of the Company. b) Cash credit
and working capital demand loans from the bank comprises of the following: (i) Cash credit
of Rs. 300.000 Millions sanctioned by Axis Bank is repayable on demand and
carries interest rate at base rate+2.50% p.a. (including a sub-limit of Rs.
300.000 Millions as working capital demand loan at base rate+1.25% p.a.). (ii) Cash
credit/working capital demand loan of Rs. 200.000 Millions from State Bank of
India is repayable on demand and carries interest rate at base rate+0.50%
p.a. Working capital demand loan of Rs. 100.000 Million is availed at 10.75%
p.a. (iii) Cash
credit/working capital demand loan of Rs. 50.000 Million from Yes Bank is
repayable on demand and carries interest rate at base rate+2.25% p.a. The
outstanding as on 31st March 14 is NIL. (iv) Cash
credit/working capital demand loan of Rs. 100.000 Million from IndusInd Bank
is repayable on demand and carries interest rate at base rate+2.25% p.a.
Working capital demand loan of Rs. 100.000 Million is availed at 11.25% p.a. (v) Cash
credit/working capital demand loan of Rs. 100.000 Million sanctioned by ICICI
Bank during the financial year 2012-13 is repayable on demand and carries interest @ base rate+2.75% p.a. Working capital
demand loan of Rs. 9,00,00,000 is availed at 12.10% p.a. |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Walker, Chandiok and Company LLP Chartered Accountant |
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Address : |
L – 41, Connaught Circus, New Delhi – 110001, India |
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Cost Auditor : |
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Name : |
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Address : |
Door No. 62/5621, 1st Floor, Prabhat Building, T.D. Road,
Ernakulam, Cochin – 682011, Kerala, India |
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Holding Company : |
DBH International Private Limited |
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Enterprises which have significant influence over the company : |
Karun Carpets Private Limited |
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Enterprises over which substantial shareholders
of the Company and their relatives have significant Influence
: |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
90000000 |
Equity Shares |
Rs.2/- each |
Rs. 180.000 Millions |
|
3000000 |
Preference Shares |
Rs.100/- each |
Rs. 300.000 Millions |
|
|
Total |
|
Rs. 480.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50276013 |
Equity Shares |
Rs.2/- each |
Rs. 100.552
Millions |
|
3000000 |
11% cumulative redeemable Preference Shares |
Rs.100/- each |
Rs. 300.000
Millions |
|
|
Total |
|
Rs. 400.552 Millions |
a) There is no
movement in the equity share capital and preference share capital during the
current year and the
previous year.
b) Terms and
rights attached to equity shares
The Company has
only one class of equity shares having the 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 March 31, 2014, the amount of per share dividend recognised as
distributions to equity shareholders was Rs. 0.3 per share (2012-13 : Rs. 0.2
per share) of which dividend proposed by the board of directors subject to the
approval of the shareholders is ` 0.30 per share (2012-13: Rs. 0.20 per share).
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) Terms and
rights attached to preference shares
Preference shares
carry a cumulative dividend of 11% p.a. Each holder of preference share is
entitled to one vote per share only on resolutions placed before the Company
which directly affect the rights attached to the cumulative preference shares.
The Company declares and pays dividend in Indian Rupees.
During the year
ended March 31, 2014, the amount of per share dividend recognised as
distributions to preference shareholders was Rs. 11.00 (2012-13 : Rs. 11.00 per
share) of which dividend proposed by the board of directors subject to the
approval of the shareholders is ` 5.50 per share (2012-13 : Rs. 5.50 per share).
11% Cumulative
redeemable preference shares are redeemable at par at the option of the Company
not earlier than 18 months but not later than 5 years from the date of
allotment/renewal September 04, 2011 and October 01, 2009 for Rs. 200.000 Millions
and Rs. 100.000 Millions respectively, i.e. between March 04, 2013 to September
04, 2016 and March 31, 2011 to September 30, 2014 respectively.
d) Shares held by
Holding Company
Equity Shares
(Rs. In Million)
|
Particulars |
As at March 31,
2014 |
|
|
DBH
International Private Limited |
25658240 |
51.316 |
Preference Shares
(Rs. In Million)
|
Particulars |
As at March 31,
2014 |
|
|
DBH
International Private Limited |
3000000 |
300.000 |
e) Aggregate number
of bonus shares, equity shares issued for considerations other than cash and
shares bought back during the period of five years immediately preceding the
reporting period.
|
Particulars |
Year (aggregate
number of shares) |
||||
|
|
2012-13 |
2011-12 |
2010-11 |
2009-10 |
2008-09 |
|
Equity shares Fully paid up by
way of bonus shares |
- |
- |
27931118 |
- |
- |
f) Details of shareholders holding more than 5% shares in the Company
|
Name of shareholders |
As at March 31, 2014 |
|
|
|
Number of shares held |
% of holding |
|
Equity shares |
|
|
|
DBH International Private Limited |
2,56,58,240 |
51.03 |
|
Karun Carpets Private Limited |
1,33,99,375 |
26.65 |
|
Lotus Global Investments Limited |
29,93,544 |
5.95 |
|
11% Preference shares |
||
|
DBH International Private Limited |
30,00,000 |
100.00 |
|
Karun Carpets Private Limited |
- |
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
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|
I.
EQUITY AND LIABILITIES |
|
|
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|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
400.552 |
400.552 |
400.552 |
|
(b) Reserves & Surplus |
1316.072 |
1211.335 |
1142.976 |
|
(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) |
1716.624 |
1611.887 |
1543.528 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
332.694 |
466.315 |
586.982 |
|
(b) Deferred tax liabilities
(Net) |
236.263 |
240.705 |
228.043 |
|
(c) Other long term
liabilities |
14.460 |
14.169 |
13.894 |
|
(d) long-term provisions |
13.250 |
16.647 |
18.611 |
|
Total
Non-current Liabilities (3) |
596.667 |
737.836 |
847.530 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
591.682 |
522.820 |
505.174 |
|
(b) Trade payables |
348.987 |
345.337 |
307.971 |
|
(c) Other current liabilities |
389.685 |
408.123 |
477.592 |
|
(d) Short-term provisions |
104.147 |
65.846 |
54.926 |
|
Total
Current Liabilities (4) |
1434.501 |
1342.126 |
1345.663 |
|
|
|
|
|
|
TOTAL |
3747.792 |
3691.849 |
3736.721 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
2461.339 |
2457.429 |
2430.538 |
|
(ii) Intangible Assets |
3.190 |
4.077 |
5.439 |
|
(iii) Capital work-in-progress |
16.577 |
55.633 |
85.265 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.500 |
0.500 |
0.500 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
56.863 |
56.175 |
80.993 |
|
(e) Other Non-current assets |
2.557 |
3.156 |
5.411 |
|
Total
Non-Current Assets |
2541.026 |
2576.970 |
2608.146 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
456.085 |
457.400 |
425.428 |
|
(c) Trade receivables |
613.762 |
545.497 |
463.197 |
|
(d) Cash and cash equivalents |
44.158 |
22.514 |
56.190 |
|
(e) Short-term loans and
advances |
76.530 |
73.485 |
144.161 |
|
(f) Other current assets |
16.231 |
15.983 |
39.599 |
|
Total
Current Assets |
1206.766 |
1114.879 |
1128.575 |
|
|
|
|
|
|
TOTAL |
3747.792 |
3691.849 |
3736.721 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Revenue from operation (net) |
4627.971 |
4215.129 |
3780.852 |
|
|
Other Income |
7.707 |
63.086 |
72.087 |
|
|
TOTAL
(A) |
4635.678 |
4278.215 |
3852.939 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
1751.473 |
1793.469 |
1583.948 |
|
|
Purchases of Stock-in-Trade |
39.173 |
49.593 |
48.942 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
21.173 |
(63.600) |
0.000 |
|
|
Employees benefits expense |
529.823 |
446.039 |
362.529 |
|
|
Exceptional Items |
0.000 |
12.914 |
22.170 |
|
|
Other expenses |
1739.765 |
1499.382 |
1287.904 |
|
|
TOTAL
(B) |
4081.407 |
3737.797 |
3305.493 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION (C) |
554.271 |
540.418 |
547.446 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
172.894 |
192.981 |
190.634 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
381.377 |
347.437 |
356.812 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
134.822 |
148.861 |
133.680 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
246.555 |
198.576 |
223.132 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
85.564 |
79.900 |
74.765 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
160.991 |
118.676 |
148.367 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
482.263 |
280.401 |
253.194 |
|
|
TOTAL
EARNINGS |
482.263 |
280.401 |
253.194 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
44.612 |
13.802 |
16.043 |
|
|
Components and Stores parts |
0.791 |
46.056 |
32.182 |
|
|
Capital Goods |
1.921 |
2.366 |
3.298 |
|
|
TOTAL
IMPORTS |
47.324 |
62.224 |
51.523 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
2.43 |
1.60 |
2.19 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
3.47 |
2.81 |
3.92 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT / Sales) |
(%) |
11.98 |
12.82 |
14.48 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.58 |
5.38 |
5.97 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.14 |
0.12 |
0.14 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.54 |
0.61 |
0.71 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.84 |
0.83 |
0.84 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
400.552 |
400.552 |
400.552 |
|
Reserves & Surplus |
1142.976 |
1211.335 |
1316.072 |
|
Net
worth |
1543.528 |
1611.887 |
1716.624 |
|
|
|
|
|
|
long-term borrowings |
586.982 |
466.315 |
332.694 |
|
Short term borrowings |
505.174 |
522.820 |
591.682 |
|
Total
borrowings |
1092.156 |
989.135 |
924.376 |
|
Debt/Equity
ratio |
0.708 |
0.614 |
0.538 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue from operation (net) |
3780.852 |
4215.129 |
4627.971 |
|
|
|
11.486 |
9.794 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Revenue from operation (net) |
3780.852 |
4215.129 |
4627.971 |
|
Profit |
148.367 |
118.676 |
160.991 |
|
|
3.92% |
2.82% |
3.48% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact person |
No |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
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 |
No |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
DELISTING
In response to the
request of M/s DBH International Private Limited (Acquirer), one of the
promoters of the Company, to voluntarily delist the Equity Shares of the
Company from the Stock Exchanges, your Company had obtained the inprinciple
approval from the Stock Exchanges for the delisting of Equity Shares of the
Company. The Acquirer had made necessary public announcement and Letter of
Offer for acquisition of shares from the public shareholders and has accepted
the exit price of ` 48/- per Equity Share. The shareholders who did not
participate in the Reverse Book Building process or whose bids had been
rejected, can offer to sell their shares to the promoter M/s DBH International
Private Limited upto one year from the date of delisting of Equity Shares.
Notices
|
||||||||||||||||||||||||
(Rs.
In Millions)
|
UNSECURED LOAN |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
LONG TERM
BORROWING |
|
|
|
Public deposit |
|
|
|
From public |
56.369 |
40.959 |
|
|
|
|
|
Total |
56.369 |
40.959 |
BACKGROUND
EICL Limited
(formerly known as English Indian Clays Limited), a Company incorporated in
India in 1963, under the Companies Act, 1956, was part of the erstwhile Thapar
Group. The Company is engaged in the business of mining of clay (kaolin) and
manufacturing of processed clay, starch and allied products.
OPERATIONS
The operations of
the Company were adversely affected due to slow down in the manufacturing
sector particularly in the paper, board and textile industries. The economic
slow down has resulted in supply exceeding demand in starch business and the
entry of new players in the clay market has put pressure on the margins of
the Company’s
products.
The company has
registered a marginal growth of 9%, with a net turnover of Rs. 4620 Millions as
against Rs. 4210.000 Millions in the previous year. The Company’s efforts on
process improvement coupled with price increases resulted in an increase of 33%
in the PAT (Profit after Tax) to Rs. 160.000 Millions from Rs. 120.000 Millions
in the previous year.
The speciality
starch plant at Shimoga has taken a longer period for its stabilization,
incurring EBIDTA loss during the year under review. However, the plant is
expected to reach EBIDTA breakeven during the current financial year.
As informed earlier,
the Company had put Bhuj Clay project on hold due to adverse economic
conditions and management is constantly reviewing the same.
A detailed review
of the operations and performance of the clay and starch businesses is
contained in the Management Discussion & Analysis Report which is appended
to the Directors’ Report and forms part of it.
EXPORTS
The continued
thrust on export activities has resulted in volume growth by 16% during the
financial year under
review. The
Company’s total exports were at 483.200 Millions in the year under review as
compared to ` 280.400
Millions in the previous year, showing a growth of 72%.
CONDENSED BALANCE
SHEET AS AT JUNE 30, 2014
|
SOURCES
OF FUNDS |
|
|
30.06.2014 (Unaudited) |
|
|
|
|
|
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
400.552 |
|
(b) Reserves & Surplus |
|
|
1367.201 |
|
(c) Money received against
share warrants |
|
|
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
|
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
|
1767.753 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
358.856 |
|
(b) Deferred tax liabilities
(Net) |
|
|
228.764 |
|
(c) Other long term
liabilities |
|
|
14.704 |
|
(d) long-term provisions |
|
|
14.760 |
|
Total
Non-current Liabilities (3) |
|
|
617.084 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
|
|
465.742 |
|
(b) Trade payables |
|
|
373.528 |
|
(c) Other current liabilities |
|
|
385.469 |
|
(d) Short-term provisions |
|
|
91.159 |
|
Total
Current Liabilities (4) |
|
|
1315.898 |
|
|
|
|
|
|
TOTAL |
|
|
3700.734 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
|
|
2416.353 |
|
(ii) Intangible Assets |
|
|
2.930 |
|
(iii) Capital work-in-progress |
|
|
37.592 |
|
(iv) Intangible assets under
development |
|
|
0.000 |
|
(b) Non-current Investments |
|
|
0.500 |
|
(c) Deferred tax assets (net) |
|
|
0.000 |
|
(d) Long-term Loan and Advances |
|
|
50.588 |
|
(e) Other Non-current assets |
|
|
4.651 |
|
Total
Non-Current Assets |
|
|
2512.614 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
|
|
|
|
(b) Inventories |
|
|
495.793 |
|
(c) Trade receivables |
|
|
583.734 |
|
(d) Cash and cash equivalents |
|
|
25.831 |
|
(e) Short-term loans and
advances |
|
|
68.027 |
|
(f) Other current assets |
|
|
14.736 |
|
Total
Current Assets |
|
|
1188.121 |
|
|
|
|
|
|
TOTAL |
|
|
3700.735 |
CONDENSED STATEMENT
OF PROFIT AND LOSS ACCOUNT FOR THREE – MONTHS ENDED JUNE 30, 2014
|
|
PARTICULARS |
|
|
30.06.2014 (Unaudited) |
|
|
SALES |
|
|
|
|
|
Sales and other operational
Income |
|
|
1154.741 |
|
|
Other Income |
|
|
1.682 |
|
|
TOTAL
|
|
|
1156.423 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Raw Materials Consumed |
|
|
441.146 |
|
|
Purchases of Stock-in-Trade |
|
|
1.677 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
|
|
(2.971) |
|
|
Employees benefits expense |
|
|
145.899 |
|
|
Other expenses |
|
|
404.111 |
|
|
TOTAL
|
|
|
989.862 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX, DEPRECIATION
AND AMORTISATION |
|
|
166.561 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
|
|
40.015 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
|
|
126.546 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
|
|
34.746 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
|
|
91.800 |
|
|
|
|
|
|
|
Less |
TAX |
|
|
31.268 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
|
|
60.532 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10504762 |
25/06/2014 |
200,000,000.00 |
INDUSIND BANK LTD. |
Dr. Gopal Das Bhawan, 28, Barakhamba Road, New Delhi, Delhi - 110001, INDIA |
C07918162 |
|
2 |
10396092 |
17/10/2013 * |
125,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA |
B89158539 |
|
3 |
10318532 |
17/12/2013 * |
275,000,000.00 |
ICICI BANK LIMITED |
LANDMARKRACE COURCE CIRCLE, ALKAPURI, BARODA, Gujarat - 390015, INDIA |
B96102470 |
|
4 |
10289365 |
17/12/2013 * |
300,000,000.00 |
INDUSIND BANK LTD. |
Dr.Gopal Das Bhawan, 28, Barakhamba Road, New Delhi, Delhi - 110001, INDIA |
B92928043 |
|
5 |
10256340 |
15/03/2012 * |
25,000,000.00 |
YES BANK LIMITED |
9TH FLOOR, NEHRU CENTRE, DISCOVERY OF INDIA,, DR. |
B37295235 |
|
6 |
10223801 |
17/12/2013 * |
250,000,000.00 |
Axis Bank Limited |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW G |
B92329762 |
|
7 |
10104983 |
17/12/2013 * |
668,100,000.00 |
STATE BANK OF INDIA |
OVERSEAS BRANCH, JAWAHAR VYAPAR BHAWAN, NEW DELHI |
B92426261 |
|
8 |
90020935 |
17/12/2013 * |
375,000,000.00 |
Axis Bank Limited |
TRISHUL 3RD FLOOR OPP SAMARTHESHWAR TEMPLE, LAW G |
B92330935 |
* Date of charge modification
FIXED ASSETS
- Land and site
development
- Leasehold
- Factory and
other building
- Plant and
equipment
- Office
Equipment
- Vehicles and
Cycles
- Leasehold improvements
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 records 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.61.41 |
|
|
1 |
Rs.98.06 |
|
Euro |
1 |
Rs.77.19 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
ART |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
53 |
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.