MIRA INFORM REPORT
|
Report Date : |
08.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
GRP LIMITED (w.e.f. 21st June, 2012) |
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Formerly Known
As : |
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Registered
Office : |
Plot No. 8, G.I.D.C. Estate, Ankleshwar, District Bharuch – 393002,
Gujarat |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
29.06.1974 |
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Com. Reg. No.: |
04-002555 |
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Capital Investment
/ Paid-up Capital : |
Rs.13.333 Millions |
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CIN No.: [Company
Identification No.] |
L25191GJ1974PLC002555 |
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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
: |
The company is engaged mainly in Reclaim Rubber |
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No. of Employees
: |
Information denied by management |
RATING & COMMENTS
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MIRA’s Rating : |
A (63) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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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 and reputed company having a fine track
record. There appears some dip in the profits of the company during current year
however, financial position of the company appears to be sound. Directors are
reported to be well experienced and knowledgeable businessmen. Trade relations are reported as trustworthy. Business is active.
Payments are reported to be regular and as per commitments. 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.
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict
Implications: Apex court order may alter coal import dynamics. Traders go
slowly 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 |
CRISIL |
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Rating |
Long Term Rating = A- |
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Rating Explanation |
Adequate degree of safety and lowest credit
risk |
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Date |
07.01.2014 |
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Rating Agency Name |
CRISIL |
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Rating |
Short Term Rating = A1 |
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Rating Explanation |
Very strong degree of safety and lowest
credit risk |
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Date |
07.01.2014 |
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
31-03-2014.
INFORMATION DENIED
Management Non Co-Operative (Tel No.: 91-2646-250471)
LOCATIONS
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Registered Office/ Factory 1 : |
Plot No. 8, G.I.D.C. Estate, Ankleshwar – 393002, District Bharuch,
Gujarat, India |
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Tel. No.: |
91-2646-250471/ 251204 |
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Fax No.: |
91-2646-251622 |
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E-Mail : |
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Website : |
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Head Office/ Corporate Office : |
510, "A" Wing, |
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Tel. No.: |
91-22-67082600/ 2500/ 67082641 |
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Fax No.: |
91-22-67969240/ 25004376 |
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Factory 2 : |
Plot # 8, GIDC Estate, GIDC Estate, Ankleshwar – 393002, Gujarat, India |
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Factory 3 : |
Plot No.664/520, G.I.D.C. Estate, Panoli – 394 116, Distric Bharuch,
State: Gujarat, India |
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Factory 4 : |
Plot No.C-10-1, M.I.D.C. Industrial Estate, |
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Factory 5 : |
Plot No: E24-26 and S5-7, SIPCOT Industrial
Growth Centre, Perundurai, Erode –
638052, Tamilnadu, India |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Kandathil M. Philip |
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Designation : |
Chairman |
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Date of Birth : |
02.05.1912 |
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Qualification : |
Graduate |
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Date of Appointment : |
04.07.1975 |
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Name : |
Mr. Rajendra V. Gandhi |
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Designation : |
Vice Chairman and Managing Director |
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Name : |
Mr. Mahesh V. Gandhi |
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Designation : |
Director |
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Name : |
Dr. Peter Philip |
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Designation : |
Director |
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Date of Birth : |
16.06.1943 |
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Qualification : |
Doctorate in Economics |
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Date of Appointment : |
01.04.1981 |
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Name : |
Mr. Bhagwandas T. Doshi |
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Designation : |
Director |
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Name : |
Mr. Atul S. Desai |
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Designation : |
Director |
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Date of Birth : |
12.01.1954 |
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Qualification : |
Graduate |
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Date of Appointment : |
21.03.1988 |
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Name : |
Mr. Nikhil M. Desai |
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Designation : |
Director |
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Name : |
Mr. Harsh R. Gandhi |
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Designation : |
Executive Director |
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Name : |
Mr. Rajeev M. Pandia |
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Designation : |
Director |
SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A)
Shareholding of Promoter and Promoter Group |
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527949 |
39.60 |
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|
85937 |
6.45 |
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|
613886 |
46.04 |
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Total
shareholding of Promoter and Promoter Group (A) |
613886 |
46.04 |
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(B)
Public Shareholding |
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|
50 |
0.00 |
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50 |
0.00 |
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|
54183 |
4.06 |
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|
409841 |
30.74 |
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|
237725 |
17.83 |
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|
17648 |
1.32 |
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|
17149 |
1.29 |
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|
499 |
0.04 |
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|
719397 |
53.95 |
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Total
Public shareholding (B) |
719447 |
53.96 |
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Total
(A)+(B) |
1333333 |
100.00 |
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(C)
Shares held by Custodians and against which Depository Receipts have been
issued |
0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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0 |
0.00 |
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Total
(A)+(B)+(C) |
1333333 |
100.00 |
Shareholding of securities (including shares, warrants, convertible securities) of persons belonging to the category Promoter and Promoter Group
|
Name of
Shareholder |
No. of
Shares |
Percentage
of Holding |
|
Aditya
Nikhil Desai |
6000 |
0.45 |
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Chandrika
A Kumbhani |
4903 |
0.37 |
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Devayani
C Toli |
4903 |
0.37 |
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Enarjee
Consultancy and Trading Company LLP |
58454 |
4.38 |
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Harish
Vadilal Gandhi HUF |
7733 |
0.58 |
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Harsh
Rajendra Gandhi |
57535 |
4.32 |
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Harsh
Rajendra Gandhi HUF |
22000 |
1.65 |
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Hemal
Harsh Gandhi |
13178 |
0.99 |
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Jagdish
M Desai |
4859 |
0.36 |
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Jagdish
M Desai HUF |
15000 |
1.13 |
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Jayvanti
M Desai |
3000 |
0.23 |
|
Ghatkopar
Estate & Fin Corp |
13333 |
1.00 |
|
The
Indust Dvpt & Investment |
14000 |
1.05 |
|
Mahesh
V Gandhi HUF |
16636 |
1.25 |
|
Mamta
Rajesh Salot |
3000 |
0.23 |
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Khyati
Mahesh Gandhi |
3000 |
0.23 |
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Miloni
Mahesh Gandhi |
13200 |
0.99 |
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Mahesh
Vadilal Gaddhi |
62500 |
4.69 |
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Mrudula
J Shah |
4903 |
0.37 |
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Nayna
Rajendra Gandhi |
44105 |
3.31 |
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Nehal
Rajendra Gadhi |
5000 |
0.38 |
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Nikhil
M Desai HUF |
14657 |
1.10 |
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Nikhil
M Desai |
16995 |
1.27 |
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Rajendra
V Gaddhi |
22315 |
1.67 |
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Rajendra
V Gaddhi HUF |
46740 |
3.51 |
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Rashmi
Mahesh Gandhi |
50209 |
3.77 |
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Rekha
A Kothari |
4903 |
0.37 |
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Rekha
Nikhil Desai |
10000 |
0.75 |
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Harish
Vadilal Gandhi |
32558 |
2.44 |
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Amishi
R Gandhi |
3000 |
0.23 |
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Vaishali
Rajendra Gandhi |
15300 |
1.15 |
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Varsha
Hitesh Shah |
4906 |
0.37 |
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Mahesh
Vadilal Gandhi HUF |
3381 |
0.25 |
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Enarjee
Investment Private Limited |
150 |
0.01 |
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Mahesh
V Gandhi |
11530 |
0.86 |
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Total |
613886 |
46.04 |
Shareholding of securities (including shares, warrants, convertible securities)
of persons belonging to the category Public and holding more than 1% of the
total number of shares
|
Name of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
Anil
Kumar Goel |
20600 |
1.55 |
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Mammen
Philip |
37816 |
2.84 |
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Divya
Atul Desai |
35875 |
2.69 |
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Meera
Philip |
81666 |
6.12 |
|
Onkar
Singh |
20001 |
1.50 |
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Total |
195958 |
14.70 |
Shareholding of securities (including shares, warrants, convertible securities)
of persons (together with PAC) belonging to the category “Public” and holding
more than 5% of the total number of shares of the company
|
Name of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
Meera
Philip |
81666 |
6.12 |
|
Total |
81666 |
6.12 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged mainly in Reclaim Rubber |
GENERAL INFORMATION
|
No. of Employees : |
Information denied by management |
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Bankers : |
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Facilities : |
LONG TERM
BORROWINGS Nature
of security and terms of repayment for secured borrowings: 1. Rupee loan of Rs.64.835 Millions (March 31 2013:
Rs.97.252 Millions) for Factory (Phase I) at Chincholi, Solapur First exclusive
charge by way of hypothecation of entire movable fixed assets of the Company
located at Chincholi, Solapur, both present and future and by way of mortgage
of Land together with factory building and structures situated at Chincholi
factory, Solapur. Repayable in 20 equal
quarterly instalments beginning from June 20, 2011, along with interest of 13
% p.a. 2. Rupee loan of Rs.96.000 Millions (March 31 2013:
Rs.120.000 Millions) for Factory (Phase II) at Chincholi, Solapur First exclusive
charge by way of hypothecation of entire movable fixed assets of the Company
located at Chincholi, Solapur, both present and future and by way of mortgage
of Land together with factory building and structures situated at Chincholi
factory, Solapur. Repayable in 20
equal quarterly instalments beginning from April 30, 2013, along with
interest of 13 % p.a. 3. Foreign currency loan of Rs.5.169 Millions (March 31
2013: Rs.11.069 Millions) for Wind Mill project. First exclusive
charge by way of hypothecation of entire current assets, both present and
future, including inventories, book debts, bills receivables and entire
movable fixed assets and mortgage of immovable fixed assets of the Company. Repayable in 20
equal quarterly instalments beginning from February 5, 2010, along with
interest of 5 % p.a. 4. Foreign currency loan of Rs.9.573 Millions (March 31
2013: Rs.20.497 Millions) for Kurla Office I premises at Mumbai First exclusive
charge by way of hypothecation of entire current assets, both present and
future, including inventories, book debts, bills receivables and entire
movable fixed assets and mortgage of immovable fixed assets of the Company. Repayable in 60
equal monthly instalments beginning from February 5, 2010, along with
interest of 5 % p.a. 5. Foreign currency loan of Rs.21.642 Millions (March 31
2013: Rs.29.790 Millions) for Kurla Office II premises at Mumbai First exclusive
charge by way of hypothecation of entire current assets, both present and
future, including inventories, book debts, bills receivables and entire
movable fixed assets and mortgage of immovable fixed assets of the Company.
During the year Rupee term loan converted into Foreign currency term loan Repayable in 20
equal quarterly instalments beginning from September 20, 2011 along with
interest of 8 % p.a. 6. Foreign currency loan of Rs.198.531 Millions (March 31,
2013: Rs.248.430 Millions) for Perundurai factory, in Tamilnadu First exclusive
charge by way of hypothecation of entire movable fixed assets of the Company
located at Perundurai, Tamilnadu, both present and future and by way of
mortgage of Land together with factory building and structures situated at
Perundurai, Tamilnadu. Repayable in 15
equal quarterly instalments beginning from April 22, 2013 along with interest
@ 5.61% p.a. SHORT TERM
BORROWINGS (a) Working Capital
Loan from HDFC Bank Limited of Rs.286.581 Millions (March 31 2013: Rs.167.518 Millions) First
exclusive charge by way of hypothecation of entire current assets, both
present and future, including inventories, book debts, bills receivables and
entire movable fixed assets and mortgage of immovable fixed assets of the
Company. (b)
Working Capital loan from Citi Bank N. A. of Rs.103.279
Millions (March 31, 2013 : Rs.147.859
Millions) Secured
by first pari passu charge in favour of Citi Bank N.A. by way of
hypothecation of entire current assets including inventories and such other
movables, book debts, bills receivables and second subservient charge on
entire movable fixed assets and mortgage of immovable fixed assets of the
Company, both present and future. (c) Buyer’s credit
in foreign currency loan of Rs.44.386 Millions (March 31 2013: Rs.37.838 Millions) for Capital Goods. Secured
by exclusive charge on an imported recycling machine and all related equipment’s
at Panoli factory. Repayable in one installment due on August 08, 2014. (d)
Fixed Deposits (unsecured) carry interest @
12.50% p.a. and with maturity period of 12 months from the date of deposit. (e)
Fixed Deposits includes deposit accepted from the
related parties of Rs.7.325 Millions (March 31, 2013: Rs.7.925 Millions). |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
A.B. Modi and Associates Chartered Accountants |
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Address : |
Mumbai, |
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Subsidiary Company
: |
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Enterprises owned or significantly
influenced by Key Management Personnel or their relatives |
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CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1500000 |
Equity Shares |
Rs.10/- each |
Rs.15.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1333333 |
Equity Shares |
Rs.10/- each |
Rs.13.333
Millions |
(a)
Rights,
preferences and restrictions attached to shares
i. The Company has only one class of shares referred to as equity shares having a par value of Rs.10/-. Each holder of equity shares is entitled to one vote per share.
ii. The dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting.
iii. In the event of liquidation of the Company, the holders of the equity shares of the Company will be entitled to receive the remaining assets of the Company, after distribution of all preferential amounts in proportion to their shareholding.
(b)
The
reconciliation of the number of shares outstanding and the amount of share
capital as at March 31, 2014 and March 31, 2013, is set out below:
|
Particulars |
31.03.2014 |
|
Equity Shares |
|
|
At the beginning |
|
|
- Number of shares |
1333333 |
|
- Amount |
13.333 |
|
At the end |
|
|
- Number of shares |
1333333 |
|
- Amount |
13.333 |
(c) Details of shares held by shareholders holding
more than 5% of the aggregate shares in the company
|
Name of
Shareholder |
No.
of Shares |
% holding |
|
Mr. Mahesh Vadilal Gandhi |
65881 |
4.94% |
|
Mrs. Meera Philip |
81666 |
6.12% |
|
Enarjee Consultancy and Trading Company LLP |
88464 |
6.63% |
|
Total |
|
|
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
13.333 |
13.333 |
13.333 |
|
(b) Reserves & Surplus |
1,042.610 |
959.309 |
865.658 |
|
(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) |
1,055.943 |
972.642 |
878.991 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
242.080 |
378.501 |
462.438 |
|
(b) Deferred tax liabilities (Net) |
247.984 |
208.383 |
148.835 |
|
(c) Other long term
liabilities |
1.000 |
0.000 |
0.944 |
|
7(d) long-term
provisions |
16.486 |
12.633 |
4.316 |
|
Total Non-current
Liabilities (3) |
507.550 |
599.517 |
616.533 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
451.991 |
370.834 |
238.307 |
|
(b) Trade
payables |
187.779 |
180.360 |
176.682 |
|
(c) Other
current liabilities |
186.912 |
198.633 |
154.069 |
|
(d) Short-term
provisions |
31.093 |
41.364 |
41.907 |
|
Total Current
Liabilities (4) |
857.775 |
791.191 |
610.965 |
|
|
|
|
|
|
TOTAL |
2,421.268 |
2,363.350 |
2,106.489 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
1,354.367 |
1,383.332 |
1,061.362 |
|
(ii)
Intangible Assets |
7.714 |
8.568 |
5.740 |
|
(iii)
Capital work-in-progress |
38.858 |
20.602 |
155.777 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
4.315 |
1.400 |
1.400 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
80.381 |
64.283 |
43.524 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
1,485.635 |
1,478.185 |
1,267.803 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.008 |
0.008 |
0.008 |
|
(b)
Inventories |
332.617 |
323.356 |
218.594 |
|
(c) Trade
receivables |
499.755 |
479.866 |
418.948 |
|
(d) Cash
and cash equivalents |
26.100 |
19.114 |
150.114 |
|
(e) Short-term
loans and advances |
62.614 |
55.845 |
48.720 |
|
(f) Other
current assets |
14.539 |
6.976 |
2.302 |
|
Total
Current Assets |
935.633 |
885.165 |
838.686 |
|
|
|
|
|
|
TOTAL |
2,421.268 |
2,363.350 |
2,106.489 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3,087.915 |
2,738.985 |
2,442.432 |
|
|
|
Other Income |
20.307 |
26.917 |
50.550 |
|
|
|
TOTAL (A) |
3,108.222 |
2,765.902 |
2,492.982 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of
Materials Consumed |
1,464.040 |
1,324.812 |
1,098.924 |
|
|
|
Purchases of
Stock in Trade |
0.000 |
1.323 |
0.000 |
|
|
|
Changes in
inventories of finished goods, work-in-progress and stock-in-trade |
(11.660) |
(47.467) |
(37.464) |
|
|
|
Employee
benefits expenses |
355.172 |
310.235 |
246.019 |
|
|
|
Other expenses |
929.000 |
834.421 |
690.033 |
|
|
|
Exceptional
items |
0.000 |
0.000 |
1.996 |
|
|
|
TOTAL (B) |
2,736.552 |
2,423.324 |
1,999.508 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
371.670 |
342.578 |
493.474 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
69.598 |
63.936 |
40.272 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
302.072 |
278.642 |
453.202 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
124.442 |
101.578 |
68.735 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
177.630 |
177.064 |
384.467 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
69.370 |
60.013 |
127.250 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
108.260 |
117.051 |
257.217 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
449.811 |
456.159 |
300.250 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim dividend |
2.000 |
0.000 |
9.333 |
|
|
|
Dividend / Final dividend |
19.933 |
20.000 |
21.334 |
|
|
|
Special dividend |
0.000 |
0.000 |
13.333 |
|
|
|
Dividend tax |
3.626 |
3.399 |
7.308 |
|
|
|
Transfer to General Reserve |
100.000 |
100.000 |
50.000 |
|
|
BALANCE CARRIED
TO THE B/S |
432.512 |
449.811 |
456.159 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
1970.842 |
1603.153 |
1435.338 |
|
|
TOTAL EARNINGS |
1970.842 |
1603.153 |
1435.338 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
82.628 |
26.804 |
7.604 |
|
|
|
Stores & Spares |
1.950 |
1.964 |
147.299 |
|
|
TOTAL IMPORTS |
84.578 |
28.768 |
154.903 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
81.20 |
87.79 |
192.91 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
3.48 |
4.23 |
10.32 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
5.75 |
6.46 |
15.74 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.47 |
7.56 |
19.72 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17 |
0.18 |
0.44 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.66 |
0.77 |
0.80 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.09 |
1.12 |
1.37 |
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 |
13.333 |
13.333 |
13.333 |
|
Reserves & Surplus |
865.658 |
959.309 |
1042.610 |
|
Net
worth |
878.991 |
972.642 |
1055.943 |
|
|
|
|
|
|
long-term borrowings |
462.438 |
378.501 |
242.080 |
|
Short term borrowings |
238.307 |
370.834 |
451.991 |
|
Total
borrowings |
700.745 |
749.335 |
694.071 |
|
Debt/Equity
ratio |
0.797 |
0.770 |
0.657 |
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 |
|
Sales |
2,442.432 |
2,738.985 |
3,087.915 |
|
|
|
12.142 |
12.739 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Millions |
Rs.
In Millions |
Rs.
In Millions |
|
Sales
|
2,442.432 |
2,738.985 |
3,087.915 |
|
Profit |
257.217 |
117.051 |
108.260 |
|
|
10.53% |
4.27% |
3.51% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
Rs.
In Millions
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
Current maturities of long term debt |
155.763 |
153.383 |
61.137 |
|
Total |
155.763 |
153.383 |
61.137 |
|
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 |
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 |
Yes |
|
34] |
External Agency Rating,
if available |
No |
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs.
In Millions |
31.03.2014 Rs.
In Millions |
|
LONG TERM
BORROWINGS |
|
|
|
Loans from Banks |
0.124 |
1.073 |
|
Deferred Sales Tax payments |
0.380 |
1.022 |
|
SHORT TERM
BORROWINGS |
|
|
|
Loan from banks |
|
|
|
Fixed Deposits |
17.745 |
17.619 |
|
Total |
18.249 |
19.714 |
Notes
Long Term Borrowings
Terms of repayment
for unsecured borrowings:
Deferred sales-tax payments
Deferred sales-tax
payment is interest free loan and repayable from financial year 2006-07 to
2016-17.
·
Loans from Bank
GENERAL COMPANY PROFILE:
The Company is engaged mainly in Reclaim Rubber. Its other business include Power generation from Windmill, Manufacturing of Thermo Plastic Elastomers and Punch & Split products. The Company has manufacturing plants in India and sales in Domestic as well as International market. The Company is a public limited company and is listed on the Stock Exchange, Mumbai (BSE).
CURRENT
PERFORMANCE AND FUTURE OUTLOOK
The challenges that the global economy faced in 2012-13 spilled over to 2013-14 –low growth in developed markets and slowing down of emerging markets. The Indian economy was no different. From a GDP growth of 9.3% in 2010-11, the Indian economy slipped to 5% growth in 2012-13 and further down to 4.4% in 2013-14. The company’s growth is related to Auto industry to a great extent. Rise in fuel prices, continuing inflation, hardening of interest rates, uncertainty in foreign exchange fluctuations and slackening of infrastructure development have retarded the pace of growth of Auto sector. Despite these stumbling blocks the company has registered a growth of 12% in revenue by higher sales volumes and improved realizations by substituting part of declining local sales with increase in export sales in new markets. Export sales constitutes 70% share of total revenue as against 65% in the previous year. The company has achieved a higher capacity utilization at its plant in Perundurai in Tamil Nadu which has increased in the second half of the year at 50% as compared to 31% for the previous year. The capacity utilisation of Chincholi plant at Solapur has improved to 65% for the year as compared to 55% in the previous year. Gas prices in Gujarat have increased resulting in more pressure on fuel costs and margins. The company has successfully reduced power cost at both its Gujarat plants in Ankleshwar and Panoli in May’13 and Aug’13 respectively through purchase of power through energy exchange and at its Perundurai Plant in Tamil Nadu through third party purchase of power. Tight availability of raw material and consequent increase in its prices have accelerated during this year due to increase in the alternate use of end of life tyres for pyrolysis which is a fuel used in other industries. The CDF business unit has maintained its share of revenue while the Industrial polymers business unit of the company has clocked in a growth of 28%.
The achievements of the company have been acknowledged as follows:-
- All India Rubber Industries Association’s Top Export Award in the Raw Material sector
- Top Export Award- CAPEXIL in Rubber Product Panel.
- Quality Circle Forum of India’s Gold trophy award for Allied Concept Implementation, for Quality Circle- Energy Saver, for Quality Circle on Quality.
- Quality Circle Forum of India’s Bronze Trophy for Quality Circle – Vijeta
- Par Excellence Trophy for Allied Concept Implementation (Five S) at the National Convention at Kolkatta.
- Trophy received from Swami Vivekanand Yuva Rojgar Saptah for creation of maximum employment at Ankleshwar.
OUTLOOK
With the revival in economic activity in the developed world (especially in North America and Europe) and expectations of a better 2014-15, demand for reclaim rubber is expected to grow, albeit slowly. While growth in the automotive sector is expected to remain muted through the year around the world, GRP believes this will have a limited impact on reclaim rubber demand as users now understand the benefits that the latter provides.
The one factor that could affect GRP’s business in export markets is the declining GDP growth in China, the largest producer of reclaim rubber globally. Only a miniscule part of the reclaim rubber produced in China reaches the global market outside China –it is largely consumed within the country. With economic activity slowing down in China, there is a possibility that there could be surplus reclaim rubber in China forcing the manufacturers there to make in-roads into global markets. This would create a glut in the market leading to pressure on prices apart from more players vying for the same pie.
With growth remaining more or less steady in Latin America and South East Asia, GRP’s focus over the last 2 years on these geographies is paying off in terms of growing volumes. The continuing focus here is expected to yield higher volumes in the next financial year as well as establishing GRP as a leader in these parts of the world.
While it is tough to forecast GDP growth in India under the present uncertain economic conditions, one can safely assume that 2014-15 will be better year than the one gone by. A new national government is expected to take firm steps towards reforms leading to unshackling of economic activity, thereby bringing growth back into key industrial sectors. This will benefit reclaim rubber sector eventually. For this reason and other reasons, India will continue to remain a priority market for GRP.
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED 30TH JUNE 2014
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
30.06.2014 |
|
1.
Income from operations |
|
|
a) Net sales/ Income from operation (net of excise duty) |
821.370 |
|
b) Other operating income |
18.975 |
|
Total
income from Operations(net) |
840.345 |
|
2.Expenditure |
|
|
a) Cost of material consumed |
434.753 |
|
b) Purchases of stock in trade |
0.000 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
-0.667 |
|
d) Employees benefit expenses |
94.081 |
|
e) Power and Fuel |
110.640 |
|
f) Packing and forwarding expenses |
83.190 |
|
g) Depreciation and amortization expenses |
41.620 |
|
h) Other expenditure |
36.861 |
|
Total expenses |
800.478 |
|
3. Profit from operations before other income and
financial costs |
39.867 |
|
4. Other income |
2.112 |
|
5. Profit from ordinary activities before finance costs |
41.979 |
|
6. Finance costs |
14.002 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
27.977 |
|
8. Exceptional item |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
27.977 |
|
10.Tax expenses |
6.917 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
21.060 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
21.060 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
13.333 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
16.i) Earnings per share |
15.80 |
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
30.06.2014 |
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
719447 |
|
- Percentage of shareholding |
53.96 |
|
2. Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
- |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
- |
|
Percentage of shares (as a % of total share capital of the
company) |
- |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
613886 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
46.04 |
|
|
|
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
Nil |
|
Receiving during the quarter |
Nil |
|
Disposed of during the quarter |
Nil |
|
Remaining unreserved at the end of the quarter |
Nil |
UNAUDITED SEGMENT
WIE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In
Millions)
|
Particulars |
Quarter
Ended (
Unaudited) |
|
|
30.06.2014 |
|
1.
Segment Revenue |
|
|
Reclaim Rubber |
810.889 |
|
Wind Mill Power Generation |
2.140 |
|
Others |
8.341 |
|
Net Sales / Income from
Operation |
821.370 |
|
|
|
|
2.
Segment Result (Profit before Interest and Tax) |
|
|
Reclaim Rubber |
73.139 |
|
Wind Mill Power Generation |
1.370 |
|
Others |
(1.850) |
|
Total |
72.659 |
|
Less
: (i) Interest |
14.002 |
|
(ii) Other un-allocable
expenditure net off un-allocable income |
30.680 |
|
Profit
before Tax |
27.977 |
|
|
|
|
3.
Capital Employed |
|
|
Reclaim Rubber |
1321.648 |
|
Wind Mill Power Generation |
24.509 |
|
Others |
89.351 |
|
Unallocated capital employed |
(363.195) |
|
Total
Capital Employed |
1072.313 |
Note:
- The above results are reviewed by the Audit Committee and approved by the Board of Directors at its meeting held on July 28, 2014.
- Statutory Auditors of the Company have carried out the limited review of the above results.
- The figures for the quarter ended March 31, 2014 are the balancing figures between the Audited figures in respect of the full financial year and the year to date figures up to the third quarter ended December 31, 2013 which were subjected to Limited Review by the Statutory Auditors.
- The useful life of fixed assets have been revised in accordance with the Schedule II to the Companies Act, 2013. Due to same the company has charged additional depreciation of Rs.10.347 Millions in the quarter. Under this circumstances, it is not comparable with the same for the other quarters/year, which was calculated as per the provisions of the Companies Act, 1956. Based on current estimates, depreciation of Rs.4.687 Millions (Net of deferred tax) on account of assets whose useful life is already exhausted as on April 01, 2014 has been adjusted to General Reserve.
- Figures for the previous periods are regrouped and reworked wherever necessary.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10382108 |
12/09/2012 |
37,500,000.00 |
HDFC Bank Limited |
HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India |
B60304532 |
|
2 |
10337231 |
16/10/2012 * |
277,500,000.00 |
HDFC Bank Limited |
HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India |
B61454666 |
|
3 |
10340295 |
20/01/2012 |
120,000,000.00 |
HDFC Bank Limited |
HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India |
B34184663 |
|
4 |
10319519 |
29/03/2012 * |
220,000,000.00 |
Citi Bank N.A. |
Kalapurnam, Main C.G. Road, Navarngpura, Ahmedabad, Gujarat - 380009, India |
B35824358 |
|
5 |
10305203 |
12/05/2014 * |
220,000,000.00 |
Citi Bank N.A. |
Kalapurnam, Main C.G. Road, Navarngpura, Ahmedabad, Gujarat - 380009, India |
C05420039 |
|
6 |
10291000 |
21/04/2011 |
117,000,000.00 |
HDFC Bank Limited |
HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India |
B14539050 |
|
7 |
80007640 |
12/05/2014 * |
327,500,000.00 |
HDFC Bank Limited |
HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India |
C05420682 |
|
8 |
80007639 |
28/08/2010 * |
478,764,000.00 |
HDFC Bank Limited |
HDFC Bank Housesenapati Bapat Marg, Lower Parel W, Mumbai, Maharashtra - 400013, India |
A95370854 |
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Vehicles
·
Furniture and Fixture
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON DESIGNATED
PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.75 |
|
UK Pound |
1 |
Rs.100.07 |
|
Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
VNT |
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 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--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 |
|
63 |
This score serves as a reference to assess
SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major sections
of this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NB |
NEW BUSINESS |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.