MIRA INFORM REPORT
|
Report Date : |
09.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
GOLDEN TOBACCO LIMITED |
|
|
|
|
Registered
Office : |
Darji Pura, Post Amliyara, Vadodara - 390 022, |
|
|
|
|
Country : |
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|
|
Financials (as on)
: |
31.03.2014 |
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|
|
|
Date of
Incorporation : |
28.06.1995 |
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|
|
|
Com. Reg. No.: |
04-067605 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs.175.880 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L16000GJ1955PLC067605 |
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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
: |
Manufacturer and Marketer of Cigarettes and Processed
Tobacco. |
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|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca (13) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Moderate |
|
|
|
|
Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. The company has recorded huge accumulated losses which has resulted
into fully erosion of net worth. However, business is active. Payments terms are reported to be slow. The company can be considered for business dealings on a secured 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) |
|
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
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 |
ICRA |
|
Rating |
Term loan (C+) |
|
Rating Explanation |
Poor credit quality and limited prospects of
recovery. |
|
Date |
April 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short loan (A4) |
|
Rating Explanation |
Minimal degree of safety. It carry very high
credit risk. |
|
Date |
April 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 CO-OPERATIVE (91-265-2541140)
LOCATIONS
|
Registered Office : |
Darji Pura, Post Amliyara, Vadodara - 390 022, Gujarat, India |
|
Tel. No.: |
91-265-2540116 / 2540597 / 2540281 |
|
Fax No.: |
91-265-2541025 / 2541700 |
|
E-Mail : |
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|
Website : |
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|
Mumbai Office : |
Tobacco House, S V Road, Vile Parle (West), Mumbai - 400056, Maharashtra,
India |
|
Tel. No.: |
91-22-26713951 |
|
Fax No.: |
91-22-26715481 |
|
|
|
|
Delhi Office : |
1303, 1304, Vijaya Building, 13th Floor, 17, Barakhamba Road, New
Delhi – 110 001, India |
|
Tel. No.: |
91-11-23314451 |
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|
|
|
Branches : |
Located At: ·
Bhopal ·
·
Chandigarh ·
Haldwani ·
·
·
Kolkata ·
·
·
·
Chennai |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. R. R. Kumar |
|
Designation : |
Non-Executive
Independent Director |
|
|
|
|
Name : |
Mr. Bharat B.
Merchant |
|
Designation : |
Non-Executive
Independent Director |
|
Date of Birth/Age : |
24.06.1948 |
|
Qualification : |
B.A.(H),LL.M. |
|
Date of Appointment : |
26.07.2002 |
|
|
|
|
Name : |
Mr. V. K.
Bhandari |
|
Designation : |
Non-Executive
Independent Director |
|
Date of Birth/Age : |
14.10.1973 |
|
Qualification : |
F.C.A. |
|
Date of Appointment : |
31.07.2009 |
|
|
|
|
Name : |
Mr. A. K. Joshi |
|
Designation : |
Managing Director |
|
Date of Birth/Age : |
01.01.1958 |
|
Qualification : |
B.Com., F.C.A. |
|
Date of Appointment : |
21.10.2003 |
|
|
|
|
Name : |
Mr. Jaskaran S. Khurana |
|
Designation : |
Executive Director |
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|
|
|
Name : |
Mr. Ved Berry |
|
Designation : |
Executive Director |
KEY EXECUTIVES
|
Name : |
Mr. Manoj Kumar Srivastava |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of
Shareholder |
Total No. of Shares |
% of Total No. of Shares |
|
(A) Shareholding of Promoter and
Promoter Group |
|
|
|
|
|
|
|
|
4581725 |
26.02 |
|
|
4581725 |
26.02 |
|
|
|
|
|
Total shareholding of Promoter
and Promoter Group (A) |
4581725 |
26.02 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1040 |
0.01 |
|
|
64467 |
0.37 |
|
|
3050 |
0.02 |
|
|
495877 |
2.82 |
|
|
564434 |
3.21 |
|
|
|
|
|
|
5342836 |
30.34 |
|
|
|
|
|
|
5225068 |
29.67 |
|
|
1738465 |
9.87 |
|
|
156274 |
0.89 |
|
|
54168 |
0.31 |
|
|
101210 |
0.57 |
|
|
716 |
0.00 |
|
|
180 |
0.00 |
|
|
12462643 |
70.78 |
|
Total Public shareholding (B) |
13027077 |
73.98 |
|
Total (A)+(B) |
17608802 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
17608802 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Marketer of Cigarettes and Processed
Tobacco. |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
||||||||||||||||||||||||||||||||||||
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||||||||||||||||||||||||||||||||||||
|
Bankers : |
v Canara Bank v Syndicate Bank v Vijaya Bank v State Bank of Bikaner and Jaipur v Allahabad Bank |
||||||||||||||||||||||||||||||||||||
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|
||||||||||||||||||||||||||||||||||||
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Facilities : |
NOTE: SHORT TERM
BORROWINGS Working Capital
Facilities : (a) Working capital facilities
and non-fund based limits of Rs. 100.000 millions (Previous Year Rs. 100.000
millions) are secured by hypothecation of inventories and book debts and
further secured by way of mortgage of second charges on immovable property at
Baroda and first charge on immovable property at Guntur. (b) Guarantees given by
the Company’s Bankers are secured/to be secured by hypothecation of stocks,
book debts, fixed deposits with banks and certain machineries, equitable
mortgage of certain immovable properties at Baroda subject to prior charge in
favour of Trustees for the debenture holders and /or pledge of fixed deposit
receipts. |
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Lodha and Company Chartered Accountants |
|
Address : |
6, Karim Chambers, 40 A, Doshi Marg, (Haman Street), Mumbai - 400001,
Maharashtra, India |
|
Tel No.: |
91-22-22691414 / 22691515 / 40021140 / 40021414 |
|
Fax No.: |
91-22-22619983 |
|
Email : |
|
|
|
|
|
Associates : |
GHCL Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25000000 |
Equity Shares |
Rs.10/- each |
Rs.250.000 Millions |
|
1000000 |
Preference Shares |
Rs.100/- each |
Rs.100.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.350.000
Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17608802 |
Equity Shares |
Rs.10/- each |
Rs.17.609 Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
17598016 |
Equity Shares |
Rs.10/- each |
Rs.175.980 Millions |
|
|
Less: Allotment / Call money unpaid other than Directors |
|
Rs. 0.100 Million |
|
|
|
|
|
|
|
Total |
|
Rs.175.880
Millions |
1.
Rights
of Equity Shareholders
The Company has only
one class of Equity Shares having par value of ` 10 each. Each holder of equity
shares is entitled to
one vote per share. In
the event of liquidation, the equity shareholders are eligible to receive the
remaining assets of the
Company after
distribution of all preferential amount, in proportion to the shareholding.
However, no such preferential
amount exists
currently.
2. Reconciliation of numbers of equity shares
|
Particulars |
31.03.2014 |
|
|
|
Number |
Rs. In Millions |
|
Shares outstanding at the beginning of the year |
17,608,802 |
176.088 |
|
Shares issued during the year |
-- |
-- |
|
Shares bought back during the year |
-- |
-- |
|
Shares outstanding at the end of the year |
17,608,802 |
176.088 |
3. Details of members holding equity shares
more than 5%
|
Particulars |
31.03.2014 |
|
|
|
Number of Shareholders |
% of Holding |
|
J. P. Financial Services Private Limited |
1090000 |
6.19% |
|
|
|
|
4. During the previous five years, the Company had not issued bonus shares/bought back/issued share for consideration other than cash.
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 |
175.880 |
175.880 |
175.880 |
|
(b) Reserves & Surplus |
(928.728) |
(707.797) |
(271.271) |
|
(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) |
(752.848) |
(531.917) |
(95.391) |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
293.368 |
277.236 |
1024.633 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
1891.635 |
1892.597 |
1773.386 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
2185.003 |
2169.833 |
2798.019 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
380.338 |
413.320 |
428.460 |
|
(b) Trade payables |
249.261 |
205.510 |
125.171 |
|
(c) Other current
liabilities |
1487.232 |
1200.667 |
236.332 |
|
(d) Short-term provisions |
54.732 |
65.592 |
12.967 |
|
Total Current Liabilities (4) |
2171.563 |
1885.089 |
802.930 |
|
|
|
|
|
|
TOTAL |
3603.718 |
3523.005 |
3505.558 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
243.927 |
254.210 |
263.016 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
86.446 |
86.446 |
86.446 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2291.419 |
2184.521 |
2141.354 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
2621.792 |
2525.177 |
2490.816 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
805.832 |
825.670 |
781.922 |
|
(c) Trade receivables |
98.115 |
96.075 |
143.466 |
|
(d) Cash and cash
equivalents |
44.011 |
25.426 |
36.080 |
|
(e) Short-term loans and
advances |
24.077 |
42.395 |
47.104 |
|
(f) Other current assets |
9.891 |
8.262 |
6.170 |
|
Total Current Assets |
981.926 |
997.828 |
1014.742 |
|
|
|
|
|
|
TOTAL |
3603.718 |
3523.005 |
3505.558 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operations |
702.874 |
689.000 |
713.345 |
|
|
|
Other Income |
26.977 |
5.476 |
5.655 |
|
|
|
TOTAL |
729.851 |
694.476 |
719.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
292.109 |
333.928 |
292.471 |
|
|
|
Purchases of Stock-in-Trade |
71.260 |
68.687 |
91.035 |
|
|
|
Manufacturing and Operating Costs |
22.501 |
22.584 |
20.144 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
11.356 |
(9.540) |
77.350 |
|
|
|
Employees benefits expense |
124.326 |
130.748 |
108.364 |
|
|
|
Other expenses |
189.474 |
288.520 |
182.825 |
|
|
|
TOTAL |
711.026 |
834.927 |
772.189 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
18.825 |
(140.451) |
(53.189) |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
255.801 |
232.471 |
226.646 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
(236.976) |
(372.922) |
(279.835) |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
10.864 |
12.522 |
10.502 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
(247.840) |
(385.444) |
(290.337) |
|
|
|
|
|
|
|
|
|
Less |
TAX |
(28.832) |
48.730 |
0.141 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
(219.008) |
(434.174) |
(290.478) |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports of Goods on F.O.B. basis |
314.897 |
314.228 |
287.394 |
|
|
|
Recovery towards Freight and Insurance on Export |
7.065 |
2.641 |
0.720 |
|
|
TOTAL EARNINGS |
321.962 |
316.869 |
288.114 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
22.429 |
51.331 |
35.624 |
|
|
|
Stores & Spares Parts |
0.126 |
0.102 |
0.126 |
|
|
|
Packing Material |
0.556 |
0.945 |
0.603 |
|
|
TOTAL IMPORTS |
23.111 |
52.378 |
36.353 |
|
|
|
|
|
|
|
|
|
|
Earnings / (Loss)
Per Share (Rs.) Basic & Diluted : |
|
|
|
|
|
|
Before Exceptional
item |
(14.08) |
(21.92) |
(16.52) |
|
|
|
After Exceptional
item |
(12.45) |
(24.69) |
(16.52) |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
(30.01) |
(62.52) |
(40.40) |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
(35.26) |
(55.94) |
(40.70) |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
(7.05) |
(11.22) |
(8.49) |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.33 |
0.72 |
3.04 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
(0.89) |
(1.30) |
(15.23) |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
0.45 |
0.53 |
1.26 |
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 |
175.880 |
175.880 |
175.880 |
|
Reserves & Surplus |
(271.271) |
(707.797) |
(928.728) |
|
Net worth |
(95.391) |
(531.917) |
(752.848) |
|
|
|
|
|
|
long-term borrowings |
1024.633 |
277.236 |
293.368 |
|
Short term borrowings |
428.460 |
413.320 |
380.338 |
|
Total borrowings |
1453.093 |
690.556 |
673.706 |
|
Debt/Equity ratio |
(15.233) |
(1.298) |
(0.895) |
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 operations |
713.345 |
689.000 |
702.874 |
|
|
|
(3.413) |
2.014 |
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 operations |
713.345 |
689.000 |
702.874 |
|
Profit |
(290.478) |
(434.174) |
(219.008) |
|
|
(40.72%) |
(63.02%) |
(31.16%) |
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 |
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 |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
From Body Corporate |
25.000 |
25.000 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Inter Corporate Deposits |
4.000 |
0.000 |
|
|
|
|
|
Total |
29.000 |
25.000 |
|
NOTE: SHORT TERM
BORROWINGS Inter corporate deposits are repayable on demand and rate of interest is 12% per annum. |
||
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10237678 |
28/06/2010 |
95,000,000.00 |
INDIABULLS HOUSING FINANCE LIMITED |
F-60 MALHOTRA BUILDING, 2ND FLOOR,
CONNAUGHT PLACE, NEW DELHI, Delhi - 110001, INDIA |
A91053975 |
|
2 |
10182067 |
23/09/2009 |
65,000,000.00 |
ALLAHABAD BANK |
JVPD Branch, A/2, Gazal, Gulmohar Road,
JVPD Vile Parle (W), Mumbai, Maharashtra - 400049, INDIA |
A71794010 |
|
3 |
10182068 |
23/09/2009 |
65,000,000.00 |
ALLAHABAD BANK |
JVPD Branch, A/2, Gazal, Gulmohar Road, JVPD
Vile Parle (W), Mumbai, Maharashtra - 400049, INDIA |
A71794127 |
|
4 |
10166373 |
09/06/2009 |
70,000,000.00 |
CANARA BANK |
38, BRIJ BHUMI, 88, NEHRU ROAD, VILE PARLE
(E), MUMBAI, Maharashtra - 400057, INDIA |
A65521395 |
|
5 |
10081009 |
28/11/2007 |
200,000,000.00 |
INDIABULLS HOUSING FINANCE LIMITED |
F-60 MALHOTRA BUILDING, 2ND FLOOR,
CONNAUGHT PLACE, NEW DELHI, Delhi - 110001, INDIA |
A29556503 |
|
6 |
90240573 |
06/05/1999 |
20,000,000.00 |
SYNDICATEW BANK |
INDUSTRIAL FINANCE BRANCH, SIR P.M. ROAD,
MUMBAI, Maharashtra, INDIA |
- |
|
7 |
90240175 |
08/09/1997 * |
10,000,000.00 |
SYNDICATE BANK |
INDUSTRIAL FINANCE BRANCH, HARI CHAMBER,
BOMBAY, |
- |
|
8 |
90240093 |
20/07/1995 |
5,000,000.00 |
CANARA BANK |
INDUSTRIAL FINANCE BRANCH, RAHEJA CENTRE,
BOMBAY, |
- |
|
9 |
90239907 |
09/03/1994 |
40,000,000.00 |
PUNJAB AND SIND BANK |
G-BLOCK, NEW DELHI, Delhi, INDIA |
- |
|
10 |
90241992 |
27/07/1993 |
70,000,000.00 |
THE FEDERAL BANK LTD. |
LARAM CENTRE, ANDHERI WEST, BOMBAY,
Maharashtra, |
- |
|
11 |
90243143 |
23/02/1993 |
25,000,000.00 |
BANK OF TOKOYO LTD. |
JEEVAN PRAKASH, SIR P.M/. ROAD, BOMBAY,
Maharashtra, INDIA |
- |
|
12 |
90243103 |
20/11/1991 |
40,000,000.00 |
THE SANWA BANK LTD. |
MERCANTILE HOUSE, 15; KASTURBA GANDHI MARG,
NEW D |
- |
|
13 |
90243100 |
16/11/1991 |
8,100,000.00 |
STATE BANK OF INDORE |
EMPIRE HOUSE, 214; D.N. ROAD, BOMBAY,
Maharashtra, INDIA |
- |
|
14 |
90239636 |
20/06/1991 |
26,000,000.00 |
CANARA BANK |
KHAR BRANCH, MUMBAI, Maharashtra, INDIA |
- |
|
15 |
90241933 |
03/05/1991 |
20,000,000.00 |
THE VYSYA BANK LTD. |
OPERA HOUSE, BOMBAY, Maharashtra, INDIA |
- |
|
16 |
90243079 |
25/01/1991 |
10,400,000.00 |
STATE BANK OF BIKANER AND JAIPUR |
SIR P.M. ROAD, FORT, BOMBAY, Maharashtra,
INDIA |
- |
|
17 |
90233684 |
19/06/2012 * |
600,000,000.00 |
CANARA BANK |
GUNTUR MAIN P.B.NO.136, HINDU COLLEGE HIGH
SCHOOL, OPP: GANDHI PARK, GUNTUR, Andhra Pradesh - 522003, INDIA |
B42747527 |
|
18 |
90239520 |
10/07/1990 |
15,000,000.00 |
CANARA BANK |
KHAR, BOMBAY, Maharashtra, INDIA |
- |
|
19 |
90239497 |
16/04/1990 |
15,000,000.00 |
CANARA BANK |
KHAR BRANCH, BOMBAY, Maharashtra, INDIA |
- |
|
20 |
90239473 |
16/02/1990 |
10,000,000.00 |
STATE BANK OF BIKANER AND JAIPUR |
SIRP. M. ROAD, FORT, BOMBAY, Maharashtra,
INDIA |
- |
|
21 |
90241888 |
01/08/1989 * |
10,000,000.00 |
CANARA BANK |
KHAR BRANCH, BOMBAY, Maharashtra, INDIA |
- |
|
22 |
90239412 |
12/07/1989 |
10,000,000.00 |
CANARA BANK |
KHAR BRANCH, BOMBAY, Maharashtra, INDIA |
- |
|
23 |
90244183 |
10/04/2003 * |
119,500,000.00 |
SYNDICATE BANK |
ANDHERI, BOMBAY, Maharashtra, INDIA |
- |
|
24 |
90239401 |
23/05/1989 |
17,500,000.00 |
SYNDICATE BANK |
ANDHERI, BOMBAY, Maharashtra, INDIA |
- |
|
25 |
90243009 |
20/04/1989 |
17,500,000.00 |
CANARA BANK |
KHAR BRANCH, BOMBAY, Maharashtra, INDIA |
- |
|
26 |
90241882 |
21/03/1989 |
26,000,000.00 |
STATE BANK OF BIKANER AND JAIPUR |
SIR P.M. ROAD, BOMBAY, Maharashtra, INDIA |
- |
|
27 |
90241880 |
11/02/1989 |
10,000,000.00 |
CANARA BANK |
KHAR BRANCH, MUMBAI, Maharashtra, INDIA |
- |
|
28 |
90239329 |
28/09/1988 |
1,200,000.00 |
M/S FIRST LEASING COMPANY OF INDIA LTD. |
729; MOUNT ROAD, MADRAS, Tamil Nadu, INDIA |
- |
|
29 |
90239275 |
08/01/1988 |
6,800,000.00 |
VIJAYA BANK |
EXCELSIOR BRANCH, BOMBAY, Maharashtra,
INDIA |
- |
|
30 |
90241854 |
22/12/1987 |
4,300,000.00 |
Canara bank |
KHAR, BOMBAY, Maharashtra, INDIA |
- |
|
31 |
90241844 |
22/06/1987 |
4,000,000.00 |
Canara bank |
KHAR, BOMBAY, Maharashtra, INDIA |
- |
|
32 |
90239166 |
29/10/1986 |
5,000,000.00 |
ALLAHABAD BANK |
JUNU BRANCH, BOMBAY, Maharashtra, INDIA |
- |
|
33 |
90239152 |
22/05/1987 * |
5,000,000.00 |
THE BANK OF TOKOYO LTD. |
JEEVAN PRAKASH, SIR P.M. ROAD, BOMBAY,
Maharashtra, INDIA |
- |
|
34 |
90242932 |
29/07/1986 |
10,400,000.00 |
CANARA BANK |
KHAR BRANCH, BOMBAY, Maharashtra, INDIA |
- |
|
35 |
90239108 |
31/10/1985 |
290,000.00 |
BHARAT PETROLIUYM CO; LTD; |
BHARAT BHAWAN, BALLARD STATE, BOMBAY,
Maharashtra, INDIA |
- |
|
36 |
90239079 |
24/01/1990 * |
240,000,000.00 |
CANARA BANK |
KHAR, WEST, BOMBAY, Maharashtra, INDIA |
- |
|
37 |
90238912 |
29/05/1989 * |
2,200,000.00 |
LIC OF INDIA |
JEEVAN MARG, BOMBAY, Maharashtra, INDIA |
- |
|
38 |
90241803 |
13/07/1981 |
2,500,000.00 |
LIC OF INDIA |
JEEVAN BIMA MARG, BOMBAY, Maharashtra,
INDIA |
- |
|
39 |
90238893 |
29/07/1980 |
4,500,000.00 |
LIC OF INDIA |
JEEVAN BIMA BMARG, BOMBAY, Maharashtra,
INDIA |
- |
|
40 |
90238884 |
22/02/1984 * |
5,000,000.00 |
VIJAYA BANK |
EXCELSIOR BRANCH, BOMBAY, Maharashtra,
INDIA |
- |
|
41 |
90238881 |
22/02/1984 * |
10,000,000.00 |
SYNDICATE BANK |
ANDHERI, BOMBAY, Maharashtra, INDIA |
- |
* Date of charge modification
PERFORMANCE OF THE COMPANY
During the year, despite a
decline in industry volume, the Company volume improved by 11% compared to the previous
year. Increased grey market activities coupled with steep excise and VAT
increases are the factors that have adversely affected the organized sector.
The Company has been able
to achieve some growth through launch of GGF 65mm and also through distribution
extensions of Panama Deluxe Filter. The consumers’ response to both these
brands is favorable and the Directors are confident of increased turnover. On
the export front, several new markets with new brands have been opened up and
regular orders have started flowing in. This is likely to result in not only
increased turnover but increase in bottom line also.
MANAGEMENT
DISCUSSION AND ANALYSIS REPORT
The new 65mm filter category
announced in the budget has added more than 1200 million per month to industry
volume in the lower price sectors. However despite this gain the industry has
declined by more than 800 million sticks per month.
The primary reason for this
decline is steep price increase on account of excise hike and enhanced VAT in
most states. It has substantially benefited Grey market. These products sell at
20%-25% price of branded products and yet offer the trade more than 250% profit
margin. It is interesting to note that the excise component alone is more than
the selling price of the cigarette. Further, North India is also affected by
the huge influx of cheap cigarettes from Nepal. There are branded cigarettes
manufactured by a subsidiary of ITC which sell at less than half the price of
branded Indian cigarettes.
Though, the Company has
gained in the new 65mm filter category, it has been unable to do so in the 65mm
plain category in which it was the leader. This is because now plain and filter
are now clubbed into the same price bracket, putting plain at a disadvantage.
As such the marketing strategy will now be focused more sharply on this fast
growing filter segment.
Restructuring in sales and
distribution activities has resulted in considerable savings and also in
increased productivity. These would be ongoing efforts which would recurring
benefits.
OPPORTUNITIES, THREATS AND
FUTURE OUTLOOK:
The Government in the
budget 2012-13 has not increased Excise Duty on the 65mm length category which
is the welcome step. This is an opportunity for the industry in general and the
company in particular. This segment has already exhibited good growth prospects
and the company has already taken steps to maximize benefits from the same.
The grey market cigarettes
continue to be the biggest threat to the organized sector. These units have
been set up in most of the states and continue their illegal acts and now
account for a sizable volume of the total industry. The management has taken up
this issue with the government at the highest level.
Anti-smoking campaign has
been gaining momentum and is now resulting in a decline in the incidence of
smoking, particularly in the above 50 age group. State governments have also
been strictly enforcing no smoking zones. This campaign is also likely to
adversely impact the industry.
FIXED ASSETS
œ Land and Building
œ Electric Installations
œ Plant and Equipment
œ Furniture and Fixtures
œ Vehicles
œ
Factory and Office Equipment
UNAUDITED
RESULTS FOR THE QUARTER AND ENDED ON 30TH JUNE, 2014
(Rs. In Millions)
|
|
|
Particulars |
Quarter
ended 30.06.2014 |
|
1 |
Income from Operations |
|
|
|
|
a) Income from Operations (net of excise duty) |
161.655 |
|
|
|
b) Other Operating Income |
1.811 |
|
|
|
Total Income from Operations (Net) |
163.466 |
|
|
2 |
Expenses |
|
|
|
|
a) |
Cost of Materials consumed |
94.255 |
|
|
b) |
Purchase of stock in-trade |
-- |
|
|
c) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(10.386) |
|
|
d) |
Employee benefit expenses |
36.625 |
|
|
e) |
Depreciation and amortization expense |
2.998 |
|
|
f) |
Selling & Distribution Expenses |
21.690 |
|
|
g) |
Other expenses |
31.714 |
|
|
Total Expenses |
176.896 |
|
|
3 |
|
Profit /(Loss) from
operations before other income, finance costs and exceptional items (1-2) |
(13.430) |
|
4 |
Other Income |
3.120 |
|
|
5 |
|
Profit /(Loss) from
ordinary activities before finance costs and exceptional items (3+4) |
(10.310) |
|
6 |
Finance Costs |
57.293 |
|
|
7 |
|
Profit /(Loss) from
ordinary activities after finance costs but before exceptional items (5-6) |
(67.603) |
|
8 |
Exceptional Items |
-- |
|
|
9 |
Profit /(Loss) from ordinary activities before tax |
(67.603) |
|
|
10 |
Tax Expense |
-- |
|
|
11 |
Net Profit /(Loss) from ordinary activities after tax
(9-10) |
(67.603) |
|
|
12 |
Extraordinary items (net
of tax expense) |
-- |
|
|
13 |
Net Profit /(Loss) for the period (11-12) |
(67.603) |
|
|
14 |
Paid up equity share
capital (Eq. shares of Rs.10/- each) |
175.880 |
|
|
15 |
Reserve excluding
revaluation reserves |
-- |
|
|
16 |
|
Earnings per share
(before/after extraordinary items) of
Rs.10/- each |
|
|
|
|
Basic |
(3.84) |
|
|
|
Diluted |
(3.84) |
|
A |
|
PARTICULARS OF
SHAREHOLDING |
|
|
1 |
|
Public Shareholding |
|
|
|
|
- No. of Shares |
13027077 |
|
|
|
- Percentage of
Shareholding |
73.98 |
|
2 |
|
Promoters and promoter group shareholding |
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
- Number of shares |
3293000 |
|
|
|
- Percentage of shares (
as a % of the total shareholding of the promoter and promoter group) |
71.87 |
|
|
|
- Percentage of shares
(as a % of the total share capital of the Company) |
18.700 |
|
|
|
b) Non- encumbered |
|
|
|
|
- Number of shares |
1288725 |
|
|
|
- Percentage of shares (
as a % of the total shareholding of the promoter and promoter group) |
28.13 |
|
|
|
- Percentage of shares
(as a % of the total share capital of the Company) |
7.32 |
|
|
Particulars |
Quarter
ended 30.06.2014 |
|
|
B |
|
Investor Complaints |
|
|
|
|
Pending at the beginning
of the quarter |
Nil |
|
|
|
Received during the
quarter |
Nil |
|
|
|
Disposed during the
quarter |
Nil |
|
|
|
Remaining unresolved at
the end of the quarter |
Nil |
SEGMENTWISE
REVENUE, RESULTS AND CAPITAL EMPLOYED FOR THE THIRD QUARTER AND NINE MONTHS'
PERIOD ENDED 30TH JUN, 2014
|
|
Particulars |
Quarter
ended 30.06.2014 |
|
1. |
A. Segment Revenue |
|
|
a) |
Tobacco Products |
161.655 |
|
b) |
Realty |
0.000 |
|
|
Net Sales / Income from operation |
161.655 |
|
|
B. Other Income |
|
|
a) |
Tobacco Products |
4.931 |
|
b) |
Realty |
0.000 |
|
c) |
Others / Unallocated |
0.000 |
|
|
Total |
4.931 |
|
|
TOTAL INCOME |
166.586 |
|
|
|
|
|
2. |
Segment Results: [Profit/ (Loss) before tax and
interest from each segment] |
|
|
a) |
Tobacco Products |
(10.310) |
|
b) |
Realty |
0.000 |
|
c) |
Others / Unallocated |
0.000 |
|
|
Total |
(10.310) |
|
|
Less: Financial Cost |
57.293 |
|
|
Total Profit/
Loss –before tax |
0.000 |
|
|
|
|
|
3. |
Capital Employed: |
|
|
a) |
Tobacco Products |
(275.385) |
|
b) |
Realty |
(592.175) |
|
c) |
Others / Unallocated |
0.000 |
NOTE:
1.
The above Financial
Results have been reviewed by the Audit Committee and approved by the Board of
Directors at its meeting held on August 14, 2014. Limited review of the same
has been carried out by the statutory auditors of the Company in terms of Clause
41 of the listing agreement.
2.
Income Tax, Excise and
other claims disputed by the Company being contingent liabilities are not
required, hence have not been considered in the above results.
3.
As per the direction
of the Hon'ble Board for Industrial and Financial Reconstruction (BIFR),
Dettri, the Company has submitted Revised Modified Draft Rehabilitation Scheme
to Monitoring Agency in July, 2013 for their consideration and filing the same
with BIFR, which is pending in view of the restriction by the Supreme Court to
deal with properties which forms one of the major source of Finance for
finalising MDRS. The consequential impact, if any would be considered,
including reliefs asked for waiver of interest and penalties arising on
implementation of the scheme as and when sanctioned.
4.
As a matter of
prudence, no deferred tax asset is being recognised.
5.
From April 2014, the
Company has revised depreciation rates as per useful life prescribed under
Companies Act, 2013 . Consequently, Rs. 471.98 lacs has been adjusted against
the "Opening Deficit in Statement of Profit and Loss" . Also, charge
of depreciation for the quarter is higher by Rs.2.63 lacs for the assets held
as of April 1, 2014.
6.
* Figures for the
Quarter ended March 31,2014 are the balancing figures between audited figures
in respect of full financial year ended March 31, 2014 and year to date figures
upto the third quarter of that financial year.
7.
The previous
year's/period's figures have been re-grouped /re-arranged wherever necessary,
to conform to the current period's presentation.
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.61.46 |
|
|
1 |
Rs.98.77 |
|
Euro |
1 |
Rs.77.65 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
-- |
|
--LIQUIDITY |
1~10 |
2 |
|
--LEVERAGE |
1~10 |
2 |
|
--RESERVES |
1~10 |
-- |
|
--CREDIT LINES |
1~10 |
-- |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
16 |
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.