MIRA INFORM REPORT
|
Report Date : |
13.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
SUDAL INDUSTRIES LIMITED |
|
|
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Registered
Office : |
A 5, MID Cambad Industrial Estate, Mumbai Nashik
Highway,Nashik-422010, Maharashtra. |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
08.08.1979 |
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Com. Reg. No.: |
11-021541 |
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Capital
Investment / Paid-up Capital : |
Rs. 65.078 Millions |
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|
CIN No.: [Company Identification
No.] |
L21541MH1979PLC021541 |
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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 of Aluminium Extrusions and Aluminium Alloys. |
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No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. Sales turnover of the company has declined which has resulted into dip
in profit of the company during financial year 2014. However, the rating takes into consideration company’s established
track record of business operations and decent liquidity position of the
company. Trade relations are fair. Business is active. Payment terms are
reported to be slow but correct. The company can be considered for business dealings at usual trade
terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – 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 |
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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.
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 BY
|
Name : |
Mr. Sawant |
|
Designation : |
Finance Department |
|
Contact No.: |
91-9223192846 |
|
Date : |
09.10.2014 |
LOCATIONS
|
Registered Office/ Factory : |
A 5,MID Ambad Industrial Estate, |
|
Tel. No.: |
91-253-2382396 2382397/2382297 |
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Fax No: |
91-253- 2382197 |
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Email: |
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Website : |
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Corporate Office /Head Office : |
26, Nariman Bhavan, 227, Nariman Point, Mumbai – 40002, Maharashtra,
India |
|
Tel. No.: |
91-22-61577100 / 22023845 |
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Fax No.: |
91-22- 22022893 |
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Email: |
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SALES OFFICES: |
PUNE
Tel : (91-212)
5811291/93 Email : pune@sudal.co.in No. 68, Industrial
Area, Yeshwantpur, Bangalore 560 022, Karnataka, India Tel : (91-80)
3371121 Email :
bangalore@sudal.co.in |
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|
|
|
Works: |
VADODARA 502, Centre Point,
R.C. Dutt Road, Alkapuri, Vadodara - 390 005, Gujarat, Indi a Tel : (91-265)
337462/330407 Email :
baroda@sudal.co.in |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Shriram Chokani |
|
Designation : |
Founder and Promoter Director (1924-2010) |
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|
Name : |
Mr. Chaitan Maniar |
|
Designation : |
Director ( Up to 29th June, 2014) |
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Name : |
Mr. Sudarshan S.Chokhani |
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Designation : |
Managing Director |
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|
Name : |
Mr. Shyantanu Chokhani |
|
Designation : |
Joint Managing Director |
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Name : |
Mr. Deokinandan Ajitsaria |
|
Designation : |
Director (up to 10th July, 2014) |
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Name : |
Mr. Dinesh Shah |
|
Designation : |
Director (up to 2nd March, 2014) |
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Name : |
Mr. Jal Thanawala |
|
Designation : |
Director (wef to 22nd July, 2014) |
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Name : |
Mr. Kamlini Maniar |
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Designation : |
Director (wef to 22nd July, 2014) |
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Name : |
Mr. Manoj shah |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Mukesh Ashar |
|
Designation : |
Chief Financial Officer |
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|
Name : |
Mr. George Vaghese |
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Designation : |
G M (Operations) |
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|
Name : |
Mr. Vaibhav Chawak |
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Designation : |
G M (Operations) |
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|
Name : |
Mr. Shrikant Kulkarni |
|
Designation : |
Works Manger |
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Name : |
Mr. Rajendra Shah |
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Designation : |
Chief Marketing Officer |
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|
Name : |
Mr. Kishore Dulla |
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Designation : |
Commercial Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of
Shareholder |
Total No. of Shares |
Total Shareholding as a
% of Total No. of Shares |
|
As a % of (A+B) |
||
|
(A) Shareholding of Promoter and Promoter
Group |
||
|
|
|
|
|
|
3852512 |
52.29 |
|
|
790488 |
10.73 |
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|
4643000 |
63.02 |
|
|
|
|
|
Total shareholding of Promoter and Promoter
Group (A) |
4643000 |
63.02 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
50 |
0.00 |
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|
50 |
0.00 |
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|
|
|
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|
306344 |
4.16 |
|
|
|
|
|
|
1548430 |
21.02 |
|
|
516638 |
7.01 |
|
|
353356 |
4.80 |
|
|
325300 |
4.42 |
|
|
28056 |
0.38 |
|
|
2724768 |
36.98 |
|
Total Public shareholding (B) |
2724818 |
36.98 |
|
Total (A)+(B) |
7367818 |
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) |
7367818 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Aluminium Extrusions and Aluminium Alloys. |
GENERAL INFORMATION
|
No. of Employees : |
Information declined by the management. |
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Bankers : |
Syndicate Bank, Mumbai, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Statutory Auditors: |
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|
Name : |
Lodha and Company Chartered Accountants |
|
Address : |
Karim Chambers, 40, Ambalal Doshi Marg, Mumbai –
400 023, Maharashtra, India |
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|
|
|
Associates with whom transactions have been entered during the year in the ordinary course of the business : |
|
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7500000 |
Equity Shares |
Rs.10/- each |
Rs.75.000 Millions |
|
|
|
|
|
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6610012 |
Equity Shares |
Rs.10/- each |
Rs. 66.100 Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6507818 |
Equity Shares |
Rs.10/- each |
Rs. 65.078 Millions |
|
|
|
|
|
|
Particulars |
As at 31st March, 2014 |
|
|
|
No. of shares |
% Held |
|
Details of
shareholding more than 5% : |
|
|
|
Sudarshan Shriram Chokhani |
1533587 |
23.57 |
|
Shyantanu Sudarshan Chokhani |
1218200 |
18.72 |
|
Sudal Enterprises Private Limited |
790488 |
12.15 |
|
Reynolds International Inc. |
325300 |
5.00 |
Terms/rights attached
to equity shares :
The Company has only one class of equity shares having a par value of 10 each. Each holder of equity shares is entitled to one vote per share.
The Company has not issued any aggregate number and class of shares as fully paid up pursuant to contract(s) without payment being received in cash, bonus shares and shares bought back for the period of 5 years immediately preceding the Balance Sheet date.
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 exist currently.
The proceeds of
preferential issue have been utilised for meeting working capital requirements.
The reconciliation of
the number of shares outstanding at beginning of the year and at the end for
the period of five years immediately preceding the Balance Sheet date :
|
Particulars |
2013-2014 |
2012-2013 |
2011-2012 |
2010-2011 |
2009-2010 |
|
No. of Shares |
No. of Shares |
No. of Shares |
No. of Shares |
No. of Shares |
|
|
Balance as at the beginning of the year |
6507818 |
5817818 |
5467818 |
5017818 |
4417818 |
|
i) Shares issued pursuant to a contract without payment being received in cash |
-- |
-- |
-- |
-- |
-- |
|
ii) Shares issued as fully paid up bonus shares |
-- |
-- |
-- |
-- |
-- |
|
iii) Allotment on conversion of Optionally Fully Convertible Warrants |
-- |
690000 |
350000 |
450000 |
600000 |
|
(iv) Shares bought back |
-- |
-- |
-- |
-- |
-- |
|
Balance as at the end of the year |
6507818 |
6507818 |
5817818 |
5467818 |
5017818 |
Issue of Convertible
Warrants and conversion into Shares:
The Company has pursuant to the approval of the shareholders in the Extra Ordinary General Meeting held on 30th January,2013, has issued 15,50,000 Optionally Fully Convertible Warrants("OFC") of 19.00 each to director and their relatives on 14th February, 2013. Out of which, the Company had converted 6,90,000 OFC warrants into 6,90,000 equity shares of 10 each at a premium of 9.00 each on 9th March,2013, in accordance with provisions of Chapter XIII of SEBI (Disclosure and investor protection) Guidelines 2000 issued by Securities and Exchange Board of India and the balance 8,60,000 OFC warrants to be converted into equity shares on or before 13th August, 2014.
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 |
65.078 |
65.078 |
58.178 |
|
(b) Reserves &
Surplus |
209.651 |
204.667 |
171.891 |
|
(c) Money received
against share warrants |
4.085 |
4.085 |
0.000 |
|
|
|
|
|
|
(2) Share Application
money pending allotment |
0.000 |
0.000 |
0.000 |
|
Total Shareholders’ Funds
(1) + (2) |
278.814 |
273.830 |
230.069 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term borrowings |
147.366 |
41.821 |
61.538 |
|
(b) Deferred tax
liabilities (Net) |
46.687 |
41.688 |
26.292 |
|
(c) Other long term
liabilities |
33.328 |
40.000 |
30.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
227.381 |
123.509 |
117.830 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
135.685 |
97.178 |
84.406 |
|
(b) Trade payables |
157.521 |
200.184 |
242.201 |
|
(c) Other current
liabilities |
40.173 |
54.598 |
43.779 |
|
(d) Short-term provisions |
24.372 |
31.344 |
24.862 |
|
Total Current Liabilities
(4) |
357.751 |
383.304 |
395.248 |
|
|
|
|
|
|
TOTAL |
863.946 |
780.643 |
743.147 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
319.718 |
336.689 |
294.298 |
|
(ii) Intangible Assets |
1.252 |
2.087 |
0.000 |
|
(iii) Capital
work-in-progress |
20.813 |
15.836 |
35.525 |
|
(iv) Intangible assets
under development |
0.000 |
0.000 |
3.288 |
|
(b) Non-current
Investments |
0.005 |
0.004 |
0.005 |
|
(c) Deferred tax assets
(net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
3.226 |
3.076 |
1.919 |
|
(e) Other Non-current
assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
345.014 |
357.692 |
335.035 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
249.669 |
202.556 |
172.391 |
|
(c) Trade receivables |
185.413 |
139.482 |
159.369 |
|
(d) Cash and cash
equivalents |
1.447 |
0.967 |
0.571 |
|
(e) Short-term loans and
advances |
23.253 |
23.482 |
48.702 |
|
(f) Other current assets |
59.150 |
56.464 |
27.079 |
|
Total Current Assets |
518.932 |
422.951 |
408.112 |
|
|
|
|
|
|
TOTAL |
863.946 |
780.643 |
743.147 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
763.550 |
988.074 |
1131.862 |
|
|
Other Income |
0.282 |
0.942 |
0.124 |
|
|
TOTAL (A) |
763.832 |
989.016 |
1131.986 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials
Consumed |
565.604 |
697.029 |
895.882 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(20.022) |
15.620 |
(11.540) |
|
|
Employees benefits
expense |
39.303 |
45.591 |
36.688 |
|
|
Other expenses |
101.428 |
139.235 |
125.663 |
|
|
TOTAL (B) |
686.313 |
897.475 |
1046.693 |
|
|
|
|
|
|
|
Less |
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND
AMORTISATION (C) |
77.519 |
91.541 |
85.293 |
|
|
|
|
|
|
|
Less |
FINANCIAL EXPENSES (D) |
51.518 |
40.000 |
44.142 |
|
|
|
|
|
|
|
|
PROFIT / (LOSS) BEFORE
TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
26.001 |
51.541 |
41.151 |
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
16.805 |
16.067 |
16.505 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) BEFORE TAX (E-F) (G) |
9.196 |
35.474 |
24.646 |
|
|
|
|
|
|
|
Less |
TAX (H) |
5.088 |
15.896 |
5.191 |
|
|
|
|
|
|
|
|
PROFIT/ (LOSS) AFTER TAX
(G-H) (I) |
4.108 |
19.578 |
19.455 |
|
|
|
|
|
|
|
Add |
PREVIOUS YEARS’ BALANCE
BROUGHT FORWARD (J) |
77.782 |
65.767 |
53.482 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Proposed Dividend on
Equity Shares |
0.000 |
|
6.168 |
|
|
Tax on Dividend Proposed
Dividend |
0.000 |
|
1.002 |
|
|
Total (K) |
0.000 |
7.563 |
7.170 |
|
|
|
|
|
|
|
|
Balance Carried to the
B/S (I+J-K) |
81.890 |
77.782 |
65.767 |
|
|
|
|
|
|
|
|
EARNINGS IN FOREIGN
CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
0.000 |
0.000 |
0.153 |
|
|
TOTAL EARNINGS |
0.000 |
0.000 |
0.153 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
0.000 |
97.117 |
3.493 |
|
|
Components and Stores
parts |
0.769 |
0.428 |
0.417 |
|
|
Capital Goods |
0.000 |
0.000 |
11.652 |
|
|
TOTAL IMPORTS |
0.769 |
97.545 |
15.562 |
|
|
|
|
|
|
|
|
Earnings / (Loss) Per
Share (Rs.) |
0.63 |
3.34 |
3.38 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
|
PAT / Total Income |
(%) |
0.54 |
1.98 |
1.72 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.20 |
3.59 |
2.18 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.09 |
4.64 |
3.50 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.03 |
0.13 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.02 |
0.51 |
0.63 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.45 |
1.10 |
1.03 |
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 |
58.178 |
65.078 |
65.078 |
|
Reserves & Surplus |
171.891 |
204.667 |
209.651 |
|
Money received against
share warrants |
0.000 |
4.085 |
4.085 |
|
Net worth |
230.069 |
273.830 |
278.814 |
|
|
|
|
|
|
long-term borrowings |
61.538 |
41.821 |
147.366 |
|
Short term borrowings |
84.406 |
97.178 |
135.685 |
|
Total borrowings |
145.944 |
138.999 |
283.051 |
|
Debt/Equity ratio |
0.634 |
0.508 |
1.015 |
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 |
1131.862 |
988.074 |
763.550 |
|
|
|
(12.704) |
(22.723) |
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 |
1131.862 |
988.074 |
763.550 |
|
Profit |
19.455 |
19.578 |
4.108 |
|
|
1.72% |
1.98% |
0.54% |
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 |
Yes |
|
10] |
Designation of contact
person |
Yes |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
---------------------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------------------- |
|
26] |
Buyer visit details |
--------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
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 |
No |
OPERATIONS AND
RESULTS
The fortunes of the Aluminium extrusion industry is closely linked with those of the user industry. The Aluminum extrusion industry had been impacted during the year due to a considerable slowdown of the manufacturing sector and particularly the end user companies of aluminum extrusions. The industry has faced its most formidable challenge to maintain volumes and margins.
The Company manufactures a wide range of Extrusions for its various end user industries. The company's sales during the year were impacted by lower/restricted volume of user industry. The Sharp rise in inflation and energy and borrowing costs resulted in minimal investment by the various segments of the user industry and dampened demand. Consequently The Company could not utilize its expanded capacity fully. In addition, the fluctuations in demand over the year detracted from balancing other resources.
The Steep increase in electricity and fuel prices lowered profitability. To minimize the impact of falling volumes and increasing input costs, The Company launched a number of containment actions and cost reduction drives as counter measures to enhance internal efficiencies and improve operational excellence. These initiatives will have positive impact on margins and overall performance on a sustained basis in future.
Working in challenging environment, revenue from operations dropped from 988.074 Millions in the previous year to 763.550 Millions for the year ended 31st March, 2014. But with astute discipline, strict cost monitoring and control and timely steps undertaken the EBIDT for the year was 77.520 Millions compared to the EBIDT of 91.541 Millions in the previous year. The pre-tax profit dropped to 9.197 Millions compared to 35.475 Millions of previous year The profit after tax is 4.109 Millions as compared to 19.579 Millions in previous year.
Sudal's main business is to manufacture aluminum extrusions in different alloys for varied user industries. The Company has shown considerable resilience, grit and determination during the year by undertaking various initiatives to keep its pace to enlarge the market base and share in this particular business. On the horizon, They see Good days to restart at Sudal from the end of second quarter of the current year.
Management Discussion
and Analysis
INDUSTRY STRUCTURE
Financial Year 2013-2014 was yet another challenging year for the world economy and Indian Economy in particular. For the second year in a row the macro economic environment affected the recovery to a dismal level. The business climate during the year was affected by high inflation, unfavorable interest rate regime, rising fuel and other input costs and therefore uncertainty continued unabated about economic recovery.
During the year the Indian economy recorded another consecutive year of lower growth rate. However, to revive and stimulate the business growth, the New Government at the Center has started taking some corrective and progressive steps.
COMPANY OVERVIEW
The impact of volatility in prices, on going production and selling challenges, Geo-political situation, a perceived slowdown, and uncertainties in the policy landscape contributed to the lack of confidence in the market during the financial year 2013-14. It has been another trying year to keep the pace with sustaining growth under erratic and volatile raw material pricing policy of primary producers, competitive impediment in gaining locational advantage over selling prices and under sluggish business activities, particularly, in those user industries where company has its presence. The world economic situation does impact the domestic environment and sentiment where input costs are rising to affect the squeezed margins.
OUTLOOK
With the visible revival of the Indian economy since the 2nd half of 2013, several large players of the different user industry have formulated their growth plans which is directly expected to give a big thrust to aluminum extrusion industry, more particularly to The Company. With installed capacities being streamlined for better and full utilization, The Company is hopeful of better performance in the current year and in future. The immediate plan for 2014-2015 is to utilize expanded capacity to the maximum, to effectively manage resources, to optimize cost and to secure a significant share of the increasing domestic market.
INDEX OF CHARGES
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10476301 |
31/01/2014 * |
80,000,000.00 |
SMALL INDUSTRIES DEVELOPMENT BANK OF INDIA |
THE CAPITAL, 2ND FLOOR, NEAR KULKARNI GARDEN, SHARANPUR ROAD, NASHIK, Maharashtra - 422002, INDIA |
B96747878 |
|
2 |
90185462 |
31/01/2014 * |
350,000,000.00 |
SYNDICATE BANK |
NARIMAN POINT BRANCH, NARIMAN BHAVAN, GROUND FLOOR, MUMBAI, Maharashtra - 400021, INDIA |
B97433833 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
in Millions) |
31.03.2013 (Rs.
in Millions) |
|
LONG TERM BORROWINGS |
|
|
|
From Banks |
0.000 |
0.182 |
|
Inter Corporate Deposits |
1.014 |
2.244 |
|
SHORT TERM
BORROWINGS |
|
|
|
Inter Corporate Deposits |
38.426 |
1.500 |
|
Total |
39.440 |
3.926 |
FIXED ASSETS
- Leasehold
Land
- Freehold Land
- Building
- Plant and
equipment
- Furniture and
fixture
- Vehicle
- Office
Equipment
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. 61.16 |
|
|
1 |
Rs. 98.62 |
|
Euro |
1 |
Rs. 77.67 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TRU |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
42 |
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.