MIRA INFORM REPORT
|
Report Date : |
28.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
SWISS GLASCOAT EQUIPMENTS LIMITED |
|
|
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Formerly Known
As : |
SHRI GLASTEEL EQUIPMENTS LIMITED |
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Registered
Office : |
H-106 GIDC Estate, Vithal Udyognagar - 388121, Gujarat |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
26.08.1991 |
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Com. Reg. No.: |
04-016173 |
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Capital Investment
/ Paid-up Capital : |
Rs.50.000 Millions |
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|
CIN No.: [Company
Identification No.] |
L26100GJ1991PLC016173 |
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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
: |
Manufacturing of Specialized Glass Lined Equipment’s. |
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No. of Employees
: |
Information denied by management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (48) |
|
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 : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track record. General financial position of the company is good. Trade relations are reported as fair. Business is active. Payment
terms are ported to be usually correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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 |
ICRA |
|
Rating |
Term Loan = BBB |
|
Rating Explanation |
Moderate degree of safety. It carry moderate
credit risk. |
|
Date |
June 2013 |
|
Rating Agency Name |
ICRA |
|
Rating |
Non Fund Based Limits = A3+ |
|
Rating Explanation |
Moderate degree of safety. It carry higer
credit risk. |
|
Date |
June 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 (Tel No.: 91-2692-236842)
LOCATIONS
|
Registered Office / Factory / Sales and Service Office / Headquarter : |
H-106 GIDC Estate, Vithal Udyognagar - 388121, Gujarat,
India |
|
Tel. No.: |
91-2689-236842 / 43 / 44 / 45 |
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Fax No.: |
91-2692-236841 |
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E-Mail : |
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Website : |
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Sales and
Service Offices : |
Located At :
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Overseas Offices : |
Located At :
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DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Kanubhai Patel |
|
Designation : |
Chairman |
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|
|
|
Name : |
Mr. Sudarshan Amin |
|
Designation : |
Managing Director |
|
Date of Birth/Age : |
06.02.1954 |
|
Qualification : |
M.E.(Machine Design) |
|
Date of Appointment : |
26.08.1991 |
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|
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|
Name : |
Mr. Ambalal Patel |
|
Designation : |
Technical Director |
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|
Name : |
Mr. Paresh Shah |
|
Designation : |
Director |
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|
Name : |
Ms. Phagun Amin |
|
Designation : |
Director |
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|
Name : |
Mr. Jagrut Bhatt |
|
Designation : |
Director |
|
Date of Birth/Age : |
25.10.1955 |
|
Qualification : |
M. E. |
|
Date of Appointment : |
07.04.2009 |
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|
|
|
Name : |
Mr. Kaushik Shah |
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Designation : |
Director |
|
Date of Birth/Age : |
22.02.1956 |
|
Qualification : |
B. Com |
|
Date of Appointment : |
07.04.2009 |
|
|
|
|
Name : |
Mr. Bharat Patel |
|
Designation : |
Director |
|
Date of Birth/Age : |
15.01.1953 |
|
Qualification : |
B.Com |
|
Date of Appointment : |
07.04.2009 |
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|
|
|
Name : |
Mr. Dharmesh Patel |
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Designation : |
Director |
|
Date of Birth/Age : |
10.05.1966 |
|
Qualification : |
Under Graduate |
|
Date of Appointment : |
07.04.2009 |
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|
|
|
Name : |
Mr. Tanmay Patel |
|
Designation : |
Director |
|
Date of Birth/Age : |
12.09.1980 |
|
Qualification : |
B. E. (Mechanical Engineering) |
|
Date of Appointment : |
30.05.2014 |
KEY EXECUTIVES
|
Name : |
Ms. Dhwani Shah |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 30.09.2014
|
Category of
Shareholder |
No.
of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
1785953 |
35.72 |
|
|
1785953 |
35.72 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
1785953 |
35.72 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
10401 |
0.21 |
|
|
10401 |
0.21 |
|
|
|
|
|
|
255348 |
5.11 |
|
|
|
|
|
|
1526756 |
30.54 |
|
|
756911 |
15.14 |
|
|
664631 |
13.29 |
|
|
129962 |
2.60 |
|
|
37269 |
0.75 |
|
|
497400 |
9.95 |
|
|
3203646 |
64.07 |
|
Total Public shareholding (B) |
3214047 |
64.28 |
|
Total (A)+(B) |
5000000 |
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) |
5000000 |
100.00 |
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 |
|
Amin Sudarshan |
306600 |
6.13 |
|
Sudarshan Purshottamdas Am |
265200 |
5.30 |
|
Amin Nitaben |
246700 |
4.93 |
|
Amin Phagun Sudarshan |
228202 |
4.56 |
|
Amin Chandani Sudarshan |
228202 |
4.56 |
|
Paresh S Shah |
203975 |
4.08 |
|
Paresh S Shah HUF |
90600 |
1.81 |
|
Ambalal Prabhudas Patel |
61300 |
1.23 |
|
Nita Amin |
57900 |
1.16 |
|
Urmilaben Ambalal Patel |
41400 |
0.83 |
|
Tanmay Patel |
47374 |
0.95 |
|
Vipul Kashibhai Patel |
4000 |
0.08 |
|
Palak Tanmay Patel |
3300 |
0.07 |
|
Kalpanaben Sharadchandra Am |
1200 |
0.02 |
|
Total |
1785953 |
35.72 |
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 |
|
Overseas Pearl Limited |
497400 |
9.95 |
|
Das |
353100 |
7.06 |
|
Banco Products India Limited |
87700 |
1.75 |
|
Hasumati Kanubhai Patel |
74000 |
1.48 |
|
Total |
1012200 |
20.24 |
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 |
|
Patel Shashikant Purshottam Das |
353100 |
7.06 |
|
Overseas Pearl Limited |
497400 |
9.95 |
|
Total |
850500 |
17.01 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Specialized Glass Lined Equipment’s. |
GENERAL INFORMATION
|
Customers : |
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No. of Employees : |
Information denied by management |
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Bankers : |
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Facilities : |
Notes: LONG TERM
BORROWINGS Nature of Securities a. Term Loans (A Above) obtain from Karur Vysya Bank is secured by way of hypothecation of assets acquired through said term loan. b. Vehicles Loans acquired on H.P Loans from Banks (B Above) are secured by exclusive charged on respective “Vehicle purchased through those on
SHORT TERM BORROWINGS Nature of
Securities "Working capital loan is taken from State Bank of India and is secured by hypothecation of Inventories, all “receivables and plant and machinery, it also secured by equitable mortgage of land and factory building." |
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Banking
Relations : |
-- |
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|
Secretarial Auditor
: |
|
|
Name : |
D. G. Bhimani and Associates Chartered Accountants |
|
Address : |
Anand, Gujarat, India |
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|
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Statutory Auditors
: |
|
|
Name : |
Darji and Associates |
|
Address : |
V. V. Nagar, Gujarat, India |
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|
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Internal Auditor : |
|
|
Name : |
Kiran Patel and Company |
|
Address : |
Anand, Gujarat, India |
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Related Parties : |
|
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
Details of equity shares held by shareholders holding more than 5%
shares:
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Overseas Pearl Limited |
497400 |
9.95% |
|
Patel Shashikant Purshottamdas |
353100 |
7.06% |
|
Amin Sudarshan jointly with Nita Amin |
306600 |
6.13% |
|
Sudarshan Purshottamdas Ami |
265200 |
5.30% |
The Company has only one class of equity share having par value of Rs.10 per share. Each holder of equity share is entitled to one vote per share. In the event of liquidation of the Company, the holder of the equity share will be entitled to receive remaining assets of the Company. The distribution will be in proportion to the number of equity shares held by the shareholders.
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 |
50.000 |
50.000 |
50.000 |
|
(b) Reserves & Surplus |
176.465 |
152.968 |
129.671 |
|
(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) |
226.465 |
202.968 |
179.671 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
10.742 |
19.084 |
21.299 |
|
(b) Deferred tax liabilities (Net) |
37.031 |
37.135 |
38.040 |
|
(c) Other long term
liabilities |
20.490 |
3.705 |
12.667 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
68.263 |
59.924 |
72.006 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
124.131 |
180.806 |
148.748 |
|
(b) Trade
payables |
161.854 |
123.709 |
136.725 |
|
(c) Other
current liabilities |
129.611 |
98.854 |
137.613 |
|
(d) Short-term
provisions |
18.180 |
21.609 |
16.141 |
|
Total Current
Liabilities (4) |
433.776 |
424.978 |
439.227 |
|
|
|
|
|
|
TOTAL |
728.504 |
687.870 |
690.904 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
214.197 |
216.586 |
221.855 |
|
(ii)
Intangible Assets |
2.581 |
2.311 |
2.037 |
|
(iii)
Capital work-in-progress |
2.763 |
3.871 |
1.002 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.008 |
0.008 |
0.008 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
4.370 |
1.901 |
1.453 |
|
(e) Other
Non-current assets |
20.096 |
17.776 |
18.797 |
|
Total Non-Current
Assets |
244.015 |
242.453 |
245.152 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
411.226 |
380.670 |
390.631 |
|
(c) Trade
receivables |
53.728 |
42.761 |
34.704 |
|
(d) Cash
and cash equivalents |
5.507 |
8.562 |
9.765 |
|
(e) Short-term
loans and advances |
0.094 |
1.864 |
1.442 |
|
(f) Other
current assets |
13.934 |
11.560 |
9.210 |
|
Total
Current Assets |
484.489 |
445.417 |
445.752 |
|
|
|
|
|
|
TOTAL |
728.504 |
687.870 |
690.904 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
767.967 |
756.144 |
704.022 |
|
|
|
Other Income |
4.007 |
4.903 |
8.773 |
|
|
|
TOTAL (A) |
771.974 |
761.047 |
712.795 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
407.007 |
374.651 |
366.634 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(33.075) |
3.378 |
(33.775) |
|
|
|
Employees benefits expense |
52.468 |
45.984 |
43.101 |
|
|
|
Other expenses |
240.207 |
231.621 |
241.841 |
|
|
|
|
0.018 |
0.000 |
0.024 |
|
|
|
TOTAL (B) |
666.625 |
655.634 |
617.825 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
105.349 |
105.413 |
94.970 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
28.307 |
33.393 |
32.029 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
77.042 |
72.020 |
62.941 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/ AMORTISATION (F) |
19.535 |
18.627 |
16.526 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
57.507 |
53.393 |
46.415 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
19.481 |
17.312 |
18.340 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
38.026 |
36.081 |
28.075 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
12.816 |
9.519 |
6.228 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
25.000 |
20.000 |
12.000 |
|
|
|
Proposed Dividend |
12.500 |
11.000 |
11.000 |
|
|
|
Tax on Proposed Dividend |
2.028 |
1.784 |
1.784 |
|
|
BALANCE CARRIED
TO THE B/S |
11.314 |
12.816 |
9.519 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
FOB value of exports |
39.061 |
11.026 |
1.762 |
|
|
TOTAL EARNINGS |
39.061 |
11.026 |
1.762 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Stock-in-Trade |
3.971 |
2.468 |
4.377 |
|
|
|
Capital Goods |
2.789 |
0.134 |
0.706 |
|
|
TOTAL IMPORTS |
6.760 |
2.602 |
5.083 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.62 |
7.22 |
5.62 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
4.93 |
4.74 |
3.94 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.49 |
7.06 |
6.59 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
7.92 |
7.81 |
6.73 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25 |
0.26 |
0.26 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.60 |
0.98 |
0.95 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.12 |
1.05 |
1.01 |
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 |
50.000 |
50.000 |
50.000 |
|
Reserves & Surplus |
129.671 |
152.968 |
176.465 |
|
Net
worth |
179.671 |
202.968 |
226.465 |
|
|
|
|
|
|
long-term borrowings |
21.299 |
19.084 |
10.742 |
|
Short term borrowings |
148.748 |
180.806 |
124.131 |
|
Total
borrowings |
170.047 |
199.890 |
134.873 |
|
Debt/Equity
ratio |
0.946 |
0.985 |
0.596 |
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 |
704.022 |
756.144 |
767.967 |
|
|
|
7.403 |
1.564 |
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
|
704.022 |
756.144 |
767.967 |
|
Profit |
28.075 |
36.081 |
38.026 |
|
|
3.99% |
4.77% |
4.95% |
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 |
9.804 |
9.091 |
20.750 |
|
Total |
9.804 |
9.091 |
20.750 |
|
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 |
Yes |
|
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 LOAN:
|
Particulars |
31.03.2014 Rs.
In Millions |
31.03.2014 Rs.
In Millions |
|
SHORT TERM
BORROWINGS |
|
|
|
Deposit |
31.004 |
28.504 |
|
Total |
31.004 |
28.504 |
PERFORMANCE REVIEW
The Company has been able to steer through financial year 2013-14, which was another challenging year witnessing rapidly rising inflation rate, and has achieved a good performance with an increase in turnover and profitability. The Company has reported an increase in turnover of Rs.767.967 Millions as against last year's turnover of Rs.756.145 Millions. The Company has earned Rs.38.025 Millions as Profit after Tax as against Rs.36.081 last year
OUTLOOKS FOR 2013-14
The year 2013-14 was a turbulent year for the economy. India, with large current account and fiscal deficits and weaker growth, was hit particularly hard by a withdrawal of portfolio capital (resulting in steep currency depreciation) in the middle of the year, stemming from apprehensions of tapering of US quantitative easing. The rupee subsequently appreciated, in part because of policy interventions to support foreign exchange markets, and capital flows and equity markets rebounded as QE tapering was delayed to January. Further, the World Bank has projected India's economy will grow over 6 per cent in 2014-15 as global demand recovers and domestic investment increases, subject to further strains from a sharp withdrawal of foreign capital could increase risk of corporate debt distress, while one-off costs of bank recapitalisation that can put pressure on fiscal positions.
According to a report, India's pharmaceutical exports registered slowest growth in FY 2013-14 in last 15 years amid growing tension with the US over intellectual property rights related issues. However, India Ratings & Research expects that the potential for the Indian pharmaceutical industry will grow at around 20% CAGR (compounded annual growth rate) over the next five years is considering increasing dependence of US on Indian pharmaceuticals and the large proportion of alternative new drug application approvals received by Indian manufacturers lately. The Pharmaceutical sector being a major customer, the Company has and does expect good number of order bookings, local and foreign, in hand in coming year ahead.
Domestic steel prices have moved closer to export parity levels. At this point of time, we expect prices would either would remain stagnant or go up marginally provided the gap between the demand supply has lessened. Consequently, However, due to cost management, operational efficiency and aggressive marketing policy, the Company continues to maintain its positive stance. The Company believes in firm and steady growth and is continuously heading towards that direction.
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) |
162.832 |
|
b) Other operating income |
0.000 |
|
Total
income from Operations(net) |
162.832 |
|
2.Expenditure |
|
|
a) Cost of material consumed |
94.322 |
|
b) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
-23.144 |
|
c) Employees benefit expenses |
11.753 |
|
d) Depreciation and amortization expenses |
4.792 |
|
e) Power and Fuel |
17.610 |
|
f) Labour Charges |
13.152 |
|
g) Other expenditure |
27.451 |
|
Total expenses |
145.936 |
|
3. Profit from operations before other income and
financial costs |
16.896 |
|
4. Other income |
2.243 |
|
5. Profit from ordinary activities before finance costs |
19.139 |
|
6. Finance costs |
7.058 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
12.081 |
|
8. Exceptional item |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
12.081 |
|
10.Tax expenses |
3.947 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
8.134 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
8.134 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
140.152 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
16.i) Earnings per share (before extraordinary
items) of Rs.10/- each) (not annualised): |
|
|
(a) Basic and diluted |
1.63 |
|
ii) Earnings per share (after extraordinary items) |
|
|
(a) Basic and diluted |
1.63 |
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
30.06.2014 |
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
2823890 |
|
- Percentage of shareholding |
56.48 |
|
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 |
2176110 |
|
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) |
43.52 |
|
|
|
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
0 |
|
Receiving during the quarter |
0 |
|
Disposed of during the quarter |
0 |
|
Remaining unreserved at the end of the quarter |
0 |
Notes:
- The above results were reviewed by the Audit Committee in its Meeting held on 02.08.2013 and were approved by the Board of Directors of the Company in their Meeting held on 02.08.2013.
- Figures for the previous year/ period are regrouped/rearranged wherever considered necessary.
- In accordance with the requirements of Accounting Standard AS-22 issued by the Institute of Chartered Accountants of India, provision for deferred tax liability for the Qtr. Ended on 30th June, 2013 has been reversed by Rs.0.431 Million.
- In Compliance with clause 41 of the listing agreement with stock exchange, a limited review by the statutory auditors has been carried out for the quarter ended up to June 30, 2013.
- The Company's operation fall under single segment viz."Manufacturing of Glass-lined Reactor".
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10275730 |
05/02/2011 |
30,000,000.00 |
The Karur Vysya Bank Limited |
Royal Citadel, Plot No. 5, Keval Bunglow Soc., An And - Vv Nagar Road, Anand, Gujarat - 388001, India |
B09229816 |
|
2 |
90096996 |
28/01/2011 * |
321,700,000.00 |
State Bank Of India |
Overseas Branch, 3rd Floor, Amrut Jayanti Bhavan, Nr. Navjivan Pres, Ahemdabad, Gujarat - 380013, India |
B06214332 |
|
3 |
90100079 |
22/01/2011 * |
321,700,000.00 |
State Bank Of India |
Overseas Branch, 3rd Floor, Amrut Jayanti Bhavan, Nr. Navjivan Pres, Ahemdabad, Gujarat - 380013, India |
B06214761 |
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 records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper payments
to government officials for engaging in prohibited transactions or with
designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime : Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.24 |
|
UK Pound |
1 |
Rs.98.67 |
|
Euro |
1 |
Rs.77.97 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
VNT |
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 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
|
48 |
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.