MIRA INFORM REPORT
|
Report Date : |
29.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
BALKRISHNA INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
H -3/1, MIDC, ‘A’ Road, Tarapur (Boisar) Thane - 401506, Maharashtra |
|
|
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|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
20.11.1961 |
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|
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Com. Reg. No.: |
11-012185 |
|
|
|
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Capital Investment
/ Paid-up Capital : |
Rs. 193.317 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U21093MH2007PLC168591 |
|
|
|
|
PAN No.: [Permanent Account No.] |
AADCB0910G |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Paper and Paper Board. |
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|
No. of Employees
: |
Information Declined By The Management |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavorable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Status : |
Good |
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|
|
Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established company having fine track record. The rating reflects company’s healthy financial risk profile marked by
adequate liquidity position and decent profitability levels of the company. Trade relations are reported as fair. Business is active. Payment s
are reported to be regular and as per commitment. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go 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 |
CRISIL |
|
Rating |
Long Term Rating = AA- |
|
Rating Explanation |
High degree of safety and very low credit risk |
|
Date |
17.06.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk |
|
Date |
17.06.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED BY
|
Name : |
Mr. Sunil Darag |
|
Designation : |
Accountant |
|
Contact No.: |
Not Divulged |
|
Date : |
27.10.2014 |
LOCATIONS
|
Registered Office : |
H -3/1, MIDC, ‘A’ Road, Tarapur (Boisar) Thane - 401506, Maharashtra,
India |
|
Tel. No.: |
Not Available |
|
Fax No.: |
Not Available |
|
E-Mail : |
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|
Website : |
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|
|
|
|
Corporate Office : |
BKT House, C/15, Trade World, Kamala Mills Compound, Senapati Bapat
Marg, Lower Parel, Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-66663800 |
|
Fax No.: |
91-22-66663898/99 |
|
|
|
|
Manufacturing Units : |
|
DIRECTORS
As on: 31.03.2014
|
Name : |
Mr. Dharaprasad Poddar |
|
Designation : |
Chairman Emeritus |
|
|
|
|
Name : |
Mr. Arvind Poddar |
|
Designation : |
Chairman and Managing Director |
|
|
|
|
Name : |
Mr. Rajiv Poddar |
|
Designation : |
Joint Managing Director |
|
|
|
|
Name : |
Mr. Vijaylaxmi Poddar |
|
Designation : |
Executive Director |
|
|
|
|
Name : |
Mr. Vipul Shah |
|
Designation : |
Whole Time Director and Company Secretary |
|
|
|
|
Name : |
Mr. Sachin Nath Chaturvedi |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Subhash Chand Mantri |
|
Designation : |
Director (Up to 15.05.2014) |
|
|
|
|
Name : |
Mr. Rameshkumar Poddar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Khurshed Doongaji |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Laxmidas Merchant |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Sanjay Asher |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Ashok Saraf |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Vipul Shah |
|
Designation : |
Whole Time Director and Company Secretary |
|
|
|
|
MANAGEMENT
COMMITTEE |
|
|
|
|
|
Name : |
Mr. Dilip Vaidya |
|
Designation : |
Director (Technical) |
|
|
|
|
Name : |
Ms. Khushboo Poddar |
|
|
|
|
Name : |
Mr. Basant Bansal |
|
Designation : |
Director (Finance) |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and
Promoter Group |
|
|
|
|
|
|
|
|
56347740 |
58.30 |
|
|
270 |
0.00 |
|
|
56348010 |
58.30 |
|
|
|
|
|
Total shareholding of Promoter
and Promoter Group (A) |
56348010 |
58.30 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
16136055 |
16.69 |
|
|
15063 |
0.02 |
|
|
12135682 |
12.56 |
|
|
28286800 |
29.26 |
|
|
|
|
|
|
2814038 |
2.91 |
|
|
|
|
|
|
3938003 |
4.07 |
|
|
4901445 |
5.07 |
|
|
370299 |
0.38 |
|
|
326996 |
0.34 |
|
|
43303 |
0.04 |
|
|
12023785 |
12.44 |
|
Total Public shareholding (B) |
40310585 |
41.70 |
|
Total (A)+(B) |
96658595 |
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) |
96658595 |
100.00 |
SHAREHOLDING
BELONGING TO THE CATEGORY "PROMOTER AND PROMOTER GROUP"
|
Sl. No. |
Name of the
Shareholder |
Details of Shares
held |
Total shares as a % of diluted share capital |
|
|
No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
|||
|
1 |
RAJIV A PODDAR |
9,06,500 |
0.94 |
0.94 |
|
2 |
VIJAYLAXMI ARVINDKUMAR PODDAR |
12,88,895 |
1.33 |
1.33 |
|
3 |
RAJIV ARVIND KUMAR PODDAR |
1,63,290 |
0.17 |
0.17 |
|
4 |
RAMESHKUMAR DHARAPRASAD PODDAR |
100 |
0.00 |
0.00 |
|
5 |
ARVINDKUMAR MAHABIRPRASAD PODDAR |
500 |
0.00 |
0.00 |
|
6 |
AKP ENTERPRISES LLP |
2,39,98,445 |
24.83 |
24.83 |
|
7 |
RAP ENTERPRISES LLP |
2,39,67,995 |
24.80 |
24.80 |
|
8 |
KHUSHBOO RAJIV PODDAR |
37,96,500 |
3.93 |
3.93 |
|
9 |
GPP ENTERPRISES LLP |
6,93,100 |
0.72 |
0.72 |
|
10 |
RISHABH SURESHKUMAR PODDAR |
7,18,915 |
0.74 |
0.74 |
|
11 |
SHYAMLATA SURESHKUMAR PODDAR |
4,06,675 |
0.42 |
0.42 |
|
12 |
ARVIND KUMAR PODDAR |
46,500 |
0.05 |
0.05 |
|
13 |
ARVIND KUMAR PODDAR |
7,500 |
0.01 |
0.01 |
|
14 |
VKP ENTERPRISES LLP |
125 |
0.00 |
0.00 |
|
15 |
TMP ENTERPRISES LLP |
3,50,125 |
0.36 |
0.36 |
|
16 |
PKP ENTERPRISES LLP |
125 |
0.00 |
0.00 |
|
17 |
HSP ENTERPRISES LLP |
125 |
0.00 |
0.00 |
|
18 |
DPP ENTERPRISES LLP |
125 |
0.00 |
0.00 |
|
19 |
PAWANKUMAR DARAPRASAD PODDAR |
100 |
0.00 |
0.00 |
|
20 |
ASHADEVI RAMESHKUMAR PODDAR |
100 |
0.00 |
0.00 |
|
21 |
AVNISH PAWANKUMAR PODDAR |
100 |
0.00 |
0.00 |
|
22 |
DHARAPRASAD RAMRIKHDAS PODDAR |
100 |
0.00 |
0.00 |
|
23 |
MADHUDEVI PAWANKUMAR PODDAR |
100 |
0.00 |
0.00 |
|
24 |
VIBHADEVI SRHRIKISHAN PODDAR |
100 |
0.00 |
0.00 |
|
25 |
SHRIKRISHAN DHARAPRASAD PODDAR |
100 |
0.00 |
0.00 |
|
26 |
SANGEETA PRAMODKUMAR PODDAR |
100 |
0.00 |
0.00 |
|
27 |
HARSHIT SHRIKISHAN PODDAR |
100 |
0.00 |
0.00 |
|
28 |
ANKIT PRAMODKUMAR PODDAR |
100 |
0.00 |
0.00 |
|
29 |
ANURAG PRAMODKUMAR PODDAR |
100 |
0.00 |
0.00 |
|
30 |
GEETADEVI DHARAPRASAD PODDAR |
100 |
0.00 |
0.00 |
|
31 |
GAURAV PRAMOD PODDAR |
100 |
0.00 |
0.00 |
|
32 |
ABHISHEK S PODDAR |
100 |
0.00 |
0.00 |
|
33 |
GAURAV PODDAR |
100 |
0.00 |
0.00 |
|
34 |
DHARA PRASAD PODDAR |
100 |
0.00 |
0.00 |
|
35 |
DHARA PRASAD PODDAR |
100 |
0.00 |
0.00 |
|
36 |
DHARA PRASAD PODDAR |
100 |
0.00 |
0.00 |
|
37 |
RAMESH KUMAR PODDAR |
100 |
0.00 |
0.00 |
|
38 |
RAMESH KUMAR PODDAR |
100 |
0.00 |
0.00 |
|
39 |
PAWAN KUMAR PODDAR |
100 |
0.00 |
0.00 |
|
40 |
SHRIKISHAN PODDAR |
100 |
0.00 |
0.00 |
|
41 |
BALGOPAL HOLDING & TRADERS LIMITED |
50 |
0.00 |
0.00 |
|
42 |
PODDAR BROTHERS INVESTMENT PRIVATE LIMITED |
50 |
0.00 |
0.00 |
|
43 |
S P FINANCE & TRADING LIMITED |
50 |
0.00 |
0.00 |
|
44 |
VISHAL FURNISHINGS LIMITED |
50 |
0.00 |
0.00 |
|
45 |
SANCHNA TRADING & FIN LIMITED |
35 |
0.00 |
0.00 |
|
46 |
S P INVESTRADE (INDIA ) LIMITED |
35 |
0.00 |
0.00 |
|
|
Total |
5,63,48,010 |
58.30 |
58.30 |
SHAREHOLDING
BELONGING TO THE CATEGORY "PUBLIC" AND HOLDING MORE THAN 1% OF THE
TOTAL NO. OF SHARES
|
No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
Total shares as a %
of diluted share capital |
|
|
1 |
HDFC TRUSTEE COMPANY LIMITED - HDFC EQUITY FUND |
4188266 |
4.33 |
4.33 |
|
|
2 |
FRANKLIN TEMPLETON INVESTMENT FUNDS |
2906128 |
3.01 |
3.01 |
|
|
3 |
ICICI PRUDENTIAL VALUE DISCOVERY FUND |
1792849 |
1.85 |
1.85 |
|
|
4 |
HDFC TRUSTEE COMPANY LIMITED - HDFC PRUDENCE |
991675 |
1.03 |
1.03 |
|
|
5 |
HDFC TRUSTEE COMPANY LTD A/C HDFC MID |
2052685 |
2.12 |
2.12 |
|
|
6 |
LATA BHANSALI |
1319305 |
1.36 |
1.36 |
|
|
7 |
CREDIT SUISSE (SINGAPORE) LIMITED |
1211568 |
1.25 |
1.25 |
|
|
|
Total |
14462476 |
14.96 |
14.96 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Paper and Paper Board. |
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|
Products : |
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GENERAL INFORMATION
|
No. of Employees : |
Information Declined By The Management |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Jayantilal Thakkar and Company Chartered Accountants |
|
Address : |
111-A, |
|
Tel No.: |
91-22-22658800 / 22658900 |
|
Fax No.: |
91-22-22658989 |
|
Email : |
|
|
PAN No.: |
AAAFJ3458R |
|
|
|
|
Internal Auditors: |
Dilip A. Jain and Associates |
|
|
|
|
Cost Auditors: |
R S Raghvan |
|
|
|
|
Enterprises-KMP
having significant influence/owned by major shareholders |
|
CAPITAL STRUCTURE
As on: 31.03.2014
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000000 |
Equity Shares |
Rs. 2/- each |
Rs. 500.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
96658595 |
Equity Shares |
Rs. 2/- each |
Rs. 193.317 Millions |
|
|
|
|
|
TERMS/RIGHTS ATTACHED
TO EQUITY SHARES:
All the Equity Shares have equal rights in respect of distribution of dividends and the repayment of capital.
SHAREHOLDER'S HOLDING
MORE THAN 5 % SHARES IN THE COMPANY
|
Name of
Shareholders |
No. of Shares held |
% Holding |
|
RAP ENTERPRISES LLP |
23267995 |
24.07 |
|
AKP ENTERPRISES LLP |
23573445 |
24.39 |
In the current year percentage shareholding has decreased below 5% and accordingly, no disclosure is made for the same.
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 |
193.317 |
193.317 |
193.317 |
|
(b) Reserves & Surplus |
18654.717 |
13996.368 |
10607.615 |
|
(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) |
18848.034 |
14189.685 |
10800.932 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
16558.876 |
15042.878 |
9137.263 |
|
(b) Deferred tax liabilities (Net) |
1721.818 |
998.567 |
625.889 |
|
(c) Other long term
liabilities |
412.083 |
940.927 |
340.533 |
|
(d) long-term provisions |
(7.540) |
(1.710) |
(6.172) |
|
Total Non-current
Liabilities (3) |
18685.237 |
16980.662 |
10097.513 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
6881.096 |
5592.638 |
7492.226 |
|
(b) Trade
payables |
3430.793 |
2410.033 |
2004.142 |
|
(c) Other
current liabilities |
611.323 |
497.429 |
560.628 |
|
(d) Short-term
provisions |
283.705 |
216.778 |
199.673 |
|
Total Current
Liabilities (4) |
11206.917 |
8716.878 |
10256.669 |
|
|
|
|
|
|
TOTAL |
48740.188 |
39887.225 |
31155.114 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
23285.678 |
12765.514 |
8267.246 |
|
(ii)
Intangible Assets |
8.752 |
11.537 |
14.301 |
|
(iii)
Capital work-in-progress |
4763.386 |
9455.114 |
4498.699 |
|
(iv) Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current
Investments |
4265.131 |
329.134 |
322.351 |
|
(c) Deferred tax
assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
2098.104 |
2791.579 |
2668.701 |
|
(e) Other
Non-current assets |
4.407 |
0.085 |
4.936 |
|
Total Non-Current
Assets |
34425.458 |
25352.963 |
15776.234 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current
investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
5290.777 |
4325.535 |
4810.727 |
|
(c) Trade
receivables |
6184.658 |
5044.915 |
4796.107 |
|
(d) Cash
and cash equivalents |
98.047 |
2663.063 |
3573.968 |
|
(e)
Short-term loans and advances |
2739.379 |
2437.790 |
1949.944 |
|
(f) Other
current assets |
1.869 |
62.959 |
248.134 |
|
Total
Current Assets |
14314.730 |
14534.262 |
15378.880 |
|
|
|
|
|
|
TOTAL |
48740.188 |
39887.225 |
31155.114 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
35767.135 |
31905.704 |
28199.604 |
|
|
|
Other Income |
138.400 |
42.125 |
32.970 |
|
|
|
TOTAL (A) |
35905.535 |
31947.829 |
28232.574 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
17119.945 |
18179.090 |
17412.595 |
|
|
|
Purchases of Stock-in-Trade |
55.404 |
94.948 |
178.043 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
34.805 |
(364.397) |
(479.630) |
|
|
|
Employees benefits expense |
1385.763 |
1074.828 |
723.328 |
|
|
|
Other expenses |
8233.278 |
6277.397 |
5307.157 |
|
|
|
TOTAL (B) |
26829.195 |
25261.866 |
23141.493 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
9076.340 |
6685.963 |
5091.081 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
249.739 |
256.810 |
277.515 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
8826.601 |
6429.153 |
4813.566 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1649.642 |
1077.136 |
831.412 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
7176.959 |
5352.017 |
3982.154 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2293.252 |
1793.679 |
1296.954 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
4883.707 |
3558.338 |
2685.200 |
|
|
|
|
|
|
|
|
|
Less |
EXCESS/(SHORT) PROVISION
OF TAXATION |
0.000 |
0.000 |
33.500 |
|
|
|
|
|
|
|
|
|
|
Profi t after adjustment relating to earlier years |
4883.707 |
3558.338 |
2651.700 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
765.900 |
877.200 |
3893.100 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
4000.000 |
3500.000 |
5499.100 |
|
|
|
Dividend |
193.300 |
145.000 |
145.000 |
|
|
|
Tax on Dividend |
32.000 |
24.600 |
23.500 |
|
|
BALANCE CARRIED
TO THE B/S |
4225.300 |
3669.600 |
5667.600 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
31895.811 |
29222.280 |
25697.140 |
|
|
TOTAL EARNINGS |
31895.811 |
29222.280 |
25697.140 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
14444.383 |
14100.899 |
14449.975 |
|
|
|
Stores & Spares |
155.018 |
114.211 |
169.032 |
|
|
|
Capital Goods |
2442.179 |
3003.819 |
1228.644 |
|
|
|
Others |
12.215 |
8.594 |
2.160 |
|
|
TOTAL IMPORTS |
17053.795 |
17227.523 |
15849.811 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
50.53 |
36.81 |
27.43 |
|
QUARTERLY /
SUMMARISED RESULTS
|
Particulars (Rs.Cr) |
|
|
|
Jun 2014 |
|
Audited / UnAudited |
|
|
|
UnAudited |
|
Net Sales |
|
|
|
9609.800 |
|
Total Expenditure |
|
|
|
7284.400 |
|
PBIDT (Excl OI) |
|
|
|
2325.400 |
|
Other Income |
|
|
|
72.500 |
|
Operating Profit |
|
|
|
2397.900 |
|
Interest |
|
|
|
117.700 |
|
Exceptional Items |
|
|
|
0.000 |
|
PBDT |
|
|
|
2280.200 |
|
Depreciation |
|
|
|
567.000 |
|
Profit Before Tax |
|
|
|
1713.200 |
|
Tax |
|
|
|
559.100 |
|
Provisions and contingencies |
|
|
|
0.000 |
|
Profit After Tax |
|
|
|
1154.100 |
|
Extraordinary Items |
|
|
|
0.000 |
|
Prior Period Expenses |
|
|
|
0.000 |
|
Other Adjustments |
|
|
|
0.000 |
|
Net Profit |
|
|
|
1154.100 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
13.60 |
11.14 |
9.51 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
20.07 |
16.77 |
14.12 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
18.07 |
17.78 |
15.12 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.38 |
0.38 |
0.37 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.24 |
1.45 |
1.54 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.28 |
1.67 |
1.50 |
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 |
193.317 |
193.317 |
193.317 |
|
Reserves & Surplus |
10607.615 |
13996.368 |
18654.717 |
|
Net worth |
10800.932 |
14189.685 |
18848.034 |
|
|
|
|
|
|
long-term borrowings |
9137.263 |
15042.878 |
16558.876 |
|
Short term borrowings |
7492.226 |
5592.638 |
6881.096 |
|
Total borrowings |
16629.489 |
20635.516 |
23439.972 |
|
Debt/Equity ratio |
1.540 |
1.454 |
1.244 |
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 |
28199.604 |
31905.704 |
35767.135 |
|
|
|
13.142 |
12.103 |
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 |
28199.604 |
31905.704 |
35767.135 |
|
Profit |
2685.200 |
3558.338 |
4883.707 |
|
|
9.52% |
11.15% |
13.65% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT
(Rs. In
Millions)
|
Particular |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
|
|
|
Current maturities of long-term debt |
60.100 |
108.779 |
102.313 |
|
|
|
|
|
|
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 |
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 |
Yes |
|
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 |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
LITIGATION DETAILS:
|
LITIGATION DETAILS |
|||||||
|
Bench:- Bombay |
|||||||
|
Lodging No. : |
ITXAL/113/2012 |
Failing Date:- |
02/02/2012 |
Reg. No.:- |
ITXA/1214/2012 |
Reg. Date:- |
19/10/2012 |
|
Petitioner:- |
THE COMMISSIONER OF INCOME TAX – 6 (1) |
Respondent:- |
M/S. BALKRISHNA INDUSTRIES LTD |
||||
|
Petn.Adv:- |
S. V. BHARUCHA |
|
|
||||
|
District:- |
MUMBAI |
||||||
|
Bench:- |
DIVISION |
Category:- |
TAX APPEALS |
||||
|
Status:- |
Pre-Admission |
Stage:- |
FOR ADMISSION |
||||
|
Next Date:- |
29/10/2014 |
|
|||||
|
Coram:- |
HON'BLE SHRI JUSTICE S.C. DHARMADHIKARI HON'BLE SHRI JUSTICE A.A. SAYED |
||||||
|
Last Date:- |
05/03/2014 |
Stage:- |
FOR ADMISSION |
||||
|
Last Coram:- |
HON'BLE SHRI JUSTICE S.C. DHARMADHIKARI HON'BLE SHRI JUSTICE GIRISH S. KULKARNI |
||||||
|
Act. : |
Income Tax Act,1961 |
Under Section 260A |
|||||
UNSECURED LOAN
|
Particulars |
As on 31.03.2014 |
As on 31.03.2013 |
|
|
(Rs. In Millions) |
|
|
LONG TERM
BORROWINGS: |
|
|
|
Deferred Payment Liabilities |
31.431 |
31.431 |
|
SHORT TERM
BORROWINGS: |
|
|
|
Loans repayable on demand |
2760.158 |
3383.342 |
|
Total |
2791.589 |
3414.773 |
INDEX OF CHARGES:
|
S. No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10392194 |
27/05/2013 * |
406,000,000.00 |
STANDARD CHARTERED BANK |
CRESCENZO, 3A/F, PLOT NO. C-38 & C-39, G BLOCK, BANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA |
B77568863 |
|
2 |
10342059 |
27/05/2013 * |
174,000,000.00 |
STANDARD CHARTERED BANK |
CRESCENZO, 3A/F, PLOT NO. C-38 & C-39, G BLOCK, BANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA |
B77568988 |
|
3 |
10341975 |
01/03/2013 * |
170,000,000.00 |
STANDARD CHARTERED BANK |
CRESCENZO, 3A/F, PLOT NO. C-38 & 39, G BLOCK, BANDRA KURLA COMPLEX, BANDRA EAST, MUMBAI, MAHARASHTRA - 400051, INDIA |
B70722160 |
|
4 |
10124121 |
10/10/2013 * |
140,000,000.00 |
CORPORATION BANK |
CORPORATE BANKING BRANCH, 104 BHARAT HOUSE, B. S. MARG, FORT,, MUMBAI, MAHARASHTRA - 400001, INDIA |
B88556154 |
OPERATIONS:
The Company mainly operates in one single segment i.e. “tyres” with focus on manufacture of wide range of “Off-Highway Specialty tyres”. These specialty tyres are meant for Agricultural, Industrial, Material Handling, Construction, Earthmoving (OTR), Forestry, Lawn & Garden Equipments and All-Terrain Vehicles (ATV). Around 90% of their revenue is generated through exports.
During the year, the revenue of the Company from its operations has grown by 13%. The Net Turnover and other Income of the company has increased from Rs. 28200.000 Millions to Rs. 31900.000 Millions.
The Gross Profit of the Company for the year under consideration has increased from Rs. 4810.000 Millions to Rs. 6430.000 Millions and correspondingly, the profit after tax has increased to Rs.3560.000 Millions as compare to Rs.2690.000 Millions in the previous year.
The Company continues to enjoy the status of “STAR TRADING HOUSE”.
OUTLOOK FOR THE
CURRENT YEAR 2013-2014:
The company revenue is mainly generated from exports to Europe and USA. However the markets have been under pressure due to global recession during the last financial year. The overall business environment across the globe continues to be under pressure; however USA has started showing signs of recovery and we are hopeful that such recovery is sustainable throughout the year. Despite a difficult business environment we are causally optimistic about showing moderate growth in exports during the current financial year.
Raw materials prices had declined in the last financial year on account of slacking demand in the tyre sector. Other input cost has also increased. However we expect that profit margin would show an improvement during the current financial year, if raw materials prices remain stable.
The long-term prospects of the company are definitely positive and the company continues to expand its product base by developing different types of tyres and venturing in to new geographies. The company has also established sales offices in various countries of the world to ensure deeper penetration into existing markets and sustain its future growth.
MANAGEMENT DISCUSSION
AND ANALYSIS
OPPORTUNITY &
THREATS:
The segment in which the company operates is predominantly “large varieties - low volume segment”, which restricts plant capacity utilization. It is both a capital intensive and labour intensive proposition, making it un-attractive for fresh investments by major players. The Company is fully geared to take advantage of the peculiarities of the said segment and has developed a large base of SKUs to meet the diverse needs and applications.
Moreover, the segment is not exposed to any technological obsolescence and wild fluctuations in demand of its products.
The Company has incremental opportunity to develop the “Earth Moving tyres” (OTR) markets and take advantage of the shift from bias to radial tyres, which is picking up rapidly. In this pursuit, the company has already set up an all-steel OTR Radial tyre plant at its Chopanki location and thereby has become the first company in India to set up such plant. The company is in the process of expanding its base into its various sub-segments like agricultural, industrial, construction, mining, winter and solid tyres under both the technology – bias as well as radials.
STATEMENT OF
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2014
Rs.
In Millions
|
Particulars |
3 Months ended |
|
|
30.06.2014 |
||
|
Unaudited |
||
|
1 |
Income from Operations |
|
|
|
(a) Gross Sales |
9589.000 |
|
|
(b) Net sates/income from operations (Net of excise duty) |
9480.700 |
|
|
(c) Other Operating Income |
129.100 |
|
|
Total income from operations (net) |
9609.800 |
|
2 |
Expenses |
|
|
|
(a) Cost of materials consumed |
4847.800 |
|
|
(b) Purchases of stock-in trade |
15.900 |
|
|
(c) Changes in inventories of finished goods. work-in-progress and stock in trade |
7.000 |
|
|
(d) Employee benefits expense |
474.500 |
|
|
(e) Depreciation and Anmortisation Expenses |
567.000 |
|
|
(f) Power and Fuel |
329.300 |
|
|
(g) Net Exchange Difference |
(60.900) |
|
|
(h) Other Expenses |
1609.900 |
|
|
Total expenses |
7790.500 |
|
3 |
Profit/ (Loss) from operations before other Income, finance costs and exceptional Items (1-2) |
1819.300 |
|
4 |
Other Income |
10.500 |
|
5 |
Profit/ (Loss) from operations before other income, finance costs and exceptional items (3+4) |
1829.800 |
|
6 |
Finance Costs |
116.600 |
|
7 |
Profit/ (Loss) from ordinary activities after finance cost but before exceptional items (5-6) |
1713.200 |
|
8 |
Exceptional items |
-- |
|
9 |
Profit/ (Loss) from ordinary activities before tax (7+8) |
1713.200 |
|
10 |
Tax expenses |
559.100 |
|
11 |
Net Profit / (Loss) from ordinary activities after tax (9-10) |
1154.100 |
|
12 |
Extraordinary item (net of tax expense) |
-- |
|
13 |
Net Profit / (Loss) for the period (11-12) |
1154.100 |
|
17 |
Paid up equity share capital (Face Value of Rs.2/-each) |
193.300 |
|
18 |
Reserve excluding Revaluation Reserve as per Balance Sheet of previous accounting year |
-- |
|
19.i |
Earnings per share (before extraordinary items) of Rs.10/- each (not annualised): |
|
|
|
(a) Basic |
11.94 |
|
|
(b) Diluted |
11.94 |
|
|
|
|
|
A |
PARTICULARS OF SHAREHOLDING |
|
|
1 |
Public Shareholding |
|
|
|
- Number of shares |
40310585 |
|
|
- Percentage of shareholding |
41.70 |
|
2 |
Promoters and Promoter group shareholding |
|
|
|
a) Pledged / Encumbered |
|
|
|
- Number of shares |
-- |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group) |
-- |
|
|
- Percentage of shares (as a % of the total Share Capital of the Company) |
-- |
|
|
b) Non Encumbered |
|
|
|
- Number of shares |
56348010 |
|
|
- Percentage of shares (as a % of the total shareholding of Promoter & Promoter group) |
100 |
|
|
- Percentage of shares (as a % of the total Share Capital of the Company) |
58.30 |
|
|
|
|
Notes:
1. The above unaudited (Standalone) results as reviewed by the Audit Committee have been approved by the Board of Directors at its meeting held on August 02, 2014. The Auditors of the company have carried out the "Limited review" of the above results.
2. Segment reporting as required by AS-17 is not applicable as the company
operates in one single primary business segment i.e. Tyres.
3. The work on green field tyre plant of the Company at Bhuj Is in progress and
partial production has commenced.
4. Net exchange Difference includes Loss/(Gain) on transactions related to
Sales and Purchases.
5. During the quarter under consideration the company has based on technical
evaluation assessed the remaining useful lives of the fixed assets in terms of
schedule II to the Companies Act 2013 read together with accounting standard
(AS-6) on "Depreciation Accounting". Pursuant to such assessment, the
useful lives of certain assets have changed from their previous estimates. As a
result the charge for depreciation for the quarter is lower by Rs. 379 lacs.
For assets that have completed their useful lives as on April 01, 2014 their
net residual value of Rs 273 lacs (net off differed tax) has been adjusted in
the General Reserve.
6. The Company has received approval from stock exchanges in connection with
its scheme of arrangement of its subsidiary Company namely Balkrishna Paper
Mills Limited. Thereafter, the company filed the application in the honorable
High Court of Bombay for its approval and the court vide its order June 26,
2014 has given certain directions to take various steps which are in progress.
7. Figures for the previous periods/ year have regrouped/ reclassified/
restated wherever necessary.
FIXED ASSETS:
- Land
- Buildings
- Plant and equipment
- Furniture and fixtures
- Vehicles
- 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 judgment 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.61.35 |
|
|
1 |
Rs.98.93 |
|
Euro |
1 |
Rs.77.92 |
INFORMATION DETAILS
|
Information Gathered
by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
JAY |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--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 |
|
64 |
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.