MIRA INFORM REPORT
|
Report Date : |
30.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
SRF LIMITED |
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Registered
Office : |
C-8, Commercial Complex, Safdarjung Development Area, New Delhi –
110016 |
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Country : |
India |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
09.01.1970 |
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Com. Reg. No.: |
55-005197 |
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Capital
Investment / Paid-up Capital : |
Rs. 584.356 Millions |
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CIN No.: [Company Identification
No.] |
L18101DL1970PLC005197 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
DELS33266C |
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PAN No.: [Permanent Account No.] |
AAACS0206P |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on the
Stock Exchanges. |
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Line of Business
: |
Manufacturing and Distribution of a wide range of products in
Technical Textiles, Chemicals and Packing Films Industries. |
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No. of Employees
: |
2000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (62) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 62000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established company having a fine track record. There seems slight dip in profit of the company during the financial
year 2014 however, general financial position of the company is sound.
Fundamentals of the company are strong and healthy. The rating also takes into consideration the company strong position
in its technical textiles and chemicals business. Trade relations are reported as fair. Business is active. Payments are
reported to be regular and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Fitch Rating |
|
Rating |
Non-Convertible Debenture Programme Ind=AA |
|
Rating Explanation |
High degree of safety and very low credit
risk. |
|
Date |
September, 2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED
Management Non Co-operative (91-124-4354400)
LOCATIONS
|
Registered Office : |
C-8, Commercial Complex, Safdarjung Development Area, New Delhi –
110016, India |
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Tel. No.: |
91-11-26857141 |
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Fax No.: |
91-11-26510428 |
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E-Mail : |
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Website : |
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Corporate Office : |
Block – C, Sector – 45, Gurgaon -122003, Haryana, India |
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Tel. No.: |
91-124-4354400 |
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Fax No.: |
91-124-4354500 |
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E-Mail : |
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TECHNICAL TEXTILES BUSINESS |
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Factory 1 : |
Manali
Industrial Area, Manali, Chennai – 600068, Tamilnadu, India |
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Tel. No.: |
91-44-25946000 |
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Fax No.: |
91-44-25941159 |
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Factory 2 : |
Industrial Area,
Malanpur, District Bhind – 477116, Madhya Pradesh, India |
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Tel. No.: |
91-7539-283164 |
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Fax No.: |
91-7539-283427 |
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Factory 3 : |
Plot No 1, SIPCOT
Industrial Area Complex, Gummidipoondi, District Thiruvallur – 601201,
Tamilnadu, India |
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Tel. No.: |
91-44-27923212-22 |
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Fax No.: |
91-44-27922718/
27922888 |
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Factory 4 : |
Viralimalai,
District Pudukottai – 621316, Tamilnadu, India |
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Tel. No.: |
91-4339-220808 |
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Fax No.: |
91-4339-220284 |
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Factory 5 : |
Plot No. 12, Rampura, Ramnagar Road,
District Udham Singh Nagar, Kashipur –
244713, Uttaranchal, India. |
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Tel. No.: |
91-5947-275604/
05 |
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Fax No.: |
91-5947-275606 |
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INTERNATIONAL OPERATIONS |
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Factory 7 : |
SRF Overseas Limited P.O. Box 61101,
Jebel Ali Free Zone, Dubai, U.A.E. |
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Tel. No.: |
+97-14-8836717 |
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Fax No.: |
+97-14-8838341 |
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Factory 8 : |
SRF Industex Belting (Pty) Limited PO Box 4038, Korsten, Port Elizabeth, 6014, Republic of South Africa |
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Tel. No.: |
+2741-4068700 |
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Fax No.: |
+2741-4511558/ 4514012 |
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Factory 9 : |
SRF Technical Textiles (Thailand) Limited 3, Map Ta Phut Industrial Estate, I-1 Road, Amphur Muang, P.O. Box 61, Rayong Province, Thailand |
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Tel. No.: |
+66-(38)-683600-7 |
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Fax No.: |
+66-(38)-683609 |
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CHEMICALS AND POLYMERS BUSINESS |
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Factory 10 : |
Village and PO - Jhiwana, Tehsil Tijara, District Alwar – 301018,
Rajasthan, India |
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Tel. No.: |
91-1493-220288/
517838/ 517839 |
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Fax No.: |
91-1493-221125/
517837 |
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Manali Industrial Area, Manali, Chennai - 600068, Tamilnadu, India |
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Plot No. 14 C, Sector 9, IIE Pantnagar, District Udham Singh Nagar -
263153, Uttarakhand, India |
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Factory 11 : |
D II/I GIDC,
PCPIR, GIDC, Phase II, Tal Vagra, Village Dahej, District Bharuch - 392130,
Gujarat, India |
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PACKAGING FILMS BUSINESS |
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Factory 12 : |
Plot No 12,
Rampura, Ramnagar Road, District Udham Singh Nagar, Kashipur – 244713,
Uttaranchal, India |
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Tel. No.: |
91-5947-275604 |
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Fax No.: |
91-5947-275606 |
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Factory 13 : |
Plot No. C – 1-8,
C-21-30, Sector – 3, Indore Special Economic Zone, District Dhar, Pitampur –
454775, Madhya Pradesh, India |
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Tel. No.: |
91-7292-400526 |
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Fax No.: |
91-7292-401745 |
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ENGINEERING PLASTICS BUSINESS |
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Factory 14 : |
Manali Industrial Area,
Manali, Chennai - 600068,
Tamilnadu, India |
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Tel. No.: |
91-44-25941073 |
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Fax No.: |
91-44-25943073 |
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Factory 15 : |
Plot No. 14 C, Sector 9,
Industrial Estate, Pant Nagar, District U S Nagar – 244713, Uttaranchal, India |
|
Fax No.: |
91-5944-250098 |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Arun Bharat Ram |
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Designation : |
Chairman |
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Date of Birth/Age : |
72 Years |
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Qualification : |
B.SC (Indl. Engineering) |
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Experience : |
46 Years |
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Name : |
Mr. Ashish Bharat Ram |
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Designation : |
Managing Director |
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Date of Birth/Age : |
44 Years |
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Qualification : |
MBA |
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Experience : |
22 Years |
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Name : |
Mr. Kartik Bharat Ram |
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Designation : |
Deputy Managing Director |
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Date of Birth/Age : |
42 Years |
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Qualification : |
MBA |
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Experience : |
19 Years |
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Name : |
Mr. K. Ravichandra |
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Designation : |
Director (Safety and Environment) |
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Name : |
Mr. Vellayan Subbiah |
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Designation : |
Director |
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Name : |
Mr. Vinayak Chatterjee |
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Designation : |
Director |
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Name : |
Mr. L Lakshman |
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Designation : |
Director |
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Name : |
Mr. Tejpreet S Chopra |
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Designation : |
Director |
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Name : |
Mr. Pramod B Bhasin |
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Designation : |
Director |
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KEY EXECUTIVES
|
Name : |
Mr. Anoop K. Joshi |
|
Date of Birth/Age : |
52 Years |
|
Designation : |
Company Secretary |
|
Qualification : |
FCA, FCS |
SHAREHOLDING PATTERN
AS ON 30.09.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
Bodies Corporate |
30075500 |
52.38 |
|
|
30075500 |
52.38 |
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|
|
|
Total shareholding of Promoter and Promoter Group (A) |
30075500 |
52.38 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
6933624 |
12.08 |
|
|
175341 |
0.31 |
|
|
656472 |
1.14 |
|
|
6602728 |
11.50 |
|
|
14368165 |
25.02 |
|
|
|
|
|
|
3092821 |
5.39 |
|
|
|
|
|
|
8523581 |
14.84 |
|
|
1014064 |
1.77 |
|
|
346369 |
0.60 |
|
|
230580 |
0.40 |
|
|
58177 |
0.10 |
|
|
57562 |
0.10 |
|
|
50 |
0.00 |
|
|
12976835 |
22.60 |
|
Total Public shareholding (B) |
27345000 |
47.62 |
|
Total (A)+(B) |
57420500 |
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) |
57420500 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing and Distribution of a wide range of products in
Technical Textiles, Chemicals and Packing Films Industries. |
||||||||
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Products : |
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PRODUCTION STATUSAS ON 31.03.2013
|
Particulars |
Unit |
Installed Capacity |
Actual Production |
|
Synthetic Filament Yarn including Industrial Yarn / Tyre Cord @/
Twine@@ |
MT |
68040 |
11540.32 |
|
Nylon Tyre Cord Fabric / Industrial Yarn Fabric / Polyester Tyre Cord
Fabric* |
MT |
71384 |
49400.78 |
|
Laminated Fabric |
Lakhs SQM |
900 |
559.32 |
|
Nylon / PBT / PC Compounding Chips@@ |
MT |
14500 |
9042.40 |
|
Fluorocarbon Refrigerant Gases |
MT |
57500 |
11632.90 |
|
HFC 134a |
MT |
5000 |
2852.70 |
|
Hydrofluoric Acid (Anhydrous)@ |
MT |
12000 |
-- |
|
Gypsum (By product) |
MT |
44550 |
36452.30 |
|
Hydrochloric Acid (By Product) |
MT |
77220 |
6659.22 |
|
Chloromethanes@ |
MT |
40000 |
24174.42 |
|
Fluorospecialities Chemicals |
MT |
12005 |
2379.12 |
|
Packaging Films |
MT |
59500 |
54003.89 |
Installed capacity
is as certified by management
@ Excludes captive
consumption
* Includes Nil
(Previous Year – 1068.98 MT) of nylon tyre cord fabric / industrial yarn fabric
produced outside the Company by the Company’s conversion contractors
@@ Includes 15.20
MT (Previous Year – 106.55 MT) of nylon compounding chips produced outside the
Company by the Company’s conversion contractors.
GENERAL INFORMATION
|
No. of Employees : |
2000 (Approximately) |
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Bankers : |
·
ICICI Bank ·
State Bank of India ·
State Bank of Patiala ·
Standard Chartered Bank ·
Citibank NA ·
Yes Bank Limited ·
HDFC Bank ·
The Royal Bank of Scotland ·
Kotak Mahindra Bank ·
Development Bank of Singapore |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Holding Company : |
·
KAMA Holdings Limited with effect from 3 August
2012 |
|
|
|
|
Subsidiaries : |
·
SRF Overseas Limited ·
SRF Transnational Holdings Limited ·
SRF Properties Limited ·
SRF Holiday Home Limited ·
SRF Energy Limited ·
SRF Fluorochemicals Limited ·
SRF Fluor Private Limited ·
SRF Global BV ·
SRF Industries (Thailand) Limited ·
SRF Industex Belting (Pty) Limited ·
SRF Flexipak (South Africa) (Pty) Limited |
|
|
|
|
Fellow subsidiaries with effect from 3 August
2012 : |
·
KAMA Realty (Delhi) Limited ·
Shri Educare Limited ·
Shri Educare Maldives Private Limited ·
KHL Investments Limited |
|
|
|
|
Enterprises over which have significant influence : |
·
KAMA Holdings Limited became holding company on 3
August 2012 ·
KAMA Realty (Delhi) Limited become fellow
subsidiary on 3 August 2012 ·
Shri Educare Limited became fellow subsidiary on
3 August 2012 ·
Shri Educare Maldives Private Limited became
fellow subsidiary on 3 August 2012 ·
KHL Investments Limited became fellow subsidiary
on 3 August 2012 ·
SRF Foundation ·
Karm Farms Private Limited ·
Srishti Westend Greens Farms Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
120000000 |
Equity Shares |
Rs.10/- each |
Rs.1200.000 Millions |
|
1000000 |
Preference Shares |
Rs.100/- each |
Rs.100.000 Millions |
|
1200000 |
Cumulative Convertible Preference Shares |
Rs.50/- each |
Rs.60.000 Millions |
|
20000000 |
Cumulative Preference Shares |
Rs.100/- each |
Rs. 2000.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.3360.000
Millions |
Issued Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
61477255 |
Equity Shares |
Rs.10/- each |
Rs.614.773 Millions |
|
|
|
|
|
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
57420500* |
Equity Shares |
Rs.10/- each |
Rs.574.205 Millions |
|
|
Add: Forfeited shares - Amount originally paid up |
|
Rs. 10.151 Millions |
|
|
|
|
|
|
|
Total |
|
Rs. 584.356
Millions |
* 3,00,00,000 equity shares held by KAMA Holdings Limited, the holding company.
·
Reconciliation of equity shares
|
|
Number of shares |
Rs. in millions |
|
As at April 1, 2012 |
57420500 |
574.205 |
|
Less: Shares bought back during the year |
-- |
-- |
|
As at March 31, 2013 |
57420500 |
574.205 |
|
Add: Movement during the year |
-- |
-- |
|
As at March 31, 2014 |
57420500 |
574.205 |
The shares bought back in the current year were cancelled / extinguished
during the year.
·
Shareholders holding more than 5% shares in the
Company
|
Name of the shareholder |
Number of shares |
% of total |
|
|
|
|
|
KAMA Holdings Limited |
30000000 |
52.25% |
· The Company has bought back 1,04,64,505 equity shares in aggregate in the last five financial years.
·
Terms/rights
attached to equity shares
The Company has only one class of equity shares having a par value of ` 10 per share. Each holder of equity shares is entitled to one vote per share. The Company declares and pays dividends in Indian rupees. The final dividend proposed by the Board of Directors is subject to the approval of the shareholders in the ensuing Annual General Meeting. The Board may from time to time pay to the members such interim dividends as appear to it to be justified by the profits of the Company.
During the year ended 31 March 2014, the amount of interim dividend recognised as distributions to equity shareholders was Rs.10 per share.
In the event of liquidation of the Company, the holders of equity shares will be entitled to receive remaining assets of the Company, after distribution
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 |
584.356 |
584.356 |
584.356 |
|
(b) Reserves & Surplus |
21050.763 |
19540.768 |
17882.650 |
|
(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) |
21635.119 |
20125.124 |
18467.006 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
8445.786 |
5766.234 |
5793.068 |
|
(b) Deferred tax liabilities (Net) |
2900.275 |
2548.779 |
2170.930 |
|
(c) Other long term
liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term
provisions |
135.308 |
118.894 |
104.038 |
|
Total Non-current
Liabilities (3) |
11481.369 |
8433.907 |
8068.036 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
2836.143 |
2416.311 |
2944.297 |
|
(b) Trade
payables |
5826.630 |
4309.917 |
4448.887 |
|
(c) Other
current liabilities |
2725.333 |
3234.559 |
2180.807 |
|
(d) Short-term
provisions |
147.400 |
73.541 |
134.054 |
|
Total Current
Liabilities (4) |
11535.506 |
10034.328 |
9708.045 |
|
|
|
|
|
|
TOTAL |
44651.994 |
38593.359 |
36243.087 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
27415.637 |
21651.735 |
18403.520 |
|
(ii)
Intangible Assets |
184.360 |
178.050 |
204.296 |
|
(iii) Capital
work-in-progress |
1213.800 |
2196.929 |
4142.646 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
931.872 |
926.122 |
922.972 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
775.434 |
1206.852 |
951.665 |
|
(e) Other
Non-current assets |
38.683 |
23.015 |
30.437 |
|
Total Non-Current
Assets |
30559.786 |
26182.703 |
24655.536 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
250.276 |
1351.306 |
1264.027 |
|
(b)
Inventories |
6311.613 |
4959.098 |
4121.961 |
|
(c) Trade
receivables |
5451.830 |
4525.678 |
4080.289 |
|
(d) Cash
and cash equivalents |
746.392 |
769.642 |
1292.067 |
|
(e)
Short-term loans and advances |
1317.715 |
797.247 |
821.774 |
|
(f) Other
current assets |
14.382 |
7.685 |
7.433 |
|
Total
Current Assets |
14092.208 |
12410.656 |
11587.551 |
|
|
|
|
|
|
TOTAL |
44651.994 |
38593.359 |
36243.087 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
34171.468 |
33225.443 |
35272.183 |
|
|
|
Other Income |
247.142 |
437.534 |
310.581 |
|
|
|
TOTAL |
34418.610 |
33662.977 |
35582.764 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
20168.379 |
19137.355 |
20211.628 |
|
|
|
Purchases of traded goods |
160.162 |
90.170 |
64.016 |
|
|
|
(Increase)\Decrease in inventories of finished goods, stock-in-process
and traded goods |
(47.635) |
(224.961) |
(65.239) |
|
|
|
Employee benefits expenses |
2327.227 |
2024.352 |
1640.487 |
|
|
|
Other expenses |
6497.020 |
6420.892 |
5415.499 |
|
|
|
TOTAL |
29105.153 |
27447.808 |
27266.391 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
5313.457 |
6215.169 |
8316.373 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
700.201 |
846.483 |
1040.932 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
4613.256 |
5368.686 |
7275.441 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
1904.648 |
1842.759 |
1616.807 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
2708.608 |
3525.927 |
5658.634 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
543.154 |
940.857 |
1784.834 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
2165.454 |
2585.070 |
3873.800 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
11958.675 |
11040.332 |
9315.563 |
|
|
|
|
|
|
|
|
|
Add |
Recognition of
stock of Certified Emission Reductions as at 1 April 2012 |
0.000 |
9.135 |
0.000 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
574.205 |
574.205 |
812.262 |
|
|
|
Corporate Dividend Tax |
95.887 |
93.150 |
131.769 |
|
|
|
Transfer to General Reserve |
216.545 |
258.507 |
400.000 |
|
|
|
Debenture redemption reserve |
0.000 |
750.000 |
750.000 |
|
|
|
Transfer to Special Economic Zone reinvestment allowance reserve |
0.000 |
0.000 |
55.000 |
|
|
BALANCE CARRIED
TO THE B/S |
13237.492 |
11958.675 |
11040.332 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on FOB Value |
9753.535 |
10835.460 |
12203.695 |
|
|
|
Interest |
2.734 |
4.286 |
1.264 |
|
|
|
Profit on sale of investment in subsidiary / others |
0.000 |
0.000 |
4.284 |
|
|
|
Service fee including recovery of actual expenses incurred |
85.901 |
45.654 |
32.611 |
|
|
TOTAL EARNINGS |
9842.170 |
10885.400 |
12241.854 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
10284.330 |
8490.562 |
6431.004 |
|
|
|
Stores & Spares |
136.391 |
107.696 |
214.827 |
|
|
|
Capital Goods |
369.096 |
279.059 |
403.584 |
|
|
TOTAL IMPORTS |
10789.817 |
8877.317 |
7049.415 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
37.71 |
45.02 |
65.55 |
|
QUARTERLY RESULTS
(Rs.
In Millions)
|
Particulars |
|
30.06.2014 (Unaudited) |
30.09.2014 (Unaudited) |
|
|
|
1st
Quarter |
2nd
Quarter |
|
Net sales |
|
9420.900 |
9281.700 |
|
Total Expenditure |
|
7715.800 |
7440.800 |
|
PBIDT (Excluding Other Income) |
|
1705.100 |
1840.900 |
|
Other income |
|
304.400 |
45.700 |
|
Operating Profit |
|
2009.500 |
1886.600 |
|
Interest |
|
234.000 |
273.300 |
|
Exceptional Items |
|
0.000 |
0.000 |
|
PBDT |
|
1775.500 |
1613.300 |
|
Depreciation |
|
491.100 |
521.500 |
|
Profit Before Tax |
|
1284.400 |
1091.800 |
|
Tax |
|
289.700 |
323.300 |
|
Profit after tax |
|
994.700 |
768.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
6.29 |
7.68 |
10.89 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.93 |
10.61 |
16.04 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
6.37 |
9.94 |
18.15 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13 |
0.18 |
0.31 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.52 |
0.41 |
0.47 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.22 |
1.24 |
1.19 |
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 |
584.356 |
584.356 |
584.356 |
|
Reserves & Surplus |
17882.650 |
19540.768 |
21050.763 |
|
Net
worth |
18467.006 |
20125.124 |
21635.119 |
|
|
|
|
|
|
long-term borrowings |
5793.068 |
5766.234 |
8445.786 |
|
Short term borrowings |
2944.297 |
2416.311 |
2836.143 |
|
Total
borrowings |
8737.365 |
8182.545 |
11281.929 |
|
Debt/Equity
ratio |
0.473 |
0.407 |
0.521 |
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 |
35272.183 |
33225.443 |
34171.468 |
|
|
|
(5.803) |
2.847 |
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
|
35272.183 |
33225.443 |
34171.468 |
|
Profit |
3873.800 |
2585.070 |
2165.454 |
|
|
10.98% |
7.78% |
6.34% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs.
In Millions |
31.03.2013 Rs.
In Millions |
|
Long Term
Borrowings |
|
|
|
Nil (Previous year - 1500), 10.60%, listed, unsecured redeemable non-convertible debentures of Rs 10 lakhs each |
0.000 |
1500.000 |
|
Term loans from banks |
157.696 |
142.865 |
|
Less: Current maturities of long term borrowings Nil (Previous year - 1500), 10.60%, listed, unsecured redeemable non-convertible debentures of Rs 10 lakhs each |
0.000 |
(1500.000) |
|
Total
[A] |
157.696 |
142.865 |
|
|
|
|
|
Short Term
Borrowings |
|
|
|
Term loans from banks |
1980.233 |
1791.335 |
|
Total
[B] |
1980.233 |
1791.335 |
|
|
|
|
|
TOTAL
[A+B] |
2137.929 |
1934.200 |
OPERATIONS REVIEW
Net sales of the
Company increased marginally by 2.69 per cent from Rs.33127.700 Millions in 2012-13
to Rs.34021.000 Millions in 2013- 14. Due to increase in cost of materials
consumed and employee benefit expenses, Profit before interest, depreciation
and tax (PBIDT) including ‘other income’ decreased from Rs.6192.900 Millions in
2012-13 to Rs.5263.900 Millions in 2013-14. Profit before Tax (PBT) decreased
by 23.18% per cent from Rs.3525.900 Millions in 2012-13 to Rs.2708.600 Millions
in 2013-14. After accounting for the provision for taxation of Rs.543.200
Millions, Profit after Tax (PAT) fell by 16.24 per cent from Rs.2585.100
Millions in 2012-13 to Rs.2165.400 Millions in 2013-14.
MANAGEMENT
DISCUSSION & ANALYSIS
As a manufacturer
of chemical-based industrial intermediates, SRF produces a wide range of products
that touch everyone’s life in more ways than one. Businesses With operations in
three countries namely India, Thailand and
South Africa, SRF
is the market leader in most of its products and also enjoys significant global
presence in some of its businesses. It classifies its main businesses as:
Technical Textiles Business (TTB), Chemicals & Polymers Business (CPB) and
Packaging Films Business (PFB).
Technical Textiles Business
The lackluster
status of the Indian economy has had its effect, though limited, on the
Technical Textiles Business (TTB) since several of the sectors that the
business serves saw low growth and in some cases de-growth. Nevertheless, in
spite of such circumstances, the business performed reasonably with revenues
growing by 8% approx. over the previous year and the profitability improving by
double digits.
Tyre Cord Reinforcement
With radialisation
percentage in the Commercial Vehicle segment reaching around 25% and the
fortunes of the Transport Industry being in doldrums due to the state of the
economy, the Bias Tyre segment of the commercial vehicle showed marginal
de-growth. The business, however, leveraging its strong market position as a
leader of Nylon Tyre Cord Fabrics (NTCF), posted an improved performance.
As a major step
towards improving the competitiveness of the business, SRF closed the
operations of its plant at the Jebel Ali Free Zone, UAE which had become
unviable due to high cost of production and economic slowdown. Currently, the
Company is in the process of relocating/disposing its assets and affecting
closure. On its part, SRF successfully organised approvals from customers for
supplies from its other units to retain the businesses developed.
The Thailand unit
suffered a setback during the year on account of a fire in its Dipping Unit,
which disrupted business for around 45 days; otherwise, the unit’s performance
has been satisfactory. In the Polyester Fabrics and Yarn segment, SRF shifted
gears by focusing on yarn business for diversified industrial applications,
keeping in view the fall in automotive production. This has helped this segment
to keep its head above water.
Belting Fabrics
In the current
global circumstances, the Company changed its strategy in this business segment
by focusing on domestic markets and expanding its range of value-added
products. This, coupled with a reduction in turnaround time of orders, has
enabled it to substantially increase its market share in the domestic market,
leading to an improved performance in India.
The South African
subsidiary, which did well in the first few months of the year, struggled in
the second half of the year due to lack of orders. This situation arose on
account of mining being adversely affected in South Africa as well as one of
its key customers preferring to import from low cost countries rather than
buying locally. Corrective steps were undertaken through redesign of product to
lower costs and offer a better solution to the customer.
Coated and Laminated Fabrics
The Laminated
Fabrics business saw entry of several new players during the year, with a blood
bath for market shares. This led to significant margin erosion in a highly
competitive industry, which saw a flat growth this year as against double digit
growth in previous years. But this being a cyclical business, one may expect to
see a more rational approach with regard to the market dynamics.
In the Coated
Fabrics business, many new products introduced by the Company settled down with
better prospects in the coming year. The Company is in the process of
developing more products, which shall be launched in the ensuing year.
Whilst this
business segment struggled during the year particularly due to slow down in the
transport sector where tarpaulins were the main stay of the business, the
prospect looks better as the market improves.
Industrial Yarn
SRF continues to hold its position in different applications of Industrial
Yarns with stable performance.
OUTLOOK
The NTCF volume is
likely to improve as the economy picks up in 2014-15. The assumption is based
on the fact that the business remained stable even during 2012-13, a year of
high radialisation (due to a strong push by the commercial vehicle producers
and tyre companies with new radial capacities) and marginal de-growth. It is,
therefore, natural to expect that the foundation business of the Company will
continue to make a significant contribution for years to come.
The fortunes of
the Laminated Fabrics segment are likely to gain traction as the demand picks
up in the second half of 14-15. In the Coated Fabrics segment, the recovery of
the transport sector and new product launches would spur an improved
performance.
The prospect of a
resolution of the long pending issues with regard to mining and infrastructure
projects, in particular, augurs well for Belting Fabrics which are essentially
used as reinforcement in the conveyor belts. As a result, the business expects
higher volumes adding to both – the top and the bottom line.
STANDALONE
UNAUDITED FINANCIAL RESULTS FOR THE QUARTER / HALF YEAR ENDED 30TH SEPTEMBER
2014
(Rs. In Millions)
|
Particulars |
3 Months Ended |
3 Months Ended |
Half Year Ended |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
UNAUDITED |
||
|
1. Income
from operations |
|
|
|
|
a) Net sales/ Income from operation (net of excise duty) |
9168.700 |
9362.500 |
18531.200 |
|
b) Other operating income |
113.000 |
58.400 |
171.400 |
|
Total
income from Operations(net) |
9281.700 |
9420.900 |
18702.600 |
|
2.Expenditure |
|
|
|
|
a) Cost of material consumed |
5163.000 |
5213.400 |
10376.400 |
|
b) Purchases of stock in trade |
98.000 |
69.600 |
167.600 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(532.000) |
61.800 |
(470.200) |
|
d) Employees benefit expenses |
641.200 |
615.400 |
1256.600 |
|
e) Depreciation and amortization expenses |
521.500 |
491.100 |
1012.600 |
|
f) Power and Fuel |
947.100 |
997.100 |
1944.200 |
|
g) Other expenditure |
1095.500 |
757.300 |
1852.800 |
|
Total expenses |
7934.300 |
8205.700 |
16140.000 |
|
3. Profit from operations before other income and
financial costs |
1347.400 |
1215.200 |
2562.600 |
|
4. Other income |
45.700 |
304.400 |
350.100 |
|
5. Profit from ordinary activities before finance costs |
1393.100 |
1519.600 |
2912.700 |
|
6. Finance costs |
273.300 |
234.000 |
507.300 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
1119.800 |
1285.600 |
2405.400 |
|
8. Exchange Currency Fluctuation Loss/ (Gain) |
28.000 |
1.200 |
29.200 |
|
9. Profit from ordinary activities before tax
Expense: |
1091.800 |
1284.400 |
2376.200 |
|
10.Tax expenses |
|
|
|
|
-- Current Tax |
225.000 |
268.000 |
493.000 |
|
-- MAT (Credit) / Reversal |
16.400 |
(34.800) |
(18.400) |
|
-- Deferred Tax |
81.900 |
56.500 |
138.400 |
|
11.Net Profit / (Loss) from
ordinary activities after tax (9-10) |
768.500 |
994.700 |
1763.200 |
|
12.Extraordinary Items (net of tax expense) |
-- |
-- |
-- |
|
13.Net Profit / (Loss) for the period (11 -12) |
768.500 |
994.700 |
1763.200 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
574.200 |
574.200 |
574.200 |
|
15. Paid uo Debt Capital |
|
|
2000.000 |
|
16. Reserve excluding Revaluation Reserves as per
balance sheet of previous accounting year |
|
|
|
|
17.i) Earnings per share (before extraordinary
items) of Rs.10/- each) (not annualised): |
|
|
|
|
(a) Basic and diluted |
13.38 |
17.32 |
30.71 |
|
18. Debt equity ratio ** |
|
|
0.66 |
|
19. Debt service coverage ratio
*** |
|
|
2.99 |
|
20. Interest service coverage
ratio **** |
|
|
8.85 |
|
|
|
|
|
|
A. Particulars of shareholding |
|
|
|
|
1. Public Shareholding |
|
|
|
|
- Number of shares |
27345000 |
27345000 |
27345000 |
|
- Percentage of shareholding |
47.62% |
47.62% |
47.62% |
|
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 |
30075500 |
30075500 |
30075500 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00% |
100.00% |
100.00% |
|
Percentage of shares (as a % of total share capital of the
company) |
52.38% |
52.38% |
52.38% |
|
|
|
|
|
|
|
|||
|
B.
Investor Complaints |
|
|
|
|
Pending at the beginning of the quarter |
-- |
|
|
|
Receiving during the quarter |
53 |
|
|
|
Disposed of during the quarter |
52 |
|
|
|
Remaining unreserved at the end of the quarter |
1 |
|
|
|
* Paid up Debt Capital comprises of listed
Debentures only |
|
**
Debt Equity Ratio = Total Debt / Equity |
|
***
Debt Service Coverage Ratio (DSCR) = (EBDIT - Current Tax) / (Gross Interest +
Scheduled Principal Repayment of Long Term Debts) |
|
****
Interest Service Coverage Ratio (ISCR) = (EBDIT - Current Tax) / Gross
Interest |
SEGMENT WISE
REVENUE, RESULTS AND CAPITAL EMPLOYED UNDER CLAUSE 41 OF THE LISTING AGREEMENT FOR
THE QUARTER / HALF YEAR ENDED 30TH SEPTEMBER 2014
(Rs. In Millions)
|
Particulars |
3
Months Ended |
3
Months Ended |
Half
Year Ended |
|
|
30.09.2014 |
30.06.2014 |
30.09.2014 |
|
|
UNAUDITED |
||
|
1. Segment
Revenue |
|
|
|
|
a)
Technical Textiles Business (TTB) |
4346.200 |
4542.600 |
8888.800 |
|
b)
Chemicals and Polymers Business (CPB) |
3195.800 |
3205.200 |
6401.000 |
|
c)
Packaging Film Business (PFB) |
1762.400 |
1696.600 |
3459.000 |
|
Total segment
revenue |
9304.400 |
9444.400 |
18748.800 |
|
Less: Inter –
segment revenue |
22.700 |
23.500 |
46.200 |
|
Total income
from operations (net sales) |
9281.700 |
9420.900 |
18702.600 |
|
|
|
|
|
|
2. Segment
Results |
|
|
|
|
Profit/ (loss)
before tax and interest |
|
|
|
|
a)
Technical Textiles Business (TTB) |
516.500 |
446.600 |
963.100 |
|
b)
Chemicals and Polymers Business (CPB) |
857.100 |
768.200 |
1625.300 |
|
c)
Packaging Film Business (PFB) |
160.000 |
106.000 |
266.000 |
|
Total segment
results |
1533.600 |
1320.800 |
2854.400 |
|
(Add)/Less:
Finance Costs |
273.300 |
234.000 |
507.300 |
|
Other
un-allocable expenditure net off un-allocable other operating income |
168.500 |
(197.600) |
(29.100) |
|
Total Profit
Before Tax |
1091.800 |
1284.400 |
2376.200 |
|
|
|
|
|
|
3. Capital
Employed |
|
|
|
|
(Segment Assets
– Segment Liabilities) |
|
|
|
|
a) Technical Textiles Business (TTB) (Including Capital Work In
Progress Rs.284.100 Millions as at 31st March, 2014) |
11144.100 |
11107.300 |
11144.100 |
|
b) Chemicals and Polymers Business (CPB) (Including Capital Work In
Progress Rs.975.300 Millions as at 31st March, 2014) |
20690.400 |
19781.300 |
20690.400 |
|
c) Packaging Film Business (PFB) (Including Capital Work In Progress
Rs.77.700 Millions as at 31st March, 2014) |
4037.000 |
4372.200 |
4037.000 |
|
Total
Capital Employed |
35871.500 |
35260.800 |
35871.500 |
|
Add
: Unallocable Assets Less Liabilities |
4832.500 |
2702.900 |
4832.500 |
|
|
|
|
|
|
Total
Capital Employed In the Company |
40704.000 |
37963.700 |
40704.000 |
STANDALONE
STATEMENT OF ASSTES AND LIABILITIES AS ON 30.09.2014
Rs. In Millions
|
SOURCES OF FUNDS |
|
|
30.09.2014 (Unaudited) |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
|
584.400 |
|
(b) Reserves & Surplus |
|
|
22420.300 |
|
(c) Pending Call Money |
|
|
0.000 |
|
Sub-total Shareholders’ |
|
|
23004.700 |
|
|
|
|
|
|
(2) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
|
9651.100 |
|
(b) Deferred tax liabilities (Net) |
|
|
3008.900 |
|
(c) Other long term liabilities |
|
|
0.000 |
|
(d) long-term provisions |
|
|
187.100 |
|
Sub-total of
Non-Current liabilities |
|
|
12847.100 |
|
|
|
|
|
|
(3) Current
liabilities |
|
|
|
|
(a) Short
term borrowings |
|
|
3703.300 |
|
(b) Trade
payables |
|
|
5745.300 |
|
(c) Other
current liabilities |
|
|
2781.200 |
|
(d) Short-term
provisions |
|
|
291.400 |
|
Sub-total of Current liabilities |
|
|
12521.200 |
|
|
|
|
|
|
TOTAL |
|
|
48373.000 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
29166.100 |
|
(b)
Non-Current investments |
|
|
873.000 |
|
(c) Deferred
tax assets (net) |
|
|
0.000 |
|
(d) Long
term loans and advances |
|
|
980.000 |
|
(e) Other
non-current assets |
|
|
32.200 |
|
Sub-total of
Non-Current Assets |
|
|
31051.300 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
|
954.000 |
|
(b)
Inventories |
|
|
6987.900 |
|
(c) Trade
receivables |
|
|
6015.400 |
|
(d) Cash
and cash equivalents |
|
|
2321.200 |
|
(e)
Short-term loans and advances |
|
|
1023.700 |
|
(f) Other
current assets |
|
|
19.500 |
|
Sub-total of Current
Assets |
|
|
17321.700 |
|
|
|
|
|
|
TOTAL |
|
|
48373.000 |
NOTES:
1.
The above results were
reviewed by the Audit Committee and approved by the Board of Directors at its
meeting held on October 28, 2014.
2.
The Company had opted to
apply the provisions under paragraph 46A of Accounting Standard (AS) - 11
"The Effects of Changes in Foreign Exchange Rates" with effect from
April 01, 2013. Accordingly, the depreciated /amortized portion of net foreign
exchange (gain)/loss on long-term foreign currency monetary items, for the half
year ended September 30, 2014 is Rs. 19.674 Millions. The unamortized portion
carried forward as at September 30, 2014 is Rs. 587.525 Millions.
3.
The Company had
received demand notices from the Commercial Tax Department, Government of
Madhya Pradesh ("State Government") for payment of Central Sales Tax
(CST), Value Added Tax (VAT) and Entry Tax aggregating to Rs. 1051.300 Millions
(including interest and penalty) for the period from 2007 to 2013 in respect of
sales from its manufacturing facility in Special Economic Zone (SEZ) in Madhya
Pradesh to the Domestic Tariff Area (DTA).
In terms of the
Policy of the Government of Madhya Pradesh and Madhya Pradesh SEZ Act, 2003, the
Unit was exempt from local state taxes and levies. The Company has paid
Additional Countervailing Duty (ACVD), to counter balance CST / VAT,
aggregating to Rs. 483.100 Millions for the period from 2007 to 2013 on sales
from the SEZ to the DTA under the Customs laws pursuant to the Special Economic
Zone Act 2005, MP SEZ Act, 2003 and the Policy of Centre and Madhya Pradesh
State. The Company had filed a writ petition before the Indore Bench of the
Hon’ble High Court of Madhya Pradesh ("Court") against the said
demands.
The Company
contended that while State is demanding local taxes, the Centre in its reply
has stated that ACVD is payable and therefore this amounts to double taxation.
The Court has
directed the State Government not to take any coercive steps for recovery of
demand till disposal
of the petition.
The matter is
sub judice. In terms of last order dated September 29, 2014, the next date of
the hearing in the matter is yet to be fixed. The Management of the Company,
based on the facts of the case and opinion received by the Company from legal
experts, is confident of getting a relief in the matter from the Court and,
accordingly, has not made any provision for the said disputed demands.
4.
During the half year
ended September 30, 2014, pursuant to the requirements of Schedule II of the
Companies Act, 2013, the Company has,
effective April 01, 2014, reviewed and revised the estimated useful lives of
its fixed assets. Consequent thereto, the
depreciation charge for the half year is lower by Rs. 136.222 Millions.
Additional adjustments, if any, based on
further refinement of estimates / clarifications from regulators in this regard
would be carried out as and when
determined.
5.
The 9.80% Listed, Secured
Redeemable Non-Convertible Debentures of Rs.1.000 Million each aggregating to
Rs. 20000 lakhs are to be secured against first pari-passu charge over some of
the moveable and immoveable properties of the Company to the extent of asset
cover of 1.50 times.
6.
Previous period
figures have been regrouped wherever necessary to conform to current quarter
classifications.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10523691 |
17/09/2014 |
1,222,800,000.00 |
THE BANK OF NOVA SCOTIA ASIA LIMITED |
1,
RAFFLES QUAY,, #20-01 NORTH TOWER, SINGAPORE, |
C25482464 |
|
2 |
10470481 |
17/12/2013 |
500,000,000.00 |
STATE BANK OF INDIA |
CAG BRANCH, 3RD FLOOR,SIGAPPI AACHI BUILDING,, RUKMINI LAKSHMIPATHY ROAD, EGMORE, CHENNAI, TAMIL NADU - 600008, INDIA |
B93613347 |
|
3 |
10453831 |
16/07/2014 * |
2,000,000,000.00 |
HDFC BANK LIMITED |
HDFC
BANK HOUSE, "A" BLOCK, VATIKA ATRIUM,, GOLF |
C15425101 |
|
4 |
10416615 |
03/04/2013 |
1,087,770,000.00 |
STANDARD CHARTERED BANK |
(ACTING AS AN SECURITY AGENT) C D U, NARAIN MANZIL, 23, BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B72248024 |
|
5 |
10359022 |
08/10/2012 * |
300,000,000.00 |
DBS BANK LTD |
UPPER GROUND FLOOR, BIRLA TOWER, 25 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B61411591 |
|
6 |
10359024 |
08/10/2012 * |
1,000,000,000.00 |
DBS BANK LTD |
UPPER GROUND FLOOR, BIRLA TOWER, 25 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B61412284 |
|
7 |
10359025 |
08/10/2012 * |
1,250,000,000.00 |
DBS BANK LTD |
UPPER GROUND FLOOR, BIRLA TOWER, 25 BARAKHAMBA ROAD, NEW DELHI, DELHI - 110001, INDIA |
B61412615 |
|
8 |
10348917 |
08/10/2012 * |
480,000,000.00 |
STATE BANK OF INDIA |
3RD
FLOOR, SIGAPI ACHI BUILDING,, RUKMINI LAKSHMI |
B61060182 |
|
9 |
10269304 |
06/08/2012 * |
1,104,800,000.00 |
STATE BANK OF INDIA |
3RD
FLOOR, SIGAPI ACHI BUILDING, RUKMINI LAKSHMIP |
B45274453 |
|
10 |
10204921 |
06/08/2012 * |
380,000,000.00 |
STATE BANK OF INDIA |
3RD
FLOOR, SIGAPI ACHI BUILDING, RUKMINI LAKSHMIP |
B45374022 |
|
11 |
80011848 |
06/08/2012 * |
1,000,000,000.00 |
STATE BANK OF
INDIA |
3RD FLOOR,
SIGAPI ACHI BUILDING, RUKMINI LAKSHMIP |
B45274099 |
|
12 |
80011846 |
06/08/2012 * |
500,000,000.00 |
STATE BANK OF
MYSORE |
3,4&5, DDA BUILDING,
NEHRU PLACE, NEW DELHI, DELHI - 110019, INDIA |
B45363090 |
|
13 |
90056713 |
27/06/1997 * |
200,000,000.00 |
THE INDUSTRIAL
DEVELOPMENT BANK OF INDIA |
INDIAN RED CROSS
SOCIETY BLDG., 1; RED CROSS ROAD, NEW DELHI, DELHI - 110001, INDIA |
- |
|
14 |
90056604 |
29/01/1998 * |
250,000,000.00 |
GLOBAL TRUST
BANK LIMITED |
G - 36.,
CONNAUGHT CIRCUS, NEW DELHI, DELHI - 110001, INDIA |
- |
|
15 |
80007309 |
13/05/2014 * |
12,000,000,000.00 |
ICICI BANK
LIMITED |
BANDRA-KURLA COMPLEX,
MUMBAI, MAHARASHTRA - 400051, INDIA |
C04851051 |
|
16 |
90063650 |
14/05/1990 * |
13,370,000.00 |
INDUSTRIAL
FINANCE CORPORATION OF INDIA |
BANK OF BARODA
BUILDING, 16; SANSAD MARG, NEW DELHI, DELHI - 110001, INDIA |
- |
|
17 |
90063615 |
18/02/1987 * |
9,000,000.00 |
GENERAL
INSURANCE CORPORATION OF INDIA |
INDUSTRIAL
ASSURANCE BLDG., CHURCHGATE, BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
|
18 |
90056072 |
30/03/1993 * |
120,000,000.00 |
INDIAN BANK |
HARBOUR BRANCH, MADRAS,
TAMIL NADU - 600001, INDIA |
- |
|
19 |
90056070 |
23/04/1992 * |
120,000,000.00 |
INDIAN BANK |
HARBOUR BRANCH,
MADRAS, TAMIL NADU - 600001, INDIA |
- |
|
20 |
90063602 |
10/08/1990 * |
120,000,000.00 |
INDIAN BANK |
HARBOUR BRANCH, MADRAS,
TAMIL NADU, INDIA |
- |
*Date of modification Charges
FIXED ASSETS:
·
Freehold Land
·
Leasehold Land
·
Roads
·
Buildings
·
Plant and Machinery
·
Furniture, Fixtures and Office Equipments
·
Vehicles
·
Goodwill
·
Technical Knowhow
·
Software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.32 |
|
UK Pound |
1 |
Rs.99.00 |
|
Euro |
1 |
Rs.78.14 |
INFORMATION DETAILS
|
Information
Gathered by : |
GYT |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
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 |
|
62 |
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.