MIRA INFORM REPORT
|
Report Date : |
30.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
VISAKA INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
Survey No. 315, Yelumala Village, R.C. Puram Mandal, Medak District –
502 300, Telangana, India |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
18.06.1981 |
|
|
|
|
Com. Reg. No.: |
01-003072 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 159.207 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L52520TG1981PLC003072 |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer of AP Sheets, Asbestos Free, V Panel etc. |
|
|
|
|
No. of Employees
: |
2000 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 13000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having good track record. There seems some dip in the turnover and profit during 2014 however,
net worth of the company is satisfactory. General financial position of the
company is sound. The rating also takes into consideration the company long and
established track record of operations, its position as the second-largest
player in the asbestos fiber cement sheet industry in India. Trade relations are reported as fair. Business is active. Payment term
are reported to be regular and as per commitment. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
N E W S
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long-Term Bank Facilities = A+ |
|
Rating Explanation |
Adequate degree of safety and low credit risk |
|
Date |
August 2013 |
|
Rating Agency Name |
CARE |
|
Rating |
Short-Term Bank Facilities = A1+ |
|
Rating Explanation |
Very strong degree of safety and carry lowest credit risk |
|
Date |
August 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Srinivas |
|
Designation : |
Marketing Manager |
|
Contact No.: |
91-9700821270 |
|
Date : |
18.10.2014 |
LOCATIONS
|
Registered Office : |
Survey No. 315, Yelumala Village, R.C. Puram Mandal, Medak District –
502 300, Telangana, India |
|
Tel. No.: |
91-40-27813833 / 27813835 / 27892190-92 |
|
Fax No.: |
91-40-27891833 |
|
E-Mail : |
|
|
|
|
|
Corporate
Office: |
"Visaka Towers", 1-8-303/69/3, S.P. Road, Secunderabad - 500
003, Telangana, India |
|
|
|
|
|
|
|
Factories : |
Located at :
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|
|
|
|
Marketing Offices : |
Located at :
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|
|
|
|
Eastern Region : |
|
DIRECTORS
As on 31.03.2014
|
Board of Directors |
|
|
Shri. Bhagirat
B. Merchant |
Chairman |
|
Dr. G. Vivekanand |
Vice Chairman |
|
Shri. P.
Abraham, I.A.S. (Retired) |
Director |
|
Shri. V.
Pattabhi |
Director |
|
Shri. Nagam
Krishna Rao |
Director |
|
Shri. Gusti J
Noria |
Director |
|
Smt. G. Saroja
Vivekanand |
Managing Director |
|
Shri. M.P.V. Rao |
Whole Time Director |
|
|
|
|
Chief Financial
Officer |
|
|
Shri. V. Vallinath |
|
|
|
|
|
Committees of the Board |
|
|
Audit Committee |
|
|
Shri. Bhagirat
B. Merchant |
Chairman |
|
Shri. V.
Pattabhi |
Member |
|
Shri. Gusti J
Noria |
Member |
|
Smt. G. Saroja Vivekanand |
Member |
|
|
|
|
Nomination and
Remuneration Committee |
|
|
Shri. Bhagirat B. Merchant |
Chairman |
|
Shri. V. Pattabhi |
Member |
|
Shri. Gusti J Noria |
Member |
|
|
|
|
Stakeholders
Relationship Committee |
|
|
Shri. V. Pattabhi |
Chairman |
|
Dr. G. Vivekanand |
Member |
|
Smt. G. Saroja Vivekanand |
Member |
|
Shri. M.P.V. Rao |
Member |
KEY EXECUTIVES
|
Name : |
Shri. I Srinivas |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
|
(A) Shareholding of Promoter and Promoter Group |
||
|
|
|
|
|
|
5964255 |
37.56 |
|
|
5964255 |
37.56 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
5964255 |
37.56 |
|
(B) Public Shareholding |
||
|
|
|
|
|
|
2118 |
0.01 |
|
|
199921 |
1.26 |
|
|
345411 |
2.18 |
|
|
547450 |
3.45 |
|
|
|
|
|
|
3603854 |
22.69 |
|
|
|
|
|
|
4262401 |
26.84 |
|
|
1287724 |
8.11 |
|
|
215268 |
1.36 |
|
|
39306 |
0.25 |
|
|
175962 |
1.11 |
|
|
9369247 |
59.00 |
|
Total Public shareholding (B) |
9916697 |
62.44 |
|
Total (A)+(B) |
15880952 |
100.00 |
|
(C) Shares held by Custodians and against which Depository Receipts
have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
15880952 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of AP Sheets, Asbestos Free, V Panel etc. |
GENERAL INFORMATION
|
No. of Employees : |
2000 (Approximately) |
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Bankers : |
|
||||||||||||||||||||||||
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|
||||||||||||||||||||||||
|
Facilities : |
SECURED LOAN (Rs.
In Millions)
Notes : LONG TERM
BORROWINGS 1. Term loans
from banks represent loan taken from HDFC Bank Limited for the fibre cement
boards project near Daund Taluk, Pune District in Maharastra. The loan
anctioned is H6,870.00 lacs in the year 2012-13, drawn H1,000.00 lacs in
2012-13 and H5,870.00 lacs in 2013-14, which is repayable in 20 quarterly
installments commencing from Jan’14. The current rate of interest is 11% as
at the balance sheet date. This loan is secured by first mortgage and charge
in favour of the Bank on all the Company’s fixed assets both present and
future on pari passu basis with other lenders, second charge on the current
assets of the Company and personal guarantee of the Vice-chairman Dr. G. Vivekanand
of the Company. During the year 2013-14,the company has repaid an amount of
H343.50 lacs and H1,374 lacs is repayable each year from the financial year
2014-15 to 2018-19 (upto December, 2018). 2. (i) Loans
from others include H102.90 lacs obtained from Life Insurance Corporation of
India against key man insurance policy at 9% which matures on 28-03-2018.
This loan has no specific terms of repayment (ii) The company
has availed an interest free loan of H1,523.74 lacs in the financial year
2012-13 from The Pradeshiya Industrial & Investment Corporation of U.P.
Ltd for the cement asbestos unit at Raebareli, U.P which is sanctioned under
the Industrial Investment Promotion Scheme 2003 . The loan is secured by
first charge on the entire fixed assets of the Company both present and
future, by way of first pari-passu charge with all the secured lenders of the
Company. The loan is repayable (each installment drawn) after 10 years from
the date of disbursement. The outstanding amount is repayable in the financial
year 2022-23. 3. Deferred
payment liabilities represent sales tax deferment relating to Cement Asbestos
Unit at Patancheru, Medak District in Andhra Pradesh. This loan is interest
free and repayable at H200.18 lacs in the year 2019-20 and H21.07 lacs in the
year 2020-21. 4. Public
deposits represent deposits accepted from public carrying interest varying
from 11% to 12% . The maturity of these deposits fall on different dates
depending on the date of each deposit. There are no deposits matured and
remained unpaid as on the balance sheet date. 5. The company
has obtained data process equipments on finance lease which is payable in
quarterly installments. The rate of interest varies from 10% to 13% per
annum. SHORT TERM
BORROWINGS Working capital
Loans from State Bank of India and State Bank of Hyderabad (under consortium
arrangement) are repayable on demand which are secured on pari-passu basis by
hypothecation of the Company’s entire movable assets including stocks, all
raw materials, work-in-process, stores & spares, finished goods and book
debts, present and future, and personal guarantee of the Vicechairman Dr. G.
Vivekanand of the Company. Unsecured short
term loans from banks include buyers credit availed from a) Kotak Mahindra Bank Limited of H670.88 lacs (P.Y.
H3,087.99 lacs), b) HDFC Bank Limited of H2,466.86 lacs (P.Y. H3,925.69 lacs)
, c) Yes Bank Limited of H903.17 lacs (P.Y. H1,250.02 lacs) and d) short term
loan of H5,000 lacs (P.Y. 5000 lacs) from ICICI Bank ltd. These loans are backed
by the personal guarantee of Vice-Chairman Dr. G. Vivekanand of the Company.
All these buyers credit loans are repayable within six months from the date
of availment. The short term loan taken from ICICI is repayable in June’14. |
|
Banking Relations
: |
--- |
|
|
|
|
Auditors : |
|
|
Name : |
M. Anandam and Company Chartered Accountant |
|
Address : |
7 ‘A’, Surya Towers, S.P. Road, Secunderabad – 500 003, Telangana, India |
|
|
|
|
Cost Auditors : |
Sagar and Associates Chartered Accountants |
|
Mobile No.: |
206, Raghava Ratna Towers, Chirag Ali Lane, Abids, Hyderabad – 500
001, Gujarat, India |
|
|
|
|
Enterprise in
which key management personnel and their relatives have control:: |
Aslesha Constructions Private Limited |
|
|
|
|
Associate Company
: |
Visaka Thermal Power Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs. 300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15880952 |
Equity Shares |
Rs.10/- each |
Rs. 158.810
Millions |
|
|
Add : Share Forfeited – 79408 Shares |
|
Rs. 0.397
Millions |
|
|
|
|
Rs. 159.207 Millions |
Rights attached to
equity shares
The Company has
only one class of equity shares having a face value of H10/- each . Each holder
of equity share is entiltled to one vote per share. The company declares and
pays dividends in Indian Rupees. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders in the ensuing Annual
General Meeting.
During the year
ended, the amount of dividend per share recognised as distributions to equity
shareholders was H2.50/- (Previous Year H6/- including interim dividend of
H2.50).
In the event of
liquidation of the company, the equity shareholders will be entitled to receive
remaining assets of the company, after distribution of all preferential
amounts. The distribution will be in proportion to the number of equity shares
held by the shareholders.
The details of
shareholders holding more than 5% shares
|
Name of the shareholder |
31st March, 2014 |
31st March, 2013 |
||
|
|
No. of Shares |
% holding |
No. of Shares |
% holding |
|
a)
Dr.G Vivekanand |
5768116 |
36.32 |
5768116 |
36.32 |
|
b)
Vigilance Security Services Private Limited |
1411836 |
8.89 |
1411836 |
8.89 |
The reconciliation
of the number of shares as at 31st March 2014 is set out below :
|
|
31st March, 2014 |
31st March, 2013 |
|
Number of shares at the beginning of the year |
15880952 |
15880952 |
|
Add: Shares issued during the year |
--- |
--- |
|
Number of shares as at the end of the year |
15880952 |
15880952 |
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 |
159.207 |
159.207 |
159.207 |
|
(b) Reserves & Surplus |
3174.481 |
3101.256 |
2705.550 |
|
(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) |
3333.688 |
3260.463 |
2864.757 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
725.003 |
297.277 |
53.362 |
|
(b) Deferred tax liabilities (Net) |
296.864 |
263.623 |
254.387 |
|
(c) Other long term
liabilities |
236.348 |
212.041 |
180.287 |
|
(d) long-term
provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
1258.215 |
772.941 |
488.036 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short
term borrowings |
1736.626 |
2405.876 |
1462.767 |
|
(b) Trade
payables |
509.989 |
556.420 |
547.317 |
|
(c) Other
current liabilities |
390.491 |
323.510 |
249.640 |
|
(d) Short-term
provisions |
55.182 |
79.014 |
125.697 |
|
Total Current
Liabilities (4) |
2692.288 |
3364.820 |
2385.421 |
|
|
|
|
|
|
TOTAL |
7284.191 |
7398.224 |
5738.214 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
3344.465 |
2498.699 |
2444.451 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
209.890 |
164.398 |
39.731 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
150.737 |
150.737 |
150.585 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
172.670 |
394.820 |
106.732 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
3877.762 |
3208.654 |
2741.499 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
1875.371 |
2731.095 |
1555.492 |
|
(c) Trade
receivables |
972.511 |
862.716 |
739.585 |
|
(d) Cash
and cash equivalents |
261.061 |
335.875 |
538.798 |
|
(e)
Short-term loans and advances |
297.486 |
259.884 |
162.840 |
|
(f) Other
current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
3406.429 |
4189.570 |
2996.715 |
|
|
|
|
|
|
TOTAL |
7284.191 |
7398.224 |
5738.214 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
8921.030 |
9156.030 |
7504.491 |
|
|
|
Other Income |
53.587 |
25.560 |
46.710 |
|
|
|
TOTAL (A) |
8974.617 |
9181.590 |
7551.201 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
5249.865 |
5824.805 |
4478.829 |
|
|
|
Purchases of Stock-in-Trade |
10.128 |
6.396 |
0.000 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
341.304 |
(523.054) |
(43.766) |
|
|
|
Employees benefits expense |
520.023 |
470.111 |
418.988 |
|
|
|
Other expenses |
2226.790 |
2311.114 |
1866.657 |
|
|
|
TOTAL (B) |
8348.110 |
8089.372 |
6720.708 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
626.507 |
1092.218 |
830.493 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
213.991 |
150.102 |
141.683 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
412.516 |
942.116 |
688.810 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
224.563 |
195.759 |
176.437 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
187.953 |
746.357 |
512.373 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
68.278 |
239.479 |
168.964 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
119.675 |
506.878 |
343.409 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
103.982 |
108.276 |
157.028 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
0.000 |
39.702 |
0.000 |
|
|
|
Final Dividend |
39.702 |
55.583 |
79.405 |
|
|
|
Corporate Dividend Tax |
6.748 |
15.887 |
12.756 |
|
|
|
Transfer to General Reserve |
60.000 |
400.000 |
300.000 |
|
|
BALANCE CARRIED
TO THE B/S |
117.207 |
103.982 |
108.276 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of Goods |
479.496 |
510.730 |
600.625 |
|
|
TOTAL EARNINGS |
479.496 |
510.730 |
600.625 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
1953.482 |
3198.070 |
1751.194 |
|
|
|
Stores & Spares |
32.941 |
14.167 |
14.262 |
|
|
|
Capital Goods |
1.165 |
19.219 |
31.239 |
|
|
TOTAL IMPORTS |
1987.588 |
3231.456 |
1796.695 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
7.54 |
31.92 |
21.62 |
|
QUARTERLY /
SUMMARISED RESULTS
|
PARTICULARS |
UnAudited Quarter
Ended June 2014 |
|
Net Sales |
312.390 |
|
Total Expenditure |
278.200 |
|
PBIDT (Excl OI) |
34.180 |
|
Other Income |
0.830 |
|
Operating Profit |
35.010 |
|
Interest |
4.910 |
|
Exceptional Items |
0.000 |
|
PBDT |
30.110 |
|
Depreciation |
13.620 |
|
Profit Before Tax |
16.490 |
|
Tax |
5.280 |
|
Provisions and
contingencies |
0.000 |
|
Profit After Tax |
11.200 |
|
Extraordinary Items |
0.000 |
|
Prior Period Expenses |
0.000 |
|
Other Adjustments |
0.000 |
|
Net Profit |
11.200 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
1.33 |
5.52 |
4.55 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.11 |
8.15 |
6.83 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.71 |
10.54 |
9.24 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06 |
0.23 |
0.18 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.74 |
0.83 |
0.53 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.27 |
1.25 |
1.26 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Millions) |
(Rs.
In Millions) |
(Rs.
In Millions) |
|
Share Capital |
159.207 |
159.207 |
159.207 |
|
Reserves & Surplus |
2705.550 |
3101.256 |
3174.481 |
|
Net
worth |
2864.757 |
3260.463 |
3333.688 |
|
|
|
|
|
|
long-term borrowings |
53.362 |
297.277 |
725.003 |
|
Short term borrowings |
1462.767 |
2405.876 |
1736.626 |
|
Total
borrowings |
1516.129 |
2703.153 |
2461.629 |
|
Debt/Equity
ratio |
0.529 |
0.829 |
0.738 |
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 |
7504.491 |
9156.030 |
8921.030 |
|
|
|
22.007 |
(2.567) |
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 |
7504.491 |
9156.030 |
8921.030 |
|
Profit |
343.409 |
506.878 |
119.675 |
|
|
4.58% |
5.54% |
1.34% |
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 |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
---------------------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking account |
---------------------- |
|
26] |
Buyer visit details |
---------------------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if applicable |
Yes |
|
29] |
Last accounts filed at ROC |
Yes |
|
30] |
Major Shareholders, if available |
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 |
No |
UNSECURED LOAN
(Rs.
In Millions)
|
Particulars |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
|
|
|
|
LONG TERM
BORROWINGS |
|
|
|
Deferred payment liabilities |
22.125 |
22.125 |
|
Public deposits |
24.963 |
15.865 |
|
Long term maturities of finance lease obligations |
0.000 |
1.622 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
From Banks Short term loans |
904.091 |
1326.371 |
|
From Others Inter corporate deposits from related parties |
0.916 |
13.339 |
|
Inter corporate deposits from others |
7.497 |
10.933 |
|
Total |
959.592 |
1390.255 |
MANAGEMENT
DISCUSSION AND ANALYSIS:
A. BUILDING
PRODUCTS
I. Current
asbestos business Structure and Developments
INDUSTRY STRUCTURE
AND DEVELOPMENTS:
This industry exist in India for the last 80 years. Cement Asbestos
Products continue to be in demand because
of the efforts made in making inroads into rural markets for the
product, its affordability, and other qualities such as corrosion resistance,
weather and fire proof nature. Currently there are about 20 entities in the
Industry with about 68 manufacturing plants throughout the Country. The
products are marketed under their respective brand names mainly through dealers
for the retail segment and directly for projects and government departments.
FINANCIAL
PERFORMANCE:
The net turnover of Cement asbestos Division during the year was H629
crores as compared to H684 crores during the previous year, due to overall economic
slowdown and availability of alternative products at competitive price.
OUTLOOK:
Due to slow down of economy, market has not improved and alternate
products have made some inroad in to the market. However, news that is coming
suggest that bottoming out of economic slow-down is taking place. Hence, we may
expect improved performance in the near future.
II. BOARDS:
INDUSTRY STRUCTURE
AND DEVELOPMENTS:
The Capacity of the Industries producing same or similar product is
396000 Metric Tonnes per Annum with totally 8 players.
FINANCIAL
PERFORMANCE:
The net turnover from this division during the year was H 66 crores as
compared to H53 crores during the previous year. During the later part of the
year the Board unit at Daund, Pune has commenced its commercial operations,
which is expected to result in increased production and turnover.
The industry is growing at an average rate of 13% to 15% annually.
Export opportunities in African and GCC countries is encouraging. Australian /
Sri Lankan and Maldives markets are also opening up. New applications such as
Tile Underlay and Kitchen cabinets are gaining popularity. In areas of
Acoustics like Theatres and Hospitals, use of Cement boards is increasing.
III. PANELS
Sandwiched Panels are in demand in the market, for use as Partition
Material. The ‘Reinforced Building Board Sandwiched Panels’ are made of two
fibre-reinforced cement sheets enclosing a lightweight core. These panels are
fully cured at factory and are ready for installation. These panels are cheaper
compared to masonary partitions / wood partitions and are also easy to fix and
takes comparatively less time for installation.
The production during the year was 9176 metric tonnes as against 7514
during the previous year. Sales was 8638 metric tonnes as against 6875 metric
tonnes during the previous year. The net turnover was H12.47 crores as against
H9.90 crores during the previous year.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10391808 |
13/12/2012 |
79,608,322.00 |
THE PRADESHIYA
INDUSTRIAL AND INVESTMENT CORPORATI |
PICUP BHAWAN,
GOMTI NAGAR, LUCKNOW, UTTAR PRADESH |
B64069297 |
|
2 |
10384648 |
11/02/2013 * |
687,000,000.00 |
HDFC BANK
LIMITED |
HDFC BANK
HOUSESENAPATI BAPAT MARG, LOWER PAREL W |
B69683696 |
|
3 |
10364144 |
30/07/2012 * |
72,766,914.00 |
THE PRADESHIYA INDUSTRIAL
AND INVESTMENT CORPORATI |
PICUP BHAWAN,
GOMTI NAGAR, LUCKNOW, UTTAR PRADESH |
B44771269 |
|
4 |
90130557 |
24/09/2004 |
74,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, HYDERABAD, ANDHRA PRADE |
- |
|
5 |
90130335 |
21/08/2006 * |
28,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, 6-3-1109/1, RAJ BHAVAN |
A05095344 |
|
6 |
90123806 |
12/02/2007 * |
420,600,000.00 |
STATE BANK OF
HYDERABAD |
INDUSTRIAL
FINANCE BRANCH, TOPAZ BUILDING AMRUTHA |
A10724540 |
|
7 |
90123785 |
28/06/2013 * |
1,840,400,000.00 |
STATE BANK OF
INDIA |
CAG, HYDERABAD,
PUNJAGUTTA,, HYDERABAD, ANDHRA PR |
B80190739 |
|
8 |
90123759 |
29/12/1994 * |
102,695,000.00 |
STATE BANK OF
HYDERABAD |
INDUSTRIAL
FINANCE BRANCH, PUNJAGUTTA, HYDERABAD, |
- |
|
9 |
90123741 |
18/07/1994 |
118,000,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, RAJBHAVAN ROAD; SOMAJI |
- |
|
10 |
90123706 |
27/11/1993 * |
71,391,000.00 |
STATE BANK OF
HYDERABAD |
INDUSTRIAL FINANCE
BRANCH, PUNJAGUTTA, HYDERABAD, |
- |
|
11 |
90123647 |
25/11/1992 |
71,391,000.00 |
STATE BANK OF
HYDERABAD |
INDUSTRIAL
BRANCH, PUNJAGUTTA, HYDERABAD, ANDHRA |
- |
|
12 |
90123641 |
15/10/1992 |
115,259,500.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, SOMAJIGUDA, HYDERABAD, |
- |
|
13 |
90123634 |
31/07/1992 |
36,695,000.00 |
STATE BANK OF
HYDERABAD |
INDUSTRIAL
FINANCE BRANCH, PUNJAGUTTA, HYDERABAD, |
- |
|
14 |
90123623 |
24/06/1992 * |
52,067,000.00 |
STATE BANK OF
INDIA |
INDUSTRIAL
FINANCE BRANCH, SOMAJIGUDA, HYDERABAD, |
- |
|
15 |
90123478 |
17/09/1987 |
593,000.00 |
STATE BANK OF
INDIA |
YELLAREDDDYGUDA
BRANCH, HYDERABAD, ANDHRA PRADESH, |
- |
|
16 |
90120195 |
17/03/1987 |
1,500,000.00 |
STATE BANK OF
INDIA |
YELLAREDDYGUDA,
HYDERABAD, ANDHRA PRADESH, INDIA |
- |
|
17 |
90123455 |
07/01/1987 |
3,850,000.00 |
STATE BANK OF
INDIA |
YELLAREDDDYGUDA
BRANCH, HYDERABAD, ANDHRA PRADESH, |
- |
|
18 |
90120177 |
28/02/1989 * |
17,000,000.00 |
STATE BANK OF
INDIA |
YELLAREDDYGUDA,
HYDERABAD, ANDHRA PRADESH, INDIA |
- |
|
19 |
90123431 |
26/09/1985 |
291,000.00 |
STATE BANK OF
INDIA |
YELLAREDDDYGUDA
BRANCH, HYDERABAD, ANDHRA PRADESH, |
- |
|
20 |
90120114 |
26/07/1985 |
4,000,000.00 |
STATE BANK OF INDIA |
YELLAREDDYGUDA, HYDERABAD, ANDHRA PRADESH, INDIA |
- |
|
21 |
90120106 |
08/05/1985 |
14,000,000.00 |
STATE BANK OF HYDERABAD |
PUNJAGUTTA, HYDERABAD, ANDHRA PRADESH, INDIA |
- |
|
22 |
90123422 |
20/02/1985 |
1,250,000.00 |
STATE BANK OF INDIA |
YELLAREDDYGUDA, HYDERABAD, ANDHRA PRADESH, INDIA |
- |
|
23 |
90120099 |
14/02/1985 |
1,250,000.00 |
STATE BANK OF INDIA |
YELLAREDDYGUDA, HYDERABAD, ANDHRA PRADESH, INDIA |
- |
|
24 |
90123413 |
28/12/1984 |
7,000,000.00 |
STATE BANK OF INDIA |
YELLAREDDYGUDA, HYDERABAD, ANDHRA PRADESH, INDIA |
- |
|
25 |
90123412 |
08/10/1984 |
1,500,000.00 |
STATE BANK OF INDIA |
YELLAREDDYGUDA, HYDERABAD, ANDHRA PRADESH, INDIA |
- |
* Date of charge modification
CONTINGENT
LIABILITIES:
(Rs. In Millions)
|
Particulars |
31st March, 2014 31st March, 2014 |
31st March, 2014 31st March, 2013 |
|
Income tax |
7.261 |
9.761 |
|
VAT/CST |
9.326 |
5.241 |
|
Excise duty/Service Tax* |
280.696 |
280.696 |
|
Total |
297.283 |
295.698 |
* Includes H2,647.70 lacs (P.Y. H2,647.70 lacs) disputed excise duty including penalty for purported under utilization of fly-ash in the product to be eligible for concessional rate of duty. This is in appeal against which a pre -deposit of H450 lacs (P.Y. H450 lacs) has been made.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.31 |
|
|
1 |
Rs. 99.00 |
|
Euro |
1 |
Rs. 78.14 |
INFORMATION DETAILS
|
Information Gathered
by : |
HEN |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ASH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
NO |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
51 |
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.