MIRA
INFORM REPORT
|
Report Date : |
01.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
BANCO PRODUCTS ( |
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Registered
Office : |
Bil, Near
Bhaili Railway Station, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
16.03.1961 |
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Com. Reg. No.: |
04-001039 |
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Capital
Investment / Paid-up Capital : |
Rs.143.000
Millions |
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CIN No.: [Company Identification
No.] |
L51100GJ1961PLC001039 |
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|
TAN No.: [Tax Deduction &
Collection Account No.] |
BRDB00588A |
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PAN No.: [Permanent Account No.] |
AAACB8630L |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on the
Stock Exchanges. |
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Line of Business
: |
Manufacturer and Seller of Radiators. |
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No. of Employees
: |
300 (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 |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Not Available |
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Comments : |
Subject is a well-established and a reputed company having fine track record. The rating reflects company’s healthy financial risk profile marked by adequate liquidity position and decent profitability levels of the company. Trade relations are reported as fair. Business is active. Payments are reported to be regular and as per commitment. The company can be considered good for normal business
dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
INDIAN ECONOMIC OVERVIEW
N E W S
As per the latest IMF study, the total weigh of emerging markets in the
GDP of the world on a purchasing power parity basis has seen a sizeable shift. It
highlights how as against 51 % in 2005, the emerging economies now account for
close to 56 % of the global purchasing power GDP as per the latest survey. And
with the emerging economies growing at a faster rate than their developed
counterparts, there are every possibility that the their share goes up further
in the coming years. China may surpass the US over the next few years.
Politics and economics are very intricately connected. They tend to
influence each other in ways that could be very complex and far-reaching. The
prospects of the India’s economy have been seriously compromised due to
political corruption. High inflation, poor standard of living are to a great
extent a result of rampant corruption in the country. China on the other hand,
seems to be facing diametrically opposite challenge. American hedge fund
manager Jim Chanos has been keenly following the political and economic
development in the dragon economy and has figured out something that is quite
worrying. He is of the view that the Chinese economy could be heading toward
trouble on account of new Chinese President Xi Jingping’s very aggressive
anti-corruption drive. Chanos believes tat many things such as apartment sales,
luxury products, etc. were largely bought with dirty money. And it is now
beginning to impact consumption. This may indeed be bad news for an economy
that is struggling to transition from an investment-driven export-oriented
economy to a domestic consumption-driven economy.
A study published by Firstpost has revealed that asset classes like real
estate and equities were the biggest beneficiaries of the liberalization
policies. A firm called Ciane Analytics studied returns from assets
including equities, gold, fixed deposits, G-Secs and real estate since 1991.
Real estate outperformed every other asset classes during the 23-year period
with an annualized return of 20 % ! Equities came in second with annualized
return of 15.5 % ! However, while these returns may seem mouthwatering, the
fact is that the return from equities adjusted for inflation came down to just
7.1 %.
Some brief news are as under
. R-Power to buy Jaypee’s hydro assets
. Investors await justice in NSEL case
. India seeks MFN status from Pakistan ahead of meeting
. Ukrain’s clashes with rebels hinder MH17 crash investigation
. India exploring merger of state-owned hydro PSUs
..Higher costs weigh down profit growth to slowest in 9 quarters
..Wal-Mart to expand wholesale business in India
. GMR group moves to strengthen balance sheet
. Central Bank to sell 4 % stake to Life Insurance Corporation
. Tata Chemicals plans to raise up to Rs 10000 mn.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long term fund based=A+ |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
|
Date |
February, 2014 |
|
Rating Agency Name |
ICRA |
|
Rating |
Short term non fund based=A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
February, 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 (91-265-2680220)
LOCATIONS
|
Registered
Office / Factory 1 : |
Bil, Near
Bhaili Railway Station, |
|
Tel. No.: |
91-265-2680220 / 2680221 / 2680222 / 2680223 / 3097100 |
|
Fax No.: |
91-265-2680433 |
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E-Mail : |
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Website : |
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Location: |
Owned |
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Factory 2: |
At
Ankhi, Taluka Jambusar, District Bharuch, Gujarat, India (upto
30.03.2012) |
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Factory 3: |
At
Zone No.11, Holding No.1, Birsanagar, |
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Other Factory
: |
Located at · Rudrapur Waghodia (SEZ Unit) |
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Corporate
Office : |
Post |
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Tel No.: |
91-265-2680220/1/2/3 |
DIRECTORS
As on 31.03.2013
|
Name : |
Mr. Vimal K. Patel |
|
Designation : |
Chairman and Whole Time Director |
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Date of Appointment : |
15.04.1986 |
|
DIN No.: |
00161625 |
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Name : |
Mr. Mehul Kanubhai Patel |
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Designation : |
Vice - Chairman and Managing Director |
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Date of Appointment : |
08.02.1990 |
|
DIN No.: |
01772099 |
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Name : |
Mr. Samir K. Patel |
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Designation : |
Director |
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Date of Appointment : |
25.09.1983 |
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DIN No.: |
00161448 |
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|
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Name : |
Mr. Atul G. Shroff |
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Designation : |
Director |
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Date of Birth/Age : |
23.12.1947 |
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Qualification : |
Matriculation |
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Date of Appointment : |
15.04.1986 |
|
DIN No.: |
00019645 |
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Name : |
Ram Devidayal |
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Designation : |
Director |
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Name : |
Mr. Mukesh D Patel |
|
Designation : |
Director |
|
Date of Appointment : |
27.03.2009 |
|
DIN No.: |
00009605 |
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|
|
|
Name : |
Mr. Sudesh Kumar Duggal |
|
Designation : |
Director |
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Date of Appointment : |
23.09.2009 |
|
DIN No.: |
00566943 |
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|
|
|
Name : |
Mr. Manubhai Gokalbhai Patel |
|
Designation : |
Director |
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Date of Birth/Age : |
28.07.1934 |
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Qualification : |
B.Com., LL.B., FCA |
|
Date of Appointment : |
07.11.2009 |
|
DIN No.: |
00001662 |
|
|
|
|
Name : |
Mr. Shailesh Anantrai Thakker |
|
Designation : |
Executive Director and CFO |
|
Date of Appointment : |
19.07.2008 |
|
DIN No.: |
02271833 |
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|
|
|
Name : |
Mr. Kiran Kumar Shetty |
|
Designation : |
Executive Director |
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Date of Birth/Age : |
10.06.1970 |
|
Qualification : |
Bachelor of Technology |
|
Date of Appointment : |
31.07.2010 |
|
DIN No.: |
03129699 |
KEY EXECUTIVES
|
Name : |
Mr. Dinesh Dattatraya Kavthekar |
|
Designation : |
Secretary |
|
PAN No.: |
ACGPK8852L |
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Date of Appointment : |
22.08.2006 |
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|
Name : |
Ms. Dipti Sharma |
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Designation : |
Account Department |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of
Shareholder |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
Individuals / Hindu Undivided Family |
18072763 |
25.27 |
|
|
3567269 |
4.99 |
|
|
3567269 |
4.99 |
|
|
21640032 |
30.26 |
|
|
|
|
|
|
26909960 |
37.63 |
|
|
26909960 |
37.63 |
|
Total shareholding of Promoter and Promoter Group (A) |
48549992 |
67.88 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
690556 |
0.97 |
|
|
6290 |
0.01 |
|
|
2589640 |
3.62 |
|
|
2589640 |
3.62 |
|
|
3286486 |
4.60 |
|
|
|
|
|
|
2427519 |
3.39 |
|
|
|
|
|
|
10311468 |
14.42 |
|
|
2170962 |
3.04 |
|
|
4772223 |
6.67 |
|
|
744245 |
1.04 |
|
|
592634 |
0.83 |
|
|
3434544 |
4.80 |
|
|
800 |
0.00 |
|
|
19682172 |
27.52 |
|
Total Public shareholding (B) |
22968658 |
32.12 |
|
Total (A)+(B) |
71518650 |
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) |
71518650 |
0.00 |
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%20LIMITED%20-%20283548_MIRA%2001-Sep-2014_files/image007.gif)
Shareholding
of securities (including shares, warrants, convertible securities) of persons
belonging to the category Promoter and Promoter Group
|
Name
of Shareholder |
No. of Shares |
Percentage of Holding |
|
Vimal K Patel |
55,72,836 |
7.79 |
|
Samir K Patel |
50,16,997 |
7.01 |
|
Mehul K Patel |
56,15,382 |
7.85 |
|
Hasumati K Patel |
18,67,548 |
2.61 |
|
Overseas Pearl Limited |
2,69,09,960 |
37.63 |
|
Pritty V Patel |
11,82,085 |
1.65 |
|
Monal S Patel |
11,82,806 |
1.65 |
|
Gayatri M Patel |
12,02,378 |
1.68 |
|
Total |
4,85,49,992 |
67.88 |
Shareholding
of securities (including shares,
warrants, convertible securities) of persons belonging to the category
Public and holding more than 1% of the total number of shares
|
Name
of Shareholder |
No. of Shares |
Percentage of Holding |
|
Bhartibala R Patel |
990000 |
1.38 |
|
Palate Star Inv Limited |
900000 |
1.26 |
|
Japan Metal Gaskets Company Limited Japan |
1689040 |
2.36 |
|
Total |
3579040 |
5.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Seller of Radiators. |
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Terms : |
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Selling : |
L/C and Credit |
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Purchasing : |
L/C and Credit |
GENERAL INFORMATION
|
Customers : |
End Users and OEM’s · Yamaha Bajaj Honda TVS Maruti Suzuki Hero Honda TATA Ashok Leyland Mahindra |
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No. of Employees : |
300 (Approximately) |
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Bankers : |
· State Bank of India - Industrial Finance Branch Lead Bank, Mid Corporate Group Industrial Finance Branch, Marble Arch, Race Course Circle, Vadodara - 390007, Gujarat, India Tel. No.: 91-265-2339905 HDFC Bank Limited, HDFC Bank Housesenapati Bapat Marg,
Lower Parel (West), Mumbai - 400013, Maharashtra, India Standard Chartered Bank, Abhijeet II, Ground Floor, Near
Mithakali Six Roads, Ahmedabad - 380006, Gujarat, India Bank of Baroda |
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Facilities : |
NOTE : LONG TERM
BORROWINGS * Foreign currency term loan carries interest@ 3M LIBOR plus 2%. The loan is repayable within 4 years on quarterly installments. The loan is secured by hypothecation of specific movable assets of the company by way of first charge. # Indian rupees term loan from bank carries interest @ 10.75% p.a. The loan is repayable within 2 years on quaraterly installments, from the date of loan, viz. 30th January 2013.The loan is secured by hypothecation of specific movable assets of the company by way of first charge. SHORT TERM BORROWINGS i) Cash credit loans are secured against first charge on pari passu basis by way of hypothecation of the current assets both present and future in favour of participating scheduled banks ii) Short term loans from bank carries interest rate @ 9% to 12% p.a. during the year. iii) foreign currency buyer credit and packing
credits are repayable within 90 to 180 days and carries interest @ LIBOR plus
2% to 3%. |
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Banking Relations
: |
-- |
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|
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Auditors : |
|
|
Name : |
Shah and Company Chartered Accountants |
|
Address : |
Shah and Company Chartered Accountants, Maker Bhavan No. 218, New Marine Line, Mumbai, Maharashtra, India |
|
PAN.: |
AABFS2985F |
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Subsidiary
companies : |
· Banco Gaskets (India) limited – 100% Lake Mineral (Mauritius) Limited- 100% Nederlandse Radiateuren Fabriek Ltd-100% |
|
|
|
|
Indirect subsidiary
company |
Kilimanjaro Biochem Limited |
|
|
|
|
Associates- under
common control : |
Banco Aluminium Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs.143.000
Millions
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
152000000 |
Equity Shares |
Rs.2/- each |
Rs.304.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
71519000 |
Equity Shares |
Rs.2/- each |
Rs.143.037
Millions |
|
|
|
|
|
Reconciliation of the
number of shares outstanding at the begining and at the end of the reporing
period
|
Particulars |
As at 31st March 2013 |
|
|
No. of Share (In Millions) |
|
Balance at the beginning of the year |
71.519 |
|
Addition during the year |
-- |
|
Deletion during the year |
-- |
|
Balance at the end
of the year |
71.519 |
|
|
|
|
|
Share Capital (Rs. in Millions) |
|
Balance at the beginning of the year |
143.037 |
|
Addition during the year |
-- |
|
Deletion during the year |
-- |
|
Balance at the end
of the year |
143.037 |
Terms/rights attached
to each equity share
The company has only one class of share referred to as equity share having a par value of Rs. 2 per share. Each holder of equity share is entitiled to one vote per share. The company declares and pays dividend in Indian rupees.Payment of dividend is also made in foreign currency to shareholders outside India. The dividend proposed by the board of directors is subject to approval of the shareholders in the ensuring annual general meeting.
Aggregate
number of bonus shares issued, shares issued for consideration other than cash
and shares bought back during the period of five years immediately preceding
the reporting date.
|
Particulars |
As at 31st March 2013 |
|
|
(Rs. In Millions) |
|
Equity shares of Rs. 2 each allotted as fully paid up bonus shares by capitalising general reserve |
59.095 |
|
Equity shares of Rs. 2 each allotted as fully paid up in terms of amalgamation without payment being received in cash. |
9.945 |
Share in the company held by each
shareholder holding more than 5% shares specifying the no. of shares
|
Particulars |
As at 31st March 2013 |
|
|
No. in Millions (Holding in %) |
|
Vimal K.Patel |
5.573 (7.79%) |
|
Samir K.Patel |
5.017 (7.01%) |
|
Mehul K.Patel |
5.615 (7.85%) |
|
Overseas Pearl Limited |
26.910 (37.63%) |
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 |
143.000 |
143.037 |
143.037 |
|
(b) Reserves & Surplus |
3760.000 |
3224.518 |
3022.842 |
|
(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) |
3903.000 |
3367.555 |
3165.879 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
216.800 |
387.466 |
458.672 |
|
(b) Deferred tax liabilities (Net) |
94.900 |
103.412 |
81.432 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
15.400 |
14.542 |
7.067 |
|
Total Non-current Liabilities (3) |
327.100 |
505.420 |
547.172 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
703.400 |
969.762 |
553.417 |
|
(b) Trade payables |
372.000 |
277.801 |
338.933 |
|
(c) Other current
liabilities |
361.900 |
332.827 |
259.966 |
|
(d) Short-term provisions |
31.200 |
154.118 |
209.283 |
|
Total Current Liabilities (4) |
1468.500 |
1734.508 |
1361.599 |
|
|
|
|
|
|
TOTAL |
5698.600 |
5607.483 |
5074.650 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1309.500 |
1241.611 |
926.867 |
|
(ii) Intangible Assets |
0.000 |
17.591 |
7.058 |
|
(iii) Capital
work-in-progress |
0.000 |
24.189 |
22.069 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
1978.300 |
1806.462 |
1297.137 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
431.100 |
472.413 |
494.527 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
3718.900 |
3562.266 |
2747.658 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
3.300 |
8.537 |
20.863 |
|
(b) Inventories |
757.700 |
922.787 |
758.443 |
|
(c) Trade receivables |
931.900 |
904.560 |
781.972 |
|
(d) Cash and cash
equivalents |
63.100 |
20.114 |
85.765 |
|
(e) Short-term loans and
advances |
223.700 |
189.219 |
679.949 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
1979.700 |
2045.217 |
2326.992 |
|
|
|
|
|
|
TOTAL |
5698.600 |
5607.483 |
5074.650 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
4472.200 |
4457.133 |
5541.603 |
|
|
|
Other Income |
336.600 |
86.824 |
301.641 |
|
|
|
TOTAL (A) |
4808.800 |
4543.957 |
5843.244 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of materials consumed |
2442.800 |
2630.594 |
3175.504 |
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
44.100 |
(58.985) |
28.006 |
|
|
|
Employee benefit expense |
257.000 |
248.844 |
253.230 |
|
|
|
Other expenses |
928.500 |
995.630 |
1227.373 |
|
|
|
Exceptional items |
0.000 |
0.000 |
(3.951) |
|
|
|
TOTAL (B) |
3672.400 |
1816.083 |
4680.162 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1136.400 |
2727.874 |
1163.080 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
142.200 |
86.899 |
79.530 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
994.200 |
2640.975 |
1083.550 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
165.200 |
157.379 |
152.709 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
829.000 |
483.596 |
930.841 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
164.900 |
2135.085 |
206.524 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
664.100 |
348.511 |
724.317 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Exports at FOB Value |
NA |
1281.656 |
1275.136 |
|
|
|
Interest on loans |
NA |
24.963 |
22.900 |
|
|
|
Others- Tooling |
NA |
6.189 |
2.562 |
|
|
TOTAL EARNINGS |
NA |
1312.808 |
1300.598 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
1014.405 |
996.603 |
|
|
|
Stores & Spares |
NA |
24.943 |
30.236 |
|
|
|
Capital Goods |
NA |
69.203 |
78.545 |
|
|
TOTAL IMPORTS |
NA |
1108.551 |
1105.378 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
9.29 |
4.87 |
10.07 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
13.81 |
7.67 |
12.40 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
18.54 |
10.85 |
16.80 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.28 |
12.80 |
24.79 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21 |
0.14 |
0.29 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.24 |
0.40 |
0.32 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.35 |
1.18 |
1.71 |
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 |
143.037 |
143.037 |
143.000 |
|
Reserves & Surplus |
3022.842 |
3224.518 |
3760.000 |
|
Net
worth |
3165.879 |
3367.555 |
3903.000 |
|
|
|
|
|
|
long-term borrowings |
458.672 |
387.466 |
216.800 |
|
Short term borrowings |
553.417 |
969.762 |
703.400 |
|
Total
borrowings |
1012.089 |
1357.228 |
920.200 |
|
Debt/Equity
ratio |
0.320 |
0.403 |
0.236 |
%20LIMITED%20-%20283548_MIRA%2001-Sep-2014_files/image009.gif)
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 |
5,541.603 |
4,457.133 |
4,472.200 |
|
|
|
(19.570) |
0.338 |
%20LIMITED%20-%20283548_MIRA%2001-Sep-2014_files/image011.gif)
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
|
5,541.603 |
4,457.133 |
4,472.200 |
|
Profit |
724.317 |
348.511 |
664.100 |
|
|
13.07% |
7.82% |
14.85% |
%20LIMITED%20-%20283548_MIRA%2001-Sep-2014_files/image013.gif)
LOCAL AGENCY FURTHER INFORMATION
CURRENT
MATURITIES OF LONG TERM DEBTS
(Rs.
In Millions)
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Current maturities of long-term debt |
NA |
199.985 |
105.848 |
|
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 |
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 |
Yes |
|
19] |
Payments terms |
Yes |
|
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 |
INDEX OF CHARGES
|
S. NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10403548 |
22/01/2013 |
100,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL (WEST), MUMBAI - 400013, MAHARASHTRA, INDIA |
B68333483 |
|
2 |
10308542 |
02/09/2011 |
240,000,000.00 |
CITIBANK N.A |
1ST FLOOR, PELICAN BUILDING, OPPOSITE RACE COURSE TOWERS, GOTRI ROAD, VADODARA - 390007, GUJARAT, INDIA |
B21718382 |
|
3 |
10298321 |
19/06/2012 * |
664,300,000.00 |
STANDARD CHARTERED BANK |
ABHIJEET II, GROUND FLOOR, NEAR MITHAKALI SIX ROADS, AHMEDABAD - 380006, GUJARAT, INDIA |
B42111518 |
|
4 |
80023456 |
21/06/2012 * |
650,000,000.00 |
STATE BANK OF INDIA - LEAD BANK |
MID CORPORATE GROUP
INDUSTRIAL FINANCE BRANCH, MARBLE ARCH, RACE COURSE CIRCLE, VADODARA - |
B42009746 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULARS |
31.03.2013 (Rs.
in Millions) |
|
SHORT TERM
BORROWINGS |
|
|
Loans repayable on
demand from Banks |
|
|
Foreign currency loan-packing credit |
124.580 |
|
Foreign currency loan-buyer’s credit |
37.027 |
|
Short-term loan from banks |
430.000 |
|
Others- unsecured |
|
|
Deposits from public |
0.000 |
|
|
|
|
Total |
591.607 |
CONTINGENT
LIABILITIES:
(Rs. in millions)
|
PARTICULARS |
31.03.2013 |
|
Service tax and excise duty demand |
26.144 |
|
Sales tax |
4.806 |
|
Letter of credit outstanding |
12.554 |
|
Counter guarantees given to the banks in respect of various Guarantees issued by the banks to third parties |
286.116 |
|
Claims from employees and former employees amount uncertainable |
-- |
|
Other claims against the company not acknowledged as debts amount uncertainable |
-- |
Note:
The company is contesting the demands and the management, including its tax advisor, believes that its position is likely to be upheld in the appellate process. No tax expenses have been accrued in the financial statements for the demands raised as above. The management believes that the ultimate outcome of this proceeding will not have a material adverse effect on the company’s financial position and result of operations.
FIXED ASSETS
v
Tangible
Assets
Leasehold
Land
Freehold
Land
Buildings
Plant
and Equipments
Furniture
and Fixtures
Vehicles
Office
Equipment
v
Intangible Assets
Software
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.60.47 |
|
|
1 |
Rs.100.35 |
|
Euro |
1 |
Rs.79.86 |
INFORMATION DETAILS
|
Information Gathered
by : |
HTL |
|
|
|
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
-- |
|
--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.