MIRA
INFORM REPORT
|
Report Date : |
03.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
BEARDSELL LIMITED |
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Registered
Office : |
47, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
23.11.1936 |
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Com. Reg. No.: |
18-001428 |
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Capital
Investment / Paid-up Capital : |
Rs. 46.832
Millions |
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|
|
CIN No.: [Company Identification
No.] |
L65991TN1936PLC001428 |
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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 Supplier of Expanded Polystyrene products popularly known as thermocole and Prefabricated Buildings and also undertakes erection, commissioning and maintenance works in the field of hot and cold insulation solutions. |
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|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1330000 |
|
|
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|
Status : |
Satisfactory |
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|
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having satisfactory track record. The rating takes into consideration company’s sound financial risk profile
and fair liquidity position of the company. Trade relations are fair. Business is active. Payment terms are
reported to be usually correct. The company can be considered 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
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 that 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.
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 DECLINED
MANAGEMENT NON-COOPERATIVE
[CONTACT NO.: 91-44-28293296]
LOCATIONS
|
Registered/ Corporate Office : |
47, Greames Road, Chennai – 600006, Tamilnadu, India |
|
Tel. No.: |
91-44-28293296/ 28290901/ 0900 |
|
Fax No.: |
91-44-28290391 |
|
E-Mail : |
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|
Website : |
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Factory 1 : |
TTC Industrial Area, Thane Belapur Road, Navi Mumbai,
Maharashtra, India |
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Factory 2 : |
Govindamedu Village, Killachery (P.O and Panchayat)
Mappedu, Thiruvallur District, Tamilnadu, India |
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Factory 3 : |
Bonthapally Village, Jinnaram Mandal, Medak District,
Andhra Pradesh, India |
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Factory 4 : |
B-113/1, M.I.D.C., Tasawade, P.O. Umbaraj, Karad, Taluka
Karad, District Satara, Maharashtra, India |
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|
|
|
Branch Offices : |
Located at: · New Delhi Mumbai Ahmedabad Secunderabad Bangalore Chennai Kochi Vishakapatnam Coimbatore |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Bharat Anumolu |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. S.V. Narasimha Rao |
|
Designation : |
Executive Director |
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|
Name : |
Mr. Amrith Anumolu |
|
Designation : |
Executive Director |
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|
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|
Name : |
Mr. M. Uttam Reddi |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. V. Thirumal Rao |
|
Designation : |
Director |
|
Date of Birth/Age : |
69 Years |
|
Qualification : |
B.Com, L.L.B |
|
Experience : |
43 Years |
|
|
|
|
Name : |
Mr. R.Gowri Shanker |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. V.J. Singh |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Y. Mukthar Basha |
|
Designation : |
Chief Financial Officer |
|
|
|
|
Name : |
Mr. K. Murali |
|
Designation : |
Company Secretary |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 31.03.2014
|
Category |
No. of Shares
Held |
Percentage of
Holding |
|
A. Promoter and
Promoters Group |
|
|
|
Indian |
|
|
|
a. Individuals |
2956144 |
63.12 |
|
b. Central Government and State Government |
-- |
-- |
|
c. Bodies Corporate |
554720 |
11.84 |
|
d. Foreign Promoters |
-- |
-- |
|
Total Share
Holding of Promoter and Promoter Group |
3510864 |
74.96 |
|
|
|
|
|
B. Public Share
Holding |
|
|
|
1. INSTITUTIONS |
|
|
|
a. Mutual Funds |
-- |
-- |
|
b. Bank,
Financial Institutions, Insurance Companies (Central / State Govt.
Institutions) |
22040 |
0.47 |
|
c. Foreign Institutional Investors |
-- |
-- |
|
Sub Total B(1) |
22040 |
0.47 |
|
|
|
|
|
2. NON
INSTITUTIONS |
|
|
|
a. Bodies Corporates |
104231 |
2.23 |
|
b. Individuals |
|
|
|
i) Individual
Share Holders Holding Nominal Share Capital upto Rs. 0.100 Million |
553554 |
11.82 |
|
ii) Individual Share
Holders Holding Nominal Share Capital in excess of Rs. 0.100 Million |
480837 |
10.27 |
|
c. Others |
|
|
|
i) Hindu Undivided Families |
6432 |
0.14 |
|
ii) Non Resident Indians |
5210 |
0.11 |
|
Sub Total B(2) |
1150264 |
24.57 |
|
|
|
|
|
Total (B1 + B2) |
1172304 |
25.04 |
|
|
|
|
|
Grand Total |
4683168 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier of Expanded Polystyrene products popularly known as thermocole and Prefabricated Buildings and also undertakes erection, commissioning and maintenance works in the field of hot and cold insulation solutions. |
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
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Bankers : |
Bank of India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10000000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4683168 |
Equity Shares |
Rs. 10/- each |
Rs. 46.832
Millions |
|
|
|
|
|
Reconciliation of
Number of Shares and amount outstanding at the beginning and at the end of
reporting period
|
Particulars |
31st March 2014 |
|
|
|
Number of shares |
Rs. in Millions |
|
Balance as at the beginning of the year |
4683168 |
46.832 |
|
Add / Less : Movements during the year |
-- |
-- |
|
Balance as at the end of the year |
4683168 |
46.832 |
List of shareholders holding more than 5% of the total number of shares
issued by the company
|
Particulars |
31st March 2014 |
|
|
|
Number of shares |
% Holding |
|
Mr. Bharat Anumolu |
1440881 |
30.77% |
|
Mrs. A. Jayasree |
1399473 |
29.88% |
|
Gunnam Subba Rao Insulation Private Limited |
554720 |
11.84% |
Terms attached to
equity shares
The Company has
issued only one class of equity shares having a par value of Rs.10/- per share.
Each holder of equity share is entitled to one vote per share. The Company
declares dividends in Indian Rupees. The dividend proposed by the Board of
Directors is subject to the approval of the shareholders at the Annual General
Meeting. Repayment of capital will be in proportion to the number of equity
shares held.
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 |
46.832 |
46.832 |
46.832 |
|
(b) Reserves & Surplus |
285.697 |
278.264 |
254.338 |
|
(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) |
332.529 |
325.096 |
301.170 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
125.556 |
53.923 |
53.824 |
|
(b) Deferred tax liabilities (Net) |
18.400 |
11.546 |
2.523 |
|
(c) Other long
term liabilities |
0.896 |
0.741 |
0.688 |
|
(d) long-term
provisions |
11.621 |
12.177 |
15.025 |
|
Total Non-current
Liabilities (3) |
156.473 |
78.387 |
72.060 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
117.667 |
53.246 |
29.766 |
|
(b)
Trade payables |
186.800 |
196.964 |
218.541 |
|
(c)
Other current liabilities |
37.086 |
39.245 |
42.770 |
|
(d) Short-term
provisions |
9.404 |
8.155 |
10.063 |
|
Total Current
Liabilities (4) |
350.957 |
297.610 |
301.140 |
|
|
|
|
|
|
TOTAL |
839.959 |
701.093 |
674.370 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i) Tangible
assets |
399.492 |
328.548 |
268.403 |
|
(ii)
Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
18.895 |
9.300 |
20.551 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
2.593 |
2.593 |
3.343 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
34.488 |
22.345 |
17.841 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
455.468 |
362.786 |
310.138 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
0.000 |
0.000 |
0.000 |
|
(b)
Inventories |
80.300 |
76.229 |
69.978 |
|
(c)
Trade receivables |
208.294 |
189.484 |
210.131 |
|
(d) Cash
and cash equivalents |
68.249 |
45.826 |
64.566 |
|
(e)
Short-term loans and advances |
27.534 |
26.640 |
18.450 |
|
(f)
Other current assets |
0.114 |
0.128 |
1.107 |
|
Total
Current Assets |
384.491 |
338.307 |
364.232 |
|
|
|
|
|
|
TOTAL |
839.959 |
701.093 |
674.370 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from Operations |
1061.212 |
956.677 |
955.055 |
|
|
|
Other Income |
9.208 |
4.315 |
9.249 |
|
|
|
TOTAL (A) |
1070.420 |
960.992 |
964.304 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
392.977 |
315.739 |
334.673 |
|
|
|
Purchases of Stock-in-Trade |
384.446 |
370.867 |
398.886 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(6.300) |
(8.119) |
(7.848) |
|
|
|
Employees benefits expense |
97.105 |
88.277 |
77.662 |
|
|
|
Other expenses |
135.878 |
107.906 |
96.956 |
|
|
|
TOTAL (B) |
1004.106 |
874.670 |
900.329 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
66.314 |
86.322 |
63.975 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
23.826 |
17.796 |
12.553 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
42.488 |
68.526 |
51.422 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
22.252 |
17.933 |
16.348 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
20.236 |
50.593 |
35.074 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
7.324 |
21.188 |
11.549 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
12.912 |
29.405 |
23.525 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on FOB basis |
5.126 |
39.598 |
2.143 |
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
15.781 |
0.000 |
68.924 |
|
|
|
Traded Goods |
9.528 |
12.810 |
11.851 |
|
|
|
Capital Goods |
24.300 |
0.156 |
7.466 |
|
|
TOTAL IMPORTS |
49.609 |
12.966 |
88.241 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
2.76 |
6.28 |
5.87 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
1.21 |
3.06 |
2.44 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.91 |
5.29 |
3.67 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.47 |
7.34 |
5.39 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.06 |
0.16 |
0.12 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.73 |
0.33 |
0.28 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.10 |
1.14 |
1.21 |
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 |
46.832 |
46.832 |
46.832 |
|
Reserves & Surplus |
254.338 |
278.264 |
285.697 |
|
Net
worth |
301.170 |
325.096 |
332.529 |
|
|
|
|
|
|
Long-term borrowings |
53.824 |
53.923 |
125.556 |
|
Short term borrowings |
29.766 |
53.246 |
117.667 |
|
Total
borrowings |
83.59 |
107.169 |
243.223 |
|
Debt/Equity ratio |
0.278 |
0.33 |
0.731 |
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 |
955.055 |
956.677 |
1061.212 |
|
|
|
0.17 |
10.927 |
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 |
955.055 |
956.677 |
1061.212 |
|
Profit |
23.525 |
29.405 |
12.912 |
|
|
2.46% |
3.07% |
1.22% |
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 |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
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 |
No |
LITIGATION
DETAILS
CHENNAI COURT
CASE STATUS INFORMATION SYSTEM
|
Case Status: |
Pending |
|
Status Of: |
TAX CASES |
|
Case No.: |
740 |
|
Year : |
2008 |
|
Petitioner : |
COMMISSIONER OF
INCOME TAX |
|
Respondent : |
M/S BEARDSELL LTD |
|
Pet's Advocate : |
M/S. PUSHYA
SITARAMAN |
|
Res's Advocate : |
M/S.SUBBARAYA
AIYAR PADMA |
|
Category : |
NO CATEGORY
MENTIONED |
|
|
Last Listed on: No
Date Mentioned |
|
Case Updated on : |
Mar 2 2009 |
|
No Connected
Application(s) |
No Connected
Matter(s) |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
80008926 |
04/03/2014 * |
386,000,000.00 |
BANK OF INDIA |
CHENNAI OVERSEAS BRANCH, STAR HOUSE, NO:30 OLD NO.17, ERRABALU STREET, CHENNAI, TAMILNADU - 600001, INDIA |
B98870454 |
* Date of charge modification
UNSECURED LOANS
|
UNSECURED LOANS |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG-TERM BORROWINGS |
|
|
|
Unsecured
public deposits - From related parties |
0.000 |
12.500 |
|
- From others |
25.903 |
8.776 |
|
SHORT TERM BORROWINGS |
|
|
|
Unsecured
public deposits - From related parties |
0.000 |
1.000 |
|
- From others |
2.215 |
6.357 |
|
|
|
|
|
Total |
28.118 |
28.633 |
CORPORATE INFORMATION
Subject is a
prominent manufacturer and supplier of Expanded Polystyrene products, popularly
known as thermocole and Prefabricated Buildings that have wide industrial applications.
The company also undertakes erection, commissioning and maintenance works in
the field of hot and cold insulation solutions. The company has manufacturing
facilities in Thane, Chennai, Hyderabad and Karad and branches with
geographical spread across India. In addition, the company has trading
operations in domestic and international market.
REVIEW OF
OPERATIONS
A) PACKAGING
PRODUCTS
Their EPS packaging products are accepted throughout various industry
sectors due to their emphasis on quality and their adherence to production
schedules. Notable customer wins in this financial year included SANMINA SCI
India Private Limited, who have started procuring their product. Although their
volumes are increasing, their profitability for this product line is severely
impacted by the continuous increase in EPS raw material prices.
B) PREFABRICATED
PANEL PRODUCTS
Their Isobuild product line installed Walk-in Cold Rooms for storing
medicines throughout Andhra Pradesh. This tender was won against international
bidding. They have successfully executed 120 Nos of RO plant buildings to
Karnataka Rural Infrastructure Development Ltd for supply of purified water in
various villages throughout Karnataka. They have also successfully executed 105
TORTA CABINS for PWD, Bihar.
This year substantial progress has been made in SteilWallz, which is
marketed as a superior building system to the traditional RCC construction that
is prevalent in the commercial and residential building sectors. They have
executed villas / houses in Tamil Nadu and Hyderabad in a very quick time and
at a competitive cost compared to conventional method of construction.
C) CONTRACTS AND
EXPORTS
Their contracting division continues to execute insulation contracts for
major companies including HPCL, IOCL and others. They are striving to increase
revenues in this segment by marketing across regions. The exports team has
successfully won several tenders abroad and are in the process of implementing
the contracts.
MANAGEMENT
DISCUSSIONS AND ANALYSIS
INDUSTRY STRUCTURE
AND DEVELOPMENT
The prefab building elements manufactured by the Company finds
applications in cold storages, Food Processing Plants, Pharmaceuticals and
Roofing applications. Expanded Polystyrene has varied applications in
insulation and packaging. SteilWallz panels finds applications in construction
of low cost housing. The Company also undertakes Contracts with in-house
/outsourced materials.
OUTLOOK ON
OPPORTUNITIES AND THREATS
With increased industrial construction and retail business activities
and Government of India's thrust and encouraging policies on cold storages with
latest technologies for improving post harvest infrastructure, there is likely
to be increase in demand for the Company's products.
Fluctuating raw material prices can have negative impact on operations.
Major raw materials are:
a) Expanded
Polystyrene (a petroleum derivative):
Increase in petroleum prices impacts this raw material price.
b) Steel:
The upward trend in the global steel market has pushed up the price of
steel, a major component in Isobuild Prefab Panels.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
(a) Claims against the Company not acknowledged as debts |
2.277 |
2.277 |
|
(b)
Sales tax demands against which the Company has filed appeals and for which
no provision is considered necessary as the Company is hopeful of successful
outcome in the appeals. |
46.593 |
31.685 |
|
(c)
CST demands in respect of which the High Court has pronounced an order
quashing the proceedings and redirected the proceedings to the Assessing
Officer, as confirmed by the legal counsel. |
16.213 |
0.000 |
|
|
|
|
|
Total |
65.083 |
33.962 |
|
Note: Future
cash outflows in respect of the above matters are determinable only on
receipt of judgements / decisions pending at various forums / authorities. |
||
FIXED ASSETS:
·
Freehold Land
Leasehold
Land
Buildings
Plant
and Equipment
Computer
Furniture,
Fixtures and Office Equipments
Leasehold
improvements
Vehicles
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. 60.61 |
|
|
1 |
Rs. 100.49 |
|
Euro |
1 |
Rs. 79.56 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
BVA |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
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 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTERS |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
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.