MIRA
INFORM REPORT
|
Report Date : |
03.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
SPECIAL BLASTS LIMITED |
|
|
|
|
Formerly Known
As : |
SPECIAL BLAST PRIVATE LIMITED |
|
|
|
|
Registered
Office : |
G – 5, Wallfort Ozone, Fafadih Chowk, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
25.08.1988 |
|
|
|
|
Com. Reg. No.: |
10-004746 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 122.575 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U24292CT1988PLC004746 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
JBPS03132D |
|
|
|
|
Legal Form : |
A Closely Held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacture and Marketing of Commercial Explosives and Detonating
Fuses Which are Used for Mining, Well Digging, Tunneling, Stone Blasting,
Earth Moving Etc. To Exploit The Natural Resources. |
|
|
|
|
No. of Employees
: |
Not Divulged |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (43) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Slow But Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is an established company having satisfactory track record. Management of the company has failed to file its financials of 2013
with government department. As per financials of 2012, rating reflects sound financial risk
profile marked by strong liquidity position. Trade relations are reported to be fair. Business is active. Payments
are reported to be slow but correct. The company can be considered for business dealing 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 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 |
CRISIL |
|
Rating |
Long Term Rating = BBB - |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk |
|
Date |
27.09.2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating = A3 |
|
Rating Explanation |
Moderate degree of safety and higher credit risk |
|
Date |
27.09.2013 |
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 DENIED BY
|
Name : |
Mr. Lilesh Kumar |
|
Designation : |
Office Executive |
|
Contact No.: |
91-771-4092202 |
|
Date : |
28.08.2014 |
LOCATIONS
|
Registered Office : |
G – 5, Wallfort Ozone, Fafadih Chowk, Raipur – 492001, Chhattisgarh |
|
Tel. No.: |
Not available |
|
Fax No.: |
Not available |
|
E-Mail : |
|
|
Website : |
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|
|
|
|
Plant : |
Village Pirda, Taluka Berla, District Durg, Chhattisgarh, India |
DIRECTORS
As on: 30.09.2013
|
Name : |
Mr. Avdesh Kumar Jain |
|
Designation : |
Director |
|
Address : |
Wing III, 133, Sector 1,
Capita, Kavita Nagar, Raipur – 492001, Chhattisgarh, India |
|
Date of Birth/Age : |
20.11.1976 |
|
Date of Appointment : |
18.03.2013 |
|
DIN No.: |
06530473 |
|
|
|
|
Name : |
Mr. Ajay Choudhari |
|
Designation : |
Managing Director |
|
Address : |
C-86,87, Sector – Devendra Nagar |
|
Date of Birth/Age : |
17.05.1967 |
|
Date of Appointment : |
17.08.1989 |
|
Din No.: |
00961189 |
|
|
|
|
Name : |
Mr. Sarajit Kumar Pathak |
|
Designation : |
Director |
|
Address : |
|
|
Date of Birth/Age : |
06.04.1965 |
|
Date of Appointment : |
05.06.2009 |
|
Din No.: |
02690649 |
KEY EXECUTIVES
|
Name : |
Mr. Lilesh Kumar |
|
Designation : |
Office Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 30.09.2012
SHARHOLDING LIST ATTACHED
Equity Share Break up (Percentage of Total Equity)
As on: 30.09.2012
|
Category |
|
Percentage |
|
|
|
|
|
Bodies corporate |
|
61.60 |
|
Directors or relatives of directors |
|
31.48 |
|
Other top fifty shareholders |
|
6.92 |
|
|
|
|
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacture and Marketing of Commercial Explosives and Detonating
Fuses Which are Used for Mining, Well Digging, Tunneling, Stone Blasting, Earth
Moving Etc. To Exploit The Natural Resources. |
||||
|
|
|
||||
|
Product : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Divulged |
||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||
|
Bankers : |
·
State Bank Of India, Commercial Branch, 2nd
Floor, Pujari Chambers, Pachpedi Naka, Raipur – 492001, Chhattisgarh, India ·
IDBK Bank, Specialised Corporate Branch, 1st
Floor, Simran Towers, Opposite, LIC Main Building, Raipur – 492001,
Chhattisgarh, India |
||||||||||||||||||||||||
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|
||||||||||||||||||||||||
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Facilities : |
|
||||||||||||||||||||||||
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|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Amitabh Agarwal and Company Chartered Accountants |
|
Address : |
1st Floor, Nathani Building, Shastri Chowk, Raipur –
492001, India |
|
PAN No.: |
AAKFA0762H |
|
|
|
|
Enterprises Which are Owned, or Have of or are Partners with Key Management
Personnel and their Relatives Significant Influence : |
·
Shubham Enterprises (Raipur) Private Limited CIN No.: U51495CT2001PTC014644 ·
Chhattisgarh Steel and Power Limited CIN No.: U27109CT2003PLC016284 ·
Sri Krishna Explosives and Accessories Private
Limited CIN No.: U24292AP1986PTC006570 ·
Raghuvir Ferro Alloy Private Limited CIN No.: U27106MP1992PTC007024 ·
Sri Balmukund Polypack Private Limited CIN No.: U24134CT2007PTC020383 ·
KJSL Coal and Power Private Limited CIN No.: U40100MH2005PTC155649 |
CAPITAL STRUCTURE
As on: 31.03.2012
Authorized Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
15000000 |
Equity Shares |
Rs.10/- each |
Rs.150.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
10757575 |
Equity Shares |
Rs.10/- each |
Rs.107.575
Millions |
|
|
|
|
|
FINANCIAL DATA
[All figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
107.575 |
107.575 |
|
(b) Reserves & Surplus |
|
347.732 |
334.049 |
|
(c) Money received
against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share
Application money pending allotment |
|
30.000 |
0.000 |
|
Total Shareholders’ Funds (1) + (2) |
|
485.307 |
441.624 |
|
|
|
|
|
|
(3) Non-Current
Liabilities |
|
|
|
|
(a) long-term
borrowings |
|
52.116 |
28.584 |
|
(b) Deferred tax liabilities (Net) |
|
22.788 |
20.804 |
|
(c) Other long
term liabilities |
|
0.000 |
0.000 |
|
(d) long-term
provisions |
|
0.000 |
0.000 |
|
Total Non-current
Liabilities (3) |
|
74.904 |
49.388 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
272.613 |
206.853 |
|
(b)
Trade payables |
|
1031.498 |
555.853 |
|
(c)
Other current liabilities |
|
20.684 |
5.800 |
|
(d) Short-term
provisions |
|
29.684 |
25.196 |
|
Total Current
Liabilities (4) |
|
1354.479 |
793.702 |
|
|
|
|
|
|
TOTAL |
|
1914.690 |
1284.714 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
185.762 |
152.011 |
|
(ii)
Intangible Assets |
|
0.000 |
0.000 |
|
(iii)
Capital work-in-progress |
|
13.219 |
7.180 |
|
(iv) Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current
Investments |
|
64.168 |
56.168 |
|
(c) Deferred tax
assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
23.947 |
47.831 |
|
(e) Other
Non-current assets |
|
30.773 |
16.334 |
|
Total Non-Current
Assets |
|
317.869 |
279.524 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
244.836 |
95.760 |
|
(c)
Trade receivables |
|
865.804 |
551.986 |
|
(d) Cash
and cash equivalents |
|
131.012 |
204.429 |
|
(e)
Short-term loans and advances |
|
115.043 |
94.265 |
|
(f)
Other current assets |
|
240.126 |
58.750 |
|
Total
Current Assets |
|
1596.821 |
1005.190 |
|
|
|
|
|
|
TOTAL |
|
1914.690 |
1284.714 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
104.574 |
|
|
2] Share Application Money |
|
|
9.000 |
|
|
3] Reserves & Surplus |
|
|
292.704 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
406.278 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
140.827 |
|
|
2] Unsecured Loans |
|
|
61.142 |
|
|
TOTAL BORROWING |
|
|
201.969 |
|
|
DEFERRED TAX LIABILITIES |
|
|
19.362 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
627.609 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
145.282 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
80.308 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
109.903
|
|
|
Sundry Debtors |
|
|
551.590
|
|
|
Cash & Bank Balances |
|
|
140.089
|
|
|
Other Current Assets |
|
|
34.837
|
|
|
Loans & Advances |
|
|
131.100
|
|
Total
Current Assets |
|
|
967.519
|
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
566.579
|
|
|
Other Current Liabilities |
|
|
0.000
|
|
|
Provisions |
|
|
0.000
|
|
Total
Current Liabilities |
|
|
566.579
|
|
|
Net Current Assets |
|
|
400.940
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
1.079 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
627.609 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3418.562 |
2705.542 |
1,584.975 |
|
|
|
Other Income |
0.004 |
0.000 |
17.157 |
|
|
|
TOTAL (A) |
3418.566 |
2705.542 |
1602.132 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
1088.596 |
|
|
|
|
|
Purchases of Stock-in-Trade |
1972.514 |
1612.811 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(1.899) |
(0.603) |
|
|
|
|
Employees benefits expense |
21.611 |
18.882 |
|
|
|
|
Other expenses |
267.902 |
258.291 |
|
|
|
|
TOTAL (B) |
3348.724 |
2632.286 |
1512.680 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
69.842 |
73.256 |
89.452 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
38.146 |
18.008 |
50.940 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
31.696 |
55.248 |
38.512 |
|
|
|
|
|
|
|
|
|
Less/ |
DEPRECIATION/
AMORTISATION (F) |
13.214 |
11.114 |
10.198 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
18.482 |
44.134 |
28.314 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
8.428 |
14.792 |
9.921 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
10.054 |
29.342 |
18.393 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
1.00 |
3.00 |
1.81 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total Income |
(%) |
0.29 |
1.08 |
1.14 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.54 |
1.63 |
1.79 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.01 |
3.61 |
2.58 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
0.10 |
0.07 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.67 |
0.53 |
0.49 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.18 |
1.27 |
1.71 |
FINANCIAL ANALYSIS
[All figures are
in Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
107.575 |
107.575 |
|
Reserves & Surplus |
334.049 |
347.732 |
|
Share Application money
pending allotment |
0.000 |
30.000 |
|
Net worth |
441.624 |
485.307 |
|
|
|
|
|
long-term borrowings |
28.584 |
52.116 |
|
Short term borrowings |
206.853 |
272.613 |
|
Total borrowings |
235.437 |
324.729 |
|
Debt/Equity ratio |
0.533 |
0.669 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
1584.975 |
2705.542 |
3418.562 |
|
|
|
70.699 |
26.354 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
1584.975 |
2705.542 |
3418.562 |
|
Profit |
18.393 |
29.342 |
10.054 |
|
|
|
1.08% |
0.29% |
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 |
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 |
No |
|
30] |
Major Shareholders, if available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
UNSECURED LOAN
|
Particulars |
As on 31.03.2013 |
As on 31.03.2012 |
|
|
(Rs. In Millions) |
|
|
LONG TERM
BORROWINGS: |
|
|
|
Loans and advances from others |
41.952 |
26.019 |
|
SHORT TERM
BORROWINGS: |
|
|
|
Loans and advances from directors |
9.406 |
0.515 |
|
Loans and advances from others |
78.898 |
43.680 |
|
Total |
88.304 |
44.195 |
INDEX OF CHARGES:
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
10462230 |
30/10/2013 |
1,155,500,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, 2ND FLOOR, PUJARI CHAMBERS, PACHPEDI NAKA, RAIPUR - 492001, CHHATTISGARH, INDIA |
B90354705 |
|
2 |
10320994 |
10/10/2011 |
13,600,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI - 400013, MAHARASHTRA, INDIA |
B26776633 |
|
3 |
10237221 |
07/12/2011 * |
780,000,000.00 |
IDBI BANK |
SPECIALISED CORPORATE BRANCH, 1ST FLOOR, SIMRAN TOWERS, OPP. LIC MAIN BUILDING,, RAIPUR - 492001, CHHATTISGARH, INDIA |
B29614963 |
|
4 |
90208587 |
28/02/2000 |
200,000.00 |
STATE BANK OF INDORE |
URLA BRANCH, RAIPUR, MADHYA PRADESH, INDIA |
- |
|
5 |
90203469 |
22/06/2013 * |
2,420,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, 2ND FLOOR, PUJARI COMPLEX, PACHPEDI NAKA,, RAIPUR - 492001, CHHATTISGARH, INDIA |
B79667218 |
|
6 |
90208234 |
04/02/2005 * |
3,500,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BANK, JAISTAMBH CHOWK, RAIPUR, MADHYA PRADESH, INDIA |
- |
FINANCIAL HIGHLIGHTS
The company has achieved a growth of 26.33% in gross revenue at Rs. 3553.900 Millions for the year ended 31st March, 2012 compared to Rs.2813.200 Millions in the previous year. Most of the increase has been contributed by trading business undertaken by the company while there has been satisfactory growth in manufacturing business also. The gross profit decreased from Rs.201.457 Millions to Rs.119.144 Millions and profit before tax from Rs. 44.133 Millions to Rs.18.483 Millions due to an all-round increase in material cost without corresponding increase in the price of end products which also affected the performance. Net profit for the year stood at Rs.10.054 Millions, as against Rs.29.341 Millions for the previous year, resulting in the EPS reaching Rs.1.00 from Rs. 3.00 for the previous year. The net worth of the Company increased from Rs.441.600 Millions at the end of fiscal year 2011 to Rs. 455.300 Millions at the end of fiscal year 2012.
FUTURE OUTLOOK
The phenomenal growth in the infrastructure sector in recent years has increased the scope for production of more explosives India, a potential market for industrial explosives and its accessories, has witnessed a radical shift from complete import dependence in the past decades to self-sufficiency with an exportable surplus presently. The Indian industrial explosives industry encompassed the activities related to the manufacturing and selling of industrial explosives in bulk, cartridge and ANFO based explosives segments of the nitrate mixture, nitro compound including PETN and boosters and explosive accessories such as detonators, detonating fuse and safety fuse. The mining industry consumed around 90% of the industrial explosives manufactured in India with coal mining being the largest application of the explosives used in India.
The explosives industry in India has kept pace with the mining industry thus the market in FY 2012, witnessed an incline of 11% of which coal and metal mining accounted for a strong growth. This growth can be mainly attributed to the increasing demand for coal, cement and electricity in the country thus driving the market for explosives at a vigorous CAGR of 13.3% from the period FY 2006 – FY 2012. The production of industrial explosives in India has raised from 3.36 Lacs tones in FY 2006 to 7 Lacs tones in FY 2012. The market for explosive nitrate mixture in India has been through several ups and down in the last few years. It grew at a CAGR of 3.5% during the period
FY 2007 – FY 2012. The industrial explosives market is predominantly driven by the bulk explosives which comprises of 70% of the total industrial explosive market supply in FY 2012.
In FY 2012, Detonating Fuse contributed around 2% to the total production of explosive accessories in India. On the other hand, detonators remain the leader in the market with its strong government regulations and policies in the country and rise in the usage in initiating an explosive charge with a contribution of 12% to the overall market of industrial explosives.
Explosives industry is a highly regulated industry and many licenses are required to get into the industry. To conduct business in this industry, clearance from Home Ministry and IB are required. Approvals from the Chief Controller of Explosives are also required. The transportation of the finished product is also done with high safety measures. Any new player looking to get into the industry would need 3 to 5 years’ time to kick start operations.
FIXED ASSETS:
·
Land
·
Site Development
·
·
Plant and Machinery
·
Lab Equipment
·
Furniture
·
Truck
·
Tipper
·
Car
·
Two Wheelers
·
Computer
·
Office Equipment
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgment or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration:
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration:
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime:
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws:
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards:
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government:
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package:
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report:
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.61 |
|
|
1 |
Rs.100.48 |
|
Euro |
1 |
Rs.79.56 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
JAY |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
43 |
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.