MIRA INFORM REPORT
|
Report Date : |
06.09.2014 |
IDENTIFICATION DETAILS
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Name : |
MAZDA LIMITED |
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Registered
Office : |
C/1 39/13/16 G I D C Naroda, Ahmedabad – 382330, |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
03.09.1990 |
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Com. Reg. No.: |
04-014293 |
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Capital
Investment / Paid-up Capital : |
Rs.42.580 Millions |
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CIN No.: [Company Identification
No.] |
L29120GJ1990PLC014293 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AHMM00286G |
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PAN No.: [Permanent Account No.] |
AABCM9273H |
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Legal Form : |
A Public Limited Liability company. The company’s Share are Listed on
the Stock Exchanges. |
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Line of Business
: |
Subject is an engineering company engaged in the
business of manufacturing and sales of Vacuum Systems, Condensers, Steam Jet Ejectors,
L.P. Heaters, H.P. Heaters, Evaporators, Pollution Control Equipments and
Vapor Absorption Systems. |
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No. of Employees
: |
211 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (60) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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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 company having fine track record. Sales turnover of the company has declined which resulting into dip in
profit of the company during financial year 2014. However, the rating reflects company’s established track record in
manufacturing and delivering of vacuum systems supported by healthy financial
risk profile and comfortable liquidity position 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 |
Fund based – Cash credit limits=A |
|
Rating Explanation |
Adequate degree of safety and low credit
risk. |
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Date |
June, 2014 |
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Rating Agency Name |
ICRA |
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Rating |
Non fund based limits=A1- |
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Rating Explanation |
Very strong degree of safety and lowest
credit risk. |
|
Date |
June, 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 (91-79-40007000)
LOCATIONS
|
Registered Office/ Factory 1 : |
C/1 39/13/16 G I D C Naroda, Ahmedabad – 382330, |
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Tel. No.: |
91-79-22821779/22822274 |
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E-Mail : |
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Website : |
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Corporate Office : |
Mazda House, 650/1, Panchwati 2nd Lane, Ambawadi, Ahmedabad – 380006,
Gujarat, India |
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Tel. No.: |
91-79-40007000 (30 Lines) |
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Fax No.: |
+91-79-26565605 |
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E-Mail : |
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Factory 2 : |
Hitendra Nagar Sahakari Vasahat Limited, |
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Tel. No.: |
91-79-22801670/22801654 |
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Factory 3 : |
C/1,A-5, GIDC, Odhav,Ahmedabad-382415, Gujarat, India |
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Factory 4 : |
Plot No. 17/1, Phase-III, GIDC, Naroda, Ahmedabad –
382415, Gujarat, India |
DIRECTORS
AS ON 31.03.2013
|
Name : |
Nanalal C. Mehta |
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Designation : |
Chairman |
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Name : |
Mr. Sorab R. Mody |
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Designation : |
Managing Director |
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Name : |
Samuel W. Croll - III |
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Designation : |
Director |
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Name : |
Dady K. Contractor |
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Designation : |
Director |
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Name : |
Mohib N. Khericha |
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Designation : |
Director |
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Name : |
Sheila S. Mody |
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Designation : |
Managing Director |
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Date of Birth/Age : |
66 |
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Qualification : |
B.Com. |
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Experience : |
33 Years |
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Date of Appointment : |
01.12.1991 |
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Name : |
Houtoxi F. Contractor |
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Designation : |
Director |
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Name : |
Harbhajansingh B. Khalsa |
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Designation : |
Director |
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Name : |
Percy X. Avari |
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Designation : |
Whole-Time Director |
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Name : |
Shanaya S. Mody |
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Designation : |
Whole-Time Director |
KEY EXECUTIVES
|
Name : |
Cyrus J. Bhagwagar |
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Designation : |
Financial Controller |
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Name : |
Nishith C. Kayasth |
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Designation : |
Company Secretary |
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 |
1680994 |
39.48 |
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|
1680994 |
39.48 |
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|
|
Total shareholding of Promoter and Promoter Group (A) |
1680994 |
39.48 |
|
(B) Public Shareholding |
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|
|
|
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|
9230 |
0.22 |
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|
800 |
0.02 |
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|
10030 |
0.24 |
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|
|
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|
289599 |
6.80 |
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|
|
|
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|
1114514 |
26.17 |
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|
746980 |
17.54 |
|
|
415883 |
9.77 |
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|
126383 |
2.97 |
|
|
289500 |
6.80 |
|
|
2566976 |
60.29 |
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Total Public shareholding (B) |
2577006 |
60.52 |
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Total (A)+(B) |
4258000 |
100.00 |
|
(C) Shares held by Custodians and against which Depository
Receipts have been issued |
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
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|
0 |
0.00 |
|
Total (A)+(B)+(C) |
4258000 |
0.00 |
(1) Indian
Shareholding of securities (including shares, warrants,
convertible securities) of persons belonging to the category Promoter and
Promoter Group
|
Category of Shareholder |
No. of Shares |
Percentage
of Holding |
|
Sorab R Mody |
11,79,672 |
27.70 |
|
Shanaya Mody Khatua |
4,25,622 |
10.00 |
|
Sheila S Mody |
75,700 |
1.78 |
|
Total |
16,80,994 |
39.48 |
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
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
Croll Reynolds International Inc. |
289500 |
6.80 |
|
Anil Kumar Goel |
115000 |
2.70 |
|
Seema Goel |
85000 |
2.00 |
|
Bharat Jamnadas Dattani |
62860 |
1.48 |
|
Dorabjee and Company Private Limited |
62859 |
1.48 |
|
Sharad Kanayalal Shah |
50000 |
1.17 |
|
Percy Xerex Avari |
45205 |
1.06 |
|
Nilesh Rameshchandra Pethani |
43438 |
1.02 |
|
Total |
753862 |
17.70 |
Shareholding of securities (including shares, warrants,
convertible securities) of persons (together with PAC) belonging to the category
“Public” and holding more than 5% of the total number of shares of the company
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
Croll Reynolds International Inc. |
289500 |
6.80 |
|
Total |
289500 |
6.80 |
BUSINESS DETAILS
|
Line of Business : |
Subject is an engineering company engaged in the
business of manufacturing and sales of Vacuum Systems, Condensers, Steam Jet
Ejectors, L.P. Heaters, H.P. Heaters, Evaporators, Pollution Control Equipments
and Vapor Absorption Systems. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
211 (Approximately) |
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Bankers : |
State
Bank of India, Overseas Branch, 3 floor, Amrit Jayanti Bhavan, Navjivan P.O.,
Behind Gujarat Vidhyapith, Ahmedabad – 380014, Gujarat, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Apaji Amin and Company Chartered Accountants |
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Address : |
304, Akansha Building, Near Mount Carmel School,
Navrangpura, Ahmedabad-380009, Gujarat, India |
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Related Parties : |
·
Ahura Controls Private Limited ·
Croll Reynolds Co. Inc., New Jersy,
U.S.A ·
H.T. Engineering (Gujarat) Private
Limited ·
Tarapore Enterprise |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital : Not Available
Issued, Subscribed & Paid-up Capital : Rs. 42.580
Millions
As on 31.03.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5000000 |
Equity Shares |
Rs.10/- each |
Rs. 50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4258000 |
Equity Shares |
Rs.10/- each |
Rs. 42.580 Millions |
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|
|
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|
a.
Reconciliation of the shares
outstanding at the beginning and at the end of the year
|
|
31.03.2013 |
|
|
|
No.
of Shares |
Rs. in Millions |
|
EQUITY SHARES |
|
|
|
At the Beginning of the year |
4258000 |
Rs. 42.580 |
|
Outstanding at the End of the year |
4258000 |
Rs. 42.580 |
b.
Details of shareholders holding more
than 5% shares in the company
|
|
31.03.2013 |
|
|
|
No.
of Shares |
% of Holding in
the class |
|
Sorab R. Mody |
955989 |
22.45 |
|
Shanaya Mody Khatua |
425622 |
10.00 |
|
Croll Reynolds International Inc. |
289500 |
6.80 |
c.
The Company has only one class of
equity shares having a par value of Rs.10/- per share. Each equity shareholder is
entitled to one vote per share. 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.
d.
For current financial year the
dividend proposed to be distributed to equity shareholders is Rs.5/- per equity
share (Previous Year Rs.4/- per equity share). The dividend proposed by the Board
of Directors is subject to the approval of the shareholders in the ensuing
Annual General Meeting and the company pays the same in Indian Rupees.
e.
There are no shares allotted as fully
paid up during the period of five years immediately preceding the reporting
date i.e. 31/03/2013.
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 |
42.580 |
42.580 |
42.580 |
|
(b) Reserves & Surplus |
790.101 |
714.966 |
616.219 |
|
I 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) |
832.681 |
757.546 |
658.799 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
1.500 |
|
(b) Deferred tax liabilities (Net) |
21.285 |
18.657 |
14.510 |
|
I Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.354 |
0.426 |
4.284 |
|
Total Non-current Liabilities (3) |
21.639 |
19.083 |
20.294 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
39.425 |
24.133 |
10.099 |
|
(b) Trade payables |
143.086 |
75.260 |
125.346 |
|
I Other current
liabilities |
80.643 |
49.335 |
55.048 |
|
(d) Short-term provisions |
46.468 |
24.962 |
19.857 |
|
Total Current Liabilities (4) |
309.622 |
173.690 |
210.350 |
|
|
|
|
|
|
TOTAL |
1163.942 |
950.319 |
889.443 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
199.672 |
197.401 |
123.282 |
|
(ii) Intangible Assets |
0.000 |
1.897 |
2.332 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
65.659 |
|
(iv)
Intangible assets under development |
0.000 |
1.470 |
1.470 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
I Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
55.312 |
49.779 |
53.542 |
|
I Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
254.984 |
250.547 |
246.285 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
297.112 |
189.653 |
138.332 |
|
(b) Inventories |
250.129 |
162.356 |
195.540 |
|
I Trade receivables |
219.884 |
241.950 |
234.998 |
|
(d) Cash and cash
equivalents |
56.950 |
58.854 |
25.265 |
|
I Short-term loans and
advances |
58.857 |
45.317 |
48.223 |
|
(f) Other current assets |
26.026 |
1.642 |
0.800 |
|
Total Current Assets |
908.958 |
699.772 |
643.158 |
|
|
|
|
|
|
TOTAL |
1163.942 |
950.319 |
889.443 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
||
|
|
SALES |
|
|
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||
|
|
|
Income |
1029.910 |
1207.305 |
1030.798 |
|
|
|
|
Other Income |
20.798 |
18.167 |
16.357 |
|
|
|
|
TOTAL (A) |
1050.708 |
1225.472 |
1047.155 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed & Packing
Materials Consumed |
631.162 |
642.100 |
601.204 |
|
|
|
|
(Increase)/Decrease
in Finished, Traded and Work-In-Progress Inventories |
(68.585) |
33.187 |
(32.861) |
|
|
|
|
Manufacturing Expenses |
0.000 |
134.107 |
124.074 |
|
|
|
|
Employee Benefits Expenses |
110.809 |
100.169 |
93.628 |
|
|
|
|
Administrative & General Expenses |
0.000 |
58.715 |
46.113 |
|
|
|
|
Selling & Marketing Expenses |
0.000 |
47.803 |
49.234 |
|
|
|
|
Exceptional Item - Prior
Period items |
0.144 |
0.260 |
1.363 |
|
|
|
|
Labour Charges |
72.064 |
0.000 |
0.000 |
|
|
|
|
Other Expenditure |
134.360 |
0.000 |
0.000 |
|
|
|
|
TOTAL (B) |
879.954 |
1016.341 |
882.755 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
170.754 |
209.131 |
164.400 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
9.430 |
7.322 |
11.328 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
161.324 |
201.809 |
153.072 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
13.528 |
14.292 |
10.224 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G)
|
147.796 |
187.517 |
142.848 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
45.262 |
63.861 |
42.971 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
102.534 |
123.656 |
99.877 |
||
|
|
|
|
|
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||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
605.863 |
519.615 |
449.533 |
||
|
|
|
|
|
|
||
|
Less |
APPROPRIATIONS |
|
|
|
||
|
|
|
Transfer to General Reserve |
|
12.500 |
10.000 |
|
|
|
|
Proposed Final Dividend |
|
21.290 |
17.032 |
|
|
|
|
Tax on Dividend |
|
3.618 |
2.763 |
|
|
|
BALANCE CARRIED
TO THE B/S |
NA |
605.863 |
519.615 |
||
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|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
Exports at FOB basis |
|
364.795 |
214.172 |
|
|
|
|
Other Income - Consultancy |
|
0.503 |
0.000 |
|
|
|
|
Other Income - Miscellaneous |
|
1.025 |
0.000 |
|
|
|
|
Equipment Repairs Income |
|
0.865 |
0.205 |
|
|
|
TOTAL EARNINGS |
NA |
367.188 |
214.377 |
||
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|
|
|
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||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw and Packing Materials |
|
29.402 |
19.346 |
|
|
|
|
Capital Goods |
|
0.000 |
1.068 |
|
|
|
|
Others |
|
1.277 |
0.181 |
|
|
|
TOTAL IMPORTS |
NA |
30.679 |
20.595 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
24.08 |
29.04 |
23.46 |
||
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
9.76 |
10.09 |
9.54 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
14.35 |
15.53 |
13.86 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.70 |
19.76 |
17.37 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.18 |
0.25 |
0.22 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.05 |
0.03 |
0.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.94 |
4.03 |
3.06 |
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 |
42.580 |
42.580 |
42.580 |
|
Reserves & Surplus |
616.219 |
714.966 |
790.101 |
|
Net
worth |
658.799 |
757.546 |
832.681 |
|
|
|
|
|
|
long-term borrowings |
1.500 |
0.000 |
0.000 |
|
Short term borrowings |
10.099 |
24.133 |
39.425 |
|
Total
borrowings |
11.599 |
24.133 |
39.425 |
|
Debt/Equity
ratio |
0.018 |
0.032 |
0.047 |
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 |
1,030.798 |
1,207.305 |
1,029.910 |
|
|
|
17.123 |
(14.693) |
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
|
1,030.798 |
1,207.305 |
1,029.910 |
|
Profit |
99.877 |
123.656 |
102.534 |
|
|
9.69% |
10.24% |
9.96% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
----------- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
---------- |
|
22] |
Litigations that the firm
/ promoter involved in |
---------- |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
---------- |
|
26] |
Buyer visit details |
---------- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of
Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director,
if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
CORPORATE INFORMATION
Subject
is a public limited company incorporated in 1990 under provisions of the Companies
Act, 1956. The Company is an Engineering company engaged in the business of
manufacturing and sales of Vacuum Systems, Condensers, Steam Jet Ejectors, L.P.
Heaters, H.P. Heaters, Evaporators, Pollution Control Equipments and Vapor
Absorption Systems. The company's Head Quarters and four manufacturing plants
are in Ahmedabad, Gujarat State. The company sells its products in the domestic
as well as export markets. The equity shares of the company are listed on the
Bombay Stock Exchange Limited (BSE) and Ahmedabad Stock Exchange Limited (ASE).
UNAUDITED FINANCIAL RESULTS FOR QUARTER ENDED 30.06.2014
(Rs. In Millions)
|
Particulars |
Quarter Ended ( Unaudited) |
|
|
30.06.2014 |
|
1.
Income from operations |
|
|
a) Net sales/ Income from operation (net of excise duty) |
241.680 |
|
b) Other operating income |
3.622 |
|
Total
income from Operations(net) |
245.302 |
|
2.Expenditure |
|
|
a) Cost of material consumed |
117.729 |
|
b) Purchases of stock in trade |
0.000 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
22.061 |
|
d) Employees benefit expenses |
26.165 |
|
e) Depreciation and amortization expenses |
3.263 |
|
f) Labour Charges |
18.579 |
|
g) Other Expenses |
36.101 |
|
Total expenses |
223.898 |
|
3. Profit from operations before other income and
financial costs |
21.404 |
|
4. Other income |
6.074 |
|
5. Profit from ordinary activities before finance costs |
27.478 |
|
6. Finance costs |
1.142 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
26.336 |
|
8. Exceptional item |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
26.336 |
|
10.Tax expenses |
8.550 |
|
11.Net Profit
/ (Loss) from ordinary activities after tax (9-10) |
17.786 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
17.786 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
42.580 |
|
15. Reserve excluding
Revaluation Reserves as per balance sheet of previous accounting year |
|
|
16.i) Earnings per share (before extraordinary
items) of Rs.10/- each) (not annualised): |
|
|
(a) Basic and diluted |
4.18 |
|
|
|
|
|
|
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
2577006 |
|
- Percentage of shareholding |
60.52 |
|
2. Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
|
|
Number of shares |
Nil |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
Nil |
|
Percentage of shares (as a % of total share capital of the
company) |
Nil |
|
|
|
|
b) Non Encumbered |
|
|
Number of shares |
1680994 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100.00 |
|
Percentage of shares (as a % of total share capital of the
company) |
39.48 |
|
|
|
|
|
|
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
Nil |
|
Receiving during the quarter |
6 |
|
Disposed of during the quarter |
6 |
|
Remaining unreserved at the end of the quarter |
Nil |
NOTES:
1. The above
results were approved and taken on record by the Board of Directors in their
Meetings held on August 02, 2014
2. The
statutory auditors have carried out a Limited review of the financial results
for the three months ended June 30, 2014 as per Clause 41 of the Listing
Agreement
3. Fixed
Assets used in the company's business or liabilities contracted have not been
identified to any of the reportable segment, as allocation of assets and
liabilities to segments is currently not practicable.
4. Provision
for Deferred Tax has not been considered on quarterly basis but the effect has
been given in the Annual financial results.
5. Previous
year figures have been regrouped wherever necessary.
UNAUDITED SEGMENT
WIE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In Millions)
|
Particulars |
Year
Ended (
Unaudited) |
|
|
31.03.2014 |
|
1.
Segment Revenue |
|
|
a. Engineering Division |
224.852 |
|
b. Food Division |
22.482 |
|
Total |
247.334 |
|
|
|
|
2.
Segment Result (Profit
before Interest and Tax) |
|
|
a. Engineering Division |
39.849 |
|
b. Food Division |
4.528 |
|
Total |
44.377 |
|
Less
: (i) Interest |
1.142 |
|
(ii) Other un-allocable
expenditure net off un-allocable income. |
16.899 |
|
Profit
before Tax |
26.336 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
90112748 |
24/01/2014
* |
243,800,000.00 |
STATE
BANK OF INDIA |
OVERSEAS
BRANCH, AMRIT JAYANTI BHAVAN, NAVJIVAN P O, AHMEDABAD, GUJARAT - 380014,
INDIA |
B96956255 |
|
2 |
90113036 |
16/06/1999 |
6,000,000.00 |
STATE
BANK OF INDIA |
LAGHU
UDYOG BRANCH, OPP GANDHI GRAM RAILWAY STATION, AHMEDABAD, GUJARAT - 380009,
INDIA |
- |
|
3 |
90112146 |
04/01/1997
* |
10,000,000.00 |
STATE
BANK OF INDIA |
SIB
DIVISION, AHMEDABAD MAIN BRANCH ; BHADRA, AHMEDABAD, GUJARAT - 380001, INDIA |
- |
|
4 |
90111204 |
11/05/1998
* |
12,000,000.00 |
STATE
BANK OF INDIA |
LAGHU
UDYOG BRANCH, OPP; GANDHIGRAM RAILWY STATION, AHMEDABAD, GUJARAT - 380009,
INDIA |
- |
|
5 |
90109000 |
04/01/1997
* |
35,000,000.00 |
STATE
BANK OF INDIA |
SIB
DIVISION, AHMEDABAD MAIN BRANCH ; BHADRA, AHMEDABAD, GUJARAT - 380001, INDIA |
- |
|
6 |
90113091 |
16/06/1999
* |
35,000,000.00 |
STATE
BANK OF INDIA |
LAGHU
UDYOG BRANCH, OPP GANDHI GRAM RAILWAY STATION, AHMEDABAD, GUJARAT - 380009,
INDIA |
- |
* Date of charge modification
FIXED ASSETS:
·
Buildings
·
Plant and Machineries
·
Furniture, Fixtures
·
Vehicles
·
Computers
·
Office Equipment
·
Patterns
·
Electrical Installation
·
Computer software
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No available
information exist that suggest that subject or any of its principals have been
formally charged or convicted by a competent governmental authority for any
financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.44 |
|
UK Pound |
1 |
Rs.98.64 |
|
Euro |
1 |
Rs.78.20 |
INFORMATION DETAILS
|
Information Gathered
by : |
PRT |
|
|
|
|
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 |
5 |
|
--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 |
|
60 |
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.