MIRA
INFORM REPORT
|
Report Date : |
18.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
ADOR WELDING LIMITED (w.e.f. 16.10.2003) |
|
|
|
|
Formerly Known
As : |
ADVANI
OERLIKON LIMITED |
|
|
|
|
Registered
Office : |
Ador
House, 6, K. Dubash Marg, Fort, Mumbai – 400001, |
|
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|
Country : |
India |
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|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
22.10.1951 |
|
|
|
|
Com. Reg. No.: |
11-008647 |
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|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 136.000
Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
L70100MH1951PLC008647 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMA20507E /
MUMA20506D |
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|
|
|
PAN No.: [Permanent Account No.] |
AAACA9076B /
AAACA9076A |
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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
: |
Manufacturing of Welding Consumable and Equipments. |
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|
|
|
No. of Employees
: |
717 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
A (65) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
Status : |
Good |
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|
|
|
Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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|
Comments : |
Subject is a well-established company having fine track record. Profit of the company has declined during financial year 2014. The rating reflects long and established track record of Ador Welding
Limited (AML) in the welding industry supported by diversified product
Portfolio, comfortable liquidity position and comprehensive sales and
distribution network. 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
Verdict Implications
: Apex court order may alter coal import dynamics. Traders go slow on talks
over coal supply contracts, uncertainty over cancellation of blocks weigh on
stocks.
Recent arrest of the
Chennai head of the Registrar of Companies, the ministry of corporate affairs
arm that ensures that companies file all the information required by the
Companies Act is the latest manifestation of a messy fight between a father and
his adopted son for the control of Rs 40000 mn business empire. The Central
Bureau of Investigation arrested Manumeethi Cholan after he accepted Rs 10
lakhs as bribe from M A M Ramaswamy, a CBI official said.
Central Bureau of
Investigation books Electrotherm for cheating Central Bank of Rs 4360 mn.
Infosys maintains
revenue guidance. COO Rao says attrition still an area of concern and it would
take a few more quarters to bring down levels to 13-15 %.
DHL to invest
Euro 100 mn in India over next 2 years. The firm has chosen India to pilot its
e-commerce business model for the Asia-Pacific region.
Blackstone may buy
stake in BlueRidge SEZ in line with the fund’s real estate strategy in India.
Kingfisher Airlines
Ltd grounded in October 2012 under the weight of heavy debt and accumulated
losses, recently approached the Delhi high court for relief in two separate
cases. The airline challenged a notice by Punjab & National Bank alleging
that It had wilfully defaulted on Rs 7700 mn of loans and sought more time to
comply with the requirements under the listing agreements with the Stock
Exchanges.
OnMobile likely to
sack another 300 employees. The lay-offs follow a spate of senior-level exits
over the past two years, starting with of its founder. The overall lay-offs
could number around 600 and are driven by the need to cut costs, says a former
employee.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long Term Facilities = AA |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
13.01.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short Term Facilities = A1+ |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
13.01.2014 |
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 DECLINED BY
|
Name : |
Mr. Satish Pathonia |
|
Designation : |
Accountant |
|
Contact No.: |
91-22-22842524 |
|
Date : |
15.09.2014 |
LOCATIONS
|
Registered Office / Corporate Office : |
Ador
House, 6, K. Dubash Marg, Fort, Mumbai – 400001, |
|
Tel. No.: |
91-22-22842525 / 22872548 / 66239300 / 35 |
|
Fax No.: |
91-22-22873083 /25966562 / 6062 |
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E-Mail : |
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|
Website : |
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Corporate Marketing Office / International Business Division : |
5/A,
Corpora, L.B.S Marg, Bhandup (West), Mumbai-400078, Maharashtra, India |
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Tel. No.: |
91-22-66239300 / 25962564 / 77 |
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Fax No.: |
91-22-25966562 / 6062 |
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E-Mail : |
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|
|
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Factory 1 : |
Melakottiyur, Via Vandalur, Chennai-600048, |
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Tel. No.: |
91-44-27477115 / 116 |
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Fax No.: |
91-44-27477117 |
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E-Mail : |
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Factory 2: |
Survey No. 59/11/1, Khanvel Road, Masat, Silvassa-396230,
Union Territory of Dadra and Nagar Haveli, India |
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Tel. No.: |
91-260-2632287/ 3258843/ 2640447 |
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Fax No.: |
91-260-2632776 |
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E-Mail : |
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Factory 3 : |
Industrial Estate, Billaspur Road, Raipur - 493221,
Chattisgarh, India |
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Tel. No.: |
91-771-4016288/ 2562201 |
|
Fax No.: |
91-771-2562204 |
|
E-Mail : |
|
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|
Factory 4 : |
Akurdi Village, Pune-411019, Maharashtra, India |
|
Tel. No.: |
91-20-40706000 |
|
Fax No.: |
91-20-40706001 |
|
E-Mail : |
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|
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|
Factory 5 : |
54-55, F-11 Block MIDC, Pimpri, Pune-411018, |
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Tel. No.: |
91-20-27470224 |
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Fax No.: |
91-20-27470224 |
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|
|
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Domestic Sales Offices : |
Located At: ·
Ahmedabad ·
Bangalore ·
Chennai ·
Coimbatore ·
Delhi ·
Hyderabad ·
Indore ·
Jaipur ·
Kolkata ·
Mumbai ·
Pune ·
Raipur |
|
|
|
|
Overseas Office: |
Sharjah
Airport International Free Zone, Q 3 – 216, P.O. Box – 120025, Sharjah, UAE |
|
Tel No.: |
0097165578601 |
|
Fax No.: |
0097165578602 |
|
E mail: |
DIRECTORS
As on 31.03.2014
|
Name : |
Ms.
A. B. Advani |
|
Designation : |
Executive
Chairman |
|
|
|
|
Name : |
Mr. S. M. Bhat |
|
Designation : |
Managing Director (w.e.f.
11th May 2012) |
|
|
|
|
Name : |
Mrs.
N. Malkani Nagpal |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr.
R. A. Mirchandani |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. A. T. Malkani
|
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. D. A. Lalvani
|
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Vippen Sareen |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr.
Anil Harish |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr.
M. K. Maheshwari |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. P. K. Gupta |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. R. N. Sapru |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. K. Digvijay
Singh |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr.
V. M. Bhide |
|
Designation : |
Company Secretary
|
|
|
|
|
Name : |
Mr. Satish Pathonia |
|
Designation : |
Accountant |
|
|
|
|
Executive
Management Team: |
·
Mr. S. M. Bhat ·
Mr. G. Banerjee ·
Mr. V. M. Bhide ·
Mr. S. S. Bhoi ·
Mr. L. Sundar ·
Mr. S. M. Hede ·
Mr. R. Nath ·
Mr. A. R. Vilekar ·
Mr. Manoj Pandey |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Names of
Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
|
|
|
|
858726 |
6.31 |
|
|
6800531 |
50.01 |
|
|
7659257 |
56.32 |
|
|
|
|
|
|
49050 |
0.36 |
|
|
49050 |
0.36 |
|
Total shareholding of Promoter and
Promoter Group (A) |
7708307 |
56.69 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
1832405 |
13.48 |
|
|
882 |
0.01 |
|
|
10 |
0.00 |
|
|
3925 |
0.03 |
|
|
1837222 |
13.51 |
|
|
|
|
|
|
225746 |
1.66 |
|
|
|
|
|
|
2640566 |
19.42 |
|
|
627187 |
4.61 |
|
|
559439 |
4.11 |
|
|
99313 |
0.73 |
|
|
300 |
0.00 |
|
|
459826 |
3.38 |
|
|
4052938 |
29.80 |
|
Total Public shareholding (B) |
5890160 |
43.31 |
|
Total (A)+(B) |
13598467 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
13598467 |
0.00 |
Shareholding
belonging to the category "Promoter and Promoter Group"
|
Sl.No. |
Name of the
Shareholder |
Details of Shares held |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
|
|
No. of Shares held |
As a % of grand
total (A)+(B)+(C) |
|
|
1 |
Ajit T Mirchandani |
64,430 |
0.47 |
0.47 |
|
2 |
Pravena Krishna Mathur |
900 |
0.01 |
0.01 |
|
3 |
Shirin Aditya Malkani |
14,173 |
0.10 |
0.10 |
|
4 |
Vimla A Lalvani |
19,190 |
0.14 |
0.14 |
|
5 |
Gulshan Gulu Malkani |
55,500 |
0.41 |
0.41 |
|
6 |
Gulu Hiranand Malkani (HUF) |
47,400 |
0.35 |
0.35 |
|
7 |
Ninotchka Malkani Nagpal |
57,352 |
0.42 |
0.42 |
|
8 |
Gulu Hiranand Malkani |
56,400 |
0.41 |
0.41 |
|
9 |
Michelle Gulu Malkani |
55,500 |
0.41 |
0.41 |
|
10 |
Deep Ashda Lalavani |
20,922 |
0.15 |
0.15 |
|
11 |
Aditya Tarachand Malkani |
1,03,626 |
0.76 |
0.76 |
|
12 |
Rajbir Tarachand Malkani |
56,171 |
0.41 |
0.41 |
|
13 |
Aruna B Advani |
2,04,000 |
1.50 |
1.50 |
|
14 |
J B Advani and Company Private Limited |
68,00,531 |
50.01 |
50.01 |
|
15 |
Priya Darshini Lambert |
49,050 |
0.36 |
0.36 |
|
16 |
Reshma Ashda Lalvani |
3,680 |
0.03 |
0.03 |
|
17 |
Ravin A Mirchandani |
8,002 |
0.06 |
0.06 |
|
18 |
Aruna B Advani |
91,480 |
0.67 |
0.67 |
|
|
Total |
77,08,307 |
56.69 |
56.69 |
Shareholding
belonging to the category "Public" and holding more than 1% of the
Total No. of Share
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of
Total No. of Shares |
Total shares (including
underlying shares assuming full conversion of warrants and convertible
securities) as a % of diluted share capital |
|
|
|
|
|
|
|
1 |
DSP Blackrock Micro Cap Fun |
397151 |
2.92 |
2.92 |
|
2 |
HDFC Trustee Company Limited A/c HDFC |
264179 |
1.94 |
1.94 |
|
3 |
Pinebridge Trustee Company (India) |
234822 |
1.73 |
1.73 |
|
4 |
Reliance Capital Trustee Company Limited Rel |
687482 |
5.06 |
5.06 |
|
5 |
Tata Trustee Company Limited A/c Ta |
234549 |
1.72 |
1.72 |
|
|
Total |
1818183 |
13.37 |
13.37 |
Shareholding
belonging to the category "Public" and holding more than 5% of the
Total No. of Shares
|
Sl. No. |
Name(s) of the
shareholder(s) and the Persons Acting in Concert (PAC) with them |
No. of Shares |
Shares as % of
Total No. of Shares |
Total shares
(including underlying shares assuming full conversion of warrants and
convertible securities) as a % of diluted share capital |
|
|
|
|
|
|
|
1 |
Reliance Capital Trustee Co |
687482 |
5.06 |
5.06 |
|
|
Total |
687482 |
5.06 |
5.06 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Welding Consumable and Equipments. |
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|
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|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
717 (Approximately) |
|
|
|
|
Bankers : |
· HDFC Bank Limited · Bank of Baroda |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Dalal and Shah Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Solicitors : |
Nanu Hormasjee and Company |
|
Address : |
Mumbai, Maharashtra, India |
|
|
|
|
Holding Company : |
J. B. Advani and Company Private Limited |
|
|
|
|
Subsidiary Company
& Fellow subsidiaries |
· Plasma Laser Technologies Limited · Ador Welding Academy Private Limited. · Plasma Laser Technologies, North America Inc. ·
Aluminum Hybrid Systems Limited |
|
|
|
|
Companies in which
Holding Company has significant influence and its associate |
· Ador Powertron Limited · Ador Fontech Limited · Ador Multiproducts Limited |
|
|
|
|
Other related
parties where significant influence exists |
Cryolor Asia Pacific Private Limited. (Upto Oct-2012) |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
3,00,00,000 |
Equity Shares |
Rs. 10/- each |
Rs.300.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
1,35,98,467 |
Equity Shares |
Rs.10/- each |
Rs.136.000
Millions |
|
|
|
|
|
Reconciliation of shares
|
Particulars |
No. of shares |
Rs. in Millions |
|
Equity shares: |
|
|
|
Shares
outstanding at the beginning of the year |
1,35,98,467 |
136.000 |
|
Shares issued during the year |
-- |
-- |
|
Shares bought back during the year |
-- |
-- |
|
Shares outstanding at the end of the year |
1,35,98,467 |
136.000 |
Rights,
preferences and restrictions attached to shares
The Company has only
one class of shares referred to as equity shares having a par (face) value of
Rs. 10/- per share. Each shareholder is eligible for one vote per share held.
The dividend proposed by the Board of Directors is subject to the approval of
the shareholders in the ensuing Annual General Meeting, except in case of
interim dividend.
In the event of
liquidation of the Company, the equity shareholders will be entitled to receive
the remaining assets of the Company, after distribution of all the preferential
amounts, in proportion to their shareholding.
Shares held by Holding Company
|
Particulars |
No. of shares |
|
Equity shares: |
|
|
J. B. Advani and Company Private Limited |
68,00,531 |
Details of shares held by shareholders holding more than 5% of aggregate
shares in the Company
|
Particulars |
No. of shares |
% of holding |
|
Equity shares: |
|
|
|
J. B. Advani and Company Private Limited |
68,00,531 |
50.01 |
|
Reliance Capital Trustee Company Limited |
6,89,182 |
5.07 |
|
Total |
74,89,713 |
55.08 |
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 |
136.000 |
136.000 |
135.985 |
|
(b) Reserves & Surplus |
1673.000 |
1710.300 |
1614.947 |
|
(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) |
1809.000 |
1846.300 |
1750.932 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
7.700 |
14.000 |
10.738 |
|
(b) Deferred tax liabilities (Net) |
5.000 |
4.300 |
5.604 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
9.200 |
18.400 |
0.000 |
|
Total Non-current Liabilities (3) |
21.900 |
36.700 |
16.342 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Trade payables |
519.400 |
405.200 |
211.496 |
|
(c) Other current
liabilities |
180.000 |
108.500 |
187.680 |
|
(d) Short-term provisions |
247.500 |
153.400 |
163.756 |
|
Total Current Liabilities (4) |
946.900 |
667.100 |
562.932 |
|
|
|
|
|
|
TOTAL |
2777.800 |
2550.100 |
2330.206 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
739.300 |
808.800 |
767.992 |
|
(ii) Intangible Assets |
13.500 |
1.800 |
2.089 |
|
(iii) Capital
work-in-progress |
17.600 |
4.500 |
19.808 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
19.400 |
78.700 |
35.002 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
101.700 |
31.700 |
28.167 |
|
(e) Other Non-current assets |
143.100 |
117.000 |
71.865 |
|
Total Non-Current Assets |
1034.600 |
1042.500 |
924.923 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
119.100 |
247.800 |
327.669 |
|
(b) Inventories |
499.000 |
436.600 |
532.226 |
|
(c) Trade receivables |
781.000 |
725.800 |
365.754 |
|
(d) Cash and cash
equivalents |
213.500 |
35.400 |
53.429 |
|
(e) Short-term loans and
advances |
52.700 |
33.900 |
93.952 |
|
(f) Other current assets |
77.900 |
28.100 |
32.253 |
|
Total Current Assets |
1743.200 |
1507.600 |
1405.283 |
|
|
|
|
|
|
TOTAL |
2777.800 |
2550.100 |
2330.206 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
3689.200 |
3641.700 |
3409.063 |
|
|
|
Other Income |
44.900 |
36.100 |
35.137 |
|
|
|
TOTAL (A) |
3734.100 |
3677.800 |
3444.200 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
2442.600 |
2333.100 |
2201.315 |
|
|
|
Purchases of Stock-in-Trade |
47.900 |
18.000 |
12.241 |
|
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(43.300) |
20.900 |
(30.465) |
|
|
|
Employees benefits expense |
338.200 |
359.600 |
325.374 |
|
|
|
Other expenses |
529.200 |
548.200 |
521.286 |
|
|
|
Exceptional Items |
147.800 |
0.000 |
0.000 |
|
|
|
TOTAL (B) |
3462.400 |
3279.800 |
3029.751 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
271.700 |
398.000 |
414.449 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
14.200 |
8.100 |
8.789 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
257.500 |
389.900 |
405.660 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
120.300 |
123.400 |
124.454 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
137.200 |
266.500 |
281.206 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
94.900 |
75.700 |
72.295 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
42.300 |
190.800 |
208.911 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
F.O.B. Value of Exports (Net of Returns) |
491.300 |
463.500 |
339.150 |
|
|
|
Commission received |
0.000 |
2.500 |
0.371 |
|
|
|
Service charges received |
5.000 |
0.200 |
0.000 |
|
|
TOTAL EARNINGS |
496.300 |
466.200 |
339.521 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials and Components |
359.900 |
208.200 |
123.288 |
|
|
|
Capital Goods |
2.200 |
4.000 |
37.810 |
|
|
|
Spares, etc. |
0.900 |
5.500 |
3.983 |
|
|
|
Purchase of goods for resale |
11.100 |
28.000 |
8.733 |
|
|
TOTAL IMPORTS |
374.100 |
245.700 |
173.814 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
3.11 |
14.03 |
15.36 |
|
QUARTERLY RESULTS
|
PARTICULARS |
|
|
30.09.2014 |
|
Type |
|
|
1st
Quarter |
|
Net Sales |
|
|
741.200 |
|
Total Expenditure |
|
|
733.000 |
|
PBIDT (Excl OI) |
|
|
8.200 |
|
Other Income |
|
|
12.600 |
|
Operating Profit |
|
|
20.800 |
|
Interest |
|
|
1.600 |
|
Exceptional Items |
|
|
28.200 |
|
PBDT |
|
|
47.400 |
|
Depreciation |
|
|
20.700 |
|
Profit Before Tax |
|
|
26.700 |
|
Tax |
|
|
(0.800) |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
27.500 |
|
Extraordinary Items |
|
|
0.000 |
|
Prior Period Expenses |
|
|
0.000 |
|
Other Adjustments |
|
|
0.000 |
|
Net Profit |
|
|
27.500 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
1.13 |
5.19 |
6.07 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
3.72 |
7.32 |
8.25 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
5.01 |
10.80 |
12.36 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08 |
0.14 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.00 |
0.01 |
0.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.84 |
2.26 |
2.50 |
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 |
135.985 |
136.000 |
136.000 |
|
Reserves & Surplus |
1614.947 |
1710.300 |
1673.000 |
|
Net worth |
1750.932 |
1846.300 |
1809.000 |
|
|
|
|
|
|
long-term borrowings |
10.738 |
14.000 |
7.700 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total borrowings |
10.738 |
14.000 |
7.700 |
|
Debt/Equity ratio |
0.006 |
0.008 |
0.004 |
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 |
3409.063 |
3641.700 |
3689.200 |
|
|
|
6.824 |
1.304 |
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 |
3409.063 |
3641.700 |
3689.200 |
|
Profit |
208.911 |
190.800 |
42.300 |
|
|
6.13% |
5.24% |
1.15% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES OF
LONG-TERM DEBT: NOT AVAILABLE
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
No |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details (if applicable) |
No |
|
21] |
Market information |
---------------------- |
|
22] |
Litigations that the firm / promoter involved in |
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 |
No |
|
32] |
PAN of Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
Yes |
|
LITIGATION DETAILS |
|||||||
|
Bench:- Bombay |
|||||||
|
Lodging No. : |
CEXAL/320/2007 |
Failing Date:- |
11/12/2007 |
Reg. No.:- |
CEXA/55/2008 |
Reg. Date:- |
15/03/2008 |
|
|
|||||||
|
Petitioner:- |
THE COMMISSIONER OF CENTRAL EXCISE |
Respondent:- |
ADOR WELDING LIMITED |
||||
|
Petn.Adv:- |
RAJINDER KUMAR (0) |
Resp. Adv.: |
MADHUR R. BAYA |
||||
|
District:- |
MUMBAI |
||||||
|
|
|||||||
|
Bench:- |
DIVISION |
Category:- |
CENTRAL EXCISE APPEAL (CEXA) |
||||
|
Status:- |
Admitted (Unready) |
Stage:- |
FOR HEARING AND FINAL DISPOSAL |
||||
|
Last Date:- |
03/01/2013 |
|
|||||
|
Last Coram:- |
HON’BLE SHRI JUSTICE J.P. DEVADHAR HON’BLE SHRI JUSTICE M.S. SANKLECHA |
||||||
|
|
|
||||||
|
Act. : |
Central Excise and Salt Act |
|
|||||
UNSECURED LOAN
(Rs.
In Millions)
|
Particular |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
Long Term
Borrowing |
|
|
|
Long-term maturities of finance lease obligations |
7.700 |
14.000 |
|
Total |
7.700 |
14.000 |
|
|
|
|
Background of the
Company
Incorporated in 1951, Subject is one of India’s leading players in the field of Welding Products, Technologies and Services. The Company is also engaged in providing customized solutions for multi-disciplinary projects and contracts related to Refineries, Oil and Gas, Petrochemicals, Fertilizers, Steel Plants, Pharma, Water and other chemical process industries.
Operations
In the financial year 2013-14, the total operational and other income stood at Rs.373.000 Millions, as against Rs.368.000 Millions for the FY 2012-13, showing a marginal rise of 1%, with the achievement of highest ever billing of Rs. 373.000 Millions during the FY 2013-14.
The Company’s Sales and other Income during the FY 2013-14 comprised of the following:
1 Welding Consumables: Rs.276.000 Millions (Rs. 282.000 Millions)*
Due to major curb in the welding industry, and the decade’s low figure of GDP at 4.50%, unfavourable economic conditions, Domestic Sales of Consumables recorded a de-growth of over 2% compared to the previous year. However volume grew by 3% during the year.
2 Equipment and Project Engineering at Rs.93.000 Millions (Rs. 82.000 Millions)*
Inspite of Capital goods Industry witnessing slump, Equipment business grew by about 14% over last year. Further the volume in Welding Equipment business was higher by over 71% compared to the previous year.
3 Other Income at Rs.4.000 Millions (Rs. 4.000 Millions)* (*Figures in brackets indicate previous year).
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
BUSINESS SCENARIO AND
PERFORMANCE SNAP SHOT
During the financial year (FY) 2013-14, the Indian economy experienced a nominal growth in its GDP from 4.47% to 4.50% on account of marginal growth in the agricultural sector. However the manufacturing and service sectors showed a negative growth as compared to FY 2012-13.
In addition to a negligible growth in GDP, the economy also saw the inflation average in excess of 8 % for FY 2013-14 with the peak seen at 8.79% in January 2014. The fiscal deficit, which was earlier projected at 4.8% of GDP for FY 2013-14 ended the year at 4.6%. Compounded to this was the liquidity crunch, which was experienced industry-wide during the entire year. A major slowdown was observed in the power, Oil and Gas projects, construction / infra projects and auto sector, which are traditionally the growth engines for the Welding Industry. Industrial production continued to contract throughout the year, under the impact of high interest rates, low investments and a significantly weakened currency. A large number of the expected CAPEX investments within relevant industries were postponed. This resulted in significant price pressures across most product lines within the welding industry in India, impacting a large number of industry participants by lowering profits.
Notwithstanding the unfavourable economic environment, the Company pursued an aggressive campaign to improve its market share and attain growth. The Company registered marginal Revenue growth of 1% over last year. The Consumables business volume increased by 3% over last year, whilst the Equipment business volume also increased by 71% over last year. The marketing drive was spearheaded by expansion of they customer base, product range and distribution network. Continuous efforts over the last 2 years in improving the effectiveness of Field Sales Management, to retain existing customers as well as gain new customers created a funnel of opportunities that will be harnessed on a continuous basis.
The overall PBT (before exceptional items) increased by over 7% compared to last year. The profitability of segmental Consumables business dropped by over 2% and the profitability of segmental Equipment business and Project Engineering business increased by over 33%.
Special products developed during FY 2013-14 and offered to customers for critical applications of fabrication in the Oil and Gas Sector, Power Sector and Equipment Fabrication with Technical Delivery Conditions (TDCs) were well accepted by them due to Stringent Quality Assurance practices followed by the Company. They quality labs are regularly upgraded to provide certification of stringent performance qualifications demanded for new welding applications in the growing infra sector.
OUTLOOK
Outlook for FY 2014-15 is not bullish given the fact that the GDP growth / Manufacturing Sector growth/ Steel (relevant) consumption is likely to remain very sluggish with a negative trend. Money circulation is likely to remain very tight causing veritable shortage of liquidity amongst end users and channel partners with no improvement in sight. There is no indication of increase in Capex to GDP ratio, showing no initiation of new projects. Moreover many of the running projects are nearing completion, resulting in contraction of the welding market, which is not expected to recover even this year. There may be a slight upward trend once a stable Government is put in place. However the real change of trend can be expected after 6 more months i.e. October 2014 onwards. Notwithstanding these conditions, they market share strategy will be pursued aggressively for continuing they growth plan. New products developed for new applications, which will enable them customers to reduce operating cost, will help us grow business.
They introduction of new range of products, like CNC machines, Stainless Steel and MSGP electrodes for the Bottom of the Pyramid segment, special electrodes for Power, Process plants, Oil and Gas, Shipbuilding shall help to grow they market share. They offering of total automation solution, especially for auto components shall open a new market opportunity for us.
They investment in R&D and technical support should enable us to grow as a true total solution provider for they Customers, rather than a mere hardware supplier, which should act as a key strategic differentiator.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
90230039 |
07/02/2014 * |
405,000,000.00 |
HDFC BANK LIMITED |
HDFC BANK HOUSESENAPATI BAPAT MARG, LOWER PAREL W, MUMBAI, MAHARASHTRA - 400013, INDIA |
B97666473 |
|
2 |
90234674 |
15/09/2000 * |
9,600,000.00 |
BANK OF BARODA |
SIR P. M. ROAD BRANCH, P. B. NO. 1297, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
|
3 |
90232746 |
20/11/2000 * |
210,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, JUSTICE G. N. V. MARG, BOMBAY, MAHARASHTA - 400023, INDIA |
- |
|
4 |
90090825 |
24/11/1998 |
5,000,000.00 |
SYNDICATE BANK |
CHINCHWAL BRANCH, CHINCHWAL, MAHARASHTRA - 411019, |
- |
|
5 |
90234278 |
09/12/1996 * |
77,200,000.00 |
IDBI |
IDBI TOWER, CUFFE PARADE, BOMBAY, MAHARASHTRA - 400005, INDIA |
- |
|
6 |
90234206 |
01/02/1996 |
30,000,000.00 |
ABN AMRO BANK |
14; V. N. ROAD, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
7 |
90234187 |
15/12/1995 |
83,800,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, JUSTICE G. N. V. MARG, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
8 |
90234186 |
14/12/1995 |
8,500,000.00 |
STATE BANK OF TRAVANCORE |
BOMBAY MAIN BRANCH, NARIMAN POINT, BOMBAY, MAHARASHTRA - 400021, INDIA |
- |
|
9 |
90234184 |
28/11/1995 * |
17,500,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, JUSTICE G. N. V. MARG, BOMBAY, |
- |
|
10 |
90234174 |
08/11/1995 |
12,200,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, J. G. N. VAIDYA MARG, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
11 |
90234171 |
23/08/1996 * |
100,000,000.00 |
IDBI BANK |
IDBI TOWER, CUFFE PARADE, BOMBAY, MAHARASHTRA - 400005, INDIA |
- |
|
12 |
90234146 |
26/07/1995 |
4,800,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, JUSTICE G. N. V. MARG, BOMBAY, |
- |
|
13 |
90234089 |
30/01/1995 |
30,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, JUSTICE G. N. V. MARG, BOMBAY, |
- |
|
14 |
90234086 |
20/01/1995 |
4,500,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, J. G. N. VAIDYA MARG, BOMBAY, |
- |
|
15 |
90234039 |
30/08/1994 |
1,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, JUSTICE G. N.V. MARG, BOMBAY, |
- |
|
16 |
90234037 |
25/08/1994 |
2,500,000.00 |
STATE BANK OF TRAVANCORE |
BOMBAY MAIN BRANCH, NARIMAN POINT BRANCH, BOMBAY, |
- |
|
17 |
90233983 |
24/03/1994 |
309,430.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, JUSTICE G. N. V. MARG, BOMBAY, |
- |
|
18 |
90233980 |
22/03/1994 |
5,000,000.00 |
STATE BANK OF PATIALA |
ATLANTA, NARIMAN POINT, BOMBAY, MAHARASHTRA - 400021, INDIA |
- |
|
19 |
90233962 |
14/01/1994 |
50,000,000.00 |
IDBI |
WESTERN REGINONAL OFFICE, V. K. SHAH MARG; NARIMAN POINT, BOMBAY, MAHARASHTRA - 400021, INDIA |
- |
|
20 |
90233959 |
07/01/1994 |
6,500,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, J. G. N. VAIDYA MARG, BOMBAY, |
- |
|
21 |
90233942 |
09/09/1993 * |
2,500,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, JUSTICE G. N. V. MARG, BOMBAY, |
- |
|
22 |
90233939 |
01/09/1993 |
30,000,000.00 |
IDBI |
NARIMAN BHAVAN; 227; V. K. SHAH MARG, NARIMAN POINT, BOMBAY, MAHARASHTRA - 400021, INDIA |
- |
|
23 |
90235546 |
30/01/1993 |
5,000,000.00 |
STATE BANK OF INDIA |
BOMBAY SAMACHAR MARG, FORT, BOMBAY, MAHARASHTRA - |
- |
|
24 |
90233864 |
03/11/1992 |
14,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, JUSTICE G. N. V. MARG, BOMBAY, |
- |
|
25 |
90233862 |
25/11/1993 * |
16,500,000.00 |
ORIENTAL BANK OF MYSORE |
1 DR. V. S. GANDHI MARG, FORT, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
26 |
90233849 |
31/07/1992 |
14,500,000.00 |
STATE BANK OF TRAVANCORE |
BOMBAY MAIN BRANCH, BOMBAY, MAHARASHTRA, INDIA |
- |
|
27 |
90233826 |
31/03/1992 |
3,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, J. G. N. VAIDYA MARG, BOMBAY, MAHARASHTA - 400023, INDIA |
- |
|
28 |
90233784 |
29/10/1991 |
15,000,000.00 |
IDBI |
IDBI TOWER, CUFFE PARADE; COLABA, BOMBAY, MAHARASHTRA - 400005, INDIA |
- |
|
29 |
90228449 |
21/03/2005 * |
219,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, MUMBAI, MAHARASHTRA - 400023, INDIA |
- |
|
30 |
90233770 |
01/09/1991 |
219,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, J. G. N. VAIDYA MARG, BOMBAY, |
- |
|
31 |
90233737 |
29/04/1991 |
20,500,000.00 |
STATE BANK OF PATIALA |
ATLANTA NARIMAN POINT, BOMBAY, MAHARASHTRA - 400021, INDIA |
- |
|
32 |
90233718 |
26/02/1991 |
10,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, JUSTICE G. N. V. MARG, BOMBAY, |
- |
|
33 |
90233706 |
23/01/1991 |
19,813,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, JUSTICE G. N.V. MARG, BOMBAY, |
- |
|
34 |
90233674 |
11/09/1990 |
5,100,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, JUSTICE G. N. V. MARG, BOMBAY, |
- |
|
35 |
90235430 |
22/12/1989 |
11,176,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, JUSTICE G. N. VAIDYA MARG, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
36 |
90235405 |
30/06/1989 * |
4,000,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, JUSTICE G. N. VAIDYA MARG, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
37 |
90233504 |
30/04/1988 |
1,500,000.00 |
CITI BANK |
SAKHAR BHAVAN, NARIMAN POINT, BOMBAY, MAHARASHTRA - 400021, INDIA |
- |
|
38 |
90235343 |
17/09/1997 * |
56,000,000.00 |
STATE BANK OF INDIA |
MADRA MAIN BRANCH, 22; NORTH BEACH ROAD, MADRAS, |
- |
|
39 |
90233373 |
09/07/1986 |
3,750,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, JUSTICE G. N. V. MARG, BOMBAY, |
- |
|
40 |
90233356 |
17/04/1986 |
570,000.00 |
THE HONGKONG AND SHANGHAI BANKING CORP |
50/60 M. G. ROAD, BOMBAY, MAHARASHTRA - 400023, IN |
- |
|
41 |
90232611 |
20/09/1985 |
2,500,000.00 |
ORIENTAL BANK OF COMMERCE |
V. B. MARG, FORT, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
42 |
90235299 |
14/08/1985 |
8,269,000.00 |
BANK OF INDIA |
COMMERCIAL BRANCH, BOMBAY, MAHARASHTRA, INDIA |
- |
|
43 |
90233298 |
03/05/1985 |
4,500,000.00 |
ICICI LIMITED |
163; BACKAY RECLAMATION, BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
|
44 |
90233290 |
20/09/1985 * |
8,269,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, BOMBAY, MAHARASHTRA, INDIA |
- |
|
45 |
90233261 |
20/09/1985 * |
4,500,000.00 |
LIC |
JEEVAN BIMA MARG, BOMBAY, MAHARASHTRA - 400021, INDIA |
- |
|
46 |
90232609 |
05/07/1984 |
1,300,000.00 |
LIC |
YOGAKSHAMA, JEEVAN BIMA MARG, BOMBAY, MAHARASHTRA - 400021, INDIA |
- |
|
47 |
90233251 |
11/06/1984 |
1,500,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
48 |
90235276 |
30/06/1989 * |
5,500,000.00 |
STATE BANK OF INDIA |
COMMERCIAL BRANCH, JUSTICE G. N. VAIDYA MARG, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
|
49 |
90233236 |
28/03/1984 |
3,200,000.00 |
ICICI LIMITED |
163; BACKBAY RECLAMATION, BOMBAY, MAHARASHTRA - 400020, INDIA |
- |
|
50 |
90233232 |
16/03/1984 |
3,700,000.00 |
BANK OF MAHARASTRA |
45/47; BOMBAY SAMACHAR MARG, FORT, BOMBAY, MAHARASHTRA - 400023, INDIA |
- |
* Date of charge modification
FIXED ASSETS
· Land – Freehold
· Land - Leasehold
· Building
· Plant and machinery
· Electrical Installations
· Furniture and Fixtures
· Office Equipments
· Vehicles
· Temporary Shed
· Air Conditioners
STATEMENT OF
UNAUDITED STANDALONE FINANCIAL RESULTS FOR THE QUARTER ENDED JUNE 30, 2014
(Rs. in millions)
|
Particular |
For the Quarter
Ended |
|
|
30.06.2014 (Unaudited) |
|
Income from Operations |
|
|
Net Sales/Income from Operations |
739.100 |
|
Other Operating Income |
2.100 |
|
Total Income from
operations (net) |
741.200 |
|
|
|
|
Expenses |
|
|
(a) Cost of
Materials consumed |
509.200 |
|
(b) Purchases of Stock-in-trade |
11.000 |
|
(c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
6.500 |
|
(d) Employee
benefits expense |
85.900 |
|
(e) Depreciation and
amortisation expense |
20.700 |
|
(f) Other
Expenditure |
120.400 |
|
Total Expenses |
753.700 |
|
Profit from Operations
before Other Income, Finance costs and Exceptional item |
(12.500) |
|
Other Income |
12.600 |
|
Profit/ Loss from Ordinary
Activities before Finance costs and Exceptional item |
0.100 |
|
Finance costs |
1.600 |
|
Profit/ Loss from
Ordinary Activities after Finance costs but Exceptional item |
(1.500) |
|
Exceptional
item |
28.200 |
|
Profit/ Loss from Ordinary Activities
before tax |
26.700 |
|
Tax Expenses |
|
|
- Provision for
Current Tax{incl excess/(short) provision of taxes} |
0.700 |
|
- Deferred Tax
Charge /(Credit) |
(1.500) |
|
Net Profit/ Loss from Ordinary Activities
after tax |
27.500 |
|
Extraordinary
Items |
-- |
|
Net Profit for the period |
27.500 |
|
Paid- up
Equity Share Capital (Face value
of the share – Rs. 10) |
136.000 |
|
Reserves
excluding revaluation reserves as per balance sheet of Previous Accounting
Year |
- |
|
Earnings per share
(before extraordinary items) Basic and diluted EPS (not annualised) (in Rs.) * Includes exchange fluctuation gain/(loss) |
2.02 |
|
|
|
|
PARTICULARS OF SHAREHOLDING |
|
|
1. Public
shareholding |
|
|
Number of
Shares |
5890160 |
|
Percentage of Shareholding |
43.31% |
|
2. Promoters
and promoter group shareholding |
|
|
a)
Pledged/Encumbered |
|
|
- Number of Shares |
-- |
|
- Percentage of Shares (as a % of the Total Shareholding
of promoter and promoter group) |
-- |
|
- Percentage of Shares (as a % of the Total Share Capital
of the Company) |
-- |
|
|
|
|
Non - encumbered |
|
|
- Number of
Shares |
7708307 |
|
- Percentage
of Shares (as a % of
the total shareholding of promoter and promoter group) |
100.00% |
|
- Percentage
of Shares (as a % of
the total share capital of the company) |
56.69% |
|
|
Particulars |
3 Months ended
30.06.2014 |
|
B |
Investor
complaints |
|
|
|
Pending at the beginning of the quarter |
0 |
|
|
Received during the quarter |
2 |
|
|
Disposed of during the quarter |
2 |
|
|
Remaining unresolved at the end of the quarter |
0 |
Note:
1. The above results have been reviewed and recommended for adoption by the Audit Committee to the Board of Directors and thereafter have been approved by the Board at their meeting held on July 28, 2014.
2. In accordance with the requirements of Clause 41 of the Listing Agreement
with the stock exchanges, the Statutory Auditors have performed a limited
review of the Company's financial performance for the quarter ended June 30,
2014. There are no qualifications in the limited review report issued for the
above quarter.
3. In accordance with the provision of the Companies Act, 2013, effective from
April 01, 2014, the Company has evaluated the remaining useful life of its
fixed assets and accordingly, charged the depreciation based on the revised
remaining useful life of the assets as per the requirement of Schedule II of
the Companies Act, 2013. Due to the above, depreciation charge for the quarter
ended June 30, 2014, is lower by about Rs. 5.700 Millions. Further, based on
transitional provision provided in Note 7(b) of Schedule II, an amount of Rs.
88 lacs (net of Deferred Tax) has been adjusted to retained earnings.
4. Exceptional items for the quarter ended June 30, 2014, amounting to Rs.
28.200 Millions represents gain on sale of fixed assets and similarly for the
quarter ended March 31, 2014, amounting to Rs. 147.800 Millions represents the
provision for diminution in value of investment (including guarantee) made in
subsidiary amounting to Rs. 198.100 Millions and gain on sale of fixed assets
amounting to Rs. 50.300 Millions.
5. The results for the quarter ended March 31, 2014 are derived figures arrived
at by subtracting the results for the nine months ended on December 31, 2013
from the audited results for the year ended March 31, 2014.
6. Previous Period figures have been regrouped /reclassified wherever necessary.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.10 |
|
|
1 |
Rs.99.05 |
|
Euro |
1 |
Rs.79.03 |
INFORMATION DETAILS
|
Information
Gathered by : |
SVA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NTH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--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 |
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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
65 |
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.