MIRA INFORM REPORT
|
Report Date : |
23.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
HINDUSTAN COMPOSITES LIMITED |
|
|
|
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Registered
Office : |
Peninsula Business Park, “A” Tower, 8th Floor, Senapati Bapat
Marg, Lower Parel, Mumbai – 400013, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
01.07.1964 |
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Com. Reg. No.: |
11-012955 |
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Capital Investment
/ Paid-up Capital : |
Rs.49.230 Millions |
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|
|
CIN No.: [Company Identification
No.] |
L29120MH1964PLC012955 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMH07342G |
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PAN No.: [Permanent Account No.] |
AAACH0973N |
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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
: |
Manufacturers and Sellers of brake and clutch linings for automobiles
and industrial application, asbestos, yarns and textiles, asbestos packing
etc. |
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|
No. of Employees
: |
1600 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 20000000 |
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|
Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having satisfactory track record. Overall financial position of the company is strong and healthy. Trade relations are reported to be fair. Business is active. Payments are
reported to be regular and as per commitment. 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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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 |
CRISIL |
|
Rating |
Long term rating=BBB+ |
|
Rating Explanation |
Moderate degree of safety and moderate
credit risk. |
|
Date |
24.03.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating=A2 |
|
Rating Explanation |
Strong degree of safety and low credit risk. |
|
Date |
24.03.2014 |
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 PARTED BY (GENERAL DETAILS)
|
Name : |
Mr. Varun |
|
Designation : |
Legal Department |
|
Contact No.: |
91-22-66880100 |
|
Date : |
19.09.2014 |
LOCATIONS
|
Registered Office : |
Peninsula Business Park, “A” Tower, 8th Floor, Senapati
Bapat Marg, Lower Parel, Mumbai – 400013, Maharashtra, India |
|
Tel. No.: |
91-22-66880100 / 66530101 / 2 / 3 / 4 |
|
Fax No.: |
91-22-66530105 |
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E-Mail : |
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Website : |
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Factory 1 : |
D-2/1, MIDC Industrial
Area, Aurangabad – 431107, Maharashtra, India |
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Factory 2 : |
C-10/1, Bhandara
Industrial Area, Gadegaon, Bhandara – 441904, Nagpur, Maharashtra, India |
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Factory 3 : |
C-11, Additional
Jalna Industrial Area, Aurangabad – 431203, Maharashtra, India |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Mr. Raghu Mody |
|
Designation : |
Executive Chairman |
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Name : |
Mr. P. K. Choudhary |
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Designation : |
Managing Director |
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Name : |
Mr. Varunn Mody |
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Designation : |
Executive Director – Treasury and Business Development |
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|
Name : |
Mr. Keith M. Robinson |
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Designation : |
Independent Director |
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Name : |
Mr. A. B. Vaidya |
|
Designation : |
Independent Director |
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|
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|
Name : |
Mr. Lt. Gen. (Retd.) K. S. Brar |
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Designation : |
Independent Director |
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|
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|
Name : |
Mr. Brijmohan Rai Bahl |
|
Designation : |
Independent Director |
KEY EXECUTIVES
|
Name : |
Mr. Amit Goenka |
|
Designation : |
VP - Finance and Company Secretary |
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|
|
|
Name : |
Mr. Sunil Jindal |
|
Designation : |
Chief Financial Officer |
SHAREHOLDING PATTERN
AS ON 30.06.2014
|
Category of
Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
Bodies Corporate |
3691010 |
74.97 |
|
|
3691010 |
74.97 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
3691010 |
74.97 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
50 |
0.00 |
|
|
748 |
0.02 |
|
|
798 |
0.02 |
|
|
|
|
|
|
575815 |
11.70 |
|
|
|
|
|
|
609509 |
12.38 |
|
|
37500 |
0.76 |
|
|
8368 |
0.17 |
|
|
6262 |
0.13 |
|
|
2088 |
0.04 |
|
|
18 |
0.00 |
|
|
1231192 |
25.01 |
|
Total Public shareholding (B) |
1231990 |
25.03 |
|
Total (A)+(B) |
4923000 |
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) |
4923000 |
0.00 |
(1) Indian
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Sellers of brake and clutch linings for automobiles
and industrial application, asbestos, yarns and textiles, asbestos packing
etc. |
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Products : |
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Terms : |
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Selling : |
Cash, Credit and Cheque |
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Purchasing : |
Cash, Credit and Cheque |
GENERAL INFORMATION
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No. of Employees : |
1600 (Approximately) |
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Bankers : |
·
Bank of India ·
ICICI Bank |
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Facilities : |
|
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Banking
Relations : |
-- |
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|
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Auditors : |
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|
Name : |
Lodha and Company Chartered Accountants |
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Solicitors : |
Khaitan and Company |
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|
Associates /
Joint Venture with whom transactions have been entered during the year in the
ordinary course of the business : |
·
Rasoi Limited ·
J L Morison (India) Limited ·
Pallawi Resources Limited ·
Pallawi Trading & Mfg. Co. Limited ·
Look Link Finance Limited ·
Noble Trading Co. Limited ·
Lotus Udyog Limited ·
Surdas Trading & Mfg. Co. Limited ·
Goodpoint Advisory Services and Investments Limited ·
Axon Trading & Mfg. Co. Limited ·
Silver Trading & Services Limited ·
Rasoi Express Private Limited ·
Compo Advics (India) Private Limited (Joint
Venture) |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
5500000 |
Equity Shares |
Rs.10/- each |
Rs.55.000 Millions |
|
500000 |
Unclassified Shares |
Rs.10/- each |
Rs.5.000 Millions |
|
|
|
|
|
|
|
Total |
|
Rs.60.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
4923000 |
Equity Shares |
Rs. 10/- each |
Rs.49.230 Millions |
|
|
|
|
|
·
Details of Shareholding More than 5%
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Rasoi Limited |
2050574 |
41.65% |
|
Leaders Healthcare Limited |
825194 |
16.76% |
|
J L Morison (India) Limited |
369234 |
7.50% |
·
Rights attached to equity shares:
The Company has
only one class of equity shares having a par value of ` 10 each. Each holder of
equity shares is entitled to one vote per share. In the event of liquidation,
the equity shareholders are entitled to receive the remaining assets of the
Company after payments to secured and unsecured creditors, in proportion to
their shareholding. Company has not issued any aggregate No. and class of share
as fully paid-up pursuant to contract(s) without payment being received in
cash, bonus shares for the period of 5 years immediately preceding the Balance
Sheet date.
·
The reconciliation of the number of shares
outstanding at the beginning and at the end for the period of 5 years
immediately preceding the Balance Sheet date:
|
Equity
shares fully paid up |
Number
of Shares |
|
Balance as at the beginning of the year |
4923000 |
|
Shares issued during the year |
-- |
|
Shares bought back during the year |
-- |
|
Balance
as at the end of the year |
4923000 |
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 |
49.230 |
49.230 |
49.230 |
|
(b) Reserves & Surplus |
5190.737 |
5030.266 |
4934.023 |
|
(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) |
5239.967 |
5079.496 |
4983.253 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
44.567 |
47.605 |
52.637 |
|
(b) Deferred tax liabilities (Net) |
91.664 |
90.501 |
88.358 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
0.000 |
0.000 |
0.000 |
|
Total Non-current Liabilities (3) |
136.231 |
138.106 |
140.995 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
18.358 |
29.151 |
17.268 |
|
(b) Trade payables |
119.677 |
112.754 |
87.280 |
|
(c) Other current
liabilities |
92.373 |
79.491 |
58.357 |
|
(d) Short-term provisions |
11.519 |
5.760 |
48.705 |
|
Total Current Liabilities (4) |
241.927 |
227.156 |
211.610 |
|
|
|
|
|
|
TOTAL |
5618.125 |
5444.758 |
5335.858 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1138.614 |
1144.678 |
477.112 |
|
(ii) Intangible Assets |
1.922 |
2.387 |
3.393 |
|
(iii) Capital
work-in-progress |
0.411 |
14.303 |
431.935 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
3331.489 |
2967.919 |
2014.306 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
204.296 |
289.609 |
309.010 |
|
(e) Other Non-current assets |
17.851 |
37.001 |
0.000 |
|
Total Non-Current Assets |
4694.583 |
4455.897 |
3235.756 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
298.180 |
445.063 |
805.659 |
|
(b) Inventories |
75.854 |
78.169 |
89.591 |
|
(c) Trade receivables |
267.646 |
189.057 |
155.332 |
|
(d) Cash and cash
equivalents |
19.277 |
18.682 |
99.690 |
|
(e) Short-term loans and
advances |
160.576 |
230.656 |
886.960 |
|
(f) Other current assets |
102.009 |
27.234 |
62.870 |
|
Total Current Assets |
923.542 |
988.861 |
2100.102 |
|
|
|
|
|
|
TOTAL |
5618.125 |
5444.758 |
5335.858 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
||
|
|
SALES |
|
|
|
||
|
|
|
Income |
1384.281 |
1171.906 |
1190.194 |
|
|
|
|
Other Income |
11.395 |
2.449 |
4.011 |
|
|
|
|
TOTAL (A) |
1395.676 |
1174.355 |
1194.205 |
|
|
|
|
|
|
|
||
|
Less |
EXPENSES |
|
|
|
||
|
|
|
Cost of Materials Consumed |
510.587 |
475.781 |
418.000 |
|
|
|
|
Purchase of Stock-in-trade |
0.456 |
19.958 |
6.827 |
|
|
|
|
Changes in Inventories of finished goods, work-in-progress and
stock-in-trade |
4.457 |
(1.986) |
8.790 |
|
|
|
|
Employee Benefits Expenses |
166.525 |
150.737 |
124.892 |
|
|
|
|
Other Expenses |
419.725 |
343.844 |
333.199 |
|
|
|
|
Exceptional Items |
0.000 |
0.000 |
(34.679) |
|
|
|
|
TOTAL (B) |
1101.750 |
988.334 |
857.029 |
|
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
293.926 |
186.021 |
337.176 |
||
|
|
|
|
|
|
||
|
Less |
FINANCIAL
EXPENSES (D) |
7.415 |
2.853 |
15.667 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D)
(E) |
286.511 |
183.168 |
321.509 |
||
|
|
|
|
|
|
||
|
Less |
DEPRECIATION/
AMORTISATION (F) |
70.329 |
61.523 |
45.490 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
BEFORE TAX (E-F) (G)
|
216.182 |
121.645 |
276.019 |
||
|
|
|
|
|
|
||
|
Less |
TAX (H) |
44.192 |
19.642 |
66.814 |
||
|
|
|
|
|
|
||
|
|
PROFIT/(LOSS)
AFTER TAX (G-H) (I) |
171.990 |
102.003 |
209.205 |
||
|
|
|
|
|
|
||
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
94.868 |
98.625 |
50.863 |
||
|
|
|
|
|
|
||
|
Less |
APPROPRIATIONS |
|
|
|
||
|
|
|
Transfer to General Reserve |
200.000 |
100.000 |
150.000 |
|
|
|
|
Proposed Dividend |
9.846 |
4.923 |
9.846 |
|
|
|
|
Corporate Dividend Tax |
1.673 |
0.837 |
1.597 |
|
|
|
BALANCE CARRIED
TO THE B/S |
55.339 |
94.868 |
98.625 |
||
|
|
|
|
|
|
||
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
||
|
|
|
FOB Value of Exports |
85.902 |
73.063 |
77.003 |
|
|
|
|
Other Earnings |
2.763 |
2.547 |
2.576 |
|
|
|
TOTAL EARNINGS |
88.665 |
75.610 |
79.579 |
||
|
|
|
|
|
|
||
|
|
IMPORTS |
|
|
|
||
|
|
|
Raw Materials |
73.190 |
73.807 |
73.577 |
|
|
|
|
Capital Goods |
0.205 |
0.000 |
3.922 |
|
|
|
|
Stores & Spares |
0.000 |
0.452 |
0.025 |
|
|
|
TOTAL IMPORTS |
73.395 |
74.259 |
77.524 |
||
|
|
|
|
|
|
||
|
|
Earnings Per
Share (Rs.) |
34.94 |
20.72 |
35.45 |
||
QUARTERLY RESULTS
(Rs.
In Millions)
|
Particulars |
|
|
30.06.2014 (Unaudited) |
|
|
|
|
1st
Quarter |
|
Net Sales |
|
|
340.100 |
|
Total Expenditure |
|
|
268.100 |
|
PBIDT (Excl OI) |
|
|
72.000 |
|
Other Income |
|
|
00.400 |
|
Operating Profit |
|
|
72.400 |
|
Interest |
|
|
00.500 |
|
Exceptional Items |
|
|
0.000 |
|
PBDT |
|
|
71.900 |
|
Depreciation |
|
|
14.600 |
|
Profit Before Tax |
|
|
57.300 |
|
Tax |
|
|
05.600 |
|
Provisions and contingencies |
|
|
0.000 |
|
Profit After Tax |
|
|
51.700 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
12.32 |
8.69 |
17.52 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
15.62 |
10.38 |
23.19 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.46 |
4.94 |
9.55 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.04 |
0.02 |
0.06 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.01 |
0.02 |
0.01 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.82 |
4.35 |
9.92 |
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 |
49.230 |
49.230 |
49.230 |
|
Reserves & Surplus |
4934.023 |
5030.266 |
5190.737 |
|
Net
worth |
4983.253 |
5079.496 |
5239.967 |
|
|
|
|
|
|
long-term borrowings |
52.637 |
47.605 |
44.567 |
|
Short term borrowings |
17.268 |
29.151 |
18.358 |
|
Total
borrowings |
69.905 |
76.756 |
62.925 |
|
Debt/Equity
ratio |
0.014 |
0.015 |
0.012 |
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 |
1,190.194 |
1,171.906 |
1,384.281 |
|
|
|
(1.537) |
18.122 |
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
|
1,190.194 |
1,171.906 |
1,384.281 |
|
Profit |
209.205 |
102.003 |
171.990 |
|
|
17.58% |
8.70% |
12.42% |
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 |
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 |
Yes |
|
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:
|
HIGH
COURT OF BOMBAY
|
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs.
In Millions |
31.03.2013 Rs.
In Millions |
|
Long Term
Borrowings |
|
|
|
From SICOM Limited by way of deferral of sales tax liability |
42.619 |
45.700 |
|
|
|
|
|
Total |
42.619 |
45.700 |
PERFORMANCE
During the year 2013-2014,
the Company posted improved results with higher sales and increased investment
income. The turnover of the company increased by 14% to Rs.1062.500 Millions
from Rs.930.100 Millions in the previous year. This growth was achieved despite
significant slow-down in the Automotive Sector and was possible with a focused
approach on its Export and domestic Aftermarket business. Investment income
during the year was much higher at Rs.314.900 Millions, as against Rs.239.800
Millions. This was achieved with judicious deployment of funds in high yielding
assets.
The gross profit
of the Company was increased by 54% from Rs.183.500 Millions to Rs.282.500
Millions. After considering interest of Rs.7.400 Millions, depreciation of
Rs.70.300 Millions and Other Income of Rs.11.400 Millions, the Profit before
Tax was Rs.216.200 Millions and net Profit after providing Tax of Rs.44.200
Millions was Rs.172.000 Millions. The profitability of manufacturing segment
was improved mainly due to various cost control measures taken at both the
Plants.
During the year,
overall economy remained subdued and there was sharp reduction in demand from
Automotive Sector. This has resulted into low order-book from OEM customers,
particularly Commercial Vehicle segment. However, this was compensated by
higher sale in domestic Aftermarket & Export business. With the recent
Political stability at the Centre, we foresee better future for Indian economy,
which in turn will boost the demand in both Automobile and Auto Component
sector. We also foresee stability in the financial market, which should improve
the yield on our Investment. The Company participated at the Auto Expo 2014 at
Pragati Maidan, New Delhi in February, 2014. This is the largest Exhibition for
Automobile Show in Asia. The response from Domestic as well as International
customers was encouraging.
The Company has
entered into a Joint Venture Agreement with ADVICS North India Private Limited,
an Affiliate of
ADVICS Company
Limited, Japan and formed a new Company namely Compo ADVICS (India) Private
Limited, which was incorporated on 28th November, 2013. This new Joint Venture
Company will manufacture Disc Brake Pads for Passenger Vehicle at a green field
site at Bhalgaon, Aurangabad. Our Company holds 49% Shares, its associate holds
2% Shares and ADVICS North India Private Limited holds 49% Shares.
MANAGEMENT DISCUSSION AND ANALYSIS REPORT
OVERALL REVIEW
Based on the
latest estimates, the Indian economy grew by 4.7% in F.Y. 2013-2014. Despite a good
monsoon, the manufacturing indices had declined. Commodity prices stayed at
high levels and food inflation reached an all-time high, which resulted in a
sustained CPI inflation of over 10% in the last financial year. The Rupee
depreciated significantly before retracting in the latter half of the year.
Consumer sentiments remained subdued for most part of the last financial year.
The Automotive Sector was one of the worst hit, with a major impact on the
commercial vehicle segment.
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) |
338.200 |
|
b) Other operating income |
1.900 |
|
Total
income from Operations(net) |
340.100 |
|
2.Expenditure |
|
|
a) Cost of material consumed |
139.600 |
|
b) Purchases of stock in trade |
0.000 |
|
c) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(14.000) |
|
d) Employees benefit expenses |
44.700 |
|
e) Depreciation and amortization expenses |
14.600 |
|
f) Other expenditure |
97.800 |
|
Total expenses |
282.800 |
|
3. Profit from operations before other income and
financial costs |
57.300 |
|
4. Other income |
0.400 |
|
5. Profit from ordinary activities before finance costs |
57.800 |
|
6. Finance costs |
0.500 |
|
7. Net profit/(loss) from ordinary activities
after finance costs but before exceptional items |
57.300 |
|
8. Exceptional item |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
57.300 |
|
10.Tax expenses |
5.600 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
51.700 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
51.700 |
|
14.Paid-up equity share capital (Nominal value Rs.10/- per share) |
49.200 |
|
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 |
10.50 |
|
ii) Earnings per share (after extraordinary items) |
|
|
(a) Basic and diluted |
10.50 |
|
|
|
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
1231990 |
|
- Percentage of shareholding |
25.03% |
|
2. Promoters and Promoters group Shareholding- |
|
|
|
|
|
Non Encumbered |
|
|
Number of shares |
3691010 |
|
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) |
74.97% |
|
|
|
UNAUDITED SEGMENT WIE
REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In
Millions)
|
Particulars |
Year
Ended (
Unaudited) |
|
|
31.03.2014 |
|
1.
Segment Revenue |
|
|
a. Composite Products |
271.100 |
|
b. Investment |
69.000 |
|
Total |
340.100 |
|
|
|
|
2.
Segment Result (Profit
before Interest and Tax) |
|
|
a. Composite Products |
18.100 |
|
b. Investment |
40.900 |
|
Total |
59.000 |
|
Less
: Unallocable Expenses |
1.600 |
|
Less
: Interest |
0.500 |
|
Add : Other income |
0.400 |
|
Profit
before Tax |
57.300 |
|
|
|
|
3. Capital
Employed |
|
|
a. Composite Products |
392.300 |
|
b. Investment |
4630.100 |
|
c. Unallocable |
306.700 |
|
|
|
|
Total |
5329.100 |
NOTES:
1.
The above results were reviewed by the Audit
Committee and approved by the Board of Directors in their meeting held on
August 11, 2014 and the Statutory Auditors of the Company have carried out a
'Limited Review' of the same.
2.
The Company has invested its surplus
fund in debt, equity and other assets and the same has been disclosed as a
separate segment.
3.
During the Quarter, the Company has
revised depreciation rate of its fixed assets as per the useful life specified
in the Companies Act, 2013. Due to this, depreciation charge for the quarter is
lower by Rs. 2.500 Millions. Further depreciation amounting to Rs. 2.700
Millions (net of Deferred Tax of Rs. 1.400 Millions) on account of assets,
whose useful life is already exhausted as on April 01, 2014, has been adjusted
to general reserve.
1.
During the quarter, there was an
accident of fire at the warehouse its Paithan plant on June 06, 2014. This has
resulted into loss of raw material, finished product (reflected in change in
inventories of finished goods) and others assets. In view of adequate insurance
coverage, the management is confident of recovering entire loss.
2.
Previous year's figures have been
recast / regrouped wherever considered necessary.
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10430137 |
17/05/2013 |
4,500,000.00 |
VOLKSWAGEN
FINANCE PRIVATE LIMITED |
3RD
FLOOR, WING A, SILVER UTOPIA,, CARDINAL GRACI |
B76733088 |
|
2 |
90231128 |
29/06/2002 |
412,200.00 |
FIAT
SUNDARAM AUTO FINANCE LTD |
NO.
21; PATULLOS RD, CHENNAI, MAHARASHTRA - 600002, INDIA |
- |
|
3 |
90231062 |
09/05/2000 |
1,850,000.00 |
HOUSING
DEVELOPMENT FINANCE CORPN LTD |
JEEVANDEEP
3RD FLOOR, 1; MIDDLETON STREET, CALCUTTA, WEST BENGAL - 700071, INDIA |
- |
|
4 |
90231012 |
22/03/1999 |
2,200,000.00 |
SYNDICATE
BANK |
INDUSTRILA
FINANCE BRANCH, 26; A SIR. P.M. RD, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
|
5 |
90229228 |
02/12/2013
* |
110,000,000.00 |
BANK
OF BARODA |
13,
VASWANI CHAMBERS, OPP. OLD PASSPORT OFFICE,, 264/265, DR. A.B. ROAD, WORLI,, MUMBAI,
MAHARASHTRA - 400030, INDIA |
B91810523 |
|
6 |
90228716 |
29/12/1993 |
17,500,000.00 |
INDUSTRIAL
DEVELOPMENT BANK OF INDIA |
NARIMAN
BHAVAN; 227 VINAY K. SHAH MARG, NARIMAN POINT, MUMBAI, MAHARASHTRA - 400021,
INDIA |
- |
|
7 |
90228516 |
20/03/1992 |
1,500,000.00 |
BANK
OF BARODA |
M.G.
RD, GHATKOPAR (W), MUMBAI, MAHARASHTRA - 400086, INDIA |
- |
|
8 |
90228484 |
26/12/1991 |
4,000,000.00 |
BANK
OF BARODA |
M.G.
RD, GHATKOPAR (W), MUMBAI, MAHARASHTRA - 400086, INDIA |
- |
|
9 |
90228465 |
30/10/1991 |
2,500,000.00 |
BANK
OF BARODA |
M.G.
RD, GHATKOPAR (W), MUMBAI, MAHARASHTRA - 400086, INDIA |
- |
|
10 |
90230678 |
30/10/1991 |
11,000,000.00 |
THE
STANDARD CHARTERED BANK |
23-25;
MAHATMA GANDHI RD FORT, MUMBAI, MAHARASHTRA |
- |
|
11 |
90230516 |
30/12/1987 |
30,000,000.00 |
STANDARD
CHARTERED BANK |
25;
M.G. ROAD, MUMBAI, MAHARASHTRA - 400001, INDIA |
- |
|
12 |
90227746 |
27/02/1986
* |
37,096,740.00 |
INDUSTRIAL
INVESTMENT TRUST LTD |
61; MUMBAY
SAMACHAR MARG, MUMBAI, MAHARASHTRA - 400023, INDIA |
- |
|
13 |
90230400 |
05/11/1984 |
37,096,740.00 |
INDUSTRIAL
INVESTMENT TRUST LTD |
61;
BOMBAY SAMACHAR MARG, MUMBAI, MAHARASHTRA - 400023, INDIA |
- |
|
14 |
90227552 |
11/07/1980 |
5,000,000.00 |
LIFE
INSURANCE CORPN OF INDIA |
YOGKSHEMA;
JEEVAN BIMA MARG, MUMBAI, MAHARASHTRA - |
- |
|
15 |
90227425 |
01/09/1976 |
12,000,000.00 |
THE
CHARTERED BANK |
MUMBAI,
MUMBAI, MAHARASHTRA, INDIA |
- |
|
16 |
90227222 |
10/08/1994
* |
6,000,000.00 |
BANK
OF BARODA |
GHATKOPAR
BRANCH, STANDARD CHARTERED BANK, MUMBAI, MAHARASHTRA, INDIA |
- |
|
17 |
90227214 |
13/03/1967 |
3,000,000.00 |
THE
CHARTERED BANK |
MUMBAI,
MUMBAI, MAHARASHTRA, INDIA |
- |
|
18 |
90227206 |
25/07/1966 |
2,000,000.00 |
THE
CHARTERED BANK |
MUMBAI,
MUMBAI, MAHARASHTRA, INDIA |
- |
*Date of modification Charges
FIXED ASSETS:
·
Land
·
Building
·
Plant and Machinery
·
Computer
·
Office Equipment
·
Computer Software
·
Vehicles
·
Furniture and Fixture
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.60.81 |
|
UK Pound |
1 |
Rs.100.06 |
|
Euro |
1 |
Rs.78.47 |
INFORMATION DETAILS
|
Information
Gathered by : |
DIP |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
50 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NB |
NEW BUSINESS |
||
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.