MIRA
INFORM REPORT
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Report Date : |
26.09.2014 |
IDENTIFICATION DETAILS
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Name : |
RUSHIL DECOR LIMITED |
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Formerly Known
As : |
RUSHIL DECOR PRIVATE LIMITED |
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Registered
Office : |
S. No. 125, Near |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
24.05.1993 |
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Com. Reg. No.: |
04-019532 |
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Capital
Investment / Paid-up Capital : |
Rs.144.000 Millions |
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CIN No.: [Company Identification
No.] |
L25209GJ1993PLC019532 |
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IEC No.: |
0893008401 |
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TAN No.: [Tax Deduction & Collection
Account No.] |
AHMR01041F |
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PAN No.: [Permanent Account No.] |
AABCR3005N |
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Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchange. |
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Line of Business
: |
Manufactures and markets decorative laminates, particle boards, and medium density fiber boards. |
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No. of Employees
: |
532 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Not Available |
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Comments : |
Subject is an established company having satisfactory track. Financial position of the company seems to be decent. Trade relations are reported as fair. Business is active. Payment
terms are reported to be usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
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
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Rating Agency Name |
CARE |
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Rating |
Long term bank facilities: BBB- |
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Rating Explanation |
Have moderate degree of safety and carry moderate credit risk. |
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Date |
07.07.2014 |
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Rating Agency Name |
CARE |
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Rating |
Short term bank facilities: A3 |
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Rating Explanation |
Have moderate degree of safety and carry higher credit risk. |
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Date |
07.07.2014 |
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
MANAGEMENT NON CO-OPERATIVE (91-79-26622323)
LOCATIONS
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Registered Office/ Factory 1 (Unit - RHPL)/: |
S. No. 125, Near |
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Tel. No.: |
91-79-26634346 |
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Fax No.: |
91-79-26640969 |
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E-Mail : |
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Website : |
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Corporate Office 1 : |
2, |
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Corporate Office 2 : |
1, Krinkal Apartment, Opposite Mahalaxmi Mandir, Near
Mahalaxmi Char Rasta Paldi, Ahmedabad - 380007, |
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Tel. No.: |
91-79-26640970/ 26651346/ 26622323 |
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Fax No. : |
91-79-26640969 |
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Factory 2 (Unit –
RDL) : |
608, GIDC, Mansa, District Gandhinagar, Gujarat, India |
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Tel. No.: |
91-2763-270395 |
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Fax No.: |
91-2763-270695 |
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Factory 3 (Unit –MRPL)
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At Dholakuva Patia, Gandhinagar Mansa Road, Mansa, District Gandhinagar, Gujarat, India |
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Tel. No.: |
91-2763-271695 |
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Factory 4 (Unit –Navalgadh) : |
Particle Board
Division: S. No. 270, at Village Navalgadh, Taluka Dhrangadhra, District Surendranagar, Gujarat, India |
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Tel. No.: |
91-2754-293100 |
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Factory 5 (Unit –Karnataka) : |
MDF Board Division: Plot No. 58, 59 and 60P, Amble Industrial Estate, Village Amble, Taluka and District Chikmagalur, Karnataka, India |
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Domestic Network : |
Located at · Ahmedabad · Amritsar · Bangalore · Bhuvneshwar · Chandigarh · Chennai · Delhi · Goa · Hyderabad · Indore · Jaipur · Kolkata · Kanpur · Lucknow · Ludhiana · Mumbai · Mansa · Nagpur · Nashik · Patna · Pune · Rajkot · Raipur · Ranchi · Surat · Vadodara |
DIRECTORS
As on 31.03.2014
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Name : |
Mr. Ghanshyambhai A. Thakkar |
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Designation : |
Chairman and Whole time Director |
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Address: |
4, Pushpadhanva Bunglows, Premchand Nagar Road, Satellite, Ahmedabad - 380 015, Gujarat, India |
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Date of Birth/Age : |
18.11.1943 |
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Qualification : |
B.Sc. Diploma in Civil Engineering |
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Date of Appointment : |
08.03.2007 |
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Name : |
Mr. Krupesh Ghanshyambhai Thakkar |
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Designation : |
Managing Director |
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Address : |
4, Pushpadhanva Bunglows, Premchand Nagar Road, Satellite, Ahmedabad - 380 015, Gujarat, India |
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Date of Birth/Age : |
21.10.1970 |
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Qualification : |
B.Com. |
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Date of Appointment : |
24.05.1993 |
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Name : |
Mr. Kaushikbhai J. Thakkar |
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Designation : |
Executive Director |
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Date of Birth/ Age : |
27.03.1958 |
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Qualification : |
Higher Secondary |
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Date of Appointment : |
30.03.2013 |
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Name : |
Mr. Rohitbhai B. Thakkar |
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Designation : |
Independent Director |
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Date of Birth/ Age : |
11.04.1955 |
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Qualification : |
Under Graduate |
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Date of Appointment : |
30.03.2013 |
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Name : |
Mr. Harshadbhai N Doshi |
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Designation : |
Independent Director |
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Address : |
Navneet Bunglow, Near Bank of India Society, Commerce College, Navrangpura, Ahmedabad – 380009, Gujarat, India |
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Date of Birth/ Age : |
31.10.1942 |
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Date of Appointment : |
01.12.2007 |
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Name : |
Mr. Shankar Prasad Bhagat |
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Designation : |
Independent Director |
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Address : |
B-9, Goyal Plaza, Jadges Bunglow Road, Ahmedabad – 380015, Gujarat, India |
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Date of Birth/Age : |
11.10.1974 |
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Date of Appointment : |
13.10.2007 |
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Name : |
Miss. Jingle P. Thakkar |
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Designation : |
Additional Director (w.e.f. 7th August, 2014) |
KEY EXECUTIVES
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Name : |
Mr. Hasmukh K. Modi |
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Designation : |
Company Secretary and Compliance Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of Shares |
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(A) Shareholding of Promoter and Promoter Group |
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6208820 |
43.12 |
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1845770 |
12.82 |
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1845770 |
12.82 |
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8054590 |
55.93 |
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Total shareholding of Promoter and Promoter Group (A) |
8054590 |
55.93 |
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(B) Public Shareholding |
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1180105 |
8.20 |
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1180105 |
8.20 |
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|
1986491 |
13.80 |
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|
733990 |
5.10 |
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|
2186193 |
15.18 |
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|
258631 |
1.80 |
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|
249268 |
1.73 |
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|
9363 |
0.07 |
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5165305 |
35.87 |
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Total Public shareholding (B) |
6345410 |
44.07 |
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Total (A)+(B) |
14400000 |
100.00 |
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(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 |
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Total (A)+(B)+(C) |
14400000 |
0.00 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Promoter and Promoter Group
|
Sl.No. |
Name of the
Shareholder |
No. of Shares held |
As a % of grand total (A)+(B)+(C) |
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20,25,950 |
14.07 |
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2 |
Krupesh Ghanshyambhai Thakkar and Ghanshyambhai Ambalal Thakkar Repre. Rushil International (Partnership Firm) |
18,45,770 |
12.82 |
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3 |
Krupesh Ghanshyambhai Thakkar |
15,42,484 |
10.71 |
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4 |
Krupesh G. Thakkar Karta of Krupesh Ghanshyambhai Thakkar (HUF) |
13,89,693 |
9.65 |
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5 |
Krupa Krupesh Thakkar |
4,10,271 |
2.85 |
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6 |
Ghanshyambhai A. Thakkar Karta of Ghanshyambhai Ambalal Thakkar (HUF) |
3,85,382 |
2.68 |
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7 |
Dinuben Ghanshyambhai Thakkar |
2,46,516 |
1.71 |
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8 |
Sarswatiben Ambalal Thakkar |
2,08,524 |
1.45 |
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Total |
80,54,590 |
55.93 |
(*) The term encumbrance has the same meaning as assigned to it in regulation 28(3) of the SAST Regulations, 2011.
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
|
Sl. No. |
Name of the
Shareholder |
No. of Shares held |
Shares as % of Total No. of Shares |
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|
1 |
Leman Diversified Fund |
718500 |
4.99 |
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2 |
Giraben Atulbhai Shah |
442449 |
3.07 |
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3 |
Shailesh Balvantrai Desai |
388781 |
2.70 |
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4 |
Shriram Credit Company Limited |
327250 |
2.27 |
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5 |
Anand Rathi Share and Stock Brokers Limited |
257231 |
1.79 |
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6 |
Anand Rathi Share and Stock Brokers Limited |
217520 |
1.51 |
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7 |
Cresta Fund Limited |
201605 |
1.40 |
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8 |
Davos International Fund |
190000 |
1.32 |
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9 |
Dilip Kumar Hemaraj |
148424 |
1.03 |
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Total |
2891760 |
20.08 |
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Details of Locked-in Shares
|
Sl. No. |
Name of the
Shareholder |
No. of Shares |
Locked-in Shares as
% of |
|
1 |
Ghanshyambhai Ambalal Thakkar |
17,32,719 |
12.03 |
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2 |
Krupesh Ghanshyambhai Thakkar |
11,50,266 |
7.99 |
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Total |
28,82,985 |
20.02 |
BUSINESS DETAILS
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Line of Business : |
Manufactures and markets decorative laminates, particle boards, and medium density fiber boards. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
532 (Approximately) |
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Bankers : |
· Bank of Baroda, Kalol Branch, N. G. Road, Kalol, Gujarat, India ·
Allahabad Bank, S.P. Nagar Branch, ‘ACME Centre’,
Shrimali Society, Near Navrangpura Railway Crossing, Navrangpura, Ahmedabad –
380 009. |
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Facilities : |
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Banking
Relations : |
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Auditors : |
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Name : |
Parikh and Majmudar Chartered Accountants |
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Address : |
303, GCP Business Centre, Opposite Memnagar Fire Station, Near Vijay Cross Road, Navrangpura, Ahmedabad – 380009, Gujarat, India |
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Associate Companies/ Enterprise : |
· Rushil International · Vertex Laminate Private Limited · Decoply Agency · Shri Krupa Decorative Veneer Private Limited · Ghanshyam Sales Agency · Vir Studdio Private Limited · Ratnatej Infrastructure Private Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
20000000 |
Equity Shares |
Rs.10/- each |
Rs.200.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
|
|
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|
14400000 |
Equity Shares |
Rs.10/- each |
Rs.144.000 Millions |
NOTE:
(1)
Reconciliation of the shares outstanding at the beginning and at the end of the
reporting year
|
Particulars |
In numbers |
31.03.2014 (Rs. In millions) |
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At the beginning of period |
14400000 |
144.000 |
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Issued vide Initial Public Offer |
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Outstanding at the end of year |
14400000 |
144.000 |
2) Details of
shares held by each shareholder holding more than 5% shares:
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Particulars |
31.03.2014 |
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Numbers of Shares held |
% holding in the class of shares |
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Ghanshyambhai Ambalal Thakkar |
025950 |
14.07 |
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Krupesh Ghanshyambhai Thakkar and Ghanshyambhai Ambalal Thakkar Repre. Rushil International (Partnership Firm) |
1845770 |
12.82 |
|
Krupesh Ghanshyambhai Thakkar |
1542484 |
10.71 |
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Krupesh G. Thakkar Karta of Krupesh Ghanshyambhai Thakkar (HUF) |
1389693 |
9.65 |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
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I.
EQUITY AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
144.000 |
144.000 |
144.000 |
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(b) Reserves & Surplus |
604.631 |
574.281 |
545.691 |
|
(c) Money received against
share warrants |
0.000 |
0.000 |
0.000 |
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|
|
|
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(2) Share Application money
pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
748.631 |
718.281 |
689.691 |
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|
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|
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(3) Non-Current Liabilities |
|
|
|
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(a) long-term borrowings |
762.135 |
683.782 |
642.216 |
|
(b) Deferred tax liabilities
(Net) |
108.015 |
86.838 |
59.430 |
|
(c) Other long term
liabilities |
59.114 |
57.127 |
41.764 |
|
(d) long-term provisions |
6.139 |
4.171 |
3.213 |
|
Total
Non-current Liabilities (3) |
935.403 |
831.918 |
746.623 |
|
|
|
|
|
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(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
513.458 |
430.046 |
413.924 |
|
(b) Trade payables |
547.004 |
485.064 |
415.511 |
|
(c) Other current liabilities |
213.526 |
166.072 |
67.464 |
|
(d) Short-term provisions |
6.557 |
14.691 |
11.478 |
|
Total
Current Liabilities (4) |
1280.545 |
1095.873 |
908.377 |
|
|
|
|
|
|
TOTAL |
2964.579 |
2646.072 |
2344.691 |
|
|
|
|
|
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II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1545.280 |
1485.695 |
460.428 |
|
(ii) Intangible Assets |
0.561 |
0.538 |
0.479 |
|
(iii) Capital work-in-progress |
4.949 |
3.962 |
898.478 |
|
(iv) Intangible assets under
development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.087 |
0.087 |
0.087 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
53.402 |
30.898 |
41.828 |
|
(e) Other Non-current assets |
34.716 |
17.617 |
6.812 |
|
Total
Non-Current Assets |
1638.995 |
1538.797 |
1408.112 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
653.203 |
502.557 |
392.519 |
|
(c) Trade receivables |
421.120 |
391.901 |
331.474 |
|
(d) Cash and cash equivalents |
55.900 |
46.995 |
45.121 |
|
(e) Short-term loans and
advances |
195.361 |
165.822 |
167.465 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total
Current Assets |
1325.584 |
1107.275 |
936.579 |
|
|
|
|
|
|
TOTAL |
2964.579 |
2646.072 |
2344.691 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
2556.723 |
1820.252 |
1531.777 |
|
|
Other Income |
16.264 |
14.807 |
12.457 |
|
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TOTAL
(A) |
2572.987 |
1835.059 |
1544.234 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
1635.348 |
1156.466 |
966.333 |
|
|
Purchases of Stock-in-Trade |
16.662 |
8.604 |
11.267 |
|
|
Changes in inventories of
finished goods, work-in-progress and Stock-in-Trade |
(65.837) |
(34.488) |
41.864 |
|
|
Employees benefits expense |
144.579 |
94.142 |
59.521 |
|
|
Manufacturing and Other
expenses |
546.389 |
361.196 |
279.126 |
|
|
Prior period items |
0.000 |
0.000 |
0.404 |
|
|
TOTAL
(B) |
2277.141 |
1585.920 |
1358.515 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION (C) |
295.846 |
249.139 |
185.719 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
154.264 |
111.666 |
81.455 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
141.582 |
137.473 |
104.264 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION (F) |
76.286 |
51.240 |
25.643 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX (E-F) (G) |
65.296 |
86.233 |
78.621 |
|
|
|
|
|
|
|
Less |
TAX
(I) |
35.131 |
45.973 |
22.040 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX (G-I)
(J) |
30.165 |
40.260 |
56.581 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
161.696 |
129.804 |
81.591 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Dividend on Equity Shares
(including tax on dividends) |
0.000 |
8.368 |
7.200 |
|
|
Tax on Proposed Dividend |
0.000 |
0.000 |
1.168 |
|
|
Balance
Carried to the B/S |
191.861 |
161.696 |
129.804 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
840.437 |
855.230 |
709.506 |
|
|
TOTAL
EARNINGS |
840.437 |
855.230 |
709.506 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
395.828 |
329.071 |
333.229 |
|
|
Capital Goods |
10.700 |
18.519 |
155.663 |
|
|
TOTAL
IMPORTS |
406.528 |
347.590 |
488.892 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
2.09 |
2.80 |
4.37 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
1.17 |
2.19 |
3.66 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.55 |
4.74 |
5.13 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
2.21 |
3.26 |
5.44 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
0.12 |
0.11 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.70 |
1.55 |
1.53 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.04 |
1.01 |
1.03 |
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 |
144.000 |
144.000 |
144.000 |
|
Reserves & Surplus |
545.691 |
574.281 |
604.631 |
|
Net
worth |
689.691 |
718.281 |
748.631 |
|
|
|
|
|
|
long-term borrowings |
642.216 |
683.782 |
762.135 |
|
Short term borrowings |
413.924 |
430.046 |
513.458 |
|
Total
borrowings |
1056.140 |
1113.828 |
1275.593 |
|
Debt/Equity
ratio |
1.531 |
1.551 |
1.704 |
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 |
1531.777 |
1820.252 |
2556.723 |
|
|
|
18.833 |
40.460 |
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 |
1531.777 |
1820.252 |
2556.723 |
|
Profit |
56.581 |
40.260 |
30.165 |
|
|
3.69% |
2.21% |
1.18% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG-TERM DEBT DETAILS:
|
Particulars |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
(Rs. In Millions) |
||
|
Current maturities of long-term debt |
162.275 |
152.633 |
52.825
|
|
|
|
|
|
|
Total |
162.275 |
152.633 |
52.825
|
|
Sr. No. |
Check List by Info Agents |
Available in
Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming financial
year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
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 |
REVIEW OF BUSINESS
OPERATION
The Net Revenue from operation of company for the Financial Year 2013-14 is Rs.2556.723 Millions as against Rs.1820.252 Millions for the previous Financial Year reflecting a growth of 40.46% in financial year 2013-14. Profit before Interest, Depreciation and Tax in the Financial Year 2013-14 is Rs.295.846 Millions compared to Rs.249.140 Millions in the previous Financial Year 2012-13 reflecting growth of 18.75% in financial year 2013-14. The detailed operational performance of company has been discussed in detail in the Management Discussion and Analysis Report which is enclosed with this report and forming part of the Directors’ Report.
MANAGEMENT DISCUSSION
AND ANALYSIS REPORT
GLOBAL ECONOMIC
CONDITIONS:
The global economy developed by 3% in CY 2013, supported by encouraging performance of the US economy as per the World Economic Outlook (WEO) Report published by the International Monetary Fund (IMF) published in the month of April 2014. However, global growth was weighed down by modest growth in the Euro Zone, Japan and Emerging Market and Developing Economies. Now the scenario is changing, with the advanced world, led by the US, contributing around 20% of global economic growth. China’s growth is expected to be around 7.5% in 2014, as the political leadership is ensuring a gradual transition to a more sustainable growth path. Such a situation will surface the way for a period of more balanced global growth. Above and beyond, in India public has resoundingly voted for political stability and better governance, the country’s economy is also likely to pick up pace and contribute significantly towards global recovery.
INDIAN ECONOMY
POSITION IN 2013-14:
During Financial Year 2013-14, the economy grew 4.7%, against 4.9% as estimated, pulled down by manufacturing, mining, construction and logistics. The performance for 2013-14 is better than the 4.5% growth for 2012-13. It is still a far cry from the above 8% growths witnessed during some part of years 2004 to 2011. The recovery in 2013-14 is largely on the back of revival in agriculture growth due to a steady monsoon. However, recovery in the other areas of the economy appears to be feeble with no clear signs of recovery. Industry continued to be in the midst of a slowdown.
The first half of the year also saw the Rupee in a free fall under pressure from the worsening deficits, current account deficit as well as the fiscal deficit. Coupled with fears of large fund outflows due to the expected Fed tapering, the Rupee breached the Rs.68 level to the US Dollar in August, 2013. A slew of measures taken by RBI and the Central Government saw the current account situation improving significantly which helped the Rupee to recover from its all time lows during the later part of the year. The elevated levels of inflation since 2010- 11 continued to be a cause of concern for the economy and although the inflation levels eased off over the last quarter of the year, the stickiness in inflation did not provide much room for RBI to lower the interest rates and prime pump the economy.
INDUSTRY STRUCTURE
AND DEVELOPMENT:
The growth of Company’s products (Laminates Sheets, Panel Board and Allied Products) is based on the push-and-pull effects of Demand and Supply determinants like the economic trends in India and Outside, growth of infrastructure and housing. Company’s half of the market is also depend on export sales, so it is also impacted by the global economy. It always remains key area of the Company to provide innovative product in design and finishing to the customers without compromising with quality. Today, the per head income in India is increased which converted into purchasing power of a person and finally resulted into increased spending on the home front. The Indian Laminate Industry, if they compare the turnover with past few years, the growth has come down by 2 to 3%. However, looking to the stability of Central Government, clear vision and mission of Government to provide houses to every family at possible level etc. the growth rate of this industry is expected around 7 to 8% in coming year. The population in India has the youngest persons in the world. The mixture of newness and economic productivity is catalyzing home ownership and investments in interior as well as exterior decoration. In India urbanization is the big matter which may generate more demand for infrastructure and housing segment and will result into increase in demand of associated products like laminate sheets, plywood, MDF board, veneer, readymade furniture etc.
FUTURE OUTLOOK
The Company’s outlook for the year 2014-15 is to add more products in the product range as per requirement in the market. After a long time, Country got a fully supported and stable government which may benefit to the Housing, infrastructure and construction sectors. Present Government also believe in development of all these sectors which will ultimately lead to the opportunities for laminate and wood industries. However, there may be possibility of entrance of new organized and unorganized industries in this sector, the supply may beat to demand which can cause price volatility in the market. But, having modern technology and plants, valuable brands, the products of their Company may be in position to capture emerging prospects and to face the market risk or competition.
UNSECURED LOANS
|
Particulars |
31.03.2014 |
31.03.2013 |
|
|
(Rs. In Millions) |
|
|
Long Term
Borrowings |
|
|
|
Unsecured Loans from related parties |
|
|
|
From Directors and related parties |
13.194 |
15.042 |
|
|
|
|
|
Total |
13.194 |
15.042 |
INDEX OF CHARGES
|
S.NO. |
CHARGE ID |
DATE OF CHARGE
CREATION/MODIFICATION |
CHARGE AMOUNT
SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST
NUMBER (SRN) |
|
1 |
10118640 |
22/11/2012 * |
125,000,000.00 |
ALLAHABAD BANK |
S P NAGAR BRANCH,
'ACME CENTRE', SHRIMALI SOCIETY, NR. NAVRANGPURA RAILWAY CROSSING,
NAVRANGPURA,, |
B65248387 |
|
2 |
10090484 |
21/09/2013 * |
1,434,800,000.00 |
BANK OF BARODA |
KALOL (N.G.) BRANCH, KALOL, GUJARAT - 382721, INDIA |
B85364115 |
|
3 |
10090486 |
21/09/2013 * |
1,434,800,000.00 |
BANK OF BARODA |
KALOL BRANCH, KALOL, GUJARAT - 382721, INDIA |
B85364388 |
* Date of charge modification
CONTINGENT
LIABILITIES: (RS. IN MILLIONS)
|
Particulars |
31.03.2014 |
31.03.2013 |
|
Outstanding Letter of Credit |
6.029 |
28.222 |
|
Disputed Income Tax Demand - Matter under Appeal |
1.257 |
1.257 |
|
There is a case u/s.92 of the Factories Act,1948 as well as u/s. 304A of the Indian Penal Code for accidents at Chikmagalur, Medium density fiber board manufacturing plant. The case is at additional Civil Judge, Senior Division, Chikmagalur. The matter is pending for decision by court. |
0.100 |
0.100 |
|
There is a case of the Factories Act,1948 for accidents at Navalgadh, Particle board manufacturing plant. The case is at Judicial Magistrate (first class) court,Dhrangadhra. The matter is pending for decision by court. |
0.100 |
0.000 |
|
Theft of Cash |
0.100 |
0.000 |
FIXED ASSETS
Tangible assets
· Land
· Leasehold Land
· Building
· Plant and Machinery
· Computer and Accessaries
· 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,
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 records 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.61.02 |
|
|
1 |
Rs.99.43 |
|
Euro |
1 |
Rs.77.84 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
KVT |
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 |
6 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--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.