MIRA INFORM REPORT
|
Report Date : |
26.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
SONAL ADHESIVES LIMITED |
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|
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|
Registered
Office : |
2N, Laxmi Industrial Estate, New |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
18.11.1991 |
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Com. Reg. No.: |
11-064045 |
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Capital
Investment / Paid-up Capital : |
Rs.60.610 Millions |
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CIN No.: [Company Identification
No.] |
L02004MH1991PLC064045 |
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|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS39375A |
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PAN No.: [Permanent Account No.] |
AAACS6289A |
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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
: |
Subject is engaged in the business of manufacturing adhesive tapes and plastic ropes. |
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|
No. of Employees
: |
35 (Staff Plus Workers) (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (32) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track record. Profit
margin and reserves appears to be low. Trade relations are reported as fair. Business is active. Payments are
reported to be slow but correct. The company can be considered for business dealings with some caution.
|
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 |
CRISIL |
|
Rating |
Long Term Rating = BB- |
|
Rating Explanation |
Moderate risk of default regarding timely servicing of financial obligations. |
|
Date |
October 29, 2013 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating = A4 |
|
Rating Explanation |
Minimal degree of safety and very high credit risk. |
|
Date |
October 29, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION DENIED
MANAGEMENT NON CO-OPERATIVE (91-22-61316131)
LOCATIONS
|
Registered Office : |
2N, Laxmi Industrial Estate, New Link Road, Andheri (West), Mumbai – 400053, Maharashtra, India |
|
Tel. No.: |
91-22-61316131 |
|
Fax No.: |
91-22-61316132 |
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E-Mail : |
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Website : |
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Factory : |
Plot No. 28/A Village – Dheku, Takai Adosi Road, Off Khopoli Pen Road, Khalapur, Raigad - 400004, Maharashtra, India |
|
Tel. No.: |
91-219-2262622 / 262620 |
|
Fax No.: |
91-219-2268617 |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. Sandeep M. Arora |
|
Designation : |
Director |
|
|
|
|
Name : |
Mrs. Kamal M. Arora |
|
Designation : |
Director |
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|
Name : |
Mr. Jaspal Singh Bhasin |
|
Designation : |
Director |
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|
Name : |
Mr. Manish S. Nanda |
|
Designation : |
Director |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.06.2014
|
Category of
Shareholder |
Total No. of Shares |
% of Total No. of Shares |
|
(A) Shareholding of Promoter
and Promoter Group |
|
|
|
|
|
|
|
|
699400 |
11.54 |
|
|
3101500 |
51.17 |
|
|
3800900 |
62.71 |
|
|
|
|
|
Total shareholding of Promoter
and Promoter Group (A) |
3800900 |
62.71 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
24600 |
0.41 |
|
|
24600 |
0.41 |
|
|
|
|
|
|
276905 |
4.57 |
|
|
|
|
|
|
1099059 |
18.13 |
|
|
602188 |
9.94 |
|
|
257348 |
4.25 |
|
|
206148 |
3.40 |
|
|
51200 |
0.84 |
|
|
2235500 |
36.88 |
|
Total Public shareholding (B) |
2260100 |
37.29 |
|
Total (A)+(B) |
6061000 |
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) |
6061000 |
0.00 |
Shareholding of securities (including shares, warrants, convertible
securities) of persons belonging to the category Promoter and Promoter Group
|
Name of the
Shareholder |
Details of Shares held |
|
|
No. of Shares held |
% of grand total |
|
|
Kamal Mohan Arora |
62,400 |
1.03 |
|
Kamal Mohanla Arora |
4,13,000 |
6.81 |
|
Megha Mohanlal Arora |
1,42,000 |
2.34 |
|
Mona Mohanlal Arora |
82,000 |
1.35 |
|
Sonal Impex Limited |
28,22,700 |
46.57 |
|
Sonal Ropes Limited |
2,78,800 |
4.60 |
|
Total |
38,00,900 |
62.71 |
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
|
Name of the
Shareholder |
No. of Shares held |
% of Total No. of
Shares |
|
|
Piramal Polymers Limited |
171200 |
2.82 |
|
|
Rajendra Dhirajlal |
120000 |
1.98 |
|
|
Sajjan Kumar Makha |
66600 |
1.10 |
|
|
Satyanarayan Khan |
113725 |
1.88 |
|
|
Mita Dipak Shah |
94000 |
1.55 |
|
|
Ajay G Piramal |
100000 |
1.65 |
|
|
Total |
665525 |
10.98 |
BUSINESS DETAILS
|
Line of Business : |
Subject is engaged in the business of manufacturing adhesive tapes and plastic ropes. |
PRODUCTION STATUS (As on 31.03.2012)
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
BOPP Tapes |
Lakhs sqm |
1,300 |
686 |
|
Ropes |
Lakhs sqm |
12 |
5 |
GENERAL INFORMATION
|
No. of Employees : |
35 (Staff Plus Workers) (Approximately) |
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Bankers : |
State Bank of India |
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Facilities : |
NOTE: LONG TERM
BORROWINGS 1 Car Loan: a)
There are 2 term loans. One term loan from Axis Bank is secured
against car. The amount payable within
one year is Rs 0.363 millions 2
Working Capital Facilities and Other Term Loans: The working capital
facilities and the term loans are secured against the following: a)
Equitable mortgage of land and building situated thereon at Gat 232 /
2, Survey No 28, Hissa 1A, measuring 3860 sq mtrs within village Dheku,
Taluka Khalapur, District Raigad. b)
Equitable mortgage of land and building situated thereon at Gat 232 /
1, Survey No 28, Hissa 1A, measuring 3860 sq mtrs within village Dheku,
Taluka Khalapur, District Raigad, owned by Sonal Ropes Limited. c)
Equitable mortgage of property at Ground Floor, C Wing, Bhagwati
Building, FP Nos 18 - 19 / 34 A, B, C and 35 A, B, C, TPS VI and CTS No 1610
/ 27 and 1610 / 28 of Santacruz West, Linking Road, Extension Road, Mumbai
400 054, owned by Sandeep Arora and Mridu Arora. d)
Equitable mortgage of property (Residential Flat) at 11th Floor, Morya
Heights, Plot No 15, 16 and 17, Near Sanjeevani International School,
Kharghar Sector 18, Navi Mumbai, District Panvel, owned by Sonal Impex
Limited e)
Equitable mortgage of industrial property situated at Gut No 236 (1),
House No 142, Village Dheku, Off Takai - Adoshi Road, Adashi, Khopoli,
Raigad, owned by Sonal Impex Limited. f)
Hypothecation of existing fixed assets g)
Hypothecation of plant and machinery of Sonal Ropes Limited h)
Cash collateral or immovable property worth Rs 5.000 millions. i)
Third party guarantee of Sandeep Arora, Kamal Arora, Mridu Arora,
Corporate Guarantees of Sonal Impex Limited and Sonal Ropes Limited. j)
Amount repayable within one year for term loan is Rs 8.400 millions
(Previous Year: Rs 8.400 millions). 3 Rate of interests: a)
On Term Loan: 7% above the Base Rate. b)
On Working Capital: 7% above Base Rate. |
|
Banking
Relations : |
-- |
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|
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Auditors : |
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|
Name : |
K.S. Sanghvi and Company Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
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|
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|
Associates : |
v Sonal Impex Limited v Sonal Filaments Limited v Sonal
Ropes Limited v Zain Fresh Agro Limited |
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
7000000 |
Equity Shares |
Rs.10/- each |
Rs.70.000 Millions |
|
|
|
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|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
6061000 |
Equity Shares |
Rs.10/- each |
Rs.60.610 Millions |
|
|
|
|
|
a. Equity shareholders holding more than 5% of
the equity shares alongwith the number of equity shares held is given below
|
Particular |
No. of Share |
% |
|
|
|
|
|
Sonal Impex Limited |
2822700 |
46.57% |
|
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|
|
b. The company has only one class of equity shares having a par value of Rs. 10 per share. Each holder of equity shares is entitiled to one vote per share. In the event of liquidation of the company, the holder of equity shares will be entitled to receive remaining assets of the company.
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 |
60.610 |
60.610 |
60.610 |
|
(b) Reserves & Surplus |
32.705 |
26.756 |
21.780 |
|
(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) |
93.315 |
87.366 |
82.390 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
136.154 |
146.823 |
118.981 |
|
(b) Deferred tax liabilities (Net) |
7.943 |
5.864 |
0.007 |
|
(c) Other long term liabilities |
0.007 |
0.007 |
5.408 |
|
(d) long-term provisions |
11.587 |
10.050 |
8.106 |
|
Total Non-current Liabilities (3) |
155.691 |
162.744 |
132.502 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
0.720 |
5.155 |
0.000 |
|
(b) Trade payables |
140.830 |
135.267 |
97.951 |
|
(c) Other current
liabilities |
29.638 |
15.639 |
12.740 |
|
(d) Short-term provisions |
11.253 |
12.080 |
14.712 |
|
Total Current Liabilities (4) |
182.441 |
168.141 |
125.403 |
|
|
|
|
|
|
TOTAL |
431.447 |
418.251 |
340.295 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
80.485 |
79.124 |
35.403 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital
work-in-progress |
0.000 |
0.000 |
13.024 |
|
(iv) Intangible
assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
14.017 |
22.444 |
25.989 |
|
(e) Other Non-current assets |
12.605 |
27.812 |
15.550 |
|
Total Non-Current Assets |
107.107 |
129.380 |
89.966 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
127.895 |
128.474 |
126.729 |
|
(c) Trade receivables |
159.216 |
132.726 |
96.343 |
|
(d) Cash and cash
equivalents |
14.865 |
3.659 |
2.934 |
|
(e) Short-term loans and
advances |
19.871 |
23.665 |
23.752 |
|
(f) Other current assets |
2.493 |
0.347 |
0.571 |
|
Total Current Assets |
324.340 |
288.871 |
250.329 |
|
|
|
|
|
|
TOTAL |
431.447 |
418.251 |
340.295 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue from operation |
568.749 |
583.528 |
502.417 |
|
|
|
Other Income |
1.710 |
2.428 |
1.162 |
|
|
|
TOTAL |
570.459 |
585.956 |
503.579 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Materials Consumed |
513.914 |
550.801 |
480.768 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(15.486) |
(24.365) |
(32.439) |
|
|
|
Employees benefits expense |
4.757 |
4.640 |
4.869 |
|
|
|
Other expenses |
30.642 |
25.138 |
23.911 |
|
|
|
TOTAL |
533.827 |
556.214 |
477.109 |
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
36.632 |
29.742 |
26.470 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
24.171 |
20.164 |
16.107 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
12.461 |
9.578 |
10.363 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
4.433 |
2.799 |
2.535 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
8.028 |
6.779 |
7.828 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
2.079 |
1.610 |
2.451 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
5.949 |
5.169 |
5.377 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
25.756 |
20.780 |
19.565 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Deferred tax liability of prior years |
31.705 |
0.193 |
0.639 |
|
|
|
Proposed final dividend |
0.000 |
0.000 |
3.031 |
|
|
|
Dividend distribution tax on proposed final dividend |
0.000 |
0.000 |
0.492 |
|
|
BALANCE CARRIED
TO THE B/S |
0.000 |
25.756 |
20.780 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
0.98 |
0.85 |
0.89 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
1.04 |
0.88 |
1.07 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
1.41 |
1.16 |
1.56 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.86 |
1.62 |
2.39 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.09 |
0.08 |
0.10 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
1.47 |
1.74 |
1.44 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.78 |
1.72 |
2.00 |
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 |
60.610 |
60.610 |
60.610 |
|
Reserves & Surplus |
21.780 |
26.756 |
32.705 |
|
Net worth |
82.390 |
87.366 |
93.315 |
|
|
|
|
|
|
long-term borrowings |
118.981 |
146.823 |
136.154 |
|
Short term borrowings |
0.000 |
5.155 |
0.720 |
|
Total borrowings |
118.981 |
151.978 |
136.874 |
|
Debt/Equity ratio |
1.444 |
1.740 |
1.467 |
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) |
|
Revenue from operation |
502.417 |
583.528 |
568.749 |
|
|
|
16.144 |
(2.533) |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Revenue from operation |
502.417 |
583.528 |
568.749 |
|
Profit |
5.377 |
5.169 |
5.949 |
|
|
1.07% |
0.89% |
1.05% |
LOCAL AGENCY FURTHER INFORMATION
CURRENT MATURITIES
OF LONG TERM DEBTS
|
Particulars |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
31.03.2012 (Rs.
In Millions) |
|
Current Maturities of Long Term Debts |
9.658 |
10.268 |
3.882 |
|
|
|
|
|
|
Total |
9.658 |
10.268 |
3.882 |
|
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 |
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 |
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 |
UNSECURED LOANS
|
PARTICULAR |
31.03.2014 (Rs.
In Millions) |
31.03.2013 (Rs.
In Millions) |
|
LONG TERM
BORROWINGS |
|
|
|
Deferred payment liabilities |
0.647 |
1.542 |
|
|
|
|
|
Total |
0.647 |
1.542 |
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number
(SRN) |
|
1 |
10343818 |
03/03/2012 * |
43,000,000.00 |
STATE BANK OF INDIA |
MIDC, ANDHERI (EAST) BRANCH, PLOT NO B-1,
CENTRAL ROAD, ANDHERI (EAST), MUMBAI, Maharashtra - 400093, INDIA |
B36123412 |
|
2 |
80009386 |
08/02/2013 * |
231,400,000.00 |
STATE BANK OF INDIA |
MIDC, ANDHERI EAST BRANCH, BEHIND MIDC
POLICE STATION, ANDHERI (E), MUMBAI, Maharashtra - 400069, INDIA |
B71094015 |
|
3 |
80009385 |
09/01/1995 |
25,500,000.00 |
State Bank of India |
Industrial Finance Branch, Andheri (E),
Mumbai, Maharashtra - 400069, INDIA |
- |
|
4 |
80009388 |
09/01/1995 |
25,500,000.00 |
State Bank of India |
Industrial Finance Branch, Andheri (E),
Mumbai, Maharashtra - 400069, INDIA |
- |
* Date of charge modification
NATURE OF BUSINESS
The Company is in the business of manufacturing adhesive tapes and plastic ropes. The manufacturing facility of the Company is situated at Khopoli and its registered office is situated in Andheri (West), Mumbai. The Company exports its products through its associate companies. The Company also gets some part of the manufacturing done from its associate companies on job work basis.
OPERATIONS
The total income
of the Company for the year at Rs. 568.749 lacs was lower by 2.53% to that of
the previous year at Rs. 583.528 millions, on account of considerable sluggishness
in the business. However the operating profit i.e. Profit before Interest,
Depreciation and Tax has been registered at Rs. 31.579 millions as against Rs.
24.900 millions of the previous year i.e. growth of around 26.82% to that of
previous year. The net profit has been registered at Rs. 5.949 millions as
against Rs. 5.169 millions of the previous year.
MANAGEMENT DISCUSSION AN
ANALYSIS
INDIAN ECONOMY
The year gone by 2013-14
was a year of uncertainty when expectations went for a toss and most of the
nations weathered a setback. The constant change in Indian and global economic
landscape created uncertainty and risks to the growth momentum. Indian economy
continued to record a low GDP below 5% for the second consecutive year.
Persistent inflation along with depreciating rupee were the major concerns and
that affected all the industries and the population at large. High cost of
borrowing, low business confidence and delays in project approvals impacted
investments.
INDUSTRY STRUCTURE AND DEVELOPMENTS
The industry has
competition from the unorganized sector and there is always pressure on selling
prices.
OUTLOOK
The Company is proactively
responding to the changing business environment and is confident of sustaining its
market share by improving competitive position in the market. The overall
business outlook for the Company is promising with improvement in overall
economic environment. Efforts towards higher operational efficiencies shall
continue. The Company continues to examine the possibilities of expansion and
will make the necessary investments when attractive opportunities arise.
FIXED ASSETS
œ Land
œ Factory Building
œ Office Premises
œ Plant and Equipment
œ Electrical Installation
œ Lab Equipments
œ Motor Vehicle
œ Motor Cycle
œ Bicycle
œ Air-conditioner
œ Computer
œ Generating Set
œ Office Equipment
œ Furniture and Fixture
UNAUDITED
RESULTS FOR THE QUARTER AND ENDED ON 30TH JUNE, 2014
(Rs.
In Millions)
|
|
|
Particulars |
Quarter
ended 30.06.2014 |
|
1 |
Income from Operations |
|
|
|
|
a) Net Sales/Income from Operations (net of excise duty) |
102.389 |
|
|
|
b) Other Operating Income |
1.898 |
|
|
|
Total Income from Operations (Net) |
104.287 |
|
|
2 |
Expenses |
|
|
|
|
a) |
Cost of Materials consumed |
62.732 |
|
|
b) |
Purchase of stock in-trade |
20.850 |
|
|
c) |
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
1.813 |
|
|
d) |
Employee benefit expenses |
0.947 |
|
|
e) |
Depreciation and amortization expense |
1.275 |
|
|
f) |
Other expenses |
9.930 |
|
|
Total Expenses |
97.547 |
|
|
3 |
|
Profit /(Loss) from
operations before other income, finance costs and exceptional items (1-2) |
6.740 |
|
4 |
Other Income |
-- |
|
|
5 |
|
Profit /(Loss) from ordinary
activities before finance costs and exceptional items (3+4) |
6.740 |
|
6 |
Finance Costs |
5.239 |
|
|
7 |
|
Profit /(Loss) from
ordinary activities after finance costs but before exceptional items (5-6) |
1.411 |
|
8 |
Exceptional Items |
-- |
|
|
9 |
Profit /(Loss) from ordinary activities before tax |
1.411 |
|
|
10 |
Tax Expense |
0.000 |
|
|
11 |
Net Profit /(Loss) from ordinary activities after tax
(9-10) |
1.411 |
|
|
12 |
Extraordinary items (net
of tax expense) |
-- |
|
|
13 |
Net Profit /(Loss) for the period (11-12) |
1.411 |
|
|
14 |
Paid up equity share
capital (Eq. shares of Rs.10/- each) |
60.610 |
|
|
15 |
Reserve excluding
revaluation reserves |
|
|
|
16 |
|
Earnings per share
(before/after extraordinary items) of Rs.10/-
each |
|
|
|
|
Basic |
0.23 |
|
|
|
Diluted |
-- |
|
|
|
|
|
|
A |
|
PARTICULARS OF
SHAREHOLDING |
|
|
1 |
|
Public Shareholding |
|
|
|
|
- No. of Shares |
2260100 |
|
|
|
- Percentage of
Shareholding |
37.29% |
|
2 |
|
Promoters and promoter group shareholding |
|
|
|
|
a) Pledged/Encumbered |
|
|
|
|
- Number of shares |
Nil |
|
|
|
- Percentage of shares (
as a % of the total shareholding of the promoter and promoter group) |
Nil |
|
|
|
- Percentage of shares (as
a % of the total share capital of the Company) |
Nil |
|
|
|
b) Non- encumbered |
|
|
|
|
- Number of shares |
3800900 |
|
|
|
- Percentage of shares (
as a % of the total shareholding of the promoter and promoter group) |
100% |
|
|
|
- Percentage of shares
(as a % of the total share capital of the Company) |
62.71% |
|
|
Particulars |
Quarter
ended 30.06.2014 |
|
|
B |
|
Investor Complaints |
|
|
|
|
Pending at the beginning
of the quarter |
Nil |
|
|
|
Received during the
quarter |
Nil |
|
|
|
Disposed during the
quarter |
Nil |
|
|
|
Remaining unresolved at
the end of the quarter |
Nil |
NOTE:
1. The above Quarterly Results (Provisional) have been reviewed by the Audit Committee & taken on record by the Board of Directors at its meeting held on August 12, 2014.
2. In the opinion of the Board of Directors, there is only one Major segment, hence, no separate segments are reported as prescribed under AS-17, "Segment Reporting".
3. The quarterly result for the quarter ended June 30, 2014 has been reviewed by the Statutory Auditors of the company.
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.61.02 |
|
|
1 |
Rs.99.43 |
|
Euro |
1 |
Rs.77.84 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
ANK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
32 |
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.