MIRA INFORM REPORT
|
Report Date : |
27.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
REDINGTON INDIA LIMITED |
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Registered
Office : |
SPL Guindy House,
95, Mount Road, Guindy, Chennai – 600032, Tamilnadu |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
02.05.1961 |
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Com. Reg. No.: |
18-028758 |
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Capital
Investment / Paid-up Capital : |
Rs.798.964 Millions |
|
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CIN No.: [Company Identification
No.] |
L52599TN1961PLC028758 |
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|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
CHER00540B |
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PAN No.: [Permanent Account No.] |
AABCR0347P |
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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
: |
Trading,
Importing and Distributing of Computers, Computer Peripherals, Printers,
Plotters and Spares including after sales service. |
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|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
A (64) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
Status : |
Good |
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|
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is an established company having good track record. Financial position of the company is sound. Fundamentals are strong. Trade relations are reported as fair. Business is active. Payment
terms are reported to be regular and as per commitment. 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.
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
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=AA- |
|
Rating Explanation |
High degree of safety and carry lowest
credit risk. |
|
Date |
07.07.2014 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short Term Rating=A1+ |
|
Rating Explanation |
Very strong degree of safety and carry
lowest credit risk. |
|
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 DENIED
Management Non co-operative (91-44-42243353)
LOCATIONS
|
Registered Office : |
SPL Guindy House,
95, Mount Road, Guindy, Chennai – 600032, Tamilnadu, India |
|
Tel. No.: |
91-44-22353313/
14/ 15/ 16/ 17/ 18/ 42243281/ 42243499/ 42243353/ 42243352 |
|
Fax No.: |
91-44-22352790/ 22253799 |
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E-Mail : |
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|
Website : |
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Corporate Office : |
Ground Floor, "Centre Point", Plot No.8 and 11
(SP), Thiru-Vi-Ka Industrial Estate, Ekkaduthangal, Guindy, Chennai – 600032,
Tamilnadu, India |
|
Tel. No.: |
91-44-42243353 |
|
Fax No.: |
91-44-42243148 |
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E-Mail : |
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Sales Office : |
Plot No-557,
Saheed Nagar, Bhubaneswar – 751007, Orissa, India LOCATED AT : · Agra ·
Chandigarh ·
Dehradun ·
Delhi ·
Jammu
and Kashmir ·
Jaipur ·
Varanasi ·
Bangalore ·
Calicut ·
Chennai ·
Cochin ·
Coimbatore ·
Hubli ·
Hyderabad ·
Madurai ·
Mysore ·
Pondicherry ·
Tirunelveli ·
Trichy ·
Trivandrum ·
Vijayawada ·
Visakhapatnam
·
Jamshedpur ·
Guwahati ·
Kolkata ·
Patna ·
Ranchi ·
Ahmedabad ·
Baroda ·
Bhopal ·
Goa ·
Indore ·
Mumbai ·
Nagpur ·
Nasik ·
Pune ·
Raipur ·
Surat |
DIRECTORS
AS ON 31.03.2014
|
Name : |
Professor J. Ramachandran |
|
Designation : |
Chairman |
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|
|
|
Name : |
Mr. R. Shrinivasan |
|
Designation : |
Managing Director |
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|
Name : |
Mr. Raj Shankar |
|
Designation : |
Joint Managing Director |
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|
Name : |
Mr. M. Raghunandan |
|
Designation : |
Whole Time Director |
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|
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|
Name : |
Mr. R. Jayachandran |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Tu Shu-Chyuan |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. Lin Tai Yang |
|
Designation : |
Director |
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|
|
Name : |
Mr. Nainesh Jaisingh |
|
Designation : |
Director |
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|
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|
Name : |
Mr. V S Hariharan |
|
Designation : |
Director |
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|
Name : |
Mr. N. Srinivasan |
|
Designation : |
Director |
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|
|
|
Name : |
Mr. Keith WF Bradley |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. M. Muthukumarasamy |
|
Designation : |
Company Secretary |
SHAREHOLDING PATTERN
AS ON 30.06.2014
|
Category of Shareholder |
No. of Shares |
Percentage
of Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
Bodies Corporate |
84027302 |
21.03 |
|
|
84027302 |
21.03 |
|
Total shareholding of Promoter and Promoter Group (A) |
84027302 |
21.03 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
37346354 |
9.35 |
|
|
9028 |
0.00 |
|
|
145372727 |
36.38 |
|
|
182728109 |
45.73 |
|
|
|
|
|
|
20101138 |
5.03 |
|
|
|
|
|
|
4942205 |
1.24 |
|
|
2902738 |
0.73 |
|
|
104871228 |
26.25 |
|
|
138842 |
0.03 |
|
|
1118771 |
0.28 |
|
|
102245940 |
25.59 |
|
|
215780 |
0.05 |
|
|
854738 |
0.21 |
|
|
12811 |
0.00 |
|
|
284346 |
0.07 |
|
|
132817309 |
33.24 |
|
Total Public shareholding (B) |
315545418 |
78.97 |
|
Total (A)+(B) |
399572720 |
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) |
399572720 |
0.00 |
(1) Indian
BUSINESS DETAILS
|
Line of Business : |
Trading, Importing
and Distributing of Computers, Computer Peripherals, Printers, Plotters and
Spares including after sales service. |
||||||||||
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|
|
||||||||||
|
Products : (As on 31.03.2012) |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
|||||||||||||||
|
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|
|||||||||||||||
|
Bankers : |
Bankers – ·
ANZ
Banking Group Limited ·
Bank
of · Barclays Bank PLC · BNP Paribas ·
DBS
Bank Limited ·
Deutsche
Bank AG ·
First
Rand Bank ·
HDFC
Bank Limited ·
IDBI
Bank Limited ·
ICICI
Bank Limited ·
HSBC ·
IndusInd
Bank Limited ·
ING
Vysya Bank Limited ·
Kotak
Mahindra Bank Limited ·
Standard
Chartered Bank ·
State
Bank of India ·
The
Royal Bank of Scotland ·
Yes
Bank Limited Bankers – Overseas ·
Axis
Bank, ·
Bank
of ·
Barclays
Bank, ·
BNP
Paribas, ·
BNP ·
·
Emirates
Bank, ·
First
Gulf Bank, ·
Hongkong
and Shanghai Banking Corporation Limited, ·
Hongkong
and Shanghai Banking Corporation Limited, ·
ICICI
·
Mashreq
Bank, ·
National
Bank of Fujairah, ·
Standard
Chartered Bank, ·
Standard
Chartered ·
State
Bank of ·
May Bank,
Singapore ·
UCO
Bank, Singapore ·
First
Gulf Bank, Dubai ·
OCBC
Bank, Singapore |
|||||||||||||||
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|||||||||||||||
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Facilities : |
|
|
|
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|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Deloitte Haskins
and Sells Chartered
Accountants |
|
Address: |
2nd Floor,
“Temple Tower, 672, Anna Salai, Nandanam, Chennai – 600035, Tamilnadu, India |
|
Tel. No.: |
91-44-52131124-28 |
|
Fax No.: |
91-44-52131129 |
|
|
|
|
Internal Auditors: |
|
|
Name : |
Price Waterhouse Coopers Chartered Accountant |
|
|
|
|
Party
where the Company has control : |
Redington Employee Share Purchase Trust * |
|
|
|
|
Parties
having Significant Influence on the Company : |
·
Harrow Investment Holding Limited
(formerly known as Redington (Mauritius) Limited), Mauritius * ·
Synnex Mauritius Limited, Mauritius * |
|
|
|
|
Subsidiary
Companies : |
·
Nook Micro Distribution Limited,
India * ·
Cadensworth (India) Limited, India* ·
Easyaccess Financial Services
Limited* (Ceased to be Subsidiary w.e.f January 22,2014 (Refer note-35))* ·
Redington International Mauritius
Limited, Mauritius* ·
Redington International (Holdings)
Limited, Cayman Islands Ą ·
Redington Gulf FZE, Dubai ·
Cadensworth FZE, Dubai* ·
Redington Gulf & Co. LLC, Oman ·
Redington Nigeria Ltd, Nigeria ·
Redington Egypt Ltd, Egypt ·
Redington Kenya Ltd, Kenya ·
Redington Middle East LLC, Dubai ·
Redington Qatar WLL, Qatar ·
Ensure Services Arabia LLC, Saudi
Arabia (formerly known as Redington Arabia Limited, Saudi Arabia) ·
Redington Africa Distribution FZE.
Dubai ·
Ensure Services Bahrain SPC, Bahrain
(formerly known as Redington Bahrain SPC, Bahrain) ·
Redington Distribution Pte Ltd,
Singapore * ·
Redington Bangladesh Limited,
Bangladesh ·
Redington Qatar Distribution WLL,
Qatar ·
Redington Kenya EPZ Ltd, Kenya ·
Redington Limited, Ghana ·
Redington Uganda Limited, Uganda ·
Africa Joint Technical Services,
Libya ·
RGF Private Trust Company Limited,
Cayman Islands ·
Redington Gulf FZE Co, Iraq ·
Cadensworth United Arab Emirates LLC,
Dubai ·
Redington Morocco Limited, Morocco ·
Redington Tanzania Ltd., Tanzania ·
Redington SL (Private) Limited, Sri
lanka ·
Redington Angola Limited, Angola ·
Redington Turkey Holdings S.A.R.L,
Luxembourg ·
Arena Bilgisayar Sanayi Ve Ticaret
Anonim Sirketi, Turkey # ·
Arena International FZE, UAE ·
Ensure IT Services PTY Limited, South
Africa ·
ProConnect Supply Chain Solutions
Limited, India* ·
Ensure Gulf FZE, Dubai ·
Ensure Technical Service (PTY)
Limited, South Africa ·
Ensure Middle East Trading LLC,UAE ·
Ensure Technical Services Kenya
Limited, Kenya ·
Ensure Technical Services Tanzania
Limited, Tanzania ·
Ensure Services Uganda Limited,
Uganda ·
Ensure Solutions Nigeria Limited,
Nigeria ·
Redington Rwanda Limited, Rwanda ·
Redington Kazakhstan LLP, Kazakhstan
Republic ·
Sensonet Teknoloji Elelektronik Ve
Bilisim Hizmetlen Sanayi- Ve Ticaret Limited Sirketi, Turkey Formed
during the year ·
Ensure Supply Chain Logistics LLC,
Dubai ·
Ensure Ghana Limited, Ghana ·
Ensure Support Services (India)
Limited, India* ·
Ensure Technical Services Morocco
Limited(SARLAU), Morocco ·
Ensure Digital FZ LLC, Dubai Acquired
during the year ·
ADEO Bilisim Danismanlik Hizmetleri
San. ve Tic.A.S., Turkey ^ |
|
|
|
|
Associate Subsidiary
of Associate : |
·
Redington (India) Investments
Limited, India * ·
Currents Technology Retail (India)
Limited, India * |
* Represents
related parties with whom transactions have taken place during the year.
# As
Redington Turkey Holdings S.A.R.L. has effective control over the composition
of Board of Directors, Arena Bilgisayar Sanayi Ve Ticaret Anonim Sirketi is
considered as subsidiary.
^
Arena Bilgisayar Sanayi Ve Ticaret Anonim Sirketi, the step down subsidiary
acquired 50% shares.
Ą
Redington International Holdings Limited got merged with Redington
International Mauritius Limited on July 10, 2013.
Related Parties have been identified by the management.
CAPITAL STRUCTURE
As on 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
425000000 |
Equity Shares |
Rs.2/- each |
Rs.850.000 Millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
399481820 |
Equity Shares |
Rs.2/- each |
Rs.798.964 Millions |
|
|
|
|
|
Reconciliation of the shares outstanding at the beginning
and at the end of the reporting period;
|
Equity Shares |
Number
of Shares |
Rs.
In Millions |
|
At the beginning of the year |
399152570 |
798.305 |
|
Allotted during the year under Employee Stock Option, 2008
issued during the year |
329250 |
0.659 |
|
Outstanding at the end of the year |
399481820 |
78.964 |
Terms/rights attached to equity shares;
Each holder of
equity share is entitled to one vote per share. The Company declares and pays dividends
in Indian rupees. For the year ended March 31, 2014 a dividend of Rs.0.90 per
equity share has been proposed by the Board of Directors (Previous year Rs.0.40
per equity share). The dividend proposed by the Board of Directors is subject
to the approval of the shareholders at the ensuing Annual General Meeting which
includes an agenda item to consider declaration of dividend.
Shares held by
shareholders holding more than 5% of the paid-up equity capital
|
Name of
Shareholder |
Number
of Shares |
% holding |
|
Harrow Investment Holding Limited (formerly known as Redington (Mauritius)
Limited) |
84027302 |
21.03 |
|
Synnex Mauritius Limited |
94295940 |
23.60 |
|
Standard Chartered Private Equity
(Mauritius) Limited |
47686500 |
11.94 |
|
SBI Mutual Fund |
16500939 |
4.13 |
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 |
798.964 |
798.305 |
797.156 |
|
(b) Reserves & Surplus |
11868.547 |
9856.375 |
8292.578 |
|
(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) |
12667.511 |
10654.680 |
9089.734 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
0.000 |
0.000 |
0.000 |
|
(b) Deferred tax liabilities (Net) |
0.000 |
0.000 |
0.000 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
90.607 |
71.009 |
66.370 |
|
Total Non-current Liabilities (3) |
90.607 |
71.009 |
66.370 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
3570.245 |
6192.673 |
6207.150 |
|
(b) Trade payables |
11239.236 |
9256.278 |
9643.911 |
|
(c) Other current
liabilities |
2311.193 |
1941.875 |
1214.877 |
|
(d) Short-term provisions |
427.379 |
198.195 |
193.773 |
|
Total Current Liabilities (4) |
17548.053 |
17589.021 |
17259.711 |
|
|
|
|
|
|
TOTAL |
30306.171 |
28314.710 |
26415.815 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
929.980 |
665.544 |
717.106 |
|
(ii) Intangible Assets |
11.494 |
1.775 |
4.405 |
|
(iii) Capital
work-in-progress |
39.907 |
153.030 |
86.793 |
|
(iv) Intangible
assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
4836.953 |
6591.164 |
5904.289 |
|
(c) Deferred tax assets (net) |
105.118 |
67.518 |
50.685 |
|
(d) Long-term Loan and Advances |
909.000 |
696.221 |
373.927 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
6832.452 |
8175.252 |
7137.205 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
8304.857 |
7718.634 |
8169.938 |
|
(c) Trade receivables |
12350.849 |
9330.191 |
8341.746 |
|
(d) Cash and cash
equivalents |
925.895 |
1503.796 |
618.183 |
|
(e) Short-term loans and
advances |
1892.118 |
1586.837 |
2148.743 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
23473.719 |
20139.458 |
19278.610 |
|
|
|
|
|
|
TOTAL |
30306.171 |
28314.710 |
26415.815 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Revenue for Operations |
112566.184 |
104096.642 |
98404.052 |
|
|
|
Other Income |
480.322 |
448.831 |
310.751 |
|
|
|
TOTAL |
113046.506 |
104545.473 |
98714.803 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Purchase of trading Stocks |
106733.115 |
97762.758 |
93804.580 |
|
|
|
Employees Benefits |
1013.020 |
1020.906 |
975.327 |
|
|
|
Other Expense |
2514.264 |
1882.500 |
1718.087 |
|
|
|
Changes in Inventories and trading stock |
(586.223) |
451.304 |
(995.631) |
|
|
|
Profit on sale of long-term investment |
(657.566) |
0.000 |
0.000 |
|
|
|
TOTAL |
109016.610 |
101117.468 |
95502.363 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
4029.896 |
3428.005 |
3212.440 |
|
|
|
|
|
838.566 |
|
|
|
Less |
FINANCIAL
EXPENSES |
769.471 |
|
774.043 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
3260.425 |
2589.439 |
2438.397 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION |
106.046 |
100.036 |
105.476 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX |
3154.379 |
2489.403 |
2332.921 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
756.500 |
775.667 |
764.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
|
2397.879 |
1713.736 |
1568.121 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
5674.365 |
4251.563 |
2683.442 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
8072.244 |
5965.299
|
4251.563 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Supplier Rebates and Discounts |
-- |
-- |
1593.298 |
|
|
|
Rebates |
725.327 |
1698.066 |
-- |
|
|
|
Dividend Income |
57.825 |
62.686 |
19.127 |
|
|
|
Warranty Claims |
241.891 |
181.939 |
-- |
|
|
|
FOB Value of Exports |
165.924 |
61.784 |
67.452 |
|
|
|
Others |
5.212 |
1.092 |
-- |
|
|
TOTAL EARNINGS |
1196.179 |
2005.567 |
1679.877 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Trading Stocks |
13419.250 |
23869.945 |
35549.037 |
|
|
TOTAL IMPORTS |
13419.250 |
23869.945 |
35549.037 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
6.01 |
4.29 |
3.94 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
PAT / Total Income |
(%) |
2.12 |
1.64 |
1.59
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
2.80 |
2.39 |
2.37
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.46 |
11.58 |
11.45
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.25 |
0.23 |
0.26
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.28 |
0.58 |
0.68
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.34 |
1.15 |
1.12
|
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 |
797.156 |
798.305 |
798.964 |
|
Reserves & Surplus |
8292.578 |
9856.375 |
11868.547 |
|
Net
worth |
9089.734 |
10654.680 |
12667.511 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
6207.150 |
6192.673 |
3570.245 |
|
Total
borrowings |
6207.150 |
6192.673 |
3570.245 |
|
Debt/Equity
ratio |
0.683 |
0.581 |
0.282 |
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 |
98,404.052 |
104,096.642 |
112,566.184 |
|
|
|
5.785 |
8.136 |
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
|
98,404.052 |
104,096.642 |
112,566.184 |
|
Profit |
1,568.121 |
1,713.736 |
2,397.879 |
|
|
1.59% |
1.65% |
2.13% |
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 |
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 |
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 |
MANAGEMENT
DISCUSSION AND ANALYSIS
ECONOMIC OUTLOOK
The
Company has a wide geographic presence in the regions of India, South Asia,
Middle East, Turkey, Africa (META) and CIS countries. Due to liberalization
across several of these economies, they are significantly influenced by the
sentiments and developments of the global economy. Therefore analyzing
developments in the global and domestic economies during 2013 and assessing
future prospects become important for a meaningful analysis of your Company's
performance.
GLOBAL
After
the economic slowdown, global economies showed signs of recovery in 2012 and
even some stability in 2013. Economic developments during 2013 were
characterized by uncertainty surrounding monetary policies. Monetary policy
changes and fiscal volatility in the large economies, especially those of the
US and the Eurozone, led to the destabilising of capital inflows and wide
fluctuations in exchange rates. Policy changes in the developing economies
continued to be conservative and growth softer than expected. The geo-political
tensions in the African region and parts of Eurasia posed a threat to the
development of adjacent and dependent economies.
Normalization
of monetary policy is a big influencing factor that affects economic recovery
even in advanced economies. The ongoing efforts in the USA to strengthen
monetary policy are expected to gradually help normalize fiscal policies and
investor sentiments of developing economies. Reports by various international
agencies on the global economic outlook are positive, though with certain
caveats. According to the IMF report, in emerging markets and developing
economies, growth is expected to pick up gradually from 4.7% in 2013 to about
5% in 2014 and 5.25% in 2015. World growth is projected at 3.6% in 2014 and at
3.9% in 2015. The report further mentions that more policy efforts are needed
to fully restore confidence; ensure robust growth and lower downside risks.
According to a BCG report, both India and China are on the threshold, poised
for huge growth.
The
average spending of consumers in both the countries is likely to be $10
trillion by the year 2020. Consumerism is creeping into these large economies.
Indian children today are likely to consume nearly thirteen times as much as
their grand-parents did at comparable ages.
INDIA
The
economic growth during the last year was slower than expected. The annual
industrial production in Indian industry contracted for the first time in the
last three decades, due to spiraling inflation coupled with volatile exchange
and interest rates and lackluster consumer demand. But despite the dull
environment, corporate houses delivered modest results. For its part, the
Reserve Bank tried to check inflation by hiking interest rates.
OECD
has reported that the outlook for emerging Asian markets remains robust over
the medium term, anchored by the steady rise in domestic demand. The GDP is
expected to grow by 6.9% per annum in the period 2014-18. The World Bank has
reported that India's economy will grow over 6% in 2014-15 and 7.1% by 2016-17
as global demand recovers and domestic investment increases. With a new and
stable government at the Centre, the analysts expect new macroeconomic reforms
to address some of the policy concerns. The agenda includes quick policy
decisions, state-of-the-art infrastructure, curtailing of subsidies, and
normalization of the current account deficit and currency depreciation.
LITIGATION DETAILS:
|
CHENNAI COURT CASE STATUS INFORMATION SYSTEM Case Status : Pending Status of : Case No.: 10497 Year: 2014 Petitioner: M/S.RELITRONICS INDIA PRIVATE LIMITED Respondent: REDINGTON INDIA LIMITED, REP. Pet’s Advocate: M/S.R.SRINIVAS Res’s Advocate: CAUSING SERVICE
FILED Category : Petition under Section 482 cr. PC Last Listed on : No Data
Mentioned Case Update on: Jul 17 2014 No connected Application(s) No
Connected Matter(s) |
UNSECURED LOAN:
|
Particulars |
31.03.2014 Rs.
In Millions |
31.03.2013 Rs.
In Millions |
|
Short Term
Borrowings |
|
|
|
Loans from Banks |
238.755 |
1610.795 |
|
|
|
|
|
Total |
238.755 |
1610.795 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10461220 |
30/10/2013 |
200,000,000.00 |
YES
BANK LIMITED |
NEHRU
CENTRE, 9TH FLOOR, DISCOVERY OF INDIA, DR. A.B. ROAD, WORLI, MUMBAI,
MAHARASHTRA - 400018, INDIA |
B89943484 |
|
2 |
10451729 |
10/09/2013 |
200,000,000.00 |
AUSTRALIA
AND NEW ZEALAND BANKING GROUP LIMITED |
CNERGY,
6TH FLOOR, APPASAHEB MARATHE MARG,, PRABHADEVI, MUMBAI, MAHARASHTRA - 400025,
INDIA |
B86028792 |
|
3 |
10337562 |
30/01/2012 |
690,000,000.00 |
DBS
BANK LIMITED |
806,
ANNA SALAI,, CHENNAI, TAMIL NADU - 600002, INDIA |
B32961658 |
|
4 |
10281390 |
31/03/2011 |
625,000,000.00 |
DBS
BANK LIMITED |
806,
ANNA SALAI,, CHENNAI, TAMIL NADU - 600001, INDIA |
B11099298 |
|
5 |
10243409 |
24/09/2010 |
500,000,000.00 |
BNP
PARIBAS |
PRINCE
TOWERS, 3RD FLOOR, 25/26, COLLEGE ROAD, CHENNAI, TAMIL NADU - 600006, INDIA |
A96363668 |
|
6 |
10144460 |
18/05/2011
* |
600,000,000.00 |
ING
VYSYA BANK LTD |
NO
185, ANNA SALAI, CHENNAI, CHENNAI, TAMIL NADU - 600006, INDIA |
B14297105 |
|
7 |
10119092 |
11/06/2014
* |
200,000,000.00 |
BARCLAYS
BANK PLC |
KBK TOWERS,
2 FLOOR, NO 33, 33/1 WEST RAJA STREET, OPP TO KUMARA KOTTAM, KANCHIPURAM,
TAMIL NADU- 631502, INDIA |
C09336496 |
|
8 |
10100005 |
26/07/2011
* |
1,250,000,000.00 |
IDBI
BANK LIMITED |
IDBI
TOWER WTC COMPLEX, CUFFE PARADE, MUMBAI, MAHARASHTRA - 400005, INDIA |
B18474098 |
|
9 |
10075232 |
22/06/2009
* |
600,000,000.00 |
HDFC
BANK LIMITED |
MARIAM
CENTRE, MOUNT ROAD, CHENNAI, TAMIL NADU - 600002, INDIA |
A65692758 |
|
10 |
10047152 |
16/12/2013
* |
3,270,000,000.00 |
STANDARD
CHARTERED BANK |
19
RAJAJI SALAI, CHENNAI, TAMIL NADU - 600001, INDIA |
B92483528 |
|
11 |
90288237 |
22/04/2013
* |
1,000,000,000.00 |
THE
BANK OF NOVA SCOTIA |
CLASSIC
TOWERS, 1547, TRICHY ROAD, COIMBATORE, TA MIL NADU - 641018, INDIA |
B75185694 |
|
12 |
90297210 |
10/07/2013
* |
1,100,000,000.00 |
CITIBANK
N. A. |
NO.2,
CLUBHOUSE ROAD,, ANNA SALAI,, CHENNAI, TAMIL NADU - 600002, INDIA |
B80938293 |
|
13 |
90297899 |
17/09/2001 |
100,000,000.00 |
THE
VYSYA BANK LTD. |
185
ANNA SALAI, CHENNAI, TAMIL NADU - 600006, INDIA |
- |
|
14 |
90296466 |
04/02/2014
* |
850,000,000.00 |
ICICI
BANK LIMITED |
LANDMARKRACE
COURCE CIRCLE, ALKAPURI, BARODA, GUJARAT - 390015, INDIA |
B97568406 |
|
15 |
90297785 |
13/01/1999 |
77,000,000.00 |
STATE
BANK OF TRAVANCORE |
MOUNT
ROAD BRANCH, 162; ANNA SALAI, CHENNAI, TAMIL NADU - 600002, INDIA |
- |
|
16 |
90296385 |
02/07/1997 |
70,000,000.00 |
THE
VYSYS BANK LIMITED |
MOUNT
ROAD BRANCH, 185; ANNA SALAI, CHENNAI, TAMIL NADU - 600006, INDIA |
- |
|
17 |
90297669 |
14/08/2006
* |
60,000,000.00 |
THE
HONGKONG AND SHANGHAI BANKING CORPN BANK LTD |
NO
76, CATHDRAL ROAD, CHENNAI, TAMIL NADU - 600086, INDIA |
- |
|
18 |
90287380 |
26/03/2013
* |
2,370,000,000.00 |
THE
HONGKONG AND SHANGHAI BANKING CORPORATION LIMITED |
30
RAJAJI SALAI, CHENNAI, TAMIL NADU - 600001, INDIA |
B73460818 |
* Date of charge modification
FIXED ASSETS:
· Land and Building,
· Plant and Machinery
· Furniture and Fixtures
· Office Equipment
· Computers and Software
· Vehicles
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) |
26797.000 |
|
b) Other operating income |
0.000 |
|
Total
income from Operations(net) |
26797.000 |
|
2.Expenditure |
|
|
a) Cost of material consumed |
27229.200 |
|
b) Changes in inventories of finished goods,
work-in-progress and stock-in-trade |
(1655.800) |
|
c) Employees benefit expenses |
196.500 |
|
d) Depreciation and amortization expenses |
30.100 |
|
e) Other expenditure |
508.200 |
|
Total expenses |
26308.200 |
|
3. Profit from operations before other income and
financial costs |
488.800 |
|
4. Other income |
204.700 |
|
5. Profit from ordinary activities before finance costs |
693.500 |
|
6. Finance costs |
166.100 |
|
7. Net profit/(loss) from ordinary activities after
finance costs but before exceptional items |
527.400 |
|
8. Exceptional item |
0.000 |
|
9. Profit from ordinary activities before tax
Expense: |
527.400 |
|
10.Tax expenses |
154.400 |
|
11.Net
Profit / (Loss) from ordinary activities after tax (9-10) |
373.000 |
|
12.Extraordinary Items (net of tax expense) |
0.000 |
|
13.Net Profit / (Loss) for the period (11 -12) |
373.700 |
|
14.Paid-up equity share capital (Nominal value Rs.2/- per share) |
799.100 |
|
15. Reserve excluding Revaluation
Reserves as per balance sheet of previous accounting year |
|
|
16.i) Earnings per share (before extraordinary
items) of Rs.2/- each) (not annualised): |
|
|
(a) Basic |
0.93 |
|
(b) Diluted |
0.93 |
|
|
|
|
|
|
|
A. Particulars of shareholding |
|
|
1. Public Shareholding |
|
|
- Number of shares |
315545418 |
|
- Percentage of shareholding |
79 |
|
2. Promoters and Promoters group Shareholding- |
|
|
a) Pledged /Encumbered |
Nil |
|
b) Non Encumbered |
|
|
Number of shares |
84027302 |
|
Percentage of shares (as a % of total shareholding of the
promoter and promoter group) |
100 |
|
Percentage of shares (as a % of total share capital of the
company) |
21 |
|
|
|
|
|
|
|
B.
Investor Complaints |
|
|
Pending at the beginning of the quarter |
Nil |
|
Receiving during the quarter |
Nil |
|
Disposed of during the quarter |
Nil |
|
Remaining unreserved at the end of the quarter |
Nil |
UNAUDITED SEGMENT
WIE REVENUE, RESULTS AND CAPITAL EMPLOYED
(Rs. In
Millions)
|
Particulars |
30.06.2014 (
Unaudited) |
|
|
30.06.2014 |
|
1.
Segment Revenue |
|
|
a. India |
28964.900 |
|
b. Overseas |
42661.500 |
|
Total |
71626.400 |
|
Less : Inter Segment Revenue |
67.700 |
|
Net
Sales |
71558.700 |
|
|
|
|
2.
Segment Result (Profit
before Interest and Tax) |
|
|
a. India |
779.700 |
|
b. Overseas |
703.700 |
|
Total |
1483.400 |
|
Less
: Interest |
398.800 |
|
Total
Profit before Exceptional items and Tax |
1084.600 |
|
Less:
Exceptional Items |
0.000 |
|
Loss on sale of long-term
investment |
0.000 |
|
Profit
before Tax |
1084.600 |
|
3.
Capital Employed |
|
|
a. India |
8295.300 |
|
b. Overseas |
13687.400 |
|
Total |
21982.700 |
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.61.57 |
|
UK Pound |
1 |
Rs.100.42 |
|
Euro |
1 |
Rs.78.45 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NKT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
7 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
|
|
|
|
TOTAL |
|
64 |
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.