MIRA INFORM REPORT
|
Report No. : |
317255 |
|
Report Date : |
16.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
SAMKRG PISTONS AND RINGS LIMITED |
|
|
|
|
Registered
Office : |
1-201, Divyashakti Complex, 7-1-58, Ameerpet, Hyderabad – 500 016,
Telangana |
|
Tel. No.: |
91-40-23730596/5578 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2014 |
|
|
|
|
Date of
Incorporation : |
30.03.1985 |
|
|
|
|
Com. Reg. No.: |
36-005423 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 98.205 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L27310TG1985PLC005423 |
|
|
|
|
IEC No.: |
Not Available |
|
|
|
|
TAN No.: [Tax Deduction & Collection
Account No.] |
HYDS00130E |
|
|
|
|
PAN No.: [Permanent Account No.] |
AACCS8679N |
|
|
|
|
Legal Form : |
A public limited liability company. The company’s shares are listed on
the Stock Exchange. |
|
|
|
|
Line of Business
: |
Manufacturer of Auto Components and Piston Assemblies. |
|
|
|
|
No. of Employees
: |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (51) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 2200000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
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|
|
|
Comments : |
Subject is an established company having satisfactory track record. The company has reported an increase in its sales turnover and
profitability during the financial year 2013-14. Position of networth seems to be strong and healthy. Trade relations are fair. Business is active. Payments are reported to
be usually correct. The company can be considered for business dealings at usual trade
terms and conditions. |
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
Not Available
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Srinivasan |
|
Designation : |
Accounts Officer |
|
Contact No.: |
91-40-23730596 |
|
Date : |
14.04.2015 |
LOCATIONS
|
Registered Office : |
1-201, Divyashakti Complex, 7-1-58, Ameerpet, Hyderabad – 500 016,
Telangana, India |
|
Tel. No.: |
91-40-23730596/5578 |
|
Fax No.: |
91-40-23730216 |
|
E-Mail : |
|
|
Website : |
|
|
Location : |
Owned |
|
Locality : |
Industrial |
|
|
|
|
Factories : |
|
|
Plant – I
(Pistons and Pins) : |
Sy.No.537, |
|
|
|
|
Plant – II
(Piston Rings) : |
Sy.No.33, Varisam, Pydibhimavaram, Ranastalam Mandal, Srikakulam
District, |
|
|
|
|
Plant – III
(Pistons and Pins) : |
Sy.No.232, Arinama Akkivalasa, Allinagaram, Etcherla Mandal,
Srikakulam District |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. S.D.M. Rao |
|
Designation : |
Chairman and Managing Director |
|
Date of Birth/ Age : |
80 Years |
|
Qualification : |
B.Sc, B.E |
|
Experience : |
Industrial Experience over 45 years |
|
Date of Appointment : |
01.07.1987 |
|
|
|
|
Name : |
Mr. S. Karunakar |
|
Designation : |
Whole Time Director |
|
Date of Birth/ Age : |
51 Years |
|
Qualification : |
B.E (Mechanical) |
|
Date of Appointment : |
30.09.1998 |
|
|
|
|
Name : |
Mr. S. Kishore |
|
Designation : |
Whole Time Director |
|
Date of Birth/ Age : |
49 Years |
|
Qualification : |
B.E (Mechanical) |
|
Date of Appointment : |
30.09.1998 |
|
|
|
|
Name : |
Mr. M.N. Thakkar |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. S. Madhava Rao |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. V. Chakrapani |
|
Designation : |
Director |
|
|
|
|
Name : |
Dr. V. Venkat Reddy |
|
Designation : |
Director |
KEY EXECUTIVES
|
Name : |
Mr. Srinivasan |
|
Designation : |
Accounts Officer |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.12.2014
|
Category of Shareholders |
No. of Shares |
Percentage of
Holding |
|
(A) Shareholding of Promoter and Promoter Group |
|
|
|
|
|
|
|
|
6567839 |
66.88 |
|
|
6567839 |
66.88 |
|
|
|
|
|
Total shareholding of Promoter and Promoter Group (A) |
6567839 |
66.88 |
|
(B) Public Shareholding |
|
|
|
|
|
|
|
|
8700 |
0.09 |
|
|
2300 |
0.02 |
|
|
11000 |
0.11 |
|
|
|
|
|
|
165960 |
1.69 |
|
|
|
|
|
|
2476234 |
25.21 |
|
|
511526 |
5.21 |
|
|
87941 |
0.90 |
|
|
84626 |
0.86 |
|
|
3315 |
0.03 |
|
|
3241661 |
33.01 |
|
Total Public shareholding (B) |
3252661 |
33.12 |
|
Total (A)+(B) |
9820500 |
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) |
9820500 |
0.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Auto Components and Piston Assemblies. |
|
|
|
|
Products : |
|
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Available |
|
|
|
|
Imports : |
Not Available |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
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Customers : |
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No. of Employees : |
200 (Approximately) |
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Bankers : |
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Facilities : |
(Rs.
In Million)
|
|
Auditors : |
|
|
Name : |
M/s. Ravi and Keshav Chartered Accountants |
|
Address : |
Hyderabad, Telagana, India |
|
|
|
|
Memberships : |
Not Available |
|
|
|
|
Collaborators : |
Not Available |
|
|
|
|
Associates/Subsidiaries : |
Not Available |
CAPITAL STRUCTURE
As on 18.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
12500000 |
Equity Shares |
Rs.10/- each |
Rs.125.000 million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
9820500 |
Equity Shares |
Rs.10/- each |
Rs.98.205
million |
|
|
|
|
|
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 |
98.205 |
98.205 |
98.205 |
|
(b) Reserves & Surplus |
656.338 |
577.603 |
531.126 |
|
(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) |
754.543 |
675.808 |
629.331 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
141.666 |
140.273 |
168.807 |
|
(b) Deferred tax liabilities
(Net) |
16.657 |
13.200 |
10.600 |
|
(c) Other long term
liabilities |
130.671 |
153.748 |
165.725 |
|
(d) long-term provisions |
33.207 |
28.617 |
25.523 |
|
Total
Non-current Liabilities (3) |
322.201 |
335.838 |
370.655 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
214.640 |
265.916 |
236.380 |
|
(b) Trade payables |
159.999 |
201.504 |
190.373 |
|
(c) Other current liabilities |
34.370 |
52.472 |
91.722 |
|
(d) Short-term provisions |
95.765 |
73.236 |
107.500 |
|
Total
Current Liabilities (4) |
504.774 |
593.128 |
625.975 |
|
|
|
|
|
|
TOTAL |
1581.518 |
1604.774 |
1625.961 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
1004.814 |
997.414 |
981.645 |
|
(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
|
(iii) Capital work-in-progress |
0.000 |
39.200 |
0.000 |
|
(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 |
20.057 |
21.657 |
17.022 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total
Non-Current Assets |
1024.871 |
1058.271 |
998.667 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
188.350 |
205.675 |
240.370 |
|
(c) Trade receivables |
318.584 |
316.128 |
331.855 |
|
(d) Cash and cash equivalents |
26.383 |
6.203 |
25.989 |
|
(e) Short-term loans and
advances |
11.304 |
4.650 |
21.607 |
|
(f) Other current assets |
12.026 |
13.847 |
7.473 |
|
Total
Current Assets |
556.647 |
546.503 |
627.294 |
|
|
|
|
|
|
TOTAL |
1581.518 |
1604.774 |
1625.961 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
SALES |
|
|
|
|
|
Income |
2056.272 |
1734.491 |
1993.374 |
|
|
Other Income |
2.072 |
3.034 |
9.856 |
|
|
TOTAL
|
2058.344 |
1737.525 |
2003.230 |
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
Cost of Materials Consumed |
1071.199 |
820.257 |
1018.166 |
|
|
Purchases of Stock-in-Trade |
26.537 |
21.453 |
11.689 |
|
|
Changes in inventories of finished
goods, work-in-progress and Stock-in-Trade |
13.673 |
10.332 |
-86.858 |
|
|
Employees benefits expense |
347.785 |
301.326 |
344.061 |
|
|
Other expenses |
298.564 |
277.470 |
387.386 |
|
|
Exceptional Item |
(6.618) |
0.000 |
0.000 |
|
|
TOTAL
|
1751.140 |
1430.838 |
1674.444 |
|
|
|
|
|
|
|
Less |
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
307.204 |
306.687 |
328.786 |
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
46.781 |
75.931 |
45.957 |
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
260.423 |
230.756 |
282.829 |
|
|
|
|
|
|
|
Less/
Add |
DEPRECIATION/
AMORTISATION |
104.506 |
103.464 |
105.315 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
155.917 |
127.292 |
177.514 |
|
|
|
|
|
|
|
Less |
TAX |
48.457 |
40.600 |
59.735 |
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
107.460 |
86.692 |
117.779 |
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
439.451 |
363.958 |
268.368 |
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
Transfer to General Reserve |
13.432 |
11.199 |
22.189 |
|
|
|
|
|
|
|
|
Balance
Carried to the B/S |
533.479 |
439.451 |
363.958 |
|
|
|
|
|
|
|
|
EARNINGS
IN FOREIGN CURRENCY |
|
|
|
|
|
F.O.B. Value of Exports |
487.151 |
395.596 |
341.523 |
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
Raw Materials |
43.236 |
32.062 |
59.810 |
|
|
Components and Stores parts |
0.000 |
0.951 |
0.000 |
|
|
Capital Goods |
3.131 |
23.106 |
0.000 |
|
|
TOTAL
IMPORTS |
46.367 |
56.119 |
59.810 |
|
|
|
|
|
|
|
|
Earnings
/ (Loss) Per Share (Rs.) |
10.94 |
8.82 |
12.00 |
QUARTERLY / SUMMARISED
RESULTS
|
PARTICULARS |
30.06.2014 |
30.09.2014 |
31.12.2014 |
|
Type |
1st
Quarter |
2nd
Quarter |
3rd
Quarter |
|
Net Sales |
608.900 |
640.600 |
548.300 |
|
Total Expenditure |
519.900 |
544.200 |
470.600 |
|
PBIDT (Excl OI) |
89.000 |
96.400 |
77.700 |
|
Other Income |
0.100 |
0.200 |
0.800 |
|
Operating Profit |
89.100 |
96.600 |
78.500 |
|
Interest |
11.600 |
9.300 |
8.400 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
77.600 |
87.300 |
70.100 |
|
Depreciation |
27.500 |
27.500 |
25.000 |
|
Profit Before Tax |
50.100 |
59.800 |
45.100 |
|
Tax |
16.000 |
17.800 |
12.700 |
|
Provisions and
contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
34.000 |
42.100 |
32.400 |
|
Extraordinary
Items |
0.000 |
0.000 |
0.000 |
|
Prior Period
Expenses |
0.000 |
0.000 |
0.000 |
|
Other Adjustments |
0.000 |
0.000 |
0.000 |
|
Net Profit |
34.000 |
42.100 |
32.400 |
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT / Sales) |
(%) |
5.23 |
5.00 |
5.91 |
|
|
|
|
|
|
|
Operating Profit Margin (PBDIT/Sales) |
(%) |
14.94 |
17.68 |
16.49 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.86 |
8.13 |
10.92 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.21 |
0.19 |
0.28 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
0.47 |
0.60 |
0.64 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.10 |
0.92 |
1.00 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Share Capital |
98.205 |
98.205 |
98.205 |
|
Reserves & Surplus |
531.126 |
577.603 |
656.338 |
|
Net
worth |
629.331 |
675.808 |
754.543 |
|
|
|
|
|
|
long-term borrowings |
168.807 |
140.273 |
141.666 |
|
Short term borrowings |
236.380 |
265.916 |
214.640 |
|
Total
borrowings |
405.187 |
406.189 |
356.306 |
|
Debt/Equity
ratio |
0.644 |
0.601 |
0.472 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
1993.374 |
1734.491 |
2056.272 |
|
|
|
(12.987) |
18.552 |
NET PROFIT MARGIN
|
Net
Profit Margin |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
(Rs.
In Million) |
(Rs.
In Million) |
(Rs.
In Million) |
|
Sales |
1993.374 |
1734.491 |
2056.272 |
|
Profit |
117.779 |
86.692 |
107.460 |
|
|
5.91% |
5.00% |
5.23% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info
Agents |
Available in Report (Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last three years |
Yes |
|
12] |
Profitability for last three years |
Yes |
|
13] |
Reasons for variation <> 20% |
---------------------- |
|
14] |
Estimation for coming financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister concerns |
No |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
Yes |
|
19] |
Payments terms |
Yes |
|
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 |
No |
(Rs.
In Million)
|
UNSECURED LOAN |
As
on 31.03.2014 |
As
on 31.03.2013 |
|
Long Term
Borrowing |
|
|
|
Other Loans |
140.000 |
140.000 |
|
Total |
140.000 |
140.000 |
OPERATIONS:
The Company achieved the gross turnover of Rs.2281.003 Million during 2013-14 as against Rs.1928.449 Million in the previous year 2012-13 there by recorded an increase of 18.28%.
The company R&D expenditure is 11.309 Million i.e., 0.55% of sales during the year to catch up with up gradation of technology and to meet OEM’s ever demanding quality and new developments requirement to improve life cycle of their product meeting Euro III norms.
The operation of the Company on the whole has been satisfactory. The company has posted Net turnover of Rs.2056.272 lacs as compared to Rs.1734.691 Million for the previous year an increase of 18.55%. Earnings before Depreciation, Interest and Tax (PBDIT) at Rs.300.585 Million as against previous year of Rs.278.191 Million. The Profit before Tax was at Rs.155.917 Million as compared to Rs.127.293 Million in 2012-13 an increase of 22.49%.
MANAGEMENT DISCUSSION AND ANALYSIS
REPORT:
Auto Component Industry growth margins during the 2013-14. Micro economic environment continued to remain weak. Depressed economic sentiments coupled with high price levels and poor income growth continued to affect the Industry. The Company has very good opportunities because of valued customers both in Domestic OEM’s and Replacement Market & Exports. The Company exports increased by 23% during 2013-14 due to demand expansion, better products mix.
The Company has got very strong distribution network at their aftermarket sales because of imports from free trade zones the competition is very stiff and price sensitive.
OUTLOOK:
The company continues its drive for sustainable growth in this growing Domestic automotive industry. In view of strong support of OEM’s and because of establishing good distribution network, company is poised for good growth. All the cost effective steps have been taken with technical support from Japan and to meet the challenges of price competition and also quality, delivery and logistics. The 2w segment prospect in long term even though
Indian economy has been experiencing a slow growth.
CONCERN & RISKS:
The company has taken all the steps to mitigate the following risks:
Raw material prices: Ours is a continuous high volume manufacturing industry. Our profitability will depend on change in the price in raw materials and input costs.
Foreign currency Risks: Exchange rate fluctuations may sometimes effect. Adequate steps were taken.
Competition and Price Pressure: The Company is facing stiff competition in the segments of OEMs and aftermarket as well as price pressure from the OEMs which playing major roll on the profitability of the company.
INTERNAL CONTROL SYSTEMS AND THEIR ADEQUACY:
The Company has well defend internal control systems and procedures to ensure that on the assets of the Company on safeguard and protected against any loss and optimum utilization of various resources, Investment decisions involving Capital Expenditure or taken up only after due appraisal and review. Internal audit function covers and carried out periodically and reviewed by the Audit Committee to ensure that all policies and procedures are adhered to, and all statutory obligations complied with.
FINANCIAL
PERFORMANCE:
The Company earned total net revenue of Rs.2056.272 Million compared with Rs.1734.491 Million in the previous year and the operational expenses Rs.1982.470 Million compared with Rs.1653.294 Million incurred last year mainly on account of steep increase in raw material cost, power cost and drop in sales. Profit before Depreciation, interest and tax (PBDIT) at Rs.300.585 Million. The Profit before Tax was at Rs.155.917 Million as compared to Rs.127.293 Million in 2012-13 an increase of 22.49%. Company has been able to pay all the long term loans outstands and as of.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge Creation/Modification |
Charge amount secured |
Charge Holder |
Address |
Service Request Number (SRN) |
|
1 |
90261755 |
29/08/2011 * |
493,600,000.00 |
STATE BANK OF INDIA |
INDUSTRIAL FINANCE BRANCH, RAJ BHAVAN ROAD, SOMAJ IGUDA,
HYDERABAD, Andhra Pradesh - 500082, INDIA |
B21032917 |
* Date of charge modification
FIXED ASSETS
- Buildings
- Plant and Machinery
- Electrical Installation
- Furniture and Fixtures
- Vehicles
STATEMENT
OF STANDALONE UNAUDITED FINANCIAL RESULTS FOR THE QUARTER AND NINE MONTHS ENDED
31st DECEMBER 2014
(Rs. in million)
PART I
|
Sr. No. |
Particulars |
Quarter Ended |
Nine Months Ended |
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
||
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
||
|
1 |
Income from
Operations |
|
|
|
|
|
(a) Net
Sales/Income from Operations (Net of excise duty) |
549.715 |
641.271 |
1801.747 |
|
|
(b) Other Operating Income |
(1.447) |
(0.667) |
(3.964) |
|
|
Total Income
from Operations (net) |
548.268 |
640.604 |
1797.783 |
|
2 |
Expenses |
|
|
|
|
|
(a) Cost of materials consumed |
146.405 |
160.318 |
447.736 |
|
|
(b) Purchases of stock-in-trade |
7.286 |
8.016 |
24.463 |
|
|
(c) Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
11.306 |
8.337 |
7.616 |
|
|
(d) Employee benefits expense |
102.025 |
101.823 |
304.153 |
|
|
(e) Depreciation and amortisation expense |
25.000 |
27.500 |
80.000 |
|
|
(f) Power and Fuel |
50.790 |
55.509 |
165.886 |
|
|
(g) Stores and Spares Consumption |
45.526 |
59.318 |
165.920 |
|
|
(h) Other expenses |
107.244 |
150.914 |
418.959 |
|
|
Total Expenses |
495.582 |
571.735 |
1614.733 |
|
3 |
Profit / (Loss)
from Operations before other income, finance costs and exceptional items
(1-2) |
52.686 |
68.879 |
183.050 |
|
4 |
Other Income |
0.788 |
0.222 |
1.136 |
|
5 |
Profit / (Loss) from
ordinary activities before finance costs and exceptional items (3-4) |
53.474 |
69.101 |
184.186 |
|
6 |
Finance costs |
8.428 |
9.293 |
29.287 |
|
7 |
Profit / (Loss)
from ordinary activities after finance costs but before exceptional items
(5-6) |
45.046 |
59.808 |
154.899 |
|
8 |
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
9 |
Profit / (Loss) from ordinary activities before tax (7+8) |
45.046 |
59.808 |
154.899 |
|
10 |
Tax Expense |
|
|
|
|
|
Current Tax |
12.162 |
16.746 |
43.922 |
|
|
Deferred Tax |
0.500 |
1.000 |
2.500 |
|
11 |
Net Profit /
(Loss) from ordinary activities after tax (9-10) |
32.384 |
42.061 |
108.477 |
|
12 |
Extraordinary Item (net of tax expenses) |
-- |
-- |
-- |
|
13 |
Net Profit / (Loss) for the period (11-12) |
32.384 |
42.061 |
108.477 |
|
14 |
Paid-up Equity Shares Capital (Face value of Rs.10/- each) |
98.205 |
98.205 |
98.205 |
|
15 |
Reserves excluding Revaluation Reserve as per Balance Sheet of
Previous Year |
-- |
-- |
-- |
|
16i |
Earning Per Shares |
|
|
|
|
|
- Basic and Diluted (in Rupees,
not annualized) |
3.30 |
4.28 |
11.05 |
|
|
|
|
|
|
|
PART II |
|
|
|
|
|
A |
PARTICULARS OF
SHAREHOLDING |
|
|
|
|
1 |
Public
shareholding |
|
|
|
|
|
- No of shares |
3252681 |
3252681 |
3252681 |
|
|
- Percentage of shareholding |
33.12% |
33.12% |
33.12% |
|
2 |
Promoters and
promoter group shareholding |
|
|
|
|
|
a) Pledged /
Encumbered |
|
|
|
|
|
- No of shares |
Nil |
Nil |
Nil |
|
|
- Percentage of shares (as a % of the total shareholding of promoters
and promoter group |
-- |
-- |
-- |
|
|
- Percentage of shares (as a % of the total share capital of the
company) |
-- |
-- |
-- |
|
|
b)
Non-encumbered |
|
|
|
|
|
- No of shares |
6667839 |
6667839 |
6667839 |
|
|
- Percentage of shares (as a % of the total shareholding of promoters
and promoter group |
100.00% |
100.00% |
100.00% |
|
|
- Percentage of shares (as a % of the total share capital of the
company) |
66.88% |
66.88% |
66.88% |
|
B |
INVESTOR
COMPLAINTS |
3
months ended as on 31.12.2014 |
|
|
Pending at the beginning of the quarter |
Nil |
|
|
Received during the quarter |
7 |
|
|
Disposed of during the quarter |
7 |
|
|
Remaining unresolved at the end of the quarter |
Nil |
Notes :
1. The above results were
approved and taken on record by the Board of Directors at their meeting held on
2nd February 2015.
2. The Company operates in only one segment
viz., automotive components.
3. Previous period figures have been regrouped
wherever necessary to be confirmity with the current period.
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.62.40 |
|
|
1 |
Rs.92.15 |
|
Euro |
1 |
Rs.66.48 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUC |
|
|
|
|
Report Prepared
by : |
JYTK |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
51 |
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.