IRA INFORM REPORT
|
Report No. : |
318545 |
|
Report Date : |
21.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
APAR INDUSTRIES LIMITED (w.e.f
08.10.1999) |
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|
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Formerly Known
As : |
GUJARAT APAR POLYMER LIMITED |
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Registered
Office : |
301, Panorama Complex, R. C.
Dutt Road, Vadodara – 390007, |
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Tel No. : |
91-265-2331935 |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Date of
Incorporation : |
28.09.1989 |
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Com. Reg. No.: |
04-012802 |
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Capital
Investment / Paid-up Capital : |
Rs.384.700
Million |
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|
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CIN No.: [Company Identification
No.] |
L91110GJ1989PLC012802 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
BRDA01335F / BRDA01312D
/ BRDA00836D |
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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
: |
Manufacturer, Exporter and Importer of conductors, Transformer/specialty
oils and power/telecom cables. |
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No. of Employees
: |
300 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (53) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 17000000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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Comments : |
Subject is a well-established company having fine track record. There
seems dip in the profit of the company. However, the rating takes into consideration company’s
well-established market position in the product segments it operates along
with the long-term relationship with its customers and diversified revenue
profile of the company. 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 good for normal 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 – 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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CARE |
|
Rating |
Long term bank facilities =A+ |
|
Rating Explanation |
Have adequate degree of safety and carry low
credit risk. |
|
Date |
30.12.2014 |
|
Rating Agency Name |
CARE |
|
Rating |
Short term bank facilities=A1+ |
|
Rating Explanation |
Have very strong degree of safety and carry
lowest credit risk. |
|
Date |
30.12.2014 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Milind Soni |
|
Designation : |
Assistant Manager |
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Contact No.: |
91-265-2306537 |
|
Date : |
10.04.2015 |
LOCATIONS
|
Registered Office/
Aluminium Conductors - Sales: |
301, Panorama
Complex, |
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Tel. No.: |
91-265-2331935/ 2339906/2306537 |
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Fax No.: |
91-265-2330309 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Corporate
Office/ Specialty Oils Sales : |
Apar House,
Corporate Park, |
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Tel. No.: |
91-22-25263400/67800400 |
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Fax No.: |
91-22-25246326 |
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E-Mail : |
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Specialty Oils
Manufacturing Facility
1 : |
Rabale – Navi Mumbai 18,TT.C. M.I.D.C. Industrial Area, Near Rabale Telephone.
Exchange, |
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Tel. No.: |
91-22 - 27694756 |
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Fax No.: |
91-22 - 27694757 |
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E-Mail : |
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Specialty Oils
Manufacturing Facility
2 / Al: |
Silvassa – D. and NH Survey No.148 / 1 – 148 / 3, Silvassa - Rakholi Road, Vilage - Kudacha, Silvassa-396 230 (U.T. of Dadra Nagar Haveli) India. |
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Tel. No.: |
91-260 - 2630193 / 2630194 / 2630282 / 2630961 |
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E-Mail : |
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Aluminium Conductors Manufacturing Facility : |
Silvassa – D. and NH Survey No.148 / 1 – 148 / 3, Silvassa - Rakholi Road, Vilage - Kudacha, Silvassa-396 230 (U.T. of Dadra Nagar Haveli) India. Tel. No.: 91-260 - 2630193 / 2630194 / 2630282 / 2630961 Email: aparsil@apar.com Nalagarh – HP Khasra No. 467, Hadbast No. 101, Muuza Beer
Plassi, Tehsil. Nalagarh, Tel. No.: 91-1795 - 265389 / 200384 Email: apar_nalagarh@apar.com |
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Cables Division Manufacturing |
Plot No.158 to 163,
GIDC, Umbergaon, District Valsad-396171, Gujarat, India |
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Tel. No.: |
91-260-2562412 /
2563412 |
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Fax No.: |
91-260-2562950 /
2562954 |
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E-Mail : |
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Cables Division
Marketing : |
12/13, Jyoti Wire House, Off Veera Desai Road, Andheri (West), Mumbai – 400053, Maharashtra, India |
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Tel. No.: |
91 22 2674 0001/2/3 |
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Fax No.: |
91 22 2674 0600 |
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E-Mail : |
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Branch
Office : |
Located At: ·
· Chennai ·
New · Kolkata ·
· Pune ·
·
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DIRECTORS
AS ON 31.03.2014
|
Name : |
Dr. Narendra D.
Desai |
|
Designation : |
Chairman and
Managing Director |
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Qualification
: |
B.Sc. (Hons), |
|
Date of
Appointment : |
28.09.1989 |
|
|
|
|
Name : |
Mr. N. K.
Thingalaya |
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Designation : |
Director |
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Date of
Birth/Age : |
04.11.1937 |
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Qualification
: |
Ph. D.
(Economics) |
|
Date of
Appointment : |
27.07.2001 |
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Other Directorships:- |
Canbank
Investment Management Services Limited |
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|
|
|
Name : |
Mr. F. B. Virani |
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Designation : |
Director |
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Date of
Birth/Age : |
26.06.1945 |
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Qualification
: |
B. E. (Chemical
Engineering), M. S. (Chemical Engineering) ( |
|
Date of
Appointment : |
27.07.2001 |
|
Other Directorships:- |
1. Dyna Cybertech Services Private Limited 2. Uniflex Cables Limited |
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|
|
|
Name : |
Mr. Kushal N.
Desai |
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Designation : |
Managing Director |
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Date of
Birth/Age : |
21.02.1967 |
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Qualification
: |
B.Sc. Hons.,
(Ele. Engg.) |
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Date of
Appointment : |
24.03.1999 |
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|
|
|
Name : |
Mr. C. N. Desai |
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Designation : |
Joint Managing
Director |
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Date of
Birth/Age : |
15.07.1971 |
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Qualification
: |
B.Sc (Hons.)
(Chem. Engg.) |
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Date of
Appointment : |
29.05.1993 |
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|
|
|
Name : |
Mr. H. N. Shah |
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Designation : |
Director |
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|
Name : |
Mr. Rajesh Sehgal |
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Designation : |
Additional Director (w.e.f.
27th June, 2011) |
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Date of
Birth/Age : |
16.02.1971 |
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Qualification
: |
PGDBM, CFA. |
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Other Directorships:- |
HPL Additives Limited |
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Name : |
Mr. Sanjiv Mahehwari |
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Designation : |
Additional Director (w.e.f. 30.05.2014) |
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Name : |
Mr. Suyash Saraogi |
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Designation : |
Additional Director (w.e.f. 30.05.2014) |
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Name : |
Ms. Nina Kapasi |
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Designation : |
Additional Director (w.e.f. 30.05.2014) |
KEY EXECUTIVES
|
Name : |
Mr. Sanjaya
Kunder |
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Designation : |
Company Secretary
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|
Name : |
Mr. Milind Soni |
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Designation : |
Assistant Manager |
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Audit
Committee: |
·
Mr.
H. N. Shah, Chairman ·
Dr.
N.K. Thingalaya ·
Mr.
F.B. Virani ·
Mr.
Rajesh Sehgal ·
Mr.
Suyash Saraogi ·
Ms.
Nina Kapasi |
MAJOR SHAREHOLDERS
AS ON 31.12.2014
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of
Shares |
|
(A) Shareholding of
Promoter and Promoter Group |
||
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|
|
|
|
|
22196762 |
57.66 |
|
|
111278 |
0.29 |
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|
1735387 |
4.51 |
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|
1735387 |
4.51 |
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|
24043427 |
62.46 |
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|
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Total shareholding
of Promoter and Promoter Group (A) |
24043427 |
62.46 |
|
(B) Public
Shareholding |
||
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|
|
|
|
|
3594623 |
9.34 |
|
|
2489 |
0.01 |
|
|
1861307 |
4.84 |
|
|
5458419 |
14.18 |
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|
|
|
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|
5789844 |
15.04 |
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|
|
|
|
|
2253522 |
5.85 |
|
|
706080 |
1.83 |
|
|
244064 |
0.63 |
|
|
109235 |
0.28 |
|
|
134781 |
0.35 |
|
|
48 |
0.00 |
|
|
8993510 |
23.36 |
|
Total Public
shareholding (B) |
14451929 |
37.54 |
|
Total (A)+(B) |
38495356 |
100.00 |
|
(C) Shares held by Custodians
and against which Depository Receipts have been issued |
|
|
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
|
0 |
0.00 |
|
Total (A)+(B)+(C) |
38495356 |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Importer of conductors,
Transformer/specialty oils and power/telecom cables. |
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Products : |
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Brand Names : |
Not Available |
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Agencies Held : |
Not Available |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
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Imports : |
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Products : |
Raw Material |
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Countries : |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
End Users
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No. of Employees : |
300 (Approximately) |
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Bankers : |
·
Union Bank of India ·
Syndicate Bank ·
ING-Vysya Bank Limited ·
IDBI Bank Limited ·
ICICI Bank Limited ·
State Bank of India ·
Standard Chartered Bank ·
Bank of Baroda ·
Axis Bank Limited ·
Credit Agricole – Corporate and Investment Bank |
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Facilities : |
NOTE: Long Term Borrowings ·
The Foreign Currency term loan from
Credit Agricole C and I Bank, Singapore is secured by exclusive charge on the
assets acquired by the Company with the proceeds of the facility. ·
The Foreign Currency Term Loan from
Union Bank of India, Hong Kong is secured by first charge by way of equitable
mortgage by deposit of title deeds of Company’s Athola properties and
exclusive hypothecation charge on the assets acquired by the Company with the
proceeds of the facility situated at other locations. ·
Terms of repayment of term loan- In
August 2014 Rs.89.900 Million, in August, 2015 Rs.89.900 Million, in May,
2016 Rs.95.900 Million, in August, 2016 Rs.119.800 Million, in May, 2017
Rs.107.900 Million and in May, 2018 Rs.137.800 Million. Short
Term Borrowings Working
capital loans from banks (secured) Rs.1432.800 Million are secured by : ·
Hypothecation of specified stocks,
specified book debts of the Company. ·
First charge by way of equitable mortgage
by deposit of title deeds of Company’s specified immovable properties, both
present and future. |
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|
|
|
Auditors : |
|
|
Name : |
Sharp and Tannan Chartered Accountants |
|
Address : |
Mumbai, Maharashtra, India |
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|
Subsidiary
Companies : |
·
Petroleum Specialties Pte. Limited,
Singapore ·
Quantum Apar Specialty Oil Pty.
Limited (subsidiary of Petroleum Specialties Pte. Limited) ·
Apar ChemateK Lubricants Limited
(w.e.f. 26th September, 2012) |
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|
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|
Joint Venture
Company: |
· Apar ChemateK Lubricants Limited (Upto 25.09.2012, became subsidiary w.e.f. 26.09.2012) |
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|
Entities over which significant influence is exercised by key
management personnel / individuals having significant influence: |
|
CAPITAL STRUCTURE
AS ON 31.03.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
91998750 |
Equity Shares |
Rs.10/- each |
Rs.920.000 Million |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
38470431 |
Equity Shares |
Rs.10/- each |
Rs.384.700
Million |
|
|
|
|
|
a.
Reconciliation of the
number of shares outstanding at the beginning and at the end of the year.
|
|
March 31, 2014 |
|
|
Equity Shares |
No. of shares |
Rs.
Million |
|
At the beginning of the year |
38470431 |
384.700 |
|
Issued during the period-fresh issue* |
-- |
-- |
|
Outstanding at
the end of the year |
38470431 |
384.700 |
*Issued during the year to shareholders of erstwhile Uniflex
Cables Limited as per the Scheme of Amalgamation
b.
Terms/rights
attached to equity shares
1.
The Company has one class of equity shares
having a par value of H10 per share. Each holder of equity shares is entitled
to one vote per share. The Company declares and pays dividends in Indian
rupees. The dividend proposed by the Board of Directors is subject to the
approval of the shareholders in the ensuing Annual General Meeting.
2.
During the year ended 31st March 2014,
the amount of per share dividend recognised as distributions to equity
shareholders is Rs.5.25, (Previous year Rs.5.25)
3.
In the event of liquidation of the
company, the holders of equity shares will be entitled to receive remaining
assets of the Company, after distribution of all preferential amounts. The
distribution will be in proportion to the number of equity shares held by the
shareholders.
c.
Details
of Shareholders holding more than 5% shares in the company
|
Equity shares of Rs. 10/- each fully paid |
March 31, 2014 |
|
|
No. of shares |
% of holdings in the class |
|
|
Dr. N. D. Desai |
7371861 |
19.16 |
|
Kushal N. Desai |
7378528 |
19.18 |
|
Chaitanya N. Desai |
7367360 |
19.15 |
|
Templeton Strategic Emerging Markets Fund III, L.D.C. |
3636363 |
9.45 |
|
Reliance Capital
Trustee Company Limited A/c. Reliance Diversified Power Sector Fund |
19313213 |
5.02 |
|
Shinny Limited, Mauritius |
-- |
-- |
As per
of the Company, including its register of shareholders/members and other
declarations received from shareholders regarding beneficial interest, the
above shareholding represents both legal and beneficial ownerships of shares.
d.
Shares
reserved for issue under options
The
Company provides share-based payment to its employees. During the year ended
31st March, 2014, an Employee Stock Option Plan (ESOP) was in existence. The
relevant details of the scheme and the grant are as below:
Members’
approval was obtained at the Annual General Meeting held on 9th August, 2007
for introduction of Employee Stock Option Scheme to issue and grant upto
1,616,802 options, but the Board has granted 175,150 options till date.
|
Particulars |
March 31, 2014 |
|
Outstanding
at the beginning of the year |
175150 |
|
Vested
during the year |
-- |
|
Forfeited
during the year |
75856 |
|
Exercised
during the year |
-- |
|
Outstanding
at the end of the year |
99294 |
|
Exercisable at the end of the year |
99294 |
FINANCIAL DATA
[all figures are
in Rupees Million]
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 |
384.700 |
384.700 |
359.700 |
|
(b) Reserves & Surplus |
5683.000 |
5217.300 |
4324.900 |
|
(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) |
6067.700 |
5602.000 |
4709.600 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
701.300 |
329.400 |
346.500 |
|
(b) Deferred tax liabilities (Net) |
225.300 |
109.500 |
134.700 |
|
(c) Other long term
liabilities |
66.500 |
137.900 |
410.500 |
|
(d) long-term
provisions |
28.500 |
25.800 |
24.200 |
|
Total Non-current
Liabilities (3) |
1021.600 |
602.600 |
915.900 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a) Short term
borrowings |
7079.900 |
9403.200 |
9323.200 |
|
(b) Trade
payables |
13864.000 |
13277.000 |
8556.300 |
|
(c) Other
current liabilities |
972.600 |
2933.100 |
4019.700 |
|
(d) Short-term
provisions |
242.900 |
242.200 |
188.400 |
|
Total Current Liabilities
(4) |
22159.400 |
25855.500 |
22087.600 |
|
|
|
|
|
|
TOTAL |
29248.700 |
32060.100 |
27713.100 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a) Fixed
Assets |
|
|
|
|
(i)
Tangible assets |
3346.600 |
2396.200 |
1801.500 |
|
(ii)
Intangible Assets |
30.800 |
26.900 |
15.100 |
|
(iii)
Capital work-in-progress |
180.800 |
451.000 |
212.800 |
|
(iv)
Intangible assets under development |
0.000 |
2.800 |
3.500 |
|
(b) Non-current Investments |
284.900 |
284.900 |
59.800 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
446.400 |
457.200 |
463.300 |
|
(e) Other
Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current
Assets |
4289.500 |
3619.000 |
2556.000 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
15.000 |
796.200 |
0.000 |
|
(b) Inventories |
10104.400 |
7408.500 |
6662.500 |
|
(c) Trade receivables |
10442.100 |
7935.600 |
8320.500 |
|
(d) Cash and cash equivalents |
2272.300 |
10320.900 |
8245.800 |
|
(e) Short-term loans and advances |
1641.900 |
1314.600 |
1383.600 |
|
(f) Other current assets |
483.500 |
665.300 |
544.700 |
|
Total
Current Assets |
24959.200 |
28441.100 |
25157.100 |
|
|
|
|
|
|
TOTAL |
29248.700 |
32060.100 |
27713.100 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
44832.000 |
45321.900 |
34532.600 |
|
|
|
Other Income |
44.700 |
77.000 |
5.400 |
|
|
|
TOTAL (A) |
44876.700 |
45398.900 |
34538.000 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of raw materials and components consumed |
35004.200 |
35559.100 |
28499.100 |
|
|
|
Purchases of stock-in-trade |
773.500 |
293.300 |
107.400 |
|
|
|
Changes in inventories of finished goods, work-in-progress and
stock-in-trade |
(77.200) |
(197.000) |
(614.900) |
|
|
|
Employee benefits expense |
591.700 |
518.100 |
439.400 |
|
|
|
Other expenses |
5855.700 |
6211.200 |
4137.600 |
|
|
|
Exceptional items |
8.600 |
46.200 |
19.600 |
|
|
|
Transfer to capital assets |
(35.100) |
(16.700) |
0.000 |
|
|
|
TOTAL (B) |
42121.400 |
42414.200 |
32588.200 |
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2755.300 |
2984.700 |
1949.800 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
1458.100 |
1343.100 |
1141.300 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1297.200 |
1641.600 |
808.500 |
|
|
|
|
|
|
|
|
|
Less |
DEPRECIATION/
AMORTISATION (F) |
268.900 |
238.600 |
212.800 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
1028.300 |
1403.000 |
595.700 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
340.400 |
381.400 |
2.500 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H)
(I) |
687.900 |
1021.600 |
593.200 |
|
|
|
|
|
|
|
|
|
|
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
1585.500 |
1041.200 |
1735.400 |
|
|
|
|
|
|
|
|
|
|
Loss of Amalgamating Subsidiary |
0.000 |
(57.600) |
(1019.500) |
|
|
|
|
|
|
|
|
|
|
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
200.000 |
183.400 |
89.000 |
|
|
|
Proposed Dividend |
202.000 |
202.000 |
153.900 |
|
|
|
Tax on Proposed Dividend |
34.300 |
34.300 |
25.000 |
|
|
BALANCE CARRIED
TO THE B/S |
1837.100 |
1585.500 |
1041.200 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export of goods calculated on FOB basis |
13671.400 |
12825.400 |
8844.600 |
|
|
|
Deemed Exports |
142.500 |
0.900 |
698.400 |
|
|
|
Dividend from subsidiaries |
0.000 |
54.500 |
0.000 |
|
|
|
Other Earnings |
565.200 |
877.300 |
315.600 |
|
|
TOTAL EARNINGS |
14379.100 |
13758.100 |
9858.600 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
29781.800 |
22406.900 |
17691.500 |
|
|
|
Stores & Spares |
17.200 |
3.600 |
2.400 |
|
|
|
Capital Goods |
142.100 |
137.600 |
32.700 |
|
|
TOTAL IMPORTS |
29941.100 |
22548.100 |
18138.500 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
17.88 |
26.56 |
15.55 |
|
|
Particulars |
|
|
31.03.2015 |
|
Sales Turnover (Approximately) |
|
|
48000.000 |
|
|
|
|
|
QUARTERLY /
SUMMARISED RESULTS
|
Particulars |
1st Quarter |
3rd Quarter |
2nd Quarter |
|
Net Sales |
1,1305.700 |
1,2987.900 |
1,2436.400 |
|
Total Expenditure |
1,0868.100 |
1,2719.800 |
1,1965.400 |
|
PBIDT (Excl OI) |
43.7.600 |
268.100 |
471.000 |
|
Other Income |
69.200 |
01.500 |
11.900 |
|
Operating Profit |
506.800 |
269.600 |
482.900 |
|
Interest |
170.000 |
149.900 |
170.500 |
|
Exceptional Items |
0.000 |
0.000 |
0.000 |
|
PBDT |
336.800 |
119.700 |
312.400 |
|
Depreciation |
69.600 |
82.3000 |
76.200 |
|
Profit Before Tax |
267.200 |
3.740 |
236.200 |
|
Tax |
65.800 |
11.700 |
76.700 |
|
Provisions and contingencies |
0.000 |
0.000 |
0.000 |
|
Profit After Tax |
201.400 |
|
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2014 |
31.03.2013 |
31.03.2012 |
|
Net Profit Margin (PAT/Sales) |
(%) |
1.53 |
2.25 |
1.72 |
|
|
|
|
|
|
|
Operating Profit
Margin (PBDIT / Sales) |
(%) |
6.15 |
6.58 |
5.65 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.57 |
4.48 |
2.17 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.17 |
0.25 |
0.13 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt /Networth) |
|
1.28 |
1.74 |
2.05 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.13 |
1.10 |
1.14 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Rs.
In Million |
Rs.
In Million |
Rs.
In Million |
|
Share Capital |
359.700 |
384.700 |
384.700 |
|
Reserves & Surplus |
4324.900 |
5217.300 |
5683.000 |
|
Net
worth |
4684.600 |
5602.000 |
6067.700 |
|
|
|
|
|
|
long-term borrowings |
346.500 |
329.400 |
701.300 |
|
Short term borrowings |
9323.200 |
9403.200 |
7079.900 |
|
Total
borrowings |
9669.700 |
9732.600 |
7781.200 |
|
Debt/Equity
ratio |
2.064 |
1.737 |
1.282 |
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 |
34,532.600 |
45,321.900 |
44,832.000 |
|
|
|
31.244 |
(1.081) |
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
|
34,532.600 |
45,321.900 |
44,832.000 |
|
Profit |
593.200 |
1,021.600 |
687.900 |
|
|
1.72% |
2.25% |
1.53% |
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 |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
No |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
LITIGATION DETAILS:
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
UNSECURED LOANS:
|
Particulars |
31.03.2014 Rs. In Million |
31.03.2013 Rs. In Million |
|
Long Term Borrowings |
|
|
|
Public Deposits |
143.500 |
55.400 |
|
Deposits from
Directors |
6.500 |
2.500 |
|
|
|
|
|
Short Term Borrowings |
|
|
|
Packing credit loan in foreign currency from Banks |
818.600 |
415.300 |
|
Buyer's credit in foreign currency |
4784.200 |
8503.800 |
|
Loans and Advances from related parties repayable on demand |
0.000 |
0.800 |
|
Public deposits |
5.800 |
3.200 |
|
Director’s deposits |
38.500 |
38.500 |
|
|
|
|
|
Total |
5797.100 |
9019.500 |
INDEX OF CHARGE:
|
Sr. No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10449812 |
17/09/2013 |
330,000,000.00 |
UNION
BANK OF INDIA |
OVERSEAS
BRANCH, UNION BANK BHAVAN,, 239, VIDHAN BHAVAN MARG, NARIMAN POINT,, MUMBAI,
MAHARASHTRA - |
B85302081 |
|
2 |
10426504 |
15/05/2013 |
330,000,000.00 |
UNION
BANK OF INDIA |
OVERSEAS
BRANCH, UNION BANK BHAVAN, GROUND FLOOR,, |
B75406249 |
|
3 |
10348687 |
26/03/2014
* |
36,000,000,000.00 |
IL
& FS TRUST COMPANY LIMITED |
IL
& FS TRUST COMPANY LIMITED, KURLA COMPLEX BANDRA EAST, MUMBAI,
MAHARASHTRA - 400051, INDIA |
C02467264 |
|
4 |
10317838 |
14/11/2011 |
250,400,000.00 |
CREDIT
AGRICOLE CORPORATE AND INVESTMENT BANK |
168,
ROBINSON ROAD,, #22-01, CAPITAL TOWER,, SINGAPORE, - 068912, SINGAPORE |
B25379025 |
|
5 |
10133842 |
27/11/2013
* |
30,356,500,000.00 |
IL
& FS TRUST COMPANY LIMITED |
IL
& FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA EAST,
MUMBAI, MAHARASHTRA |
B90609207 |
|
6 |
10131264 |
28/07/2010
* |
1,100,000,000.00 |
IL
& FS TRUST COMPANY LIMITED |
IL
& FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA
EAST, MUMBAI, MAHARASHTRA |
A90488669 |
|
7 |
10105169 |
28/07/2010
* |
1,100,000,000.00 |
IL
& FS TRUST COMPANY LIMITED |
IL
& FS FINANCIAL CENTREPLOT NO C22 G BLOCK BANDRA, KURLA COMPLEX BANDRA
EAST, MUMBAI, MAHARASHTRA |
A90488446 |
|
8 |
90212256 |
13/10/1992
* |
6,621,000.00 |
GUJRAT
STATE FINANCIAL CORPORTION |
JALDARSHAN
BUILDING; ASHRAM ROAD;, AHEMADABAD, GUJARAT - 380009, INDIA |
- |
*Date of modification Charges
MANAGEMENT
DISCUSSION AND ANALYSIS/ OUTLOOK
The
growth in the domestic power sector in FY 2014 was constrained given the
uncertainties around fuel supply, financial condition of discoms, challenges of
land acquisition, water linkages and environmental clearances which had a
direct impact on subject. However, given the impetus expected from the new government
at the Centre with regards acceleration of reforms, we see a brighter phase on
the horizon. Subject has, during the year, taken strong strategic initiatives
to strengthen our position further so that we can be well prepared as the
sector turns.
Subject
is the 3rd largest conductor manufacturer and the fourth largest transformer
oil manufacturer in the world. Growing exports, strong technical capabilities,
higher focus on R&D and improved operational efficiency has enabled subject
to consolidate our leadership position in our major product segments,
conductors and Specialty and Transformer oils. As a result, we have continued
to grow and expand over the last few years despite trying times in the Indian
power sector.
There
continuous in-house R&D efforts and strategic tie-ups have spurred
development of many new technology products for Subject like Extra high voltage
transformer oils, high temperature conductors, e-beam cables and new generation
optical fibre cables (OFC). These higher margin products, with good growth
prospects and fewer competitors will drive the company’s growth and
profitability going forward.
The
year gone by saw subject complete expansion of capacities to drive growth in
high value products. The Athola conductor’s plant, focused on high quality
products for the export markets, is already operating at full capacity of 3,000
Mt per monthn and the Khatalwad cable plant has been fully commissioned. The
new businesses have seen a positive response with first orders already placed. Going
forward, we see acceleration in these new higher margin segments spurring
growth in India and abroad.
INDUSTRY STRUCTURE, DEVELOPMENT,
OPPORTUNITIES, THREATS, OUTLOOK AND RISK AND CONCERNS
GLOBAL SCENARIO
As per
Industry report by Ministry of Heavy Industries and Public Enterprises, global
electricity consumption is growing at 2.4% to reach 29000TWh by 2030. This is
expected to drive global electrical equipment market at 2% growth to reach US$
6,600bn by 2030. India, as of now, contributes only 1% to global exports of
electrical equipments with strong potential to increase share going forward.
Indian market
The
size of the domestic market in generation equipment is expected to reach US$
25-30bn by 2022 (from US$ 5.7bn in 2011) driven by huge power demand expected
for the growing Indian economy. As a result, the Transmission &
Distribution (T&D) equipment industry is estimated to grow to US$ 70-75bn
(from US$ 18.5bn in 2011). This translates into a CAGR of around 14%.
According
to an Industry report by FICCI, in association with Booz & Co., there is
huge opportunity in the domestic T&D sector with investment required in the
industry pegged at USD 35bn out of which USD 19bn will be from Power Grid
Corporation of India Limited (PGCIL) and remaining USD 16bn will be secured
from private players.
As per
Industry report from Engineering Review, peak demand in India is expected to
increase to more than 500,000 MW by 2027 for which Installed generation
capacity of about 700,000 MW is required.
However,
the recent policy jam in the sector has resulted in slower than expected
progress. The 12th Five Year Plan (2012-2017) targeted a capacity addition in
power generation of 88,537 MW and addition of transmission lines of 165,000
Circuit Kilometers (CKT). In the completed 2 years of the 12th plan, 33,000 MW
of generating capacity has been added, representing 37% of the planned
addition. In the same period, 32,000 CKT of transmission lines has been added,
representing 19.5% of the planned addition.
Business performance
Subject
derives 71.14% of its revenue from the power sector, with the major demand
drivers coming from infrastructure expansion in transmission and distribution.
In the last two years, the government has been plagued with policy paralysis,
and the consequential damages of this have affected the power sector the most.
From the figures shown above, the implementation of transmission lines is only
19.5% vs. a pro-rata implementation of 40%. This is also reflective of the
order position of the conductor industry in general, which received its lowest
level of orders in FY2014. Power grid, the largest implementation agency for
transmission lines was conspicuous by its absence. While as many as 120
transmission projects have stalled or delayed due to Right of Way (Row) and
many other clearances.
STATEMENT OF
STANDALONE UNAUDITED RESULTS FOR THE
QUARTER AND NINE MONTHS ENDED 31ST DECEMBER, 2014
(Rs.
In Million)
|
Particulars |
3 Months Ended |
9 Month 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) |
12903.600 |
12331.100 |
36448.800 |
|
(b) Other Operating Income |
24.300 |
105.300 |
281.100 |
|
Total Income from
Operations (net) |
12987.900 |
12436.400 |
36729.900 |
|
2. Expenses |
|
|
|
|
a. Cost of Materials consumed |
10843.400 |
9985.700 |
29847.100 |
|
b. Purchase of stock-in-trade |
130.500 |
131.100 |
422.100 |
|
c. Changes in inventories of finished goods, work-in-progress, stock-in-trade and scrap |
(521.700) |
(498.400) |
(1375.000) |
|
f. Employee Benefits expenses |
183.300 |
174.600 |
524.800 |
|
g. Depreciation and amortization expenses |
82.300 |
76.200 |
228.100 |
|
h. Other Expenses |
1790.700 |
1870.400 |
5342.800 |
|
Total Expenses |
12508.500 |
11739.600 |
34989.900 |
|
3. Profit from
Operations before Other Income, Finance costs and Exceptional Items (1-2) |
12508.500 |
696.800 |
34989.900 |
|
4. Other Income |
1.500 |
11.900 |
82.500 |
|
5. Profit from ordinary
activities before Finance Costs and Exceptional Items (3 + 4) |
480.900 |
708.700 |
1822.500 |
|
6. Finance costs |
443.500 |
472.500 |
1281.900 |
|
7. Profit / (Loss)
from ordinary activities after Finance Costs but before Exceptional Items (5
- 6) |
37.400 |
236.200 |
540.600 |
|
8. Exceptional Items |
-- |
-- |
-- |
|
9. Profit / (Loss)
from Ordinary Activities before Tax (7 ± 8) |
37.400 |
236.200 |
540.600 |
|
10. Tax Expense (Note 1 below) |
11.700 |
76.700 |
154.200 |
|
11. Net Profit / (Loss)
from Ordinary Activities after Tax (9 ± 10) |
25.700 |
159.500 |
386.400 |
|
12. Extraordinary Items (net of tax expenses) |
-- |
- |
-- |
|
13. Net Profit /
(Loss) for the period (11 ± 12 ) |
25.700 |
159.500 |
386.400 |
|
14. Paid-up Equity Share Capital [Face value Re.1 each] |
385.000 |
384.900 |
385.000 |
|
15. Reserves excluding Revaluation Reserve (as per Balance Sheet of the previous accounting year) |
-- |
-- |
-- |
|
16. Earning Per Share
(before / after Extraordinary Items) (of Re.1 each) (not annualised) |
|
|
|
|
Basic |
6.700 |
4.15 |
10.04 |
|
Diluted |
6.700 |
4.15 |
10.04 |
|
Part II |
|
|
|
|
A. PARTICULARS OF
SHAREHOLDING @ |
|
|
|
|
1. Public
Shareholding |
|
|
|
|
- Number of Shares |
14451929 |
14450733 |
14451929 |
|
- Percentage of Shareholding |
37.54 |
37.54 |
37.54 |
|
2. Promoters and
Promoter Group Shareholding |
|
|
|
|
a) Pledged /
Encumbered |
|
|
|
|
- Number of Shares |
Nil |
Nil |
Nil |
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
Nil |
Nil |
Nil |
|
- Percentage of shares (as a % of the total share capital of the company) |
Nil |
Nil |
Nil |
|
b) Non-encumbered |
|
|
|
|
- Number of Shares |
24043427 |
24043427 |
24043427 |
|
- Percentage of shares (as a % of the total shareholding of promoter and promoter group) |
100.00 |
100.00 |
100.00 |
|
- Percentage of shares (as a % of the total share capital of the company) |
62.46 |
62.46 |
62.46 |
|
Particulars |
3 months ended 31.12.2014 |
|
B.
INVESTOR COMPLAINTS |
|
|
Pending at the beginning of the
quarter |
Nil |
|
Received during the quarter |
Nil |
|
Disposed of during quarter |
Nil |
|
Remaining unresolved at the end
of the quarter |
Nil |
STANDALONE
SEGMENT WISE REVENUE, RESULTS AND CAPITAL EMPLOYED
|
Particulars |
3 Months Ended |
9 Month Ended |
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
|
(Unaudited) |
(Unaudited) |
(Unaudited) |
|
|
1. Segment Revenue (Net
Sales / Income from Operations) |
|
|
|
|
Conductors |
6555.500 |
5638.800 |
16455.700 |
|
Tansformer and Spaciality Oil |
5009.500 |
5654.200 |
16278.800 |
|
Power / Telecom Cable |
1396.600 |
1102.600 |
3881.800 |
|
Unallocated |
55.300 |
61.600 |
175.800 |
|
Total Segment
Revenue |
13016.900 |
12457.200 |
36792.100 |
|
Less: Inter-Segment Revenue |
29.000 |
20.800 |
62.200 |
|
Net Sales / Income
from Operations |
12987.900 |
12436.400 |
36729.900 |
|
|
|
|
|
|
2. Segment Results [Profit(+)/Loss(-)
before tax and finance costs from each segment] |
|
|
|
|
Conductors |
321.100 |
412.000 |
1034.300 |
|
Tansformer and Spaciality Oil |
123.100 |
329.700 |
777.700 |
|
Power / Telecom Cable |
81.700 |
3.100 |
137.600 |
|
c. Unallocated |
3.300 |
5.800 |
15.800 |
|
Total |
529.200 |
750.600 |
1965.400 |
|
Less: |
|
|
|
|
a. Finance costs |
443.500 |
472.500 |
1281.900 |
|
b. Other Un-allocable Expenditure (Net of Un-allocable Income) |
48.300 |
41.900 |
142.900 |
|
Total Profit(+) / Loss(-)
before Tax |
37.400 |
236.200 |
540.600 |
|
|
|
|
|
|
3. Capital Employed (Segment Assets
less Segment Liabilities) |
|
|
|
|
Conductors |
2322.400 |
2316.400 |
2322.400 |
|
Tansformer and Spaciality Oil |
3197.000 |
3636.300 |
3197.000 |
|
Power / Telecom Cable |
3323.300 |
3370.400 |
3323.300 |
|
Unallocated |
627.500 |
568.300 |
627.500 |
|
Total |
9470.200 |
9891.400 |
9470.200 |
Note:
- The above standalone unaudited financial results were reviewed by the Audit Committee of Directors and approved by the Board of Directors at their meetings held on 5th February, 2015. The statutory auditors of the Company have carried out a limited review of the above standalone results for the quarter ended 31st December, 2014. The Review Report has been filed with the stock exchanges and is also available on the Company's website.
- The Company has allotted on 31st October, 2014, 1,196 Equity Shares to employees of the Company under Apar Industries Limited Stock Option Plan 2007 at an Exercise Price of Rs. 207.05 per option / share and consequent upon above allotment, the Issued, Subscribed and Paid-up Equity Share Capital of the Company has increased to Rs. 384,953,560 divided into 38,495,356 Equity Shares of Rs. 10 each.These new equity shares were admitted in the records of Depositories (NSDL and CDSL) and Listed during November, 2014.
- Further allocation of unallocated common expenses to segments has resulted in consideration of additional costs in Conductor ` 1.82 crore (quarter) and Rs. 51.300 Million (nine months); Oil Rs. 21.800 Million (quarter) and Rs. 64.400 Million (nine months); Cable Rs.10.200 Million (quarter) and Rs. 31.500 Million (nine months); and Others Rs. 1.400 Million (quarter) and 3.900 Million (nine months). Consequently, unallocated expenses net of income is lower by Rs. 51.600 Million (quarter) and Rs. 151.100 Million (nine months) . The figures for all the periods reported have been regrouped accordingly.
- In line with organisation structure and internal financial reporting, certain products have been clubbed under conductor segment. Hitherto, this were being reported under cable segment. Accordingly, the following amounts have been regrouped from cable segment to conductor segment for all the reported periods.
|
|
3 months ended |
9 months ended |
||||
|
|
31.12.2014 |
30.09.2014 |
31.12.2013 |
31.12.2014 |
31.12.2013 |
31.03.2014 |
|
Segment Revenue |
388.800 |
190.400 |
78.400 |
666.100 |
219.000 |
245.200 |
|
Segment Results |
1.000 |
(4.700) |
(2.000) |
(2.300) |
(0.900) |
(3.900) |
|
Capital Employed |
170.500 |
62.100 |
147.400 |
170.500 |
147.400 |
107.600 |
- The Board of Directors at its meeting held today, have approved the Scheme of Amalgamation of Apar Lubricants Limited, a wholly-owned subsidiary, with the Company with effect from 1st January, 2015 (Appointed Date), subject to receipt of all regulatory approvals.
- Additional information: Key financial figures on Consolidated basis:
|
Particulars |
9 Months Ended |
Year Ended |
|
|
|
31.12.2014 |
30.09.2014 |
31.12.2014 |
|
Revenue |
37676.800 |
32602.200 |
46374.000 |
|
Profit before tax |
581.800 |
1005.000 |
1285.300 |
|
Profit after tax and minority interest |
404.600 |
696.000 |
896.500 |
|
Basic/Diluted EPS - in ` |
105.200 |
180.900 |
233.000 |
7. The financial results of the Company are being forwarded to the Stock Exchanges (BSE and NSE) for uploading on their respective websites and the same are also made available on the Company's website viz., www.apar.com.
8. Figures for previous periods/ year have been regrouped, wherever necessary.
STATEMENT OF ASSETS AND LIABILITIES
|
Particulars |
As at 30.09.2014 (Unaudited) |
|
|
A |
EQUITY AND LIABILITIES |
|
|
1 |
Shareholders' Funds |
|
|
|
(a) Share Capital |
384.900 |
|
|
(b) Reserves & Surplus |
6011.700 |
|
|
Total
Shareholders’ Funds |
6396.600 |
|
|
|
|
|
2 |
Non-Current
Liabilities |
|
|
|
(a) long-term borrowings |
475.700 |
|
|
(b) Deferred tax liabilities (Net) |
236.200 |
|
|
(c) Other long term
liabilities |
50.800 |
|
|
(d) long-term
provisions |
19.500 |
|
|
Sub Total Non-current Liabilities |
782.200 |
|
|
|
|
|
3 |
Current Liabilities |
|
|
|
(a) Short term
borrowings |
4227.600 |
|
|
(b) Trade payables |
14983.600 |
|
|
(c) Other current
liabilities |
1687.200 |
|
|
(d) Short-term
provisions |
26.000 |
|
|
Sub
Total Current Liabilities |
20924.400 |
|
|
|
|
|
|
TOTAL- EQUITY AND
LIABILITIES |
28103.200 |
|
|
|
|
|
A |
ASSETS |
|
|
1 |
Non-current assets |
|
|
|
(a) Fixed Assets |
3724.300 |
|
|
(b) Non-current Investments |
299.300 |
|
|
(c) Long-term Loan and Advances |
479.100 |
|
|
(d) Other Non-current
assets |
0.000 |
|
|
Sub Total
Non-Current Assets |
4502.700 |
|
|
|
|
|
2 |
Current assets |
|
|
|
(a) Current investments |
5.400 |
|
|
(b) Inventories |
10228.000 |
|
|
(c) Trade receivables |
11359.500 |
|
|
(d) Cash and cash
equivalents |
692.300 |
|
|
(e) Short-term loans
and advances |
1006.700 |
|
|
(f) Other current
assets |
308.600 |
|
|
Sub Total Current
Assets |
23600.500 |
|
|
|
|
|
|
TOTAL-ASSETS |
28103.200 |
FIXED ASSETS:
·
Land Freehold
·
Leasehold Building
·
Plant and Machinery
·
Furniture and Fixture
·
Motor Vehicles
·
Intangible Assets
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 records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or anti-terrorism
sanction laws or whose assets were seized, blocked, frozen or ordered forfeited
for violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair and
reasonable and comparable to compensation paid to others for similar services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions between
a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 62.56 |
|
|
1 |
Rs. 93.56 |
|
Euro |
1 |
Rs.67.49 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
ART |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER
|
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
53 |
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.