MIRA
INFORM REPORT
|
Report No. : |
334567 |
|
Report Date : |
01.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
CARBORUNDUM UNIVERSAL LIMITED |
|
|
|
|
Registered
Office : |
Parry House, 43, |
|
Tel. No.: |
91-44-25306789/ 30006199 |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as
on) : |
31.03.2015 |
|
|
|
|
Date of
Incorporation : |
21.04.1954 |
|
|
|
|
Com. Reg. No.: |
18-000318 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 188.180 Million |
|
|
|
|
CIN No.: [Company Identification
No.] |
L29224TN1954PLC000318 |
|
|
|
|
IEC No.: |
0488033471 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
Not Available |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACC2474P |
|
|
|
|
Legal Form : |
A Public Limited Liability Company. The Company’s Shares are Listed on
the Stock Exchanges. |
|
|
|
|
Line of Business
: |
Manufacturer, Exporter, Importer and Seller of Abrasives, Ceramics (Industrial Ceramics, Refractories) and Electro minerals. |
|
|
|
|
No. of Employees
: |
Information declined by the management. |
RATING & COMMENTS
|
MIRA’s Rating : |
Aa (72) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
USD 24000000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a well-established company having fine track record. The company possesses a favourable financial profile marked by adequate
networth base, comfortable capital structure and adequate debt protection
metrics. Trade relations are fair. Business is active. Payment terms are
reported as regular and as per commitments. 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating: “AA+” |
|
Rating Explanation |
High degree of safety and very low credit risk. |
|
Date |
09.04.2015 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating: “A1+” |
|
Rating Explanation |
Very strong degree of safety and lowest credit risk. |
|
Date |
09.04.2015 |
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
31-03-2013.
INFORMATION DENIED
Management non co-operative (91-44-30006199)
LOCATIONS
|
Registered Office : |
Parry House, 43, Moore Street, Chennai – 600001, Tamilnadu, India |
|
Tel. No. : |
91-44-25306789/ 30006199 |
|
Fax No. : |
91-44-2535817/ 30006149 |
|
E-Mail : |
|
|
Website : |
|
|
|
|
|
Factories : |
a) 655, Thiruvottiyur High Road, P B No.2272, Tiruvottiyur, Chennai - 600019, Tamilnadu, India b) Plot No.48, SIPCOT Industrial Complex, Hosur, Krishnagiri District - 635126, Tamilnadu, India c) Gopalpur Chandigarh, P.O. Ganga Nagar, Kolkata - 700132, West Bengal, India d) C-4 and C-5, Kamarajar Salai, MMDA Industrial Complex, Maraimalai Nagar, Kancheepuram District - 603209, Tamilnadu, India e) F-1/2, F2 - F5, SIPCOT Industrial Park, Pondur “A” Village, Sriperumbudur, Kanchipuram District - 602105, Tamilnadu, India f) K3, ASAHI Industrial Estate, Latherdeva Hoon, Mangalore Jhabrera Road, PO Jhabrera Tehsil Roorkee, Hardwar District – 247667, Uttarkhand, India g) Plot No.77, Bommasandra, Jigani Link Road, Jigani Industrial Area, Jigani, Bengaluru - 526106, Karnataka, India h) PB No.1 Kalamassery, Development Plot P.O, Kalamassery, Ernakulam District - 683109, Kerala, India i) PB No. 3 Nalukettu, Koratty, Trichur District - 680308, Kerala, India j) Bhatia Mines, Bhatia Western Railway, Jamnagar District - 361315, Gujarat, India k) P.B No.2 Okha Port P.O., Jamnagar District - 361350, Gujarat, India l) Plot No.7 and 18, Cochin Special Economic Zone (CSEZ), Kakkanad, Kochi - 682037, Kerala, India m) Maniyar Hydroelectric Works, Maniyar P.O. Vadasserikara, Pathanamthitta District - 689662, Kerala, India n) Plot No.47, SIPCOT Industrial Complex, Hosur, Krishnagiri District - 635126, Tamilnadu, India o) Super Refractories Division, Plot No.102 & 103, SIPCOT Industrial Complex (Phase II), Ranipet - 632403, Tamilnadu, India p) Super Refractories Division - Plant 2, Serkaddu Village, Vinnampalli Post, Katpadi Taluk, Vellore District - 632516, Tamilnadu, India q) Plot Nos. 35, 37, 48-51, Adhartal Industrial Estate, Jabalpur - 482004, Madhya Pradesh, India |
DIRECTORS
As on 31.03.2014
|
Name : |
Mr. M M Murugappan |
|
Designation : |
Chairman |
|
Date of Birth/Age : |
58 Years |
|
Qualification : |
Master’s degree in Chemical Engineering from University of Michigan, USA |
|
|
|
|
Name : |
T L Palani Kumar |
|
Designation : |
Non-Executive Independent Director |
|
Date of Birth/Age : |
64 Years |
|
Qualification : |
Graduate in Chemical Engineering from IIT, Madras and holds a Post Graduate Diploma in Business Administration from IIM, Ahmedabad |
|
|
|
|
Name : |
Shobhan M Thakore |
|
Designation : |
Non-Executive Independent Director |
|
Date of Birth/Age : |
66 Years |
|
Qualification : |
Bachelor’s degree in Arts (Politics) and Law from Mumbai University |
|
|
|
|
Name : |
M Lakshminarayan |
|
Designation : |
Non-Executive Independent Director |
|
Date of Birth/Age : |
67 Years |
|
Qualification : |
Master’s degree in Mechanical Engineering from IIT, Mumbai |
|
|
|
|
Name : |
Mr. Sanjay Jayavarthanavelu |
|
Designation : |
Non-Executive Independent Director |
|
Date of Birth/Age : |
45 Years |
|
Qualification : |
Master’s degree in Business Administration from Philadelphia University, USA |
|
|
|
|
Name : |
Aroon Raman |
|
Designation : |
Non-Executive Independent Director |
|
Date of Birth/Age : |
54 Years |
|
Qualification : |
Master’s degree in Economics from JNU, New Delhi and Master’s degree in Business Administration from Wharton School, USA |
|
|
|
|
Name : |
Mr. K Srinivasan |
|
Designation : |
Managing Director |
|
Date of Birth/Age : |
56 Years |
|
Qualification : |
B. Tech (Mech) |
|
Experience : |
34 Years |
|
Date of Appointment : |
30.01.2002 |
KEY EXECUTIVES
|
MANAGEMENT
COMMITTEE: |
|
|
|
|
|
Name : |
Mr. K Srinivasan |
|
Designation : |
Managing Director |
|
|
|
|
Name : |
Mr. N
Ananthaseshan |
|
Designation : |
President -
Abrasives |
|
|
|
|
Name : |
P L Deepak
Dorairaj |
|
Designation : |
Senior Vice
President-International Business and Exports-Abrasives |
|
|
|
|
Name : |
Mr. Rajesh Khanna |
|
Designation : |
Senior Vice President
– Ceramics |
|
|
|
|
Name : |
Mr. R Rajagopalan |
|
Designation : |
Senior Vice
President - Refractories and Prodorite |
|
|
|
|
Name : |
M Muthiah |
|
Designation : |
Senior Vice
President - Human Resources |
|
|
|
|
Name : |
Mr. Sridharan Rangarajan |
|
Designation : |
Chief Financial
Officer |
|
|
|
|
Name : |
R Sridharan and Associates |
|
Designation : |
Company Secretaries |
MAJOR SHAREHOLDERS
As on 30.06.2015
|
Category of Shareholder |
Total No. of Shares |
Total Shareholding as a % of Total No. of
Shares |
|
(A) Shareholding of
Promoter and Promoter Group |
|
|
|
|
|
|
|
|
14918092 |
7.93 |
|
|
67243064 |
35.72 |
|
|
82161156 |
43.65 |
|
|
|
|
|
Total shareholding
of Promoter and Promoter Group (A) |
82161156 |
43.65 |
|
(B) Public
Shareholding |
|
|
|
|
|
|
|
|
20549160 |
10.92 |
|
|
40999 |
0.02 |
|
|
6832723 |
3.63 |
|
|
38415907 |
20.41 |
|
|
65838789 |
34.98 |
|
|
|
|
|
|
5945391 |
3.16 |
|
|
|
|
|
Individual shareholders holding nominal share capital up to Rs.0.100 Million |
24543472 |
13.04 |
|
Individual shareholders holding nominal share capital in excess of Rs.0.100 Million |
7678747 |
4.08 |
|
|
2069807 |
1.10 |
|
|
16829 |
0.01 |
|
|
1910 |
0.00 |
|
|
2051068 |
1.09 |
|
|
40237417 |
21.38 |
|
Total Public
shareholding (B) |
106076206 |
56.35 |
|
Total (A)+(B) |
188237362 |
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) |
188237362 |
0.00 |
(1) Indian
Individuals / Hindu Undivided Family
Clearing Members
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter, Importer and Seller of Abrasives,
Ceramics (Industrial Ceramics, Refractories) and Electro minerals. |
|
|
|
|
Products : |
· Abrasives Ceramics
(Industrial Ceramics, Refractories) Electro
minerals |
|
|
|
|
Brand Names : |
Not Available |
|
|
|
|
Agencies Held : |
Not Available |
|
|
|
|
Exports : |
Not Divulged |
|
|
|
|
Imports : |
Not Divulged |
|
|
|
|
Terms : |
|
|
Selling : |
Not Divulged |
|
|
|
|
Purchasing : |
Not Divulged |
PRODUCTION STATUS = NOT AVAILABLE
GENERAL INFORMATION
|
Suppliers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Customers : |
|
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
No. of Employees : |
Information declined by the management. |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Bankers : |
Standard Chartered Bank Bank of America The Hongkong and Shanghai Banking Corporation Limited Royal Bank of Scotland BNP Paribas |
||||||||||||||||||||||
|
|
|
||||||||||||||||||||||
|
Facilities : |
|
|
Statutory Auditors : |
|
|
Name : |
Deloitte Haskins and Sells Chartered Accountants |
|
Address : |
No:52, ASV N Ramana Towers, Venkatanarayana Road, T Nagar, Chennai -600017, Tamilnadu, India |
|
Tel. No.: |
91-44-66885000 |
|
Fax No.: |
91-44-66885050 |
|
|
|
|
Cost Auditor : |
|
|
Name : |
S Mahadevan and
Company Cost Accountants |
|
Address : |
No.1 ‘Lakshmi Nivas’, K.V. Colony, Third Street, West Mambalam, Chennai – 600033, Tamilnadu, India |
|
|
|
|
Internal
Auditor : |
|
|
|
|
|
Name : |
Ernst and Young
Private Limited Chartered Accountants |
|
Address : |
6th & 7th Floor, A Block, Tidel Park, 4, Rajiv Gandhi Salai, Taramani, Chennai 600 113 |
|
|
|
|
Parties where
control exists – Subsidiaries : |
Direct Holding
: · Net Access India Limited [Net Access] Southern
Energy Development Corporation Limited [SEDCO] Sterling
Abrasives Limited [Sterling] CUMI
(Australia) Pty Limited [CAPL] Cellaris
Refractories India Limited [CRIL] CUMI
International Limited [CIL] Holding through Subsidiary: · Volzhsky Abrasives Works [VAW] Foskor
Zirconia (Pty) Limited [Foskor] CUMI
America Inc [CAI] CUMI
Middleeast FZE [CME] CUMI
Canada Inc [CCI] CUMI
Abrasives and Ceramics Company Limited [CACCL] Thukela
Refractories Isithebe Pty Limited [TRIL] CUMI
Europe s.r.o [CE] |
|
|
|
|
Joint Ventures
: |
· Murugappa Morgan Thermal Ceramics Limited [MMTCL] Ciria
India Limited [Ciria] Wendt
India Limited [Wendt] |
CAPITAL STRUCTURE
As on 31.03.2015
Authorised Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
250000000 |
Equity Shares |
Re.1/- each |
Rs. 250.000 Million |
Issued, Subscribed & Paid-up Capital:
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
188179042 |
Equity Shares |
Re.1/- each |
Rs. 188.180 Million |
Reconciliation of
the shares outstanding at the beginning and at the end of the reporting period
|
Particulars |
As at 31.03.2015 |
|
|
No. of Shares |
Value of Shares |
|
|
Equity shares with voting rights |
|
|
|
Number of shares at the beginning of the
year |
187756218 |
187.760 |
|
Add : Shares issued against ESOP scheme |
422824 |
0.420 |
|
Total number of shares outstanding at the end of the year |
188179042 |
188.180 |
Terms / Rights attached to Equity Shares
The Company has only one class of Equity shares having a par value of `1/ – per share.
Each holder of equity shares is entitled to one vote per share.
For the year ended March 31, 2015, Final dividend of Rs.0.50 per share has been proposed by the Board of Directors (previous year Rs.0.50 per share). An interim dividend of Rs.0.75 per share was declared at the meeting of the Board of Directors held on January 29, 2015 and the same has been paid (previous year Rs.0.75 per share).
The dividends proposed by the Board of Directors is subject to approval of the shareholders in the Annual General Meeting. Repayment of capital will be in proportion to the number of equity shares held.
Details of shares held by shareholders holding more than
5% of the aggregate shares in the Company
|
Name of Shareholder |
As at 31.03.2015 |
|
|
No. of Shares |
Value of Shares |
|
|
Murugappa Holdings Limited |
55432284 |
29.46% |
|
Nalanda India Fund Limited |
16793362 |
8.92% |
FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
I.
EQUITY
AND LIABILITIES |
|
|
|
|
(1)Shareholders'
Funds |
|
|
|
|
(a) Share Capital |
188.180 |
187.760 |
187.470 |
|
(b) Reserves & Surplus |
8410.720 |
7147.940 |
6657.940 |
|
(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) |
8598.900 |
7335.700 |
6845.410 |
|
|
|
|
|
|
(3) Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
512.210 |
508.640 |
11.820 |
|
(b) Deferred tax liabilities (Net) |
412.510 |
473.120 |
490.320 |
|
(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
|
(d) long-term provisions |
44.870 |
39.400 |
35.080 |
|
Total Non-current Liabilities (3) |
969.590 |
1021.160 |
537.220 |
|
|
|
|
|
|
(4) Current Liabilities |
|
|
|
|
(a) Short term borrowings |
316.190 |
672.600 |
761.790 |
|
(b) Trade payables |
933.690 |
845.920 |
913.890 |
|
(c) Other current
liabilities |
501.830 |
469.390 |
955.110 |
|
(d) Short-term provisions |
135.700 |
126.260 |
174.730 |
|
Total Current Liabilities (4) |
1887.410 |
2114.170 |
2805.520 |
|
|
|
|
|
|
TOTAL |
11455.900 |
10471.030 |
10188.150 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1) Non-current assets |
|
|
|
|
(a) Fixed Assets |
|
|
|
|
(i) Tangible assets |
3817.150 |
4055.200 |
4102.900 |
|
(ii) Intangible Assets |
76.150 |
91.340 |
38.430 |
|
(iii) Capital
work-in-progress |
176.390 |
136.600 |
144.340 |
|
(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
|
(b) Non-current Investments |
2375.000 |
1306.180 |
1246.180 |
|
(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
184.780 |
174.750 |
188.950 |
|
(e) Other Non-current assets |
0.000 |
0.000 |
0.000 |
|
Total Non-Current Assets |
6629.470 |
5764.070 |
5720.800 |
|
|
|
|
|
|
(2) Current assets |
|
|
|
|
(a) Current investments |
0.000 |
0.000 |
0.000 |
|
(b) Inventories |
2084.230 |
1861.350 |
1799.570 |
|
(c) Trade receivables |
2242.850 |
2266.200 |
2023.650 |
|
(d) Cash and cash
equivalents |
66.630 |
116.280 |
88.720 |
|
(e) Short-term loans and
advances |
432.720 |
463.130 |
555.410 |
|
(f) Other current assets |
0.000 |
0.000 |
0.000 |
|
Total Current Assets |
4826.430 |
4706.960 |
4467.350 |
|
|
|
|
|
|
TOTAL |
11455.900 |
10471.030 |
10188.150 |
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
|
|
SALES |
|
|
|
|
|
|
Income |
11686.840 |
11485.980 |
11008.920 |
|
|
|
Other Income |
309.610 |
194.500 |
183.150 |
|
|
|
TOTAL |
11996.450 |
11680.480 |
11192.070 |
|
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
Cost of Materials Consumed |
4528.360 |
4590.850 |
4171.120 |
|
|
|
Purchases of Stock-in-Trade |
621.220 |
625.120 |
651.820 |
|
|
|
Changes in inventories of finished goods, work-in-progress
and Stock-in-Trade |
(161.380) |
(84.970) |
(9.900) |
|
|
|
Employees benefits expense |
1295.880 |
1258.480 |
1121.990 |
|
|
|
Other expenses |
3912.260 |
3646.090 |
3545.530 |
|
|
|
TOTAL |
10196.340 |
10035.570 |
9480.560 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE INTEREST, TAX,
DEPRECIATION AND AMORTISATION |
1816.000 |
1644.910 |
1711.510 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES |
86.980 |
129.380 |
163.750 |
|
|
|
|
|
|
|
|
|
|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
1729.000 |
1515.530 |
1547.760 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION |
588.330 |
491.390 |
467.410 |
|
|
|
|
|
|
|
|
|
Less/ Add |
EXCEPTIONAL ITEMS |
(869.200) |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) BEFORE TAX |
1994.000 |
1024.140 |
1080.350 |
|
|
|
|
|
|
|
|
|
Less |
TAX |
510.700 |
296.300 |
335.020 |
|
|
|
|
|
|
|
|
|
|
PROFIT/
(LOSS) AFTER TAX |
1483.300 |
727.840 |
745.330 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Value of Exports on FOB basis |
2206.780 |
2049.280 |
2201.430 |
|
|
|
Royalty |
3.180 |
3.620 |
4.540 |
|
|
|
Dividend |
162.600 |
45.540 |
57.610 |
|
|
|
Management Fees |
18.710 |
37.090 |
16.290 |
|
|
TOTAL EARNINGS |
2391.270 |
2135.530 |
2279.870 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
2310.780 |
2287.040 |
1838.320 |
|
|
|
Components and Spare Parts |
83.910 |
68.050 |
55.130 |
|
|
|
Capital Goods |
41.580 |
136.960 |
150.590 |
|
|
TOTAL IMPORTS |
243.627 |
2492.050 |
2044.040 |
|
|
|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
|
|
|
|
|
|
Basic |
7.89 |
3.88 |
3.97 |
|
|
|
Diluted |
7.87 |
3.88 |
3.97 |
|
CURRENT MATURITIES
OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Current Maturities of Term Debt |
NA |
NA |
NA |
|
Cash generated from operations |
1429.660 |
1291.520 |
1440.140 |
|
Net Cash Flow from operating activities |
1055.560 |
980.820 |
1178.860 |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2015 |
31.03.2014 |
31.03.2013 |
|
Net Profit Margin (PAT / Sales) |
(%) |
12.69 |
6.34 |
6.77 |
|
|
|
|
|
|
|
Operating Profit Margin |
(%) |
15.40 |
14.32 |
15.55 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
22.39 |
11.34 |
12.28 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23 |
0.14 |
0.16 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.10 |
0.16 |
0.11 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.56 |
2.23 |
1.59 |
STOCK
PRICES
|
Face Value |
Rs.1.00 /- each |
|
Market Value |
Rs.168.45 /- each |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
187.470 |
187.760 |
188.180 |
|
Reserves & Surplus |
6657.940 |
7147.940 |
8410.720 |
|
Net worth |
6845.410 |
7335.700 |
8598.900 |
|
|
|
|
|
|
long-term borrowings |
11.820 |
508.640 |
512.210 |
|
Short term borrowings |
761.790 |
672.600 |
316.190 |
|
Total borrowings |
773.610 |
1181.240 |
828.400 |
|
Debt/Equity ratio |
0.113 |
0.161 |
0.096 |
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
11008.920 |
11485.980 |
11686.840 |
|
|
|
4.333 |
1.749 |
NET PROFIT MARGIN
|
Net Profit Margin |
31.03.2013 |
31.03.2014 |
31.03.2015 |
|
|
(Rs. In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Sales |
11008.920 |
11485.980 |
11686.840 |
|
Profit |
745.330 |
727.840 |
1483.300 |
|
|
6.77% |
6.34% |
12.69% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
---------------------- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
No |
|
8 |
Designation of contact person |
No |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
Yes |
|
22 |
Conduct of the banking account |
---------------------- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
Yes |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
---------------------- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter
involved in |
Yes |
|
33 |
Market information |
---------------------- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
LITIGATION DETAILS
|
Madras High Court |
|
|
Case Status Information System |
|
|
Case Status: |
Pending |
|
Status Of: |
Company Petition
240 of 2015 |
|
Litigants: |
Cellaris
Refractories India Vs. Carborundum Universal |
|
Pet’s Adv.: |
B. Dhanaraj |
|
Res’s Adv.: |
Mr. G.
Venkatesan |
|
Last Listed On: |
Thursday, July
16, 2015 |
|
Case Updated On: |
Monday, July 20,
2015 |
|
Category: |
--- |
CORPORATE INFORMATION
Subject was incorporated as a Public Limited Company in 1954 and the shares of the Company are listed in National and Bombay Stock Exchanges in India. CUMI manufactures and sells mainly Abrasives, Ceramics (Industrial Ceramics, Refractories) and Electro minerals.
BUSINESS OUTLOOK AND
OPPORTUNITIES
According to the World Economic Outlook – April 2015 of the International Monetary Fund (IMF), global growth is forecasted at 3.5 per cent in 2015, with uneven prospects across main countries and regions. Growth in emerging market economies is softening, reflecting an adjustment to diminished medium-term growth expectations and lower revenues from commodity exports, as well as country-specific factors. The outlook for advanced economies is showing signs of improvement, owing to the boost to disposable incomes from lower oil prices, continued support from accommodative monetary policy stances, and more moderate fiscal adjustment. The decline in oil prices could improve economic activity more than expected. Geo political tensions continue to pose threats and risks of disruptive shifts in asset prices remain relevant. In some advanced economies, protracted low inflation or deflation also pose risks.
As per the Asian Development Outlook 2015, released on 1st April 2015, the initial phase of the new Government’s effort to remove structural bottlenecks is lifting investor confidence. With the support of strong external demand, India is set to expand by 7.8 per cent in 2015 (ending 31st March 2016), a sharp uptick from 7.4 per cent growth recorded in FY 2014. This momentum is expected to build to 8.2 per cent growth in FY 2016, aided by the expected easing of monetary policy in 2015 and a pickup in capital expenditure.
INDEX OF CHARGES
|
S. NO. |
CHARGE ID |
DATE OF CHARGE CREATION/MODIFICATION |
CHARGE AMOUNT SECURED |
CHARGE HOLDER |
ADDRESS |
SERVICE REQUEST NUMBER (SRN) |
|
1 |
10369672 |
20/12/2012 * |
1,153,278,000.00 |
STATE BANK OF INDIA |
CAG BRANCH, 3RD FLOOR, SIGAPI ACHI BUILDING, 18/3, RUKMANI LAKSHMIPATHI ROAD, EGMORE, CHENNAI - 600008, TAMILNADU, INDIA |
B65427312 |
|
2 |
10119321 |
20/12/2012 * |
1,700,000,000.00 |
STATE BANK OF INDIA |
CAG BRANCH, 3RD FLOOR, SIGAPI ACHI BUILDING, 18/3, RUKMANI LAKSHMIPATHI ROAD, EGMORE, CHENNAI - 600008, TAMILNADU, INDIA |
B65428302 |
* Date of charge modification
UNSECURED LOANS
|
PARTICULAR |
31.03.2015 (Rs. In Million) |
31.03.2014 (Rs.
In Million) |
|
LONG TERM
BORROWINGS |
|
|
|
Term Loan from Bank (@ 9.8% per annum, repayable in October 2016) |
500.000 |
500.000 |
|
|
|
|
|
SHORT TERM
BORROWINGS |
|
|
|
Other loans |
119.390 |
58.440 |
|
Total |
619.390 |
558.440 |
FIXED ASSETS
Tangible Assets
· Land
Buildings
Plant and
Equipment
Furniture
and Fixtures
Vehicles
Vehicles
taken on lease
Intangible Assets
· Goodwill
Trade
Mark
Software
Technical
Know How
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. 64.00 |
|
|
1 |
Rs. 99.83 |
|
Euro |
1 |
Rs. 70.16 |
INFORMATION DETAILS
|
Information
Gathered by : |
NYA |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
PNM |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILITY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
72 |
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.